Mise en page 1 - UniCredit Bank Slovakia as

Annual Report 

31 December 2012 (Audited) 

Pioneer Funds 

A Luxembourg Investment Fund 

(Fonds Commun de Placement)

No subscriptions can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current prospectus and the Key Investor Information Document, accompanied 

by a copy of the latest annual report and a copy of the latest semi-annual report, if published thereafter.

Table of Contents 

Annual Commentary on the Financial Markets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 

Risk Disclosure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 

Statement of Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 

Statement of Operations and Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 

Statement of Unit Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 

Schedule of Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

Pioneer Funds - Euro Liquidity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184 

Pioneer Funds - Euro Short-Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185 

Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186 

Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186 

Outstanding Options Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186 

Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186 

Pioneer Funds - Euro Cash Plus. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187 





Pioneer Funds - Euro Corporate Short-Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191 




Pioneer Funds - U.S. Dollar Short-Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194 

Pioneer Funds - Euro Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203 





Pioneer Funds - Euro Aggregate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207 





Pioneer Funds - Euro Corporate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215 




Pioneer Funds - Euro Corporate Trend Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221 


Pioneer Funds - U.S. Dollar Aggregate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224 



Pioneer Funds - Global Aggregate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241 





Pioneer Funds - Annual Report 1


Pioneer Funds - Euro Credit Recovery 2012. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248 

Pioneer Funds - Obbligazionario Euro 09/2014 con cedola (Euro Bond 09/2014 distributing) . . . . . . . . . 249 








Pioneer Funds - U.S. Credit Recovery 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257 


Pioneer Funds - High Yield & Emerging Markets Bond Opportunities 2015. . . . . . . . . . . . . . . . . . . . . . . . . 260 



Pioneer Funds - Emerging Markets Corporate Bond 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263 



Pioneer Funds - Europe Recovery Income 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266 


Pioneer Funds - Euro Strategic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267 





Pioneer Funds - Strategic Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 274 




Pioneer Funds - U.S. High Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 



Pioneer Funds - Global High Yield. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312 



Pioneer Funds - Euro High Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 328 




Pioneer Funds - Emerging Markets Corporate High Yield Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 334 


Pioneer Funds - Emerging Markets Bond Local Currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338 




2 Pioneer Funds - Annual Report


Pioneer Funds - Emerging Markets Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 341 




Pioneer Funds - Emerging Markets Corporate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 348 

Pioneer Funds - Absolute Return Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351 





Pioneer Funds - Absolute Return Currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 354 



Pioneer Funds - Absolute Return Commodity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 356 


Pioneer Funds - Absolute Return European Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357 


Outstanding Contracts For Differences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357 

Pioneer Funds - Absolute Return Asian Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 359 



Outstanding Contracts For Differences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 359 

Pioneer Funds - Absolute Return Multi-Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365 





Pioneer Funds - Absolute Return Multi-Strategy Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 374 





Pioneer Funds - Global Multi-Asset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 383 



Pioneer Funds - Multi Asset Real Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390 




Pioneer Funds - Euroland Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 397 


Pioneer Funds - Core European Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 399 


Pioneer Funds - Top European Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 402 




Pioneer Funds - European Equity Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404 


Pioneer Funds - European Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 406 



Pioneer Funds - European Potential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 409 

Pioneer Funds - European Equity Target Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 412 

Pioneer Funds - German Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 414 

Pioneer Funds - Italian Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 416 



Pioneer Funds - U.S. Pioneer Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 419 


Pioneer Funds - U.S. Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 424 


Pioneer Funds - U.S. Fundamental Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 428 


Pioneer Funds - U.S. Research Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430 

Pioneer Funds - North American Basic Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 432 


Pioneer Funds - U.S. Mid Cap Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 434 


Pioneer Funds - Global Equity Target Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 437 




Pioneer Funds - Global Select . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 441 




Pioneer Funds - Global Ecology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 446 

Pioneer Funds - Gold and Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 448 


Pioneer Funds - Japanese Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450 



Pioneer Funds - Emerging Markets Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 456 




Pioneer Funds - Emerging Markets Equity Unconstrained . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 460 

Outstanding Contracts for Differences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 460 

Pioneer Funds - Emerging Europe and Mediterranean Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 461 

Pioneer Funds - Asia (Ex. Japan) Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 464 



Pioneer Funds - Latin American Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 468 


Pioneer Funds - China Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 471 


Pioneer Funds - Indian Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 475 

Pioneer Funds - Russian Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 478 

Pioneer Funds - Commodity Alpha. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480 


Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 481 

Report of the Réviseur d’Entreprises agréé . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 498 

Management and Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 499 


Pioneer Funds Annual Report 2012 

Annual Commentary on the Financial Markets 

The Economy 

Europe: Risk of a euro break-up averted 

By the end of 2012, tensions in financial markets appeared to have abated, as leading central banks’ efforts at restoring confidence offset 

evidence of a weak economy. The European Central Bank (ECB) managed to allay the worst-case scenario of a collapse of the single currency 

and showed the ultimate commitment, having promised to do “whatever it takes” to save the euro. The ECB’s announcement of its latest 

support program (Outright Monetary Transactions) reduced the implied sovereign credit risk of peripheral European countries. These countries 

have also made some genuine progress in implementing structural economic reforms, notably in the labour market and the pension system. In 

addition, policies enacted by national governments hit by the sovereign-debt crisis seem to be going in the right direction and are being 

pursued even at the risk of social unrest. In 2013, Italy and Spain may deserve particular attention, as they account for about a quarter of 

European Monetary Union-wide GDP and still face challenging conditions. 

Moreover, in 2013 European political leaders should exploit the breathing room allowed by the ECB’s actions in order to find a long-term 

solution to the debt crisis. Averting the worst-case scenario of a euro collapse was badly needed, but putting the whole issue to rest may still 

prove difficult. While the European Monetary Union’s crisis is mostly referred to as a “sovereign-debt” crisis, it is actually a macroeconomic 

one. The deep rift exposed by the global recession is still in place, pitting “core” countries, led by Germany, against “peripheral” (mostly 

Southern) economies whose fiscal troubles are compounded by a structural lack of competitiveness. From an EU perspective, the first task 

may be a comprehensive agreement over the creation of a “banking union” (Single Supervision Mechanism), where the ECB takes a 

supervisory role and an EU-wide liquidation procedure of unhealthy banks is promptly established. Another radical solution to the crisis may 

be a “Fiscal Union” (or Transfer Union) in which budget policies are governed from a central institution. Getting all of the recipients of EU 

funds under the strict supervision of creditor countries would likely set this process in motion, although debtor countries are likely to oppose 

the probable loss of fiscal sovereignty. 

United States: Downside risks to growth somewhat receding 

Looking at the United States in 2012; rarely has US GDP growth moved so little in a 12-month period, with year-on-year gains registering 

between 2% and 2.5%. On a positive note, the US economy proved resilient in the face of challenging global conditions throughout the year. 

Domestic household consumption continued to lead growth, helped by positive momentum in the housing sector as mortgage rates fell to 

record lows and helped revive both home sales and prices. Also on a recovery path is the Housebuilding sector, with housing-starts up by more 

than 40% from their trough. 

Employment growth was fairly broad-based and has consistently included the highly cyclical Manufacturing sector. 

The number of applications for jobless claims was much closer to levels predating the recession, another key labour market indicator. 

The US corporate sector ended the year in healthy shape and we believe that the current levels of profit margins can be sustained going 

forward. 

In 2012, the US Treasury market enjoyed the windfall of low yields amid a global flight to safety, but as both the federal debt and deficit are at 

record highs and well above the average for the G20 group, this is an issue that needs to be addressed with some urgency. 

Going forward, we expect the political negotiations over US fiscal policies to reach a compromise agreement in order to avoid the fiscal cliff. 

The US Federal Reserve looks committed to retaining an overly loose monetary policy for at least another two years. Overall, we expect the 

US economy to grow at a subdued pace in 2013, with real GDP increasing by another 2% year-on-year. 

China: The challenges for China’s leaders 

Throughout the year, fears over a hard landing for the Chinese economy prevailed. However, the latest survey of manufacturers’ purchasing 

managers has eased concerns that China may suffer a serious downturn. In fact, this highly cyclical index did not collapse as it had in 2008, 

but dipped briefly just below the expansion threshold of 50. This evidence helped investors to regain some optimism for a soft-landing 

scenario for China. 

But threats to China’s growth remain: the real estate sector, accounting for about 15% of GDP, and its impact on bank balance sheets (although 

many loans were made by other financial firms, belonging to a “shadow” banking system) is one of them. Another risk is that policy makers 

are not responsive enough. They acted quickly in 2012, when monetary policy was switched from a tightening to an easing mode based on 

signs that the Chinese economy was growing less, but then the pace slowed down. Banks’ reserve ratios are a case in point: This key gauge 

was lowered three times in 2012, but remains close to the peak of 21.5%. The new political leadership, appointed by the ruling party’s five 

year congress in November, is said to be even keener on taking a gradual approach. 

A more fundamental reason for concern is that China’s growth relies on exports and investments, rather than on stable sources like household 

spending, as structural changes are needed for the Chinese economy to become consumer-driven. The shift in China’s growth model from 

investment-led to consumer-driven may take time, but the new political leadership needs to move beyond the rhetoric of economic reforms to 

actually implementing them in areas, such as a more efficient welfare state and the liberalisation of both the Financial sector and currency 

markets, not to mention the further advancement of privately-owned companies (long subjugated to large state-owned enterprises). 

India: An elusive trade-off between inflation and growth 

At the end of 2012, the Indian central bank (RBI) was facing the dilemma of a slowing economy in need of a looser monetary policy, while 

adhering to its medium-term goal of 4% to 5% inflation. The wholesale price index is inflation’s main gauge in India and it has remained 

stubbornly above target. So there appears to be little room to cut benchmark interest rates in order to revive bank loans, investment spending 

and, with it, overall economic growth. 



Annual Commentary on the Financial Markets (continued) 

The Economy (continued) 

India: An elusive trade-off between inflation and growth (continued) 

Investors expected the Indian government to implement the structural changes, aimed at making the economy more efficient and push inflation 

down, and the reform measures which the government announced in September. If these prove effective, the RBI may be more willing to let 

interest rates decline. However, the main reform, the liberalisation of the retail sector, has been pursued only very gradually. Recent laws 

letting foreign-owned chains open business in India were shelved and then only partially restored after intense lobbying. 

Another disadvantage to business is the Indian government’s excess borrowing, which made it hard for them to raise money from private 

investors and therefore left the corporate bond market undersized. So far, India has been an exception to the pattern of debt-light emerging 

markets and there is little evidence of a change in this trend. 

In 2012, the Indian stockmarket has benefited from the return of risk aversion and has quickly recouped all of its previous losses, both in 

absolute terms and against the area’s benchmark. 

Brazil: The central bank focuses on preserving growth, just like in developed countries 

In 2012, Brazil’s economy slowed down markedly and struggled to recover despite policy makers’ repeated efforts to stimulate it. Hence, GDP 

grew by only 0.6% in the third quarter. As a net commodity exporter, Brazil’s prospects are heavily reliant on China’s demand for resources. 

Exports of iron ore to China may pick up again, but are unlikely to grow at the same frantic rate as before. In addition, on the domestic side, 

Brazilian consumers also bought fewer durable goods and started a debt-reduction process. As in India’s case, structural reforms are called for, 

mainly because companies are burdened by heavy taxes and excess regulation. The government has recognised the need to make Brazil more 

business-friendly and improve competitiveness. In 2012, its main tool was letting the currency weaken on the back of repeated interest rate 

cuts. The inflation target rate was still above the current rate, but the spread was rapidly dwindling. On present trends, it may disappear 

altogether in 2013, if the Brazilian central bank continues to focus on growth targets. 

Russia: Making the economy less commodity-driven 

The Energy sector remains a key source of growth for the Russian economy, accounting for about three-quarters of its exports. The Energy 

sector includes oil as well as several other mineral resources for which Chinese demand from has weakened in 2012, to the detriment of 

overall growth. If China’s economy were to undergo a structural change and households’ demand for consumer goods replaced industrial 

demand for resources, Russian exports would suffer on a long-term basis. Admittedly, private consumption’s contribution has improved a lot, 

as people’s purchasing power increased and unemployment declined. Recent patterns, however, were less reassuring as real wages and 

disposable incomes fell amid rising inflation. On the investments’ side, the challenge for the next few years is to attract foreign direct 

investments. In that respect, recent progress in corporate governance looks encouraging, as Russia rose sharply in the World Bank’s latest 

survey based on the ease of doing business. 

The Markets 

Bonds 

Central banks have kept policy rates at rock-bottom levels since the financial crisis, in an effort to stimulate economic growth. This stance led 

investors to search for additional yields in credit markets and to buy up large amounts of newly-issued bonds. US companies raised more than 

$3 trillion in 2012, which is near the record set before the recession. 

One could argue that there is more room for spread tightening in high-yield credit markets, as yields started from much higher levels. In fact, 

companies exploited low borrowing costs by flooding the market with new issues and these have been welcomed by yield-hungry investors, 

who also turned to much riskier assets such as leveraged loans. Investors have been paying less and less attention to companies’ fundamentals 

in the search for yields. 

While we held an overweight in credit markets throughout the euro debt crisis (despite its implications on risk aversion), we picked our 

securities by blending risk and returns. There was little evidence of this selective approach in the market, as yields offered by low-rated issuers 

(such as single B and C) also fell to record lows. 

Central bank action has inspired confidence, notably in European Monetary Union government bond markets. The ECB’s pledge to do 

whatever it takes to save the euro left borrowing costs at two-year lows for governments’ hard-hit by the debt crisis. Even Italy was able to sell 

new bonds despite the impending elections. However, we acknowledge that the efforts for austerity and reforms pursued by these countries are 

worth lower yields and spreads. That is why we are retaining a medium-term constructive view on the EMU periphery. Our thoughts on the 

EMU periphery tend to apply to bank bonds, which account for a large share of European corporate credit markets. Spreads have fallen 

alongside the sovereign market, although the ECB provided no further emergency lending since the Long Term Refinancing Operations. Their 

decline appeared to be driven by an increasing risk appetite among bond investors and should therefore be viewed with some caution. On a 

more fundamental note, bank credit spreads may stay low if international regulators refrained from relaxing capital adequacy standards and 

revive bank lending. Profit estimates may be capped by high capital ratios, whereas bondholders are likely to feel more secure about the 

banking sector’s overall solvency. 

Going forward, emerging markets may provide the best combination between risk and reward. Admittedly, spreads have come down sharply 

too, but they reflect the actual improvements in government policies, particularly on the fiscal side. Reasonable alternatives may be found 

among emerging-market corporate issuers, though a selective approach should also apply to them, as demand from yield-hungry investors 

extended into this market and set a record-high for new issues in 2012. 




Equity Markets 

Europe 

Since June 2012, we have gradually been adding to our European equity exposure despite widespread concerns over a euro break-up, as we 

believed that those pessimistic forecasts were reflected in some valuations. While the worst-case scenario has been averted, we share the 

prevailing view that the European economy will stay in recession for most of 2013. However, we believe that European equity valuations 

remain cheap and consistent with these downbeat macroeconomic forecasts. According to our estimates, the cyclically-adjusted price/earnings 

ratio in Europe is far below the long-term average and near its historical minimum. 

A fair assessment of European stockmarkets has to take into account that companies listed on European exchanges sell most of their goods 

outside of Europe and tend to follow the global economic cycle. The cheapest companies were in the Financial sector, whose liquidity shortage 

was eased by the European Central Bank’s support, with a beneficial impact on stock prices. However, long-term earnings estimates may 

improve very slowly as long as the credit crunch continues in recession-hit countries of the euro area. Higher capital ratios imposed by 

domestic and international regulators are also looming, although some investors may be comfortable with the additional constraints posed by 

the new requirements, notably on loan selection. 

United States 

Concerns about a recessionary fiscal cliff seemed to be only mildly reflected in US stockmarket action, when the broad S&P 500 index 

wrapped up a double-digit gain in 2012, led by the most cyclical (economy-sensitive) sector groups. Even the VIX index of implied volatility 

appeared to be on the rise when compared with recent low values, but was about half as much as in the summer of 2011, when the standoff 

over fiscal policies pushed the S&P 500 down by 12% in under a month. The Financials index turned out to be the best performer among the 

10 economic sectors in the S&P 500 and this sector group has long been one of the most vulnerable following the continued volatility 

surrounding the US economy. The Federal Reserve’s (Fed) overly loose monetary policy has helped greatly, though on a more fundamental 

basis the flow of economic data has also somewhat improved, thanks to upbeat data from the Housing sector. 

The risk of resurgent inflation did not appear to be anticipated by equity investors (though not so among inflation-linked bondholders). This 

stance was especially good news for banks, which were able to exploit a positive carry by borrowing money at the short end of the yield curve 

and lending to companies and households. This margin would be largely untapped if demand for loans remained weak, but these have steadily 

recovered from the recession especially for the most solid lenders. 

The housing market has also benefitted from quantitative easing. It took some time for falling mortgage rates to leave a mark, but home sales 

and prices stepped up the pace of recovery in 2012. Going forward, international trends may be crucial for other cyclical sectors. Exporters of 

basic materials and resources are unlikely to generate past earnings growth, whereas makers of consumer goods may benefit from strong and 

increased sales especially of discretionary items. 

Asia and Emerging Equities 

Emerging market countries and sectors have delivered quite different results throughout the year. 

Country-wise, at the end of 2012, Chinese stocks were supported by the growing perception of a soft-landing scenario. We believe that the 

trough of the earnings cycle has been reached and expect corporate profits to start improving in 2013, as GDP growth may have bottomed out 

at 7% year-on-year in 2012. Chinese blue-chip stocks (mostly listed in Hong Kong) have largely beaten world market averages in late 2012, 

but we believe that despite the latest rally Chinese stocks are still undervalued compared to broad emerging market averages, notably in the 

key Banking sector which has long been under pressure amid investors’ disappointment over a too-slow monetary easing. Chinese consumer 

stocks may also get steady support from a possible change in China’s growth model from investment-led to a consumer-led one. 

Other major emerging markets had less room to grow amid fewer available economic policy tools. Throughout 2012, Brazil’s central bank has 

cut its benchmark rates in half to a record low in an effort to revive GDP growth, but structural factors such as low labour productivity and 

still-excessive regulations were a hindrance. A weaker real may benefit exporters, but most of them belong to resource-related sectors which 

are likely to suffer from China’s change in growth model. Russia is another resource-driven economy, but it appeared to have some more room 

for growth in domestic household spending to offset. 

Indian stocks have been broadly supported, although fundamental reasons for concern still persist amid a narrow breathing space for economic 

stimulus: on the monetary side, the central bank’s willingness to let interest rates fall further and relax the inflation target to revive a flagging 

economy recently met with some criticism and provided more uncertainties than comfort. 

However, we believe that emerging-market equities, as a whole, remain the best long-term investment opportunity. 

Currencies: The search for competitive currencies becomes broad-based 

Major currencies experienced relatively modest swings in 2012. In our view, volatility is unlikely to pick up again in 2013 as monetary 

policies carried out in developed countries after the latest great recession tended to resemble each other. 

Until late into 2012, the US dollar’s trade-weighted index declined and fell to historical lows despite the sovereign-debt crisis and the ensuing 

recession in the euro area. The Federal Reserve’s stance has often had a lot of influence on financial markets, and policies (like QE) boosting 

money supply could weaken the dollar, but when the ECB resorted to its own liquidity-enhancing tools to contain the damage of the debt 

crisis. The ECB and the Fed were committed to doing whatever it took to fulfil their respective goals (saving the euro and moving the US 

economy to a faster track). Both currencies did not appear to be supported by a strong commitment to fighting inflation. As a central bank 

policy goal, consumer price stability looks like a legacy of the past and some investors may not appreciate such a radical change of priorities in 

favour of economic growth. The US dollar’s cheap valuation as a hedge against tensions over the euro sovereign-debt crisis partially offset the 

Fed’s overly loose stance. 




Currencies: The search for competitive currencies becomes broad-based (continued) 

Until August, a climate of global risk aversion prompted many investors to seek safety in the Japanese yen, for being the currency of a country 

at risk of recession, but with full monetary sovereignty and plenty of domestic savings. The yen’s 10% depreciation in 2012 against the US 

dollar largely originated from speculators exiting “risk-off” strategies. 

Although most Western analysts paid a lot of attention to the yen/dollar rate, other Far Eastern countries such as South Korea, Taiwan and 

China account for more than a quarter of overall trade, so they are as important as the US or the eurozone. In this respect, the yen’s effective 

(trade-weighted) rate was down even more. A further 10% decline would get it back to pre-US banking crisis levels of that year, shedding what 

is left of the yen’s safe-haven allure. 

Looking ahead, global economic conditions may improve as some risk factors recede. To start with, a compromise agreement over tax policies 

should be found in the US (averting the “fiscal cliff”); moreover, there is the growing perception of a soft-landing scenario for the Chinese 

economy. Last but not least, with regard to the EU’s sovereign-debt crisis, key steps such as the creation of a single supervisory mechanism are 

being envisaged and will be gradually implemented. 


Risk Disclosure 

Risk Management 

The Management Company uses a risk management process that allows monitoring the risks of the portfolio positions and their share of the 

overall risk profile of the portfolios on the managed funds at any time. In accordance with the Law of 17 December 2010 and the applicable 

regulatory requirements of the Commission de Surveillance du Secteur Financier (“CSSF”) the Management Company reports to the CSSF on 

a regular basis on the risk management process. The Management Company assures, at the basis of appropriate and reasonable methods, that 

overall risk, associated with derivatives, does not exceed the Net Asset Value of the Sub-Fund. In accordance with the requirements of the 

Regulatory Authority, this risk management process measures the global exposure of each Sub-Fund with the Value at Risk (“VaR”) approach. 

Value-at-Risk 

In financial mathematics and risk management, the VaR approach is a widely used risk measurement of the maximum potential loss for a 

specific portfolio of assets, due to market risk. More specifically, the VaR approach measures the maximum potential loss of such a portfolio at 

a given confidence level (or probability) over a specific time period (so called holding period) under normal market conditions. Absolute VaR 

or relative VaR are applied as disclosed in the table below. 

Relative VaR approach: 

Relative VaR links the VaR of the portfolio of a Sub-Fund with the VaR of a reference portfolio. The reference portfolio is a matching portfolio 

in comparison to the Fund's investment policy. The relative VaR of the Sub-Fund shall not exceed twice the VaR of its reference portfolio. The 

reference portfolio used by each Sub-Fund is set out in the table below. The lowest, the highest and the average utilisation of the VaR limit 

calculated during the period from 01 January 2012 to 31 December 2012 are set out in the table below. 

Absolute VaR approach: 

Absolute VaR links the VaR of the portfolio of a Sub-Fund with its Net Asset Value. The absolute VaR of any Sub-Fund shall not exceed 20% 

of the Sub-Fund’s Net Asset Value (determined on the basis of 99% confidence interval and a holding period of 20 business days).This is 

equivalent to 14.14% for a 10-day holding period applied by the Management Company. The lowest, the highest and the average utilisation of 

the VaR limit calculated during the period from 01 January 2012 to 31 December 2012 are set out in the table below. 

The VaR has been calculated using the historical simulation with a confidence interval of 99%, a holding period of 10 days, an observation 

period of 252 days (equally weighted). 

Sub-Fund 

Pioneer Funds - 

Euro Liquidity 


Euro Short-Term 


Euro Cash Plus 


Euro Corporate Short-Term 


U.S. Dollar Short-Term 


Euro Bond 


Euro Aggregate Bond 


Euro Corporate Bond 


Euro Corporate Trend Bond 


U.S. Dollar Aggregate Bond 


Global Aggregate Bond 


Euro Credit Recovery 2012 

Starting 

Period 

Ending 

Period 

Market Risk 

Calculation 

Lowest 

Fund VaR 

Utilisation 

Highest 

Fund VaR 

Utilisation 

Average 

Fund VaR 

Utilisation 

VaR 

Utilisation 

Limit 

Reference 

Portfolio/Index 

01/01/2012 31/12/2012 Relative VaR 16.55% 160.68% 64.69% 200% 100% BofA Merrill Lynch 

Euro Government Bill 


Italy Government Bill 

01/01/2012 31/12/2012 Relative VaR 52.94% 94.06% 73.17% 200% 100% BofA Merrill Lynch EMU 

Corporate, 1-3 Yrs 



01/01/2012 31/12/2012 Relative VaR 91.40% 111.60% 102.63% 200% 95% JP Morgan 6 Month 

USD Cash 

5% JP Morgan 6 Month 

Euro Cash 

01/01/2012 31/12/2012 Relative VaR 80.72% 107.85% 93.81% 200% 100% JP Morgan GBI EMU 

01/01/2012 31/12/2012 Relative VaR 65.41% 109.02% 92.72% 200% 100% BarCap Euro 

Aggregate 


Corporate, Large Cap 




Corporate, Large Cap 

01/01/2012 31/12/2012 Relative VaR 87.18% 99.06% 92.93% 200% 100% BarCap U.S. 

Aggregate 

01/01/2012 31/12/2012 Relative VaR 60.60% 96.12% 82.67% 200% 100% BarCap Global 

Aggregate 



14/05/2012 31/12/2012 Relative VaR 2.22% 45.80% 20.51% 200% 100% BofA Merrill Lynch Euro 

Government Bill 


Risk Disclosure (continued) 

Sub-Fund 


Obbligazionario Euro 09/2014 

con cedola (Euro Bond 09/2014 

distributing) 




distributing) 




distributing) 




distributing) 


U.S. Credit Recovery 2014 


High Yield & Emerging Markets 

Bond Opportunities 2015 


Emerging Markets 

Corporate Bond 2016 


Europe Recovery Income 2017 

Starting 

Period 

Ending 

Period 

Market Risk 

Calculation 

Lowest 

Fund VaR 

Utilisation 

Highest 

Fund VaR 

Utilisation 

Average 

Fund VaR 

Utilisation 

VaR 

Utilisation 

Limit 





25% JP Morgan GBI Italy 

2-4 Yrs 




2-4 Yrs 




2-4 Yrs 




2-4 Yrs 

01/01/2012 07/10/2012 Relative VaR 95.54% 103.30% 99.16% 200% 100% BofA Merrill Lynch US 

Domestic Corporate 

Master, 1-5 Yrs 


Domestic Corporate 

Master, 1-3 Yrs 


High Yield, 0-5 Yrs 

25% BofA Merrill Lynch 

Global Emerging 

Markets Credit, 0-5 Yrs 

25% BofA Merrill Lynch US 

High Yield Master II, 

0-5 Yrs 



45% JP Morgan Corporate 

Broad EMBI Diversified 


15% JP Morgan GBI-EM 

Global Diversified 2-4Y 


Global High Yield & 

Emerging markets 

plus, 0-6 Yrs (hedged 

to EUR) 

08/10/2012 31/12/2012 Relative VaR 78.10% 104.62% 85.65% 200% 100% JP Morgan Corporate 

Broad EMBI Diversified 


(hedged to EUR) 




4-6 Yrs 


Euro Sub-Debt Lower 

Tier 2, 4-6 Yrs 

45% BofA Merrill Lynch 

Senior Banking, 4-6 Yrs 

10% BofA Merrill Lynch Euro 



4-6 Yrs 



Sub-Fund 


Euro Strategic Bond 


Strategic Income 


U.S. High Yield 


Global High Yield 


Euro High Yield 



Corporate High Yield Bond 


Emerging Markets Bond 

Local Currencies 


Emerging Markets Bond 



Corporate Bond 


Absolute Return Bond 


Absolute Return Currencies 


Absolute Return Commodity 


Absolute Return European Equity 


Absolute Return Asian Equity 


Absolute Return Multi-Strategy 


Absolute Return 

Multi-Strategy Growth 


Global Multi-Asset 


Multi Asset Real Return 


Euroland Equity 


Core European Equity 


Top European Players 


European Equity Value 


European Research 


European Potential 


European Equity Target Income 

Starting 

Period 

Ending 

Period 

Market Risk 

Calculation 

Lowest 

Fund VaR 

Utilisation 

Highest 

Fund VaR 

Utilisation 

Average 

Fund VaR 

Utilisation 

VaR 

Utilisation 

Limit 

01/01/2012 31/12/2012 Absolute VaR 1.69% 3.85% 2.64% 14.14% n/a 



01/01/2012 31/12/2012 Relative VaR 65.17% 87.80% 75.41% 200% 100% BarCap U.S. Universal 


High Yield Master II 


Global High Yield & 

Emerging Markets Plus 


High Yield Constrained 

11/07/2012 31/12/2012 Relative VaR 0.00% 116.69% 97.45% 200% 100% JP Morgan Corporate 

Broad EMBI 

Diversified High Yield 

01/01/2012 31/12/2012 Relative VaR 84.84% 125.32% 104.45% 200% 100% JP Morgan GBI-EM 

Broad Diversified 

01/01/2012 31/12/2012 Relative VaR 97.63% 119.03% 106.69% 200% 95% JP Morgan EMBI 

Global Diversified 



11/12/2012 31/12/2012 Relative VaR 0.00% 91.92% 83.65% 200% 100% JP Morgan 

Corporate Broad EMBI 

Diversified 








01/01/2012 31/12/2012 Relative VaR 85.23% 156.28% 119.06% 200% 60% MSCI World 


40% JP Morgan GBI Global 

01/01/2012 31/12/2012 Relative VaR 93.00% 106.29% 99.16% 200% 100% MSCI EMU 

01/01/2012 31/12/2012 Relative VaR 95.79% 108.85% 102.33% 200% 100% MSCI Europe 


01/01/2012 31/12/2012 Relative VaR 89.55% 100.21% 94.36% 200% 100% MSCI Europe Value 


01/01/2012 31/12/2012 Relative VaR 96.60% 118.18% 108.65% 200% 100% MSCI Europe Small 

Cap 

01/01/2012 31/12/2012 Relative VaR 69.63% 129.63% 101.10% 200% 100% MSCI Europe High 

Dividend Yield 



Sub-Fund 


German Equity 


Italian Equity 


U.S. Pioneer Fund 


U.S. Research 


U.S. Fundamental Growth 


U.S. Research Value 


North American Basic Value 


U.S. Mid Cap Value 


U.S. Small Companies * 


Global Equity Target Income 


Global Select 


Global Ecology 


Gold and Mining 


Japanese Equity 


Emerging Markets Equity 


Emerging Markets Equity 

Unconstrained 


Emerging Europe and 

Mediterranean Equity 


Asia (Ex. Japan) Equity 


Latin American Equity 


China Equity 


Indian Equity 


Russian Equity 


Commodity Alpha 

Starting 

Period 

Ending 

Period 

Market Risk 

Calculation 

Lowest 

Fund VaR 

Utilisation 

Highest 

Fund VaR 

Utilisation 

Average 

Fund VaR 

Utilisation 

VaR 

Utilisation 

Limit 



16/05/2012 31/12/2012 Relative VaR 0.00% 107.18% 100.69% 200% 100% CDAX 

01/01/2012 31/12/2012 Relative VaR 68.80% 101.53% 88.71% 200% 100% Italy Stock Market BCI 

COMIT Globale+ 

R 10/40 

01/01/2012 31/12/2012 Relative VaR 96.28% 110.04% 101.74% 200% 100% S&P 500 


01/01/2012 31/12/2012 Relative VaR 87.88% 102.29% 96.00% 200% 100% Russell 1000 Growth 

01/01/2012 31/12/2012 Relative VaR 93.16% 111.57% 103.84% 200% 100% Russell 1000 Value 


02/07/2012 31/12/2012 Relative VaR 82.76% 113.14% 104.05% 200% 100% Russell 1000 Value 

01/01/2012 31/12/2012 Relative VaR 86.40% 117.91% 101.56% 200% 100% Russell Mid Cap Value 

01/01/2012 17/12/2012 Relative VaR 62.39% 157.23% 106.85% 200% 100% Russell 2000 Growth 




01/01/2012 31/12/2012 Relative VaR 75.08% 104.61% 89.80% 200% 100% MSCI World Metals & 

Mining 

01/01/2012 31/12/2012 Relative VaR 92.59% 103.68% 98.00% 200% 100% MSCI Japan 

01/01/2012 31/12/2012 Relative VaR 89.04% 113.88% 99.23% 200% 100% MSCI Emerging 

Markets 



Markets 


Markets Europe & 

Middle East 10/40 

01/01/2012 31/12/2012 Relative VaR 87.82% 135.87% 114.37% 200% 100% MSCI AC Asia ex Japan 

01/01/2012 31/12/2012 Relative VaR 94.99% 118.35% 106.72% 200% 100% MSCI Latin America 

10/40 

01/01/2012 31/12/2012 Relative VaR 82.21% 105.22% 94.83% 200% 100% MSCI China 10/40 

01/01/2012 31/12/2012 Relative VaR 78.82% 105.25% 94.60% 200% 100% MSCI India 

01/01/2012 31/12/2012 Relative VaR 78.47% 92.49% 84.80% 200% 100% MSCI Russia 10/40 

01/01/2012 31/12/2012 Relative VaR 47.70% 108.14% 93.61% 200% 100% Dow Jones UBS 

Commodity 

* The last three business days (13 December 2012 until 17 December 2012) are not considered for the purpose of highest, lowest and average Fund VaR Utilisation as the Sub-Fund was in its 

liquidiation process and the resulting VaR figures on those dates were not reasonable due to booking effects. 



Leverage 

The use of financial derivative instruments may result in a Sub-Fund being leveraged. Leverage is monitored on a regular basis and is 

measured as a percentage of each Sub-Fund’s Net Asset Value. 

Up to 05 December 2012 the leverage is measured as net leverage, which means that the leverage incurred through the use of derivatives will 

take into account hedging or netting arrangements. This is also known as the commitment approach. As from 06 December 2012 leverage is 

measured as the sum of notionals of the financial derivative instruments used. 

The leverage for each Sub-Fund is not expected to exceed the levels set out in the table below. However, under certain circumstances (e.g. very 

low market volatility) the leverage may exceed these levels. 

The average leverage level observed during the period from 01 January 2012 to 05 December 2012 (as net leverage) and from 06 December 

2012 to 31 December 2012 (as sum of notionals) using weekly observations is also specified in the table below. In addition, the average level 

of leverage (as sum of notionals) observed from 01 January 2012 to 31 December 2012 is displayed. 

Maximum 

expected level 

of leverage 

Realized 

average level 

of leverage 

Sub-Fund 

Leverage 

Methodology 

Starting 

Period 

Ending 

Period 

Pioneer Funds - Euro Liquidity Net Leverage 01/01/2012 05/12/2012 10% 0% 

Sum of Notionals 06/12/2012 31/12/2012 10% 0% 

Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 0% 

Pioneer Funds - Euro Short-Term Net Leverage 01/01/2012 05/12/2012 100% 61% 



Pioneer Funds - Euro Cash Plus Net Leverage 01/01/2012 05/12/2012 200% 47% 



Pioneer Funds - Euro Corporate Short-Term Net Leverage 01/01/2012 05/12/2012 200% 62% 



Pioneer Funds - U.S. Dollar Short-Term Net Leverage 01/01/2012 05/12/2012 10% 0% 



Pioneer Funds - Euro Bond Net Leverage 01/01/2012 05/12/2012 200% 142% 



Pioneer Funds - Euro Aggregate Bond Net Leverage 01/01/2012 05/12/2012 200% 149% 



Pioneer Funds - Euro Corporate Bond Net Leverage 01/01/2012 05/12/2012 200% 99% 



Pioneer Funds - Euro Corporate Trend Bond Net Leverage 01/01/2012 05/12/2012 100% 37% 



Pioneer Funds - U.S. Dollar Aggregate Bond Net Leverage 01/01/2012 05/12/2012 25% 24% 



Pioneer Funds - Global Aggregate Bond Net Leverage 01/01/2012 05/12/2012 200% 211% 



Pioneer Funds - Euro Credit Recovery 2012 Net Leverage 01/01/2012 05/12/2012 10% 0% 





Sub-Fund 

Pioneer Funds - Obbligazionario Euro 09/2014 con cedola 

(Euro Bond 09/2014 distributing) 

Leverage 

Methodology 

Starting 

Period 

Ending 

Period 

Maximum 


of leverage 

Realized 

average level 

of leverage 

Net Leverage 01/01/2012 05/12/2012 50% 37% 





Net Leverage 01/01/2012 05/12/2012 50% 37% 





Net Leverage 01/01/2012 05/12/2012 50% 25% 





Net Leverage 01/01/2012 05/12/2012 50% 28% 



Pioneer Funds - U.S. Credit Recovery 2014 Net Leverage 01/01/2012 05/12/2012 10% 0% 



Pioneer Funds - High Yield & Emerging Markets Bond 

Opportunities 2015 

Net Leverage 01/01/2012 05/12/2012 50% 14% 



Pioneer Funds - Emerging Markets Corporate Bond 2016 Net Leverage 01/01/2012 05/12/2012 50% 6% 



Pioneer Funds - Europe Recovery Income 2017 Net Leverage 29/05/2012 05/12/2012 200% 24% 



Pioneer Funds - Euro Strategic Bond Net Leverage 01/01/2012 05/12/2012 200% 74% 



Pioneer Funds - Strategic Income Net Leverage 01/01/2012 05/12/2012 50% 25% 



Pioneer Funds - U.S. High Yield Net Leverage 01/01/2012 05/12/2012 10% 4% 



Pioneer Funds - Global High Yield Net Leverage 01/01/2012 05/12/2012 10% 3% 



Pioneer Funds - Euro High Yield Net Leverage 01/01/2012 05/12/2012 200% 19% 



Pioneer Funds - Emerging Markets Corporate High Yield Bond Net Leverage 11/07/2012 05/12/2012 200% 14% 



Pioneer Funds - Emerging Markets Bond Local Currencies Net Leverage 01/01/2012 05/12/2012 200% 9% 





Maximum 


of leverage 

Realized 

average level 

of leverage 

Sub-Fund 

Leverage 

Methodology 

Starting 

Period 

Ending 

Period 

Pioneer Funds - Emerging Markets Bond Net Leverage 01/01/2012 05/12/2012 200% 46% 



Pioneer Funds - Emerging Markets Corporate Bond Net Leverage - - - - 



Pioneer Funds - Absolute Return Bond Net Leverage 01/01/2012 05/12/2012 300% 293% 



Pioneer Funds - Absolute Return Currencies Net Leverage 01/01/2012 05/12/2012 150% 48% 



Pioneer Funds - Absolute Return Commodity Net Leverage 11/01/2012 05/12/2012 150% 112% 



Pioneer Funds - Absolute Return European Equity Net Leverage 01/01/2012 05/12/2012 300% 90% 



Pioneer Funds - Absolute Return Asian Equity Net Leverage 01/01/2012 05/12/2012 300% 91% 



Pioneer Funds - Absolute Return Multi-Strategy Net Leverage 01/01/2012 05/12/2012 250% 68% 



Pioneer Funds - Absolute Return Multi-Strategy Growth Net Leverage 01/01/2012 05/12/2012 250% 102% 



Pioneer Funds - Global Multi-Asset Net Leverage 01/01/2012 05/12/2012 100% 20% 



Pioneer Funds - Multi Asset Real Return Net Leverage 01/01/2012 05/12/2012 25% 16% 



Pioneer Funds - Euroland Equity Net Leverage 01/01/2012 05/12/2012 50% 1% 



Pioneer Funds - Core European Equity Net Leverage 01/01/2012 05/12/2012 100% 4% 



Pioneer Funds - Top European Players Net Leverage 01/01/2012 05/12/2012 50% 4% 



Pioneer Funds - European Equity Value Net Leverage 01/01/2012 05/12/2012 50% 1% 





Maximum 


of leverage 

Realized 

average level 

of leverage 

Sub-Fund 

Leverage 

Methodology 

Starting 

Period 

Ending 

Period 

Pioneer Funds - European Research Net Leverage 01/01/2012 05/12/2012 50% 13% 



Pioneer Funds - European Potential Net Leverage 01/01/2012 05/12/2012 50% 0% 



Pioneer Funds - European Equity Target Income Net Leverage 01/01/2012 05/12/2012 10% 0% 



Pioneer Funds - German Equity Net Leverage 16/05/2012 05/12/2012 50% 0% 



Pioneer Funds - Italian Equity Net Leverage 01/01/2012 05/12/2012 50% 12% 



Pioneer Funds - U.S. Pioneer Fund Net Leverage 01/01/2012 05/12/2012 10% 0% 



Pioneer Funds - U.S. Research Net Leverage 01/01/2012 05/12/2012 10% 0% 



Pioneer Funds - U.S. Fundamental Growth Net Leverage 01/01/2012 05/12/2012 10% 0% 



Pioneer Funds - U.S. Research Value Net Leverage 01/01/2012 05/12/2012 10% 0% 



Pioneer Funds - North American Basic Value Net Leverage 01/01/2012 05/12/2012 10% 0% 



Pioneer Funds - U.S. Mid Cap Value Net Leverage 01/01/2012 05/12/2012 10% 0% 



Pioneer Funds - U.S. Small Companies Net Leverage 01/01/2012 05/12/2012 10% 0% 



Pioneer Funds - Global Equity Target Income Net Leverage 01/01/2012 05/12/2012 50% 8% 



Pioneer Funds - Global Select Net Leverage 01/01/2012 05/12/2012 50% 20% 



Pioneer Funds - Global Ecology Net Leverage 01/01/2012 05/12/2012 50% 4% 





Maximum 


of leverage 

Realized 

average level 

of leverage 

Sub-Fund 

Leverage 

Methodology 

Starting 

Period 

Ending 

Period 

Pioneer Funds - Gold and Mining Net Leverage 01/01/2012 05/12/2012 50% 0% 



Pioneer Funds - Japanese Equity Net Leverage 01/01/2012 05/12/2012 50% 2% 



Pioneer Funds - Emerging Markets Equity Net Leverage 01/01/2012 05/12/2012 100% 2% 



Pioneer Funds - Emerging Markets Equity Unconstrained Net Leverage 18/07/2012 05/12/2012 300% 3% 



Pioneer Funds - Emerging Europe and Mediterranean Equity Net Leverage 01/01/2012 05/12/2012 100% 0% 



Pioneer Funds - Asia (Ex. Japan) Equity Net Leverage 01/01/2012 05/12/2012 100% 4% 



Pioneer Funds - Latin American Equity Net Leverage 01/01/2012 05/12/2012 100% 1% 



Pioneer Funds - China Equity Net Leverage 01/01/2012 05/12/2012 100% 1% 



Pioneer Funds - Indian Equity Net Leverage 01/01/2012 05/12/2012 100% 0% 



Pioneer Funds - Russian Equity Net Leverage 01/01/2012 05/12/2012 100% 0% 



Pioneer Funds - Commodity Alpha Net Leverage 01/01/2012 05/12/2012 150% 97% 



The calculation of the leverage does not include the forward exchange transactions when these forward exchange transactions are concluded in 

the purpose of share class hedging. 


Statement of Net Assets 

as at 31 December 2012 

Assets 

Securities at cost 

Unrealised gains/(losses) 

Investments in securities at market value 

Options purchased at market value 

Net unrealised gain on Contracts For Differences 

Net unrealised gain on forward foreign exchange contracts 

Net unrealised gain on financial futures contracts 

Net unrealised gain on swaps 

Receivables on purchase and reverse purchase agreements 

Cash at bank 

Interest accruals 

Dividends accruals 

Accrued securities lending income 

Receivables resulting from subscriptions 

Receivables resulting from sales of securities 

Other receivables 

Total Assets 



EUR 

497,979,533 

1,498,180 

499,477,713 

- 

- 

- 

- 

- 

76,994,650 

3,080,888 

423 

- 

- 

123,415 

- 

- 

579,677,089 



EUR 

1,250,322,510 

12,160,930 

1,262,483,440 

40,305 

- 

3,776 

29,225 

- 

271,987,055 

6,673,731 

5,228,605 

7,362 

50,447 

8,012,138 

- 

- 

1,554,516,084 



EUR 

687,521,002 

3,110,060 

690,631,062 

30,567 

- 

570,328 

64,891 

10,917 

249,925,000 

18,674,215 

4,256,345 

- 

39,569 

1,404,212 

- 

- 

965,607,106 

Liabilities 

Bank overdraft 

Options written at market value 

Net unrealised loss on forward foreign exchange contracts 

Net unrealised loss on financial futures contracts 

Net unrealised loss on swaps 

Dividends payable 

Payables resulting from redemptions 

Payables resulting from purchases of securities 

Accrued expenses 

Other payables 

Total Liabilities 

Net Assets 

- 

- 

- 

- 

- 

- 

1,317,501 

39,002,250 

452,130 

- 

40,771,881 

538,905,208 

44,317 

- 

- 

- 

22,677 

359 

5,440,995 

136,989,175 

1,527,744 

129 

144,025,396 

1,410,490,688 

7,768 

- 

- 

- 

- 

- 

2,237,875 

124,950,000 

554,272 

383 

127,750,298 

837,856,808 

The accompanying notes form an integral part of these financial statements. 



as at 31 December 2012 (continued) 

Assets 

















Total Assets 


Euro Corporate 

Short-Term 

EUR 

639,622,414 

5,553,672 

645,176,086 

- 

- 

1,075,814 

- 

888,819 

51,032,050 

2,967,228 

5,033,959 

77,895 

42,949 

263,124 

- 

15 

706,557,939 



EUR 

141,727,109 

222,158 

141,949,267 

- 

- 

- 

- 

- 

- 

5,255,821 

324,105 

1,985 

- 

102,775 

805 

97,654 

147,732,412 


Euro Bond 

EUR 

1,068,999,354 

64,644,207 

1,133,643,561 

293,094 

- 

237 

1,186,158 

3,353,169 

56,983,000 

6,307,007 

18,436,228 

- 

156,311 

1,520,668 

- 

- 

1,221,879,433 

Liabilities 












Net Assets 

268,335 

- 

- 

16,130 

- 

- 

2,195,654 

25,037,250 

834,666 

- 

28,352,035 

678,205,904 

- 

- 

- 

- 

- 

1,990 

426,360 

847,788 

164,631 

1,463 

1,442,232 

146,290,180 

267,847 

407,758 

- 

- 

- 

1,253 

4,334,720 

27,988,800 

1,459,998 

16,708 

34,477,084 

1,187,402,349 





Assets 

















Total Assets 



EUR 

1,319,370,619 

57,684,833 

1,377,055,452 

231,997 

- 

177,899 

978,340 

2,311,750 

70,478,700 

5,757,654 

24,837,302 

185 

111,694 

7,449,381 

- 

- 

1,489,390,354 



EUR 

1,200,584,291 

37,313,680 

1,237,897,971 

- 

- 

1,422,082 

1,032,461 

1,013,957 

126,962,000 

15,751,514 

26,990,504 

- 

61,736 

1,761,985 

- 

1,803 

1,412,896,013 



Trend Bond 

EUR 

135,831,420 

5,621,859 

141,453,279 

- 

- 

- 

367,780 

- 

- 

808,686 

2,885,788 

- 

- 

- 

- 

- 

145,515,533 

Liabilities 












Net Assets 

66,656 

437,519 

- 

- 

- 

- 

1,451,862 

35,985,600 

1,374,886 

11,741 

39,328,264 

1,450,062,090 

- 

- 

- 

- 

- 

1,567 

2,799,505 

62,974,800 

1,713,345 

- 

67,489,217 

1,345,406,796 

- 

- 

- 

- 

- 

- 

2,952 

- 

66,180 

- 

69,132 

145,446,401 





Assets 

















Total Assets 


U.S. Dollar 

Aggregate Bond 

EUR 

375,677,535 

18,193,410 

393,870,945 

- 

- 

- 

- 

248,416 

- 

31,544,039 

2,887,646 

19,527 

- 

9,992,758 

- 

176 

438,563,507 


Global Aggregate 

Bond 

EUR 

280,469,179 

12,820,337 

293,289,516 

152,134 

- 

- 

- 

1,906,772 

12,993,500 

12,110,163 

3,797,550 

142 

12,731 

232,690 

- 

25,537 

324,520,735 


Euro Credit 

Recovery 2012 

EUR 

9,899,585 

(380) 

9,899,205 

- 

- 

- 

- 

- 

3,997,350 

1,077,481 

22 

- 

- 

- 

- 

- 

14,974,058 

Liabilities 












Net Assets 

475,281 

- 

- 

39,164 

- 

52,927 

1,867,876 

441,953 

609,229 

112 

3,486,542 

435,076,965 

- 

235,473 

2,606,064 

305,915 

- 

5,863 

575,830 

9,995,000 

333,087 

9,614 

14,066,846 

310,453,889 

- 

- 

- 

- 

- 

- 

- 

1,999,050 

14,860 

- 

2,013,910 

12,960,148 





Assets 

















Total Assets 


Obbligazionario Euro 

09/2014 con cedola 

(Euro Bond 09/2014 

distributing) 

EUR 

218,059,319 

4,865,294 

222,924,613 

- 

- 

- 

- 

1,452,781 

- 

721,165 

5,257,597 

- 

- 

- 

- 

- 

230,356,156 





distributing) 

EUR 

143,801,289 

2,738,858 

146,540,147 

- 

- 

- 

- 

363,424 

- 

634,248 

3,449,937 

- 

- 

- 

- 

- 

150,987,756 





distributing) 

EUR 

108,895,236 

1,143,122 

110,038,358 

- 

- 

- 

- 

265,640 

- 

523,848 

2,489,060 

- 

- 

- 

- 

- 

113,316,906 

Liabilities 












Net Assets 

- 

- 

- 

- 

- 

- 

- 

- 

1,203,384 

- 

1,203,384 

229,152,772 

8 

- 

- 

- 

- 

- 

- 

- 

730,243 

- 

730,251 

150,257,505 

- 

- 

- 

- 

- 

- 

- 

- 

613,433 

- 

613,433 

112,703,473 





Assets 

















Total Assets 





distributing) 

EUR 

50,972,258 

687,818 

51,660,076 

- 

- 

- 

- 

103,326 

- 

308,540 

1,043,385 

- 

- 

- 

- 

- 

53,115,327 


U.S. Credit 

Recovery 2014 

EUR 

90,975,312 

11,553,269 

102,528,581 

- 

- 

- 

- 

- 

- 

5,875,636 

1,251,246 

- 

- 

- 

- 

- 

109,655,463 


High Yield & Emerging 

Markets Bond 


EUR 

254,127,722 

(2,879,034) 

251,248,688 

- 

- 

2,036,978 

- 

4,826,845 

- 

1,462,463 

4,641,844 

- 

- 

- 

- 

- 

264,216,818 

Liabilities 












Net Assets 

- 

- 

- 

- 

- 

- 

- 

- 

256,647 

- 

256,647 

52,858,680 

- 

- 

646,729 

- 

- 

- 

- 

- 

1,092,357 

- 

1,739,086 

107,916,377 

- 

- 

- 

- 

- 

- 

- 

- 

1,316,690 

- 

1,316,690 

262,900,128 





Assets 

















Total Assets 




EUR 

89,330,121 

1,520,319 

90,850,440 

- 

- 

1,651,302 

- 

296,124 

3,998,800 

3,569,256 

1,649,809 

- 

- 

- 

- 

14,862 

102,030,593 


Europe Recovery 

Income 2017 (1) 

EUR 

54,692,084 

4,393,431 

59,085,515 

- 

- 

- 

- 

181,089 

- 

334,490 

1,192,788 

- 

- 

- 

536,982 

- 

61,330,864 



EUR 

642,963,988 

(51,056,243) 

591,907,745 

- 

- 

1,990,568 

772,690 

- 

46,976,500 

11,873,276 

11,461,299 

- 

- 

209,520 

- 

1,814,770 

667,006,368 

Liabilities 












Net Assets 

- 

- 

- 

- 

- 

- 

- 

1,999,200 

643,234 

- 

2,642,434 

99,388,159 

- 

- 

- 

- 

- 

- 

- 

- 

754,313 

- 

754,313 

60,576,551 

- 

266,565 

- 

- 

7,718,727 

- 

229,392 

22,988,500 

899,550 

1,937,306 

34,040,040 

632,966,328 

Footnotes available at the end of this section. 





Assets 

















Total Assets 



EUR 

2,250,634,418 

174,073,872 

2,424,708,290 

- 

- 

- 

2,088,845 

236,297 

- 

213,265,167 

29,056,620 

234,190 

- 

16,999,139 

- 

72,673 

2,686,661,221 



EUR 

827,887,629 

37,042,703 

864,930,332 

- 

- 

- 

- 

421,257 

- 

38,914,953 

13,324,543 

128,415 

- 

2,336,404 

- 

58,696 

920,114,600 



EUR 

2,385,141,155 

82,754,966 

2,467,896,121 

- 

- 

- 

- 

173,190 

- 

71,943,688 

44,480,855 

21,570 

- 

15,856,758 

2,564 

320,403 

2,600,695,149 

Liabilities 












Net Assets 

905,913 

- 

3,668,408 

- 

- 

713,904 

7,416,393 

6,342,331 

11,154,607 

1,045 

30,202,601 

2,656,458,620 

902,325 

- 

151,527 

- 

- 

204,210 

978,684 

- 

1,258,556 

- 

3,495,302 

916,619,298 

481,949 

- 

1,399,996 

- 

- 

260,945 

4,363,069 

- 

4,440,753 

- 

10,946,712 

2,589,748,437 





Assets 

















Total Assets 



EUR 

619,847,459 

19,052,841 

638,900,300 

- 

- 

923,628 

227,314 

- 

253,011,025 

2,726,971 

12,238,458 

- 

- 

4,992,081 

- 

543,290 

913,563,067 



Corporate High 

Yield Bond (2) 

EUR 

19,970,117 

182,289 

20,152,406 

- 

- 

- 

- 

- 

- 

2,088,765 

352,670 

- 

- 

61,844 

77,818 

- 

22,733,503 



Bond Local Currencies 

EUR 

373,376,602 

11,280,697 

384,657,299 

- 

- 

129,152 

- 

7,279,078 

- 

23,613,282 

7,619,011 

- 

- 

302,744 

- 

- 

423,600,566 

Liabilities 












Net Assets 

- 

- 

- 

- 

496,362 

- 

1,176,282 

125,036,625 

914,701 

851,420 

128,475,390 

785,087,677 

- 

- 

73,774 

- 

- 

- 

15,255 

- 

40,210 

- 

129,239 

22,604,264 

- 

218,099 

- 

- 

- 

- 

503,405 

- 

729,171 

2,256 

1,452,931 

422,147,635 






Assets 

















Total Assets 


Emerging 

Markets Bond 

EUR 

696,265,432 

2,212,389 

698,477,821 

- 

- 

- 

- 

- 

94,973,140 

17,593,240 

12,451,206 

- 

- 

3,906,358 

- 

285,734 

827,687,499 



Corporate Bond (3) 

EUR 

9,483,687 

(54,233) 

9,429,454 

- 

- 

- 

- 

- 

- 

398,982 

143,498 

- 

- 

- 

- 

- 

9,971,934 



EUR 

154,163,381 

1,199,314 

155,362,695 

128,631 

- 

- 

- 

1,097,337 

4,998,500 

2,591,597 

1,098,927 

- 

13,919 

27,706 

- 

5 

165,319,317 

Liabilities 












Net Assets 

290,004 

- 

1,589,031 

970,343 

283,509 

89,894 

1,692,566 

46,481,400 

1,598,157 

129 

52,995,033 

774,692,466 

- 

- 

- 

- 

- 

- 

- 

- 

9,950 

- 

9,950 

9,961,984 

48,281 

176,302 

6,723 

48,109 

- 

- 

505,684 

2,499,000 

523,768 

12,176 

3,820,043 

161,499,274 






Assets 

















Total Assets 



Currencies 

EUR 

63,518,362 

162,576 

63,680,938 

554,832 

- 

37,341 

- 

- 

27,991,600 

2,093,119 

392 

- 

- 

19,244 

- 

- 

94,377,466 



Commodity (4) 

EUR 

2,298,348 

(24,605) 

2,273,743 

- 

- 

- 

- 

- 

- 

543,692 

59,609 

- 

- 

- 

- 

- 

2,877,044 



European Equity 

EUR 

36,753,674 

70,375 

36,824,049 

- 

22,521 

7,238 

- 

- 

- 

4,781,146 

- 

24,955 

- 

22,463 

10,791 

60 

41,693,223 

Liabilities 












Net Assets 

- 

- 

- 

- 

- 

- 

342,090 

13,994,400 

155,576 

- 

14,492,066 

79,885,400 

- 

- 

- 

- 

7,676 

- 

40,352 

417,962 

3,431 

1,004 

470,425 

2,406,619 

2,370,532 

- 

- 

- 

- 

- 

50,675 

131 

94,591 

- 

2,515,929 

39,177,294 






Assets 

















Total Assets 



Asian Equity 

EUR 

20,358,362 

51,448 

20,409,810 

- 

185,407 

21,530 

- 

- 

4,998,500 

3,644,133 

28 

7,150 

- 

- 

64,049 

- 

29,330,607 



Multi-Strategy 

EUR 

76,900,459 

(824,462) 

76,075,997 

53,767 

- 

191,259 

58,403 

45,230 

- 

4,135,531 

782,796 

7,998 

- 

4,325 

- 

- 

81,355,306 




EUR 

61,628,473 

(2,421,979) 

59,206,494 

58,924 

- 

225,454 

48,317 

27,989 

- 

1,924,116 

565,821 

21,156 

- 

20,782 

- 

751,871 

62,850,924 

Liabilities 












Net Assets 

1,516,875 

- 

- 

20,602 

- 

- 

3,105 

2,527,757 

49,639 

- 

4,117,978 

25,212,629 

9,992 

6,716 

- 

- 

- 

- 

849,027 

- 

115,529 

98 

981,362 

80,373,944 

7,307 

6,699 

- 

- 

- 

- 

396,285 

- 

98,798 

2,403 

511,492 

62,339,432 





Assets 

















Total Assets 


Global Multi-Asset (5) 

EUR 

99,328,090 

4,825,367 

104,153,457 

- 

- 

- 

127,565 

- 

- 

10,800,794 

249,128 

56,472 

- 

29,783 

1,039,695 

151 

116,457,045 


Multi Asset 

Real Return 

EUR 

22,293,340 

1,696,553 

23,989,893 

25,154 

- 

- 

38,763 

- 

- 

5,305,634 

100,543 

14,093 

- 

5,466 

26,779 

- 

29,506,325 



EUR 

891,632,688 

91,206,180 

982,838,868 

- 

- 

- 

- 

- 

- 

14,463,235 

187 

987,750 

- 

8,620,524 

- 

2 

1,006,910,566 

Liabilities 












Net Assets 

23,330 

- 

49,318 

- 

- 

- 

372,921 

- 

241,154 

773 

687,496 

115,769,549 

2,774,354 

- 

11,946 

- 

- 

- 

1,269 

278,087 

217,409 

- 

3,283,065 

26,223,260 

- 

- 

233,629 

- 

- 

- 

985,656 

- 

1,349,281 

6,188 

2,574,754 

1,004,335,812 






Assets 

















Total Assets 



EUR 

429,456,434 

107,211,029 

536,667,463 

- 

- 

- 

- 

- 

- 

5,377,856 

86 

893,596 

- 

159,039 

750,843 

- 

543,848,883 



EUR 

731,833,809 

113,143,307 

844,977,116 

- 

- 

- 

- 

- 

- 

3,503,509 

51 

1,686,006 

- 

741,796 

- 

- 

850,908,478 



EUR 

101,371,142 

22,023,471 

123,394,613 

- 

- 

- 

- 

- 

- 

1,443,209 

40,323 

303,520 

- 

36,130 

807,452 

- 

126,025,247 

Liabilities 












Net Assets 

- 

- 

39,816 

- 

- 

- 

1,650,539 

- 

992,334 

- 

2,682,689 

541,166,194 

- 

- 

300,997 

- 

- 

- 

1,891,996 

- 

1,863,589 

20 

4,056,602 

846,851,876 

- 

- 

- 

65,540 

- 

- 

370,408 

279,652 

231,891 

- 

947,491 

125,077,756 





Assets 

















Total Assets 



EUR 

620,144,637 

49,740,190 

669,884,827 

- 

- 

- 

- 

- 

- 

5,898,481 

239 

883,233 

- 

343,979 

71,177 

- 

677,081,936 



EUR 

226,392,913 

33,461,972 

259,854,885 

- 

- 

- 

- 

- 

- 

18,172,954 

8,018 

269,232 

- 

240,844 

- 

- 

278,545,933 



Target Income 

EUR 

30,091,551 

1,415,056 

31,506,607 

- 

- 

- 

- 

- 

- 

3,814,469 

6 

31,999 

- 

70,234 

- 

- 

35,423,315 

Liabilities 












Net Assets 

164,769 

- 

549,424 

57,912 

- 

- 

2,162,865 

- 

1,158,976 

63 

4,094,009 

672,987,927 

15,306,435 

- 

- 

- 

- 

- 

843,324 

511,476 

519,095 

- 

17,180,330 

261,365,603 

- 

- 

- 

- 

- 

- 

- 

- 

47,253 

- 

47,253 

35,376,062 





Assets 

















Total Assets 


German Equity (6) 

EUR 

4,924,966 

689,183 

5,614,149 

- 

- 

- 

- 

- 

- 

228,145 

- 

- 

- 

- 

113,797 

- 

5,956,091 



EUR 

55,398,794 

5,801,302 

61,200,096 

23,500 

- 

- 

- 

- 

33,998,875 

4,835,347 

190 

21,864 

- 

16,473 

- 

- 

100,096,345 



EUR 

913,215,828 

189,939,272 

1,103,155,100 

- 

- 

- 

- 

- 

- 

15,149,281 

- 

766,931 

- 

6,567,981 

- 

609 

1,125,639,902 

Liabilities 












Net Assets 

- 

- 

- 

- 

- 

- 

- 

99,724 

10,219 

- 

109,943 

5,846,148 

- 

- 

- 

25,043 

- 

- 

239,311 

17,007,375 

151,429 

4,691 

17,427,849 

82,668,496 

134 

- 

746,183 

- 

- 

- 

3,305,402 

- 

1,925,243 

- 

5,976,962 

1,119,662,940 






Assets 

















Total Assets 


U.S. Research 

EUR 

1,471,304,827 

275,382,383 

1,746,687,210 

- 

- 

- 

- 

- 

- 

27,313,478 

7 

969,159 

- 

1,381,159 

1,190,572 

- 

1,777,541,585 


U.S. Fundamental 

Growth 

EUR 

464,399,342 

17,703,708 

482,103,050 

- 

- 

- 

- 

- 

- 

10,443,231 

- 

195,373 

- 

1,305,064 

- 

23 

494,046,741 



EUR 

123,520,042 

11,316,355 

134,836,397 

- 

- 

- 

- 

- 

- 

4,089,778 

- 

143,226 

- 

67,474 

- 

- 

139,136,875 

Liabilities 












Net Assets 

- 

- 

1,196,442 

- 

- 

- 

4,143,362 

2,653,805 

2,506,119 

- 

10,499,728 

1,767,041,857 

- 

- 

106,742 

- 

- 

- 

1,780,700 

5,477,789 

759,984 

1,121 

8,126,336 

485,920,405 

- 

- 

- 

- 

- 

- 

285,626 

1,535,749 

237,100 

- 

2,058,475 

137,078,400 





Assets 

















Total Assets 


North American 

Basic Value 

EUR 

305,175,043 

18,855,914 

324,030,957 

- 

- 

- 

- 

- 

- 

14,752,029 

- 

591,067 

- 

319,821 

- 

- 

339,693,874 



EUR 

175,562,624 

15,103,075 

190,665,699 

- 

- 

- 

- 

- 

- 

6,153,958 

- 

176,265 

- 

279,793 

94,276 

- 

197,369,991 


Global Equity 

Target Income (7) 

EUR 

59,927,707 

15,697 

59,943,404 

- 

- 

- 

- 

- 

- 

1,663,736 

297 

129,950 

- 

5,940 

1,989,912 

- 

63,733,239 

Liabilities 












Net Assets 

- 

- 

30,903 

- 

- 

- 

119,469 

6,698,075 

587,911 

- 

7,436,358 

332,257,516 

- 

- 

12,066 

- 

- 

- 

483,795 

401,159 

390,986 

- 

1,288,006 

196,081,985 

- 

8,624 

13,319 

9,922 

- 

- 

3,542 

666,381 

130,405 

24 

832,217 

62,901,022 






Assets 

















Total Assets 


Global Select 

EUR 

487,366,589 

51,982,211 

539,348,800 

453,000 

- 

- 

293,626 

- 

- 

1,930,256 

2,937 

439,598 

- 

128,099 

- 

337 

542,596,653 



EUR 

756,130,377 

143,543,532 

899,673,909 

- 

- 

- 

- 

- 

- 

3,546,613 

158 

676,605 

- 

1,543,827 

- 

5 

905,441,117 



EUR 

34,647,925 

1,078,461 

35,726,386 

- 

- 

- 

3,130 

- 

- 

1,136,112 

521 

14,039 

- 

4,637 

- 

- 

36,884,825 

Liabilities 












Net Assets 

136,102 

- 

550,626 

- 

- 

- 

715,318 

- 

983,064 

17,622 

2,402,732 

540,193,921 

- 

- 

- 

- 

- 

- 

1,296,325 

- 

2,863,268 

908 

4,160,501 

901,280,616 

17,157 

- 

- 

- 

- 

- 

111,233 

- 

71,690 

178 

200,258 

36,684,567 





Assets 

















Total Assets 


Japanese Equity (8) 

EUR 

183,147,474 

9,578,605 

192,726,079 

- 

- 

- 

214,296 

- 

- 

2,980,033 

- 

278,096 

- 

6,027,583 

- 

- 

202,226,087 


Emerging 

Markets Equity 

EUR 

620,236,726 

45,879,519 

666,116,245 

- 

- 

94,338 

1,126,354 

- 

- 

5,623,400 

13,557 

1,030,542 

- 

248,227 

3,691,580 

242,160 

678,186,403 



Equity Unconstrained (9) 

EUR 

7,015,387 

(75,265) 

6,940,122 

- 

19,598 

- 

- 

- 

- 

2,117,817 

- 

401 

- 

- 

- 

- 

9,077,938 

Liabilities 












Net Assets 

- 

- 

1,981 

- 

- 

- 

1,091,910 

- 

310,430 

57,091 

1,461,412 

200,764,675 

239,654 

106,625 

- 

- 

- 

- 

2,487,829 

- 

1,222,295 

- 

4,056,403 

674,130,000 

16,592 

- 

- 

- 

- 

- 

- 

- 

16,115 

- 

32,707 

9,045,231 






Assets 

















Total Assets 




EUR 

453,814,916 

48,602,986 

502,417,902 

- 

- 

- 

- 

- 

- 

9,176,947 

2,551 

224,760 

- 

547,773 

- 

- 

512,369,933 



EUR 

104,281,898 

6,308,401 

110,590,299 

- 

- 

- 

- 

- 

- 

1,615,767 

27 

5,144 

- 

148,660 

2,149,862 

66,121 

114,575,880 



EUR 

74,290,229 

(2,718,069) 

71,572,160 

- 

- 

- 

- 

- 

- 

222,397 

16 

315,191 

- 

28,384 

327,616 

- 

72,465,764 

Liabilities 












Net Assets 

- 

- 

- 

- 

- 

- 

1,167,333 

- 

947,589 

556 

2,115,478 

510,254,455 

4,193,360 

- 

- 

- 

- 

- 

1,455,827 

- 

231,160 

5,069 

5,885,416 

108,690,464 

48,381 

- 

50,006 

- 

- 

- 

95,896 

- 

155,295 

323 

349,901 

72,115,863 





Assets 

















Total Assets 


China Equity 

EUR 

306,211,220 

36,096,264 

342,307,484 

- 

- 

- 

258,996 

- 

- 

31,679,203 

179 

25,422 

- 

1,711,889 

- 

- 

375,983,173 


Indian Equity 

EUR 

120,070,049 

2,641,728 

122,711,777 

- 

- 

- 

- 

- 

- 

4,667,789 

1,649 

- 

- 

21,677 

1,639,833 

941,613 

129,984,338 



EUR 

18,525,162 

(891,064) 

17,634,098 

- 

- 

- 

- 

- 

- 

201,626 

6 

18,388 

- 

15,483 

- 

- 

17,869,601 

Liabilities 












Net Assets 

323,384 

- 

- 

- 

- 

- 

2,229,162 

1,228,017 

708,702 

63 

4,489,328 

371,493,845 

- 

- 

- 

- 

- 

- 

184,262 

- 

342,255 

- 

526,517 

129,457,821 

8,425 

- 

- 

- 

- 

- 

32,733 

- 

35,655 

23 

76,836 

17,792,765 





Assets 

















Total Assets 



EUR 

270,877,651 

(5,426,908) 

265,450,743 

- 

- 

- 

- 

- 

- 

15,447,745 

- 

- 

- 

444,324 

- 

- 

281,342,812 

Combined 

EUR 

27,022,638,818 

1,812,678,386 

28,835,317,204 

2,045,905 

227,526 

10,558,924 

8,917,154 

26,503,407 

1,392,300,245 

759,324,560 

249,710,552 

11,700,452 

489,356 

106,684,577 

14,586,403 

5,238,570 

31,423,604,835 

Liabilities 












Net Assets 

(1) The first NAV was calculated on 29 May 2012. 

(2) The first NAV was calculated on 11 July 2012. 

(3) The first NAV was calculated on 11 December 2012. 

(4) The first NAV was calculated on 11 January 2012. 

(5) Formerly known as Pioneer Funds - Global Balanced. 


(7) Formerly known as Pioneer Funds - Global Diversified Equity. 

(8) The NAV was calculated as of 28 December 2012. 


459,773 

- 

716,647 

- 

- 

- 

425,378 

- 

400,197 

6,848,376 

8,850,371 

272,492,441 

31,375,240 

1,870,380 

14,752,297 

1,558,680 

8,528,951 

1,332,912 

71,146,785 

725,336,261 

59,410,409 

9,791,076 

925,102,991 

30,498,501,844 



Statement of Operations and Changes in Net Assets 

for the year ended 31 December 2012 

Income 

Dividends, net 

Interest on securities 

Interest on bank accounts 

Interest on swaps 

Income from securities lending 

Other income 

Total Income 



EUR 

- 

1,053,956 

76 

- 

- 

327,971 

1,382,003 



EUR 

- 

16,841,026 

52,226 

7,867,695 

749,674 

207,200 

25,717,821 



EUR 

- 

17,624,157 

37,808 

4,156,215 

705,127 

85,867 

22,609,174 

Expenses 

Management fees 

Distribution fees 

Depositary & administration fees 

Taxe d’abonnement 

Professional fees 

Printing & publishing fees 

Performance fees 


Other charges 

Total Expenses 

Net Operational Income/(Loss) 

(2,053,942) 

(161) 

(1,341,999) 

(78,314) 

(32,271) 

(33,429) 

- 

- 

(190,368) 

(3,730,484) 

(2,348,481) 

(12,031,090) 

(16,335) 

(2,397,959) 

(154,907) 

(57,706) 

(65,188) 

- 

(5,976,891) 

(445,386) 

(21,145,462) 

4,572,359 

(2,365,829) 

- 

(1,231,883) 

(84,440) 

(31,253) 

(35,283) 

- 

(3,378,758) 

(245,497) 

(7,372,943) 

15,236,231 

Statement of Changes In Net Assets 

Net asset value at the beginning of the year 


1,060,286,847 

(2,348,481) 

1,963,094,490 

4,572,359 

967,274,713 

15,236,231 

Net realised gain/(loss) on sales of securities 

Net realised gain/(loss) on foreign exchange 

Net realised gain/(loss) on forward foreign exchange contracts 

Net realised gain/(loss) on financial futures contracts 

Net realised gain/(loss) on options 

Net realised gain/(loss) on Contracts For Differences 

Net realised gain/(loss) on swaps 

Net Realised Gain/(Loss) 

4,218,589 

379 

- 

- 

- 

- 

- 

4,218,968 

19,453,398 

(428,893) 

186,571 

(6,865,891) 

(1,377,643) 

- 

(1,478,521) 

9,489,021 

(27,961,614) 

(766,883) 

(1,624,972) 

(2,152,506) 

(853,918) 

- 

(12,019) 

(33,371,912) 

Net change in unrealised gain/(loss) on securities 

Net change in unrealised gain/(loss) on forward foreign exchange contracts 

Net change in unrealised gain/(loss) on financial futures contracts 

Net change in unrealised gain/(loss) on options 

Net change in unrealised gain/(loss) on Contracts For Differences 

Net change in unrealised gain/(loss) on swaps 

Net Change in Unrealised Gain/(Loss) for the Year 

Net Increase/(Decrease) in Net Assets as a Result of Operations 

(81,034) 

- 

- 

- 

- 

- 

(81,034) 

1,789,453 

16,161,733 

(61,450) 

1,212,735 

40,305 

- 

7,945,690 

25,299,013 

39,360,393 

61,894,760 

2,046,034 

750,425 

30,567 

- 

4,600,900 

69,322,686 

51,187,005 

Net subscriptions/(redemptions) 

Dividend declared 

Net Asset Value at Year End 

(523,171,092) 

- 

538,905,208 

(591,954,489) 

(9,706) 

1,410,490,688 

(180,604,910) 

- 

837,856,808 




for the year ended 31 December 2012 (continued) 

Income 






Other income 

Total Income 



Short-Term 

EUR 

- 

18,455,127 

34,323 

5,721,095 

705,544 

123,940 

25,040,029 



EUR 

- 

3,447,200 

759 

- 

- 

- 

3,447,959 


Euro Bond 

EUR 

- 

45,940,030 

65,496 

7,759,487 

2,201,952 

38,897 

56,005,862 










Other charges 



(6,569,654) 

(6,412) 

(1,173,259) 

(387,201) 

(29,821) 

(33,692) 

- 

(3,192,774) 

(247,363) 

(11,640,176) 

13,399,853 

(1,172,520) 

(32,215) 

(191,792) 

(14,483) 

(5,209) 

(5,875) 

- 

- 

(39,776) 

(1,461,870) 

1,986,089 

(11,114,233) 

(25,178) 

(1,801,223) 

(586,822) 

(45,487) 

(51,358) 

- 

(5,442,779) 

(392,347) 

(19,459,427) 

36,546,435 




1,001,985,404 

13,399,853 

150,794,018 

1,986,089 

1,420,308,730 

36,546,435 









(10,731,469) 

(66,304) 

(2,734,293) 

(2,132,687) 

(769,389) 

- 

2,206,480 

(14,227,662) 

732,299 

(93,391) 

11,838 

- 

- 

- 

- 

650,746 

24,839,592 

(269,023) 

921,758 

(17,066,573) 

(4,352,382) 

- 

(17,450,960) 

(13,377,588) 









54,619,049 

2,516,286 

711,288 

- 

- 

5,512,504 

63,359,127 

62,531,318 

2,116,551 

(12,164) 

- 

- 

- 

- 

2,104,387 

4,741,222 

75,432,114 

(1,123,455) 

4,996,016 

(214,961) 

- 

37,095,202 

116,184,916 

139,353,763 




(386,310,818) 

- 

678,205,904 

(9,096,446) 

(148,614) 

146,290,180 

(372,240,387) 

(19,757) 

1,187,402,349 





Income 






Other income 

Total Income 



EUR 

- 

34,300,082 

46,958 

5,141,066 

1,204,630 

32,561 

40,725,297 



EUR 

- 

48,932,408 

62,549 

9,982,083 

755,624 

154,575 

59,887,239 




EUR 

- 

6,631,809 

892 

- 

- 

- 

6,632,701 










Other charges 



(5,709,695) 

(337,384) 

(1,542,352) 

(467,241) 

(35,874) 

(40,409) 

- 

(2,987,639) 

(243,778) 

(11,364,372) 

29,360,925 

(8,821,516) 

(102,686) 

(1,721,505) 

(510,895) 

(43,547) 

(49,158) 

(223,766) 

(5,727,550) 

(318,669) 

(17,519,292) 

42,367,947 

(15,208) 

(68) 

(211,151) 

(15,654) 

(5,414) 

(6,114) 

(181) 

- 

(12,835) 

(266,625) 

6,366,076 




689,185,615 

29,360,925 

1,191,854,539 

42,367,947 

159,899,872 

6,366,076 









13,586,482 

(296,220) 

(623,216) 

(11,352,443) 

(2,877,779) 

- 

9,451,177 

7,888,001 

4,446,784 

(111,275) 

(1,302,307) 

(8,334,697) 

(2,855,543) 

- 

8,475,075 

318,037 

3,396,727 

2 

- 

(4,282,111) 

- 

- 

- 

(885,382) 









58,509,430 

307,327 

2,180,438 

(205,811) 

- 

7,400,810 

68,192,194 

105,441,120 

114,564,065 

2,534,819 

2,268,777 

- 

- 

10,576,009 

129,943,670 

172,629,654 

11,754,925 

- 

1,719,760 

- 

- 

- 

13,474,685 

18,955,379 




659,248,984 

(3,813,629) 

1,450,062,090 

(15,949,071) 

(3,128,326) 

1,345,406,796 

(33,408,850) 

- 

145,446,401 





Income 






Other income 

Total Income 


U.S. Dollar 


EUR 

326,482 

15,009,365 

47 

564,951 

- 

- 

15,900,845 



Bond 

EUR 

- 

10,453,557 

32,793 

3,385,318 

140,882 

12,756 

14,025,306 


Euro Credit 

Recovery 2012 

EUR 

- 

1,389,278 

1,128 

4,861 

- 

5,859 

1,401,126 










Other charges 



(2,736,559) 

(1,257,485) 

(473,457) 

(142,042) 

(12,865) 

(14,492) 

- 

(104,222) 

(29,371) 

(4,770,493) 

11,130,352 

(1,903,728) 

(106,708) 

(496,534) 

(105,296) 

(14,414) 

(12,932) 

- 

(1,497,972) 

(98,844) 

(4,236,428) 

9,788,878 

(594,435) 

(18,416) 

(86,913) 

(21,772) 

(2,028) 

(1,306) 

- 

- 

(17,301) 

(742,171) 

658,955 




308,878,113 

11,130,352 

305,025,157 

9,788,878 

120,242,589 

658,955 









1,421,403 

(421,754) 

8,559 

(1,065,742) 

- 

- 

527,835 

470,301 

14,667,795 

279,090 

303,298 

(6,023,932) 

(1,449,128) 

- 

6,308,529 

14,085,652 

(2,947,370) 

- 

- 

- 

- 

- 

- 

(2,947,370) 









3,462,025 

- 

242,204 

- 

- 

391,661 

4,095,890 

15,696,543 

(8,868,419) 

(4,120,482) 

465,003 

(83,541) 

- 

2,266,622 

(10,340,817) 

13,533,713 

2,774,332 

- 

- 

- 

- 

(1,915) 

2,772,417 

484,002 




113,634,609 

(3,132,300) 

435,076,965 

(7,949,221) 

(155,760) 

310,453,889 

(106,410,270) 

(1,356,173) 

12,960,148 





Income 






Other income 

Total Income 





distributing) 

EUR 

- 

11,423,413 

599 

1,437,322 

73,688 

433,389 

13,368,411 





distributing) 

EUR 

- 

7,641,215 

2,139 

548,583 

41,506 

319,096 

8,552,539 





distributing) 

EUR 

- 

6,188,922 

612 

287,322 

30,938 

345,385 

6,853,179 










Other charges 



(1,737,164) 

- 

(377,163) 

(129,749) 

(7,625) 

(10,733) 

(964,213) 

- 

(103,581) 

(3,330,228) 

10,038,183 

(986,217) 

- 

(252,796) 

(86,910) 

(5,136) 

(7,202) 

(572,754) 

- 

(70,847) 

(1,981,862) 

6,570,677 

(790,165) 

- 

(201,053) 

(68,326) 

(4,147) 

(5,767) 

(485,246) 

(25,556) 

(52,391) 

(1,632,651) 

5,220,528 




299,926,025 

10,038,183 

202,680,981 

6,570,677 

173,115,352 

5,220,528 









(2,242,116) 

- 

- 

- 

- 

- 

53,559 

(2,188,557) 

(2,086,418) 

- 

- 

- 

- 

- 

(123,664) 

(2,210,082) 

(103,014) 

- 

- 

- 

- 

- 

(62,099) 

(165,113) 









14,151,312 

- 

- 

- 

- 

1,163,065 

15,314,377 

23,164,003 

9,688,504 

- 

- 

- 

- 

1,561,489 

11,249,993 

15,610,588 

5,680,742 

- 

- 

- 

- 

379,456 

6,060,198 

11,115,613 




(86,677,776) 

(7,259,480) 

229,152,772 

(63,819,179) 

(4,214,885) 

150,257,505 

(69,076,914) 

(2,450,578) 

112,703,473 





Income 






Other income 

Total Income 





distributing) 

EUR 

- 

2,805,079 

202 

162,458 

9,545 

134,576 

3,111,860 


U.S. Credit 

Recovery 2014 

EUR 

- 

6,627,222 

25 

- 

- 

474,570 

7,101,817 



Markets Bond 


EUR 

- 

19,991,426 

23,381 

2,028,432 

- 

778,027 

22,821,266 










Other charges 



(354,118) 

- 

(90,321) 

(31,005) 

(1,846) 

(2,585) 

(204,695) 

(18,417) 

(23,532) 

(726,519) 

2,385,341 

(1,160,435) 

(13,192) 

(233,390) 

(61,642) 

(4,570) 

(5,162) 

(121,733) 

- 

(48,347) 

(1,648,471) 

5,453,346 

(3,011,562) 

- 

(476,927) 

(139,275) 

(12,488) 

(9,318) 

(926,772) 

- 

(110,494) 

(4,686,836) 

18,134,430 




76,163,980 

2,385,341 

154,772,593 

5,453,346 

283,817,231 

18,134,430 









(644,033) 

- 

- 

- 

- 

- 

8,699 

(635,334) 

8,043,531 

71,051 

177,650 

- 

- 

- 

- 

8,292,232 

(372,030) 

1,269,884 

(3,841,678) 

- 

- 

- 

- 

(2,943,824) 









3,354,824 

- 

- 

- 

- 

203,165 

3,557,989 

5,307,996 

(8,978,834) 

472,420 

- 

- 

- 

- 

(8,506,414) 

5,239,164 

13,238,865 

5,203,206 

- 

- 

- 

4,340,560 

22,782,631 

37,973,237 




(26,915,115) 

(1,698,181) 

52,858,680 

(47,456,961) 

(4,638,419) 

107,916,377 

(48,310,765) 

(10,579,575) 

262,900,128 





Income 






Other income 

Total Income 




EUR 

- 

7,137,813 

305 

278,819 

- 

182,990 

7,599,927 



Income 2017 (1) 

EUR 

- 

1,587,017 

80 

389,250 

- 

31,797 

2,008,144 



EUR 

38,081 

44,062,724 

92,515 

12,759,464 

- 

17,342 

56,970,126 










Other charges 



(1,087,224) 

- 

(182,721) 

(50,318) 

(5,704) 

(4,072) 

(487,369) 

- 

(33,445) 

(1,850,853) 

5,749,074 

(221,229) 

- 

(52,158) 

(23,442) 

(3,322) 

(2,976) 

(688,868) 

(100,583) 

(24,038) 

(1,116,616) 

891,528 

(6,420,750) 

(310,768) 

(876,116) 

(182,862) 

(25,349) 

(23,090) 

(9,381) 

(10,349,845) 

(426,657) 

(18,624,818) 

38,345,308 




101,111,972 

5,749,074 

- 

891,528 

523,958,007 

38,345,308 









3,330,328 

(27,935) 

(2,687,137) 

- 

- 

- 

- 

615,256 

428,954 

- 

- 

- 

- 

- 

922,950 

1,351,904 

(15,082,427) 

551,315 

(4,491,132) 

(1,624,732) 

804,166 

- 

(195,930) 

(20,038,740) 









2,584,811 

4,015,598 

- 

- 

- 

675,999 

7,276,408 

13,640,738 

4,393,431 

- 

- 

- 

- 

181,089 

4,574,520 

6,817,952 

64,627,678 

5,810,942 

882,999 

(84,314) 

- 

(19,800,725) 

51,436,580 

69,743,148 




(10,957,870) 

(4,406,681) 

99,388,159 

54,926,148 

(1,167,549) 

60,576,551 

40,995,149 

(1,729,976) 

632,966,328 






Income 






Other income 

Total Income 



EUR 

2,803,325 

127,825,360 

159,280 

1,328,984 

- 

1,003 

132,117,952 



EUR 

945,145 

48,853,294 

462 

1,872,801 

- 

- 

51,671,702 



EUR 

1,479,451 

190,330,193 

82,847 

1,175,543 

- 

- 

193,068,034 










Other charges 



(22,452,267) 

(15,524,839) 

(3,495,095) 

(1,000,016) 

(103,309) 

(71,830) 

(6,390,273) 

(439,439) 

(196,215) 

(49,673,283) 

82,444,669 

(6,773,952) 

(2,781,794) 

(1,119,636) 

(246,427) 

(38,145) 

(32,233) 

(3,449) 

(114,035) 

(53,472) 

(11,163,143) 

40,508,559 

(24,596,618) 

(14,602,481) 

(3,412,420) 

(996,307) 

(88,226) 

(89,488) 

(10,049) 

(37,857) 

(106,201) 

(43,939,647) 

149,128,387 




1,911,103,517 

82,444,669 

582,345,949 

40,508,559 

2,054,031,173 

149,128,387 









49,554,263 

(1,933,647) 

9,645,085 

(15,419,249) 

- 

- 

1,337,716 

43,184,168 

26,168,281 

3,440,519 

311,148 

- 

- 

- 

410,406 

30,330,354 

78,737,159 

7,948 

1,674,799 

- 

- 

- 

748,410 

81,168,316 









58,868,541 

(2,555,424) 

5,104,653 

- 

- 

795,875 

62,213,645 

187,842,482 

17,797,999 

(6,331) 

- 

- 

- 

2,694,823 

20,486,491 

91,325,404 

92,261,693 

(1,743,656) 

- 

- 

- 

1,572,135 

92,090,172 

322,386,875 




624,134,095 

(66,621,474) 

2,656,458,620 

257,281,827 

(14,333,882) 

916,619,298 

337,165,646 

(123,835,257) 

2,589,748,437 





Income 






Other income 

Total Income 



EUR 

- 

31,893,898 

15,547 

2,187,390 

- 

62,341 

34,159,176 





EUR 

- 

447,385 

2 

- 

- 

- 

447,387 




EUR 

- 

24,593,113 

31,715 

136,815 

- 

- 

24,761,643 










Other charges 



(4,602,065) 

(98,116) 

(697,005) 

(190,114) 

(16,117) 

(18,187) 

(2,182) 

(2,228,884) 

(151,891) 

(8,004,561) 

26,154,615 

(106,664) 

(35) 

(12,966) 

(4,065) 

(681) 

(272) 

- 

- 

(4,276) 

(128,959) 

318,428 

(5,561,014) 

(46,737) 

(1,157,058) 

(184,768) 

(17,963) 

(14,858) 

(5,090) 

(5,187) 

(153,364) 

(7,146,039) 

17,615,604 




276,719,441 

26,154,615 

- 

318,428 

413,694,690 

17,615,604 









(6,058,356) 

321,444 

(2,424,639) 

1,938,460 

135,528 

- 

(1,342,468) 

(7,430,031) 

(54,720) 

(101,646) 

(94,071) 

- 

- 

- 

- 

(250,437) 

7,426,222 

(481,626) 

109,557 

- 

1,032,817 

- 

15 

8,086,985 









72,132,484 

1,985,301 

(456,802) 

50,119 

- 

(3,718,499) 

69,992,603 

88,717,187 

182,289 

(73,774) 

- 

- 

- 

- 

108,515 

176,506 

17,864,599 

2,095,998 

- 

(116,157) 

- 

128,353 

19,972,793 

45,675,382 




421,306,225 

(1,655,176) 

785,087,677 

22,427,758 

- 

22,604,264 

(33,451,111) 

(3,771,326) 

422,147,635 






Income 






Other income 

Total Income 


Emerging 

Markets Bond 

EUR 

184,678 

45,022,257 

6,083 

2,755,840 

- 

66,490 

48,035,348 




EUR 

- 

25,738 

- 

- 

- 

- 

25,738 



EUR 

- 

2,245,818 

19,224 

1,972,850 

74,431 

8,681 

4,321,004 










Other charges 



(5,648,369) 

(313,436) 

(1,079,518) 

(217,374) 

(23,434) 

(26,422) 

(726,182) 

(2,032,888) 

(151,759) 

(10,219,382) 

37,815,966 

(7,595) 

- 

(757) 

(1,245) 

(136) 

(54) 

- 

- 

(163) 

(9,950) 

15,788 

(1,658,490) 

(1,718) 

(294,190) 

(85,302) 

(9,598) 

(7,526) 

(299,720) 

(1,019,337) 

(99,280) 

(3,475,161) 

845,843 




491,506,417 

37,815,966 

- 

15,788 

207,531,439 

845,843 









(3,273,851) 

5,132,047 

3,748,674 

9,711,909 

- 

- 

(3,935,304) 

11,383,475 

(1,699) 

(8,630) 

- 

- 

- 

- 

- 

(10,329) 

1,667,233 

(79,233) 

(307,958) 

(6,322,620) 

(1,201,294) 

- 

2,790,365 

(3,453,507) 









64,144,381 

(3,708,710) 

(3,058,305) 

86,569 

- 

3,049,021 

60,512,956 

109,712,397 

(54,233) 

- 

- 

- 

- 

- 

(54,233) 

(48,774) 

680,358 

(6,209) 

894,781 

(47,917) 

- 

3,620,441 

5,141,454 

2,533,790 




176,266,629 

(2,792,977) 

774,692,466 

10,010,758 

- 

9,961,984 

(48,565,955) 

- 

161,499,274 






Income 






Other income 

Total Income 




EUR 

- 

1,289,222 

38,227 

- 

- 

28,384 

1,355,833 



Commodity (4) 

EUR 

- 

100,725 

160 

785 

- 

- 

101,670 




EUR 

- 

681,070 

28,897 

- 

- 

31,403 

741,370 










Other charges 



(808,495) 

(10,336) 

(136,233) 

(8,941) 

(3,304) 

(3,733) 

(59,620) 

- 

(38,826) 

(1,069,488) 

286,345 

(26,618) 

(36) 

(5,124) 

(1,648) 

(123) 

(141) 

- 

(28,530) 

(4,901) 

(67,121) 

34,549 

(1,398,689) 

(53) 

(199,704) 

(22,717) 

(1,584) 

(3,060) 

- 

- 

(506,736) 

(2,132,543) 

(1,391,173) 




109,903,113 

286,345 

- 

34,549 

215,178,014 

(1,391,173) 









(1,812,052) 

2,156,563 

96,393 

- 

(2,474,835) 

- 

- 

(2,033,931) 

(72,107) 

(1,433) 

- 

- 

- 

- 

(44,098) 

(117,638) 

562,383 

(152,116) 

(2,063) 

(1,344,789) 

- 

2,930,576 

- 

1,993,991 









1,847,026 

494,854 

- 

436,865 

- 

- 

2,778,745 

1,031,159 

(24,605) 

- 

- 

- 

- 

(7,676) 

(32,281) 

(115,370) 

(453,503) 

(13,210) 

- 

- 

(2,047,287) 

- 

(2,514,000) 

(1,911,182) 




(31,048,862) 

(10) 

79,885,400 

2,521,989 

- 

2,406,619 

(174,089,538) 

- 

39,177,294 






Income 






Other income 

Total Income 



Asian Equity 

EUR 

- 

454,242 

7,821 

- 

- 

24,005 

486,068 




EUR 

351,072 

2,843,340 

74,067 

146,727 

7,643 

- 

3,422,849 




EUR 

351,171 

1,775,428 

8,417 

178,426 

5,531 

- 

2,318,973 










Other charges 



(330,554) 

- 

(69,874) 

(2,979) 

(1,159) 

(1,312) 

- 

- 

(370,176) 

(776,054) 

(289,986) 

(1,011,322) 

(3,016) 

(148,531) 

(46,980) 

(8,488) 

(4,118) 

(6) 

(97,699) 

(36,194) 

(1,356,354) 

2,066,495 

(812,484) 

(61,482) 

(107,345) 

(34,060) 

(4,656) 

(2,906) 

(26) 

(103,420) 

(16,181) 

(1,142,560) 

1,176,413 




41,761,192 

(289,986) 

137,658,856 

2,066,495 

86,971,635 

1,176,413 









(424,304) 

44,645 

(40,469) 

829,140 

(514,319) 

(1,015,281) 

- 

(1,120,588) 

3,582,715 

(71,399) 

(732,257) 

(1,912,377) 

(364,483) 

- 

157,736 

659,935 

4,360,032 

47,989 

(951,841) 

(1,818,609) 

(353,918) 

- 

196,396 

1,480,049 









77,347 

(5,252) 

(27,320) 

- 

10,637 

- 

55,412 

(1,355,162) 

2,064,407 

641,375 

140,382 

(27,356) 

- 

37,117 

2,855,925 

5,582,355 

623,748 

871,261 

139,117 

(17,116) 

- 

238,401 

1,855,411 

4,511,873 




(15,193,401) 

- 

25,212,629 

(62,867,267) 

- 

80,373,944 

(28,874,859) 

(269,217) 

62,339,432 





Income 






Other income 

Total Income 



EUR 

1,408,354 

1,480,014 

45,616 

1,128 

48,362 

- 

2,983,474 


Multi Asset 

Real Return 

EUR 

226,648 

221,497 

222 

- 

- 

114 

448,481 



EUR 

22,014,471 

- 

7,292 

- 

2,843,717 

- 

24,865,480 










Other charges 



(2,209,738) 

(14,546) 

(211,850) 

(62,444) 

(9,345) 

(5,226) 

(34) 

- 

(62,605) 

(2,575,788) 

407,686 

(250,035) 

(4,297) 

(29,085) 

(9,685) 

(1,052) 

(675) 

(167,145) 

- 

(19,001) 

(480,975) 

(32,494) 

(7,222,733) 

(20,474) 

(1,190,841) 

(206,902) 

(35,755) 

(24,078) 

(205,664) 

- 

(100,869) 

(9,007,316) 

15,858,164 




143,650,225 

407,686 

6,383,795 

(32,494) 

616,018,096 

15,858,164 









9,343,497 

(113,823) 

1,290,016 

1,662,584 

11,447 

- 

(153,513) 

12,040,208 

402,890 

(11,366) 

(81,899) 

(288,882) 

(19,800) 

- 

- 

943 

37,002,680 

72,814 

(4,939,141) 

2,598,111 

(85,684) 

- 

- 

34,648,780 









(4,652,763) 

(859,903) 

112,318 

24,793 

- 

213,480 

(5,162,075) 

7,285,819 

1,452,252 

(5,569) 

38,763 

23,693 

- 

- 

1,509,139 

1,477,588 

105,065,101 

1,453,783 

- 

- 

- 

- 

106,518,884 

157,025,828 




(35,166,495) 

- 

115,769,549 

18,361,877 

- 

26,223,260 

231,309,511 

(17,623) 

1,004,335,812 






Income 






Other income 

Total Income 



EUR 

16,582,544 

- 

13,240 

- 

1,144,062 

- 

17,739,846 



EUR 

22,236,555 

- 

2,661 

- 

1,391,778 

- 

23,630,994 



EUR 

4,799,299 

296,348 

11,792 

- 

407,362 

- 

5,514,801 










Other charges 



(7,629,597) 

(290,188) 

(878,060) 

(274,228) 

(27,488) 

(23,152) 

(67,117) 

- 

(153,911) 

(9,343,741) 

8,396,105 

(12,471,016) 

(71,114) 

(1,274,536) 

(406,028) 

(39,838) 

(33,692) 

(386,812) 

- 

(239,576) 

(14,922,612) 

8,708,382 

(2,053,476) 

(266) 

(216,635) 

(60,644) 

(6,839) 

(5,726) 

(5,394) 

- 

(49,279) 

(2,398,259) 

3,116,542 




632,320,232 

8,396,105 

849,497,498 

8,708,382 

184,863,293 

3,116,542 









14,618,281 

(128,294) 

(2,563,090) 

(646,460) 

(61,929) 

- 

- 

11,218,508 

64,103,909 

(13,369) 

(1,099,061) 

(237,715) 

- 

- 

- 

62,753,764 

7,025,114 

47,219 

(307,924) 

1,146,524 

- 

- 

- 

7,910,933 









77,189,003 

950,615 

(311,271) 

- 

- 

- 

77,828,347 

97,442,960 

81,206,025 

(635,913) 

(472,276) 

- 

- 

- 

80,097,836 

151,559,982 

14,030,903 

138,850 

(341,503) 

- 

- 

- 

13,828,250 

24,855,725 




(188,596,998) 

- 

541,166,194 

(154,205,604) 

- 

846,851,876 

(84,641,262) 

- 

125,077,756 





Income 






Other income 

Total Income 



EUR 

18,422,202 

43 

32,442 

- 

1,496,644 

- 

19,951,331 



EUR 

5,536,045 

- 

31,330 

- 

- 

- 

5,567,375 



Target Income 

EUR 

850,635 

- 

469 

- 

- 

- 

851,104 










Other charges 



(9,609,273) 

(656) 

(1,125,971) 

(348,827) 

(43,521) 

(29,590) 

(2,115) 

- 

(217,176) 

(11,377,129) 

8,574,202 

(3,951,133) 

(306,321) 

(385,001) 

(114,839) 

(14,579) 

(10,109) 

(7,949) 

- 

(132,682) 

(4,922,613) 

644,762 

(190,212) 

- 

(24,663) 

(7,264) 

(596) 

(670) 

- 

- 

(10,558) 

(233,963) 

617,141 




823,704,334 

8,574,202 

241,223,938 

644,762 

5,002,505 

617,141 









40,554,707 

544,957 

958,532 

10,179,117 

787,785 

- 

- 

53,025,098 

12,334,042 

(199,957) 

- 

- 

- 

- 

- 

12,134,085 

(20,477) 

543 

- 

(28,355) 

333,474 

- 

- 

285,185 









66,493,238 

(1,693,328) 

(1,364,296) 

- 

- 

- 

63,435,614 

125,034,914 

43,459,076 

- 

- 

- 

- 

- 

43,459,076 

56,237,923 

1,069,028 

- 

- 

38,987 

- 

- 

1,108,015 

2,010,341 




(275,751,321) 

- 

672,987,927 

(36,096,258) 

- 

261,365,603 

28,771,874 

(408,658) 

35,376,062 





Income 






Other income 

Total Income 



EUR 

34,484 

- 

7 

- 

- 

- 

34,491 



EUR 

1,704,411 

59 

2,354 

- 

182,223 

31,364 

1,920,411 



EUR 

20,475,584 

- 

886 

- 

- 

- 

20,476,470 










Other charges 



(50,138) 

- 

(4,817) 

(2,040) 

(291) 

(134) 

- 

- 

(1,389) 

(58,809) 

(24,318) 

(1,198,875) 

(2,829) 

(125,331) 

(42,066) 

(3,224) 

(3,340) 

- 

- 

(27,298) 

(1,402,963) 

517,448 

(15,996,671) 

(1,865,768) 

(1,941,665) 

(576,873) 

(44,555) 

(50,304) 

(2,068) 

- 

(249,653) 

(20,727,557) 

(251,087) 




- 

(24,318) 

81,674,256 

517,448 

1,496,364,476 

(251,087) 









154,925 

- 

- 

11,358 

- 

- 

- 

166,283 

(6,149,735) 

(3,661) 

- 

5,495,071 

(130,759) 

- 

- 

(789,084) 

181,786,410 

(32,369) 

1,207,400 

- 

- 

- 

- 

182,961,441 









689,183 

- 

- 

- 

- 

- 

689,183 

831,148 

13,617,600 

- 

(271,625) 

23,500 

- 

- 

13,369,475 

13,097,839 

(73,816,241) 

204,010 

- 

- 

- 

- 

(73,612,231) 

109,098,123 




5,015,000 

- 

5,846,148 

(12,103,599) 

- 

82,668,496 

(485,799,659) 

- 

1,119,662,940 






Income 






Other income 

Total Income 


U.S. Research 

EUR 

24,338,060 

- 

17,509 

- 

- 

- 

24,355,569 



Growth 

EUR 

3,996,013 

- 

2,938 

- 

- 

- 

3,998,951 



EUR 

2,477,845 

- 

48 

- 

- 

- 

2,477,893 










Other charges 



(18,928,266) 

(389,222) 

(2,622,651) 

(660,083) 

(60,109) 

(67,768) 

(10,749) 

- 

(334,737) 

(23,073,585) 

1,281,984 

(3,832,154) 

(128,053) 

(449,225) 

(149,725) 

(10,949) 

(12,269) 

(17) 

- 

(44,504) 

(4,626,896) 

(627,945) 

(2,108,033) 

(12,249) 

(207,564) 

(68,007) 

(5,158) 

(5,819) 

(2,343) 

- 

(22,767) 

(2,431,940) 

45,953 




1,418,356,983 

1,281,984 

132,895,861 

(627,945) 

137,708,950 

45,953 









113,000,680 

(2,566,101) 

826,440 

- 

- 

- 

- 

111,261,019 

4,925,571 

138,309 

290,678 

- 

- 

- 

- 

5,354,558 

14,322,716 

16,111 

- 

(5) 

- 

- 

- 

14,338,822 









56,382,851 

318,520 

- 

- 

- 

- 

56,701,371 

169,244,374 

(3,205,680) 

(23,412) 

- 

- 

- 

- 

(3,229,092) 

1,497,521 

629,222 

- 

- 

- 

- 

- 

629,222 

15,013,997 




179,440,500 

- 

1,767,041,857 

351,527,023 

- 

485,920,405 

(15,644,547) 

- 

137,078,400 





Income 






Other income 

Total Income 




EUR 

8,580,286 

- 

34 

- 

- 

- 

8,580,320 



EUR 

3,413,129 

- 

7,475 

- 

- 

- 

3,420,604 


U.S. Small 

Companies (7) 

EUR 

14,301 

62 

1 

- 

- 

- 

14,364 










Other charges 



(5,160,557) 

(602,610) 

(545,112) 

(158,195) 

(13,243) 

(14,954) 

- 

- 

(32,107) 

(6,526,778) 

2,053,542 

(3,608,868) 

(767,572) 

(366,683) 

(103,892) 

(8,908) 

(10,061) 

(6,883) 

- 

(36,349) 

(4,909,216) 

(1,488,612) 

(64,588) 

(90) 

(6,623) 

(1,495) 

(164) 

(185) 

(2) 

- 

(2,055) 

(75,202) 

(60,838) 




413,724,832 

2,053,542 

304,360,043 

(1,488,612) 

7,271,001 

(60,838) 









68,790,481 

389,802 

(87,480) 

- 

- 

- 

- 

69,092,803 

26,302,362 

37,242 

(37,721) 

- 

- 

- 

- 

26,301,883 

1,163,033 

(51,002) 

416 

- 

4,807 

- 

- 

1,117,254 









(32,309,022) 

49,822 

- 

- 

- 

- 

(32,259,200) 

38,887,145 

(118,655) 

57,657 

- 

- 

- 

- 

(60,998) 

24,752,273 

(524,178) 

- 

- 

1,051 

- 

- 

(523,127) 

533,289 




(120,354,461) 

- 

332,257,516 

(133,030,331) 

- 

196,081,985 

(7,804,290) 

- 

- 






Income 






Other income 

Total Income 


Global Equity 


EUR 

2,423,196 

- 

13,137 

- 

- 

13,896 

2,450,229 


Global Select 

EUR 

11,297,536 

- 

356,092 

- 

521,990 

- 

12,175,618 



EUR 

16,173,000 

- 

225,843 

- 

1,690,839 

- 

18,089,682 










Other charges 



(1,400,160) 

(1,100) 

(148,840) 

(44,582) 

(6,152) 

(938) 

- 

- 

(36,873) 

(1,638,645) 

811,584 

(7,768,977) 

(457,707) 

(834,248) 

(258,608) 

(29,655) 

(20,903) 

(1,143) 

- 

(98,896) 

(9,470,137) 

2,705,481 

(13,143,274) 

(2,160,232) 

(1,475,951) 

(417,683) 

(46,482) 

(36,438) 

(1,179,818) 

- 

(105,544) 

(18,565,422) 

(475,740) 




96,989,873 

811,584 

509,264,152 

2,705,481 

869,975,018 

(475,740) 









12,293,739 

(120,961) 

402,838 

687,740 

(383) 

- 

- 

13,262,973 

(1,636,760) 

80,993 

(1,498,110) 

5,231,332 

2,558,134 

- 

- 

4,735,589 

(15,962,776) 

(249,142) 

16,715,216 

4,617,540 

- 

- 

- 

5,120,838 









(4,651,398) 

(241,935) 

(51,232) 

(8,624) 

- 

- 

(4,953,189) 

9,121,368 

49,764,674 

453,722 

179,098 

(1,819,955) 

- 

- 

48,577,539 

56,018,609 

139,038,443 

(4,058,459) 

- 

- 

- 

- 

134,979,984 

139,625,082 




(43,210,219) 

- 

62,901,022 

(25,088,840) 

- 

540,193,921 

(108,319,484) 

- 

901,280,616 






Income 






Other income 

Total Income 



EUR 

710,000 

- 

4,685 

- 

- 

- 

714,685 



EUR 

5,374,576 

- 

215 

- 

57,930 

- 

5,432,721 


Emerging 


EUR 

17,179,944 

67,546 

166,809 

- 

- 

- 

17,414,299 










Other charges 



(626,069) 

(12,777) 

(61,947) 

(16,535) 

(3,768) 

(1,497) 

- 

- 

(14,894) 

(737,487) 

(22,802) 

(3,065,882) 

(40,147) 

(376,781) 

(99,281) 

(8,025) 

(9,063) 

- 

- 

(81,858) 

(3,681,037) 

1,751,684 

(10,873,473) 

(530,828) 

(1,766,990) 

(300,114) 

(47,903) 

(31,162) 

- 

- 

(193,642) 

(13,744,112) 

3,670,187 




38,854,857 

(22,802) 

254,129,623 

1,751,684 

787,465,023 

3,670,187 









(3,812,605) 

23,664 

- 

81,716 

- 

- 

- 

(3,707,225) 

(1,506,391) 

(630,942) 

69,560 

645,448 

(14,025) 

- 

- 

(1,436,350) 

34,067,635 

(520,705) 

44,084 

(429,246) 

121,254 

- 

- 

33,283,022 









2,426,712 

- 

3,130 

- 

- 

- 

2,429,842 

(1,300,185) 

11,245,640 

5,177 

292,753 

- 

- 

- 

11,543,570 

11,858,904 

11,381,966 

94,338 

1,127,357 

(106,625) 

- 

- 

12,497,036 

49,450,245 




(870,105) 

- 

36,684,567 

(65,223,852) 

- 

200,764,675 

(162,785,268) 

- 

674,130,000 






Income 






Other income 

Total Income 




EUR 

- 

- 

299 

- 

- 

- 

299 




EUR 

12,851,550 

- 

233,385 

- 

69,798 

12,024 

13,166,757 



EUR 

2,089,578 

- 

750 

- 

- 

- 

2,090,328 










Other charges 



(63,585) 

(22) 

(7,284) 

(2,292) 

(424) 

(170) 

- 

- 

(4,870) 

(78,647) 

(78,348) 

(7,599,366) 

(782,301) 

(1,376,047) 

(191,910) 

(18,750) 

(21,168) 

- 

- 

(114,579) 

(10,104,121) 

3,062,636 

(1,862,051) 

(113,938) 

(277,946) 

(51,751) 

(19,974) 

(3,821) 

- 

- 

(60,420) 

(2,389,901) 

(299,573) 




- 

(78,348) 

543,621,602 

3,062,636 

139,957,200 

(299,573) 









(488,721) 

(111,643) 

- 

(363) 

- 

(39,763) 

- 

(640,490) 

(14,840,552) 

1,945,499 

- 

- 

- 

- 

- 

(12,895,053) 

6,881,853 

480,200 

(14,219) 

1,247,815 

- 

- 

- 

8,595,649 









(75,265) 

- 

- 

- 

19,598 

- 

(55,667) 

(774,505) 

131,846,336 

- 

- 

- 

- 

- 

131,846,336 

122,013,919 

2,794,793 

- 

158,364 

- 

- 

- 

2,953,157 

11,249,233 




9,819,736 

- 

9,045,231 

(155,381,066) 

- 

510,254,455 

(42,515,969) 

- 

108,690,464 






Income 






Other income 

Total Income 



EUR 

2,290,362 

73,204 

1,025 

- 

- 

- 

2,364,591 


China Equity 

EUR 

8,373,623 

- 

23,891 

- 

- 

- 

8,397,514 


Indian Equity 

EUR 

3,102,063 

1,193 

1,870 

- 

- 

- 

3,105,126 










Other charges 



(1,428,586) 

(7,724) 

(179,135) 

(38,639) 

(2,827) 

(3,193) 

- 

- 

(32,655) 

(1,692,759) 

671,832 

(5,735,037) 

(247,518) 

(647,823) 

(149,879) 

(15,963) 

(14,134) 

- 

- 

(106,630) 

(6,916,984) 

1,480,530 

(2,513,851) 

(13,236) 

(500,735) 

(67,552) 

(129,838) 

(5,479) 

- 

- 

(56,500) 

(3,287,191) 

(182,065) 




82,090,708 

671,832 

341,133,314 

1,480,530 

135,766,949 

(182,065) 









1,615,122 

13,942 

11,100 

- 

- 

- 

- 

1,640,164 

9,710,365 

(92,287) 

- 

3,547,950 

- 

- 

- 

13,166,028 

(19,818,940) 

(171,362) 

(4,669) 

- 

- 

- 

- 

(19,994,971) 









1,357,181 

(50,006) 

- 

- 

- 

- 

1,307,175 

3,619,171 

47,150,483 

- 

(161,919) 

- 

- 

- 

46,988,564 

61,635,122 

38,231,796 

- 

- 

- 

- 

- 

38,231,796 

18,054,760 




(13,594,016) 

- 

72,115,863 

(31,274,591) 

- 

371,493,845 

(24,363,888) 

- 

129,457,821 





Income 






Other income 

Total Income 



EUR 

512,090 

- 

2,092 

- 

- 

- 

514,182 



EUR 

- 

- 

76 

9,365 

- 

56 

9,497 

Combined 

EUR 

245,967,789 

808,063,875 

2,134,147 

74,241,075 

16,561,420 

3,986,559 

1,150,954,865 










Other charges 



(320,241) 

(2,329) 

(50,112) 

(9,573) 

(689) 

(778) 

- 

- 

(7,643) 

(391,365) 

122,817 

(3,122,419) 

(480,348) 

(511,546) 

(104,972) 

(10,698) 

(12,069) 

(2,025) 

(1,289,572) 

(37,918) 

(5,571,567) 

(5,562,070) 

(302,710,803) 

(44,997,549) 

(47,169,826) 

(11,392,147) 

(1,369,761) 

(1,154,846) 

(14,228,853) 

(46,199,834) 

(7,753,940) 

(476,977,559) 

673,977,306 




16,419,187 

122,817 

315,603,687 

(5,562,070) 

29,309,073,175 

673,977,306 









(1,359,309) 

644 

- 

23,156 

- 

- 

- 

(1,335,509) 

12,136,668 

385,994 

2,142,543 

- 

- 

- 

9,657,770 

24,322,975 

803,697,004 

7,172,417 

8,662,806 

(39,695,013) 

(13,967,799) 

1,875,532 

18,454,542 

786,199,489 









3,203,132 

- 

83,257 

- 

- 

- 

3,286,389 

2,073,697 

(16,249,802) 

149,656 

- 

- 

- 

- 

(16,100,146) 

2,660,759 

1,593,215,029 

11,872,929 

17,187,069 

(1,975,928) 

(2,017,052) 

73,115,052 

1,691,397,099 

3,151,573,894 










(7) The last NAV was calculated on 17 December 2012. 


(9) The NAV was calculated as of 28 December 2012. 



(700,119) 

- 

17,792,765 

(45,772,005) 

- 

272,492,441 

(1,698,530,036) 

(263,615,189) 

30,498,501,844 


Statement of Unit Statistics 

as at 31 December 2012 

Net Asset Value per Unit Class A Distributing 

31 December 2010 

31 December 2010 in USD 





Units Outstanding at 31 December 2012 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

5.22 

$ 7.01 

5.24 

$ 6.80 

5.31 

$ 7.00 

135,494.80 



EUR 

- 

- 

- 

- 

- 

- 

- 



Short-Term 

EUR 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class A Distributing Annually 








50.01 

- 

50.27 

- 

50.36 

- 

14,283.78 

- 

- 

- 

- 

- 

- 

- 

53.33 

- 

52.67 

- 

55.74 

- 

3,249.65 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class A Distributing Semi - Annually 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class A Distributing Ex-Dividend 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class A Distributing Quarterly 




- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





Net Asset Value per Unit Class A Non - Distributing 


31 December 2010 in CHF 

31 December 2010 in CZK 






31 December 2011 in HUF 





31 December 2012 in JPY 





EUR 

51.08 

- 

- 

- 

51.34 

- 

- 

- 

- 

51.43 

- 

- 

- 

- 

- 

554,648.36 



EUR 

6.09 

- 

- 

$ 8.18 

6.19 

- 

- 

$ 8.03 

- 

6.35 

- 

- 

$ 8.37 

- 

- 

2,350,328.89 



EUR 

54.92 

- 

- 

- 

55.03 

- 

- 

- 

- 

58.23 

- 

- 

- 

- 

- 

134,089.80 



Short-Term 

EUR 

55.45 

- 

- 

- 

55.17 

- 

- 

- 

- 

59.40 

- 

- 

- 

- 

- 

315,365.04 

Net Asset Value per Unit Class A Hedge Distributing Annually 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class A Hedge Distributing Ex-Dividend 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class A Hedge Non - Distributing 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class A Hedge Non - Distributing (in CHF) 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





Net Asset Value per Unit Class A Hedge Non - Distributing (in CZK) 










EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



Short-Term 

EUR 

- 

- 

- 

- 

50.76 

CZK 1,273.94 

34,651.19 

Net Asset Value per Unit Class B Distributing 








- 

- 

- 

- 

- 

- 

- 

5.10 

$ 6.84 

5.10 

$ 6.62 

5.15 

$ 6.79 

49,030.70 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class B Distributing Annually 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class B Distributing Ex-Dividend 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class B Non - Distributing 








- 

- 

- 

- 

- 

- 

- 

5.33 

$ 7.16 

5.33 

$ 6.92 

5.38 

$ 7.09 

3,389.00 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class C Distributing 








- 

- 

- 

- 

- 

- 

- 

5.16 

$ 6.93 

5.18 

$ 6.73 

5.25 

$ 6.92 

65,702.77 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





Net Asset Value per Unit Class C Distributing Annually 










EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



Short-Term 

EUR 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class C Non - Distributing 










50.86 

- 

50.61 

- 

- 

50.23 

- 

- 

97.94 

5.63 

$ 7.55 

5.65 

$ 7.34 

- 

5.74 

$ 7.57 

- 

69,425.79 

- 

- 

- 

- 

- 

- 

- 

- 

- 

50.06 

- 

49.51 

- 

- 

53.20 

- 

- 

77,974.94 

Net Asset Value per Unit Class C Hedge Non - Distributing 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class E Distributing Annually 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class E Distributing Semi - Annually 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class E Distributing Quarterly 




- 

- 

- 

- 

- 

- 

- 

5.005 

1,000.00 

- 

- 

- 

Net Asset Value per Unit Class E Non - Distributing 








5.108 

- 

5.132 

- 

5.140 

- 

55,988,244.48 

6.260 

$ 8.398 

6.338 

$ 8.228 

6.484 

$ 8.549 

108,378,745.48 

60.973 

$ 81.799 

61.083 

$ 79.295 

64.617 

$ 85.191 

8,576,723.06 

5.565 

- 

5.536 

- 

5.958 

- 

55,587,799.55 





Net Asset Value per Unit Class E Hedge Distributing Annually 







EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 



Short-Term 

EUR 

- 

- 

- 

- 

Net Asset Value per Unit Class E Hedge Non - Distributing 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class F Distributing Annually 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class F Distributing Quarterly 



- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class F Non - Distributing 





- 

- 

- 

- 

6.057 

6.111 

6.230 

40,201,897.42 

- 

- 

- 

- 

5.429 

5.382 

5.772 

23,864,095.17 

Net Asset Value per Unit Class F Hedge Distributing Annually 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class F Hedge Non - Distributing 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class H Distributing Annually 







1,002.06 

- 

1,008.20 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class H Distributing Quarterly 



- 

- 

- 

- 

- 

- 

- 

- 





Net Asset Value per Unit Class H Non - Distributing 







EUR 

1,024.33 

1,030.47 

1,033.43 

171,711.67 



EUR 

1,065.40 

1,082.69 

1,111.89 

391,373.60 



EUR 

1,107.81 

1,111.14 

1,177.01 

140,745.16 



Short-Term 

EUR 

1,076.79 

1,075.12 

1,161.57 

140,531.74 

Net Asset Value per Unit Class H Hedge Non - Distributing 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class I Distributing 




- 

- 

- 

6,307.18 

6,340.21 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class I Distributing Annually 






1,022.87 

1,030.02 

1,034.51 

- 

58.00 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class I Distributing Semi - Annually 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class I Non - Distributing 








1,059.72 

- 

1,067.15 

- 

1,071.76 

- 

41,393.97 

6,621.10 

- 

6,738.79 

- 

6,931.00 

- 

790.49 

62.20 

$ 83.44 

62.41 

$ 81.02 

66.15 

$ 87.21 

1,663,001.85 

1,136.90 

- 

1,136.12 

- 

1,228.56 

- 

17,413.04 

Net Asset Value per Unit Class I Hedge Distributing Annually 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class I Hedge Non - Distributing 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





Net Asset Value per Unit Class I Hedge Non - Distributing (in GBP) 


31 December 2011 in GBP 






EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 



Short-Term 

EUR 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class N Non - Distributing 




- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class N Hedge Non - Distributing 




- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Net Asset Value per Unit Class X Non - Distributing 


31 December 2010 in CAD 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Total Net Assets 




1,954,814,734 

1,060,286,847 

538,905,208 

3,439,515,785 

1,963,094,490 

1,410,490,688 

1,501,798,033 

967,274,713 

837,856,808 

1,513,110,206 

1,001,985,404 

678,205,904 















EUR 

3.80 

$ 5.10 

3.84 

$ 4.98 

3.93 

$ 5.18 

597,565.81 


Euro Bond 

EUR 

6.08 

$ 8.16 

6.16 

$ 8.00 

6.70 

$ 8.84 

51,597.07 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

5.44 

$ 7.30 

5.32 

$ 6.91 

5.92 

$ 7.81 

71,165.23 









48.85 

$ 65.54 

49.67 

$ 64.48 

50.56 

$ 66.66 

116,191.71 

7.32 

- 

7.44 

- 

8.32 

- 

34,936.04 

39.48 

- 

39.85 

- 

43.03 

- 

3,114,846.50 

50.11 

- 

49.09 

- 

54.72 

- 

39,188.67 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 
























EUR 

4.54 

- 

- 

$ 6.09 

4.68 

- 

- 

$ 6.07 

- 

4.85 

- 

- 

$ 6.39 

- 

- 

2,321,662.54 


Euro Bond 

EUR 

7.57 

- 

- 

$ 10.15 

7.88 

- 

- 

$ 10.24 

- 

8.81 

- 

- 

$ 11.62 

- 

- 

5,881,983.84 



EUR 

59.40 

- 

- 

- 

61.90 

- 

- 

- 

- 

68.85 

- 

- 

- 

- 

- 

4,448,772.69 



EUR 

7.13 

- 

- 

$ 9.56 

7.18 

- 

- 

$ 9.33 

- 

8.25 

- 

- 

$ 10.88 

- 

- 

14,333,605.89 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

56.17 

$ 72.92 

61.74 

$ 81.40 

58,225.46 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 















EUR 

- 

- 

- 

- 

- 

- 

- 


Euro Bond 

EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 









3.64 

$ 4.88 

3.67 

$ 4.76 

3.74 

$ 4.93 

28,796.78 

5.96 

$ 8.00 

6.04 

$ 7.84 

6.57 

$ 8.66 

54,322.48 

- 

- 

- 

- 

- 

- 

- 

4.92 

$ 6.60 

4.81 

$ 6.25 

5.37 

$ 7.09 

10,341.67 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









4.01 

$ 5.37 

4.05 

$ 5.26 

4.14 

$ 5.46 

48,605.92 

6.64 

$ 8.91 

6.82 

$ 8.85 

7.51 

$ 9.90 

49,597.63 

- 

- 

- 

- 

- 

- 

- 

6.37 

$ 8.54 

6.33 

$ 8.21 

7.16 

$ 9.44 

22,180.00 









3.70 

$ 4.96 

3.74 

$ 4.85 

3.80 

$ 5.01 

66,761.55 

6.01 

$ 8.06 

6.08 

$ 7.90 

6.62 

$ 8.73 

39,449.00 

- 

- 

- 

- 

- 

- 

- 

5.39 

$ 7.23 

5.27 

$ 6.84 

5.88 

$ 7.75 

90,565.89 















EUR 

- 

- 

- 

- 

- 

- 

- 


Euro Bond 

EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 











4.12 

$ 5.53 

4.20 

$ 5.46 

- 

4.32 

$ 5.69 

- 

433,762.88 

6.99 

$ 9.38 

7.21 

$ 9.36 

- 

7.98 

$ 10.52 

- 

161,157.92 

54.21 

- 

55.93 

- 

- 

61.60 

- 

- 

759,045.69 

6.65 

$ 8.92 

6.64 

$ 8.62 

- 

7.55 

$ 9.95 

- 

205,492.96 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

4.825 

5.026 

5.429 

10,844,465.18 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

5.051 

1,000.00 

5.064 

5.516 

14,278,204.49 

5.045 

5.666 

13,800,857.15 









4.622 

- 

4.762 

- 

4.942 

- 

10,561,901.48 

7.691 

- 

7.986 

- 

8.894 

- 

67,842,892.49 

5.937 

- 

6.185 

- 

6.878 

- 

37,130,396.69 

7.234 

- 

7.311 

- 

8.412 

- 

56,167,796.73 












EUR 

- 

- 

- 

- 


Euro Bond 

EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

4.821 

5.002 

5.401 

6,934,639.90 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 






4.473 

4.593 

4.749 

8,176,224.33 

7.295 

7.533 

8.344 

8,106,819.57 

5.869 

6.090 

6.745 

10,767,203.18 

6.723 

6.727 

7.643 

12,830,156.86 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








1,069.73 

$ 1,435.10 

1,106.57 

$ 1,436.50 

- 

- 

- 

- 

- 

- 

- 

- 

1,065.66 

- 

1,075.55 

- 

1,161.63 

2,373.41 

1,006.72 

- 

986.40 

- 

1,099.53 

590.46 




- 

- 

- 

- 

- 

- 

- 

- 












EUR 

1,146.79 

1,185.86 

1,235.29 

915.32 


Euro Bond 

EUR 

1,166.23 

1,217.28 

1,363.00 

289,326.74 



EUR 

1,194.06 

1,246.87 

1,389.70 

133,419.65 



EUR 

1,143.18 

1,158.94 

1,338.01 

249,299.70 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

1,006.45 

985.97 

1,099.21 

- 

67,966.02 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









1,249.64 

$ 1,676.46 

1,294.84 

$ 1,680.90 

1,351.53 

$ 1,781.86 

23,835.42 

8.15 

- 

8.53 

- 

9.57 

- 

7,022,954.56 

1,199.48 

- 

1,254.18 

- 

1,399.93 

- 

191,500.71 

7.64 

$ 10.26 

7.76 

$ 10.08 

8.98 

$ 11.83 

18,342,400.58 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 













EUR 

- 

- 

- 

- 

- 


Euro Bond 

EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

66.57 

GBP 53.99 

78.36 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 










- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





174,063,936 

150,794,018 

146,290,180 

2,184,275,566 

1,420,308,730 

1,187,402,349 

699,723,647 

689,185,615 

1,450,062,090 

1,503,808,895 

1,191,854,539 

1,345,406,796 
















EUR 

- 

- 

- 

- 

- 

- 

- 


U.S. Dollar 


EUR 

- 

- 

- 

- 

- 

- 

- 



Bond 

EUR 

55.21 

$ 74.06 

58.86 

$ 76.41 

59.73 

$ 78.74 

56,292.33 


Euro Credit 

Recovery 2012 

EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

55.14 

$ 73.97 

57.71 

$ 74.91 

58.90 

$ 77.65 

167,745.75 

- 

- 

- 

- 

- 

- 

- 

51.62 

- 

50.26 

- 

49.26 

- 

28,374.17 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

51.22 

$ 68.71 

53.07 

$ 68.89 

53.92 

$ 71.09 

257,210.52 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

























EUR 

50.08 

- 

- 

- 

49.08 

- 

- 

- 

- 

54.80 

- 

- 

- 

- 

- 

645.50 


U.S. Dollar 


EUR 

57.92 

- 

- 

$ 77.70 

62.99 

- 

- 

$ 81.77 

- 

66.87 

- 

- 

$ 88.16 

- 

- 

1,442,101.89 



Bond 

EUR 

64.32 

- 

- 

$ 86.29 

70.46 

- 

- 

$ 91.46 

- 

73.09 

- 

- 

$ 96.36 

- 

- 

359,727.97 


Euro Credit 

Recovery 2012 

EUR 

52.48 

- 

- 

- 

52.91 

- 

- 

- 

- 

52.98 

- 

- 

- 

- 

- 

16,619.34 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 
















EUR 

- 

- 

- 

- 

- 

- 

- 


U.S. Dollar 


EUR 

- 

- 

- 

- 

- 

- 

- 



Bond 

EUR 

- 

- 

- 

- 

- 

- 

- 


Euro Credit 

Recovery 2012 

EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

48.15 

$ 64.60 

50.22 

$ 65.20 

51.70 

$ 68.16 

84,554.89 

55.19 

$ 74.03 

58.84 

$ 76.38 

59.70 

$ 78.71 

10,406.99 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

51.63 

- 

50.26 

- 

49.27 

- 

7,880.03 









- 

- 

- 

- 

- 

- 

- 

51.09 

$ 68.54 

52.16 

$ 67.71 

52.24 

$ 68.87 

946,694.36 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

51.29 

$ 68.80 

54.98 

$ 71.38 

57.53 

$ 75.85 

87,352.35 

56.16 

$ 75.34 

60.60 

$ 78.67 

61.92 

$ 81.64 

3,949.21 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

47.62 

$ 63.88 

49.67 

$ 64.48 

51.13 

$ 67.41 

762,170.99 

55.20 

$ 74.06 

58.86 

$ 76.41 

59.72 

$ 78.74 

18,581.91 

- 

- 

- 

- 

- 

- 

- 
















EUR 

- 

- 

- 

- 

- 

- 

- 


U.S. Dollar 


EUR 

- 

- 

- 

- 

47.63 

- 

37,047.01 



Bond 

EUR 

- 

- 

- 

- 

- 

- 

- 


Euro Credit 

Recovery 2012 

EUR 

- 

- 

- 

- 

- 

- 

- 











- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

52.51 

$ 69.23 

- 

388,123.72 

56.71 

$ 76.08 

61.49 

$ 79.83 

- 

63.15 

$ 83.26 

- 

142,918.52 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

5.161 

5.025 

4.973 

1,140,793.92 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

5.057 

5.156 

1,717,885.15 

- 

- 

- 









5.010 

- 

4.918 

- 

5.500 

- 

141,057.97 

5.815 

- 

6.324 

- 

6.711 

- 

5,408,307.09 

6.424 

- 

7.035 

- 

7.295 

- 

7,487,506.13 

- 

- 

- 

- 

- 

- 

- 













EUR 

- 

- 

- 

- 


U.S. Dollar 


EUR 

- 

- 

- 

- 



Bond 

EUR 

- 

- 

- 

- 


Euro Credit 

Recovery 2012 

EUR 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

5.147 

5.013 

4.955 

932,514.93 




- 

- 

- 

- 

- 

- 

- 

- 






5.007 

4.868 

5.387 

102,121.67 

5.676 

6.139 

6.480 

1,304,759.88 

6.352 

6.928 

7.155 

1,474,020.87 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 













EUR 

1,002.29 

987.16 

1,107.62 

5.00 


U.S. Dollar 


EUR 

1,369.69 

1,497.27 

1,597.53 

23,123.49 



Bond 

EUR 

1,297.93 

1,426.58 

1,485.01 

44,266.94 


Euro Credit 

Recovery 2012 

EUR 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









1,127.15 

- 

1,111.94 

- 

1,249.63 

- 

4.45 

1,336.77 

$ 1,793.34 

1,464.07 

$ 1,900.58 

1,565.17 

$ 2,063.52 

72,347.23 

1,303.22 

$ 1,748.33 

1,433.61 

$ 1,861.05 

1,493.62 

$ 1,969.19 

87,058.71 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 














EUR 

- 

- 

- 

- 

- 


U.S. Dollar 


EUR 

- 

- 

- 

- 

- 



Bond 

EUR 

- 

- 

- 

- 

- 


Euro Credit 

Recovery 2012 

EUR 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

61.80 

GBP 50.13 

78.36 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 










1,002.13 

- 

- 

992.38 

- 

1,119.56 

- 

128,688.45 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





229,303,968 

159,899,872 

145,446,401 

176,425,307 

308,878,113 

435,076,965 

252,736,195 

305,025,157 

310,453,889 

160,615,223 

120,242,589 

12,960,148 

















distributing) 

EUR 

- 

- 

- 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 


























distributing) 

EUR 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

















distributing) 

EUR 

- 

- 

- 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

















distributing) 

EUR 

- 

- 

- 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 

- 

- 

- 











- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






5.058 

4.920 

5.199 

44,078,461.89 

5.030 

4.904 

5.201 

28,889,396.69 

5.013 

4.962 

5.239 

21,510,583.78 

5.077 

5.017 

5.315 

9,946,078.72 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 














distributing) 

EUR 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 














distributing) 

EUR 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 















distributing) 

EUR 

- 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 

- 





distributing) 

EUR 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 










- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





372,688,343 

299,926,025 

229,152,772 

253,492,331 

202,680,981 

150,257,505 

220,049,949 

173,115,352 

112,703,473 

95,443,587 

76,163,980 

52,858,680 














U.S. Credit 

Recovery 2014 

EUR 

- 

- 

- 

- 

- 

- 

- 



Markets Bond 


EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 

- 

- 



Income 2017 (1) 

EUR 

- 

- 

- 

- 

- 

- 

- 









58.02 

$ 77.84 

59.78 

$ 77.61 

59.11 

$ 77.94 

98,059.00 

50.34 

- 

47.47 

- 

52.19 

- 

394,645.97 

- 

- 

48.07 

- 

52.64 

- 

408,918.79 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

54.68 

- 

25,393.90 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 
























U.S. Credit 

Recovery 2014 

EUR 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 



Markets Bond 


EUR 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 



Income 2017 (1) 

EUR 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






54.35 

54.20 

54.26 

124,985.00 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 















U.S. Credit 

Recovery 2014 

EUR 

- 

- 

- 

- 

- 

- 

- 



Markets Bond 


EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 

- 

- 



Income 2017 (1) 

EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 















U.S. Credit 

Recovery 2014 

EUR 

- 

- 

- 

- 

- 

- 

- 



Markets Bond 


EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 

- 

- 



Income 2017 (1) 

EUR 

- 

- 

- 

- 

- 

- 

- 











- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

5.034 

4.749 

5.223 

39,442,519.90 

- 

4.807 

5.266 

12,094,174.24 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

5.469 

10,822,427.37 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 












U.S. Credit 

Recovery 2014 

EUR 

5.457 

5.467 

5.510 

12,631,403.03 



Markets Bond 


EUR 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 



Income 2017 (1) 

EUR 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

5.032 

4.747 

5.216 

6,959,776.06 

- 

4.793 

5.248 

2,701,485.00 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






5.436 

5.439 

5.491 

4,687,514.87 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 












U.S. Credit 

Recovery 2014 

EUR 

- 

- 

- 

- 



Markets Bond 


EUR 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 



Income 2017 (1) 

EUR 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 













U.S. Credit 

Recovery 2014 

EUR 

- 

- 

- 

- 

- 



Markets Bond 


EUR 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 



Income 2017 (1) 

EUR 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 










- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





237,938,583 

154,772,593 

107,916,377 

332,120,391 

283,817,231 

262,900,128 

- 

101,111,972 

99,388,159 

- 

- 

60,576,551 
















EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

4.71 

$ 6.32 

4.72 

$ 6.13 

4.93 

$ 6.50 

34,124,205.38 



EUR 

4.05 

$ 5.44 

3.99 

$ 5.18 

4.29 

$ 5.65 

5,528,194.05 



EUR 

43.40 

$ 58.22 

41.52 

$ 53.90 

44.67 

$ 58.89 

812,464.91 









52.73 

- 

52.43 

- 

55.63 

- 

215,055.57 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

60.33 

- 

58.10 

- 

61.65 

- 

4,868.76 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

46.30 

$ 62.12 

45.63 

$ 59.24 

46.74 

$ 61.62 

7,160,792.33 

45.59 

$ 61.17 

44.22 

$ 57.40 

46.77 

$ 61.66 

1,119,429.85 

40.03 

$ 53.71 

37.72 

$ 48.97 

39.93 

$ 52.64 

15,111,888.86 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 
























EUR 

76.45 

- 

- 

- 

76.05 

- 

- 

- 

- 

85.73 

- 

- 

- 

- 

- 

499,887.61 



EUR 

6.82 

- 

- 

$ 9.15 

7.15 

- 

- 

$ 9.29 

- 

7.77 

- 

- 

$ 10.25 

- 

- 

42,057,273.59 



EUR 

6.97 

- 

- 

$ 9.35 

7.23 

- 

- 

$ 9.39 

- 

8.16 

- 

- 

$ 10.76 

- 

- 

11,010,078.73 



EUR 

69.53 

- 

- 

$ 93.28 

71.07 

- 

- 

$ 92.26 

- 

81.51 

- 

- 

$ 107.46 

- 

- 

1,054,446.78 






- 

- 

- 

- 

- 

49.61 

54.72 

228,777.04 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

46.11 

44.12 

45.77 

275,245.40 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

71.23 

72.35 

- 

79.61 

- 

704,546.15 

68.11 

68.59 

- 

78.36 

- 

77,519.33 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 















EUR 

- 

- 

- 

- 

52.01 

CZK 1,305.10 

144,682.53 



EUR 

- 

- 

46.97 

CZK 1,197.73 

52.57 

CZK 1,319.36 

1,044,162.59 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

4.71 

$ 6.32 

4.72 

$ 6.13 

4.96 

$ 6.53 

1,966,345.95 

4.02 

$ 5.40 

3.96 

$ 5.14 

4.26 

$ 5.61 

1,596,837.72 

43.54 

$ 58.41 

41.66 

$ 54.08 

44.83 

$ 59.10 

73,693.60 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

44.57 

$ 59.80 

43.49 

$ 56.46 

44.42 

$ 58.56 

16,730,254.67 

43.31 

$ 58.10 

41.45 

$ 53.81 

43.26 

$ 57.03 

3,551,182.15 

38.01 

$ 50.99 

35.34 

$ 45.88 

36.91 

$ 48.66 

24,074,674.85 









- 

- 

- 

- 

- 

- 

- 

6.28 

$ 8.43 

6.52 

$ 8.47 

7.06 

$ 9.31 

2,502,362.53 

6.32 

$ 8.48 

6.47 

$ 8.39 

7.20 

$ 9.50 

382,155.00 

64.26 

$ 86.20 

64.80 

$ 84.12 

73.35 

$ 96.70 

119,286.51 









- 

- 

- 

- 

- 

- 

- 

4.72 

$ 6.33 

4.73 

$ 6.14 

4.97 

$ 6.55 

14,396,362.84 

4.03 

$ 5.41 

3.97 

$ 5.15 

4.26 

$ 5.62 

5,264,680.82 

43.53 

$ 58.40 

41.65 

$ 54.07 

44.82 

$ 59.09 

337,566.99 















EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 











73.36 

- 

72.59 

- 

- 

81.45 

- 

- 

48,628.94 

6.54 

$ 8.77 

6.83 

$ 8.87 

- 

7.43 

$ 9.80 

- 

10,579,758.89 

6.53 

$ 8.76 

6.72 

$ 8.73 

- 

7.52 

$ 9.92 

- 

2,905,535.19 

66.40 

$ 89.08 

67.30 

$ 87.36 

- 

76.55 

$ 100.93 

- 

287,840.98 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

4.742 

5.362 

750,423.24 

5.008 

5.269 

5.523 

554,684.71 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





5.027 

5.506 

8,427,876.47 

5.028 

5.340 

7,570,309.37 

- 

- 

- 

5.045 

5.560 

8,654,548.36 









8.196 

- 

8.172 

- 

9.241 

- 

8,509,756.85 

7.273 

- 

7.652 

- 

8.391 

- 

2,833,263.12 

7.222 

- 

7.504 

- 

8.482 

- 

1,775,182.09 

7.081 

- 

7.247 

- 

8.324 

- 

1,733,607.17 












EUR 

- 

- 

- 

- 



EUR 

5.365 

5.352 

5.668 

1,400,063.86 



EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

7.792 

7.958 

- 

8.837 

- 

9,701,040.07 

5.940 

5.972 

- 

6.842 

- 

1,122,929.07 

- 

- 

- 

- 

- 

- 






- 

4.725 

5.310 

337,359.67 

4.989 

5.216 

5.643 

205,630.92 

- 

- 

- 

- 

- 

- 

- 

- 




5.199 

577,236.44 

5.187 

354,655.74 

- 

- 

5.275 

741,728.19 






7.160 

7.097 

7.976 

16,316,360.69 

6.875 

7.191 

7.764 

2,059,807.79 

6.793 

7.016 

7.882 

1,094,188.58 

6.357 

6.468 

7.385 

1,321,270.24 






- 

- 

- 

- 

- 

4.953 

5.417 

488,156.72 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

7.542 

7.649 

8.366 

6,781,130.36 

- 

- 

- 

- 

- 

- 

- 

- 








1,058.99 

- 

1,060.91 

- 

1,125.65 

893.86 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

1,017.46 

- 

1,006.98 

- 

1,076.80 

4,291.00 




- 

- 

- 

- 

- 

- 

- 

- 












EUR 

1,373.25 

1,375.73 

1,563.15 

4,656.64 



EUR 

1,392.27 

1,473.32 

1,625.09 

2,562.79 



EUR 

1,366.00 

1,427.36 

1,622.94 

7,335.89 



EUR 

1,274.47 

1,311.76 

1,515.53 

74,304.07 






- 

- 

- 

- 

- 

- 

- 

- 

1,205.59 

1,235.30 

1,421.50 

4,152.93 

1,137.27 

1,134.03 

1,326.59 

8,396.59 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









80.67 

- 

80.84 

- 

91.89 

- 

3,203,511.70 

72.78 

$ 97.64 

77.05 

$ 100.02 

85.01 

$ 112.08 

4,840,592.00 

7.69 

$ 10.31 

8.05 

$ 10.45 

9.17 

$ 12.09 

53,199,859.71 

1,182.89 

$ 1,586.91 

1,219.82 

$ 1,583.51 

1,412.05 

$ 1,861.65 

510,946.28 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

1,007.94 

- 

40,839.84 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 













EUR 

- 

- 

- 

- 

- 



EUR 

1,021.12 

GBP 852.94 

1,176.41 

GBP 954.19 

62,439.57 



EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 





- 

- 

- 

61.89 

GBP 50.20 

78.61 

- 

- 

- 

63.73 

GBP 51.69 

78.36 





- 

- 

- 

64.17 

GBP 52.05 

4,701.60 

- 

- 

- 

- 

- 

- 










- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





709,090,120 

523,958,007 

632,966,328 

1,653,930,349 

1,911,103,517 

2,656,458,620 

467,560,532 

582,345,949 

916,619,298 

1,787,974,746 

2,054,031,173 

2,589,748,437 















EUR 

- 

- 

- 

- 

- 

- 

- 





EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

49.59 

$ 66.53 

46.72 

$ 60.65 

- 

- 

- 


Emerging 

Markets Bond 

EUR 

4.76 

$ 6.38 

4.64 

$ 6.02 

5.18 

$ 6.83 

1,996,012.93 









64.28 

- 

58.25 

- 

67.75 

- 

145,444.29 

- 

- 

- 

- 

50.39 

- 

270.00 

62.04 

$ 83.23 

58.52 

$ 75.97 

62.80 

$ 82.79 

267,632.09 

43.79 

$ 58.74 

43.41 

$ 56.35 

47.82 

$ 63.04 

222,202.02 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

52.77 

$ 69.58 

50,391.48 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

























EUR 

69.13 

- 

- 

- 

66.51 

- 

- 

- 

- 

82.53 

- 

- 

- 

- 

- 

1,064,418.25 





EUR 

- 

- 

- 

- 

- 

- 

- 

- 

- 

50.40 

- 

- 

$ 66.44 

- 

- 

200,796.03 




EUR 

62.04 

- 

- 

$ 83.23 

60.82 

- 

- 

$ 78.96 

- 

67.77 

- 

- 

$ 89.35 

- 

- 

227,794.27 


Emerging 

Markets Bond 

EUR 

9.33 

- 

- 

$ 12.52 

9.82 

- 

- 

$ 12.75 

- 

11.62 

- 

- 

$ 15.32 

- 

- 

5,243,149.50 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

41.08 

39.62 

44.07 

400,139.69 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

50.62 

$ 66.74 

210,535.80 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 
















EUR 

- 

- 

- 

- 

- 

- 

- 





EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 

- 

- 


Emerging 

Markets Bond 

EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

4.73 

$ 6.35 

4.61 

$ 5.99 

5.18 

$ 6.83 

60,785.50 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

60.88 

$ 81.67 

58.90 

$ 76.46 

64.74 

$ 85.36 

102.05 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

52.25 

$ 68.89 

132,559.78 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

60.88 

$ 81.67 

58.93 

$ 76.49 

- 

- 

- 

8.29 

$ 11.12 

8.60 

$ 11.16 

10.09 

$ 13.30 

61,139.45 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

49.59 

$ 66.53 

46.72 

$ 60.65 

- 

- 

- 

4.75 

$ 6.37 

4.63 

$ 6.01 

5.20 

$ 6.85 

2,136,455.28 
















EUR 

- 

- 

- 

- 

- 

- 

- 





EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

61.21 

$ 82.12 

57.74 

$ 74.96 

63.78 

$ 84.09 

350.34 


Emerging 

Markets Bond 

EUR 

- 

- 

- 

- 

- 

- 

- 











51.13 

- 

48.78 

- 

- 

60.02 

- 

- 

20,354.30 

- 

- 

- 

- 

- 

50.15 

$ 66.12 

- 

402.05 

61.53 

$ 82.54 

59.82 

$ 77.65 

- 

66.07 

$ 87.11 

- 

2,051.37 

8.71 

$ 11.68 

9.08 

$ 11.79 

- 

10.71 

$ 14.12 

- 

761,646.36 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

5.144 

5.050 

5.420 

3,798,831.49 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





5.050 

6.019 

10,819,554.84 

- 

5.109 

1,436,899.28 

- 

5.058 

780,158.93 

- 

5.139 

653,964.74 









7.388 

- 

7.118 

- 

8.844 

- 

16,589,634.39 

- 

- 

- 

- 

5.038 

- 

588,350.60 

6.214 

- 

6.100 

- 

6.803 

- 

18,827,526.80 

9.625 

- 

10.137 

- 

12.071 

- 

6,297,225.16 













EUR 

- 

- 

- 

- 





EUR 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 


Emerging 

Markets Bond 

EUR 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

9.093 

9.297 

- 

11.202 

- 

2,798,007.63 






- 

- 

- 

- 

- 

- 

- 

- 

5.128 

5.003 

5.366 

2,215,731.89 

- 

- 

- 

- 




5.448 

669,900.19 

5.102 

416,742.34 

5.049 

73,643.20 

5.123 

140,508.73 






6.828 

6.539 

8.076 

9,336,282.09 

- 

- 

- 

- 

6.169 

6.020 

6.674 

22,360,706.04 

8.803 

9.217 

10.840 

5,709,647.48 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

1,010.73 

5.00 

1,251.36 

- 

1,180.24 

- 

1,267.05 

970.00 

1,144.74 

- 

1,144.25 

- 

1,268.20 

325.60 




- 

- 

- 

- 

- 

- 

- 

- 













EUR 

1,371.01 

1,328.40 

1,660.30 

45,468.59 





EUR 

- 

- 

1,010.94 

5.00 




EUR 

1,251.16 

1,235.27 

1,385.83 

13,250.97 


Emerging 

Markets Bond 

EUR 

1,261.81 

1,336.44 

1,600.72 

39,029.00 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

1,086.07 

1,118.99 

1,359.38 

33,797.59 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

1,011.65 

- 

5.00 

1,254.15 

1,182.83 

1,270.19 

- 

8,710.00 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









1,257.14 

- 

1,220.39 

- 

1,528.16 

- 

202,283.04 

- 

- 

- 

- 

1,011.65 

$ 1,333.76 

5.00 

1,254.17 

- 

1,240.53 

- 

1,394.37 

- 

32,254.12 

10.34 

$ 13.87 

10.97 

$ 14.24 

13.16 

$ 17.35 

27,597,945.84 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 














EUR 

- 

- 

- 

- 

- 





EUR 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 


Emerging 

Markets Bond 

EUR 

- 

- 

- 

- 

- 





69.48 

GBP 56.36 

78.36 

- 

- 

- 

- 

- 

- 

64.41 

GBP 52.24 

78.36 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 










- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





217,569,704 

276,719,441 

785,087,677 

- 

- 

22,604,264 

519,028,768 

413,694,690 

422,147,635 

685,373,137 

491,506,417 

774,692,466 

















EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

4.52 

$ 6.06 

4.44 

$ 5.76 

4.48 

$ 5.91 

6,202.46 



Commodity (4) 

EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 


























EUR 

- 

- 

- 

- 

- 

- 

- 

- 

- 

49.76 

- 

- 

$ 65.60 

- 

- 

200,000.00 



EUR 

52.66 

- 

- 

$ 70.64 

53.13 

- 

- 

$ 68.98 

- 

53.89 

- 

- 

$ 71.05 

- 

- 

12,878.86 




EUR 

5.22 

- 

- 

$ 7.00 

5.12 

- 

- 

$ 6.64 

- 

5.16 

- 

- 

$ 6.81 

- 

- 

552,672.54 



Commodity (4) 

EUR 

- 

- 

- 

- 

- 

- 

- 

- 

- 

48.31 

- 

- 

- 

- 

- 

500.00 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

















EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 

- 

- 



Commodity (4) 

EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

4.42 

$ 5.94 

4.28 

$ 5.55 

4.26 

$ 5.61 

47,976.00 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

4.48 

$ 6.02 

4.36 

$ 5.66 

4.36 

$ 5.75 

36,541.26 

- 

- 

- 

- 

- 

- 

- 

















EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 

- 

- 



Commodity (4) 

EUR 

- 

- 

- 

- 

- 

- 

- 











- 

- 

- 

- 

- 

- 

- 

- 

- 

52.21 

- 

52.25 

- 

- 

52.56 

- 

- 

138.00 

4.84 

$ 6.49 

4.70 

$ 6.10 

- 

4.70 

$ 6.19 

- 

14,081.18 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

5.128 

- 

5.184 

- 

5.260 

- 

26,158,713.34 

5.308 

- 

5.209 

- 

5.256 

- 

9,388,195.23 

- 

- 

- 

- 

4.839 

- 

1,000.00 














EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 



Commodity (4) 

EUR 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

5.167 

5.045 

5.071 

343,806.09 

- 

- 

4.811 

1,000.00 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 














EUR 

- 

- 

995.43 

5.00 



EUR 

1,047.26 

1,063.18 

1,085.80 

21,360.17 




EUR 

1,099.93 

1,083.95 

1,099.70 

16,742.06 



Commodity (4) 

EUR 

- 

- 

972.22 

2,435.61 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

995.65 

- 

5.00 

- 

- 

1,007.69 

- 

1,028.34 

- 

5.00 

1,056.37 

- 

1,042.06 

- 

1,058.16 

- 

6,685.00 

- 

- 

- 

- 

974.86 

- 

5.00 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 















EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 



Commodity (4) 

EUR 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 










- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

9,961,984 

235,561,239 

207,531,439 

161,499,274 

184,739,138 

109,903,113 

79,885,400 

- 

- 

2,406,619 

















EUR 

- 

- 

- 

- 

- 

- 

- 



Asian Equity 

EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

42.16 

- 

38.59 

- 

40.77 

- 

727,422.08 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

























EUR 

- 

- 

- 

- 

47.44 

- 

- 

$ 61.58 

- 

45.54 

- 

- 

$ 60.04 

- 

- 

1,149.00 



Asian Equity 

EUR 

- 

- 

- 

- 

51.88 

- 

- 

- 

- 

50.46 

- 

- 

- 

- 

- 

100.00 




EUR 

55.18 

- 

- 

- 

51.86 

- 

- 

- 

- 

54.51 

- 

- 

- 

- 

- 

29,080.30 




EUR 

54.47 

- 

- 

- 

50.21 

- 

- 

- 

- 

53.45 

- 

- 

- 

- 

- 

144,536.38 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 
















EUR 

- 

- 

- 

- 

- 

- 

- 



Asian Equity 

EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 
















EUR 

- 

- 

- 

- 

- 

- 

- 



Asian Equity 

EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 

- 

- 











- 

- 

46.98 

$ 60.99 

- 

44.64 

$ 58.86 

- 

100.00 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

46.80 

- 

- 

- 

- 

- 

- 

- 

- 

45.77 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

104.547 

- 

100.300 

- 

226,369.30 

- 

- 

5.202 

- 

5.058 

- 

17,580.21 

5.536 

- 

5.209 

- 

5.481 

- 

10,949,956.14 

5.458 

- 

5.041 

- 

5.374 

- 

3,931,639.48 













EUR 

- 

- 

- 

- 



Asian Equity 

EUR 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 








- 

77.014 

$ 99.975 

72.816 

$ 96.001 

5,923.61 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

5.051 

4.726 

4.946 

274,511.85 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

1,118.39 

- 

1,016.70 

- 

1,088.92 

139.46 




- 

- 

- 

- 

- 

- 

- 

- 













EUR 

- 

955.54 

924.09 

97.00 



Asian Equity 

EUR 

- 

1,051.43 

1,031.18 

5.00 




EUR 

1,143.95 

1,080.96 

1,142.47 

15,234.76 




EUR 

1,128.42 

1,047.13 

1,121.56 

3,248.83 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

1,160.35 

1,078.26 

1,155.62 

- 

23.57 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

107.49 

- 

104.23 

- 

145,779.34 

- 

- 

1,043.17 

- 

1,025.21 

- 

21,199.81 

1,180.36 

- 

1,117.79 

- 

1,181.64 

- 

4.41 

1,133.01 

- 

1,053.23 

- 

1,128.76 

- 

4.64 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







80.48 

$ 104.48 

76.86 

$ 101.34 

9,103.00 

1,127.59 

$ 1,463.78 

1,092.80 

$ 1,440.74 

3,092.25 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 














EUR 

- 

- 

- 

- 

- 



Asian Equity 

EUR 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 










- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

215,178,014 

39,177,294 

- 

41,761,192 

25,212,629 

171,235,258 

137,658,856 

80,373,944 

132,981,916 

86,971,635 

62,339,432 















EUR 

- 

- 

- 

- 

- 

- 

- 


Multi Asset 

Real Return 

EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

4.20 

$ 5.64 

3.77 

$ 4.89 

4.53 

$ 5.97 

390,395.40 



EUR 

6.32 

$ 8.48 

5.86 

$ 7.61 

6.89 

$ 9.09 

17,106.01 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

























EUR 

71.11 

- 

- 

$ 95.39 

70.06 

- 

- 

$ 90.94 

- 

73.93 

- 

- 

$ 97.47 

- 

- 

45,047.50 


Multi Asset 

Real Return 

EUR 

- 

- 

- 

- 

51.64 

- 

- 

$ 67.04 

- 

57.15 

- 

- 

$ 75.35 

- 

- 

397,534.75 



EUR 

4.39 

- 

- 

$ 5.89 

3.94 

- 

- 

$ 5.11 

- 

4.80 

- 

- 

$ 6.33 

- 

- 

25,170,940.46 



EUR 

6.67 

- 

- 

$ 8.95 

6.18 

- 

- 

$ 8.03 

- 

7.27 

- 

- 

$ 9.59 

- 

- 

15,261,225.65 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

50.00 

- 

55.91 

- 

7,101.76 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 
















EUR 

- 

- 

- 

- 

- 

- 

- 


Multi Asset 

Real Return 

EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

5.99 

$ 8.04 

5.48 

$ 7.12 

6.37 

$ 8.40 

6,638.31 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

3.95 

$ 5.30 

3.49 

$ 4.53 

4.20 

$ 5.54 

263,439.31 

6.26 

$ 8.39 

5.72 

$ 7.43 

6.65 

$ 8.77 

75,448.33 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 
















EUR 

- 

- 

- 

- 

- 

- 

- 


Multi Asset 

Real Return 

EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 











69.84 

$ 93.69 

68.20 

$ 88.53 

- 

71.32 

$ 94.03 

- 

12,442.53 

- 

- 

50.93 

$ 66.11 

- 

55.94 

$ 73.75 

- 

37,188.39 

3.99 

$ 5.35 

3.54 

$ 4.59 

- 

4.28 

$ 5.64 

- 

198,623.65 

6.22 

$ 8.34 

5.72 

$ 7.42 

- 

6.67 

$ 8.80 

- 

41,762.95 






- 

- 

- 

- 

- 

49.96 

55.42 

6,000.00 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









7.109 

- 

7.003 

- 

7.387 

- 

13,075,180.73 

- 

- 

5.185 

- 

5.788 

- 

1,000.00 

4.514 

- 

4.048 

- 

4.944 

- 

17,496,229.23 

6.787 

- 

6.287 

- 

7.395 

- 

42,759,819.73 













EUR 

- 

- 

- 

- 


Multi Asset 

Real Return 

EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

5.000 

- 

5.633 

- 

60,000.00 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 






7.000 

6.844 

7.166 

2,087,451.35 

- 

- 

- 

- 

4.163 

3.705 

4.492 

13,156,287.02 

6.287 

5.780 

6.748 

1,648,405.77 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 













EUR 

- 

- 

- 

- 


Multi Asset 

Real Return 

EUR 

- 

1,037.73 

1,166.17 

5.00 



EUR 

829.25 

748.96 

921.44 

104,443.26 



EUR 

932.11 

869.73 

1,030.61 

80,358.59 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

1,038.26 

$ 1,347.82 

1,159.27 

$ 1,528.38 

5.00 

4.87 

$ 6.54 

4.41 

$ 5.73 

5.44 

$ 7.18 

117,189,050.27 

7.37 

$ 9.89 

6.90 

$ 8.95 

8.19 

$ 10.80 

2,329,022.74 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

1,000.79 

- 

1,129.11 

- 

300.00 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 














EUR 

- 

- 

- 

- 

- 


Multi Asset 

Real Return 

EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

68.77 

GBP 55.78 

78.36 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 










- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





177,781,035 

143,650,225 

115,769,549 

- 

6,383,795 

26,223,260 

402,489,577 

616,018,096 

1,004,335,812 

851,138,668 

632,320,232 

541,166,194 
















EUR 

4.77 

$ 6.40 

4.57 

$ 5.93 

5.47 

$ 7.21 

393,148.63 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 
























EUR 

5.01 

- 

- 

$ 6.72 

4.80 

- 

- 

$ 6.23 

- 

5.74 

- 

- 

$ 7.57 

- 

- 

21,324,266.53 



EUR 

69.88 

- 

- 

$ 93.75 

63.68 

- 

- 

$ 82.67 

- 

75.05 

- 

- 

$ 98.94 

- 

- 

39,598.29 



EUR 

3.95 

- 

- 

$ 5.30 

3.61 

- 

- 

$ 4.69 

- 

4.25 

- 

- 

$ 5.60 

- 

- 

1,241,449.74 



EUR 

86.08 

- 

- 

$ 115.48 

76.07 

- 

- 

$ 98.75 

- 

95.53 

- 

- 

$ 125.94 

- 

- 

846,257.16 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 















EUR 

- 

- 

- 

- 

58.87 

CZK 1,477.47 

117,319.87 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 









4.49 

$ 6.02 

4.25 

$ 5.52 

5.02 

$ 6.62 

103,040.34 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









4.58 

$ 6.15 

4.34 

$ 5.64 

5.13 

$ 6.76 

155,487.34 

- 

- 

- 

- 

- 

- 

- 

3.47 

$ 4.66 

3.13 

$ 4.06 

3.65 

$ 4.81 

1,880.34 

51.50 

$ 69.09 

44.97 

$ 58.38 

55.81 

$ 73.58 

3,181.65 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 















EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 











4.77 

$ 6.40 

4.54 

$ 5.89 

- 

5.39 

$ 7.10 

- 

1,143,910.09 

49.76 

- 

44.89 

- 

- 

52.43 

- 

- 

480.99 

3.08 

- 

2.79 

- 

- 

3.24 

- 

- 

19,501.69 

51.52 

$ 69.11 

45.22 

$ 58.70 

- 

56.39 

$ 74.34 

- 

110,162.01 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









5.266 

- 

5.060 

- 

6.068 

- 

60,925,658.42 

4.435 

- 

4.041 

- 

4.765 

- 

19,630,945.43 

4.059 

- 

3.713 

- 

4.366 

- 

105,539,854.51 

4.084 

- 

3.620 

- 

4.558 

- 

16,131,815.34 












EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 






4.786 

4.565 

5.432 

26,110,180.67 

6.878 

6.220 

7.279 

1,505,221.13 

3.736 

3.392 

3.959 

3,245,985.94 

3.960 

3.484 

4.354 

12,107,198.70 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 












EUR 

806.47 

780.54 

942.81 

158,010.47 



EUR 

899.72 

825.64 

981.11 

2,436.02 



EUR 

798.53 

735.66 

871.57 

189,870.30 



EUR 

835.94 

746.20 

946.62 

13,677.44 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









5.66 

$ 7.59 

5.48 

$ 7.12 

6.63 

$ 8.74 

7,150,329.69 

1,030.90 

- 

947.33 

- 

1,126.94 

- 

13,480.41 

4.33 

$ 5.81 

4.00 

$ 5.19 

4.75 

$ 6.26 

5,999,369.34 

762.92 

$ 1,023.50 

681.60 

$ 884.82 

865.43 

$ 1,140.99 

40,381.64 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 













EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 





65.73 

GBP 53.31 

78.36 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 










- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





1,034,663,052 

849,497,498 

846,851,876 

247,475,594 

184,863,293 

125,077,756 

1,158,295,878 

823,704,334 

672,987,927 

395,709,052 

241,223,938 

261,365,603 















Target Income 

EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

58.29 

- 

100.00 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

53.89 

- 

58.38 

- 

176,407.11 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

























Target Income 

EUR 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 

- 

- 

58.29 

- 

- 

- 

- 

- 

100,000.00 



EUR 

6.00 

- 

- 

$ 8.05 

4.61 

- 

- 

$ 5.99 

- 

5.38 

- 

- 

$ 7.09 

- 

- 

47,192.75 



EUR 

4.31 

- 

- 

$ 5.78 

4.19 

- 

- 

$ 5.44 

- 

4.50 

- 

- 

$ 5.94 

- 

- 

102,180,914.16 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 
















Target Income 

EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

59.86 

CZK 1,501.95 

54.24 

CZK 1,383.25 

59.51 

CZK 1,493.53 

165,774.71 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

3.90 

$ 5.23 

3.75 

$ 4.87 

3.98 

$ 5.25 

218,898.04 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

5.68 

$ 7.62 

4.32 

$ 5.60 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 
















Target Income 

EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 











- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

5.80 

$ 7.77 

4.38 

$ 5.69 

- 

5.06 

$ 6.67 

- 

10,774.02 

4.08 

$ 5.47 

3.94 

$ 5.11 

- 

4.20 

$ 5.54 

- 

11,398,560.10 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

59.73 

54.89 

58.80 

45,414.34 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

5.389 

5.837 

1,636,265.17 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

5.083 

- 

5.677 

- 

1,000.00 

- 

- 

- 

- 

- 

- 

- 

6.119 

- 

4.687 

- 

5.457 

- 

5,214,864.71 

4.362 

$ 5.852 

4.246 

$ 5.511 

4.561 

$ 6.014 

70,064,771.73 













Target Income 

EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

3.954 

3.681 

- 

3.985 

- 

13,657,813.16 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

5.665 

4.307 

4.977 

4,803,544.50 

4.032 

3.895 

4.154 

9,613,848.39 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 













Target Income 

EUR 

- 

1,078.45 

1,212.78 

2,145.00 



EUR 

- 

- 

1,170.91 

5.00 



EUR 

609.25 

470.06 

551.31 

54,408.47 



EUR 

1,006.13 

986.35 

1,067.57 

73,792.99 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

964.78 

907.70 

989.94 

46,869.34 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

1,078.93 

1,180.41 

- 

10,944.76 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

1,171.23 

- 

5.00 

- 

- 

- 

- 

- 

- 

- 

4.70 

$ 6.30 

4.61 

$ 5.99 

5.00 

$ 6.59 

9,588,347.69 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

900.46 

- 

982.88 

- 

11,230.00 














Target Income 

EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 










- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

1,188.69 

- 

- 

1,175.10 

- 

- 

- 

- 





- 

5,002,505 

35,376,062 

- 

- 

5,846,148 

125,743,698 

81,674,256 

82,668,496 

1,752,926,458 

1,496,364,476 

1,119,662,940 















U.S. Research 

EUR 

- 

- 

- 

- 

- 

- 

- 



Growth 

EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 























U.S. Research 

EUR 

4.54 

- 

- 

$ 6.09 

4.66 

- 

- 

$ 6.06 

- 

5.19 

- 

- 

$ 6.84 

- 

- 

28,879,385.44 



Growth 

EUR 

82.73 

- 

- 

$ 110.99 

89.66 

- 

- 

$ 116.39 

- 

99.90 

- 

- 

$ 131.71 

- 

- 

1,947,886.57 



EUR 

71.04 

- 

- 

$ 95.30 

70.95 

- 

- 

$ 92.11 

- 

78.63 

- 

- 

$ 103.67 

- 

- 

1,219,661.23 




EUR 

45.11 

- 

- 

$ 60.51 

43.65 

- 

- 

$ 56.66 

- 

47.93 

- 

- 

$ 63.19 

- 

- 

5,401,589.47 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

50.01 

- 

6,000.00 

- 

- 

- 

52.67 

- 

151,461.16 

- 

- 

- 

- 

- 

- 

44.59 

41.09 

- 

45.43 

- 

74,494.91 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 














U.S. Research 

EUR 

- 

- 

- 

- 

- 

- 

- 



Growth 

EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

80.23 

$ 107.63 

85.87 

$ 111.47 

94.27 

$ 124.29 

16,788.04 

68.88 

$ 92.41 

67.77 

$ 87.98 

73.99 

$ 97.55 

2,164.80 

42.59 

$ 57.13 

40.66 

$ 52.78 

44.04 

$ 58.07 

77,380.72 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 














U.S. Research 

EUR 

- 

- 

- 

- 

- 

- 

- 



Growth 

EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 

- 

- 











4.27 

$ 5.73 

4.36 

$ 5.66 

- 

4.81 

$ 6.34 

- 

1,975,023.59 

81.05 

$ 108.74 

87.18 

$ 113.17 

- 

96.18 

$ 126.80 

- 

245,686.57 

69.61 

$ 93.38 

68.82 

$ 89.34 

- 

75.51 

$ 99.56 

- 

14,933.52 

43.54 

$ 58.41 

41.78 

$ 54.23 

- 

45.48 

$ 59.96 

- 

242,245.81 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









4.613 

- 

4.738 

- 

5.268 

- 

91,568,372.44 

6.616 

- 

7.186 

- 

8.006 

- 

6,676,090.58 

6.117 

- 

6.108 

- 

6.767 

- 

3,819,446.60 

4.558 

- 

4.416 

- 

4.855 

- 

1,546,296.53 











U.S. Research 

EUR 

- 

- 

- 

- 



Growth 

EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 








4.098 

4.028 

- 

4.519 

- 

16,780,848.69 

81.020 

84.229 

- 

95.132 

- 

92,270.99 

- 

- 

- 

- 

- 

- 

4.194 

3.892 

- 

4.316 

- 

344,996.71 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 






4.243 

4.326 

4.772 

18,463,122.18 

8.143 

8.779 

9.707 

1,568,360.49 

6.992 

6.930 

7.620 

386,790.95 

4.407 

4.238 

4.625 

1,270,814.71 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 











U.S. Research 

EUR 

1,037.98 

1,073.81 

1,202.73 

259,072.37 



Growth 

EUR 

1,351.98 

1,479.03 

1,659.91 

41,305.72 



EUR 

1,247.60 

1,255.15 

1,410.81 

0.07 




EUR 

1,021.93 

997.31 

1,104.71 

576.04 






1,038.07 

1,026.86 

1,159.22 

54,961.98 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

1,060.31 

$ 1,397.91 

5,257.34 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









4.93 

$ 6.62 

5.11 

$ 6.64 

5.74 

$ 7.56 

92,579,701.86 

1,683.48 

$ 2,258.48 

1,844.31 

$ 2,394.19 

2,072.93 

$ 2,732.95 

54,083.31 

1,445.56 

$ 1,939.29 

1,455.88 

$ 1,889.95 

1,627.19 

$ 2,145.29 

6,815.41 

948.17 

$ 1,272.02 

926.61 

$ 1,202.88 

1,027.58 

$ 1,354.75 

38,976.83 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







982.18 

- 

1,112.50 

- 

44,213.48 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 












U.S. Research 

EUR 

- 

- 

- 

- 

- 



Growth 

EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 





- 

- 

- 

59.10 

GBP 47.93 

78.36 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 










- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





1,378,500,620 

1,418,356,983 

1,767,041,857 

101,080,457 

132,895,861 

485,920,405 

148,071,625 

137,708,950 

137,078,400 

630,220,471 

413,724,832 

332,257,516 















EUR 

- 

- 

- 

- 

- 

- 

- 


U.S. Small 

Companies (7) 

EUR 

- 

- 

- 

- 

- 

- 

- 


Global Equity 


EUR 

- 

- 

- 

- 

- 

- 

- 


Global Select 

EUR 

38.10 

$ 51.11 

35.11 

$ 45.58 

39.07 

$ 51.50 

3,304.86 









65.54 

- 

62.58 

- 

67.17 

- 

46,857.81 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

37.84 

- 

34.87 

- 

38.80 

- 

4,224.18 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

49.93 

$ 65.82 

100.00 

- 

- 

- 

























EUR 

5.97 

- 

- 

$ 8.01 

5.70 

- 

- 

$ 7.40 

- 

6.12 

- 

- 

$ 8.07 

- 

- 

18,056,028.60 


U.S. Small 

Companies (7) 

EUR 

- 

- 

- 

- 

51.61 

- 

- 

$ 67.00 

- 

- 

- 

- 

- 

- 

- 

- 


Global Equity 


EUR 

51.63 

- 

- 

- 

47.78 

- 

- 

$ 62.03 

- 

52.76 

- 

- 

$ 69.56 

- 

- 

3,633.92 


Global Select 

EUR 

54.13 

- 

- 

$ 72.61 

49.88 

- 

- 

$ 64.75 

- 

55.50 

- 

- 

$ 73.17 

- 

- 

5,329,037.35 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








52.68 

48.11 

- 

52.07 

- 

36,599.86 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 
















EUR 

- 

- 

- 

- 

- 

- 

- 


U.S. Small 

Companies (7) 

EUR 

- 

- 

- 

- 

- 

- 

- 


Global Equity 


EUR 

- 

- 

- 

- 

- 

- 

- 


Global Select 

EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

38.07 

$ 51.07 

34.61 

$ 44.93 

37.99 

$ 50.09 

1,751.28 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









5.46 

$ 7.32 

5.16 

$ 6.70 

5.48 

$ 7.23 

168,865.61 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

50.34 

$ 67.53 

45.75 

$ 59.38 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

38.08 

$ 51.09 

34.79 

$ 45.17 

38.38 

$ 50.61 

2,937.31 
















EUR 

- 

- 

- 

- 

- 

- 

- 


U.S. Small 

Companies (7) 

EUR 

- 

- 

- 

- 

- 

- 

- 


Global Equity 


EUR 

- 

- 

- 

- 

- 

- 

- 


Global Select 

EUR 

- 

- 

- 

- 

- 

- 

- 











5.71 

$ 7.66 

5.43 

$ 7.04 

- 

5.80 

$ 7.64 

- 

407,782.55 

- 

- 

56.42 

$ 73.24 

- 

- 

- 

- 

- 

- 

- 

47.79 

$ 62.03 

- 

52.36 

$ 69.03 

- 

68.99 

37.13 

$ 49.81 

33.92 

$ 44.04 

- 

37.42 

$ 49.34 

- 

14,096.18 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









6.247 

$ 8.380 

5.993 

$ 7.780 

6.463 

$ 8.521 

6,392,982.96 

- 

- 

5.174 

- 

- 

- 

- 

5.151 

- 

4.774 

- 

5.281 

- 

11,315,080.67 

4.051 

- 

3.738 

- 

4.163 

- 

43,572,711.56 













EUR 

- 

- 

- 

- 


U.S. Small 

Companies (7) 

EUR 

- 

- 

- 

- 


Global Equity 


EUR 

- 

- 

- 

- 


Global Select 

EUR 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 






5.773 

5.498 

5.884 

1,459,163.94 

- 

- 

- 

- 

5.072 

4.666 

5.122 

550,856.33 

3.937 

3.605 

3.986 

6,387,131.69 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

998.97 

5.00 

- 

- 













EUR 

1,067.11 

1,029.09 

1,116.11 

2,963.55 


U.S. Small 

Companies (7) 

EUR 

- 

1,037.68 

- 

- 


Global Equity 


EUR 

1,057.65 

987.26 

1,100.09 

108.34 


Global Select 

EUR 

831.78 

772.97 

867.41 

34,868.38 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









6.55 

$ 8.79 

6.32 

$ 8.21 

6.86 

$ 9.04 

3,502,446.68 

- 

- 

- 

- 

- 

- 

- 

1,063.21 

- 

994.26 

- 

1,109.49 

- 

5.00 

837.88 

$ 1,124.06 

779.73 

$ 1,012.20 

876.25 

$ 1,155.24 

7,208.94 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 














EUR 

- 

- 

- 

- 

- 


U.S. Small 

Companies (7) 

EUR 

- 

- 

- 

- 

- 


Global Equity 


EUR 

- 

- 

- 

- 

- 


Global Select 

EUR 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 










- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

1,156.50 

CAD 1,541.62 

- 

- 

- 

- 

- 

- 





367,941,900 

304,360,043 

196,081,985 

- 

7,271,001 

- 

42,176,438 

96,989,873 

62,901,022 

601,729,530 

509,264,152 

540,193,921 
















EUR 

37.91 

$ 50.86 

33.19 

$ 43.09 

38.72 

$ 51.05 

375.93 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 


Emerging 


EUR 

7.63 

$ 10.23 

6.01 

$ 7.80 

6.42 

$ 8.47 

133,636.68 









38.24 

- 

33.49 

- 

39.04 

- 

42,219.06 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

























EUR 

158.91 

CHF 198.71 

- 

$ 213.19 

139.15 

CHF 168.91 

- 

$ 180.64 

- 

162.23 

CHF 195.78 

- 

$ 213.88 

- 

- 

4,271,804.15 



EUR 

57.05 

- 

- 

$ 76.53 

45.69 

- 

- 

$ 59.32 

- 

44.70 

- 

- 

$ 58.93 

- 

- 

94,425.69 



EUR 

2.04 

- 

- 

$ 2.72 

1.73 

- 

- 

$ 2.24 

- 

1.81 

- 

- 

$ 2.39 

JPY 205.86 

- 

9,649,897.34 


Emerging 


EUR 

8.62 

- 

- 

$ 11.57 

6.80 

- 

- 

$ 8.82 

- 

7.26 

- 

- 

$ 9.57 

- 

- 

14,333,723.35 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 
















EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 


Emerging 


EUR 

- 

- 

- 

- 

- 

- 

- 









37.88 

$ 50.82 

32.78 

$ 42.55 

37.76 

$ 49.78 

267.75 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

7.07 

$ 9.48 

5.50 

$ 7.14 

5.81 

$ 7.66 

3,065.08 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









36.30 

$ 48.70 

31.41 

$ 40.77 

36.24 

$ 47.78 

32,684.02 

- 

- 

- 

- 

- 

- 

- 

1.90 

$ 2.53 

1.59 

$ 2.06 

1.64 

$ 2.17 

225,302.87 

7.84 

$ 10.51 

6.10 

$ 7.92 

6.44 

$ 8.50 

658,594.55 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

1.94 

$ 2.58 

1.62 

$ 2.10 

1.68 

$ 2.22 

5,633.80 

7.27 

$ 9.75 

5.69 

$ 7.38 

6.03 

$ 7.96 

6,794.72 
















EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 


Emerging 


EUR 

- 

- 

- 

- 

- 

- 

- 











36.95 

$ 49.57 

32.13 

$ 41.71 

- 

37.25 

$ 49.12 

- 

130,353.09 

- 

- 

- 

- 

- 

- 

- 

- 

- 

1.95 

$ 2.59 

1.62 

$ 2.11 

- 

1.68 

$ 2.22 

- 

1,430,141.09 

7.87 

$ 10.56 

6.16 

$ 7.99 

- 

6.53 

$ 8.61 

- 

1,790,756.55 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









4.095 

- 

3.596 

- 

4.210 

- 

17,692,027.29 

5.790 

- 

4.651 

- 

4.562 

- 

3,382,958.05 

2.162 

- 

1.820 

- 

1.906 

- 

64,246,437.92 

8.942 

- 

7.066 

- 

7.571 

- 

30,024,680.97 













EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 


Emerging 


EUR 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

4.758 

- 

5.595 

- 

81,574.13 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 






3.969 

3.459 

4.020 

6,361,147.34 

5.628 

4.487 

4.367 

2,464,174.13 

1.998 

1.670 

1.736 

6,680,527.46 

8.039 

6.306 

6.706 

20,588,127.93 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 













EUR 

835.18 

738.62 

871.22 

16,701.73 



EUR 

- 

- 

- 

- 



EUR 

871.66 

739.31 

779.95 

34,943.71 


Emerging 


EUR 

869.21 

690.44 

743.85 

36,655.12 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









781.73 

$ 1,048.73 

691.97 

$ 898.28 

816.94 

$ 1,077.05 

105,196.86 

1,171.94 

$ 1,572.22 

949.74 

$ 1,232.91 

939.61 

$ 1,238.79 

6,673.25 

2.34 

$ 3.11 

1.99 

$ 2.59 

2.10 

$ 2.78 

8,916,155.15 

9.44 

$ 12.66 

7.50 

$ 9.74 

8.08 

$ 10.66 

11,544,378.14 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 














EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 


Emerging 


EUR 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 










- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

2,037.76 

- 

GBP 1,746.05 

1,635.51 

GBP 1,366.15 

1,780.28 

GBP 1,443.99 

37,763.61 





1,139,904,153 

869,975,018 

901,280,616 

57,095,449 

38,854,857 

36,684,567 

387,550,871 

254,129,623 

200,764,675 

1,255,096,951 

787,465,023 

674,130,000 

















EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

19.25 

$ 25.83 

14.05 

$ 18.25 

17.56 

$ 23.15 

57,958.43 



EUR 

6.98 

$ 9.36 

5.56 

$ 7.22 

6.01 

$ 7.92 

6,256.21 



EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

46.05 

- 

100.00 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 


























EUR 

- 

- 

- 

- 

- 

- 

- 

- 

- 

46.06 

- 

- 

$ 60.72 

- 

- 

195,694.72 




EUR 

20.26 

- 

CZK 508.37 

$ 27.18 

14.79 

- 

CZK 377.18 

$ 19.20 

- 

18.48 

- 

CZK 463.73 

$ 24.36 

- 

- 

7,397,115.78 



EUR 

7.03 

- 

- 

$ 9.43 

5.60 

- 

- 

$ 7.27 

- 

6.06 

- 

- 

$ 7.98 

- 

- 

2,614,746.94 



EUR 

59.11 

- 

- 

$ 79.30 

46.78 

- 

- 

$ 60.73 

- 

48.90 

- 

- 

$ 64.46 

- 

- 

39,668.06 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

















EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

17.79 

$ 23.87 

12.83 

$ 16.66 

15.84 

$ 20.88 

2,785.02 

6.30 

$ 8.45 

4.96 

$ 6.44 

5.29 

$ 6.98 

13,016.64 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

18.47 

$ 24.78 

13.32 

$ 17.29 

16.44 

$ 21.68 

845,595.87 

6.38 

$ 8.56 

5.02 

$ 6.52 

5.36 

$ 7.07 

453,721.60 

69.74 

$ 93.56 

54.54 

$ 70.80 

56.33 

$ 74.26 

175.92 









- 

- 

- 

- 

- 

- 

- 

18.45 

$ 24.75 

13.37 

$ 17.36 

16.59 

$ 21.88 

1,197.72 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

















EUR 

- 

- 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 











- 

- 

- 

- 

- 

45.91 

$ 60.52 

- 

100.00 

19.11 

$ 25.63 

13.85 

$ 17.98 

- 

17.18 

$ 22.66 

- 

796,364.16 

6.65 

$ 8.92 

5.26 

$ 6.83 

- 

5.65 

$ 7.44 

- 

467,337.58 

70.52 

$ 94.60 

55.42 

$ 71.94 

- 

57.52 

$ 75.84 

- 

1,932.52 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

4.605 

- 

1,000.00 

21.110 

- 

15.452 

- 

19.358 

- 

5,060,586.55 

7.276 

- 

5.817 

- 

6.301 

- 

8,364,826.35 

5.911 

- 

4.691 

- 

4.917 

- 

8,378,638.81 














EUR 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

18.525 

13.459 

16.734 

4,301,523.94 

6.712 

5.326 

5.725 

3,425,043.50 

5.845 

4.604 

4.789 

5,901,753.81 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

923.11 

5.00 

- 

- 

- 

- 

- 

- 

1,272.04 

- 

1,024.35 

- 

1,117.70 

34.00 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 














EUR 

- 

- 

923.77 

5.00 




EUR 

1,018.55 

749.58 

944.06 

5,174.30 



EUR 

908.47 

731.58 

798.20 

2,840.15 



EUR 

1,204.31 

960.71 

1,012.13 

5.36 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

923.72 

- 

5.00 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

923.72 

$ 1,217.83 

5.00 

22.30 

$ 29.92 

16.42 

$ 21.31 

20.68 

$ 27.27 

8,222,577.26 

7.67 

$ 10.30 

6.17 

$ 8.01 

6.72 

$ 8.85 

1,944,555.61 

1,206.67 

$ 1,618.81 

962.91 

$ 1,250.00 

1,015.02 

$ 1,338.20 

582.86 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 















EUR 

- 

- 

- 

- 

- 




EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 










- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

9,045,231 

1,003,675,722 

543,621,602 

510,254,455 

325,920,286 

139,957,200 

108,690,464 

98,232,000 

82,090,708 

72,115,863 















China Equity 

EUR 

- 

- 

- 

- 

- 

- 

- 


Indian Equity 

EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 























China Equity 

EUR 

9.48 

- 

- 

$ 12.72 

7.61 

- 

- 

$ 9.88 

- 

9.06 

- 

- 

$ 11.95 

- 

- 

7,861,430.64 


Indian Equity 

EUR 

77.05 

- 

- 

$ 103.37 

48.54 

- 

- 

$ 63.01 

- 

55.48 

- 

- 

$ 73.15 

- 

- 

124,334.73 



EUR 

- 

- 

- 

- 

35.83 

- 

- 

$ 46.51 

HUF 11,277.48 

41.04 

- 

- 

$ 54.10 

- 

HUF 11,950.17 

12,931.45 



EUR 

51.47 

- 

- 

$ 69.05 

44.31 

- 

- 

$ 57.52 

- 

43.91 

- 

- 

$ 57.90 

- 

- 

1,685,863.65 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

46.07 

38.44 

- 

38.59 

- 

839,672.09 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

61.20 

CHF 76.53 

52.10 

CHF 63.24 

52.48 

CHF 63.33 

25,039.68 














China Equity 

EUR 

- 

- 

- 

- 

- 

- 

- 


Indian Equity 

EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









8.62 

$ 11.57 

6.84 

$ 8.88 

8.05 

$ 10.61 

79,259.04 

75.43 

$ 101.19 

46.96 

$ 60.96 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

54.13 

$ 72.61 

46.08 

$ 59.81 

45.14 

$ 59.51 

1,727.05 









- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 














China Equity 

EUR 

- 

- 

- 

- 

- 

- 

- 


Indian Equity 

EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 

- 

- 











9.03 

$ 12.11 

7.20 

$ 9.34 

- 

8.51 

$ 11.22 

- 

758,585.45 

76.23 

$ 102.27 

47.69 

$ 61.91 

- 

54.13 

$ 71.36 

- 

3,383.68 

- 

- 

43.23 

- 

HUF 13,608.68 

49.17 

- 

HUF 14,320.05 

2,712.04 

62.78 

$ 84.22 

53.58 

$ 69.55 

- 

52.62 

$ 69.37 

- 

88,476.01 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









9.847 

- 

7.929 

- 

9.466 

- 

12,679,420.19 

7.755 

- 

4.899 

- 

5.615 

- 

11,796,852.76 

- 

- 

3.591 

- 

4.124 

- 

2,788,245.07 

5.137 

- 

4.427 

- 

4.391 

- 

5,173,367.64 











China Equity 

EUR 

- 

- 

- 

- 


Indian Equity 

EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

5.340 

4.465 

- 

4.488 

- 

614,173.50 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 






9.006 

7.198 

8.528 

11,223,464.05 

7.612 

4.773 

5.429 

10,236,642.56 

- 

3.568 

4.067 

1,096,278.45 

5.030 

4.303 

4.235 

2,867,483.14 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 








- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 




- 

- 

- 

- 

- 

- 

- 

- 











China Equity 

EUR 

1,101.67 

891.74 

1,070.30 

3,258.38 


Indian Equity 

EUR 

1,570.32 

997.20 

1,148.67 

485.62 



EUR 

- 

721.32 

832.93 

1,172.11 



EUR 

1,044.78 

906.90 

905.99 

28,461.19 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 









10.35 

$ 13.89 

8.38 

$ 10.88 

10.06 

$ 13.27 

7,346,917.15 

1,573.42 

$ 2,110.82 

999.61 

$ 1,297.64 

1,152.34 

$ 1,519.25 

5.00 

- 

- 

721.58 

- 

833.52 

- 

234.96 

1,055.61 

$ 1,416.16 

919.42 

$ 1,193.54 

921.62 

$ 1,215.06 

22,795.11 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

906.95 

767.40 

779.31 

83,005.43 







- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

946.43 

- 

11,527.00 












China Equity 

EUR 

- 

- 

- 

- 

- 


Indian Equity 

EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 



EUR 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 










- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 





550,387,400 

341,133,314 

371,493,845 

236,376,843 

135,766,949 

129,457,821 

- 

16,419,187 

17,792,765 

583,953,181 

315,603,687 

272,492,441 







(7) The last NAV was calculated on 17 December 2012. 


(9) In 2012, the NAV was calculated on 28 December 2012. 




Schedule of Investments 

Pioneer Funds - Euro Liquidity 

Schedule of Investments as at 31 December 2012 (expressed in EUR) 

Holding 

Currency 

Description of Securities 

Transferable Securities and Money Market Instruments Admitted to an Official Exchange 

Listing or Dealt in on Other Regulated Markets 

Market Value 

Net Assets % 

Supranationals, Governments and Local Public Authorities, Debt Instruments 

63,000,000 

30,000,000 

50,000,000 

40,000,000 

100,000,000 

50,000,000 

53,000,000 

50,000,000 

65,000,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

Governments 

Belgium Treasury Bill 0% 15/Aug/2013 

Dutch Treasury Certificate 0% 31/Jan/2013 

France Treasury Bill BTF 0% 19/Sep/2013 

German Treasury Bill 0% 24/Jul/2013 

Italy Buoni Ordinari del Tesoro BOT 0% 12/Apr/2013 

Italy Buoni Ordinari del Tesoro BOT 0% 14/Feb/2013 

Italy Buoni Ordinari del Tesoro BOT 0% 14/Mar/2013 

Spain Letras del Tesoro 0% 18/Jan/2013 

Spain Letras del Tesoro 0% 19/Jul/2013 

62,959,457 

29,999,239 

50,000,000 

40,015,225 

99,615,775 

49,917,532 

52,837,632 

49,971,383 

64,161,470 

11.68% 

5.57% 

9.28% 

7.43% 

18.48% 

9.26% 

9.80% 

9.27% 

11.91% 

Total Supranationals, Governments and Local Public Authorities, Debt Instruments 

Total Transferable Securities and Money Market Instruments Admitted to an Official 

Exchange Listing or Dealt in on Other Regulated Markets 

499,477,713 

499,477,713 

92.68% 

92.68% 

Total Securities 

499,477,713 

92.68% 

Net Asset Value 

538,905,208 

100.00% 


Any differences in the percentage of net assets are the results of roundings. 


Pioneer Funds - Euro Short-Term 


Holding 





Market Value 

Net Assets % 

Bonds 

7,500,000 

74,267,200 

10,000,000 

EUR 

DKK 

EUR 

Financials 

Banks 

Goldman Sachs Group Inc Euribor 3M 18/May/2015 

Nykredit Realkredit A/S 3.5% 01/Oct/2044 

SNS Bank NV Euribor 6M 28/Jan/2013 

7,358,513 

10,118,363 

331,221 

0.52% 

0.72% 

0.02% 

10,000,000 

20,000,000 

EUR 

EUR 

Financial Services 

Bear Stearns Cos LLC Euribor 3M 16/Feb/2014 

Merrill Lynch & Co Inc Euribor 3M 30/May/2014 

325,739 

19,797,600 

0.02% 

1.41% 

Total Bonds 

37,931,436 

2.69% 

25,000,000 

10,500,000 

50,000,000 

5,100,000 

23,500,000 

25,000,000 

15,000,000 

12,000,000 

900,000 

1,600,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

Mortgages and Asset Backed securities 

Fondi Immobili Pubblici Funding SRL - A1 - Euribor 6M 10/Jan/2023 

Fondi Immobili Pubblici Funding SRL - A2 - Euribor 6M 10/Jan/2023 

FTA Santander Financiacion - 1 A - Euribor 3M 20/Jul/2035 

GC Pastor Hipotecario 5 FTA Euribor 3M 11/Sep/2033 

IM Grupo Banco Popular Empresas FTA - 1 A2 - Euribor 3M 21/Mar/2033 

Korea First Mortgage Ltd Euribor 3M 03/May/2038 

Orio Finance PLC Floating 15/Aug/2040 

Rams Mortgage Securities Pty Ltd - 1E 1A - Euribor 3M 21/Jul/2035 

Rural Hipotecario I Fondo De Titulizacion Hipotec Euribor 3M 15/Mar/2038 

Rural Hipotecario I Fondo De Titulizacion Hipotec Euribor 3M 17/Feb/2050 

4,374,911 

7,600,417 

665,304 

2,734,111 

3,202,735 

4,026,314 

325,498 

371,849 

278,062 

815,854 

0.31% 

0.53% 

0.05% 

0.19% 

0.23% 

0.29% 

0.02% 

0.03% 

0.02% 

0.06% 

Total Mortgages and Asset Backed securities 

24,395,055 

1.73% 


236,370,000 

100,000,000 

150,000,000 

90,000,000 

50,000,000 

100,000,000 

50,000,000 

90,000,000 

25,000,000 

55,000,000 

92,000,000 

127,000,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond Floating 15/Apr/2013 


Italy Buoni Ordinari del Tesoro BOT 0% 14/Jan/2013 


Italy Buoni Ordinari del Tesoro BOT 0% 14/Oct/2013 



Italy Buoni Ordinari del Tesoro BOT 0% 31/May/2013 

Italy Buoni Poliennali Del Tesoro 2.5% 01/Mar/2015 

Italy Buoni Poliennali Del Tesoro 4.25% 15/Apr/2013 

Italy Certificati di Credito del Tesoro Zero Coupon 0% 30/May/2014 

Italy Certificati di Credito del Tesoro Zero Coupon 0% 30/Sep/2013 

267,348,482 

99,870,000 

149,994,000 

89,966,250 

49,548,750 

99,917,500 

49,907,500 

89,721,000 

25,190,625 

55,548,625 

89,872,500 

125,968,125 

18.96% 

7.08% 

10.63% 

6.38% 

3.51% 

7.08% 

3.54% 

6.36% 

1.79% 

3.94% 

6.37% 

8.93% 




1,192,853,357 

1,255,179,848 

84.57% 

88.99% 

7,171 

EUR 

Investment funds 

Pioneer Institutional Currency High Alpha - X ND 

7,303,592 

0.52% 

Total Investment funds 

7,303,592 

0.52% 


1,262,483,440 

89.51% 


1,410,490,688 

100.00% 





Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued) 

Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR) 

Maturity Date 

Long/(Short) 

Quantity Contract 

11-Mar-13 (161) 

Euro Bobl 

11-Mar-13 (113) 

Euro Bund 

11-Mar-13 60 

Euro Buxl 

11-Mar-13 (292) 

Euro Schatz 

28-Mar-13 16 

Long Gilt 

28-Mar-13 (29) 

US Long Bond 

31-Mar-13 204 

US 2 Yr Note Future 

31-Mar-13 (175) 


16-Jun-14 79 

90 Day Euro$ 

Total Net Unrealised Gain/(Loss) on Financial Futures Contracts 

Trade 


EUR 

EUR 

EUR 

EUR 

GBP 

USD 

USD 

USD 

USD 

Commitment 

(in Trade Ccy) 

(20,579,020) 

(16,457,320) 

8,216,400 

(32,369,660) 

1,902,880 

(4,282,938) 

44,978,814 

(21,768,360) 

19,661,125 

Market Price 


127.82 

145.64 

136.94 

110.86 

118.93 

147.69 

110.24 

124.39 

99.55 

Unrealised Gain/(Loss) 

(in Fund Ccy) 

(133,476) 

(160,460) 

232,801 

(37,960) 

19,030 

57,740 

9,699 

26,961 

14,890 

29,225 

Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR) 

Maturity Date Currency 

Amount Purchased 

04-Mar-13 EUR 

10,064,963 

04-Mar-13 USD 

509,204 

Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts 


DKK 

EUR 

Amount Sold 

75,000,000 

392,648 


10,337 

(6,561) 

3,776 

Outstanding Options Contracts as at 31 December 2012 (expressed in EUR) 

Maturity Date 

Quantity 

Contract 

Strike Price 




Trade 


Market Price 

(in Fund Ccy) 

Unrealised 

Gain/(Loss) 

Long Positions 

16-Jun-14 327 

Put 90 Day Euro$ 

Total Net Unrealised Gain/(Loss) on Options Contracts 

99.00 

USD 

40,305 

40,305 

(151,761) 

(151,761) 

(151,761) 

Outstanding Swaps as at 31 December 2012 (expressed in EUR) 

Maturity Date Contract 

20-Dec-15 Credit Default Swap Seller 

14-Feb-14 Interest Rate Swap 

14-Nov-15 Interest Rate Swap 

03-Oct-15 Interest Rate Swap 




22-Jun-17 Interest Rate Swap 

28-May-15 Interest Rate Swap 



Total Net Unrealised Gain/(Loss) on Swaps 

Underlying 

iTraxx Europe Series 18 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Received Rate 

1.000% 

BBSW 3M 

3.210% 

Euribor 6M 

0.353% 

2.360% 

Euribor 6M 

EUR-EXT-CPI 

Libor 6M 

2.650% 

BKBM 3M 

Paid Rate Currency Nominal 

Unrealised 

Gain/(Loss) 

- EUR 49,500,000 362,870 

2.940% AUD 24,215,000 (34,513) 

BBSW 3M AUD 25,375,000 (41,152) 

0.680% EUR 219,000,000 (931,623) 

Eonia 1D EUR 219,000,000 624,140 

Euribor 6M EUR 30,300,000 396,149 

1.000% EUR 73,000,000 (354,781) 

1.579% EUR 6,800,000 

80,500 

0.390% JPY 7,000,000,000 (110,994) 

BKBM 3M NZD 60,962,200 (21,300) 

2.830% NZD 30,827,500 

8,027 

(22,677) 




Pioneer Funds - Euro Cash Plus 


Holding Currency 




Market Value 

Net Assets % 

Bonds 

6,000,000 

6,000,000 

15,000,000 

5,000,000 

3,750,000 

3,000,000 

1,000,000 

7,500,000 

3,333,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

Consumer Goods 

Automobiles and Parts 

BMW Finance NV 2.125% 13/Jan/2015 

BMW Finance NV 8.875% 19/Sep/2013 

Daimler International Finance BV Euribor 3M 18/Nov/2013 

Fiat Finance & Trade SA 6.625% 15/Feb/2013 

Fiat Finance & Trade SA 7.625% 15/Sep/2014 

Peugeot SA 4% 28/Oct/2013 

Peugeot SA 8.375% 15/Jul/2014 

Valeo SA 3.75% 24/Jun/2013 

Volkswagen International Finance NV 2.125% 19/Jan/2015 

6,178,710 

6,361,230 

15,012,675 

5,025,000 

3,980,250 

3,033,960 

1,079,500 

7,602,375 

3,422,468 

0.74% 

0.76% 

1.79% 

0.60% 

0.48% 

0.36% 

0.13% 

0.91% 

0.41% 

2,350,000 

EUR 

Consumer Services 

Food and Drug Retailers 

Casino Guichard Perrachon SA 6.375% 04/Apr/2013 

2,391,642 

0.29% 

6,000,000 

7,500,000 

2,000,000 

10,000,000 

6,000,000 

1,000,000 

10,000,000 

15,000,000 

10,000,000 

20,000,000 

5,000,000 

8,700,000 

5,000,000 

10,000,000 

3,000,000 

10,000,000 

20,000,000 

7,000,000 

2,500,000 

10,000,000 

10,000,000 

10,000,000 

8,000,000 

2,500,000 

7,500,000 

40,000,000 

12,000,000 

15,000,000 

6,000,000 

16,900,000 

872,000 

3,871,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

Financials 


Abbey National Treasury Services PLC/London Euribor 3M 28/Aug/2013 

ABN Amro Bank NV Euribor 3M 10/Jan/2014 

ABN Amro Bank NV Euribor 3M 14/Sep/2016 


ABN Amro Bank NV 2.75% 29/Oct/2013 

Allied Irish Banks PLC 3.25% 04/Feb/2013 

Banco Popolare SC 4% 06/Apr/2013 

Banesto Financial Products PLC Euribor 3M 11/Jan/2013 

Banque Federative du Credit Mutuel SA Euribor 3M 24/Jan/2013 

Banque Federative du Credit Mutuel SA Euribor 3M 25/Mar/2013 

Barclays Bank PLC Euribor 3M 28/Jan/2013 

BBVA Senior Finance SAU 3% 22/Aug/2013 

BNP Paribas SA Euribor 3M 03/Dec/2014 

BNP Paribas SA Euribor 3M 05/Mar/2014 

BNP Paribas SA Euribor 3M 12/Apr/2013 

BPCE SA Euribor 3M 05/Dec/2014 

BPCE SA Euribor 3M 29/Oct/2013 

CaixaBank 3.75% 05/Nov/2013 

Carrefour Banque SA 2.875% 25/Sep/2015 

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands Euribor 3M 13/Mar/2013 

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands Euribor 3M 19/May/2014 

Credit Suisse AG/London Euribor 3M 07/Jan/2013 

Credit Suisse AG/London Euribor 3M 17/Jun/2013 

Deutsche Bank AG Euribor 3M 22/Sep/2015 

Goldman Sachs Group Inc Euribor 3M 18/May/2015 

HSBC Bank PLC Euribor 3M 08/Apr/2013 

ING Bank NV Euribor 3M 18/Mar/2016 


ING Bank NV 2.125% 10/Jul/2015 

Intesa Sanpaolo Bank Ireland PLC 4% 08/Aug/2013 

Intesa Sanpaolo SpA Floating 20/Feb/2018 

Intesa Sanpaolo SpA 4% 09/Nov/2017 

6,053,790 

7,604,625 

1,892,870 

10,003,250 

6,111,630 

1,002,125 

10,023,200 

14,995,200 

10,005,050 

20,018,400 

5,002,950 

8,746,675 

5,002,300 

10,063,350 

3,001,650 

10,004,700 

20,109,200 

7,068,565 

2,598,475 

10,005,300 

10,029,700 

10,000,650 

8,035,160 

2,419,363 

7,358,512 

40,057,200 

11,364,000 

15,015,150 

6,171,060 

17,158,063 

739,814 

4,009,350 

0.72% 

0.91% 

0.23% 

1.19% 

0.73% 

0.12% 

1.20% 

1.79% 

1.19% 

2.39% 

0.60% 

1.04% 

0.60% 

1.20% 

0.36% 

1.19% 

2.40% 

0.84% 

0.31% 

1.19% 

1.20% 

1.19% 

0.96% 

0.29% 

0.88% 

4.79% 

1.36% 

1.79% 

0.74% 

2.05% 

0.09% 

0.48% 







3,000,000 EUR 

10,000,000 EUR 

10,000,000 EUR 

10,000,000 EUR 

6,500,000 EUR 

3,270,000 GBP 

2,500,000 EUR 

4,000,000 EUR 

10,000,000 EUR 

10,000,000 EUR 

2,700,000 EUR 

10,000,000 EUR 

10,000,000 USD 

10,000,000 EUR 

23,500,000 EUR 

13,000,000 EUR 

10,000,000 EUR 

3,600,000 EUR 

4,000,000 EUR 

5,000,000 EUR 

3,000,000 EUR 

10,000,000 EUR 

5,000,000 EUR 


Intesa Sanpaolo SpA 4.875% 10/Jul/2015 

JPMorgan Chase & Co Euribor 3M 02/Mar/2015 

JPMorgan Chase & Co Euribor 3M 26/Sep/2013 

KBC Internationale Financieringsmaatschappij NV Euribor 3M 19/Jul/2013 

KBC Internationale Financieringsmaatschappij NV 3.625% 07/Mar/2014 

Mediobanca SpA 5.375% 11/Oct/2013 

Morgan Stanley Euribor 3M 01/Mar/2013 

Nordea Bank AB Euribor 3M 10/Jan/2014 

Nordea Bank AB Euribor 3M 17/Jun/2013 

Royal Bank of Scotland NV Floating 08/Jun/2015 

Santander International Debt SAU 4.375% 04/Sep/2014 

Societe Generale SA Euribor 3M 22/Jul/2013 

Societe Generale SA Libor 3M 11/Apr/2014 

SpareBank 1 SMN Euribor 3M 28/Mar/2014 

Standard Chartered Bank Euribor 3M 28/Mar/2018 

Swedbank AB 1.75% 18/Jun/2015 

UBS AG/London Euribor 3M 17/Jun/2013 

UniCredit SpA Euribor 3M 09/Jan/2013 

UniCredit SpA 4.375% 11/Sep/2015 

Unione di Banche Italiane SCPA 3.875% 28/Feb/2013 

Unione di Banche Italiane SCPA 4.125% 21/Oct/2013 

Volkswagen Bank GmbH Euribor 3M 13/May/2013 


Market Value 

3,174,975 

9,966,550 

10,008,300 

10,048,400 

6,695,650 

3,633,445 

2,500,063 

4,039,020 

10,033,400 

9,410,750 

2,767,001 

10,044,600 

7,615,328 

10,111,650 

23,218,587 

13,277,290 

10,018,500 

3,599,892 

4,209,400 

5,019,825 

3,046,440 

9,997,310 

5,020,400 

Net Assets % 

0.38% 

1.19% 

1.19% 

1.20% 

0.80% 

0.43% 

0.30% 

0.48% 

1.20% 

1.12% 

0.33% 

1.20% 

0.91% 

1.21% 

2.77% 

1.58% 

1.20% 

0.43% 

0.50% 

0.60% 

0.36% 

1.19% 

0.60% 

3,500,000 

9,000,000 

3,000,000 

6,303,000 

30,000,000 

7,000,000 

3,400,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


Banque PSA Finance SA 6% 16/Jul/2014 

Credit Logement SA Euribor 3M 15/Jun/2017 

GE Capital European Funding 1.25% 15/Oct/2015 

LeasePlan Corp NV 3.75% 07/Aug/2013 

Merrill Lynch & Co Inc Euribor 3M 30/May/2014 

RCI Banque SA 3.75% 07/Jul/2014 

Santander Consumer Finance SA 3.25% 20/Jun/2014 

3,678,885 

8,415,270 

3,032,760 

6,329,410 

29,696,400 

7,242,340 

3,422,644 

0.44% 

1.00% 

0.36% 

0.76% 

3.54% 

0.86% 

0.41% 

2,000,000 

EUR 

Health Care 

Pharmaceuticals and Biotechnology 

Merck Financial Services GmbH 4.875% 27/Sep/2013 

2,064,890 

0.25% 

2,000,000 

2,000,000 

25,000,000 

4,400,000 

EUR 

EUR 

EUR 

EUR 

Industrials 

Industrial Engineering 

MAN SE 1% 21/Sep/2015 

MAN SE 5.375% 20/May/2013 

Volvo Treasury AB Euribor 3M 09/May/2014 

Volvo Treasury AB 9.875% 27/Feb/2014 

2,014,780 

1,972,530 

25,092,000 

4,857,556 

0.24% 

0.24% 

2.99% 

0.58% 

6,000,000 

10,000,000 

6,000,000 

2,500,000 

USD 

USD 

USD 

EUR 

Telecommunications 

Fixed Line Telecommunications 

Telecom Italia Capital SA 6.175% 18/Jun/2014 

Telefonica Emisiones SAU Libor 3M 04/Feb/2013 

Telefonica Emisiones SAU 4.949% 15/Jan/2015 

Telefonica Emisiones SAU 5.431% 03/Feb/2014 

4,816,338 

7,588,743 

4,786,939 

2,602,675 

0.57% 

0.91% 

0.57% 

0.31% 

1,000,000 

EUR 

Utilities 

Electricity 

Edison SpA 3.25% 17/Mar/2015 

1,041,255 

0.12% 







4,500,000 EUR 


Edison SpA 4.25% 22/Jul/2014 

Market Value 

4,713,818 

Net Assets % 

0.56% 

Total Bonds 

656,585,146 

78.37% 

5,650,000 

10,000,000 

30,000,000 

EUR 

EUR 

EUR 


Jump Srl - 06 A - Euribor 3M 27/Apr/2026 

Leasimpresa Finance Srl - 2 A - Euribor 3M 22/Dec/2025 

RMAC PLC - NS1X A2C - Euribor 3M 12/Jun/2037 

680,337 

1,339,582 

3,820,126 

0.08% 

0.16% 

0.46% 




5,840,045 

662,425,191 

0.70% 

79.07% 

Other Transferable Securities 

Bonds 

15,000,000 

EUR 

Industrials 


Scania Euribor 3M 15/May/2014 

14,946,150 

1.78% 

Total Bonds 

Total Other Transferable Securities 

14,946,150 

14,946,150 

1.78% 

1.78% 

13,019 

EUR 


Pioneer Institutional - Funds - Currency High Alpha - X ND 

13,259,721 

1.58% 


13,259,721 

1.58% 


690,631,062 

82.43% 


837,856,808 

100.00% 


Maturity Date 

Long/(Short) 


11-Mar-13 (75) 

Euro Bund 

11-Mar-13 53 

Euro Buxl 

11-Mar-13 (349) 

Euro Schatz 

16-Jun-14 59 

90 Day Euro$ 


Trade 


EUR 

EUR 

EUR 

USD 



(10,923,000) 

7,257,820 

(38,688,395) 

14,683,625 

Market Price 


145.64 

136.94 

110.86 

99.55 


(in Fund Ccy) 

(106,500) 

205,640 

(45,370) 

11,121 

64,891 




04-Mar-13 EUR 

18,058,660 

04-Mar-13 EUR 

24,902,945 



GBP 

USD 

Amount Sold 

14,623,000 

32,148,183 


42,667 

527,661 

570,328 


Maturity Date 

Quantity 

Contract 

Strike Price 




Trade 


Market Price 

(in Fund Ccy) 

Unrealised 

Gain/(Loss) 


16-Jun-14 248 



99.00 

USD 

30,567 

30,567 

(115,098) 

(115,098) 

(115,098) 








Underlying 

20-Jun-13 Credit Default Swap Seller Telecom Italia 


- 

27-Mar-13 Interest Rate Swap 

- 


- 


- 


- 


Received Rate 

1.000% 

0.353% 

EUR-EXT-CPI 

EUR-EXT-CPI 

Euribor 6M 

EUR-EXT-CPI 


Unrealised 

Gain/(Loss) 

- EUR 15,000,000 

44,858 

Eonia 1D EUR 126,000,000 359,094 

1.960% EUR 25,500,000 

26,176 

1.960% EUR 50,000,000 

51,326 

0.680% EUR 126,000,000 (536,003) 

1.579% EUR 5,530,000 

65,466 

10,917 




Pioneer Funds - Euro Corporate Short-Term 






Market Value 

Net Assets % 

Bonds 

6,000,000 

5,000,000 

3,928,000 

5,000,000 

6,850,000 

10,000,000 

7,500,000 

6,667,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 




Daimler International Finance BV Euribor 3M 18/Nov/2013 

Fiat Finance & Trade SA 6.125% 08/Jul/2014 

Fiat Finance & Trade SA 6.625% 15/Feb/2013 


Peugeot SA 4% 28/Oct/2013 

Valeo SA 3.75% 24/Jun/2013 

Volkswagen International Finance NV 2.125% 19/Jan/2015 

6,178,710 

5,004,225 

4,050,279 

5,025,000 

7,270,590 

10,113,200 

7,602,375 

6,845,962 

0.91% 

0.74% 

0.60% 

0.74% 

1.07% 

1.49% 

1.12% 

1.01% 

2,418,000 

EUR 

Personal Goods 

Adidas International Finance BV 4.75% 14/Jul/2014 

2,557,422 

0.38% 

2,350,000 

EUR 



Casino Guichard Perrachon SA 6.375% 04/Apr/2013 

2,391,642 

0.35% 

7,500,000 

2,000,000 

6,000,000 

1,000,000 

10,000,000 

20,000,000 

15,000,000 

8,800,000 

5,000,000 

30,000,000 

4,000,000 

10,000,000 

7,000,000 

2,500,000 

8,700,000 

8,500,000 

6,500,000 

2,500,000 

2,200,000 

15,000,000 

5,000,000 

12,200,000 

22,500,000 

10,000,000 

6,000,000 

16,900,000 

3,000,000 

5,050,000 

10,000,000 

30,000,000 

6,500,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

Financials 



ABN Amro Bank NV Euribor 3M 14/Sep/2016 


Allied Irish Banks PLC 3.25% 04/Feb/2013 

Banco Popolare SC 4% 06/Apr/2013 

Banque Federative du Credit Mutuel SA Euribor 3M 25/Mar/2013 

Barclays Bank PLC 4.75% 23/Feb/2015 

BBVA Senior Finance SAU 3% 22/Aug/2013 

BNP Paribas SA Euribor 3M 03/Dec/2014 

BNP Paribas SA Euribor 3M 05/Mar/2014 

BNP Paribas SA Euribor 3M 12/Apr/2013 

BPCE SA Euribor 3M 05/Dec/2014 

CaixaBank 3.75% 05/Nov/2013 

Carrefour Banque SA 2.875% 25/Sep/2015 

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands Euribor 3M 13/Mar/2013 

Credit Suisse AG/London Euribor 3M 17/Jun/2013 



Deutsche Bank AG Floating 09/Mar/2017 

Deutsche Postbank AG Euribor 3M 04/Nov/2015 

Fortis Bank SA/NV Euribor 3M 14/Feb/2018 

HSBC Bank PLC Euribor 3M 08/Apr/2013 


ING Bank NV Floating 03/Jul/2017 

ING Bank NV 2.125% 10/Jul/2015 


Intesa Sanpaolo SpA 4.875% 10/Jul/2015 

Intesa Sanpaolo SpA 5.375% 19/Dec/2013 

JPMorgan Chase & Co Euribor 3M 02/Mar/2015 

KBC Internationale Financieringsmaatschappij NV Floating 14/Dec/2015 


7,604,625 

1,892,870 

6,111,630 

1,002,125 

10,023,200 

20,018,400 

11,386,403 

8,847,212 

5,002,300 

30,190,050 

4,002,200 

10,004,700 

7,068,565 

2,598,475 

8,704,611 

8,537,358 

6,160,700 

2,419,363 

2,046,550 

14,572,575 

4,934,600 

12,217,446 

21,307,500 

6,997,269 

6,171,060 

17,158,063 

3,174,975 

5,235,815 

9,966,550 

27,990,900 

6,695,650 

1.12% 

0.28% 

0.90% 

0.15% 

1.48% 

2.95% 

1.68% 

1.30% 

0.74% 

4.45% 

0.59% 

1.48% 

1.04% 

0.38% 

1.28% 

1.26% 

0.91% 

0.36% 

0.30% 

2.15% 

0.73% 

1.80% 

3.14% 

1.03% 

0.91% 

2.53% 

0.47% 

0.77% 

1.47% 

4.13% 

0.99% 







4,000,000 GBP 

5,000,000 EUR 

5,000,000 EUR 

4,000,000 EUR 

10,000,000 EUR 

13,000,000 USD 

10,000,000 EUR 

10,000,000 EUR 

10,200,000 EUR 

10,000,000 USD 

30,000,000 EUR 

10,000,000 EUR 

34,000,000 EUR 

2,200,000 USD 

4,000,000 EUR 

5,000,000 EUR 

5,000,000 EUR 



Morgan Stanley Euribor 3M 01/Mar/2013 

Morgan Stanley Euribor 3M 29/Nov/2013 

Nordea Bank AB Euribor 3M 10/Jan/2014 

Nordea Bank AB Euribor 3M 17/Jun/2013 

Nordea Bank AB 3.7% 13/Nov/2014 

Royal Bank of Scotland NV Floating 08/Jun/2015 

Skandinaviska Enskilda Banken AB 5.5% 06/May/2014 


Societe Generale SA Libor 3M 11/Apr/2014 

SpareBank 1 SMN Euribor 3M 22/Feb/2013 

SpareBank 1 SMN Euribor 3M 28/Mar/2014 


Standard Chartered Bank Floating 28/Mar/2018 




Market Value 

4,444,581 

5,000,125 

4,984,700 

4,039,020 

10,033,400 

10,379,786 

9,410,750 

10,667,850 

10,245,492 

7,615,329 

30,002,430 

10,111,650 

33,592,850 

1,635,354 

4,209,400 

5,019,825 

4,998,655 

Net Assets % 

0.66% 

0.74% 

0.73% 

0.60% 

1.48% 

1.53% 

1.39% 

1.57% 

1.51% 

1.12% 

4.42% 

1.49% 

4.96% 

0.24% 

0.62% 

0.74% 

0.74% 

3,500,000 

3,000,000 

2,500,000 

6,850,000 

10,000,000 

6,302,000 

4,000,000 

1,000,000 

7,000,000 

3,400,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


Banque PSA Finance SA 6% 16/Jul/2014 

GE Capital European Funding 1.25% 15/Oct/2015 

Irish Life & Permanent PLC 3.125% 22/Apr/2013 

Irish Life & Permanent PLC 4% 10/Mar/2015 

LeasePlan Corp NV Euribor 3M 13/Nov/2013 

LeasePlan Corp NV 3.75% 07/Aug/2013 

PACCAR Financial Europe BV 3% 19/May/2014 

RCI Banque SA 2.125% 24/Nov/2014 

RCI Banque SA 3.75% 07/Jul/2014 


3,678,885 

3,032,760 

2,510,063 

7,010,119 

10,133,900 

6,328,405 

4,119,080 

1,014,095 

7,242,340 

3,422,644 

0.54% 

0.45% 

0.37% 

1.03% 

1.49% 

0.93% 

0.61% 

0.15% 

1.07% 

0.50% 

2,000,000 

EUR 

Health Care 


Merck Financial Services GmbH 4.875% 27/Sep/2013 

2,064,890 

0.30% 

1,000,000 

2,000,000 

25,000,000 

4,400,000 

EUR 

EUR 

EUR 

EUR 

Industrials 


MAN SE 1% 21/Sep/2015 

MAN SE 5.375% 20/May/2013 

Volvo Treasury AB Euribor 3M 09/May/2014 


1,007,390 

1,972,530 

25,092,000 

4,857,556 

0.15% 

0.29% 

3.70% 

0.72% 

6,000,000 

6,000,000 

2,500,000 

USD 

USD 

EUR 



Telecom Italia Capital SA 6.175% 18/Jun/2014 



4,816,338 

4,786,939 

2,602,675 

0.71% 

0.71% 

0.38% 

4,500,000 

5,727,000 

EUR 

EUR 

Utilities 

Electricity 


Enel SpA Euribor 3M 20/Jun/2014 

4,713,818 

5,641,782 

0.70% 

0.83% 

Total Bonds 



619,522,551 

619,522,551 

91.35% 

91.35% 








Market Value 

Net Assets % 


Bonds 

15,000,000 

EUR 

Industrials 


Scania Euribor 3M 15/May/2014 

14,946,150 

2.20% 

Total Bonds 


14,946,150 

14,946,150 

2.20% 

2.20% 

10,513 

EUR 



10,707,385 

1.58% 


10,707,385 

1.58% 


645,176,086 

95.13% 


678,205,904 

100.00% 


Maturity Date 

Long/(Short) 


11-Mar-13 (61) 

Euro Bund 

11-Mar-13 44 

Euro Buxl 

11-Mar-13 (771) 

Euro Schatz 


Trade 


EUR 

EUR 

EUR 



(8,884,040) 

6,025,360 

(85,469,205) 

Market Price 


145.64 

136.94 

110.86 


(in Fund Ccy) 

(86,620) 

170,720 

(100,230) 

(16,130) 




31-Jan-13 CZK 

43,461,572 

31-Jan-13 CZK 

379,228 

04-Mar-13 EUR 

4,724,732 

04-Mar-13 EUR 

49,389,015 



EUR 

EUR 

GBP 

USD 

Amount Sold 

1,732,989 

15,102 

3,827,000 

63,730,647 


(1,329) 

8 

9,749 

1,067,386 

1,075,814 




20-Jun-13 Credit Default Swap Seller 







Underlying 


Telecom Italia 

- 

- 

- 

- 

- 

Received Rate 

1.000% 

1.000% 

EUR-EXT-CPI 

EUR-EXT-CPI 

0.353% 

Euribor 6M 

EUR-EXT-CPI 


Unrealised 

Gain/(Loss) 

- EUR 117,000,000 857,693 

- EUR 15,000,000 

44,858 

1.960% EUR 26,500,000 

27,203 

1.960% EUR 50,000,000 

51,326 

Eonia 1D EUR 112,000,000 319,194 

0.680% EUR 112,000,000 (476,447) 

1.579% EUR 5,490,000 

64,992 

888,819 




Pioneer Funds - U.S. Dollar Short-Term 






Market Value 

Net Assets % 

Bonds 

250,000 

500,000 

USD 

USD 



Nissan Motor Acceptance Corp 3.25% 30/Jan/2013 

Volkswagen International Finance NV Libor 3M 21/Mar/2014 

189,951 

381,387 

0.13% 

0.26% 

1,000,000 

USD 

Beverages 

Anheuser-Busch InBev Worldwide Inc 2.5% 26/Mar/2013 

762,257 

0.52% 

250,000 

250,000 

USD 

USD 

Food Producers 

Campbell Soup Co Libor 3M 01/Aug/2014 

Kraft Foods Inc 6% 11/Feb/2013 

190,214 

190,557 

0.13% 

0.13% 

500,000 

250,000 

430,000 

512,000 

250,000 

500,000 

2,000,000 

1,250,000 

585,000 

500,000 

700,000 

305,000 

500,000 

1,000,000 

250,000 

750,000 

1,000,000 

500,000 

400,000 

500,000 

450,000 

220,000 

865,000 

250,000 

500,000 

2,000,000 

600,000 

500,000 

250,000 

900,000 

115,000 

300,000 

125,000 

900,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Financials 


Abbey National Treasury Services PLC/London Libor 3M 10/Jun/2013 

Banco Santander Chile Libor 3M 14/Feb/2014 

Bank One Corp 5.25% 30/Jan/2013 

BB&T Corp Libor 3M 28/Apr/2014 

Branch Banking & Trust Co Libor 3M 13/Sep/2016 

Capital One Financial Corp 2.125% 15/Jul/2014 

Chase Capital VI Libor 3M 01/Aug/2028 

Citigroup Inc Libor 3M 13/Aug/2013 

Citigroup Inc 5.5% 11/Apr/2013 

Fifth Third Bancorp Libor 3M 20/Dec/2016 

Fifth Third Bancorp 6.25% 01/May/2013 

Fifth Third Bank/Ohio Libor 3M 17/May/2013 

First Tennessee Bank NA 4.625% 15/May/2013 

Goldman Sachs Group Inc Libor 3M 07/Feb/2014 

Goldman Sachs Group Inc Libor 3M 21/Nov/2014 

Goldman Sachs Group Inc Libor 3M 22/Mar/2016 

HSBC Bank PLC Libor 3M 12/Aug/2013 

HSBC Bank PLC Libor 3M 17/Jan/2014 

Intesa Sanpaolo SpA Libor 3M 24/Feb/2014 

Merrill Lynch & Co Inc 5% 03/Feb/2014 

Merrill Lynch & Co Inc 5.45% 05/Feb/2013 

Morgan Stanley Libor 3M 09/Nov/2018 

Morgan Stanley Libor 3M 14/May/2013 

Morgan Stanley Libor 3M 24/Jan/2014 

Royal Bank of Scotland NV Floating 09/Mar/2015 

Royal Bank of Scotland PLC Floating 14/Oct/2016 

Royal Bank of Scotland PLC Libor 3M 29/Sep/2015 

Santander US Debt SAU 2.485% 18/Jan/2013 

State Street Bank and Trust Co Libor 3M 08/Dec/2015 

Swedbank Hypotek AB Libor 3M 28/Mar/2014 

US Bancorp 2% 14/Jun/2013 

Wachovia Corp Libor 3M 01/May/2013 

Wachovia Corp Libor 3M 28/Oct/2015 

Westpac Banking Corp Libor 3M 09/Dec/2013 

379,659 

187,397 

327,268 

390,922 

186,607 

386,345 

1,252,962 

957,358 

449,415 

366,653 

541,109 

231,283 

384,191 

760,926 

190,117 

552,789 

761,192 

381,972 

304,232 

394,482 

342,755 

164,606 

660,684 

190,901 

359,292 

1,378,185 

427,336 

379,254 

188,246 

685,343 

87,865 

228,932 

93,362 

687,085 

0.26% 

0.13% 

0.22% 

0.27% 

0.13% 

0.26% 

0.86% 

0.65% 

0.31% 

0.25% 

0.37% 

0.16% 

0.26% 

0.52% 

0.13% 

0.38% 

0.52% 

0.26% 

0.21% 

0.27% 

0.23% 

0.11% 

0.45% 

0.13% 

0.25% 

0.95% 

0.29% 

0.26% 

0.13% 

0.47% 

0.06% 

0.16% 

0.06% 

0.47% 

250,000 

1,000,000 

250,000 

EUR 

USD 

USD 


Atlas Reinsurance VII Ltd Floating 07/Jan/2016 

Bear Stearns Cos LLC Floating 28/Oct/2014 

Caelus Re II Ltd Floating 24/May/2013 

250,000 

760,582 

191,425 

0.17% 

0.52% 

0.13% 







250,000 USD 

500,000 USD 

500,000 USD 

400,000 USD 

700,000 USD 

500,000 USD 

350,000 USD 

900,000 USD 

500,000 USD 

250,000 USD 

1,500,000 USD 

250,000 USD 

500,000 USD 

250,000 USD 

1,000,000 USD 

760,000 USD 

250,000 USD 

250,000 USD 

250,000 USD 

250,000 USD 

250,000 USD 

1,375,000 USD 

500,000 USD 

350,000 USD 


Combine Re Ltd Floating 07/Jan/2015 

Ford Motor Credit Co LLC 3.875% 15/Jan/2015 

General Electric Capital Corp Libor 3M 02/Jul/2015 

General Electric Capital Corp Libor 3M 07/Apr/2014 

General Electric Capital Corp Libor 3M 07/Jan/2014 

General Electric Capital Corp Libor 3M 20/Dec/2013 

General Electric Capital Corp Libor 3M 23/Sep/2013 

General Electric Capital Corp Libor 3M 24/Apr/2014 

Ibis Re Ltd Floating 03/May/2013 

Johnston Re Ltd Floating 08/May/2013 

Keycorp Student Loan Trust - A 2A2 - Libor 3M 28/Oct/2041 

Lodestone Re Ltd - A-2 - Floating 08/Jan/2014 

Lodestone Re Ltd - CLA - Floating 17/May/2013 

Longpoint Re Ltd - 144A - Floating 12/Jun/2015 

MassMutual Global Funding II Libor 3M 06/Dec/2013 

Merrill Lynch & Co Inc 6.15% 25/Apr/2013 

Mythen Ltd - 12-E - Libor 3M 07/May/2015 

Queen Street II Capital Ltd Floating 09/Apr/2014 

Residential Reinsurance 2010 Ltd - 144A - Floating 06/Jun/2013 

Residential Reinsurance 2011 Ltd - 1 - Floating 06/Jun/2015 

Shore Re Ltd Floating 08/Jul/2013 

SLM Corp 4% 25/Jul/2014 

Successor X Ltd Floating 25/Feb/2014 

Vita Capital IV Ltd Libor 6M 15/Jan/2016 

Market Value 

194,118 

395,608 

383,131 

305,105 

534,172 

381,100 

265,649 

687,185 

383,419 

192,696 

491,704 

190,705 

381,826 

189,264 

759,658 

585,976 

198,290 

190,610 

192,279 

197,512 

194,042 

1,054,871 

381,296 

267,225 

Net Assets % 

0.13% 

0.27% 

0.26% 

0.21% 

0.37% 

0.26% 

0.18% 

0.47% 

0.26% 

0.13% 

0.34% 

0.13% 

0.26% 

0.13% 

0.52% 

0.40% 

0.14% 

0.13% 

0.13% 

0.14% 

0.13% 

0.72% 

0.26% 

0.18% 

671,000 

500,000 

USD 

USD 

Life Insurance 

Protective Life Corp 4.3% 01/Jun/2013 

Sun Life Financial Global Funding III LP - 144A - Floating 06/Oct/2013 

516,361 

378,386 

0.35% 

0.26% 

250,000 

250,000 

USD 

USD 

Nonlife Insurance 

Foundation Re III Ltd Floating 03/Feb/2014 


190,515 

191,122 

0.13% 

0.13% 

245,000 

USD 

Health Care 

Health Care Equipment and Services 

Covidien International Finance SA 1.875% 15/Jun/2013 

186,983 

0.13% 

340,000 

USD 

Industrials 

Construction and Materials 

CRH America Inc 5.3% 15/Oct/2013 

266,405 

0.18% 

750,000 

USD 

Electronic and Electrical Equipment 

Agilent Technologies Inc 2.5% 15/Jul/2013 

574,119 

0.39% 

250,000 

USD 

Industrial Transportation 

CSX Corp 5.75% 15/Mar/2013 

191,174 

0.13% 

635,000 

250,000 

USD 

USD 

Technology 

Technology Hardware and Equipment 

Maxim Integrated Products Inc 3.45% 14/Jun/2013 

Xerox Corp Libor 3M 13/Sep/2013 

487,914 

190,905 

0.33% 

0.13% 

500,000 

500,000 

500,000 

USD 

USD 

USD 



British Telecommunications PLC Libor 3M 20/Dec/2013 

Telecom Italia Capital SA 5.25% 15/Nov/2013 

Telefonica Emisiones SAU 2.582% 26/Apr/2013 

382,183 

390,026 

380,638 

0.26% 

0.27% 

0.26% 








Market Value 

Net Assets % 

1,000,000 

340,000 

USD 

USD 

Utilities 

Electricity 

Northeast Utilities Libor 3M 20/Sep/2013 

Northeast Utilities 5.65% 01/Jun/2013 

762,486 

263,102 

0.52% 

0.18% 

Total Bonds 

32,526,858 

22.23% 

1,145,000 

250,000 

1,000,000 

12,500,000 

900,000 

300,000 

220,000 

1,175,000 

90,000 

433,000 

1,763,000 

4,600,000 

3,200,000 

350,000 

300,000 

233,000 

2,767,000 

2,000,000 

746,897 

925,710 

3,285,000 

2,448,000 

3,010,000 

725,000 

965,000 

4,000,000 

2,600,000 

5,000,000 

7,239,259 

250,000 

5,957,000 

609,000 

12,180,000 

1,153,981 

200,000 

500,000 

200,000 

268,000 

500,000 

4,525,000 

500,000 

110,000 

4,952,000 

100,000 

275,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

EUR 

EUR 

USD 

USD 

USD 

EUR 

USD 

USD 

USD 

USD 


Accredited Mortgage Loan Trust - 4 A2C - Libor 1M 25/Dec/2035 

ACE Securities Corp - ASP2 A2C - Libor 1M 25/Mar/2036 

Aegis Asset Backed Securities Trust - 2004-4 A1 - Libor 1M 25/Oct/2034 

Aegis Asset Backed Securities Trust - 3 A1 - Libor 1M 25/Sep/2034 

Aegis Asset Backed Securities Trust - 5 1A3 - Libor 1M 25/Dec/2035 

American Credit Acceptance Receivables Trust - 2013-3 A - 1.64% 15/Nov/2016 

American Express Credit Account Master Trust - 2010-1 B - Libor 1M 16/Nov/2015 

American Home Mortgage Investment Trust - 1 7A1 - Floating 25/Jun/2045 

AmeriCredit Automobile Receivables Trust - 1 B - 9.79% 15/Apr/2014 

AmeriCredit Automobile Receivables Trust - 2 D - 6.24% 08/Jun/2016 

Ameriquest Mortgage Securities Inc - R10 A2B - Libor 1M 25/Dec/2035 

Ameriquest Mortgage Securities Inc - R11 A1 - Libor 1M 25/Nov/2034 

Ameriquest Mortgage Securities Inc - R6 A2 - Libor 1M 25/Aug/2035 

ARL First LLC - 2012-1A A1 - Libor 1M 15/Dec/2042 

Ascentium Equipment Receivables LLC - 2012-1A A - 1.83% 15/Sep/2019 

Asset Backed Securities Corp Home Equity - HE3 M2 - Floating 25/Apr/2035 

Asset Backed Securities Corp Home Equity - 2005-HE2 M1 - Libor 1M 25/Feb/2035 

Banc of America Alternative Loan Trust - 10 2A2 - Libor 1M 25/Dec/2033 

Banc of America Alternative Loan Trust - 2004-2 5A1 - 5.5% 25/Mar/2019 

Banc of America Large Loan Inc - BMB1 A2 - Libor 1M 15/Aug/2029 

Banc of America Mortgage Securities Inc - F 2A5 - Floating 25/Jul/2033 

Banc of America Mortgage Securities Inc - H 3A1 - Floating 25/Sep/2033 

Banc of America Mortgage Securities Inc - I 2A6 - Floating 25/Oct/2033 

Banc of America Re-Remic Trust - 2012-CLRN A - Libor 1M 15/Aug/2029 

Banc of America Re-Remic Trust - 2012-CLRN C - Libor 1M 15/Aug/2029 

Bayview Commercial Asset Trust - 2A IO - Floating 25/Jul/2037 

Bayview Commercial Asset Trust - 4A IO - Floating 25/Sep/2037 

Bayview Financial Acquisition Trust - C A1 - Floating 28/May/2044 

Bayview Financial Acquisition Trust - D A - Floating 28/Aug/2044 

BCAP LLC Trust - RR11 3A1 - Floating 27/Jun/2036 

Bear Stearns Adjustable Rate Mortgage Trust - 5 A1 - Floating 25/Aug/2035 

Bear Stearns Adjustable Rate Mortgage Trust - 9 22A1 - Floating 25/Nov/2034 

Bear Stearns Alt-A Trust - 13 A1 - Libor 1M 25/Nov/2034 

Bear Stearns Asset Backed Securities Trust - HE6 M1 - Libor 1M 25/Jun/2035 

Bear Stearns Asset Backed Securities Trust - M3 - Libor 1M 25/Oct/2034 

Bumper 2 SA - 2011-2 A - Euribor 1M 23/Feb/2023 

Bumper 2 SA - 4 A - Euribor 1M 20/May/2026 

California Republic Auto Receivables Trust 2012-1 - A - 1.18% 15/Aug/2017 

CarNow Auto Receivables Trust - 1A A - 2.09% 15/Jan/2015 

Carrington Mortgage Loan Trust - 2006-OPT1 A3 - Libor 1M 25/Feb/2036 

Cars Alliance Funding PLC - 2011-G1 A - Euribor 3M 18/May/2024 

CD 2006-CD3 Mortgage Trust - 2006-CD3 AAB - 5.608% 15/Oct/2048 

Cendant Mortgage Corp - 2 A6 - 6.25% 25/Mar/2032 

Chase Issuance Trust - A12 - Libor 1M 15/Aug/2015 

Citigroup Commercial Mortgage Trust - C1 A3 - Floating 15/Apr/2040 

74,849 

76,114 

58,905 

443,931 

260,708 

227,549 

167,079 

174,910 

31,942 

353,676 

215,681 

216,596 

88,387 

265,473 

215,425 

42,129 

456,770 

203,413 

117,411 

691,196 

190,799 

240,937 

667,011 

555,330 

742,988 

108,721 

119,375 

244,535 

215,737 

36,518 

700,157 

78,727 

691,152 

168,971 

132,003 

504,320 

127,703 

188,526 

151,323 

949,298 

463,768 

40,870 

608,416 

76,466 

89,940 

0.05% 

0.05% 

0.04% 

0.30% 

0.18% 

0.16% 

0.11% 

0.12% 

0.02% 

0.24% 

0.15% 

0.15% 

0.06% 

0.18% 

0.15% 

0.03% 

0.31% 

0.14% 

0.08% 

0.47% 

0.13% 

0.16% 

0.46% 

0.38% 

0.51% 

0.07% 

0.08% 

0.17% 

0.15% 

0.02% 

0.48% 

0.05% 

0.47% 

0.12% 

0.09% 

0.34% 

0.09% 

0.13% 

0.10% 

0.65% 

0.32% 

0.03% 

0.42% 

0.05% 

0.06% 







478,214 USD 

1,998,000 USD 

770,000 USD 

25,847,000 USD 

2,488,000 USD 

100,000 USD 

800,000 USD 

9,951,228 USD 

1,467,215 USD 

400,000 USD 

2,600,000 USD 

8,000,000 USD 

7,420,000 USD 

20,000,000 USD 

1,388,000 USD 

271,612,900 USD 

2,110,000 USD 

1,920,000 USD 

890,000 USD 

260,000 USD 

26,000,000 USD 

550,000 USD 

5,000,000 USD 

1,000,000 USD 

360,000 USD 

800,000 USD 

600,000 USD 

100,000 USD 

1,112,000 USD 

550,000 USD 

900,000 USD 

462,855 USD 

775,000 USD 

1,000,000 EUR 

800,000 EUR 

300,000 USD 

75,000 EUR 

69,000,000 USD 

20,000,000 USD 

4,999,999 USD 

2,500,000 USD 

400,000 USD 

1,500,000 USD 

250,000 USD 

2,312,996 USD 

200,000 USD 

2,000,000 USD 

300,000 USD 

1,060,000 USD 

1,100,000 USD 

600,000 USD 

250,000 USD 

209,000 USD 


Citigroup Commercial Mortgage Trust - 2007-FL3A C - Libor 1M 15/Apr/2022 

Citigroup Mortgage Loan Trust Inc - OPT4 M1 - Libor 1M 25/Jul/2035 

Citigroup Mortgage Loan Trust Inc - WF2 AV3 - Floating 25/Aug/2035 

Citigroup Mortgage Loan Trust Inc - 1 2A1 - 6.5% 25/May/2016 

Citigroup Mortgage Loan Trust 2007-WFH2 - A2 - Libor 1M 25/Mar/2037 

COMM 2006-FL12 Mortgage Trust - 2006-FL12 AJ - Libor 1M 15/Dec/2020 

Commercial Mortgage Pass Through Certificates - FL11 D - Libor 1M 15/Nov/2017 

Commercial Mortgage Pass Through Certificates - FL12 A2 - Libor 1M 15/Dec/2020 

Commercial Mortgage Pass Through Certificates - FL14 AJ - Libor 1M 15/Jun/2022 

Commercial Mortgage Pass Through Certificates - 2012-MVP A - Libor 1M 17/Nov/2026 

Countrywide Alternative Loan Trust - 14T1 A9 - Libor 1M 25/Aug/2018 

Countrywide Alternative Loan Trust - 18CB 2A5 - Libor 1M 25/Sep/2034 

Countrywide Alternative Loan Trust - 2003-9T1 A3 - Libor 1M 25/Jul/2033 

Countrywide Asset-Backed Certificates - BC2 A - Libor 1M 25/Apr/2032 

Countrywide Asset-Backed Certificates - MV2 - Libor 1M 25/Jul/2035 

Countrywide Asset-Backed Certificates - 1 2A - Floating 25/Apr/2034 

Countrywide Asset-Backed Certificates - 12 2A3 - 5.069% 25/Dec/2035 

Countrywide Asset-Backed Certificates - 2A1 - Libor 1M 25/Aug/2047 

Countrywide Asset-Backed Certificates - 23 2A2 - Libor 1M 25/May/2037 

Countrywide Asset-Backed Certificates - 3 2A2 - Libor 1M 25/Jun/2036 

Countrywide Home Equity Loan Trust - F A - Libor 1M 15/Nov/2028 

Countrywide Home Loan Mortgage Pass Through Trust - J7 4A2 - Libor 1M 25/Aug/2018 

Countrywide Home Loan Mortgage Pass Through Trust - J9 2A1 - 5.25% 25/Jan/2035 

Countrywide Home Loan Mortgage Pass Through Trust - 19 A4 - 5.25% 25/Oct/2034 

Credit Suisse First Boston Mortgage Securities Corp - AR22 4M1 - Floating 25/Aug/2033 

Credit Suisse First Boston Mortgage Securities Corp - AR28 6M1 - Floating 25/Dec/2033 

Credit Suisse First Boston Mortgage Securities Corp - CKN5 G - 6.448% 15/Sep/2034 

Credit Suisse First Boston Mortgage Securities Corp - C5 A4 - 4.9% 15/Dec/2036 

Credit Suisse Mortgage Capital Certificates - C1 A2 - 5.268% 15/Feb/2040 

Credit Suisse Mortgage Capital Certificates - TFLA A2 - Libor 1M 15/Feb/2022 

Credit Suisse Mortgage Capital Certificates - 2006-TF2A A2 - Libor 1M 15/Oct/2021 

DBRR Trust - 2012-EZ1 A - 0.946% 25/Sep/2045 

Deutsche Mortgage Securities Inc - RS2 A1 - Floating 28/Jun/2047 

Driver One GmbH - 8 A - Euribor 1M 21/Feb/2017 

Driver One GmbH - 9 A - Euribor 1M 21/Apr/2017 

DT Auto Owner Trust - 1A C - 3.46% 15/Jan/2014 

E-CARAT - 1 A - Euribor 1M 18/Oct/2018 

EF Hutton Trust III Libor 3M 25/Oct/2017 

Extended Stay America Trust - ESHA XB1 - Floating 05/Jan/2016 

Fannie Mae Pool Floating 01/Oct/2034 

FDIC Structured Sale Guaranteed Notes - S1 1A - Libor 1M 25/Feb/2048 

First Franklin Mortgage Loan Asset Backed Certificates - FFH3 M1 - Libor 1M 25/Sep/2035 

First Horizon Asset Securities Inc - AR1 1A1 - Floating 25/Feb/2034 

First Horizon Asset Securities Inc - C5 AM - 6% 25/May/2036 

First NLC Trust - 2 AV3 - Libor 1M 25/Sep/2035 

First Union-Lehman Brothers-Bank of America - C2 D - 6.778% 18/Nov/2035 

Flagstar Home Equity Loan Trust - 1A A - Libor 1M 25/Jun/2018 

Ford Credit Floorplan Master Owner Trust - 2012-1 C - Libor 1M 15/Jan/2016 

Fremont Home Loan Trust - 2 2A2 - Libor 1M 25/Feb/2036 

GE Business Loan Trust - 1 A - Libor 1M 15/May/2032 

GE Capital Commercial Mortgage Corp - 2003-C2 A4 - 5.145% 10/Jul/2037 

GE Dealer Floorplan Master Note Trust - 1 A - Libor 1M 20/Jul/2016 

GE Dealer Floorplan Master Note Trust - 2012-4 A - Libor 1M 20/Oct/2017 

Market Value 

348,409 

306,700 

84,539 

49,217 

499,590 

70,902 

151,563 

1,040,641 

631,731 

308,789 

156,073 

193,451 

74,876 

180,082 

559,126 

656,867 

307,304 

151,555 

123,688 

64,585 

3,004 

26,690 

74,768 

217,511 

74,862 

128,072 

228,104 

69,097 

189,754 

206,950 

264,542 

348,958 

88,976 

482,194 

465,509 

17,553 

25,729 

16,592 

152 

200,349 

761,191 

265,215 

48,279 

44,048 

1,601,813 

18,709 

166,678 

228,817 

5,495 

217,779 

320,014 

190,716 

158,724 

Net Assets % 

0.24% 

0.21% 

0.06% 

0.03% 

0.34% 

0.05% 

0.10% 

0.72% 

0.43% 

0.21% 

0.11% 

0.13% 

0.05% 

0.12% 

0.38% 

0.45% 

0.21% 

0.10% 

0.08% 

0.04% 

0.00% 

0.02% 

0.05% 

0.15% 

0.05% 

0.09% 

0.16% 

0.05% 

0.13% 

0.14% 

0.18% 

0.24% 

0.06% 

0.33% 

0.32% 

0.01% 

0.02% 

0.01% 

0.00% 

0.14% 

0.52% 

0.18% 

0.03% 

0.03% 

1.10% 

0.01% 

0.11% 

0.16% 

0.00% 

0.15% 

0.22% 

0.13% 

0.11% 







2,000,000 USD 

13,340,166 USD 

150,000 EUR 

500,000 USD 

1,000,000 USD 

450,000 USD 

3,000,000 USD 

100,000 USD 

7,730,998 USD 

7,700,000 USD 

1,000,000 USD 

490,000 USD 

1,447,000 USD 

414,000 USD 

825,000 USD 

400,000 USD 

200,000 USD 

1,075,000 USD 

385,292 USD 

1,800,000 USD 

1,825,000 USD 

641,000 USD 

29,250,000 USD 

5,750,000 USD 

4,975,000 USD 

575,000 USD 

1,500,000 USD 

800,000 USD 

1,020,000 USD 

250,000 USD 

450,000 USD 

200,000 USD 

250,668 USD 

2,166,990 USD 

400,000 USD 

4,229,000 USD 

2,600,000 USD 

500,000 USD 

625,000 USD 

500,000 USD 

188,000 USD 

15,446,000 USD 

1,000,000 USD 

100,000 USD 

200,000 USD 

140,000 USD 

500,000 USD 

2,000,000 USD 

175,000 USD 

3,929,251 USD 

2,220,000 USD 

370,000 USD 


Global Mortgage Securitization Ltd - A A2 - Libor 1M 25/Nov/2032 

Government National Mortgage Association - 11 FM - Libor 1M 17/Jan/2030 

Gracechurch Card Funding PLC - 2 A - Euribor 1M 15/Jan/2016 

Gracechurch Card Funding PLC - 3A A - Floating 15/May/2019 

Gracechurch Card Funding PLC - 4A A - Libor 1M 15/Jun/2017 

Greenwich Capital Commercial Funding Corp - 2003-C1 A4 - 4.111% 05/Jul/2035 

GS Mortgage Securities Corp II - EOP A1 - Floating 06/Mar/2020 

GS Mortgage Securities Corp II - EOP D - Floating 06/Mar/2020 

GSAA Trust - 2004-6 A2 - Floating 25/Jun/2034 

GSAA Trust - 8 A3A - Libor 1M 25/Sep/2034 

GSAMP Trust - A2B - Libor 1M 25/Mar/2034 

GSAMP Trust - HE2 M1 - Floating 25/Mar/2035 

GSR Mortgage Loan Trust - AR6 2A1 - Floating 25/Sep/2035 

HLSS Servicer Advance Receivables Backed Notes - 2012-T2 A1 - 1.34% 15/Oct/2043 

Holmes Master Issuer PLC - 1A A2 - Libor 3M 15/Oct/2054 

Home Equity Asset Trust - 2005-7 2A4 - Libor 1M 25/Jan/2036 

Home Equity Asset Trust - 3 M2 - Floating 25/Aug/2035 

Home Equity Asset Trust - 3 2A3 - Libor 1M 25/Jul/2036 

Home Equity Asset Trust - 5 2A3 - Libor 1M 25/Nov/2035 

Homestar Mortgage Acceptance Corp - 2004-2 AV1 - Libor 1M 25/Jun/2034 

HSBC Home Equity Loan Trust - 2 A1 - Libor 1M 20/Mar/2036 

Hyundai Capital Auto Funding Ltd - 2010-8A A - Libor 1M 20/Sep/2016 

Impac CMB Trust - 4 1A1 - Libor 1M 25/Sep/2034 

Impac CMB Trust - 4 1M1 - Floating 25/May/2035 

Impac CMB Trust - 5 1A1 - Floating 25/Oct/2034 

Impac Secured Assets CMN Owner Trust - 1 2A1 - Libor 1M 25/May/2036 

Indymac Index Mortgage Loan Trust - FLX1 A1 - Libor 1M 25/Feb/2037 

Irwin Home Equity Corp - 1 2A3 - 5.32% 25/Jun/2035 

JP Morgan Chase Commercial Mortgage Securities Corp - A3 - 5.819% 12/Jun/2043 

JP Morgan Chase Commercial Mortgage Securities Corp - CCHP D - Floating 15/Jul/2028 

JP Morgan Chase Commercial Mortgage Securities Corp - FL2A G - Libor 1M 15/Nov/2018 

JP Morgan Chase Commercial Mortgage Securities Corp - LDP9 A3SF - Libor 1M 15/May/2047 

JP Morgan Chase Commercial Mortgage Securities Corp - 2003-ML1A A2 - 4.767% 12/Mar/2039 

JP Morgan Chase Commercial Mortgage Securities Corp - 2006-FL2A A2 - Libor 1M 15/Nov/2018 

JP Morgan Chase Commercial Mortgage Securities Corp - 2012-PHH A - Libor 1M 15/Oct/2025 

JP Morgan Mortgage Trust - A1 1A1 - Floating 25/Oct/2033 

JP Morgan Mortgage Trust - S1 2A1 - 6% 25/Aug/2034 

JPMorgan Chase & Co Floating 25/Feb/2021 

LB-UBS Commercial Mortgage Trust - AAB - 4.664% 15/Jul/2030 

LB-UBS Commercial Mortgage Trust - C4 J - 5.616% 15/Oct/2035 

LB-UBS Commercial Mortgage Trust - 2008-C1 AAB - Floating 15/Apr/2041 

Lehman ABS Manufactured Housing Contract Trust - A A - Libor 1M 15/Jun/2033 

Lehman Brothers Floating Rate Commercial Mortgage Trust - LLFA B - Libor 1M 15/Sep/2021 

Lehman Brothers Floating Rate Commercial Mortgage Trust 2007-LLF C5 Libor 1M 15/Jun/2022 

Lehman Brothers Small Balance Commercial - 2005-2A 1A - Libor 1M 25/Sep/2030 

Lehman Brothers Small Balance Commercial Mortgage Trust 2007 - 3A 1A4 - Libor 1M 

25/Oct/2037 

Madison Avenue Manufactured Housing Contract - A M2 - Libor 1M 25/Mar/2032 

MASTR Alternative Loans Trust - 13 5A1 - 4.5% 25/Jan/2015 

Mastr Asset Backed Securities Trust - HE1 M1 - Libor 1M 25/May/2035 

Mastr Asset Backed Securities Trust - 2006-AB1 A2 - Libor 1M 25/Feb/2036 

MASTR Asset Securitization Trust 2003-6 - 3A2 - Floating 25/Jul/2018 

MBNA Credit Card Master Note Trust - A5 A5 - Libor 1M 15/Oct/2015 

Market Value 

165,555 

1,255,888 

151,012 

382,957 

767,125 

182,472 

442,945 

76,019 

237,018 

327,848 

214,012 

72,367 

358,062 

314,508 

546,031 

231,954 

76,018 

128,791 

211,721 

181,876 

364,071 

440,636 

1,204,865 

266,592 

314,864 

209,211 

52,935 

197,672 

385,473 

191,439 

112,460 

150,778 

108,216 

903,425 

308,257 

568,797 

486,132 

396,141 

228,480 

378,437 

132,790 

817,271 

697,180 

69,005 

36,185 

43,426 

370,306 

42,671 

1,905 

867,106 

121,478 

280,643 

Net Assets % 

0.11% 

0.87% 

0.10% 

0.26% 

0.52% 

0.12% 

0.30% 

0.05% 

0.16% 

0.22% 

0.15% 

0.05% 

0.24% 

0.21% 

0.37% 

0.16% 

0.05% 

0.09% 

0.14% 

0.12% 

0.25% 

0.30% 

0.83% 

0.18% 

0.22% 

0.14% 

0.04% 

0.14% 

0.26% 

0.13% 

0.08% 

0.10% 

0.07% 

0.62% 

0.21% 

0.39% 

0.33% 

0.27% 

0.16% 

0.26% 

0.09% 

0.56% 

0.48% 

0.05% 

0.02% 

0.03% 

0.25% 

0.03% 

0.00% 

0.59% 

0.08% 

0.19% 







3,840,000 USD 

80,000 USD 

2,800,000 USD 

6,220,000 USD 

11,000,000 USD 

21,057,000 USD 

4,874,909 USD 

400,000 USD 

205,000 USD 

1,000,000 USD 

676,000 USD 

948,000 USD 

620,000 USD 

2,000,000 USD 

7,115,000 USD 

870,000 USD 

250,000 USD 

2,000,000 USD 

1,050,000 USD 

250,000 USD 

300,000 USD 

296,000 USD 

1,000,000 USD 

1,600,000 USD 

12,235,000 USD 

2,975,000 USD 

400,000 USD 

11,725,000 USD 

1,800,000 USD 

3,356,000 USD 

16,500,000 EUR 

28,100,000 USD 

2,900,000 USD 

3,783,000 USD 

1,500,000 USD 

418,000 USD 

250,000 USD 

550,000 USD 

1,000,000 USD 

1,000,000 USD 

600,000 EUR 

700,000 EUR 

3,711,615 USD 

6,076,000 USD 

3,000,000 USD 

8,080,000 USD 

2,600,000 USD 

26,603,723 USD 

2,000,000 USD 

1,000,000 EUR 

4,000,000 USD 

1,000,000 USD 

4,400,000 USD 


Merrill Lynch Mortgage Investors Inc - A2 A4 - Floating 25/Feb/2035 

Merrill Lynch Mortgage Trust - 2003-KEY1 A4 - Floating 12/Nov/2035 

MLCC Mortgage Investors Inc - A A1 - Floating 25/Apr/2029 

MLCC Mortgage Investors Inc - A A1 - Floating 25/Mar/2030 

MLCC Mortgage Investors Inc - D A2 - Floating 25/Aug/2029 

MLCC Mortgage Investors Inc - E A1 - Libor 1M 25/Nov/2029 

Morgan Stanley ABS Capital I - WMC1 A2B - Libor 1M 25/Dec/2035 

Morgan Stanley Capital I Inc - HQ6 A2A - 4.882% 13/Aug/2042 

Morgan Stanley Capital I Inc - XLF9 C - Libor 1M 15/Dec/2020 

Morgan Stanley Capital I Inc - 1998-WF2 F - Floating 15/Jul/2030 

Morgan Stanley Capital I Inc - 2007-XLFA B - Libor 1M 15/Oct/2020 

MortgageIT Trust 2004-1 - A1 - Floating 25/Nov/2034 

NCUA Guaranteed Notes - R3 1A - Floating 08/Dec/2020 

NCUA Guaranteed Notes - R6 1A - Floating 07/May/2020 

New Century Home Equity Loan Trust - A2C - Floating 25/Jun/2035 

New Century Home Equity Loan Trust - 1 A2C - Libor 1M 25/Mar/2035 

NorthStar 2012-1 Mortgage Trust - A - Libor 1M 25/Aug/2029 

Option One Mortgage Loan Trust - HL1 2A1 - Libor 1M 25/Feb/2038 

Option One Mortgage Loan Trust - 4 A3 - Libor 1M 25/Nov/2035 

ORES NPL LLC - 2012-LV1 A - 4% 25/Sep/2044 

Penarth Master Issuer PLC - 2011-1A A1 - Libor 1M 18/May/2015 

PFS Financing Corp - 2012-AA A - Libor 1M 15/Feb/2016 

RAAC Series - 2006-RP2A - Libor 1M 25/Feb/2037 

RALI Trust - QR19 CB3 - 5.75% 25/Oct/2033 

RALI Trust - QS1 A1 - 4.25% 25/Jan/2034 

RALI Trust - QS1 A2 - Libor 1M 25/Jan/2034 

RALI Trust - QS10 A3 - Libor 1M 25/Jul/2034 

RALI Trust - QS16 A2 - Libor 1M 25/Oct/2017 

RALI Trust - QS5 A5 - 4.75% 25/Apr/2034 

RAMP Trust - RZ3 A2 - Libor 1M 25/Sep/2035 

Rams Mortgage Securities Pty Ltd - 1E 1A - Euribor 3M 21/Jul/2035 

Residential Asset Securitization Trust - A2 A2 - Libor 1M 25/May/2033 

Residential Asset Securitization Trust - A8 A1 - 5.25% 25/Nov/2034 

Residential Asset Securitization Trust - 2003-A6 A4 - Libor 1M 25/Jul/2033 

Residential Funding Mortgage Securities II Home Loan Trust - HI1 M1 - Floating 25/Apr/2028 

RFSC Series 2003-RP2 Trust - 2003-RP2 M1 - Libor 1M 25/Jul/2041 

Santander Drive Auto Receivables Trust - S2A C - 2.86% 15/Jun/2017 

Santander Drive Auto Receivables Trust - S2A D - 3.35% 15/Jun/2017 

Santander Drive Auto Receivables Trust 2012-5 - A1 - 0.33599% 15/Aug/2013 

Saxon Asset Securities Trust - 3 A2 - Libor 1M 25/Oct/2046 

SC Germany Auto Euribor 1M 10/Jul/2019 

SC Germany Auto Euribor 1M 12/Aug/2019 

Sequoia Mortgage Trust - 1 A1 - Libor 1M 20/Feb/2035 

Sequoia Mortgage Trust - 12 A1 - Libor 1M 20/Jan/2035 

Sequoia Mortgage Trust - 12 A2 - Floating 20/Jan/2035 

Sequoia Mortgage Trust - 2 A2 - Floating 20/Jun/2033 

Sequoia Mortgage Trust - 4 2A1 - Libor 1M 20/Jul/2033 

Sequoia Mortgage Trust - 5 A1 - Floating 20/Sep/2033 

Sequoia Mortgage Trust - 9 A1 - Libor 1M 20/Oct/2034 

Sherwood Castle Funding PLC - 1 A - Euribor 3M 15/Mar/2016 

Sierra Receivables Funding Co LLC - 2A A2 - Libor 1M 20/Sep/2019 

SLM Student Loan Trust - 10 A4A - Libor 3M 27/Jul/2020 

SLM Student Loan Trust - 10 A6B - Libor 3M 27/Apr/2026 

Market Value 

229,285 

62,275 

180,318 

417,716 

660,380 

1,364,723 

204,658 

77,425 

145,108 

54,035 

483,773 

139,483 

397,938 

682,878 

630,186 

102,014 

183,670 

48,311 

122,405 

140,948 

228,068 

225,707 

120,069 

36,249 

624,563 

160,376 

11,785 

343,058 

151,159 

220,873 

511,293 

1,074,374 

130,195 

31,330 

129,198 

304,424 

73,674 

172,103 

205,553 

189,558 

44,665 

201,723 

377,017 

558,257 

177,174 

342,187 

343,672 

1,216,430 

186,777 

997,351 

405,396 

149,908 

3,322,092 

Net Assets % 

0.16% 

0.04% 

0.12% 

0.29% 

0.45% 

0.94% 

0.14% 

0.05% 

0.10% 

0.04% 

0.33% 

0.10% 

0.27% 

0.47% 

0.43% 

0.07% 

0.13% 

0.03% 

0.08% 

0.10% 

0.16% 

0.15% 

0.08% 

0.02% 

0.43% 

0.11% 

0.01% 

0.23% 

0.10% 

0.15% 

0.35% 

0.74% 

0.09% 

0.02% 

0.09% 

0.21% 

0.05% 

0.12% 

0.14% 

0.13% 

0.03% 

0.14% 

0.26% 

0.38% 

0.12% 

0.23% 

0.23% 

0.84% 

0.13% 

0.69% 

0.28% 

0.10% 

2.28% 







1,440,000 USD 

500,000 USD 

1,100,000 USD 

622,840 USD 

6,000,000 USD 

500,000 USD 

2,117,000 USD 

725,000 USD 

5,545,000 USD 

5,262,794 USD 

925,000 USD 

7,400,000 USD 

200,000 USD 

6,800,000 USD 

1,300,000 USD 

2,864,000 USD 

1,600,000 USD 

1,000,000 USD 

9,631,691 USD 

800,000 USD 

370,000 USD 

500,000 EUR 

300,000 EUR 

200,000 EUR 

175,000,000 USD 

650,000 USD 

955,000 USD 

1,000,000 USD 

1,410,000 USD 

150,000 USD 

2,618,000 USD 

13,100,000 USD 

500,000 USD 


SLM Student Loan Trust - 8 A4 - Libor 3M 25/Jan/2028 

SMART Trust/Australia - 2012-4US A2B - Libor 1M 14/Jun/2015 

SNAAC Auto Receivables Trust - 1A A - 1.78% 15/Jun/2016 

Soundview Home Loan Trust 2005-OPT4 - 2A3 - Libor 1M 25/Dec/2035 

Specialty Underwriting & Residential Finance - BC4 A2B - Libor 1M 25/Sep/2036 

Stanwich Mortgage Loan Trust - 2012-NPL4 A - 2.9814% 15/Sep/2042 

Structured Adjustable Rate Mortgage Loan Trust - 3XS A3 - Floating 25/Jan/2035 

Structured Asset Investment Loan Trust 2006-1 - A3 - Libor 1M 25/Jan/2036 

Structured Asset Mortgage Investments Inc - AR2 3A1 - Floating 25/May/2045 

Structured Asset Mortgage Investments Inc - F1 FA - Libor 1M 26/Aug/2035 

Structured Asset Securities Corp - BC1 A2 - Libor 1M 25/Feb/2037 

Structured Asset Securities Corp - 2XS 1A2B - 4.44% 25/Feb/2035 

Structured Asset Securities Corp - 2004-S4 M5 - Libor 1M 25/Dec/2034 

Structured Asset Securities Corp - 24A 1A3 - Floating 25/Jul/2033 

Structured Asset Securities Corp - 31A 3A - Floating 25/Oct/2033 

Structured Asset Securities Corp - 35 3A1 - Libor 1M 25/Dec/2033 

Thornburg Mortgage Securities Trust - II4A - Floating 25/Mar/2044 

Thornburg Mortgage Securities Trust - 1 II2A - Floating 25/Mar/2044 

Thornburg Mortgage Securities Trust - 3 A - Floating 25/Sep/2034 

Triton Container Finance LLC - 2006-1A NOTE - Libor 1M 26/Nov/2021 

United Auto Credit Securitization Trust - 2012-1 A2 - 1.1% 16/Mar/2015 

Volkswagen Car Lease - 12A - Euribor 1M 21/Jun/2016 

Volkswagen Car Lease - 13B - Euribor 1M 21/Feb/2017 

Volkswagen Car Lease Euribor 1M 21/Nov/2016 

Wachovia Bank Commercial Mortgage Trust - C26 XP - Floating 15/Jun/2045 

Wachovia Mortgage Loan Trust LLC - WMC1 A4 - Libor 1M 25/Oct/2035 

WaMu Mortgage Pass Through Certificates - AR10 1A1 - Floating 25/Sep/2035 

Wells Fargo & Co Floating 26/Jun/2015 

Wells Fargo Home Equity Trust - 2 A1 - Libor 1M 25/Apr/2037 

Wells Fargo Home Equity Trust - 4 AI3 - Libor 1M 25/Dec/2035 

Wells Fargo Mortgage Backed Securities Trust - AR6 A1 - Floating 25/Apr/2035 

Wells Fargo Mortgage Backed Securities Trust - 19 A3 - 4.5% 25/Jan/2019 

World Financial Network Credit Card Master Trust - A M - Libor 1M 15/Feb/2017 

Market Value 

1,085,306 

379,248 

532,765 

211,090 

77,702 

337,606 

52,396 

211,752 

419,552 

435,955 

32,239 

51,918 

114,035 

817,408 

189,412 

259,099 

159,877 

165,007 

991,894 

232,594 

280,758 

69,354 

156,161 

68,815 

20,039 

214,340 

3,524 

766,156 

82,556 

69,169 

298,209 

342,181 

378,212 

Net Assets % 

0.75% 

0.26% 

0.36% 

0.14% 

0.05% 

0.23% 

0.04% 

0.14% 

0.29% 

0.30% 

0.02% 

0.04% 

0.08% 

0.56% 

0.13% 

0.18% 

0.11% 

0.11% 

0.68% 

0.16% 

0.19% 

0.05% 

0.11% 

0.05% 

0.01% 

0.15% 

0.00% 

0.52% 

0.06% 

0.05% 

0.20% 

0.23% 

0.26% 


71,765,409 

49.06% 


300,000 

500,000 

EUR 

EUR 


Ireland Government Bond 5% 18/Apr/2013 

Netherlands Government Bond 4.25% 15/Jul/2013 

303,030 

511,150 

0.21% 

0.35% 

1,300,000 

800,000 

600,000 

6,008,108 

800,000 

13,138,831 

13,008,723 

1,982,652 

4,410,000 

16,418,356 

17,000,000 

10,970,000 

5,102,738 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Local Public Authorities 

Fannie Mae Pool Floating CV 01/Nov/2025 

Fannie Mae Pool Floating 01/Apr/2028 

Fannie Mae Pool Floating 01/Apr/2029 

Fannie Mae Pool Floating 01/Feb/2027 

Fannie Mae Pool Floating 01/Feb/2033 

Fannie Mae Pool Floating 01/Jan/2025 

Fannie Mae Pool Floating 01/Nov/2024 

Fannie Mae Pool Floating 01/Nov/2034 

Fannie Mae REMICS - 118 FD - Libor 1M 25/Dec/2033 

Fannie Mae REMICS - 130 FD - Libor 1M 25/Jan/2034 

Fannie Mae REMICS - 15 FN - Libor 1M 25/Mar/2018 

Fannie Mae REMICS - 17 BF - Libor 1M 25/Jan/2034 

Fannie Mae REMICS - 2003-42 HF - Libor 1M 25/Dec/2017 

6,843 

5,937 

3,632 

23,714 

3,515 

93,682 

143,292 

121,627 

394,031 

6,344,663 

827,059 

2,046,702 

138,825 

0.00% 

0.00% 

0.00% 

0.02% 

0.00% 

0.06% 

0.10% 

0.08% 

0.27% 

4.33% 

0.57% 

1.40% 

0.09% 







3,215,000 USD 

1,825,000 USD 

1,600,000 USD 

50,000,000 USD 

11,585,646 USD 

3,000,000 USD 

25,000,000 USD 

60,000,000 USD 

1,000,000 USD 

158,000,000 USD 

106,410,900 USD 

171,721,193 USD 

20,000,000 USD 

1,200,000 USD 

5,000,000 USD 

9,736,397 USD 

1,000,000 USD 

1,615,000 USD 

8,500,000 USD 

25,980,901 USD 

310,000 USD 

1,600,000 USD 

1,000,000 USD 

1,000,000 USD 

1,700,000 USD 

200,000 USD 

268,000 USD 

250,000 USD 

63,146,256 USD 

200,000 USD 

1,200,000 USD 

462,855 USD 

139,000 USD 

2,800,000 USD 

113,000 USD 

17,530,000 USD 

2,458,000 USD 

395,000 USD 

27,757,000 USD 

1,000,000 USD 

57,000,000 USD 

2,500,000 USD 

23,450,000 USD 

1,020,182 USD 

20,000,000 USD 

17,200,000 USD 

700,000 USD 

555,000 USD 

565,000 USD 

27,000,000 USD 

40,000,000 USD 

50,000,000 USD 

15,500,000 USD 


Fannie Mae REMICS - 2007-65 BE - 5.5% 25/Oct/2032 

Fannie Mae REMICS - 2010-112 AB - 4% 25/Nov/2035 

Fannie Mae REMICS - 2010-69 EA - 4% 25/Jul/2024 

Fannie Mae REMICS - 28 FA - Floating 25/May/2027 

Fannie Mae REMICS - 3 CF - Libor 1M 25/Mar/2036 

Fannie Mae REMICS - 34 TN - 4.5% 25/Oct/2017 

Fannie Mae REMICS - 35 FG - Libor 1M 25/May/2033 

Fannie Mae REMICS - 47 FD - Libor 1M 25/Dec/2030 

Fannie Mae REMICS - 59 NB - 3.5% 25/Sep/2017 

Fannie Mae REMICS - 63 F - Floating 25/Nov/2022 

Fannie Mae REMICS - 67 F - Floating 25/Dec/2022 

Fannie Mae REMICS - 68 FC - Floating 18/Aug/2027 

Fannie Mae REMICS - 82 FB - Libor 1M 25/Dec/2032 

Fannie Mae REMICS - 85 BA - 6% 25/Mar/2035 

Fannie Mae REMICS - 91 DC - 5% 25/May/2033 

Fannie Mae Whole Loan - W2 1A4 - Floating 25/Jul/2042 

Fannie Mae Whole Loan - W3 3A - Floating 25/Apr/2045 

Fannie Mae Whole Loan - W4 3A - Floating 25/Jun/2035 

FHLMC Structured Pass Through Securities - 31 A7 - Floating 25/May/2031 

Freddie Mac Non Gold Pool Floating 01/Apr/2025 

Freddie Mac Non Gold Pool Floating 01/Apr/2029 

Freddie Mac Non Gold Pool Floating 01/Feb/2037 

Freddie Mac Non Gold Pool Floating 01/Jan/2028 

Freddie Mac Non Gold Pool Floating 01/May/2025 

Freddie Mac Non Gold Pool Floating 01/Nov/2031 

Freddie Mac REMICS - DA - 4% 15/Jan/2024 

Freddie Mac REMICS - PD - 5.5% 15/Mar/2032 

Freddie Mac REMICS - 2099 OG - 5% 15/Jun/2034 

Freddie Mac REMICS - 2377 FE - Libor 1M 15/Nov/2031 

Freddie Mac REMICS - 2575 YC - 5% 15/Feb/2018 

Freddie Mac REMICS - 2629 CO - 3.5% 15/Nov/2022 

Freddie Mac REMICS - 2644 BC - 5% 15/Oct/2031 

Freddie Mac REMICS - 2734 PG - 5% 15/Jul/2032 

Freddie Mac REMICS - 2828 NF - Libor 1M 15/Dec/2018 

Freddie Mac REMICS - 3203 VN - 5% 15/Jun/2022 

Freddie Mac REMICS - 3405 AB - 6% 15/Apr/2036 

Freddie Mac REMICS - 3628 PA - 5% 15/Oct/2033 

Freddie Mac REMICS - 3925 FL - Libor 1M 15/Jan/2041 

Freddie Mac REMICS Floating 15/Oct/2023 

Freddie Mac REMICS Libor 1M 15/Dec/2020 



Freddie Mac REMICS Libor 1M 15/Feb/2033 

Freddie Mac REMICS Libor 1M 15/Jul/2036 

Freddie Mac REMICS Libor 1M 15/Jun/2023 

Freddie Mac REMICS Libor 1M 15/May/2029 

Freddie Mac REMICS 4.5% 15/Jul/2034 

Government National Mortgage Association - 2004-103 CD - Floating 16/Dec/2031 

Government National Mortgage Association - 2009-34 HA - 4.5% 16/Feb/2034 

Government National Mortgage Association - 37 FJ - Libor 1M 16/Oct/2029 

Government National Mortgage Association - 38 FW - Libor 1M 16/Oct/2029 

Government National Mortgage Association - 38 FX - Libor 1M 16/Oct/2029 

Government National Mortgage Association - 52 IO - Floating 16/Nov/2051 

Market Value 

233,361 

185,020 

256,693 

119,083 

1,947,215 

37,723 

1,856,772 

342,490 

6,195 

315,180 

250,934 

900,812 

601,090 

359,650 

74,231 

746,394 

186,675 

253,930 

154,349 

45,946 

3,104 

255,220 

6,074 

10,603 

8,031 

36,616 

45,049 

194,203 

896,752 

83,379 

62,464 

81,954 

43,416 

130,572 

61,262 

284,449 

191,228 

276,205 

859,826 

244,815 

445,415 

59,736 

428,296 

772,243 

1,041,375 

190,515 

109,813 

95,481 

76,001 

378,448 

185,356 

231,695 

382,801 

Net Assets % 

0.16% 

0.13% 

0.18% 

0.08% 

1.33% 

0.03% 

1.27% 

0.23% 

0.00% 

0.22% 

0.17% 

0.62% 

0.41% 

0.25% 

0.05% 

0.51% 

0.13% 

0.17% 

0.11% 

0.03% 

0.00% 

0.17% 

0.00% 

0.01% 

0.01% 

0.03% 

0.03% 

0.13% 

0.61% 

0.06% 

0.04% 

0.06% 

0.03% 

0.09% 

0.04% 

0.19% 

0.13% 

0.19% 

0.59% 

0.17% 

0.30% 

0.04% 

0.29% 

0.53% 

0.71% 

0.13% 

0.08% 

0.07% 

0.05% 

0.26% 

0.13% 

0.16% 

0.26% 






Holding 

1,200,000 

650,000 

250,000 


USD 

USD 

USD 


New Jersey Economic Development Authority Libor 3M 15/Jun/2013 

Texas Municipal Gas Acquisition & Supply Corp III 5% 15/Dec/2014 

University of California Libor 1M 01/Jul/2041 

Market Value 

912,069 

523,382 

189,931 

Net Assets % 

0.62% 

0.36% 

0.13% 




29,639,224 

133,931,491 

20.26% 

91.55% 


Bonds 

500,000 

USD 



Daimler Finance North America LLC Libor 3M 28/Mar/2014 

380,256 

0.26% 

500,000 

USD 

Financials 


Glitnir Banki HF 0% 02/Mar/2015 Defaulted 

38 

0.00% 

500,000 

300,000 

500,000 

500,000 

250,000 

250,000 

250,000 

250,000 

250,000 

300,000 

300,000 

750,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


American Honda Finance Corp Libor 3M 08/Apr/2014 

Compass Re Ltd - 2 - Floating 08/Jan/2015 


Lodestone Re Ltd - CLB - Floating 17/May/2013 

Mythen Re Ltd Series 2012-2 Class A Floating 05/Jan/2017 

Queen Street III Capital Ltd Floating 28/Jul/2014 

Queen Street VII Re Ltd Floating 08/Apr/2016 

Residential Reinsurance 2010 Ltd - CL1 - Floating 06/Jun/2013 


Residential Reinsurance 2012 Ltd Floating 06/Dec/2016 

Successor X Ltd Libor 3M 07/Jan/2014 

Vita Capital V Ltd Floating 15/Jan/2017 

379,340 

231,076 

379,665 

383,912 

189,396 

190,724 

189,624 

191,918 

194,819 

227,549 

230,370 

570,976 

0.26% 

0.16% 

0.26% 

0.26% 

0.13% 

0.13% 

0.13% 

0.13% 

0.13% 

0.16% 

0.16% 

0.39% 

2,000,000 

USD 


Jackson National Life Global Funding Libor 3M 08/Aug/2013 

1,516,264 

1.03% 

Total Bonds 

5,255,927 

3.59% 

375,000 

500,000 

2,300,000 

100,000 

8,700,000 

360,000 

200,000 

150,000 

100,000 

16,000,000 

3,000,000 

750,000 

500,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


ACE Securities Corp - 2003-MH1 B1 - Floating 15/Aug/2030 

Ally Master Owner Trust - 2011-1 A1 - Libor 1M 15/Jan/2016 

Bear Stearns Asset Backed Securities Trust - HE10 1A1 - Libor 1M 25/Dec/2036 

BMW Vehicle Owner Trust 0.76% 25/Aug/2015 

Countrywide Alternative Loan Trust - J9 3A4 - Libor 1M 25/Oct/2034 

Countrywide Asset-Backed Certificates - BC5 3A3 - Libor 1M 25/Jan/2036 

Countrywide Home Loan Mortgage Pass Through Trust 5.25% 25/Jun/2034 

Credit Suisse First Boston Mortgage Securities Corp - CKP1 G - 7.165% 15/Dec/2035 

GMAC Commercial Mortgage Securities Inc Series 2003-C3 Trust - A4 - 5.023% 10/Apr/2040 

Government National Mortgage Association - 72 IO - Floating 16/Feb/2052 

Lehman Brothers Small Balance Commercial - 1A 1A - Libor 1M 25/Mar/2037 

Lehman Brothers Small Balance Commercial - 2A M2 - Libor 1M 25/Sep/2030 

Soundview Home Equity Loan Trust - 3 M2 - Floating 25/Jun/2035 

97,518 

381,618 

40,442 

76,087 

64,008 

119,787 

154,093 

62,822 

76,753 

540,111 

921,410 

92,030 

135,170 

0.07% 

0.26% 

0.03% 

0.05% 

0.04% 

0.08% 

0.11% 

0.04% 

0.05% 

0.37% 

0.64% 

0.06% 

0.09% 



2,761,849 

8,017,776 

1.89% 

5.48% 


141,949,267 

97.03% 




146,290,180 

100.00% 


Pioneer Funds - Euro Bond 






Market Value 

Net Assets % 

Bonds 

2,500,000 

EUR 


Beverages 

Carlsberg Breweries A/S 3.375% 13/Oct/2017 

2,729,088 

0.23% 

1,000,000 

12,500,000 

112,886,143 

12,350,000 

EUR 

EUR 

DKK 

EUR 

Financials 


Banque Federative du Credit Mutuel SA 4.125% 20/Jul/2020 



SpareBank 1 SR Bank ASA 3.5% 21/Apr/2016 

1,150,285 

12,823,938 

15,379,912 

13,254,144 

0.10% 

1.08% 

1.29% 

1.11% 

8,100,000 

EUR 

Industrials 


Cie de St-Gobain 4% 08/Oct/2018 

8,890,074 

0.75% 

1,000,000 

EUR 



TeliaSonera AB 3.875% 01/Oct/2025 

1,143,255 

0.10% 

9,750,000 

EUR 

Utilities 

Gas, Water and Multiutilities 

Gas Natural Capital Markets SA 4.375% 02/Nov/2016 

10,465,406 

0.88% 

Total Bonds 

65,836,102 

5.54% 

23,000,000 

12,050,000 

EUR 

EUR 


Diamond Mortgage Financing NV - 0.0417 - Euribor 3M 16/Sep/2033 

LTR Finance Euribor 3M 26/Nov/2018 

5,466,939 

272,979 

0.46% 

0.02% 


5,739,918 

0.48% 


5,400,000 

1,600,000 

4,000,000 

8,800,000 

5,000,000 

7,000,000 

4,000,000 

19,771,000 

8,000,000 

11,000,000 

10,100,000 

13,098,000 

80,650,000 

5,900,000 

12,159,000 

11,912,000 

2,000,000 

7,800,000 

3,800,000 

10,500,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


Austria Government Bond 3.5% 15/Sep/2021 

Austria Government Bond 3.65% 20/Apr/2022 

Austria Government Bond 4.15% 15/Mar/2037 


Austria Government Bond 4.65% 15/Jan/2018 

Austria Government Bond 6.25% 15/Jul/2027 

Belgium Government Bond 3.25% 28/Sep/2016 

Belgium Government Bond 3.5% 28/Mar/2015 

Belgium Government Bond 4% 28/Mar/2017 





Bundesrepublik Deutschland 3.25% 04/Jul/2015 

Bundesrepublik Deutschland 4% 04/Jan/2018 



Bundesrepublik Deutschland 5.5% 04/Jan/2031 


Finland Government Bond 3.375% 15/Apr/2020 

6,262,515 

1,875,120 

5,194,000 

10,576,940 

5,982,875 

10,565,975 

4,409,100 

21,247,894 

9,120,600 

12,870,000 

11,883,155 

17,491,724 

91,219,930 

6,380,998 

14,371,938 

16,135,400 

3,095,150 

11,908,650 

5,687,840 

12,188,138 

0.53% 

0.16% 

0.44% 

0.89% 

0.50% 

0.89% 

0.37% 

1.79% 

0.77% 

1.08% 

1.00% 

1.47% 

7.67% 

0.54% 

1.21% 

1.36% 

0.26% 

1.00% 

0.48% 

1.03% 







5,000,000 EUR 

2,500,000 EUR 

15,817,000 EUR 

10,380,000 EUR 

18,881,000 EUR 

19,672,000 EUR 

14,532,000 EUR 

1,000,000 EUR 

10,000,000 EUR 

11,000,000 EUR 

13,050,000 EUR 

16,212,000 EUR 

21,254,000 EUR 

25,208,000 EUR 

6,000,000 EUR 

5,133,496 EUR 

5,650,000 EUR 

9,886,000 EUR 

10,000,000 EUR 

7,000,000 EUR 

38,962,000 EUR 

3,650,000 EUR 

9,000,000 EUR 

18,783,000 EUR 

27,680,000 EUR 

14,828,000 EUR 

10,000,000 EUR 

13,200,000 EUR 

5,000,000 EUR 

29,771,000 EUR 

7,100,000 EUR 

19,771,000 EUR 

6,500,000 EUR 

7,000,000 EUR 

27,128,000 EUR 

15,783,000 EUR 

14,200,000 EUR 

10,700,000 EUR 

3,000,000 EUR 

2,000,000 EUR 

3,900,000 EUR 

9,680,000 EUR 

3,000,000 EUR 

9,500,000 EUR 

12,000,000 EUR 

4,000,000 EUR 

2,700,000 EUR 

3,000,000 EUR 

123,767,000 NOK 

8,500,000 EUR 

2,000,000 EUR 

3,500,000 EUR 

7,300,000 EUR 


Finland Government Bond 3.875% 15/Sep/2017 

France Government Bond OAT 2.25% 25/Oct/2022 


France Government Bond OAT 3.25% 25/Apr/2016 






France Government Bond OAT 4% 25/Apr/2014 


France Government Bond OAT 4% 25/Oct/2038 







French Treasury Note BTAN 3% 12/Jul/2014 

Ireland Government Bond 4.5% 18/Feb/2015 

Ireland Government Bond 5% 18/Oct/2020 

Ireland Government Bond 5.4% 13/Mar/2025 

Italy Buoni Poliennali Del Tesoro 3% 01/Apr/2014 

Italy Buoni Poliennali Del Tesoro 3% 15/Jun/2015 

Italy Buoni Poliennali Del Tesoro 3.5% 01/Jun/2014 

Italy Buoni Poliennali Del Tesoro 3.75% 01/Aug/2015 

Italy Buoni Poliennali Del Tesoro 4% 01/Sep/2020 





Italy Buoni Poliennali Del Tesoro 4.75% 01/May/2017 

Italy Buoni Poliennali Del Tesoro 5% 01/Aug/2034 


Italy Buoni Poliennali Del Tesoro 5% 01/Mar/2022 


Italy Buoni Poliennali Del Tesoro 6.5% 01/Nov/2027 



Netherlands Government Bond 3.75% 15/Jan/2023 


Netherlands Government Bond 4% 15/Jan/2037 

Netherlands Government Bond 4% 15/Jul/2016 






Norway Government Bond 4.5% 22/May/2019 

Portugal Obrigacoes do Tesouro OT 3.35% 15/Oct/2015 

Portugal Obrigacoes do Tesouro OT 4.1% 15/Apr/2037 

Portugal Obrigacoes do Tesouro OT 4.45% 15/Jun/2018 


Market Value 

5,799,625 

2,557,688 

16,962,546 

11,393,348 

20,350,414 

22,572,145 

16,369,208 

1,164,350 

11,634,250 

11,567,050 

15,626,070 

19,340,105 

24,841,675 

29,872,739 

7,751,700 

6,023,773 

7,973,845 

14,596,185 

10,448,000 

7,423,150 

40,350,994 

3,737,418 

9,153,450 

19,090,572 

28,344,320 

15,336,230 

10,064,750 

13,501,290 

5,255,750 

31,161,305 

7,024,030 

21,078,357 

6,515,275 

7,018,025 

28,576,634 

15,796,810 

16,543,355 

13,291,808 

3,513,300 

2,406,250 

4,121,130 

12,871,738 

3,397,950 

11,209,763 

14,347,500 

4,729,900 

3,932,820 

4,664,700 

19,688,403 

8,311,300 

1,322,000 

3,269,000 

6,247,705 

Net Assets % 

0.49% 

0.22% 

1.43% 

0.96% 

1.71% 

1.90% 

1.38% 

0.10% 

0.98% 

0.97% 

1.32% 

1.63% 

2.09% 

2.52% 

0.65% 

0.51% 

0.67% 

1.23% 

0.88% 

0.63% 

3.39% 

0.31% 

0.77% 

1.61% 

2.39% 

1.29% 

0.85% 

1.14% 

0.44% 

2.62% 

0.59% 

1.78% 

0.55% 

0.59% 

2.41% 

1.33% 

1.39% 

1.12% 

0.30% 

0.20% 

0.35% 

1.08% 

0.29% 

0.94% 

1.21% 

0.40% 

0.33% 

0.39% 

1.66% 

0.70% 

0.11% 

0.28% 

0.53% 






Holding 

497,910 

4,850,000 

18,000,000 

2,700,000 

11,000,000 

15,000,000 

13,700,000 

15,421,000 

19,771,000 


EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


Slovakia Government Bond 4.9% 11/Feb/2014 

Spain Government Bond 3% 30/Apr/2015 

Spain Government Bond 3.75% 31/Oct/2015 

Spain Government Bond 4.1% 30/Jul/2018 




Spain Government Bond 5.5% 30/Apr/2021 


Market Value 

522,641 

4,845,635 

18,219,600 

2,673,743 

11,040,425 

13,716,750 

11,743,983 

15,791,875 

20,981,974 

Net Assets % 

0.04% 

0.41% 

1.53% 

0.23% 

0.93% 

1.16% 

0.99% 

1.33% 

1.77% 




1,038,146,266 

1,109,722,286 

87.44% 

93.46% 

23,487 

EUR 



23,921,275 

2.01% 


23,921,275 

2.01% 


1,133,643,561 

95.47% 


1,187,402,349 

100.00% 


Maturity Date 

Long/(Short) 


11-Mar-13 102 

Euro Bobl 

11-Mar-13 112 

Euro Bund 

11-Mar-13 200 

Euro Buxl 

11-Mar-13 882 

Euro Schatz 

11-Mar-13 (72) 

Euro-Oat Futures 

21-Mar-13 (10) 

Japanese 10y Bond 

28-Mar-13 28 

Long Gilt 

28-Mar-13 (47) 

US Long Bond 

28-Mar-13 (3) 


31-Mar-13 334 


31-Mar-13 (288) 


16-Jun-14 120 

90 Day Euro$ 


Trade 


EUR 

EUR 

EUR 

EUR 

EUR 

JPY 

GBP 

USD 

USD 

USD 

USD 

USD 



13,037,640 

16,311,680 

27,388,000 

97,774,110 

(9,803,520) 

(1,436,500,000) 

3,330,040 

(6,941,313) 

(398,297) 

73,641,783 

(35,824,501) 

29,865,000 

Market Price 


127.82 

145.64 

136.94 

110.86 

136.16 

143.65 

118.93 

147.69 

132.77 

110.24 

124.39 

99.55 


(in Fund Ccy) 

90,780 

42,997 

776,001 

114,660 

(129,599) 

82,459 

33,302 

93,579 

(889) 

15,879 

44,371 

22,618 

1,186,158 




04-Mar-13 EUR 

15,030,345 

04-Mar-13 EUR 

422,682 

04-Mar-13 EUR 

19,019,000 

04-Mar-13 EUR 

2,148,751 



DKK 

JPY 

NOK 

USD 

Amount Sold 

112,000,000 

45,000,000 

140,595,830 

2,773,906 


15,436 

27,940 

(88,668) 

45,529 

237 







Maturity Date 

Quantity 

Contract 

Strike Price 




Trade 


Market Price 

(in Fund Ccy) 

Unrealised 

Gain/(Loss) 

Short Positions 

02-Aug-22 (11,030,000) 

02-Aug-22 (11,030,000) 

16-Oct-13 (39,500,000) 

Call Swaption IRS 2.76% / Euribor 6M 2/Aug/2022 

Put Swaption IRS 2.76% / Euribor 6M 2/Aug/2022 

Call Swaption IRS 2.10% / Euribor 6M 16/Oct/2013 

2.76 

2.76 

2.10 

30,442,800 EUR (612,202) 194,593 

30,442,800 EUR (766,495) 

40,300 

82,950,000 EUR (409,966) 601,234 

(1,788,663) 836,127 


02-Aug-22 49,200,000 Call Swaption IRS 3.03% / Euribor 3M 2/Aug/2022 


02-Aug-22 49,200,000 Put Swaption IRS 3.03% / Euribor 3M 2/Aug/2022 


16-Oct-13 79,000,000 Call Swaption IRS 2.50% / Euribor 6M 16/Oct/2013 

16-Jun-14 499 



3.03 

2.60 

3.03 

2.60 

2.50 

99.00 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 

402,627 

266,937 

300,879 

327,174 

314,878 

61,504 

1,673,999 

11,513 

(86,503) 

(90,235) 

(26,267) 

(672,623) 

(231,588) 

(1,095,703) 

(259,576) 



Underlying 

20-Mar-22 Credit Default Swap Buyer Ireland Republic 

20-Dec-17 Credit Default Swap Buyer iTraxx Europe Series 18 

20-Dec-17 Credit Default Swap Seller iTraxx Europe Series 18 

04-Aug-21 Cross Currency Swap Seller - 

16-Apr-20 Cross Currency Swap Seller - 


- 


- 

11-Jul-17 Interest Rate Swap 

- 

03-Sep-14 Interest Rate Swap 

- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 




Received Rate 

- 

- 

1.000% 

Euribor 3M 

Stibor 3M +0.36% 

3.210% 

BBSW 3M 

China IRS 1W 

2.860% 

2.370% 

China IRS 1W 

Euribor 6M 

EUR-EXT-CPI 

0.353% 

Euribor 6M 

2.360% 

Euribor 6M 

Euribor 6M 

Euribor 6M 

3.473% 

Indian OIS 1D 

Libor 6M 

Libor 6M 

2.505% 

KRW3MCD 

3.350% 

Klibor 3M 

Klibor 3M 

3.340% 

Klibor 3M 

3.345% 

BKBM 3M 

2.650% 


Unrealised 

Gain/(Loss) 

1.000% USD 35,250,000 2,985,514 

1.000% EUR 36,000,000 281,230 

- EUR 22,500,000 (175,769) 

Libor 3M -0.36% EUR 53,846,154 

34,244 

Euribor 3M EUR 36,000,000 297,548 

BBSW 3M AUD 40,595,000 (65,834) 

2.940% AUD 38,740,000 (55,215) 

2.600% CNY 85,700,000 453,587 

China IRS 1W CNY 208,600,000 (214,825) 

China IRS 1W CNY 205,900,000 (378,010) 

2.850% CNY 86,800,000 367,081 

1.582% EUR 9,700,000 (235,517) 

1.579% EUR 10,535,000 124,716 

Eonia 1D EUR 180,000,000 512,991 

1.000% EUR 119,000,000 (578,341) 

Euribor 6M EUR 49,300,000 644,560 

0.680% EUR 180,000,000 (765,718) 

1.575% EUR 15,000,000 (355,602) 

1.800% EUR 11,100,000 801,241 

Libor 6M GBP 9,800,000 (440,515) 

7.650% INR 3,700,000,000 151,545 

0.390% JPY 11,000,000,000 (174,419) 

2.343% JPY 1,418,000,000 202,343 

Libor 6M JPY 1,132,000,000 (195,350) 

2.788% KRW 15,000,000,000 

41,147 

Klibor 3M MYR 19,400,000 (20,379) 

3.680% MYR 10,761,000 

47,939 

3.685% MYR 10,339,000 

44,821 

Klibor 3M MYR 49,400,000 (57,580) 

3.675% MYR 26,300,000 119,748 

Klibor 3M MYR 20,200,000 (22,579) 

2.830% NZD 49,780,550 

12,962 

BKBM 3M NZD 98,442,400 (34,395) 

3,353,169 


Pioneer Funds - Euro Aggregate Bond 






Market Value 

Net Assets % 

Bonds 

4,000,000 

EUR 



BMW Finance NV 1.5% 05/Jun/2018 

4,051,640 

0.28% 

1,000,000 

EUR 

Beverages 


1,091,635 

0.08% 

4,359,000 

EUR 

Tobacco 

Imperial Tobacco Finance PLC 8.375% 17/Feb/2016 

5,293,590 

0.37% 

2,000,000 

1,400,000 

6,000,000 

EUR 

EUR 

EUR 



Casino Guichard Perrachon SA 5.5% 30/Jan/2015 

Delhaize Group SA 3.125% 27/Feb/2020 

Groupe Auchan SA 4.75% 15/Apr/2015 

2,177,030 

1,445,388 

6,551,910 

0.15% 

0.10% 

0.45% 

1,300,000 

3,000,000 

EUR 

EUR 

Travel, Leisure and Catering 

Lottomatica Group SpA 3.5% 05/Mar/2020 

Lottomatica Group SpA 5.375% 05/Dec/2016 

1,334,782 

3,294,780 

0.09% 

0.23% 

4,600,000 

3,000,000 

10,250,000 

3,500,000 

800,000 

4,600,000 

3,500,000 

3,500,000 

3,500,000 

5,000,000 

200,000 

3,350,000 

3,000,000 

5,100,000 

2,500,000 

2,500,000 

1,500,000 

1,700,000 

656,000 

6,750,000 

500,000 

1,000,000 

2,067,000 

1,417,000 

5,000,000 

5,000,000 

5,000,000 

6,500,000 

1,929,000 

3,000,000 

9,000,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 

EUR 

EUR 

Financials 


ABN Amro Bank NV 3.5% 12/Jan/2018 

ABN Amro Bank NV 3.625% 22/Jun/2020 

ABN Amro Bank NV 6.375% 27/Apr/2021 

Banco Bilbao Vizcaya Argentaria SA 3.5% 26/Jul/2013 

Banco Bilbao Vizcaya Argentaria SA 4.25% 18/Jan/2017 

Banco Bilbao Vizcaya Argentaria SA 4.25% 30/Mar/2015 

Banco Espanol de Credito SA 3.5% 27/Jan/2015 

Banco Santander SA 3.125% 28/Jan/2015 

Banco Santander SA 3.125% 28/Sep/2015 

Banco Santander SA 4.125% 09/Jan/2017 

Bank of America Corp Floating 06/May/2019 

Bank of America Corp 4.75% 03/Apr/2017 

Banque Federative du Credit Mutuel SA 4.125% 20/Jul/2020 

Barclays Bank PLC 2.25% 22/Feb/2017 

Barclays Bank PLC 4% 12/Jan/2021 


BBVA Senior Finance SAU 3.25% 23/Apr/2015 

Belfius Bank SA/NV 1.25% 27/Nov/2017 

BNP Paribas Capital Trust VI - Pfd - Floating Perpetual 

BNP Paribas SA 2.5% 23/Aug/2019 

BPCE SA Floating Perpetual 


BPCE SA 9.25% Perpetual 

Cie de Financement Foncier SA 2.25% 21/Aug/2015 

Cie de Financement Foncier SA 4.375% 25/Apr/2019 

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 4.375% 22/Jan/2014 

Credit Mutuel - CIC Home Loan SFH - SFH - 4.375% 17/Mar/2021 

Credit Mutuel - CIC Home Loan SFH 3.375% 18/Jul/2016 

Danske Bank A/S Floating 21/Sep/2037 

Danske Bank Oyj 1.625% 27/Sep/2019 

Deutsche Bank AG 2.125% 01/Mar/2019 

5,160,280 

3,445,005 

11,734,968 

3,530,422 

832,786 

4,769,188 

3,564,400 

3,547,600 

3,555,650 

5,206,625 

194,500 

3,775,986 

3,450,855 

5,404,827 

2,963,535 

2,841,025 

1,501,455 

1,720,692 

658,385 

7,020,472 

415,500 

700,000 

2,184,561 

1,474,849 

5,860,930 

5,207,350 

6,017,025 

7,097,090 

1,530,807 

3,056,190 

9,626,130 

0.36% 

0.24% 

0.80% 

0.24% 

0.06% 

0.33% 

0.25% 

0.24% 

0.25% 

0.36% 

0.01% 

0.26% 

0.24% 

0.37% 

0.20% 

0.20% 

0.10% 

0.12% 

0.05% 

0.48% 

0.03% 

0.05% 

0.15% 

0.10% 

0.40% 

0.36% 

0.41% 

0.49% 

0.11% 

0.21% 

0.65% 







6,000,000 EUR 

4,750,000 EUR 

6,000,000 EUR 

6,000,000 EUR 

2,500,000 USD 

3,500,000 EUR 

7,937,000 EUR 

4,000,000 EUR 

3,500,000 EUR 

4,600,000 EUR 

6,000,000 EUR 

3,500,000 EUR 

3,500,000 EUR 

4,000,000 EUR 

3,000,000 EUR 

2,500,000 EUR 

5,000,000 EUR 

2,600,000 EUR 

6,000,000 EUR 

3,000,000 EUR 

4,600,000 EUR 

3,300,000 USD 

3,500,000 EUR 

2,000,000 EUR 

3,500,000 EUR 

8,000,000 EUR 

2,083,000 EUR 

57,433,302 DKK 

34,701,409 DKK 

4,700,000 EUR 

3,300,000 EUR 

800,000 EUR 

3,500,000 EUR 

4,500,000 EUR 

3,500,000 EUR 

1,000,000 EUR 

100,000 EUR 

2,000,000 EUR 

5,000,000 EUR 

5,000,000 EUR 

3,000,000 EUR 

3,500,000 EUR 

2,545,000 EUR 

2,000,000 EUR 

3,750,000 USD 

8,500,000 EUR 

8,000,000 EUR 

500,000 EUR 

4,000,000 EUR 

2,700,000 EUR 

3,000,000 EUR 

11,000,000 EUR 

3,500,000 EUR 


Deutsche Postbank AG 3.375% 31/Mar/2020 

Deutsche Postbank AG 3.625% 15/Feb/2021 

Erste Group Bank AG 3% 06/Sep/2018 

Eurohypo AG 2.875% 19/Jan/2016 

Export-Import Bank of Korea 5.125% 29/Jun/2020 

GCE Covered Bonds SA 2.75% 14/Jan/2015 

HSBC Capital Funding LP/Jersey Floating Perpetual 

HSBC Covered Bonds France 3.375% 20/Jan/2017 

ING Bank NV 2.25% 31/Aug/2015 

ING Bank NV 3.375% 11/Jan/2018 

ING-DiBa AG 2% 13/Mar/2019 


Intesa Sanpaolo SpA 3.25% 28/Apr/2017 


Intesa Sanpaolo SpA 4.125% 19/Sep/2016 

KBC Bank NV 1.125% 11/Dec/2017 

KBC Internationale Financieringsmaatschappij NV Euribor 3M 19/Jul/2013 

KBC Internationale Financieringsmaatschappij NV 3% 29/Aug/2016 

KFW 2.5% 17/Jan/2022 

Lansforsakringar Hypotek AB 2.875% 23/Mar/2015 

Lloyds TSB Bank PLC 4.125% 06/Apr/2016 

Lloyds TSB Bank PLC 6.5% 14/Sep/2020 

Morgan Stanley 4% 17/Nov/2015 

Morgan Stanley 4.5% 23/Feb/2016 

National Australia Bank Ltd 3.5% 23/Jan/2015 

Nordea Bank AB 4.5% 26/Mar/2020 

Nordea Bank Finland PLC 2.375% 17/Jul/2017 


Realkredit Danmark A/S 3.5% 01/Oct/2044 


Santander International Debt SAU 4.625% 21/Mar/2016 

SG Capital Trust III Floating Perpetual 

Skandinaviska Enskilda Banken AB 3% 20/Jan/2016 

Skandinaviska Enskilda Banken AB 4% 12/Sep/2022 


Societe Generale SA 5.25% 28/Mar/2013 

Societe Generale SA 6.625% 27/Apr/2015 

Societe Generale SCF SA 4.75% 06/Jun/2013 

Societe Generale SCF SA 5% 27/Mar/2019 

Societe Generale SFH 4% 18/Jan/2022 

Sparebank 1 Boligkreditt AS 3.25% 17/Mar/2017 

SpareBank 1 SR Bank ASA 3.5% 21/Apr/2016 

Stadshypotek AB 1.875% 21/Mar/2017 


Standard Chartered Bank Hong Kong Ltd 5.875% 24/Jun/2020 

Standard Chartered PLC 3.625% 15/Dec/2015 

Svenska Handelsbanken AB 2.625% 23/Aug/2022 

Swedish Covered Bond Corp 3.25% 30/Mar/2017 

Terra Boligkreditt AS 1.25% 06/Nov/2017 

UBS AG/London 3.5% 15/Jul/2015 

UBS AG/London 4% 08/Apr/2022 

UniCredit Bank AG 2.875% 07/Jun/2016 

UniCredit SpA 2.625% 31/Oct/2015 

Market Value 

6,932,100 

5,575,075 

6,616,920 

6,405,492 

2,188,875 

3,657,623 

7,921,126 

4,417,200 

3,664,623 

5,134,520 

6,372,150 

3,639,125 

3,667,353 

4,103,660 

3,135,210 

2,515,665 

5,024,200 

2,732,210 

6,571,200 

3,160,020 

5,106,385 

2,769,209 

3,716,528 

2,153,160 

3,702,738 

8,866,960 

2,231,258 

7,824,867 

4,727,813 

4,816,630 

3,444,936 

764,464 

3,765,720 

4,739,805 

3,515,610 

1,011,365 

109,784 

2,038,750 

6,098,500 

5,884,225 

3,306,615 

3,756,235 

2,670,138 

1,976,050 

3,208,122 

9,172,095 

8,248,080 

552,418 

4,048,260 

2,880,671 

3,596,100 

11,853,435 

3,602,900 

Net Assets % 

0.48% 

0.38% 

0.46% 

0.44% 

0.15% 

0.25% 

0.55% 

0.30% 

0.25% 

0.35% 

0.44% 

0.25% 

0.25% 

0.28% 

0.22% 

0.17% 

0.35% 

0.19% 

0.45% 

0.22% 

0.35% 

0.19% 

0.26% 

0.15% 

0.26% 

0.61% 

0.15% 

0.54% 

0.33% 

0.33% 

0.24% 

0.05% 

0.26% 

0.33% 

0.24% 

0.07% 

0.01% 

0.14% 

0.42% 

0.41% 

0.23% 

0.26% 

0.18% 

0.14% 

0.22% 

0.62% 

0.57% 

0.04% 

0.28% 

0.20% 

0.25% 

0.81% 

0.25% 







5,500,000 EUR 

5,520,000 EUR 

3,500,000 EUR 


UniCredit SpA 5.25% 14/Jan/2014 


Unione di Banche Italiane SCPA 3.625% 23/Sep/2016 

Market Value 

5,711,200 

5,760,919 

3,635,975 

Net Assets % 

0.39% 

0.40% 

0.25% 

2,000,000 

3,000,000 

4,500,000 

7,000,000 

4,000,000 

7,000,000 

3,000,000 

3,500,000 

3,000,000 

2,200,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


Banque PSA Finance SA 3.625% 17/Sep/2013 

BNP Paribas Home Loan SFH 3.375% 12/Jan/2017 


BNP Paribas Home Loan SFH 4.5% 30/May/2014 

BPCE SFH SA 3.75% 13/Sep/2021 

Caisse de Refinancement de l’Habitat SA 4% 25/Apr/2018 

Credit Agricole Home Loan SFH 3.25% 23/Mar/2017 

Credit Suisse AG/Guernsey 2.625% 01/Dec/2015 

LeasePlan Corp NV 3.875% 16/Sep/2015 

OP Mortgage Bank 1.625% 23/May/2017 

2,025,610 

3,315,600 

5,210,145 

7,409,500 

4,595,620 

8,076,950 

3,298,140 

3,719,590 

3,188,610 

2,284,018 

0.14% 

0.23% 

0.36% 

0.51% 

0.32% 

0.56% 

0.23% 

0.26% 

0.22% 

0.16% 

1,500,000 

2,000,000 

200,000 

EUR 

EUR 

EUR 


AXA SA - Em.Jun 06 - Floating Perpetual 

Muenchener Rueckversicherungs AG Floating 26/May/2041 


1,473,390 

2,391,756 

242,105 

0.10% 

0.16% 

0.02% 

6,000,000 

EUR 

Health Care 


Luxottica Group SpA 3.625% 19/Mar/2019 

6,617,040 

0.46% 

2,500,000 

EUR 


Merck Financial Services GmbH 3.375% 24/Mar/2015 

2,645,413 

0.18% 

2,300,000 

300,000 

EUR 

EUR 

Industrials 



Holcim Finance Luxembourg SA 9% 26/Mar/2014 

2,524,342 

329,445 

0.17% 

0.02% 

2,000,000 

EUR 


Atlantia SpA 3.375% 18/Sep/2017 

2,077,440 

0.14% 

500,000 

3,000,000 

3,000,000 

100,000 

500,000 

1,500,000 

5,000,000 

1,917,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 



AT&T Inc 6.125% 02/Apr/2015 

Deutsche Telekom International Finance BV 4.25% 16/Mar/2020 

France Telecom SA 5% 22/Jan/2014 

France Telecom SA 8.125% 28/Jan/2033 

Koninklijke KPN NV 6.5% 15/Jan/2016 

Telefonica Emisiones SAU 3.406% 24/Mar/2015 


Telenor ASA 4.125% 26/Mar/2020 

562,140 

3,468,765 

3,138,810 

158,048 

571,070 

1,553,018 

5,508,200 

2,221,899 

0.04% 

0.24% 

0.22% 

0.01% 

0.04% 

0.11% 

0.38% 

0.15% 

985,000 

EUR 

Mobile Telecommunications 

Vodafone Group PLC 6.25% 15/Jan/2016 

1,146,294 

0.08% 

2,000,000 

1,500,000 

4,100,000 

2,800,000 

5,000,000 

200,000 

2,280,000 

7,472,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

Utilities 

Electricity 

Alliander NV Floating Perpetual 

Eandis CVBA 2.75% 30/Nov/2022 

Electricite de France SA 2.75% 10/Mar/2023 

Electricite de France SA 3.875% 18/Jan/2022 

Elia System Operator SA/NV 4.5% 22/Apr/2013 

E.ON International Finance BV 6.375% 29/May/2017 

ESB Finance Ltd 4.375% 21/Nov/2019 

ESB Finance Ltd 6.25% 11/Sep/2017 

2,125,400 

1,544,025 

4,157,646 

3,152,590 

4,937,475 

245,225 

2,421,166 

8,586,560 

0.15% 

0.11% 

0.29% 

0.22% 

0.34% 

0.02% 

0.17% 

0.59% 







2,000,000 EUR 

1,500,000 EUR 

100,000 EUR 

2,000,000 EUR 


Eurogrid GmbH 3.875% 22/Oct/2020 

Iberdrola International BV 4.5% 21/Sep/2017 

RWE AG 5.75% 14/Feb/2033 

Statkraft AS 2.5% 28/Nov/2022 

Market Value 

2,255,120 

1,637,738 

135,215 

2,018,500 

Net Assets % 

0.16% 

0.11% 

0.01% 

0.14% 

200,000 

1,150,000 

1,150,000 

300,000 

653,000 

200,000 

EUR 

EUR 

GBP 

EUR 

EUR 

EUR 


Anglian Water Services Financing PLC 4.625% 07/Oct/2013 


National Grid Gas PLC 6.375% 03/Mar/2020 

National Grid PLC 5% 02/Jul/2018 

Veolia Environnement SA 5.25% 24/Apr/2014 

Veolia Environnement SA 5.375% 28/May/2018 

207,957 

1,234,381 

1,760,120 

356,729 

691,627 

236,175 

0.01% 

0.09% 

0.12% 

0.02% 

0.05% 

0.02% 

Total Bonds 

505,448,717 

34.86% 


10,000,000 

10,000,000 

13,000,000 

EUR 

EUR 

EUR 

Supranationals 

European Financial Stability Facility 3.5% 04/Feb/2022 

European Investment Bank 2.25% 14/Oct/2022 

European Union 2.75% 21/Sep/2021 

11,532,000 

10,465,800 

14,360,385 

0.80% 

0.72% 

0.99% 

3,100,000 

8,150,000 

300,000 

2,560,000 

7,300,000 

1,900,000 

900,000 

10,600,000 

6,300,000 

10,000,000 

4,300,000 

800,000 

3,625,000 

1,720,000 

15,500,000 

55,625,000 

2,900,000 

7,500,000 

11,500,000 

6,430,000 

4,000,000 

2,400,000 

3,350,000 

3,100,000 

15,900,000 

1,550,000 

600,000 

3,300,000 

1,300,000 

16,800,000 

10,000,000 

1,950,000 

8,700,000 

12,000,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 




Austria Government Bond 3.8% 26/Jan/2062 












Bundesobligation 2.5% 27/Feb/2015 










Deutsche Bundesrepublik Inflation Linked Bond Floating 15/Apr/2023 

Finland Government Bond 2.75% 04/Jul/2028 

Finland Government Bond 4% 04/Jul/2025 

Finland Government Bond 4.375% 04/Jul/2019 







3,364,508 

9,451,758 

391,845 

3,324,160 

8,562,717 

2,508,428 

1,358,483 

11,417,525 

6,770,610 

11,765,500 

5,050,780 

982,180 

4,474,156 

2,296,974 

16,348,625 

62,915,171 

3,928,195 

7,820,438 

12,230,825 

9,401,624 

6,190,300 

3,664,200 

5,014,280 

5,027,425 

17,147,093 

1,708,836 

748,605 

4,029,218 

1,394,153 

18,396,420 

10,778,250 

2,237,479 

9,799,897 

13,640,400 

0.23% 

0.65% 

0.03% 

0.23% 

0.59% 

0.17% 

0.09% 

0.79% 

0.47% 

0.81% 

0.35% 

0.07% 

0.31% 

0.16% 

1.13% 

4.35% 

0.27% 

0.54% 

0.84% 

0.65% 

0.43% 

0.25% 

0.35% 

0.35% 

1.18% 

0.12% 

0.05% 

0.28% 

0.10% 

1.27% 

0.74% 

0.15% 

0.68% 

0.94% 







5,000,000 EUR 

5,300,000 EUR 

16,915,818 EUR 

12,640,000 EUR 

10,800,000 EUR 

7,800,000 EUR 

6,700,000 EUR 

2,070,000 EUR 

4,700,000 EUR 

900,000 EUR 

2,800,000 EUR 

9,420,000 EUR 

3,840,000 EUR 

24,000,000 EUR 

26,620,000 EUR 

1,750,000 EUR 

26,000,000 EUR 

10,000,000 EUR 

4,500,000 EUR 

5,300,000 EUR 

1,000,000 EUR 

7,550,000 EUR 

1,740,000 EUR 

11,730,000 EUR 

1,300,000 EUR 

23,400,000 EUR 

6,000,000 EUR 

2,870,000 EUR 

5,150,000 EUR 

7,430,000 EUR 

8,200,000 EUR 

3,045,000 EUR 

2,300,000 EUR 

5,900,000 EUR 

6,150,000 EUR 

300,000 EUR 

4,500,000 EUR 

5,080,000 EUR 

3,400,000 EUR 

7,100,000 EUR 

4,640,000 EUR 

1,000,000 EUR 

9,800,000 EUR 

4,410,000 EUR 

24,200,000 EUR 

2,100,000 EUR 

500,000 EUR 

94,350,000 NOK 

5,000,000 EUR 

8,000,000 EUR 

8,500,000 EUR 

5,400,000 EUR 

4,500,000 EUR 















French Treasury Note BTAN 2.5% 25/Jul/2016 


Ireland Government Bond 5.5% 18/Oct/2017 





Italy Buoni Poliennali Del Tesoro 3.75% 15/Dec/2013 

Italy Buoni Poliennali Del Tesoro 4% 01/Feb/2017 

Italy Buoni Poliennali Del Tesoro 4% 01/Feb/2037 





Italy Buoni Poliennali Del Tesoro 4.75% 01/Sep/2021 







Italy Buoni Poliennali Del Tesoro 5.75% 01/Feb/2033 

Italy Buoni Poliennali Del Tesoro 6% 01/May/2031 



Italy Buoni Poliennali Del Tesoro 9% 01/Nov/2023 





Netherlands Government Bond 4% 15/Jan/2037 









Spain Government Bond 4.8% 31/Jan/2024 

Market Value 

5,821,750 

5,573,215 

19,696,777 

15,135,136 

11,569,770 

9,305,010 

8,068,643 

2,674,337 

6,174,860 

1,250,168 

4,103,540 

13,294,446 

6,153,504 

25,823,400 

27,569,003 

1,923,513 

26,443,300 

10,153,500 

4,608,000 

5,181,943 

1,021,850 

7,859,173 

1,515,149 

11,805,951 

1,329,673 

24,492,780 

6,146,400 

2,992,477 

5,162,103 

7,449,132 

8,498,070 

3,047,664 

2,380,213 

6,402,385 

6,703,500 

334,493 

5,242,613 

6,310,503 

4,643,635 

8,314,810 

5,582,500 

1,321,550 

10,355,660 

5,864,087 

28,615,895 

3,058,860 

777,450 

15,008,853 

4,765,750 

7,922,200 

8,531,237 

4,629,015 

4,261,613 

Net Assets % 

0.40% 

0.38% 

1.36% 

1.04% 

0.80% 

0.64% 

0.56% 

0.18% 

0.43% 

0.09% 

0.28% 

0.92% 

0.42% 

1.78% 

1.90% 

0.13% 

1.82% 

0.70% 

0.32% 

0.36% 

0.07% 

0.54% 

0.10% 

0.81% 

0.09% 

1.69% 

0.42% 

0.21% 

0.36% 

0.51% 

0.59% 

0.21% 

0.16% 

0.44% 

0.46% 

0.02% 

0.36% 

0.44% 

0.32% 

0.57% 

0.38% 

0.09% 

0.71% 

0.40% 

1.98% 

0.21% 

0.05% 

1.04% 

0.33% 

0.55% 

0.59% 

0.32% 

0.29% 






Holding 

16,600,000 

3,700,000 

2,100,000 

2,500,000 

2,650,000 


EUR 

EUR 

EUR 

EUR 

EUR 


Spain Government Bond 4.85% 31/Oct/2020 




Spain Government Bond 6% 31/Jan/2029 

Market Value 

16,469,690 

3,252,670 

2,113,230 

2,561,563 

2,758,385 

Net Assets % 

1.14% 

0.22% 

0.15% 

0.18% 

0.19% 

4,300,000 

2,600,000 

12,100,000 

12,000,000 

4,200,000 

12,100,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


Caisse d’Amortissement de la Dette Sociale 4% 25/Oct/2014 

Cassa Depositi e Prestiti SpA 3% 31/Jan/2013 

Fondo de Reestructuracion Ordenada Bancaria 3% 19/Nov/2014 

Instituto de Credito Oficial 3.25% 10/Feb/2015 

Instituto de Credito Oficial 4.875% 30/Jul/2017 

Instituto de Credito Oficial 5% 05/Jul/2016 

4,592,615 

2,603,489 

12,043,432 

12,018,600 

4,271,232 

12,505,047 

0.32% 

0.18% 

0.83% 

0.83% 

0.29% 

0.86% 




828,560,255 

1,334,008,972 

57.14% 

92.00% 

42,265 

EUR 



43,046,480 

2.97% 


43,046,480 

2.97% 


1,377,055,452 

94.97% 


1,450,062,090 

100.00% 


Maturity Date 

Long/(Short) 


11-Mar-13 205 

Euro Bobl 

11-Mar-13 (372) 

Euro Bund 

11-Mar-13 284 

Euro Buxl 

11-Mar-13 1,478 

Euro Schatz 

11-Mar-13 (168) 


21-Mar-13 (14) 


28-Mar-13 50 

Long Gilt 

28-Mar-13 (70) 

US Long Bond 

28-Mar-13 (99) 


31-Mar-13 495 


31-Mar-13 (425) 


16-Jun-14 95 

90 Day Euro$ 


Trade 


EUR 

EUR 

EUR 

EUR 

EUR 

JPY 

GBP 

USD 

USD 

USD 

USD 

USD 



26,203,100 

(54,178,080) 

38,890,960 

163,843,690 

(22,874,880) 

(2,011,100,000) 

5,946,500 

(10,338,125) 

(13,143,797) 

109,139,768 

(52,866,018) 

23,643,125 

Market Price 


127.82 

145.64 

136.94 

110.86 

136.16 

143.65 

118.93 

147.69 

132.77 

110.24 

124.39 

99.55 


(in Fund Ccy) 

182,450 

(528,240) 

1,101,920 

132,740 

(302,400) 

115,443 

59,469 

139,373 

(29,333) 

23,534 

65,478 

17,906 

978,340 




31-Jan-13 USD 

4,684,233 

04-Mar-13 EUR 

12,346,355 

04-Mar-13 EUR 

1,833,349 

04-Mar-13 EUR 

14,339,057 

04-Mar-13 EUR 

9,872,571 

04-Mar-13 EUR 

1,512,465 



EUR 

DKK 

GBP 

NOK 

USD 

USD 

Amount Sold 

3,529,471 

92,000,000 

1,485,000 

105,999,873 

12,744,887 

2,000,000 


23,069 

12,680 

3,783 

(66,851) 

209,186 

(3,968) 

177,899 







Maturity Date 

Quantity 

Contract 

Strike Price 




Trade 


Market Price 

(in Fund Ccy) 

Unrealised 

Gain/(Loss) 


02-Aug-22 (13,720,000) 

02-Aug-22 (13,720,000) 

16-Oct-13 (63,350,000) 




2.76 

2.76 

2.10 

37,867,200 EUR (761,507) 242,050 

37,867,200 EUR (953,428) 

50,128 

133,035,000 EUR (657,503) 964,258 

(2,372,438) 1,256,436 







16-Jun-14 395 



3.03 

2.60 

3.03 

2.60 

2.50 

99.00 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 

500,828 

331,649 

374,264 

406,488 

505,001 

48,686 

2,166,916 

14,321 

(107,474) 

(112,244) 

(32,634) 

(1,078,750) 

(183,311) 

(1,500,092) 

(243,656) 


Maturity Date 

20-Mar-22 

20-Dec-17 

20-Dec-17 

20-Dec-17 

04-Aug-21 

04-Aug-21 

16-Apr-20 

14-Feb-14 

14-Nov-15 

11-Jul-14 

03-Sep-14 

03-Sep-17 

11-Jul-17 

18-Oct-20 

18-Oct-20 

03-Oct-15 

16-Oct-16 

04-Jun-42 

17-Oct-21 

03-Oct-15 

17-Apr-23 

22-Jun-17 

04-Jun-42 

31-Jul-13 

28-Nov-32 

28-May-15 

29-Nov-14 

28-Nov-42 

30-Jul-17 

26-Nov-22 

26-Nov-22 

Contract 

Credit Default Swap Buyer 

Credit Default Swap Seller 



Cross Currency Swap Seller 



Interest Rate Swap 
























Underlying 

Ireland Republic 




- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Received Rate 

- 

1.000% 

1.000% 

1.000% 

Euribor 3M 

Euribor 3M 


BBSW 3M 

3.210% 

2.370% 

2.860% 

China IRS 1W 

China IRS 1W 

Euribor 6M 

Euribor 6M 

0.353% 

Euribor 6M 

Euribor 6M 

2.360% 

Euribor 6M 

2.060% 

EUR-EXT-CPI 

3.473% 

Indian OIS 1D 

2.505% 

Libor 6M 

Libor 6M 

Libor 6M 

Kikrw 3M 

Klibor 3M 

Klibor 3M 


Unrealised 

Gain/(Loss) 

1.000% USD 25,750,000 2,180,907 

- EUR 17,500,000 (136,709) 

- EUR 12,500,000 (97,649) 

- EUR 43,000,000 (335,914) 

Libor 3M -0.36% EUR 57,692,308 

36,720 

Libor 3M -0.303% EUR 23,076,923 297,709 

Euribor 3M EUR 37,000,000 305,813 

2.940% AUD 66,740,000 (95,122) 

BBSW 3M AUD 69,935,000 (113,416) 

China IRS 1W CNY 255,300,000 (468,703) 

China IRS 1W CNY 277,400,000 (285,679) 

2.850% CNY 115,500,000 488,454 

2.600% CNY 106,200,000 562,088 

1.575% EUR 8,500,000 (201,508) 

1.582% EUR 9,500,000 (230,661) 

Eonia 1D EUR 300,000,000 854,985 

1.000% EUR 200,000,000 (972,002) 

1.800% EUR 14,200,000 1,025,012 

Euribor 6M EUR 82,600,000 1,079,931 

0.680% EUR 300,000,000 (1,276,197) 

EUR-EXT-CPI EUR 16,954,500 (95,018) 

1.579% EUR 11,210,000 132,707 

Libor 6M GBP 12,600,000 (566,376) 

7.650% INR 4,800,000,000 196,599 

Libor 6M JPY 1,970,000,000 (339,965) 

0.390% JPY 11,000,000,000 (174,419) 

0.230% JPY 7,300,000,000 (25,773) 

2.343% JPY 2,467,000,000 352,031 

2.788% KRW 19,400,000,000 

53,217 

3.685% MYR 17,705,000 

76,753 

3.680% MYR 18,625,000 

82,972 






Outstanding Swaps as at 31 December 2012 (expressed in EUR) (continued) 


Underlying 


- 


- 


- 


- 


- 


- 


Received Rate 

3.345% 

3.350% 

3.340% 

Klibor 3M 

BKBM 3M 

2.650% 


Unrealised 

Gain/(Loss) 

Klibor 3M MYR 35,340,000 (39,502) 

Klibor 3M MYR 33,805,000 (35,511) 

Klibor 3M MYR 86,855,000 (101,236) 

3.675% MYR 46,670,000 212,495 

2.830% NZD 81,950,700 

21,339 

BKBM 3M NZD 162,059,800 (56,622) 

2,311,750 




Pioneer Funds - Euro Corporate Bond 






Market Value 

Net Assets % 

Bonds 

3,641,000 

4,840,000 

5,000,000 

USD 

USD 

EUR 

Basic Materials 

Chemicals 

Alpek SA de CV 4.5% 20/Nov/2022 

EuroChem Mineral & Chemical Co OJSC via EuroChem GI Ltd 5.125% 12/Dec/2017 

Linde Finance BV Floating 14/Jul/2066 

2,887,296 

3,756,140 

5,850,000 

0.21% 

0.28% 

0.43% 

4,000,000 

6,500,000 

2,500,000 

3,600,000 

2,500,000 

4,000,000 

5,000,000 

3,000,000 

EUR 

EUR 

EUR 

EUR 

EUR 

GBP 

EUR 

EUR 



BMW Finance NV 1.5% 05/Jun/2018 



Fiat Finance & Trade SA 7.75% 17/Oct/2016 

Fiat Industrial Finance Europe SA 5.25% 11/Mar/2015 

Jaguar Land Rover PLC 8.25% 15/Mar/2020 

Pirelli & C. SpA 5.125% 22/Feb/2016 

Valeo SA 5.75% 19/Jan/2017 

4,051,640 

7,258,810 

2,653,500 

3,811,500 

2,642,500 

5,460,782 

5,261,150 

3,385,878 

0.30% 

0.54% 

0.20% 

0.28% 

0.20% 

0.41% 

0.39% 

0.25% 

4,440,000 

6,000,000 

11,750,000 

EUR 

EUR 

EUR 

Beverages 

Coca-Cola HBC Finance BV 4.25% 16/Nov/2016 

Davide Campari-Milano SpA 4.5% 25/Oct/2019 

Pernod-Ricard SA 4.875% 18/Mar/2016 

4,779,926 

6,274,440 

13,041,795 

0.36% 

0.47% 

0.97% 

3,750,000 

USD 


MHP SA - Regs - 10.25% 29/Apr/2015 

2,989,021 

0.22% 

3,550,000 

5,000,000 

EUR 

EUR 

Tobacco 

British American Tobacco Holdings The Netherlands BV 4% 07/Jul/2020 

Imperial Tobacco Finance PLC 8.375% 17/Feb/2016 

4,070,412 

6,072,025 

0.30% 

0.45% 

2,900,000 

2,400,000 

3,400,000 

3,300,000 

EUR 

EUR 

EUR 

EUR 



Casino Guichard Perrachon SA 3.157% 06/Aug/2019 

Casino Guichard Perrachon SA 3.994% 09/Mar/2020 

Delhaize Group SA 3.125% 27/Feb/2020 

Groupe Auchan SA 3.625% 19/Oct/2018 

3,028,267 

2,621,244 

3,510,228 

3,711,527 

0.23% 

0.19% 

0.26% 

0.28% 

5,000,000 

941,000 

EUR 

EUR 

General Retailers 

PPR 3.75% 08/Apr/2015 

PPR 8.625% 03/Apr/2014 

5,310,300 

1,031,576 

0.39% 

0.08% 

2,000,000 

1,400,000 

10,000,000 

EUR 

EUR 

EUR 


Lottomatica Group SpA - Regs - Floating 31/Mar/2066 



2,100,000 

1,437,457 

10,982,600 

0.16% 

0.11% 

0.82% 

4,800,000 

8,500,000 

5,000,000 

9,000,000 

2,350,000 

3,000,000 

4,000,000 

8,000,000 

5,000,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 

EUR 

Financials 


Abbey National Treasury Services PLC/London 3.375% 20/Oct/2015 

ABN Amro Bank NV Floating Perpetual 


Australia & New Zealand Banking Group Ltd 3.75% 10/Mar/2017 


Banque Federative du Credit Mutuel SA 3% 29/Oct/2015 

Banque Federative du Credit Mutuel SA 4.375% 31/May/2016 

Barclays Bank PLC 5.015% 12/Nov/2013 


5,098,800 

7,034,090 

5,724,375 

10,019,880 

2,648,826 

3,172,500 

4,435,180 

6,217,385 

5,682,050 

0.38% 

0.52% 

0.43% 

0.74% 

0.20% 

0.24% 

0.33% 

0.46% 

0.42% 







5,000,000 USD 

1,197,000 EUR 

3,650,000 EUR 

6,750,000 EUR 

10,500,000 EUR 

2,000,000 EUR 

3,000,000 EUR 

9,000,000 EUR 

2,000,000 USD 

2,500,000 EUR 

7,000,000 EUR 

2,450,000 USD 

10,667,000 EUR 

3,500,000 EUR 

9,000,000 EUR 

3,750,000 EUR 

8,000,000 EUR 

3,700,000 EUR 

10,000,000 USD 

5,000,000 EUR 

3,000,000 EUR 

8,000,000 EUR 

7,500,000 EUR 

5,727,000 EUR 

7,600,000 EUR 

15,000,000 EUR 

13,000,000 EUR 

8,000,000 EUR 

3,300,000 EUR 

4,000,000 EUR 

10,000,000 EUR 

7,500,000 EUR 

4,200,000 EUR 

2,100,000 EUR 

3,200,000 EUR 

1,625,000 EUR 

6,000,000 EUR 

5,625,000 EUR 

4,500,000 EUR 

9,000,000 EUR 

10,000,000 EUR 

7,500,000 EUR 

3,000,000 EUR 

11,000,000 EUR 

8,600,000 EUR 

5,435,000 GBP 

8,000,000 EUR 

10,000,000 EUR 

5,000,000 EUR 

5,000,000 EUR 

5,000,000 EUR 

7,500,000 GBP 

5,760,000 EUR 


BNP Paribas / BNP Paribas US Medium-Term Note Program LLC 5.125% 15/Jan/2015 


BNP Paribas SA Floating Perpetual 


BNZ International Funding Ltd 4% 08/Mar/2017 



Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 4% 11/Jan/2022 


Deutsche Postbank AG Euribor 3M 04/Nov/2015 

DNB Bank ASA 4.375% 24/Feb/2021 

Erste Group Bank AG 6.375% 28/Mar/2023 

HSBC Bank PLC 3.75% 30/Nov/2016 


HSBC Holdings PLC Floating 29/Jun/2020 

ING Bank NV 4% 23/Dec/2016 

ING Bank NV 4.5% 21/Feb/2022 


Intesa Sanpaolo SpA 3.625% 12/Aug/2015 



Intesa Sanpaolo SpA 4.375% 15/Oct/2019 

Intesa Sanpaolo SpA 5% 28/Feb/2017 

JPMorgan Chase & Co 2.75% 24/Aug/2022 

KBC Internationale Financieringsmaatschappij NV 3% 29/Aug/2016 

Lloyds TSB Bank PLC 6.375% 17/Jun/2016 

Lloyds TSB Bank PLC 6.5% 24/Mar/2020 

Morgan Stanley 4.5% 29/Oct/2014 

Morgan Stanley 5.375% 10/Aug/2020 


Natixis 4.375% 20/Jun/2013 

Nordea Bank AB 2.75% 11/Aug/2015 





Skandinaviska Enskilda Banken AB 3.875% 12/Apr/2017 


Societe Generale SA Floating Perpetual 

Societe Generale SA 2.375% 28/Feb/2018 

Societe Generale SA 6.125% 20/Aug/2018 

SpareBank 1 SR Bank ASA 3.5% 27/Mar/2017 

Standard Chartered Bank 5.875% 26/Sep/2017 

Standard Chartered PLC 3.625% 15/Dec/2015 

Standard Chartered PLC 5.75% 30/Apr/2014 

Svenska Handelsbanken AB Floating Perpetual 

Svenska Handelsbanken AB 2.625% 23/Aug/2022 

Svenska Handelsbanken AB 3.75% 24/Feb/2017 

Swedbank AB 3.375% 09/Feb/2017 

UBS AG/Jersey Floating Perpetual 

UBS AG/Jersey Floating 25/Sep/2018 

UniCredit SpA Floating 16/Oct/2018 


Market Value 

3,989,722 

1,201,351 

3,463,631 

7,020,473 

11,607,120 

1,662,000 

3,172,500 

10,321,875 

1,587,151 

2,428,763 

8,230,425 

1,937,449 

11,809,328 

3,493,000 

9,274,572 

4,137,263 

9,324,840 

3,756,499 

7,588,964 

5,178,700 

3,135,210 

8,222,320 

8,093,550 

5,932,485 

7,986,460 

17,592,000 

14,890,161 

8,448,680 

3,760,664 

4,231,700 

10,084,500 

7,887,938 

4,655,154 

2,152,112 

3,340,544 

1,552,818 

6,683,310 

5,924,756 

3,926,250 

9,349,290 

11,475,700 

8,119,800 

3,503,640 

11,869,770 

9,174,265 

6,767,784 

8,248,080 

11,106,600 

5,432,550 

4,775,100 

5,012,425 

8,619,776 

6,011,395 

Net Assets % 

0.30% 

0.09% 

0.26% 

0.52% 

0.86% 

0.12% 

0.24% 

0.77% 

0.12% 

0.18% 

0.61% 

0.14% 

0.88% 

0.26% 

0.69% 

0.31% 

0.69% 

0.28% 

0.56% 

0.38% 

0.23% 

0.61% 

0.60% 

0.44% 

0.59% 

1.31% 

1.11% 

0.63% 

0.28% 

0.31% 

0.75% 

0.59% 

0.35% 

0.16% 

0.25% 

0.12% 

0.50% 

0.44% 

0.29% 

0.69% 

0.85% 

0.60% 

0.26% 

0.88% 

0.68% 

0.50% 

0.61% 

0.83% 

0.40% 

0.35% 

0.37% 

0.64% 

0.45% 







4,500,000 EUR 



Market Value 

4,660,110 

Net Assets % 

0.35% 

4,400,000 

3,500,000 

20,000,000 

3,684,000 

4,000,000 

16,500,000 

2,000,000 

EUR 

EUR 

EUR 

EUR 

USD 

EUR 

EUR 


Banque PSA Finance SA 3.625% 29/Apr/2014 


GE Capital European Funding 5.375% 23/Jan/2020 


Marfrig Holding Europe BV 8.375% 09/May/2018 

Merrill Lynch & Co Inc 6.75% 21/May/2013 

RCI Banque SA 2.125% 24/Nov/2014 

4,458,344 

3,931,130 

24,533,700 

3,790,357 

2,583,101 

16,859,254 

2,028,190 

0.33% 

0.29% 

1.83% 

0.28% 

0.19% 

1.25% 

0.15% 

7,100,000 

12,000,000 

3,000,000 

5,500,000 

6,000,000 

4,800,000 

8,000,000 

1,800,000 

4,000,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


Allianz Finance II BV Floating 08/Jul/2041 

Allianz Finance II BV 4.75% 22/Jul/2019 

Assicurazioni Generali SpA Floating 12/Dec/2042 


Delta Lloyd NV 4.25% 17/Nov/2017 


Sampo OYJ 4.25% 27/Feb/2017 

Zurich Finance USA Inc Floating 02/Oct/2023 

Zurich Finance USA Inc 4.5% 17/Sep/2014 

8,123,934 

14,381,940 

3,180,000 

5,402,430 

6,483,900 

5,810,515 

8,810,960 

1,854,000 

4,260,100 

0.60% 

1.07% 

0.24% 

0.40% 

0.48% 

0.43% 

0.65% 

0.14% 

0.32% 

9,500,000 

10,000,000 

EUR 

EUR 

Health Care 


Luxottica Group SpA 4% 10/Nov/2015 

Roche Holdings Inc 6.5% 04/Mar/2021 

10,210,695 

13,672,950 

0.76% 

1.02% 

6,000,000 

EUR 


Millipore Corp 5.875% 30/Jun/2016 

6,986,790 

0.52% 

4,063,000 

5,200,000 

5,000,000 

7,500,000 

EUR 

EUR 

EUR 

EUR 

Industrials 


Buzzi Unicem SpA 6.25% 28/Sep/2018 


CRH Finance BV 5% 25/Jan/2019 

HeidelbergCement Finance BV 9.5% 15/Dec/2018 

4,320,310 

5,707,208 

5,788,225 

9,662,738 

0.32% 

0.42% 

0.43% 

0.72% 

4,000,000 

EUR 


Rexel SA 7% 17/Dec/2018 

4,420,820 

0.33% 

3,000,000 

4,300,000 

7,000,000 

EUR 

EUR 

EUR 

General Industrials 

Ardagh Packaging Finance PLC - Regs - 7.375% 15/Oct/2017 

Nordenia International AG - Regs - 9.75% 15/Jul/2017 

Siemens Financieringsmaatschappij NV Floating 14/Sep/2066 

3,285,000 

4,966,500 

7,770,000 

0.24% 

0.37% 

0.58% 

21,250,000 

5,000,000 

EUR 

USD 


Urenco Finance NV 5.375% 22/May/2015 

Volvo Treasury AB - Regs - 5.95% 01/Apr/2015 

23,231,775 

4,141,080 

1.74% 

0.31% 

6,000,000 

1,000,000 

857,000 

2,000,000 

3,000,000 

6,000,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 



Atlantia SpA 4.375% 16/Mar/2020 

Atlantia SpA 4.5% 08/Feb/2019 

HIT Finance BV 5.75% 09/Mar/2018 

Societe Des Autoroutes Paris-Rhin-Rhone 4.875% 21/Jan/2019 

Societe Des Autoroutes Paris-Rhin-Rhone 5% 12/Jan/2017 

6,232,320 

1,073,330 

934,053 

2,213,880 

3,428,190 

6,735,690 

0.46% 

0.08% 

0.07% 

0.16% 

0.25% 

0.50% 

10,000,000 

3,000,000 

EUR 

EUR 

Oil and Gas 

Alternative Energy 

Areva SA 4.375% 06/Nov/2019 

Areva SA 4.625% 05/Oct/2017 

10,883,700 

3,274,200 

0.81% 

0.24% 







450,000 EUR 


Areva SA 4.875% 23/Sep/2024 

Market Value 

492,840 

Net Assets % 

0.04% 

6,000,000 

EUR 

Technology 

Software and Computer Services 

Global Switch Holdings Ltd 5.5% 18/Apr/2018 

6,837,060 

0.51% 

13,000,000 

1,600,000 

2,000,000 

5,029,000 

11,000,000 

2,000,000 

5,100,000 

5,000,000 

2,000,000 

5,000,000 

2,500,000 

9,950,000 

3,000,000 

1,200,000 

1,000,000 

2,500,000 

7,978,000 

1,600,000 

11,500,000 

7,500,000 

GBP 

GBP 

USD 

EUR 

EUR 

GBP 

USD 

EUR 

EUR 

USD 

EUR 

GBP 

GBP 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 



Deutsche Telekom International Finance BV 6.5% 08/Apr/2022 

Deutsche Telekom International Finance BV 7.375% 04/Dec/2019 

Deutsche Telekom International Finance BV 8.75% 15/Jun/2030 

TDC A/S 3.75% 02/Mar/2022 

TDC A/S 4.375% 23/Feb/2018 

TDC A/S 5.625% 23/Feb/2023 








Telefonica Emisiones SAU 5.811% 05/Sep/2017 

Telenet Finance III Luxembourg SCA 6.625% 15/Feb/2021 

Telenet Finance Luxembourg SCA - Regs - 6.375% 15/Nov/2020 

Telenor ASA 2.75% 27/Jun/2022 

TeliaSonera AB 4.25% 18/Feb/2020 

Ziggo Bond Co BV - Regs - 8% 15/May/2018 

Ziggo Finance BV 6.125% 15/Nov/2017 

20,122,031 

2,548,795 

2,279,073 

5,530,165 

12,519,045 

2,890,309 

3,982,441 

5,328,175 

2,066,440 

3,989,116 

2,702,038 

13,014,859 

3,872,482 

1,364,022 

1,060,750 

2,662,500 

8,284,993 

1,880,768 

12,659,545 

8,067,188 

1.50% 

0.19% 

0.17% 

0.41% 

0.93% 

0.21% 

0.30% 

0.40% 

0.15% 

0.30% 

0.20% 

0.97% 

0.29% 

0.10% 

0.08% 

0.20% 

0.62% 

0.14% 

0.94% 

0.60% 

2,750,000 

GBP 


Everything Everywhere Finance PLC 4.375% 28/Mar/2019 

3,525,432 

0.26% 

8,200,000 

1,500,000 

17,000,000 

6,000,000 

7,200,000 

1,400,000 

8,600,000 

7,500,000 

9,000,000 

999,000 

2,281,000 

13,027,000 

4,500,000 

1,500,000 

2,500,000 

2,000,000 

3,000,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

GBP 

EUR 

EUR 

EUR 

EUR 

EUR 

GBP 

EUR 

EUR 

Utilities 

Electricity 


Eandis CVBA 2.75% 30/Nov/2022 

Edison SpA 3.875% 10/Nov/2017 



Electricite de France SA 4.625% 11/Sep/2024 


Enexis Holding NV 3.375% 26/Jan/2022 

E.ON International Finance BV 6% 30/Oct/2019 

E.ON International Finance BV 6.375% 29/May/2017 




Iberdrola International BV 4.5% 21/Sep/2017 

Scottish Power UK PLC 8.375% 20/Feb/2017 

Statkraft AS 2.5% 28/Nov/2022 

Terna Rete Elettrica Nazionale SpA 4.125% 17/Feb/2017 

8,714,140 

1,544,025 

18,565,615 

6,285,090 

8,106,660 

1,650,803 

11,197,630 

8,183,775 

13,591,708 

1,224,899 

2,422,228 

14,970,171 

5,074,020 

1,637,738 

3,756,858 

2,018,500 

3,274,605 

0.65% 

0.11% 

1.38% 

0.47% 

0.60% 

0.12% 

0.83% 

0.61% 

1.01% 

0.09% 

0.18% 

1.11% 

0.38% 

0.12% 

0.28% 

0.15% 

0.24% 

11,000,000 

2,350,000 

4,000,000 

1,350,000 

EUR 

EUR 

EUR 

GBP 


Gas Natural Capital Markets SA 4.125% 26/Jan/2018 


Gas Natural Capital Markets SA 6.375% 09/Jul/2019 


11,686,400 

2,522,431 

4,665,220 

2,066,227 

0.87% 

0.19% 

0.35% 

0.15% 







2,110,000 EUR 


Snam SpA 4.375% 11/Jul/2016 

Market Value 

2,292,251 

Net Assets % 

0.17% 

Total Bonds 

1,040,387,993 

77.33% 


3,720,000 

34,000,000 

28,000,000 

12,000,000 

8,100,000 

37,000,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 








4,254,378 

40,188,000 

33,037,900 

13,972,800 

9,698,940 

38,319,050 

0.32% 

2.98% 

2.46% 

1.04% 

0.72% 

2.85% 




139,471,068 

1,179,859,061 

10.37% 

87.70% 


Bonds 

25,000,000 

EUR 

Financials 


Lehman Brothers Holdings Inc 0% 26/Sep/2016 Defaulted 

2,500 

0.00% 

Total Bonds 

2,500 

0.00% 

10,000,000 

USD 


Millennium Park CDO Ltd - 1X SUB - 0% 21/Mar/2014 

759 

0.00% 



759 

3,259 

0.00% 

0.00% 

39,841 

17,040 

EUR 

EUR 



Pioneer Institutional 17 - I ND 

40,577,660 

17,457,991 

3.01% 

1.30% 


58,035,651 

4.31% 


1,237,897,971 

92.01% 


1,345,406,796 

100.00% 


Maturity Date 

Long/(Short) 


11-Mar-13 109 

Euro Bobl 

11-Mar-13 (101) 

Euro Bund 

11-Mar-13 281 

Euro Buxl 

11-Mar-13 1,902 

Euro Schatz 

11-Mar-13 (121) 


28-Mar-13 (205) 

Long Gilt 

28-Mar-13 (72) 


31-Mar-13 (97) 


31-Mar-13 (133) 



Trade 


EUR 

EUR 

EUR 

EUR 

EUR 

GBP 

USD 

USD 

USD 



13,932,380 

(14,709,640) 

38,480,140 

210,846,210 

(16,475,360) 

(24,380,650) 

(9,559,125) 

(21,386,985) 

(16,543,954) 

Market Price 


127.82 

145.64 

136.94 

110.86 

136.16 

118.93 

132.77 

110.24 

124.39 


(in Fund Ccy) 

97,010 

(142,570) 

1,090,279 

247,260 

(217,800) 

(98,570) 

40,959 

(4,598) 

20,491 

1,032,461 









04-Mar-13 EUR 

70,351,343 

04-Mar-13 EUR 

14,247,358 

04-Mar-13 EUR 

10,335,270 

04-Mar-13 EUR 

48,145,404 

04-Mar-13 EUR 

4,172,052 



GBP 

GBP 

GBP 

USD 

USD 

Amount Sold 

56,967,000 

11,514,173 

8,330,000 

62,121,052 

5,400,000 


166,218 

61,536 

72,449 

1,044,196 

77,683 

1,422,082 



20-Sep-17 Credit Default Swap Buyer 

20-Mar-22 Credit Default Swap Buyer 











20-Sep-17 Credit Default Swap Seller 
















Underlying 

Bayer 


Carrefour 

Enel Spa 

E.ON Int. Finance 

HSBC Bank 







Linde AG 

Metro AG 

Rallye 


- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Received Rate 

- 

- 

1.000% 

1.000% 

1.000% 

1.000% 

1.000% 

1.000% 

1.000% 

1.000% 

1.000% 

1.000% 

1.000% 

1.000% 

5.000% 

1.000% 

Euribor 6M 

EUR-EXT-CPI 

Euribor 6M 

2.360% 

Euribor 6M 

Euribor 6M 

Euribor 6M 

Euribor 6M 

0.353% 

3.473% 

4.170% 


Unrealised 

Gain/(Loss) 

1.000% EUR 4,000,000 (94,293) 

1.000% USD 45,000,000 3,811,296 

- EUR 5,500,000 (94,282) 

- EUR 12,000,000 (217,463) 

- EUR 6,000,000 

64,376 

- EUR 20,000,000 285,261 

- EUR 148,500,000 (1,160,075) 

- EUR 17,500,000 (136,709) 

- EUR 18,100,000 (141,396) 

- EUR 20,000,000 (156,239) 

- EUR 33,000,000 (257,794) 

- EUR 45,000,000 (351,538) 

- EUR 4,000,000 

92,397 

- EUR 3,000,000 (108,138) 

- EUR 5,000,000 330,270 

- EUR 10,000,000 

29,905 

1.800% EUR 15,800,000 1,140,507 

1.579% EUR 14,902,500 138,241 

1.575% EUR 19,000,000 (450,429) 

Euribor 6M EUR 76,700,000 1,002,793 

0.680% EUR 268,000,000 (1,140,069) 

3.072% EUR 24,300,000 (1,001,543) 

1.000% EUR 185,000,000 (899,102) 

1.582% EUR 12,800,000 (310,786) 

Eonia 1D EUR 268,000,000 763,787 

Libor 6M GBP 14,000,000 (629,307) 

Nibor 6M NOK 186,100,000 504,287 

1,013,957 




Pioneer Funds - Euro Corporate Trend Bond 






Market Value 

Net Assets % 

Bonds 

2,000,000 

600,000 

EUR 

EUR 


Chemicals 

Bayer AG Floating 29/Jul/2015 

Linde Finance BV Floating 14/Jul/2066 

2,112,500 

702,000 

1.45% 

0.48% 

750,000 

EUR 

Mining 

Glencore Finance Europe SA 5.25% 22/Mar/2017 

843,836 

0.58% 

1,000,000 

800,000 

1,400,000 

1,500,000 

700,000 

2,250,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


Beverages 

Coca-Cola HBC Finance BV 4.25% 16/Nov/2016 

Coca-Cola HBC Finance BV 7.875% 15/Jan/2014 

Pernod-Ricard SA 4.875% 18/Mar/2016 

Pernod-Ricard SA 5% 15/Mar/2017 

Pernod-Ricard SA 7% 15/Jan/2015 

SABMiller Holdings Inc 1.875% 20/Jan/2020 

1,076,560 

851,928 

1,553,916 

1,715,625 

782,397 

2,252,453 

0.74% 

0.59% 

1.07% 

1.18% 

0.54% 

1.55% 

1,000,000 

EUR 


Kraft Foods Inc 6.25% 20/Mar/2015 

1,113,600 

0.77% 

1,000,000 

EUR 


Henkel AG & Co KGaA Floating 25/Nov/2104 

1,075,000 

0.74% 

4,100,000 

3,000,000 

EUR 

EUR 


Media 

Elsevier Finance SA Via ELM BV 6.5% 02/Apr/2013 

SES SA 4.625% 09/Mar/2020 

4,158,199 

3,512,685 

2.85% 

2.42% 

1,900,000 

EUR 


McDonald’s Corp 2.375% 27/Nov/2024 

1,897,378 

1.30% 

1,200,000 

900,000 

1,400,000 

1,000,000 

1,400,000 

2,000,000 

1,400,000 

700,000 

1,300,000 

800,000 

2,000,000 

1,530,000 

2,000,000 

1,320,000 

700,000 

700,000 

1,200,000 

1,200,000 

4,000,000 

1,600,000 

700,000 

3,055,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

Financials 


Australia & New Zealand Banking Group Ltd 5.125% 10/Sep/2019 

Bank of America Corp Floating 06/May/2019 

Bank of America Corp 4.625% 07/Aug/2017 


BBVA Senior Finance SAU 4.375% 21/Sep/2015 

BBVA Senior Finance SAU 4.875% 23/Jan/2014 


BRE Finance France SA 2.75% 12/Oct/2015 

Citigroup Inc Floating 10/Feb/2019 

Citigroup Inc 4.25% 25/Feb/2030 

Citigroup Inc 5% 02/Aug/2019 

Commonwealth Bank of Australia 5.5% 06/Aug/2019 

Erste Group Bank AG 7.125% 10/Oct/2022 

Goldman Sachs Group Inc 4.5% 09/May/2016 

Goldman Sachs Group Inc 4.75% 12/Oct/2021 

Goldman Sachs Group Inc 6.375% 02/May/2018 

HSBC Holdings PLC 6% 10/Jun/2019 

HSBC Holdings PLC 6.25% 19/Mar/2018 



JPMorgan Chase & Co Floating 12/Nov/2019 

JPMorgan Chase & Co 2.75% 24/Aug/2022 

1,399,734 

875,250 

1,580,635 

1,127,160 

1,433,194 

2,054,650 

1,456,098 

704,064 

1,257,677 

735,800 

2,352,110 

1,814,213 

2,275,110 

1,434,437 

749,361 

845,425 

1,453,050 

1,440,690 

4,180,280 

1,644,464 

701,750 

3,164,612 

0.96% 

0.60% 

1.09% 

0.77% 

0.99% 

1.41% 

1.00% 

0.48% 

0.86% 

0.51% 

1.62% 

1.25% 

1.56% 

0.99% 

0.52% 

0.58% 

1.00% 

0.99% 

2.86% 

1.13% 

0.48% 

2.18% 







700,000 EUR 

1,400,000 EUR 

650,000 EUR 

1,400,000 EUR 

600,000 EUR 

700,000 EUR 

1,300,000 EUR 

5,000,000 EUR 

3,375,000 EUR 

1,350,000 EUR 

1,250,000 EUR 

2,000,000 EUR 

1,200,000 EUR 

800,000 EUR 


JPMorgan Chase Bank NA Floating 30/Nov/2021 

Morgan Stanley 3.75% 21/Sep/2017 

Morgan Stanley 5% 02/May/2019 

Morgan Stanley 5.375% 10/Aug/2020 

Morgan Stanley 6.5% 28/Dec/2018 

National Australia Bank Ltd Floating 26/Jun/2023 

National Australia Bank Ltd 4.625% 10/Feb/2020 


Skandinaviska Enskilda Banken AB 1.875% 14/Nov/2019 


Standard Chartered PLC 4.125% 18/Jan/2019 

Swedbank AB Floating 05/Dec/2022 


Wachovia Corp 4.375% 27/Nov/2018 

Market Value 

740,250 

1,490,370 

726,261 

1,595,433 

721,326 

825,602 

1,471,652 

5,124,075 

3,410,572 

1,421,942 

1,431,675 

2,023,720 

1,204,758 

891,412 

Net Assets % 

0.51% 

1.02% 

0.50% 

1.10% 

0.50% 

0.57% 

1.01% 

3.51% 

2.34% 

0.98% 

0.98% 

1.39% 

0.83% 

0.61% 

700,000 

1,400,000 

800,000 

1,000,000 

650,000 

2,200,000 

800,000 

2,200,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


GE Capital European Funding 4.625% 22/Feb/2027 

GE Capital European Funding 5.375% 23/Jan/2020 

GE Capital Trust IV Floating 15/Sep/2066 

General Electric Capital Corp 5.5% 15/Sep/2067 

Merrill Lynch & Co Inc 4.45% 31/Jan/2014 

Nomura Europe Finance NV 5.125% 09/Dec/2014 

PGNIG Finance AB 4% 14/Feb/2017 


843,080 

1,717,359 

788,632 

997,485 

673,065 

2,340,800 

837,632 

2,214,652 

0.58% 

1.18% 

0.54% 

0.69% 

0.46% 

1.61% 

0.58% 

1.52% 

1,100,000 

1,450,000 

1,500,000 

500,000 

2,100,000 

1,200,000 

1,200,000 

1,400,000 

1,600,000 

700,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


AON Financial Services Luxembourg SA 6.25% 01/Jul/2014 

Cloverie PLC for Zurich Insurance Co Ltd Floating 24/Jul/2039 

Hannover Finance Luxembourg SA Floating 26/Feb/2024 

Hannover Finance Luxembourg SA Floating 30/Jun/2043 

Mapfre SA 5.125% 16/Nov/2015 



Sampo OYJ 4.25% 27/Feb/2017 

Zurich Finance USA Inc Floating 02/Oct/2023 

Zurich Finance USA Inc Floating 15/Jun/2025 

1,182,396 

1,769,203 

1,565,100 

546,430 

2,198,364 

1,435,054 

1,452,629 

1,541,918 

1,648,000 

735,000 

0.81% 

1.22% 

1.08% 

0.38% 

1.51% 

0.99% 

1.00% 

1.06% 

1.13% 

0.51% 

1,029,000 

1,200,000 

1,500,000 

EUR 

EUR 

EUR 

Real Estate Investment Trusts 

Hammerson PLC 2.75% 26/Sep/2019 

Societe Fonciere Lyonnaise SA 4.625% 25/May/2016 

Unibail-Rodamco SE 1.625% 26/Jun/2017 

1,056,896 

1,286,892 

1,516,283 

0.73% 

0.88% 

1.04% 

700,000 

EUR 

Health Care 


Luxottica Group SpA 4% 10/Nov/2015 

752,367 

0.52% 

750,000 

EUR 


Teva Pharmaceutical Finance IV BV 2.875% 15/Apr/2019 

796,598 

0.55% 

1,000,000 

EUR 

Industrials 


CRH Finance BV 5% 25/Jan/2019 

1,157,645 

0.80% 

1,200,000 

EUR 


ICAP Group Holdings PLC 7.5% 28/Jul/2014 

1,287,240 

0.89% 

1,500,000 

EUR 


SKF AB 3.875% 25/May/2018 

1,688,205 

1.16% 

900,000 

EUR 


Abertis Infraestructuras SA 4.75% 25/Oct/2019 

951,759 

0.65% 






Holding 

650,000 

750,000 

1,500,000 

1,400,000 


EUR 

EUR 

EUR 

EUR 


Support Services 

Adecco International Financial Services BV 4.75% 13/Apr/2018 

Edenred 3.625% 06/Oct/2017 

G4S International Finance PLC Floating 06/Dec/2018 

G4S International Finance PLC 2.875% 02/May/2017 

Market Value 

724,181 

813,473 

1,498,455 

1,444,030 

Net Assets % 

0.50% 

0.56% 

1.03% 

0.99% 

700,000 

700,000 

1,300,000 

600,000 

600,000 

1,400,000 

2,700,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


Oil and Gas Producers 

Eni SpA 3.5% 29/Jan/2018 

Eni SpA 4.75% 14/Nov/2017 

Gazprom OAO Via Gaz Capital SA - Regs - 5.875% 01/Jun/2015 

Gazprom OAO Via Gaz Capital SA 5.44% 02/Nov/2017 

Gazprom OAO Via Gaz Capital SA 6.605% 13/Feb/2018 

Repsol International Finance BV 4.25% 12/Feb/2016 

Repsol International Finance BV 4.375% 20/Feb/2018 

765,583 

807,188 

1,424,046 

681,240 

716,067 

1,494,318 

2,898,990 

0.53% 

0.55% 

0.98% 

0.47% 

0.49% 

1.03% 

1.99% 

1,000,000 

EUR 

Technology 


Cap Gemini SA 5.25% 29/Nov/2016 

1,113,280 

0.77% 

900,000 

EUR 


ASML Holding NV 5.75% 13/Jun/2017 

1,050,962 

0.72% 

3,000,000 

EUR 



AT&T Inc 1.875% 04/Dec/2020 

3,007,050 

2.07% 

2,867,000 

1,071,000 

EUR 

EUR 

Utilities 


Snam SpA 3.875% 19/Mar/2018 

Snam SpA 5.25% 19/Sep/2022 

3,067,488 

1,222,118 

2.11% 

0.84% 

Total Bonds 

139,116,042 

95.64% 


2,100,000 

EUR 


Eutelsat SA 4.125% 27/Mar/2017 

2,337,237 

1.61% 




2,337,237 

141,453,279 

1.61% 

97.25% 


141,453,279 

97.25% 


145,446,401 

100.00% 


Maturity Date 

Long/(Short) 


11-Mar-13 259 

Euro Bund 


Trade 


EUR 



37,720,760 

Market Price 


145.64 


(in Fund Ccy) 

367,780 

367,780 




Pioneer Funds - U.S. Dollar Aggregate Bond 






Market Value 

Net Assets % 

Bonds 

280,000 

1,500,000 

USD 

USD 


Chemicals 

Cytec Industries Inc 8.95% 01/Jul/2017 

Eastman Chemical Co 4.8% 01/Sep/2042 

266,597 

1,224,319 

0.06% 

0.28% 

725,000 

USD 

Forestry and Paper 

Buckeye Partners LP 6.05% 15/Jan/2018 

619,812 

0.14% 

1,205,000 

850,000 

875,000 

595,000 

500,000 

USD 

USD 

USD 

USD 

USD 

Industrial Metals and Mining 

Alcoa Inc 6.15% 15/Aug/2020 

ArcelorMittal 5.75% 01/Mar/2021 

ArcelorMittal 6.125% 01/Jun/2018 

Commercial Metals Co 7.35% 15/Aug/2018 

Valmont Industries Inc 6.625% 20/Apr/2020 

998,636 

640,962 

675,109 

491,922 

448,129 

0.23% 

0.15% 

0.16% 

0.11% 

0.10% 

195,000 

325,000 

1,415,000 

1,290,000 

USD 

USD 

USD 

USD 

Mining 

Alpha Appalachia Holdings Inc 3.25% CV 01/Aug/2015 

AngloGold Ashanti Holdings PLC 5.125% 01/Aug/2022 

AngloGold Ashanti Holdings PLC 5.375% 15/Apr/2020 

Gold Fields Orogen Holding BVI Ltd 4.875% 07/Oct/2020 

142,083 

253,477 

1,106,993 

961,947 

0.03% 

0.06% 

0.25% 

0.22% 

175,000 

500,000 

USD 

USD 



Harley-Davidson Financial Services Inc 3.875% 15/Mar/2016 

Hyundai Motor Manufacturing Czech sro 4.5% 15/Apr/2015 

143,704 

404,989 

0.03% 

0.09% 

340,000 

800,000 

USD 

USD 

Beverages 

Anheuser-Busch InBev Worldwide Inc 7.75% 15/Jan/2019 

Beam Inc 3.25% 15/May/2022 

344,759 

630,886 

0.08% 

0.15% 

965,000 

535,000 

USD 

USD 


Kraft Foods Group Inc - 144A - 3.5% 06/Jun/2022 

Kraft Foods Inc 6.5% 09/Feb/2040 

781,841 

548,777 

0.18% 

0.13% 

430,000 

USD 

Household Goods and Home Construction 

Whirlpool Corp 5.5% 01/Mar/2013 

328,456 

0.08% 

550,000 

725,000 

120,000 

USD 

USD 

USD 

Leisure Goods 

British Sky Broadcasting Group PLC 6.1% 15/Feb/2018 

CCO Holdings LLC / CCO Holdings Capital Corp 7.375% 01/Jun/2020 

Time Warner Cable Inc 8.25% 01/Apr/2019 

499,100 

613,149 

121,509 

0.11% 

0.14% 

0.03% 

500,000 

500,000 

USD 

USD 


Reynolds Group Issuer Inc 5.75% 15/Oct/2020 

Reynolds Group Issuer Inc 6.875% 15/Feb/2021 

392,521 

407,691 

0.09% 

0.09% 

250,000 

600,000 

USD 

USD 



CVS Pass-Through Trust 5.298% 22/Jan/2027 

CVS Pass-Through Trust 6.036% 10/Dec/2028 

129,954 

450,972 

0.03% 

0.10% 

300,000 

500,000 

2,675,000 

350,000 

250,000 

800,000 

925,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Board of Trustees of The Leland Stanford Junior University 4.75% 01/May/2019 

Bowdoin College 4.693% 01/Jul/2112 

eBay Inc 4% 15/Jul/2042 

Expedia Inc 5.95% 15/Aug/2020 

Massachusetts Institute of Technology 5.6% 01/Jul/2111 

President and Fellows of Harvard College 6.3% 01/Oct/2037 

Tufts University 5.017% 15/Apr/2112 

269,405 

361,157 

1,974,161 

296,475 

272,448 

706,561 

792,453 

0.06% 

0.08% 

0.46% 

0.07% 

0.06% 

0.16% 

0.18% 







175,000 USD 


University of Southern California 5.25% 01/Oct/2111 

Market Value 

172,130 

Net Assets % 

0.04% 

1,000,000 

800,000 

USD 

USD 

Media 

CC Holdings GS V LLC 3.849% 15/Apr/2023 

Grupo Televisa SAB 6% 15/May/2018 

775,087 

720,105 

0.18% 

0.17% 

1,350,000 

225,000 

USD 

USD 


Continental Airlines 2012-2 Class A Pass Thru Certificates 4% 29/Oct/2024 

Delta Air Lines 2010-2 Class A Pass Through Trust 4.95% 23/Nov/2019 

1,075,167 

161,714 

0.25% 

0.04% 

550,000 

700,000 

560,000 

960,000 

250,000 

590,000 

700,000 

1,000,000 

500,000 

320,000 

230,000 

1,800,000 

150,000 

900,000 

1,325,000 

1,515,000 

500,000 

275,000 

325,000 

60,000 

275,000 

1,050,000 

350,000 

850,000 

300,000 

800,000 

1,000,000 

1,075,000 

1,005,000 

300,000 

1,000,000 

300,000 

900,000 

1,100,000 

1,000,000 

375,000 

500,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

EUR 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Financials 


American Express Bank FSB 5.5% 16/Apr/2013 

Astoria Financial Corp 5% 19/Jun/2017 

Barclays Bank PLC 6.05% 04/Dec/2017 

BBVA Bancomer SA/Texas 6.5% 10/Mar/2021 

Capital One Bank USA NA 8.8% 15/Jul/2019 

Capital One Capital VI 8.875% 15/May/2040 

Citigroup Inc Floating Perpetual 

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 3.875% 08/Feb/2022 

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 6.875% 19/Mar/2020 

Credit Agricole SA - 144A - Floating Perpetual 

Export-Import Bank of Korea 5.875% 14/Jan/2015 

Goldman Sachs Capital II Floating Perpetual 

HSBC Bank PLC 7.65% 01/May/2025 

HSBC Bank USA NA/New York NY 6% 09/Aug/2017 

Intesa Sanpaolo SpA 6.5% 24/Feb/2021 

JPMorgan Chase & Co Floating Perpetual 

KeyBank NA/Cleveland OH 5.45% 03/Mar/2016 

KeyBank NA/Cleveland OH 5.8% 01/Jul/2014 

KeyCorp 6.5% 14/May/2013 



Morgan Stanley 4.875% 01/Nov/2022 

Morgan Stanley 5.5% 26/Jan/2020 

Morgan Stanley 6.625% 01/Apr/2018 

Nordea Bank AB Floating Perpetual 

Nordea Bank AB 4.25% 21/Sep/2022 

Northgroup Preferred Capital Corp Floating Perpetual 

PNC Financial Services Group Inc Floating Perpetual 


PNC Preferred Funding Trust III Floating Perpetual 

Santander Holdings USA Inc/PA 3% 24/Sep/2015 

SBP DPR Finance Co Libor 3M 15/Mar/2017 

Scotiabank Peru SA Floating 13/Dec/2027 

Sovereign Bank/Wilmington DE 8.75% 30/May/2018 


SunTrust Banks Inc 3.5% 20/Jan/2017 

UBS AG/Stamford CT 7.625% 17/Aug/2022 

423,291 

564,473 

472,010 

808,813 

256,836 

447,512 

537,583 

820,309 

556,875 

257,282 

191,427 

1,067,562 

147,443 

798,525 

1,070,553 

1,318,321 

423,948 

223,528 

251,842 

47,338 

209,461 

828,483 

297,720 

759,887 

247,459 

624,748 

769,554 

835,313 

871,738 

229,412 

774,408 

202,860 

680,939 

986,706 

884,838 

305,747 

416,858 

0.10% 

0.13% 

0.11% 

0.19% 

0.06% 

0.10% 

0.12% 

0.19% 

0.13% 

0.06% 

0.04% 

0.25% 

0.03% 

0.18% 

0.25% 

0.30% 

0.10% 

0.05% 

0.06% 

0.01% 

0.05% 

0.19% 

0.07% 

0.17% 

0.06% 

0.14% 

0.18% 

0.19% 

0.20% 

0.05% 

0.18% 

0.05% 

0.16% 

0.23% 

0.20% 

0.07% 

0.10% 

650,000 

585,000 

250,000 

675,000 

1,050,000 

USD 

USD 

USD 

USD 

USD 


Alterra Finance LLC 6.25% 30/Sep/2020 

Ameriprise Financial Inc Floating 01/Jun/2066 

Atlas Reinsurance VII Ltd Libor 3M 07/Jan/2016 


Blackstone Holdings Finance Co LLC 6.25% 15/Aug/2042 

571,825 

490,310 

189,624 

514,544 

918,443 

0.13% 

0.11% 

0.04% 

0.12% 

0.21% 







250,000 USD 

250,000 USD 

500,000 USD 

750,000 USD 

1,550,000 USD 

300,000 USD 

250,000 USD 

950,000 USD 

250,000 USD 

250,000 USD 

250,000 USD 

580,000 USD 

250,000 USD 

1,500,000 USD 

1,700,000 USD 

1,600,000 USD 

775,000 USD 

200,000 USD 

240,000 USD 

600,000 USD 

1,000,000 USD 

250,000 USD 

325,000 USD 

1,250,000 USD 

225,000 USD 

500,000 USD 

400,000 USD 

600,000 USD 

885,000 USD 

500,000 USD 

250,000 USD 

250,000 USD 

250,000 USD 

550,000 USD 

1,000,000 USD 

250,000 USD 

250,000 USD 

500,000 USD 

500,000 USD 

250,000 USD 

969,000 USD 

600,000 USD 

995,000 USD 

250,000 USD 

500,000 USD 

400,000 USD 

600,000 USD 


Blue Danube Ltd Floating 10/Apr/2015 

Blue Fin Ltd Floating 28/May/2013 

BM&FBovespa SA 5.5% 16/Jul/2020 


Cantor Fitzgerald LP 7.875% 15/Oct/2019 

Caterpillar Financial Services Corp 7.05% 01/Oct/2018 


Commercial Mortgage Pass Through Certificates 4.063% 10/Dec/2044 


East Lane Re Ltd Floating 14/Mar/2014 

East Lane Re V Ltd Floating 16/Mar/2016 

Eaton Vance Corp 6.5% 02/Oct/2017 

Embarcadero Reinsurance Ltd Floating 04/Aug/2014 

Ford Motor Credit Co LLC 3.875% 15/Jan/2015 

General Electric Capital Corp - A - Floating Perpetual 

General Electric Capital Corp 4.625% 07/Jan/2021 

GTP Acquisition Partners I LLC 4.347% 15/Jun/2016 

Hyundai Capital America 4% 08/Jun/2017 

Hyundai Capital Services Inc 3.5% 13/Sep/2017 

Hyundai Capital Services Inc 6% 05/May/2015 



Jefferies Group Inc 5.125% 13/Apr/2018 


Jefferies Group Inc 8.5% 15/Jul/2019 




Macquarie Group Ltd 6% 14/Jan/2020 

Macquarie Group Ltd 6.25% 14/Jan/2021 

Mystic Re Ltd Floating 12/Mar/2015 


Mythen Ltd Libor 6M 07/May/2015 

National Rural Utilities Cooperative Finance Corp 5.45% 01/Feb/2018 

Nomura Holdings Inc 6.7% 04/Mar/2020 


Queen Street IV Capital Ltd Floating 09/Apr/2015 

Raymond James Financial Inc 4.25% 15/Apr/2016 



Scottrade Financial Services Inc 6.125% 11/Jul/2021 

Shore Re Ltd Floating 08/Jul/2013 

Springleaf Finance Corp 6.9% 15/Dec/2017 

Successor X Ltd Floating 10/Nov/2015 


TD Ameritrade Holding Corp 4.15% 01/Dec/2014 


Market Value 

194,971 

190,284 

428,550 

574,276 

1,222,459 

293,208 

194,118 

795,349 

192,696 

188,960 

203,428 

531,410 

191,353 

1,186,825 

1,461,568 

1,377,845 

624,749 

163,905 

192,198 

500,032 

766,839 

193,739 

260,287 

1,069,004 

204,990 

381,409 

305,461 

454,232 

730,531 

420,064 

193,246 

198,290 

201,798 

502,245 

888,340 

190,610 

189,036 

399,710 

384,557 

197,512 

757,779 

465,701 

670,282 

187,955 

381,296 

323,508 

542,052 

Net Assets % 

0.04% 

0.04% 

0.10% 

0.13% 

0.28% 

0.07% 

0.04% 

0.18% 

0.04% 

0.04% 

0.05% 

0.12% 

0.04% 

0.27% 

0.35% 

0.32% 

0.14% 

0.04% 

0.04% 

0.11% 

0.18% 

0.04% 

0.06% 

0.25% 

0.05% 

0.09% 

0.07% 

0.10% 

0.17% 

0.10% 

0.04% 

0.05% 

0.05% 

0.12% 

0.20% 

0.04% 

0.04% 

0.09% 

0.09% 

0.05% 

0.17% 

0.11% 

0.15% 

0.04% 

0.09% 

0.07% 

0.12% 

570,000 

1,000,000 

190,000 

540,000 

1,000,000 

USD 

USD 

USD 

USD 

USD 


Lincoln National Corp Floating 20/Apr/2067 

Lincoln National Corp 4.85% 24/Jun/2021 

Lincoln National Corp 8.75% 01/Jul/2019 

Protective Life Corp 7.375% 15/Oct/2019 

Prudential Financial Inc Floating 15/Jun/2038 

432,883 

854,615 

193,426 

498,857 

921,572 

0.10% 

0.20% 

0.04% 

0.11% 

0.21% 







1,000,000 USD 

385,000 USD 

500,000 USD 

230,000 USD 

400,000 USD 


Prudential Financial Inc Floating 15/Sep/2042 

Prudential Financial Inc 2.75% 14/Jan/2013 

Prudential Financial Inc 4.5% 16/Nov/2021 

Unum Group 5.625% 15/Sep/2020 

Unum Group 5.75% 15/Aug/2042 

Market Value 

794,524 

292,208 

426,868 

200,707 

329,571 

Net Assets % 

0.18% 

0.07% 

0.10% 

0.05% 

0.08% 

1,465,000 

825,000 

250,000 

500,000 

805,000 

605,000 

275,000 

440,000 

300,000 

675,000 

994,000 

1,030,000 

965,000 

1,050,000 

1,070,000 

1,520,000 

455,000 

1,020,000 

1,000,000 

760,000 

1,625,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Allstate Corp Floating 15/May/2057 

Fidelity National Financial Inc 5.5% 01/Sep/2022 



Genworth Financial Inc 7.2% 15/Feb/2021 

Genworth Financial Inc 7.625% 24/Sep/2021 

Hanover Insurance Group Inc 7.5% 01/Mar/2020 

Hanover Insurance Group Inc 7.625% 15/Oct/2025 

Liberty Mutual Group Inc Floating 15/Jun/2058 

Liberty Mutual Group Inc 7% 15/Mar/2037 

Liberty Mutual Group Inc 7.3% 15/Jun/2014 

MetLife Inc 10.75% 01/Aug/2039 

Montpelier Re Holdings Ltd 4.7% 15/Oct/2022 

OneBeacon US Holdings Inc 4.6% 09/Nov/2022 

Platinum Underwriters Finance Inc 7.5% 01/Jun/2017 

Reinsurance Group of America Inc Floating 15/Dec/2065 

Sirius International Group Ltd Floating Perpetual 

Sirius International Group Ltd 6.375% 20/Mar/2017 

Swiss Re Treasury US Corp 2.875% 06/Dec/2022 

Validus Holdings Ltd 8.875% 26/Jan/2040 

XL Group PLC Floating Perpetual 

1,182,034 

695,781 

190,515 

382,244 

662,452 

508,094 

248,130 

389,839 

339,047 

508,784 

809,864 

1,190,129 

743,264 

815,701 

910,101 

1,155,795 

356,159 

845,826 

762,819 

780,155 

1,146,276 

0.27% 

0.16% 

0.04% 

0.09% 

0.15% 

0.12% 

0.06% 

0.09% 

0.08% 

0.12% 

0.19% 

0.27% 

0.17% 

0.19% 

0.21% 

0.27% 

0.08% 

0.19% 

0.18% 

0.18% 

0.26% 

15,000 

USD 

Real Estate Investment and Services 

Forest City Enterprises Inc 7.625% 01/Jun/2015 

11,377 

0.00% 

735,000 

300,000 

235,000 

285,000 

615,000 

325,000 

400,000 

95,000 

760,000 

775,000 

525,000 

400,000 

100,000 

700,000 

350,000 

315,000 

725,000 

1,095,000 

400,000 

310,000 

200,000 

965,000 

1,000,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Alexandria Real Estate Equities Inc 4.6% 01/Apr/2022 

BioMed Realty LP 4.25% 15/Jul/2022 

CubeSmart LP 4.8% 15/Jul/2022 

DDR Corp 4.625% 15/Jul/2022 

DDR Corp 7.5% 01/Apr/2017 

Digital Realty Trust LP 4.5% 15/Jul/2015 

Digital Realty Trust LP 5.25% 15/Mar/2021 

Digital Realty Trust LP 5.875% 01/Feb/2020 

Goodman Funding Pty Ltd 6% 22/Mar/2022 

Goodman Funding Pty Ltd 6.375% 15/Apr/2021 

Health Care REIT Inc 3.75% 15/Mar/2023 

Health Care REIT Inc 5.25% 15/Jan/2022 

Health Care REIT Inc 6% 15/Nov/2013 

Health Care REIT Inc 6.2% 01/Jun/2016 

Healthcare Realty Trust Inc 5.75% 15/Jan/2021 


Highwoods Realty LP 3.625% 15/Jan/2023 

Hospitality Properties Trust 5% 15/Aug/2022 

Hospitality Properties Trust 7.875% 15/Aug/2014 

Mack-Cali Realty LP 4.5% 18/Apr/2022 

Mack-Cali Realty LP 5.125% 15/Feb/2014 

Senior Housing Properties Trust 6.75% 15/Apr/2020 

Ventas Realty LP / Ventas Capital Corp 4.75% 01/Jun/2021 

601,076 

237,188 

193,980 

235,670 

559,608 

262,274 

338,633 

82,627 

651,116 

654,923 

401,187 

340,407 

79,171 

606,139 

295,865 

272,494 

542,153 

885,410 

324,012 

251,935 

157,174 

836,884 

832,894 

0.14% 

0.05% 

0.04% 

0.05% 

0.13% 

0.06% 

0.08% 

0.02% 

0.15% 

0.15% 

0.09% 

0.08% 

0.02% 

0.14% 

0.07% 

0.06% 

0.12% 

0.20% 

0.07% 

0.06% 

0.04% 

0.19% 

0.19% 







510,000 USD 


WEA Finance LLC 7.125% 15/Apr/2018 

Market Value 

477,263 

Net Assets % 

0.11% 

224,000 

425,000 

900,000 

200,000 

50,000 

850,000 

1,350,000 

USD 

USD 

USD 

EUR 

USD 

USD 

USD 

Health Care 


Accellent Inc 8.375% 01/Feb/2017 

Amerigroup Corp 7.5% 15/Nov/2019 

Catholic Health Initiatives 4.35% 01/Nov/2042 

ConvaTec Healthcare E SA - 144A - 7.375% 15/Dec/2017 

HCA Inc 8.5% 15/Apr/2019 

NYU Hospitals Center 4.428% 01/Jul/2042 

WellPoint Inc 2.75% CV 15/Oct/2042 

178,398 

388,444 

697,718 

216,000 

42,239 

615,148 

1,092,446 

0.04% 

0.09% 

0.16% 

0.05% 

0.01% 

0.14% 

0.25% 

975,000 

575,000 

500,000 

USD 

USD 

USD 


Biogen Idec Inc 6% 01/Mar/2013 

Genzyme Corp 3.625% 15/Jun/2015 

Warner Chilcott Co LLC / Warner Chilcott Finance LLC 7.75% 15/Sep/2018 

746,034 

467,534 

405,795 

0.17% 

0.11% 

0.09% 

115,000 

USD 

Industrials 

Aerospace and Defense 

Esterline Technologies Corp 6.625% 01/Mar/2017 

89,626 

0.02% 

1,051,000 

550,000 

1,050,000 

150,000 

1,225,000 

USD 

USD 

USD 

USD 

USD 


Cemex Espana Luxembourg - Regs - 9.875% 30/Apr/2019 

Cemex SAB de CV Libor 3M 30/Sep/2015 

Holcim US Finance Sarl & Cie SCS 6% 30/Dec/2019 

Masco Corp 5.95% 15/Mar/2022 


896,244 

424,473 

906,505 

124,583 

1,085,524 

0.21% 

0.10% 

0.21% 

0.03% 

0.25% 

1,014,000 

580,000 

USD 

USD 


Agilent Technologies Inc 6.5% 01/Nov/2017 

Anixter Inc 5.95% 01/Mar/2015 

930,853 

467,973 

0.21% 

0.11% 

250,000 

290,000 

USD 

USD 


Boart Longyear Management Pty Ltd 7% 01/Apr/2021 

Ingersoll-Rand Global Holding Co Ltd 9.5% 15/Apr/2014 

191,994 

242,459 

0.04% 

0.06% 

120,000 

100,000 

500,000 

USD 

USD 

USD 


Cummins Inc 6.75% 15/Feb/2027 

Ormat Funding Corp 8.25% 30/Dec/2020 

Volvo Treasury AB - 144A - 5.95% 01/Apr/2015 

113,913 

42,825 

414,108 

0.03% 

0.01% 

0.10% 

390,000 

1,000,000 

825,000 

850,000 

680,000 

1,743,000 

910,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Asciano Finance Ltd - 144A - 4.625% 23/Sep/2020 

Asciano Finance Ltd 5% 07/Apr/2018 

Aviation Capital Group Corp 6.75% 06/Apr/2021 

Aviation Capital Group Corp 7.125% 15/Oct/2020 

Burlington Northern Santa Fe LLC 5.75% 15/Mar/2018 

GATX Corp 6% 15/Feb/2018 

Viterra Inc 5.95% 01/Aug/2020 

306,149 

816,854 

649,510 

680,625 

624,793 

1,477,652 

748,855 

0.07% 

0.19% 

0.15% 

0.16% 

0.14% 

0.35% 

0.17% 

445,000 

350,000 

450,000 

225,000 

250,000 

895,000 

273,000 

750,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 



Canadian Natural Resources Ltd 5.9% 01/Feb/2018 

Denbury Resources Inc 8.25% 15/Feb/2020 

EP Energy LLC / EP Energy Finance Inc 9.375% 01/May/2020 

EP Energy LLC / Everest Acquisition Finance Inc 6.875% 01/May/2019 

Frontier Oil Corp 6.875% 15/Nov/2018 

Gazprom OAO Via Gazprom International SA - Regs - 7.201% 01/Feb/2020 

Marathon Oil Corp 5.9% 15/Mar/2018 

Motiva Enterprises LLC 5.75% 15/Jan/2020 

406,977 

298,657 

383,988 

185,168 

203,846 

243,076 

250,623 

694,652 

0.09% 

0.07% 

0.09% 

0.04% 

0.05% 

0.06% 

0.06% 

0.16% 







1,150,000 USD 

1,850,000 USD 

1,355,000 USD 

375,000 USD 

250,000 USD 

975,000 USD 

500,000 USD 

145,000 USD 

500,000 USD 

250,000 USD 

1,300,000 USD 

460,000 USD 


Newfield Exploration Co 5.625% 01/Jul/2024 

Petrohawk Energy Corp 7.25% 15/Aug/2018 

Plains Exploration & Production Co 6.75% 01/Feb/2022 

Precision Drilling Corp 6.625% 15/Nov/2020 

Pride International Inc 6.875% 15/Aug/2020 

QEP Resources Inc 5.25% 01/May/2023 

Ras Laffan Liquefied Natural Gas Co Ltd III - 144A - 5.5% 30/Sep/2014 


TNK-BP Finance SA - Regs - 7.5% 18/Jul/2016 

TNK-BP Finance SA - 144A - 7.5% 18/Jul/2016 

Transocean Inc 6.375% 15/Dec/2021 

Valero Energy Corp 9.375% 15/Mar/2019 

Market Value 

937,690 

1,579,908 

1,158,800 

305,768 

241,022 

780,207 

408,321 

76,874 

440,022 

220,201 

1,197,161 

479,483 

Net Assets % 

0.22% 

0.37% 

0.27% 

0.07% 

0.06% 

0.18% 

0.09% 

0.02% 

0.10% 

0.05% 

0.28% 

0.11% 

800,000 

750,000 

1,000,000 

500,000 

1,400,000 

500,000 

1,100,000 

650,000 

400,000 

510,000 

935,000 

600,000 

590,000 

900,000 

250,000 

455,000 

847,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Oil Equipment, Services and Distribution 

Boardwalk Pipelines LP 5.2% 01/Jun/2018 

DCP Midstream LLC 5.35% 15/Mar/2020 

DCP Midstream Operating LP 4.95% 01/Apr/2022 

Enterprise Products Operating LLC Floating 01/Jun/2067 

Kinder Morgan Energy Partners LP 4.15% 01/Mar/2022 

Kinder Morgan Energy Partners LP 5.95% 15/Feb/2018 

ONEOK Partners LP 2% 01/Oct/2017 

Plains All American Pipeline LP / PAA Finance Corp 6.125% 15/Jul/2017 

Questar Pipeline Co 5.83% 01/Feb/2018 

Rockies Express Pipeline LLC 5.625% 15/Apr/2020 

SESI LLC 7.125% 15/Dec/2021 

Spectra Energy Capital LLC 6.2% 15/Apr/2018 

Sunoco Logistics Partners Operations LP 6.1% 15/Feb/2042 

Weatherford International Ltd/Bermuda 5.125% 15/Sep/2020 

Weatherford International Ltd/Bermuda 5.95% 15/Apr/2042 

Weatherford International Ltd/Bermuda 9.625% 01/Mar/2019 

Williams Cos Inc 7.75% 15/Jun/2031 

672,552 

630,139 

810,737 

408,402 

1,147,811 

453,398 

845,667 

581,997 

357,025 

381,997 

792,523 

554,851 

513,256 

751,255 

207,347 

449,354 

815,890 

0.15% 

0.14% 

0.19% 

0.09% 

0.26% 

0.10% 

0.19% 

0.13% 

0.08% 

0.09% 

0.18% 

0.13% 

0.12% 

0.17% 

0.05% 

0.10% 

0.19% 

450,000 

USD 

Technology 


First Data Corp 8.875% 15/Aug/2020 

372,042 

0.09% 

1,825,000 

500,000 

615,000 

900,000 

USD 

USD 

USD 

USD 


Intel Corp 2.95% CV 15/Dec/2035 

KLA-Tencor Corp 6.9% 01/May/2018 

Maxim Integrated Products Inc 3.45% 14/Jun/2013 

NCR Corp 4.625% 15/Feb/2021 

1,425,780 

456,145 

472,547 

681,792 

0.33% 

0.10% 

0.11% 

0.16% 

65,000 

959,000 

1,300,000 

125,000 

115,000 

200,000 

980,000 

750,000 

525,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 



Cincinnati Bell Inc 8.25% 15/Oct/2017 


Frontier Communications Corp 7.125% 15/Jan/2023 

Frontier Communications Corp 8.5% 15/Apr/2020 


GTP Cellular Sites LLC 3.721% 15/Mar/2017 

GTP Towers Issuer LLC 4.436% 15/Feb/2015 

Telefonica Emisiones SAU 6.221% 03/Jul/2017 

Windstream Corp 7.875% 01/Nov/2017 

53,246 

787,407 

1,051,369 

109,034 

101,183 

155,327 

775,443 

631,447 

443,610 

0.01% 

0.18% 

0.24% 

0.03% 

0.02% 

0.04% 

0.18% 

0.15% 

0.10% 

530,000 

215,000 

USD 

USD 


Crown Castle Towers LLC 4.883% 15/Aug/2020 

Crown Castle Towers LLC 6.113% 15/Jan/2020 

455,381 

197,127 

0.10% 

0.05% 







150,000 USD 

300,000 USD 

250,000 USD 


MetroPCS Wireless Inc 6.625% 15/Nov/2020 

Telesat Canada / Telesat LLC 12.5% 01/Nov/2017 

WCP Wireless Site Funding / WCP Wireless Site RE Funding 6.829% 15/Nov/2015 

Market Value 

120,885 

249,735 

205,317 

Net Assets % 

0.03% 

0.06% 

0.05% 

450,000 

940,000 

470,000 

685,000 

550,000 

120,000 

870,000 

350,000 

625,000 

453,000 

900,000 

650,000 

405,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Utilities 

Electricity 

Commonwealth Edison Co 6.15% 15/Sep/2017 

Enel Finance International NV 5.125% 07/Oct/2019 

FPL Energy Wind Funding LLC 6.876% 27/Jun/2017 

Intergen NV 9% 30/Jun/2017 

Israel Electric Corp Ltd 7.25% 15/Jan/2019 

Kiowa Power Partners LLC 5.737% 30/Mar/2021 

New York State Electric & Gas Corp 6.15% 15/Dec/2017 

NRG Energy Inc 8.5% 15/Jun/2019 

NSG Holdings LLC / NSG Holdings Inc 7.75% 15/Dec/2025 

PNM Resources Inc 9.25% 15/May/2015 

Public Service Co of New Mexico 7.95% 15/May/2018 

Southern California Edison Co Floating Perpetual 

West Penn Power Co 5.95% 15/Dec/2017 

413,456 

753,611 

80,693 

465,014 

452,594 

96,052 

743,878 

290,786 

488,281 

389,070 

829,572 

537,771 

365,090 

0.10% 

0.17% 

0.02% 

0.11% 

0.10% 

0.02% 

0.17% 

0.07% 

0.11% 

0.09% 

0.19% 

0.12% 

0.08% 

900,000 

310,000 

400,000 

USD 

USD 

USD 


Nakilat Inc 6.067% 31/Dec/2033 


Southern Union Co Libor 3M 01/Nov/2066 

826,001 

275,262 

259,785 

0.19% 

0.06% 

0.06% 

Total Bonds 

149,333,514 

34.33% 

Equities 

55,000 

18,000 

1,280 

USD 

USD 

USD 

Financials 


US Bancorp - Pfd 


Wells Fargo & Co - Pfd 

1,144,929 

388,835 

1,189,928 

0.26% 

0.09% 

0.27% 

51,025 

USD 


Citigroup Capital XIII - Pfd 

1,076,657 

0.25% 

53,400 

USD 


Delphi Financial Group Inc - Pfd 

1,009,553 

0.23% 

27,260 

USD 


Forest City Enterprises Inc - Pfd 

1,157,243 

0.27% 

Total Equities 

5,967,145 

1.37% 

650,000 

927,000 

860,000 

1,000,000 

2,500,000 

1,000,000 

800,000 

100,000 

250,000 

103,000 

2,150,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 



ACE Securities Corp - MH1 M2 - 6.5% 15/Aug/2030 

ACE Securities Corp - SD3 A - Libor 1M 25/Aug/2045 


Ally Auto Receivables Trust 2010-5 - A3 - 1.11% 15/Jan/2015 

Ally Master Owner Trust - 2010-1 A - Libor 1M 15/Jan/2015 

American Credit Acceptance Receivables Trust - 2013-3 A - 1.64% 15/Nov/2016 

AmeriCredit Automobile Receivables Trust - 3 D - 4.04% 10/Jul/2017 

AmeriCredit Automobile Receivables Trust - 4 D - 4.2% 08/Nov/2016 


Banc of America Alternative Loan Trust - 10 2A2 - Libor 1M 25/Dec/2033 

197,896 

481,961 

35,661 

289,676 

784,448 

759,127 

606,796 

80,638 

199,105 

18,624 

218,669 

0.05% 

0.11% 

0.01% 

0.07% 

0.18% 

0.17% 

0.14% 

0.02% 

0.05% 

0.00% 

0.05% 







1,600,000 USD 

1,300,000 USD 

1,350,000 USD 

1,000,000 USD 

2,136,971 USD 

1,850,000 USD 

2,650,000 USD 

475,000 USD 

1,380,550 USD 

577,035 USD 

609,000 USD 

300,000 USD 

2,466,000 USD 

3,500,000 USD 

345,000 USD 

2,300,000 USD 

2,215,000 USD 

400,000 USD 

450,000 USD 

3,750,000 USD 

5,000,000 USD 

5,300,000 USD 

513,858 USD 

1,215,000 USD 

200,000 USD 

685,000 USD 

15,000,000 USD 

700,000 USD 

1,350,000 USD 

200,000 USD 

345,000 USD 

2,500,000 USD 

748,000 USD 

600,000 USD 

1,110,000 USD 

100,000 USD 

3,800,000 USD 

1,000,000 USD 

475,000 USD 

1,000,000 USD 

300,000 USD 

200,000 USD 

850,000 USD 

350,000 USD 

655,000 USD 

812,000 USD 

1,000,000 USD 

1,400,000 USD 

400,000 USD 

510,000 USD 

7,000,000 USD 

1,000,000 USD 

2,795,000 USD 


Banc of America Alternative Loan Trust - 10 3A1 - 5.5% 25/Nov/2019 

Banc of America Alternative Loan Trust - 12 4A1 - 5.5% 01/Jan/2020 

Banc of America Alternative Loan Trust - 2 CB1 - 5.75% 25/Apr/2033 

Banc of America Alternative Loan Trust - 2 1A1 - 6% 25/Mar/2034 

Banc of America Alternative Loan Trust - 2004-2 5A1 - 5.5% 25/Mar/2019 

Banc of America Alternative Loan Trust - 3 A5 - 5.75% 25/May/2033 

Banc of America Alternative Loan Trust - 7 1CB1 - 5.5% 25/Sep/2033 

Banc of America Funding Corp - R4 7A1 - Floating 26/Aug/2036 

Banc of America Funding Corp - 2003-3 1A7 - 5.5% 25/Oct/2033 

Banc of America Funding Corp - 2010-R4 3A1 - Libor 1M 26/Sep/2046 

Banc of America Funding Corp - 8 1A1 - 5.5% 25/Jan/2036 


Banc of America Mortgage Securities Inc - E 1A1 - Floating 25/Jun/2034 




Banc of America Mortgage Securities Inc - 11 2A1 - 5.75% 25/Jan/2035 

Banc of America Mortgage Securities Inc - 9 1A1 - 5.5% 25/Nov/2034 

Banc of America Mortgage Trust 2004-7 - 6A1 - 4.5% 25/Aug/2019 

Banc of America Mortgage 2003-H Trust - 2A3 - Floating 25/Sep/2033 



Bayview Financial Acquisition Trust - 2005-B M1 - Libor 1M 28/Apr/2039 

Bayview Opportunity Master Fund Trust IIB LP - 2012-4NPL A - Floating 28/Jul/2032 

BCAP LLC Trust - 2010-RR10 2A5 - Floating 27/Dec/2034 

Bear Stearns Adjustable Rate Mortgage Trust - 5 1A3 - Floating 25/Aug/2033 

Bear Stearns Alt-A Trust - 3 3A - Floating 25/Oct/2033 

Bear Stearns Alt-A Trust - 6A - Floating 25/Oct/2033 


Bear Stearns Asset Backed Securities Trust - 2006-EC1 M1 - Libor 1M 25/Dec/2035 

Bear Stearns Commercial Mortgage Securities - TOP6 E - Floating 15/Oct/2036 

Bombardier Capital Mortgage Securitization Corp - A A4 - 6.65% 15/Apr/2028 

California Republic Auto Receivables Trust 2012-1 - A - 1.18% 15/Aug/2017 

CarNow Auto Receivables Trust - 1A A - 2.09% 15/Jan/2015 

Carrington Mortgage Loan Trust - NC1 M1 - Floating 25/Feb/2035 

Carrington Mortgage Loan Trust - NC4 A3 - Libor 1M 25/Sep/2035 

Centex Home Equity - A AF6 - Floating 25/Mar/2033 


Chase Mortgage Finance Corp - S11 1A1 - 5% 25/Oct/2033 

Chesapeake Funding LLC - 2A A - Libor 1M 07/Apr/2024 

Chesapeake Funding LLC - 2012-2A A - Libor 1M 07/May/2024 

Chesapeake Funding LLC - 2012-2A B - Libor 1M 07/May/2024 

Citicorp Mortgage Securities Inc - 1 3A1 - 5% 25/Feb/2036 

Citicorp Residential Mortgage Securities Inc - 1 A4 - 5.892% 25/Mar/2037 

Citicorp Residential Mortgage Securities Inc - 1 A4 - 5.939% 25/Jul/2036 

Citicorp Residential Mortgage Securities Inc - 1 A6 - Floating 25/Jul/2036 

Citicorp Residential Mortgage Securities Inc - 2 A4 - 5.775% 25/Sep/2036 

Citicorp Residential Mortgage Securities Inc - 2006-3 A4 - 5.703% 25/Nov/2036 

Citigroup Commercial Mortgage Trust Libor 1M 15/Apr/2022 

Citigroup Mortgage Loan Trust Inc - HE1 A4 - Libor 1M 25/Jan/2036 

Citigroup Mortgage Loan Trust Inc - WFH1 A2 - Libor 1M 25/Jan/2037 

Citigroup Mortgage Loan Trust Inc - 7 2A1A - Floating 25/Sep/2035 


Market Value 

286,840 

217,060 

173,232 

262,562 

335,928 

976,670 

547,927 

163,997 

419,411 

118,508 

175,181 

224,000 

69,980 

203,287 

84,561 

509,676 

307,732 

207,468 

56,875 

222,745 

135,902 

243,341 

376,617 

810,468 

109,400 

72,689 

540,991 

142,606 

197,673 

142,707 

260,867 

222,295 

526,186 

181,587 

314,812 

23,417 

1,109,976 

764,658 

37,968 

768,422 

227,549 

151,814 

173,832 

262,975 

487,628 

449,293 

587,197 

804,104 

294,346 

123,446 

131,571 

128,276 

1,981,716 

Net Assets % 

0.07% 

0.05% 

0.04% 

0.06% 

0.08% 

0.22% 

0.13% 

0.04% 

0.10% 

0.03% 

0.04% 

0.05% 

0.02% 

0.05% 

0.02% 

0.12% 

0.07% 

0.05% 

0.01% 

0.05% 

0.03% 

0.06% 

0.09% 

0.19% 

0.03% 

0.02% 

0.12% 

0.03% 

0.05% 

0.03% 

0.06% 

0.05% 

0.12% 

0.04% 

0.07% 

0.01% 

0.26% 

0.18% 

0.01% 

0.18% 

0.05% 

0.03% 

0.04% 

0.06% 

0.11% 

0.10% 

0.13% 

0.18% 

0.07% 

0.03% 

0.03% 

0.03% 

0.45% 







175,000 USD 

300,000 USD 

550,000 USD 

1,152,000 USD 

7,094,265 USD 

944,000 USD 

200,000 USD 

324,000 USD 

1,400,000 USD 

577,000 USD 

1,276,000 USD 

1,410,000 USD 

1,910,000 USD 

500,000 USD 

2,900,000 USD 

600,000 USD 

7,500,000 USD 

1,000,000 USD 

750,000 USD 

3,000,000 USD 

2,800,000 USD 

2,186,000 USD 

1,200,000 USD 

250,000 USD 

13,173,000 USD 

650,000 USD 

650,000 USD 

140,000 USD 

300,000 USD 

3,200,000 USD 

1,000,000 USD 

3,800,000 USD 

400,000 USD 

125,000 USD 

250,000 USD 

150,000 USD 

850,000 USD 

900,000 USD 

300,000 USD 

250,000 USD 

300,000 USD 

275,000 USD 

3,350,000 USD 

1,000,000 USD 

23,000,000 USD 

200,000 USD 

4,414,000 USD 

3,600,000 USD 

490,000 USD 

500,000 USD 

2,500,000 USD 

370,000 USD 

200,000 USD 


COMM 2012-CCRE2 Mortgage Trust - AM - 3.791% 15/Aug/2045 

COMM 2012-CCRE2 Mortgage Trust - 2012-CR2 A4 - 3.147% 15/Aug/2045 

Commercial Mortgage Pass Through Certificates - FL11 C - Libor 1M 15/Nov/2017 

Commercial Mortgage Pass Through Certificates - FL11 D - Libor 1M 15/Nov/2017 

Commercial Mortgage Pass Through Certificates - FL12 A2 - Libor 1M 15/Dec/2020 


Commercial Mortgage Pass Through Certificates - 2012-CR3 A3 - 2.822% 15/Nov/2045 

Commercial Mortgage Pass Through Certificates - 2012-CR4 ASB - 2.436% 15/Oct/2045 

Commercial Mortgage Pass Through Certificates - 2012-MVP A - Libor 1M 17/Nov/2026 

Conn Funding II LP - AA A - Floating 15/Apr/2016 

Conseco Financial Corp - 2 A7 - 7.62% 15/Jun/2028 

Conseco Financial Corp - 6 A10 - 6.87% 15/Jan/2029 

Conseco Financial Corp - 6 A8 - 7.07% 15/Jan/2029 

Countrywide Alternative Loan Trust - 12CB 1A3 - 5% 25/Jul/2019 

Countrywide Alternative Loan Trust - 14T1 A9 - Libor 1M 25/Aug/2018 

Countrywide Alternative Loan Trust - 16T1 A5 - 5.25% 25/Sep/2033 


Countrywide Alternative Loan Trust - 2CB 1A2 - 5.125% 25/Mar/2034 

Countrywide Alternative Loan Trust - 21T1 A8 - 5.75% 25/Dec/2033 

Countrywide Alternative Loan Trust - 28CB 1A1 - 5.5% 25/Jan/2035 

Countrywide Alternative Loan Trust - 4CB 1A1 - 4.25% 25/Apr/2034 

Countrywide Asset-Backed Certificates - 12 2A3 - 5.069% 25/Dec/2035 

Countrywide Asset-Backed Certificates - 2004-7 MV3 - Libor 1M 25/Dec/2034 

Countrywide Home Loan Mortgage Pass Through Trust - J2 A8 - 5.5% 25/Mar/2034 

Countrywide Home Loan Mortgage Pass Through Trust - J9 2A1 - 5.25% 25/Jan/2035 

Credit Suisse First Boston Mortgage Securities Corp - AR28 6M1 - Floating 25/Dec/2033 

Credit Suisse First Boston Mortgage Securities Corp - CKN5 G - 6.448% 15/Sep/2034 


Credit Suisse First Boston Mortgage Securities Corp - 11 1B1 - 5.5% 25/Jun/2033 

Credit Suisse First Boston Mortgage Securities Corp - 2003-AR26 2A1 - Floating 25/Nov/2033 


Credit Suisse Mortgage Capital Certificates - 2006-TF2A A2 - Libor 1M 15/Oct/2021 

Credit-Based Asset Servicing and Securitization LLC - CB4 AF3 - 5.334% 25/Aug/2035 

Credit-Based Asset Servicing and Securitization LLC - MH1 M1 - Floating 25/Oct/2036 

Cronos Containers Program Ltd - 2012-2A A - 3.81% 18/Sep/2027 

CW Capital Cobalt Ltd - C1 A2 - 5.174% 15/Aug/2048 

DBUBS Mortgage Trust - LC3A B - Floating 10/Aug/2044 

Deutsche Mortgage Securities Inc - RS2 A1 - Floating 28/Jun/2047 

Drug Royalty II LP 1 2012-1 - A2 - 4.474% 15/Jan/2025 

DT Auto Owner Trust - 1A B - 2.26% 16/Oct/2017 

DT Auto Owner Trust - 1A C - 3.46% 15/Jan/2014 

DT Auto Owner Trust - 1A D - 4.89% 17/Jan/2017 

Ellington Loan Acquisition Trust - 1 A2A1 - Libor 1M 26/May/2037 

Ellington Loan Acquisition Trust - 2 A2A - Libor 1M 25/May/2037 

Extended Stay America Trust - ESHA XB1 - Floating 05/Jan/2016 

Fannie Mae Pool - 825905 - 5% 01/Oct/2020 

Fannie Mae Pool 4% 01/Jul/2018 

Fannie Mae Pool 5% 01/Sep/2020 

First Franklin Mortgage Loan Asset Backed Certificates - FF10 A3 - Libor 1M 25/Sep/2034 

First Investors Auto Owner Trust 2012-2 - A A2 - 1.47% 15/May/2018 

First NLC Trust - 2 AV3 - Libor 1M 25/Sep/2035 

FREMF Mortgage Trust - K10 B - Floating 25/Nov/2044 

FREMF Mortgage Trust - K11 B - Floating 25/Dec/2048 

Market Value 

144,148 

242,219 

106,350 

218,251 

741,877 

406,453 

157,210 

253,432 

1,080,763 

162,124 

137,707 

128,851 

60,354 

397,743 

174,082 

289,301 

181,360 

390,267 

357,209 

447,717 

276,962 

318,372 

899,699 

119,647 

196,985 

104,058 

247,112 

96,736 

82,781 

194,179 

376,274 

1,116,955 

229,559 

92,789 

191,354 

5,194 

760,868 

103,327 

227,547 

190,018 

17,553 

210,802 

344,758 

154,085 

174 

27,630 

455,387 

483,982 

63,317 

380,066 

1,731,319 

303,253 

161,854 

Net Assets % 

0.03% 

0.06% 

0.02% 

0.05% 

0.17% 

0.09% 

0.04% 

0.06% 

0.25% 

0.04% 

0.03% 

0.03% 

0.01% 

0.09% 

0.04% 

0.07% 

0.04% 

0.09% 

0.08% 

0.10% 

0.06% 

0.07% 

0.21% 

0.03% 

0.05% 

0.02% 

0.06% 

0.02% 

0.02% 

0.04% 

0.09% 

0.26% 

0.05% 

0.02% 

0.04% 

0.00% 

0.17% 

0.02% 

0.05% 

0.04% 

0.00% 

0.05% 

0.08% 

0.04% 

0.00% 

0.01% 

0.10% 

0.11% 

0.01% 

0.09% 

0.39% 

0.07% 

0.04% 







200,000 USD 

175,000 USD 

260,000 USD 

1,000,000 USD 

400,000 USD 

450,000 USD 

140,000 USD 

385,000 USD 

490,000 USD 

197,000 USD 

4,300,000 USD 

248,000 USD 

600,000 USD 

1,700,000 USD 

583,000 USD 

6,420,110 USD 

1,000,000 USD 

4,100,000 USD 

450,000 USD 

250,000 USD 

150,000 USD 

2,576,000 USD 

190,000 USD 

650,000 USD 

3,800,000 USD 

432,000 USD 

300,000 USD 

1,400,000 USD 

1,000,000 USD 

350,000 USD 

350,000 USD 

568,000 USD 

4,000,000 USD 

1,400,000 USD 

4,000,000 USD 

1,400,000 USD 

250,000 USD 

91,007 USD 

3,725,632 USD 

2,000,000 USD 

491,000 USD 

3,600,000 USD 

9,324,000 USD 

500,000 USD 

125,000 USD 

1,180,000 USD 

280,000 USD 

5,200,000 USD 

400,000 USD 

450,000 USD 

100,000 USD 

550,000 USD 

350,000 USD 


FREMF Mortgage Trust - K14 B - Floating 25/Apr/2021 



FREMF Mortgage Trust - K701 B - Floating 25/Jul/2048 

FREMF Mortgage Trust - K702 B - Floating 25/Mar/2018 


FREMF Mortgage Trust - K8 B - Floating 25/Jun/2020 

FREMF Mortgage Trust - K9 B - Floating 25/Sep/2045 

FREMF Mortgage Trust - 2012-K708 C - Floating 25/Feb/2045 

FREMF Mortgage Trust - 2012-K710 B - Floating 25/May/2019 

Fremont Home Loan Trust - 2 M1 - Libor 1M 25/Jun/2035 


GE Business Loan Trust 2007-1 - A A - Libor 1M 16/Apr/2035 

GE Capital Commercial Mortgage Corp - 2003-C2 A4 - 5.145% 10/Jul/2037 

GE Dealer Floorplan Master Note Trust - 2012-4 A - Libor 1M 20/Oct/2017 

Ginnie Mae I pool 6% 15/Sep/2034 

Ginnie Mae II pool 5.5% 20/Oct/2037 


Global SC Finance SRL - 2012-1A A - 4.11% 19/Jul/2027 

GMAC Commercial Mortgage Securities Inc - C1 H - 5.31% 10/May/2036 

GMAC Commercial Mortgage Securities Inc - C3 E - Floating 10/Apr/2040 

GMAC Mortgage Corp Loan Trust - 2003-AR1 A5 - Floating 19/Oct/2033 

Government National Mortgage Association - 2005-61 UZ - 5.25% 16/Aug/2035 

Government National Mortgage Association - 83 EB - 4.5% 01/Sep/2039 

Government National Mortgage Association Floating 16/Aug/2052 


GS Mortgage Securities Corp II - ALF D - 4.209% 10/Feb/2021 

GS Mortgage Securities Corp II - EOP A2 - Floating 06/Mar/2020 


GS Mortgage Securities Corp II - GCJ7 A4 - 3.377% 10/May/2045 

GS Mortgage Securities Corp II - GG8 A4 - 5.56% 10/Nov/2039 


GSAMP Trust - SEA1 A - Libor 1M 25/May/2036 

GSR Mortgage Loan Trust - AR4 6A1 - Floating 25/Jul/2035 

GSR Mortgage Loan Trust - 9 A3 - Floating 25/Aug/2033 



Home Equity Asset Trust - 5 2A3 - Libor 1M 25/Nov/2035 

Homestar Mortgage Acceptance Corp - 2004-2 AV1 - Libor 1M 25/Jun/2034 

HSBC Home Equity Loan Trust USA 2007-3 - APT - Libor 1M 20/Nov/2036 

Icon Brands Holdings LLC 2012-1 - A A - 4.229% 25/Jan/2043 

Impac CMB Trust - 9 1A1 - Floating 25/Jan/2035 

Impac CMB Trust Series 2004-7 - 1A1 - Floating 25/Nov/2034 

Impac Secured Assets CMN Owner Trust - 1 2A1 - Libor 1M 25/May/2036 

Irwin Home Equity Corp - C 2M2 - Floating 25/Apr/2030 

Irwin Home Equity Corp - 1 2A3 - 5.32% 25/Jun/2035 

Jefferies & Co Inc - R2 4A - Floating 26/May/2037 

JP Morgan Alternative Loan Trust - 2006-A4 A1 - 5.95% 25/Sep/2036 


JP Morgan Chase Commercial Mortgage Securities Corp - C2 A2 - 3.6159% 15/Nov/2043 

JP Morgan Chase Commercial Mortgage Securities Corp - C2 C - Floating 15/Nov/2043 

JP Morgan Chase Commercial Mortgage Securities Corp - C3 B - 5.146% 12/Jul/2035 

JP Morgan Chase Commercial Mortgage Securities Corp - C5 A3 - 4.1712% 15/Aug/2046 

Market Value 

169,716 

138,205 

224,331 

817,386 

333,393 

377,154 

118,814 

327,120 

359,420 

156,386 

707,760 

1,286 

242,180 

906,708 

442,755 

1,340,454 

400,908 

339,387 

342,223 

189,719 

116,373 

434,927 

251,757 

565,535 

221,754 

175,174 

230,097 

1,063,472 

760,187 

289,557 

307,053 

83,886 

536,099 

253,731 

309,581 

811,840 

95,023 

50,009 

376,446 

605,435 

372,421 

217,584 

601,142 

181,922 

71,315 

291,565 

90,320 

125,948 

306,303 

380,241 

86,841 

61,019 

305,633 

Net Assets % 

0.04% 

0.03% 

0.05% 

0.19% 

0.08% 

0.09% 

0.03% 

0.08% 

0.08% 

0.04% 

0.16% 

0.00% 

0.06% 

0.21% 

0.10% 

0.30% 

0.09% 

0.08% 

0.08% 

0.04% 

0.03% 

0.10% 

0.06% 

0.13% 

0.05% 

0.04% 

0.05% 

0.24% 

0.17% 

0.07% 

0.07% 

0.02% 

0.12% 

0.06% 

0.07% 

0.19% 

0.02% 

0.01% 

0.09% 

0.14% 

0.09% 

0.05% 

0.14% 

0.04% 

0.02% 

0.07% 

0.02% 

0.03% 

0.07% 

0.09% 

0.02% 

0.01% 

0.07% 







550,000 USD 

250,000 USD 

717,061 USD 

350,000 USD 

1,000,000 USD 

600,000 USD 

8,040,000 USD 

2,104,000 USD 

1,100,000 USD 

1,000,000 USD 

2,013,000 USD 

6,346,000 USD 

2,200,000 USD 

1,250,000 USD 

650,000 USD 

625,000 USD 

479,000 USD 

797,000 USD 

300,000 USD 

200,000 USD 

3,300,073 USD 

500,000 USD 

185,000 USD 

300,000 USD 

384,000 USD 

321,000 USD 

550,000 USD 

2,500,000 USD 

911,190 USD 

1,660,000 USD 

2,900,000 USD 

150,000 USD 

4,200,000 USD 

2,000,000 USD 

1,571,000 USD 

4,980,000 USD 

13,500,000 USD 

371,325 USD 

214,000 USD 

450,000 USD 

2,990,000 USD 

8,430,000 USD 

675,000 USD 

200,000 USD 

3,000,000 USD 

800,000 USD 

1,830,000 USD 

600,000 USD 

615,000 USD 

6,666,000 USD 

346,000 USD 



JP Morgan Chase Commercial Mortgage Securities Corp - LDP9 A3SF - Libor 1M 15/May/2047 

JP Morgan Chase Commercial Mortgage Securities Corp - 2003-ML1A A2 - 4.767% 12/Mar/2039 

JP Morgan Chase Commercial Mortgage Securities Corp - 2012-C8 B - 3.9767% 15/Oct/2045 

JP Morgan Chase Commercial Mortgage Securities Corp - 2012-PHH C - Libor GB 1M 

15/Oct/2025 

JP Morgan Chase Commercial Mortgage Securities Corp Libor 1M 15/Jul/2019 


JP Morgan Mortgage Trust - A1 3A1 - Floating 25/Feb/2034 

JP Morgan Mortgage Trust - A2 1A1 - Floating 25/May/2034 

JP Morgan Mortgage Trust - A3 1A1 - Floating 25/Jun/2035 


JP Morgan Mortgage Trust - 2A1 - Floating 25/Feb/2034 

JP Morgan Mortgage Trust - 3A1 - Floating 25/Oct/2033 

LB-UBS Commercial Mortgage Trust - AAB - 4.664% 15/Jul/2030 


LB-UBS Commercial Mortgage Trust - 2004-C1 A4 - 4.568% 15/Jan/2031 

Leaf II Receivables Funding LLC - 2012-1 A4 - 1.55% 15/Nov/2017 

Leaf II Receivables Funding LLC - 2012-1 B - 1.92% 15/Sep/2020 



Lehman Brothers Small Balance Commercial - 1A A - Libor 1M 25/Feb/2030 


Lehman Brothers Small Balance Commercial - 3A 1A2 - Libor 1M 25/Oct/2037 

Lehman Brothers Small Balance Commercial - 3A 2A2 - 5.41% 25/Dec/2036 


25/Oct/2037 

LSTAR Commercial Mortgage Trust - 1 C - Floating 25/Jun/2043 


MASTR Adjustable Rate Mortgages Trust 2003-3 - 3A4 - Floating 25/Sep/2033 

MASTR Alternative Loans Trust - 1 1A1 - 5.5% 25/Feb/2035 

MASTR Alternative Loans Trust - 10 2A1 - 5.5% 25/Oct/2019 

MASTR Alternative Loans Trust - 6 7A1 - 6% 25/Jul/2034 


Mastr Seasoned Securities Trust - 1 1A1 - Floating 25/Sep/2032 




Merrill Lynch Mortgage Investors Trust Series MLCC 2004-D - A3 - Floating 25/Sep/2029 

Merrill Lynch Mortgage Investors Trust Series MLCC 2005-2 - 2A3 - Floating 25/Oct/2035 


Mid-State Trust - 1 M - 5.25% Perpetual 



Morgan Stanley ABS Capital I - HE3 A2A - Libor 1M 25/Dec/2036 


Morgan Stanley Capital I Inc - 1998-WF2 F - Floating 15/Jul/2030 

Morgan Stanley Capital I Inc - 2007-XLFA A2 - Libor 1M 15/Oct/2020 

Morgan Stanley Capital I Inc - 2007-XLFA B - Libor 1M 15/Oct/2020 

Morgan Stanley Capital I Trust 2007-HQ13 - A3 - 5.569% 15/Dec/2044 

Morgan Stanley Reremic Trust - R9 3B - 5% 26/Nov/2036 


MortgageIT Trust 2005-3 - A1 - Libor 1M 25/Aug/2035 

Market Value 

137,451 

188,472 

309,563 

277,280 

768,913 

32,822 

1,081,374 

195,631 

95,223 

201,585 

376,378 

633,156 

237,955 

456,959 

491,968 

491,908 

361,739 

595,835 

207,014 

146,119 

505,318 

90,463 

28,404 

34,070 

119,111 

265,311 

407,337 

694,991 

260,701 

173,380 

584,172 

1,633 

313,349 

1,516,989 

373,909 

297,354 

841,998 

88,040 

166,587 

314,186 

192,554 

566,132 

19,545 

141,568 

162,106 

275,984 

1,309,621 

536,650 

474,638 

980,795 

77,671 

Net Assets % 

0.03% 

0.04% 

0.07% 

0.06% 

0.18% 

0.01% 

0.25% 

0.04% 

0.02% 

0.05% 

0.09% 

0.15% 

0.05% 

0.11% 

0.11% 

0.11% 

0.08% 

0.14% 

0.05% 

0.03% 

0.12% 

0.02% 

0.01% 

0.01% 

0.03% 

0.06% 

0.09% 

0.16% 

0.06% 

0.04% 

0.13% 

0.00% 

0.07% 

0.34% 

0.09% 

0.07% 

0.19% 

0.02% 

0.04% 

0.07% 

0.04% 

0.13% 

0.00% 

0.03% 

0.04% 

0.06% 

0.30% 

0.12% 

0.11% 

0.23% 

0.02% 







200,000 USD 

1,050,000 USD 

600,000 USD 

450,000 USD 

800,000 USD 

319,000 USD 

175,000 USD 

500,000 USD 

189,367 USD 

279,067 USD 

900,000 USD 

200,000 USD 

3,200,000 USD 

1,174,330 USD 

2,505,000 USD 

800,000 USD 

5,300,000 USD 

1,600,000 USD 

2,935,000 USD 

3,930,000 USD 

2,350,000 USD 

10,600,000 USD 

3,450,000 USD 

10,000,000 USD 

11,800,000 USD 

650,000 USD 

950,000 USD 

9,258,571 USD 

6,800,000 USD 

886,994 USD 

450,000 USD 

700,000 USD 

4,000,000 USD 

5,000,000 USD 

2,200,000 USD 

3,100,000 USD 

800,000 USD 

10,235,285 USD 

1,050,000 USD 

1,250,000 USD 

200,000 USD 

640,000 USD 

310,000 USD 

325,000 USD 

2,800,000 USD 

27,346,000 USD 

2,000,000 USD 

5,000,000 USD 

5,000,000 USD 

1,160,000 USD 

250,000 USD 

306,000 USD 

500,000 USD 


Nationstar Home Equity Loan Trust - 2007-A AV3 - Libor 1M 25/Mar/2037 

New Century Home Equity Loan Trust - 1 A2C - Libor 1M 25/Mar/2035 

NorthStar 2012-1 Mortgage Trust - A - Libor 1M 25/Aug/2029 


ORES NPL LLC - 2012-LV1 A - 4% 25/Sep/2044 

Origen Manufactured Housing - A M1 - 5.91% 15/Jan/2035 

Origen Manufactured Housing Contract Trust 2004-B - A4 - Floating 15/Nov/2035 

Penarth Master Issuer PLC - 2011-1A A1 - Libor 1M 18/May/2015 

PFS Financing Corp - 2012-BA A - Libor 1M 17/Oct/2016 

PFS Financing Corp - 2012-BA B - Libor 1M 17/Oct/2016 

PHH Mortgage Capital LLC - 1SLW A1 - 6.6% 25/Dec/2027 

Prestige Auto Receivables Trust - 1A C - 3.9% 16/Jul/2018 

RAAC Series - 2006-RP2A - Libor 1M 25/Feb/2037 

RAAC Series - 2006-SP1 A2 - Libor 1M 25/Sep/2045 

RALI Trust - QR1 A - 6% 25/Oct/2034 

RALI Trust - QR24 A3 - 4% 25/Jul/2033 

RALI Trust - QS1 A1 - 4.25% 25/Jan/2034 

RALI Trust - QS1 A1 - 5% 25/Jan/2033 

RALI Trust - QS1 A2 - Libor 1M 25/Jan/2034 

RALI Trust - QS13 CB - 5% 25/Sep/2019 

RALI Trust - QS14 A1 - 5% 25/Jul/2018 

RALI Trust - QS16 A2 - Libor 1M 25/Oct/2017 

RALI Trust - QS16 1A1 - 5.5% 25/Dec/2034 

RALI Trust - QS4 A7 - 4% 25/Mar/2034 


RALI Trust - 2003-QS15 A6 - 5.5% 25/Aug/2033 

RALI Trust - 2003-QS17 CB5 - 5.5% 25/Sep/2033 

RALI Trust - 2003-QS22 A6 - Libor 1M 26/Dec/2033 

RALI Trust - 2004-QS13 NB - 5% 25/Sep/2019 

RAMP Trust - 2006-NC1 A2 - Libor 1M 25/Jan/2036 

RASC Trust - KS7 M1 - Libor 1M 25/Aug/2035 

RESI Finance LP - 2003-C B3 - Libor 1M 10/Sep/2035 

Residential Asset Securitization Trust - A10 A1 - 5.5% 25/Feb/2035 

Residential Asset Securitization Trust - A2 1A1 - 4% 25/May/2034 

Residential Asset Securitization Trust - A7 A3 - Libor 1M 25/Oct/2034 

Residential Asset Securitization Trust - A8 A1 - 5.25% 25/Nov/2034 

Residential Asset Securitization Trust - A9 A9 - 5.75% 25/Dec/2034 

Residential Asset Securitization Trust - 2003-A6 A4 - Libor 1M 25/Jul/2033 

RFMSI Trust - S6 A2 - 5.25% 25/Aug/2035 

RFSC Series 2003-RP2 Trust - 2003-RP2 M1 - Libor 1M 25/Jul/2041 

Santander Drive Auto Receivables Trust - S1A C - 1.89% 15/May/2017 

Santander Drive Auto Receivables Trust - S2A D - 3.35% 15/Jun/2017 

Santander Drive Auto Receivables Trust - 2 B - 2.66% 15/Jan/2016 

Santander Drive Auto Receivables Trust 2012-5 - C - 2.7% 15/Aug/2018 

Sequoia Mortgage Trust - 2 A1 - Libor 1M 20/Mar/2035 



Sequoia Mortgage Trust 2003-2 - A1 - Floating 20/Jun/2033 

Sierra Receivables Funding Co LLC - 2A A2 - Libor 1M 20/Sep/2019 

Sierra Receivables Funding Co LLC - 2012-2A A - 2.38% 20/Mar/2029 

SLM Student Loan Trust - 10 A6B - Libor 3M 27/Apr/2026 

SMA Issuer I LLC - 2012-LV1 A - 3.5% 20/Aug/2025 

SNAAC Auto Receivables Trust - 1A B - 3.11% 15/Jun/2017 

Market Value 

140,796 

123,120 

440,808 

10,870 

451,035 

142,018 

140,264 

380,113 

143,591 

211,482 

146,848 

156,569 

384,221 

168,232 

496,349 

604,281 

270,550 

30,744 

158,220 

584,742 

214,720 

310,142 

331,034 

722,275 

990,931 

517,441 

774,721 

845,613 

532,974 

103,803 

236,447 

164,094 

244,091 

336,044 

155,358 

139,174 

377,007 

84,765 

601,977 

910,358 

50,347 

200,265 

239,322 

252,828 

249,914 

1,250,370 

186,777 

336,757 

506,746 

695,018 

188,755 

233,260 

381,025 

Net Assets % 

0.03% 

0.03% 

0.10% 

0.00% 

0.10% 

0.03% 

0.03% 

0.09% 

0.03% 

0.05% 

0.03% 

0.04% 

0.09% 

0.04% 

0.11% 

0.14% 

0.06% 

0.01% 

0.04% 

0.13% 

0.05% 

0.07% 

0.08% 

0.17% 

0.23% 

0.12% 

0.18% 

0.19% 

0.12% 

0.02% 

0.05% 

0.04% 

0.06% 

0.08% 

0.04% 

0.03% 

0.09% 

0.02% 

0.14% 

0.21% 

0.01% 

0.05% 

0.06% 

0.06% 

0.06% 

0.29% 

0.04% 

0.08% 

0.12% 

0.16% 

0.04% 

0.05% 

0.09% 







1,150,000 USD 

3,000,000 USD 

1,900,000 USD 

6,000,000 USD 

1,405,000 USD 

2,000,000 USD 

600,000 USD 

750,000 USD 

2,200,000 USD 

1,000,000 USD 

3,725,000 USD 

2,000,000 USD 

325,000 USD 

4,600,000 USD 

300,000 USD 

3,650,000 USD 

4,610,000 USD 

500,000 USD 

225,000 USD 

1,460,000 USD 

650,000 USD 

350,000 USD 

2,163,000 USD 

650,000 USD 

133,000,000 USD 

562,000 USD 

602,000 USD 

650,000 USD 

5,530,239 USD 

3,305,460 USD 

361,674 USD 

7,590,000 USD 

265,000 USD 

800,000 USD 

698,000 USD 

906,000 USD 

3,352,000 USD 

775,000 USD 

6,750,000 USD 

700,000 USD 

560,000 USD 

2,505,000 USD 

1,995,000 USD 

350,000 USD 

200,000 USD 

350,000 USD 

100,000 USD 


Springleaf Mortgage Loan Trust - 2012-2A A - Floating 25/Oct/2057 

Structured Adjustable Rate Mortgage Loan Trust - 3AC A1 - Floating 25/Mar/2034 


Structured Asset Mortgage Investments Inc - F1 FA - Libor 1M 26/Aug/2035 

Structured Asset Mortgage Investments Inc - 2003-AR2 A1 - Libor 1M 19/Dec/2033 

Structured Asset Securities Corp - BHC1 A1 - Floating 18/Dec/2049 

Structured Asset Securities Corp - 2004-S4 M5 - Libor 1M 25/Dec/2034 

Structured Asset Securities Corp - 2004-19XS A6B - Floating 25/Oct/2034 

Structured Asset Securities Corp - 2005-14 1A1 - Libor 1M 25/Jul/2035 

Structured Asset Securities Corp - 2006-GEL4 A2 - Libor 1M 25/Oct/2036 

Structured Asset Securities Corp - 22A 3A - Floating 25/Jun/2033 


TAL Advantage LLC - 2A A - 4.31% 20/May/2026 

Terwin Mortgage Trust - 16HE AF2 - Floating 25/Sep/2036 

Textainer Marine Containers Ltd - 1A A - 4.21% 15/Apr/2027 


Thornburg Mortgage Securities Trust - 3 A - Floating 25/Sep/2034 

Timberstar Trust - 1A A - 5.668% 15/Oct/2036 

Timberstar Trust - 1A B - 5.7467% 15/Oct/2036 

Timberstar Trust - 1A F - 7.5296% 15/Oct/2036 

Trinity Rail Leasing LP - 2012-1A A1 - 2.266% 15/Jan/2043 

Triton Container Finance LLC - 1A A - 4.21% 14/May/2027 

Triton Container Finance LLC - 2006-1A NOTE - Libor 1M 26/Nov/2021 

Vericrest Opportunity Loan Transferee - NL1A A1 - Floating 25/Mar/2049 

Wachovia Bank Commercial Mortgage Trust - C26 XP - Floating 15/Jun/2045 

Wachovia Bank Commercial Mortgage Trust - C4 F - 5.606% 15/Apr/2035 

WAMU Commercial Mortgage Securities Trust - C1A F - 5.3% 25/May/2036 


WaMu Mortgage Pass Through Certificates - AR14 A1 - Floating 25/Jan/2035 

WaMu Mortgage Pass Through Certificates - AR3 A2 - Floating 25/Jun/2034 

WaMu Mortgage Pass Through Certificates - 2002-AR2 B1 - Cost of Funds 11th District San Fransisco 

27/Feb/2034 

WaMu Mortgage Pass Through Certificates - 2003-AR6 A1 - Floating 25/Jun/2033 

WaMu Mortgage Pass Through Certificates - 2004-AR9 A1 - Floating 25/Aug/2034 

Wells Fargo Commercial Mortgage Trust - C1 A1 - 3.349% 15/Oct/2057 

Wells Fargo Commercial Mortgage Trust - 2012-LC5 AS - 3.539% 15/Oct/2045 

Wells Fargo Home Equity Trust - 3 M1 - Libor 1M 25/Nov/2035 


Wells Fargo Mortgage Backed Securities Trust - AR6 5A1 - Floating 25/Mar/2036 

Wells Fargo Mortgage Backed Securities Trust - B A1 - Floating 25/Feb/2033 

Wells Fargo Mortgage Backed Securities Trust - H A1 - Floating 25/Jun/2034 

Wells Fargo Mortgage Backed Securities Trust - V 1A2 - Floating 25/Oct/2034 

Wells Fargo Mortgage Backed Securities Trust - 1A1 - 4.75% 25/Dec/2018 

Wells Fargo Mortgage Backed Securities Trust - 2 3A1 - 5.75% 25/Mar/2036 

Wells Fargo Mortgage Backed Securities Trust - 2003-L 1A4 - Floating 25/Nov/2033 

Wells Fargo Mortgage Backed Securities Trust - 9 1A14 - 5.5% 25/Oct/2035 

WFDB Commercial Mortgage Trust - BXR D - 5.914% 05/Jul/2016 

WF-RBS Commercial Mortgage Trust - C2 C - 5.392% 15/Jan/2021 

Market Value 

819,310 

442,475 

554,936 

497,023 

82,171 

260,012 

342,104 

196,399 

371,146 

549,732 

342,586 

291,403 

210,289 

794,640 

221,338 

364,719 

474,749 

437,505 

188,477 

1,148,841 

490,249 

260,245 

628,877 

75,329 

15,230 

426,250 

471,361 

2,398 

1,293,893 

554,284 

48,286 

410,091 

46,348 

567,874 

562,671 

675,860 

381,817 

149,235 

226,381 

96,289 

98,211 

191,930 

526,047 

253,570 

114,259 

280,286 

85,763 

Net Assets % 

0.19% 

0.10% 

0.13% 

0.11% 

0.02% 

0.06% 

0.08% 

0.05% 

0.09% 

0.13% 

0.08% 

0.07% 

0.05% 

0.18% 

0.05% 

0.08% 

0.11% 

0.10% 

0.04% 

0.26% 

0.11% 

0.06% 

0.14% 

0.02% 

0.00% 

0.10% 

0.11% 

0.00% 

0.30% 

0.13% 

0.01% 

0.09% 

0.01% 

0.13% 

0.13% 

0.16% 

0.09% 

0.03% 

0.05% 

0.02% 

0.02% 

0.04% 

0.12% 

0.06% 

0.03% 

0.06% 

0.02% 


112,004,086 

25.74% 


600,000 

USD 


George Washington University 1.827% 15/Sep/2017 

465,177 

0.11% 







1,200,000 USD 

5,000,000 USD 

22,000,000 USD 

5,500,000 USD 

5,000,000 USD 

4,250,000 USD 

2,500,000 USD 

3,380,000 USD 

2,000,000 USD 

2,000,000 USD 

1,000,000 USD 

2,780,000 USD 

1,500,000 USD 


Russian Foreign Bond - Eurobond - 144A - 4.5% 04/Apr/2022 

United States Treasury Note/Bond 0.375% 15/Jun/2015 

United States Treasury Note/Bond 0.875% 30/Apr/2017 

United States Treasury Note/Bond 1% 30/Sep/2016 

United States Treasury Note/Bond 1.75% 15/May/2022 

United States Treasury Note/Bond 2.125% 29/Feb/2016 

United States Treasury Note/Bond 3.125% 15/Nov/2041 







Market Value 

1,044,448 

3,799,290 

16,894,826 

4,251,899 

3,828,919 

3,400,147 

1,990,013 

3,277,948 

1,979,317 

1,981,332 

989,007 

2,791,446 

1,540,664 

Net Assets % 

0.24% 

0.87% 

3.89% 

0.98% 

0.88% 

0.78% 

0.46% 

0.75% 

0.45% 

0.46% 

0.23% 

0.64% 

0.35% 

400,000 

550,000 

600,000 

500,000 

600,000 

250,000 

940,000 

700,000 

750,000 

3,100,000 

200,000 

485,000 

190,000 

900,000 

374,679 

645,065 

900,000 

490,400 

7,075,434 

3,000,000 

2,747,656 

11,172,481 

2,700,000 

3,332,000 

2,034,607 

460,000 

160,000 

2,515,586 

1,621,634 

2,687,168 

400,000 

1,900,000 

8,010,660 

1,001,494 

1,001,378 

1,002,862 

2,923,214 

3,148,242 

300,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Baylor University 4.313% 01/Mar/2042 

California State University - A - 5% 01/Nov/2039 

California Statewide Communities Development Authority - A - 6% 15/Aug/2042 

City of Charleston SC 5% 01/Jan/2035 


City of Charlotte NC Water & Sewer System Revenue - B - 5% 01/Jul/2038 

City of San Francisco CA Public Utilities Commission Water Revenue 5% 01/Nov/2037 

Connecticut State Health & Educational Facility Authority - A2 - 5% 01/Jul/2040 

Connecticut State Health & Educational Facility Authority - Z-1 - 5% 01/Jul/2042 

Countrywide Home Loan Mortgage Pass Through Trust - 56 4A2 - Floating 25/Dec/2033 

County of King WA Sewer Revenue 5.125% 01/Jan/2041 

County of Sweetwater WY 5.6% 01/Dec/2035 

Courtland Industrial Development Board - A - 5% 01/Aug/2027 

Fannie Mae Pool - AD7136 - 5% 01/Jul/2040 

Fannie Mae Pool - AJ3076 - 4.5% 01/Nov/2041 

Fannie Mae Pool - AJ3087 - 4% 01/Nov/2041 


Fannie Mae Pool - AJ7288 - 4% 01/Jan/2042 

Fannie Mae Pool - AO4205 - 3% 01/Jun/2027 

Fannie Mae Pool 3.5% 01/Jan/2042 

Fannie Mae Pool 4% 01/Jan/2041 

Fannie Mae Pool 4% 01/Oct/2040 

Fannie Mae Pool 4.5% 01/Sep/2039 

Fannie Mae Pool 4.53% 01/Jun/2019 

Fannie Mae Pool 5.5% 04/Jan/2036 

Fannie Mae Pool 6% 01/Apr/2038 


Fannie Mae Pool 6% 01/May/2037 

Fannie Mae Pool 6% 01/Oct/2037 


Fannie Mae REMICS - 2009-36 HX - 4.5% 25/Jun/2029 

Fannie Mae REMICS - 85 BA - 6% 25/Mar/2035 

Freddie Mac Gold Pool - QO9339 - 3.5% 01/Jul/2042 

Freddie Mac Gold Pool - Q04284 - 3.5% 01/Nov/2041 

Freddie Mac Gold Pool - Q04867 - 3.5% 01/Nov/2041 

Freddie Mac Gold Pool 3.5% 01/Oct/2041 

Freddie Mac Gold Pool 4% 01/Dec/2020 

Freddie Mac Gold Pool 4% 01/Jul/2040 


320,185 

469,102 

540,273 

442,480 

525,664 

224,255 

824,461 

614,634 

632,505 

286,034 

174,113 

395,931 

144,359 

376,863 

303,215 

313,515 

486,000 

279,551 

4,975,310 

1,500,571 

1,449,501 

4,583,724 

1,490,652 

2,881,051 

167,961 

85,768 

30,382 

483,288 

85,607 

415,567 

339,923 

569,446 

5,848,172 

787,210 

662,927 

792,078 

403,765 

1,365,916 

172,459 

0.07% 

0.11% 

0.12% 

0.10% 

0.12% 

0.05% 

0.19% 

0.14% 

0.15% 

0.07% 

0.04% 

0.09% 

0.03% 

0.09% 

0.07% 

0.07% 

0.11% 

0.06% 

1.15% 

0.34% 

0.33% 

1.06% 

0.34% 

0.66% 

0.04% 

0.02% 

0.01% 

0.11% 

0.02% 

0.10% 

0.08% 

0.13% 

1.35% 

0.18% 

0.15% 

0.18% 

0.09% 

0.31% 

0.04% 







9,119,613 USD 

11,400,000 USD 

500,000 USD 

3,501,032 USD 

140,000 USD 

494,764 USD 

1,277,478 USD 

735,000 USD 

5,000,000 USD 

300,000 USD 

657,000 USD 

1,849,746 USD 

1,450,000 USD 

2,001,834 USD 

150,000 USD 

2,164,941 USD 

700,000 USD 

4,750,000 USD 

14,000,000 USD 

3,500,000 USD 

2,900,000 USD 

150,000 USD 

450,000 USD 

600,000 USD 

300,000 USD 

400,000 USD 

200,000 USD 

455,000 USD 


Freddie Mac Gold Pool 5% 01/Oct/2038 

Freddie Mac Gold Pool 5% 01/Sep/2038 

Freddie Mac Gold Pool 5.5% 01/Dec/2038 

Freddie Mac Gold Pool 6% 01/Aug/2036 





Freddie Mac REMICS Libor 1M 15/Jun/2023 

Freddie Mac REMICS 5% 15/Aug/2035 

Freddie Mac REMICS 5.5% 15/Feb/2033 

Ginnie Mae I pool - 654938 - 6% 15/Aug/2036 

Ginnie Mae I pool - 770525 - 4.5% 15/Aug/2041 

Ginnie Mae I pool 6% 15/Jul/2036 

Government National Mortgage Association - 2009-37 CB - 4.973% 16/Apr/2042 

Government National Mortgage Association - 2010-39 FA - Libor 1M 20/Aug/2035 

Government National Mortgage Association - 2012-130 PA - 3% 20/Apr/2041 

Government National Mortgage Association - 2012-85 IO - Floating 16/Sep/2052 

Government National Mortgage Association - 52 IO - Floating 16/Nov/2051 

Government National Mortgage Association - 58 IO - Floating 16/Jan/2055 

Government National Mortgage Association Floating 16/Mar/2053 

Hampton Roads Sanitation District 5% 01/Apr/2038 

Harris County Metropolitan Transit Authority - A - 5% 01/Nov/2041 

Houston Higher Education Finance Corp 4.5% 15/Nov/2037 

Houston Higher Education Finance Corp 5% 15/May/2040 

Illinois Finance Authority 5% 01/Oct/2051 

Indianapolis Airport Authority - RF - 5.1% 15/Jan/2017 

Louisiana Local Government Environmental Facilities & Community Development Auth 6.5% 

01/Aug/2029 

Market Value 

1,691,698 

2,030,773 

266,917 

383,987 

19,415 

92,137 

258,207 

570,958 

260,344 

1,770 

159,349 

690,810 

939,274 

212,140 

130,972 

767,109 

553,833 

311,766 

345,756 

224,621 

182,326 

127,968 

390,774 

490,485 

262,457 

336,927 

172,103 

404,717 

Net Assets % 

0.39% 

0.47% 

0.06% 

0.09% 

0.00% 

0.02% 

0.06% 

0.13% 

0.06% 

0.00% 

0.04% 

0.16% 

0.22% 

0.05% 

0.03% 

0.18% 

0.13% 

0.07% 

0.08% 

0.05% 

0.04% 

0.03% 

0.09% 

0.11% 

0.06% 

0.08% 

0.04% 

0.09% 

100,000 

850,000 

200,000 

400,000 

125,000 

300,000 

1,300,000 

200,000 

300,000 

575,000 

250,000 

1,600,000 

600,000 

475,000 

450,000 

500,000 

300,000 

750,000 

505,000 

785,000 

500,000 

300,000 

150,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


01/Nov/2032 

Maryland Health & Higher Educational Facilities Authority 5% 01/Jul/2041 

Massachusetts Development Finance Agency - B1 - 5% 15/Oct/2040 

Massachusetts Development Finance Agency 5.25% 01/Apr/2037 


Massachusetts Health & Educational Facilities Authority - A M2 - 5.5% 01/Jul/2032 

Massachusetts Health & Educational Facilities Authority - Harvard - 5.5% 15/Nov/2036 

Massachusetts Health & Educational Facilities Authority 6% 01/Jul/2036 

Metropolitan Water Reclamation District of Greater Chicago - B - 5% 01/Dec/2030 

Missouri State Health & Educational Facilities Authority 5% 15/Nov/2039 

New Hampshire Health & Education Facilities Authority 6.5% 01/Jan/2041 

New Jersey Economic Development Authority 0% 15/Feb/2018 

New Jersey Transportation Trust Fund Authority - A - 5.5% 15/Jun/2041 

New York City Transitional Finance Authority Future Tax Secured Revenue 5% 01/Nov/2033 

New York State Dormitory Authority - A - 5% 01/Jul/2035 


New York State Dormitory Authority 5% 01/Jul/2037 



New York State Dormitory Authority 5% 01/Oct/2041 

Parish of St John the Baptist LA - A - 5.125% 01/Jun/2037 

Pennsylvania State University 5% 01/Mar/2040 

Permanent University Fund 5% 01/Jul/2030 

85,203 

756,973 

177,081 

340,889 

106,935 

329,279 

1,180,994 

188,752 

273,338 

515,079 

221,646 

1,030,425 

525,492 

425,072 

399,310 

434,747 

262,266 

644,582 

434,953 

699,373 

403,584 

253,566 

142,607 

0.02% 

0.17% 

0.04% 

0.08% 

0.02% 

0.08% 

0.27% 

0.04% 

0.06% 

0.12% 

0.05% 

0.24% 

0.12% 

0.10% 

0.09% 

0.10% 

0.06% 

0.15% 

0.10% 

0.16% 

0.09% 

0.06% 

0.03% 







250,000 USD 

780,000 USD 

455,000 USD 

1,310,000 USD 

298,000 USD 

760,000 USD 

200,000 USD 

400,000 USD 

340,000 USD 

300,000 USD 

550,000 USD 

390,000 USD 

750,000 USD 

150,000 USD 

430,000 USD 


Port Authority of New York & New Jersey 4.458% 01/Oct/2062 

Port Freeport TX - A4-DOW - 5.95% 15/May/2033 

Selma Industrial Development Board 5.8% 01/May/2034 

South Carolina State Public Service Authority 5% 01/Dec/2043 

State of California 2.5% 20/Jun/2013 

State of Florida 4% 01/Jun/2027 

State of Maryland 4% 15/Mar/2025 

State of Washington - B1 - 5% 01/Aug/2039 

State of Washington - C - 5% 01/Jul/2018 

State of Washington 3% 01/Jul/2028 

Tarrant Regional Water District 5% 01/Mar/2052 



University of Texas System 5% 15/Aug/2043 

Windstream Corp 8.125% 01/Sep/2018 

Market Value 

188,617 

677,743 

387,944 

1,111,384 

228,400 

642,414 

172,241 

347,009 

310,913 

224,213 

471,071 

316,881 

603,211 

132,968 

354,691 

Net Assets % 

0.04% 

0.16% 

0.09% 

0.26% 

0.05% 

0.15% 

0.04% 

0.08% 

0.07% 

0.05% 

0.11% 

0.07% 

0.14% 

0.03% 

0.08% 




112,960,290 

380,265,035 

25.96% 

87.40% 


Bonds 

1,350,000 

USD 



Lear Corp. Escrow Bankruptcy 0% 01/Dec/2016 Defaulted 

0 

0.00% 

470,000 

USD 




403,688 

0.09% 

350,000 

USD 

Financials 


CoBank ACB 7.875% 16/Apr/2018 

337,734 

0.08% 

125,000 

795,000 

500,000 

250,000 

250,000 

625,000 

500,000 

1,350,000 

250,000 

500,000 

250,000 

250,000 

900,000 

400,000 

2,000,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Alta Wind Holdings LLC 7% 30/Jun/2035 

American Honda Finance Corp 6.7% 01/Oct/2013 

Blue Fin Ltd - 144A - Floating 28/May/2013 











Tiers Trust/United States Floating 15/Oct/2097 


93,185 

630,533 

369,691 

192,563 

193,265 

480,886 

379,665 

1,036,563 

189,396 

381,447 

189,624 

191,918 

682,646 

170,570 

1,522,602 

0.02% 

0.14% 

0.08% 

0.04% 

0.04% 

0.11% 

0.09% 

0.25% 

0.04% 

0.09% 

0.04% 

0.04% 

0.17% 

0.04% 

0.36% 

750,000 

USD 


Vitality Re Ltd Libor 3M 07/Jan/2014 

578,087 

0.13% 

Total Bonds 

8,024,063 

1.85% 






Holding 



Market Value 

Net Assets % 

Equities 

40,000 

10,000 

USD 

USD 

Financials 


BB&T Corp 

CoBank ACB 

772,755 

791,917 

0.18% 

0.18% 


1,564,672 

0.36% 

1,025,000 

1,100,000 

149,000 

600,000 

1,325,000 

200,000 

1,000,000 

100,000 

24,213,062 

250,000 

250,000 

550,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


ACE Securities Corp - 2003-MH1 B1 - Floating 15/Aug/2030 

Ally Master Owner Trust - 2011-1 A1 - Libor 1M 15/Jan/2016 

American Credit Acceptance Receivables Trust 2012-2 - C - 4.05% 15/Feb/2018 


Dominos Pizza Master Issuer LLC 5.216% 25/Jan/2042 




Impac Secured Assets CMN Owner Trust - 3 1A4 - Floating 25/Nov/2034 

Sierra Receivables Funding Co LLC - 2012-3A A - 1.87% 20/Aug/2029 

S2 Hospitality LLC - LV1 A - 4.5% 15/Apr/2025 

Wells Fargo Mortgage Backed Securities Trust - 16 A3 - 5% 25/Nov/2036 

266,550 

839,559 

113,274 

462,278 

1,118,742 

161,806 

119,737 

76,753 

517,565 

174,589 

103,368 

62,954 

0.06% 

0.19% 

0.03% 

0.11% 

0.25% 

0.04% 

0.03% 

0.02% 

0.12% 

0.04% 

0.02% 

0.01% 



4,017,175 

13,605,910 

0.92% 

3.13% 


393,870,945 

90.53% 


435,076,965 

100.00% 


Maturity Date 

Long/(Short) 


28-Mar-13 94 

US Long Bond 

28-Mar-13 4 

US Ultra Bond Cbt 

28-Mar-13 (252) 


31-Mar-13 (104) 


31-Mar-13 26 



Trade 


USD 

USD 

USD 

USD 

USD 



13,882,625 

652,125 

(33,456,939) 

(22,930,376) 

3,234,156 

Market Price 


147.69 

163.03 

132.77 

110.24 

124.39 


(in Fund Ccy) 

(133,685) 

(7,656) 

111,566 

(4,921) 

(4,468) 

(39,164) 








Underlying 

CDX NA HY 17 

CDX NA HY 18 

CDX NA IG 18 

CDX NA IG 18 

Received Rate 

5.000% 

5.000% 

1.000% 

1.000% 


Unrealised 

Gain/(Loss) 

- USD 5,820,000 104,546 

- USD 4,400,000 

43,737 

- USD 9,000,000 

42,914 

- USD 12,000,000 

57,219 

248,416 




Pioneer Funds - Global Aggregate Bond 






Market Value 

Net Assets % 

Bonds 

2,000,000 

USD 


Chemicals 

Eastman Chemical Co 3.6% 15/Aug/2022 

1,590,140 

0.51% 

2,000,000 

USD 


Alcoa Inc 6.15% 15/Aug/2020 

1,657,486 

0.53% 

1,000,000 

1,000,000 

USD 

USD 

Mining 


Teck Resources Ltd 3% 01/Mar/2019 

782,327 

782,827 

0.25% 

0.25% 

500,000 

1,500,000 

USD 

EUR 



Nissan Motor Acceptance Corp 4.5% 30/Jan/2015 

Valeo SA 4.875% 11/May/2018 

405,211 

1,676,048 

0.13% 

0.54% 

500,000 

EUR 

Beverages 


545,818 

0.18% 

2,000,000 

USD 


Kraft Foods Group Inc - 144A - 3.5% 06/Jun/2022 

1,620,396 

0.52% 

200,000 

USD 

Leisure Goods 

British Sky Broadcasting Group PLC 6.1% 15/Feb/2018 

181,491 

0.06% 

600,000 

EUR 



Casino Guichard Perrachon SA 5.5% 30/Jan/2015 

653,109 

0.21% 

2,000,000 

USD 


Marriott International Inc/DE 3.25% 15/Sep/2022 

1,529,248 

0.49% 

700,000 

1,700,000 

1,250,000 

1,400,000 

1,500,000 

600,000 

200,000 

550,000,000 

164,000 

1,500,000 

516,000 

1,200,000 

2,000,000 

400,000 

400,000 

2,000,000 

2,506,000 

1,500,000 

800,000 

1,500,000 

1,500,000 

450,000 

26,736,192 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

JPY 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 

USD 

EUR 

EUR 

EUR 

USD 

EUR 

EUR 

DKK 

Financials 


ABN Amro Bank NV 3.5% 12/Jan/2018 


ABN Amro Bank NV 7.125% 06/Jul/2022 

Banco Bilbao Vizcaya Argentaria SA 3.5% 24/Jan/2021 

Banco Santander SA 3.25% 17/Feb/2015 



Bayerische Landesbank 1.4% 22/Apr/2013 




Credit Mutuel - CIC Home Loan SFH 3.125% 09/Sep/2020 

Deutsche Bank AG 2.125% 01/Mar/2019 

DNB Boligkreditt AS 2.375% 11/Apr/2017 

Export-Import Bank of Korea 5.125% 29/Jun/2020 

Goldman Sachs Group Inc 3.7% 01/Aug/2015 



Lloyds TSB Bank PLC 3.5% 11/Jan/2017 


Morgan Stanley 4% 17/Nov/2015 



785,260 

1,946,288 

1,467,163 

1,364,860 

1,524,060 

676,296 

227,282 

4,838,484 

164,596 

1,050,000 

545,348 

1,327,872 

2,139,140 

427,392 

350,220 

1,601,168 

2,500,988 

1,538,873 

885,832 

1,258,731 

1,592,798 

498,767 

3,642,610 

0.25% 

0.63% 

0.47% 

0.44% 

0.49% 

0.22% 

0.07% 

1.57% 

0.05% 

0.34% 

0.18% 

0.43% 

0.69% 

0.14% 

0.11% 

0.52% 

0.81% 

0.50% 

0.29% 

0.41% 

0.51% 

0.16% 

1.18% 







26,769,658 DKK 

800,000 EUR 

600,000 EUR 

825,000 EUR 

1,125,000 EUR 

1,300,000 EUR 

1,250,000 USD 

1,600,000 EUR 

1,100,000 EUR 

2,500,000 EUR 

720,000 EUR 







Societe Generale SFH 2.875% 14/Mar/2019 

Standard Chartered Bank Hong Kong Ltd 5.875% 24/Jun/2020 

UniCredit Bank AG 2.875% 07/Jun/2016 




Market Value 

3,647,170 

819,852 

626,352 

788,354 

1,184,951 

1,418,963 

1,069,374 

1,724,136 

1,132,340 

2,596,000 

751,424 

Net Assets % 

1.18% 

0.26% 

0.20% 

0.25% 

0.38% 

0.46% 

0.34% 

0.56% 

0.36% 

0.84% 

0.24% 

800,000 

500,000 

1,300,000 

1,000,000 

1,000,000 

1,000,000 

1,000,000 

1,000,000 

EUR 

USD 

EUR 

USD 

USD 

EUR 

USD 

USD 


Banque PSA Finance SA 3.625% 17/Sep/2013 

BlackRock Inc 3.5% 10/Dec/2014 


General Electric Capital Corp 4.625% 07/Jan/2021 

Hyundai Capital America 3.75% 06/Apr/2016 



Nomura Holdings Inc 6.7% 04/Mar/2020 

810,244 

400,726 

1,436,760 

861,154 

802,977 

1,062,870 

825,459 

888,340 

0.26% 

0.13% 

0.46% 

0.28% 

0.26% 

0.34% 

0.27% 

0.29% 

2,000,000 

1,000,000 

1,000,000 

1,500,000 

USD 

USD 

USD 

USD 


Aflac Inc 4% 15/Feb/2022 

Lincoln National Corp 4.3% 15/Jun/2015 

Principal Financial Group Inc 3.3% 15/Sep/2022 

Prudential Financial Inc 5.375% 21/Jun/2020 

1,644,003 

816,425 

772,163 

1,337,792 

0.53% 

0.26% 

0.25% 

0.43% 

600,000 

500,000 

700,000 

1,000,000 

500,000 

EUR 

USD 

EUR 

USD 

USD 



MetLife Inc 4.75% 08/Feb/2021 


Reinsurance Group of America Inc 6.45% 15/Nov/2019 

Swiss Re Treasury US Corp 2.875% 06/Dec/2022 

589,356 

441,454 

837,115 

904,452 

381,409 

0.19% 

0.14% 

0.27% 

0.29% 

0.12% 

500,000 

1,500,000 

1,500,000 

1,500,000 

USD 

USD 

USD 

USD 


DDR Corp 4.625% 15/Jul/2022 

Digital Realty Trust LP 3.625% 01/Oct/2022 



413,456 

1,126,405 

1,297,590 

1,212,891 

0.13% 

0.36% 

0.42% 

0.39% 

500,000 

USD 

Health Care 


WellPoint Inc 3.3% 15/Jan/2023 

388,848 

0.13% 

1,500,000 

USD 


Genzyme Corp 3.625% 15/Jun/2015 

1,219,653 

0.39% 

481,000 

2,000,000 

EUR 

USD 

Industrials 


CRH Finance LTD 7.375% 28/May/2014 


524,581 

1,661,104 

0.17% 

0.54% 

250,000 

USD 


Thomas & Betts Corp 5.625% 15/Nov/2021 

234,691 

0.08% 

1,875,000 

USD 


Volvo Treasury AB - Regs - 5.95% 01/Apr/2015 

1,552,905 

0.50% 

1,000,000 

EUR 



1,038,720 

0.33% 








Market Value 

Net Assets % 

200,000 

USD 



Canadian Natural Resources Ltd 5.9% 01/Feb/2018 

182,911 

0.06% 

1,000,000 

500,000 

1,000,000 

USD 

USD 

USD 


Enterprise Products Operating LLC 4.05% 15/Feb/2022 



835,073 

409,932 

806,679 

0.27% 

0.13% 

0.26% 

2,200,000 

2,000,000 

1,200,000 

1,000,000 

EUR 

EUR 

EUR 

USD 



AT&T Inc 6.125% 02/Apr/2015 

Deutsche Telekom International Finance BV 4.25% 16/Mar/2020 

Koninklijke KPN NV 6.5% 15/Jan/2016 

Qtel International Finance Ltd - Regs - 6.5% 10/Jun/2014 

2,473,416 

2,312,510 

1,370,568 

812,288 

0.80% 

0.74% 

0.44% 

0.26% 

800,000 

2,100,000 

439,000 

1,245,000 

1,000,000 

3,000,000 

1,600,000 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 

GBP 

Utilities 

Electricity 


Electricite de France SA 2.75% 10/Mar/2023 




Korea Development Bank 3.25% 09/Mar/2016 

Scottish Power UK PLC 8.375% 20/Feb/2017 

850,160 

2,129,526 

466,181 

1,430,710 

1,127,560 

2,388,941 

2,404,388 

0.27% 

0.69% 

0.15% 

0.46% 

0.36% 

0.77% 

0.77% 

350,000 

350,000 

218,000 

EUR 

GBP 

EUR 




Veolia Environnement SA 5.25% 24/Apr/2014 

375,681 

535,689 

230,895 

0.12% 

0.17% 

0.07% 

Total Bonds 

106,163,696 

34.20% 


1,000,000 

2,000,000 

EUR 

EUR 


European Financial Stability Facility 3.5% 04/Feb/2022 

European Union 2.75% 21/Sep/2021 

1,153,200 

2,209,290 

0.37% 

0.71% 

3,500,000 

2,800,000 

950,000 

900,000 

500,000 

1,200,000 

22,010,000 

200,000 

200,000 

1,400,000 

4,200,000 

1,680,000 

200,000 

600,000 

19,800,000 

3,700,000 

5,565,000 

3,270,000 

AUD 

AUD 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

CAD 

CAD 

CAD 

CAD 

CAD 

DKK 

DKK 

EUR 

EUR 


Australia Government Bond 5.25% 15/Mar/2019 

Australia Government Bond 6.5% 15/May/2013 




Bundesobligation 0.5% 13/Oct/2017 




Canadian Government Bond 3.5% 01/Jun/2020 

Canadian Government Bond 4% 01/Jun/2017 




Denmark Government Bond 4% 15/Nov/2015 

Denmark Government Bond 5% 15/Nov/2013 



3,116,678 

2,234,189 

1,433,954 

1,058,895 

667,725 

1,211,790 

24,894,616 

270,910 

305,350 

1,206,350 

3,560,657 

1,714,785 

154,990 

722,301 

2,964,580 

518,058 

6,001,483 

3,915,498 

1.00% 

0.72% 

0.46% 

0.34% 

0.22% 

0.39% 

8.02% 

0.09% 

0.10% 

0.39% 

1.15% 

0.55% 

0.05% 

0.23% 

0.95% 

0.17% 

1.93% 

1.26% 







300,000 EUR 

600,000 EUR 

14,300,000 EUR 

1,200,000 EUR 

1,000,000 EUR 

1,300,000 EUR 

100,000 EUR 

95,000,000 JPY 

1,095,000,000 JPY 

41,900,000 JPY 

298,000,000 JPY 

160,000,000 JPY 

133,250,000 JPY 

410,500,000 JPY 

582,000,000 JPY 

35,000,000 JPY 

63,750,000 NOK 

1,380,000 EUR 

850,000 EUR 

500,000 EUR 

50,000 EUR 

450,000 EUR 

17,000,000 SEK 

1,000,000 GBP 

650,000 GBP 

550,000 GBP 

1,000,000 GBP 

850,000 GBP 

200,000 GBP 

580,000 GBP 

950,000 GBP 

350,000 GBP 

3,450,000 USD 

1,500,000 USD 

1,170,000 USD 

660,000 USD 

680,000 USD 









Japan Government Five Year Bond - 79 - 0.7% 20/Dec/2013 

Japan Government Five Year Bond 0.6% 20/Mar/2016 

Japan Government Forty Year Bond 2.2% 20/Mar/2051 

Japan Government Ten Year Bond - 260 - 1.6% 20/Jun/2014 

Japan Government Ten Year Bond - 284 - 1.7% 20/Dec/2016 

Japan Government Thirty Year Bond - 25 - 2.3% 20/Dec/2036 

Japan Government Thirty Year Bond 2.2% 20/Mar/2041 

Japan Government Twenty Year Bond - 106 - 2.2% 20/Sep/2028 

Japan Government Twenty Year Bond - 120 - 1.6% 20/Jun/2030 






Spain Government Bond 5.5% 30/Apr/2021 

Sweden Government Bond 4.5% 12/Aug/2015 

United Kingdom Gilt 1.75% 22/Jan/2017 

United Kingdom Gilt 4% 22/Jan/2060 

United Kingdom Gilt 4.25% 07/Dec/2027 


United Kingdom Gilt 4.25% 07/Jun/2032 

United Kingdom Gilt 4.75% 07/Sep/2015 

United Kingdom Gilt 5% 07/Mar/2025 

United Kingdom Gilt 5% 07/Sep/2014 

United Kingdom Gilt 6% 07/Dec/2028 

United States Treasury Note/Bond 1.625% 15/Aug/2022 





Market Value 

357,885 

775,170 

14,809,795 

1,219,560 

989,300 

1,301,138 

116,503 

838,196 

9,759,145 

377,670 

2,671,206 

1,490,165 

1,268,193 

3,810,546 

5,657,700 

307,406 

10,141,117 

1,366,580 

777,283 

428,613 

43,955 

460,823 

2,168,777 

1,284,983 

954,805 

839,664 

1,502,250 

1,292,134 

275,391 

942,902 

1,262,928 

638,736 

2,602,293 

1,370,891 

1,159,079 

659,901 

704,962 

Net Assets % 

0.12% 

0.25% 

4.77% 

0.39% 

0.32% 

0.42% 

0.04% 

0.27% 

3.14% 

0.12% 

0.86% 

0.48% 

0.41% 

1.23% 

1.82% 

0.10% 

3.27% 

0.44% 

0.25% 

0.14% 

0.01% 

0.15% 

0.70% 

0.41% 

0.31% 

0.27% 

0.48% 

0.42% 

0.09% 

0.30% 

0.41% 

0.21% 

0.84% 

0.44% 

0.37% 

0.21% 

0.23% 

5,000,000 

5,000,000 

5,000,000 

3,300,000 

4,700,000 

6,500,000 

4,400,000 

7,000,000 

12,900,000 

5,000,000 

1,500,000 

5,000,000 

2,893,018 

5,000,000 

5,000,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Fannie Mae Pool - 993096 - 5.5% 01/Jan/2039 

Fannie Mae Pool - 993100 - 5.5% 01/Jan/2039 

Fannie Mae Pool 5% 01/Feb/2038 


Fannie Mae REMICS - 119 CF - Libor 1M 25/Dec/2036 

Fannie Mae REMICS - 91 HF - Libor 1M 25/Nov/2034 

Federal Home Loan Mortgage Corp 4.375% 17/Jul/2015 

Federal National Mortgage Association 1.625% 26/Oct/2015 

Federal National Mortgage Association 4.125% 15/Apr/2014 

Federal National Mortgage Association 4.375% 15/Oct/2015 

Federal National Mortgage Association 6.625% 15/Nov/2030 

Freddie Mac Gold Pool 4.5% 01/Sep/2038 



Ginnie Mae I pool 5% 15/Mar/2039 

633,681 

728,578 

1,107,312 

521,994 

932,590 

852,093 

3,675,455 

5,492,430 

10,272,937 

4,209,326 

1,731,764 

1,011,714 

533,530 

1,188,071 

1,652,633 

0.20% 

0.23% 

0.36% 

0.17% 

0.30% 

0.27% 

1.18% 

1.77% 

3.31% 

1.36% 

0.56% 

0.33% 

0.17% 

0.38% 

0.53% 






Holding 

5,000,000 


USD 


Ginnie Mae I pool 5.5% 15/Feb/2039 

Market Value 

1,212,718 

Net Assets % 

0.39% 




171,699,770 

277,863,466 

55.30% 

89.50% 


Equities 

83,390 

USD 



Maxcom Telecom - Cert Series N2 

0 

0.00% 



0 

0 

0.00% 

0.00% 

15,146 

EUR 



15,426,050 

4.97% 


15,426,050 

4.97% 


293,289,516 

94.47% 


310,453,889 

100.00% 


Maturity Date 

Long/(Short) 


11-Mar-13 (183) 

Euro Bobl 

11-Mar-13 (222) 

Euro Bund 

11-Mar-13 83 

Euro Buxl 

11-Mar-13 318 

Euro Schatz 

11-Mar-13 17 

Euro-Btp Future 

11-Mar-13 (21) 


21-Mar-13 12 


28-Mar-13 58 

Long Gilt 

28-Mar-13 78 

US Long Bond 

28-Mar-13 (163) 


31-Mar-13 376 


31-Mar-13 210 


16-Jun-14 62 

90 Day Euro$ 


Trade 


EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

JPY 

GBP 

USD 

USD 

USD 

USD 

USD 



(23,391,060) 

(32,332,080) 

11,366,020 

35,251,890 

1,881,560 

(2,859,360) 

1,723,800,000 

6,897,940 

11,519,625 

(21,640,798) 

82,902,127 

26,122,032 

15,430,250 

Market Price 


127.82 

145.64 

136.94 

110.86 

110.68 

136.16 

143.65 

118.93 

147.69 

132.77 

110.24 

124.39 

99.55 


(in Fund Ccy) 

(153,633) 

(315,240) 

322,039 

41,340 

40,120 

(37,800) 

(98,951) 

16,219 

(136,150) 

12,870 

17,859 

(26,274) 

11,686 

(305,915) 


Maturity Date 

11-Jan-13 

11-Jan-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 


KRW 

KRW 

AUD 

CAD 

CHF 

CZK 

EUR 


257,748,400 

3,122,196,000 

1,427,838 

9,000,000 

2,900,000 

7,800,000 

2,452,412 


EUR 

EUR 

USD 

USD 

EUR 

EUR 

AUD 

Amount Sold 

182,000 

2,200,000 

1,479,843 

9,039,993 

2,408,830 

309,635 

3,071,859 


(293) 

1,076 

(3,581) 

(10,034) 

(5,234) 

1,110 

46,108 






Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR) (continued) 



04-Mar-13 EUR 

5,656,956 

04-Mar-13 EUR 

9,434,226 

04-Mar-13 EUR 

936,092 

04-Mar-13 EUR 

770,000 

04-Mar-13 EUR 

9,978,214 

04-Mar-13 EUR 

634,303 

04-Mar-13 EUR 

3,700,000 

04-Mar-13 GBP 

5,080,012 

04-Mar-13 GBP 

2,300,000 

04-Mar-13 JPY 

2,563,002,696 

04-Mar-13 JPY 

350,000,000 

04-Mar-13 JPY 

110,000,000 

04-Mar-13 JPY 

221,696,900 

04-Mar-13 MXN 

11,732,500 

04-Mar-13 PLN 

3,000,000 

04-Mar-13 SGD 

500,000 

04-Mar-13 USD 

69,691,317 

04-Mar-13 USD 

2,851,769 

04-Mar-13 ZAR 

6,500,000 

16-Jul-13 MYR 

2,923,144 



CAD 

DKK 

GBP 

JPY 

NOK 

SEK 

USD 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 

EUR 

EUR 

EUR 

EUR 

GBP 

EUR 

EUR 

Amount Sold 

7,312,555 

70,300,000 

760,000 

87,482,703 

73,762,827 

5,500,000 

4,815,557 

6,277,052 

2,831,194 

24,081,310 

3,288,015 

1,032,922 

2,701,907 

690,193 

724,225 

315,956 

53,529,194 

1,780,423 

560,642 

738,000 


95,968 

9,689 

(252) 

2,597 

(46,520) 

(5,666) 

48,765 

(18,318) 

2,478 

(1,598,522) 

(217,798) 

(67,997) 

(103,933) 

(9,795) 

5,854 

(5,621) 

(688,084) 

(31,300) 

15,472 

(22,233) 

(2,606,064) 


Maturity Date 

Quantity 

Contract 

Strike Price 




Trade 


Market Price 

(in Fund Ccy) 

Unrealised 

Gain/(Loss) 


02-Aug-22 (7,265,000) 

02-Aug-22 (7,265,000) 

16-Oct-13 (25,500,000) 




2.76 

2.76 

2.10 

20,051,400 EUR (403,232) 128,170 

20,051,400 EUR (504,858) 

26,544 

53,550,000 EUR (264,662) 388,138 

(1,172,752) 542,852 


02-Aug-22 32,400,000 

02-Aug-22 1,520,000 

02-Aug-22 32,400,000 

02-Aug-22 1,520,000 

16-Oct-13 51,000,000 

16-Jun-14 259 








3.03 

2.60 

3.03 

2.60 

2.50 

99.00 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 

265,144 

175,647 

198,140 

215,283 

203,276 

31,923 

1,089,413 

7,581 

(56,920) 

(59,423) 

(17,284) 

(434,224) 

(120,210) 

(680,480) 

(137,628) 


Maturity Date 

20-Mar-22 

20-Dec-17 

20-Dec-17 

20-Dec-17 

16-Apr-20 

Contract 






Underlying 



CDX NA IG 19 


- 

Received Rate 

- 

- 

1.000% 

1.000% 



Unrealised 

Gain/(Loss) 

1.000% USD 17,500,000 1,482,170 

1.000% EUR 30,000,000 234,359 

- USD 39,000,000 

46,202 

- EUR 6,800,000 (53,121) 

Euribor 3M EUR 18,000,000 148,774 








Underlying 

04-Aug-21 Cross Currency Swap Seller - 


- 


- 


- 


- 


- 


- 


- 

17-Apr-23 Interest Rate Swap 

- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


Received Rate 

Euribor 3M 

BBSW 3M 

3.210% 

China IRS 1W 

China IRS 1W 

2.860% 

2.370% 

Euribor 6M 

2.060% 

2.360% 

Euribor 6M 

Euribor 6M 

Euribor 6M 

0.353% 

EUR-EXT-CPI 

Euribor 6M 

3.473% 

Indian OIS 1D 

Libor 6M 

Libor 6M 

2.505% 

Kikrw 3M 

Klibor 3M 

Klibor 3M 

3.340% 

Klibor 3M 

3.350% 

3.345% 

BKBM 3M 

2.650% 


Unrealised 

Gain/(Loss) 

Libor 3M -0.36% EUR 31,730,769 

20,196 

2.940% AUD 26,120,000 (37,228) 

BBSW 3M AUD 27,365,000 (44,379) 

2.600% CNY 56,700,000 300,098 

2.850% CNY 56,800,000 240,210 

China IRS 1W CNY 136,500,000 (140,574) 

China IRS 1W CNY 136,200,000 (250,048) 

1.582% EUR 4,800,000 (116,545) 

EUR-EXT-CPI EUR 5,897,500 (35,760) 

Euribor 6M EUR 31,800,000 415,761 

0.680% EUR 115,000,000 (489,209) 

1.575% EUR 7,500,000 (177,801) 

1.800% EUR 7,400,000 534,161 

Eonia 1D EUR 115,000,000 327,744 

1.579% EUR 6,675,000 

79,021 

1.000% EUR 77,000,000 (374,221) 

Libor 6M GBP 6,600,000 (296,673) 

7.650% INR 2,500,000,000 102,395 

2.343% JPY 880,000,000 125,572 

0.390% JPY 6,400,000,000 (101,480) 

Libor 6M JPY 700,000,000 (120,800) 

2.788% KRW 10,500,000,000 

28,803 

3.675% MYR 17,000,000 

77,403 

3.680% MYR 7,140,000 

31,731 

Klibor 3M MYR 32,200,000 (37,532) 

3.685% MYR 6,860,000 

29,739 

Klibor 3M MYR 12,640,000 (13,278) 

Klibor 3M MYR 13,160,000 (14,729) 

2.830% NZD 32,957,600 

8,582 

BKBM 3M NZD 65,174,600 (22,771) 

1,906,772 




Pioneer Funds - Euro Credit Recovery 2012 






Market Value 

Net Assets % 


2,000,000 

1,500,000 

1,500,000 

3,000,000 

1,400,000 

500,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


Belgium Treasury Bill 0% 14/Feb/2013 

France Treasury Bill BTF 0% 10/Jan/2013 


Italy Buoni Ordinari del Tesoro BOT 0% 14/Feb/2013 



2,000,000 

1,500,000 

1,500,000 

2,999,325 

1,399,930 

499,950 

15.43% 

11.57% 

11.57% 

23.15% 

10.80% 

3.86% 




9,899,205 

9,899,205 

76.38% 

76.38% 


9,899,205 

76.38% 


12,960,148 

100.00% 




Pioneer Funds - Obbligazionario Euro 09/2014 con cedola (Euro Bond 09/2014 distributing) 






Market Value 

Net Assets % 

Bonds 

3,000,000 

EUR 



Daimler AG 4.625% 02/Sep/2014 

3,193,620 

1.39% 

5,000,000 

EUR 

Tobacco 

British American Tobacco Holdings The Netherlands BV 4.375% 15/Sep/2014 

5,307,100 

2.32% 

7,650,000 

EUR 



Metro AG 5.75% 14/Jul/2014 

8,179,227 

3.57% 

1,600,000 

3,000,000 

8,000,000 

2,000,000 

3,600,000 

5,000,000 

4,000,000 

7,950,000 

5,000,000 

6,900,000 

5,000,000 

10,000,000 

9,750,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

Financials 


Credit Suisse AG/London 6.125% 16/May/2014 

Danske Bank A/S 4.75% 04/Jun/2014 

DNB Bank ASA 4.5% 29/May/2014 

HSBC Bank PLC 3.25% 28/Jan/2015 

JPMorgan Chase & Co 4.375% 30/Jan/2014 



Santander International Debt SAU 3.5% 12/Aug/2014 

Societe Generale SA 3.75% 21/Aug/2014 

Standard Chartered PLC 5.75% 30/Apr/2014 

UBS AG/London 5.625% 19/May/2014 

UniCredit SpA 4.375% 10/Feb/2014 

Unione di Banche Italiane SCPA 4.939% 25/Jun/2014 

1,718,096 

3,160,620 

8,444,320 

2,101,960 

3,744,828 

5,313,750 

4,227,120 

8,038,166 

5,231,950 

7,355,952 

5,335,750 

10,301,600 

10,071,945 

0.75% 

1.38% 

3.69% 

0.92% 

1.63% 

2.32% 

1.84% 

3.51% 

2.28% 

3.21% 

2.33% 

4.49% 

4.40% 

5,000,000 

6,650,000 

EUR 

EUR 


Banque PSA Finance SA 3.875% 14/Jan/2015 

GE Capital European Funding 4.75% 30/Jul/2014 

5,106,950 

7,059,441 

2.23% 

3.08% 

7,950,000 

5,000,000 

EUR 

EUR 


Assicurazioni Generali SpA 4.875% 11/Nov/2014 


8,401,480 

5,319,650 

3.67% 

2.32% 

5,000,000 

EUR 

Industrials 


Schneider Electric SA 5.375% 08/Jan/2015 

5,458,300 

2.38% 

5,000,000 

EUR 



5,612,150 

2.45% 

2,000,000 

5,000,000 

6,300,000 

5,000,000 

EUR 

EUR 

EUR 

EUR 




Koninklijke KPN NV 4.75% 29/May/2014 

Telecom Italia SpA 4.75% 19/May/2014 


2,103,120 

5,254,800 

6,584,823 

5,167,950 

0.92% 

2.29% 

2.87% 

2.26% 

5,000,000 

EUR 

Utilities 

Electricity 


5,228,450 

2.28% 

8,000,000 

EUR 



8,436,400 

3.68% 

Total Bonds 

161,459,518 

70.46% 






Holding 



Market Value 

Net Assets % 


58,900,000 

EUR 



61,465,095 

26.82% 




61,465,095 

222,924,613 

26.82% 

97.28% 


222,924,613 

97.28% 


229,152,772 

100.00% 



Underlying 

20-Jun-14 Credit Default Swap Seller iTraxx Europe Series 11 

20-Jun-14 Credit Default Swap Seller iTraxx Europe Series 11 


Received Rate 

1.850% 

1.850% 


Unrealised 

Gain/(Loss) 

- EUR 1,000,000 

19,766 

- EUR 72,500,000 1,433,015 

1,452,781 










Market Value 

Net Assets % 

Bonds 

3,500,000 

2,800,000 

EUR 

EUR 



BMW Finance NV 4% 17/Sep/2014 


3,698,310 

2,980,712 

2.46% 

1.98% 

4,000,000 

EUR 

Beverages 


4,470,840 

2.98% 

4,000,000 

EUR 

Tobacco 

British American Tobacco Holdings The Netherlands BV 4.375% 15/Sep/2014 

4,245,680 

2.83% 

3,400,000 

3,000,000 

3,750,000 

4,200,000 

3,500,000 

4,850,000 

4,000,000 

4,000,000 

4,750,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

Financials 



DNB Bank ASA 4.5% 29/May/2014 








3,582,036 

3,166,620 

3,900,863 

4,421,046 

3,698,730 

4,903,786 

4,268,600 

4,120,640 

4,906,845 

2.38% 

2.11% 

2.60% 

2.94% 

2.46% 

3.26% 

2.84% 

2.74% 

3.27% 

5,000,000 

4,000,000 

EUR 

EUR 




5,106,950 

4,246,280 

3.40% 

2.83% 

2,300,000 

EUR 



2,430,617 

1.62% 

3,700,000 

EUR 

Industrials 



4,081,285 

2.72% 

3,700,000 

EUR 


Atlantia SpA 5% 09/Jun/2014 

3,898,875 

2.59% 

4,800,000 

4,300,000 

3,500,000 

EUR 

EUR 

EUR 






5,047,488 

4,519,128 

3,658,235 

3.36% 

3.01% 

2.43% 

5,000,000 

4,000,000 

1,300,000 

3,800,000 

2,000,000 

EUR 

EUR 

EUR 

EUR 

EUR 

Utilities 

Electricity 


E.ON International Finance BV 4.875% 28/Jan/2014 

Fortum OYJ 4.625% 20/Mar/2014 

Iberdrola Finanzas SAU 4.875% 04/Mar/2014 

Vattenfall AB 4.25% 19/May/2014 

5,228,450 

4,181,560 

1,361,542 

3,951,886 

2,098,860 

3.47% 

2.78% 

0.91% 

2.63% 

1.40% 

Total Bonds 

102,175,864 

68.00% 


24,400,000 

EUR 



24,797,720 

16.51% 






Holding 

18,750,000 


EUR 



Market Value 

19,566,563 

Net Assets % 

13.02% 




44,364,283 

146,540,147 

29.53% 

97.53% 


146,540,147 

97.53% 


150,257,505 

100.00% 



Underlying 




Received Rate 

1.000% 

1.000% 


Unrealised 

Gain/(Loss) 

- EUR 14,500,000 103,326 

- EUR 36,500,000 260,098 

363,424 










Market Value 

Net Assets % 

Bonds 

4,000,000 

EUR 


Beverages 


4,470,840 

3.97% 

4,500,000 

1,600,000 

EUR 

EUR 

Tobacco 

Imperial Tobacco Finance PLC 4.375% 22/Nov/2013 

Imperial Tobacco Finance PLC 7.25% 15/Sep/2014 

4,638,645 

1,766,544 

4.12% 

1.57% 

4,000,000 

3,700,000 

1,500,000 

4,200,000 

5,000,000 

1,550,000 

4,500,000 

3,500,000 

3,100,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

Financials 











4,214,160 

3,848,851 

1,543,905 

4,421,046 

5,283,900 

1,567,190 

4,802,175 

3,630,025 

3,202,362 

3.74% 

3.42% 

1.37% 

3.92% 

4.69% 

1.39% 

4.26% 

3.22% 

2.84% 

5,000,000 

4,400,000 

EUR 

EUR 




5,106,950 

4,670,908 

4.53% 

4.14% 

2,100,000 

1,000,000 

EUR 

EUR 




2,219,259 

1,063,930 

1.97% 

0.94% 

3,600,000 

EUR 

Industrials 



3,793,500 

3.37% 

4,500,000 

200,000 

3,100,000 

EUR 

EUR 

EUR 






4,732,020 

210,192 

3,240,151 

4.20% 

0.19% 

2.87% 

4,500,000 

1,500,000 

EUR 

EUR 

Utilities 

Electricity 



4,705,605 

1,559,955 

4.18% 

1.38% 

4,500,000 

EUR 



4,745,475 

4.21% 

Total Bonds 

79,437,588 

70.49% 


18,900,000 

11,000,000 

EUR 

EUR 




19,208,070 

11,392,700 

17.04% 

10.11% 




30,600,770 

110,038,358 

27.15% 

97.64% 






Holding 



Market Value 

Net Assets % 


110,038,358 

97.64% 


112,703,473 

100.00% 



Underlying 





Received Rate 

1.000% 

1.000% 

1.000% 


Unrealised 

Gain/(Loss) 

- EUR 6,500,000 

46,319 

- EUR 1,300,000 

9,264 

- EUR 23,000,000 210,057 

265,640 










Market Value 

Net Assets % 

Bonds 

700,000 

1,000,000 

800,000 

EUR 

EUR 

EUR 



BMW Finance NV 4% 17/Sep/2014 


Michelin Luxembourg SCS 8.625% 24/Apr/2014 

739,662 

1,064,540 

882,840 

1.40% 

2.01% 

1.67% 

1,200,000 

EUR 

Beverages 


1,341,252 

2.54% 

1,600,000 

EUR 

Tobacco 

Imperial Tobacco Finance PLC 7.25% 15/Sep/2014 

1,766,544 

3.34% 

1,500,000 

1,000,000 

1,000,000 

700,000 

2,000,000 

2,000,000 

2,000,000 

1,000,000 

700,000 

1,700,000 

1,250,000 

400,000 

1,100,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

Financials 



Intesa Sanpaolo SpA 3.375% 19/Jan/2015 




Morgan Stanley 4.5% 29/Oct/2014 


Nordea Bank AB 4.5% 12/May/2014 






1,580,310 

1,022,870 

1,040,230 

720,489 

2,105,260 

2,109,460 

2,113,560 

1,054,130 

707,763 

1,814,155 

1,287,700 

414,860 

1,136,322 

2.99% 

1.94% 

1.97% 

1.36% 

3.98% 

4.00% 

4.01% 

1.99% 

1.34% 

3.43% 

2.44% 

0.78% 

2.15% 

1,500,000 

1,000,000 

EUR 

EUR 




1,532,085 

1,061,570 

2.90% 

2.01% 

1,750,000 

EUR 



1,849,382 

3.50% 

450,000 

EUR 

Health Care 


Merck Financial Services GmbH 3.375% 24/Mar/2015 

475,623 

0.90% 

900,000 

500,000 

EUR 

EUR 

Industrials 




948,375 

561,215 

1.79% 

1.06% 

500,000 

2,000,000 

EUR 

EUR 





525,780 

2,090,420 

0.99% 

3.95% 

1,400,000 

EUR 

Utilities 

Electricity 


1,463,966 

2.77% 






Holding 

1,750,000 


EUR 



Market Value 

1,819,948 

Net Assets % 

3.44% 

2,000,000 

EUR 



2,109,100 

3.99% 

Total Bonds 

37,339,411 

70.64% 


14,100,000 

EUR 


Italy Buoni Poliennali Del Tesoro 3% 15/Jun/2015 

14,320,665 

27.09% 




14,320,665 

51,660,076 

27.09% 

97.73% 


51,660,076 

97.73% 


52,858,680 

100.00% 



Underlying 




Received Rate 

1.000% 

1.000% 


Unrealised 

Gain/(Loss) 

- EUR 5,000,000 

35,630 

- EUR 9,500,000 

67,696 

103,326 




Pioneer Funds - U.S. Credit Recovery 2014 






Market Value 

Net Assets % 

Bonds 

1,500,000 

1,000,000 

USD 

USD 


Chemicals 

Airgas Inc 4.5% 15/Sep/2014 

Potash Corp of Saskatchewan Inc 5.25% 15/May/2014 

1,200,741 

805,848 

1.11% 

0.75% 

2,000,000 

1,900,000 

USD 

USD 


ArcelorMittal USA LLC 6.5% 15/Apr/2014 

Rio Tinto Alcan Inc 5.2% 15/Jan/2014 

1,576,320 

1,503,225 

1.46% 

1.39% 

2,000,000 

USD 

Mining 

Anglo American Capital PLC 9.375% 08/Apr/2014 

1,667,004 

1.54% 

1,400,000 

607,000 

2,000,000 

1,000,000 

USD 

USD 

USD 

USD 


Leisure Goods 

Comcast Corp 5.3% 15/Jan/2014 

COX Communications Inc 5.45% 15/Dec/2014 

Hasbro Inc 6.125% 15/May/2014 

Time Warner Cable Inc 7.5% 01/Apr/2014 

1,112,503 

502,534 

1,624,524 

821,981 

1.03% 

0.47% 

1.51% 

0.76% 

2,000,000 

USD 



Glencore Funding LLC 6% 15/Apr/2014 

1,602,300 

1.48% 

1,500,000 

USD 


Nordstrom Inc 6.75% 01/Jun/2014 

1,231,186 

1.14% 

2,000,000 

2,000,000 

1,500,000 

2,000,000 

1,000,000 

2,000,000 

2,000,000 

1,000,000 

1,500,000 

2,000,000 

1,500,000 

2,000,000 

2,000,000 

2,000,000 

2,000,000 

1,500,000 

1,500,000 

2,000,000 

1,000,000 

1,500,000 

2,000,000 

1,000,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Financials 


Bank of America Corp 7.375% 15/May/2014 

Barclays Bank PLC 5.2% 10/Jul/2014 

BB&T Corp 5.7% 30/Apr/2014 

Bear Stearns Cos LLC 5.7% 15/Nov/2014 

Capital One Bank USA NA 5.125% 15/Feb/2014 

Capital One Financial Corp 7.375% 23/May/2014 

Citigroup Inc 5.5% 15/Oct/2014 

Commonwealth Bank of Australia 3.75% 15/Oct/2014 

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 4.2% 13/May/2014 

Credit Suisse/New York NY 5.5% 01/May/2014 

Deutsche Bank AG/London 3.875% 18/Aug/2014 

Goldman Sachs Group Inc 5% 01/Oct/2014 

HSBC Bank USA NA/New York NY 4.625% 01/Apr/2014 

KeyBank NA/Cleveland OH 5.8% 01/Jul/2014 

Mellon Funding Corp 5% 01/Dec/2014 


PNC Funding Corp 5.4% 10/Jun/2014 

Standard Chartered PLC 5.5% 18/Nov/2014 

Svenska Handelsbanken AB 4.875% 10/Jun/2014 

US Bank NA/Cincinnati OH 4.95% 30/Oct/2014 

Wachovia Corp 5.25% 01/Aug/2014 

Wells Fargo & Co 3.75% 01/Oct/2014 

1,641,322 

1,611,635 

1,211,389 

1,646,040 

795,815 

1,653,311 

1,626,320 

797,406 

1,190,079 

1,610,012 

1,192,923 

1,615,957 

1,584,301 

1,625,073 

1,630,701 

1,176,380 

1,209,819 

1,634,694 

801,001 

1,223,364 

1,617,729 

799,765 

1.52% 

1.49% 

1.12% 

1.53% 

0.74% 

1.53% 

1.51% 

0.74% 

1.10% 

1.49% 

1.11% 

1.50% 

1.47% 

1.51% 

1.51% 

1.09% 

1.12% 

1.51% 

0.74% 

1.13% 

1.50% 

0.74% 

1,500,000 

1,000,000 

775,000 

USD 

USD 

USD 


American Express Co 7.25% 20/May/2014 

American Express Credit Corp 5.125% 25/Aug/2014 

BlackRock Inc 3.5% 10/Dec/2014 

1,236,738 

812,166 

620,832 

1.15% 

0.75% 

0.58% 







750,000 USD 

2,000,000 USD 

1,000,000 USD 

1,000,000 USD 


Jefferies Group Inc 5.875% 08/Jun/2014 

Macquarie Group Ltd 7.3% 01/Aug/2014 


USAA Capital Corp 3.5% 17/Jul/2014 

Market Value 

597,833 

1,636,529 

808,394 

791,361 

Net Assets % 

0.55% 

1.52% 

0.75% 

0.73% 

1,000,000 

1,000,000 

USD 

USD 


Jefferson-Pilot Corp 4.75% 30/Jan/2014 

Prudential Financial Inc 5.1% 20/Sep/2014 

786,214 

811,902 

0.73% 

0.75% 

1,500,000 

2,000,000 

1,493,000 

2,000,000 

USD 

USD 

USD 

USD 


Allstate Corp 5% 15/Aug/2014 

Axis Capital Holdings Ltd 5.75% 01/Dec/2014 


XL Group PLC 5.25% 15/Sep/2014 

1,209,398 

1,626,995 

1,216,002 

1,615,426 

1.12% 

1.51% 

1.13% 

1.50% 

1,500,000 

2,000,000 

2,000,000 

1,000,000 

USD 

USD 

USD 

USD 


ERP Operating LP 5.25% 15/Sep/2014 


Simon Property Group LP 5.625% 15/Aug/2014 

Simon Property Group LP 6.75% 15/May/2014 

1,222,257 

1,619,621 

1,632,949 

809,167 

1.13% 

1.50% 

1.51% 

0.75% 

297,000 

980,000 

USD 

USD 

Health Care 


UnitedHealth Group Inc 4.75% 10/Feb/2014 

WellPoint Inc 5% 15/Dec/2014 

234,883 

802,878 

0.22% 

0.74% 

2,000,000 

USD 

Industrials 


BAE Systems Holdings Inc 4.95% 01/Jun/2014 

1,593,551 

1.48% 

1,750,000 

USD 


Thermo Fisher Scientific Inc 3.25% 20/Nov/2014 

1,387,925 

1.29% 

1,500,000 

1,000,000 

2,000,000 

USD 

USD 

USD 


EnCana Holdings Finance Corp 5.8% 01/May/2014 

General Electric Capital Corp 5.9% 13/May/2014 

Hutchison Whampoa International 03/33 Ltd 6.25% 24/Jan/2014 

1,209,509 

811,613 

1,594,959 

1.12% 

0.75% 

1.48% 

1,475,000 

USD 


PACCAR Inc 6.875% 15/Feb/2014 

1,195,616 

1.11% 

1,000,000 

1,000,000 

USD 

USD 


GATX Corp 8.75% 15/May/2014 

Union Pacific Corp 5.375% 01/May/2014 

834,774 

802,511 

0.77% 

0.74% 

1,500,000 

1,000,000 

2,000,000 

1,000,000 

1,750,000 

1,000,000 

2,000,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 



Cenovus Energy Inc 4.5% 15/Sep/2014 

Diamond Offshore Drilling Inc 5.15% 01/Sep/2014 

Gazprom OAO Via Gaz Capital SA 8.125% 31/Jul/2014 

Husky Energy Inc 5.9% 15/Jun/2014 

PC Financial Partnership 5% 15/Nov/2014 

Ras Laffan Liquefied Natural Gas Co Ltd III - Regs - 5.5% 30/Sep/2014 


1,206,588 

816,279 

1,651,091 

811,628 

1,427,913 

816,300 

1,633,283 

1.12% 

0.76% 

1.53% 

0.75% 

1.32% 

0.76% 

1.51% 

1,500,000 

1,000,000 

1,000,000 

2,000,000 

USD 

USD 

USD 

USD 


Enbridge Inc 5.8% 15/Jun/2014 

Enterprise Products Operating LLC 5.6% 15/Oct/2014 

Korea National Oil Corp 5.375% 30/Jul/2014 

Spectra Energy Capital LLC 5.668% 15/Aug/2014 

1,221,221 

820,540 

806,478 

1,627,793 

1.13% 

0.76% 

0.75% 

1.51% 








Market Value 

Net Assets % 

2,000,000 

2,000,000 

2,000,000 

USD 

USD 

USD 



France Telecom SA 4.375% 08/Jul/2014 

Qtel International Finance Ltd - 144A - 6.5% 10/Jun/2014 

Telecom Italia Capital SA 4.95% 30/Sep/2014 

1,595,070 

1,625,758 

1,582,327 

1.48% 

1.51% 

1.47% 

1,000,000 

1,500,000 

USD 

USD 


Cellco Partnership / Verizon Wireless Capital LLC 5.55% 01/Feb/2014 

Vodafone Group PLC 4.15% 10/Jun/2014 

795,077 

1,192,241 

0.74% 

1.10% 

1,000,000 

1,000,000 

2,000,000 

1,500,000 

1,300,000 

1,500,000 

1,200,000 

1,310,000 

1,500,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Utilities 

Electricity 

Consolidated Natural Gas Co 5% 01/Dec/2014 

Detroit Edison Co 5.4% 01/Aug/2014 

Iberdrola Finance Ireland Ltd 3.8% 11/Sep/2014 

Indiana Michigan Power Co 5.05% 15/Nov/2014 

Metropolitan Edison Co 4.875% 01/Apr/2014 

Niagara Mohawk Power Corp 3.553% 01/Oct/2014 

Peco Energy Co 5% 01/Oct/2014 

Potomac Electric Power Co 4.65% 15/Apr/2014 

Southern Co 4.15% 15/May/2014 

811,855 

810,024 

1,558,146 

1,219,472 

1,033,220 

1,189,860 

977,967 

1,042,415 

1,190,830 

0.75% 

0.75% 

1.44% 

1.13% 

0.96% 

1.10% 

0.91% 

0.97% 

1.10% 

Total Bonds 



102,528,581 

102,528,581 

95.01% 

95.01% 


102,528,581 

95.01% 


107,916,377 

100.00% 




31-Jan-13 EUR 

6,571,710 

31-Jan-13 EUR 

24,942,413 

31-Jan-13 EUR 

67,445,993 



USD 

USD 

USD 

Amount Sold 

8,721,809 

33,102,946 

89,512,635 


(42,948) 

(163,005) 

(440,776) 

(646,729) 




Pioneer Funds - High Yield & Emerging Markets Bond Opportunities 2015 






Market Value 

Net Assets % 

Bonds 

750,000 

USD 



Severstal OAO Via Steel Capital SA 6.25% 26/Jul/2016 

607,651 

0.23% 

3,400,000 

4,400,000 

3,750,000 

USD 

EUR 

USD 

Mining 

Bumi Capital Pte Ltd - Regs - 12% 10/Nov/2016 

New World Resources NV - Regs - 7.375% 15/May/2015 

Winsway Coking Coal Holding Ltd 8.5% 08/Apr/2016 

2,449,166 

4,471,764 

2,396,001 

0.93% 

1.70% 

0.91% 

3,750,000 

3,143,000 

3,846,000 

6,003,000 

4,300,000 

EUR 

EUR 

EUR 

USD 

EUR 



Conti-Gummi Finance BV - Regs - 8.5% 15/Jul/2015 



Hyva Global BV - Regs - 8.625% 24/Mar/2016 

Peugeot SA 8.375% 15/Jul/2014 

4,052,363 

3,240,842 

4,071,953 

4,339,836 

4,606,375 

1.54% 

1.23% 

1.55% 

1.65% 

1.75% 

5,000,000 

2,800,000 

5,650,000 

3,000,000 

3,800,000 

4,400,000 

3,800,000 

EUR 

USD 

EUR 

USD 

USD 

USD 

USD 


Agrokor DD 10% 07/Dec/2016 

Avangardco Investments Public Ltd 10% 29/Oct/2015 

Campofrio Food Group SA 8.25% 31/Oct/2016 

JBS SA 10.5% 04/Aug/2016 

Marfrig Overseas Ltd - Regs - 9.625% 16/Nov/2016 

MHP SA - Regs - 10.25% 29/Apr/2015 

Mriya Agro Holding PLC 10.95% 30/Mar/2016 

5,516,550 

1,996,359 

6,038,211 

2,528,633 

2,875,422 

3,507,118 

2,916,494 

2.10% 

0.76% 

2.30% 

0.96% 

1.09% 

1.33% 

1.11% 

1,691,000 

5,300,000 

3,000,000 

GBP 

EUR 

USD 



Dixons Retail PLC 8.75% 03/Aug/2015 

Edcon Pty Ltd Euribor 3M 15/Jun/2014 

Nord Anglia Education UK Holdings PLC 10.25% 01/Apr/2017 

2,258,906 

5,070,298 

2,514,411 

0.86% 

1.93% 

0.96% 

1,500,000 

5,250,000 

1,872,000 

USD 

EUR 

EUR 

Media 

Aerospace Satellite Corp Holding BV 12.75% 16/Nov/2015 

Central European Media Enterprises Ltd 11.625% 15/Sep/2016 

EN Germany Holdings BV 10.75% 15/Nov/2015 

1,257,172 

5,489,925 

1,759,680 

0.48% 

2.09% 

0.67% 

5,300,000 

4,000,000 

5,000,000 

6,400,000 

2,000,000 

EUR 

EUR 

EUR 

USD 

GBP 


Codere Finance Luxembourg SA - Regs - 8.25% 15/Jun/2015 

Hertz Holdings Netherlands BV 8.5% 31/Jul/2015 


Travelport LLC 9.875% 01/Sep/2014 

William Hill PLC 7.125% 11/Nov/2016 

4,395,661 

4,305,000 

5,469,100 

4,253,641 

2,733,399 

1.67% 

1.64% 

2.08% 

1.62% 

1.04% 

950,000 

4,100,000 

75,900,000 

7,000,000 

3,298,000 

3,748,000 

USD 

USD 

RUB 

USD 

EUR 

USD 

Financials 


ATF Bank JSC - Regs - 9.25% 21/Feb/2014 

Banco de Galicia y Buenos Aires Floating 01/Jan/2019 

Gazprombank OJSC Via GPB Eurobond Finance PLC 8.617% 15/Dec/2015 

Kazkommertsbank JSC - Regs - 8% 03/Nov/2015 

OTP Bank PLC 5.27% 19/Sep/2016 

Trade & Development Bank of Mongolia LLC 8.5% 20/Sep/2015 

717,638 

3,120,238 

1,913,797 

5,085,513 

3,205,293 

2,828,626 

0.27% 

1.19% 

0.73% 

1.93% 

1.22% 

1.08% 

1,800,000 

3,333,000 

USD 

USD 


African Bank Ltd 8.125% 24/Feb/2017 

Ausdrill Finance Pty Ltd 6.875% 01/Nov/2019 

1,485,302 

2,502,784 

0.56% 

0.95% 







5,900,000 USD 

1,200,000 GBP 


GT 2005 Bonds BV Floating 21/Jul/2014 

House of Fraser Funding PLC 8.875% 15/Aug/2018 

Market Value 

4,497,497 

1,544,377 

Net Assets % 

1.71% 

0.59% 

6,000,000 

3,750,000 

USD 

USD 

Industrials 


Cemex Finance LLC - Regs - 9.5% 14/Dec/2016 

China Shanshui Cement Group Ltd 8.5% 25/May/2016 

4,937,166 

3,057,257 

1.88% 

1.16% 

3,600,000 

EUR 


Rexel SA 8.25% 15/Dec/2016 

3,934,836 

1.50% 

6,000,000 

5,800,000 

2,500,000 

2,273,000 

910,000 

2,700,000 

EUR 

EUR 

USD 

EUR 

EUR 

EUR 


Ardagh Glass Finance PLC 7.125% 15/Jun/2017 

Beverage Packaging Holdings Luxembourg II SA 8% 15/Dec/2016 

Cia Latinoamericana de Infraestructura & Servicios SA 9.5% 15/Dec/2016 

Clondalkin Industries BV - Reg.S - 8% 15/Mar/2014 


Yioula Glassworks SA 9% 01/Dec/2015 

6,127,500 

5,889,494 

1,166,186 

1,980,351 

1,051,050 

1,520,991 

2.33% 

2.24% 

0.44% 

0.75% 

0.40% 

0.58% 

3,000,000 

3,300,000 

USD 

USD 


Dematic SA 8.75% 01/May/2016 

OSX 3 Leasing BV 9.25% 20/Mar/2015 

2,431,925 

2,591,466 

0.93% 

0.99% 

2,000,000 

3,984,000 

USD 

USD 


CEVA Group PLC 11.625% 01/Oct/2016 

Grupo Senda Autotransporte SA de CV - Regs - 10.5% 03/Oct/2015 

1,558,708 

3,127,609 

0.59% 

1.19% 

4,893,000 

4,300,000 

GBP 

EUR 


Iron Mountain Inc - Regs - 7.25% 15/Apr/2014 

ISS A/S - Regs - 8.875% 15/May/2016 

6,100,414 

4,463,056 

2.32% 

1.70% 

2,276,000 

EUR 



EP Energy AS 5.875% 01/Nov/2019 

2,444,424 

0.93% 

3,200,000 

3,500,000 

10,060,000 

USD 

USD 

USD 


Afren PLC 11.5% 01/Feb/2016 

MIE Holdings Corp 9.75% 12/May/2016 

Petroleos de Venezuela SA 5.25% 12/Apr/2017 

2,810,024 

2,913,569 

6,600,348 

1.07% 

1.11% 

2.51% 

2,400,000 

USD 


Cie Generale de Geophysique - Veritas 9.5% 15/May/2016 

1,952,367 

0.74% 

6,150,000 

3,500,000 

6,500,000 

EUR 

USD 

USD 



Magyar Telecom BV 9.5% 15/Dec/2016 

Pakistan Mobile Communications Ltd 8.625% 13/Nov/2013 


3,367,433 

2,541,907 

5,103,416 

1.28% 

0.97% 

1.94% 

3,300,000 

6,500,000 

USD 

USD 


Telemovil Finance Co Ltd 8% 01/Oct/2017 

Vimpel Communications OJSC Via UBS Luxembourg SA 8.25% 23/May/2016 

2,691,537 

5,565,230 

1.02% 

2.12% 

5,000,000 

3,500,000 

2,200,000 

USD 

USD 

EUR 

Utilities 

Electricity 

Cia de Transporte de Energia Electrica en Alta Tension Transener SA - Regs - 8.875% 

15/Dec/2016 

SMC Global Power Holdings Corp 7% 28/Jan/2016 

Viridian Group FundCo II 11.125% 01/Apr/2017 

1,558,708 

2,885,031 

2,256,826 

0.59% 

1.10% 

0.86% 

Total Bonds 

214,651,825 

81.65% 








Market Value 

Net Assets % 


14,910 

7,600 

1,001,477 

12,100,000 

13,143,000 

52,250,000 

5,200,000 

6,166,325 

BRL 

BRL 

MXN 

PLN 

PLN 

ZAR 

TRY 

TRY 


Brazil Notas do Tesouro Nacional Serie F 10% 01/Jan/2013 


Mexican Bonos 8% 17/Dec/2015 

Poland Government Bond 5.75% 25/Apr/2014 

Poland Government Bond 6.25% 24/Oct/2015 

South Africa Government Bond 13.5% 15/Sep/2015 

Turkey Government Bond Floating 01/Oct/2014 

Turkey Government Bond Floating 11/Feb/2015 

5,513,572 

2,881,390 

6,347,401 

3,063,329 

3,488,437 

5,616,618 

3,175,227 

3,518,389 

2.10% 

1.10% 

2.40% 

1.17% 

1.33% 

2.13% 

1.21% 

1.34% 

3,000,000 

EUR 


Hungarian Development Bank 5.875% 31/May/2016 

2,992,500 

1.14% 




36,596,863 

251,248,688 

13.92% 

95.57% 


251,248,688 

95.57% 


262,900,128 

100.00% 




04-Mar-13 EUR 

11,074,170 

04-Mar-13 EUR 

91,567,083 



GBP 

USD 

Amount Sold 

8,970,000 

118,110,000 


22,849 

2,014,129 

2,036,978 







15-Aug-14 Total Return Swap Buyer 


Underlying 

iTraxx Xover Series 15 


Ukreximbank 

Upc Holding 

Brazil 

Received Rate 

5.000% 

5.000% 

5.000% 

5.000% 

Libor 3M 


Unrealised 

Gain/(Loss) 

- EUR 5,000,000 269,204 

- EUR 25,000,000 1,346,019 

- USD 4,500,000 

(5,894) 

- EUR 3,000,000 186,065 

- USD 4,055,005 3,031,451 

4,826,845 




Pioneer Funds - Emerging Markets Corporate Bond 2016 






Market Value 

Net Assets % 

Bonds 

250,000 

USD 



Severstal OAO Via Steel Capital SA 6.25% 26/Jul/2016 

202,550 

0.20% 

1,250,000 

1,040,000 

2,000,000 

1,321,000 

USD 

EUR 

USD 

USD 

Mining 

Bumi Capital Pte Ltd - Regs - 12% 10/Nov/2016 


Vedanta Resources PLC 6.75% 07/Jun/2016 


900,429 

1,056,962 

1,592,764 

844,031 

0.91% 

1.06% 

1.60% 

0.85% 

583,000 

2,090,000 

EUR 

USD 



Faurecia 9.375% 15/Dec/2016 


674,887 

1,510,954 

0.68% 

1.52% 

1,520,000 

1,000,000 

1,050,000 

1,900,000 

2,135,000 

1,350,000 

EUR 

USD 

USD 

USD 

USD 

USD 




JBS SA 10.5% 04/Aug/2016 


MHP SA - Regs - 10.25% 29/Apr/2015 


1,677,031 

712,985 

885,022 

1,437,711 

1,701,749 

1,036,123 

1.69% 

0.72% 

0.89% 

1.45% 

1.71% 

1.04% 

1,351,000 

1,250,000 

USD 

USD 


Controladora Mabe SA de CV 6.5% 15/Dec/2015 

Texhong Textile Group Ltd 7.625% 19/Jan/2016 

1,086,211 

963,516 

1.09% 

0.97% 

1,560,000 

1,040,000 

EUR 

USD 




Grupo Famsa SAB de CV - Regs - 11% 20/Jul/2015 

1,492,390 

842,089 

1.50% 

0.85% 

1,830,000 

EUR 

Media 


1,913,631 

1.93% 

1,960,000 

1,040,000 

EUR 

USD 



Tam Capital Inc 7.375% 25/Apr/2017 

1,625,565 

848,668 

1.64% 

0.85% 

1,600,000 

1,405,000 

1,725,000 

520,000 

1,550,000 

1,900,000 

1,600,000 

1,040,000 

1,356,000 

520,000 

3,000,000 

1,000,000 

1,560,000 

1,349,000 

1,050,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

EUR 

EUR 

USD 

USD 

USD 

USD 

USD 

USD 

Financials 


Access Finance BV 7.25% 25/Jul/2017 

Alfa MTN Issuance Ltd 8% 18/Mar/2015 

Banco Hipotecario SA 9.75% 27/Apr/2016 

Bank CenterCredit - Regs - 8.625% 30/Jan/2014 

BES Investimento do Brasil SA Banco de Investimento 5.625% 25/Mar/2015 

Finansbank AS/Turkey 5.15% 01/Nov/2017 

Finansbank AS/Turkey 5.5% 11/May/2016 

Kazkommertsbank JSC 6.875% 13/Feb/2017 


Privatbank CJSC Via UK SPV Credit Finance PLC 9.375% 23/Sep/2015 

Russian Standard Bank Via Russian Standard Finance SA 9.25% 11/Jul/2017 

Sberbank of Russia Via SB Capital SA 4.95% 07/Feb/2017 

Sberbank of Russia Via SB Capital SA 5.4% 24/Mar/2017 


Yapi ve Kredi Bankasi AS 6.75% 08/Feb/2017 

1,274,867 

1,153,743 

1,151,396 

407,370 

1,205,482 

1,419,524 

1,218,568 

926,453 

1,317,883 

371,107 

2,345,321 

816,808 

1,291,615 

1,018,094 

893,464 

1.28% 

1.16% 

1.16% 

0.41% 

1.21% 

1.43% 

1.23% 

0.93% 

1.33% 

0.37% 

2.37% 

0.82% 

1.30% 

1.02% 

0.90% 







1,333,000 USD 

1,040,000 USD 

2,025,000 USD 




Bahrain Mumtalakat Holding Co BSC 5% 30/Jun/2015 


Market Value 

1,000,963 

815,931 

1,543,632 

Net Assets % 

1.01% 

0.82% 

1.55% 

1,500,000 

1,405,000 

1,040,000 

USD 

USD 

USD 


Agile Property Holdings Ltd 8.875% 28/Apr/2017 

Emaar Sukuk Ltd 8.5% 03/Aug/2016 

Evergrande Real Estate Group Ltd 13% 27/Jan/2015 

1,222,254 

1,208,669 

855,815 

1.23% 

1.22% 

0.86% 

2,300,000 

1,500,000 

498,000 

USD 

USD 

USD 

Industrials 



China Shanshui Cement Group Ltd - Regs - 10.5% 27/Apr/2017 

OAS Investments GmbH 8.25% 19/Oct/2019 

1,892,580 

1,305,082 

401,550 

1.90% 

1.31% 

0.40% 

1,000,000 

1,560,000 

USD 

EUR 



Polish Television Holding BV Floating 15/May/2017 

466,475 

1,700,400 

0.47% 

1.71% 

1,040,000 

1,200,000 

USD 

USD 


Dematic SA 8.75% 01/May/2016 


843,067 

942,351 

0.85% 

0.95% 

2,000,000 

1,350,000 

1,560,000 

USD 

USD 

USD 


Brunswick Rail Finance Ltd 6.5% 01/Nov/2017 


RZD Capital Ltd 5.739% 03/Apr/2017 

1,572,103 

1,059,807 

1,323,799 

1.58% 

1.07% 

1.33% 

949,000 

EUR 




1,019,226 

1.03% 

1,200,000 

1,040,000 

1,550,000 

1,250,000 

1,560,000 

3,500,000 

1,550,000 

1,818,000 

USD 

EUR 

USD 

USD 

EUR 

USD 

USD 

USD 


Afren PLC 11.5% 01/Feb/2016 

Gazprom OAO Via Gaz Capital SA 5.44% 02/Nov/2017 

Lukoil International Finance BV - Regs - 6.356% 07/Jun/2017 


MOL Hungarian Oil and Gas PLC 5.875% 20/Apr/2017 


TNK-BP Finance SA - Regs - 6.625% 20/Mar/2017 

Tupras Turkiye Petrol Rafinerileri AS 4.125% 02/May/2018 

1,053,759 

1,175,855 

1,344,552 

1,040,561 

1,650,589 

2,296,344 

1,337,322 

1,372,049 

1.06% 

1.18% 

1.35% 

1.05% 

1.66% 

2.32% 

1.35% 

1.38% 

1,550,000 

USD 


Transportadora de Gas del Sur SA - Regs - 7.875% 14/May/2017 

973,688 

0.98% 

1,050,000 

USD 

Technology 


STATS ChipPAC Ltd 7.5% 12/Aug/2015 

845,854 

0.85% 

2,400,000 

1,560,000 

1,250,000 

2,500,000 

1,560,000 

USD 

EUR 

USD 

USD 

EUR 



Axtel SAB de CV 7.625% 01/Feb/2017 



Telefonica Emisiones SAU 6.421% 20/Jun/2016 

Telemar Norte Leste SA 5.125% 15/Dec/2017 

946,602 

854,178 

907,824 

2,096,386 

1,678,529 

0.95% 

0.86% 

0.91% 

2.11% 

1.69% 

2,290,000 

2,300,000 

USD 

USD 




1,867,764 

1,969,235 

1.88% 

1.98% 






Holding 



Market Value 

Net Assets % 

520,000 

1,475,000 

520,000 

1,500,000 

USD 

USD 

USD 

USD 

Utilities 

Electricity 


15/Dec/2016 

Dubai Electricity & Water Authority - Regs - 6.375% 21/Oct/2016 

EGE Haina Finance Co 9.5% 26/Apr/2017 


162,106 

1,254,634 

410,194 

1,236,442 

0.16% 

1.26% 

0.41% 

1.24% 

442,000 

746,000 

USD 

USD 


Cia de Saneamento Basico do Estado de Sao Paulo 7.5% 03/Nov/2016 

Sound Global Ltd 11.875% 10/Aug/2017 

374,942 

595,770 

0.38% 

0.60% 

Total Bonds 

86,435,846 

86.97% 


1,500,000 

1,250,000 

1,000,000 

1,200,000 

USD 

EUR 

USD 

USD 


City of Buenos Aires Argentina - Regs - 12.5% 06/Apr/2015 

Hungarian Development Bank 5.875% 31/May/2016 

Provincia de Cordoba 12.375% 17/Aug/2017 

Provincia de Neuquen Argentina 8.656% 18/Oct/2014 

1,112,667 

1,246,875 

626,707 

267,624 

1.12% 

1.25% 

0.63% 

0.27% 




3,253,873 

89,689,719 

3.27% 

90.24% 


Bonds 

1,500,000 

1,180,000 

USD 

USD 

Financials 


Banco Cruzeiro do Sul SA/Brazil 0% 20/Jan/2016 Defaulted 

Bancolombia SA 5.125% 11/Sep/2022 

234,944 

925,777 

0.24% 

0.93% 

Total Bonds 


1,160,721 

1,160,721 

1.17% 

1.17% 


90,850,440 

91.41% 


99,388,159 

100.00% 




04-Mar-13 EUR 

74,504,722 

04-Mar-13 EUR 

998,467 

04-Mar-13 EUR 

548,355 

04-Mar-13 EUR 

229,458 

04-Mar-13 EUR 

166,747 



USD 

USD 

USD 

USD 

USD 

Amount Sold 

96,117,871 

1,300,000 

710,000 

300,000 

220,000 


1,626,563 

12,785 

10,022 

1,993 

(61) 

1,651,302 



Underlying 

20-Jun-16 Credit Default Swap Seller iTraxx Xover Series 15 

20-Jun-16 Credit Default Swap Seller iTraxx Xover Series 15 


Received Rate 

5.000% 

5.000% 


Unrealised 

Gain/(Loss) 

- EUR 1,500,000 

80,761 

- EUR 4,000,000 215,363 

296,124 




Pioneer Funds - Europe Recovery Income 2017 


Holding 





Market Value 

Net Assets % 

Bonds 

2,200,000 

EUR 



Schaeffler Finance BV 7.75% 15/Feb/2017 

2,452,208 

4.05% 

1,000,000 

1,000,000 

1,000,000 

2,100,000 

1,700,000 

2,200,000 

2,200,000 

1,000,000 

2,200,000 

1,000,000 

2,600,000 

2,300,000 

2,200,000 

2,300,000 

1,000,000 

2,200,000 

1,000,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

Financials 




BNP Paribas SA 5.431% 07/Sep/2017 

BPCE SA 3.75% 21/Jul/2017 

Commerzbank AG 3.625% 10/Jul/2017 

Credit Suisse AG/London 5.125% 18/Sep/2017 

Deutsche Bank AG 5.125% 31/Aug/2017 

Fortis Bank SA/NV 5.757% 04/Oct/2017 

HSBC Bank PLC 3.125% 15/Nov/2017 

HSBC Holdings PLC 6.25% 19/Mar/2018 

Intesa Sanpaolo SpA 4.75% 15/Jun/2017 

Santander International Debt SAU 4.125% 04/Oct/2017 

Skandinaviska Enskilda Banken AB 3.875% 12/Apr/2017 

Societe Generale SA 3.125% 21/Sep/2017 


UBS AG/Jersey 4.75% 07/Jun/2017 


1,102,680 

1,133,140 

1,139,750 

2,314,662 

1,862,214 

2,592,656 

2,593,646 

1,124,280 

2,397,802 

1,197,020 

2,792,348 

2,388,228 

2,445,762 

2,471,419 

1,164,710 

2,542,276 

1,065,140 

1.82% 

1.87% 

1.88% 

3.82% 

3.07% 

4.28% 

4.28% 

1.86% 

3.96% 

1.98% 

4.60% 

3.94% 

4.04% 

4.08% 

1.92% 

4.20% 

1.76% 

2,000,000 

EUR 



2,234,540 

3.69% 

2,200,000 

EUR 


ING Groep NV 4.75% 31/May/2017 

2,518,384 

4.16% 

2,000,000 

EUR 

Industrials 


Lafarge SA 5.375% 26/Jun/2017 

2,156,700 

3.56% 

Total Bonds 

41,689,565 

68.82% 


16,500,000 

EUR 



17,395,950 

28.72% 




17,395,950 

59,085,515 

28.72% 

97.54% 


59,085,515 

97.54% 


60,576,551 

100.00% 






Underlying 



Received Rate 

1.000% 

5.000% 


Unrealised 

Gain/(Loss) 

- EUR 6,000,000 (26,953) 

- EUR 6,000,000 208,042 

181,089 




Pioneer Funds - Euro Strategic Bond 






Market Value 

Net Assets % 

Bonds 

1,369,000 

2,770,000 

8,897,000 

3,000,000 

USD 

USD 

EUR 

EUR 


Chemicals 



GCL Holdings SCA 9.375% 15/Apr/2018 

Kinove German Bondco GmbH 10% 15/Jun/2018 

1,085,107 

2,161,436 

9,575,395 

2,990,561 

0.17% 

0.34% 

1.51% 

0.47% 

3,500,000 

3,000,000 

EUR 

USD 


Sappi Papier Holding GmbH - Regs - 6.625% 15/Apr/2018 


3,785,355 

2,258,419 

0.60% 

0.36% 

2,000,000 

398,000 

USD 

USD 


First Quantum Minerals Ltd 7.25% 15/Oct/2019 

Metinvest BV - Regs - 8.75% 14/Feb/2018 

1,539,745 

295,089 

0.24% 

0.05% 

1,750,000 

5,500,000 

USD 

USD 

Mining 

Newcrest Finance Pty Ltd 4.2% 01/Oct/2022 


1,367,911 

3,556,394 

0.22% 

0.56% 

2,400,000 

7,000,000 

2,700,000 

3,000,000 

5,300,000 

EUR 

EUR 

EUR 

USD 

EUR 



Conti-Gummi Finance BV 7.125% 15/Oct/2018 

Conti-Gummi Finance BV 7.5% 15/Sep/2017 


Jaguar Land Rover PLC 8.125% 15/May/2021 


2,569,728 

7,515,795 

2,869,628 

2,514,411 

5,928,898 

0.41% 

1.19% 

0.45% 

0.40% 

0.94% 

1,500,000 

EUR 

Beverages 

Refresco Group BV 7.375% 15/May/2018 

1,582,875 

0.25% 

1,750,000 

3,734,000 

10,800,000 

6,500,000 

3,422,000 

6,000,000 

5,000,000 

EUR 

EUR 

EUR 

EUR 

USD 

USD 

EUR 



Agrokor DD 9.875% 01/May/2019 


Foodcorp Pty Ltd 8.75% 01/Mar/2018 

MHP SA - Regs - 10.25% 29/Apr/2015 


R&R Ice Cream PLC 8.375% 15/Nov/2017 

1,938,983 

4,154,859 

11,613,834 

7,213,668 

2,757,794 

4,641,990 

5,525,075 

0.31% 

0.66% 

1.83% 

1.14% 

0.44% 

0.73% 

0.87% 

2,250,000 

EUR 


Bormioli Rocco Holdings SA 10% 01/Aug/2018 

2,399,063 

0.38% 

4,000,000 

6,841,000 

6,714,000 

5,789,000 

EUR 

EUR 

EUR 

EUR 

Leisure Goods 

Nara Cable Funding Ltd - Regs - 8.875% 01/Dec/2018 

Unitymedia GmbH/Old - Regs - 9.5% 15/Mar/2021 

Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH - Regs - 7.5% 15/Mar/2019 

Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH 5.75% 15/Jan/2023 

4,051,120 

7,968,327 

7,417,089 

6,045,308 

0.64% 

1.26% 

1.17% 

0.96% 

3,410,000 

EUR 


Ontex IV SA 9% 15/Apr/2019 

3,608,206 

0.57% 

5,000,000 

GBP 



Bakkavor Finance 2 PLC 8.25% 15/Feb/2018 

6,267,723 

0.99% 

15,000,000 

5,000,000 

EUR 

USD 




14,443,575 

4,209,648 

2.27% 

0.67% 







5,000,000 USD 

1,250,000 EUR 

11,726,000 EUR 

4,000,000 USD 

3,600,000 EUR 


Media 


CET 21 spol sro 9% 01/Nov/2017 


Globo Comunicacao e Participacoes SA - Regs - Floating 11/May/2022 

TVN Finance Corp II AB - Regs - 10.75% 15/Nov/2017 

Market Value 

4,219,129 

1,366,575 

11,103,055 

3,337,379 

3,996,036 

Net Assets % 

0.67% 

0.22% 

1.75% 

0.53% 

0.63% 

9,500,000 

EUR 



3,918,750 

0.62% 

3,700,000 

867,000 

8,500,000 

5,000,000 

3,800,000 

1,650,000 

1,732,000 

5,000,000 

4,200,000 

200,000,000 

2,847,000 

75,900,000 

286,000 

40,000 

2,500,000 

7,500,000 

1,600,000 

600,000 

EUR 

USD 

USD 

USD 

EUR 

EUR 

EUR 

USD 

EUR 

HUF 

USD 

RUB 

EUR 

EUR 

USD 

EUR 

EUR 

GBP 

Financials 



Banco de Credito del Peru/Panama - Regs - 5.375% 16/Sep/2020 






Commercial Bank Privatbank JSC Via Standard Bank Floating 09/Feb/2016 

Commerzbank AG 7.75% 16/Mar/2021 

FHB Mortgage Bank PLC 8.5% 11/Jan/2013 

Gazprombank OJSC Via GPB Eurobond Finance PLC Floating Perpetual 



Raiffeisen Centrobank AG 0% Perpetual 

Russian Standard Bank Via Russian Standard Finance SA 10.75% 10/Apr/2018 


UniCredit SpA Floating Perpetual 

UniCredit SpA 5% 01/Feb/2016 

3,071,814 

734,885 

6,604,259 

3,413,228 

3,153,753 

1,753,612 

1,830,508 

2,948,612 

4,527,138 

687,077 

2,240,415 

1,918,141 

280,505 

504,200 

1,986,309 

6,585,338 

1,632,736 

720,514 

0.49% 

0.12% 

1.04% 

0.54% 

0.50% 

0.28% 

0.29% 

0.47% 

0.72% 

0.11% 

0.35% 

0.30% 

0.04% 

0.08% 

0.31% 

1.04% 

0.26% 

0.11% 

6,500,000 

250,000 

500,000 

3,000,000 

6,900,000 

7,597,282 

400,000 

7,500,000 

4,290,000 

4,000,000 

150,000 

EUR 

GBP 

GBP 

USD 

USD 

USD 

EUR 

USD 

USD 

USD 

GBP 


Boparan Finance PLC 9.75% 30/Apr/2018 

Close Brothers Group PLC 6.5% 10/Feb/2017 

GE Capital UK Funding 4.125% 28/Sep/2017 

Global Investments Group Finance Ltd 11% 24/Sep/2017 


Inversora de Electrica de Buenos Aires SA 6.5% 26/Dec/2017 

Irish Life & Permanent PLC 4% 10/Mar/2015 


Schahin II Finance Co SPV Ltd 5.875% 25/Sep/2022 

Tarjeta Naranja SA - Regs - 9% 28/Jan/2017 

Tullett Prebon Group Holdings PLC 7.04% 06/Jul/2016 

7,380,523 

335,099 

667,449 

2,218,598 

5,285,953 

1,757,563 

410,100 

4,878,072 

3,481,720 

2,741,080 

189,668 

1.17% 

0.05% 

0.11% 

0.35% 

0.84% 

0.28% 

0.06% 

0.77% 

0.55% 

0.43% 

0.03% 

150,000 

GBP 


Legal & General Group PLC 5.875% Perpetual 

192,331 

0.03% 

4,000,000 

500,000 

4,700,000 

EUR 

GBP 

GBP 



Society of Lloyd’s 6.875% 17/Nov/2025 

Towergate Finance PLC - Regs - 10.5% 15/Feb/2019 

4,863,400 

656,171 

5,707,681 

0.77% 

0.10% 

0.90% 

7,667,000 

3,667,000 

6,500,000 

USD 

EUR 

GBP 

Health Care 


ConvaTec Healthcare E SA - Regs - 10.5% 15/Dec/2018 


Priory Group No 3 PLC 7% 15/Feb/2018 

6,440,536 

3,988,596 

8,526,491 

1.02% 

0.63% 

1.35% 








Market Value 

Net Assets % 

4,062,000 

2,200,000 

1,246,000 

3,500,000 

EUR 

EUR 

USD 

EUR 

Industrials 



HeidelbergCement Finance BV 8% 31/Jan/2017 


Spie BondCo 3 SCA - Regs - 11% 15/Aug/2019 

4,360,029 

2,591,006 

1,004,153 

3,822,875 

0.69% 

0.41% 

0.16% 

0.60% 

6,133,000 

879,000 

1,000,000 

EUR 

EUR 

EUR 


Norcell Sweden Holding 2 AB 10.75% 29/Sep/2019 

Techem Energy Metering Service GmbH & Co KG 7.875% 01/Oct/2020 

Techem GmbH 6.125% 01/Oct/2019 

6,675,188 

977,888 

1,081,600 

1.05% 

0.15% 

0.17% 

4,723,224 

1,600,000 

11,500,000 

2,760,000 

2,240,000 

6,893,000 

5,000,000 

2,650,000 

1,304,000 

2,240,000 

5,500,000 

8,700,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 

EUR 

EUR 

EUR 

EUR 

EUR 


ARD Finance SA 11.125% 01/Jun/2018 

Ardagh Glass Finance PLC - Regs - 8.75% 01/Feb/2020 



Beverage Packaging Holdings Luxembourg II SA 9.5% 15/Jun/2017 

Bombardier Inc 6.125% 15/May/2021 




OI European Group BV 6.875% 31/Mar/2017 



4,965,407 

1,677,000 

12,560,587 

2,811,019 

2,337,238 

7,387,020 

2,446,147 

2,347,662 

1,511,010 

2,326,565 

5,984,413 

5,038,736 

0.78% 

0.26% 

1.98% 

0.44% 

0.37% 

1.17% 

0.39% 

0.37% 

0.24% 

0.37% 

0.95% 

0.80% 

3,300,000 

328,000 

USD 

USD 



WPE International Cooperatief UA - Regs - 10.375% 30/Sep/2020 

2,593,769 

216,444 

0.41% 

0.03% 

3,000,000 

3,400,000 

2,330,000 

9,800,000 

3,000,000 

4,324,000 

115,000,000 

USD 

USD 

USD 

USD 

EUR 

USD 

RUB 


Aguila 3 SA 7.875% 31/Jan/2018 

CEVA Group PLC 12.75% 31/Mar/2020 

CEVA Group PLC 8.375% 01/Dec/2017 

CMA CGM SA 8.5% 15/Apr/2017 

Gategroup Finance Luxembourg SA 6.75% 01/Mar/2019 

Navios South American Logistics Inc / Navios Logistics Finance US Inc 9.25% 15/Apr/2019 

Russian Railways via RZD Capital Ltd 8.3% 02/Apr/2019 

2,423,392 

1,908,374 

1,758,457 

6,002,351 

3,206,250 

3,234,637 

2,971,791 

0.38% 

0.30% 

0.28% 

0.95% 

0.51% 

0.51% 

0.47% 

2,500,000 

2,200,000 

8,850,000 

2,450,000 

1,150,000 

9,486,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


ALBA Group PLC & Co KG 8% 15/May/2018 

Eco-Bat Finance PLC 7.75% 15/Feb/2017 

Iron Mountain Inc 6.75% 15/Oct/2018 

New Reclamation Group Pty Ltd - Regs - 8.125% 01/Feb/2013 

Stork Technical Services Holdings BV 11% 15/Aug/2017 

Zinc Capital SA 8.875% 15/May/2018 

2,718,500 

2,334,530 

9,047,266 

1,537,282 

1,242,719 

10,185,592 

0.43% 

0.37% 

1.43% 

0.24% 

0.20% 

1.61% 

3,500,000 

3,500,000 

USD 

USD 



CE Oaxaca II S de RL de CV 7.25% 31/Dec/2031 

CE Oaxaca IV S de RL de CV 7.25% 31/Dec/2031 

2,650,192 

2,659,762 

0.42% 

0.42% 

2,500,000 

500,000 

USD 

EUR 


Fideicomiso Financiero Chubut Regalias Hidrocarburiferas I 7.75% 01/Jul/2020 


1,436,927 

531,620 

0.23% 

0.08% 

5,000,000 

344,000 

USD 

USD 


Petroleum Geo-Services ASA 7.375% 15/Dec/2018 

Transportadora de Gas del Sur SA - Regs - 7.875% 14/May/2017 

4,114,836 

219,175 

0.65% 

0.03% 








Market Value 

Net Assets % 

5,100,000 

8,000,000 

3,500,000 

EUR 

EUR 

USD 

Technology 


eAccess Ltd 8.375% 01/Apr/2018 

Infor US Inc 10% 01/Apr/2019 

Infor US Inc 9.375% 01/Apr/2019 

5,775,750 

8,925,000 

2,993,211 

0.91% 

1.41% 

0.47% 

1,500,000 

2,200,000 

2,000,000 

10,069,000 

2,000,000 

1,000,000 

900,000 

4,000,000 

6,000,000 

2,500,000 

3,750,000 

EUR 

USD 

USD 

EUR 

USD 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 



Altice Financing SA 8% 15/Dec/2019 

Altice Finco SA 9.875% 15/Dec/2020 

Axtel SAB de CV 9% 22/Sep/2019 



Sunrise Communications Holdings SA 8.5% 31/Dec/2018 



Wind Acquisition Finance SA 11.75% 15/Jul/2017 

Wind Acquisition Finance SA 7.375% 15/Feb/2018 


1,583,438 

1,806,356 

841,930 

5,639,244 

1,467,688 

1,100,505 

1,023,017 

4,270,880 

6,298,740 

2,527,763 

4,140,000 

0.25% 

0.29% 

0.13% 

0.89% 

0.23% 

0.17% 

0.16% 

0.67% 

1.00% 

0.40% 

0.65% 

2,867,000 

2,000,000 

2,288,000 

2,844,000 

EUR 

CHF 

GBP 

USD 


Matterhorn Midco & Cy SCA 7.75% 15/Feb/2020 

Matterhorn Mobile SA 6.75% 15/May/2019 

Phones4u Finance PLC 9.5% 01/Apr/2018 

Vimpel Communications Via VIP Finance Ireland Ltd OJSC 6.493% 02/Feb/2016 

2,939,936 

1,778,580 

2,952,002 

2,335,126 

0.46% 

0.28% 

0.47% 

0.37% 

4,000,000 

3,600,000 

USD 

EUR 

Utilities 

Electricity 

Empresa Distribuidora Y Comercializadora Norte - Regs - 9.75% 25/Oct/2022 


1,365,291 

3,734,028 

0.22% 

0.59% 

1,400,000 

EUR 


Gas Natural Capital Markets SA 6% 27/Jan/2020 

1,603,364 

0.25% 

Total Bonds 

478,109,266 

75.53% 

Equities 

175,771 

GBP 


Mining 

New World Resources PLC 

730,953 

0.12% 

7,964,896 

EUR 


Media 

Independent News & Media PLC 

238,947 

0.04% 

445,200 

592,000 

EUR 

USD 

Financials 


Commerzbank AG 

VTB Bank OJSC - Gdr Reg S 

638,417 

1,553,640 

0.10% 

0.24% 


3,161,957 

0.50% 

5,000,000 

5,000,000 

EUR 

EUR 


Grosvenor Place CLO BV - III - X D - Euribor 6M 28/Oct/2023 

Grosvenor Place CLO BV - III - X E - Euribor 6M 30/Oct/2023 

3,600,000 

2,950,000 

0.56% 

0.47% 


6,550,000 

1.03% 








Market Value 

Net Assets % 


89,000,000 

RUB 


European Bank for Reconstruction & Development 6.75% 12/May/2017 

2,290,196 

0.36% 

30,000,000 

300,000,000 

250,000,000 

17,030,000 

12,000,000 

1,190,000 

1,120,000 

1,561,000 

500,000 

EUR 

HUF 

HUF 

EUR 

USD 

USD 

USD 

USD 

EUR 



Hungary Government Bond 5.5% 12/Feb/2014 



Ivory Coast Government International Bond Floating 31/Dec/2032 

Mongolia Government International Bond 4.125% 05/Jan/2018 

Mongolia Government International Bond 5.125% 05/Dec/2022 

Morocco Government International Bond 4.25% 11/Dec/2022 

Turkey Government International Bond 5.125% 18/May/2020 

32,273,250 

1,032,304 

853,570 

17,648,614 

8,555,825 

895,840 

836,772 

1,198,811 

569,063 

5.11% 

0.16% 

0.13% 

2.80% 

1.35% 

0.14% 

0.13% 

0.19% 

0.09% 

2,500,000 

4,500,000 

1,550,000 

3,913,000 

2,265,000 

USD 

USD 

USD 

USD 

USD 


Perusahaan Penerbit SBSN 3.3% 21/Nov/2022 


Provincia de Mendoza Argentina 5.5% 04/Sep/2018 

Provincia de Neuquen Argentina 7.875% 26/Apr/2021 

Republic of Angola Via Northern Lights III BV 7% 16/Aug/2019 

1,972,087 

2,850,046 

464,777 

2,582,153 

1,906,971 

0.31% 

0.45% 

0.07% 

0.41% 

0.30% 




75,930,279 

563,751,502 

12.00% 

89.06% 


Bonds 

6,500,000 

USD 



Zhidao International Holdings Ltd 0% 07/Dec/2049 Defaulted 

47,882 

0.01% 

1,614,000 

EUR 


Beverages 

Belvedere SA 0% 15/May/2013 Defaulted 

1,200,413 

0.19% 

3,921,959 

USD 


Independencia International Ltd - Regs - 12% 30/Dec/2016 Defaulted 

15,618 

0.00% 

12,000,000 

EUR 


IT Holding Finance SA 0% 15/Nov/2012 Defaulted 

1,200 

0.00% 

1,500,000 

2,205,000 

50,000,000 

USD 

EUR 

EUR 

Financials 


Banco Cruzeiro do Sul SA/Brazil 0% 22/Sep/2020 Defaulted 

International Industrial Bank JSC Via IIB Luxembourg SA 0% 05/Jul/2049 Defaulted 

Landsbanki Islands HF 3.2% 10/May/2049 Defaulted 

228 

63,394 

76,761 

0.00% 

0.01% 

0.01% 

19,000,000 

500,000 

500,000 

EUR 

EUR 

EUR 


Boats Investments Netherlands BV 0% 15/Dec/2015 

First Investment Finance BV Floating Perpetual 

Profilo Telra Elektronik Sanayi Ve Ticaret AS Via HD Capital SA 0% 07/Dec/2013 Defaulted 

9,844,817 

336,850 

7,500 

1.56% 

0.05% 

0.00% 

13,000,000 

EUR 

Industrials 


M&G Finance Luxembourg SA - S - 0% Perpetual 

5,525,000 

0.87% 








Market Value 

Net Assets % 

4,250,000 

USD 



Tristan Oil Ltd 0% 01/Jan/2012 Defaulted 

1,303,545 

0.21% 

Total Bonds 

18,423,208 

2.91% 

12,070 

12,070 

GBP 

GBP 

Warrants 

VisioCorp PLC ex Schefenacker AG - VisioCorp PLC - A - 01/Jan/2012 

VisioCorp PLC ex Schefenacker AG - VisioCorp PLC - B - 01/Jan/2012 

0 

0 

0.00% 

0.00% 

Total Warrants 


0 

18,423,208 

0.00% 

2.91% 

9,500 

EUR 



9,733,035 

1.54% 


9,733,035 

1.54% 


591,907,745 

93.51% 


632,966,328 

100.00% 


Maturity Date 

Long/(Short) 


11-Mar-13 268 

Euro Bobl 

28-Mar-13 (626) 



Trade 


EUR 

USD 



34,255,760 

(82,876,534) 

Market Price 


127.82 

132.39 


(in Fund Ccy) 

238,520 

534,170 

772,690 




31-Jan-13 CZK 

181,022,243 

31-Jan-13 CZK 

5,377,334 

31-Jan-13 CZK 

5,377,334 

31-Jan-13 EUR 

214,135 

04-Mar-13 EUR 

7,280,310 

04-Mar-13 EUR 

91,984,041 

04-Mar-13 EUR 

1,909,306 



EUR 

EUR 

EUR 

CZK 

GBP 

USD 

USD 

Amount Sold 

7,218,092 

214,487 

214,020 

5,377,334 

5,897,000 

118,721,502 

2,500,000 


(5,534) 

(235) 

232 

(117) 

15,021 

1,967,436 

13,765 

1,990,568 


Maturity Date 

Quantity 

Contract 

Strike Price 




Trade 


Market Price 

(in Fund Ccy) 

Unrealised 

Gain/(Loss) 


19-Mar-13 (22,000,000) Call USD/ZAR 

11-Jan-13 (9,000,000) Call USD/ZAR 


8.80 

9.50 

146,844,660 USD 

(266,562) 

30,930 

64,851,335 USD 

(3) 

103,953 

(266,565) 

134,883 

134,883 








Underlying 

20-Jun-16 Credit Default Swap Buyer Brazil 

20-Jun-15 Credit Default Swap Buyer Czech Republic 

20-Jun-15 Credit Default Swap Buyer Czech Republic 

20-Sep-16 Credit Default Swap Buyer Hungary 

20-Dec-17 Credit Default Swap Buyer iTraxx Xover Series 18 

20-Jun-16 Credit Default Swap Buyer Mexico 

20-Jun-16 Credit Default Swap Buyer Poland 

20-Jun-16 Credit Default Swap Buyer Qatar 

20-Sep-14 Credit Default Swap Buyer South Africa 


20-Sep-14 Credit Default Swap Buyer Turkey 

20-Jun-14 Credit Default Swap Buyer Turkey 

20-Sep-15 Credit Default Swap Buyer Vimpel Communications 

20-Jun-16 Credit Default Swap Seller Romania 

20-Mar-14 Credit Default Swap Seller Synthetic Loan CDS Mezzanine B 

20-Mar-14 Credit Default Swap Seller Synthetic Loan CDS Mezzanine BB 

20-Jun-16 Credit Default Swap Seller Vietnam 

25-May-21 Total Return Swap Buyer Aspen Trust 

15-Aug-14 Total Return Swap Buyer Brazil 

30-Jun-15 Total Return Swap Buyer ISS A/S Loan 

06-May-13 Total Return Swap Buyer ISS A/S Loan 


Received Rate 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

1.000% 

5.150% 

3.100% 

1.000% 

Libor 3M 

Libor 3M 

- 

- 


Unrealised 

Gain/(Loss) 

1.000% USD 2,000,000 (11,854) 

1.000% USD 5,800,000 (77,637) 

1.000% USD 7,700,000 (103,070) 

1.000% USD 2,500,000 

93,916 

5.000% EUR 87,500,000 (784,258) 

1.000% USD 2,000,000 (16,601) 

1.000% USD 2,000,000 (27,216) 

1.000% USD 2,000,000 (28,045) 

1.700% USD 4,500,000 (66,113) 

1.680% USD 4,500,000 (65,084) 

2.180% USD 8,000,000 (174,672) 

2.715% USD 8,000,000 (201,858) 

5.000% USD 1,500,000 (81,059) 

- USD 8,000,000 (130,505) 

- EUR 29,500,000 (3,416,633) 

- EUR 29,500,000 (2,765,215) 

- USD 2,000,000 (20,015) 

- EUR 60,000,000 (8,438,115) 

- USD 11,658,141 8,715,419 

- EUR 3,572,557 (118,464) 

- EUR 500,132 

(1,648) 

(7,718,727) 




Pioneer Funds - Strategic Income 






Market Value 

Net Assets % 

Bonds 

1,710,000 

1,910,000 

2,290,000 

1,970,000 

1,800,000 

5,015,000 

1,500,000 

1,555,000 

2,325,000 

9,180,000 

800,000 

1,000,000 

3,600,000 

2,646,000 

3,675,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

EUR 

USD 

USD 

EUR 

USD 

USD 

EUR 


Chemicals 

Basell Finance Co BV 8.1% 15/Mar/2027 

Braskem Finance Ltd - 144A - 7.375% Perpetual 

Cytec Industries Inc 8.95% 01/Jul/2017 

Eastman Chemical Co 4.8% 01/Sep/2042 


Hexion US Finance Corp / Hexion Nova Scotia Finance ULC 8.875% 01/Feb/2018 

Ineos Finance PLC - 144A - 7.5% 01/May/2020 

Ineos Finance PLC 9% 15/May/2015 

Ineos Group Holdings SA 7.875% 15/Feb/2016 

LyondellBasell Industries NV 5% 15/Apr/2019 

Mexichem SAB de CV 4.875% 19/Sep/2022 

Momentive Performance Materials Inc 9.5% 15/Jan/2021 

Rain CII Carbon LLC / CII Carbon Corp 8% 01/Dec/2018 

Rhodia SA 6.875% 15/Sep/2020 

Styrolution Group GmbH 7.625% 15/May/2016 

1,731,531 

1,506,675 

2,180,039 

1,604,797 

1,398,031 

3,908,459 

1,191,786 

1,253,176 

2,308,353 

7,694,099 

653,823 

720,000 

2,778,368 

2,262,117 

3,822,000 

0.07% 

0.06% 

0.08% 

0.06% 

0.05% 

0.15% 

0.04% 

0.05% 

0.09% 

0.29% 

0.02% 

0.03% 

0.10% 

0.09% 

0.14% 

5,500,000 

1,550,000 

4,075,000 

2,700,000 

USD 

USD 

USD 

USD 


Appleton Papers Inc 10.5% 15/Jun/2015 

Buckeye Partners LP 6.05% 15/Jan/2018 

Inversiones CMPC SA - 144A - 4.5% 25/Apr/2022 

Sappi Papier Holding GmbH - 144A - 6.625% 15/Apr/2021 

4,422,027 

1,324,982 

3,182,833 

2,022,338 

0.17% 

0.05% 

0.12% 

0.08% 

3,380,000 

1,910,000 

2,325,000 

4,850,000 

2,800,000 

1,830,000 

3,630,000 

8,398,000 

5,300,000 

3,000,000 

1,670,000 

2,425,000 

3,400,000 

4,574,000 

6,655,000 

6,700,000 

3,750,000 

3,012,000 

1,030,000 

1,650,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Alcoa Inc 6.15% 15/Aug/2020 

ArcelorMittal Floating 05/Aug/2020 

ArcelorMittal 5.75% 01/Mar/2021 


Citic Pacific Ltd 6.875% 21/Jan/2018 

Cliffs Natural Resources Inc 5.9% 15/Mar/2020 

Commercial Metals Co 7.35% 15/Aug/2018 

Essar Steel Algoma Inc 9.375% 15/Mar/2015 

Global Brass and Copper Inc - 144A - 9.5% 01/Jun/2019 

Hyundai Steel Co 4.625% 21/Apr/2016 

Metinvest BV - Regs - 10.25% 20/May/2015 

Metinvest BV - 144A - 10.25% 20/May/2015 

Metinvest BV - 144A - 8.75% 14/Feb/2018 

Mueller Water Products Inc 7.375% 01/Jun/2017 

Novelis Inc/GA 8.375% 15/Dec/2017 

Quadra FNX Mining Ltd 7.75% 15/Jun/2019 

Samarco Mineracao SA 4.125% 01/Nov/2022 

Severstal Columbus LLC 10.25% 15/Feb/2018 

Southern Copper Corp 5.375% 16/Apr/2020 

Volcan Cia Minera SAA 5.375% 02/Feb/2022 

2,804,236 

1,453,848 

1,758,445 

3,732,617 

2,243,923 

1,478,132 

3,001,138 

5,764,707 

4,381,826 

2,441,789 

1,304,688 

1,894,531 

2,507,964 

3,582,111 

5,565,183 

5,272,489 

2,894,133 

2,404,528 

900,459 

1,386,055 

0.11% 

0.05% 

0.07% 

0.14% 

0.08% 

0.06% 

0.11% 

0.22% 

0.16% 

0.09% 

0.05% 

0.07% 

0.09% 

0.13% 

0.21% 

0.20% 

0.11% 

0.09% 

0.03% 

0.05% 

2,340,000 

1,875,000 

1,850,000 

4,085,000 

2,300,000 

USD 

USD 

USD 

USD 

USD 

Mining 

Alpha Natural Resources Inc 6% 01/Jun/2019 

ALROSA Finance SA 7.75% 03/Nov/2020 



Bumi Capital Pte Ltd 12% 10/Nov/2016 

1,641,763 

1,649,727 

1,422,136 

3,197,792 

1,648,589 

0.06% 

0.06% 

0.05% 

0.12% 

0.06% 







2,000,000 USD 

1,950,000 USD 

2,200,000 USD 

13,105,000 USD 

5,884,000 USD 

3,300,000 USD 

4,075,000 USD 

5,900,000 USD 

2,100,000 USD 

1,895,000 USD 


Bumi Investment Pte Ltd - 144A - 10.75% 06/Oct/2017 

FMG Resources August 2006 Pty Ltd 7% 01/Nov/2015 

Glencore Finance Europe SA 7.5% Perpetual 

Gold Fields Orogen Holding BVI Ltd 4.875% 07/Oct/2020 

James River Coal Co 3.125% CV 15/Mar/2018 

Murray Energy Corp 10.25% 15/Oct/2015 

Penn Virginia Resource Partners LP / Penn Virginia Resource Finance Corp II - 144A - 8.375% 

01/Jun/2020 

Vedanta Resources Jersey Ltd 5.5% CV 13/Jul/2016 


Vedanta Resources PLC 9.5% 18/Jul/2018 

Market Value 

1,342,536 

1,553,019 

1,837,694 

9,784,318 

1,383,525 

2,427,943 

3,330,410 

4,598,187 

1,772,034 

1,658,412 

Net Assets % 

0.05% 

0.06% 

0.07% 

0.36% 

0.05% 

0.09% 

0.13% 

0.17% 

0.07% 

0.06% 

3,240,000 

6,965,000 

4,120,000 

400,000 

900,000 

3,610,000 

3,593,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 



Chrysler Group LLC / CG Co-Issuer Inc 8% 15/Jun/2019 

Chrysler Group LLC / CG Co-Issuer Inc 8.25% 15/Jun/2021 

Commercial Vehicle Group Inc 7.875% 15/Apr/2019 

Goodyear Tire & Rubber Co 7% 15/May/2022 

Hyundai Motor Manufacturing Czech sro 4.5% 15/Apr/2015 

Titan International Inc 7.875% 01/Oct/2017 

Tower Automotive Holdings USA LLC / TA Holdings Finance Inc 10.625% 01/Sep/2017 

2,678,701 

5,811,211 

3,093,750 

326,911 

727,701 

2,909,303 

2,984,174 

0.10% 

0.22% 

0.12% 

0.01% 

0.03% 

0.11% 

0.11% 

4,950,000 

1,640,000 

USD 

USD 

Beverages 

Ajecorp BV - 144A - 6.5% 14/May/2022 

Central American Bottling Corp 6.75% 09/Feb/2022 

4,054,915 

1,358,996 

0.15% 

0.05% 

3,055,000 

3,860,000 

3,825,000 

4,635,000 

1,000,000 

2,375,000 

500,000 

2,000,000 

4,842,000 

800,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Agrokor DD 8.875% 01/Feb/2020 

BRF - Brasil Foods SA - 144A - 5.875% 06/Jun/2022 

CFG Investment SAC 9.75% 30/Jul/2019 

JBS Finance II Ltd - 144A - 8.25% 29/Jan/2018 

JBS USA LLC / JBS USA Finance Inc 8.25% 01/Feb/2020 

Kraft Foods Inc 6.5% 09/Feb/2040 

Minerva Luxembourg SA 12.25% 10/Feb/2022 


Minerva Overseas II Ltd 10.875% 15/Nov/2019 

Post Holdings Inc 7.375% 15/Feb/2022 

2,517,061 

3,227,890 

2,190,439 

3,726,563 

807,797 

2,428,812 

454,149 

1,824,181 

4,186,802 

667,855 

0.09% 

0.12% 

0.08% 

0.14% 

0.03% 

0.09% 

0.02% 

0.07% 

0.16% 

0.03% 

1,240,000 

1,700,000 

USD 

USD 


Beazer Homes USA Inc 9.125% 15/May/2019 

Brookfield Residential Properties Inc 6.5% 15/Dec/2020 

984,034 

1,321,678 

0.04% 

0.05% 

7,000,000 

4,105,000 

1,150,000 

2,000,000 

USD 

EUR 

EUR 

EUR 

Leisure Goods 

CCO Holdings LLC / CCO Holdings Capital Corp 6.5% 30/Apr/2021 

Nara Cable Funding Ltd - 144A - 8.875% 01/Dec/2018 

Ono Finance II PLC 11.125% 15/Jul/2019 


5,727,586 

4,166,575 

1,085,313 

2,077,500 

0.22% 

0.16% 

0.04% 

0.08% 

5,205,000 

2,205,000 

2,625,000 

1,000,000 

2,625,000 

800,000 

2,195,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Controladora Mabe SA de CV 7.875% 28/Oct/2019 

Revlon Consumer Products Corp 9.75% 15/Nov/2015 

Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 9.875% 

15/Aug/2019 


Reynolds Group Issuer Inc 7.125% 15/Apr/2019 


Yankee Candle Co Inc 9.75% 15/Feb/2017 

4,589,512 

1,760,287 

2,130,423 

783,146 

2,140,378 

653,823 

1,733,590 

0.17% 

0.07% 

0.08% 

0.03% 

0.08% 

0.02% 

0.07% 







5,555,000 USD 


Tobacco 

Alliance One International Inc 10% 15/Jul/2016 

Market Value 

4,434,646 

Net Assets % 

0.17% 

1,680,000 

2,000,000 

5,425,000 

3,600,000 

2,300,000 

3,315,000 

6,900,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 



Board of Trustees of The Leland Stanford Junior University 4.75% 01/May/2019 

Bowdoin College 4.693% 01/Jul/2112 

Brown Shoe Co Inc 7.125% 15/May/2019 

Expedia Inc 5.95% 15/Aug/2020 

Massachusetts Institute of Technology 5.6% 01/Jul/2111 

Service Corp International/US 8% 15/Nov/2021 

Tufts University 5.017% 15/Apr/2112 

1,506,895 

1,430,218 

4,279,430 

3,042,756 

2,547,416 

3,092,726 

5,846,483 

0.06% 

0.05% 

0.16% 

0.11% 

0.10% 

0.12% 

0.22% 

3,126,000 

4,000,000 

USD 

USD 

Media 

MDC Partners Inc 11% 01/Nov/2016 

Myriad International Holding BV - 144A - 6.375% 28/Jul/2017 

2,605,198 

3,435,983 

0.10% 

0.13% 

2,400,000 

5,920,000 

500,000 

8,000,000 

1,900,000 

700,000 

1,900,000 

3,400,000 

3,660,000 

2,725,000 

3,025,000 

2,575,000 

2,619,000 

1,625,000 

1,865,000 

5,595,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

EUR 

USD 

USD 

EUR 

USD 

USD 

USD 

USD 


Burger King Corp 9.875% 15/Oct/2018 

Codere Finance Luxembourg SA 9.25% 15/Feb/2019 

Continental Airlines 2001-1 Class B Pass Through Trust 7.373% 15/Dec/2015 

Continental Airlines 2012-2 Class A Pass Thru Certificates 4% 29/Oct/2024 

Continental Airlines 2012-3 Class C Pass Thru Certificates 6.125% 29/Apr/2018 

Corp Interamericana de Entretenimiento SAB de CV 8.875% 14/Jun/2015 

Delta Air Lines 2010-2 Class A Pass Through Trust 4.95% 23/Nov/2019 

Delta Air Lines 2010-2 Class B Pass Through Trust 6.75% 23/Nov/2015 

Lottomatica Group SpA - 144A - Floating 31/Mar/2066 

Marriott International Inc/DE 3.25% 15/Sep/2022 

MGM Resorts International 6.75% 01/Oct/2020 

Peermont Global Pty Ltd - 144A - 7.75% 30/Apr/2014 

Scientific Games International Inc 9.25% 15/Jun/2019 

Shingle Springs Tribal Gaming Authority 9.375% 15/Jun/2015 

TAM Capital 3 Inc 8.375% 03/Jun/2021 

Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp 5.375% 15/Mar/2022 

2,084,345 

3,412,621 

79,799 

6,386,529 

1,451,949 

493,117 

1,365,584 

2,682,039 

3,839,340 

2,071,787 

2,343,205 

2,499,899 

2,209,980 

1,201,741 

1,559,589 

4,509,017 

0.08% 

0.13% 

0.00% 

0.24% 

0.05% 

0.02% 

0.05% 

0.10% 

0.14% 

0.08% 

0.09% 

0.09% 

0.08% 

0.05% 

0.06% 

0.17% 

6,100,000 

4,550,000 

2,550,000 

3,750,000 

1,110,000 

5,575,000 

1,750,000 

3,825,000 

690,000 

4,039,000 

2,500,000 

11,435,000 

2,060,000 

3,840,000 

4,350,000 

5,550,000 

2,900,000 

15,470,000 

5,450,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

EUR 

USD 

USD 

USD 

Financials 


Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.5% 26/Sep/2019 

Astoria Financial Corp 5% 19/Jun/2017 

Banco Continental SA via Continental Senior Trustees II Cayman Ltd 5.75% 18/Jan/2017 

Banco Continental SA via Continental Trustees Cayman Ltd Floating 07/Oct/2040 

Banco de Credito del Peru/Panama Floating 06/Nov/2069 

Banco de Credito del Peru/Panama Floating 16/Sep/2026 

Banco do Estado do Rio Grande do Sul 7.375% 02/Feb/2022 

Banco GNB Sudameris SA 7.5% 30/Jul/2022 

Banco Industrial e Comercial SA - 144A - 8.5% 27/Apr/2020 

Banco Internacional del Peru SAA 5.75% 07/Oct/2020 

Bancolombia SA 5.95% 03/Jun/2021 


Capital One Bank USA NA 8.8% 15/Jul/2019 


Citigroup Inc Floating Perpetual 




HSBC Bank PLC 7.65% 01/May/2025 

4,883,516 

3,671,009 

2,117,908 

3,114,571 

1,026,102 

4,884,045 

1,460,103 

3,147,850 

520,745 

3,362,259 

2,190,155 

9,627,465 

2,118,561 

2,912,621 

3,340,697 

6,181,313 

2,342,612 

9,179,798 

5,373,124 

0.18% 

0.14% 

0.08% 

0.12% 

0.04% 

0.18% 

0.05% 

0.12% 

0.02% 

0.13% 

0.08% 

0.35% 

0.08% 

0.11% 

0.13% 

0.23% 

0.09% 

0.34% 

0.20% 







3,350,000 USD 

5,750,000 USD 

2,725,000 USD 

11,695,000 USD 

4,000,000 TRY 

1,300,000 USD 

438,000 USD 

1,875,000 USD 

2,950,000 USD 

3,100,000 USD 

3,050,000 USD 

5,105,000 USD 

2,830,000 USD 

9,125,000 USD 

8,225,000 USD 

3,860,000 USD 

8,355,000 USD 

2,900,000 USD 

750,000 USD 

2,500,000 USD 

5,575,000 USD 

2,400,000 USD 

8,775,000 USD 

2,000,000 USD 

2,500,000 USD 

9,650,000 USD 

3,100,000 USD 

7,600,000 USD 



Intesa Sanpaolo SpA 3.625% 12/Aug/2015 


JPMorgan Chase & Co Floating Perpetual 

JPMorgan Chase & Co 0% 04/Oct/2017 

Macquarie Bank Ltd 6.625% 07/Apr/2021 



Morgan Stanley 4.875% 01/Nov/2022 

Morgan Stanley 5.5% 26/Jan/2020 

Morgan Stanley 5.5% 28/Jul/2021 



Nordea Bank AB 4.25% 21/Sep/2022 

Northgroup Preferred Capital Corp Floating Perpetual 



PNC Preferred Funding Trust III Floating Perpetual 

Santander Holdings USA Inc/PA 3% 24/Sep/2015 

SBP DPR Finance Co Libor 3M 15/Mar/2017 

Scotiabank Peru SA Floating 13/Dec/2027 

Societe Generale SA 8.75% Perpetual 

Sovereign Bank/Wilmington DE 8.75% 30/May/2018 

SunTrust Banks Inc 3.5% 20/Jan/2017 

Turkiye Is Bankasi 6% 24/Oct/2022 


VTB Bank OJSC Via VTB Capital SA - 144A - 6% 12/Apr/2017 

VTB Bank OJSC Via VTB Capital SA 6.95% 17/Oct/2022 

Market Value 

2,538,827 

4,366,611 

2,181,348 

10,086,513 

1,208,030 

1,091,668 

345,816 

1,428,385 

2,321,277 

2,641,617 

2,631,148 

4,568,739 

2,344,023 

7,143,012 

6,352,178 

2,993,667 

7,227,588 

2,223,847 

579,682 

1,690,497 

4,218,039 

1,895,934 

7,870,338 

1,630,675 

1,998,161 

8,084,634 

2,547,671 

6,225,728 

Net Assets % 

0.10% 

0.16% 

0.08% 

0.37% 

0.05% 

0.04% 

0.01% 

0.05% 

0.09% 

0.10% 

0.10% 

0.17% 

0.09% 

0.27% 

0.24% 

0.11% 

0.27% 

0.08% 

0.02% 

0.06% 

0.16% 

0.07% 

0.30% 

0.06% 

0.08% 

0.30% 

0.10% 

0.23% 

2,500,000 

5,805,000 

5,047,000 

750,000 

500,000 

3,835,000 

5,840,000 

5,925,000 

250,000 

750,000 

3,920,000 

4,750,000 

9,635,000 

1,900,000 

250,000 

1,800,000 

3,115,000 

250,000 

250,000 

400,000 

250,000 

9,100,000 

1,550,000 

2,735,000 

USD 

USD 

USD 

USD 

EUR 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Aircastle Ltd 6.25% 01/Dec/2019 


Ameriprise Financial Inc Floating 01/Jun/2066 


Atlas VI Capital Ltd Euribor 3M 07/Apr/2014 



Blackstone Holdings Finance Co LLC 6.25% 15/Aug/2042 


Blue Fin Ltd Floating 28/May/2013 

BM&FBovespa SA 5.5% 16/Jul/2020 





Corp Financiera de Desarrollo SA 4.75% 08/Feb/2022 

Dubai Electricity & Water Authority - 144A - 7.375% 21/Oct/2020 

East Lane Re Ltd - 144A - Floating 13/Mar/2015 

East Lane Re Ltd Floating 14/Mar/2014 

East Lane Re V Ltd Floating 16/Mar/2016 



GlobeCat Ltd - USW - Libor 3M 02/Jan/2013 

Gruposura Finance 5.7% 18/May/2021 

1,976,828 

5,095,446 

4,220,508 

568,871 

512,975 

2,879,741 

4,362,964 

5,092,219 

194,952 

574,298 

3,359,830 

3,635,422 

7,590,924 

1,475,152 

192,658 

1,505,234 

2,906,136 

186,173 

188,941 

325,425 

191,145 

7,832,474 

1,175,550 

2,328,609 

0.07% 

0.19% 

0.16% 

0.02% 

0.02% 

0.11% 

0.16% 

0.19% 

0.01% 

0.02% 

0.13% 

0.14% 

0.29% 

0.06% 

0.01% 

0.06% 

0.11% 

0.01% 

0.01% 

0.01% 

0.01% 

0.29% 

0.04% 

0.09% 







5,285,000 USD 

760,000 USD 

1,750,000 USD 

4,595,000 USD 

1,250,000 USD 

2,650,000 USD 

525,000 USD 

1,300,000 USD 

2,900,000 USD 

6,025,000 USD 

2,480,000 USD 

4,050,000 USD 

7,825,000 USD 

2,700,000 USD 

1,425,000 USD 

800,000 USD 

3,000,000 USD 

2,775,000 USD 

1,200,000 USD 

3,680,000 USD 

4,700,000 USD 

3,110,000 USD 

2,500,000 USD 

1,000,000 USD 

1,550,000 USD 

1,600,000 USD 

250,000 USD 

2,050,000 USD 

250,000 USD 

2,200,000 USD 

1,500,000 USD 

950,000 USD 

350,000 USD 

3,150,000 USD 

1,600,000 USD 

2,000,000 USD 

6,690,000 USD 

1,600,000 USD 

5,070,000 USD 

800,000 USD 

375,000 USD 

4,150,000 USD 

250,000 USD 

1,200,000 USD 


GTP Acquisition Partners I LLC 7.628% 15/Jun/2016 


Hyundai Capital Services Inc 3.5% 13/Sep/2017 

Hyundai Capital Services Inc 6% 05/May/2015 

Ibis Re II Ltd Floating 05/Feb/2015 



Interactive Data Corp 10.25% 01/Aug/2018 

Intercorp Retail Trust 8.875% 14/Nov/2018 

IPIC GMTN Ltd 5.5% 01/Mar/2022 

Janus Capital Group Inc Floating 15/Jun/2017 




Kibou Ltd Floating 16/Feb/2015 

Lakeside Re II Ltd Floating 08/Jan/2013 






Macquarie Group Ltd 7.625% 13/Aug/2019 

Marfrig Holding Europe BV - 144A - 8.375% 09/May/2018 




Mythen Ltd Libor 6M 07/May/2015 

Neuberger Berman Group LLC / Neuberger Berman Finance Corp 5.625% 15/Mar/2020 

Pelican Re Ltd Floating 13/Apr/2015 



Queen Street V Re Ltd Floating 09/Apr/2015 

Queen Street VI Re Ltd Floating 09/Apr/2015 




Scottrade Financial Services Inc 6.125% 11/Jul/2021 

SLM Corp 4% 25/Jul/2014 


Successor X Ltd - II CN3 144A - Floating 04/Apr/2013 





Market Value 

4,236,875 

608,719 

1,401,712 

3,829,436 

973,149 

2,031,057 

406,389 

1,105,601 

2,502,086 

5,386,809 

2,149,903 

3,240,860 

6,677,128 

2,080,704 

1,104,959 

606,129 

2,286,772 

2,118,505 

908,374 

3,024,748 

3,957,782 

2,782,131 

1,616,543 

772,831 

1,138,869 

1,268,811 

201,760 

1,636,548 

202,158 

1,677,533 

1,134,443 

730,730 

273,995 

2,421,252 

1,238,677 

1,579,794 

5,219,611 

1,227,561 

3,441,786 

608,070 

282,018 

3,161,668 

192,502 

1,081,820 

Net Assets % 

0.16% 

0.02% 

0.05% 

0.14% 

0.04% 

0.08% 

0.02% 

0.04% 

0.09% 

0.20% 

0.08% 

0.12% 

0.25% 

0.08% 

0.04% 

0.02% 

0.09% 

0.08% 

0.03% 

0.11% 

0.15% 

0.10% 

0.06% 

0.03% 

0.04% 

0.05% 

0.01% 

0.06% 

0.01% 

0.06% 

0.04% 

0.03% 

0.01% 

0.09% 

0.05% 

0.06% 

0.20% 

0.05% 

0.13% 

0.02% 

0.01% 

0.12% 

0.01% 

0.04% 

3,650,000 

6,250,000 

1,800,000 

6,705,000 

1,385,000 

4,855,000 

2,760,000 

3,250,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


CNO Financial Group Inc 6.375% 01/Oct/2020 

Delphi Financial Group Inc 7.875% 31/Jan/2020 

Forethought Financial Group Inc 8.625% 15/Apr/2021 


Lincoln National Corp 8.75% 01/Jul/2019 

Protective Life Corp 7.375% 15/Oct/2019 



2,879,248 

5,806,607 

1,653,926 

5,092,067 

1,406,688 

4,482,335 

2,554,005 

2,566,918 

0.11% 

0.22% 

0.06% 

0.19% 

0.05% 

0.17% 

0.10% 

0.10% 







2,200,000 USD 

7,000,000 USD 

1,250,000 USD 

2,300,000 USD 


Prudential Financial Inc Floating 15/Sep/2042 

Prudential Financial Inc 4.5% 16/Nov/2021 

Torchmark Corp 3.8% 15/Sep/2022 

Unum Group 5.75% 15/Aug/2042 

Market Value 

1,758,381 

5,982,319 

971,627 

1,880,571 

Net Assets % 

0.07% 

0.23% 

0.04% 

0.07% 

3,143,000 

6,300,000 

2,300,000 

2,500,000 

2,350,000 

7,815,000 

3,805,000 

7,200,000 

2,525,000 

3,251,000 

1,650,000 

4,280,000 

465,000 

4,030,000 

4,949,000 

1,610,000 

3,185,000 

4,143,000 

500,000 

5,625,000 

7,200,000 

7,350,000 

6,835,000 

2,220,000 

5,740,000 

2,430,000 

1,250,000 

4,630,000 

11,847,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

GBP 

USD 

USD 


AXA SA - - Floating Perpetual 

Compass Investors Inc 7.75% 15/Jan/2021 

Fidelity National Financial Inc 4.25% CV 15/Aug/2018 





Hanover Insurance Group Inc 6.375% 15/Jun/2021 

Hanover Insurance Group Inc 7.5% 01/Mar/2020 


Hub International Ltd 8.125% 15/Oct/2018 

Ironshore Holdings US Inc 8.5% 15/May/2020 

Liberty Mutual Group Inc Floating 15/Jun/2058 

Liberty Mutual Group Inc 5% 01/Jun/2021 



Liberty Mutual Insurance Co 7.697% 15/Oct/2097 

MetLife Inc 10.75% 01/Aug/2039 

MetLife Inc 4.75% 08/Feb/2021 

Montpelier Re Holdings Ltd 4.7% 15/Oct/2022 

OneBeacon US Holdings Inc 4.6% 09/Nov/2022 

Platinum Underwriters Finance Inc 7.5% 01/Jun/2017 


Reinsurance Group of America Inc 6.45% 15/Nov/2019 


Sirius International Group Ltd 6.375% 20/Mar/2017 

Towergate Finance PLC 8.5% 15/Feb/2018 



2,360,111 

4,706,842 

2,239,552 

1,903,178 

1,796,367 

6,411,756 

3,190,128 

6,132,959 

2,273,640 

3,071,694 

1,282,805 

3,600,748 

525,523 

3,291,004 

3,730,331 

1,311,635 

2,469,626 

4,768,661 

441,106 

4,365,024 

5,626,289 

6,250,990 

5,197,275 

1,966,045 

4,492,995 

2,014,876 

1,606,614 

4,722,611 

8,446,738 

0.09% 

0.18% 

0.08% 

0.07% 

0.07% 

0.24% 

0.12% 

0.23% 

0.09% 

0.12% 

0.05% 

0.14% 

0.02% 

0.12% 

0.14% 

0.05% 

0.09% 

0.18% 

0.02% 

0.16% 

0.21% 

0.24% 

0.20% 

0.07% 

0.17% 

0.08% 

0.06% 

0.18% 

0.32% 

3,875,000 

44,000 

USD 

USD 


Alto Palermo SA - Regs - 7.875% 11/May/2017 


2,564,425 

33,374 

0.10% 

0.00% 

5,360,000 

1,830,000 

5,250,000 

1,450,000 

1,775,000 

3,900,000 

9,275,000 

3,075,000 

2,335,000 

1,875,000 

900,000 

3,500,000 

7,050,000 

3,175,000 

1,850,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Alexandria Real Estate Equities Inc 4.6% 01/Apr/2022 

BioMed Realty LP 4.25% 15/Jul/2022 

CNL Lifestyle Properties Inc 7.25% 15/Apr/2019 

CubeSmart LP 4.8% 15/Jul/2022 

DDR Corp 4.625% 15/Jul/2022 

DDR Corp 7.5% 01/Apr/2017 

Dexus Diversified Trust / Dexus Office Trust 5.6% 15/Mar/2021 

Digital Realty Trust LP 3.625% 01/Oct/2022 

Digital Realty Trust LP 4.5% 15/Jul/2015 

Digital Realty Trust LP 5.25% 15/Mar/2021 

Digital Realty Trust LP 5.875% 01/Feb/2020 


Goodman Funding Pty Ltd 6.375% 15/Apr/2021 

Health Care REIT Inc 3.75% 15/Mar/2023 

Health Care REIT Inc 5.25% 15/Jan/2022 

4,371,937 

1,448,039 

3,802,905 

1,194,527 

1,472,114 

3,548,231 

7,574,785 

2,295,353 

1,884,446 

1,576,681 

781,143 

2,979,797 

6,075,042 

2,417,773 

1,565,393 

0.16% 

0.05% 

0.14% 

0.04% 

0.06% 

0.13% 

0.29% 

0.09% 

0.07% 

0.06% 

0.03% 

0.11% 

0.23% 

0.09% 

0.06% 







400,000 USD 

2,025,000 USD 

3,350,000 USD 

4,480,000 USD 

5,035,000 USD 

3,880,000 USD 

2,340,000 USD 

550,000 USD 

2,300,000 USD 

6,300,000 USD 

2,460,000 USD 


Health Care REIT Inc 6.125% 15/Apr/2020 

Health Care REIT Inc 6.2% 01/Jun/2016 


Highwoods Realty LP 3.625% 15/Jan/2023 



Mack-Cali Realty LP 4.5% 18/Apr/2022 

Mack-Cali Realty LP 7.75% 15/Aug/2019 

Sabra Health Care LP / Sabra Capital Corp 8.125% 01/Nov/2018 

Senior Housing Properties Trust 6.75% 15/Apr/2020 

Ventas Realty LP / Ventas Capital Corp 4.75% 01/Jun/2021 

Market Value 

355,874 

1,753,574 

2,907,944 

3,334,501 

4,047,989 

3,142,529 

1,896,454 

517,690 

1,860,115 

5,452,200 

2,043,983 

Net Assets % 

0.01% 

0.07% 

0.11% 

0.13% 

0.15% 

0.12% 

0.07% 

0.02% 

0.07% 

0.21% 

0.08% 

3,200,000 

3,450,000 

5,600,000 

1,800,000 

3,000,000 

800,000 

4,023,000 

5,250,000 

6,596,000 

7,916,000 

4,900,000 

11,800,000 

900,000 

USD 

USD 

USD 

EUR 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Health Care 




Catholic Health Initiatives 4.35% 01/Nov/2042 


Gentiva Health Services Inc 11.5% 01/Sep/2018 

HCA Inc 6.5% 15/Feb/2020 

HCA Inc 8.5% 15/Apr/2019 

Hologic Inc Floating CV 01/Mar/2042 

Hologic Inc 2% CV 15/Dec/2037 

NuVasive Inc 2.75% CV 01/Jul/2017 

NYU Hospitals Center 4.428% 01/Jul/2042 


WellPoint Inc 3.3% 15/Jan/2023 

2,548,544 

3,153,254 

4,331,802 

1,827,000 

2,150,334 

682,646 

3,402,340 

3,944,767 

5,578,383 

5,227,448 

3,608,138 

9,548,790 

701,892 

0.10% 

0.12% 

0.16% 

0.07% 

0.08% 

0.03% 

0.13% 

0.15% 

0.21% 

0.20% 

0.14% 

0.35% 

0.03% 

2,300,000 

655,000 

4,055,000 

1,615,000 

3,105,000 

USD 

USD 

USD 

USD 

USD 


Cubist Pharmaceuticals Inc 2.5% CV 01/Nov/2017 

Omnicare Inc 3.25% CV 15/Dec/2035 

PDL BioPharma Inc 3.75% CV 01/May/2015 

Salix Pharmaceuticals Ltd 1.5% CV 15/Mar/2019 

Warner Chilcott Co LLC / Warner Chilcott Finance LLC 7.75% 15/Sep/2018 

2,716,029 

495,262 

3,631,246 

1,177,502 

2,519,986 

0.10% 

0.02% 

0.14% 

0.04% 

0.09% 

515,000 

USD 

Industrials 


Esterline Technologies Corp 6.625% 01/Mar/2017 

401,367 

0.02% 

1,610,000 

6,037,000 

1,100,000 

4,000,000 

2,580,000 

3,500,000 

2,000,000 

1,600,000 

5,200,000 

1,365,000 

2,000,000 

2,600,000 

7,135,000 

1,275,000 

1,140,000 

1,415,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Building Materials Corp of America 6.75% 01/May/2021 


Cemex SAB de CV - 144A - 9% 11/Jan/2018 


Desarrolladora Homex SAB de CV 9.5% 11/Dec/2019 

Desarrolladora Homex SAB de CV 9.75% 25/Mar/2020 

Dycom Investments Inc 7.125% 15/Jan/2021 

Empresas ICA SAB de CV 8.375% 24/Jul/2017 

Empresas ICA SAB de CV 8.9% 04/Feb/2021 





MasTec Inc 4% CV 15/Jun/2014 

Texas Industries Inc 9.25% 15/Aug/2020 

Urbi Desarrollos Urbanos SAB de CV 9.5% 21/Jan/2020 

1,349,401 

5,105,624 

903,178 

3,087,075 

2,103,686 

2,893,659 

1,596,632 

1,307,646 

4,299,150 

1,176,020 

1,650,941 

2,186,043 

6,305,388 

1,564,858 

927,374 

1,014,241 

0.05% 

0.19% 

0.03% 

0.12% 

0.08% 

0.11% 

0.06% 

0.05% 

0.16% 

0.04% 

0.06% 

0.08% 

0.24% 

0.06% 

0.03% 

0.04% 







1,925,000 USD 

5,450,000 USD 

2,520,000 USD 

1,200,000 USD 


Urbi Desarrollos Urbanos SAB de CV 9.75% 03/Feb/2022 

USG Corp - 144A - 7.875% 30/Mar/2020 

USG Corp 8.375% 15/Oct/2018 

Voto-Votorantim Overseas Trading Operations NV - 144A - 6.625% 25/Sep/2019 

Market Value 

1,383,448 

4,619,520 

2,131,220 

1,064,927 

Net Assets % 

0.05% 

0.17% 

0.08% 

0.04% 

3,912,000 

2,121,000 

6,757,000 

1,510,000 

1,900,000 

5,375,000 

7,105,000 

3,650,000 

4,400,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Anixter Inc 5.95% 01/Mar/2015 

Coleman Cable Inc 9% 15/Feb/2018 

General Cable Corp Floating CV 15/Nov/2029 

SunPower Corp 4.75% CV 15/Apr/2014 

Thomas & Betts Corp 5.625% 15/Nov/2021 

Viasystems Inc - 144A - 7.875% 01/May/2019 

Vishay Intertechnology Inc 2.25% CV 15/May/2041 

WESCO Distribution Inc 7.5% 15/Oct/2017 

WireCo WorldGroup Inc Floating 15/May/2017 

3,156,394 

1,729,426 

5,474,303 

1,079,471 

1,779,058 

3,995,373 

4,142,877 

2,805,052 

3,537,621 

0.12% 

0.07% 

0.21% 

0.04% 

0.07% 

0.15% 

0.16% 

0.11% 

0.13% 

6,255,000 

2,060,000 

1,300,000 

2,000,000 

1,525,000 

3,700,000 

1,165,000 

2,200,000 

825,000 

2,125,000 

1,000,000 

USD 

USD 

EUR 

EUR 

USD 

USD 

USD 

USD 

EUR 

EUR 

USD 


AEP Industries Inc 8.25% 15/Apr/2019 

American Railcar Industries Inc 7.5% 01/Mar/2014 

Ardagh Glass Finance PLC - 144A - 8.75% 01/Feb/2020 

Ardagh Packaging Finance PLC 7.375% 15/Oct/2017 



Graphic Packaging International Inc 7.875% 01/Oct/2018 

Grupo KUO SAB De CV 6.25% CV 04/Dec/2022 

Mark IV Europe Lux SCA / Mark IV USA SCA 8.875% 15/Dec/2017 

Nordenia International AG - 144A - 9.75% 15/Jul/2017 

Park-Ohio Industries Inc 8.125% 01/Apr/2021 

5,076,494 

1,574,219 

1,361,750 

2,187,500 

1,174,056 

1,739,988 

976,430 

1,785,498 

799,116 

2,461,600 

805,901 

0.19% 

0.06% 

0.05% 

0.08% 

0.04% 

0.07% 

0.04% 

0.07% 

0.03% 

0.09% 

0.03% 

4,800,000 

3,850,000 

695,000 

875,000 

2,900,000 

7,515,000 

3,270,000 

5,400,000 

3,100,000 

4,570,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


ABB Finance USA Inc 4.375% 08/May/2042 

Abengoa Finance SAU 8.875% 01/Nov/2017 

Cummins Inc 6.75% 15/Feb/2027 

Flowserve Corp 3.5% 15/Sep/2022 

Liberty Tire Recycling 11% 01/Oct/2016 

Navistar International Corp 3% CV 15/Oct/2014 

Navistar International Corp 8.25% 01/Nov/2021 


Terex Corp 6% 15/May/2021 

WPE International Cooperatief UA - 144A - 10.375% 30/Sep/2020 

3,952,030 

2,744,994 

656,423 

667,879 

2,034,663 

5,208,458 

2,393,469 

2,312,569 

2,474,780 

2,981,038 

0.15% 

0.10% 

0.02% 

0.03% 

0.08% 

0.20% 

0.09% 

0.09% 

0.09% 

0.11% 

3,000,000 

2,750,000 

2,400,000 

7,619,000 

1,400,000 

4,600,000 

7,990,000 

5,540,000 

15,000,000 

3,450,000 

5,560,000 

2,100,000 

950,000 

7,205,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

NOK 

USD 

USD 

USD 

USD 

USD 


Aeropuertos Dominicanos Siglo XXI SA 9.25% 13/Nov/2019 

Aguila 3 SA - 144A - 7.875% 31/Jan/2018 

Asciano Finance Ltd 5% 07/Apr/2018 


Aviation Capital Group Corp 7.125% 15/Oct/2020 

CEVA Group PLC 11.5% 01/Apr/2018 


GATX Corp 6% 15/Feb/2018 

Golar LNG Partners LP Floating 12/Oct/2017 

Greenbrier Cos Inc 3.5% CV 01/Apr/2018 

Inversiones Alsacia SA 8% 18/Aug/2018 

Swift Services Holdings Inc 10% 15/Nov/2018 

Transnet SOC Ltd 4% 26/Jul/2022 

Viterra Inc 5.95% 01/Aug/2020 

2,386,415 

2,211,013 

1,969,464 

5,983,146 

1,118,333 

2,913,380 

5,969,471 

4,696,159 

2,049,488 

2,364,940 

3,935,770 

1,748,142 

725,074 

5,916,281 

0.09% 

0.08% 

0.07% 

0.23% 

0.04% 

0.11% 

0.22% 

0.18% 

0.08% 

0.09% 

0.15% 

0.07% 

0.03% 

0.22% 







45 USD 

2,355,000 USD 

2,200,000 USD 

2,955,000 USD 

1,725,000 USD 



Catalent Pharma Solutions Inc 9.5% 15/Apr/2015 

Clean Harbors Inc 5.25% 01/Aug/2020 

FTI Consulting Inc 6% 15/Nov/2022 

Iron Mountain Inc 5.75% 15/Aug/2024 

Marfrig Overseas Ltd 9.5% 04/May/2020 

Market Value 

35 

1,862,172 

1,727,093 

2,269,370 

1,128,499 

Net Assets % 

0.00% 

0.07% 

0.07% 

0.09% 

0.04% 

6,550,000 

2,090,000 

15,800,000 

USD 

USD 

CNY 



Inkia Energy Ltd 8.375% 04/Apr/2021 

JA Solar Holdings Co Ltd 4.5% CV 15/May/2013 

LDK Solar Co Ltd 10% 28/Feb/2014 

5,551,900 

1,513,918 

1,117,092 

0.21% 

0.06% 

0.04% 

4,227,000 

1,650,000 

3,900,000 

2,900,000 

6,527,000 

1,600,000 

4,600,000 

2,215,000 

1,925,000 

850,000 

4,295,000 

3,567,000 

13,700,000 

2,300,000 

2,850,000 

8,865,000 

9,500,000 

7,875,000 

5,475,000 

2,900,000 

3,284,000 

6,725,000 

3,400,000 

2,500,000 

2,570,000 

1,975,000 

1,450,000 

4,500,000 

3,772,000 

650,000 

250,000 

1,875,000 

3,150,000 

2,250,000 

495,000 

1,913,000 

6,150,000 

3,625,000 

750,000 

4,565,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

NOK 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Carrizo Oil & Gas Inc 8.625% 15/Oct/2018 

Chaparral Energy Inc 7.625% 15/Nov/2022 

Chesapeake Energy Corp 2.25% CV 15/Dec/2038 

Cobalt International Energy Inc 2.625% CV 01/Dec/2019 


Dolphin Energy Ltd 5.5% 15/Dec/2021 



EPE Holdings LLC / EP Energy Bond Co Inc 8.125% 15/Dec/2017 

Frontier Oil Corp 6.875% 15/Nov/2018 

Gazprom OAO Via Gazprom International SA - Regs - 7.201% 01/Feb/2020 

Hilcorp Energy I LP / Hilcorp Finance Co 7.625% 15/Apr/2021 

Linn Energy LLC / Linn Energy Finance Corp 6.25% 01/Nov/2019 

Linn Energy LLC / Linn Energy Finance Corp 8.625% 15/Apr/2020 

Newfield Exploration Co 5.625% 01/Jul/2024 

Northern Oil and Gas Inc 8% 01/Jun/2020 

Norwegian Energy Co AS 12.9% 20/Nov/2014 

Novatek OAO via Novatek Finance Ltd 4.422% 13/Dec/2022 

Oasis Petroleum Inc 6.875% 15/Jan/2023 

Offshore Group Investment Ltd 7.5% 01/Nov/2019 

Offshore Group Investments Ltd 11.5% 01/Aug/2015 

Petrohawk Energy Corp 7.25% 15/Aug/2018 

Plains Exploration & Production Co 6.125% 15/Jun/2019 

Plains Exploration & Production Co 6.625% 01/May/2021 

Plains Exploration & Production Co 8.625% 15/Oct/2019 


Pride International Inc 6.875% 15/Aug/2020 


Quicksilver Resources Inc 8.25% 01/Aug/2015 


Ras Laffan Liquefied Natural Gas Co Ltd III - Regs - 5.832% 30/Sep/2016 

Reliance Holdings USA Inc 4.5% 19/Oct/2020 

Resolute Energy Corp - 144A - 8.5% 01/May/2020 

Samson Investment Co 9.75% 15/Feb/2020 

SandRidge Energy Inc 7.5% 15/Mar/2021 

SandRidge Energy Inc 8% 01/Jun/2018 

Stone Energy Corp 7.5% 15/Nov/2022 

Stone Energy Corp 8.625% 01/Feb/2017 

Tengizchevroil Finance Co SARL - Regs - 6.124% 15/Nov/2014 

Tesoro Corp 5.375% 01/Oct/2022 

3,462,652 

1,314,093 

2,392,389 

2,201,011 

5,569,535 

1,418,386 

3,933,935 

1,822,872 

1,447,327 

693,075 

1,175,363 

2,949,052 

10,443,341 

1,901,547 

2,334,648 

6,858,541 

1,292,610 

6,010,481 

4,453,836 

2,221,632 

2,715,079 

5,758,623 

2,810,983 

2,088,232 

2,217,366 

1,610,380 

1,393,095 

3,652,154 

2,646,465 

438,789 

135,014 

1,491,561 

2,407,179 

1,813,277 

401,737 

1,538,061 

4,851,335 

2,952,324 

169,539 

3,687,595 

0.13% 

0.05% 

0.09% 

0.08% 

0.21% 

0.05% 

0.15% 

0.07% 

0.05% 

0.03% 

0.04% 

0.11% 

0.38% 

0.07% 

0.09% 

0.26% 

0.05% 

0.23% 

0.17% 

0.08% 

0.10% 

0.22% 

0.11% 

0.08% 

0.08% 

0.06% 

0.05% 

0.14% 

0.10% 

0.02% 

0.01% 

0.06% 

0.09% 

0.07% 

0.02% 

0.06% 

0.18% 

0.11% 

0.01% 

0.14% 







699,000 USD 

475,000 USD 

1,225,000 USD 

2,080,000 USD 

1,130,000 USD 

425,000 USD 

14,500,000 NOK 

5,000,000 NOK 

1,535,000 USD 

1,925,000 USD 

1,775,000 USD 


Tesoro Corp 9.75% 01/Jun/2019 

TNK-BP Finance SA - Regs - 7.5% 18/Jul/2016 

TNK-BP Finance SA - 144A - 6.625% 20/Mar/2017 

TNK-BP Finance SA - 144A - 7.5% 18/Jul/2016 

TNK-BP Finance SA 7.25% 02/Feb/2020 

TNK-BP Finance SA 7.875% 13/Mar/2018 

Transocean Norway Drilling AS Nibor 3M 24/Feb/2016 

Transocean Norway Drilling AS 11% 24/Feb/2016 

Valero Energy Corp 9.375% 15/Mar/2019 

Vanguard Natural Resources LLC / VNR Finance Corp 7.875% 01/Apr/2020 

W&T Offshore Inc 8.5% 15/Jun/2019 

Market Value 

604,414 

418,832 

1,061,561 

1,834,041 

1,043,519 

392,925 

2,079,983 

722,346 

1,603,459 

1,533,108 

1,447,304 

Net Assets % 

0.02% 

0.02% 

0.04% 

0.07% 

0.04% 

0.01% 

0.08% 

0.03% 

0.06% 

0.06% 

0.05% 

1,600,000 

2,270,000 

1,885,000 

7,480,000 

760,000 

1,161,000 

4,455,000 

900,000 

1,000,000 

1,350,000 

4,320,000 

4,080,000 

3,190,000 

4,600,000 

875,000 

2,650,000 

2,800,000 

1,825,000 

2,140,000 

4,268,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Calfrac Holdings LP 7.5% 01/Dec/2020 

DCP Midstream LLC 9.75% 15/Mar/2019 

DCP Midstream Operating LP 4.95% 01/Apr/2022 


Enterprise Products Operating LLC 8.375% 01/Aug/2066 

Expro Finance Luxembourg SCA 8.5% 15/Dec/2016 

Exterran Holdings Inc 7.25% 01/Dec/2018 

Golar LNG Ltd 3.75% CV 07/Mar/2017 

Inergy Midstream LP / NRGM Finance Corp 6% 15/Dec/2020 


Rockies Express Pipeline LLC 5.625% 15/Apr/2020 

SESI LLC 7.125% 15/Dec/2021 

Spectra Energy Capital LLC 6.75% 15/Jul/2018 

Sunoco Logistics Partners Operations LP 6.1% 15/Feb/2042 

Transcontinental Gas Pipe Line Co LLC 4.45% 01/Aug/2042 

Transportadora de Gas del Sur SA - 144A - 7.875% 14/May/2017 

Trinidad Drilling Ltd 7.875% 15/Jan/2019 


Weatherford International Ltd/Bermuda 9.625% 01/Mar/2019 

Williams Cos Inc 7.75% 15/Jun/2031 

1,201,456 

2,280,417 

1,520,027 

6,118,020 

657,881 

920,240 

3,598,737 

668,310 

783,146 

1,111,578 

3,235,740 

3,442,809 

2,866,681 

4,027,400 

686,001 

1,668,310 

2,256,523 

1,502,400 

2,120,246 

4,141,524 

0.05% 

0.09% 

0.06% 

0.23% 

0.02% 

0.03% 

0.14% 

0.03% 

0.03% 

0.04% 

0.12% 

0.13% 

0.11% 

0.15% 

0.03% 

0.06% 

0.08% 

0.06% 

0.08% 

0.16% 

1,825,000 

3,600,000 

1,043,000 

1,043,000 

4,275,000 

6,844,000 

4,580,000 

3,800,000 

1,955,000 

1,365,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Technology 


Allen Systems Group Inc Floating 15/Nov/2016 

Audatex North America Inc 6.75% 15/Jun/2018 

First Data Corp 12.625% 15/Jan/2021 


MedAssets Inc 8% 15/Nov/2018 

Mentor Graphics Corp 4% CV 01/Apr/2031 

Nuance Communications Inc 2.75% CV 01/Nov/2031 

Nuance Communications Inc 5.375% 15/Aug/2020 

WebMD Health Corp 2.25% CV 31/Mar/2016 

WebMD Health Corp 2.5% CV 31/Jan/2018 

1,024,348 

2,921,723 

832,644 

791,110 

3,534,398 

6,083,368 

3,743,136 

3,011,984 

1,382,765 

867,102 

0.04% 

0.11% 

0.03% 

0.03% 

0.13% 

0.23% 

0.14% 

0.11% 

0.05% 

0.03% 

8,800,000 

300,000 

12,620,000 

2,559,000 

6,397,000 

9,200,000 

595,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Advanced Micro Devices Inc 7.5% 15/Aug/2022 

Corning Inc 8.875% 15/Mar/2016 


Intel Corp 3.25% CV 01/Aug/2039 

Lam Research Corp 1.25% CV 15/May/2018 

Novellus Systems Inc 2.625% CV 15/May/2041 

ON Semiconductor Corp 2.625% CV 15/Dec/2026 

5,489,988 

271,174 

9,907,237 

2,255,187 

4,815,703 

8,631,106 

477,819 

0.21% 

0.01% 

0.36% 

0.08% 

0.18% 

0.32% 

0.02% 







8,375,000 USD 

3,510,000 USD 

4,175,000 USD 


SanDisk Corp 1.5% CV 15/Aug/2017 

Seagate HDD Cayman 7.75% 15/Dec/2018 

Xilinx Inc 3.125% CV 15/Mar/2037 

Market Value 

7,309,227 

2,938,533 

3,976,209 

Net Assets % 

0.28% 

0.11% 

0.15% 

1,850,000 

4,096,000 

4,464,000 

5,250,000 

3,115,000 

9,595,000 

960,000 

1,500,000 

5,050,000 

4,465,000 

2,200,000 

2,000,000 

765,000 

5,300,000 

1,575,000 

1,950,000 

1,285,000 

2,000,000 

4,000,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

EUR 

EUR 

USD 

USD 

USD 



CenturyLink Inc 7.6% 15/Sep/2039 



Digicel Ltd - 144A - 8.25% 01/Sep/2017 



GCI Inc 8.625% 15/Nov/2019 

GTP Cellular Sites LLC 3.721% 15/Mar/2017 

GTP Towers Issuer LLC 4.436% 15/Feb/2015 

Oi SA 5.75% 10/Feb/2022 

PAETEC Holding Corp 8.875% 30/Jun/2017 

PAETEC Holding Corp 9.875% 01/Dec/2018 

Qtel International Finance Ltd - 144A - 3.375% 14/Oct/2016 

Telefonica Emisiones SAU 6.221% 03/Jul/2017 


Telenet Finance IV Luxembourg S.C.A. Euribor 3M 15/Jun/2021 

Windstream Corp 7.5% 01/Jun/2022 

Windstream Corp 7.75% 01/Oct/2021 


1,460,783 

3,347,573 

3,665,261 

4,260,846 

2,717,119 

8,442,203 

773,665 

1,164,885 

3,995,140 

3,539,081 

1,789,669 

1,736,954 

607,013 

4,472,277 

1,669,500 

1,891,500 

1,038,020 

1,645,934 

3,413,228 

0.05% 

0.13% 

0.14% 

0.16% 

0.10% 

0.32% 

0.03% 

0.04% 

0.15% 

0.13% 

0.07% 

0.07% 

0.02% 

0.17% 

0.06% 

0.07% 

0.04% 

0.06% 

0.13% 

4,235,000 

2,010,000 

940,000 

3,500,000 

2,500,000 

1,920,000 

2,425,000 

2,750,000 

7,305,000 

1,400,000 

3,675,000 

3,825,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Crown Castle Towers LLC 4.883% 15/Aug/2020 

Crown Castle Towers LLC 6.113% 15/Jan/2020 

GeoEye Inc 9.625% 01/Oct/2015 

Intelsat Jackson Holdings SA 8.5% 01/Nov/2019 

Intelsat Luxembourg SA - 144A - 11.5% 04/Feb/2017 

Intelsat Luxembourg SA 11.5% 04/Feb/2017 


MetroPCS Wireless Inc 7.875% 01/Sep/2018 

NII Capital Corp 8.875% 15/Dec/2019 


VimpelCom Holdings BV 7.5043% 01/Mar/2022 


3,630,407 

1,839,017 

787,849 

2,973,301 

2,014,753 

1,547,330 

1,954,310 

2,257,945 

4,404,942 

1,165,428 

3,202,106 

3,140,759 

0.14% 

0.07% 

0.03% 

0.11% 

0.08% 

0.06% 

0.07% 

0.08% 

0.17% 

0.04% 

0.12% 

0.12% 

2,850,000 

625,000 

7,820,000 

3,710,000 

3,310,000 

4,120,000 

2,020,000 

2,050,000 

2,150,000 

1,260,000 

1,725,000 

8,500,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Utilities 

Electricity 

Commonwealth Edison Co 6.95% 15/Jul/2018 


Dubai Electricity & Water Authority 8.5% 22/Apr/2015 

Enel Finance International NV 5.125% 07/Oct/2019 

FPL Energy Wind Funding LLC 6.876% 27/Jun/2017 

Instituto Costarricense de Electricidad - 144A - 6.95% 10/Nov/2021 


Israel Electric Corp Ltd 6.7% 10/Feb/2017 

Israel Electric Corp Ltd 7.25% 15/Jan/2019 

Kiowa Power Partners LLC 5.737% 30/Mar/2021 

New York State Electric & Gas Corp 6.15% 15/Dec/2017 

NRG Energy Inc 7.625% 15/May/2019 

2,657,048 

582,501 

6,702,518 

2,978,282 

568,284 

3,562,500 

1,371,283 

1,680,818 

1,771,826 

1,011,166 

1,474,779 

6,898,513 

0.10% 

0.02% 

0.25% 

0.11% 

0.02% 

0.13% 

0.05% 

0.06% 

0.07% 

0.04% 

0.06% 

0.26% 







3,300,000 USD 

2,579,000 USD 

1,282,000 USD 

1,240,000 USD 

4,000,000 USD 

4,100,000 USD 

2,600,000 USD 

3,065,000 USD 


NRG Energy Inc 8.25% 01/Sep/2020 


PNM Resources Inc 9.25% 15/May/2015 

PPL Capital Funding Inc Floating 30/Mar/2067 

Public Service Co of New Mexico 7.95% 15/May/2018 

Southern California Edison Co Floating Perpetual 

Star Energy Geothermal Wayang Windu Ltd 11.5% 12/Feb/2015 

West Penn Power Co 5.95% 15/Dec/2017 

Market Value 

2,803,398 

2,014,844 

1,097,635 

995,532 

3,686,514 

3,390,968 

2,102,640 

2,762,610 

Net Assets % 

0.11% 

0.08% 

0.04% 

0.04% 

0.14% 

0.13% 

0.08% 

0.10% 

2,400,000 

2,125,000 

3,705,000 

2,800,000 

1,784,000 

USD 

USD 

USD 

USD 

USD 


ENN Energy Holdings Ltd 6% 13/May/2021 

Ferrellgas LP / Ferrellgas Finance Corp 6.5% 01/May/2021 



Star Gas Partners LP / Star Gas Finance Co 8.875% 01/Dec/2017 

2,098,383 

1,595,684 

3,276,835 

1,818,492 

1,373,453 

0.08% 

0.06% 

0.12% 

0.07% 

0.05% 

Total Bonds 

1,426,308,155 

53.70% 

Equities 

161,790 

14,778 

USD 

USD 



Goodyear Tire & Rubber Co - Pfd 

Lear Corp 

5,610,471 

524,807 

0.21% 

0.02% 

22,762 

USD 



Delta Air Lines Inc 

204,934 

0.01% 

3,550 

1,571 

561,000 

6,010 

USD 

USD 

USD 

USD 

Financials 


Ally Financial Inc 

BTA Bank JSC - Gdr 144A 



2,641,750 

1,307 

11,803,808 

5,587,080 

0.10% 

0.00% 

0.44% 

0.21% 

477,925 

207,000 

9,123 

USD 

USD 

USD 


Citigroup Capital XIII - Pfd 

GMAC Capital Trust I 

Legg Mason Inc 

10,084,493 

4,141,099 

178,045 

0.38% 

0.16% 

0.01% 

357,475 

USD 


Forest City Enterprises Inc 

4,378,960 

0.16% 

42,450 

42,450 

CAD 

CAD 

Industrials 


Ainsworth Lumber Co Ltd - Regs 

Ainsworth Lumber Co Ltd - 21/Dec/2012 

87,312 

48,507 

0.00% 

0.00% 

4,046 

USD 


Horizon Lines Inc 

4,603 

0.00% 

324,000 

USD 



Qwest Corp 

6,588,623 

0.25% 


51,885,799 

1.95% 

5,500,000 

4,000,000 

USD 

USD 


Accredited Mortgage Loan Trust - 2 A3 - Libor 1M 25/Sep/2036 


2,863,421 

1,198,345 

0.11% 

0.05% 







1,348,000 USD 

5,800,000 USD 

17,000,000 USD 

7,275,000 USD 

12,740,000 USD 

2,900,000 USD 

950,000 USD 

1,100,000 USD 

22,500,000 USD 

2,366,000 USD 

3,184,000 USD 

11,000,000 USD 

9,400,000 USD 

17,500,000 USD 

3,300,000 USD 

4,230,000 USD 

10,500,000 USD 

13,484,000 USD 

7,540,000 USD 

4,300,000 USD 

3,432,046 USD 

11,650,000 USD 

3,074,000 USD 

2,200,000 USD 

22,314,000 USD 

26,000,000 USD 

16,419,000 USD 

4,608,000 USD 

13,650,000 USD 

1,600,000 USD 

2,650,000 USD 

23,200,000 USD 

24,000,000 USD 

50,000,000 USD 

46,200,000 USD 

1,084,081 USD 

4,000,000 USD 

1,200,000 USD 

650,000 USD 

1,200,000 USD 

6,442,000 USD 

4,500,000 USD 

12,542,000 USD 

4,800,000 USD 

19,540,000 USD 

3,600,000 USD 

8,800,000 USD 

2,500,000 USD 

2,500,000 USD 

11,000,000 USD 

1,100,000 USD 

6,350,000 USD 

1,483,000 USD 


ACE Securities Corp - MH1 M2 - 6.5% 15/Aug/2030 

ACE Securities Corp - SD3 A - Libor 1M 25/Aug/2045 

Adjustable Rate Mortgage Trust - 4 1A1 - Floating 25/Mar/2035 


American Home Mortgage Investment Trust - 1 7A1 - Floating 25/Jun/2045 

American Tower Trust - 1A D - 5.9568% 15/Apr/2037 

AmeriCredit Automobile Receivables Trust - 3 D - 4.04% 10/Jul/2017 

AmeriCredit Automobile Receivables Trust - 4 D - 4.2% 08/Nov/2016 

Ameriquest Mortgage Securities Inc - R11 A1 - Libor 1M 25/Nov/2034 


Banc of America Alternative Loan Trust - 10 2CB1 - 6% 25/Nov/2034 

Banc of America Alternative Loan Trust - 10 3A1 - 5.5% 25/Nov/2019 

Banc of America Alternative Loan Trust - 12 4A1 - 5.5% 01/Jan/2020 

Banc of America Alternative Loan Trust - 2 CB1 - 5.75% 25/Apr/2033 

Banc of America Alternative Loan Trust - 3 1A1 - 6% 25/Apr/2034 

Banc of America Alternative Loan Trust - 3 4A1 - 5% 25/Apr/2019 

Banc of America Alternative Loan Trust - 4 6A1 - 5.25% 25/May/2019 

Banc of America Alternative Loan Trust - 6 4A1 - 5% 25/Jul/2019 

Banc of America Alternative Loan Trust - 7 1CB1 - 5.5% 25/Sep/2033 

Banc of America Funding Corp - R4 7A1 - Floating 26/Aug/2036 

Banc of America Funding Corp - 2010-R4 3A1 - Libor 1M 26/Sep/2046 

Banc of America Funding Corp - 6 1A6 - 5.75% 25/Oct/2035 

Banc of America Funding Corp - 8 1A1 - 5.5% 25/Jan/2036 


Banc of America Mortgage Securities Inc - E 1A1 - Floating 25/Jun/2034 





Banc of America Mortgage Securities Inc - 9 2A1 - 4.75% 25/Oct/2020 

Banc of America Mortgage Trust 2004-7 - 6A1 - 4.5% 25/Aug/2019 

Banc of America Mortgage 2003-H Trust - 2A3 - Floating 25/Sep/2033 

Bayview Commercial Asset Trust - SP1 IO - Floating 25/Apr/2036 



Bayview Financial Acquisition Trust - C M1 - Libor 1M 28/Jun/2044 

BCAP LLC Trust - RR11 3A1 - Floating 27/Jun/2036 

BCAP LLC Trust - 2010-RR10 2A5 - Floating 27/Dec/2034 

Beacon Container Finance LLC - 2012-1A A - 3.72% 20/Sep/2027 

Bear Stearns Adjustable Rate Mortgage Trust - 12 4A1 - Floating 25/Feb/2035 



Bear Stearns Adjustable Rate Mortgage Trust - 9 22A1 - Floating 25/Nov/2034 

Bear Stearns Alt-A Trust - 2 1A1 - Floating 25/Mar/2035 

Bear Stearns Alt-A Trust - 5 2A1 - Floating 25/Dec/2033 

Bear Stearns Alt-A Trust - 6A - Floating 25/Oct/2033 



Bear Stearns Asset Backed Securities Trust - SD1 M1 - Floating 25/Dec/2033 

Bear Stearns Asset Backed Securities Trust - 1 A - Libor 1M 25/Feb/2036 

Bear Stearns Asset Backed Securities Trust - 2006-EC1 M1 - Libor 1M 25/Dec/2035 

Bear Stearns Asset Backed Securities Trust - 4 A1 - Libor 1M 25/Oct/2036 

California Republic Auto Receivables Trust 2012-1 - C - 3% 15/Jan/2020 

Market Value 

700,692 

237,922 

939,230 

2,108,036 

1,896,403 

2,251,005 

764,751 

877,003 

1,072,793 

427,824 

668,938 

1,971,653 

1,569,208 

2,245,060 

779,850 

580,086 

1,638,103 

2,440,913 

1,558,724 

1,422,503 

694,439 

553,449 

884,054 

1,642,930 

633,178 

1,510,041 

1,615,894 

1,129,238 

3,024,583 

78,967 

334,872 

1,377,963 

112,639 

1,359,017 

2,121,203 

554,303 

584,183 

662,416 

494,695 

193,643 

683,596 

237,168 

1,621,209 

288,786 

1,460,704 

729,799 

1,288,866 

1,650,594 

637,064 

627,085 

785,052 

516,158 

1,126,673 

Net Assets % 

0.03% 

0.01% 

0.04% 

0.08% 

0.07% 

0.08% 

0.03% 

0.03% 

0.04% 

0.02% 

0.03% 

0.07% 

0.06% 

0.08% 

0.03% 

0.02% 

0.06% 

0.09% 

0.06% 

0.05% 

0.03% 

0.02% 

0.03% 

0.06% 

0.02% 

0.06% 

0.06% 

0.04% 

0.11% 

0.00% 

0.01% 

0.05% 

0.00% 

0.05% 

0.08% 

0.02% 

0.02% 

0.02% 

0.02% 

0.01% 

0.03% 

0.01% 

0.06% 

0.01% 

0.05% 

0.03% 

0.05% 

0.06% 

0.02% 

0.02% 

0.03% 

0.02% 

0.04% 







500,000 USD 

3,450,000 USD 

1,370,000 USD 

2,185,000 USD 

1,700,000 USD 

2,050,000 USD 

4,150,000 USD 

1,650,000 USD 

1,550,000 USD 

800,000 USD 

1,793,000 USD 

3,100,000 USD 

4,450,000 USD 

4,950,000 USD 

4,500,000 USD 

8,100,000 USD 

3,350,000 USD 

6,800,000 USD 

1,275,000 USD 

9,800,000 USD 

1,500,000 USD 

950,000 USD 

1,750,000 USD 

600,000 USD 

800,000 USD 

900,000 USD 

5,250,000 USD 

750,000 USD 

200,000 USD 

1,250,000 USD 

1,151,256 USD 

1,984,000 USD 

3,187,000 USD 

1,917,000 USD 

2,212,000 USD 

1,800,000 USD 

4,400,000 USD 

55,660,000 USD 

20,800,000 USD 

910,000 USD 

5,000,000 USD 

25,534,334 USD 

10,100,000 USD 

4,954,000 USD 

2,750,000 USD 

2,200,000 USD 

6,809,000 USD 

16,395,000 USD 

2,700,000 USD 

2,200,000 USD 

2,000,000 USD 

20,000,000 USD 

4,500,000 USD 


CarNow Auto Receivables Trust - 1A B - 3.24% 15/Mar/2016 

Carrington Mortgage Loan Trust - FRE1 A1 - Libor 1M 25/Feb/2035 

Carrington Mortgage Loan Trust - HE1 A1 - Libor 1M 25/Feb/2032 


CDC Mortgage Capital Trust - 2003-HE1 M1 - Libor 1M 25/Aug/2033 


Chase Mortgage Finance Corp - S11 1A1 - 5% 25/Oct/2033 

Chaseflex Trust - 2 4A1 - 5% 25/May/2020 

Chesapeake Funding LLC - 2012-2A A - Libor 1M 07/May/2024 

Chesapeake Funding LLC - 2012-2A B - Libor 1M 07/May/2024 

CIT Group Home Equity Loan Trust - 2003-1 A4 - 3.93% 20/Mar/2032 

Citicorp Mortgage Securities Inc - 2 2A1 - 5.5% 25/Feb/2022 

Citicorp Residential Mortgage Securities Inc - 1 A4 - 5.892% 25/Mar/2037 

Citicorp Residential Mortgage Securities Inc - 1 A4 - 5.939% 25/Jul/2036 

Citicorp Residential Mortgage Securities Inc - 2 A4 - 5.775% 25/Sep/2036 

Citicorp Residential Mortgage Securities Inc - 2006-3 A4 - 5.703% 25/Nov/2036 

Citigroup Mortgage Loan Trust Inc - AHL3 A3A - Libor 1M 25/May/2037 

Citigroup Mortgage Loan Trust Inc - WFH4 A2A - Libor 1M 25/Jul/2037 

Citigroup Mortgage Loan Trust Inc - 1 1A8 - Libor 1M 25/May/2035 

Citigroup Mortgage Loan Trust Inc - 7 2A1A - Floating 25/Sep/2035 


COMM 2012-CCRE2 Mortgage Trust - AM - 3.791% 15/Aug/2045 

COMM 2012-CCRE2 Mortgage Trust - 2012-CR2 A4 - 3.147% 15/Aug/2045 

COMM 2012-CCRE2 Mortgage Trust - 2012-CR2 B - Floating 15/Aug/2045 

Commercial Mortgage Pass Through Certificates - C1 G - 6.85% 15/Aug/2033 

Commercial Mortgage Pass Through Certificates - FL1 C - Floating 17/Jul/2028 


Commercial Mortgage Pass Through Certificates - LC4 B - 4.934% 10/Dec/2044 

Commercial Mortgage Pass Through Certificates - THL E - 5.949% 09/Jun/2028 

Commercial Mortgage Pass Through Certificates - 2012-CR3 A3 - 2.822% 15/Nov/2045 

Commercial Mortgage Pass Through Certificates - 2012-CR4 AM - 3.251% 15/Oct/2045 

Commercial Mortgage Pass Through Certificates - 2012-CR4 ASB - 2.436% 15/Oct/2045 

Conn Funding II LP - AA A - Floating 15/Apr/2016 

Conseco Financial Corp - 2 A5 - 6.24% 01/Dec/2028 


Countrywide Alternative Loan Trust - 12CB 1A3 - 5% 25/Jul/2019 



Countrywide Alternative Loan Trust - 2CB 1A4 - Libor 1M 25/Mar/2034 


Countrywide Alternative Loan Trust - 21T1 A8 - 5.75% 25/Dec/2033 


Countrywide Alternative Loan Trust - 28CB 1A1 - 5.5% 25/Jan/2035 

Countrywide Asset-Backed Certificates - QH1 A1 - Libor 1M 25/Feb/2037 

Countrywide Asset-Backed Certificates - 13 3AV3 - Libor 1M 25/Apr/2036 

Countrywide Asset-Backed Certificates - 15 A2 - Floating 25/Oct/2046 

Countrywide Asset-Backed Certificates - 3 2A2 - Libor 1M 25/Jun/2036 

Countrywide Asset-Backed Certificates - 4 AF3 - Floating 25/Oct/2035 

Countrywide Asset-Backed Certificates - 5 2A2 - Libor 1M 25/Aug/2036 

Countrywide Home Loan Mortgage Pass Through Trust - 42 1A1 - Floating 25/Sep/2033 


Credit Suisse First Boston Mortgage Securities Corp - 2003-AR26 2A1 - Floating 25/Nov/2033 

Credit Suisse First Boston Mortgage Securities Corp - 7 3A1 - 5% 25/Aug/2020 

Market Value 

379,961 

61,331 

236,364 

619,802 

419,291 

1,567,749 

331,655 

249,509 

1,175,667 

607,253 

314,033 

189,477 

3,342,899 

3,684,497 

2,641,863 

4,651,552 

532,404 

121,496 

805,967 

1,257,093 

1,063,710 

780,655 

1,409,621 

497,895 

130,077 

615,301 

2,260,844 

643,483 

157,954 

980,178 

873,222 

1,551,881 

894,915 

106,637 

1,262,238 

1,431,596 

2,121,114 

1,346,135 

584,512 

1,141,331 

2,380,883 

1,012,632 

1,506,750 

626,589 

710,960 

462,971 

1,691,624 

1,240,745 

672,445 

19,753 

1,381,586 

1,213,602 

586,002 

Net Assets % 

0.01% 

0.00% 

0.01% 

0.02% 

0.02% 

0.06% 

0.01% 

0.01% 

0.04% 

0.02% 

0.01% 

0.01% 

0.13% 

0.14% 

0.10% 

0.18% 

0.02% 

0.00% 

0.03% 

0.05% 

0.04% 

0.03% 

0.05% 

0.02% 

0.00% 

0.02% 

0.09% 

0.02% 

0.01% 

0.04% 

0.03% 

0.06% 

0.03% 

0.00% 

0.05% 

0.05% 

0.08% 

0.05% 

0.02% 

0.04% 

0.09% 

0.04% 

0.06% 

0.02% 

0.03% 

0.02% 

0.06% 

0.05% 

0.03% 

0.00% 

0.05% 

0.05% 

0.02% 







5,000,000 USD 

5,700,000 USD 

4,000,000 USD 

3,050,000 USD 

1,000,000 USD 

1,500,000 USD 

750,000 USD 

650,000 USD 

1,050,000 USD 

1,925,000 USD 

4,850,000 USD 

6,060,000 USD 

5,112,000 USD 

750,000 USD 

2,150,000 USD 

600,000 USD 

2,300,000 USD 

2,000,000 USD 

8,391,400 USD 

1,675,000 USD 

2,000,000 USD 

1,500,000 USD 

5,604,000 USD 

8,000,000 USD 

2,400,000 USD 

5,500,000 USD 

2,700,000 USD 

1,225,000 CAD 

2,850,000 USD 

1,400,000 USD 

2,000,000 USD 

1,100,000 USD 

1,300,000 USD 

750,000 USD 

2,700,000 USD 

3,600,000 USD 

2,600,000 USD 

1,150,000 USD 

2,430,000 USD 

3,200,000 USD 

1,149,000 USD 

1,200,000 USD 

1,282,000 USD 

3,100,000 USD 

1,672,304 USD 

1,153,666 USD 

82,096 USD 

30 USD 

1,247,526 USD 

268,644 USD 

1,315,560 USD 

4,500,000 USD 

1,743,588 USD 


Credit Suisse Mortgage Capital Certificates - A2 - Floating 25/Jun/2050 


Credit Suisse Mortgage Capital Certificates - 3 4A1 - 5% 25/Apr/2037 

Credit-Based Asset Servicing and Securitization LLC - CB4 A1A - Libor 1M 25/Apr/2037 

Credit-Based Asset Servicing and Securitization LLC - MH1 M1 - Floating 25/Oct/2036 

Cronos Containers Program Ltd - 2012-2A A - 3.81% 18/Sep/2027 

CW Capital Cobalt Ltd - C1 A2 - 5.174% 15/Aug/2048 

Drug Royalty II LP 1 2012-1 - A1 - Libor 3M 15/Jan/2025 

Drug Royalty II LP 1 2012-1 - A2 - 4.474% 15/Jan/2025 

DT Auto Owner Trust - 1A B - 2.26% 16/Oct/2017 



Ellington Loan Acquisition Trust - 2 A2A - Libor 1M 25/May/2037 

Equity One ABS Inc - 1 AF6 - 4.205% 25/Apr/2034 

Fannie Mae Pool - AK9815 - 4% 01/Apr/2042 


Fannie Mae Pool 5% 01/Feb/2022 

Fannie Mae Pool 5.5% 01/Mar/2021 


First Franklin Mortgage Loan Asset Backed Certificates - FFH3 M1 - Libor 1M 25/Sep/2035 

First Franklin Mortgage Loan Asset Backed Certificates - FF10 A3 - Libor 1M 25/Sep/2034 

First Horizon Asset Securities Inc - AR1 2A1 - Floating 25/Apr/2035 

First Horizon Asset Securities Inc - AR2 2A1 - Floating 25/Jun/2035 

First Horizon Asset Securities Inc - AR5 4A1 - Floating 25/Oct/2034 

First Horizon Asset Securities Inc - C5 AM - 6% 25/May/2036 

First Horizon Asset Securities Inc - 5 1A3 - 5.5% 25/Oct/2035 

First Investors Auto Owner Trust 2012-2 - A A2 - 1.47% 15/May/2018 

Ford Auto Securitization Trust - R1A A2 - 2.431% 15/Sep/2014 



FREMF Mortgage Trust - K12 B - Floating 25/Jan/2046 



FREMF Mortgage Trust - K501 C - Floating 25/Nov/2046 

FREMF Mortgage Trust - K701 C - Floating 25/Nov/2017 

FREMF Mortgage Trust - K702 B - Floating 25/Mar/2018 


FREMF Mortgage Trust - K8 B - Floating 25/Jun/2020 

FREMF Mortgage Trust - K9 B - Floating 25/Sep/2045 

FREMF Mortgage Trust - 2012-K20 B - 4.0038% 25/May/2040 

FREMF Mortgage Trust - 2012-K710 B - Floating 25/May/2019 

FREMF Mortgage Trust - 2012-K710 C - Floating 25/Jun/2047 


GE Business Loan Trust 2007-1 - A A - Libor 1M 16/Apr/2035 

Ginnie Mae I pool - 599403 - 6% 15/Jun/2033 

Ginnie Mae I pool - 615243 - 6% 15/Jun/2033 

Ginnie Mae I pool 4.5% 15/Jul/2034 

Ginnie Mae I pool 4.5% 15/Mar/2036 


Ginnie Mae I pool 5% 15/Nov/2018 


Ginnie Mae I pool 5.5% 15/Apr/2033 

Ginnie Mae I pool 5.5% 15/Jan/2034 

Market Value 

3,719,957 

2,145,400 

560,941 

488,283 

742,181 

1,148,450 

25,966 

493,022 

796,415 

1,463,257 

501,494 

617,018 

781,280 

243,736 

1,520,566 

83,167 

174,021 

358,591 

1,736,990 

1,110,750 

258,486 

296,591 

1,133,665 

657,104 

422,749 

416,146 

2,052,687 

648,104 

2,333,569 

1,131,796 

1,608,678 

932,172 

1,026,563 

562,850 

2,052,868 

3,000,468 

2,178,755 

977,483 

2,062,802 

2,408,881 

911,731 

885,539 

6,642 

1,251,264 

48,719 

122,599 

26,965 

9 

227,731 

38,208 

291,711 

187,820 

202,502 

Net Assets % 

0.14% 

0.08% 

0.02% 

0.02% 

0.03% 

0.04% 

0.00% 

0.02% 

0.03% 

0.06% 

0.02% 

0.02% 

0.03% 

0.01% 

0.06% 

0.00% 

0.01% 

0.01% 

0.07% 

0.04% 

0.01% 

0.01% 

0.04% 

0.02% 

0.02% 

0.02% 

0.08% 

0.02% 

0.09% 

0.04% 

0.06% 

0.04% 

0.04% 

0.02% 

0.08% 

0.11% 

0.08% 

0.04% 

0.08% 

0.09% 

0.03% 

0.03% 

0.00% 

0.05% 

0.00% 

0.00% 

0.00% 

0.00% 

0.01% 

0.00% 

0.01% 

0.01% 

0.01% 







2,500,000 USD 

1,500,000 USD 

1,750,000 USD 

1,000,000 USD 

2,769,616 USD 

1,000,000 USD 

5,500,000 USD 

2,247,076 USD 

25,000 USD 

4,756,638 USD 

2,000,000 USD 

500,000 USD 

1,081,956 USD 

8,245,808 USD 

919,010 USD 

116,188 USD 

309,095 USD 

1,016,420 USD 

312,876 USD 

1,000,000 USD 

1,620,000 USD 

1,500,000 USD 

1,000,000 USD 

1,500,000 USD 

4,880,000 USD 

2,773,075 USD 

6,900,000 USD 

1,900,000 USD 

2,350,000 USD 

1,250,000 USD 

1,200,000 USD 

4,463,000 USD 

19,000,000 USD 

5,400,000 USD 

18,200,000 USD 

27,000,000 USD 

2,500,000 USD 

2,600,000 USD 

1,400,000 USD 

2,500,000 USD 

2,000,000 USD 

2,250,000 USD 

3,000,000 USD 

1,100,000 USD 

9,250,000 USD 

16,487,000 USD 

6,625,000 USD 

12,000,000 USD 

800,000 USD 

1,125,000 USD 

1,700,000 USD 

3,504,552 USD 

1,700,000 USD 


Ginnie Mae I pool 5.5% 15/Jul/2033 

Ginnie Mae I pool 5.5% 15/Oct/2019 


Ginnie Mae I pool 5.5% 15/Sep/2034 

Ginnie Mae I pool 5.75% 15/Nov/2038 

Ginnie Mae I pool 6% 15/Aug/2019 



Ginnie Mae I pool 6% 15/Feb/2014 


Ginnie Mae I pool 6% 15/Jun/2017 

Ginnie Mae I pool 6% 15/Mar/2033 

Ginnie Mae I pool 6% 15/Oct/2018 


Ginnie Mae I pool 6.5% 15/Aug/2032 

Ginnie Mae I pool 6.5% 15/Aug/2036 

Ginnie Mae I pool 6.5% 15/Feb/2032 

Ginnie Mae I pool 6.5% 15/Nov/2032 


Ginnie Mae I pool 6.5% 15/Sep/2032 

Ginnie Mae II pool - 5175 - 4.5% 20/Sep/2041 

Ginnie Mae II pool 4.5% 20/Dec/2034 

Ginnie Mae II pool 4.5% 20/Jan/2035 

Ginnie Mae II pool 4.5% 20/Mar/2035 

Ginnie Mae II pool 5.5% 20/Apr/2034 

Ginnie Mae II pool 5.5% 20/Oct/2037 


Global SC Finance SRL - 2012-1A A - 4.11% 19/Jul/2027 

GMAC Commercial Mortgage Securities Inc - C1 H - 5.31% 10/May/2036 

GMAC Commercial Mortgage Securities Inc - C2 G - Floating 10/May/2040 

GMAC Commercial Mortgage Securities Inc - C3 E - Floating 10/Apr/2040 

GMAC Mortgage Corp Loan Trust - AR2 4A - Floating 25/May/2035 

Government National Mortgage Association - 148 IX - Floating 16/Oct/2052 

Government National Mortgage Association - 83 EB - 4.5% 01/Sep/2039 

Government National Mortgage Association - 90 IO - Floating 16/Apr/2051 

Government National Mortgage Association Floating 16/Aug/2052 


GS Mortgage Securities Corp II - ALF D - 4.209% 10/Feb/2021 


GS Mortgage Securities Corp II - GCJ7 A4 - 3.377% 10/May/2045 

GS Mortgage Securities Corp II - GG8 A4 - 5.56% 10/Nov/2039 


GSAMP Trust - HE5 A2B - Libor 1M 25/Aug/2036 

GSAMP Trust - HE8 A2B - Libor 1M 25/Jan/2037 

GSR Mortgage Loan Trust - AR4 6A1 - Floating 25/Jul/2035 

GSR Mortgage Loan Trust - AR6 2A1 - Floating 25/Sep/2035 

GSR Mortgage Loan Trust - 2005-AR2 2A1 - Floating 25/Apr/2035 

GSR Mortgage Loan Trust - 2005-6F 1A1 - 5% 25/Jul/2035 

GSR Mortgage Loan Trust Floating 25/Feb/2034 

Harborview Mortgage Loan Trust - 1 4A - Floating 19/Apr/2034 


Home Equity Asset Trust - 2006-4 2A3 - Libor 1M 25/Aug/2036 


Market Value 

264,989 

262,528 

299,566 

86,169 

1,448,514 

97,577 

273,297 

272,067 

224 

179,549 

70,779 

80,211 

101,241 

1,729,983 

15,717 

5,003 

2,750 

45,861 

16,257 

89,246 

1,015,845 

374,812 

249,936 

351,886 

784,293 

1,115,115 

571,259 

1,444,956 

1,783,096 

928,532 

930,878 

1,213,590 

763,241 

4,696,615 

522,420 

1,574,185 

1,011,316 

1,994,175 

1,064,139 

2,064,847 

1,754,173 

332,345 

276,083 

348,053 

1,676,159 

4,079,687 

1,576,270 

393,966 

361,020 

114,272 

985,958 

1,157,652 

646,326 

Net Assets % 

0.01% 

0.01% 

0.01% 

0.00% 

0.05% 

0.00% 

0.01% 

0.01% 

0.00% 

0.01% 

0.00% 

0.00% 

0.00% 

0.07% 

0.00% 

0.00% 

0.00% 

0.00% 

0.00% 

0.00% 

0.04% 

0.01% 

0.01% 

0.01% 

0.03% 

0.04% 

0.02% 

0.05% 

0.07% 

0.03% 

0.04% 

0.05% 

0.03% 

0.18% 

0.02% 

0.06% 

0.04% 

0.08% 

0.04% 

0.08% 

0.07% 

0.01% 

0.01% 

0.01% 

0.06% 

0.15% 

0.06% 

0.01% 

0.01% 

0.00% 

0.04% 

0.04% 

0.02% 







3,500,000 USD 

2,850,000 USD 

3,003,000 USD 

20,200,000 USD 

15,000,000 USD 

21,300,000 USD 

8,500,000 USD 

54,460,000 USD 

14,377,831 USD 

3,000,000 USD 

1,100,000 USD 

2,000,000 USD 

1,250,000 USD 

2,700,000 USD 

800,000 USD 

5,300,000 USD 

1,864,500 USD 

2,000,000 USD 

500,000 USD 

2,036,000 USD 

1,062,028 USD 

3,541,000 USD 

7,000,000 USD 

4,217,965 USD 

11,700,000 USD 

5,000,000 USD 

1,515,125 USD 

1,033,454 USD 

1,750,000 USD 

2,300,000 USD 

8,825,135 USD 

1,084,000 USD 

4,201,000 USD 

2,800,000 USD 

1,537,000 USD 

2,350,000 USD 

2,267,000 USD 

2,754,000 USD 

4,550,000 USD 

7,242,992 USD 

18,100,000 USD 

20,000,000 USD 

18,250,000 USD 

1,275,000 USD 

16,300,000 USD 

5,100,000 USD 

600,000 CAD 

13,939,000 USD 

2,281,241 USD 

1,266,000 USD 

1,600,000 USD 

1,600,000 USD 


Home Equity Asset Trust - 6 1A2 - Libor 1M 25/Dec/2035 

Home Equity Asset Trust - 8 2A2 - Libor 1M 25/Mar/2037 

Icon Brands Holdings LLC 2012-1 - A A - 4.229% 25/Jan/2043 

Impac CMB Trust - 4 1A1 - Libor 1M 25/Sep/2034 

Impac CMB Trust - 5 1A1 - Floating 25/Oct/2034 


Impac CMB Trust Series 2004-6 - 1A1 - Floating 25/Oct/2034 

Impac CMB Trust Series 2004-7 - 1A1 - Floating 25/Nov/2034 

Impac CMB Trust Series 2005-2 - 1A1 - Libor 1M 25/Apr/2035 

Impac Secured Assets CMN Owner Trust Libor 1M 25/Aug/2036 

Irwin Home Equity Corp - C 2M2 - Floating 25/Apr/2030 

Jefferies & Co Inc - R2 4A - Floating 26/May/2037 


JP Morgan Chase Commercial Mortgage Securities Corp - C2 A2 - 3.6159% 15/Nov/2043 

JP Morgan Chase Commercial Mortgage Securities Corp - C2 C - Floating 15/Nov/2043 


JP Morgan Chase Commercial Mortgage Securities Corp - 2012-C8 B - 3.9767% 15/Oct/2045 

JP Morgan Chase Commercial Mortgage Securities Corp Libor 1M 15/Jul/2019 

JP Morgan Mortgage Acquisition Corp - CH1 AF2 - 5.453% 25/Nov/2036 

JP Morgan Mortgage Acquisition Corp - OPT2 A3 - Libor 1M 25/Dec/2035 

JP Morgan Mortgage Acquisition Corp - 2006-ACC1 A4 - Libor 1M 25/May/2036 

JP Morgan Mortgage Trust - A2 1A1 - Floating 25/May/2034 

JP Morgan Mortgage Trust - A3 1A1 - Floating 25/Jun/2035 

JP Morgan Mortgage Trust - A4 1A1 - Floating 25/Jul/2035 



Leaf II Receivables Funding LLC - 2012-1 C - 2.67% 15/Sep/2020 

Leaf II Receivables Funding LLC - 2012-1 E1 - 5.5% 15/Sep/2020 



Lehman Brothers Small Balance Commercial - 1A A - Libor 1M 25/Feb/2030 

Lehman Brothers Small Balance Commercial - 1A 1A - Libor 1M 25/Apr/2031 

Lehman Brothers Small Balance Commercial - 2A 1A - Libor 1M 25/Sep/2036 


Lehman Brothers Small Balance Commercial - 3A 1A2 - Libor 1M 25/Oct/2037 

Lehman Brothers Small Balance Commercial - 3A 2A2 - 5.41% 25/Dec/2036 


25/Oct/2037 

LSTAR Commercial Mortgage Trust - 1 C - Floating 25/Jun/2043 


MASTR Alternative Loans Trust - 1 1A1 - 5.5% 25/Feb/2035 

MASTR Alternative Loans Trust - 10 2A1 - 5.5% 25/Oct/2019 

MASTR Alternative Loans Trust - 5 2A1 - 6.5% 25/Jun/2033 

MASTR Alternative Loans Trust - 6 7A1 - 6% 25/Jul/2034 


Mastr Seasoned Securities Trust - 1 1A1 - Floating 25/Sep/2032 


Merrill Lynch Financial Assets Inc - CA22 A2 - 4.711% 12/Nov/2016 


Merrill Lynch Mortgage Investors Trust Series MLCC 2005-2 - 2A3 - Floating 25/Oct/2035 


Mid-State Trust - 1 M - 5.25% Perpetual 

Mid-State Trust 7% 15/Dec/2045 

Market Value 

233,978 

1,539,552 

2,277,761 

832,306 

949,475 

1,287,586 

408,022 

3,565,809 

1,604,788 

1,063,308 

628,043 

645,088 

957,070 

2,281,636 

694,069 

1,324,795 

1,473,456 

109,450 

38,060 

173,193 

445,645 

306,515 

1,410,802 

806,522 

2,187,145 

3,784,148 

1,144,320 

677,313 

1,207,580 

1,680,368 

1,351,645 

266,770 

915,762 

506,725 

235,981 

266,880 

703,187 

2,275,715 

3,370,179 

2,071,946 

1,890,027 

563,895 

3,675,542 

13,882 

1,215,732 

3,867,373 

144,777 

3,317,487 

590,238 

986,037 

1,116,911 

1,127,853 

Net Assets % 

0.01% 

0.06% 

0.09% 

0.03% 

0.04% 

0.05% 

0.02% 

0.13% 

0.06% 

0.04% 

0.02% 

0.02% 

0.04% 

0.09% 

0.03% 

0.05% 

0.06% 

0.00% 

0.00% 

0.01% 

0.02% 

0.01% 

0.05% 

0.03% 

0.08% 

0.14% 

0.04% 

0.03% 

0.05% 

0.06% 

0.05% 

0.01% 

0.03% 

0.02% 

0.01% 

0.01% 

0.03% 

0.09% 

0.13% 

0.08% 

0.07% 

0.02% 

0.14% 

0.00% 

0.05% 

0.15% 

0.01% 

0.12% 

0.02% 

0.04% 

0.04% 

0.04% 







22,632,037 USD 

14,700,000 USD 

4,650,000 USD 

1,300,000 USD 

2,050,000 USD 

4,300,000 USD 

2,200,000 USD 

170,000 USD 

6,200,000 USD 

39,648,000 USD 

2,072,000 USD 

1,200,000 USD 

2,450,000 USD 

4,225,000 USD 

3,000,000 USD 

2,810,000 USD 

1,000,000 USD 

975,000 USD 

8,600,000 USD 

1,700,000 USD 

15,300,000 USD 

12,000,000 USD 

812,980 USD 

17,800,000 USD 

1,250,000 USD 

13,000,000 USD 

8,200,000 USD 

12,000,000 USD 

3,700,000 USD 

1,300,000 USD 

1,700,000 USD 

2,511,000 USD 

5,288,071 USD 

3,075,000 USD 

600,000 USD 

1,500,000 USD 

1,242,000 USD 

8,500,000 USD 

16,000,000 USD 

8,600,000 USD 

1,750,000 USD 

8,000,000 USD 

18,758,894 USD 

40,000,000 USD 

6,000,000 USD 

14,000,000 USD 

1,901,000 USD 

3,957,701 USD 

525,000 USD 

7,800,000 USD 

2,000,000 USD 

3,900,000 USD 

8,265,000 USD 




Morgan Stanley ABS Capital I - HE3 A2A - Libor 1M 25/Dec/2036 

Morgan Stanley Capital I Inc - XLF9 B - Libor 1M 15/Dec/2020 


Morgan Stanley Capital I Inc - 2007-XLFA A2 - Libor 1M 15/Oct/2020 

Morgan Stanley Capital I Trust 2007-HQ13 - A3 - 5.569% 15/Dec/2044 

Morgan Stanley Capital I Trust 2007-IQ13 - AM - 5.406% 15/Mar/2044 

Morgan Stanley Reremic Trust - R9 3B - 5% 26/Nov/2036 


MortgageIT Trust 2005-3 - A1 - Libor 1M 25/Aug/2035 

Nationstar Home Equity Loan Trust - 2007-A AV3 - Libor 1M 25/Mar/2037 

Novastar Home Equity Loan - 3 A2D - Libor 1M 25/Jan/2036 


Option One Mortgage Loan Trust - 2005-1 A4 - Libor 1M 25/Feb/2035 

Origen Manufactured Housing - A M1 - 5.91% 15/Jan/2035 

Origen Manufactured Housing - B M1 - 5.73% 15/Nov/2035 

Origen Manufactured Housing Contract Trust 2004-B - A4 - Floating 15/Nov/2035 

PHH Mortgage Capital LLC - 1SLW A1 - 6.6% 25/Dec/2027 

Prestige Auto Receivables Trust - 1A C - 3.9% 16/Jul/2018 

RALI Trust - QR1 A - 6% 25/Oct/2034 

RALI Trust - QS1 A1 - 5% 25/Jan/2033 

RALI Trust - QS11 A13 - 5.25% 25/Jun/2033 

RALI Trust - QS16 1A1 - 5.5% 25/Dec/2034 



RALI Trust - QS5 A6 - Libor 1M 25/Apr/2034 

RALI Trust - 2003-QS11 A5 - Libor 1M 25/Jun/2033 

RALI Trust - 2004-QS3 A2 - 5% 25/Mar/2019 

RAMP Trust - EFC2 M2 - Libor 1M 25/Jul/2035 

RAMP Trust - RZ3 A2 - Libor 1M 25/Oct/2035 

RAMP Trust - SL1 MI1 - Floating 25/Oct/2031 

RAMP Trust - 2006-NC1 A2 - Libor 1M 25/Jan/2036 

RASC Trust - KS11 AI3 - Floating 25/Dec/2034 

RASC Trust - KS3 AI3 - Libor 1M 25/Apr/2036 

RASC Trust - KS7 M1 - Libor 1M 25/Aug/2035 

RCMC LLC - 2012-CRE1 A - 5.62346% 15/Nov/2044 

RESI Finance LP - 2003-C B3 - Libor 1M 10/Sep/2035 

Residential Asset Securitization Trust - A10 A1 - 5.5% 25/Feb/2035 

Residential Asset Securitization Trust - A9 A1 - 5.5% 25/Jul/2035 

Santander Drive Auto Receivables Trust 2012-5 - C - 2.7% 15/Aug/2018 

Sequoia Mortgage Trust - 2 A1 - Libor 1M 20/Mar/2035 

Sequoia Mortgage Trust - 3 A1 - Libor 1M 20/May/2035 


Sequoia Mortgage Trust - 8 A1 - Libor 1M 20/Sep/2034 


SMA Issuer I LLC - 2012-LV1 A - 3.5% 20/Aug/2025 

Soundview Home Loan Trust 2006-1 - A3 - Libor 1M 25/Feb/2036 

Springleaf Mortgage Loan Trust - 2012-3A M4 - 5.3% 25/Dec/2059 

Structured Adjustable Rate Mortgage Loan Trust - 2 1A1 - Floating 25/Mar/2034 

Structured Adjustable Rate Mortgage Loan Trust - 3AC A1 - Floating 25/Mar/2034 


Structured Asset Mortgage Investments Inc - 2003-AR2 A1 - Libor 1M 19/Dec/2033 

Market Value 

1,457,596 

987,285 

134,722 

924,270 

1,451,516 

1,484,684 

1,893,554 

139,764 

4,784,966 

4,964,080 

465,187 

842,105 

1,753,791 

102,068 

1,012,922 

1,250,704 

467,279 

781,293 

1,403,027 

1,330,841 

3,030,974 

230,529 

397,464 

1,707,669 

954,044 

1,091,539 

657,902 

637,324 

349,795 

950,739 

517,078 

508,960 

613,610 

352,323 

82,298 

788,428 

941,873 

2,003,071 

976,163 

2,655,905 

1,372,713 

714,782 

1,827,260 

1,829,558 

505,835 

1,307,897 

1,451,680 

727,460 

399,454 

490,318 

294,981 

1,138,182 

455,720 

Net Assets % 

0.05% 

0.04% 

0.01% 

0.03% 

0.05% 

0.06% 

0.07% 

0.01% 

0.18% 

0.20% 

0.02% 

0.03% 

0.07% 

0.00% 

0.04% 

0.05% 

0.02% 

0.03% 

0.05% 

0.05% 

0.11% 

0.01% 

0.01% 

0.06% 

0.04% 

0.04% 

0.02% 

0.02% 

0.01% 

0.04% 

0.02% 

0.02% 

0.02% 

0.01% 

0.00% 

0.03% 

0.04% 

0.08% 

0.04% 

0.10% 

0.05% 

0.03% 

0.07% 

0.07% 

0.02% 

0.05% 

0.05% 

0.03% 

0.02% 

0.02% 

0.01% 

0.04% 

0.02% 






Holding 

800,000 

559,000 

1,350,000 

17,090,000 

15,000,000 

3,300,000 

2,490,000 

2,200,000 

20,900,000 

6,210,000 

2,570,000 

898,000 

1,400,000 

1,000,000 

2,100,000 

8,950,000 

4,000,000 

22,546,221 

2,166,346 

5,987,180 

1,590,000 

10,520,000 

2,700,000 

855,000 

5,625,000 

3,100,000 

5,000,000 

2,100,000 

9,271,000 

5,218,000 

4,100,000 

18,261,000 

1,150,000 

2,000,000 

2,500,000 

700,000 


USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Structured Asset Securities Corp - BC2 A3 - Libor 1M 25/Mar/2037 

Structured Asset Securities Corp - 2XS 1A2A - 4.51% 25/Feb/2035 

Structured Asset Securities Corp - 2XS 1A2B - 4.44% 25/Feb/2035 

Structured Asset Securities Corp - 22A 3A - Floating 25/Jun/2033 


Structured Asset Securities Corp 6% 25/Aug/2035 

TAL Advantage LLC - 2A A - 4.31% 20/May/2026 

Textainer Marine Containers Ltd - 1A A - 4.21% 15/Apr/2027 



Triton Container Finance LLC - 1A A - 4.21% 14/May/2027 

UCFC Manufactured Housing Contract - 4 A4 - 6.995% 15/Apr/2029 

Velocity Commercial Capital Loan Trust Libor 1M 25/Aug/2040 

Vericrest Opportunity Loan Transferee - 2012-NL2A A2 - 6.4138% 25/Feb/2052 

Wachovia Bank Commercial Mortgage Trust - C4 F - 5.606% 15/Apr/2035 


WaMu Mortgage Pass Through Certificates - AR12 A2A - Floating 25/Oct/2044 

WaMu Mortgage Pass Through Certificates - AR14 A1 - Floating 25/Jan/2035 

WaMu Mortgage Pass Through Certificates - 2002-AR2 B1 - Cost of Funds 11th District San Fransisco 

27/Feb/2034 

WaMu Mortgage Pass Through Certificates - 2003-AR8 B1 - Floating 25/Aug/2033 

WaMu Mortgage Pass Through Certificates - 2004-AR9 A1 - Floating 25/Aug/2034 

WaMu Mortgage Pass Through Certificates Floating 25/Dec/2036 

Wells Fargo Commercial Mortgage Trust - C1 C - Floating 15/Nov/2043 

Wells Fargo Commercial Mortgage Trust - 2012-LC5 C - Floating 15/Oct/2045 

Wells Fargo Commercial Mortgage Trust 4% 15/Nov/2043 

Wells Fargo Home Equity Trust - 3 AI1B - Libor 1M 25/Nov/2035 

Wells Fargo Mortgage Backed Securities Trust - AR10 2A16 - Floating 25/Jun/2035 


Wells Fargo Mortgage Backed Securities Trust - AR6 5A1 - Floating 25/Mar/2036 

Wells Fargo Mortgage Backed Securities Trust - H A1 - Floating 25/Jun/2034 

Wells Fargo Mortgage Backed Securities Trust - V 1A2 - Floating 25/Oct/2034 

Wells Fargo Mortgage Backed Securities Trust - 2 3A1 - 5.75% 25/Mar/2036 



WFDB Commercial Mortgage Trust - BXR D - 5.914% 05/Jul/2016 

WF-RBS Commercial Mortgage Trust - C2 C - 5.392% 15/Jan/2021 

Market Value 

542,505 

3,923 

9,473 

1,571,680 

2,185,418 

905,623 

1,611,197 

1,622,898 

2,088,026 

4,885,925 

1,910,796 

158,263 

745,525 

763,236 

1,592,424 

33,024 

296,693 

5,275,039 

289,272 

1,524,722 

278,092 

955,045 

2,344,394 

694,730 

3,403,786 

90,707 

1,843,050 

239,160 

1,785,216 

717,756 

719,023 

4,814,090 

656,784 

1,232,406 

2,001,792 

599,647 

Net Assets % 

0.02% 

0.00% 

0.00% 

0.06% 

0.08% 

0.03% 

0.06% 

0.06% 

0.08% 

0.19% 

0.07% 

0.01% 

0.03% 

0.03% 

0.06% 

0.00% 

0.01% 

0.21% 

0.01% 

0.06% 

0.01% 

0.04% 

0.09% 

0.03% 

0.13% 

0.00% 

0.07% 

0.01% 

0.07% 

0.03% 

0.03% 

0.18% 

0.02% 

0.05% 

0.08% 

0.02% 


386,749,467 

14.56% 


38,000,000 

4,000,000 

1,300,000 

8,475,000 

64,500,000 

1,400,000 

1,600,000 

15,200,000 

NOK 

TRY 

TRY 

TRY 

NOK 

AUD 

TRY 

BRL 


Asian Development Bank 3.375% 20/May/2014 

European Bank for Reconstruction & Development 0.5% 26/Feb/2015 

European Investment Bank 10% 20/Jan/2014 

European Investment Bank 8% 02/Apr/2014 

International Bank for Reconstruction & Development 3.25% 14/Apr/2014 

International Bank for Reconstruction & Development 5.75% 21/Oct/2019 

International Bank for Reconstruction & Development 9% 25/Jan/2013 

International Finance Corp/US 5% 21/Dec/2015 

5,295,125 

1,511,583 

580,794 

3,730,520 

8,978,767 

1,240,575 

680,773 

5,499,354 

0.20% 

0.06% 

0.02% 

0.14% 

0.34% 

0.05% 

0.03% 

0.21% 

2,300,000 USD 

17,100,000 BRL 

9,800,000 CAD 


Bolivian Government International Bond 4.875% 29/Oct/2022 

Brazilian Government International Bond 10.25% 10/Jan/2028 

Canadian Government Bond 1.5% 01/Mar/2017 

1,700,925 

8,342,699 

7,515,399 

0.06% 

0.31% 

0.28% 






Holding 

8,650,000 

3,930,000 

22,000,000,000 

12,500,000,000 

7,000,000,000 

12,000,000,000 

12,750,000,000 

2,800,000,000 

94,688,000,000 

5,600,000,000 

5,245,000 

5,395,000 

2,000,000 

25,000,000 

1,219,200 

730,000 

34,475,000 

28,550,000 

9,300,000 

390,745,000 

461,550,000 

250,000,000 

11,500,000 

9,100,000 

3,600,000 

1,800,000 

99,000,000 

10,100,000 

850,000 

1,900,000 

8,950,000 

8,200,000 

13,790,000 

8,000,000 

1,550,000 

9,699,000 

10,880,000 

3,190,000 

2,000,000 


CAD 

USD 

IDR 

IDR 

IDR 

IDR 

IDR 

IDR 

IDR 

IDR 

EUR 

EUR 

EUR 

MYR 

MXN 

MXN 

NOK 

NOK 

NOK 

PHP 

PHP 

PHP 

PLN 

PLN 

USD 

USD 

SEK 

TRY 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 



George Washington University 1.827% 15/Sep/2017 

Indonesia Recapitalization Bond 14.25% 15/Jun/2013 

Indonesia Recapitalization Bond 14.275% 15/Dec/2013 

Indonesia Treasury Bond 12.5% 15/Mar/2013 

Indonesia Treasury Bond 6.125% 15/May/2028 

Indonesia Treasury Bond 7% 15/May/2027 

Indonesia Treasury Bond 7.375% 15/Sep/2016 

Indonesia Treasury Bond 8.25% 15/Jun/2032 

Indonesia Treasury Bond 9% 15/Sep/2013 

Ireland Government Bond 4.5% 18/Apr/2020 


Ireland Government Bond 5.9% 18/Oct/2019 

Malaysia Government Bond 3.418% 15/Aug/2022 

Mexican Bonos 6.5% 09/Jun/2022 




Norway Government Bond 5% 15/May/2015 

Philippine Government Bond - R201 - 5.875% 01/Mar/2032 

Philippine Government Bond 7.625% 29/Sep/2036 

Philippine Government Bond 8% 19/Jul/2031 

Poland Government Bond 5% 24/Oct/2013 


Russian Foreign Bond - Eurobond - 144A - 4.5% 04/Apr/2022 

Sri Lanka Government International Bond 5.875% 25/Jul/2022 

Sweden Government Bond 6.75% 05/May/2014 

Turkey Government Bond 10.5% 15/Jan/2020 

Ukraine Government International Bond 6.75% 14/Nov/2017 


Ukraine Government International Bond 9.25% 24/Jul/2017 









Market Value 

6,747,817 

3,035,824 

1,809,370 

1,072,321 

560,558 

975,124 

1,108,739 

239,649 

9,130,522 

454,507 

5,259,162 

5,587,332 

2,195,100 

6,154,862 

7,723,422 

4,979,218 

5,245,700 

4,541,630 

1,371,291 

7,442,855 

10,699,658 

5,913,953 

2,861,965 

2,244,279 

3,133,343 

1,454,035 

12,462,798 

5,252,112 

638,274 

1,448,346 

7,399,499 

7,476,224 

13,345,862 

7,899,727 

1,529,654 

9,749,856 

10,862,257 

3,198,786 

2,165,740 

Net Assets % 

0.25% 

0.11% 

0.07% 

0.04% 

0.02% 

0.04% 

0.04% 

0.01% 

0.34% 

0.02% 

0.20% 

0.21% 

0.08% 

0.23% 

0.29% 

0.19% 

0.20% 

0.17% 

0.05% 

0.28% 

0.40% 

0.22% 

0.11% 

0.08% 

0.12% 

0.05% 

0.47% 

0.20% 

0.02% 

0.05% 

0.28% 

0.28% 

0.50% 

0.30% 

0.06% 

0.37% 

0.41% 

0.12% 

0.08% 

2,200,000 USD 

4,175,000 USD 

4,485,000 USD 

1,400,000 CAD 

24,925,000 CAD 

11,300,000 CAD 

1,800,000 USD 

3,750,000 USD 

2,400,000 USD 

6,045,000 USD 

6,620,000 USD 

5,550,000 USD 

4,200,000 USD 


Baylor University 4.313% 01/Mar/2042 

Brazos Harbor Industrial Development Corp Floating 01/May/2038 

California State University - A - 5% 01/Nov/2039 

Canada Housing Trust No 1 3.35% 15/Dec/2020 

Canada Housing Trust No 1 3.75% 15/Mar/2020 

Canada Housing Trust No 1 3.8% 15/Jun/2021 



City of Charlotte NC Water & Sewer System Revenue - B - 5% 01/Jul/2038 

City of Houston TX Airport System Revenue - E - 6.75% 01/Jul/2029 

City of San Francisco CA Public Utilities Commission Water Revenue 5% 01/Nov/2037 

Connecticut State Health & Educational Facility Authority - A2 - 5% 01/Jul/2040 

Connecticut State Health & Educational Facility Authority - Z-1 - 5% 01/Jul/2042 

1,761,018 

3,593,939 

3,827,116 

1,165,614 

21,231,157 

9,710,321 

1,592,926 

3,287,593 

2,154,229 

4,599,271 

5,810,727 

4,873,173 

3,543,177 

0.07% 

0.14% 

0.14% 

0.04% 

0.80% 

0.37% 

0.06% 

0.12% 

0.08% 

0.17% 

0.22% 

0.18% 

0.13% 







1,700,000 USD 

4,685,000 USD 

1,100,000 USD 

1,066,902 USD 

800,000 USD 

1,500,000 USD 

1,300,000 USD 

1,700,000 USD 

4,350,000 USD 

2,750,000 USD 

1,000,000 USD 

4,893,904 USD 

2,111,799 USD 

62,920 USD 

2,066,921 USD 

880,000 USD 

5,017,995 USD 

3,679,000 USD 

750,000 USD 

1,000,000 USD 

4,000,000 USD 

1,280,000 USD 

4,000,000 USD 

4,500,000 USD 

2,500,000 USD 

2,350,000 USD 

1,534,000 USD 

4,100,000 USD 

1,043,172 USD 

5,617,742 USD 

2,515,000 USD 

500,000 USD 

10,700,000 USD 

2,200,000 USD 

1,800,000 USD 

500,000 USD 

1,250,000 USD 

3,447,613 USD 

2,238,093 USD 

5,000,000 USD 

1,135,350 USD 

3,000,000 USD 

5,151,962 USD 

1,127,715 USD 

1,151,218 USD 

22,793,956 USD 

2,128,163 USD 

2,000,000 USD 

4,000,000 USD 

13,796,038 USD 

1,700,000 USD 

2,531,043 USD 

561,329 USD 


County of King WA Sewer Revenue 5.125% 01/Jan/2041 

County of Sweetwater WY 5.6% 01/Dec/2035 

Fannie Mae Pool - AB1149 - 5% 01/Jun/2040 

Fannie Mae Pool - AD7136 - 5% 01/Jul/2040 

Fannie Mae Pool - AI2472 - 4.5% 01/May/2041 


Fannie Mae Pool - AJ7288 - 4% 01/Jan/2042 

Fannie Mae Pool - AJ9531 - 4% 01/Dec/2041 

Fannie Mae Pool - AK9816 - 4% 01/Apr/2042 

Fannie Mae Pool - 725424 - 5.5% 01/Apr/2034 

Fannie Mae Pool - 771028 - 5.5% 01/Apr/2034 



Fannie Mae Pool - 938287 - 5% 01/Jul/2022 

Fannie Mae Pool - 938395 - 5% 01/Jul/2022 

Fannie Mae Pool 4.5% 01/Mar/2035 



Fannie Mae Pool 6% 01/Dec/2033 

Fannie Mae Pool 6% 01/Jan/2034 



Fannie Mae Pool 6% 01/Jun/2016 


Fannie Mae Pool 6.5% 01/Feb/2022 

Fannie Mae REMICS - 2009-36 HX - 4.5% 25/Jun/2029 

Fannie Mae REMICS - 2011-113 CP - 5% 25/Sep/2039 


Freddie Mac Gold Pool 4.5% 01/Nov/2018 



Freddie Mac Gold Pool 5% 01/Nov/2034 




Freddie Mac Gold Pool 5.5% 01/Dec/2018 

Freddie Mac Gold Pool 5.5% 01/Nov/2034 

Freddie Mac Gold Pool 5.5% 01/Sep/2025 

Freddie Mac Gold Pool 6% 01/Apr/2035 



Freddie Mac Gold Pool 6% 01/Jan/2034 

Freddie Mac Gold Pool 6% 01/Jun/2039 

Freddie Mac Gold Pool 6% 01/Mar/2033 






Freddie Mac REMICS - 3267 FB - Libor 1M 15/Nov/2036 

Freddie Mac REMICS 5% 15/Aug/2035 

Ginnie Mae I pool - 604476 - 6% 15/Jul/2033 

Ginnie Mae I pool - 615383 - 6% 15/Jul/2033 

Market Value 

1,480,950 

3,824,615 

495,719 

446,871 

421,247 

1,214,579 

741,358 

1,043,763 

2,725,255 

289,757 

166,752 

1,145,005 

441,120 

9,962 

185,381 

174,136 

1,109,259 

686,234 

73,555 

94,573 

76,689 

243,149 

45,418 

464,860 

67,856 

1,996,894 

669,760 

2,755,639 

165,330 

716,994 

1,503,855 

84,420 

4,290,122 

408,214 

320,736 

92,361 

159,029 

182,469 

134,897 

531,925 

157,781 

382,376 

1,036,024 

33,768 

53,579 

2,075,703 

20,366 

41,802 

3,103,381 

1,584,812 

10,025 

238,214 

21,390 

Net Assets % 

0.06% 

0.14% 

0.02% 

0.02% 

0.02% 

0.05% 

0.03% 

0.04% 

0.10% 

0.01% 

0.01% 

0.04% 

0.02% 

0.00% 

0.01% 

0.01% 

0.04% 

0.03% 

0.00% 

0.00% 

0.00% 

0.01% 

0.00% 

0.02% 

0.00% 

0.08% 

0.03% 

0.10% 

0.01% 

0.03% 

0.06% 

0.00% 

0.16% 

0.02% 

0.01% 

0.00% 

0.01% 

0.01% 

0.01% 

0.02% 

0.01% 

0.01% 

0.04% 

0.00% 

0.00% 

0.08% 

0.00% 

0.00% 

0.12% 

0.06% 

0.00% 

0.01% 

0.00% 







1,675,000 USD 

2,471,432 USD 

842,764 USD 

1,056,739 USD 

750,000 USD 

1,001,228 USD 

38,300,000 USD 

800,000 USD 

4,300,000 USD 

26,300,000 USD 

24,000,000 USD 

39,000,000 USD 

17,100,000 USD 

1,500,000 USD 

4,900,000 USD 

2,700,000 USD 

2,200,000 USD 

1,000,000 USD 

2,000,000 USD 

4,905,000 USD 

2,150,000 USD 

3,700,000 USD 

1,200,000 USD 

2,650,000 USD 

12,000,000 USD 

1,850,000 USD 

2,445,000 USD 

5,300,000 USD 

2,000,000 USD 

10,000,000 USD 

5,900,000 USD 

1,725,000 USD 

1,200,000 USD 

3,100,000 USD 

6,850,000 USD 

4,750,000 USD 

5,485,000 USD 

4,750,000 USD 

3,000,000 USD 

1,475,000 USD 

870,000 USD 

9,350,000 USD 

2,400,000 USD 

3,763,000 AUD 

6,500,000 AUD 

2,200,000 USD 

8,080,000 USD 

1,690,000 USD 

2,600,000 USD 

1,750,000 USD 

3,000,000 USD 

2,900,000 USD 


Ginnie Mae I pool - 770525 - 4.5% 15/Aug/2041 

Ginnie Mae I pool 6% 15/Jan/2033 

Ginnie Mae I pool 6% 15/May/2017 

Ginnie Mae I pool 6% 15/Nov/2032 

Ginnie Mae I pool 6% 15/Oct/2033 


Government National Mortgage Association - 140 IO - Floating 16/Oct/2043 

Government National Mortgage Association - 2009-37 CB - 4.973% 16/Apr/2042 

Government National Mortgage Association - 2012-130 PA - 3% 20/Apr/2041 

Government National Mortgage Association - 2012-85 IO - Floating 16/Sep/2052 

Government National Mortgage Association - 58 IO - Floating 16/Jan/2055 

Government National Mortgage Association - 63 IO - Floating 16/Mar/2051 

Government National Mortgage Association Floating 16/Mar/2053 

Hampton Roads Sanitation District 5% 01/Apr/2038 

Houston Higher Education Finance Corp 4.5% 15/Nov/2037 

Houston Higher Education Finance Corp 5% 15/May/2040 

Illinois Finance Authority 5% 01/Oct/2051 

Indiana Finance Authority 6% 01/Dec/2026 

Indianapolis Airport Authority - RF - 5.1% 15/Jan/2017 


01/Nov/2032 

Massachusetts Development Finance Agency - B1 - 5% 15/Oct/2040 



Massachusetts Health & Educational Facilities Authority - A M2 - 5.5% 01/Jul/2032 

Massachusetts Health & Educational Facilities Authority - Harvard - 5.5% 15/Nov/2036 

Massachusetts Health & Educational Facilities Authority 6% 01/Jul/2036 

Metropolitan Water Reclamation District of Greater Chicago - B - 5% 01/Dec/2032 

Missouri State Health & Educational Facilities Authority 5% 15/Nov/2039 

New Hampshire Health & Education Facilities Authority 6.5% 01/Jan/2041 

New Jersey Economic Development Authority 0% 15/Feb/2018 

New Jersey Transportation Trust Fund Authority - A - 5.5% 15/Jun/2041 

New York City Transitional Finance Authority Future Tax Secured Revenue 5% 01/Nov/2033 





New York State Dormitory Authority 5% 01/Oct/2041 

Parish of St John the Baptist LA - A - 5.125% 01/Jun/2037 

Pennsylvania State University 5% 01/Mar/2040 

Permanent University Fund 5% 01/Jul/2030 

Port Authority of New York & New Jersey 4.458% 01/Oct/2062 

Port Freeport TX - A4-DOW - 5.95% 15/May/2033 

Province of Salta Argentina 9.5% 16/Mar/2022 

Queensland Treasury Corp 6% 14/Aug/2013 

Queensland Treasury Corp 6% 21/Jul/2022 

Selma Industrial Development Board - A - 6.25% 01/Nov/2033 

South Carolina State Public Service Authority 5% 01/Dec/2043 

State of California 2.5% 20/Jun/2013 

State of Florida 4% 01/Jun/2027 

State of Maryland 4% 15/Mar/2025 

State of Washington - B1 - 5% 01/Aug/2039 

State of Washington - C - 5% 01/Jul/2018 

Market Value 

1,086,089 

120,457 

41,464 

49,255 

61,548 

57,050 

1,889,377 

698,163 

3,429,161 

1,724,905 

1,539,141 

893,762 

1,074,272 

1,280,268 

4,007,378 

2,362,111 

1,854,431 

780,347 

1,721,025 

4,184,392 

1,904,880 

3,153,223 

1,026,581 

2,908,628 

10,901,487 

1,745,952 

2,208,104 

4,747,689 

1,773,164 

6,447,740 

5,170,913 

1,544,702 

1,065,510 

2,697,146 

5,890,044 

4,091,146 

4,890,071 

3,838,623 

2,535,664 

1,402,302 

657,047 

8,135,578 

1,551,881 

3,021,112 

5,817,549 

1,901,655 

6,860,155 

1,295,291 

2,197,734 

1,507,105 

2,604,407 

2,651,903 

Net Assets % 

0.04% 

0.00% 

0.00% 

0.00% 

0.00% 

0.00% 

0.07% 

0.03% 

0.13% 

0.06% 

0.06% 

0.03% 

0.04% 

0.05% 

0.15% 

0.09% 

0.07% 

0.03% 

0.06% 

0.16% 

0.07% 

0.12% 

0.04% 

0.11% 

0.41% 

0.07% 

0.08% 

0.18% 

0.07% 

0.24% 

0.19% 

0.06% 

0.04% 

0.10% 

0.22% 

0.15% 

0.18% 

0.14% 

0.10% 

0.05% 

0.02% 

0.31% 

0.06% 

0.11% 

0.22% 

0.07% 

0.26% 

0.05% 

0.08% 

0.06% 

0.10% 

0.10% 






Holding 

940,000 

3,500,000 

340,000 

9,253,000 

2,250,000 

4,500,000 

1,055,000 

700,000 

3,220,000 


USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


State of Washington 3% 01/Jul/2028 

Tarrant Regional Water District 5% 01/Mar/2052 

Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc 11.5% 01/Oct/2020 

Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc 15% 01/Apr/2021 



University of Texas System 5% 15/Aug/2043 



Market Value 

702,533 

2,999,954 

201,798 

2,386,241 

1,832,477 

3,667,992 

935,936 

573,422 

2,668,272 

Net Assets % 

0.03% 

0.11% 

0.01% 

0.09% 

0.07% 

0.14% 

0.04% 

0.02% 

0.10% 




491,006,282 

2,355,949,703 

18.48% 

88.69% 


Bonds 

945,000 

EUR 


Chemicals 

Lyondell Industries Escrow 2015 0% 15/Aug/2015 

0 

0.00% 

3,470,000 

1,000,000 

USD 

USD 


Sino-Forest Corp 0% CV 15/Dec/2016 Defaulted 

Sino-Forest Corp 0% 21/Oct/2017 Defaulted 

368,477 

106,189 

0.01% 

0.00% 

600,000 

USD 


Old AII Inc 0% 15/Dec/2016 Defaulted 

46 

0.00% 

3,565,000 

USD 




0 

0.00% 

369,784 

USD 


Independencia International Ltd - 144A - 0% 30/Dec/2016 Defaulted 

280 

0.00% 

3,665,000 

USD 




3,137,598 

0.12% 

6,600,000 

2,000,000 

USD 

USD 


Mashantucket Western Pequot Tribe 0% 15/Nov/2015 Defaulted 

Scientific Games International Inc 6.25% 01/Sep/2020 

300,364 

1,553,019 

0.01% 

0.06% 

250,000 

USD 

Financials 


CoBank ACB 7.875% 16/Apr/2018 

241,202 

0.01% 

925,000 USD 

250,000 USD 

1,650,000 USD 

2,500,000 USD 

250,000 USD 

4,400,000 USD 

3,400,000 USD 

1,300,000 USD 

250,000 USD 

1,200,000 USD 

2,500,000 USD 

2,100,000 USD 


Alta Wind Holdings LLC 7% 30/Jun/2035 




GlobeCat Ltd - CAQ - Libor 3M 02/Jan/2013 








678,948 

184,883 

1,270,665 

1,932,646 

189,605 

3,338,847 

2,609,005 

984,762 

190,781 

910,194 

1,918,101 

1,636,165 

0.03% 

0.01% 

0.05% 

0.07% 

0.01% 

0.13% 

0.10% 

0.04% 

0.01% 

0.03% 

0.07% 

0.06% 






Holding 

1,650,000 

3,550,000 

2,750,000 

2,500,000 

1,850,000 

2,750,000 


USD 

USD 

USD 

USD 

USD 

USD 




Successor X Ltd Libor 3M 07/Jan/2014 

Tiers Trust/United States Floating 15/Oct/2097 


Vita Capital V Ltd Libor 3M 15/Jan/2017 

Market Value 

1,251,517 

2,692,658 

2,109,703 

1,066,065 

1,408,408 

2,093,371 

Net Assets % 

0.05% 

0.10% 

0.08% 

0.04% 

0.05% 

0.08% 

2,625,000 

USD 

Health Care 


US Oncology Holding 0% 15/Aug/2017 Defaulted 

37,332 

0.00% 

4,250,000 

USD 

Industrials 


Asia Aluminum Holdings Ltd 0% 23/Dec/2049 Defaulted 

3,224 

0.00% 

5,539,000 

EUR 


Ardagh Packaging Finance PLC - 144A - 9.25% 15/Oct/2020 

6,044,433 

0.23% 

1,845,000 

2,350,000 

USD 

USD 



Gazprom OAO Via Gazprom International SA - 144A - 7.201% 01/Feb/2020 

Unit Corp 6.625% 15/May/2021 

504,900 

1,829,253 

0.02% 

0.07% 

200,000 

1,850,000 

USD 

USD 

Utilities 

Electricity 

FPL Energy American Wind LLC 6.639% 20/Jun/2023 

Juniper Generation LLC 6.79% 31/Dec/2014 

58,491 

112,345 

0.00% 

0.00% 

Total Bonds 

40,763,477 

1.54% 

Equities 

142,000 

42,000 

USD 

USD 

Financials 


BB&T Corp 

CoBank ACB 

2,716,353 

3,326,050 

0.10% 

0.13% 


6,042,403 

0.23% 

19,962,142 

USD 

Warrants 

HORIZON LINES INC - Horizon Lines - 06/Oct/2016 

902,415 

0.03% 


902,415 

0.03% 

2,000,000 USD 

871,000 USD 

1,860,000 USD 

3,487,000 USD 

1,100,000 USD 

10,665,000 USD 

1,300,000 USD 

2,000,000 USD 

2,000,000 USD 

1,100,000 USD 

800,000 USD 

1,530,000 USD 

1,600,000 USD 

3,300,000 USD 


Accredited Mortgage Loan Trust - 3 2A5 - Floating 25/Oct/2034 

American Credit Acceptance Receivables Trust 2012-2 - C - 4.05% 15/Feb/2018 

BMW Vehicle Owner Trust 0.76% 25/Aug/2015 


Credit Suisse First Boston Mortgage Securities Corp - CKP1 G - 7.165% 15/Dec/2035 

Dominos Pizza Master Issuer LLC 5.216% 25/Jan/2042 





Newcastle Investment Trust - MH1 A - 4.5% 01/Jul/2035 

RALI Trust - QS14 A12 - 5.5% 25/Sep/2032 

Sierra Receivables Funding Co LLC - 2012-3A A - 1.87% 20/Aug/2029 

Soundview Home Equity Loan Trust - NS1 A1 - Libor 1M 25/Jan/2037 

629,973 

662,111 

1,415,100 

2,685,857 

460,481 

9,001,046 

1,049,729 

239,628 

297,880 

844,076 

289,775 

431,055 

1,117,470 

13,914 

0.02% 

0.02% 

0.05% 

0.10% 

0.02% 

0.35% 

0.04% 

0.01% 

0.01% 

0.03% 

0.01% 

0.02% 

0.04% 

0.00% 






Holding 

1,500,000 


USD 


S2 Hospitality LLC - LV1 A - 4.5% 15/Apr/2025 

Market Value 

620,156 

Net Assets % 

0.02% 


19,758,251 

0.74% 


40,300,000 

PHP 


Philippine Government Bond 6.125% 24/Oct/2037 

796,520 

0.03% 

650,000 

USD 


New Jersey Economic Development Authority 7% 15/Nov/2030 

495,521 

0.02% 



1,292,041 

68,758,587 

0.05% 

2.59% 


2,424,708,290 

91.28% 


2,656,458,620 

100.00% 


Maturity Date 

Long/(Short) 


28-Mar-13 102 

US Ultra Bond Cbt 

28-Mar-13 (2,757) US 10 Yr Note Future 

31-Mar-13 (495) 


31-Mar-13 (809) 



Trade 


USD 

USD 

USD 

USD 



16,466,625 

(365,000,967) 

(109,093,357) 

(100,461,369) 

Market Price 


161.44 

132.39 

110.20 

124.18 


(in Fund Ccy) 

(318,533) 

2,131,916 

11,782 

263,680 

2,088,845 


Maturity Date 

03-Jan-13 

14-Jan-13 

16-Jan-13 

16-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 


MXN 

USD 

USD 

USD 

CZK 

CZK 

CZK 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


113,000,000 

1,663,900 

6,553,271 

9,371,863 

1,361,617,067 

5,165,462 

5,165,462 

2,622,595 

7,859,518 

11,218,493 

12,020,891 

40,837,777 

56,275,850 

56,743,684 

84,793,278 

148,553 

166,980 

231,335 

555,822 

148,553 

166,980 

231,335 

226,733 

897,450 


USD 

NOK 

CAD 

SEK 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Amount Sold 

8,697,841 

9,360,000 

6,525,000 

62,400,000 

71,875,901 

273,493 

271,080 

3,480,643 

10,430,956 

14,888,903 

15,953,826 

54,198,877 

74,687,901 

75,308,799 

112,535,519 

197,169 

221,626 

307,043 

734,901 

195,891 

220,190 

305,052 

299,938 

1,187,211 


874 

(12,920) 

1,939 

(163,941) 

(259,402) 

(1,608) 

222 

(17,139) 

(51,364) 

(73,316) 

(78,559) 

(266,885) 

(367,777) 

(370,834) 

(554,146) 

(981) 

(1,103) 

(1,528) 

(1,529) 

(12) 

(13) 

(18) 

(742) 

(2,935) 









31-Jan-13 EUR 

105,807 

31-Jan-13 EUR 

112,559 

31-Jan-13 EUR 

481,845 

31-Jan-13 GBP 

242,724 

31-Jan-13 GBP 

57,710,287 

31-Jan-13 GBP 

1,558,911 

31-Jan-13 GBP 

1,558,911 

31-Jan-13 USD 

272,124 

31-Jan-13 USD 

1,191,156 

31-Jan-13 USD 

388,352 

31-Jan-13 USD 

1,183,435 

31-Jan-13 USD 

196,516 

31-Jan-13 USD 

220,892 

31-Jan-13 USD 

306,026 

31-Jan-13 USD 

2,516,089 

31-Jan-13 USD 

233,131 

07-Feb-13 MYR 

24,500,000 

07-Feb-13 USD 

69,962,530 

12-Feb-13 USD 

12,674,412 

15-Mar-13 INR 

421,500,000 

15-Mar-13 INR 

421,000,000 

15-Mar-13 RUB 

239,000,000 

15-Mar-13 RUB 

120,000,000 

15-Mar-13 RUB 

167,000,000 

15-May-13 USD 

1,437,466 



USD 

USD 

USD 

USD 

USD 

USD 

USD 

CZK 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

GBP 

GBP 

USD 

EUR 

AUD 

USD 

USD 

USD 

USD 

USD 

GBP 

Amount Sold 

139,616 

148,526 

635,810 

392,660 

93,359,085 

2,519,556 

2,512,878 

5,165,462 

897,450 

293,720 

897,450 

148,553 

166,980 

231,335 

1,558,911 

144,324 

7,950,673 

55,000,000 

12,257,000 

7,597,291 

7,761,799 

7,621,170 

3,758,221 

5,201,520 

890,000 


(78) 

(83) 

(356) 

1,361 

323,532 

10,504 

15,569 

570 

5,928 

808 

71 

486 

546 

757 

(13,133) 

(1,070) 

28,019 

(1,941,602) 

(5,456) 

(25,867) 

(157,450) 

78,841 

91,396 

148,940 

(6,924) 

(3,668,408) 



Underlying 

20-Dec-17 Credit Default Swap Seller American Axle and MFG Inc 

20-Dec-17 Credit Default Swap Seller American Axle and MFG Inc 

20-Dec-16 Credit Default Swap Seller CDX NA HY 17 

20-Jun-17 Credit Default Swap Seller CDX NA HY 18 

20-Dec-17 Credit Default Swap Seller CDX NA HY 19 

20-Dec-17 Credit Default Swap Seller Goodyear Tire & Rubber 


Received Rate 

5.000% 

5.000% 

5.000% 

5.000% 

5.000% 

5.000% 


Unrealised 

Gain/(Loss) 

- USD 3,150,000 (56,195) 

- USD 3,000,000 (53,519) 

- USD 4,900,000 

88,019 

- USD 28,000,000 278,324 

- USD 17,000,000 

3,675 

- USD 3,000,000 (24,007) 

236,297 




Pioneer Funds - U.S. High Yield 






Market Value 

Net Assets % 

Bonds 

4,015,000 

2,105,000 

1,981,000 

1,580,000 

500,000 

1,605,000 

3,340,000 

5,970,000 

1,680,000 

9,715,000 

2,450,000 

2,200,000 

2,700,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Chemicals 

Ashland Inc 4.75% 15/Aug/2022 


Hexion US Finance Corp / Hexion Nova Scotia Finance ULC 9% 15/Nov/2020 

Hexion US Finance Corp 6.625% 15/Apr/2020 


Ineos Finance PLC 9% 15/May/2015 



LyondellBasell Industries NV 6% 15/Nov/2021 

NOVA Chemicals Corp 7.875% 15/Sep/2025 


Rain CII Carbon LLC / CII Carbon Corp 8.25% 15/Jan/2021 

Tronox Finance LLC 6.375% 15/Aug/2020 

3,167,172 

1,640,540 

1,371,103 

1,219,395 

397,262 

1,293,471 

2,520,707 

5,003,679 

1,494,084 

7,470,100 

1,890,834 

1,706,235 

2,068,416 

0.35% 

0.18% 

0.15% 

0.13% 

0.04% 

0.14% 

0.28% 

0.55% 

0.16% 

0.82% 

0.21% 

0.19% 

0.23% 

2,850,000 

700,000 

3,545,000 

1,225,000 

1,925,000 

2,880,000 

3,845,000 

2,470,000 

3,205,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 



Appleton Papers Inc 11.25% 15/Dec/2015 

Exopack Holding Corp 10% 01/Jun/2018 

Millar Western Forest Products Ltd 8.5% 01/Apr/2021 

PH Glatfelter Co 5.375% 15/Oct/2020 


Sappi Papier Holding GmbH 7.75% 15/Jul/2017 

Sappi Papier Holding GmbH 8.375% 15/Jun/2019 

Xerium Technologies Inc 8.875% 15/Jun/2018 

2,291,414 

573,422 

2,433,423 

840,887 

1,496,606 

2,157,160 

3,178,891 

2,046,780 

2,200,034 

0.25% 

0.06% 

0.27% 

0.09% 

0.16% 

0.24% 

0.35% 

0.22% 

0.24% 

1,200,000 

1,125,000 

2,115,000 

2,505,000 

2,261,000 

3,900,000 

3,715,000 

2,025,000 

4,115,000 

2,285,000 

2,040,000 

2,040,000 

430,000 

3,740,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Algoma Acquisition Corp - Regs - 9.875% 15/Jun/2015 

APERAM 7.375% 01/Apr/2016 

Atkore International Inc 9.875% 01/Jan/2018 

Essar Steel Algoma Inc - 144A - 9.875% 15/Jun/2015 


Global Brass and Copper Inc - 144A - 9.5% 01/Jun/2019 

JMC Steel Group 8.25% 15/Mar/2018 

Kaiser Aluminum Corp 8.25% 01/Jun/2020 


Steel Dynamics Inc 5.125% CV 15/Jun/2014 

Steel Dynamics Inc 6.125% 15/Aug/2019 

Steel Dynamics Inc 6.375% 15/Aug/2022 

Taseko Mines Ltd 7.75% 15/Apr/2019 

United States Steel Corp 7.5% 15/Mar/2022 

623,483 

795,709 

1,712,502 

1,301,521 

1,552,037 

3,224,363 

2,944,611 

1,674,188 

3,222,647 

1,866,398 

1,640,170 

1,640,170 

313,922 

2,999,886 

0.07% 

0.09% 

0.19% 

0.14% 

0.17% 

0.35% 

0.32% 

0.18% 

0.35% 

0.20% 

0.18% 

0.18% 

0.03% 

0.33% 

6,810,000 

965,000 

469,000 

2,710,000 

1,355,000 

725,000 

3,100,000 

3,025,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Mining 


Alpha Natural Resources Inc 6% 01/Jun/2019 

Foresight Energy LLC / Foresight Energy Corp 9.625% 15/Aug/2017 

IAMGOLD Corp 6.75% 01/Oct/2020 


James River Coal Co 7.875% 01/Apr/2019 

Midwest Vanadium Pty Ltd 11.5% 15/Feb/2018 

Mirabela Nickel Ltd 8.75% 15/Apr/2018 

4,961,966 

677,052 

380,636 

2,004,134 

318,606 

313,448 

1,387,288 

1,973,225 

0.54% 

0.07% 

0.04% 

0.22% 

0.03% 

0.03% 

0.15% 

0.22% 







6,250,000 USD 

950,000 USD 

1,765,000 USD 

2,675,000 USD 

4,025,000 USD 

910,000 USD 

1,200,000 USD 



New Gold Inc - 144A - 7% 15/Apr/2020 

Penn Virginia Corp 7.25% 15/Apr/2019 


01/Jun/2020 

Penn Virginia Resource Partners LP / Penn Virginia Resource Finance Corp 8.25% 15/Apr/2018 

Prince Mineral Holding Corp 11.5% 15/Dec/2019 


Market Value 

4,598,377 

769,209 

1,278,500 

2,186,220 

3,236,120 

714,389 

935,225 

Net Assets % 

0.50% 

0.08% 

0.14% 

0.24% 

0.35% 

0.08% 

0.10% 

750,000 

3,085,000 

5,005,000 

3,050,000 

4,493,000 

3,015,000 

1,800,000 

5,425,000 

2,300,000 

950,000 

4,756,000 

965,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 



American Axle & Manufacturing Inc 6.625% 15/Oct/2022 




Ford Motor Co 4.25% CV 15/Nov/2016 


International Automotive Components Group SA 9.125% 01/Jun/2018 

Meritor Inc 7.875% CV 01/Mar/2026 

Pittsburgh Glass Works LLC 8.5% 15/Apr/2016 

Titan International Inc 7.875% 01/Oct/2017 


UCI International Inc 8.625% 15/Feb/2019 

577,404 

2,550,554 

4,175,895 

2,290,276 

5,378,121 

2,464,095 

1,266,308 

3,821,160 

1,604,976 

765,606 

3,950,106 

725,543 

0.06% 

0.28% 

0.46% 

0.25% 

0.59% 

0.27% 

0.14% 

0.42% 

0.18% 

0.08% 

0.43% 

0.08% 

2,050,000 

6,115,000 

4,000,000 

4,000,000 

2,409,000 

USD 

USD 

USD 

USD 

USD 


FAGE Dairy Industry SA / FAGE USA Dairy Industry Inc 9.875% 01/Feb/2020 

Pilgrim’s Pride Corp 7.875% 15/Dec/2018 

Post Holdings Inc 7.375% 15/Feb/2022 

Smithfield Foods Inc 6.625% 15/Aug/2022 

Southern States Cooperative Inc 11.25% 15/May/2015 

1,652,097 

4,701,973 

3,339,275 

3,352,549 

1,895,735 

0.18% 

0.51% 

0.36% 

0.37% 

0.21% 

5,550,000 

1,665,000 

2,185,000 

1,200,000 

4,037,000 

2,710,000 

4,635,000 

498,000 

2,600,000 

1,485,000 

2,580,000 

2,720,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Beazer Homes USA Inc 6.625% 15/Apr/2018 

Beazer Homes USA Inc 9.125% 15/Jun/2018 



DR Horton Inc 2% CV 15/May/2014 

KB Home 7.5% 15/Sep/2022 

KB Home 8% 15/Mar/2020 

Lennar Corp 2.75% CV 15/Dec/2020 

Meritage Homes Corp 7% 01/Apr/2022 

Ryland Group Inc 5.375% 01/Oct/2022 

Standard Pacific Corp 1.25% CV 01/Aug/2032 

Tempur-Pedic International Inc 6.875% 15/Dec/2020 

4,451,703 

1,316,567 

1,733,963 

932,949 

4,736,601 

2,240,519 

4,007,813 

680,151 

2,144,645 

1,153,116 

2,259,017 

2,132,737 

0.49% 

0.14% 

0.19% 

0.10% 

0.52% 

0.24% 

0.44% 

0.07% 

0.23% 

0.13% 

0.25% 

0.23% 

3,900,000 

2,250,000 

2,755,000 

1,000,000 

USD 

USD 

USD 

USD 

Leisure Goods 

CCO Holdings LLC / CCO Holdings Capital Corp 6.5% 30/Apr/2021 

CCO Holdings LLC / CCO Holdings Capital Corp 6.625% 31/Jan/2022 

Comstock Resources Inc 7.75% 01/Apr/2019 

Icon Health & Fitness Inc 11.875% 15/Oct/2016 

3,191,084 

1,864,476 

2,120,999 

709,193 

0.35% 

0.20% 

0.23% 

0.08% 

3,910,000 

700,000 

600,000 

3,795,000 

2,250,000 

USD 

USD 

USD 

USD 

USD 


Albea Beauty Holdings SA 8.375% 01/Nov/2019 



Reynolds Group Issuer Inc Floating 15/Apr/2019 


3,128,830 

548,202 

489,229 

2,993,629 

1,834,610 

0.34% 

0.06% 

0.05% 

0.33% 

0.20% 







1,700,000 USD 

1,355,000 USD 

1,780,000 USD 

2,012,000 USD 

4,950,000 USD 



Reynolds Group Issuer Inc 8.5% 15/May/2018 

Wolverine World Wide Inc 6.125% 15/Oct/2020 


YCC Holdings LLC / Yankee Finance Inc 10.25% 15/Feb/2016 

Market Value 

1,308,783 

1,053,455 

1,417,627 

1,589,059 

3,876,949 

Net Assets % 

0.14% 

0.11% 

0.15% 

0.17% 

0.42% 

5,307,000 

7,138,000 

USD 

USD 

Tobacco 


Alliance One International Inc 5.5% CV 15/Jul/2014 

4,236,664 

5,268,633 

0.46% 

0.57% 

3,900,000 

925,000 

3,425,000 

1,550,000 

4,125,000 

USD 

USD 

USD 

USD 

USD 




Monitronics International Inc 9.125% 01/Apr/2020 

Petco Holdings Inc 8.5% 15/Oct/2017 

Radio Systems Corp 8.375% 01/Nov/2019 

Sotheby’s 5.25% 01/Oct/2022 

3,076,456 

722,656 

2,669,287 

1,225,633 

3,160,080 

0.34% 

0.08% 

0.29% 

0.13% 

0.34% 

1,340,000 

1,175,000 

1,200,000 

3,620,000 

490,000 

1,775,000 

5,000,000 

1,375,000 

2,135,000 

6,620,000 

925,000 

2,835,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Media 

Cambium Learning Group Inc 9.75% 15/Feb/2017 

Cumulus Media Holdings Inc 7.75% 01/May/2019 

Good Sam Enterprises LLC 11.5% 01/Dec/2016 

MDC Partners Inc 11% 01/Nov/2016 - Issue 23/Oct/2009 

MPL 2 Acquisition Canco Inc 9.875% 15/Aug/2018 

Production Resource Group Inc 8.875% 01/May/2019 

Quebecor Media Inc 5.75% 15/Jan/2023 

Sitel LLC / Sitel Finance Corp 11.5% 01/Apr/2018 

Townsquare Radio LLC / Townsquare Radio Inc - 144A - 9% 01/Apr/2019 

Univision Communications Inc 6.875% 15/May/2019 


WMG Acquisition Corp 6% 15/Jan/2021 

843,598 

875,635 

978,459 

3,016,895 

347,505 

989,552 

3,996,321 

735,266 

1,785,374 

5,247,194 

724,410 

2,279,354 

0.09% 

0.10% 

0.11% 

0.33% 

0.04% 

0.11% 

0.44% 

0.08% 

0.19% 

0.57% 

0.08% 

0.25% 

4,060,000 

4,360,000 

1,050,000 

1,260,000 

1,950,000 

500,000 

800,000 

1,000,000 

500,000 

12,500,000 

2,970,000 

1,600,000 

1,794,000 

505,000 

1,680,000 

3,630,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


AMC Entertainment Inc 9.75% 01/Dec/2020 

Burger King Capital Holdings LLC / Burger King Capital Finance Inc Floating 15/Apr/2019 


Continental Airlines Inc 4.5% CV 15/Jan/2015 

Continental Airlines 1997-4 Class B Pass Through Trust - B - 6.9% 02/Jan/2017 

Continental Airlines 2001-1 Class B Pass Through Trust 7.373% 15/Dec/2015 

Continental Airlines 2012-1 Class B Pass Thru Trusts 6.25% 11/Apr/2020 

Continental Airlines 2012-2 Class B Pass Thru Certificates 5.5% 29/Oct/2020 



H&E Equipment Services Inc 7% 01/Sep/2022 


Scientific Games International Inc 9.25% 15/Jun/2019 


Viking Cruises Ltd 8.5% 15/Oct/2022 


3,556,811 

2,786,180 

911,901 

1,368,448 

297,787 

79,799 

643,204 

790,731 

382,092 

9,860,436 

2,399,158 

1,239,381 

1,513,824 

373,464 

1,376,214 

2,925,421 

0.39% 

0.30% 

0.10% 

0.15% 

0.03% 

0.01% 

0.07% 

0.09% 

0.04% 

1.09% 

0.26% 

0.14% 

0.17% 

0.04% 

0.15% 

0.32% 

2,500,000 

4,035,000 

EUR 

USD 

Financials 




2,784,375 

3,490,523 

0.30% 

0.38% 

850,000 

3,845,000 

USD 

USD 


Aircastle Ltd 7.625% 15/Apr/2020 

Apollo Investment Corp 5.75% CV 15/Jan/2016 

720,476 

3,029,425 

0.08% 

0.33% 







250,000 USD 

250,000 USD 

375,000 USD 

250,000 USD 

550,000 USD 

1,000,000 USD 

1,900,000 USD 

850,000 USD 

500,000 USD 

1,500,000 USD 

5,200,000 USD 

500,000 USD 

1,500,000 USD 

430,000 USD 

120,000 USD 

3,775,000 USD 

250,000 USD 

1,100,000 USD 

2,850,000 USD 

1,000,000 USD 

400,000 USD 

1,785,000 USD 

2,000,000 USD 

400,000 USD 

950,000 USD 

550,000 USD 

250,000 USD 

500,000 USD 

300,000 USD 

250,000 USD 

250,000 USD 





Combine Re Ltd - CLASS B - Floating 07/Jan/2015 


Constellation Enterprises LLC 10.625% 01/Feb/2016 

DFC Global Corp - 144A - 3.25% CV 15/Apr/2017 

DFC Global Corp 2.875% CV 30/Jun/2027 

Embarcadero Reinsurance Ltd Floating 13/Feb/2015 

Ford Motor Credit Co LLC 5.875% 02/Aug/2021 



Igloo Holdings Corp 8.25% 15/Dec/2017 


Janus Capital Group Inc Floating 15/Jun/2017 





Mythen Ltd - 12-H - Floating 07/May/2015 

Mythen Re Ltd Series 2012-2 Class A Floating 10/Nov/2016 

National Money Mart Co 10.375% 15/Dec/2016 






Residential Reinsurance 2011 Ltd - 144A - Floating 06/Dec/2015 


Successor X Ltd - 30/DEC/2010 - Floating 17/Jan/2014 


Market Value 

189,624 

194,952 

287,007 

201,289 

448,312 

796,420 

1,568,141 

645,527 

384,747 

1,324,945 

4,475,700 

379,210 

1,127,787 

365,699 

104,028 

3,221,234 

189,415 

838,483 

2,822,849 

763,122 

300,637 

1,496,075 

1,615,595 

323,453 

724,389 

415,963 

195,711 

381,599 

203,656 

190,504 

188,012 

Net Assets % 

0.02% 

0.02% 

0.03% 

0.02% 

0.05% 

0.09% 

0.17% 

0.07% 

0.04% 

0.14% 

0.49% 

0.04% 

0.12% 

0.04% 

0.01% 

0.35% 

0.02% 

0.09% 

0.31% 

0.08% 

0.03% 

0.16% 

0.18% 

0.04% 

0.08% 

0.05% 

0.02% 

0.04% 

0.02% 

0.02% 

0.02% 

1,000,000 

USD 



788,835 

0.09% 

2,200,000 

850,000 

4,000,000 

500,000 

835,000 

USD 

USD 

USD 

USD 

USD 



Fidelity National Financial Inc 4.25% CV 15/Aug/2018 




1,643,659 

827,660 

3,109,830 

382,206 

653,598 

0.18% 

0.09% 

0.34% 

0.04% 

0.07% 

1,140,000 

9,500,000 

74,000 

USD 

USD 

USD 


Forest City Enterprises Inc 4.25% CV 15/Aug/2018 

Forest City Enterprises Inc 6.5% 01/Feb/2017 


905,217 

7,061,589 

56,129 

0.10% 

0.78% 

0.01% 

4,525,000 

1,480,000 

4,140,000 

USD 

USD 

USD 



Host Hotels & Resorts LP 2.5% CV 15/Oct/2029 


3,277,742 

1,449,522 

3,348,206 

0.36% 

0.16% 

0.37% 

835,000 

2,805,000 

2,545,000 

USD 

USD 

USD 

Health Care 


Accellent Inc 10% 01/Nov/2017 

Alere Inc 3% CV 15/May/2016 


520,925 

1,989,286 

2,326,096 

0.06% 

0.22% 

0.25% 







2,725,000 USD 

7,095,000 USD 

2,195,000 USD 

8,980,000 USD 

2,355,000 USD 

2,307,000 USD 

4,090,000 USD 

3,950,000 USD 

6,135,000 USD 

3,105,000 USD 

3,600,000 USD 

1,825,000 USD 

4,260,000 USD 

3,491,560 USD 

1,850,000 USD 

6,800,000 USD 

101,000 USD 

4,150,000 USD 


Aviv Healthcare Properties LP / Aviv Healthcare Capital Corp 7.75% 15/Feb/2019 

Capella Healthcare Inc 9.25% 01/Jul/2017 

CHS/Community Health Systems Inc 7.125% 15/Jul/2020 

CHS/Community Health Systems Inc 8% 15/Nov/2019 

ExamWorks Group Inc 9% 15/Jul/2019 



Hologic Inc 6.25% 01/Aug/2020 

Kindred Healthcare Inc 8.25% 01/Jun/2019 

NuVasive Inc 2.75% CV 01/Jul/2017 

Physio-Control International Inc 9.875% 15/Jan/2019 

PSS World Medical Inc 6.375% 01/Mar/2022 

Surgical Care Affiliates Inc 10% 15/Jul/2017 

Surgical Care Affiliates Inc 8.875% 15/Jul/2015 

Universal Hospital Services Inc 7.625% 15/Aug/2020 

Vanguard Health Holding Co II LLC / Vanguard Holding Co II Inc - 144A - 7.75% 01/Feb/2019 

Vanguard Health Systems Inc 0% 01/Feb/2016 


Market Value 

2,190,913 

5,771,682 

1,777,277 

7,373,217 

1,911,294 

1,653,607 

3,459,003 

3,228,250 

4,548,667 

2,050,433 

2,996,814 

1,633,419 

3,384,671 

2,681,435 

1,478,639 

5,338,288 

57,456 

3,358,261 

Net Assets % 

0.24% 

0.63% 

0.19% 

0.81% 

0.21% 

0.18% 

0.38% 

0.35% 

0.50% 

0.22% 

0.33% 

0.18% 

0.37% 

0.29% 

0.16% 

0.58% 

0.01% 

0.37% 

3,296,000 

2,850,000 

4,572,000 

1,430,000 

4,678,000 

3,375,000 

3,215,000 

1,735,000 

1,525,000 

1,815,000 

6,574,000 

4,845,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


BioScrip Inc 10.25% 01/Oct/2015 

Corsicanto Ltd 3.5% CV 15/Jan/2032 


KV Pharmaceutical 0% 15/Mar/2015 

Lantheus Medical Imaging Inc 9.75% 15/May/2017 

PDL BioPharma Inc 3.75% CV 01/May/2015 

Salix Pharmaceuticals Ltd 1.5% CV 15/Mar/2019 

Sky Growth Acquisition Corp 7.375% 15/Oct/2020 

STHI Holding Corp 8% 15/Mar/2018 

Valeant Pharmaceuticals International 6.375% 15/Oct/2020 

Vertex Pharmaceuticals Inc 3.35% CV 01/Oct/2015 

VPI Escrow Corp 6.375% 15/Oct/2020 

2,668,750 

2,658,905 

5,398,992 

867,718 

3,299,863 

3,022,307 

2,344,068 

1,309,409 

1,252,133 

1,476,477 

5,550,427 

3,941,340 

0.29% 

0.29% 

0.59% 

0.09% 

0.36% 

0.33% 

0.26% 

0.14% 

0.14% 

0.16% 

0.61% 

0.43% 

2,410,000 

1,155,000 

USD 

USD 

Industrials 


ADS Tactical Inc 11% 01/Apr/2018 

Silver II Borrower 7.75% 15/Dec/2020 

1,864,533 

906,724 

0.20% 

0.10% 

1,855,000 

1,300,000 

1,000,000 

2,500,000 

1,000,000 

6,023,000 

570,000 

2,895,000 

1,925,000 

1,750,000 

305,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Calcipar SA 6.875% 01/May/2018 



Cemex SAB de CV 3.75% CV 15/Mar/2018 



MasTec Inc 4.25% CV 15/Dec/2014 

New Enterprise Stone & Lime Co Inc 11% 01/Sep/2018 


USG Corp - 144A - 7.875% 30/Mar/2020 

USG Corp 8.375% 15/Oct/2018 

1,435,149 

1,067,392 

771,769 

2,124,972 

840,786 

7,392,268 

721,471 

1,646,883 

1,565,961 

1,483,332 

257,945 

0.16% 

0.12% 

0.08% 

0.23% 

0.09% 

0.82% 

0.08% 

0.18% 

0.17% 

0.16% 

0.03% 

1,785,000 

3,927,000 

2,410,000 

1,515,000 

USD 

USD 

USD 

USD 




Jabil Circuit Inc 4.7% 15/Sep/2022 

SunPower Corp 4.5% CV 15/Mar/2015 

1,455,457 

3,181,528 

1,930,797 

1,065,809 

0.16% 

0.35% 

0.21% 

0.12% 







3,262,000 USD 

5,650,000 USD 

4,550,000 USD 

2,850,000 USD 

4,417,000 USD 

3,460,000 USD 

4,006,000 USD 




Vishay Intertechnology Inc - 144A - 2.25% CV 01/Jun/2042 

Vishay Intertechnology Inc 2.25% CV 15/May/2041 


WESCO International Inc 6% CV 15/Sep/2029 


Market Value 

2,331,944 

4,199,788 

3,436,054 

1,661,815 

3,394,497 

6,313,305 

3,220,843 

Net Assets % 

0.25% 

0.46% 

0.37% 

0.18% 

0.37% 

0.70% 

0.35% 

1,295,000 

789,000 

2,774,895 

300,000 

2,600,000 

1,900,000 

5,620,000 

4,515,000 

2,180,000 

1,725,000 

1,050,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 



American Railcar Industries Inc 7.5% 01/Mar/2014 


Ardagh Packaging Finance PLC / Ardagh MP Holdings USA Inc 7.375% 15/Oct/2017 



Crown Cork & Seal Co Inc 7.375% 15/Dec/2026 

JB Poindexter & Co Inc 9% 01/Apr/2022 

Packaging Dynamics Corp 8.75% 01/Feb/2016 


Pretium Packaging LLC / Pretium Finance Inc 11.5% 01/Apr/2016 

1,051,009 

602,941 

2,231,029 

248,312 

2,149,575 

1,462,758 

4,667,703 

3,557,309 

1,727,928 

1,390,179 

821,308 

0.11% 

0.07% 

0.24% 

0.03% 

0.23% 

0.16% 

0.51% 

0.39% 

0.19% 

0.15% 

0.09% 

740,000 

2,295,000 

990,000 

1,800,000 

9,105,000 

3,540,000 

1,450,000 

1,820,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Altra Holdings Inc 2.75% CV 01/Mar/2031 

Cleaver-Brooks Inc 8.75% 15/Dec/2019 


Mcron Finance Sub LLC / Mcron Finance Corp - 144A - 8.375% 15/May/2019 




Thermadyne Holdings Corp 9% 15/Dec/2017 

607,593 

1,797,321 

694,592 

1,399,424 

6,310,446 

2,591,095 

1,157,558 

1,470,191 

0.07% 

0.20% 

0.08% 

0.15% 

0.70% 

0.28% 

0.13% 

0.16% 

750,000 

2,850,000 

2,340,000 

2,070,000 

1,125,000 

3,105,000 

1,871,000 

1,056,533 

1,350,000 

5,965,000 

1,675,000 

3,600,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Aguila 3 SA - 144A - 7.875% 31/Jan/2018 


Bristow Group Inc 6.25% 15/Oct/2022 




DryShips Inc 5% CV 01/Dec/2014 

Florida East Coast Holdings Corp 10.5% 01/Aug/2017 

Florida East Coast Railway Corp 8.125% 01/Feb/2017 

Greenbrier Cos Inc 3.5% CV 01/Apr/2018 


Syncreon Global Ireland Ltd 9.5% 01/May/2018 

603,004 

2,238,084 

1,899,120 

1,311,021 

876,773 

2,319,801 

1,129,107 

793,361 

1,085,407 

4,088,948 

1,246,658 

2,839,806 

0.07% 

0.24% 

0.21% 

0.14% 

0.10% 

0.25% 

0.12% 

0.09% 

0.12% 

0.45% 

0.14% 

0.31% 

723,000 

123 

1,800,000 

1,080,000 

2,750,000 

USD 

USD 

USD 

USD 

USD 


Brickman Group Holdings Inc 9.125% 01/Nov/2018 



Iron Mountain Inc 5.75% 15/Aug/2024 

Live Nation Entertainment Inc 7% 01/Sep/2020 

574,441 

95 

1,423,316 

829,414 

2,177,118 

0.06% 

0.00% 

0.16% 

0.09% 

0.24% 

910,000 

2,700,000 

USD 

USD 



JinkoSolar Holding Co Ltd 4% CV 15/May/2016 

ReneSola Ltd 4.125% CV 15/Mar/2018 

290,328 

1,052,128 

0.03% 

0.11% 







1,425,000 USD 

3,575,000 USD 

5,600,000 USD 

1,000,000 USD 

5,368,000 USD 

600,000 USD 

2,780,000 USD 

1,500,000 USD 

2,887,000 USD 

1,140,000 USD 

985,000 USD 

1,100,000 USD 

8,000,000 USD 

1,200,000 USD 

3,605,000 USD 

795,000 USD 

2,375,000 USD 

2,491,000 USD 

2,755,000 USD 

2,300,000 USD 

550,000 USD 

3,000,000 USD 

1,800,000 USD 

2,880,000 USD 

1,725,000 USD 

4,535,000 USD 

2,455,000 USD 

4,270,000 USD 

1,760,000 USD 

2,900,000 USD 

450,000 USD 

736,000 USD 

3,865,000 USD 

7,025,000 USD 

2,260,000 USD 

5,915,000 USD 

3,875,000 USD 

3,200,000 USD 

850,000 USD 

971,000 USD 

2,705,000 USD 

3,360,000 USD 

980,000 USD 

3,850,000 USD 

2,100,000 USD 

2,295,000 USD 

1,703,000 USD 

4,850,000 USD 

3,430,000 USD 

1,755,000 USD 

1,000,000 USD 

1,675,000 USD 



Antero Resources Finance Corp 7.25% 01/Aug/2019 

Atwood Oceanics Inc 6.5% 01/Feb/2020 

Berry Petroleum Co 6.375% 15/Sep/2022 

Carrizo Oil & Gas Inc 7.5% 15/Sep/2020 



Chaparral Energy Inc 8.25% 01/Sep/2021 


Chesapeake Energy Corp 2.5% CV 15/May/2037 


Chesapeake Energy Corp 6.775% 15/Mar/2019 

Cimarex Energy Co 5.875% 01/May/2022 


Comstock Resources Inc 8.375% 15/Oct/2017 

Comstock Resources Inc 9.5% 15/Jun/2020 

Concho Resources Inc 6.5% 15/Jan/2022 

Continental Resources Inc/OK 5% 15/Sep/2022 


Drill Rigs Holdings Inc 6.5% 01/Oct/2017 



EP Energy LLC / Everest Acquisition Finance Inc 7.75% 01/Sep/2022 


EPL Oil & Gas Inc 8.25% 15/Feb/2018 

EV Energy Partners LP / EV Energy Finance Corp 8% 15/Apr/2019 

Forest Oil Corp 7.5% 15/Sep/2020 

Goodrich Petroleum Corp 8.875% 15/Mar/2019 

Gulfport Energy Corp 7.75% 01/Nov/2020 

Halcon Resources Corp 8.875% 15/May/2021 

Halcon Resources Corp 9.75% 15/Jul/2020 

Hercules Offshore Inc - 144A - 7.125% 01/Apr/2017 


Kodiak Oil & Gas Corp 8.125% 01/Dec/2019 


Midstates Petroleum Co Inc / Midstates Petroleum Co LLC 10.75% 01/Oct/2020 

Northern Oil and Gas Inc 8% 01/Jun/2020 

Oasis Petroleum Inc 6.875% 15/Jan/2023 

Ocean Rig UDW Inc 9.5% 27/Apr/2016 



PDC Energy Inc 7.75% 15/Oct/2022 

PetroBakken Energy Ltd 8.625% 01/Feb/2020 

Petroquest Energy Inc 10% 01/Sep/2017 

Plains Exploration & Production Co 6.125% 15/Jun/2019 


QR Energy LP / QRE Finance Corp 9.25% 01/Aug/2020 

Quicksilver Resources Inc 7.125% 01/Apr/2016 

Resolute Energy Corp - 144A - 8.5% 01/May/2020 


SandRidge Energy Inc 7.5% 15/Feb/2023 

SandRidge Energy Inc 9.875% 15/May/2016 

Shelf Drilling Holdings Ltd 8.625% 01/Nov/2018 

Market Value 

1,178,133 

2,928,550 

4,417,476 

776,509 

4,397,330 

477,852 

2,287,849 

920,149 

1,965,323 

765,246 

748,986 

913,607 

6,071,753 

955,704 

2,939,453 

663,304 

1,941,036 

2,125,588 

2,079,206 

1,966,968 

452,632 

2,412,015 

1,353,345 

2,244,539 

1,388,544 

3,611,764 

1,778,311 

3,327,841 

1,415,049 

2,375,607 

357,536 

608,495 

3,232,071 

5,355,070 

1,821,336 

4,576,229 

3,152,258 

2,475,728 

651,168 

802,784 

2,103,023 

2,586,772 

769,342 

3,183,025 

1,704,339 

1,827,784 

1,033,374 

3,706,292 

2,764,241 

1,424,340 

817,279 

1,302,241 

Net Assets % 

0.13% 

0.32% 

0.48% 

0.08% 

0.48% 

0.05% 

0.25% 

0.10% 

0.21% 

0.08% 

0.08% 

0.10% 

0.66% 

0.10% 

0.32% 

0.07% 

0.21% 

0.23% 

0.23% 

0.21% 

0.05% 

0.26% 

0.15% 

0.24% 

0.15% 

0.39% 

0.19% 

0.36% 

0.15% 

0.26% 

0.04% 

0.07% 

0.35% 

0.58% 

0.20% 

0.50% 

0.34% 

0.27% 

0.07% 

0.09% 

0.23% 

0.28% 

0.08% 

0.35% 

0.19% 

0.20% 

0.11% 

0.40% 

0.30% 

0.16% 

0.09% 

0.14% 







2,740,000 USD 

840,000 USD 

150,000 USD 

1,000,000 USD 

2,220,000 USD 

757,000 USD 

3,375,000 USD 

3,355,000 USD 

3,700,000 USD 

1,660,000 USD 


SM Energy Co 6.5% 01/Jan/2023 

SM Energy Co 6.5% 15/Nov/2021 

SM Energy Co 6.625% 15/Feb/2019 

Stone Energy Corp 1.75% CV 01/Mar/2017 



Swift Energy Co 7.875% 01/Mar/2022 



Venoco Inc 8.875% 15/Feb/2019 

Market Value 

2,223,756 

684,921 

120,032 

662,735 

1,751,214 

616,527 

2,675,118 

2,710,160 

2,946,754 

1,180,408 

Net Assets % 

0.24% 

0.07% 

0.01% 

0.07% 

0.19% 

0.07% 

0.29% 

0.30% 

0.32% 

0.13% 

1,076,000 

2,495,000 

3,576,000 

4,650,000 

1,000,000 

3,230,000 

4,500,000 

650,000 

1,875,000 

1,450,000 

250,000 

3,260,000 

1,200,000 

1,805,000 

4,585,000 

1,475,000 

1,275,000 

2,520,000 

2,820,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


American Petroleum Tankers Parent LLC / AP Tankers Co 10.25% 01/May/2015 

Atlas Pipeline Partners LP / Atlas Pipeline Finance Corp - 28/09/2012 - 6.625% 01/Oct/2020 

Basic Energy Services Inc 7.75% 15/Feb/2019 

Copano Energy LLC / Copano Energy Finance Corp 7.125% 01/Apr/2021 




Green Field Energy Services Inc Floating 15/Nov/2016 

Hiland Partners LP / Hiland Partners Finance Corp 7.25% 01/Oct/2020 

Holly Energy Partners LP / Holly Energy Finance Corp 6.5% 01/Mar/2020 


Inergy Midstream LP / NRGM Finance Corp 6% 15/Dec/2020 

Key Energy Services Inc 6.75% 01/Mar/2021 


MarkWest Energy Partners LP / MarkWest Energy Finance Corp 5.5% 15/Feb/2023 

MarkWest Energy Partners LP / MarkWest Energy Finance Corp 6.25% 15/Jun/2022 

Pioneer Drilling Co 9.875% 15/Mar/2018 

Targa Resources Partners LP / Targa Resources Partners Finance Corp 6.375% 01/Aug/2022 


852,867 

1,958,681 

2,712,379 

3,787,119 

817,917 

2,609,185 

3,341,550 

493,022 

1,521,731 

1,176,805 

206,216 

2,553,057 

910,194 

1,362,238 

3,773,305 

1,219,471 

1,051,701 

2,092,992 

2,272,641 

0.09% 

0.21% 

0.30% 

0.41% 

0.09% 

0.28% 

0.36% 

0.05% 

0.17% 

0.13% 

0.02% 

0.28% 

0.10% 

0.15% 

0.41% 

0.13% 

0.11% 

0.23% 

0.25% 

1,474,000 

1,500,000 

1,270,000 

1,575,000 

1,499,000 

775,000 

2,615,000 

3,455,000 

1,325,000 

1,825,000 

3,515,000 

4,933,000 

1,485,000 

4,300,000 

1,559,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Technology 



Equinix Inc 3% CV 15/Oct/2014 


First Data Corp 7.375% 15/Jun/2019 



IMS Health Inc 6% 01/Nov/2020 

J2 Global Inc 8% 01/Aug/2020 




Nuance Communications Inc 2.75% CV 15/Aug/2027 

Nuance Communications Inc 5.375% 15/Aug/2020 



827,336 

2,186,599 

1,013,861 

1,236,442 

1,136,984 

640,739 

2,077,679 

2,725,425 

1,095,457 

1,622,172 

2,872,734 

4,852,461 

1,177,052 

3,041,376 

990,339 

0.09% 

0.24% 

0.11% 

0.13% 

0.12% 

0.07% 

0.23% 

0.30% 

0.12% 

0.18% 

0.31% 

0.53% 

0.13% 

0.33% 

0.11% 

3,465,000 

4,000,000 

1,595,000 

610,000 

USD 

USD 

USD 

USD 


Advanced Micro Devices Inc 7.5% 15/Aug/2022 

Ciena Corp 0.875% CV 15/Jun/2017 

CommScope Inc 8.25% 15/Jan/2019 

CPI International Inc 8% 15/Feb/2018 

2,161,683 

2,603,535 

1,324,731 

451,693 

0.24% 

0.28% 

0.14% 

0.05% 







3,390,000 USD 

4,107,000 USD 

1,255,000 USD 

2,950,000 USD 

3,625,000 USD 

6,095,000 USD 

4,350,000 USD 

3,150,000 USD 

3,635,000 USD 

2,260,000 USD 

2,950,000 USD 




MEMC Electronic Materials Inc 7.75% 01/Apr/2019 

NCR Corp 5% 15/Jul/2022 




Seagate HDD Cayman 7% 01/Nov/2021 


ViaSat Inc 6.875% 15/Jun/2020 

Xilinx Inc 3.125% CV 15/Mar/2037 

Market Value 

2,661,294 

3,091,776 

799,606 

2,273,921 

3,400,843 

4,894,631 

3,796,434 

2,574,427 

3,043,182 

1,791,338 

2,809,537 

Net Assets % 

0.29% 

0.34% 

0.09% 

0.25% 

0.37% 

0.53% 

0.41% 

0.28% 

0.33% 

0.20% 

0.31% 

3,400,000 

5,588,000 

655,000 

1,840,000 

3,250,000 

2,360,000 

800,000 

1,057,000 

2,850,000 

1,565,000 

3,450,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 





Cincinnati Bell Inc 8.75% 15/Mar/2018 




Frontier Communications Corp 9.25% 01/Jul/2021 

GCI Inc 8.625% 15/Nov/2019 


TW telecom holdings inc 5.375% 01/Oct/2022 

Windstream Corp 7.5% 01/Jun/2022 

2,778,747 

4,588,145 

512,961 

1,479,369 

2,834,876 

2,076,456 

714,502 

851,837 

2,318,435 

1,243,430 

2,786,901 

0.30% 

0.50% 

0.06% 

0.16% 

0.31% 

0.23% 

0.08% 

0.09% 

0.25% 

0.14% 

0.30% 

2,800,000 

4,605,000 

2,550,000 

1,600,000 

USD 

USD 

USD 

USD 


Intelsat Jackson Holdings SA 7.25% 01/Apr/2019 




2,293,689 

3,711,175 

2,055,048 

1,331,917 

0.25% 

0.40% 

0.22% 

0.15% 

565,000 

2,219,000 

1,830,000 

4,225,000 

3,425,000 

3,000,000 

USD 

USD 

USD 

USD 

USD 

USD 

Utilities 

Electricity 

Energy Future Holdings Corp Floating 15/Jan/2020 


NRG Energy Inc 7.625% 15/Jan/2018 



NRG Energy Inc 8.5% 15/Jun/2019 

478,904 

1,506,375 

1,540,731 

3,428,967 

2,909,587 

2,503,034 

0.05% 

0.16% 

0.17% 

0.37% 

0.32% 

0.27% 

4,720,000 

501,000 

1,650,000 

549,000 

USD 

USD 

USD 

USD 


AmeriGas Finance LLC / AmeriGas Finance Corp 7% 20/May/2022 

AmeriGas Partners LP / AmeriGas Finance Corp 6.5% 20/May/2021 



4,000,759 

412,307 

1,239,002 

422,660 

0.44% 

0.04% 

0.14% 

0.05% 

Total Bonds 

813,833,534 

88.78% 

Equities 

56,465 

123,825 

USD 

USD 


Chemicals 

Georgia Gulf Corp 

LyondellBasell Industries NV - A 

1,767,958 

5,363,808 

0.19% 

0.58% 

38,720 

USD 


Freeport-McMoRan Copper & Gold Inc - B 

1,004,417 

0.11% 







105,936 CAD 


Mining 

Polymet Mining Corp 

Market Value 

73,868 

Net Assets % 

0.01% 

75,000 

23,210 

USD 

USD 



Goodyear Tire & Rubber Co - Pfd 

Lear Corp 

2,600,812 

824,251 

0.28% 

0.09% 

224,750 

USD 

Financials 



4,496,193 

0.49% 

900 

USD 



38,207 

0.00% 

29,598 

USD 

Health Care 


Alere Inc - Pfd 

4,731,325 

0.52% 

13,350 

USD 

Industrials 


BE Aerospace Inc 

497,688 

0.05% 

9,500 

7,700 

USD 

USD 


Arrow Electronics Inc 

Thermo Fisher Scientific Inc 

274,465 

372,502 

0.03% 

0.04% 

3,400 

USD 


Stanley Black & Decker Inc - Pfd 

311,323 

0.03% 

5,317 

USD 



6,049 

0.00% 

82,900 

USD 


DigitalGlobe Inc 

1,538,655 

0.17% 

189,664 

1,800 

USD 

USD 



Hercules Offshore Inc 

SandRidge Energy Inc - Pfd 

881,857 

140,953 

0.10% 

0.02% 

12,748 

USD 


Transocean Ltd/Switzerland 

431,831 

0.05% 

82,600 

USD 

Technology 


Ingram Micro Inc - A 

1,061,320 

0.12% 


26,417,482 

2.88% 

340,000 

1,198,000 

1,000,000 

USD 

USD 

USD 


Bear Stearns Asset Backed Securities Trust - 2 A3 - Libor 1M 25/Jan/2047 


Lease Investment Flight Trust - 1 A2 - Libor 1M 15/Jul/2031 

118,128 

151,525 

433,826 

0.01% 

0.02% 

0.05% 


703,479 

0.08% 


2,700,000 

USD 


Seneca Gaming Corp 8.25% 01/Dec/2018 

2,160,573 

0.24% 

1,875,000 

USD 



1,112,855 

0.12% 







1,875,000 USD 



Market Value 

483,541 

Net Assets % 

0.05% 




3,756,969 

844,711,464 

0.41% 

92.15% 


Bonds 

623,000 

USD 




66,156 

0.01% 

2,950,000 

USD 

Mining 

Molycorp Inc - 144A - 10% 01/Jun/2020 

2,080,931 

0.23% 

4,195,000 

USD 




0 

0.00% 

1,230,000 

4,610,000 

USD 

USD 


Media 


Truven Health Analytics Inc - 144A - 10.625% 01/Jun/2020 

1,025,078 

3,723,947 

0.11% 

0.42% 

1,150,000 

3,775,000 

1,600,000 

USD 

USD 

USD 


Buffalo Thunder Development Authority 0% 15/Dec/2014 Defaulted 



305,294 

171,799 

1,242,415 

0.03% 

0.02% 

0.14% 

400,000 

250,000 

350,000 

475,000 

450,000 

375,000 

400,000 

250,000 

1,000,000 

550,000 

600,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Financials 




Lakeside Re III Ltd Floating 08/Jan/2016 








Successor X Ltd Floating 17/Jan/2014 

308,040 

190,382 

265,473 

359,817 

341,323 

305,285 

311,650 

189,624 

758,495 

417,172 

424,788 

0.03% 

0.02% 

0.03% 

0.04% 

0.04% 

0.03% 

0.03% 

0.02% 

0.08% 

0.05% 

0.05% 

900,000 

USD 

Health Care 



12,800 

0.00% 

700,000 

USD 

Industrials 



580,059 

0.06% 

980,000 

USD 


Syncreon Global Ireland Ltd / Syncreon Global Finance US Inc 9.5% 01/May/2018 

773,058 

0.08% 

1,855,000 

USD 



Unit Corp 6.625% 15/May/2021 

1,443,942 

0.16% 







4,360,000 USD 

16,000 USD 



Basic Energy Services Inc 7.75% 15/Oct/2022 

Green Field Energy Services Inc 13.25% 15/Nov/2016 

Market Value 

3,224,363 

12,136 

Net Assets % 

0.35% 

0.00% 

5,045,000 

USD 



Millicom Escrow 0% 01/Dec/2013 

0 

0.00% 

Total Bonds 

18,534,027 

2.03% 

Equities 

3,400 

USD 

Industrials 


General Cable Corp - Pfd 

379,586 

0.04% 

3,800 

USD 



Petroquest Energy Inc - Pfd 

104,181 

0.01% 


483,767 

0.05% 

650 

26,230,639 

USD 

USD 

Warrants 

Green Field Energy - Green Field Wrt 2021 - 

Horizon Lines Inc - Horizon Lines - 06/Oct/2016 

15,284 

1,185,790 

0.00% 

0.13% 



1,201,074 

20,218,868 

0.13% 

2.21% 


864,930,332 

94.36% 


916,619,298 

100.00% 




31-Jan-13 EUR 

5,856,439 

31-Jan-13 EUR 

5,995,148 

31-Jan-13 EUR 

7,627,850 

12-Mar-13 USD 

2,968,652 



USD 

USD 

USD 

EUR 

Amount Sold 

7,772,519 

7,956,610 

10,123,492 

2,275,000 


(38,273) 

(39,180) 

(49,850) 

(24,224) 

(151,527) 









Underlying 

CDX NA HY 17 

CDX NA HY 18 

CDX NA HY 18 

CDX NA HY 18 

Goodyear Tire & Rubber 

Received Rate 

5.000% 

5.000% 

5.000% 

5.000% 

5.000% 


Unrealised 

Gain/(Loss) 

- USD 4,900,000 

88,019 

- USD 9,900,000 

98,407 

- USD 3,960,000 

39,363 

- USD 20,000,000 198,803 

- USD 1,600,000 

(3,335) 

421,257 




Pioneer Funds - Global High Yield 






Market Value 

Net Assets % 

Bonds 

2,180,000 

4,650,000 

1,750,000 

2,900,000 

5,420,000 

1,600,000 

250,000 

12,720,000 

2,570,000 

10,708,000 

3,600,000 

20,700,000 

850,000 

3,840,000 

3,285,000 

10,100,000 

1,679,000 

4,935,000 

8,020,000 

USD 

USD 

USD 

USD 

USD 

USD 

EUR 

EUR 

USD 

USD 

EUR 

USD 

USD 

EUR 

USD 

USD 

USD 

EUR 

USD 


Chemicals 

Basell Finance Co BV 8.1% 15/Mar/2027 

Braskem Finance Ltd - 144A - 7.375% Perpetual 



Hexion US Finance Corp 6.625% 15/Apr/2020 


INEOS Group Holdings SA - Reg.S - 7.875% 15/Feb/2016 



Kinove German Bondco GmbH 9.625% 15/Jun/2018 

Kloeckner Pentaplast GmbH & Co KG 11.625% 15/Jul/2017 



Momentive Performance Materials Inc 9.5% 15/Jan/2021 

NOVA Chemicals Corp 7.875% 15/Sep/2025 


Rhodia SA 6.875% 15/Sep/2020 

Styrolution Group GmbH 7.625% 15/May/2016 

Tronox Finance LLC 6.375% 15/Aug/2020 

2,207,448 

3,668,083 

1,359,197 

2,260,126 

4,182,987 

1,271,238 

248,220 

12,628,925 

1,939,586 

8,873,248 

3,996,000 

17,349,438 

694,687 

2,764,800 

2,525,917 

7,794,865 

1,435,410 

5,132,400 

6,143,962 

0.09% 

0.14% 

0.05% 

0.09% 

0.16% 

0.05% 

0.01% 

0.49% 

0.07% 

0.34% 

0.15% 

0.66% 

0.03% 

0.11% 

0.10% 

0.30% 

0.06% 

0.20% 

0.24% 

8,980,000 

4,452,433 

14,555,000 

7,926,000 

4,705,000 

117,000 

1,400,000 

4,450,000 

5,049,000 

USD 

USD 

USD 

USD 

USD 

USD 

EUR 

USD 

USD 



Bio Pappel SAB de CV - Regs - Floating 27/Aug/2016 

Exopack Holding Corp 10% 01/Jun/2018 

Grupo Papelero Scribe SA de CV - 144A - 8.875% 07/Apr/2020 

Millar Western Forest Products Ltd 8.5% 01/Apr/2021 

Resolute Forest Products 10.25% 15/Oct/2018 



Xerium Technologies Inc 8.875% 15/Jun/2018 

7,219,964 

3,140,748 

9,991,107 

5,591,004 

3,229,691 

101,612 

1,505,000 

3,333,112 

3,465,826 

0.28% 

0.12% 

0.39% 

0.22% 

0.12% 

0.00% 

0.06% 

0.13% 

0.13% 

2,420,000 

4,085,000 

5,000,000 

5,350,000 

7,624,000 

12,100,000 

5,820,000 

6,000,000 

2,960,000 

5,725,000 

9,150,000 

1,369,000 

1,570,000 

7,760,000 

245,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

EUR 


Algoma Acquisition Corp - Regs - 9.875% 15/Jun/2015 

APERAM 7.375% 01/Apr/2016 

Citic Pacific Ltd 6.875% 21/Jan/2018 

Essar Steel Algoma Inc - 144A - 9.875% 15/Jun/2015 


Ferrexpo Finance PLC 7.875% 07/Apr/2016 

JMC Steel Group 8.25% 15/Mar/2018 

Kaiser Aluminum Corp 8.25% 01/Jun/2020 

Metinvest BV - Regs - 10.25% 20/May/2015 

Metinvest BV - 144A - 10.25% 20/May/2015 

Metinvest BV - 144A - 8.75% 14/Feb/2018 


Taseko Mines Ltd 7.75% 15/Apr/2019 

United States Steel Corp 7.5% 15/Mar/2022 

Zlomrex International Finance SA - 144A - 8.5% 01/Feb/2014 

1,257,357 

2,889,307 

4,007,005 

2,779,695 

5,233,404 

8,902,458 

4,613,092 

4,960,558 

2,312,500 

4,472,656 

6,749,374 

1,072,127 

1,146,181 

6,224,363 

180,688 

0.05% 

0.11% 

0.15% 

0.11% 

0.20% 

0.34% 

0.18% 

0.19% 

0.09% 

0.17% 

0.26% 

0.04% 

0.04% 

0.24% 

0.01% 

12,830,000 

USD 

Mining 


9,348,315 

0.36% 







10,057,000 USD 

4,410,000 USD 

8,325,000 USD 

4,590,000 USD 

100,000 USD 

1,456,000 USD 

2,210,000 USD 

7,810,000 USD 

10,013,000 USD 

9,125,000 USD 

18,075,000 USD 

2,000,000 USD 

3,226,000 USD 

3,000,000 USD 

600,000 EUR 

9,000,000 USD 

2,580,000 USD 

2,565,000 USD 

2,300,000 USD 

10,590,000 USD 

2,480,000 USD 


Berau Capital Resources Pte Ltd 12.5% 08/Jul/2015 

Berau Coal Energy Tbk PT 7.25% 13/Mar/2017 

Bumi Capital Pte Ltd 12% 10/Nov/2016 

Bumi Investment Pte Ltd - 144A - 10.75% 06/Oct/2017 

FMG Resources August 2006 Pty Ltd 7% 01/Nov/2015 

Foresight Energy LLC / Foresight Energy Corp 9.625% 15/Aug/2017 

Glencore Finance Europe SA 7.5% Perpetual 

IAMGOLD Corp 6.75% 01/Oct/2020 


Midwest Vanadium Pty Ltd 11.5% 15/Feb/2018 

Mirabela Nickel Ltd 8.75% 15/Apr/2018 

Mongolian Mining Corp 8.875% 29/Mar/2017 


New Gold Inc - 144A - 7% 15/Apr/2020 

New World Resources NV 7.875% 01/May/2018 


01/Jun/2020 

Penn Virginia Resource Partners LP / Penn Virginia Resource Finance Corp 8.25% 15/Apr/2018 

Prince Mineral Holding Corp 11.5% 15/Dec/2019 




Market Value 

8,295,652 

3,294,789 

5,967,176 

3,081,121 

79,642 

1,181,675 

1,846,047 

5,775,751 

2,354,392 

4,083,548 

11,790,428 

1,630,765 

2,373,498 

2,429,081 

621,000 

7,355,507 

2,074,333 

2,013,634 

1,792,514 

8,936,116 

2,170,376 

Net Assets % 

0.32% 

0.13% 

0.23% 

0.12% 

0.00% 

0.05% 

0.07% 

0.22% 

0.09% 

0.16% 

0.46% 

0.06% 

0.09% 

0.09% 

0.02% 

0.28% 

0.08% 

0.08% 

0.07% 

0.35% 

0.08% 

2,500,000 

8,705,000 

18,125,000 

9,475,000 

650,000 

7,193,000 

10,400,000 

5,000,000 

7,435,000 

400,000 

6,863,000 

3,625,000 

USD 

USD 

USD 

USD 

EUR 

USD 

USD 

USD 

USD 

USD 

USD 

USD 



American Axle & Manufacturing Inc 6.625% 15/Oct/2022 





Ford Motor Co 4.25% CV 15/Nov/2016 


Hyva Global BV - 144A - 8.625% 24/Mar/2016 

International Automotive Components Group SA 9.125% 01/Jun/2018 

Stanadyne Holdings Inc Floating 15/Feb/2015 


UCI International Inc 8.625% 15/Feb/2019 

1,924,681 

7,196,943 

15,122,496 

7,114,874 

689,520 

8,610,022 

8,499,697 

3,602,852 

5,230,554 

206,311 

5,700,080 

2,725,486 

0.07% 

0.28% 

0.58% 

0.27% 

0.03% 

0.33% 

0.33% 

0.14% 

0.20% 

0.01% 

0.22% 

0.11% 

297,383 

22,877 

2,331,000 

EUR 

EUR 

USD 

Beverages 

Belvedere SA Floating 10/Nov/2019 

Belvedere SA Floating 11/Apr/2014 

CEDC Finance Corp International Inc 9.125% 01/Dec/2016 

47,670 

5,262 

1,060,831 

0.00% 

0.00% 

0.04% 

6,700,000 

3,225,000 

250,000 

3,325,000 

3,100,000 

6,400,000 

10,000,000 

7,825,000 

8,560,000 

4,250,000 

2,817,000 

1,000,000 

EUR 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Agrokor DD - 144A - 9.875% 01/May/2019 


Bertin SA / Bertin Finance Ltd - Regs - 10.25% 05/Oct/2016 

Bertin SA / Bertin Finance Ltd - 144A - 10.25% 05/Oct/2016 

BRF - Brasil Foods SA - 144A - 5.875% 06/Jun/2022 

CFG Investment SAC 9.75% 30/Jul/2019 

Corp Pesquera Inca SAC 9% 10/Feb/2017 

FAGE Dairy Industry SA / FAGE USA Dairy Industry Inc 9.875% 01/Feb/2020 

JBS Finance II Ltd - 144A - 8.25% 29/Jan/2018 

JBS USA LLC / JBS USA Finance Inc 8.25% 01/Feb/2020 

Marfrig Overseas Ltd - 144A - 9.625% 16/Nov/2016 


7,437,000 

2,657,127 

207,638 

2,761,586 

2,592,347 

3,665,049 

8,077,973 

6,306,176 

6,882,282 

3,433,139 

2,131,339 

908,298 

0.29% 

0.10% 

0.01% 

0.11% 

0.10% 

0.14% 

0.31% 

0.24% 

0.27% 

0.13% 

0.08% 

0.04% 







5,445,000 USD 

19,604,000 USD 

17,540,000 USD 

5,092,000 USD 



Minerva Overseas II Ltd 10.875% 15/Nov/2019 

Pilgrim’s Pride Corp 7.875% 15/Dec/2018 

Southern States Cooperative Inc 11.25% 15/May/2015 

Market Value 

4,966,332 

16,951,273 

13,486,934 

4,007,092 

Net Assets % 

0.19% 

0.64% 

0.52% 

0.15% 

6,180,000 

2,825,000 

3,300,000 

2,075,000 

2,274,000 

4,490,000 

4,305,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Beazer Homes USA Inc 9.125% 15/Jun/2018 



KB Home 8% 15/Mar/2020 

Lennar Corp 2.75% CV 15/Dec/2020 

Meritage Homes Corp 7% 01/Apr/2022 

Ryland Group Inc 5.375% 01/Oct/2022 

4,886,719 

2,241,851 

2,565,610 

1,794,220 

3,105,750 

3,703,637 

3,342,873 

0.19% 

0.09% 

0.10% 

0.07% 

0.12% 

0.14% 

0.13% 

4,000,000 

8,260,000 

4,000,000 

14,075,000 

1,900,000 

2,925,000 

2,000,000 

2,400,000 

EUR 

USD 

USD 

EUR 

USD 

EUR 

EUR 

EUR 

Leisure Goods 

Cirsa Funding Luxembourg SA 8.75% 15/May/2018 

Comstock Resources Inc 7.75% 01/Apr/2019 

Icon Health & Fitness Inc 11.875% 15/Oct/2016 


Nara Cable Funding Ltd 8.875% 01/Dec/2018 




3,977,000 

6,359,147 

2,836,772 

14,286,125 

1,466,361 

2,760,469 

2,329,580 

2,493,000 

0.15% 

0.25% 

0.11% 

0.55% 

0.06% 

0.11% 

0.09% 

0.10% 

7,850,000 

3,095,000 

7,220,000 

1,900,000 

2,600,000 

2,945,000 

6,315,000 

6,810,000 

6,437,000 

7,050,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 



Revlon Consumer Products Corp 9.75% 15/Nov/2015 

Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 9.875% 

15/Aug/2019 



Reynolds Group Issuer Inc Floating 15/Apr/2019 


Reynolds Group Issuer Inc 8.5% 15/May/2018 


YCC Holdings LLC / Yankee Finance Inc 10.25% 15/Feb/2016 

6,921,742 

2,470,788 

5,859,678 

1,487,978 

2,119,994 

2,323,119 

4,861,745 

5,294,486 

5,083,882 

5,521,716 

0.27% 

0.10% 

0.23% 

0.06% 

0.08% 

0.09% 

0.19% 

0.20% 

0.20% 

0.21% 

21,028,000 

1,597,000 

USD 

USD 

Tobacco 


Alliance One International Inc 5.5% CV 15/Jul/2014 

16,786,991 

1,178,763 

0.64% 

0.05% 

4,470,000 

USD 



Intcomex Inc 13.25% 15/Dec/2014 

3,500,731 

0.14% 

6,900,000 

9,045,000 

3,200,000 

1,400,000 

USD 

USD 

USD 

USD 



Grupo Famsa SAB de CV - 144A - 11% 20/Jul/2015 

Monitronics International Inc 9.125% 01/Apr/2020 

Stonemor Operating LLC / Cornerstone Family Services of WV / Osiris Holding 10.25% 

01/Dec/2017 

5,442,961 

7,306,527 

2,500,000 

1,093,750 

0.21% 

0.28% 

0.10% 

0.04% 

3,720,000 

3,675,000 

3,000,000 

10,621,000 

2,195,000 

6,325,000 

USD 

USD 

USD 

USD 

USD 

USD 

Media 

Cambium Learning Group Inc 9.75% 15/Feb/2017 

Cumulus Media Holdings Inc 7.75% 01/May/2019 

Good Sam Enterprises LLC 11.5% 01/Dec/2016 

MDC Partners Inc 11% 01/Nov/2016 - Issue 01/Nov/2012 

MPL 2 Acquisition Canco Inc 9.875% 15/Aug/2018 

Production Resource Group Inc 8.875% 01/May/2019 

2,341,930 

2,738,689 

2,446,147 

8,851,505 

1,556,679 

3,526,149 

0.09% 

0.11% 

0.09% 

0.34% 

0.06% 

0.14% 







3,895,000 USD 

7,405,000 USD 

3,600,000 EUR 

3,975,000 USD 


Sitel LLC / Sitel Finance Corp 11.5% 01/Apr/2018 

Townsquare Radio LLC / Townsquare Radio Inc - 144A - 9% 01/Apr/2019 

TVN Finance Corp II AB - 144A - 10.75% 15/Nov/2017 


Market Value 

2,082,809 

6,192,364 

3,969,000 

3,113,006 

Net Assets % 

0.08% 

0.24% 

0.15% 

0.12% 

16,465,000 

5,750,000 

9,500,000 

575,000 

18,500,000 

735,000 

14,000,000 

1,700,000 

3,500,000 

11,437,000 

7,640,000 

4,500,000 

3,615,000 

395,000 

7,260,000 

12,455,000 

USD 

BRL 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

EUR 

USD 

EUR 

USD 

USD 

USD 


AMC Entertainment Inc 9.75% 01/Dec/2020 

Arcos Dorados Holdings Inc 10.25% 13/Jul/2016 

Burger King Capital Holdings LLC / Burger King Capital Finance Inc Floating 15/Apr/2019 


Codere Finance Luxembourg SA 9.25% 15/Feb/2019 

Continental Airlines Inc 4.5% CV 15/Jan/2015 

Continental Airlines 1998-1 Class B Pass Through Trust 6.748% 15/Mar/2017 



Gol Finance 9.25% 20/Jul/2020 

Lottomatica Group SpA - 144A - Floating 31/Mar/2066 


Peermont Global Pty Ltd - 144A - 7.75% 30/Apr/2014 


TAM Capital 3 Inc 8.375% 03/Jun/2021 


14,424,358 

2,268,518 

6,070,806 

499,374 

10,664,442 

798,262 

1,711,647 

1,299,113 

2,760,922 

7,590,545 

8,014,360 

3,485,759 

3,509,567 

292,115 

6,071,109 

10,037,498 

0.56% 

0.09% 

0.23% 

0.02% 

0.41% 

0.03% 

0.07% 

0.05% 

0.11% 

0.29% 

0.31% 

0.13% 

0.14% 

0.01% 

0.23% 

0.39% 

3,100,000 

6,500,000 

5,200,000 

3,750,000 

5,850,000 

3,000,000 

9,725,000 

1,950,000 

7,000,000 

3,410,000 

3,835,000 

3,618,000 

485,000 

3,000,000 

2,020,000 

4,475,000 

7,100,000 

6,000,000 

2,700,000 

3,000,000 

8,850,000 

225,000 

12,900,000 

4,000,000 

5,200,000 

1,210,000 

17,645,000 

5,630,000 

2,500,000 

15,450,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

EUR 

USD 

USD 

USD 

TRY 

USD 

USD 

USD 

USD 

USD 

Financials 


ABN Amro North American Holding Preferred Capital Repackage Trust I Floating Perpetual 



Banco Continental SA via Continental Trustees Cayman Ltd Floating 07/Oct/2040 

Banco de Credito del Peru/Panama Floating 06/Nov/2069 

Banco de Galicia y Buenos Aires - Regs - 8.75% 04/May/2018 

Banco de Galicia y Buenos Aires - 144A - 8.75% 04/May/2018 

Banco do Estado do Rio Grande do Sul 7.375% 02/Feb/2022 

Banco GNB Sudameris SA 7.5% 30/Jul/2022 

Banco Industrial e Comercial SA - 144A - 8.5% 27/Apr/2020 

Banco Internacional del Peru SAA - 144A - Floating 23/Apr/2070 

Banco Internacional del Peru SAA 5.75% 07/Oct/2020 

Banco Macro SA Floating 18/Dec/2036 

Banco Macro SA 8.5% 01/Feb/2017 

Bank CenterCredit - 144A - 8.625% 30/Jan/2014 

BBVA Banco Continental SA 5% 26/Aug/2022 


BBVA Bancomer SA/Texas 6.75% 30/Sep/2022 

Capital One Capital V 10.25% 15/Aug/2039 






JPMorgan Chase & Co 0% 04/Oct/2017 



Societe Generale SA 8.75% Perpetual 



2,351,335 

5,203,747 

4,397,755 

3,114,571 

5,407,833 

1,871,587 

6,067,060 

1,626,972 

5,760,771 

2,573,536 

3,250,616 

3,011,798 

264,867 

1,956,917 

1,572,379 

3,623,379 

5,977,700 

5,119,842 

2,047,937 

2,275,485 

9,856,688 

181,754 

7,654,776 

3,031,435 

1,570,439 

1,002,215 

15,264,008 

4,447,546 

1,998,161 

12,943,792 

0.09% 

0.20% 

0.17% 

0.12% 

0.21% 

0.07% 

0.23% 

0.06% 

0.22% 

0.10% 

0.13% 

0.12% 

0.01% 

0.08% 

0.06% 

0.14% 

0.23% 

0.20% 

0.08% 

0.09% 

0.38% 

0.01% 

0.30% 

0.12% 

0.06% 

0.04% 

0.58% 

0.17% 

0.08% 

0.50% 







10,750,000 USD 

8,000,000 USD 


VTB Bank OJSC Via VTB Capital SA - 144A - 6% 12/Apr/2017 

VTB Bank OJSC Via VTB Capital SA 6.95% 17/Oct/2022 

Market Value 

8,834,667 

6,553,398 

Net Assets % 

0.34% 

0.25% 

3,000,000 

4,950,000 

750,000 

700,000 

250,000 

1,050,000 

5,370,000 

250,000 

600,000 

9,650,000 

900,000 

1,450,000 

6,810,000 

12,525,000 

1,000,000 

10,600,000 

250,000 

1,350,000 

1,000,000 

1,590,000 

4,450,000 

2,400,000 

800,000 

4,200,000 

500,000 

2,475,000 

5,000,000 

13,550,000 

9,750,000 

14,300,000 

3,050,000 

3,300,000 

1,050,000 

5,555,000 

6,400,000 

1,100,000 

3,700,000 

1,000,000 

400,000 

1,500,000 

750,000 

250,000 

2,700,000 

250,000 

1,100,000 

250,000 

1,100,000 

950,000 

400,000 

3,500,000 

USD 

USD 

USD 

USD 

EUR 

EUR 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Aircastle Ltd 7.625% 15/Apr/2020 










Combine Re Ltd - CLASS B - Floating 07/Jan/2015 


DFC Global Corp - 144A - 3.25% CV 15/Apr/2017 

Dubai Electricity & Water Authority - 144A - 7.375% 21/Oct/2020 

Embarcadero Reinsurance Ltd Floating 13/Feb/2015 



Ibis Re II Ltd Floating 05/Feb/2015 



Intercorp Retail Trust 8.875% 14/Nov/2018 

Kibou Ltd Floating 16/Feb/2015 





Magnesita Finance Ltd - 144A - 8.625% Perpetual 

Marfrig Holding Europe BV - 144A - 8.375% 09/May/2018 


Metalloinvest Finance Ltd 6.5% 21/Jul/2016 


Mythen Ltd - 12-H - Floating 07/May/2015 

Mythen Re Ltd Series 2012-2 Class A Floating 10/Nov/2016 

National Money Mart Co 10.375% 15/Dec/2016 




Queen Street V Re Ltd Floating 09/Apr/2015 








Successor X Ltd - II CL 144A - Floating 04/Apr/2013 

Successor X Ltd - II CN3 144A - Floating 04/Apr/2013 

Successor X Ltd - 30/DEC/2010 - Floating 17/Jan/2014 



2,542,855 

4,344,954 

590,915 

530,947 

251,188 

1,077,248 

4,032,388 

194,952 

459,211 

7,602,742 

724,639 

1,181,914 

5,620,549 

11,685,187 

769,493 

9,123,542 

189,605 

1,051,001 

766,437 

1,352,236 

3,839,408 

1,860,983 

606,129 

3,201,481 

381,713 

2,084,151 

4,025,068 

8,761,662 

9,657,115 

11,402,363 

2,241,000 

2,518,302 

789,172 

4,655,852 

5,169,903 

889,495 

2,821,306 

769,190 

313,137 

1,152,704 

576,489 

195,104 

2,132,721 

190,799 

746,738 

189,700 

836,097 

723,914 

300,819 

2,695,032 

0.10% 

0.17% 

0.02% 

0.02% 

0.01% 

0.04% 

0.16% 

0.01% 

0.02% 

0.29% 

0.03% 

0.05% 

0.22% 

0.45% 

0.03% 

0.35% 

0.01% 

0.04% 

0.03% 

0.05% 

0.15% 

0.07% 

0.02% 

0.12% 

0.01% 

0.08% 

0.16% 

0.34% 

0.37% 

0.44% 

0.09% 

0.10% 

0.03% 

0.18% 

0.20% 

0.03% 

0.11% 

0.03% 

0.01% 

0.04% 

0.02% 

0.01% 

0.08% 

0.01% 

0.03% 

0.01% 

0.03% 

0.03% 

0.01% 

0.10% 







9,140,000 USD 


Tarjeta Naranja SA - 144A - 9% 28/Jan/2017 

Market Value 

5,823,090 

Net Assets % 

0.22% 

3,750,000 

8,990,000 

1,114,000 

USD 

USD 

USD 





2,958,131 

6,827,395 

1,030,856 

0.11% 

0.26% 

0.04% 

6,400,000 

1,225,000 

2,400,000 

11,650,000 

3,080,000 

300,000 

8,750,000 

3,375,000 

4,906,000 

6,145,000 

6,910,000 

5,460,000 

1,500,000 

1,870,000 

4,270,000 

10,610,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

GBP 

GBP 

USD 

USD 

USD 









Ironshore Holdings US Inc 8.5% 15/May/2020 




Towergate Finance PLC - 144A - 10.5% 15/Feb/2019 

Towergate Finance PLC 8.5% 15/Feb/2018 

USI Holdings Corp 9.75% 15/May/2015 



4,781,553 

932,557 

1,834,587 

9,558,152 

2,582,285 

265,326 

6,802,753 

2,839,375 

3,697,920 

4,672,605 

5,408,815 

6,866,231 

1,927,937 

1,452,966 

4,355,410 

7,564,775 

0.18% 

0.04% 

0.07% 

0.37% 

0.10% 

0.01% 

0.26% 

0.11% 

0.14% 

0.18% 

0.21% 

0.27% 

0.07% 

0.06% 

0.17% 

0.29% 

5,975,000 

2,180,000 

11,150,000 

8,925,000 

3,300,000 

5,055,000 

550,000 

8,390,000 

59,000 

5,000,000 

660,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Alto Palermo SA - Regs - 7.875% 11/May/2017 

Alto Palermo SA - 144A - 7.875% 11/May/2017 

BR Malls International Finance Ltd - Regs - 8.5% Perpetual 

BR Malls International Finance Ltd - 144A - 8.5% Perpetual 

BR Malls International Finance Ltd 9.75% Perpetual 

Forest City Enterprises Inc 4.25% CV 15/Aug/2018 

Forest City Enterprises Inc 5% CV 15/Oct/2016 

Forest City Enterprises Inc 6.5% 01/Feb/2017 


IRSA Inversiones y Representaciones SA 11.5% 20/Jul/2020 

IRSA Inversiones y Representaciones SA 8.5% 02/Feb/2017 

3,954,177 

1,446,829 

9,260,657 

7,412,678 

2,503,034 

4,013,921 

566,572 

6,236,499 

44,751 

3,455,894 

459,932 

0.15% 

0.06% 

0.36% 

0.29% 

0.10% 

0.15% 

0.02% 

0.24% 

0.00% 

0.13% 

0.02% 

13,625,000 

8,200,000 

1,700,000 

USD 

USD 

USD 





9,869,444 

6,981,239 

1,374,867 

0.38% 

0.27% 

0.05% 

6,913,000 

5,119,000 

5,825,000 

9,300,000 

4,180,000 

17,345,000 

4,900,000 

3,000,000 

4,545,000 

6,003,000 

6,115,000 

11,180,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

EUR 

USD 

USD 

USD 

USD 

Health Care 


Accellent Inc 10% 01/Nov/2017 


Aviv Healthcare Properties LP / Aviv Healthcare Capital Corp 7.75% 15/Feb/2019 

Capella Healthcare Inc 9.25% 01/Jul/2017 

CHS/Community Health Systems Inc 7.125% 15/Jul/2020 

CHS/Community Health Systems Inc 8% 15/Nov/2019 



ExamWorks Group Inc 9% 15/Jul/2019 



Kindred Healthcare Inc 8.25% 01/Jun/2019 

4,312,760 

4,076,873 

4,683,328 

7,565,420 

3,384,519 

14,241,475 

4,116,164 

3,045,000 

3,688,676 

4,302,818 

5,171,591 

8,289,176 

0.17% 

0.16% 

0.18% 

0.29% 

0.13% 

0.55% 

0.16% 

0.12% 

0.14% 

0.17% 

0.20% 

0.32% 







4,900,000 USD 

3,702,743 USD 

10,955,000 USD 

368,000 USD 


Surgical Care Affiliates Inc 10% 15/Jul/2017 

Surgical Care Affiliates Inc 8.875% 15/Jul/2015 

Vanguard Health Holding Co II LLC / Vanguard Holding Co II Inc - 144A - 7.75% 01/Feb/2019 

Vanguard Health Systems Inc 0% 01/Feb/2016 

Market Value 

3,893,166 

2,843,619 

8,600,140 

209,345 

Net Assets % 

0.15% 

0.11% 

0.33% 

0.01% 

2,515,000 

7,350,000 

5,335,000 

14,920,000 

5,030,000 

5,750,000 

5,225,000 

13,940,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Corsicanto Ltd 3.5% CV 15/Jan/2032 


KV Pharmaceutical 0% 15/Mar/2015 

Lantheus Medical Imaging Inc 9.75% 15/May/2017 

Sky Growth Acquisition Corp 7.375% 15/Oct/2020 

STHI Holding Corp 8% 15/Mar/2018 

Valeant Pharmaceuticals International 6.375% 15/Oct/2020 

VPI Escrow Corp 6.375% 15/Oct/2020 

2,346,367 

8,679,484 

3,237,257 

10,524,575 

3,796,154 

4,721,158 

4,250,465 

11,339,995 

0.09% 

0.34% 

0.13% 

0.41% 

0.15% 

0.18% 

0.16% 

0.44% 

7,470,000 

3,000,000 

3,250,000 

USD 

EUR 

USD 

Industrials 


ADS Tactical Inc 11% 01/Apr/2018 

Heckler & Koch GmbH 9.5% 15/May/2018 

Silver II Borrower 7.75% 15/Dec/2020 

5,779,278 

2,595,000 

2,551,388 

0.22% 

0.10% 

0.10% 

7,085,000 

4,443,000 

5,274,000 

9,275,000 

3,900,000 

11,450,000 

10,050,000 

2,500,000 

10,285,000 

3,500,000 

13,825,000 

3,200,000 

2,430,000 

1,495,000 

6,520,000 

7,125,000 

1,175,000 

5,139,000 

3,950,000 

6,400,000 

1,155,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Calcipar SA 6.875% 01/May/2018 


Cemex Finance LLC - 144A - 9.5% 14/Dec/2016 



Cemex SAB de CV 3.75% CV 15/Mar/2018 

China Liansu Group Holdings Ltd 7.875% 13/May/2016 

Corp GEO SAB de CV 8.875% 27/Mar/2022 

Desarrolladora Homex SAB de CV 9.5% 11/Dec/2019 


Empresas ICA SAB de CV 8.9% 04/Feb/2021 



MasTec Inc 4.25% CV 15/Dec/2014 

New Enterprise Stone & Lime Co Inc 11% 01/Sep/2018 




Urbi Desarrollos Urbanos SAB de CV 9.75% 03/Feb/2022 

USG Corp - 144A - 7.875% 30/Mar/2020 

USG Corp 8.375% 15/Oct/2018 

5,481,417 

3,757,543 

4,350,330 

7,615,433 

3,009,898 

9,732,370 

7,994,491 

2,019,493 

8,386,207 

2,860,475 

11,429,953 

2,690,515 

2,982,436 

1,892,279 

3,709,041 

5,728,535 

955,846 

3,683,522 

2,838,763 

5,424,757 

976,809 

0.21% 

0.15% 

0.17% 

0.29% 

0.12% 

0.38% 

0.31% 

0.08% 

0.32% 

0.11% 

0.44% 

0.10% 

0.12% 

0.07% 

0.14% 

0.22% 

0.04% 

0.14% 

0.11% 

0.21% 

0.04% 

6,560,000 

2,339,000 

3,195,000 

9,455,000 

9,006,000 

700,000 

7,100,000 

2,913,000 

3,664,000 

11,448,000 

USD 

USD 

USD 

USD 

USD 

EUR 

USD 

USD 

USD 

USD 




SunPower Corp 4.5% CV 15/Mar/2015 


Suntech Power Holdings Co Ltd 3% CV 15/Mar/2013 




WESCO International Inc 6% CV 15/Sep/2029 


5,348,908 

1,894,982 

2,247,696 

6,759,206 

3,108,108 

752,066 

5,277,609 

2,238,662 

6,685,536 

9,204,248 

0.21% 

0.07% 

0.09% 

0.26% 

0.12% 

0.03% 

0.20% 

0.09% 

0.26% 

0.36% 







5,885,000 USD 

5,595,000 USD 

11,483,339 USD 

4,345,000 EUR 

900,000 USD 

2,850,000 EUR 

3,755,000 USD 

7,300,000 USD 

2,500,000 USD 

6,115,000 USD 

3,475,000 EUR 

4,490,000 EUR 

8,180,000 USD 

4,725,000 USD 

490,000 USD 

3,950,000 USD 




AGY Holding Corp 11% 15/Nov/2014 


Ardagh Glass Finance PLC - 144A - 9.25% 01/Jul/2016 

Ardagh Packaging Finance PLC / Ardagh MP Holdings USA Inc 7.375% 15/Oct/2017 


BWAY Holding Co 10% 15/Jun/2018 


Grupo KUO SAB De CV 6.25% CV 04/Dec/2022 

JB Poindexter & Co Inc 9% 01/Apr/2022 

Mark IV Europe Lux SCA / Mark IV USA SCA 8.875% 15/Dec/2017 

Nordenia International AG - 144A - 9.75% 15/Jul/2017 

Packaging Dynamics Corp 8.75% 01/Feb/2016 


Plastipak Holdings Inc 10.625% 15/Aug/2019 

Pretium Packaging LLC / Pretium Finance Inc 11.5% 01/Apr/2016 

Market Value 

4,776,206 

2,015,796 

9,232,660 

4,703,463 

744,937 

3,117,188 

3,161,446 

3,432,949 

2,028,975 

4,817,928 

3,365,972 

5,201,216 

6,483,692 

3,807,883 

424,625 

3,089,683 

Net Assets % 

0.18% 

0.08% 

0.36% 

0.18% 

0.03% 

0.12% 

0.12% 

0.13% 

0.08% 

0.19% 

0.13% 

0.20% 

0.25% 

0.15% 

0.02% 

0.12% 

17,750,000 

2,760,000 

3,700,000 

6,900,000 

6,350,000 

4,825,000 

11,075,000 

2,150,000 

5,200,000 

3,950,000 

8,180,000 

14,025,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Abengoa Finance SAU 8.875% 01/Nov/2017 

Altra Holdings Inc 2.75% CV 01/Mar/2031 


Lonking Holdings Ltd 8.5% 03/Jun/2016 

Mcron Finance Sub LLC / Mcron Finance Corp - 144A - 8.375% 15/May/2019 






Thermadyne Holdings Corp 9% 15/Dec/2017 

WPE International Cooperatief UA - 144A - 10.375% 30/Sep/2020 

12,655,492 

2,266,156 

2,595,950 

5,403,709 

4,936,855 

3,344,087 

8,106,322 

920,745 

4,067,430 

3,153,349 

6,607,782 

9,148,589 

0.49% 

0.09% 

0.10% 

0.21% 

0.19% 

0.13% 

0.31% 

0.04% 

0.16% 

0.12% 

0.26% 

0.35% 

5,825,000 

8,500,000 

11,900,000 

10,450,000 

9,520,000 

1,090,000 

8,910,000 

3,836,000 

2,173,313 

200,000 

19,000,000 

2,000,000 

7,600,000 

8,490,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

NOK 

USD 

USD 

USD 


Aeropuertos Argentina 2000 SA 10.75% 01/Dec/2020 

Aeropuertos Dominicanos Siglo XXI SA 9.25% 13/Nov/2019 

Aguila 3 SA - 144A - 7.875% 31/Jan/2018 





DryShips Inc 5% CV 01/Dec/2014 

Florida East Coast Holdings Corp 10.5% 01/Aug/2017 

Florida East Coast Railway Corp 8.125% 01/Feb/2017 

Golar LNG Partners LP Floating 12/Oct/2017 

Grupo Senda Autotransporte SA de CV - 144A - 10.5% 03/Oct/2015 

Inversiones Alsacia SA 8% 18/Aug/2018 


3,597,326 

6,761,510 

9,567,658 

8,206,310 

6,029,430 

849,496 

6,656,819 

2,314,940 

1,631,963 

160,801 

2,596,018 

1,570,085 

5,379,830 

6,318,881 

0.14% 

0.26% 

0.37% 

0.32% 

0.23% 

0.03% 

0.26% 

0.09% 

0.06% 

0.01% 

0.10% 

0.06% 

0.21% 

0.24% 

3,385,000 

343 

5,195,000 

2,867,000 

3,900,000 

15,912,000 

160,000 

USD 

USD 

USD 

USD 

USD 

USD 

EUR 


Brickman Group Holdings Inc 9.125% 01/Nov/2018 



DynCorp International Inc 10.375% 01/Jul/2017 

FTI Consulting Inc 6% 15/Nov/2022 

Marfrig Overseas Ltd 9.5% 04/May/2020 

New Reclamation Group Pty Ltd - 144A - 8.125% 01/Feb/2013 

2,689,463 

265 

4,107,849 

1,989,764 

3,061,666 

10,409,663 

103,302 

0.10% 

0.00% 

0.16% 

0.08% 

0.12% 

0.40% 

0.00% 








Market Value 

Net Assets % 

18,100,000 

6,600,000 

3,790,000 

42,000,000 

9,500,000 

USD 

USD 

USD 

CNY 

USD 



Inkia Energy Ltd 8.375% 04/Apr/2021 

JA Solar Holdings Co Ltd 4.5% CV 15/May/2013 

JinkoSolar Holding Co Ltd 4% CV 15/May/2016 

LDK Solar Co Ltd 10% 28/Feb/2014 

ReneSola Ltd 4.125% CV 15/Mar/2018 

15,341,891 

4,780,795 

1,209,169 

2,969,485 

3,701,930 

0.58% 

0.18% 

0.05% 

0.11% 

0.14% 

19,400,000 

3,300,000 

2,150,000 

1,950,000 

1,860,000 

6,250,000 

2,100,000 

885,000 

3,820,000 

14,775,000 

11,135,000 

6,330,000 

7,980,000 

7,946,000 

15,900,000 

1,920,000 

3,685,000 

8,080,000 

6,000,000 

7,000,000 

5,630,000 

8,070,000 

4,960,000 

1,550,000 

1,000,000 

3,443,000 

24,300,000 

6,505,000 

8,150,000 

4,400,000 

10,000,000 

23,000,000 

15,000,000 

7,300,000 

8,247,000 

3,385,000 

4,020,000 

6,820,000 

2,592,000 

1,850,000 

4,815,000 

3,920,000 

3,000,000 

4,615,000 

3,375,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

CAD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

NOK 

NOK 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Berry Petroleum Co 6.375% 15/Sep/2022 

Carrizo Oil & Gas Inc 7.5% 15/Sep/2020 



Chaparral Energy Inc 8.25% 01/Sep/2021 



Chesapeake Energy Corp 6.775% 15/Mar/2019 



Comstock Resources Inc 9.5% 15/Jun/2020 

Connacher Oil and Gas Ltd 8.75% 01/Aug/2018 

Continental Resources Inc/OK 5% 15/Sep/2022 





EPL Oil & Gas Inc 8.25% 15/Feb/2018 

EV Energy Partners LP / EV Energy Finance Corp 8% 15/Apr/2019 

Fideicomiso Financiero Chubut Regalias Hidrocarburiferas I 7.75% 01/Jul/2020 

Goodrich Petroleum Corp 8.875% 15/Mar/2019 

Gulfport Energy Corp 7.75% 01/Nov/2020 

Halcon Resources Corp 8.875% 15/May/2021 

Hercules Offshore Inc - 144A - 7.125% 01/Apr/2017 

Hercules Offshore Inc 10.5% 15/Oct/2017 



Midstates Petroleum Co Inc / Midstates Petroleum Co LLC 10.75% 01/Oct/2020 


National JSC Naftogaz of Ukraine 9.5% 30/Sep/2014 

Norwegian Energy Co AS Nibor 3M 27/Apr/2016 

Norwegian Energy Co AS 12.9% 20/Nov/2014 

Ocean Rig UDW Inc 9.5% 27/Apr/2016 



PetroBakken Energy Ltd 8.625% 01/Feb/2020 

Petroquest Energy Inc 10% 01/Sep/2017 

QR Energy LP / QRE Finance Corp 9.25% 01/Aug/2020 

Quicksilver Resources Inc 7.125% 01/Apr/2016 



SandRidge Energy Inc 7.5% 15/Mar/2021 

SandRidge Energy Inc 9.875% 15/May/2016 

Shelf Drilling Holdings Ltd 8.625% 01/Nov/2018 

Stone Energy Corp 1.75% CV 01/Mar/2017 

15,303,397 

2,562,481 

1,761,226 

1,553,019 

1,530,719 

3,833,956 

1,409,663 

672,946 

3,172,709 

11,213,770 

9,079,282 

3,351,375 

6,521,883 

6,780,378 

13,597,731 

1,580,097 

2,770,598 

6,297,178 

4,829,718 

3,886,234 

4,078,163 

6,289,385 

3,987,864 

1,231,512 

817,279 

2,846,534 

18,523,588 

5,242,387 

6,707,183 

3,424,985 

1,308,401 

3,129,476 

11,604,976 

5,592,385 

6,818,287 

2,606,019 

3,155,871 

5,431,584 

1,572,816 

1,248,862 

3,880,414 

3,181,432 

2,451,836 

3,587,966 

2,236,731 

0.58% 

0.10% 

0.07% 

0.06% 

0.06% 

0.15% 

0.05% 

0.03% 

0.12% 

0.43% 

0.35% 

0.13% 

0.25% 

0.26% 

0.53% 

0.06% 

0.11% 

0.24% 

0.19% 

0.15% 

0.16% 

0.24% 

0.15% 

0.05% 

0.03% 

0.11% 

0.71% 

0.20% 

0.26% 

0.13% 

0.05% 

0.12% 

0.45% 

0.22% 

0.26% 

0.10% 

0.12% 

0.21% 

0.06% 

0.05% 

0.15% 

0.12% 

0.09% 

0.14% 

0.09% 







6,255,000 USD 

2,199,000 USD 

9,680,000 USD 

4,746,000 USD 

26,500,000 NOK 

14,500,000 NOK 

3,515,000 USD 

4,500,000 USD 

3,800,000 USD 

4,565,000 USD 

2,330,000 USD 





Tesoro Corp 9.75% 01/Jun/2019 

Transocean Norway Drilling AS Nibor 3M 24/Feb/2016 

Transocean Norway Drilling AS 11% 24/Feb/2016 

Unit Corp 6.625% 15/May/2021 


Vantage Drilling Co 7.875% CV 01/Sep/2042 

Venoco Inc 8.875% 15/Feb/2019 

W&T Offshore Inc 8.5% 15/Jun/2019 

Market Value 

4,934,163 

1,790,941 

7,819,478 

4,103,792 

3,801,348 

2,094,805 

2,736,096 

3,583,890 

3,166,907 

3,246,122 

1,899,841 

Net Assets % 

0.19% 

0.07% 

0.30% 

0.16% 

0.15% 

0.08% 

0.11% 

0.14% 

0.12% 

0.13% 

0.07% 

8,525,000 

3,405,000 

1,750,000 

2,935,000 

2,920,000 

718,000 

2,460,000 

8,310,000 

12,500,000 

5,110,000 

1,375,000 

6,195,000 

1,210,000 

4,240,000 

5,455,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Basic Energy Services Inc 7.75% 15/Feb/2019 

Cie Generale de Geophysique - Veritas 9.5% 15/May/2016 

Copano Energy LLC / Copano Energy Finance Corp 7.125% 01/Apr/2021 


Enterprise Products Operating LLC 8.375% 01/Aug/2066 

Expro Finance Luxembourg SCA 8.5% 15/Dec/2016 


Forbes Energy Services Ltd 9% 15/Jun/2019 





Pioneer Drilling Co 9.875% 15/Mar/2018 

Transportadora de Gas del Sur SA - 144A - 7.875% 14/May/2017 


6,466,171 

2,769,920 

1,425,260 

2,400,587 

2,527,647 

569,107 

1,987,181 

5,609,754 

9,282,084 

4,147,224 

1,134,187 

4,675,383 

998,085 

2,669,296 

4,396,190 

0.25% 

0.11% 

0.06% 

0.09% 

0.10% 

0.02% 

0.08% 

0.22% 

0.36% 

0.16% 

0.04% 

0.18% 

0.04% 

0.10% 

0.17% 

5,475,000 

4,124,000 

4,645,000 

2,824,000 

3,525,000 

4,575,000 

7,550,000 

3,835,000 

10,900,000 

3,190,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Technology 




First Data Corp 7.375% 15/Jun/2019 








3,073,043 

3,292,256 

3,646,522 

2,141,990 

2,914,328 

3,782,426 

6,710,904 

3,134,263 

7,709,534 

2,026,415 

0.12% 

0.13% 

0.14% 

0.08% 

0.11% 

0.15% 

0.26% 

0.12% 

0.30% 

0.08% 

7,555,000 

2,390,000 

5,155,000 

4,753,000 

3,290,000 

7,415,000 

2,757,000 

7,095,000 

7,350,000 

2,060,000 

1,920,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Amkor Technology Inc 6.625% 01/Jun/2021 

CPI International Inc 8% 15/Feb/2018 



MEMC Electronic Materials Inc 7.75% 01/Apr/2019 




Seagate HDD Cayman 7% 01/Nov/2021 


ViaSat Inc 6.875% 15/Jun/2020 

5,716,105 

1,769,749 

4,046,894 

3,578,089 

2,096,177 

6,956,484 

2,214,027 

6,192,115 

6,006,997 

1,724,609 

1,521,845 

0.22% 

0.07% 

0.16% 

0.14% 

0.08% 

0.27% 

0.09% 

0.24% 

0.23% 

0.07% 

0.06% 








Market Value 

Net Assets % 

5,932,000 

15,024,000 

7,831,000 

2,650,000 

9,650,000 

8,200,000 

7,625,000 

7,470,000 

2,600,000 

6,740,000 

760,000 

9,440,000 

450,000 

3,800,000 

2,850,000 

3,850,000 

14,350,000 

1,475,000 

9,730,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

EUR 

EUR 

EUR 

USD 

USD 

EUR 





Cincinnati Bell Inc 8.75% 15/Mar/2018 

Digicel Group Ltd - 144A - 10.5% 15/Apr/2018 

Digicel Ltd - 144A - 8.25% 01/Sep/2017 




Frontier Communications Corp 9.25% 01/Jul/2021 

GCI Inc 6.75% 01/Jun/2021 

GCI Inc 8.625% 15/Nov/2019 


PAETEC Holding Corp 9.875% 01/Dec/2018 


Telenet Finance IV Luxembourg S.C.A. Euribor 3M 15/Jun/2021 

Telenet Finance Luxembourg SCA - 144A - 6.375% 15/Nov/2020 



Ziggo Bond Co BV - 144A - 8% 15/May/2018 

4,848,096 

12,335,771 

6,132,818 

2,211,013 

7,831,842 

6,592,840 

6,651,054 

6,572,512 

2,322,133 

5,010,012 

612,485 

7,679,308 

390,815 

4,028,000 

2,764,500 

4,085,813 

11,809,580 

1,258,628 

10,703,000 

0.19% 

0.48% 

0.24% 

0.09% 

0.30% 

0.25% 

0.26% 

0.25% 

0.09% 

0.19% 

0.02% 

0.30% 

0.02% 

0.16% 

0.11% 

0.16% 

0.46% 

0.05% 

0.41% 

5,700,000 

7,070,000 

20,275,000 

9,714 

1,305,000 

3,750,000 

4,615,000 

3,745,000 

150,000 

9,300,000 

2,100,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Digicel Group Ltd 8.25% 30/Sep/2020 

Intelsat Jackson Holdings SA 7.25% 01/Apr/2019 




NII Capital Corp 7.625% 01/Apr/2021 






4,755,765 

5,791,566 

16,339,644 

7,829 

1,051,701 

2,168,822 

2,782,862 

3,117,519 

128,428 

8,103,288 

1,724,338 

0.18% 

0.22% 

0.62% 

0.00% 

0.04% 

0.08% 

0.11% 

0.12% 

0.00% 

0.31% 

0.07% 

3,855,000 

4,375,000 

4,360,000 

6,863,000 

1,550,000 

1,860,000 

6,600,000 

17,675,000 

14,300,000 

2,942,000 

6,300,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Utilities 

Electricity 

Cia de Transporte de Energia Electrica en Alta Tension Transener SA 9.75% 15/Aug/2021 


Dubai Electricity & Water Authority 8.5% 22/Apr/2015 

Empresa Distribuidora Y Comercializadora Norte - 144A - 9.75% 25/Oct/2022 

Energy Future Holdings Corp Floating 15/Jan/2020 


NRG Energy Inc 7.625% 15/Jan/2018 




Star Energy Geothermal Wayang Windu Ltd 11.5% 12/Feb/2015 

1,052,640 

4,077,504 

3,736,954 

2,290,443 

1,313,808 

1,262,667 

5,556,735 

14,344,849 

12,148,058 

2,298,438 

5,094,857 

0.04% 

0.16% 

0.14% 

0.09% 

0.05% 

0.05% 

0.21% 

0.55% 

0.47% 

0.09% 

0.20% 

9,750,000 

930,000 

2,250,000 

2,200,000 

USD 

USD 

USD 

USD 


AmeriGas Finance LLC / AmeriGas Finance Corp 7% 20/May/2022 

AmeriGas Partners LP / AmeriGas Finance Corp 6.5% 20/May/2021 



8,264,279 

765,360 

1,689,548 

1,428,815 

0.32% 

0.03% 

0.07% 

0.06% 







1,471,000 USD 



Market Value 

1,132,483 

Net Assets % 

0.04% 

Total Bonds 

2,206,501,623 

85.20% 

Equities 

11,175 

USD 



Vale SA - Adr Pfd 

172,067 

0.01% 

7,195 

453 

9,305 

USD 

USD 

USD 

Financials 


Ally Financial Inc 

BTA Bank JSC - Gdr 144A 


5,354,194 

377 

8,650,214 

0.21% 

0.00% 

0.33% 

344,000 

USD 



6,881,826 

0.27% 

92,120 

USD 



3,910,684 

0.15% 

50,000 

USD 


Health Care REIT Inc - Pfd 

2,163,607 

0.08% 

33,512 

33,512 

CAD 

CAD 

Industrials 


Ainsworth Lumber Co Ltd - Regs 

Ainsworth Lumber Co Ltd - 21/Dec/2012 

68,928 

38,294 

0.00% 

0.00% 

15,800 

USD 


Stanley Black & Decker Inc - Pfd 

1,446,735 

0.06% 

6,574 

USD 



7,480 

0.00% 

1,958 

USD 



Rowan Cos Plc 

46,455 

0.00% 

198,292 

NOK 


Sevan Marine ASA 

545,916 

0.02% 


29,286,777 

1.13% 

44,559 

NOK 

Warrants 

NORDEA BANK AB - Norse Energy Corp ASA - CW15 - 16/Jun/2015 

972 

0.00% 


972 

0.00% 

10,000,000 

5,590,000 

9,375,960 

2,900,000 

19,000,000 

6,827,000 

190,000 

2,750,000 

800,000 

886,000 

2,350,000 

505,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


ACE Securities Corp - HE1 A2A - Libor 1M 25/Jan/2037 

Aircraft Finance Trust - 1A A1 - Libor 1M 15/May/2024 

American Home Mortgage Investment Trust Floating 25/Jun/2045 

Amortizing Residential Collateral Trust - BC1 M1 - Floating 25/Jan/2032 

Bayview Commercial Asset Trust - SP1 IO - Floating 25/Apr/2036 


Bear Stearns Asset Backed Securities Trust - 2 A3 - Libor 1M 25/Jan/2047 

Bear Stearns Commercial Mortgage Securities - TOP2 D - 6.94% 15/Feb/2035 

CarNow Auto Receivables Trust - 1A D - 6.9% 15/Nov/2016 

Carrington Mortgage Loan Trust - FRE1 A2 - Libor 1M 25/Dec/2036 

Carrington Mortgage Loan Trust - FRE1 A2 - Libor 1M 25/Jul/2036 

Carrington Mortgage Loan Trust - HE1 A1 - Libor 1M 25/Feb/2032 

328,029 

1,396,587 

784,978 

152,081 

89,173 

4,507,443 

66,013 

2,083,033 

608,987 

532,618 

505,957 

87,127 

0.01% 

0.05% 

0.03% 

0.01% 

0.00% 

0.17% 

0.00% 

0.08% 

0.02% 

0.02% 

0.02% 

0.00% 







420,000 USD 

1,250,000 USD 

6,200,000 USD 

1,050,000 USD 

800,000 USD 

500,000 USD 

3,945,000 USD 

12,214,751 USD 

4,000,000 USD 

1,900,000 USD 

750,000 USD 

17,875,000 USD 

375,000 USD 

950,000 USD 

3,450,000 USD 

9,266,200 USD 

4,600,000 USD 

6,573,000 USD 

4,595,000 USD 

775,000 USD 

2,100,000 USD 

2,750,000 USD 

600,000 USD 

1,000,000 USD 

4,450,000 USD 

390,000 USD 

1,500,000 USD 

15,000,000 USD 

7,572,000 USD 



Chaseflex Trust - 2 4A1 - 5% 25/May/2020 

Citigroup Mortgage Loan Trust Inc - AHL3 A3A - Libor 1M 25/May/2037 

COMM 2012-CCRE2 Mortgage Trust Floating 15/Aug/2045 

Commercial Mortgage Pass Through Certificates - C1 G - 6.85% 15/Aug/2033 

Countrywide Asset-Backed Certificates - AB1 M1 - Libor 1M 25/Nov/2034 


Countrywide Asset-Backed Certificates - SD1 A1 - Libor 1M 25/Mar/2047 

Credit Suisse Mortgage Capital Certificates - 3 4A1 - 5% 25/Apr/2037 

Credit-Based Asset Servicing and Securitization LLC - CB4 A1A - Libor 1M 25/Apr/2037 

First Horizon Asset Securities Inc - 6 B1 - Floating 25/Nov/2034 

Government National Mortgage Association - 148 IX - Floating 16/Oct/2052 

GSAMP Trust - HE8 A2B - Libor 1M 25/Jan/2037 

GSR Mortgage Loan Trust Floating 25/Feb/2034 



JP Morgan Mortgage Trust Floating 25/Feb/2035 




Mid-State Trust 7% 15/Dec/2045 


RAMP Trust - RZ3 A2 - Libor 1M 25/Oct/2035 

Security National Mortgage Loan Trust - 1A 1A3 - 6.55% 25/Apr/2037 

Structured Asset Securities Corp 6% 25/Aug/2035 


Velocity Commercial Capital Loan Trust Libor 1M 25/Aug/2040 

WaMu Mortgage Pass Through Certificates Floating 25/Dec/2036 

Wells Fargo Commercial Mortgage Trust 4% 15/Nov/2043 

Market Value 

119,138 

189,022 

985,344 

736,036 

130,077 

300,572 

498,969 

2,280,266 

560,941 

304,176 

280,021 

718,049 

118,654 

428,712 

208,553 

591,849 

1,591,460 

2,851,539 

1,993,431 

8,438 

1,480,307 

1,947,155 

182,498 

728,806 

1,221,219 

306,846 

798,777 

1,361,756 

4,581,950 

Net Assets % 

0.00% 

0.01% 

0.04% 

0.03% 

0.01% 

0.01% 

0.02% 

0.09% 

0.02% 

0.01% 

0.01% 

0.03% 

0.00% 

0.02% 

0.01% 

0.02% 

0.06% 

0.11% 

0.08% 

0.00% 

0.06% 

0.08% 

0.01% 

0.03% 

0.05% 

0.01% 

0.03% 

0.05% 

0.18% 


38,646,587 

1.49% 


1,000,000 

4,600,000 

800,000 

13,150,000 

1,700,000 

14,700,000 

5,100,000 

TRY 

TRY 

TRY 

TRY 

TRY 

BRL 

BRL 


European Bank for Reconstruction & Development 0.5% 26/Feb/2015 

European Investment Bank 0% 02/Mar/2015 

European Investment Bank 10% 20/Jan/2014 

European Investment Bank 8% 02/Apr/2014 

International Bank for Reconstruction & Development 9% 25/Jan/2013 

International Finance Corp/US 5% 21/Dec/2015 

International Finance Corp/US 7.45% 14/Aug/2014 

377,896 

1,755,368 

357,412 

5,788,358 

723,321 

5,318,455 

1,936,638 

0.01% 

0.07% 

0.01% 

0.22% 

0.03% 

0.21% 

0.07% 

2,300,000 

6,750,000 

3,285,000,000 

9,992,000,000 

24,000,000,000 

155,989,000,000 

1,250,000 

114,000 

707,825,000 

350,000 

230,000,000 

3,550,000 

USD 

BRL 

COP 

IDR 

IDR 

IDR 

MXN 

USD 

PHP 

USD 

RUB 

USD 


Bolivian Government International Bond 4.875% 29/Oct/2022 


Colombia Government International Bond 12% 22/Oct/2015 

Indonesia Treasury Bond 6.125% 15/May/2028 

Indonesia Treasury Bond 7% 15/May/2022 



Peruvian Government International Bond 8.75% 21/Nov/2033 

Philippine Government Bond - R201 - 5.875% 01/Mar/2032 

Poland Government International Bond 6.375% 15/Jul/2019 

Russian Foreign Bond - Eurobond 7.85% 10/Mar/2018 

Seneca Gaming Corp 8.25% 01/Dec/2018 

1,700,925 

3,293,171 

1,709,640 

811,953 

2,145,499 

15,041,620 

8,526,058 

150,239 

13,482,548 

331,966 

6,201,939 

2,840,754 

0.07% 

0.13% 

0.07% 

0.03% 

0.08% 

0.57% 

0.33% 

0.01% 

0.52% 

0.01% 

0.24% 

0.11% 







1,950,000 USD 

4,000,000 TRY 

900,000 USD 

1,900,000 USD 

14,700,000 USD 



Turkey Government Bond 10.5% 15/Jan/2020 



Ukraine Government International Bond 9.25% 24/Jul/2017 

Market Value 

1,575,205 

2,080,044 

675,819 

1,448,346 

12,153,368 

Net Assets % 

0.06% 

0.08% 

0.03% 

0.06% 

0.47% 

13,500,000 

5,650,000 

10,110,000 

2,875,000 

9,560,000 

10,357,000 

5,125,000 

2,720,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


City of Buenos Aires Argentina - 144A - 12.5% 06/Apr/2015 


Provincia de Buenos Aires/Argentina - 144A - 10.875% 26/Jan/2021 

Provincia de Buenos Aires/Argentina 11.75% 05/Oct/2015 





10,034,891 

3,653,387 

5,674,606 

1,869,928 

5,674,075 

2,670,950 

4,198,271 

2,253,944 

0.39% 

0.14% 

0.22% 

0.07% 

0.22% 

0.10% 

0.16% 

0.09% 




126,456,594 

2,400,892,553 

4.88% 

92.70% 


Bonds 

850,000 

EUR 


Chemicals 

Lyondell Industries Escrow 2015 0% 15/Aug/2015 

0 

0.00% 

1,399,229 

15,400,000 

950,000 

USD 

USD 

USD 


Bio Pappel SAB de CV - 144A - Floating 27/Aug/2016 


Sino-Forest Corp 0% 21/Oct/2017 Defaulted 

987,017 

1,635,316 

100,880 

0.04% 

0.06% 

0.00% 

490,000 

USD 


Old AII Inc 0% 15/Dec/2016 Defaulted 

37 

0.00% 

6,800,000 

USD 

Mining 

Molycorp Inc - 144A - 10% 01/Jun/2020 

4,796,722 

0.19% 

870,000 

USD 




0 

0.00% 

260,530 

USD 


Independencia International Ltd - 144A - 0% 30/Dec/2016 Defaulted 

198 

0.00% 

4,800,000 

USD 

Leisure Goods 


3,668,083 

0.14% 

3,470,000 

11,750,000 

USD 

CAD 


Media 


Quebecor Media Inc 6.625% 15/Jan/2023 

2,891,886 

9,174,791 

0.11% 

0.34% 

2,100,000 

3,235,000 

1,547,267 

3,250,000 

USD 

USD 

USD 

USD 


Buffalo Thunder Development Authority 0% 15/Dec/2014 Defaulted 


Pegasus Solutions Inc 13% 15/Apr/2014 


557,494 

147,224 

1,032,763 

2,523,656 

0.02% 

0.01% 

0.04% 

0.10% 

250,000 

USD 

Financials 



184,883 

0.01% 






Holding 

1,375,000 

1,500,000 

900,000 

4,350,000 

1,300,000 

1,200,000 

1,400,000 

1,150,000 

700,000 

2,750,000 

1,550,000 

2,200,000 


USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 




Lakeside Re III Ltd Floating 08/Jan/2016 









Successor X Ltd Floating 17/Jan/2014 

Market Value 

1,058,888 

1,142,294 

682,646 

3,337,992 

984,762 

910,194 

1,139,730 

895,995 

530,947 

2,085,862 

1,175,667 

1,557,555 

Net Assets % 

0.04% 

0.04% 

0.03% 

0.13% 

0.04% 

0.04% 

0.04% 

0.03% 

0.02% 

0.08% 

0.05% 

0.06% 

8,700,000 

USD 

Health Care 



123,730 

0.00% 

754 

1,890,000 

USD 

USD 

Industrials 


Ainsworth Lumber Co Ltd 11% 29/Jul/2015 

Asia Aluminum Holdings Ltd 0% 23/Dec/2049 Defaulted 

635 

1,434 

0.00% 

0.00% 

7,516,000 

98,000 

EUR 

USD 



Little Traverse Bay Bands of Odawa Indians 9% 31/Aug/2020 

8,201,835 

69,129 

0.32% 

0.00% 

578,000 

USD 


Indalex Holding Corp 0% 01/Feb/2014 Defaulted 

3,288 

0.00% 

5,484,000 

USD 


Syncreon Global Ireland Ltd / Syncreon Global Finance US Inc 9.5% 01/May/2018 

4,325,970 

0.17% 

4,565,000 

5,200,000 

CAD 

USD 



Trilogy Energy Corp 7.25% 13/Dec/2019 

Unit Corp 6.625% 15/May/2021 

3,551,464 

4,047,709 

0.14% 

0.16% 

Total Bonds 

63,528,676 

2.45% 

Equities 

3,485 

1,830 

USD 

USD 

Financials 


Perseus Holding Corp 

Perseus Holding Corp - Pfd 

6,608 

47,888 

0.00% 

0.00% 


54,496 

0.00% 

32,430,721 

USD 

Warrants 

Horizon Lines Inc - Horizon Lines - 06/Oct/2016 

1,466,073 

0.06% 


1,466,073 

0.06% 


400,000 

2,700,000 

USD 

USD 


Non-Profit Preferred Funding Trust I - E - Floating 15/Sep/2037 

Provincia de Neuquen Argentina - 144A - 7.875% 26/Apr/2021 

193,098 

1,761,225 

0.01% 

0.07% 



1,954,323 

67,003,568 

0.08% 

2.59% 


2,467,896,121 

95.29% 


2,589,748,437 

100.00% 









03-Jan-13 MXN 

44,000,000 

31-Jan-13 EUR 

10,964,043 

07-Feb-13 USD 

44,521,610 

15-Mar-13 INR 

442,000,000 

15-Mar-13 RUB 

250,000,000 

15-May-13 USD 

9,198,165 



USD 

USD 

EUR 

USD 

USD 

GBP 

Amount Sold 

3,386,770 

14,551,204 

35,000,000 

8,104,144 

7,971,907 

5,695,000 


340 

(71,653) 

(1,235,565) 

(131,305) 

82,491 

(44,304) 

(1,399,996) 







Underlying 

CDX NA HY 18 

CDX NA HY 18 

Goodyear Tire & Rubber 

Received Rate 

5.000% 

5.000% 

5.000% 


Unrealised 

Gain/(Loss) 

- USD 10,000,000 

99,401 

- USD 8,000,000 

79,521 

- USD 2,750,000 

(5,732) 

173,190 




Pioneer Funds - Euro High Yield 






Market Value 

Net Assets % 

Bonds 

4,750,000 

2,910,000 

5,498,000 

6,750,000 

2,000,000 

538,000 

2,719,000 

EUR 

USD 

EUR 

EUR 

EUR 

USD 

EUR 


Chemicals 

Ciech Group Financing AB 9.5% 30/Nov/2019 



INEOS Group Holdings SA - Reg.S - 7.875% 15/Feb/2016 

Kinove German Bondco GmbH 10% 15/Jun/2018 

OXEA Finance & Cy SCA 9.5% 15/Jul/2017 

SPCM SA 5.5% 15/Jun/2020 

5,266,563 

2,281,715 

5,944,713 

6,834,375 

2,002,464 

450,918 

2,911,804 

0.67% 

0.29% 

0.76% 

0.87% 

0.26% 

0.06% 

0.37% 

4,800,000 

3,300,000 

3,800,000 

750,000 

EUR 

EUR 

USD 

USD 


Lecta SA - Regs - 8.875% 15/May/2019 




5,142,000 

3,587,001 

2,875,076 

567,449 

0.65% 

0.46% 

0.37% 

0.07% 

4,750,000 

USD 



3,674,909 

0.47% 

2,400,000 

6,425,000 

3,000,000 

2,520,000 

3,000,000 

2,654,000 

5,400,000 

1,800,000 

1,475,000 

5,026,000 

4,000,000 

4,000,000 

1,667,000 

7,200,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 

USD 

USD 

USD 

GBP 

EUR 



Conti-Gummi Finance BV 7.125% 15/Oct/2018 

Conti-Gummi Finance BV 7.5% 15/Sep/2017 

Faurecia 8.75% 15/Jun/2019 

Faurecia 9.375% 15/Dec/2016 





Goodyear Tire & Rubber Co 8.25% 15/Aug/2020 






2,575,248 

6,911,950 

3,173,850 

2,940,336 

3,136,260 

2,831,685 

5,756,400 

1,920,744 

1,239,049 

3,697,831 

3,337,379 

3,367,718 

2,293,949 

8,083,296 

0.33% 

0.88% 

0.40% 

0.37% 

0.40% 

0.36% 

0.73% 

0.24% 

0.16% 

0.47% 

0.43% 

0.43% 

0.29% 

1.03% 

7,250,000 

EUR 

Beverages 

Refresco Group BV 7.375% 15/May/2018 

7,732,125 

0.98% 

1,500,000 

632,000 

2,033,000 

8,500,000 

5,000,000 

1,668,000 

5,000,000 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 

EUR 




Agrokor DD 9.875% 01/May/2019 



Olam International Ltd 5.75% 20/Sep/2017 

R&R Ice Cream PLC 8.375% 15/Nov/2017 

1,669,365 

692,015 

2,273,341 

9,197,000 

5,577,683 

1,184,513 

5,566,750 

0.21% 

0.09% 

0.29% 

1.17% 

0.71% 

0.15% 

0.71% 

2,300,000 

EUR 



2,461,000 

0.31% 

7,600,000 

5,000,000 

7,000,000 

4,159,000 

EUR 

EUR 

EUR 

EUR 

Leisure Goods 


Nara Cable Funding Ltd - Regs - 8.875% 01/Dec/2018 



7,666,500 

5,132,800 

6,912,500 

4,881,626 

0.98% 

0.65% 

0.88% 

0.62% 







3,000,000 EUR 

882,000 EUR 

7,212,000 EUR 


Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH - Regs - 7.5% 15/Mar/2019 

Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH 5.5% 15/Sep/2022 


Market Value 

3,336,750 

910,938 

7,566,613 

Net Assets % 

0.43% 

0.12% 

0.96% 

1,000,000 

9,000,000 

7,500,000 

USD 

EUR 

EUR 





807,797 

9,557,640 

8,006,250 

0.10% 

1.22% 

1.02% 

5,000,000 

GBP 



Bakkavor Finance 2 PLC 8.25% 15/Feb/2018 

6,330,909 

0.81% 

3,100,000 

2,750,000 

10,500,000 

4,725,000 

EUR 

GBP 

EUR 

USD 


Algeco Scotsman Global Finance Plc 9% 15/Oct/2018 

Dixons Retail PLC 8.75% 15/Sep/2017 



3,222,822 

3,713,398 

10,176,075 

3,996,037 

0.41% 

0.47% 

1.29% 

0.51% 

3,600,000 

2,000,000 

4,828,000 

1,400,000 

EUR 

EUR 

EUR 

EUR 

Media 





3,833,784 

2,199,380 

4,659,020 

1,563,338 

0.49% 

0.28% 

0.59% 

0.20% 

3,750,000 

4,000,000 

1,500,000 

5,628,000 

800,000 

4,500,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


Carlson Wagonlit BV - Regs - 7.5% 15/Jun/2019 


Europcar Groupe SA - Regs - 11.5% 15/May/2017 

Lottomatica Group SpA - Regs - Floating 31/Mar/2066 



4,051,425 

3,396,680 

1,594,500 

5,936,696 

824,200 

1,918,125 

0.52% 

0.43% 

0.20% 

0.76% 

0.10% 

0.24% 

12,300,000 

7,000,000 

3,000,000 

2,000,000 

1,950,000 

2,067,000 

2,200,000 

6,071,000 

4,550,000 

6,000,000 

2,649,000 

3,350,000 

3,000,000 

4,000,000 

543,000 

3,800,000 

3,200,000 

8,400,000 

3,400,000 

3,250,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 

USD 

EUR 

USD 

EUR 

EUR 

EUR 

EUR 

USD 

EUR 

EUR 

EUR 

EUR 

Financials 



Barclays Bank PLC - 24/11/2004 - Floating Perpetual 

BNP Paribas SA Floating Perpetual 




Commerzbank AG 7.75% 16/Mar/2021 


Erste Group Bank AG 6.375% 28/Mar/2023 

Erste Group Bank AG 7.125% 10/Oct/2022 


Intesa Sanpaolo SpA Floating Perpetual 

Intesa Sanpaolo SpA Floating 02/Mar/2020 

Lloyds TSB Bank PLC 6.5% 24/Mar/2020 






UniCredit SpA Floating Perpetual 

10,286,367 

5,477,500 

2,872,500 

1,676,180 

2,083,478 

2,194,472 

2,382,028 

4,863,845 

3,588,026 

6,854,340 

2,094,647 

3,473,347 

2,575,440 

4,592,280 

537,402 

3,026,396 

3,353,568 

7,442,568 

3,286,542 

3,342,365 

1.30% 

0.70% 

0.37% 

0.21% 

0.27% 

0.28% 

0.30% 

0.62% 

0.46% 

0.87% 

0.27% 

0.44% 

0.33% 

0.58% 

0.07% 

0.39% 

0.43% 

0.95% 

0.42% 

0.43% 

2,667,000 

2,400,000 

USD 

EUR 



Boparan Finance PLC 9.75% 30/Apr/2018 

2,043,136 

2,742,744 

0.26% 

0.35% 







6,036,000 EUR 

4,200,000 USD 

1,600,000 GBP 

750,000 EUR 

250,000 EUR 

1,700,000 EUR 



Global Investments Group Finance Ltd 11% 24/Sep/2017 

House of Fraser Funding PLC 8.875% 15/Aug/2018 

Numericable Finance & Co SCA Euribor 3M 15/Oct/2018 

Numericable Finance & Co SCA 12.375% 15/Feb/2019 

Numericable Finance & Co SCA 8.75% 15/Feb/2019 

Market Value 

6,814,160 

3,121,966 

2,105,782 

776,018 

300,313 

1,827,585 

Net Assets % 

0.87% 

0.40% 

0.27% 

0.10% 

0.04% 

0.23% 

3,200,000 

6,150,000 

EUR 

GBP 



Towergate Finance PLC - Regs - 10.5% 15/Feb/2019 

3,911,232 

8,037,232 

0.50% 

1.02% 

2,333,000 

1,333,000 

1,500,000 

2,500,000 

4,250,000 

USD 

EUR 

EUR 

GBP 

GBP 

Health Care 




ConvaTec Healthcare E SA 10.875% 15/Dec/2018 

Priory Group No 3 PLC 7% 15/Feb/2018 

Priory Group No 3 PLC 8.875% 15/Feb/2019 

1,968,646 

1,458,569 

1,736,250 

3,295,216 

5,501,159 

0.25% 

0.19% 

0.22% 

0.42% 

0.70% 

3,800,000 

EUR 


Rottapharm Ltd 6.125% 15/Nov/2019 

3,965,034 

0.51% 

4,469,000 

2,500,000 

4,500,000 

4,350,000 

3,500,000 

2,700,000 

1,744,000 

8,700,000 

EUR 

USD 

EUR 

EUR 

EUR 

EUR 

USD 

EUR 

Industrials 




Cemex Finance LLC 9.625% 14/Dec/2017 

HeidelbergCement Finance BV 8.5% 31/Oct/2019 

HeidelbergCement Finance BV 9.5% 15/Dec/2018 

Lafarge SA Floating 24/Nov/2016 


Spie BondCo 3 SCA - Regs - 11% 15/Aug/2019 

4,834,117 

2,081,121 

4,908,735 

5,446,853 

4,525,640 

3,272,265 

1,408,799 

9,552,600 

0.62% 

0.27% 

0.63% 

0.69% 

0.58% 

0.42% 

0.18% 

1.22% 

9,424,000 

3,600,000 

6,000,000 

2,521,000 

2,600,000 

EUR 

EUR 

EUR 

EUR 

EUR 


Norcell Sweden Holding 2 AB 10.75% 29/Sep/2019 

NorCell 1B AB 12.4% 01/Dec/2019 

Rexel SA 7% 17/Dec/2018 

Techem Energy Metering Service GmbH & Co KG 7.875% 01/Oct/2020 


10,298,076 

3,559,500 

6,659,040 

2,832,974 

2,830,932 

1.30% 

0.45% 

0.85% 

0.36% 

0.36% 

2,361,612 

3,000,000 

5,500,000 

2,000,000 

8,750,000 

2,000,000 

2,000,000 

3,000,000 

822,000 

2,614,000 

5,000,000 

3,000,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 



Ardagh Glass Finance PLC 7.125% 15/Jun/2017 



Beverage Packaging Holdings Luxembourg II SA 9.5% 15/Jun/2017 


Guala Closures SpA Euribor 3M 15/Nov/2019 

KM Germany Holdings GmbH 8.75% 15/Dec/2020 


OI European Group BV 6.875% 31/Mar/2017 



2,502,010 

3,110,490 

6,032,455 

2,043,440 

9,167,637 

1,784,540 

2,040,000 

3,161,730 

965,850 

2,724,389 

5,562,000 

1,785,000 

0.32% 

0.40% 

0.77% 

0.26% 

1.17% 

0.23% 

0.26% 

0.40% 

0.12% 

0.35% 

0.71% 

0.23% 

1,900,000 

1,200,000 

6,200,000 

7,000,000 

USD 

USD 

USD 

EUR 


CEVA Group PLC 12.75% 31/Mar/2020 


CMA CGM SA 8.5% 15/Apr/2017 

CMA CGM SA 8.875% 15/Apr/2019 

1,080,856 

914,745 

3,844,433 

5,661,250 

0.14% 

0.12% 

0.49% 

0.72% 







3,260,000 EUR 


Gategroup Finance Luxembourg SA 6.75% 01/Mar/2019 

Market Value 

3,499,610 

Net Assets % 

0.45% 

2,500,000 

1,600,000 

3,000,000 

1,600,000 

2,500,000 

3,500,000 

10,014,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


ALBA Group PLC & Co KG 8% 15/May/2018 

Eco-Bat Finance PLC 7.75% 15/Feb/2017 

Iron Mountain Inc 6.75% 15/Oct/2018 

ISS A/S - Regs - 8.875% 15/May/2016 

New Reclamation Group Pty Ltd - Regs - 8.125% 01/Feb/2013 



2,734,375 

1,709,536 

3,069,990 

1,669,040 

1,606,915 

3,801,875 

10,890,225 

0.35% 

0.22% 

0.39% 

0.21% 

0.20% 

0.48% 

1.38% 

3,035,000 

EUR 




3,291,124 

0.42% 

1,200,000 

3,200,000 

EUR 

EUR 



Santos Finance Ltd Floating 22/Sep/2070 

1,282,092 

3,426,304 

0.16% 

0.44% 

3,000,000 

5,000,000 

USD 

USD 




2,480,279 

4,133,799 

0.32% 

0.53% 

5,060,000 

10,000,000 

EUR 

EUR 

Technology 


eAccess Ltd 8.375% 01/Apr/2018 

Infor US Inc 10% 01/Apr/2019 

5,834,180 

11,225,000 

0.74% 

1.42% 

5,000,000 

2,000,000 

6,969,000 

1,500,000 

4,000,000 

3,000,000 

800,000 

3,360,000 

7,538,000 

886,000 

2,000,000 

1,000,000 

4,800,000 

7,400,000 

6,750,000 

2,000,000 

EUR 

USD 

EUR 

USD 

EUR 

CHF 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 

GBP 

EUR 

EUR 

EUR 



Altice Financing SA 8% 15/Dec/2019 



Sable International Finance Ltd 8.75% 01/Feb/2020 

Sunrise Communications Holdings SA 8.5% 31/Dec/2018 

Sunrise Communications International SA - Regs - 7% 31/Dec/2017 


Telenet Finance Luxembourg SCA - Regs - 6.375% 15/Nov/2020 

UPC Holding BV 6.375% 15/Sep/2022 

UPC Holding BV 8.375% 15/Aug/2020 

UPCB Finance II Ltd 6.375% 01/Jul/2020 

UPCB Finance V Ltd - Regs - 7.25% 15/Nov/2021 

Virgin Media Finance PLC 5.125% 15/Feb/2022 




5,337,500 

1,649,727 

3,990,240 

1,314,093 

4,420,520 

2,700,323 

911,544 

3,662,400 

7,869,672 

1,005,087 

2,143,340 

841,930 

6,056,368 

7,834,750 

6,868,732 

2,214,340 

0.68% 

0.21% 

0.51% 

0.17% 

0.56% 

0.34% 

0.12% 

0.47% 

1.00% 

0.13% 

0.27% 

0.11% 

0.77% 

1.00% 

0.87% 

0.28% 

3,833,000 

1,700,000 

6,062,000 

EUR 

EUR 

GBP 


Matterhorn Midco & Cy SCA 7.75% 15/Feb/2020 

Matterhorn Mobile Holdings SA 8.25% 15/Feb/2020 

Phones4u Finance PLC 9.5% 01/Apr/2018 

3,960,754 

1,870,000 

7,872,901 

0.50% 

0.24% 

1.00% 

1,636,000 

EUR 

Utilities 

Electricity 


1,885,114 

0.24% 






Holding 

6,700,000 


EUR 



Market Value 

7,025,821 

Net Assets % 

0.89% 

1,100,000 

EUR 


Gas Natural Capital Markets SA 6% 27/Jan/2020 

1,264,395 

0.16% 

Total Bonds 

624,907,982 

79.59% 

Equities 

8,381,752 

EUR 


Media 

Independent News & Media PLC 

251,453 

0.03% 

2,151,800 

EUR 

Financials 



3,085,681 

0.40% 


3,337,134 

0.43% 


27,650,000 

2 

ARS 

ARS 


Argentine Republic Government International Bond 0% 15/Dec/2035 


303,535 

0.4 

0.04% 

0.00% 




303,535 

628,548,651 

0.04% 

80.06% 


Bonds 

2,227,000 

EUR 


Beverages 

Belvedere SA 0% 15/May/2013 Defaulted 

1,695,304 

0.22% 

1,700,000 

EUR 



170 

0.00% 

5,500,000 

EUR 

Financials 


Boats Investments Netherlands BV 0% 15/Dec/2015 

3,270,320 

0.41% 

4,000,000 

EUR 

Industrials 


M&G Finance Luxembourg SA - S - 0% Perpetual 

1,800,000 

0.23% 

Total Bonds 

6,765,794 

0.86% 

1,250 

1,250 

GBP 

GBP 

Warrants 



0 

0 

0.00% 

0.00% 



0 

6,765,794 

0.00% 

0.86% 

3,500 

EUR 



3,585,855 

0.46% 


3,585,855 

0.46% 


638,900,300 

81.38% 


785,087,677 

100.00% 







Maturity Date 

Long/(Short) 


11-Mar-13 151 

Euro Bund 

28-Mar-13 (23) 



Trade 


EUR 

USD 



21,984,090 

(3,043,906) 

Market Price 


145.59 

132.34 


(in Fund Ccy) 

206,870 

20,444 

227,314 




31-Jan-13 USD 

11,001,464 

31-Jan-13 USD 

2,901,094 

04-Mar-13 EUR 

2,516,436 

04-Mar-13 EUR 

29,216,608 

04-Mar-13 EUR 

37,133,178 



EUR 

EUR 

CHF 

GBP 

USD 

Amount Sold 

8,289,372 

2,198,641 

3,030,000 

23,665,248 

47,915,947 


54,179 

1,559 

5,092 

60,282 

802,516 

923,628 



20-Sep-15 Credit Default Swap Buyer 



20-Mar-14 Credit Default Swap Seller 

20-Mar-14 Credit Default Swap Seller 

06-May-13 Total Return Swap Buyer 

30-Jun-15 Total Return Swap Buyer 


Underlying 

Vimpel Communications 


Rallye 

Synthetic Loan CDS Mezzanine B 

Synthetic Loan CDS Mezzanine BB 

ISS A/S Loan 

ISS A/S Loan 

Received Rate 

- 

5.000% 

5.000% 

5.150% 

3.100% 

- 

- 


Unrealised 

Gain/(Loss) 

5.000% USD 1,500,000 (81,059) 

- EUR 30,000,000 268,888 

- EUR 4,500,000 158,033 

- EUR 4,000,000 (463,272) 

- EUR 4,000,000 (374,944) 

- EUR 100,026 

(417) 

- EUR 714,288 

(3,591) 

(496,362) 




Pioneer Funds - Emerging Markets Corporate High Yield Bond 






Market Value 

Net Assets % 

Bonds 

400,000 

200,000 

200,000 

200,000 

EUR 

USD 

USD 

EUR 


Chemicals 

Ciech Group Financing AB 9.5% 30/Nov/2019 


Fufeng Group Ltd 7.625% 13/Apr/2016 


443,000 

156,060 

152,458 

215,250 

1.96% 

0.69% 

0.67% 

0.95% 

250,000 

250,000 

200,000 

400,000 

200,000 

USD 

USD 

USD 

USD 

USD 


Evraz Group SA 9.5% 24/Apr/2018 




TMK OAO Via TMK Capital SA 7.75% 27/Jan/2018 

216,906 

192,468 

148,286 

309,466 

160,042 

0.96% 

0.85% 

0.66% 

1.37% 

0.71% 

175,000 

200,000 

100,000 

375,000 

USD 

USD 

EUR 

USD 

Mining 

Adaro Indonesia PT - Regs - 7.625% 22/Oct/2019 

Berau Coal Energy Tbk PT 7.25% 13/Mar/2017 



144,550 

150,163 

104,293 

329,234 

0.64% 

0.66% 

0.46% 

1.46% 

150,000 

200,000 

175,000 

EUR 

USD 

GBP 






159,424 

145,631 

239,863 

0.71% 

0.64% 

1.06% 

100,000 

USD 

Beverages 

Corp Lindley SA 6.75% 23/Nov/2021 

87,985 

0.39% 

150,000 

225,000 

100,000 

125,000 

100,000 

125,000 

215,000 

EUR 

USD 

USD 

EUR 

USD 

USD 

USD 




Bertin SA / Bertin Finance Ltd - Regs - 10.25% 05/Oct/2016 



MHP SA - Regs - 10.25% 29/Apr/2015 


163,255 

163,302 

83,814 

138,724 

76,158 

100,738 

166,338 

0.72% 

0.72% 

0.37% 

0.61% 

0.34% 

0.45% 

0.74% 

100,000 

EUR 

Leisure Goods 


100,087 

0.44% 

400,000 

325,000 

200,000 

200,000 

USD 

USD 

EUR 

USD 






321,602 

287,050 

211,625 

155,871 

1.42% 

1.27% 

0.94% 

0.69% 

200,000 

150,000 

200,000 

200,000 

EUR 

USD 

USD 

USD 




Edcon Pty Ltd 9.5% 01/Mar/2018 

Maestro Peru SA 6.75% 26/Sep/2019 


192,581 

110,591 

158,146 

168,386 

0.85% 

0.49% 

0.70% 

0.74% 

225,000 

125,000 

EUR 

EUR 

Media 



237,446 

138,751 

1.05% 

0.61% 







100,000 EUR 

182,000 USD 




Grupo Posadas SAB de CV 7.875% 30/Nov/2017 

Market Value 

83,927 

145,639 

Net Assets % 

0.37% 

0.64% 

200,000 

250,000 

125,000 

175,000 

250,000 

200,000 

200,000 

125,000 

125,000 

400,000 

200,000 

125,000 

100,000 

200,000 

100,000 

400,000 

200,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

EUR 

EUR 

USD 

USD 

USD 

USD 

Financials 



Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.75% 28/Apr/2021 

Banco ABC Brasil SA 7.875% 08/Apr/2020 


Banco Industrial e Comercial SA - Regs - 8.5% 27/Apr/2020 



Halyk Savings Bank of Kazakhstan JSC 7.25% 03/May/2017 

ICICI Bank Ltd Floating 30/Apr/2022 

Industrial Senior Trust 5.5% 01/Nov/2022 

International Bank of the Republic of Azerbaijan OJSC Via Rubrika Finance Co Ltd Floating 

10/May/2017 

Kazkommertsbank JSC 6.875% 13/Feb/2017 


Turkiye Garanti Bankasi AS 6.25% 20/Apr/2021 

Woori Bank Floating 04/May/2037 

Yapi ve Kredi Bankasi AS 5.5% 06/Dec/2022 


160,147 

210,956 

103,501 

135,970 

190,572 

152,837 

157,388 

105,301 

96,116 

304,915 

138,046 

112,538 

98,079 

175,639 

81,680 

306,432 

170,661 

0.71% 

0.93% 

0.46% 

0.60% 

0.84% 

0.68% 

0.70% 

0.47% 

0.43% 

1.35% 

0.61% 

0.50% 

0.43% 

0.78% 

0.36% 

1.36% 

0.75% 

200,000 

250,000 

267,000 

400,000 

100,000 

200,000 

400,000 

310,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 



Alam Sutera International Pvt Ltd 10.75% 27/Mar/2017 


Bank of New York Mellon SA Institucion de Banca Multiple 9.625% 02/May/2021 

FPT Finance Ltd 6.375% 28/Sep/2020 



Zoomlion HK SPV Co Ltd 6.125% 20/Dec/2022 

165,731 

209,088 

202,518 

283,226 

85,378 

153,216 

260,164 

238,661 

0.73% 

0.92% 

0.90% 

1.25% 

0.38% 

0.68% 

1.15% 

1.06% 

250,000 

100,000 

200,000 

125,000 

200,000 

USD 

USD 

USD 

USD 

USD 


Agile Property Holdings Ltd 8.875% 28/Apr/2017 

Atlantic Finance Ltd Floating 27/May/2014 

Country Garden Holdings Co Ltd 11.125% 23/Feb/2018 

Evergrande Real Estate Group Ltd 13% 27/Jan/2015 

Hopson Development Holdings Ltd 11.75% 21/Jan/2016 

204,414 

83,014 

176,729 

103,819 

159,596 

0.90% 

0.37% 

0.78% 

0.46% 

0.71% 

500,000 

USD 

Health Care 


CFR International SpA 5.125% 06/Dec/2022 

394,146 

1.74% 

250,000 

200,000 

400,000 

200,000 

250,000 

100,000 

100,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Industrials 



Cemex Finance LLC 9.375% 12/Oct/2022 




PHBS Ltd 6.625% Perpetual 


207,164 

171,420 

350,424 

163,835 

201,475 

77,414 

72,679 

0.92% 

0.76% 

1.55% 

0.72% 

0.89% 

0.34% 

0.32% 

250,000 

USD 


DTEK Finance BV 9.5% 28/Apr/2015 

191,985 

0.85% 







250,000 USD 


Noble Group Ltd 6.75% 29/Jan/2020 

Market Value 

200,764 

Net Assets % 

0.89% 

250,000 

150,000 

USD 

USD 




196,498 

98,984 

0.87% 

0.44% 

400,000 

USD 



317,597 

1.41% 

100,000 

100,000 

EUR 

EUR 




108,063 

107,375 

0.48% 

0.48% 

200,000 

152,000 

USD 

EUR 





151,440 

164,038 

0.67% 

0.73% 

200,000 

200,000 

200,000 

200,000 

175,000 

625,000 

250,000 

400,000 

USD 

USD 

USD 

EUR 

USD 

USD 

USD 

USD 


Afren PLC 10.25% 08/Apr/2019 

Gazprom Neft OAO Via GPN Capital SA 4.375% 19/Sep/2022 



Pacific Rubiales Energy Corp 7.25% 12/Dec/2021 



Zhaikmunai LP Via Zhaikmunai International BV 7.125% 13/Nov/2019 

176,946 

155,871 

166,110 

212,648 

153,975 

415,986 

189,387 

318,568 

0.78% 

0.69% 

0.73% 

0.94% 

0.68% 

1.84% 

0.84% 

1.41% 

500,000 

315,000 

250,000 

250,000 

150,000 

225,000 

400,000 

125,000 

250,000 

USD 

USD 

USD 

USD 

EUR 

USD 

USD 

USD 

EUR 





Digicel Ltd 7% 15/Feb/2020 

Indosat Palapa Co BV - Regs - 7.375% 29/Jul/2020 



Telefonica Celular del Paraguay SA 6.75% 13/Dec/2022 

Telefonica Emisiones SAU 6.421% 20/Jun/2016 


410,535 

132,604 

202,186 

215,507 

84,009 

165,115 

318,568 

105,224 

262,448 

1.82% 

0.59% 

0.89% 

0.95% 

0.37% 

0.73% 

1.41% 

0.47% 

1.16% 

175,000 

125,000 

225,000 

250,000 

USD 

USD 

USD 

USD 


Digicel Ltd - Regs - 8.25% 01/Sep/2017 




142,941 

75,850 

185,594 

217,830 

0.63% 

0.34% 

0.82% 

0.96% 

200,000 

125,000 

200,000 

200,000 

200,000 

USD 

USD 

USD 

USD 

USD 

Utilities 

Electricity 

AES Andres Dominicana Ltd / Itabo Dominicana Ltd 9.5% 12/Nov/2020 

AES El Salvador Trust 6.75% 01/Feb/2016 


Listrindo Capital BV 6.95% 21/Feb/2019 


168,007 

97,360 

187,159 

170,586 

166,490 

0.74% 

0.43% 

0.83% 

0.75% 

0.74% 

200,000 

USD 



162,181 

0.72% 

Total Bonds 

20,020,428 

88.57% 








Market Value 

Net Assets % 


200,000 

USD 



131,978 

0.58% 




131,978 

20,152,406 

0.58% 

89.15% 


20,152,406 

89.15% 


22,604,264 

100.00% 




04-Mar-13 EUR 

232,101 

04-Mar-13 USD 

3,738,296 

04-Mar-13 USD 

2,150,000 



GBP 

EUR 

EUR 

Amount Sold 

188,000 

2,882,608 

1,656,248 


479 

(48,171) 

(26,082) 

(73,774) 




Pioneer Funds - Emerging Markets Bond Local Currencies 






Market Value 

Net Assets % 

Bonds 

3,100,000 

3,214,500,000 

140,000,000 

150,000,000 

3,000,000 

TRY 

CLP 

RUB 

RUB 

TRY 

Financials 


Akbank TAS Floating 01/Nov/2013 

Banco Santander Chile 6.5% 22/Sep/2020 


Russian Agricultural Bank OJSC Via RSHB Capital SA 8.7% 17/Mar/2016 

Turkiye Is Bankasi 0% 07/May/2013 

1,309,590 

5,105,009 

3,530,060 

3,805,317 

1,248,067 

0.31% 

1.21% 

0.84% 

0.90% 

0.30% 

1,800,000 

94,000,000 

USD 

RUB 



Caterpillar International Finance Ltd 7.5% 20/Dec/2015 

1,484,754 

2,372,120 

0.35% 

0.56% 

180,000,000 

RUB 

Industrials 


Russian Railways via RZD Capital Ltd 8.3% 02/Apr/2019 

4,651,499 

1.10% 

50,000,000 

3,600,000 

4,000,000 

RUB 

EUR 

USD 



Alliance Oil Co Floating 21/Jul/2020 


Pertamina Persero PT 5.25% 23/May/2021 

1,246,446 

3,809,052 

3,382,888 

0.30% 

0.90% 

0.80% 

10,000,000 

MXN 



America Movil SAB de CV 6.45% 05/Dec/2022 

601,668 

0.14% 

3,900,000,000 

COP 

Utilities 

Electricity 

Emgesa SA ESP 8.75% 25/Jan/2021 

1,950,240 

0.46% 

Total Bonds 

34,496,710 

8.17% 


20,000,000 

750,000,000 

393,000,000 

985,000,000 

13,400,000,000 

CNY 

INR 

NGN 

CLP 

COP 


Asian Development Bank 2.85% 21/Oct/2020 

Inter-American Development Bank 4.75% 10/Jan/2014 

International Bank for Reconstruction & Development 14.5% 28/Mar/2013 

International Bank for Reconstruction & Development 2.5% 21/Feb/2013 

International Bank for Reconstruction & Development 4% 15/Aug/2014 

2,401,081 

10,296,165 

1,923,493 

1,552,204 

5,756,112 

0.57% 

2.44% 

0.46% 

0.37% 

1.36% 

30,500 

30,000 

25,000 

25,000 

25,000 

5,000 

5,000,000,000 

8,000,000,000 

1,500,000,000 

500,000,000 

1,500,000,000 

5,000,000,000 

45,000,000,000 

BRL 

BRL 

BRL 

BRL 

BRL 

BRL 

COP 

COP 

HUF 

HUF 

HUF 

IDR 

IDR 


Brazil Letras do Tesouro Nacional 0% 01/Jul/2014 






Colombia Government International Bond 12% 22/Oct/2015 

Colombia Government International Bond 7.75% 14/Apr/2021 


Hungary Government Bond 7.5% 12/Nov/2020 

Hungary Government Bond 8% 12/Feb/2015 

Indonesia Treasury Bond 11% 15/Oct/2014 

Indonesia Treasury Bond 11% 15/Sep/2025 

10,158,942 

11,093,673 

9,478,061 

9,621,692 

9,724,732 

1,946,219 

2,602,192 

4,381,346 

5,161,522 

1,875,710 

5,415,664 

436,307 

5,183,290 

2.41% 

2.63% 

2.25% 

2.28% 

2.30% 

0.46% 

0.62% 

1.04% 

1.22% 

0.44% 

1.28% 

0.10% 

1.23% 






Holding 

80,000,000,000 

50,000,000,000 

50,000,000 

34,000,000 

16,000,000 

33,000,000 

1,800,000 

1,200,000 

800,000 

1,917,000 

5,000,000 

7,000,000 

96,000,000 

50,000,000 

38,000,000 

27,000,000 

47,000,000 

1,000,000,000 

3,214,000 

2,750,000 

300,000,000 

400,000,000 

450,000,000 

104,000,000 

100,000,000 

110,000,000 

34,000,000 

190,000,000 

100,000,000 

350,000,000 

13,000,000 

10,000,000 

5,950,000 

10,000,000 


IDR 

IDR 

MYR 

MYR 

MYR 

MYR 

MXN 

MXN 

MXN 

MXN 

PEN 

PEN 

PHP 

PLN 

PLN 

PLN 

PLN 

COP 

EUR 

EUR 

RUB 

RUB 

RUB 

ZAR 

ZAR 

ZAR 

ZAR 

THB 

THB 

THB 

TRY 

TRY 

TRY 

TRY 




Malaysia Government Bond 4.012% 15/Sep/2017 

Malaysia Government Bond 4.378% 29/Nov/2019 

Malaysia Government Bond 4.392% 15/Apr/2026 

Malaysia Government Bond 5.094% 30/Apr/2014 

Mexican Bonos - MI10 - 9.5% 18/Dec/2014 

Mexican Bonos 10% 05/Dec/2024 

Mexican Bonos 10% 20/Nov/2036 

Mexican Bonos 8.5% 13/Dec/2018 

Peru Government Bond 7.84% 12/Aug/2020 

Peruvian Government International Bond 7.84% 12/Aug/2020 

Philippine Government International Bond 6.25% 14/Jan/2036 





Republic of Colombia 9.85% 28/Jun/2027 

Romanian Government International Bond 4.875% 07/Nov/2019 

Romanian Government International Bond 5.25% 17/Jun/2016 

Russian Federal Bond - OFZ - OFZ - 12% 20/Aug/2014 

Russian Federal Bond - OFZ - OFZ - 7.35% 20/Jan/2016 

Russian Federal Bond - OFZ 7.5% 15/Mar/2018 

South Africa Government Bond - CPI Linked Floating 31/Jan/2022 

South Africa Government Bond 6.75% 31/Mar/2021 

South Africa Government Bond 8% 21/Dec/2018 

South Africa Government Bond 8.25% 15/Sep/2017 

Thailand Government Bond 4.75% 20/Dec/2024 

Thailand Government Bond 5.25% 12/May/2014 

Thailand Government Bond 5.4% 27/Jul/2016 

Turkey Government Bond Floating 01/Oct/2014 

Turkey Government Bond Floating 11/Feb/2015 

Turkey Government Bond 0% 20/Mar/2013 

Turkey Government Bond 9% 05/Mar/2014 

Market Value 

9,547,869 

6,099,441 

12,797,738 

8,929,570 

4,267,077 

8,406,481 

11,458,990 

9,842,092 

6,782,133 

13,138,041 

1,867,720 

2,615,775 

2,123,403 

13,359,924 

10,449,465 

6,838,174 

12,480,577 

669,154 

3,384,824 

2,959,413 

8,119,281 

10,226,123 

11,700,927 

12,224,986 

9,141,200 

10,789,132 

3,343,933 

5,184,668 

2,558,700 

9,369,312 

7,888,097 

5,696,851 

2,498,712 

4,392,401 

Net Assets % 

2.26% 

1.44% 

3.03% 

2.12% 

1.01% 

1.99% 

2.71% 

2.33% 

1.61% 

3.11% 

0.44% 

0.62% 

0.50% 

3.16% 

2.48% 

1.62% 

2.96% 

0.16% 

0.80% 

0.70% 

1.92% 

2.42% 

2.77% 

2.90% 

2.17% 

2.56% 

0.79% 

1.23% 

0.61% 

2.22% 

1.87% 

1.35% 

0.59% 

1.04% 




350,160,589 

384,657,299 

82.95% 

91.12% 


384,657,299 

91.12% 


422,147,635 

100.00% 




13-Feb-13 CNY 

30,000,000 

13-Feb-13 EUR 

3,377,618 

28-Feb-13 INR 

250,000,000 

31-May-13 INR 

250,000,000 

30-Aug-13 INR 

250,000,000 

04-Dec-13 INR 

250,000,000 



EUR 

CNY 

USD 

USD 

USD 

USD 

Amount Sold 

3,387,534 

30,000,000 

4,494,786 

4,376,751 

4,304,408 

4,327,506 


208,802 

(218,706) 

18,357 

56,511 

63,589 

599 

129,152 







Maturity Date 

Quantity 

Contract 

Strike Price 




Trade 


Market Price 

(in Fund Ccy) 

Unrealised 

Gain/(Loss) 



11-Jan-13 (8,000,000) Call USD/ZAR 


8.80 

9.50 

120,145,631 USD 

(218,097) 

25,307 

57,645,631 USD 

(2) 

92,402 

(218,099) 

117,709 

117,709 



12-May-15 Credit Default Swap Seller 







15-Aug-14 Total Return Swap Buyer 


Underlying 

Croatia 

- 

- 

- 

- 

- 

- 

Brazil 

Received Rate 

3.550% 

3.340% 

3.350% 

Klibor 3M 

Klibor 3M 

Klibor 3M 

3.345% 

- 


Unrealised 

Gain/(Loss) 

- EUR 3,076,923 (40,120) 

Klibor 3M MYR 52,725,000 (61,455) 

Klibor 3M MYR 20,715,000 (21,760) 

3.685% MYR 11,148,000 

48,328 

3.675% MYR 27,850,000 126,805 

3.680% MYR 11,602,000 

51,685 

Klibor 3M MYR 21,560,000 (24,099) 

Libor 3M USD 9,630,638 7,199,694 

7,279,078 




Pioneer Funds - Emerging Markets Bond 






Market Value 

Net Assets % 

Bonds 

2,967,000 

4,167,000 

4,840,000 

1,500,000 

USD 

USD 

USD 

USD 


Chemicals 


Braskem Finance Ltd - Regs - 5.375% 02/May/2022 


Fufeng Group Ltd 7.625% 13/Apr/2016 

2,351,726 

3,279,174 

3,776,661 

1,143,431 

0.30% 

0.42% 

0.49% 

0.15% 

7,500,000 

USD 


Grupo Papelero Scribe SA de CV - Regs - 8.875% 07/Apr/2020 

5,318,947 

0.69% 

3,000,000 

2,509,000 

7,100,000 

2,571,000 

2,400,000 

8,333,000 

USD 

USD 

USD 

USD 

USD 

USD 


ATF Bank JSC 9% 11/May/2016 



Southern Copper Corp 3.5% 08/Nov/2022 

TMK Bonds SA 5.25% CV 11/Feb/2015 

TMK OAO Via TMK Capital SA 7.75% 27/Jan/2018 

2,223,718 

1,860,245 

5,493,022 

2,001,248 

1,867,718 

6,668,170 

0.29% 

0.24% 

0.71% 

0.26% 

0.24% 

0.86% 

5,985,000 

3,000,000 

5,000,000 

3,778,000 

7,200,000 

USD 

USD 

USD 

USD 

USD 

Mining 

Sidetur Finance BV 10% 20/Apr/2016 

TiZir Ltd 9% 28/Sep/2017 



Yancoal International Resources Development Co Ltd - Regs - 5.73% 16/May/2022 

2,984,696 

2,286,863 

4,010,543 

2,442,919 

5,641,061 

0.39% 

0.30% 

0.52% 

0.32% 

0.73% 

562,000 

USD 




409,223 

0.05% 

9,000,000 

4,000,000 

BRL 

USD 

Beverages 

AmBev International Finance Co Ltd 9.5% 24/Jul/2017 

Corp Lindley SA 6.75% 23/Nov/2021 

3,785,238 

3,519,417 

0.49% 

0.45% 

1,000,000 

9,600,000 

2,750,000 

2,083,000 

5,000,000 

5,838,000 

USD 

USD 

USD 

USD 

USD 

USD 


Camposol SA 9.875% 02/Feb/2017 

JBS Finance II Ltd - Regs - 8.25% 29/Jan/2018 

JBS SA 10.5% 04/Aug/2016 




826,760 

7,791,262 

2,304,877 

1,899,884 

3,868,325 

4,136,053 

0.11% 

1.00% 

0.30% 

0.25% 

0.50% 

0.53% 

5,800,000 

USD 



4,520,252 

0.58% 

3,800,000 

2,900,000 

EUR 

USD 




Maestro Peru SA 6.75% 26/Sep/2019 

3,659,039 

2,293,120 

0.47% 

0.30% 

9,000,000 

1,750,000 

5,461,712 

3,000,000 

2,000,000 

USD 

EUR 

USD 

USD 

EUR 

Media 



European Media Capital SA - Regs - 10% 01/Feb/2015 

Myriad International Holding BV - Regs - 6.375% 28/Jul/2017 


7,594,433 

1,913,205 

4,026,169 

2,576,987 

2,220,020 

0.97% 

0.25% 

0.52% 

0.33% 

0.29% 

1,273,000 

USD 


Grupo Posadas SAB de CV 7.875% 30/Nov/2017 

1,018,670 

0.13% 







769,000 EUR 


Peermont Global Pty Ltd - Regs - 7.75% 30/Apr/2014 

Market Value 

755,566 

Net Assets % 

0.10% 

6,000,000 

1,083 

10,688,661 

5,633,000 

3,000,000 

6,000,000 

4,000,000 

6,400,000 

3,214,500,000 

6,871,000 

4,500,000 

3,000,000 

7,500,000 

2,980,000 

3,300,000 

6,800,000 

2,000,000 

13,000,000 

2,500,000 

8,330,000 

4,700,000 

10,000,000 

135,900,000 

4,500,000 

10,000,000 

629,900 

2,500,000 

8,993,000 

4,681,000 

3,000,000 

4,400,000 

5,834,000 

USD 

USD 

USD 

USD 

BRL 

USD 

USD 

USD 

CLP 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

BRL 

USD 

USD 

USD 

USD 

RUB 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Financials 



Alliance Bank JSC Floating 25/Mar/2020 

Alliance Bank JSC 10.5% 25/Mar/2017 


Banco do Brasil SA/Cayman 9.75% 18/Jul/2017 


Banco Industrial e Comercial SA - Regs - 8.5% 27/Apr/2020 

Banco Santander Brasil SA/Brazil 4.625% 13/Feb/2017 


Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 4.125% 

09/Nov/2022 

Bank of Georgia JSC 7.75% 05/Jul/2017 

BES Investimento do Brasil SA Banco de Investimento 5.625% 25/Mar/2015 



Industrial Senior Trust 5.5% 01/Nov/2022 

International Bank of the Republic of Azerbaijan OJSC Via Rubrika Finance Co Ltd Floating 

10/May/2017 

Kazkommertsbank JSC 8.5% 16/Apr/2013 

Morgan Stanley 10.09% 03/May/2017 

Moscow Bank for Reconstruction and Development Via MB Capital SA for Moscow Bank Floating 

10/Mar/2016 

Nomos Bank Via Nomos Capital PLC 10% 26/Apr/2019 

PBB LPN Issuance for Probusinessbank 11.75% 10/May/2016 

Promsvyazbank OJSC Via PSB Finance SA - Regs - 8.5% 25/Apr/2017 

Russian Agricultural Bank OJSC Via RSHB Capital SA 8.7% 17/Mar/2016 


Russian Standard Bank Via Russian Standard Finance SA 9.25% 11/Jul/2017 

TemirBank JSC - Regs - 14% 30/Jun/2022 

Tinkoff Credit Systems Via TCS Finance Ltd 14% 06/Jun/2018 


Trade & Development Bank of Mongolia LLC 8.5% 25/Oct/2013 

Turkiye Vakiflar Bankasi Tao - Regs - 5.75% 24/Apr/2017 

Yapi ve Kredi Bankasi AS 5.5% 06/Dec/2022 


5,062,955 

26,286 

7,519,518 

4,376,681 

1,271,159 

4,095,874 

3,049,150 

5,157,767 

5,105,008 

5,315,853 

3,481,493 

2,349,439 

5,731,379 

2,345,077 

2,515,549 

4,693,568 

1,525,713 

5,237,178 

1,801,426 

6,494,544 

2,718,257 

7,793,538 

3,447,617 

3,575,356 

7,869,387 

630,316 

1,964,493 

6,831,665 

3,630,605 

2,468,902 

3,370,752 

4,978,193 

0.65% 

0.00% 

0.97% 

0.56% 

0.16% 

0.53% 

0.39% 

0.67% 

0.66% 

0.69% 

0.45% 

0.30% 

0.74% 

0.30% 

0.32% 

0.61% 

0.20% 

0.68% 

0.23% 

0.84% 

0.35% 

1.00% 

0.45% 

0.46% 

1.01% 

0.08% 

0.25% 

0.88% 

0.47% 

0.32% 

0.44% 

0.64% 

9,000,000 

4,200,000 

4,000,000 

5,126,000 

4,446,696 

7,500,000 

7,000,000 

3,199,000 

1,875,000 

5,600,000 

4,570,000 

3,762,000 

4,500,000 

7,819,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


African Bank Ltd 6% 15/Jun/2016 


Bank of New York Mellon SA Institucion de Banca Multiple 9.625% 02/May/2021 


Inversora de Electrica de Buenos Aires SA 6.5% 26/Dec/2017 


MaruEnergy Trinidad LLC 7.017% 01/Feb/2016 

Peru Enhanced Pass-Through Finance Ltd 0% 31/May/2018 

Power Sector Assets & Liabilities Management Corp 7.39% 02/Dec/2024 

Sasol Financing International PLC 4.5% 14/Nov/2022 


SSG Resources Ltd 4.25% 04/Oct/2022 

Tamweel Funding Ltd 4.31% CV 23/Jan/2013 

Zoomlion HK SPV Co Ltd 6.125% 20/Dec/2022 

7,116,581 

3,480,355 

2,832,259 

3,926,927 

1,028,703 

4,878,072 

5,574,939 

1,306,537 

1,994,605 

4,284,739 

3,708,965 

3,001,742 

3,415,942 

6,019,634 

0.92% 

0.45% 

0.37% 

0.51% 

0.13% 

0.63% 

0.72% 

0.17% 

0.26% 

0.55% 

0.48% 

0.39% 

0.44% 

0.78% 







1,500,000 USD 

12,500,000 CNY 

6,933,000 USD 

80,000,000 CNY 

7,860,000 USD 

4,000,000 USD 



Agile Property Holdings Ltd 9.875% 20/Mar/2017 

China SCE Property Holdings Ltd 10.5% 14/Jan/2016 

Emaar Sukuk Ltd 6.4% 18/Jul/2019 

Evergrande Real Estate Group Ltd 7.5% 19/Jan/2014 


KWG Property Holding Ltd 13.25% 22/Mar/2017 

Market Value 

1,285,649 

1,572,763 

5,731,925 

9,818,787 

6,272,124 

3,628,571 

Net Assets % 

0.17% 

0.20% 

0.74% 

1.26% 

0.81% 

0.47% 

6,000,000 

USD 

Health Care 


CFR International SpA 5.125% 06/Dec/2022 

4,729,760 

0.61% 

2,800,000 

7,000,000 

5,600,000 

6,000,000 

5,000,000 

3,000,000 

2,500,000 

2,266,000 

5,075,000 

2,000,000 

USD 

USD 

USD 

USD 

USD 

EUR 

USD 

USD 

USD 

USD 

Industrials 



Cemex SAB de CV 9% 11/Jan/2018 



Corp GEO SAB de CV 8.875% 27/Mar/2022 

C10-EUR Capital SPV Ltd Floating Perpetual 



Odebrecht Finance Ltd 7.125% 26/Jun/2042 

Yuksel Insaat AS 9.5% 10/Nov/2015 

2,320,237 

5,774,044 

4,905,947 

4,937,803 

4,048,468 

2,010,000 

2,047,937 

1,826,172 

4,484,508 

1,206,007 

0.30% 

0.75% 

0.63% 

0.64% 

0.52% 

0.26% 

0.26% 

0.24% 

0.58% 

0.16% 

8,000,000 

5,000,000 

5,500,000 

2,300,000 

USD 

USD 

EUR 

EUR 






6,143,507 

4,015,284 

5,984,413 

1,332,080 

0.79% 

0.52% 

0.77% 

0.17% 

5,100,000 

7,655,000 

USD 

USD 




4,008,552 

5,051,464 

0.52% 

0.65% 

6,600,000 

5,000,000 

4,667,000 

7,146,000 

4,750,000 

4,054,000 

USD 

USD 

USD 

USD 

USD 

USD 



CMA CGM SA 8.5% 15/Apr/2017 

COSCO Finance 2011 Ltd 4% 03/Dec/2022 


Kazakhstan Temir Zholy Finance BV 6.95% 10/Jul/2042 


5,240,352 

3,062,424 

3,609,463 

5,664,116 

4,539,593 

3,032,659 

0.68% 

0.40% 

0.47% 

0.73% 

0.59% 

0.39% 

4,925,000 

5,125,000 

5,691,000 

USD 

USD 

EUR 




CE Oaxaca IV S de RL de CV 7.25% 31/Dec/2031 


3,729,199 

3,894,652 

6,141,699 

0.48% 

0.50% 

0.79% 

5,000,000 

6,300,000 

6,111,000 

4,000,000 

25,500,000 

15,000,000 

3,985,000 

12,364,000 

USD 

EUR 

USD 

USD 

USD 

USD 

USD 

USD 


Baghlan Group FZCO for Baghlan Group Ltd 14.75% 27/Jun/2015 


OGX Austria GmbH - Regs - 8.375% 01/Apr/2022 

Pacific Rubiales Energy Corp 7.25% 12/Dec/2021 



Rosneft Oil Co via Rosneft International Finance Ltd 4.199% 06/Mar/2022 


3,811,438 

6,698,412 

3,881,950 

3,519,417 

16,972,277 

8,021,086 

3,083,055 

9,366,311 

0.49% 

0.86% 

0.50% 

0.45% 

2.18% 

1.03% 

0.40% 

1.20% 







2,900,000 USD 



Market Value 

2,309,618 

Net Assets % 

0.30% 

3,700,000 

1,800,000 

3,100,000 

6,752,000 

4,000,000 

2,000,000 

2,200,000 

5,000,000 

USD 

USD 

USD 

EUR 

USD 

USD 

USD 

EUR 



Altice Financing SA 7.875% 15/Dec/2019 




Oi SA 5.75% 10/Feb/2022 

Sable International Finance Ltd 8.75% 01/Feb/2020 

Telefonica Celular del Paraguay SA 6.75% 13/Dec/2022 


2,981,834 

1,477,928 

1,304,991 

3,781,525 

3,170,510 

1,744,539 

1,752,124 

5,055,525 

0.38% 

0.19% 

0.17% 

0.49% 

0.41% 

0.23% 

0.23% 

0.65% 

7,500,000 

3,281,000 

8,000,000 

USD 

USD 

USD 



Vimpel Communications Via VIP Finance Ireland Ltd OJSC 6.493% 02/Feb/2016 


6,186,476 

2,693,934 

6,970,570 

0.80% 

0.35% 

0.90% 

2,621,000 

2,000,000 

1,000,000 

5,310,000,000 

4,000,000 

1,530,000 

1,800,000 

USD 

USD 

USD 

COP 

USD 

USD 

USD 

Utilities 

Electricity 

Abu Dhabi National Energy Co 2.5% 12/Jan/2018 

Abu Dhabi National Energy Co 3.625% 12/Jan/2023 


15/Dec/2016 

Emgesa SA ESP 8.75% 25/Jan/2021 

Empresa Distribuidora Y Comercializadora Norte - Regs - 9.75% 25/Oct/2022 

Instituto Costarricense de Electricidad - Regs - 6.95% 10/Nov/2021 

Jamaica Public Service Co Ltd - Regs - 11% 06/Jul/2021 

2,005,411 

1,558,708 

318,568 

2,673,049 

1,365,291 

1,322,967 

1,457,448 

0.26% 

0.20% 

0.04% 

0.35% 

0.18% 

0.17% 

0.19% 

6,712,000 

USD 



5,442,809 

0.70% 

Total Bonds 

534,451,270 

68.98% 

Equities 

9,859 

USD 


Chemicals 


427,069 

0.06% 

16,868 

30,400 

9,997 

1,855,000 

USD 

USD 

USD 

EUR 

Financials 


Alliance Bank JSC - Gdr Regs 

Alliance Bank JSC - Pfd Gdr Reg S 

BTA Bank JSC - Gdr Reg S 


141 

277 

8,318 

2,660,070 

0.00% 

0.00% 

0.00% 

0.34% 

4,008,371 

GBP 


XXI Century Investments Public Ltd 

154,434 

0.02% 

65,989 

USD 



Lukoil OAO - Adr 

3,310,962 

0.43% 

530,883 

USD 



KCell JSC 

4,731,398 

0.61% 


11,292,669 

1.46% 








Market Value 

Net Assets % 


5,000,000 

89,000,000 

393,000,000 

USD 

RUB 

NGN 


Eastern and Southern African Trade and Development Bank 6.875% 09/Jan/2016 

European Bank for Reconstruction & Development 6.75% 12/May/2017 

International Bank for Reconstruction & Development 14.5% 28/Mar/2013 

3,963,137 

2,290,196 

1,923,493 

0.51% 

0.30% 

0.25% 

408,343 

408,343 

29,350,000 

3,700,000 

3,400,000 

1,841,119 

3,950,000 

6,000,000 

3,214,000 

5,000,000 

12,561,000 

2,000,000 

1,400,000 

2,210,000 

4,580,000 

3,311,000 

5,000,000 

450,000 

297,000,000 

4,000,000 

2,400,000 

1,667,000 

5,786,000 

9,000,000 

2,500,000 

2,800,000 

4,000,000 

1,320,480 

6,600,000 

180,000 

1,650,000 

1,420,000 

10,000,000 

1,750,000 

USD 

USD 

ARS 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

PHP 

USD 

USD 

USD 

EUR 

USD 

EUR 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Argentine Republic Government International Bond Floating 15/Dec/2035 

Argentine Republic Government International Bond Floating 31/Dec/2038 


Argentine Republic Government International Bond 8.28% 31/Dec/2033 

Costa Rica Government International Bond 4.25% 26/Jan/2023 

Dominican Republic International Bond 9.04% 23/Jan/2018 

El Salvador Government International Bond - Reg.S - 7.65% 15/Jun/2035 

Guatemala Government Bond - Regs - 5.75% 06/Jun/2022 

Hungary Government International Bond 6.25% 29/Jan/2020 

Hungary Government International Bond 6.375% 29/Mar/2021 

Ivory Coast Government International Bond Floating 31/Dec/2032 

Jamaica Government International Bond 10.625% 20/Jun/2017 

Jamaica Government International Bond 8% 24/Jun/2019 

Mongolia Government International Bond 4.125% 05/Jan/2018 


Morocco Government International Bond 4.25% 11/Dec/2022 

Nigeria Government International Bond 6.75% 28/Jan/2021 

Panama Government International Bond 8.875% 30/Sep/2027 



Republic of Belarus 8.95% 26/Jan/2018 

Republic of Serbia 7.25% 28/Sep/2021 


Russian Foreign Bond - Eurobond 4.5% 04/Apr/2022 

Slovakia Government Bond 4.625% 19/Jan/2017 

Turkey Government International Bond 6.875% 17/Mar/2036 

Turkey Government International Bond 7.375% 05/Feb/2025 

Uruguay Government International Bond 7.875% 15/Jan/2033 

Venezuela Government International Bond 10.75% 19/Sep/2013 

Venezuela Government International Bond 13.625% 15/Aug/2018 

Venezuela Government International Bond 7.65% 21/Apr/2025 

Venezuela Government International Bond 8.5% 08/Oct/2014 


Venezuela Government International Bond 9.375% 13/Jan/2034 

23,075 

112,740 

313,140 

2,763,210 

2,614,988 

1,732,373 

3,415,504 

5,040,200 

2,702,915 

4,205,856 

8,955,809 

1,664,897 

1,043,310 

1,663,702 

3,421,799 

2,542,770 

4,503,565 

557,210 

6,593,609 

4,668,538 

1,884,102 

1,458,815 

6,115,079 

7,833,358 

2,847,150 

2,875,076 

4,118,629 

1,558,956 

5,168,765 

160,422 

1,107,593 

1,107,221 

7,622,875 

1,320,730 

0.00% 

0.01% 

0.04% 

0.36% 

0.34% 

0.22% 

0.44% 

0.65% 

0.35% 

0.54% 

1.17% 

0.21% 

0.13% 

0.21% 

0.44% 

0.33% 

0.58% 

0.07% 

0.85% 

0.60% 

0.24% 

0.19% 

0.79% 

1.02% 

0.37% 

0.37% 

0.53% 

0.20% 

0.67% 

0.02% 

0.14% 

0.14% 

0.99% 

0.17% 

1,650,000 

9,075,000 

3,750,000 

1,000,000 

2,449,864 

5,000,000 

2,464,162 

1,500,000 

4,000,000 

3,944,000 

3,913,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


City of Buenos Aires Argentina - Regs - 12.5% 06/Apr/2015 

Financing of Infrastrucural Projects State Enterprise 9% 07/Dec/2017 

Perusahaan Penerbit SBSN 3.3% 21/Nov/2022 


Provincia de Buenos Aires/Argentina Floating 15/May/2035 

Provincia de Buenos Aires/Argentina 10.875% 26/Jan/2021 

Provincia de Buenos Aires/Argentina 9.25% 15/Apr/2017 

Provincia de Buenos Aires/Argentina 9.375% 14/Sep/2018 


Provincia de Mendoza Argentina 5.5% 04/Sep/2018 


1,229,615 

6,917,759 

2,958,131 

652,609 

743,284 

2,844,357 

1,480,291 

830,552 

2,533,374 

1,182,633 

2,582,153 

0.16% 

0.90% 

0.38% 

0.08% 

0.10% 

0.37% 

0.19% 

0.11% 

0.33% 

0.15% 

0.33% 







5,370,000 USD 


Republic of Angola Via Northern Lights III BV 7% 16/Aug/2019 

Market Value 

4,521,162 

Net Assets % 

0.58% 




140,370,727 

686,114,666 

18.12% 

88.56% 


Bonds 

2,000,000 

USD 


Chemicals 

Lyondell Industries Escrow - 10/08/2005 - 0% 15/Aug/2015 

0 

0.00% 

3,000,000 

USD 



22,099 

0.00% 

500,000 

2,801,399 

USD 

USD 



Arantes International Ltd 0% 19/Jun/2013 Defaulted 

Independencia International Ltd - Regs - 12% 30/Dec/2016 Defaulted 

8,533 

11,155 

0.00% 

0.00% 

1,000,000 

EUR 



100 

0.00% 

6,500,000 

2,550,000 

11,732,491 

4,267,791 

468,080 

3,112,550 

4,795,000 

4,000,000 

USD 

USD 

USD 

USD 

USD 

USD 

EUR 

USD 

Financials 


Banco Cruzeiro do Sul SA/Brazil 0% 20/Jan/2016 Defaulted 

Banco Cruzeiro do Sul SA/Brazil 0% 22/Sep/2020 Defaulted 

BTA Bank JSC - Regs - Floating 01/Jul/2018 Defaulted 

BTA Bank JSC - Regs - Floating 01/Jul/2020 Defaulted 

BTA Bank JSC - Regs - 0% 01/Jul/2025 Defaulted 

HSBC Bank PLC 9.7% 19/Dec/2016 

International Industrial Bank JSC Via IIB Luxembourg SA 0% 05/Jul/2049 Defaulted 

International Industrial Bank JSC Via IIB Luxembourg SA 0% 19/Feb/2013 Defaulted 

1,116,694 

387 

3,893,329 

441,055 

12,426 

1,928,818 

137,856 

87,379 

0.14% 

0.00% 

0.51% 

0.06% 

0.00% 

0.25% 

0.02% 

0.01% 

1,914,919 

5,000,000 

2,499,000 

USD 

USD 

USD 


Hipotecaria Su Casita SA de CV 0% 29/Jun/2018 Defaulted 

IIG Funding Ltd 0% CV 10/Jul/2012 Defaulted 

Ritzio International Ltd Via Royal Bank of Scotland PLC 0% 02/Jul/2017 

170,471 

1,000,265 

350,664 

0.02% 

0.13% 

0.05% 

8,000,000 

USD 



Tristan Oil Ltd 0% 01/Jan/2012 Defaulted 

2,453,732 

0.32% 

Total Bonds 

11,634,963 

1.51% 

Equities 

20,737 

EUR 

Financials 


TemirBank JSC - Gdr Reg S 

199,076 

0.02% 

231,454 

MXN 


Hipotecaria - I 

49,195 

0.01% 


248,271 

0.03% 








Market Value 

Net Assets % 

500 

USD 

Warrants 

The Central Bank of Nigeria - Central Bank of Nigeria - 15/Nov/2020 

72,436 

0.01% 


72,436 

0.01% 


4,193,000 

USD 


Ecuador Government International Bond 0% 15/Aug/2030 Defaulted 

407,485 

0.05% 



407,485 

12,363,155 

0.05% 

1.60% 


698,477,821 

90.16% 


774,692,466 

100.00% 


Maturity Date 

Long/(Short) 


11-Mar-13 261 

Euro Bund 

28-Mar-13 251 

US Long Bond 

28-Mar-13 809 



Trade 


EUR 

USD 

USD 



38,012,040 

36,881,313 

107,104,020 

Market Price 


145.64 

146.94 

132.39 


(in Fund Ccy) 

370,620 

(641,053) 

(699,910) 

(970,343) 




31-Jan-13 EUR 

17,328,839 

31-Jan-13 EUR 

31,498,039 

31-Jan-13 EUR 

45,256,559 

31-Jan-13 EUR 

90,473 

31-Jan-13 EUR 

90,473 

31-Jan-13 EUR 

219,292 

31-Jan-13 USD 

729,273 

31-Jan-13 USD 

119,684 

04-Mar-13 EUR 

9,546,532 

04-Mar-13 USD 

81,023,848 



USD 

USD 

USD 

USD 

USD 

USD 

EUR 

EUR 

USD 

EUR 

Amount Sold 

22,998,402 

41,803,409 

60,063,373 

120,082 

119,304 

289,363 

551,566 

90,473 

12,500,000 

62,477,665 


(113,248) 

(205,847) 

(295,763) 

(598) 

(7) 

(162) 

1,517 

296 

68,825 

(1,044,044) 

(1,589,031) 



Underlying 



20-Sep-14 Credit Default Swap Buyer Turkey 

20-Jun-14 Credit Default Swap Buyer Turkey 

20-Sep-15 Credit Default Swap Buyer Vimpel Communications 

20-Apr-13 Credit Default Swap Seller CenterCredit Int. 

12-May-15 Credit Default Swap Seller Croatia 

31-Jul-15 Credit Default Swap Seller Dar al-Arkan 

01-Jul-13 Credit Default Swap Seller Marfrig Overseas Ltd 

20-Sep-13 Credit Default Swap Seller Ukraine 

20-Jun-13 Credit Default Swap Seller Ukreximbank 


Received Rate 

- 

- 

- 

- 

- 

7.600% 

3.550% 

6.000% 

5.000% 

4.800% 

5.000% 


Unrealised 

Gain/(Loss) 

1.680% USD 2,000,000 (28,857) 

1.700% USD 2,000,000 (29,384) 

2.180% USD 2,500,000 (54,585) 

2.715% USD 2,500,000 (63,081) 

5.000% USD 2,000,000 (108,078) 

- USD 10,000,000 

75,671 

- EUR 12,307,692 (159,620) 

- USD 6,416,667 101,302 

- USD 2,307,693 (31,844) 

- USD 3,000,000 

20,861 

- USD 4,500,000 

(5,894) 

(283,509) 




Pioneer Funds - Emerging Markets Corporate Bond 






Market Value 

Net Assets % 

Bonds 

200,000 

200,000 

300,000 

USD 

USD 

USD 


Chemicals 

Braskem Finance Ltd 5.75% 15/Apr/2021 


PTT Global Chemical PCL 4.25% 19/Sep/2022 

160,434 

164,128 

238,824 

1.61% 

1.65% 

2.40% 

100,000 

USD 


Fibria Overseas Finance Ltd - Regs - 7.5% 04/May/2020 

84,854 

0.85% 

100,000 

USD 


Southern Copper Corp 5.375% 16/Apr/2020 

87,802 

0.88% 

225,000 

50,000 

250,000 

200,000 

USD 

USD 

USD 

USD 

Mining 

Adaro Indonesia PT - Regs - 7.625% 22/Oct/2019 


Vedanta Resources PLC 8.75% 15/Jan/2014 

Yancoal International Resources Development Co Ltd - Regs - 5.73% 16/May/2022 

191,484 

38,581 

200,859 

157,455 

1.92% 

0.39% 

2.02% 

1.58% 

100,000 

USD 



Grupo Bimbo SAB de CV 4.5% 25/Jan/2022 

83,369 

0.84% 

100,000 

USD 



88,726 

0.89% 

200,000 

200,000 

150,000 

250,000 

100,000 

150,000 

200,000 

200,000 

200,000 

100,000 

200,000 

200,000 

200,000 

250,000 

200,000 

200,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Financials 




Banco de Credito del Peru Floating 24/Apr/2027 


Bangkok Bank PCL/Hong Kong - - 4.8% 18/Oct/2020 

Bank of China Hong Kong Ltd 5.55% 11/Feb/2020 

BBVA Bancomer SA/Texas 6.75% 30/Sep/2022 

ICICI Bank Ltd 5.75% 16/Nov/2020 

Itau Unibanco Holding SA/Cayman Island 5.5% 06/Aug/2022 

Kazkommertsbank JSC 7.5% 29/Nov/2016 

National Bank of Abu Dhabi PJSC 3% 13/Aug/2019 

Oversea-Chinese Banking Corp Ltd Floating 11/Mar/2023 

QIB Sukuk Ltd 2.5% 10/Oct/2017 

Turkiye Garanti Bankasi AS 5.25% 13/Sep/2022 

VTB Bank OJSC Via VTB Capital SA - - 6.315% 22/Feb/2018 

Woori Bank Co Ltd - - 5.875% 13/Apr/2021 

160,936 

169,524 

125,261 

196,391 

84,039 

129,249 

171,420 

166,062 

159,683 

70,013 

154,003 

155,627 

152,304 

205,698 

167,813 

176,458 

1.62% 

1.70% 

1.26% 

1.97% 

0.84% 

1.30% 

1.72% 

1.67% 

1.60% 

0.70% 

1.55% 

1.56% 

1.53% 

2.06% 

1.68% 

1.77% 

200,000 

100,000 

200,000 

200,000 

200,000 

USD 

USD 

USD 

USD 

USD 


Gruposura Finance 5.7% 18/May/2021 


MAF Global Securities Ltd 5.25% 05/Jul/2019 

Sasol Financing International PLC 4.5% 14/Nov/2022 


170,272 

80,476 

162,961 

153,595 

162,697 

1.71% 

0.81% 

1.64% 

1.54% 

1.63% 

200,000 

100,000 

USD 

USD 


Country Garden Holdings Co Ltd 11.125% 23/Feb/2018 


178,246 

80,557 

1.79% 

0.81% 






Holding 



Market Value 

Net Assets % 

250,000 

200,000 

125,000 

USD 

USD 

USD 

Industrials 


Cemex Espana Luxembourg 9.25% 12/May/2020 


Votorantim Overseas IV 7.75% 24/Jun/2020 

208,292 

166,110 

116,738 

2.09% 

1.67% 

1.17% 

150,000 

200,000 

100,000 

150,000 

USD 

USD 

USD 

USD 



Hutchison Whampoa International 10 Ltd - Regs - Floating Perpetual 

Kuwait Projects Co 9.375% 15/Jul/2020 


115,760 

161,927 

93,702 

121,027 

1.16% 

1.63% 

0.94% 

1.21% 

200,000 

USD 



133,495 

1.34% 

200,000 

200,000 

200,000 

100,000 

100,000 

200,000 

200,000 

475,000 

250,000 

200,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 



Afren PLC 10.25% 08/Apr/2019 

CNPC General Capital Ltd 3.95% 19/Apr/2022 

Gazprom Neft OAO Via GPN Capital SA 4.375% 19/Sep/2022 

Gazprom OAO Via Gaz Capital SA 6.51% 07/Mar/2022 

Lukoil International Finance BV 6.656% 07/Jun/2022 


MOL Group Finance SA 6.25% 26/Sep/2019 

Petroleos de Venezuela SA 8.5% 02/Nov/2017 



178,356 

165,417 

156,629 

90,837 

93,017 

167,627 

157,139 

357,583 

189,861 

160,042 

1.79% 

1.66% 

1.57% 

0.91% 

0.93% 

1.68% 

1.58% 

3.58% 

1.91% 

1.61% 

200,000 

USD 

Technology 


Halyk Savings Bank of Kazakhstan JSC 7.25% 28/Jan/2021 

165,554 

1.66% 

225,000 

200,000 

200,000 

200,000 

USD 

USD 

USD 

USD 



Indosat Palapa Co BV - Regs - 7.375% 29/Jul/2020 

Qtel International Finance Ltd 3.25% 21/Feb/2023 

SingTel Group Treasury Pte Ltd 4.5% 08/Sep/2021 

Telefonica Chile SA 3.875% 12/Oct/2022 

194,813 

152,204 

174,839 

152,577 

1.96% 

1.53% 

1.76% 

1.53% 

200,000 

USD 



174,644 

1.75% 

100,000 

200,000 

200,000 

USD 

USD 

USD 

Utilities 

Electricity 

Abu Dhabi National Energy Co 6.25% 16/Sep/2019 

Empresa de Energia de Bogota SA - - 6.125% 10/Nov/2021 


91,423 

171,799 

167,327 

0.92% 

1.72% 

1.68% 

150,000 

USD 


Axiata SPV1 Labuan Ltd 5.375% 28/Apr/2020 

131,317 

1.32% 

Total Bonds 

9,339,857 

93.75% 


100,000 USD 


DP World Ltd 6.85% 02/Jul/2037 

89,597 

0.90% 






Holding 



Market Value 

Net Assets % 


89,597 

0.90% 



9,429,454 

94.65% 


9,429,454 

94.65% 


9,961,984 

100.00% 




Pioneer Funds - Absolute Return Bond 


Holding 





Market Value 

Net Assets % 

Bonds 

28,716,651 

24,786,721 

DKK 

DKK 

Financials 




3,912,434 

3,377,010 

2.42% 

2.09% 

Total Bonds 

7,289,444 

4.51% 


8,200,000 

32,770,000 

3,155,000 

2,000,000 

14,200,000 

3,500,000 

10,600,000 

7,000,000 

8,500,000 

14,000,000 

9,200,000 

53,950,000 

11,000,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

NOK 

EUR 


Belgium Treasury Bill 0% 14/Nov/2013 







Italy Buoni Ordinari del Tesoro BOT 0% 12/Jul/2013 

Italy Buoni Ordinari del Tesoro BOT 0% 14/Jun/2013 




Spain Letras del Tesoro 0% 20/Sep/2013 

8,198,155 

37,064,812 

3,402,458 

2,394,800 

14,200,000 

3,580,763 

10,977,890 

6,965,455 

8,470,250 

13,974,100 

9,125,250 

8,582,169 

10,850,400 

5.08% 

22.96% 

2.11% 

1.48% 

8.79% 

2.22% 

6.80% 

4.31% 

5.24% 

8.65% 

5.65% 

5.31% 

6.72% 




137,786,502 

145,075,946 

85.32% 

89.83% 

10,100 

EUR 



10,286,749 

6.37% 


10,286,749 

6.37% 


155,362,695 

96.20% 


161,499,274 

100.00% 


Maturity Date 

Long/(Short) 


11-Mar-13 (112) 

Euro Bobl 

11-Mar-13 (145) 

Euro Bund 

11-Mar-13 43 

Euro Buxl 

11-Mar-13 128 

Euro Schatz 

11-Mar-13 (30) 


21-Mar-13 (4) 


28-Mar-13 11 

Long Gilt 

28-Mar-13 (20) 

US Long Bond 

28-Mar-13 (1) 


31-Mar-13 143 


31-Mar-13 (122) 


16-Jun-14 53 

90 Day Euro$ 


Trade 


EUR 

EUR 

EUR 

EUR 

EUR 

JPY 

GBP 

USD 

USD 

USD 

USD 

USD 



(14,315,840) 

(21,117,800) 

5,888,420 

14,189,440 

(4,084,800) 

(574,600,000) 

1,308,230 

(2,953,750) 

(132,766) 

31,529,266 

(15,175,657) 

13,190,375 

Market Price 


127.82 

145.64 

136.94 

110.86 

136.16 

143.65 

118.93 

147.69 

132.77 

110.24 

124.39 

99.55 


(in Fund Ccy) 

(92,865) 

(205,901) 

166,840 

16,640 

(54,000) 

32,984 

13,083 

39,821 

(296) 

6,799 

18,796 

9,990 

(48,109) 









04-Mar-13 EUR 

7,112,574 

04-Mar-13 EUR 

8,853,045 

04-Mar-13 EUR 

1,285,918 



DKK 

NOK 

USD 

Amount Sold 

53,000,000 

65,445,143 

1,660,042 


7,305 

(41,275) 

27,247 

(6,723) 


Maturity Date 

Quantity 

Contract 

Strike Price 




Trade 


Market Price 

(in Fund Ccy) 

Unrealised 

Gain/(Loss) 


02-Aug-22 (4,630,000) 

02-Aug-22 (4,630,000) 

16-Oct-13 (16,900,000) 




2.76 

2.76 

2.10 

12,778,800 EUR (256,981) 

81,683 

12,778,800 EUR (321,747) 

16,916 

35,490,000 EUR (175,403) 257,238 

(754,131) 355,837 



02-Aug-22 970,000 Call Swaption IRS 2.60% / Euribor 6M 2/Aug/2022 


02-Aug-22 970,000 Put Swaption IRS 2.60% / Euribor 6M 2/Aug/2022 


16-Jun-14 219 



3.03 

2.60 

3.03 

2.60 

2.50 

99.00 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 

168,989 

112,090 

126,283 

137,385 

134,720 

26,993 

706,460 

4,832 

(36,324) 

(37,873) 

(11,030) 

(287,780) 

(101,638) 

(469,813) 

(113,976) 


Maturity Date 

20-Mar-22 

20-Dec-17 

20-Dec-17 

04-Aug-21 

16-Apr-20 

14-Feb-14 

14-Nov-15 

11-Jul-17 

03-Sep-14 

11-Jul-14 

03-Sep-17 

04-Jun-42 

18-Oct-20 

17-Apr-23 

03-Oct-15 

16-Oct-16 

17-Oct-21 

03-Oct-15 

18-Oct-20 

22-Jun-17 

04-Jun-42 

31-Jul-13 

Contract 























Underlying 




- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Received Rate 

- 

1.000% 

1.000% 

Euribor 3M 


BBSW 3M 

3.210% 

China IRS 1W 

2.860% 

2.370% 

China IRS 1W 

Euribor 6M 

Euribor 6M 

2.060% 

0.353% 

Euribor 6M 

2.360% 

Euribor 6M 

Euribor 6M 

EUR-EXT-CPI 

3.473% 

Indian OIS 1D 


Unrealised 

Gain/(Loss) 

1.000% USD 13,000,000 1,101,040 

- EUR 9,800,000 (76,557) 

- EUR 9,300,000 (72,651) 

Libor 3M -0.36% EUR 23,076,923 

14,688 

Euribor 3M EUR 13,020,833 210,638 

2.940% AUD 17,000,000 (24,229) 

BBSW 3M AUD 17,810,000 (28,883) 

2.600% CNY 38,500,000 203,770 

China IRS 1W CNY 88,500,000 (91,141) 

China IRS 1W CNY 92,500,000 (169,820) 

2.850% CNY 36,800,000 155,629 

1.800% EUR 4,700,000 339,264 

1.582% EUR 5,100,000 (123,829) 

EUR-EXT-CPI EUR 3,334,000 (18,685) 

Eonia 1D EUR 77,000,000 219,446 

1.000% EUR 51,000,000 (247,860) 

Euribor 6M EUR 21,100,000 275,866 

0.680% EUR 77,000,000 (327,557) 

1.575% EUR 6,600,000 (156,465) 

1.579% EUR 4,825,000 

57,120 

Libor 6M GBP 4,200,000 (188,792) 

7.650% INR 1,600,000,000 

65,533 








Underlying 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


Received Rate 

2.505% 

Libor 6M 

Libor 6M 

Kikrw 3M 

3.350% 

Klibor 3M 

Klibor 3M 

3.340% 

Klibor 3M 

3.345% 

2.650% 

BKBM 3M 


Unrealised 

Gain/(Loss) 

Libor 6M JPY 480,000,000 (82,834) 

2.343% JPY 600,000,000 

85,618 

0.390% JPY 5,000,000,000 (79,281) 

2.788% KRW 6,600,000,000 

18,105 

Klibor 3M MYR 8,280,000 

(8,698) 

3.685% MYR 4,400,000 

19,075 

3.675% MYR 11,300,000 

51,450 

Klibor 3M MYR 21,100,000 (24,594) 

3.680% MYR 4,600,000 

20,443 


(9,551) 

BKBM 3M NZD 40,975,100 (14,316) 

2.830% NZD 20,720,350 

5,395 

1,097,337 




Pioneer Funds - Absolute Return Currencies 


Holding 





Market Value 

Net Assets % 


3,700,000 

8,000,000 

10,000,000 

11,500,000 

4,300,000 

3,500,000 

5,000,000 

10,000,000 

2,000,000 

3,000,000 

2,800,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


Belgium Treasury Bill 0% 16/May/2013 

Dutch Treasury Certificate 0% 28/Feb/2013 

France Treasury Bill BTF 0% 07/Feb/2013 

France Treasury Bill BTF 0% 25/Jul/2013 

German Treasury Bill 0% 28/Aug/2013 





Spain Letras del Tesoro 0% 19/Jul/2013 

Spain Letras del Tesoro 0% 20/Sep/2013 

3,699,630 

8,000,400 

10,000,000 

11,499,712 

4,300,323 

3,482,728 

4,998,125 

9,981,500 

1,983,750 

2,972,850 

2,761,920 

4.63% 

10.01% 

12.52% 

14.41% 

5.38% 

4.36% 

6.26% 

12.49% 

2.48% 

3.72% 

3.46% 




63,680,938 

63,680,938 

79.72% 

79.72% 


63,680,938 

79.72% 


79,885,400 

100.00% 


Maturity Date 

13-Feb-13 

13-Feb-13 

28-Feb-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 


KRW 

USD 

INR 

AUD 

AUD 

AUD 

CAD 

CAD 

CAD 

CAD 

CAD 

CAD 

CHF 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

GBP 

GBP 


3,451,520,000 

3,200,000 

180,832,000 

2,020,000 

4,010,000 

3,100,000 

5,292,342 

3,117,120 

478,349 

8,192,408 

623,862 

904,855 

4,961,984 

4,100,000 

2,400,000 

7,186,427 

4,000,000 

2,439,150 

1,600,000 

3,300,000 

2,500,000 

2,400,000 

2,500,000 

2,500,000 

1,600,000 

210,000 

4,019,344 


USD 

KRW 

USD 

MXN 

NZD 

USD 

EUR 

EUR 

GBP 

GBP 

GBP 

GBP 

EUR 

CAD 

CAD 

CHF 

CHF 

JPY 

PLN 

USD 

USD 

USD 

USD 

USD 

USD 

CAD 

USD 

Amount Sold 

3,200,000 

3,500,800,000 

3,200,000 

27,290,200 

5,085,081 

3,209,740 

4,100,000 

2,400,000 

300,000 

5,138,490 

390,000 

562,000 

4,100,000 

5,319,074 

3,088,632 

8,652,566 

4,828,160 

259,679,000 

6,635,040 

4,255,713 

3,258,275 

3,108,830 

3,245,700 

3,270,300 

2,115,016 

334,366 

6,438,860 


11,988 

(46,792) 

52,040 

(289) 

(26,265) 

(5,359) 

(75,326) 

(29,520) 

(5,843) 

(100,760) 

(6,067) 

(4,288) 

12,623 

54,997 

51,184 

14,953 

(1,706) 

161,234 

(14,701) 

73,248 

29,522 

42,833 

39,057 

20,404 

(3,640) 

4,454 

69,956 









04-Mar-13 JPY 

264,060,000 

04-Mar-13 JPY 

15,717,140 

04-Mar-13 JPY 

267,716,480 

04-Mar-13 MXN 

27,910,175 

04-Mar-13 MXN 

41,623,700 

04-Mar-13 MXN 

28,677,533 

04-Mar-13 MXN 

26,047,000 

04-Mar-13 NZD 

5,104,409 

04-Mar-13 PLN 

6,600,320 

04-Mar-13 PLN 

6,673,485 

04-Mar-13 USD 

3,257,017 

04-Mar-13 USD 

3,222,140 

04-Mar-13 USD 

4,245,474 

04-Mar-13 USD 

3,247,570 

04-Mar-13 USD 

3,096,312 

04-Mar-13 USD 

3,230,488 

04-Mar-13 USD 

2,120,640 

04-Mar-13 USD 

2,073,058 

04-Mar-13 USD 

1,762,131 

04-Mar-13 USD 

1,143,992 

04-Mar-13 USD 

2,098,954 

04-Mar-13 USD 

3,200,000 

04-Mar-13 USD 

3,177,636 

04-Mar-13 USD 

2,100,000 

23-Apr-13 CNY 

50,000,000 



EUR 

USD 

USD 

AUD 

AUD 

USD 

USD 

AUD 

EUR 

USD 

AUD 

AUD 

EUR 

EUR 

EUR 

EUR 

EUR 

GBP 

GBP 

GBP 

GBP 

JPY 

NZD 

PLN 

USD 

Amount Sold 

2,500,000 

191,551 

3,200,000 

2,051,422 

3,100,000 

2,192,154 

2,000,000 

4,010,646 

1,600,000 

2,100,000 

3,142,914 

3,100,000 

3,259,531 

2,500,000 

2,400,000 

2,500,000 

1,600,000 

1,300,000 

1,100,000 

710,000 

1,290,000 

265,046,400 

3,800,000 

6,732,600 

7,880,221 


(183,652) 

(7,368) 

(77,899) 

11,688 

(14,557) 

958 

(5,902) 

37,858 

6,252 

31,814 

7,601 

14,810 

(40,542) 

(37,639) 

(52,325) 

(50,591) 

7,904 

(29,835) 

(19,171) 

(7,354) 

2,143 

101,331 

42,652 

(46,205) 

27,433 

37,341 


Maturity Date 

Quantity 

Contract 

Strike Price 




Trade 


Market Price 

(in Fund Ccy) 

Unrealised 

Gain/(Loss) 


17-Apr-13 (3,100,000) 

14-Mar-13 (4,200,000) 

07-Feb-13 (6,400,000) 

Call USD/MXN 

Put USD/INR 

Put USD/INR 

15.00 

54.00 

54.00 

35,270,024 USD 

(6,930) 

9,609 

172,026,699 USD 

(25,555) 

63,747 

262,135,922 USD 

(26,474) 

35,242 

(58,959) 

108,598 


11-Feb-13 7,000,000 Call GBP/CAD 

18-Jan-13 4,100,000 Call USD/JPY 

17-Jun-13 3,300,000 Put EUR/RON 

01-Feb-13 4,100,000 Put EUR/USD 

23-Jan-13 6,400,000 Put GBP/USD 

07-Feb-13 6,400,000 Put USD/INR 

14-Mar-13 4,200,000 Put USD/INR 

17-Apr-13 3,100,000 Put USD/MXN 


1.56 

81.75 

4.47 

1.28 

1.60 

54.90 

54.00 

12.70 

GBP 

USD 

EUR 

EUR 

GBP 

USD 

USD 

USD 

305,662 

152,080 

29,912 

5,995 

24,060 

54,000 

25,555 

16,527 

613,791 

111,390 

117,939 

(778) 

(46,977) 

(75,878) 

(46,353) 

(18,450) 

(21,275) 

19,618 

128,216 




Pioneer Funds - Absolute Return Commodity 


Holding 





Market Value 

Net Assets % 


400,000 

100,000 

300,000 

EUR 

EUR 

EUR 



State of Berlin 3% 09/Apr/2013 

State of Berlin 3.75% 11/Jun/2013 

409,230 

100,748 

304,792 

17.00% 

4.19% 

12.66% 

450,000 

500,000 

200,000 

300,000 

EUR 

EUR 

EUR 

EUR 


Free State of Bavaria 3.375% 21/Jan/2013 

State of Brandenburg 4% 20/Feb/2013 

State of North Rhine-Westphalia 2.25% 17/Jun/2013 

State of Saxony-Anhalt 4.125% 22/Apr/2013 

450,810 

502,650 

201,926 

303,587 

18.73% 

20.90% 

8.39% 

12.61% 




2,273,743 

2,273,743 

94.48% 

94.48% 


2,273,743 

94.48% 


2,406,619 

100.00% 



Underlying 

09-Jan-13 Commodity Swap Credit Suisse Custom 54 Excess return Index 

09-Jan-13 Commodity Swap Merrill Lynch Seasonal Roll P1.0 Index 

09-Jan-13 Commodity Swap Goldman Sachs Commodity Carry Alpha Pairs Strategy 


Received Rate 

CS54E 1D 

MLCXS 1D 

ABGSC 1D 


Unrealised 

Gain/(Loss) 

0.700% USD 2,400,000 (6,111) 

0.600% USD 1,100,000 

246 

0.950% USD 500,000 (1,811) 

(7,676) 




Pioneer Funds - Absolute Return European Equity 


Holding 





Market Value 

Net Assets % 


2,380,000 

1,730,000 

6,121,000 

6,480,000 

5,571,000 

4,600,000 

4,250,000 

5,701,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


Belgium Treasury Bill 0% 20/Jun/2013 


France Treasury Bill BTF 0% 07/Mar/2013 


German Treasury Bill 0% 13/Feb/2013 



Spain Letras del Tesoro 0% 18/Jan/2013 

2,379,703 

1,730,087 

6,121,000 

6,479,838 

5,571,279 

4,594,020 

4,248,406 

5,699,716 

6.07% 

4.42% 

15.62% 

16.54% 

14.22% 

11.73% 

10.84% 

14.55% 




36,824,049 

36,824,049 

93.99% 

93.99% 


36,824,049 

93.99% 


39,177,294 

100.00% 




31-Jan-13 USD 

560,575 

31-Jan-13 USD 

909,059 



EUR 

EUR 

Amount Sold 

422,381 

684,957 


2,761 

4,477 

7,238 

Outstanding Contracts For Differences as at 31 December 2012 (expressed in EUR) 

The Fund has entered into following Contracts For Differences: 

Quantity 

Long/(Short) 

(1,308) 

(1,638) 

(2,911) 

(3,483) 

1,059 

22,634 

(13,508) 

3,353 

(32,904) 

(4,529) 

7,642 

(2,425) 

(15,074) 

63,901 

9,561 

34,905 

(11,584) 

26,111 

37,233 

(21,370) 

(8,951) 

CFD Type 

CFD on Index 

CFD on Index 

CFD on Index 

CFD on Index 

CFD on Index 

CFD on Single Equity 


















Underlying 

MSPIONCH Index 

MSPIONCS Index 

MSPIONNP Index 

MSPIONRI Index 

STOXX Europe 600 Industrial Goods & Services Price EUR 

ABB Ltd 

Accor SA 

Adecco SA - Reg 

Aggreko PLC 

Air Liquide SA 

Akzo Nobel NV - CVA 

ASML Holding NV 

Atlas Copco AB - A 

Barclays PLC 

Beiersdorf AG 

BT Group PLC 

Bunzl PLC 

Burberry Group PLC 

Capita PLC 

Carnival PLC 

Cie Financiere Richemont SA 


EUR 

EUR 

GBP 

EUR 

EUR 

CHF 

EUR 

CHF 

GBP 

EUR 

EUR 

EUR 

SEK 

GBP 

EUR 

GBP 

GBP 

GBP 

GBP 

GBP 

CHF 

Unrealised 

Gain/(Loss) 

(945) 

2,940 

1,216 

(4,850) 

(1,449) 

(1,830) 

(2,396) 

3,556 

(9,807) 

(512) 

10,858 

1,241 

(3,034) 

(3,270) 

6,171 

(4,303) 

1,571 

(3,155) 

(9,869) 

27,227 

5,714 




Outstanding Contracts For Differences as at 31 December 2012 (expressed in EUR) (continued) 

Quantity 

Long/(Short) CFD Type 

Underlying 

(5,243) CFD on Single Equity 

Deutsche Post AG - Reg 

30,126 CFD on Single Equity 

Drax Group PLC 


E.ON AG 


European Aeronautic Defence and Space Co NV 


France Telecom SA 


GKN PLC 


H Lundbeck A/S 


Heineken NV 


Henkel AG & Co KGaA - Pfd 


Hugo Boss AG 


InterContinental Hotels Group PLC 


ITV PLC 


Koninklijke Ahold NV 


Koninklijke Philips Electronics NV 


K+S AG - Reg 


Linde AG 


LVMH Moet Hennessy Louis Vuitton SA 


Nestle SA 


PPR 


Reed Elsevier NV 


Rio Tinto PLC 


Rolls-Royce Holdings PLC 


RWE AG 


Ryanair Holdings PLC 


SABMiller PLC 


SAP AG 


Shire PLC 


Siemens AG - Reg 


SKF AB - B 


Smiths Group PLC 


Svenska Cellulosa AB - B 


Swatch Group AG 


Tate & Lyle PLC 


Unilever PLC 


Vallourec SA 


Vivendi SA 


Wolters Kluwer NV 


Zurich Insurance Group AG 

Total Net Unrealised Gain/(Loss) on Contracts For Difference 


EUR 

GBP 

EUR 

EUR 

EUR 

GBP 

DKK 

EUR 

EUR 

EUR 

GBP 

GBP 

EUR 

EUR 

EUR 

EUR 

EUR 

CHF 

EUR 

EUR 

GBP 

GBP 

EUR 

EUR 

GBP 

EUR 

GBP 

EUR 

SEK 

GBP 

SEK 

CHF 

GBP 

GBP 

EUR 

EUR 

EUR 

CHF 

Unrealised 

Gain/(Loss) 

(344) 

(8,357) 

3,698 

2,990 

2,398 

(1,657) 

(1,855) 

(4,605) 

(3,543) 

6,159 

16,593 

2,608 

(3,196) 

2,115 

3,709 

(3,865) 

(1,809) 

3,363 

(3,992) 

7,903 

(1,330) 

1,204 

596 

(11,640) 

(514) 

(843) 

(8,331) 

930 

(2,870) 

(2,138) 

3,299 

10,916 

1,452 

(6,515) 

(6,646) 

2,084 

3,720 

5,760 

22,521 




Pioneer Funds - Absolute Return Asian Equity 


Holding 





Market Value 

Net Assets % 


1,250,000 

1,500,000 

5,000,000 

2,000,000 

2,250,000 

1,500,000 

4,200,000 

2,750,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


Belgium Treasury Bill 0% 17/Jan/2013 




German Treasury Bill 0% 13/Feb/2013 



Spain Letras del Tesoro 0% 23/Aug/2013 

1,250,000 

1,500,075 

5,000,000 

1,999,950 

2,250,112 

1,492,598 

4,198,425 

2,718,650 

4.96% 

5.95% 

19.84% 

7.93% 

8.92% 

5.92% 

16.65% 

10.78% 




20,409,810 

20,409,810 

80.95% 

80.95% 


20,409,810 

80.95% 


25,212,629 

100.00% 


Maturity Date 

Long/(Short) 


30-Jan-13 84 

Ftse China A50 

31-Jan-13 (15) 

Hero Morocorp Usd 

31-Jan-13 (33) 

Hindustan Unilev Usd 

31-Jan-13 (12) 

Kl Composite Idx 

15-Mar-13 (7) 

Kospi 200 Index 

30-Jan-13 (24) 

MSCI Taiwan 

08-Mar-13 (9) 

Nikkei 225 

31-Jan-13 (24) 

Power Grid Corp Usd 

28-Mar-13 (11) 

Set 50 Futures 

31-Jan-13 25 

Sgx Cnx Nifty 

31-Jan-13 (50) 

Sgx Msci Indonesia 

22-Mar-13 (6) 

SPI 200 Futures 


Trade 


USD 

USD 

USD 

MYR 

USD 

USD 

USD 

USD 

THB 

USD 

USD 

AUD 



699,720 

(65,344) 

(158,896) 

(1,010,700) 

(872,655) 

(660,960) 

(470,025) 

(101,248) 

(10,443,400) 

297,650 

(522,000) 

(692,400) 

Market Price 


8,330.00 

34.85 

9.63 

1,684.50 

.25 

275.40 

10,445.00 

2.11 

949.40 

5,953.00 

5,220.00 

4,616.00 


(in Fund Ccy) 

23,255 

(931) 

(314) 

(980) 

(11,962) 

(7,184) 

(11,239) 

(917) 

(3,216) 

57 

(6,462) 

(709) 

(20,602) 




31-Jan-13 USD 

4,371,743 



EUR 

Amount Sold 

3,294,017 


21,530 

21,530 

Outstanding Contracts For Differences as at 31 December 2012 (expressed in EUR) 


Quantity 

Long/(Short) 

(241,755) 

3,388 

2,300 

CFD Type 

CFD on Fund 



Underlying 

iShares FTSE A50 China Index ETF 

Aditya Birla Nuvo Ltd 

Aisin Seiki Co Ltd 


HKD 

USD 

JPY 

Unrealised 

Gain/(Loss) 

(17,507) 

1,840 

335 







Quantity 

Long/(Short) 

(13,000) 

19,827 

24,000 

(4,900) 

59,300 

(99,000) 

156,000 

(165,000) 

43,300 

312,500 

244,000 

12,000 

47,000 

18,046 

23,116 

3,900 

110,000 

(4,300) 

(77,111) 

806,000 

111,000 

120,000 

66,000 

(368,000) 

270,000 

439,000 

290,000 

174,000 

113,000 

(32,000) 

(20,000) 

138,000 

(518,000) 

32,000 

234,000 

422,000 

(206,000) 

(450,500) 

274,000 

402,700 

100,000 

212,500 

(320,400) 

90,000 

(8,000) 

(72,000) 

31,000 

(9,443) 

56,000 

225,890 

380,000 

CFD Type 




















































Underlying 

Ajinomoto Co Inc 

Amcor Ltd/Australia 

Angang Steel Co Ltd - H 

Asahi Group Holdings Ltd 

Astra Agro Lestari Tbk PT 

Astra International Tbk PT 

AviChina Industry & Technology Co Ltd - H 

Bank of Communications Co Ltd 

Bank Rakyat Indonesia Persero Tbk PT 

Baoxin Auto Group Ltd 

Beijing Capital International Airport Co Ltd - H 

Beijing Enterprises Holdings Ltd 

Belle International Holdings Ltd 

Boral Ltd 

Brambles Ltd 

Bridgestone Corp 

Brilliance China Automotive Holdings Ltd 

Capcom Co Ltd 

Cathay Financial 

Central China Real Estate Ltd 

Cheung Kong Infrastructure Holdings Ltd 

China Communications Construction Co Ltd 

China Construction Bank Corp - H 

China COSCO Holdings Co Ltd - H 

China High Speed Transmission Equipment Group Co Ltd 

China Hongqiao Group Ltd 

China ITS Holdings Co Ltd 

China Liansu Group Holdings Ltd 

China Machinery Engineering Corp 

China Mengniu Dairy Co Ltd 

China Merchants Holdings International Co Ltd 

China National Building Material Co Ltd - H 

China National Materials Co Ltd - H 

China Oilfield Services Ltd 

China Railway Construction Corp Ltd - A 

China Railway Group Ltd 

China Resources Cement Holdings Ltd 

China Rongsheng Heavy Industry Group Co Ltd 

China Shipping Container Lines Co Ltd 

China Singyes Solar Technologies Holdings Ltd 

China State Construction International Holdings Ltd 

China ZhengTong Auto Services Holdings Ltd 

China Zhongwang Holdings 

Chipbond Technology Corp 

Chiyoda Corp 

Citic Pacific Ltd 

CNOOC Ltd 

Coca-Cola Amatil Ltd 

COSCO Pacific Ltd 

Country Garden Holdings Co Ltd 

CSR - Corp Ltd - H 


JPY 

AUD 

HKD 

JPY 

USD 

USD 

HKD 

HKD 

USD 

HKD 

HKD 

HKD 

HKD 

AUD 

AUD 

JPY 

HKD 

JPY 

USD 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

USD 

JPY 

HKD 

HKD 

AUD 

HKD 

HKD 

HKD 

Unrealised 

Gain/(Loss) 

1,939 

312 

211 

1,075 

4,536 

(1,245) 

153 

(1,917) 

346 

3,043 

(2,032) 

(1,057) 

2,034 

426 

3,095 

1,334 

180 

(604) 

(675) 

39,438 

11,639 

234 

(65) 

(2,521) 

(3,240) 

11,538 

4,824 

4,597 

9,829 

(5,105) 

(1,174) 

2,048 

(2,562) 

792 

(1,241) 

(1,712) 

(2,621) 

2,645 

804 

24,039 

(1,889) 

492 

(3,135) 

(572) 

(1,474) 

(6,210) 

(61) 

(1,338) 

(2,411) 

9,505 

(804) 







Quantity 

Long/(Short) 

56 

187,000 

46,000 

(37,744) 

1,900 

161,000 

6,430 

5,500 

(594) 

(114,600) 

210,000 

(2,400) 

(900) 

123,000 

(32,241) 

9,097 

30,200 

61,000 

152,000 

23,834 

28,000 

345,000 

(40,600) 

(77,000) 

124,000 

35,000 

320,000 

(76,000) 

(19,700) 

4,000 

56,000 

(3,970) 

92,000 

(86,084) 

(18,500) 

176,000 

3,200 

53 

12,000 

226,000 

(4,200) 

606,000 

992 

(6,198) 

(712) 

(512,000) 

(61,800) 

29,000 

77,724 

21,000 

(3,000) 

CFD Type 




















































Underlying 

CyberAgent Inc 

Dah Chong Hong Holdings Ltd 

Daphne International Holdings Ltd 

David Jones Ltd 

Denso Corp 

Dongyue Group 

Doosan Infracore Co Ltd 

Eisai Co Ltd 

E-MART 

Esprit Holdings Ltd 

Ezion Holdings Ltd 

FamilyMart Co Ltd 

FANUC Corp 

Far East Horizon Ltd 

Far EasTone Telecommunications Co Ltd 

Federal Bank Ltd 

Ferrotec Corp 

First Resources Ltd 

First Tractor Co Ltd - H 

Fortescue Metals Group Ltd 

Galaxy Entertainment Group Ltd 

Geely Automobile Holdings Ltd 

Genting Plantations 

Genting Singapore PLC 

Giordano International Ltd 

Golden Eagle Retail Group Ltd 

Goodbaby International Holdings Ltd 

Guangzhou Automobile Group Co Ltd - H 

Gudang Garam Tbk PT 

Haier Electronics Group Co Ltd 

Haitian International Holdings Ltd 

Hana Financial Group Inc 

Harbin Electric Co Ltd 

Harvey Norman Holdings Ltd 

Hengan International Group Co Ltd 

Hengdeli Holdings Ltd 

Honda Motor Co Ltd 

Hong Kong Exchanges and Clearing Ltd 

Hongkong Land Holdings Ltd 

Hopefluent Group Holdings Ltd 

Hoya Corp 

Huaneng Renewables Corp Ltd 

Hyundai Engineering & Construction Co Ltd 

Hyundai Merchant Marine Co Ltd 

Hyundai Wia Corp 

Industrial & Commercial Bank of China - H 

IOI CORPORATION BHD 

Isuzu Motors Ltd 

Jaiprakash Ass 

Japan Steel Works Ltd 

JGC Corp 


JPY 

HKD 

HKD 

AUD 

JPY 

HKD 

USD 

JPY 

USD 

HKD 

SGD 

JPY 

JPY 

HKD 

USD 

USD 

JPY 

SGD 

HKD 

AUD 

HKD 

HKD 

USD 

SGD 

HKD 

HKD 

HKD 

HKD 

USD 

HKD 

HKD 

USD 

HKD 

AUD 

HKD 

HKD 

JPY 

HKD 

USD 

HKD 

JPY 

HKD 

USD 

USD 

USD 

HKD 

USD 

JPY 

USD 

JPY 

JPY 

Unrealised 

Gain/(Loss) 

(804) 

(280) 

540 

3,269 

900 

8,981 

1,623 

739 

(757) 

3,150 

32,954 

316 

(6,711) 

1,204 

(1,935) 

539 

3,444 

728 

(744) 

3,378 

(1,915) 

(644) 

(5,719) 

(5,498) 

(2,216) 

1,220 

3,453 

(1,939) 

(1,730) 

(55) 

548 

1,353 

(810) 

(2,712) 

(3,078) 

(2,928) 

3,649 

5 

637 

(2,654) 

(1,142) 

5,763 

(114) 

307 

962 

(912) 

(3,273) 

5,786 

340 

6,263 

184 







Quantity 

Long/(Short) 

110,000 

13,000 

17,000 

104,000 

(15,000) 

40,000 

(4,900) 

900 

(1,800) 

(1,416) 

(56,000) 

(75,500) 

281,000 

27,000 

74,328 

9,358 

700 

66,000 

16,000 

3,831 

800 

91,600 

392,000 

990,000 

6,800 

8,000 

18,000 

4,500 

3,000 

(11,200) 

158,536 

9,000 

256,000 

(800) 

(29,000) 

14,100 

14,700 

(10,000) 

(6,300) 

1,200 

6,700 

(37) 

(117) 

(15,000) 

20,500 

(1,400) 

(139,500) 

699,000 

(33,000) 

(31,000) 

231,000 

CFD Type 




















































Underlying 

Jiangsu Express - H 

Jiangxi Copper Co Ltd - H 

Kajima Corp 

Kingboard Laminates Holdings Ltd 

Kirin Holdings Co Ltd 

Kunlun Energy Co Ltd 

Kurita Water Industries Ltd 

Kyocera Corp 

Lawson Inc 

LG Electronics Inc 

Li & Fung Ltd 

Lifestyle International Holdings Ltd 

Lonking Holdings Ltd 

Luk Fook Holdings International Ltd 

Magic Holdings International Ltd 

Mahindra & Mahindra Ltd 

Makita Corp 

Man Wah Holdings Ltd 

Marubeni Corp 

Maruti Suzuki India Ltd 

Melco Crown Entertainment Ltd 

MGM China Holdings Ltd 

MIE Holdings Corp 

Minmetals Land Ltd 

Mitsubishi Corp 

Mitsubishi Estate Co Ltd 

Mitsubishi Heavy Industries Ltd 

Mitsui & Co Ltd 

Mitsui Fudosan Co Ltd 

Mori Seiki Co Ltd 

Mount Gibson Iron Ltd 

MS&AD Insurance Group Holdings 

NagaCorp Ltd 

Nintendo Co Ltd 

Nippon Express Co Ltd 

Nissan Chemical Industries Ltd 

Nissan Motor Co Ltd 

Nisshin Seifun Group Inc 

Nissin Foods Holdings Co Ltd 

Nitto Denko Corp 

Nomura Holdings Inc 

NTT Data Corp 

NTT DoCoMo Inc 

OKUMA Corp 

Orient Overseas International Ltd 

Oriental Land Co Ltd/Japan 

Parkson Retail Group Ltd 

Peak Sport Products Co Ltd 

Power Assets Holdings Ltd 

President Chain Store Corp 

Prince Frog International Holdings Ltd 


HKD 

HKD 

JPY 

HKD 

JPY 

HKD 

JPY 

JPY 

JPY 

USD 

HKD 

HKD 

HKD 

HKD 

HKD 

USD 

JPY 

HKD 

JPY 

USD 

USD 

HKD 

HKD 

HKD 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

AUD 

JPY 

HKD 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

HKD 

JPY 

HKD 

HKD 

HKD 

USD 

HKD 

Unrealised 

Gain/(Loss) 

2,716 

(276) 

1,044 

1,120 

658 

397 

(731) 

947 

(1,421) 

(849) 

(1,973) 

(443) 

(1,650) 

(464) 

3,055 

377 

522 

(141) 

281 

563 

(26) 

(676) 

(1,249) 

2,665 

(597) 

14,387 

2,053 

908 

2,553 

(7,074) 

6,655 

3,158 

(1,253) 

(2,558) 

(7,886) 

4,824 

4,648 

(2,719) 

276 

(53) 

4,349 

(3,570) 

(1,437) 

(5,132) 

1,844 

983 

(2,413) 

534 

(1,130) 

1,268 

4,036 







Quantity 

Long/(Short) 

15,881 

2,150,000 

(13,981) 

18,956 

33,025 

41,400 

297 

133 

(677) 

30,400 

227,000 

12,000 

(17,000) 

152,000 

(58,000) 

3,000 

481 

(240,000) 

228,500 

(20,000) 

70,000 

(492,413) 

626,000 

57,000 

44,000 

(1,400) 

(225,000) 

(110) 

(5,300) 

7,000 

32,000 

3,000 

(86,000) 

179,000 

128,000 

18,300 

6,400 

17,767 

51,959 

100,000 

76,500 

6,460 

32,000 

(8,700) 

4,000 

7,000 

(8,000) 

(16,000) 

(104,000) 

(1,200) 

96,000 

CFD Type 




















































Underlying 

PTT Exploration & Production PCL 

Quality House 

Rakuten Inc 

Regis Resources Ltd 

Rural Electrification Corp Ltd 

Samsonite International SA 

Samsung Electr 

Samsung Electronics Co Ltd 

Samsung Engineering Co Ltd 

Sands China Ltd 

Sany Heavy Equipment International Holdings Co Ltd 

Sekisui House Ltd 

SembCorp Marine Ltd 

Shanghai Electric Group Co Ltd 

Shangri-La Asia Ltd 

Shin-Etsu Chemical Co Ltd 

Shinsegae Co Ltd 

Shougang Fushan Resources Group Ltd 

Shui On Land Ltd 

Singapore Airlines Ltd 

Sino Land Co Ltd 

Sino-Ocean Land Holdings Ltd 

Sinotrans Ltd - H 

Sitoy Group Holdings Ltd 

SJM Holdings Ltd 

SMC Corp/Japan 

SMRT Corp Ltd 

StarHub Ltd 

Sumitomo Corp 

Sumitomo Heavy Industries Ltd 

Sumitomo Osaka Cement Co Ltd 

Sumitomo Realty & Development Co Ltd 

Sun Art Retail Group Ltd 

Sunny Optical Technology Group Co Ltd 

Sunshine Oilsands Ltd 

Takara Leben Co Ltd 

Tamron Co Ltd 

Tata Motors Ltd 

Tata Motors Ltd - A - DVR 

TCL Multimedia Technology Holdings Ltd 

Techtronic Industries Co 

Torrent Pharmaceuticals Ltd 

Toshiba Corp 

Toyota Boshoku Corp 

Toyota Motor Corp 

TPK Holding Co Ltd 

Trend Micro Inc 

Tsingtao Brewery Co Ltd - H 

U Ming Marine Transport CORP 

Unicharm Corp 

Uni-President China Holdings Ltd 


USD 

USD 

JPY 

AUD 

USD 

HKD 

USD 

USD 

USD 

HKD 

HKD 

JPY 

SGD 

HKD 

HKD 

JPY 

USD 

HKD 

HKD 

SGD 

HKD 

HKD 

HKD 

HKD 

HKD 

JPY 

SGD 

SGD 

JPY 

JPY 

JPY 

JPY 

HKD 

HKD 

HKD 

JPY 

JPY 

USD 

USD 

HKD 

HKD 

USD 

JPY 

JPY 

JPY 

USD 

JPY 

HKD 

USD 

JPY 

HKD 

Unrealised 

Gain/(Loss) 

2,723 

(2,184) 

307 

1,366 

2,977 

1,134 

701 

4,992 

2,361 

(1,450) 

2,869 

3,790 

(1,161) 

(149) 

(1,022) 

2,632 

(258) 

2,349 

3,066 

(869) 

(548) 

(6,934) 

1,838 

(457) 

68 

(1,597) 

(699) 

3 

(325) 

921 

4,772 

7,369 

2,525 

(196) 

3,507 

4,495 

790 

980 

2,514 

(1,945) 

(4,227) 

1,033 

7,860 

(6,386) 

4,386 

75 

(9,223) 

(548) 

(755) 

(684) 

(1,246) 







Quantity 

Long/(Short) 

(85,000) 

(58,000) 

214,000 

19,423 

38,000 

(3,191) 

(2,343) 

(29,600) 

247,800 

162,000 

(351) 

(2,200) 

(6,300) 

(35,000) 

(46,000) 

10,000 

9,000 

44,000 

CFD Type 

Underlying 


Vinda International Holdings Ltd 


Want Want China Holdings Ltd 


Wasion Group Holdings Ltd 


Whitehaven Coal Ltd 


Wilmar International Ltd 


Woolworths Ltd 


WorleyParsons Ltd 


Wynn Macau Ltd 


Xinjiang Goldwind Science & Technology Co Ltd 


Xinyi Glass Holdings Ltd 


Yahoo Japan Corp 


Yakult Honsha Co Ltd 


Yamato Holdings Co Ltd 


Yanlord Land Group Ltd 


Yanzhou Coal Mining Co Ltd 


Yokogawa Electric Corp 


Zhuzhou CSR Times Electric Co Ltd - H 


Zoomlion Heavy Industry Science and Technology Co Ltd - H 



HKD 

HKD 

HKD 

AUD 

SGD 

AUD 

AUD 

HKD 

HKD 

HKD 

JPY 

JPY 

JPY 

SGD 

HKD 

JPY 

HKD 

HKD 

Unrealised 

Gain/(Loss) 

0 

1,703 

(1,466) 

5,047 

4,247 

(276) 

(646) 

1,303 

(3,412) 

2,537 

677 

482 

(2,100) 

(2,391) 

(2,521) 

2,632 

3,303 

(128) 

185,407 




Pioneer Funds - Absolute Return Multi-Strategy 






Market Value 

Net Assets % 

Bonds 

196,000 

EUR 




207,515 

0.26% 

400,000 

USD 



283,298 

0.35% 

100,000 

EUR 



106,500 

0.13% 

300,000 

EUR 


Media 

Mediaset SpA 5% 01/Feb/2017 

297,516 

0.37% 

500,000 

EUR 


Air France-KLM 6.25% 18/Jan/2018 

521,875 

0.65% 

800,000 

1,700,000 

1,500,000 

800,000 

1,250,000 

1,900,000 

400,000 

350,000 

800,000 

200,000 

250,000 

350,000 

1,600,000 

500,000 

300,000 

750,000 

750,000 

600,000 

300,000 

1,300,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 

USD 

EUR 

EUR 

EUR 

EUR 

GBP 

USD 

USD 

EUR 

Financials 


Abbey National Treasury Services PLC/London 2.875% 14/Jun/2013 

Banca delle Marche SpA 4.375% 15/Apr/2013 

Banca Monte dei Paschi di Siena SpA 4.125% 11/Nov/2013 

Banca Piccolo Credito Valtellinese Scarl Euribor 3M 25/Jan/2013 

Banca Piccolo Credito Valtellinese Scarl 4.5% 27/Nov/2013 

Banca Popolare di Milano Scarl 4% 15/Apr/2013 

Banca Popolare di Vicenza Euribor 3M 15/Mar/2013 

Banca Popolare di Vicenza 4.75% 16/Sep/2013 

Banco Santander SA 4.25% 06/May/2013 

Caixa Geral de Depositos SA 5.625% 04/Dec/2015 



Hypothekenbank Frankfurt International SA 2.25% 25/Mar/2013 

ING Bank NV 3% 30/Sep/2014 


Lansforsakringar Hypotek AB 2.875% 23/Mar/2015 


PKO Finance AB 4.63% 26/Sep/2022 


Veneto Banca SCPA Euribor 3M 04/Mar/2013 

808,368 

1,704,046 

1,497,945 

799,500 

1,260,937 

1,894,737 

397,000 

353,619 

806,144 

205,250 

186,779 

266,562 

1,604,864 

522,870 

308,337 

790,005 

833,359 

479,297 

226,411 

1,299,655 

1.01% 

2.12% 

1.86% 

0.99% 

1.57% 

2.37% 

0.49% 

0.44% 

1.00% 

0.26% 

0.23% 

0.33% 

2.00% 

0.65% 

0.38% 

0.98% 

1.04% 

0.60% 

0.28% 

1.62% 

9,000,000 

300,000 

278,000 

300,000 

RUB 

EUR 

EUR 

EUR 



FGA Capital Ireland PLC 5.25% 28/Feb/2014 

IPIC GMTN Ltd 3.625% 30/May/2023 


227,118 

308,574 

288,634 

301,998 

0.28% 

0.38% 

0.36% 

0.38% 

372,000 

EUR 

Industrials 


Finmeccanica Finance SA 4.375% 05/Dec/2017 

390,273 

0.49% 

175,000 

GBP 


Heathrow Finance PLC 5.375% 02/Sep/2019 

217,951 

0.27% 

200,000 

EUR 




214,800 

0.27% 







250,000 USD 

429,000 EUR 

343,000 EUR 

285,000 USD 

300,000 USD 




Petrobras Global Finance BV 3.25% 01/Apr/2019 

Petrobras Global Finance BV 4.25% 02/Oct/2023 



Market Value 

194,645 

444,864 

360,829 

211,657 

226,411 

Net Assets % 

0.24% 

0.55% 

0.45% 

0.26% 

0.28% 

1,413,000 

EUR 

Technology 


Solarworld AG 6.125% 21/Jan/2017 

289,736 

0.36% 

250,000 

150,000 

EUR 

EUR 



Koninklijke KPN NV 3.25% 01/Feb/2021 

Koninklijke KPN NV 5.625% 30/Sep/2024 

250,791 

174,367 

0.31% 

0.22% 

Total Bonds 

21,765,037 

27.08% 

Equities 

951 

422 

2,674 

2,959 

USD 

USD 

USD 

USD 


Chemicals 

Airgas Inc 

CF Industries Holdings Inc 

Eastman Chemical Co 


65,244 

64,212 

136,316 

126,696 

0.08% 

0.08% 

0.17% 

0.16% 

11,781 

EUR 


ArcelorMittal 

152,387 

0.19% 

10,082 

5,894 

4,516 

7,479 

13,554 

GBP 

USD 

USD 

GBP 

GBP 

Mining 

BHP Billiton PLC 

Goldcorp Inc 

Newmont Mining Corp 

Rio Tinto PLC 

Vedanta Resources PLC 

264,698 

161,164 

155,888 

323,789 

193,342 

0.33% 

0.20% 

0.19% 

0.40% 

0.24% 

3,383 

2,470 

1,378 

EUR 

EUR 

EUR 



Bayerische Motoren Werke AG 

Cie Generale des Etablissements Michelin 

Volkswagen AG - Pfd 

246,722 

176,827 

237,223 

0.31% 

0.22% 

0.30% 

19,200 

7,436 

HKD 

EUR 


Prada SpA 

Salvatore Ferragamo Italia SpA 

138,945 

123,735 

0.17% 

0.15% 

3,808 

1,198 

3,306 

GBP 

USD 

USD 

Tobacco 

Imperial Tobacco Group PLC 

Lorillard Inc 

Reynolds American Inc 

111,409 

105,179 

102,585 

0.14% 

0.13% 

0.13% 

8,351 

2,259 

27,279 

EUR 

EUR 

GBP 



Carrefour SA 

Casino Guichard Perrachon SA 

Tesco PLC 

161,550 

162,874 

113,004 

0.20% 

0.20% 

0.14% 

647 

3,932 

USD 

SEK 


Amazon.com Inc 

Hennes & Mauritz AB - B 

121,499 

102,922 

0.15% 

0.13% 







3,553 USD 

1,455 EUR 

2,275 USD 


Home Depot Inc 

Inditex SA 

Wal-Mart Stores Inc 

Market Value 

164,876 

153,503 

116,683 

Net Assets % 

0.21% 

0.19% 

0.15% 

6,637 

5,107 

6,720 

USD 

EUR 

CAD 

Media 

News Corp - B 

SES SA 

Shaw Communications Inc 

129,377 

110,847 

115,643 

0.16% 

0.14% 

0.14% 

13,019 

92,081 

3,281 

EUR 

GBP 

USD 


Autogrill SpA 

International Consolidated Airlines Group SA - DI 

Starbucks Corp 

113,070 

209,796 

131,051 

0.14% 

0.26% 

0.16% 

28,934 

9,689 

8,481 

5,529 

14,885 

EUR 

CHF 

EUR 

USD 

CHF 

Financials 


Banco Bilbao Vizcaya Argentaria SA 

Credit Suisse Group AG - Reg 

Societe Generale SA 

State Street Corp 

UBS AG - Reg 

201,381 

178,718 

240,352 

193,582 

176,010 

0.25% 

0.22% 

0.30% 

0.24% 

0.22% 

14,192 

USD 


Blackstone Group LP 

164,805 

0.21% 

13,160 

4,497 

EUR 

EUR 


Deutsche Wohnen AG - BR 

GSW Immobilien AG 

184,240 

143,904 

0.23% 

0.18% 

4,340 

EUR 


Deutsche Euroshop AG 

137,318 

0.17% 

2,950 

4,113 

6,129 

690 

1,567 

GBP 

USD 

GBP 

CHF 

EUR 

Health Care 


AstraZeneca PLC 

Bristol-Myers Squibb Co 

GlaxoSmithKline PLC 

Roche Holding AG - Genusschein 

Sanofi 

105,820 

100,641 

100,878 

105,204 

111,868 

0.13% 

0.13% 

0.13% 

0.13% 

0.14% 

5,039 

3,277 

EUR 

EUR 

Industrials 


Lafarge SA 

Vinci SA 

243,031 

117,841 

0.30% 

0.15% 

5,311 

3,403 

CHF 

USD 


ABB Ltd 

Honeywell International Inc 

82,517 

161,710 

0.10% 

0.20% 

3,995 

USD 


General Electric Co 

62,513 

0.08% 

9,051 

9,052 

2,732 

600 

1,616 

2,967 

1,989 

1,309 

11,201 

EUR 

SEK 

USD 

JPY 

USD 

EUR 

EUR 

USD 

SEK 


Alstom SA 


Caterpillar Inc 

FANUC Corp 

Fluor Corp 

KUKA AG 

MAN SE 

Rockwell Automation Inc 

Volvo AB - B 

272,752 

188,180 

182,810 

83,793 

70,602 

82,097 

160,612 

82,081 

115,970 

0.34% 

0.23% 

0.23% 

0.10% 

0.09% 

0.10% 

0.20% 

0.10% 

0.14% 







13,000 JPY 


Yaskawa Electric Corp 

Market Value 

93,855 

Net Assets % 

0.12% 

4,039 

GBP 



Royal Dutch Shell PLC - A 

105,668 

0.13% 

2,249 

USD 

Technology 


IAC/InterActiveCorp 

80,926 

0.10% 

253 

9,140 

USD 

USD 


Apple Inc 

Corning Inc 

100,789 

85,826 

0.13% 

0.11% 

3,219 

6,407 

19,569 

3,199 

CAD 

EUR 

DKK 

USD 



BCE Inc 

Elisa OYJ 

TDC A/S 

Verizon Communications Inc 

103,998 

107,189 

105,019 

103,560 

0.13% 

0.13% 

0.13% 

0.13% 

4,836 

45,491 

2,587 

2,976 

USD 

EUR 

USD 

USD 

Utilities 

Electricity 

Calpine Corp 

Iberdrola SA 

Pinnacle West Capital Corp 

Southern Co 

65,475 

190,835 

98,857 

95,167 

0.08% 

0.24% 

0.12% 

0.12% 

8,550 

19,539 

1,850 

EUR 

EUR 

USD 


Enagas SA 

Gas Natural SDG SA 

Sempra Energy 

137,997 

265,340 

98,309 

0.17% 

0.33% 

0.12% 


10,683,096 

13.29% 


200,000 

1,700,000 

USD 

EUR 


Eurasian Development Bank 4.767% 20/Sep/2022 

International Bank for Reconstruction & Development 0% 20/Dec/2015 

157,630 

863,099 

0.20% 

1.07% 

250 

60,000 

40,000 

2,000,000 

1,650,000 

250,000 

1,500,000 

1,500,000 

250,000 

420,000 

600,000 

100,000 

700,000 

1,250,000 

2,000,000 

1,100,000 

5,000,000 

2,000,000 

EUR 

USD 

USD 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 

EUR 

EUR 

USD 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


Austria Government International Bond 0% 28/May/2016 

Brazilian Government International Bond 10.125% 15/May/2027 







Egypt Government International Bond 6.875% 30/Apr/2040 



Indonesia Government International Bond 7.75% 17/Jan/2038 


Italy Buoni Poliennali Del Tesoro Floating 26/Mar/2016 





125,138 

83,510 

46,496 

2,262,118 

1,719,919 

338,638 

1,878,437 

1,617,650 

179,466 

492,797 

609,000 

114,367 

716,765 

1,289,826 

2,048,000 

1,193,665 

4,884,375 

1,983,750 

0.16% 

0.10% 

0.06% 

2.81% 

2.14% 

0.42% 

2.34% 

2.01% 

0.22% 

0.61% 

0.76% 

0.14% 

0.89% 

1.60% 

2.55% 

1.49% 

6.09% 

2.47% 







3,100,000 EUR 

110,000 USD 

52,000 USD 

55,000 USD 

600,000 USD 

175,000 EUR 

6,685,000 NOK 

8,300,000 NOK 

100,000 USD 

95,000 USD 

1,200,000 EUR 

1,500,000 EUR 

730,000 USD 

500,000 EUR 

500,000 EUR 

200,000 USD 

310,000 USD 

400,000 EUR 

600,000 EUR 

100,000 USD 

55,000 USD 

85,000 USD 

150,000 USD 

550,000 EUR 

100,000 EUR 


Italy Certificati di Credito del Tesoro Zero Coupon 0% 31/Jan/2014 

Mexico Government International Bond 5.125% 15/Jan/2020 


Mexico Government International Bond 6.75% 27/Sep/2034 


Morocco Government International Bond 4.5% 05/Oct/2020 







Republic of Latvia 2.75% 12/Jan/2020 


Romanian Government International Bond 5% 18/Mar/2015 



Slovenia Government Bond 4.125% 26/Jan/2020 

Slovenia Government Bond 4.625% 09/Sep/2024 

South Africa Government International Bond 6.875% 27/May/2019 





Autonomous Community of Valencia Spain 5.5% 26/Apr/2013 

Parpublica - Participacoes Publicas SGPS SA 3.5% 08/Jul/2013 

Market Value 

3,050,787 

99,748 

53,098 

59,804 

442,127 

178,143 

902,614 

1,292,053 

115,860 

90,105 

1,173,360 

1,497,300 

547,207 

526,575 

528,125 

161,501 

233,919 

380,990 

542,088 

95,447 

56,318 

87,305 

113,029 

546,890 

99,409 

Net Assets % 

3.81% 

0.12% 

0.07% 

0.07% 

0.55% 

0.22% 

1.12% 

1.61% 

0.14% 

0.11% 

1.46% 

1.86% 

0.68% 

0.66% 

0.66% 

0.20% 

0.29% 

0.47% 

0.67% 

0.12% 

0.07% 

0.11% 

0.14% 

0.68% 

0.12% 




35,478,448 

67,926,581 

44.14% 

84.51% 


Bonds 

500,000 

USD 




921 

0.00% 

Total Bonds 

921 

0.00% 

2,700 

2,700 

GBP 

GBP 

Warrants 



0 

0 

0.00% 

0.00% 


0 

0.00% 

5,000,000 

USD 


Millennium Park CDO Ltd - 1X SUB - 0% 21/Mar/2014 

379 

0.00% 



379 

1,300 

0.00% 

0.00% 

93 

105 

EUR 

EUR 


Beni Stabili Gestioni - Immobilium 2001 - D 

Beni Stabili Gestioni - Invest Real Security - D 

142,290 

103,110 

0.18% 

0.13% 






Holding 

155 

68 

322 

11,503 

104,285 

50,358 

10,875 

8,545 

32,031 

16,187 

3,209 

2,516 

5,149 

2,623 

7,165 

558 

203 

16,396 

19,342 

8,419 

11,797 

223 

440 

430 

528 

21 


EUR 

EUR 

EUR 

USD 

USD 

EUR 

USD 

USD 

USD 

EUR 

USD 

EUR 

EUR 

USD 

USD 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


Bipiemme - Investietico - D 

BNL - Estense - Grande Distribuzione - D 

BNL Portfolio Immobiliare - D 

DB X-TRACKERS - S&P SELECT FRONTIER ETF - C 

DB X-TRACKERS MSCI PHILIPPINES IM TRN INDEX ETF - C 

ETFS Agriculture DJ-UBSCI 

ETFS Comodity USD 

ETFS Copper 

ETFS Corn 

ETFS Physical Gold/Jersey 

ETFS Physical Palladium 

ETFS Physical Platinum 

ETFS Physical Silver 

ETFS Sugar 

ETFS WTI Crude Oil - USD 

Fimit SGR - Alpha Immobiliare Fund - D 

Fimit SGR - Beta Immobiliare - D 

iShares MSCI Brazil - C 

LYXOR ETF Commodities CRB - AD 

Lyxor ETF PAN AFRICA - A 

Lyxor ETF RUSSIA Dow Jones Russia GDR - D EUR 

Polis Fund - D 

QF Amundi RE Europa - D 

QF Amundi RE Italia - D 

UniCredito Immobiliare Uno - D 

Valore Immobiliare Globale - D 

Market Value 

211,110 

113,016 

300,909 

81,038 

142,459 

307,939 

58,318 

246,874 

55,078 

1,983,069 

165,780 

280,886 

113,638 

40,547 

124,045 

590,364 

64,006 

550,250 

407,246 

82,927 

370,898 

134,915 

290,400 

397,320 

753,984 

35,700 

Net Assets % 

0.26% 

0.14% 

0.37% 

0.10% 

0.18% 

0.38% 

0.07% 

0.31% 

0.07% 

2.48% 

0.21% 

0.35% 

0.14% 

0.05% 

0.15% 

0.73% 

0.08% 

0.68% 

0.51% 

0.10% 

0.46% 

0.17% 

0.36% 

0.49% 

0.95% 

0.04% 


8,148,116 

10.14% 


76,075,997 

94.65% 


80,373,944 

100.00% 


Maturity Date 

18-Mar-13 

21-Jan-13 

15-Mar-13 

15-Mar-13 

15-Mar-13 

15-Mar-13 

15-Mar-13 

15-Mar-13 

15-Mar-13 

11-Mar-13 

11-Mar-13 

11-Mar-13 

18-Mar-13 

11-Mar-13 

11-Mar-13 

15-Mar-13 

31-Jan-13 

21-Jan-13 

Long/(Short) 

Quantity 

27 

(15) 

3 

86 

19 

22 

(22) 

(24) 

25 

(21) 

40 

(6) 

16 

8 

(12) 

7 

15 

(7) 

Contract 

Aust 3yr Bond Fut 

Cac 40 

Dax Index 

DJ Euro Stoxx Bank 

Dj Stox600 Basic Res 

E-Mini Health Care S 

E-Mini Xaf Financial 

E-Mini Xai Industria 

E-Mini Xau Utilities 

Euro Bobl 

Euro Bund 

Euro Schatz 

Euro Stoxx 50 



FTSE MIB Index Future 

H-Shares Index 

Ibex 35 Index Future 

Trade 


AUD 

EUR 

EUR 

EUR 

EUR 

USD 

USD 

USD 

USD 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

HKD 

EUR 



7,973,588 

(546,225) 

571,388 

478,590 

436,050 

869,220 

(887,150) 

(893,280) 

862,500 

(2,684,220) 

5,825,600 

(665,130) 

418,400 

885,440 

(1,633,920) 

570,640 

8,588,250 

(564,970) 

Market Price 


97.33 

3,641.50 

7,618.50 

111.30 

459.00 

395.10 

161.30 

372.20 

345.00 

127.82 

145.64 

110.86 

2,615.00 

110.68 

136.16 

16,304.00 

11,451.00 

8,071.00 


(in Fund Ccy) 

2,252 

(600) 

(1,875) 

(645) 

(2,185) 

(14,366) 

(3,337) 

910 

(15,928) 

(18,900) 

50,503 

(540) 

(2,400) 

8,925 

(3,450) 

8,540 

9,386 

(3,850) 






Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR) (continued) 

Maturity Date 

Long/(Short) 


28-Mar-13 19 

Long Gilt 

15-Mar-13 4 

Mini Msci Eme Mkt 

08-Mar-13 24 

Nikkei 225 (Simex) 

15-Mar-13 (18) 

S&P 500 Emini 

28-Mar-13 (4) 

US Long Bond 

28-Mar-13 12 


31-Mar-13 33 


31-Mar-13 (19) 


15-Mar-13 (23) 

Xab Materials 

15-Mar-13 25 

Xap Cons Staples 


Trade 


GBP 

USD 

JPY 

USD 

USD 

USD 

USD 

USD 

USD 

USD 



2,259,670 

212,960 

124,500,000 

(1,260,900) 

(590,750) 

1,593,188 

7,275,985 

(2,363,422) 

(899,760) 

860,250 

Market Price 


118.93 

1,064.80 

10,375.00 

1,401.00 

147.69 

132.77 

110.24 

124.39 

391.20 

344.10 


(in Fund Ccy) 

9,025 

1,047 

53,992 

17,783 

5,665 

(9,386) 

1,955 

4,053 

(14,468) 

(23,703) 

58,403 




09-Jan-13 EUR 

120,697 

09-Jan-13 EUR 

441,945 

09-Jan-13 EUR 

905,000 

09-Jan-13 EUR 

251,822 

09-Jan-13 EUR 

175,090 

09-Jan-13 HKD 

10,000,000 

09-Jan-13 NOK 

16,000,000 

09-Jan-13 NOK 

1,200,000 

09-Jan-13 SEK 

4,700,000 

09-Jan-13 SEK 

2,500,000 

09-Jan-13 SEK 

4,700,000 

07-Feb-13 EUR 

76,925 

07-Feb-13 EUR 

90,826 

07-Feb-13 EUR 

616,540 

07-Feb-13 NZD 

850,000 

07-Feb-13 USD 

1,511,670 

08-Feb-13 EUR 

311,981 

08-Feb-13 EUR 

468,411 

08-Feb-13 EUR 

1,550,563 

08-Feb-13 EUR 

774,123 

08-Feb-13 MXN 

13,800,000 

08-Feb-13 PLN 

1,758,461 

08-Feb-13 SGD 

2,900,000 

08-Feb-13 USD 

1,400,000 

21-Feb-13 KRW 

1,900,000,000 

22-Feb-13 CNY 

18,000,000 

22-Feb-13 IDR 

6,900,000,000 

07-Mar-13 CHF 

900,000 

07-Mar-13 EUR 

330,232 

07-Mar-13 EUR 

275,641 

07-Mar-13 EUR 

2,093,171 

07-Mar-13 EUR 

2,091,059 

07-Mar-13 GBP 

400,000 



HKD 

NOK 

NOK 

SEK 

SEK 

EUR 

EUR 

EUR 

EUR 

EUR 

NOK 

CAD 

JPY 

USD 

AUD 

JPY 

USD 

USD 

USD 

USD 

EUR 

CZK 

EUR 

EUR 

JPY 

USD 

USD 

EUR 

CHF 

GBP 

GBP 

GBP 

EUR 

Amount Sold 

1,200,000 

3,250,000 

6,650,000 

2,150,000 

1,500,000 

1,026,203 

2,179,896 

161,964 

549,431 

289,454 

4,077,154 

100,000 

10,000,000 

800,000 

686,408 

125,000,000 

400,000 

600,000 

2,000,000 

1,000,000 

814,500 

10,600,000 

1,841,510 

1,088,478 

132,867,133 

2,824,637 

708,055 

747,071 

400,000 

220,000 

1,700,000 

1,700,000 

492,001 


3,266 

(827) 

(980) 

1,213 

247 

(47,609) 

(94) 

1,521 

(1,589) 

1,952 

(7,622) 

821 

3,103 

9,833 

(8,391) 

49,904 

8,629 

13,383 

33,803 

15,743 

(11,809) 

6,781 

(41,244) 

(26,746) 

167,696 

21,038 

797 

(1,119) 

(1,302) 

4,603 

(1,213) 

(3,324) 

795 

191,259 







Maturity Date 

Quantity 

Contract 

Strike Price 




Trade 


Market Price 

(in Fund Ccy) 

Unrealised 

Gain/(Loss) 


15-Mar-13 (34) 

15-Mar-13 (168) 

17-Jan-13 (843,882) 

15-Mar-13 (34) 

15-Mar-13 (168) 

16-Mar-13 (8) 

05-Feb-13 (1,000,000) 

Call Dj Euro Stoxx 50 Eur 

Call Euro Stoxx Banks 

Call EUR/ZAR 

Put Dj Euro Stoxx 50 Eur 

Put Euro Stoxx Banks 

Put S&P 500 Index 

Put USD/TRY 

2,750.00 

120.00 

11.85 

2,250.00 

80.00 

1,325.00 

1.75 

250,076 EUR 

(11,118) 

5,558 

4,732 EUR 

(18,480) 

24,360 

10,000,000 EUR 

(347) 

13,253 

82,168 EUR 

(5,100) 

16,927 

526 EUR 

(1,680) 

25,201 

2,417 USD 

(14,126) 

6,071 

1,327,367 USD 

(456) 

2,282 

(51,307) 

93,652 


15-Mar-13 34 


15-Mar-13 168 


16-Mar-13 8 

Call S&P 500 Index 

05-Feb-13 1,000,000 Call USD/TRY 


2,600.00 

110.00 

1,475.00 

1.82 

EUR 

EUR 

USD 

USD 

33,422 

53,759 

7,919 

3,258 

98,358 

(1,201) 

(23,520) 

(21,729) 

(6,365) 

(52,815) 

40,837 


Maturity Date 

20-Dec-17 

20-Dec-17 

20-Dec-17 

30-Jul-22 

27-Nov-22 

03-Jul-22 

21-Nov-17 

25-Jul-22 

26-Oct-22 

19-Jul-22 

18-Nov-37 

27-Sep-15 

07-Dec-37 

31-Aug-17 

18-Nov-37 

07-Dec-37 

07-Sep-22 

21-Sep-17 

29-Dec-21 

13-Jul-17 

31-Aug-22 

30-Nov-17 

23-Jul-17 

31-Oct-17 

30-Aug-22 

05-Jul-22 

01-Jun-22 

06-Nov-17 

10-Oct-17 

19-Dec-22 

Contract 































Underlying 




- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Received Rate 

1.000% 

1.000% 

1.000% 

3.755% 

3.843% 

2.166% 

1.683% 

0.895% 

Libor 6M 

0.960% 

Euribor 6M 

EUR-EXT-CPI 

Euribor 6M 

EUR-EXT-CPI 

3.750% 

3.825% 

UK-RPI 

UK-RPI 

Libor 6M 

5.040% 

5.965% 

3.360% 

2.620% 

2.530% 

3.145% 

3.883% 

3.748% 

3.108% 

8.140% 

Sibor 6M 


Unrealised 

Gain/(Loss) 

- EUR 1,850,000 (14,452) 

- EUR 1,700,000 (13,280) 

- EUR 2,600,000 (20,311) 

BBSW 6M AUD 1,100,000 

(3,236) 

BBSW 6M AUD 1,000,000 

724 

Cdor 3M CAD 1,200,000 

791 

Cdor 3M CAD 1,800,000 

1,147 

Libor 6M CHF 1,200,000 

(1,509) 

0.914% CHF 1,000,000 

2,054 

Libor 6M CHF 1,100,000 

4,274 

2.802% EUR 500,000 

177 

1.680% EUR 2,650,000 

6,675 

2.840% EUR 500,000 

(1,868) 

1.695% EUR 1,500,000 

11,027 

Libor 6M GBP 400,000 

(9,263) 


(5,917) 

2.910% GBP 600,000 

(326) 

2.810% GBP 2,500,000 

(5,462) 

0.979% JPY 96,100,000 (19,142) 

TIIE 1M MXN 27,500,000 (14,945) 

TIIE 1M MXN 15,000,000 

11,332 


(6,114) 

Nibor 6M NOK 13,200,000 

15,703 

Nibor 6M NOK 11,000,000 

4,610 

Nibor 6M NOK 6,600,000 

4,069 

BKBM 3M NZD 1,500,000 

13,818 

BKBM 3M NZD 1,700,000 

4,803 

BKBM 3M NZD 5,250,000 

4,648 

Moscow Mibor 3M RUB 71,000,000 

48,247 

1.798% SGD 1,300,000 

(1,156) 








Underlying 


- 


- 


- 


- 


Received Rate 

USA-CPI-U 

USA-CPI-U 

6.055% 

6.860% 


Unrealised 

Gain/(Loss) 

2.000% USD 3,000,000 

2,164 

2.200% USD 6,600,000 (12,183) 

Jibar 3M ZAR 18,500,000 

23,942 

Jibar 3M ZAR 9,500,000 

14,189 

45,230 




Pioneer Funds - Absolute Return Multi-Strategy Growth 






Market Value 

Net Assets % 

Bonds 

196,000 

EUR 




207,515 

0.33% 

400,000 

USD 



283,298 

0.45% 

100,000 

EUR 



106,500 

0.17% 

250,000 

EUR 


Media 

Mediaset SpA 5% 01/Feb/2017 

247,930 

0.40% 

400,000 

EUR 


Air France-KLM 6.25% 18/Jan/2018 

417,500 

0.67% 

200,000 

1,200,000 

700,000 

950,000 

350,000 

300,000 

900,000 

200,000 

250,000 

350,000 

1,200,000 

300,000 

600,000 

800,000 

340,000 

700,000 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 

USD 

EUR 

EUR 

GBP 

USD 

USD 

EUR 

Financials 


Banca delle Marche SpA 4.375% 15/Apr/2013 

Banca Monte dei Paschi di Siena SpA 4.125% 11/Nov/2013 

Banca Piccolo Credito Valtellinese Scarl Euribor 3M 25/Jan/2013 

Banca Piccolo Credito Valtellinese Scarl 4.5% 27/Nov/2013 

Banca Popolare di Vicenza Euribor 3M 15/Mar/2013 

Banca Popolare di Vicenza 4.75% 16/Sep/2013 

Banco Santander SA 4.25% 06/May/2013 

Caixa Geral de Depositos SA 5.625% 04/Dec/2015 



Hypothekenbank Frankfurt International SA 2.25% 25/Mar/2013 



PKO Finance AB 4.63% 26/Sep/2022 


Veneto Banca SCPA Euribor 3M 04/Mar/2013 

200,476 

1,198,356 

699,563 

958,312 

347,375 

303,102 

906,912 

205,250 

186,779 

266,562 

1,203,648 

308,337 

666,687 

639,063 

256,599 

699,814 

0.32% 

1.93% 

1.12% 

1.54% 

0.56% 

0.49% 

1.45% 

0.33% 

0.30% 

0.43% 

1.94% 

0.49% 

1.07% 

1.03% 

0.41% 

1.12% 

11,000,000 

250,000 

324,000 

300,000 

RUB 

EUR 

EUR 

EUR 



FGA Capital Ireland PLC 5.25% 28/Feb/2014 

IPIC GMTN Ltd 3.625% 30/May/2023 


277,589 

257,145 

336,393 

301,998 

0.45% 

0.41% 

0.54% 

0.48% 

343,000 

EUR 

Industrials 


Finmeccanica Finance SA 4.375% 05/Dec/2017 

359,848 

0.58% 

175,000 

GBP 


Heathrow Finance PLC 5.375% 02/Sep/2019 

217,951 

0.35% 

3,000,000 

221,000 

EUR 

EUR 



Breeze Finance 11.75% 19/Apr/2027 - Defaulted 


112,714 

237,354 

0.18% 

0.38% 

250,000 

476,000 

USD 

EUR 



Petrobras Global Finance BV 3.25% 01/Apr/2019 

194,645 

493,602 

0.31% 

0.79% 







381,000 EUR 

315,000 USD 

300,000 USD 


Petrobras Global Finance BV 4.25% 02/Oct/2023 



Market Value 

400,804 

233,937 

226,411 

Net Assets % 

0.64% 

0.38% 

0.36% 

1,137,000 

EUR 

Technology 


Solarworld AG 6.125% 21/Jan/2017 

233,142 

0.37% 

200,000 

150,000 

EUR 

EUR 



Koninklijke KPN NV 3.25% 01/Feb/2021 

Koninklijke KPN NV 5.625% 30/Sep/2024 

200,633 

174,367 

0.32% 

0.28% 

Total Bonds 

14,568,111 

23.37% 

Equities 

1,081 

479 

3,039 

3,277 

USD 

USD 

USD 

USD 


Chemicals 





74,163 

72,885 

154,924 

140,311 

0.12% 

0.12% 

0.25% 

0.23% 

11,681 

EUR 


ArcelorMittal 

151,094 

0.24% 

9,737 

6,231 

4,774 

7,228 

13,091 

GBP 

USD 

USD 

GBP 

GBP 

Mining 


Goldcorp Inc 


Rio Tinto PLC 

Vedanta Resources PLC 

255,640 

170,379 

164,794 

312,923 

186,738 

0.41% 

0.27% 

0.26% 

0.51% 

0.30% 

3,324 

2,533 

1,386 

EUR 

EUR 

EUR 






242,419 

181,337 

238,600 

0.39% 

0.29% 

0.38% 

17,400 

6,725 

HKD 

EUR 


Prada SpA 


125,919 

111,904 

0.20% 

0.18% 

4,285 

1,348 

3,720 

GBP 

USD 

USD 

Tobacco 


Lorillard Inc 


125,364 

118,349 

115,432 

0.20% 

0.19% 

0.19% 

8,566 

2,350 

30,690 

EUR 

EUR 

GBP 



Carrefour SA 


Tesco PLC 

165,709 

169,435 

127,134 

0.27% 

0.27% 

0.20% 

668 

4,424 

3,651 

1,346 

2,347 

USD 

SEK 

USD 

EUR 

USD 



Hennes & Mauritz AB - B 


Inditex SA 


125,443 

115,800 

169,424 

142,003 

120,376 

0.20% 

0.19% 

0.27% 

0.23% 

0.19% 







6,767 USD 

5,746 EUR 

7,560 CAD 


Media 

News Corp - B 

SES SA 

Shaw Communications Inc 

Market Value 

131,911 

124,717 

130,099 

Net Assets % 

0.21% 

0.20% 

0.21% 

13,544 

94,466 

3,385 

EUR 

GBP 

USD 


Autogrill SpA 

International Consolidated Airlines Group SA - DI 


117,630 

215,230 

135,205 

0.19% 

0.35% 

0.22% 

25,960 

6,867 

9,701 

8,388 

5,497 

13,627 

EUR 

USD 

CHF 

EUR 

USD 

CHF 

Financials 



BTA Bank JSC - Gdr Reg S 

Credit Suisse Group AG - Reg 


State Street Corp 

UBS AG - Reg 

180,682 

5,714 

178,940 

237,716 

192,462 

161,135 

0.29% 

0.01% 

0.29% 

0.38% 

0.31% 

0.26% 

14,012 

USD 


Blackstone Group LP 

162,715 

0.26% 

14,338 

5,086 

EUR 

EUR 




200,732 

162,752 

0.32% 

0.26% 

4,835 

EUR 



152,979 

0.25% 

3,319 

4,627 

6,895 

776 

1,763 

GBP 

USD 

GBP 

CHF 

EUR 

Health Care 



Bristol-Myers Squibb Co 



Sanofi 

119,056 

113,218 

113,486 

118,316 

125,861 

0.19% 

0.18% 

0.18% 

0.19% 

0.20% 

4,693 

3,258 

EUR 

EUR 

Industrials 


Lafarge SA 

Vinci SA 

226,343 

117,158 

0.36% 

0.19% 

6,183 

3,867 

CHF 

USD 


ABB Ltd 


96,065 

183,759 

0.15% 

0.29% 

4,541 

USD 



71,056 

0.11% 

9,293 

9,100 

3,121 

700 

1,837 

3,454 

1,921 

1,524 

11,260 

15,000 

EUR 

SEK 

USD 

JPY 

USD 

EUR 

EUR 

USD 

SEK 

JPY 


Alstom SA 



FANUC Corp 

Fluor Corp 

KUKA AG 

MAN SE 


Volvo AB - B 

Yaskawa Electric Corp 

280,045 

189,178 

208,840 

97,758 

80,257 

95,572 

155,121 

95,562 

116,581 

108,294 

0.46% 

0.30% 

0.34% 

0.16% 

0.13% 

0.15% 

0.25% 

0.15% 

0.19% 

0.17% 








Market Value 

Net Assets % 

4,544 

GBP 




118,880 

0.19% 

2,150 

USD 

Technology 


IAC/InterActiveCorp 

77,363 

0.12% 

258 

9,320 

USD 

USD 


Apple Inc 

Corning Inc 

102,781 

87,516 

0.16% 

0.14% 

3,621 

7,208 

22,016 

3,461 

CAD 

EUR 

DKK 

USD 



BCE Inc 

Elisa OYJ 

TDC A/S 


116,985 

120,590 

118,151 

112,041 

0.19% 

0.19% 

0.19% 

0.18% 

5,497 

46,851 

2,911 

3,348 

USD 

EUR 

USD 

USD 

Utilities 

Electricity 

Calpine Corp 

Iberdrola SA 


Southern Co 

74,425 

196,540 

111,238 

107,063 

0.12% 

0.32% 

0.18% 

0.17% 

7,899 

18,387 

2,119 

EUR 

EUR 

USD 




Sempra Energy 

127,490 

249,695 

112,604 

0.20% 

0.40% 

0.18% 


11,114,006 

17.83% 


200,000 

USD 


Eurasian Development Bank 4.767% 20/Sep/2022 

157,630 

0.25% 

65,000 

45,000 

275,000 

1,600,000 

1,700,000 

300,000 

410,000 

600,000 

100,000 

1,000,000 

1,250,000 

2,500,000 

2,100,000 

130,000 

58,000 

60,000 

700,000 

175,000 

7,700,000 

9,300,000 

USD 

USD 

EUR 

EUR 

EUR 

USD 

EUR 

EUR 

USD 

EUR 

EUR 

EUR 

EUR 

USD 

USD 

USD 

USD 

EUR 

NOK 

NOK 


Brazilian Government International Bond 10.125% 15/May/2027 





Egypt Government International Bond 6.875% 30/Apr/2040 



Indonesia Government International Bond 7.75% 17/Jan/2038 







Mexico Government International Bond 6.75% 27/Sep/2034 


Morocco Government International Bond 4.5% 05/Oct/2020 



90,470 

52,308 

372,501 

2,003,666 

1,833,337 

215,359 

481,063 

609,000 

114,367 

1,023,950 

1,289,826 

2,442,187 

2,066,662 

117,884 

59,225 

65,240 

515,815 

178,143 

1,039,661 

1,447,722 

0.15% 

0.08% 

0.60% 

3.21% 

2.94% 

0.35% 

0.77% 

0.98% 

0.18% 

1.64% 

2.07% 

3.91% 

3.32% 

0.19% 

0.10% 

0.10% 

0.83% 

0.29% 

1.67% 

2.32% 







100,000 USD 

105,000 USD 

1,200,000 EUR 

1,500,000 EUR 

730,000 USD 

500,000 EUR 

500,000 EUR 

200,000 USD 

360,000 USD 

500,000 EUR 

700,000 EUR 

100,000 USD 

60,000 USD 

100,000 USD 

175,000 USD 






Republic of Latvia 2.75% 12/Jan/2020 


Romanian Government International Bond 5% 18/Mar/2015 



Slovenia Government Bond 4.125% 26/Jan/2020 

Slovenia Government Bond 4.625% 09/Sep/2024 

South Africa Government International Bond 6.875% 27/May/2019 




Market Value 

115,860 

99,590 

1,173,360 

1,497,300 

547,207 

526,575 

528,125 

161,501 

271,648 

476,238 

632,436 

95,447 

61,438 

102,712 

131,867 

Net Assets % 

0.19% 

0.16% 

1.88% 

2.40% 

0.88% 

0.84% 

0.85% 

0.26% 

0.44% 

0.76% 

1.01% 

0.15% 

0.10% 

0.16% 

0.21% 

450,000 

100,000 

EUR 

EUR 


Autonomous Community of Valencia Spain 5.5% 26/Apr/2013 

Parpublica - Participacoes Publicas SGPS SA 3.5% 08/Jul/2013 

447,455 

99,409 

0.72% 

0.16% 




23,144,184 

48,826,301 

37.12% 

78.32% 


Bonds 

1,500,000 

EUR 

Financials 


Profilo Telra Elektronik Sanayi Ve Ticaret AS Via HD Capital SA 0% 07/Dec/2013 Defaulted 

15,000 

0.02% 

Total Bonds 


15,000 

15,000 

0.02% 

0.02% 

57 

88 

225 

40 

315 

13,345 

119,589 

88,057 

13,077 

11,334 

36,657 

18,921 

3,705 

2,888 

6,108 

3,135 

19,087 

470 

195 

18,455 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 

USD 

EUR 

USD 

USD 

USD 

EUR 

USD 

EUR 

EUR 

USD 

USD 

EUR 

EUR 

EUR 


Beni Stabili Gestioni - Immobilium 2001 - D 

Beni Stabili Gestioni - Invest Real Security - D 

Bipiemme - Investietico - D 

BNL - Estense - Grande Distribuzione - D 

BNL Portfolio Immobiliare - D 

db x-trackers - S&P SELECT FRONTIER ETF - C 

db x-trackers MSCI PHILIPPINES IM TRN INDEX ETF - C 

ETFS Agriculture DJ-UBSCI 

ETFS Comodity USD 

ETFS Copper 

ETFS Corn 

ETFS Physical Gold/Jersey 

ETFS Physical Palladium 

ETFS Physical Platinum 

ETFS Physical Silver 

ETFS Sugar 

ETFS WTI Crude Oil - USD 

Fimit SGR - Alpha Immobiliare Fund - D 

Fimit SGR - Beta Immobiliare - D 

iShares MSCI Brazil - C 

87,210 

86,416 

306,450 

66,480 

294,368 

94,014 

163,365 

538,469 

70,126 

327,452 

63,032 

2,318,011 

191,404 

322,416 

134,804 

48,461 

330,447 

497,260 

61,484 

619,350 

0.14% 

0.14% 

0.49% 

0.11% 

0.47% 

0.15% 

0.26% 

0.86% 

0.11% 

0.53% 

0.10% 

3.71% 

0.31% 

0.52% 

0.22% 

0.08% 

0.53% 

0.80% 

0.10% 

0.99% 







9,767 EUR 

13,186 EUR 

1,736 EUR 

100 EUR 

430 EUR 

295 EUR 

530 EUR 

48 EUR 


Lyxor ETF PAN AFRICA - A 

Lyxor ETF RUSSIA Dow Jones Russia GDR - D EUR 


Polis Fund - D 

QF Amundi RE Europa - D 

QF Amundi RE Italia - D 

UniCredito Immobiliare Uno - D 

Valore Immobiliare Globale - D 

Market Value 

96,205 

414,568 

1,778,081 

60,500 

283,800 

272,580 

756,840 

81,600 

Net Assets % 

0.15% 

0.67% 

2.85% 

0.10% 

0.46% 

0.44% 

1.21% 

0.13% 


10,365,193 

16.63% 


59,206,494 

94.97% 


62,339,432 

100.00% 


Maturity Date 

Long/(Short) 


18-Mar-13 29 

Aust 3yr Bond Fut 

21-Jan-13 (16) 

Cac 40 

15-Mar-13 3 

Dax Index 

15-Mar-13 82 


15-Mar-13 34 

Dj Stox600 Basic Res 

15-Mar-13 34 

E-Mini Health Care S 

15-Mar-13 (34) 

E-Mini Xaf Financial 

15-Mar-13 (36) 

E-Mini Xai Industria 

15-Mar-13 39 

E-Mini Xau Utilities 

11-Mar-13 (14) 

Euro Bobl 

11-Mar-13 70 

Euro Bund 

11-Mar-13 (8) 

Euro Schatz 

18-Mar-13 38 

Euro Stoxx 50 

11-Mar-13 23 


11-Mar-13 (19) 


15-Mar-13 6 

Footsie 100 

15-Mar-13 11 


31-Jan-13 20 


21-Jan-13 (7) 

Ibex 35 Index Future 

28-Mar-13 26 

Long Gilt 

15-Mar-13 19 

Mini Msci Eme Mkt 

08-Mar-13 33 


11-Mar-13 22 

Short Euro Btp 

15-Mar-13 16 

S&P 500 Emini 

28-Mar-13 (4) 

US Long Bond 

28-Mar-13 20 


31-Mar-13 36 


31-Mar-13 (17) 


15-Mar-13 (35) 

Xab Materials 

15-Mar-13 39 

Xap Cons Staples 


Trade 


AUD 

EUR 

EUR 

EUR 

EUR 

USD 

USD 

USD 

USD 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

GBP 

EUR 

HKD 

EUR 

GBP 

USD 

JPY 

EUR 

USD 

USD 

USD 

USD 

USD 

USD 

USD 



8,564,225 

(582,640) 

571,388 

456,330 

780,300 

1,343,340 

(1,371,050) 

(1,339,920) 

1,345,500 

(1,789,480) 

10,194,800 

(886,840) 

993,700 

2,545,640 

(2,587,040) 

350,550 

896,720 

11,451,000 

(564,970) 

3,092,180 

1,011,560 

171,187,500 

2,356,640 

1,120,800 

(590,750) 

2,655,313 

7,937,438 

(2,114,641) 

(1,369,200) 

1,341,990 

Market Price 


97.33 

3,641.50 

7,618.50 

111.30 

459.00 

395.10 

161.30 

372.20 

345.00 

127.82 

145.64 

110.86 

2,615.00 

110.68 

136.16 

5,842.50 

16,304.00 

11,451.00 

8,071.00 

118.93 

1,064.80 

10,375.00 

107.12 

1,401.00 

147.69 

132.77 

110.24 

124.39 

391.20 

344.10 


(in Fund Ccy) 

2,419 

(640) 

(1,875) 

(615) 

(5,170) 

(22,925) 

(104) 

5,249 

(26,009) 

(12,600) 

87,080 

(720) 

(10,920) 

585 

(5,475) 

(5,585) 

7,570 

14,308 

(3,850) 

17,926 

8,188 

67,809 

660 

(16,607) 

5,665 

(8,818) 

2,133 

3,627 

(18,440) 

(34,549) 

48,317 









09-Jan-13 EUR 

110,639 

09-Jan-13 EUR 

489,539 

09-Jan-13 EUR 

979,849 

09-Jan-13 EUR 

245,965 

09-Jan-13 EUR 

169,254 

09-Jan-13 HKD 

13,050,000 

09-Jan-13 NOK 

17,600,000 

09-Jan-13 NOK 

1,100,000 

09-Jan-13 NOK 

6,900,000 

09-Jan-13 SEK 

5,150,000 

09-Jan-13 SEK 

2,400,000 

09-Jan-13 SEK 

5,400,000 

09-Jan-13 SEK 

5,150,000 

07-Feb-13 EUR 

50,001 

07-Feb-13 EUR 

136,238 

07-Feb-13 EUR 

809,209 

07-Feb-13 EUR 

305,845 

07-Feb-13 EUR 

84,036 

07-Feb-13 NZD 

950,000 

07-Feb-13 USD 

1,753,537 

07-Feb-13 USD 

1,608,202 

08-Feb-13 EUR 

538,167 

08-Feb-13 EUR 

858,753 

08-Feb-13 EUR 

1,550,563 

08-Feb-13 EUR 

464,474 

08-Feb-13 EUR 

112,812 

08-Feb-13 MXN 

15,700,000 

08-Feb-13 PLN 

1,974,121 

08-Feb-13 SGD 

2,700,000 

08-Feb-13 SGD 

1,500,000 

08-Feb-13 USD 

1,300,000 

08-Feb-13 USD 

1,200,000 

08-Feb-13 USD 

1,650,000 

21-Feb-13 KRW 

1,850,000,000 

22-Feb-13 CNY 

19,800,000 

22-Feb-13 IDR 

7,600,000,000 

07-Mar-13 CHF 

800,000 

07-Mar-13 CHF 

750,000 

07-Mar-13 EUR 

330,232 

07-Mar-13 EUR 

288,170 

07-Mar-13 EUR 

2,093,171 

07-Mar-13 EUR 

1,845,052 

07-Mar-13 GBP 

300,000 



HKD 

NOK 

NOK 

SEK 

SEK 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

NOK 

CAD 

JPY 

USD 

USD 

USD 

AUD 

JPY 

JPY 

USD 

USD 

USD 

USD 

USD 

EUR 

CZK 

EUR 

EUR 

EUR 

EUR 

EUR 

JPY 

USD 

USD 

EUR 

EUR 

CHF 

GBP 

GBP 

GBP 

EUR 

Amount Sold 

1,100,000 

3,600,000 

7,200,000 

2,100,000 

1,450,000 

1,339,195 

2,397,886 

148,467 

934,750 

602,036 

277,875 

623,059 

4,467,519 

65,000 

15,000,000 

1,050,000 

400,000 

110,000 

767,162 

145,000,000 

135,000,000 

690,000 

1,100,000 

2,000,000 

600,000 

150,000 

926,642 

11,900,000 

1,714,509 

929,617 

1,010,729 

940,399 

1,246,235 

129,370,629 

3,107,101 

779,887 

664,063 

621,558 

400,000 

230,000 

1,700,000 

1,500,000 

369,001 


2,994 

(916) 

(1,061) 

1,185 

239 

(62,131) 

(103) 

1,394 

5,289 

(1,741) 

1,874 

6,377 

(8,352) 

534 

4,655 

12,906 

2,492 

614 

(9,378) 

57,888 

35,387 

14,885 

24,535 

33,803 

9,446 

(945) 

(13,434) 

7,613 

(38,399) 

1,555 

(24,835) 

(30,343) 

5,092 

163,282 

23,142 

878 

(995) 

68 

(1,302) 

4,812 

(1,213) 

(2,933) 

596 

225,454 


Maturity Date 

Quantity 

Contract 

Strike Price 




Trade 


Market Price 

(in Fund Ccy) 

Unrealised 

Gain/(Loss) 


15-Mar-13 (38) 

15-Mar-13 (185) 



2,750.00 

120.00 

279,497 EUR 

(12,426) 

6,212 

5,211 EUR 

(20,350) 

26,825 






Outstanding Options Contracts as at 31 December 2012 (expressed in EUR) (continued) 

Maturity Date 

Quantity 

Contract 

Strike Price 




Trade 


Market Price 

(in Fund Ccy) 

Unrealised 

Gain/(Loss) 


17-Jan-13 (928,270) 

15-Mar-13 (38) 

15-Mar-13 (185) 

16-Mar-13 (9) 

05-Feb-13 (1,200,000) 

Call EUR/ZAR 


Put Euro Stoxx Banks 

Put S&P 500 Index 

Put USD/TRY 

11.85 

2,250.00 

80.00 

1,325.00 

1.75 

11,000,000 EUR 

(382) 

14,578 

91,835 EUR 

(5,700) 

18,919 

579 EUR 

(1,850) 

27,751 

2,719 USD 

(15,892) 

6,830 

1,592,840 USD 

(547) 

2,738 

(57,147) 

103,853 


15-Mar-13 38 


15-Mar-13 185 


16-Mar-13 9 

Call S&P 500 Index 

05-Feb-13 1,200,000 Call USD/TRY 


2,600.00 

110.00 

1,475.00 

1.82 

EUR 

EUR 

USD 

USD 

37,354 

59,200 

8,909 

3,909 

109,372 

(1,343) 

(25,900) 

(24,445) 

(7,638) 

(59,326) 

44,527 


Maturity Date 

20-Dec-17 

20-Dec-17 

20-Dec-17 

20-Dec-17 

20-Mar-15 

30-Jul-22 

27-Nov-22 

03-Jul-22 

21-Nov-17 

25-Jul-22 

26-Oct-22 

19-Jul-22 

31-Aug-17 

18-Nov-37 

07-Dec-37 

27-Dec-17 

03-Jan-38 

27-Sep-15 

03-Jan-38 

07-Dec-37 

21-Sep-17 

07-Sep-22 

27-Dec-17 

18-Nov-37 

29-Dec-21 

31-Aug-22 

13-Jul-17 

30-Nov-17 

31-Oct-17 

23-Jul-17 

30-Aug-22 

Contract 
































Underlying 






- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Received Rate 

1.000% 

1.000% 

1.000% 

1.000% 

1.000% 

3.755% 

3.843% 

2.166% 

1.683% 

0.895% 

Libor 6M 

0.960% 

EUR-EXT-CPI 

Euribor 6M 

Euribor 6M 

EUR-EXT-CPI 

Euribor 6M 

EUR-EXT-CPI 

3.868% 

3.825% 

UK-RPI 

UK-RPI 

UK-RPI 

3.750% 

Libor 6M 

5.965% 

5.040% 

3.360% 

2.530% 

2.620% 

3.145% 


Unrealised 

Gain/(Loss) 

- EUR 1,950,000 (15,233) 

- EUR 2,900,000 (22,655) 

- EUR 1,200,000 

(9,374) 

- EUR 1,900,000 (14,843) 

- EUR 2,000,000 

(5,105) 

BBSW 6M AUD 1,200,000 

(3,530) 

BBSW 6M AUD 1,150,000 

832 

Cdor 3M CAD 1,300,000 

857 

Cdor 3M CAD 2,000,000 

1,274 

Libor 6M CHF 1,200,000 

(1,509) 

0.914% CHF 1,150,000 

2,362 

Libor 6M CHF 1,200,000 

4,663 

1.695% EUR 1,700,000 

12,498 

2.802% EUR 600,000 

212 

2.840% EUR 600,000 

(2,242) 

1.715% EUR 300,000 

2,439 

2.800% EUR 425,000 

35 

1.680% EUR 2,950,000 

7,431 


(3,609) 


(7,396) 

2.810% GBP 2,700,000 

(5,899) 

2.910% GBP 650,000 

(353) 

2.650% GBP 450,000 

(879) 

Libor 6M GBP 500,000 (11,578) 

0.979% JPY 101,300,000 (20,178) 

TIIE 1M MXN 16,500,000 

12,465 

TIIE 1M MXN 30,200,000 (16,413) 


(7,055) 

Nibor 6M NOK 13,000,000 

5,448 

Nibor 6M NOK 14,500,000 

17,250 

Nibor 6M NOK 7,300,000 

4,500 








Underlying 


- 


- 


- 


- 

19-Dec-22 Interest Rate Swap 

- 


- 

27-Dec-15 Interest Rate Swap 

- 


- 


- 


- 


Received Rate 

3.748% 

3.883% 

3.108% 

8.140% 

Sibor 6M 

USA-CPI-U 

USA-CPI-U 

USA-CPI-U 

6.860% 

6.055% 


Unrealised 

Gain/(Loss) 

BKBM 3M NZD 1,700,000 

4,803 

BKBM 3M NZD 1,600,000 

14,740 

BKBM 3M NZD 5,900,000 

5,223 

Moscow Mibor 3M RUB 79,000,000 

53,683 

1.798% SGD 1,500,000 

(1,334) 

2.000% USD 3,500,000 

2,525 

2.115% USD 1,800,000 

(4,705) 

2.200% USD 7,300,000 (13,475) 

Jibar 3M ZAR 10,000,000 

14,936 

Jibar 3M ZAR 21,000,000 

27,178 

27,989 




Pioneer Funds - Global Multi-Asset 






Market Value 

Net Assets % 

Bonds 

250,000 

EUR 




266,358 

0.23% 

250,000 

EUR 



Casino Guichard Perrachon SA 4.379% 08/Feb/2017 

276,181 

0.24% 

250,000 

EUR 

Media 

Bertelsmann AG 4.75% 26/Sep/2016 

282,428 

0.24% 

800,000 

272,000 

1,100,000 

USD 

EUR 

USD 

Financials 


Citigroup Inc 6% 13/Dec/2013 


Unicredit Luxembourg Finance SA 6% 31/Oct/2017 

635,986 

260,840 

855,724 

0.55% 

0.23% 

0.74% 

250,000 

EUR 

Utilities 

Electricity 

Enel SpA 4.75% 12/Jun/2018 

270,549 

0.23% 

Total Bonds 

2,848,066 

2.46% 

Equities 

5,116 

6,720 

EUR 

USD 


Chemicals 


Mosaic Co 

254,495 

288,597 

0.22% 

0.25% 

25,364 

73,000 

91,230 

USD 

JPY 

USD 



Sumitomo Metal Mining Co Ltd 

Vale SA - Adr 

657,956 

773,575 

1,451,071 

0.57% 

0.67% 

1.25% 

15,640 

6,383 

17,572 

10,710 

19,717 

20,273 

21,937 

USD 

GBP 

GBP 

USD 

GBP 

USD 

GBP 

Mining 

Agnico-Eagle Mines Ltd 

Anglo American PLC 


Goldcorp Inc 

Rio Tinto PLC 

Silver Wheaton Corp 

Xstrata PLC 

622,563 

149,049 

461,344 

298,051 

853,609 

554,955 

286,417 

0.54% 

0.13% 

0.40% 

0.26% 

0.74% 

0.48% 

0.25% 

5,539 

87,990 

20,400 

2,240 

EUR 

EUR 

JPY 

EUR 




Fiat SpA 

Suzuki Motor Corp 


403,959 

333,482 

401,216 

385,616 

0.35% 

0.29% 

0.35% 

0.33% 

33,190 

GBP 


Tate & Lyle PLC 

311,808 

0.27% 

33,384 

19,450 

USD 

USD 

Leisure Goods 

Activision Blizzard Inc 

Comcast Corp - A 

268,915 

549,244 

0.23% 

0.47% 







24,412 USD 


Take-Two Interactive Software Inc 

Market Value 

204,236 

Net Assets % 

0.18% 

4,743 

2,171 

EUR 

EUR 


Henkel AG & Co KGaA 

LVMH Moet Hennessy Louis Vuitton SA 

246,304 

301,335 

0.21% 

0.26% 

18,902 

5,400 

5,902 

8,455 

GBP 

JPY 

USD 

USD 

Tobacco 


Japan Tobacco Inc 

Lorillard Inc 

Philip Morris International Inc 

553,008 

115,584 

522,334 

536,454 

0.48% 

0.10% 

0.45% 

0.46% 

15,019 

11,954 

538 

9,803 

85,631 

EUR 

USD 

CHF 

USD 

GBP 



Carrefour SA 

CVS Caremark Corp 

Galenica AG - Reg 

Magnit OJSC - SP Gdr Regs 

Tesco PLC 

290,543 

438,664 

236,501 

298,165 

354,728 

0.25% 

0.38% 

0.20% 

0.26% 

0.31% 

5,210 

1,000 

16,410 

370,000 

7,477 

USD 

JPY 

USD 

HKD 

USD 



Fast Retailing Co Ltd 

Macy’s Inc 

SA SA International Holdings Ltd 

Target Corp 

990,508 

191,587 

485,678 

230,284 

335,512 

0.86% 

0.17% 

0.42% 

0.20% 

0.29% 

6,010 

8,069 

EUR 

USD 

Media 

Publicis Groupe SA 

Walt Disney Co 

271,953 

304,791 

0.23% 

0.26% 

5,615 

24,547 

301,000 

EUR 

EUR 

HKD 


Accor SA 

Deutsche Lufthansa AG - Reg 


149,892 

349,549 

893,983 

0.13% 

0.30% 

0.77% 

105,710 

469 

1,720,000 

11,395 

41,371 

1,063,000 

531,645 

30,189 

78,153 

844,100 

161,100 

185,800 

57,674 

12,144 

31,806 

115,960 

78,600 

19,996 

17,043 

27,300 

25,464 

EUR 

EUR 

HKD 

EUR 

USD 

HKD 

EUR 

USD 

USD 

THB 

JPY 

JPY 

USD 

USD 

USD 

PHP 

THB 

EUR 

GBP 

JPY 

CHF 

Financials 



Banco Santander SA 

Bank of China Ltd - H 

BNP Paribas SA 

Citigroup Inc 


Intesa Sanpaolo SpA 

JPMorgan Chase & Co 

KeyCorp 

Krung Thai Bank PCL 

Mitsubishi UFJ Financial Group Inc 

Mizuho Financial Group Inc 

Morgan Stanley 

PNC Financial Services Group Inc 

Sberbank of Russia - Adr 

Security Bank Corp 

Siam Commercial Bank PCL - F 


Standard Chartered PLC 

Sumitomo Mitsui Financial Group Inc 

UBS AG - Reg 

735,742 

2,861 

582,383 

485,256 

1,241,380 

572,137 

691,139 

1,007,062 

499,719 

410,226 

651,492 

255,893 

836,850 

537,195 

296,734 

334,149 

353,731 

566,687 

330,627 

745,990 

301,103 

0.64% 

0.00% 

0.50% 

0.42% 

1.07% 

0.49% 

0.60% 

0.87% 

0.43% 

0.35% 

0.56% 

0.22% 

0.72% 

0.46% 

0.26% 

0.29% 

0.31% 

0.49% 

0.29% 

0.64% 

0.26% 







19,000 SGD 

33,413 USD 


United Overseas Bank Ltd 

Wells Fargo & Co 

Market Value 

233,717 

867,005 

Net Assets % 

0.20% 

0.75% 

24,025 

8,740 

CHF 

JPY 


GAM Holding AG 

ORIX Corp 

245,864 

742,930 

0.21% 

0.64% 

16,877 

47,988 

GBP 

USD 


Prudential PLC 

Unum Group 

180,089 

757,820 

0.16% 

0.65% 

32,879 

EUR 


AXA SA 

438,935 

0.38% 

15,000 

100,000 

75,000 

27,000 

176,000 

HKD 

HKD 

HKD 

JPY 

JPY 


Cheung Kong Holdings Ltd 

China Overseas Land & Investment Ltd 

Henderson Land Development Co Ltd 


Tokyo Tatemono Co Ltd 

174,680 

226,056 

401,470 

485,309 

677,781 

0.15% 

0.20% 

0.35% 

0.42% 

0.59% 

9,907 

USD 

Health Care 


UnitedHealth Group Inc 

407,657 

0.35% 

8,426 

12,142 

10,328 

18,732 

7,669 

27,612 

2,714 

5,331 

8,194 

8,736 

USD 

GBP 

USD 

USD 

CHF 

USD 

CHF 

EUR 

USD 

USD 


Express Scripts Holding Co 


Merck & Co Inc 

Mylan Inc/PA 

Novartis AG - Reg 

Pfizer Inc 


Sanofi 

Vertex Pharmaceuticals Inc 

Watson Pharmaceuticals Inc 

343,712 

199,847 

320,792 

388,877 

365,085 

525,684 

413,802 

380,580 

260,600 

569,788 

0.30% 

0.17% 

0.28% 

0.34% 

0.32% 

0.45% 

0.36% 

0.33% 

0.23% 

0.49% 

12,140 

USD 

Industrials 


United Technologies Corp 

755,251 

0.65% 

84,500 

406,500 

317 

194,000 

17,014 

HKD 

HKD 

CHF 

IDR 

USD 


Anhui Conch Cement Co Ltd 


Forbo Holding AG 

Indocement Tunggal Prakarsa Tbk PT 

KBR Inc 

233,190 

350,462 

153,667 

342,773 

386,119 

0.20% 

0.30% 

0.13% 

0.30% 

0.33% 

24,966 

14,155 

121,000 

9,198 

9,056 

8,600 

12,853 

227,000 

CHF 

USD 

TWD 

EUR 

USD 

JPY 

EUR 

HKD 


ABB Ltd 

Emerson Electric Co 

Hon Hai Precision Industry Co Ltd 


M/A-COM Technology Solutions Holdings Inc 

Murata Manufacturing Co Ltd 

Prysmian SpA 

Zhuzhou CSR Times Electric Co Ltd - H 

387,896 

568,927 

280,969 

182,994 

102,278 

380,980 

192,924 

637,547 

0.34% 

0.49% 

0.24% 

0.16% 

0.09% 

0.33% 

0.17% 

0.55% 

37,870 

17,369 

11,239 

PHP 

GBP 

USD 


Ayala Corp 

Smiths Group PLC 

SPX Corp 

361,654 

255,042 

598,095 

0.31% 

0.22% 

0.52% 







17,460 EUR 

5,620 USD 

10,092 USD 

32,100 JPY 

108,000 JPY 

758,200 HKD 



Alstom SA 


Joy Global Inc 

Komatsu Ltd 



Market Value 

526,157 

381,814 

488,066 

614,993 

393,174 

847,333 

Net Assets % 

0.45% 

0.33% 

0.42% 

0.53% 

0.34% 

0.73% 

126,400 

59 

794 

THB 

DKK 

CHF 


Airports of Thailand PCL 

AP Moeller - Maersk A/S - B 

Flughafen Zuerich AG 

304,797 

336,874 

278,143 

0.26% 

0.29% 

0.24% 

101,000 

JPY 



544,004 

0.47% 

20,733 

8,168 

24,311 

39,531 

5,486 

14,786 

4,640 

24,228 

12,935 

21,268 

6,418 

15,687 

18,422 

18,422 

100,161 

21,459 

USD 

USD 

GBP 

GBP 

USD 

EUR 

USD 

EUR 

USD 

USD 

USD 

USD 

EUR 

EUR 

GBP 

GBP 



Anadarko Petroleum Corp 

Apache Corp 

BG Group PLC 

BP PLC 

Chevron Corp 

Eni SpA 

Exxon Mobil Corp 

Galp Energia SGPS SA - B 


Marathon Oil Corp 

Occidental Petroleum Corp 

Petroleo Brasileiro SA - SP Adr 

Repsol SA - 10/Jan/2013 

Repsol YPF SA 

Soco International PLC 

Tullow Oil PLC 

1,168,904 

486,400 

303,475 

207,037 

450,231 

271,175 

304,887 

284,921 

649,007 

494,597 

372,988 

229,879 

8,511 

282,501 

441,963 

333,619 

1.01% 

0.42% 

0.26% 

0.18% 

0.39% 

0.23% 

0.26% 

0.25% 

0.56% 

0.43% 

0.32% 

0.20% 

0.01% 

0.24% 

0.38% 

0.29% 

23,294 

11,008 

USD 

EUR 


Halliburton Co 

Saipem SpA 

613,093 

322,534 

0.53% 

0.28% 

6,998 

860 

43,018 

130 

19,213 

35,222 

35,200 

USD 

USD 

USD 

JPY 

USD 

CHF 

JPY 

Technology 


Citrix Systems Inc 

Google Inc - A 

Microsoft Corp 

NTT Data Corp 

Oracle Corp 

Temenos Group AG - Reg 


347,883 

460,763 

869,561 

306,425 

484,988 

466,980 

1,236,680 

0.30% 

0.40% 

0.75% 

0.26% 

0.42% 

0.40% 

1.07% 

9,806 

3,877 

73,801 

37,463 

11,989 

541 

227,000 

USD 

USD 

USD 

USD 

USD 

KRW 

TWD 


Analog Devices Inc 

Apple Inc 

Applied Materials Inc 

Intel Corp 

Qualcomm Inc 


Taiwan Semiconductor Manufacturing Co Ltd 

311,644 

1,569,502 

638,146 

584,365 

561,621 

583,375 

575,134 

0.27% 

1.35% 

0.55% 

0.50% 

0.49% 

0.50% 

0.50% 






Holding 



Market Value 

Net Assets % 

408,987 

18,977 

18,316 

32,166 

EUR 

EUR 

USD 

EUR 



Telecom Italia SpA - RSP 

Telefonica SA 



244,370 

193,376 

601,133 

545,214 

0.21% 

0.17% 

0.52% 

0.47% 

9,329 

120,202 

USD 

EUR 

Utilities 

Electricity 

American Electric Power Co Inc 

Enel SpA 

302,004 

377,194 

0.26% 

0.33% 

4,158,000 

73,118 

PHP 

EUR 


Metro Pacific Investments Corp 

Snam SpA 

341,784 

256,937 

0.30% 

0.22% 


68,624,875 

59.28% 


780,000 

290,000 

284,000 

2,900,000 

2,500,000 

400,000 

1,062,000 

2,386,000 

145,300,000 

320,000,000 

34,900,000 

183,300,000 

35,550,000 

199,350,000 

619,000 

201,000 

545,000 

503,000 

2,800,000 

1,222,000 

1,500,000 

1,217,000 

503,000 

917,000 

CAD 

CAD 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

EUR 

GBP 

GBP 

GBP 

USD 

USD 

USD 

USD 

USD 

USD 








Italy Buoni Poliennali Del Tesoro 6% 01/May/2031 


Japan Government Five Year Bond - 85 - 0.7% 20/Sep/2014 

Japan Government Five Year Bond 0.3% 20/Mar/2017 

Japan Government Thirty Year Bond - 32 - 2.3% 20/Mar/2040 

Japan Government Twenty Year Bond - 118 - 2% 20/Jun/2030 

Japan Government Twenty Year Bond - 36 - 3% 20/Sep/2017 

Japan Government Twenty Year Bond - 81 - 2% 20/Sep/2025 


United Kingdom Gilt 3.75% 07/Sep/2020 



United States Treasury Note/Bond 2% 15/Feb/2022 

United States Treasury Note/Bond 3% 31/Aug/2016 





641,440 

329,379 

419,312 

2,994,292 

2,633,500 

400,350 

1,184,103 

2,348,122 

1,287,773 

2,825,488 

331,197 

1,706,615 

353,231 

1,935,538 

618,443 

289,394 

818,693 

811,801 

2,196,626 

1,011,604 

1,367,602 

1,427,470 

587,665 

956,694 

0.55% 

0.28% 

0.36% 

2.60% 

2.27% 

0.35% 

1.02% 

2.03% 

1.11% 

2.44% 

0.29% 

1.47% 

0.31% 

1.67% 

0.53% 

0.25% 

0.71% 

0.70% 

1.90% 

0.87% 

1.18% 

1.23% 

0.51% 

0.83% 




29,476,332 

100,949,273 

25.46% 

87.20% 

148,694 

USD 


iShares MSCI Canada Index Fund - D 

3,204,184 

2.77% 


3,204,184 

2.77% 


104,153,457 

89.97% 


115,769,549 

100.00% 







Maturity Date 

Long/(Short) 


18-Mar-13 25 

Cac 40 

18-Mar-13 83 

Euro Stoxx 50 

15-Mar-13 57 

FTSE MIB Index 

08-Mar-13 52 


15-Mar-13 4 

S&P 500 

22-Mar-13 30 

SPI 200 


Trade 


EUR 

EUR 

EUR 

JPY 

USD 

AUD 



910,750 

2,170,450 

4,646,640 

269,750,000 

1,420,500 

3,462,000 

Market Price 


3,643.00 

2,615.00 

16,304.00 

10,375.00 

1,420.50 

4,616.00 


(in Fund Ccy) 

(5,770) 

(6,124) 

19,415 

118,668 

(986) 

2,362 

127,565 


Maturity Date 

17-Jan-13 

17-Jan-13 

15-Jan-13 

17-Jan-13 

17-Jan-13 

17-Jan-13 

17-Jan-13 

17-Jan-13 

17-Jan-13 

17-Jan-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 


EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

IDR 

INR 

TWD 

AUD 

AUD 

CAD 

CAD 

CAD 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 


2,500,000 

500,000 

1,200,000 

1,300,000 

2,966,012 

900,000 

850,000 

47,770,600,000 

241,423,989 

43,342,800 

4,086,314 

765,076 

308,599 

1,509,284 

18,066,862 

1,047,430 

641,078 

1,161,233 

464,514 

1,388,952 

7,412,924 

796,027 

1,150,609 

1,117,950 

4,096,106 

1,163,483 

1,160,558 

2,042,265 

1,647,308 

686,832 

1,781,867 

896,350 

881,197 

659,197 

352,367 

746,342 

1,741,920 

1,160,520 

1,179,180 

3,495,025 


IDR 

INR 

TWD 

IDR 

INR 

KRW 

TWD 

EUR 

EUR 

EUR 

EUR 

USD 

AUD 

AUD 

EUR 

CAD 

CHF 

GBP 

HKD 

HKD 

HKD 

HKD 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

NOK 

SGD 

USD 

USD 

USD 

USD 

Amount Sold 

31,150,000,000 

35,890,000 

44,542,800 

16,624,400,000 

209,000,000 

1,284,975,000 

32,763,250 

3,810,977 

3,407,537 

1,150,592 

3,262,742 

792,942 

299,004 

1,462,898 

13,979,571 

1,349,187 

771,912 

942,763 

4,645,660 

13,970,623 

74,544,539 

8,207,089 

121,322,128 

119,020,233 

436,185,303 

125,045,336 

125,772,470 

220,101,823 

180,000,000 

75,469,397 

197,298,327 

99,737,389 

100,239,907 

75,179,930 

2,604,831 

1,190,000 

2,247,235 

1,502,062 

1,522,250 

4,544,993 


94,101 

4,128 

41,809 

16,020 

78,313 

(5,507) 

(1,914) 

(121,383) 

(71,866) 

(23,584) 

(61,778) 

(1,919) 

462 

1,833 

(240,241) 

21,412 

1,297 

(281) 

10,026 

22,196 

120,180 

(6,878) 

86,365 

73,899 

269,866 

66,579 

57,276 

111,521 

68,339 

24,811 

51,157 

21,449 

1,888 

(285) 

(1,643) 

7,744 

38,029 

21,632 

24,985 

48,936 









04-Mar-13 EUR 

1,163,067 

04-Mar-13 EUR 

2,363,364 

04-Mar-13 EUR 

2,347,547 

04-Mar-13 EUR 

1,726,796 

04-Mar-13 EUR 

1,136,269 

04-Mar-13 HKD 

18,866,976 

04-Mar-13 HKD 

26,000,000 

04-Mar-13 JPY 

374,003,033 

04-Mar-13 JPY 

187,001,517 

04-Mar-13 JPY 

240,568,450 

04-Mar-13 JPY 

162,461,099 

04-Mar-13 JPY 

438,882,591 

04-Mar-13 NOK 

4,211,493 

04-Mar-13 NOK 

284,937 

04-Mar-13 NOK 

8,584,976 

04-Mar-13 SEK 

9,331,873 

04-Mar-13 USD 

21,026,392 

04-Mar-13 USD 

3,788,810 

04-Mar-13 USD 

3,788,810 

04-Mar-13 USD 

3,043,023 



USD 

USD 

USD 

USD 

USD 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

AUD 

SEK 

SEK 

EUR 

CAD 

EUR 

EUR 

EUR 

Amount Sold 

1,523,960 

3,071,367 

3,062,561 

2,275,529 

1,503,625 

1,885,305 

2,563,513 

3,546,242 

1,772,221 

2,253,398 

1,529,879 

3,978,489 

710,065 

334,191 

10,074,701 

1,075,497 

20,932,614 

2,935,867 

2,935,708 

2,356,304 


7,576 

34,603 

25,463 

1,453 

(3,804) 

(39,535) 

(19,914) 

(265,469) 

(131,834) 

(143,119) 

(104,763) 

(128,589) 

16,227 

(162) 

(5,548) 

10,342 

23,914 

(63,129) 

(62,970) 

(49,034) 

(49,318) 




Pioneer Funds - Multi Asset Real Return 






Market Value 

Net Assets % 

Bonds 

200,000 

USD 


Chemicals 

Celanese US Holdings LLC 5.875% 15/Jun/2021 

168,576 

0.64% 

150,000 

EUR 


Smurfit Kappa Acquisitions 7.75% 15/Nov/2019 

165,750 

0.63% 

200,000 

50,000 

USD 

USD 


ArcelorMittal Floating 05/Aug/2020 


152,163 

38,578 

0.58% 

0.15% 

200,000 

100,000 

USD 

USD 

Mining 

Adaro Indonesia PT - 144A - 7.625% 22/Oct/2019 


168,765 

78,233 

0.64% 

0.30% 

150,000 

USD 



Reynolds Group Issuer Inc 7.875% 15/Aug/2019 

127,569 

0.49% 

150,000 

150,000 

100,000 

300,000 

300,000 

210,000 

150,000 

200,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Financials 


Akbank TAS 5% 24/Oct/2022 

Bangkok Bank PCL/Hong Kong - 144A - 4.8% 18/Oct/2020 

Bank of China Hong Kong Ltd 5.55% 11/Feb/2020 

Bank of East Asia Ltd 6.125% 16/Jul/2020 

Industrial & Commercial Bank of China Asia Ltd 5.125% 30/Nov/2020 




120,146 

125,143 

85,561 

262,742 

253,186 

169,672 

130,110 

159,909 

0.46% 

0.48% 

0.33% 

0.99% 

0.96% 

0.65% 

0.50% 

0.61% 

300,000 

100,000 

120,000 

200,000 

150,000 

200,000 

150,000 

50,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 



Ares Capital Corp 5.125% CV 01/Jun/2016 

Blackstone Holdings Finance Co LLC 4.75% 15/Feb/2023 

China Merchants Finance Co Ltd 5% 04/May/2022 

Fifth Street Finance Corp 5.375% CV 01/Apr/2016 


Prospect Capital Corp 5.5% CV 15/Aug/2016 

Prospect Capital Corp 5.75% CV 15/Mar/2018 

235,228 

80,400 

96,186 

164,208 

115,765 

165,092 

115,765 

37,071 

0.89% 

0.31% 

0.37% 

0.63% 

0.44% 

0.63% 

0.44% 

0.14% 

100,000 

EUR 

Industrials 


Obrascon Huarte Lain SA 7.625% 15/Mar/2020 

103,688 

0.40% 

100,000 

150,000 

100,000 

USD 

USD 

USD 


Crown Cork & Seal Co Inc 7.375% 15/Dec/2026 

Sealed Air Corp 6.875% 15/Jul/2033 

Sonoco Products Co 5.75% 01/Nov/2040 

83,055 

109,792 

86,884 

0.32% 

0.42% 

0.33% 

150,000 

200,000 

200,000 

300,000 

100,000 

USD 

USD 

USD 

USD 

USD 




Concho Resources Inc 7% 15/Jan/2021 

Gazprom OAO Via Gaz Capital SA 6.51% 07/Mar/2022 

Lukoil International Finance BV 7.25% 05/Nov/2019 


124,441 

169,144 

181,660 

279,317 

81,538 

0.47% 

0.65% 

0.69% 

1.06% 

0.31% 








Market Value 

Net Assets % 

100,000 

100,000 

USD 

USD 

Utilities 

Electricity 

Calpine Corp 7.25% 15/Oct/2017 

Southern Power Co 5.15% 15/Sep/2041 

81,159 

86,458 

0.31% 

0.33% 

Total Bonds 

4,602,954 

17.55% 

Equities 

4,194 

1,401 

2,200 

USD 

USD 

JPY 


Chemicals 

Ecolab Inc 

PPG Industries Inc 


225,701 

143,182 

100,934 

0.86% 

0.55% 

0.38% 

698 

2,868 

32,400 

EUR 

EUR 

MYR 





UMW Holdings Bhd 

50,905 

205,320 

95,955 

0.19% 

0.78% 

0.37% 

2,561 

1,718 

DKK 

EUR 

Beverages 

Carlsberg A/S - B 

Pernod-Ricard SA 

190,163 

150,222 

0.73% 

0.57% 

181,470 

111,665 

179,000 

4,300 

30,659 

4,961 

5,556 

621,915 

4,037 

155,480 

IDR 

HKD 

PHP 

JPY 

IDR 

USD 

CHF 

IDR 

GBP 

PHP 


Charoen Pokphand Indonesia Tbk PT 

First Pacific Co Ltd/Hong Kong 

JG Summit Holdings Inc 

Kewpie Corp 

Mayora Indah Tbk PT 

Mondelez International 

Nestle SA 

Salim Ivomas Pratama Tbk PT 

Unilever PLC 

Universal Robina Corp 

52,130 

92,993 

130,604 

45,001 

48,259 

94,148 

274,393 

56,288 

117,760 

240,816 

0.20% 

0.35% 

0.50% 

0.17% 

0.18% 

0.36% 

1.05% 

0.21% 

0.45% 

0.92% 

316,000 

THB 


Asian Property Development PCL 

66,601 

0.25% 

288 

1,809 

2,200 

990 

EUR 

CHF 

BRL 

USD 


Christian Dior SA 

Cie Financiere Richemont SA 

Natura Cosmeticos SA 

VF Corp 

36,936 

107,029 

47,790 

111,653 

0.14% 

0.41% 

0.18% 

0.43% 

7,592 

3,289 

USD 

USD 

Tobacco 

Altria Group Inc 


178,974 

206,386 

0.68% 

0.79% 

880 

JPY 



Tsuruha Holdings Inc 

52,571 

0.20% 

1,867,700 

581,000 

1,445 

170,000 

47,432 

11,931 

IDR 

HKD 

USD 

THB 

HKD 

BRL 


Ace Hardware Indonesia Tbk PT 

Emperor Watch & Jewellery Ltd 


Home Product Center PCL 

L’Occitane International SA 

Lojas Americanas SA 

120,534 

54,014 

67,055 

53,112 

113,953 

78,761 

0.46% 

0.21% 

0.26% 

0.20% 

0.43% 

0.30% 







162,638 IDR 

46,357 THB 

8,493 CLP 

912 AUD 


Mitra Adiperkasa Tbk PT 

Robinson Department Store PCL 

SACI Falabella 

Wesfarmers Ltd 

Market Value 

85,120 

76,438 

66,195 

26,464 

Net Assets % 

0.32% 

0.29% 

0.25% 

0.10% 

84,000 

4,619 

3,950 

10,900 

3,049 

MYR 

USD 

USD 

SGD 

USD 

Media 

Astro Malaysia Holdings Bhd 

CBS Corp - B 

News Corp - A 

Singapore Press Holdings Ltd 


62,505 

130,610 

74,782 

27,276 

112,996 

0.24% 

0.50% 

0.29% 

0.10% 

0.43% 

68,793 

163,700 

19,400 

231,000 

HKD 

THB 

HKD 

HKD 



Major Cineplex Group PCL 

MGM China Holdings Ltd 

NagaCorp Ltd 

204,318 

77,122 

26,617 

106,246 

0.78% 

0.29% 

0.10% 

0.41% 

4,909 

421,300 

97,980 

90,998 

2,956 

28,526 

14,008 

106,199 

319,465 

77,000 

218,000 

44,000 

31,900 

15,853 

42,540 

20,968 

38,500 

15,415 

1,883 

3,900 

BRL 

IDR 

PHP 

HKD 

USD 

AED 

MXN 

MXN 

HKD 

THB 

THB 

PHP 

MYR 

USD 

PHP 

THB 

THB 

HKD 

GBP 

JPY 

Financials 


Banco Bradesco SA - Pfd 

Bank Mandiri Persero Tbk PT 

BDO Unibank Inc 

BOC Hong Kong Holdings Ltd 

Capital One Financial Corp 

First Gulf Bank PJSC 

Grupo Financiero Banorte SAB de CV 

Grupo Financiero Santander Mexico SAB de CV - B 


Krung Thai Bank PCL 

Krung Thai Bank PCL - FRGN 

Metropolitan Bank & Trust 

Public Bank Bhd 


Security Bank Corp 

Siam Commercial Bank PCL 





63,957 

268,575 

131,758 

214,612 

127,912 

68,332 

68,433 

261,020 

171,945 

37,421 

108,109 

82,901 

128,972 

147,900 

122,583 

94,364 

173,265 

295,668 

36,529 

106,570 

0.24% 

1.02% 

0.50% 

0.82% 

0.49% 

0.26% 

0.26% 

1.00% 

0.66% 

0.14% 

0.41% 

0.32% 

0.49% 

0.56% 

0.47% 

0.36% 

0.66% 

1.13% 

0.14% 

0.41% 

25,800 

2,028,000 

3,177 

56,574 

GBP 

IDR 

USD 

HKD 


Aberdeen Asset Management PLC 

Alam Sutera Realty Tbk PT 

Intercorp Financial Services Corp 

Swire Properties Ltd 

116,770 

95,765 

86,269 

143,114 

0.45% 

0.37% 

0.33% 

0.55% 

4,091 

5,573 

2,518 

6,947 

EUR 

EUR 

EUR 

CHF 


Allianz SE - Reg 

Hannover Rueckversicherung AG - Reg 

Muenchener Rueckversicherungs AG - Reg 

Swiss Re AG 

428,736 

328,584 

342,448 

379,356 

1.64% 

1.26% 

1.32% 

1.46% 

179,300 

219,000 

3,408 

1,070,177 

THB 

PHP 

BRL 

IDR 


Amata Corp PCL 

Ayala Land Inc 

BR Properties SA 

Bumi Serpong Damai PT 

72,023 

106,998 

32,193 

93,490 

0.27% 

0.41% 

0.12% 

0.36% 







86,121 AED 

13,500 SGD 

4,080 HKD 

6,932 BRL 

64,800 THB 

173,852 MYR 

2,212,420 PHP 

146,000 THB 

1,084,300 THB 

751,800 THB 

17,000 HKD 

122,436 AED 

669,200 IDR 

31,300 THB 

104,048 THB 

210,900 THB 

50,400 MYR 

20,226 HKD 

7,000 USD 


Emaar Properties PJSC 

Global Logistic Properties Ltd 


Iguatemi Empresa de Shopping Centers SA 

LPN Development PCL 

Mah Sing Group Bhd 

Megaworld Corp 

Pruksa Real Estate PCL 

Quality Houses PCL 

Sansiri PCL 

Sino Land Co Ltd 

Sorouh Real Estate Co 

Summarecon Agung Tbk PT 

Supalai PCL 

Supalai PCL - NVDR 

Ticon Industrial Connection PCL 

UEM Land Holdings Bhd 

Wharf Holdings Ltd 

Wheeler Real Estate Investment Trust LLC 

Market Value 

66,691 

23,304 

21,840 

69,950 

28,761 

89,262 

113,202 

76,385 

57,536 

65,617 

23,191 

31,604 

100,069 

13,737 

45,665 

75,826 

26,252 

119,946 

30,795 

Net Assets % 

0.25% 

0.09% 

0.08% 

0.27% 

0.11% 

0.34% 

0.43% 

0.29% 

0.22% 

0.25% 

0.09% 

0.12% 

0.38% 

0.05% 

0.17% 

0.29% 

0.10% 

0.46% 

0.12% 

1,600 

64,371 

85,000 

59,349 

18 

16,500 

USD 

SGD 

SGD 

SGD 

JPY 

HKD 


American Campus Communities Inc 

Ascendas Real Estate Investment Trust 

CapitaCommercial Trust 

CapitaMall Trust 

Daiwa House REIT Investment Corp 

Link REIT 

55,704 

94,731 

88,935 

78,496 

86,688 

62,488 

0.21% 

0.36% 

0.34% 

0.30% 

0.33% 

0.24% 

22,499 

SGD 

Health Care 


Raffles Medical Group Ltd 

36,603 

0.14% 

3,043 

3,501 

4,429 

6,252 

1,919 

2,088 

USD 

USD 

CHF 

USD 

CHF 

EUR 


Johnson & Johnson 



Pfizer Inc 


Sanofi 

160,575 

108,052 

210,844 

117,747 

292,589 

149,062 

0.61% 

0.41% 

0.80% 

0.45% 

1.12% 

0.57% 

123,442 

607,000 

48,010 

37 

1,289,562 

84,000 

1,991 

IDR 

SGD 

HKD 

CHF 

IDR 

JPY 

USD 

Industrials 



Nam Cheong Ltd 

NWS Holdings Ltd 

Sika AG - BR 

Surya Semesta Internusa Tbk PT 

Taiheiyo Cement Corp 

Valspar Corp 

218,106 

99,882 

61,547 

64,692 

109,611 

173,902 

94,506 

0.83% 

0.38% 

0.23% 

0.25% 

0.42% 

0.66% 

0.36% 

4,781 

280,400 

2,561 

2,258 

76,000 

CHF 

PHP 

USD 

USD 

HKD 


ABB Ltd 

Bloomberry Resorts Corp 



Wasion Group Holdings Ltd 

74,282 

68,369 

121,698 

107,608 

26,998 

0.28% 

0.26% 

0.46% 

0.41% 

0.10% 







1,033,100 PHP 

7,750 PHP 

26,363 HKD 

3,928 USD 

56,257 ZAR 

9,000 HKD 

606 EUR 

1,380 USD 



Alliance Global Group Inc 

Ayala Corp 


Jardine Matheson Holdings Ltd 

Nampak Ltd 

Shanghai Industrial Holdings Ltd 


3M Co 

Market Value 

319,833 

74,012 

130,284 

184,721 

160,184 

24,000 

49,813 

96,089 

Net Assets % 

1.23% 

0.28% 

0.50% 

0.70% 

0.61% 

0.09% 

0.19% 

0.37% 

34,000 

1,351 

1,251 

HKD 

USD 

USD 


CIMC Enric Holdings Ltd 

Pentair Ltd 

Stanley Black & Decker Inc 

23,024 

49,689 

68,898 

0.09% 

0.19% 

0.26% 

134,023 

79,000 

HKD 

IDR 



Jasa Marga Persero Tbk PT 

72,791 

33,885 

0.28% 

0.13% 

2,535 

342,429 

1,452 

USD 

HKD 

JPY 


ADT Corp 

China Everbright International Ltd 

Secom Co Ltd 

87,275 

131,359 

55,216 

0.33% 

0.50% 

0.21% 

126,000 

34,000 

HKD 

HKD 



China Longyuan Power Group Corp 


66,091 

21,960 

0.25% 

0.08% 

1,473 

1,242 

USD 

EUR 


Chevron Corp 

Total SA 

118,732 

48,450 

0.45% 

0.18% 

14,344 

21,600 

GBP 

SGD 


AMEC PLC 

Keppel Corp Ltd 

177,377 

147,536 

0.68% 

0.56% 

6,756 

5,868 

USD 

HKD 

Technology 



Tencent Holdings Ltd 

135,438 

142,986 

0.52% 

0.55% 

3,037 

USD 


Qualcomm Inc 

140,263 

0.53% 

98,000 

8,825 

23,400 

3,533 

IDR 

GBP 

SGD 

SEK 



Indosat Tbk PT 

Inmarsat PLC 

Singapore Telecommunications Ltd 

Tele2 AB - B 

49,748 

63,595 

47,949 

48,237 

0.19% 

0.24% 

0.18% 

0.18% 

26,000 

33,146 

HKD 

EUR 

Utilities 

Electricity 

China Resources Power Holdings Co Ltd 

Terna Rete Elettrica Nazionale SpA 

50,327 

100,234 

0.19% 

0.38% 

1,178,156 

59,394 

PHP 

EUR 


Metro Pacific Investments Corp 

Snam SpA 

96,843 

208,711 

0.37% 

0.80% 


16,692,302 

63.66% 








Market Value 

Net Assets % 


100,000,000 

132 

490,000 

29,000 

14,000,000 

130,000 

200,000 

CLP 

BRL 

EUR 

MXN 

PHP 

EUR 

USD 


Bonos del Banco Central de Chile en Pesos 0% 01/Sep/2013 


Ireland Government Bond 4.5% 18/Apr/2020 





162,294 

51,567 

491,685 

183,799 

286,837 

128,765 

162,056 

0.62% 

0.20% 

1.87% 

0.70% 

1.09% 

0.49% 

0.62% 




1,467,003 

22,762,259 

5.59% 

86.80% 


Equities 

2,820 

ZAR 

Industrials 


Remgro Ltd 

40,135 

0.15% 



40,135 

40,135 

0.15% 

0.15% 

5,900 

2,400 

1,200 

4,700 

1,300 

11,797 

111,467 

15,257 

84,700 

USD 

USD 

USD 

USD 

USD 

USD 

SGD 

USD 

SGD 


Global X FTSE Colombia 20 ETF - D 

iShares MSCI All Peru Capped Index Fund - D 

iShares MSCI Chile Investable Market Index Fund - D 

iShares MSCI Mexico Investable Market Index Fund - D 

iShares MSCI South Korea Index Fund - D 

iShares MSCI Taiwan Index Fund - D 

Keppel REIT - D 

PowerShares Buyback Achievers Portfolio - D 

Suntec Real Estate Investment Trust - D 

98,945 

83,265 

57,015 

248,118 

61,993 

120,619 

89,633 

340,342 

87,569 

0.38% 

0.32% 

0.22% 

0.95% 

0.24% 

0.46% 

0.34% 

1.29% 

0.33% 


1,187,499 

4.53% 


23,989,893 

91.48% 


26,223,260 

100.00% 


Maturity Date 

Long/(Short) 


18-Mar-13 8 

Dj Stoxx 600 Auto . 

20-Mar-13 15 

Dollar Index 

11-Mar-13 (1) 


18-Apr-13 (54) 

Vstoxx Mini Future 


Trade 


EUR 

USD 

EUR 

EUR 



140,000 

1,198,275 

(136,160) 

(126,900) 

Market Price 


350.00 

79.89 

136.16 

23.50 


(in Fund Ccy) 

28,177 

3,396 

(320) 

7,510 

38,763 









11-Jan-13 USD 

229,358 

31-Jan-13 EUR 

329,047 

31-Jan-13 EUR 

334,395 

31-Jan-13 EUR 

335,025 

31-Jan-13 EUR 

388,658 

31-Jan-13 EUR 

5,025 



IDR 

USD 

USD 

USD 

USD 

USD 

Amount Sold 

2,250,000,000 

436,703 

443,801 

444,637 

515,818 

6,630 


(2,878) 

(2,150) 

(2,185) 

(2,189) 

(2,540) 

(4) 

(11,946) 


Maturity Date 

Quantity 

Contract 

Strike Price 




Trade 


Market Price 

(in Fund Ccy) 

Unrealised 

Gain/(Loss) 


19-Jan-13 10 

Call Carlyle Gp 

19-Jan-13 200 

Call Kkr & Co Lp 

31-Dec-12 67 

Put Spdr S&P 500 Etf Trust 


25.00 

14.00 

145.00 

USD 

USD 

USD 

379 

15,170 

9,605 

25,154 

(1) 

7,477 

(856) 

6,620 

6,620 




Pioneer Funds - Euroland Equity 






Market Value 

Net Assets % 

Equities 

87,098 

153,268 

645,327 

542,042 

EUR 

EUR 

EUR 

EUR 


Chemicals 

Air Liquide Prime de Fidelite 2013 

Air Liquide SA 

Bayer AG 

K+S AG - Reg 

8,278,665 

14,568,123 

46,392,558 

18,971,470 

0.82% 

1.45% 

4.61% 

1.89% 

625,636 

SEK 



10,285,327 

1.02% 

417,390 

270,314 

EUR 

EUR 




Continental AG 

29,880,950 

23,676,803 

2.98% 

2.36% 

466,016 

383,496 

1,016,055 

EUR 

EUR 

EUR 


Danone SA 

Kerry Group PLC 

Unilever NV 

23,256,528 

15,324,500 

29,297,946 

2.32% 

1.53% 

2.92% 

439,039 

615,289 

EUR 

EUR 


Adidas AG - Reg 

Brunello Cucinelli SpA 

29,560,496 

8,220,261 

2.94% 

0.82% 

289,704 

EUR 



Inditex SA 

30,563,772 

3.04% 

498,002 

EUR 

Media 


22,534,591 

2.24% 

404,624 

298,224 

4,662,020 

GBP 

EUR 

EUR 


Carnival PLC 

Paddy Power PLC 


11,763,080 

18,639,000 

22,037,369 

1.17% 

1.86% 

2.19% 

6,002,218 

869,670 

991,055 

4,925,893 

EUR 

EUR 

EUR 

EUR 

Financials 




Deutsche Bank AG - Reg 

UniCredit SpA 

41,775,437 

37,034,897 

32,655,262 

18,255,359 

4.16% 

3.69% 

3.25% 

1.82% 

362,385 

2,312,221 

EUR 

EUR 



AXA SA 

37,977,948 

30,868,150 

3.78% 

3.07% 

310,806 

EUR 

Health Care 


Fresenius Medical Care AG & Co KGaA 

16,258,262 

1.62% 

898,412 

EUR 

Industrials 


Thales SA 

23,578,823 

2.35% 

1,261,449 

420,532 

GBP 

EUR 


CRH PLC 

Sa des Ciments Vicat 

19,409,300 

19,840,700 

1.93% 

1.98% 






Holding 

1,534,726 

924,705 

393,072 


CHF 

EUR 

EUR 



ABB Ltd 


Schneider Electric SA 

Market Value 

23,844,972 

18,397,006 

21,552,138 

Net Assets % 

2.37% 

1.83% 

2.15% 

1,801,612 

SEK 


Trelleborg AB - B 

16,920,144 

1.68% 

1,022,589 

EUR 


Alstom SA 

30,815,720 

3.07% 

8,157,074 

98,145 

GBP 

EUR 


G4S PLC 

Sodexo Prime 2016 

25,795,703 

6,253,799 

2.57% 

0.62% 

2,113,784 

1,901,464 

1,901,464 

1,307,809 

EUR 

EUR 

EUR 

GBP 



Eni SpA 


Repsol YPF SA 


38,766,799 

878,476 

29,158,950 

20,332,230 

3.86% 

0.09% 

2.90% 

2.02% 

154,652 

EUR 


Technip SA 

13,429,980 

1.34% 

701,033 

EUR 

Technology 


RIB Software AG 

3,077,535 

0.31% 

3,178,740 

SEK 


Telefonaktiebolaget LM Ericsson - B 

24,127,551 

2.40% 

38,624,433 

578,511 

EUR 

EUR 




Ziggo NV 

23,078,099 

14,323,932 

2.30% 

1.43% 

924,162 

4,628,424 

EUR 

EUR 

Utilities 



Snam SpA 

14,915,975 

16,264,282 

1.49% 

1.62% 




982,838,868 

982,838,868 

97.86% 

97.86% 


982,838,868 

97.86% 


1,004,335,812 

100.00% 




04-Mar-13 EUR 

22,879,488 

04-Mar-13 EUR 

2,776,389 

04-Mar-13 EUR 

63,614,929 

04-Mar-13 EUR 

5,187,518 

04-Mar-13 EUR 

53,489,215 

04-Mar-13 EUR 

4,675,681 

04-Mar-13 SEK 

63,083,077 



CHF 

CHF 

GBP 

GBP 

SEK 

SEK 

GBP 

Amount Sold 

27,548,825 

3,349,455 

51,583,883 

4,177,145 

463,456,714 

40,599,077 

5,874,476 


46,298 

273 

61,972 

41,145 

(437,728) 

(48,350) 

102,761 

(233,629) 




Pioneer Funds - Core European Equity 






Market Value 

Net Assets % 

Equities 

297,650 

GBP 


Chemicals 

Johnson Matthey PLC 

8,719,226 

1.61% 

452,017 

355,792 

GBP 

GBP 

Mining 


Rio Tinto PLC 

10,555,051 

15,403,324 

1.95% 

2.85% 

107,639 

EUR 




9,428,100 

1.74% 

197,973 

EUR 

Beverages 

Anheuser-Busch InBev NV 

13,014,745 

2.40% 

191,958 

403,647 

EUR 

GBP 



Unilever PLC 

7,670,642 

11,774,489 

1.42% 

2.18% 

23,593 

CHF 



9,016,483 

1.67% 

376,407 

356,801 

254,456 

GBP 

GBP 

SEK 

Tobacco 

British American Tobacco PLC 


Swedish Match AB 

14,483,618 

10,438,772 

6,473,583 

2.68% 

1.93% 

1.20% 

415,485 

EUR 



Jeronimo Martins SGPS SA 

6,066,081 

1.12% 

105,514 

EUR 


Inditex SA 

11,131,727 

2.06% 

897,353 

201,297 

GBP 

EUR 

Media 

British Sky Broadcasting Group PLC 


8,485,634 

9,108,689 

1.57% 

1.68% 

1,011,447 

109,300 

1,752,247 

GBP 

EUR 

EUR 


Compass Group PLC 



9,040,797 

6,831,250 

8,221,543 

1.67% 

1.26% 

1.52% 

3,941,418 

294,211 

322,981 

855,429 

2,931,289 

308,915 

325,136 

GBP 

EUR 

EUR 

NOK 

GBP 

CHF 

SEK 

Financials 


Barclays PLC 



DNB ASA 

HSBC Holdings PLC 

Julius Baer Group Ltd 

Svenska Handelsbanken AB - A 

12,750,932 

12,528,975 

10,642,224 

8,207,791 

23,378,755 

8,275,789 

8,810,051 

2.36% 

2.32% 

1.97% 

1.52% 

4.31% 

1.53% 

1.63% 

909,334 

GBP 



9,703,225 

1.79% 

452,411 

721,679 

52,267 

GBP 

EUR 

CHF 


Admiral Group PLC 

AXA SA 


6,470,186 

9,634,415 

10,541,753 

1.20% 

1.78% 

1.95% 








Market Value 

Net Assets % 

745,850 

104,662 

SEK 

EUR 

Health Care 


Elekta AB - B 

Fresenius SE & Co KGaA 

8,817,931 

9,116,060 

1.63% 

1.68% 

84,499 

409,540 

352,053 

153,141 

EUR 

CHF 

GBP 

EUR 


Merck KGaA 


Shire PLC 

UCB SA 

8,435,535 

19,496,249 

8,190,408 

6,618,754 

1.56% 

3.59% 

1.51% 

1.22% 

876,093 

74,158,520 

GBP 

GBP 

Industrials 


Rolls-Royce Holdings PLC 

Rolls-Royce Holdings PLC - C 

9,434,931 

91,430 

1.74% 

0.02% 

153,245 

EUR 



7,230,099 

1.34% 

828,164 

203,042 

CHF 

EUR 


ABB Ltd 


12,867,149 

11,132,793 

2.38% 

2.06% 

313,294 

EUR 


Alstom SA 

9,441,115 

1.74% 

204,582 

440,080 

2,173,736 

CHF 

EUR 

GBP 


Adecco SA - Reg 

Amadeus IT Holding SA - A 

G4S PLC 

8,143,950 

8,383,524 

6,874,162 

1.50% 

1.55% 

1.27% 

913,748 

3,564,887 

700,404 

626,946 

GBP 

GBP 

EUR 

GBP 



BG Group PLC 

BP PLC 

Eni SpA 


11,406,360 

18,670,497 

12,845,409 

9,746,997 

2.11% 

3.45% 

2.37% 

1.80% 

454,061 

NOK 


Subsea 7 SA 

8,174,979 

1.51% 

574,244 

GBP 

Technology 


Telecity Group PLC 

5,568,276 

1.03% 

1,374,612 

SEK 



10,433,701 

1.93% 

12,869,964 

269,139 

EUR 

USD 




Virgin Media Inc 

7,689,803 

7,432,760 

1.42% 

1.37% 

1,042,051 

503,352 

GBP 

EUR 

Utilities 


National Grid PLC 

Suez Environnement Co 

9,031,708 

4,585,033 

1.67% 

0.85% 






Holding 



Market Value 

Net Assets % 




536,667,463 

536,667,463 

99.17% 

99.17% 


536,667,463 

99.17% 


541,166,194 

100.00% 




04-Mar-13 CHF 

10,490,077 

04-Mar-13 EUR 

37,990,888 

04-Mar-13 EUR 

7,074,550 



EUR 

GBP 

SEK 

Amount Sold 

8,713,383 

30,805,937 

61,297,360 


(18,932) 

37,010 

(57,894) 

(39,816) 




Pioneer Funds - Top European Players 






Market Value 

Net Assets % 

Equities 

198,811 

362,715 

300,685 

EUR 

EUR 

EUR 


Chemicals 

Air Liquide Prime de Fidelite 2013 


Bayer AG 

18,896,986 

18,043,258 

21,616,245 

2.23% 

2.13% 

2.55% 

999,652 

SEK 



16,434,073 

1.94% 

589,500 

GBP 

Mining 

Rio Tinto PLC 

25,521,258 

3.01% 

176,137 

EUR 




15,427,840 

1.82% 

368,406 

726,742 

EUR 

EUR 



Unilever NV 

14,721,504 

20,955,606 

1.74% 

2.47% 

243,363 

66,568 

EUR 

CHF 




15,137,179 

25,440,141 

1.79% 

3.00% 

665,442 

997,285 

GBP 

GBP 

Tobacco 



25,605,282 

29,177,133 

3.02% 

3.45% 

6,639,302 

GBP 



Kingfisher PLC 

23,255,156 

2.75% 

1,045,259 

2,493,390 

EUR 

GBP 

Media 

Wolters Kluwer NV 

WPP PLC 

16,175,383 

27,297,870 

1.91% 

3.22% 

231,961 

4,258,337 

EUR 

EUR 




14,497,563 

20,129,159 

1.71% 

2.38% 

1,975,757 

863,559 

3,382,208 

EUR 

EUR 

GBP 

Financials 





13,751,269 

36,774,659 

26,975,099 

1.62% 

4.35% 

3.19% 

2,331,726 

GBP 



24,881,135 

2.94% 

258,685 

93,204 

EUR 

CHF 




27,110,188 

18,798,354 

3.20% 

2.22% 

223,121 

EUR 

Health Care 


Fresenius Medical Care AG & Co KGaA 

11,671,460 

1.38% 

582,985 

179,499 

CHF 

DKK 



Novo Nordisk A/S - B 

27,753,138 

22,049,583 

3.28% 

2.60% 






Holding 



Market Value 

Net Assets % 

751,116 

EUR 

Industrials 


Thales SA 

19,713,039 

2.33% 

881,461 

474,210 

335,664 

SEK 

GBP 

EUR 


Assa Abloy AB - B 

CRH PLC 


24,963,637 

7,296,438 

15,836,628 

2.95% 

0.86% 

1.87% 

1,475,042 

CHF 


ABB Ltd 

22,917,664 

2.71% 

731,771 

773,960 

EUR 

SEK 


Alstom SA 

Atlas Copco AB - B 

22,051,919 

14,275,859 

2.60% 

1.69% 

6,380,546 

GBP 


G4S PLC 

20,177,661 

2.38% 

1,949,203 

1,666,441 

1,666,441 

1,506,912 

GBP 

EUR 

EUR 

GBP 



BG Group PLC 


Repsol YPF SA 


24,331,994 

769,896 

25,554,872 

23,427,642 

2.87% 

0.09% 

3.02% 

2.77% 

173,053 

EUR 


Technip SA 

15,027,923 

1.77% 

2,329,925 

SEK 

Technology 



17,684,801 

2.09% 

26,561,139 

EUR 




15,870,281 

1.87% 

1,959,140 

GBP 

Utilities 



16,980,341 

2.01% 




844,977,116 

844,977,116 

99.78% 

99.78% 


844,977,116 

99.78% 


846,851,876 

100.00% 




31-Jan-13 CZK 

168,682,145 

04-Mar-13 CHF 

27,061,175 

04-Mar-13 EUR 

4,258,305 

04-Mar-13 EUR 

24,369,397 

04-Mar-13 GBP 

9,170,545 



EUR 

EUR 

CHF 

SEK 

EUR 

Amount Sold 

6,726,042 

22,477,851 

5,145,659 

211,305,336 

11,321,157 


(5,156) 

(48,839) 

(6,552) 

(217,691) 

(22,759) 

(300,997) 




Pioneer Funds - European Equity Value 






Market Value 

Net Assets % 

Bonds 

2,250,000 

EUR 

Financials 


Intesa Sanpaolo SpA - PERP - Floating Perpetual 

2,272,500 

1.82% 

Total Bonds 

2,272,500 

1.82% 

Equities 

36,095 

41,182 

EUR 

EUR 


Chemicals 


Bayer AG 

1,795,546 

2,960,574 

1.44% 

2.37% 

217,867 

SEK 



3,581,689 

2.86% 

59,845 

28,827 

EUR 

EUR 





4,364,496 

2,524,957 

3.49% 

2.02% 

63,455 

CHF 


Nestle SA 

3,133,840 

2.51% 

81,105 

GBP 

Tobacco 


2,372,854 

1.90% 

268,983 

EUR 



Koninklijke Ahold NV 

2,726,143 

2.18% 

746,171 

GBP 



2,613,576 

2.09% 

119,216 

325,600 

1,059,933 

EUR 

NOK 

GBP 

Financials 



DNB ASA 


5,076,813 

3,124,113 

8,453,589 

4.06% 

2.50% 

6.75% 

203,440 

GBP 



2,170,846 

1.74% 

49,489 

17,782 

EUR 

CHF 




5,186,447 

3,586,459 

4.15% 

2.87% 

102,442 

62,825 

91,735 

GBP 

CHF 

EUR 

Health Care 




Sanofi 

1,686,106 

2,990,799 

6,548,961 

1.35% 

2.39% 

5.23% 

93,909 

51,279 

51,730 

EUR 

CHF 

EUR 

Industrials 


Cie de St-Gobain 

Holcim Ltd - Reg 

Imerys SA 

3,025,748 

2,842,696 

2,492,869 

2.42% 

2.27% 

1.99% 






Holding 

161,966 


EUR 




Market Value 

3,222,314 

Net Assets % 

2.58% 

424,326 

878 

GBP 

CHF 


Rexam PLC 

Vetropack Holding AG - BR 

2,280,929 

1,226,639 

1.82% 

0.98% 

122,794 

7,394 

87,235 

SEK 

CHF 

EUR 



Georg Fischer AG - Reg 

RHI AG 

2,552,735 

2,254,717 

2,172,152 

2.04% 

1.80% 

1.74% 

725,732 

191,931 

191,931 

227,097 

76,115 

GBP 

EUR 

EUR 

GBP 

EUR 



BP PLC 


Repsol YPF SA 


Total SA 

3,800,899 

88,672 

2,943,262 

5,941,312 

2,969,246 

3.04% 

0.07% 

2.35% 

4.75% 

2.37% 

26,460 

577,473 

CHF 

SEK 

Technology 


AMS AG 


2,148,724 

4,383,186 

1.72% 

3.50% 

4,614,091 

EUR 




2,756,919 

2.20% 

3,190,046 

GBP 


Vodafone Group PLC 

6,074,499 

4.85% 

351,529 

GBP 

Utilities 



3,046,787 

2.44% 




121,122,113 

123,394,613 

96.83% 

98.65% 


123,394,613 

98.65% 


125,077,756 

100.00% 


Maturity Date 

Long/(Short) 


15-Mar-13 452 



Trade 


EUR 



2,515,380 

Market Price 


111.30 


(in Fund Ccy) 

(65,540) 

(65,540) 




Pioneer Funds - European Research 






Market Value 

Net Assets % 

Equities 

125,806 

EUR 


Chemicals 


6,258,219 

0.93% 

718,059 

SEK 



11,804,742 

1.75% 

620,055 

GBP 

Mining 

Rio Tinto PLC 

26,844,077 

4.00% 

164,967 

70,634 

EUR 

EUR 





11,809,988 

6,186,832 

1.75% 

0.92% 

218,917 

129,360 

638,116 

278,796 

GBP 

EUR 

CHF 

EUR 


Associated British Foods PLC 


Nestle SA 

Unilever NV 

4,221,257 

5,169,226 

31,514,511 

8,039,083 

0.63% 

0.77% 

4.69% 

1.19% 

157,207 

112,682 

310,716 

159,869 

EUR 

EUR 

EUR 

CHF 



Henkel AG & Co KGaA 

Powerland AG 

Swatch Group AG - Reg 

10,584,747 

5,851,576 

2,255,487 

10,432,287 

1.57% 

0.87% 

0.34% 

1.55% 

338,224 

GBP 

Tobacco 


9,895,272 

1.47% 

1,234,198 

304,187 

GBP 

EUR 




Yoox SpA 

4,322,965 

3,625,909 

0.64% 

0.54% 

228,143 

153,726 

104,422 

GBP 

EUR 

NOK 

Media 

Pearson PLC 


Schibsted ASA 

3,341,559 

6,956,102 

3,351,603 

0.50% 

1.03% 

0.50% 

143,593 

226,663 

22,715 

USD 

EUR 

EUR 


Carnival Corp 



3,937,263 

3,227,681 

1,419,688 

0.59% 

0.48% 

0.21% 

515,213 

262,383 

979,023 

741,832 

1,485,106 

2,004,966 

EUR 

EUR 

GBP 

SEK 

CHF 

EUR 

Financials 





Swedbank AB - A 

UBS AG - Reg 


21,940,346 

7,435,934 

18,992,636 

10,984,658 

17,560,874 

7,430,404 

3.26% 

1.10% 

2.82% 

1.63% 

2.61% 

1.10% 

190,481 

814,186 

EUR 

CHF 


Deutsche Boerse AG 


8,802,127 

8,332,116 

1.31% 

1.24% 

980,033 

GBP 



10,457,632 

1.55% 







882,704 GBP 

900,921 EUR 

75,373 CHF 



Amlin PLC 

AXA SA 


Market Value 

4,124,582 

12,027,295 

15,202,012 

Net Assets % 

0.61% 

1.79% 

2.26% 

950,073 

385,358 

SEK 

DKK 

Health Care 


Elekta AB - B 

GN Store Nord A/S 

11,232,390 

4,224,969 

1.67% 

0.63% 

181,285 

368,003 

355,630 

DKK 

EUR 

EUR 


Novo Nordisk A/S - B 

Sanofi 

UCB SA 

22,268,974 

26,271,733 

15,370,329 

3.31% 

3.91% 

2.28% 

162,399 

312,098 

GBP 

EUR 

Industrials 


Cobham PLC 

Thales SA 

442,087 

8,191,012 

0.07% 

1.22% 

133,916 

773,970 

326,116 

SEK 

GBP 

EUR 


Assa Abloy AB - B 

CRH PLC 


3,792,602 

11,908,699 

15,386,153 

0.56% 

1.77% 

2.29% 

1,036,978 

322,188 

CHF 

EUR 


ABB Ltd 


16,111,483 

6,409,930 

2.39% 

0.95% 

608,533 

SEK 



5,715,141 

0.85% 

293,181 

247,276 

EUR 

SEK 


Alstom SA 

Atlas Copco AB - B 

8,835,009 

4,561,059 

1.31% 

0.68% 

127,515 

3,509,603 

3,469,580 

EUR 

GBP 

GBP 



G4S PLC 

SIG PLC 

2,429,161 

11,098,671 

5,175,924 

0.36% 

1.65% 

0.77% 

1,382,834 

3,143,777 

819,296 

819,296 

746,741 

GBP 

GBP 

EUR 

EUR 

GBP 



BG Group PLC 

BP PLC 


Repsol YPF SA 


17,261,983 

16,465,004 

378,515 

12,563,904 

11,609,424 

2.56% 

2.45% 

0.06% 

1.87% 

1.73% 

414,109 

52,855 

NOK 

EUR 


Petroleum Geo-Services ASA 

Technip SA 

5,381,521 

4,589,928 

0.80% 

0.68% 

624,273 

1,387,555 

EUR 

SEK 

Technology 


Dialog Semiconductor PLC 


8,299,710 

10,531,942 

1.23% 

1.56% 

38,568,344 

290,040 

EUR 

USD 




Virgin Media Inc 

23,044,586 

8,009,979 

3.42% 

1.19% 






Holding 

354,527 


SEK 



Millicom International Cellular SA - SDR 

Market Value 

23,251,399 

Net Assets % 

3.45% 

211,809 

2,391,216 

EUR 

EUR 

Utilities 

Electricity 

Red Electrica Corp SA 


7,900,476 

7,231,037 

1.17% 

1.07% 

706,878 

EUR 



9,599,403 

1.43% 




669,884,827 

669,884,827 

99.54% 

99.54% 


669,884,827 

99.54% 


672,987,927 

100.00% 


Maturity Date 

Long/(Short) 


15-Mar-13 108 

Dax Index 


Trade 


EUR 



20,569,950 

Market Price 


7,618.50 


(in Fund Ccy) 

(57,912) 

(57,912) 




04-Mar-13 DKK 

24,242,660 

04-Mar-13 EUR 

10,444,013 

04-Mar-13 EUR 

17,967,254 

04-Mar-13 EUR 

4,034,021 

04-Mar-13 EUR 

40,781,054 

04-Mar-13 EUR 

3,330,671 

04-Mar-13 GBP 

3,799,582 

04-Mar-13 GBP 

53,103,339 

04-Mar-13 NOK 

11,913,723 



EUR 

CHF 

DKK 

SEK 

SEK 

SEK 

EUR 

EUR 

EUR 

Amount Sold 

3,252,803 

12,575,469 

133,884,647 

34,866,715 

353,609,667 

29,237,046 

4,684,550 

65,556,764 

1,611,624 


(2,791) 

21,134 

18,453 

(23,004) 

(364,294) 

(71,296) 

(3,346) 

(131,790) 

7,510 

(549,424) 




Pioneer Funds - European Potential 






Market Value 

Net Assets % 

Equities 

70,284 

944,664 

144,854 

EUR 

GBP 

GBP 


Chemicals 

Arkema SA 

AZ Electronic Materials SA 

Croda International PLC 

5,567,196 

4,068,193 

4,243,288 

2.13% 

1.56% 

1.62% 

933,198 

GBP 

Mining 

African Minerals Ltd 

3,655,821 

1.40% 

813,080 

EUR 


Beverages 

Davide Campari-Milano SpA 

4,715,864 

1.80% 

181,932 

DKK 


Chr Hansen Holding A/S 

4,479,444 

1.71% 

2,870,491 

912,524 

195,443 

GBP 

GBP 

GBP 


Barratt Developments PLC 

Howden Joinery Group PLC 

Persimmon PLC 

7,346,985 

1,945,203 

1,927,683 

2.82% 

0.74% 

0.74% 

90,055 

32,705 

EUR 

EUR 



Tod’s SpA 

1,203,135 

3,128,233 

0.46% 

1.20% 

191,905 

EUR 



Tom Tailor Holding AG 

3,093,509 

1.18% 

91,752 

626,965 

EUR 

EUR 

Media 

GFK SE 

Havas SA 

3,540,710 

2,613,817 

1.35% 

1.00% 

872,593 

832,470 

GBP 

GBP 


Restaurant Group PLC 

Stagecoach Group PLC 

4,162,326 

3,152,938 

1.59% 

1.21% 

271,694 

EUR 

Financials 


Aareal Bank AG 

4,268,313 

1.63% 

861,401 

400,721 

514,272 

842,988 

26,453 

212,454 

GBP 

EUR 

CHF 

GBP 

CHF 

GBP 


Aberdeen Asset Management PLC 

Banca Generali SpA 


IG Group Holdings PLC 

Partners Group Holding AG 

Provident Financial PLC 

3,898,660 

5,173,308 

5,262,893 

4,676,915 

4,629,494 

3,557,053 

1.49% 

1.98% 

2.01% 

1.79% 

1.77% 

1.36% 

1,258,459 

NOK 


Storebrand ASA 

4,600,102 

1.76% 

815,452 

7,818 

17,537 

GBP 

CHF 

DKK 


Amlin PLC 

Helvetia Holding AG - Reg 

Topdanmark A/S 

3,810,335 

2,244,727 

2,851,163 

1.46% 

0.86% 

1.09% 

306,731 

226,610 

83,652 

SEK 

EUR 

EUR 


Castellum AB 



3,300,932 

3,172,540 

2,676,864 

1.26% 

1.21% 

1.02% 







187,684 GBP 

104,855 EUR 



Derwent London PLC 


Market Value 

4,873,166 

3,317,612 

Net Assets % 

1.86% 

1.27% 

384,777 

2,460,195 

74,899 

SEK 

EUR 

EUR 

Health Care 


Elekta AB - B 

Sorin SpA 

STRATEC Biomedical AG 

4,549,088 

4,130,667 

2,819,573 

1.74% 

1.58% 

1.08% 

2,228,104 

GBP 

Industrials 


Senior PLC 

5,483,042 

2.10% 

267,933 

307,178 

EUR 

EUR 


Astaldi SpA 

Obrascon Huarte Lain SA 

1,355,741 

6,742,557 

0.52% 

2.58% 

181,150 

EUR 


Leoni AG 

5,171,833 

1.98% 

428,307 

SEK 



4,022,518 

1.54% 

112,034 

40,060 

1,357,448 

86,845 

63,147 

164,766 

EUR 

EUR 

GBP 

EUR 

EUR 

GBP 


Andritz AG 

Bilfinger Berger SE 

Fenner PLC 

Rheinmetall AG 

Semperit AG Holding 

Spirax-Sarco Engineering PLC 

5,438,130 

2,924,380 

6,632,433 

3,161,158 

1,979,974 

4,607,191 

2.08% 

1.12% 

2.54% 

1.21% 

0.76% 

1.76% 

86,950 

408,810 

EUR 

EUR 


Fraport AG Frankfurt Airport Services Worldwide 

Societa Iniziative Autostradali e Servizi SpA 

3,820,148 

2,890,287 

1.46% 

1.11% 

1,310,916 

253,716 

529,147 

271,681 

249,516 

167,154 

GBP 

GBP 

GBP 

SEK 

EUR 

GBP 


Ashtead Group PLC 

Babcock International Group PLC 

Filtrona PLC 

Loomis AB - B 

Royal Imtech NV 

Travis Perkins PLC 

6,889,946 

3,020,131 

3,588,101 

3,310,189 

4,339,083 

2,242,184 

2.64% 

1.16% 

1.37% 

1.27% 

1.66% 

0.86% 

2,650,065 

994,478 

GBP 

GBP 



Afren PLC 

Premier Oil PLC 

4,283,362 

4,125,778 

1.64% 

1.58% 

385,363 

375,312 

741,707 

GBP 

NOK 

GBP 


John Wood Group PLC 

Petroleum Geo-Services ASA 

RPC Group PLC 

3,451,686 

4,877,337 

3,630,350 

1.32% 

1.87% 

1.39% 

92,687 

404,194 

293,987 

216,659 

EUR 

EUR 

GBP 

EUR 

Technology 


AtoS 

RIB Software AG 

Telecity Group PLC 

Unit 4 NV 

4,899,435 

1,774,412 

2,850,706 

4,918,159 

1.87% 

0.68% 

1.09% 

1.88% 

68,676 

CHF 


AMS AG 

5,576,937 

2.13% 







371,131 EUR 

106,394 EUR 



Neopost SA 

Market Value 

4,934,187 

4,255,760 

Net Assets % 

1.89% 

1.63% 




259,854,885 

259,854,885 

99.42% 

99.42% 


259,854,885 

99.42% 


261,365,603 

100.00% 




Pioneer Funds - European Equity Target Income 






Market Value 

Net Assets % 

Equities 

12,925 

EUR 


Chemicals 

BASF SE - Reg 

919,614 

2.60% 

5,202 

26,410 

EUR 

EUR 




Daimler AG 

379,382 

1,091,261 

1.07% 

3.08% 

148 

CHF 



56,561 

0.16% 

15,634 

35,128 

GBP 

GBP 

Tobacco 



601,575 

1,027,725 

1.70% 

2.91% 

7,578 

EUR 




546,374 

1.54% 

38,402 

GBP 


Marks & Spencer Group PLC 

181,002 

0.51% 

30,386 

71,705 

EUR 

EUR 

Media 

ProSiebenSat.1 Media AG 

Reed Elsevier NV 

647,222 

802,020 

1.83% 

2.27% 

7,867 

148,342 

EUR 

GBP 

Financials 




335,016 

1,183,115 

0.95% 

3.34% 

4,280 

102,812 

8,210 

8,887 

17,013 

3,517 

EUR 

EUR 

EUR 

CHF 

EUR 

CHF 



AXA SA 


Swiss Re AG 

Talanx AG 


448,544 

1,372,540 

1,116,560 

485,294 

365,439 

709,345 

1.27% 

3.89% 

3.16% 

1.37% 

1.03% 

2.01% 

144,910 

29,491 

67,319 

531 

GBP 

EUR 

EUR 

EUR 


British Land Co PLC 

Eurocommercial Properties NV - CVA 

Hamborner REIT AG 

Unibail-Rodamco SE 

1,004,061 

888,859 

503,815 

96,615 

2.84% 

2.51% 

1.42% 

0.27% 

53,117 

10,481 

9,302 

GBP 

CHF 

EUR 

Health Care 




Sanofi 

874,260 

498,950 

664,070 

2.47% 

1.41% 

1.88% 

40,966 

CHF 

Industrials 


ABB Ltd 

636,487 

1.80% 

11,782 

EUR 



860,086 

2.43% 







49,867 EUR 

38,530 EUR 

82,031 EUR 

63,312 EUR 



Abertis Infraestructuras SA 

Atlantia SpA 



Market Value 

619,348 

526,705 

1,361,715 

447,616 

Net Assets % 

1.75% 

1.49% 

3.85% 

1.27% 

198,872 

60,047 

31,819 

12,240 

GBP 

EUR 

EUR 

EUR 



BP PLC 

Eni SpA 


Total SA 

1,041,559 

1,101,262 

826,499 

477,482 

2.94% 

3.11% 

2.34% 

1.35% 

33,823 

86,486 

13,792 

EUR 

EUR 

EUR 



France Telecom SA 

Freenet AG 

Ziggo NV 

282,050 

1,210,804 

341,490 

0.80% 

3.42% 

0.97% 

35,591 

87,825 

303,279 

EUR 

EUR 

GBP 


Deutsche Telekom AG - Reg 

Telefonica Deutschland Holding AG 


305,905 

507,102 

577,505 

0.86% 

1.43% 

1.63% 

9,072 

108,282 

EUR 

EUR 

Utilities 

Electricity 

RWE AG 


283,409 

327,445 

0.80% 

0.93% 

47,887 

41,218 

29,464 

286,692 

19,096 

EUR 

EUR 

EUR 

EUR 

EUR 




GDF Suez 

Snam SpA 

Suez Environnement Co 

772,896 

559,740 

458,902 

1,007,436 

173,945 

2.18% 

1.58% 

1.30% 

2.85% 

0.49% 




31,506,607 

31,506,607 

89.06% 

89.06% 


31,506,607 

89.06% 


35,376,062 

100.00% 




Pioneer Funds - German Equity 






Market Value 

Net Assets % 

Equities 

6,684 

5,080 

1,555 

EUR 

EUR 

EUR 


Chemicals 

BASF SE - Reg 

Bayer AG 

Linde AG 

475,566 

365,201 

205,260 

8.12% 

6.24% 

3.51% 

801 

6,361 

4,299 

EUR 

EUR 

EUR 


Aurubis AG 

Kloeckner & Co SE 

ThyssenKrupp AG 

43,126 

57,045 

76,350 

0.74% 

0.98% 

1.31% 

3,170 

1,261 

6,849 

1,384 

EUR 

EUR 

EUR 

EUR 





Daimler AG 


231,188 

110,451 

283,001 

238,256 

3.95% 

1.89% 

4.83% 

4.08% 

142 

EUR 


KWS Saat AG 

34,435 

0.59% 

2,674 

EUR 



180,040 

3.08% 

4,483 

EUR 



Tom Tailor Holding AG 

72,266 

1.24% 

38,546 

7,640 

EUR 

EUR 

Financials 




55,275 

251,738 

0.95% 

4.31% 

1,995 

EUR 



92,189 

1.58% 

2,665 

1,664 

1,594 

EUR 

EUR 

EUR 




Talanx AG 

279,292 

226,304 

34,239 

4.78% 

3.87% 

0.59% 

756 

645 

EUR 

EUR 

Health Care 


Draegerwerk AG & Co KGaA - Pfd 


57,849 

56,180 

0.99% 

0.96% 

2,513 

EUR 

Industrials 


HeidelbergCement AG 

115,171 

1.97% 

3,942 

6,636 

EUR 

EUR 


Jenoptik AG 

Suss Microtec AG 

29,100 

56,008 

0.50% 

0.96% 

5,235 

EUR 



430,317 

7.35% 

708 

6,377 

EUR 

EUR 



Deutz AG 

51,684 

22,575 

0.88% 

0.39% 







1,063 EUR 

1,170 EUR 

1,534 EUR 

355 EUR 

767 EUR 

409 EUR 


Duerr AG 

GEA Group AG 

Jungheinrich AG 

MAN SE 

MAN SE 

Vossloh AG 

Market Value 

71,753 

28,630 

45,192 

28,666 

57,909 

30,458 

Net Assets % 

1.23% 

0.49% 

0.77% 

0.49% 

0.99% 

0.52% 

12,385 

2,273 

EUR 

EUR 



Fraport AG Frankfurt Airport Services Worldwide 

205,591 

99,864 

3.52% 

1.71% 

2,107 

EUR 



Centrotec Sustainable AG 

28,381 

0.49% 

4,702 

2,821 

4,978 

EUR 

EUR 

EUR 

Technology 


SAP AG 

Software AG 

United Internet AG - Reg 

285,364 

90,568 

81,191 

4.87% 

1.55% 

1.39% 

6,901 

EUR 



91,749 

1.57% 

16,858 

EUR 



Deutsche Telekom AG - Reg 

144,895 

2.48% 

1,288 

EUR 

Utilities 

Electricity 

RWE AG 

40,237 

0.69% 

10,901 

EUR 


E.ON AG 

153,595 

2.63% 




5,614,149 

5,614,149 

96.03% 

96.03% 


5,614,149 

96.03% 


5,846,148 

100.00% 




Pioneer Funds - Italian Equity 






Market Value 

Net Assets % 

Equities 

172,254 

EUR 



Tenaris SA 

2,683,717 

3.25% 

12,182 

207,225 

223,292 

95,496 

EUR 

EUR 

EUR 

EUR 



Brembo SpA 

Fiat Industrial SpA 

Fiat SpA 

Pirelli & C. SpA 

118,835 

1,710,642 

846,277 

826,518 

0.14% 

2.07% 

1.02% 

1.00% 

183,192 

EUR 

Beverages 

Davide Campari-Milano SpA 

1,062,514 

1.29% 

549,208 

EUR 


Parmalat SpA 

966,606 

1.17% 

50,284 

EUR 


De’Longhi SpA 

549,101 

0.66% 

46,309 

2,645 

36,126 

6,181 

EUR 

EUR 

EUR 

EUR 



Geox SpA 


Tod’s SpA 

618,688 

5,750 

601,137 

591,213 

0.75% 

0.01% 

0.73% 

0.72% 

27,641 

EUR 



MARR SpA 

218,364 

0.26% 

25,071 

EUR 


Yoox SpA 

298,846 

0.36% 

78,308 

106,044 

EUR 

EUR 

Media 

Gruppo Editoriale L’Espresso SpA 

Mediaset SpA 

68,911 

165,004 

0.08% 

0.20% 

51,525 

33,429 

EUR 

EUR 


Autogrill SpA 

Lottomatica Group SpA 

447,495 

574,979 

0.54% 

0.70% 

25,466 

70,078 

519,723 

334,289 

36,347 

2,537,395 

170,029 

1,044,140 

80,215 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

Financials 


Banca Monte dei Paschi di Siena SpA 

Banca Popolare dell’Emilia Romagna Scrl 

Banca Popolare di Milano Scarl 

Banco Popolare SC 

Credito Emiliano SpA 

Intesa Sanpaolo SpA 

Mediobanca SpA 


Unione di Banche Italiane SCPA 

5,748 

366,508 

234,915 

420,536 

150,186 

3,298,614 

792,675 

3,869,583 

281,234 

0.01% 

0.44% 

0.28% 

0.51% 

0.18% 

3.99% 

0.96% 

4.68% 

0.34% 

87,489 

73,716 

17,286 

16,161 

EUR 

EUR 

EUR 

EUR 


Azimut Holding SpA 

Banca Generali SpA 

Exor SpA 

Exor SpA - Pfd 

949,256 

951,674 

328,434 

267,949 

1.15% 

1.15% 

0.40% 

0.32% 







297,716 EUR 

4,880 EUR 



Mediolanum SpA 

Societa Cattolica di Assicurazioni SCRL 

Market Value 

1,141,443 

56,998 

Net Assets % 

1.38% 

0.07% 

224,932 

185,795 

8,562 

EUR 

EUR 

EUR 


Assicurazioni Generali SpA 

Fondiaria-Sai SpA 

Generali Deutschland Holding AG 

3,090,566 

176,319 

631,876 

3.74% 

0.21% 

0.76% 

25,189 

32,928 

85,186 

102,205 

EUR 

EUR 

EUR 

EUR 

Health Care 


Amplifon SpA 

DiaSorin SpA 

Luxottica Group SpA 

Sorin SpA 

94,560 

997,060 

2,646,729 

171,602 

0.11% 

1.21% 

3.20% 

0.21% 

104,313 

EUR 


Recordati SpA 

720,803 

0.87% 

1,526 

EUR 

Industrials 


Finmeccanica SpA 

6,641 

0.01% 

60,653 

36,081 

84,760 

EUR 

EUR 

EUR 


Astaldi SpA 

Buzzi Unicem SpA 

Impregilo SpA 

306,904 

380,294 

299,542 

0.37% 

0.46% 

0.36% 

133,541 

41,893 

22,108 

EUR 

EUR 

EUR 


Datalogic SpA 

Prysmian SpA 

SAES Getters SpA - RSP 

882,038 

628,814 

123,805 

1.07% 

0.76% 

0.15% 

9,302 

981 

EUR 

EUR 


Danieli & C Officine Meccaniche SpA - RSP 

Interpump Group SpA 

118,507 

5,685 

0.14% 

0.01% 

32,458 

130,562 

1,377,509 

311,557 

EUR 

EUR 

EUR 

EUR 


Ansaldo STS SpA 

Atlantia SpA 

Gemina SpA 


228,829 

1,784,783 

1,479,445 

2,202,708 

0.28% 

2.16% 

1.79% 

2.66% 

270,711 

30,246 

103,652 

EUR 

EUR 

EUR 



Eni SpA 

ERG SpA 

Saras SpA 

4,964,839 

230,626 

102,615 

6.01% 

0.28% 

0.12% 

68,254 

EUR 


Saipem SpA 

1,999,842 

2.42% 

187,026 

EUR 

Technology 


STMicroelectronics NV 

999,654 

1.21% 

2,782,907 

1,251,449 

EUR 

EUR 



Telecom Italia SpA 


1,900,725 

747,741 

2.30% 

0.90% 






Holding 



Market Value 

Net Assets % 

729,583 

1,413,506 

502,137 

EUR 

EUR 

EUR 

Utilities 

Electricity 

Enel Green Power SpA 

Enel SpA 


1,025,064 

4,435,581 

1,518,462 

1.24% 

5.37% 

1.84% 

235,369 

EUR 


Snam SpA 

827,087 

1.00% 




61,200,096 

61,200,096 

74.03% 

74.03% 


61,200,096 

74.03% 


82,668,496 

100.00% 


Maturity Date 

Long/(Short) 


15-Mar-13 5 

Dax Index 

15-Mar-13 251 



Trade 


EUR 

EUR 



952,313 

20,461,520 

Market Price 


7,618.50 

16,304.00 


(in Fund Ccy) 

(8,063) 

(16,980) 

(25,043) 


Maturity Date 

Quantity 

Contract 

Strike Price 




Trade 


Market Price 

(in Fund Ccy) 

Unrealised 

Gain/(Loss) 


17-Jan-13 200 

Put Mini Ftse / Mib Index 


15,000.00 

EUR 

23,500 

23,500 

(11,275) 

(11,275) 

(11,275) 




Pioneer Funds - U.S. Pioneer Fund 






Market Value 

Net Assets % 

Equities 

141,497 

171,113 

131,103 

USD 

USD 

USD 


Chemicals 


Ecolab Inc 

Mosaic Co 

9,796,607 

9,331,785 

5,630,349 

0.87% 

0.83% 

0.50% 

68,251 

USD 


International Paper Co 

2,062,957 

0.18% 

188,988 

USD 



4,902,450 

0.44% 

76,949 

1,173,360 

297,319 

USD 

USD 

USD 



BorgWarner Inc 

Ford Motor Co 

Johnson Controls Inc 

4,178,382 

11,534,243 

6,918,801 

0.37% 

1.03% 

0.62% 

69,976 

119,091 

USD 

USD 

Beverages 

Coca-Cola Enterprises Inc 

Dr Pepper Snapple Group Inc 

1,685,708 

3,989,874 

0.15% 

0.36% 

167,637 

278,409 

440,356 

351,703 

133,675 

401,033 

USD 

USD 

USD 

USD 

USD 

USD 


Campbell Soup Co 

General Mills Inc 

Hershey Co 

HJ Heinz Co 

Kraft Foods Group Inc 

Mondelez International 

4,436,328 

8,535,567 

24,132,069 

15,392,342 

4,594,571 

7,714,045 

0.40% 

0.76% 

2.17% 

1.37% 

0.41% 

0.69% 

109,121 

USD 

Leisure Goods 


3,081,443 

0.28% 

79,617 

209,469 

285,787 

96,573 

USD 

USD 

USD 

USD 


Clorox Co 

Coach Inc 

Colgate-Palmolive Co 

Procter & Gamble Co 

4,422,294 

8,824,263 

22,665,267 

4,974,418 

0.39% 

0.79% 

2.03% 

0.44% 

171,853 

236,453 

524,321 

USD 

USD 

USD 



Cardinal Health Inc 


Walgreen Co 

5,369,103 

8,676,878 

14,722,666 

0.48% 

0.77% 

1.31% 

60,327 

183,630 

78,491 

129,871 

243,377 

148,428 

58,115 

297,198 

280,588 

83,682 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Costco Wholesale Corp 

eBay Inc 


Lowe’s Cos Inc 

Macy’s Inc 

Nordstrom Inc 

Ross Stores Inc 

Target Corp 

TJX Cos Inc 


4,510,798 

7,081,120 

3,682,242 

3,497,967 

7,203,103 

6,024,258 

2,381,639 

13,336,039 

9,032,278 

4,333,260 

0.40% 

0.63% 

0.33% 

0.31% 

0.64% 

0.54% 

0.21% 

1.19% 

0.81% 

0.39% 







351,275 USD 

413,577 GBP 

261,015 USD 

81,755 USD 

347,096 USD 


Media 

John Wiley & Sons Inc - A 

Pearson PLC 

Scripps Networks Interactive Inc 

Time Warner Inc 


Market Value 

10,391,175 

6,057,570 

11,464,941 

2,966,595 

13,110,877 

Net Assets % 

0.93% 

0.54% 

1.02% 

0.26% 

1.17% 

63,990 

136,697 

156,902 

USD 

USD 

USD 


Marriott International Inc/DE - A 

McDonald’s Corp 


1,809,426 

9,150,114 

6,358,673 

0.16% 

0.82% 

0.57% 

746,535 

77,874 

148,215 

432,173 

281,128 

382,715 

522,619 

847,008 

USD 

CAD 

USD 

USD 

USD 

USD 

USD 

USD 

Financials 


Bank of America Corp 

Canadian Imperial Bank of Commerce/Canada 


Citigroup Inc 



US Bancorp 


6,579,746 

4,745,883 

6,513,636 

12,967,812 

9,378,041 

16,929,565 

12,665,107 

21,978,264 

0.59% 

0.42% 

0.58% 

1.16% 

0.84% 

1.51% 

1.13% 

1.97% 

133,510 

254,220 

85,790 

251,396 

10,506 

84,518 

225,846 

39,655 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


American Express Co 

Discover Financial Services 

Franklin Resources Inc 

Invesco Ltd 

Mastercard Inc 

Motorola Solutions Inc 

T Rowe Price Group Inc 

Visa Inc - A 

5,818,784 

7,435,318 

8,181,414 

4,974,910 

3,918,155 

3,568,808 

11,102,154 

4,557,438 

0.52% 

0.66% 

0.73% 

0.44% 

0.35% 

0.32% 

0.99% 

0.41% 

209,159 

USD 


Aflac Inc 

8,427,280 

0.75% 

324,559 

151,921 

USD 

USD 


Chubb Corp 

Travelers Cos Inc 

18,544,470 

8,278,220 

1.66% 

0.74% 

149,326 

137,156 

154,125 

214,542 

217,956 

53,248 

710,686 

122,431 

USD 

USD 

USD 

USD 

USD 

USD 

GBP 

USD 

Health Care 


Aetna Inc 

Baxter International Inc 

Becton Dickinson and Co 

Covidien PLC 

CR Bard Inc 

DaVita Inc 

Smith & Nephew PLC 


5,246,344 

6,934,784 

9,144,158 

9,394,349 

16,156,584 

4,463,720 

5,953,781 

5,037,835 

0.47% 

0.62% 

0.82% 

0.84% 

1.44% 

0.40% 

0.53% 

0.45% 

367,264 

167,883 

73,291 

119,222 

62,594 

329,541 

179,404 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Abbott Laboratories 

Amgen Inc 

Celgene Corp 

Eli Lilly & Co 




18,251,773 

10,966,387 

4,366,107 

4,461,782 

2,553,326 

17,524,362 

5,572,356 

1.63% 

0.98% 

0.39% 

0.40% 

0.23% 

1.57% 

0.50% 







871,752 USD 

246,779 USD 

80,005 USD 


Pfizer Inc 



Market Value 

16,596,613 

7,848,486 

5,218,166 

Net Assets % 

1.48% 

0.70% 

0.47% 

266,876 

USD 

Industrials 



16,602,829 

1.48% 

301,819 

USD 


KBR Inc 

6,849,533 

0.61% 

92,257 

90,570 

USD 

USD 


Agilent Technologies Inc 


2,865,537 

4,381,489 

0.26% 

0.39% 

829,972 

125,856 

217,786 

USD 

USD 

USD 



SPX Corp 

3M Co 

13,213,829 

6,697,555 

15,341,160 

1.18% 

0.60% 

1.37% 

113,973 

280,556 

102,842 

298,238 

79,787 

USD 

USD 

USD 

USD 

USD 


Cummins Inc 

Ingersoll-Rand PLC 


PACCAR Inc 


9,362,315 

10,205,905 

4,973,609 

10,193,116 

5,084,727 

0.84% 

0.91% 

0.44% 

0.91% 

0.45% 

213,508 

93,382 

94,145 

USD 

USD 

USD 


Norfolk Southern Corp 

Union Pacific Corp 

United Parcel Service Inc - B 

10,011,426 

8,908,971 

5,265,665 

0.89% 

0.80% 

0.47% 

257,779 

USD 


Automatic Data Processing Inc 

11,097,949 

0.99% 

161,120 

244,824 

68,282 

297,874 

175,438 

68,312 

314,324 

384,651 

149,158 

76,910 

141,609 

125,852 

392,817 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 



Apache Corp 

Cabot Oil & Gas Corp 

Chevron Corp 

ConocoPhillips 

Ensco PLC 

EQT Corp 



Marathon Petroleum Corp 


Phillips 66 

QEP Resources Inc 

Southwestern Energy Co 

9,594,608 

9,240,323 

5,603,847 

13,108,806 

7,886,992 

3,055,490 

20,653,738 

8,945,236 

7,127,544 

4,469,694 

5,703,457 

2,889,518 

9,951,523 

0.86% 

0.83% 

0.50% 

1.17% 

0.70% 

0.27% 

1.84% 

0.80% 

0.64% 

0.40% 

0.51% 

0.26% 

0.89% 

63,320 

66,956 

116,149 

156,615 

USD 

USD 

USD 

USD 



Helmerich & Payne Inc 

National Oilwell Varco Inc 

Schlumberger Ltd 

1,666,569 

2,844,513 

6,024,172 

8,232,266 

0.15% 

0.25% 

0.54% 

0.74% 

255,416 

113,302 

USD 

USD 

Technology 


Adobe Systems Inc 

DST Systems Inc 

7,272,692 

5,209,623 

0.65% 

0.47% 






Holding 

214,736 

111,292 

16,004 

89,754 

932,535 

210,086 

535,938 

506 

426,295 


USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Facebook Inc 

Fiserv Inc 


International Business Machines Corp 


Nuance Communications Inc 

Oracle Corp 

Palo Alto Networks Inc 

Symantec Corp 

Market Value 

4,332,507 

6,646,793 

8,574,473 

13,039,655 

18,850,165 

3,543,926 

13,528,532 

20,541 

6,062,675 

Net Assets % 

0.39% 

0.59% 

0.77% 

1.16% 

1.68% 

0.32% 

1.21% 

0.00% 

0.54% 

181,498 

398,371 

58,134 

103,877 

485,036 

172,004 

24,304 

196,120 

33,549 

168,439 

51,089 

289,481 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Altera Corp 


Apple Inc 

ASML Holding NV 

Cisco Systems Inc 

EMC Corp/MA 

F5 Networks Inc 

Intel Corp 

Maxim Integrated Products Inc 

Qualcomm Inc 

SanDisk Corp 

Xilinx Inc 

4,727,428 

12,660,607 

23,534,039 

5,065,422 

7,214,469 

3,303,354 

1,785,747 

3,059,169 

745,081 

7,890,468 

1,686,821 

7,850,723 

0.42% 

1.13% 

2.11% 

0.45% 

0.64% 

0.30% 

0.16% 

0.27% 

0.07% 

0.70% 

0.15% 

0.70% 

142,822 

256,635 

USD 

USD 



AT&T Inc 


3,652,881 

8,422,783 

0.33% 

0.75% 

129,746 

USD 

Utilities 

Electricity 


4,200,212 

0.38% 




1,103,155,100 

1,103,155,100 

98.53% 

98.53% 


1,103,155,100 

98.53% 


1,119,662,940 

100.00% 


Maturity Date 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 

31-Jan-13 


CZK 

CZK 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

USD 


243,819,803 

2,808,417 

2,643,167 

10,748,211 

38,155,579 

52,915,778 

141,322 

1,905,701 

5,192,027 

141,322 

1,905,701 

148,696 


USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

CZK 

Amount Sold 

12,870,556 

147,951 

3,507,946 

14,264,756 

50,639,130 

70,228,497 

187,572 

2,529,374 

6,864,826 

186,357 

2,512,977 

2,808,417 


(46,450) 

(310) 

(17,274) 

(70,242) 

(249,356) 

(345,817) 

(933) 

(12,587) 

(14,284) 

(11) 

(150) 

874 







Maturity Date 




Amount Sold 


31-Jan-13 

USD 

147,384 

CZK 

2,808,417 

(121) 

31-Jan-13 

USD 

223,423 

CZK 

4,259,837 

(282) 

31-Jan-13 

USD 

86,818 

EUR 

65,629 

215 

31-Jan-13 

USD 

186,951 

EUR 

141,322 

462 

31-Jan-13 

USD 

551,071 

EUR 

416,572 

1,362 

31-Jan-13 

USD 

650,929 

EUR 

492,058 

1,609 

31-Jan-13 

USD 

2,520,996 

EUR 

1,905,701 

6,233 

31-Jan-13 

USD 

257,235 

EUR 

194,944 

144 

31-Jan-13 

USD 

627,935 

EUR 

475,877 

351 

31-Jan-13 

USD 

687,123 

EUR 

520,732 

384 


(746,183) 




Pioneer Funds - U.S. Research 






Market Value 

Net Assets % 

Equities 

428,900 

521,800 

USD 

USD 


Chemicals 

Ecolab Inc 

Mosaic Co 

23,390,405 

22,409,220 

1.32% 

1.27% 

521,200 

USD 



13,520,206 

0.77% 

740,520 

236,500 

154,500 

USD 

USD 

USD 


Beverages 

Constellation Brands Inc - A 

Fomento Economico Mexicano SAB de CV - Adr 

Monster Beverage Corp 

19,883,501 

18,067,567 

6,181,641 

1.13% 

1.02% 

0.35% 

504,600 

217,800 

USD 

USD 



Hershey Co 

13,353,682 

11,935,718 

0.76% 

0.68% 

1,000,700 

USD 

Leisure Goods 


28,258,541 

1.60% 

230,900 

371,500 

450,900 

USD 

USD 

USD 



Estee Lauder Cos Inc - A 

True Religion Apparel Inc 

18,312,275 

16,870,225 

8,666,418 

1.04% 

0.95% 

0.49% 

694,900 

399,490 

USD 

USD 

Tobacco 



16,571,341 

25,346,889 

0.94% 

1.43% 

124,900 

573,600 

322,200 

USD 

USD 

USD 



Cardinal Health Inc 


Whole Foods Market Inc 

3,902,178 

21,048,823 

22,219,678 

0.22% 

1.19% 

1.26% 

101,500 

474,500 

609,700 

369,300 

316,300 

USD 

USD 

USD 

USD 

USD 




Lowe’s Cos Inc 

Macy’s Inc 


19,296,856 

22,260,183 

16,421,759 

10,929,980 

12,962,446 

1.09% 

1.26% 

0.93% 

0.62% 

0.73% 

524,100 

732,400 

USD 

USD 

Media 



19,017,706 

27,664,988 

1.08% 

1.57% 

49,300 

312,453 

378,800 

USD 

USD 

USD 


Chipotle Mexican Grill Inc 

Marriott International Inc/DE - A 


11,112,693 

8,835,139 

15,351,399 

0.63% 

0.50% 

0.87% 

341,700 

1,388,300 

246,900 

794,472 

1,339,500 

USD 

USD 

USD 

USD 

USD 

Financials 



Citigroup Inc 

Goldman Sachs Group Inc 


Regions Financial Corp 

15,016,761 

41,657,424 

23,901,583 

35,143,816 

7,244,110 

0.85% 

2.36% 

1.35% 

1.99% 

0.41% 







927,400 USD 



Market Value 

24,064,286 

Net Assets % 

1.36% 

432,169 

279,000 

1,136,400 

424,300 

114,000 

200,000 

USD 

USD 

USD 

USD 

USD 

USD 


Carlyle Group LP 


E*Trade Financial Corp 

Invesco Ltd 

Visa Inc - A 

Walter Investment Management Corp 

8,522,750 

8,160,073 

7,667,080 

8,396,531 

13,101,699 

6,520,024 

0.48% 

0.46% 

0.43% 

0.48% 

0.74% 

0.37% 

463,500 

517,700 

USD 

USD 


Aflac Inc 

Unum Group 

18,675,000 

8,175,451 

1.06% 

0.46% 

297,700 

448,100 

447,600 

USD 

USD 

USD 


ACE Ltd 

Allstate Corp 

MetLife Inc 

18,023,676 

13,656,446 

11,183,210 

1.02% 

0.77% 

0.63% 

444,100 

USD 



15,542,153 

0.88% 

282,200 

216,800 

132,100 

131,200 

USD 

USD 

USD 

USD 

Health Care 


Aetna Inc 


DaVita Inc 

Humana Inc 

9,914,672 

9,493,222 

11,073,796 

6,831,675 

0.56% 

0.54% 

0.63% 

0.39% 

157,900 

129,600 

202,400 

316,599 

290,900 

132,091 

623,000 

1,940,800 

230,600 

368,000 

211,800 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


Allergan Inc/United States 




Gilead Sciences Inc 

Jazz Pharmaceuticals Plc 


Pfizer Inc 

Teva Pharmaceutical Industries Ltd - Adr 



10,984,973 

8,465,680 

12,057,415 

12,914,665 

16,193,227 

5,309,589 

33,129,953 

36,949,393 

6,532,850 

11,703,762 

13,814,231 

0.62% 

0.48% 

0.68% 

0.73% 

0.92% 

0.30% 

1.87% 

2.09% 

0.37% 

0.66% 

0.78% 

494,367 

USD 

Industrials 



30,755,447 

1.74% 

595,204 

USD 


KBR Inc 

13,507,664 

0.76% 

177,400 

USD 


Agilent Technologies Inc 

5,510,111 

0.31% 

117,879 

474,566 

USD 

USD 


SPX Corp 

3M Co 

6,273,051 

33,429,114 

0.36% 

1.89% 

218,700 

386,600 

339,100 

1,405,100 

USD 

USD 

USD 

USD 


Cummins Inc 



Manitowoc Co Inc 

17,965,117 

14,063,513 

16,399,436 

16,711,141 

1.02% 

0.80% 

0.93% 

0.95% 

161,000 

USD 



15,359,967 

0.87% 







252,000 USD 



Market Value 

14,094,721 

Net Assets % 

0.80% 

631,800 

247,100 

1,070,700 

285,800 

306,200 

USD 

USD 

USD 

USD 

USD 



Chevron Corp 

Ensco PLC 




51,851,305 

11,108,629 

24,899,622 

13,657,009 

17,795,088 

2.93% 

0.63% 

1.41% 

0.77% 

1.01% 

938,600 

266,100 

590,500 

USD 

USD 

USD 




Schlumberger Ltd 

24,703,747 

13,801,515 

31,038,873 

1.40% 

0.78% 

1.76% 

206,583 

80,358 

1,792,052 

647,592 

1,237,252 

1,238,347 

USD 

USD 

USD 

USD 

USD 

USD 

Technology 


Citrix Systems Inc 




Oracle Corp 

Yahoo! Inc 

10,269,607 

43,053,456 

36,224,352 

10,924,185 

31,231,604 

18,625,926 

0.58% 

2.44% 

2.05% 

0.62% 

1.77% 

1.05% 

505,500 

211,468 

154,300 

401,200 

440,200 

370,800 

500,200 

USD 

USD 

USD 

USD 

USD 

USD 

USD 



Apple Inc 

F5 Networks Inc 


Qualcomm Inc 

SanDisk Corp 

Xilinx Inc 

16,065,269 

85,607,328 

11,337,258 

8,910,146 

20,621,019 

12,242,813 

13,565,421 

0.91% 

4.83% 

0.64% 

0.50% 

1.17% 

0.69% 

0.77% 

471,500 

1,185,824 

USD 

USD 



CenturyLink Inc 


13,994,080 

38,918,844 

0.79% 

2.20% 

832,200 

709,800 

736,000 

USD 

USD 

USD 

Utilities 

Electricity 

Ameren Corp 


PPL Corp 

19,397,380 

22,978,052 

15,982,767 

1.10% 

1.30% 

0.90% 




1,746,687,210 

1,746,687,210 

98.85% 

98.85% 


1,746,687,210 

98.85% 


1,767,041,857 

100.00% 









31-Jan-13 EUR 

291,856 

31-Jan-13 EUR 

47,832,139 

31-Jan-13 EUR 

62,318,642 

31-Jan-13 EUR 

73,823,334 

31-Jan-13 EUR 

125,931 

31-Jan-13 EUR 

171,090 

31-Jan-13 USD 

167,144 

31-Jan-13 USD 

227,082 

31-Jan-13 USD 

163,616 

31-Jan-13 USD 

166,061 

31-Jan-13 USD 

225,610 

31-Jan-13 USD 

553,901 

31-Jan-13 USD 

720,227 

31-Jan-13 USD 

777,257 

31-Jan-13 USD 

7,135 

31-Jan-13 USD 

606,999 

31-Jan-13 USD 

869,960 

31-Jan-13 USD 

939,274 



USD 

USD 

USD 

USD 

USD 

USD 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

EUR 

Amount Sold 

387,344 

63,481,619 

82,707,744 

97,976,483 

166,591 

226,330 

125,931 

171,090 

123,746 

125,931 

171,090 

418,711 

544,442 

587,553 

5,407 

460,011 

659,294 

711,824 


(1,907) 

(312,595) 

(407,268) 

(482,454) 

(412) 

(560) 

832 

1,130 

340 

10 

14 

1,369 

1,781 

1,922 

4 

340 

487 

525 

(1,196,442) 




Pioneer Funds - U.S. Fundamental Growth 






Market Value 

Net Assets % 

Equities 

172,114 

85,174 

165,058 

USD 

USD 

USD 


Chemicals 

Ecolab Inc 

Monsanto Co 

Praxair Inc 

9,386,375 

6,114,775 

13,698,913 

1.93% 

1.26% 

2.82% 

666,196 

111,961 

USD 

USD 


Beverages 

Coca-Cola Co 


18,327,464 

8,553,331 

3.77% 

1.76% 

63,800 

117,845 

USD 

USD 



Procter & Gamble Co 

5,059,867 

6,070,126 

1.04% 

1.25% 

301,709 

USD 

Tobacco 


19,142,869 

3.94% 

420,970 

80,577 

USD 

USD 





15,447,913 

5,556,782 

3.18% 

1.14% 

397,705 

USD 



16,298,545 

3.35% 

339,758 

USD 

Media 


12,833,699 

2.64% 

435,617 

USD 



17,653,987 

3.63% 

68,818 

64,417 

USD 

USD 

Financials 


IntercontinentalExchange Inc 

Mastercard Inc 

6,462,649 

24,023,963 

1.33% 

4.94% 

428,865 

USD 


Progressive Corp 

6,866,915 

1.41% 

286,866 

184,937 

USD 

USD 

Health Care 



DaVita Inc 

12,561,267 

15,503,062 

2.59% 

3.19% 

193,612 

143,467 

173,480 

100,563 

USD 

USD 

USD 

USD 


Allergan Inc/United States 




13,469,427 

8,546,646 

7,076,573 

3,198,276 

2.77% 

1.76% 

1.46% 

0.66% 

247,314 

USD 

Industrials 



15,385,842 

3.17% 

289,267 

USD 



13,993,818 

2.88% 

218,389 

USD 


3M Co 

15,383,637 

3.17% 






Holding 

75,278 


USD 



Cummins Inc 

Market Value 

6,183,713 

Net Assets % 

1.27% 

217,072 

USD 



12,141,148 

2.50% 

32,906 

USD 


WW Grainger Inc 

5,051,960 

1.04% 

181,219 

84,091 

USD 

USD 





11,907,617 

4,887,024 

2.45% 

1.01% 

243,128 

USD 



12,610,052 

2.60% 

41,593 

1,159,813 

725,439 

USD 

USD 

USD 

Technology 




Oracle Corp 

22,284,308 

23,444,338 

18,312,052 

4.59% 

4.82% 

3.77% 

136,600 

78,793 

230,300 

412,051 

295,298 

USD 

USD 

USD 

USD 

USD 



Apple Inc 


Qualcomm Inc 

Xilinx Inc 

4,341,277 

31,897,299 

5,114,672 

19,302,389 

8,008,480 

0.89% 

6.56% 

1.05% 

3.97% 

1.65% 




482,103,050 

482,103,050 

99.21% 

99.21% 


482,103,050 

99.21% 


485,920,405 

100.00% 




31-Jan-13 EUR 

7,865,935 

31-Jan-13 EUR 

8,542,684 

31-Jan-13 USD 

137,127 

31-Jan-13 USD 

175,372 

31-Jan-13 USD 

195,022 



USD 

USD 

EUR 

EUR 

EUR 

Amount Sold 

10,439,472 

11,337,636 

103,712 

132,905 

147,797 


(51,406) 

(55,828) 

285 

98 

109 

(106,742) 




Pioneer Funds - U.S. Research Value 






Market Value 

Net Assets % 

Equities 

71,054 

USD 


Chemicals 

Mosaic Co 

3,051,485 

2.23% 

103,623 

USD 



2,688,036 

1.96% 

51,600 

USD 


Beverages 

Constellation Brands Inc - A 

1,385,498 

1.01% 

96,599 

USD 



2,556,386 

1.86% 

88,433 

USD 

Leisure Goods 


2,497,240 

1.82% 

133,681 

USD 

Tobacco 


3,187,902 

2.33% 

81,986 

USD 




3,008,558 

2.19% 

102,038 

USD 


Macy’s Inc 

3,019,966 

2.20% 

69,636 

45,025 

USD 

USD 

Media 



2,526,840 

1,700,732 

1.84% 

1.24% 

71,469 

172,869 

40,882 

108,900 

48,899 

259,800 

179,745 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Financials 



Citigroup Inc 






3,140,863 

5,187,119 

3,957,653 

3,632,753 

2,163,069 

1,405,017 

4,664,045 

2.29% 

3.78% 

2.89% 

2.65% 

1.58% 

1.02% 

3.40% 

89,319 

104,706 

12,400 

USD 

USD 

USD 



Invesco Ltd 

Visa Inc - A 

2,612,364 

2,072,042 

1,425,097 

1.91% 

1.51% 

1.04% 

75,346 

USD 


Aflac Inc 

3,035,785 

2.21% 

106,096 

95,244 

USD 

USD 


Allstate Corp 

MetLife Inc 

3,233,417 

2,379,655 

2.36% 

1.74% 

95,633 

USD 

Health Care 


Aetna Inc 

3,359,922 

2.45% 

41,900 

73,895 

128,507 

USD 

USD 

USD 





2,736,975 

3,929,595 

3,991,476 

2.00% 

2.87% 

2.91% 







333,288 USD 


Pfizer Inc 

Market Value 

6,345,212 

Net Assets % 

4.64% 

29,183 

USD 

Industrials 



1,815,526 

1.32% 

238,173 

USD 



3,791,908 

2.77% 

81,641 

USD 



2,969,890 

2.17% 

29,813 

USD 



2,844,265 

2.07% 

73,288 

32,354 

72,144 

145,589 

50,291 

53,723 

USD 

USD 

USD 

USD 

USD 

USD 



Chevron Corp 

Ensco PLC 





6,014,685 

1,454,507 

4,740,469 

3,385,739 

2,403,165 

3,122,160 

4.39% 

1.06% 

3.46% 

2.47% 

1.75% 

2.28% 

58,258 

26,800 

USD 

USD 




1,533,338 

1,390,006 

1.12% 

1.01% 

94,600 

USD 

Technology 


Yahoo! Inc 

1,422,875 

1.04% 

85,153 

5,799 

USD 

USD 



Apple Inc 

2,706,243 

2,347,575 

1.97% 

1.71% 

107,059 

USD 



AT&T Inc 

2,738,190 

2.00% 

100,201 

92,900 

USD 

USD 

Utilities 

Electricity 


PPL Corp 

3,243,764 

2,017,390 

2.37% 

1.47% 




134,836,397 

134,836,397 

98.36% 

98.36% 


134,836,397 

98.36% 


137,078,400 

100.00% 




Pioneer Funds - North American Basic Value 






Market Value 

Net Assets % 

Equities 

145,283 

96,772 

USD 

USD 


Chemicals 


Mosaic Co 

6,293,319 

4,155,970 

1.89% 

1.25% 

202,441 

USD 



5,251,428 

1.58% 

142,000 

USD 


Beverages 

Coca-Cola Enterprises Inc 

3,420,752 

1.03% 

243,782 

USD 



Macy’s Inc 

7,215,089 

2.17% 

198,462 

USD 

Media 

CBS Corp - B 

5,730,771 

1.72% 

189,496 

420,593 

75,400 

371,230 

143,436 

567,005 

USD 

USD 

USD 

USD 

USD 

USD 

Financials 



Citigroup Inc 





8,327,820 

12,620,342 

7,299,228 

12,383,719 

6,344,954 

14,712,713 

2.51% 

3.80% 

2.20% 

3.73% 

1.91% 

4.43% 

270,433 

USD 



7,909,509 

2.38% 

110,116 

USD 


Aflac Inc 

4,436,713 

1.34% 

127,378 

161,700 

144,617 

USD 

USD 

USD 


ACE Ltd 

Allstate Corp 

MetLife Inc 

7,711,857 

4,928,023 

3,613,231 

2.32% 

1.48% 

1.09% 

177,218 

246,936 

155,316 

USD 

USD 

USD 

Health Care 


Aetna Inc 



6,226,288 

10,812,815 

6,390,999 

1.87% 

3.25% 

1.92% 

91,700 

198,951 

457,039 

797,952 

USD 

USD 

USD 

USD 


AstraZeneca PLC - Adr 



Pfizer Inc 

3,287,122 

10,579,835 

14,195,803 

15,191,593 

0.99% 

3.18% 

4.27% 

4.57% 

123,498 

USD 

Industrials 



7,683,029 

2.31% 

516,600 

USD 



8,224,692 

2.48% 

80,846 

USD 


Cummins Inc 

6,641,097 

2.00% 






Holding 

356,805 


USD 



CSX Corp 

Market Value 

5,339,626 

Net Assets % 

1.61% 

55,626 

321,019 

188,782 

158,252 

366,615 

210,257 

115,222 

USD 

USD 

USD 

USD 

USD 

USD 

USD 



Apache Corp 

BP PLC - Adr 

Chevron Corp 

Ensco PLC 




3,312,498 

10,138,980 

15,493,184 

7,114,378 

8,525,801 

10,047,172 

6,696,230 

1.00% 

3.05% 

4.67% 

2.14% 

2.57% 

3.02% 

2.02% 

259,000 

USD 



6,816,823 

2.05% 

501,386 

298,653 

USD 

USD 

Technology 



Oracle Corp 

10,134,964 

7,538,814 

3.05% 

2.27% 

8,700 

507,320 

236,631 

USD 

USD 

USD 


Apple Inc 

Cisco Systems Inc 

Intel Corp 

3,521,969 

7,545,923 

3,691,077 

1.06% 

2.27% 

1.11% 

342,040 

USD 



Vodafone Group PLC - Adr 

6,524,807 

1.96% 




324,030,957 

324,030,957 

97.52% 

97.52% 


324,030,957 

97.52% 


332,257,516 

100.00% 




31-Jan-13 EUR 

1,448,207 

31-Jan-13 EUR 

3,308,493 

31-Jan-13 USD 

55,770 

31-Jan-13 USD 

35,023 

31-Jan-13 USD 

46,135 



USD 

USD 

EUR 

EUR 

EUR 

Amount Sold 

1,922,025 

4,390,949 

42,158 

26,542 

34,963 


(9,464) 

(21,623) 

138 

20 

26 

(30,903) 




Pioneer Funds - U.S. Mid Cap Value 






Market Value 

Net Assets % 

Equities 

71,100 

49,700 

USD 

USD 


Chemicals 


Mosaic Co 

3,672,026 

2,134,416 

1.87% 

1.09% 

44,900 

USD 


Allegheny Technologies Inc 

1,033,953 

0.53% 

77,400 

71,000 

60,600 

USD 

USD 

USD 




Green Mountain Coffee Roasters Inc 

Ingredion Inc 

2,048,306 

2,230,059 

2,962,891 

1.04% 

1.14% 

1.51% 

85,700 

USD 


Jarden Corp 

3,361,307 

1.71% 

71,610 

USD 


Hanesbrands Inc 

1,946,136 

0.99% 

63,190 

USD 




2,318,820 

1.18% 

106,900 

124,100 

135,200 

61,700 

145,900 

USD 

USD 

USD 

USD 

USD 


Best Buy Co Inc 

Macy’s Inc 

Rent-A-Center Inc/TX 


Sally Beauty Holdings Inc 

960,024 

3,672,923 

3,501,007 

2,528,558 

2,609,468 

0.49% 

1.87% 

1.79% 

1.29% 

1.33% 

207,600 

USD 

Media 

Interpublic Group of Cos Inc 

1,736,823 

0.89% 

55,400 

309,550 

63,840 

USD 

USD 

USD 


Penn National Gaming Inc 

Southwest Airlines Co 

Wyndham Worldwide Corp 

2,061,952 

2,406,620 

2,576,552 

1.05% 

1.23% 

1.31% 

84,960 

126,740 

107,467 

60,300 

278,200 

USD 

USD 

USD 

USD 

USD 

Financials 



CIT Group Inc 

First Republic Bank/CA 



3,733,755 

3,715,489 

2,672,818 

2,667,397 

1,504,525 

1.90% 

1.89% 

1.36% 

1.36% 

0.77% 

69,640 

84,100 

122,300 

44,300 

USD 

USD 

USD 

USD 


Ameriprise Financial Inc 


Invesco Ltd 

Walter Investment Management Corp 

3,308,745 

2,459,721 

2,420,212 

1,444,185 

1.69% 

1.25% 

1.23% 

0.74% 

109,690 

162,757 

USD 

USD 


Aflac Inc 

Unum Group 

4,419,550 

2,570,237 

2.26% 

1.31% 

106,040 

95,500 

USD 

USD 


Allstate Corp 

Willis Group Holdings PLC 

3,231,711 

2,428,064 

1.65% 

1.24% 







58,700 USD 

166,770 USD 

29,279 USD 

238,630 USD 

87,100 USD 

42,700 USD 

196,060 USD 

117,000 USD 




BioMed Realty Trust Inc 

Boston Properties Inc 

Duke Realty Corp 

HCP Inc 

Home Properties Inc 

Kimco Realty Corp 

Pebblebrook Hotel Trust 

Market Value 

2,054,322 

2,446,399 

2,350,270 

2,512,276 

2,984,153 

1,986,664 

2,874,575 

2,049,985 

Net Assets % 

1.05% 

1.25% 

1.20% 

1.28% 

1.52% 

1.01% 

1.47% 

1.05% 

117,500 

94,420 

41,700 

100,000 

49,450 

USD 

USD 

USD 

USD 

USD 

Health Care 


CareFusion Corp 

Cigna Corp 

DaVita Inc 

Hospira Inc 

Humana Inc 

2,547,140 

3,828,651 

3,495,664 

2,368,780 

2,574,896 

1.30% 

1.96% 

1.78% 

1.21% 

1.31% 

66,845 

65,980 

39,890 

USD 

USD 

USD 


Jazz Pharmaceuticals Plc 

Teva Pharmaceutical Industries Ltd - Adr 


2,686,932 

1,869,200 

2,601,745 

1.37% 

0.95% 

1.33% 

56,800 

USD 

Industrials 


Owens Corning 

1,592,761 

0.81% 

88,900 

79,600 

55,700 

USD 

USD 

USD 


Crown Holdings Inc 

Eaton Corp PLC 

SPX Corp 

2,481,432 

3,272,995 

2,964,132 

1.27% 

1.67% 

1.51% 

60,930 

49,300 

USD 

USD 


Fluor Corp 


2,715,600 

2,384,229 

1.38% 

1.22% 

104,300 

USD 


Robert Half International Inc 

2,516,522 

1.28% 

84,500 

153,700 

36,810 

68,700 

130,620 

USD 

USD 

USD 

USD 

USD 



Ensco PLC 


Noble Energy Inc 

Southwestern Energy Co 

Valero Energy Corp 

3,798,783 

3,574,364 

2,840,602 

1,740,428 

3,379,436 

1.94% 

1.82% 

1.45% 

0.89% 

1.72% 

46,700 

USD 



2,422,137 

1.24% 

165,100 

USD 

Technology 



2,785,061 

1.42% 

113,848 

93,900 

122,600 

USD 

USD 

USD 



SanDisk Corp 

Xilinx Inc 

3,618,197 

3,100,324 

3,324,911 

1.85% 

1.58% 

1.70% 

88,190 

USD 




2,617,472 

1.33% 






Holding 



Market Value 

Net Assets % 

109,260 

87,700 

65,590 

60,800 

113,900 

152,400 

USD 

USD 

USD 

USD 

USD 

USD 

Utilities 

Electricity 

Ameren Corp 


Northeast Utilities 


PNM Resources Inc 

PPL Corp 

2,546,693 

2,839,075 

1,944,218 

2,351,019 

1,771,912 

3,309,475 

1.30% 

1.45% 

0.99% 

1.20% 

0.90% 

1.69% 

71,900 

USD 


AGL Resources Inc 

2,179,796 

1.11% 




189,641,476 

189,641,476 

96.72% 

96.72% 


Equities 

94,100 

USD 



Crocs Inc 

1,024,223 

0.52% 



1,024,223 

1,024,223 

0.52% 

0.52% 


190,665,699 

97.24% 


196,081,985 

100.00% 




31-Jan-13 EUR 

1,856,115 

31-Jan-13 USD 

25,917 



USD 

EUR 

Amount Sold 

2,463,390 

19,592 


(12,130) 

64 

(12,066) 




Pioneer Funds - Global Equity Target Income 






Market Value 

Net Assets % 

Equities 

18,682 

USD 


Chemicals 

EI du Pont de Nemours & Co 

637,518 

1.01% 

55,389 

27,691 

16,103 

USD 

GBP 

USD 

Mining 

Arch Coal Inc 



307,530 

727,013 

567,343 

0.49% 

1.16% 

0.90% 

284,000 

24,338 

HKD 

USD 



Chaoda Modern Agriculture Holdings Ltd 

ConAgra Foods Inc 

7,539 

544,762 

0.01% 

0.87% 

45,090 

USD 

Leisure Goods 

Hasbro Inc 

1,221,644 

1.94% 

9,072 

USD 


Kimberly-Clark Corp 

580,969 

0.92% 

33,786 

USD 

Tobacco 


1,061,707 

1.69% 

7,747 

10,400 

352,785 

59,576 

EUR 

JPY 

GBP 

AUD 




Lawson Inc 

Tesco PLC 

Woolworths Ltd 

558,559 

535,530 

1,461,420 

1,375,986 

0.89% 

0.85% 

2.32% 

2.19% 

34,166 

7,317 

280,581 

USD 

USD 

GBP 



Ltd Brands Inc 

Marks & Spencer Group PLC 

306,831 

261,123 

1,322,477 

0.49% 

0.42% 

2.10% 

96,899 

6,196 

97,990 

USD 

USD 

GBP 

Media 

Gannett Co Inc 

McGraw-Hill Cos Inc 

Reed Elsevier PLC 

1,322,954 

256,929 

775,608 

2.10% 

0.41% 

1.23% 

13,287 

825 

74,050 

80,654 

73,032 

CAD 

GBP 

AUD 

USD 

AUD 

Financials 


Bank of Montreal 


National Australia Bank Ltd 

New York Community Bancorp Inc 

Westpac Banking Corp 

615,512 

6,580 

1,457,792 

800,789 

1,497,561 

0.98% 

0.01% 

2.32% 

1.27% 

2.38% 

31,168 

145,492 

50,270 

EUR 

GBP 

USD 



ICAP PLC 

TD Ameritrade Holding Corp 

1,440,273 

550,685 

641,720 

2.29% 

0.88% 

1.02% 

6,571 

118,819 

4,518 

EUR 

EUR 

EUR 



CNP Assurances 


688,641 

1,378,895 

614,448 

1.09% 

2.19% 

0.98% 

72,945 

USD 


Annaly Capital Management Inc 

776,811 

1.23% 








Market Value 

Net Assets % 

72,863 

AUD 

Health Care 


Sonic Healthcare Ltd 

764,835 

1.22% 

39,832 

16,910 

94,419 

17,471 

11,005 

17,300 

GBP 

USD 

GBP 

USD 

EUR 

JPY 






Sanofi 

Takeda Pharmaceutical Co Ltd 

1,428,815 

632,842 

1,554,054 

929,074 

785,647 

585,037 

2.27% 

1.01% 

2.47% 

1.48% 

1.25% 

0.93% 

207,212 

GBP 

Industrials 


Cobham PLC 

564,079 

0.90% 

50,544 

7,200 

40,293 

GBP 

JPY 

EUR 


CRH PLC 

Daito Trust Construction Co Ltd 

Vinci SA 

777,696 

514,757 

1,448,936 

1.24% 

0.82% 

2.30% 

15,814 

11,268 

USD 

EUR 


Emerson Electric Co 


635,607 

617,824 

1.01% 

0.98% 

9,294 

16,671 

USD 

USD 



CNH Global NV 

631,420 

509,462 

1.00% 

0.81% 

221,260 

SEK 


Securitas AB - B 

1,462,727 

2.33% 

15,433 

30,546 

39,129 

19,606 

61,703 

40,163 

USD 

CAD 

EUR 

EUR 

GBP 

EUR 



ConocoPhillips 

Penn West Petroleum Ltd 


Repsol YPF SA 


Total SA 

679,174 

250,614 

18,078 

300,658 

1,614,273 

1,566,758 

1.08% 

0.40% 

0.03% 

0.48% 

2.56% 

2.49% 

83,000 

SGD 


Keppel Corp Ltd 

566,922 

0.90% 

42,902 

46,688 

USD 

USD 

Technology 


CA Inc 


712,972 

943,746 

1.13% 

1.50% 

22,300 

36,590 

28,713 

98,755 

70,984 

23,202 

5,620 

82,256 

JPY 

USD 

USD 

USD 

USD 

USD 

EUR 

SEK 


Canon Inc 

Diebold Inc 

Hewlett-Packard Co 

Intel Corp 

Lexmark International Inc - A 

Microchip Technology Inc 

Neopost SA 


653,377 

848,975 

310,128 

1,540,424 

1,249,650 

571,251 

224,800 

624,347 

1.04% 

1.35% 

0.49% 

2.45% 

1.99% 

0.91% 

0.36% 

0.99% 

36,275 

USD 



AT&T Inc 

927,786 

1.47% 







19,583 USD 

36,049 NOK 



Telenor ASA 

Market Value 

581,222 

551,259 

Net Assets % 

0.92% 

0.88% 

521 

251,000 

4,902 

449,569 

JPY 

SGD 

KRW 

GBP 


NTT DoCoMo Inc 

Singapore Telecommunications Ltd 

SK Telecom Co Ltd 


566,724 

514,328 

529,638 

856,071 

0.90% 

0.82% 

0.84% 

1.36% 

17,502 

45,695 

13,917 

USD 

EUR 

USD 

Utilities 

Electricity 


Electricite de France SA 

Exelon Corp 

566,585 

638,816 

313,935 

0.90% 

1.02% 

0.50% 

15,464 

77,987 

80,204 

62,275 

EUR 

EUR 

EUR 

GBP 




GDF Suez 

United Utilities Group PLC 

249,589 

1,059,063 

1,249,177 

517,103 

0.40% 

1.68% 

1.99% 

0.82% 




59,943,404 

59,943,404 

95.30% 

95.30% 


59,943,404 

95.30% 


62,901,022 

100.00% 


Maturity Date 

Long/(Short) 


22-Mar-13 (14) 



Trade 


AUD 



(1,615,600) 

Market Price 


4,616.00 


(in Fund Ccy) 

(9,922) 

(9,922) 




04-Mar-13 AUD 

1,574,980 

04-Mar-13 CAD 

2,500,000 

04-Mar-13 CHF 

1,200,000 

04-Mar-13 EUR 

1,259,252 

04-Mar-13 EUR 

1,935,552 

04-Mar-13 EUR 

993,255 

04-Mar-13 EUR 

1,082,997 

04-Mar-13 EUR 

1,526,934 

04-Mar-13 GBP 

880,000 

04-Mar-13 USD 

2,000,000 



EUR 

EUR 

EUR 

AUD 

CAD 

CHF 

GBP 

USD 

EUR 

EUR 

Amount Sold 

1,257,552 

1,934,375 

996,757 

1,574,980 

2,500,000 

1,200,000 

880,000 

2,000,000 

1,086,371 

1,536,253 


(23,811) 

(33,196) 

(2,166) 

25,510 

34,375 

(1,337) 

(1,191) 

10,501 

(2,184) 

(19,820) 

(13,319) 







Maturity Date 

Quantity 

Contract 

Strike Price 




Trade 


Market Price 

(in Fund Ccy) 

Unrealised 

Gain/(Loss) 


18-Jan-13 (150) 

Call Marks And Spencer Group 

18-Jan-13 (65) 

Call Sanofi 


410.00 

72.00 

707 GBP 

(2,774) 

4,687 

464,035 EUR 

(5,850) 

585 

(8,624) 

5,272 

5,272 




Pioneer Funds - Global Select 






Market Value 

Net Assets % 

Equities 

103,339 

83,186 

511,000 

28,100 

95,678 

EUR 

EUR 

JPY 

JPY 

USD 


Chemicals 


Koninklijke DSM NV 

Mitsubishi Chemical Holdings Corp 


PPG Industries Inc 

5,140,599 

3,809,087 

1,909,603 

1,040,235 

9,821,073 

0.95% 

0.71% 

0.35% 

0.19% 

1.81% 

53,794 

256,223 

EUR 

SEK 


Asian Bamboo AG - BR 


282,419 

4,212,253 

0.05% 

0.78% 

85,132 

EUR 


Voestalpine AG 

2,354,751 

0.44% 

496,583 

2,440,000 

201,297 

1,556,000 

USD 

HKD 

USD 

HKD 

Mining 

Arch Coal Inc 

China Coal Energy Co Ltd - H 


Yanzhou Coal Mining Co Ltd - H 

2,757,120 

2,010,510 

7,092,116 

1,952,100 

0.51% 

0.37% 

1.31% 

0.36% 

90,200 

91,420 

39,271 

22,729 

46,047 

89,600 

2,024,000 

86,900 

96,900 

13,006 

5,776,000 

JPY 

USD 

EUR 

EUR 

EUR 

JPY 

HKD 

JPY 

JPY 

EUR 

HKD 




Autoliv Inc 





Dongfeng Motor Group Co Ltd 


Toyota Industries Corp 


Xingda International Holdings Ltd 

2,107,916 

4,672,932 

2,864,034 

1,627,169 

4,033,257 

2,336,767 

2,368,896 

2,397,469 

2,321,443 

2,238,983 

2,260,953 

0.39% 

0.87% 

0.53% 

0.30% 

0.75% 

0.43% 

0.44% 

0.44% 

0.43% 

0.41% 

0.42% 

113,647 

USD 

Beverages 

PepsiCo Inc 

5,898,714 

1.09% 

54,879 

3,222,000 

67,999 

USD 

HKD 

EUR 


Bunge Ltd 

Chaoda Modern Agriculture Holdings Ltd 

Unilever NV 

3,022,841 

85,536 

1,960,751 

0.56% 

0.02% 

0.36% 

36,530 

USD 


Whirlpool Corp 

2,820,657 

0.52% 

240,324 

162,700 

USD 

USD 

Leisure Goods 


Hasbro Inc 

6,786,455 

4,408,104 

1.26% 

0.82% 

6,468,000 

HKD 


Bosideng International Holdings Ltd 

1,455,802 

0.27% 

288,698 

108,640 

USD 

GBP 

Tobacco 



6,884,606 

3,178,433 

1.27% 

0.59% 








Market Value 

Net Assets % 

141,976 

308,348 

67,675 

109,664 

USD 

USD 

USD 

EUR 




Kroger Co 

McKesson Corp 

Metro AG 

5,209,951 

6,085,570 

4,977,069 

2,302,944 

0.96% 

1.13% 

0.92% 

0.43% 

292,883 

15,830 

233,964 

USD 

CHF 

USD 



Dufry Group - Reg 

Staples Inc 

2,630,260 

1,568,833 

2,012,403 

0.49% 

0.29% 

0.37% 

58,638 

237,175 

EUR 

GBP 

Media 


WPP PLC 

2,653,370 

2,596,614 

0.49% 

0.48% 

368,094 

170,410 

342,000 

339,653 

GBP 

EUR 

SGD 

EUR 


Compass Group PLC 


Singapore Airlines Ltd 

TUI AG 

3,290,200 

2,426,638 

2,282,902 

2,665,936 

0.61% 

0.45% 

0.42% 

0.49% 

778,634 

1,010,247 

129,757 

1,525,000 

339,000 

318,157 

158,566 

264,855 

113,916 

252,795 

886,000 

522,057 

178,333 

898,868 

46,626 

60,700 

966,993 

USD 

GBP 

EUR 

HKD 

JPY 

USD 

USD 

EUR 

EUR 

NOK 

JPY 

GBP 

USD 

USD 

EUR 

JPY 

EUR 

Financials 


Bank of America Corp 

Barclays PLC 


BOC Hong Kong Holdings Ltd 

Chiba Bank Ltd 

Citigroup Inc 

Comerica Inc 

Credit Agricole SA 


DNB ASA 

Fukuoka Financial Group Inc 



KeyCorp 

Raiffeisen Bank International AG 



6,862,657 

3,268,263 

5,525,702 

3,596,593 

1,498,797 

9,546,640 

3,647,836 

1,611,378 

3,753,532 

2,425,553 

2,673,651 

4,163,712 

5,948,942 

5,747,465 

1,466,621 

1,658,667 

3,583,676 

1.27% 

0.61% 

1.02% 

0.67% 

0.28% 

1.77% 

0.68% 

0.30% 

0.69% 

0.45% 

0.49% 

0.77% 

1.10% 

1.06% 

0.27% 

0.31% 

0.66% 

31,909 

USD 


BlackRock Inc 

5,007,080 

0.93% 

65,507 

166,319 

54,933 

122,122 

USD 

USD 

USD 

USD 


Aflac Inc 

Lincoln National Corp 

Prudential Financial Inc 

Unum Group 

2,639,360 

3,267,341 

2,221,653 

1,928,535 

0.49% 

0.60% 

0.41% 

0.36% 

35,097 

88,748 

322,768 

21,145 

261,285 

62,445 

8,812 

EUR 

USD 

EUR 

EUR 

AUD 

CHF 

CHF 



Allstate Corp 

AXA SA 


QBE Insurance Group Ltd 

Swiss Re AG 


3,678,166 

2,704,714 

4,308,953 

2,875,720 

2,242,701 

3,409,948 

1,777,296 

0.68% 

0.50% 

0.80% 

0.53% 

0.42% 

0.63% 

0.33% 







616,099 HKD 




Market Value 

3,297,936 

Net Assets % 

0.61% 

61,301 

63,232 

84,752 

EUR 

USD 

USD 

Health Care 



HCA Holdings Inc 

Medtronic Inc 

5,339,317 

1,446,988 

2,637,572 

0.99% 

0.27% 

0.49% 

98,856 

51,871 

77,600 

60,149 

105,992 

88,733 

36,105 

71,491 

305,555 

70,398 

68,770 

USD 

USD 

JPY 

USD 

USD 

USD 

EUR 

CHF 

USD 

EUR 

EUR 




Astellas Pharma Inc 




Merck KGaA 


Pfizer Inc 

Sanofi 

UCB SA 

4,912,807 

3,388,297 

2,637,825 

2,251,025 

5,636,453 

2,756,080 

3,604,362 

3,403,346 

5,817,226 

5,025,713 

2,972,239 

0.91% 

0.63% 

0.49% 

0.42% 

1.04% 

0.51% 

0.67% 

0.63% 

1.08% 

0.93% 

0.55% 

56,242 

USD 

Industrials 



3,498,914 

0.65% 

218,877 

247,014 

138,756 

142,231 

43,773 

EUR 

USD 

AUD 

USD 

EUR 


CRH PLC 

KBR Inc 

Leighton Holdings Ltd 

Quanta Services Inc 


3,348,818 

5,605,779 

1,953,664 

2,944,087 

2,065,210 

0.62% 

1.04% 

0.36% 

0.55% 

0.38% 

234,363 

70,800 

101,200 

210,196 

82,962 

50,849 

106,200 

24,473 

102,843 

132,900 

CHF 

JPY 

JPY 

EUR 

EUR 

EUR 

JPY 

EUR 

USD 

JPY 


ABB Ltd 

Hoya Corp 

Ibiden Co Ltd 


Legrand SA 

Nexans SA 

Omron Corp 



Yokogawa Electric Corp 

3,641,288 

1,050,242 

1,212,673 

4,181,849 

2,644,414 

1,703,696 

1,915,403 

1,341,855 

4,975,217 

1,097,052 

0.67% 

0.19% 

0.22% 

0.77% 

0.49% 

0.32% 

0.35% 

0.25% 

0.92% 

0.20% 

62,295 

29,650 

385,869 

NOK 

EUR 

SEK 


Aker ASA - A 

Mayr Melnhof Karton AG 


1,799,943 

2,398,092 

3,623,954 

0.33% 

0.44% 

0.67% 

120,752 

353,000 

55,492 

18,582 

25,900 

4,605 

484,000 

125,140 

EUR 

JPY 

EUR 

EUR 

JPY 

CHF 

JPY 

GBP 


Alstom SA 

Amada Co Ltd 

Andritz AG 


Disco Corp 

Georg Fischer AG - Reg 

Hino Motors Ltd 

IMI PLC 

3,638,862 

1,718,621 

2,693,582 

1,356,486 

1,016,729 

1,404,243 

3,281,991 

1,692,499 

0.67% 

0.32% 

0.50% 

0.25% 

0.19% 

0.26% 

0.61% 

0.31% 







35,645 USD 

62,700 USD 

328,000 JPY 

1,212,600 HKD 



Stanley Black & Decker Inc 


Weichai Power Co Ltd - H 

Market Value 

1,296,673 

3,518,790 

1,171,064 

4,082,069 

Net Assets % 

0.24% 

0.65% 

0.22% 

0.76% 

235,715 

671,000 

EUR 

JPY 



Nippon Yusen KK 

3,912,869 

1,183,126 

0.72% 

0.22% 

182,217 

308,200 

472,000 

204,400 

EUR 

JPY 

JPY 

JPY 



Itochu Corp 



3,471,234 

2,452,180 

2,542,277 

2,300,488 

0.64% 

0.45% 

0.47% 

0.43% 

366,435 

4,334,000 

121,027 

219,073 

261,968 

130,984 

113,150 

59,740 

220,219 

220,219 

211,074 

216,126 

85,910 

GBP 

HKD 

USD 

EUR 

USD 

USD 

EUR 

EUR 

EUR 

EUR 

GBP 

CAD 

EUR 



BP PLC 

China Petroleum & Chemical Corp - H 

Diamond Offshore Drilling Inc 

Eni SpA 



Neste Oil OYJ 

OMV AG 


Repsol YPF SA 


Suncor Energy Inc 

Total SA 

1,919,142 

3,723,812 

6,238,619 

4,017,799 

6,092,187 

6,259,096 

1,105,476 

1,634,188 

101,741 

3,377,058 

5,522,118 

5,388,744 

3,351,349 

0.36% 

0.69% 

1.15% 

0.74% 

1.13% 

1.16% 

0.20% 

0.30% 

0.02% 

0.63% 

1.02% 

1.00% 

0.62% 

76,475 

NOK 


Fred Olsen Energy ASA 

2,520,260 

0.47% 

336,091 

279,371 

72,000 

538,603 

USD 

USD 

JPY 

USD 

Technology 





Yahoo! Inc 

6,793,708 

4,712,690 

2,529,575 

8,101,105 

1.26% 

0.87% 

0.47% 

1.50% 

39,046 

61,800 

407,969 

100,230 

8,344 

319,528 

USD 

JPY 

USD 

KRW 

KRW 

SEK 


Apple Inc 

Canon Inc 

Intel Corp 

LG Display Co Ltd 



15,806,758 

1,810,704 

6,363,685 

2,204,931 

8,997,557 

2,425,309 

2.92% 

0.34% 

1.18% 

0.41% 

1.67% 

0.45% 

111,316 

2,956,412 

270,512 

119,756 

USD 

EUR 

USD 

EUR 







3,303,849 

1,766,456 

8,878,226 

2,029,864 

0.61% 

0.33% 

1.64% 

0.38% 

256,548 

USD 

Utilities 

Electricity 

Xcel Energy Inc 

5,197,510 

0.96% 






Holding 

74,747 

57,478 

178,565 

2,060,000 


USD 

EUR 

EUR 

HKD 



Atmos Energy Corp 

E.ON AG 


Guangdong Investment Ltd 

Market Value 

1,992,271 

809,865 

2,424,913 

1,227,690 

Net Assets % 

0.37% 

0.15% 

0.45% 

0.23% 




539,348,800 

539,348,800 

99.84% 

99.84% 


539,348,800 

99.84% 


540,193,921 

100.00% 


Maturity Date 

Long/(Short) 


18-Mar-13 198 

Euro Stoxx 50 

18-Mar-13 73 

Footsie 100 

15-Mar-13 47 

S&P 500 

08-Mar-13 34 

Topix Index 


Trade 


EUR 

GBP 

USD 

JPY 



5,177,700 

4,269,040 

16,690,875 

292,910,000 

Market Price 


2,615.00 

5,848.00 

1,420.50 

861.50 


(in Fund Ccy) 

(14,608) 

(2,250) 

99,818 

210,666 

293,626 




04-Mar-13 AUD 

13,149,195 

04-Mar-13 CAD 

22,399,363 

04-Mar-13 CHF 

13,000,000 

04-Mar-13 EUR 

16,099,321 

04-Mar-13 GBP 

15,000,000 

04-Mar-13 USD 

24,000,000 



EUR 

EUR 

EUR 

HKD 

EUR 

EUR 

Amount Sold 

10,499,055 

17,331,924 

10,797,800 

161,895,146 

18,534,559 

18,435,035 


(198,794) 

(297,851) 

(23,058) 

261,005 

(54,090) 

(237,838) 

(550,626) 


Maturity Date 

Quantity 

Contract 

Strike Price 




Trade 


Market Price 

(in Fund Ccy) 

Unrealised 

Gain/(Loss) 


15-Mar-13 (600) 


2,400.00 

15,761,100 EUR 

(184,800) 

(52,800) 

(184,800) 

(52,800) 


15-Mar-13 600 



2,650.00 

EUR 

637,800 

637,800 

108,600 

108,600 

55,800 




Pioneer Funds - Global Ecology 






Market Value 

Net Assets % 

Equities 

247,487 

222,263 

110,113 

336,075 

291,306 

81,376 

328,611 

USD 

EUR 

USD 

USD 

EUR 

EUR 

EUR 


Chemicals 

Agrium Inc 

BASF SE - Reg 


Ecolab Inc 

Lanxess AG 

Linde AG 

Umicore SA 

18,747,366 

15,814,012 

16,954,596 

18,328,119 

19,304,849 

10,741,632 

13,699,793 

2.08% 

1.75% 

1.88% 

2.03% 

2.14% 

1.19% 

1.52% 

1,448,361 

SEK 



23,810,756 

2.64% 

262,243 

241,008 

1,391,956 

1,894,348 

372,087 

EUR 

EUR 

USD 

EUR 

EUR 





LKQ Corp 

Pirelli & C. SpA 

Renault SA 

18,773,976 

21,109,891 

22,266,651 

16,395,582 

15,138,360 

2.08% 

2.34% 

2.47% 

1.82% 

1.68% 

204,421 

432,310 

USD 

USD 


Bunge Ltd 

Hain Celestial Group Inc 

11,259,901 

17,664,244 

1.25% 

1.96% 

2,522,778 

250,131 

GBP 

USD 


Persimmon PLC 

Whirlpool Corp 

24,882,534 

19,313,817 

2.76% 

2.14% 

290,923 

EUR 



18,095,411 

2.01% 

374,895 

123,151 

USD 

USD 



United Natural Foods Inc 


15,156,177 

8,492,786 

1.68% 

0.94% 

574,152 

502,169 

2,466,385 

USD 

USD 

ZAR 


eBay Inc 


Woolworths Holdings Ltd/South Africa 

22,140,388 

23,558,217 

15,654,967 

2.46% 

2.61% 

1.74% 

33,648,367 

GBP 

Financials 


Lloyds Banking Group PLC 

19,877,469 

2.21% 

159,695 

435,833 

EUR 

CHF 



Swiss Re AG 

21,718,520 

23,799,631 

2.41% 

2.64% 

56,181 

HKD 


Sunlight Real Estate Investment Trust 

18,143 

0.00% 

386,835 

25,361 

DKK 

EUR 

Health Care 


Coloplast A/S 

Draegerwerk AG & Co KGaA - Pfd 

14,335,960 

1,940,624 

1.59% 

0.22% 







179,733 USD 

191,475 EUR 




Merck KGaA 

Market Value 

8,932,119 

19,114,949 

Net Assets % 

0.99% 

2.12% 

635,008 

349,216 

2,022,895 

4,043,000 

1,618,000 

EUR 

EUR 

USD 

JPY 

JPY 

Industrials 


Kingspan Group PLC 

Lafarge SA 

Louisiana-Pacific Corp 


Takuma Co Ltd 

5,287,712 

16,842,688 

29,643,758 

8,370,053 

6,912,258 

0.59% 

1.87% 

3.30% 

0.93% 

0.77% 

1,104,490 

1,219,934 

274,313 

273,924 

EUR 

EUR 

EUR 

USD 



Prysmian SpA 



21,973,829 

18,311,209 

15,040,582 

13,251,572 

2.44% 

2.03% 

1.67% 

1.47% 

5,116,242 

GBP 


DS Smith PLC 

12,905,722 

1.43% 

299,630 

292,080 

1,024,615 

620,073 

102,770 

EUR 

EUR 

GBP 

USD 

USD 


Andritz AG 

GEA Group AG 

Halma PLC 


Roper Industries Inc 

14,544,040 

7,147,198 

5,803,330 

22,556,660 

8,689,147 

1.61% 

0.79% 

0.64% 

2.50% 

0.96% 

224,000 

299,491 

190,308 

JPY 

USD 

USD 


East Japan Railway Co 

Kansas City Southern 


10,964,648 

18,963,523 

18,156,053 

1.22% 

2.10% 

2.01% 

14,474,000 

376,296 

HKD 

GBP 


China Everbright International Ltd 

Intertek Group PLC 

5,552,378 

14,377,282 

0.62% 

1.60% 

609,472 

USD 



Williams Cos Inc 

15,135,098 

1.68% 

406,441 

EUR 

Technology 


SAP AG 

24,666,904 

2.74% 

25,677 

KRW 



27,688,193 

3.07% 

383,492 

556,238 

18,716,000 

USD 

BRL 

HKD 

Utilities 


American Water Works Co Inc 

Cia de Saneamento Basico do Estado de Sao Paulo 

Guangdong Investment Ltd 

10,794,439 

17,900,089 

11,154,104 

1.20% 

1.99% 

1.24% 




899,673,909 

899,673,909 

99.82% 

99.82% 


899,673,909 

99.82% 


901,280,616 

100.00% 




Pioneer Funds - Gold and Mining 






Market Value 

Net Assets % 

Equities 

63,995 

3,320 

AUD 

EUR 


Chemicals 

Incitec Pivot Ltd 

Umicore SA 

162,772 

138,411 

0.44% 

0.38% 

1,200 

72,116 

2,704 

217,379 

55,140 

4,551 

7,000 

22,954 

55,286 

9,000 

4,134 

1,908 

30,300 

165,000 

5,300 

551,910 

102,916 

15,989 

265 

1,620 

33,000 

22,577 

40,260 

772 

6,949 

500 

EUR 

USD 

USD 

AUD 

EUR 

USD 

JPY 

CAD 

USD 

JPY 

CAD 

CAD 

JPY 

JPY 

JPY 

JPY 

NOK 

USD 

EUR 

SEK 

JPY 

EUR 

CAD 

USD 

EUR 

JPY 


Acerinox SA 

Alcoa Inc 

Allegheny Technologies Inc 

Alumina Ltd 

ArcelorMittal 

Cliffs Natural Resources Inc 

Daido Steel Co Ltd 

First Quantum Minerals Ltd 


Hitachi Metals Ltd 

HudBay Minerals Inc 

Inmet Mining Corp 

JFE Holdings Inc 

Kobe Steel Ltd 

Maruichi Steel Tube Ltd 

Nippon Steel Corp 

Norsk Hydro ASA 

Nucor Corp 

Salzgitter AG 

SSAB AB - A 


ThyssenKrupp AG 

Turquoise Hill Resources Ltd 

United States Steel Corp 

Voestalpine AG 

Yamato Kogyo Co Ltd 

10,018 

474,793 

62,267 

154,060 

713,236 

133,140 

26,650 

382,946 

1,434,148 

57,713 

31,524 

107,573 

425,812 

157,769 

92,056 

1,016,717 

391,062 

523,548 

10,448 

10,681 

349,698 

400,968 

231,556 

13,966 

192,209 

11,000 

0.03% 

1.29% 

0.17% 

0.42% 

1.94% 

0.36% 

0.07% 

1.04% 

3.91% 

0.16% 

0.09% 

0.29% 

1.16% 

0.43% 

0.25% 

2.77% 

1.07% 

1.43% 

0.03% 

0.03% 

0.95% 

1.09% 

0.63% 

0.04% 

0.52% 

0.03% 

9,126 

89,120 

20,510 

65,177 

118,891 

131,662 

761 

5,185 

584 

42,922 

25,355 

97,081 

8,067 

272,047 

53,634 

10,270 

26,364 

CAD 

GBP 

GBP 

CAD 

AUD 

GBP 

SEK 

CAD 

CAD 

CAD 

GBP 

AUD 

GBP 

GBP 

CAD 

CAD 

AUD 

Mining 

Agnico-Eagle Mines Ltd 


Antofagasta PLC 

Barrick Gold Corp 

BHP Billiton Ltd 


Boliden AB 

Centerra Gold Inc 

Detour Gold Corp 

Eldorado Gold Corp 

Eurasian Natural Resources Corp PLC 

Fortescue Metals Group Ltd 

Fresnillo PLC 

Glencore International PLC 

Goldcorp Inc 

IAMGOLD Corp 

Iluka Resources Ltd 

361,856 

2,081,042 

334,795 

1,724,879 

3,473,390 

3,456,716 

10,834 

36,694 

11,095 

418,201 

88,778 

355,482 

183,698 

1,178,278 

1,488,040 

89,032 

187,261 

0.99% 

5.67% 

0.91% 

4.70% 

9.47% 

9.42% 

0.03% 

0.10% 

0.03% 

1.14% 

0.24% 

0.97% 

0.50% 

3.21% 

4.06% 

0.24% 

0.51% 






Holding 

6,667 

1,120 

75,541 

22,707 

13,104 

57,932 

30,369 

19,342 

31,812 

5,656 

3,632 

44,450 

61,331 

17,210 

37,317 

386 

127,855 

33,489 


ZAR 

GBP 

CAD 

AUD 

CAD 

AUD 

USD 

CAD 

AUD 

CAD 

GBP 

AUD 

GBP 

CAD 

CAD 

USD 

GBP 

CAD 


Impala Platinum Holdings Ltd 

Kazakhmys PLC 

Kinross Gold Corp 

Lynas Corp Ltd 

New Gold Inc 

Newcrest Mining Ltd 


Osisko Mining Corp 

OZ Minerals Ltd 

Pan American Silver Corp 

Randgold Resources Ltd 

Rio Tinto Ltd 

Rio Tinto PLC 

Silver Wheaton Corp 

Teck Resources Ltd - B 

Walter Energy Inc 

Xstrata PLC 

Yamana Gold Inc 

Market Value 

99,953 

10,743 

555,322 

10,282 

109,707 

1,011,837 

1,069,964 

117,139 

167,840 

80,141 

266,433 

2,310,532 

2,655,207 

469,876 

1,025,670 

10,511 

1,669,319 

434,972 

Net Assets % 

0.27% 

0.03% 

1.51% 

0.03% 

0.30% 

2.76% 

2.92% 

0.32% 

0.46% 

0.22% 

0.73% 

6.30% 

7.24% 

1.28% 

2.80% 

0.03% 

4.55% 

1.19% 

5,419 

CAD 

Financials 


Franco-Nevada Corp 

234,395 

0.64% 

229 

EUR 

Industrials 



10,804 

0.03% 

12,000 

JPY 


Mitsubishi Materials Corp 

30,738 

0.08% 

24,463 

AUD 


Sims Metal Management Ltd 

178,189 

0.49% 




35,726,386 

35,726,386 

97.39% 

97.39% 


35,726,386 

97.39% 


36,684,567 

100.00% 


Maturity Date 

Long/(Short) 


18-Mar-13 5 

Footsie 100 

22-Mar-13 6 


15-Mar-13 5 

S&P/Tse 60 Ix Fut 


Trade 


GBP 

AUD 

CAD 



292,400 

692,400 

710,900 

Market Price 


5,848.00 

4,616.00 

710.90 


(in Fund Ccy) 

(3,680) 

256 

6,554 

3,130 




Pioneer Funds - Japanese Equity 






Market Value 

Net Assets % 

Equities 

257,000 

36,500 

79,900 

224,500 

23,400 

42,600 

256,000 

204,000 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 


Chemicals 

Asahi Kasei Corp 

JSR Corp 

Kuraray Co Ltd 

Mitsubishi Chemical Holdings Corp 



Sumitomo Chemical Co Ltd 

Toray Industries Inc 

1,144,718 

525,569 

789,690 

840,202 

867,533 

1,957,352 

604,992 

944,492 

0.57% 

0.26% 

0.39% 

0.42% 

0.43% 

0.97% 

0.30% 

0.47% 

76,000 

28,800 

576,105 

75,000 

240,000 

JPY 

JPY 

JPY 

JPY 

CAD 


Hitachi Metals Ltd 

JFE Holdings Inc 

Nippon Steel Corp 


Uranium One Inc 

488,077 

405,334 

1,062,866 

795,950 

424,811 

0.24% 

0.20% 

0.53% 

0.40% 

0.21% 

32,300 

118,500 

25,000 

171,000 

233,500 

522,000 

215,000 

13,100 

81,400 

24,200 

42,400 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 




Bridgestone Corp 


Fuji Heavy Industries Ltd 


Mitsubishi Motors Corp 

Nissan Motor Co Ltd 

Sumitomo Electric Industries Ltd 

Suzuki Motor Corp 

Toyota Industries Corp 

Yamaha Motor Co Ltd 

755,952 

2,315,318 

652,969 

1,616,464 

6,451,565 

408,148 

1,531,852 

113,707 

1,603,310 

580,624 

353,500 

0.38% 

1.15% 

0.33% 

0.81% 

3.20% 

0.20% 

0.76% 

0.06% 

0.80% 

0.29% 

0.18% 

46,700 

17,300 

102,000 

JPY 

JPY 

JPY 

Beverages 

Asahi Group Holdings Ltd 

Coca-Cola West Co Ltd 

Kirin Holdings Co Ltd 

753,674 

202,597 

906,856 

0.38% 

0.10% 

0.45% 

85,000 

8,600 

JPY 

JPY 


Ajinomoto Co Inc 

Kato Sangyo Co Ltd 

853,538 

116,353 

0.43% 

0.06% 

135,000 

JPY 


Sekisui House Ltd 

1,117,229 

0.56% 

49,500 

21,600 

48,800 

49,600 

173,600 

JPY 

JPY 

JPY 

JPY 

JPY 

Leisure Goods 

Konami Corp 

Namco Bandai Holdings Inc 

Nikon Corp 

Sega Sammy Holdings Inc 

Sony Corp 

840,175 

211,965 

1,082,956 

634,019 

1,461,076 

0.42% 

0.11% 

0.54% 

0.32% 

0.73% 

86,546 

30,500 

14,000 

JPY 

JPY 

JPY 


Kao Corp 

Pola Orbis Holdings Inc 

Unicharm Corp 

1,709,992 

663,718 

552,860 

0.85% 

0.33% 

0.28% 







132,000 JPY 


Tobacco 

Japan Tobacco Inc 

Market Value 

2,829,576 

Net Assets % 

1.41% 

27,100 

8,000 

JPY 

JPY 



Arcs Co Ltd 

Lawson Inc 

420,215 

412,559 

0.21% 

0.21% 

27,900 

34,100 

6,400 

15,000 

90,600 

83,100 

16,210 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 


Dena Co Ltd 

Don Quijote Co Ltd 

Fast Retailing Co Ltd 

Meiko Network Japan Co Ltd 

Rakuten Inc 

Seven & I Holdings Co Ltd 

Yamada Denki Co Ltd 

696,604 

949,667 

1,227,977 

127,168 

536,470 

1,779,156 

473,513 

0.35% 

0.47% 

0.61% 

0.06% 

0.27% 

0.89% 

0.24% 

129,000 

35,300 

56,700 

JPY 

JPY 

JPY 

Media 

Dai Nippon Printing Co Ltd 

Dentsu Inc 

Nippon Television Network Corp 

762,715 

714,831 

573,345 

0.38% 

0.36% 

0.29% 

17,900 

205,000 

78,000 

137,000 

21,300 

JPY 

JPY 

JPY 

JPY 

JPY 


Central Japan Railway Co 

Kintetsu Corp 

Odakyu Electric Railway Co Ltd 

Tokyu Corp 

West Japan Railway Co 

1,100,801 

637,551 

615,359 

584,944 

636,233 

0.55% 

0.32% 

0.31% 

0.29% 

0.32% 

219,000 

1,751,240 

2,048,100 

282,000 

319,200 

39,000 

140,000 

191,700 

476,000 

34,000 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

Financials 


Bank of Yokohama Ltd 

Mitsubishi UFJ Financial Group Inc 

Mizuho Financial Group Inc 

Nishi-Nippon City Bank Ltd 

Resona Holdings Inc 

Shikoku Bank Ltd 

Shizuoka Bank Ltd 


Sumitomo Mitsui Trust Holdings Inc 

Yamanashi Chuo Bank Ltd 

769,594 

7,092,579 

2,824,934 

527,699 

1,099,275 

79,147 

1,034,384 

5,246,114 

1,258,725 

107,234 

0.38% 

3.52% 

1.41% 

0.26% 

0.55% 

0.04% 

0.52% 

2.61% 

0.63% 

0.05% 

105 

16,000 

21,200 

418,200 

JPY 

JPY 

JPY 

JPY 


Activia Properties Inc 

GCA Savvian Group Corp 

IBJ Leasing Co Ltd 

Nomura Holdings Inc 

499,973 

134,802 

449,046 

1,848,032 

0.25% 

0.07% 

0.22% 

0.92% 

1,148 

178,500 

JPY 

JPY 


Dai-ichi Life Insurance Co Ltd 

T&D Holdings Inc 

1,209,257 

1,632,475 

0.60% 

0.81% 

70,000 

46,400 

117,900 

JPY 

JPY 

JPY 


MS&AD Insurance Group Holdings 

NKSJ Holdings Inc 

Tokio Marine Holdings Inc 

1,048,528 

748,017 

2,468,286 

0.52% 

0.37% 

1.23% 

111,200 

186,000 

130,000 

JPY 

JPY 

JPY 


Hulic Co Ltd 


Mitsui Fudosan Co Ltd 

569,549 

3,348,208 

2,386,971 

0.28% 

1.67% 

1.19% 







46,000 JPY 


Sumitomo Realty & Development Co Ltd 

Market Value 

1,150,543 

Net Assets % 

0.57% 

243 

83 

80 

JPY 

JPY 

JPY 


Japan Prime Realty Investment Corp 

Japan Real Estate Investment Corp 

Nippon Building Fund Inc 

532,000 

619,804 

627,623 

0.26% 

0.31% 

0.31% 

16,500 

16,500 

24,200 

JPY 

JPY 

JPY 

Health Care 


Nihon Kohden Corp 

Paramount Bed Holdings Co Ltd 

Terumo Corp 

379,499 

375,006 

723,919 

0.19% 

0.19% 

0.36% 

54,900 

132,600 

45,200 

25,400 

16,100 

63,100 

109,700 

7,200 

27,000 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 


Astellas Pharma Inc 

Daiichi Sankyo Co Ltd 

Eisai Co Ltd 

Kissei Pharmaceutical Co Ltd 

Nichi-iko Pharmaceutical Co Ltd 

Otsuka Holdings Co Ltd 

Takeda Pharmaceutical Co Ltd 

Towa Pharmaceutical Co Ltd 

Tsumura & Co 

1,868,967 

1,540,042 

1,429,547 

354,134 

236,352 

1,349,297 

3,715,255 

286,542 

619,101 

0.93% 

0.77% 

0.71% 

0.18% 

0.12% 

0.67% 

1.85% 

0.14% 

0.31% 

153,000 

475,000 

142,000 

53,900 

49,900 

278,000 

508,000 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

Industrials 


Asahi Glass Co Ltd 

Haseko Corp 

Kandenko Co Ltd 

Kyowa Exeo Corp 

LIXIL Group Corp 

Obayashi Corp 


841,440 

283,766 

484,036 

410,549 

840,389 

1,182,082 

1,053,254 

0.42% 

0.14% 

0.24% 

0.20% 

0.42% 

0.59% 

0.52% 

576,000 

62,900 

22,700 

6,219 

28,700 

40,800 

48,000 

2,100 

54,000 

30,800 

15,900 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 


Hitachi Ltd 

Hoya Corp 

Ibiden Co Ltd 

Keyence Corp 

Kyocera Corp 

Murata Manufacturing Co Ltd 

NGK Insulators Ltd 

Nidec Corp 

Nissin Electric Co Ltd 

Omron Corp 

TDK Corp 

2,550,413 

934,441 

272,417 

1,304,159 

1,959,118 

1,810,127 

428,442 

92,615 

208,739 

556,329 

434,425 

1.27% 

0.47% 

0.14% 

0.65% 

0.98% 

0.90% 

0.21% 

0.05% 

0.10% 

0.28% 

0.22% 

505,000 

144,000 

402,700 

178,000 

JPY 

JPY 

JPY 

JPY 


IHI Corp 

Mitsubishi Materials Corp 

Sojitz Corp 

Toshiba Corp 

984,922 

369,405 

449,307 

526,996 

0.49% 

0.18% 

0.22% 

0.26% 

34,900 

19,700 

158,000 

82,300 

202,000 

JPY 

JPY 

JPY 

JPY 

JPY 


Daikin Industries Ltd 

FANUC Corp 

Isuzu Motors Ltd 

Komatsu Ltd 

Kubota Corp 

902,040 

2,755,287 

709,309 

1,579,101 

1,749,790 

0.45% 

1.37% 

0.35% 

0.79% 

0.87% 







37,600 JPY 

30,000 JPY 

127,000 JPY 

356,000 JPY 

73,000 JPY 

58,600 JPY 

7,600 JPY 

113,000 JPY 

23,900 JPY 

137,000 JPY 


Kurita Water Industries Ltd 

Maeda Corp 

Mitsubishi Electric Corp 


Nachi-Fujikoshi Corp 

OSG Corp 

SMC Corp/Japan 


THK Co Ltd 

Tsubakimoto Chain Co 

Market Value 

624,981 

119,656 

815,603 

1,297,943 

223,182 

613,150 

1,038,917 

404,046 

322,513 

582,537 

Net Assets % 

0.31% 

0.06% 

0.41% 

0.65% 

0.11% 

0.31% 

0.52% 

0.20% 

0.16% 

0.29% 

41,300 

8,000 

74,200 

JPY 

JPY 

JPY 


East Japan Railway Co 

Mitsui OSK Lines Ltd 

Yamato Holdings Co Ltd 

2,024,612 

17,852 

852,647 

1.01% 

0.01% 

0.42% 

134,700 

205,000 

174,300 

216,000 

24,900 

149,300 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 


Itochu Corp 


Mitsubishi Corp 


Secom Co Ltd 

Sumitomo Corp 

1,073,328 

1,105,808 

2,522,020 

2,434,658 

948,301 

1,442,813 

0.53% 

0.55% 

1.26% 

1.21% 

0.47% 

0.72% 

425 

448,880 

JPY 

JPY 



Inpex Corp 

JX Holdings Inc 

1,708,196 

1,904,737 

0.85% 

0.95% 

14,900 

29,400 

22,500 

29,700 

36,000 

17,200 

397 

5,600 

9,600 

14,500 

364,200 

1,934 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

Technology 


Internet Initiative Japan Inc 

IT Holdings Corp 

NET One Systems Co Ltd 

Nexon Co Ltd 

Nihon Unisys Ltd 

NS Solutions Corp 

NTT Data Corp 

Oracle Corp Japan 

Otsuka Corp 

SCSK Corp 


Yahoo Japan Corp 

258,661 

268,878 

168,019 

226,482 

181,540 

231,648 

937,164 

176,620 

549,891 

171,718 

12,814,453 

473,364 

0.13% 

0.13% 

0.08% 

0.11% 

0.09% 

0.12% 

0.47% 

0.09% 

0.27% 

0.09% 

6.37% 

0.24% 

31,300 

14,700 

174,050 

62,200 

255,000 

97,500 

19,200 

121,000 

22,700 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 


Brother Industries Ltd 

Canon Electronics Inc 

Canon Inc 

FUJIFILM Holdings Corp 

Fujitsu Ltd 

Konica Minolta Holdings Inc 

NEC Networks & System Integration Corp 

Ricoh Co Ltd 

Tokyo Electron Ltd 

252,982 

243,824 

5,107,144 

941,528 

806,492 

527,646 

258,415 

964,162 

784,744 

0.13% 

0.12% 

2.54% 

0.47% 

0.40% 

0.26% 

0.13% 

0.48% 

0.39% 

51,400 

JPY 



KDDI Corp 

2,750,033 

1.37% 






Holding 

61,700 


JPY 


Nippon Telegraph & Telephone Corp 

Market Value 

1,967,657 

Net Assets % 

0.98% 

1,443 

67,900 

JPY 

JPY 


NTT DoCoMo INC 

Softbank Corp 

1,571,975 

1,873,083 

0.78% 

0.93% 

39,100 

43,900 

21,500 

97,600 

27,400 

58,500 

JPY 

JPY 

JPY 

JPY 

JPY 

JPY 

Utilities 

Electricity 

Chubu Electric Power Co Inc 

Electric Power Development Co Ltd 

Hokuriku Electric Power Co 

Kansai Electric Power Co Inc 

Kyushu Electric Power Co Inc 

Tohoku Electric Power Co Inc 

395,032 

789,864 

193,040 

777,705 

236,626 

412,695 

0.20% 

0.39% 

0.10% 

0.39% 

0.12% 

0.21% 

214,000 

421,000 

JPY 

JPY 


Osaka Gas Co Ltd 

Tokyo Gas Co Ltd 

590,338 

1,460,955 

0.29% 

0.73% 




192,725,923 

192,725,923 

96.00% 

96.00% 


Equities 

2,543 

JPY 

Financials 


Zecs Co Ltd 

156 

0.00% 



156 

156 

0.00% 

0.00% 


192,726,079 

96.00% 


200,764,675 

100.00% 


Maturity Date 

Long/(Short) 


08-Mar-13 90 

Nikkei 225 (Sgx) 

08-Mar-13 15 

Topix Index 


Trade 


JPY 

JPY 



469,350,000 

129,225,000 

Market Price 


10,430.00 

861.50 


(in Fund Ccy) 

184,997 

29,299 

214,296 


Maturity Date 

31-Jan-13 

31-Jan-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 

04-Mar-13 


EUR 

EUR 

CAD 

EUR 

EUR 

EUR 

EUR 

GBP 


430,264 

10,351 

670,000 

518,926 

506,329 

519,080 

523,073 

410,000 


JPY 

JPY 

EUR 

AUD 

GBP 

SEK 

USD 

EUR 

Amount Sold 

48,512,301 

1,179,109 

518,425 

650,000 

410,000 

4,500,000 

680,000 

507,414 


4,060 

(8) 

(10,387) 

11,323 

5,749 

(2,577) 

8,937 

(6,834) 









04-Mar-13 NOK 

3,900,000 

04-Mar-13 NZD 

810,000 



EUR 

EUR 

Amount Sold 

527,571 

510,015 


(1,141) 

(11,103) 

(1,981) 




Pioneer Funds - Emerging Markets Equity 






Market Value 

Net Assets % 

Bonds 

1,401 

1,401 

BRL 

BRL 



Hypermarcas SA Floating 15/Oct/2015 

Hypermarcas 11.3% 15/Oct/2018 

401,155 

372,955 

0.05% 

0.06% 

Total Bonds 

774,110 

0.11% 

Equities 

19,040 

119,068 

2,185,000 

69,109 

KRW 

USD 

TWD 

USD 


Chemicals 

LG Chem Ltd 

Sociedad Quimica y Minera de Chile SA - Adr 

Taiwan Fertilizer Co Ltd 

Uralkali OJSC - Gdr 

4,451,605 

5,206,516 

4,326,055 

2,002,924 

0.66% 

0.77% 

0.64% 

0.30% 

2,970,000 

946,164 

24,852 

328,729 

308,174 

679,053 

HKD 

USD 

KRW 

USD 

USD 

USD 



MMC Norilsk Nickel OJSC - Adr 

POSCO 

Ternium SA - Adr 

Vale SA - Adr 


5,929,130 

13,226,489 

6,145,008 

5,871,942 

4,901,706 

10,455,686 

0.88% 

1.96% 

0.91% 

0.87% 

0.73% 

1.55% 

23,582,500 

327,400 

283,959 

IDR 

ZAR 

GBP 

Mining 

Adaro Energy Tbk PT 

AngloGold Ashanti Ltd 

Rio Tinto PLC 

2,951,042 

7,678,496 

12,293,454 

0.44% 

1.14% 

1.82% 

2,269,500 

22,542 

61,466 

715,339 

HKD 

KRW 

KRW 

TRY 



Great Wall Motor Co Ltd 

Hyundai Mobis 

Hyundai Motor Co 

Tofas Turk Otomobil Fabrikasi AS 

5,430,170 

4,599,606 

9,515,291 

3,176,987 

0.81% 

0.68% 

1.41% 

0.47% 

252,260 

BRL 

Beverages 

Cia de Bebidas das Americas - Pfd 

7,997,337 

1.19% 

571,278 

BRL 


BRF - Brasil Foods SA 

8,928,566 

1.32% 

33,837 

KRW 

Leisure Goods 

NCSoft Corp 

3,607,979 

0.54% 

127,009 

KRW 


Able C&C Co Ltd 

7,099,818 

1.05% 

1,145,043 

74,733 

INR 

KRW 

Tobacco 

ITC Ltd 

KT&G Corp 

4,546,240 

4,278,184 

0.67% 

0.63% 

119,844 

250,932 

BRL 

USD 



Cia Brasileira de Distribuicao Grupo Pao de Acucar - Pfd 


4,017,812 

7,632,261 

0.60% 

1.13% 

493,577 

ZAR 


Mr Price Group Ltd 

6,177,545 

0.92% 







2,655,986 MXN 


Wal-Mart de Mexico SAB de CV 

Market Value 

6,552,800 

Net Assets % 

0.97% 

81,974 

ZAR 

Media 

Naspers Ltd 

3,980,786 

0.59% 

101,845 

2,621,000 

63,616 

USD 

HKD 

USD 


Copa Holdings SA - A 

SJM Holdings Ltd 

Yum! Brands Inc 

7,673,137 

4,616,830 

3,204,926 

1.14% 

0.68% 

0.48% 

27,822,000 

176,813 

321,900 

23,684,000 

12,384,500 

26,330,000 

6,561,000 

1,822,248 

1,140,216 

694,948 

957,785 

671,772 

31,611,000 

1,413,484 

871,900 

419,730 

3,102,000 

6,041,280 

155,175 

1,250,332 

946,200 

1,418,618 

HKD 

INR 

BRL 

HKD 

IDR 

HKD 

HKD 

EUR 

ZAR 

USD 

INR 

INR 

HKD 

USD 

THB 

KRW 

MYR 

TWD 

HUF 

USD 

THB 

TRY 

Financials 


Agricultural Bank of China Ltd 

Axis Bank Ltd 



Bank Rakyat Indonesia Persero Tbk PT 


China Minsheng Banking Corp Ltd - H 


FirstRand Ltd 

Grupo Financiero Santander Mexico SAB de CV 

HDFC Bank Ltd 

ICICI Bank Ltd 


Itau Unibanco Holding SA - Adr 

Kasikornbank PCL 

KB Financial Group Inc 

Malayan Banking Bhd 

Mega Financial Holding Co Ltd 

OTP Bank PLC 



Turkiye Halk Bankasi AS 

10,427,771 

3,320,484 

4,193,900 

8,019,282 

6,774,101 

16,026,754 

5,752,841 

2,613,104 

3,159,961 

8,533,987 

8,997,737 

10,585,490 

17,013,954 

17,657,828 

4,183,320 

11,270,545 

7,078,591 

3,566,225 

2,211,343 

11,664,960 

4,258,268 

10,550,932 

1.55% 

0.49% 

0.62% 

1.19% 

1.00% 

2.38% 

0.85% 

0.39% 

0.47% 

1.27% 

1.33% 

1.57% 

2.52% 

2.62% 

0.62% 

1.67% 

1.05% 

0.53% 

0.33% 

1.73% 

0.63% 

1.57% 

487,018 

304,203 

USD 

BRL 


Gerdau SA - Adr 

Grupo BTG Pactual 

3,320,913 

3,493,413 

0.49% 

0.52% 

1,344,500 

HKD 


Ping An Insurance Group Co - H 

8,539,056 

1.27% 

6,838,000 

3,026,000 

18,860,000 

2,356,264 

HKD 

HKD 

HKD 

BRL 


Agile Property Holdings Ltd 

China Overseas Land & Investment Ltd 


PDG Realty SA Empreendimentos e Participacoes 

7,293,902 

6,840,459 

7,493,282 

2,889,194 

1.08% 

1.01% 

1.11% 

0.43% 

1,254,325 

ZAR 

Health Care 


Life Healthcare Group Holdings Ltd 

3,812,606 

0.57% 

7,014,000 

2,923,000 

30,285 

HKD 

IDR 

KRW 

Industrials 





5,134,187 

5,164,562 

3,551,087 

0.76% 

0.77% 

0.53% 

6,814,400 

TWD 


Hon Hai Precision Industry Co Ltd 

15,823,434 

2.35% 






Holding 

1,284,466 

33,527 

1,095,932 

6,541,200 


INR 

KRW 

INR 

HKD 



Bharat Heavy Electricals Ltd 

Hyundai Heavy Industries Co Ltd 



Market Value 

4,058,680 

5,748,384 

4,743,441 

7,310,177 

Net Assets % 

0.60% 

0.85% 

0.70% 

1.08% 

153,139 

ZAR 


Bidvest Group Ltd 

2,950,162 

0.44% 

2,395,000 

2,016,055 

175,543 

3,746,000 

1,432,808 

245,867 

1,119,447 

453,800 

387,127 

1,728,516 

HKD 

USD 

USD 

HKD 

BRL 

USD 

BRL 

THB 

INR 

USD 



CNOOC Ltd 

Gazprom OAO - Adr Reg 


PetroChina Co Ltd - H 

Petroleo Brasileiro SA 

Petroleo Brasileiro SA - Adr 

Petroleo Brasileiro SA - Pfd 

PTT PCL 

Reliance Industries Ltd 

Rosneft Oil Co - Gdr 

3,932,800 

14,465,929 

8,807,774 

4,025,080 

10,376,705 

3,629,075 

8,094,836 

3,735,734 

4,499,367 

11,681,643 

0.58% 

2.15% 

1.31% 

0.60% 

1.54% 

0.54% 

1.20% 

0.55% 

0.67% 

1.73% 

263,200 

HKD 

Technology 



6,413,419 

0.95% 

22,469 

695,910 

1,203,948 

24,535,000 

4,932,000 

KRW 

KRW 

USD 

TWD 

TWD 



SK Hynix Inc 

Taiwan Semiconductor Manufacturing Co Ltd - Adr 

United Microelectronics Corp 

Wistron Corp 

24,228,921 

12,695,974 

15,679,450 

7,497,963 

3,877,581 

3.60% 

1.88% 

2.33% 

1.11% 

0.58% 

27,115,000 

EUR 




16,201,212 

2.40% 

822,500 

243,208 

15,947,403 

756,456 

651,322 

HKD 

SEK 

EGP 

USD 

TRY 


China Mobile Ltd 


Orascom Telecom Holding SAE 


Turkcell Iletisim Hizmetleri AS 

7,264,195 

15,950,621 

7,545,310 

1,800,485 

3,197,165 

1.08% 

2.37% 

1.12% 

0.27% 

0.47% 

275,892 

1,689,500 

USD 

MYR 

Utilities 

Electricity 

Cia Energetica de Minas Gerais - Adr 

Tenaga Nasional Bhd 

2,272,593 

2,908,271 

0.34% 

0.43% 


665,286,748 

98.69% 

1,401 

BRL 

Warrants 

Hypermarcas SA - Hypermarcas - 15/Oct/2015 

55,387 

0.01% 




55,387 

666,116,245 

0.01% 

98.81% 


666,116,245 

98.81% 


674,130,000 

100.00% 







Maturity Date 

Long/(Short) 


30-Jan-13 3,521 

Ftse China A50 


Trade 


USD 



29,329,930 

Market Price 


8,330.00 


(in Fund Ccy) 

1,126,354 

1,126,354 




04-Mar-13 MXN 

408,379,642 

04-Mar-13 ZAR 

115,617,769 

04-Mar-13 ZAR 

75,626,538 



EUR 

EUR 

EUR 

Amount Sold 

24,023,930 

9,890,331 

6,624,938 


(340,932) 

357,208 

78,062 

94,338 


Maturity Date 

Quantity 

Contract 

Strike Price 




Trade 


Market Price 

(in Fund Ccy) 

Unrealised 

Gain/(Loss) 




8.80 

58,737,864 USD 

(106,625) 

14,629 

(106,625) 

14,629 

14,629 




Pioneer Funds - Emerging Markets Equity Unconstrained 


Holding 





Market Value 

Net Assets % 


1,650,000 

1,500,000 

1,500,000 

1,500,000 

1,500,000 

1,500,000 

USD 

USD 

USD 

USD 

USD 

USD 


United States Treasury Bill 0% 07/Feb/2013 

United States Treasury Bill 0% 10/Jan/2013 





1,251,489 

1,137,736 

1,137,709 

1,137,729 

1,137,737 

1,137,722 

13.83% 

12.58% 

12.58% 

12.58% 

12.58% 

12.58% 




6,940,122 

6,940,122 

76.73% 

76.73% 


6,940,122 

76.73% 


9,045,231 

100.00% 

Outstanding Contracts for Differences as at 31 December 2012 (expressed in EUR) 


Quantity CFD Type 

Underlying 


CCR SA 


Gazprom OAO 


Itau Unibanco Holding SA - ADR 


M Video OJSC 


MMC Norilsk Nickel OJSC - ADR 



900 CFD on Single Equity 

Teva Pharmaceutical Industries Ltd - ADR 

5,600 CFD on Fund 

iShares MSCI Emerging Markets Index Fund 



USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

Unrealised 

Gain/(Loss) 

1,814 

1,850 

3,519 

6,432 

1,024 

4,253 

(3,425) 

4,131 

19,598 




Pioneer Funds - Emerging Europe and Mediterranean Equity 






Market Value 

Net Assets % 

Equities 

191,550 

USD 


Chemicals 


5,551,521 

1.09% 

1,136,907 

193,376 

864,364 

USD 

USD 

USD 



Severstal OAO - Gdr 

TMK OAO - Reg 

15,892,897 

1,785,032 

10,037,479 

3.11% 

0.35% 

1.97% 

340,840 

GBP 

Mining 

Polymetal International PLC 

4,937,579 

0.97% 

301,202 

367,786 

497,076 

806,233 

USD 

EGP 

USD 

TRY 



Banque Audi sal- Audi Saradar Group - Gdr Reg S 

Ghabbour Auto 

Sollers OJSC 

Tofas Turk Otomobil Fabrikasi AS 

1,438,157 

1,216,778 

8,505,998 

3,580,669 

0.28% 

0.24% 

1.67% 

0.70% 

181,407 

535,841 

TRY 

TRY 


Pinar SUT Mamulleri Sanayii AS 

Ulker Biskuvi Sanayi AS 

1,241,273 

2,199,887 

0.24% 

0.43% 

1,384,169 

TRY 


Arcelik AS 

6,882,755 

1.35% 

247,030 

273,514 

400,593 

131,246 

175,906 

TRY 

TRY 

PLN 

USD 

USD 



BIM Birlesik Magazalar AS 

Bizim Toptan Satis Magazalari AS 

Eurocash SA 

Magnit OJSC 

X5 Retail Group NV - Adr 

9,160,147 

3,231,556 

4,290,350 

15,833,104 

2,381,616 

1.80% 

0.63% 

0.84% 

3.10% 

0.47% 

186,061 

USD 


M Video OJSC 

1,117,430 

0.22% 

2,302,552 

186,304 

245,859 

347,555 

24,713 

1,244,076 

17,828,823 

2,384,329 

1,140,828 

3,225,490 

1,022,086 

3,352,232 

TRY 

PLN 

USD 

EUR 

CZK 

PLN 

USD 

TRY 

TRY 

TRY 

USD 

TRY 

Financials 


Akbank TAS 

Bank Pekao SA 

BLOM Bank SAL - Gdr Reg S 

Erste Group Bank AG 

Komercni Banka AS 

Powszechna Kasa Oszczednosci Bank Polski SA 

Sberbank of Russia 

Turkiye Garanti Bankasi AS 

Turkiye Halk Bankasi AS 

Turkiye Is Bankasi - C 


Yapi ve Kredi Bankasi AS 

8,611,512 

7,647,947 

1,473,215 

8,350,009 

3,948,880 

11,250,742 

41,409,280 

9,383,492 

8,484,876 

8,471,718 

2,682,356 

7,408,405 

1.69% 

1.50% 

0.29% 

1.64% 

0.77% 

2.20% 

8.13% 

1.84% 

1.66% 

1.66% 

0.53% 

1.45% 

2,100,754 

SEK 


EOS Russia 

5,633,526 

1.10% 

117,378 

PLN 


Powszechny Zaklad Ubezpieczen SA 

12,571,180 

2.46% 







643,659 USD 



Etalon Group Ltd - Gdr Reg S 

Market Value 

2,660,757 

Net Assets % 

0.52% 

2,288,289 

TRY 


Emlak Konut Gayrimenkul Yatirim Ortakligi AS 

3,034,260 

0.59% 

80,323 

51,548 

GBP 

HUF 

Health Care 


Hikma Pharmaceuticals PLC 

Richter Gedeon Nyrt 

753,616 

6,409,536 

0.15% 

1.26% 

3,665,683 

1,305,825 

839,922 

TRY 

EGP 

USD 

Industrials 


Enka Insaat ve Sanayi AS 

Lecico Egypt SAE 

Mostotrest - CLS 

8,256,920 

1,167,194 

3,822,461 

1.62% 

0.23% 

0.75% 

544,042 

23,140,954 

USD 

USD 


Hydraulic Machines and Systems Group PLC - Gdr Reg S 

Siloviye Mashiny - CLS 

1,741,397 

2,369,561 

0.34% 

0.46% 

111,410 

USD 


Globaltrans Investment PLC 

1,395,160 

0.27% 

188,301 

PLN 


KRUK SA 

2,033,317 

0.40% 

5,107,176 

927,921 

150,075 

141,689 

5,018,768 

3,104,470 

2,926,187 

1,544,193 

247,164 

2,532,446 

USD 

USD 

USD 

PLN 

PLN 

USD 

USD 

USD 

TRY 

TRY 





NovaTek OAO - Gdr Reg 

Polski Koncern Naftowy Orlen S.A. 

Polskie Gornictwo Naftowe i Gazownictwo SA 


Surgutneftegas OJSC - Adr 

Surgutneftegas OJSC - Adr Pfd 

Tupras Turkiye Petrol Rafinerileri AS 

Turcas Petrol AS 

36,645,846 

46,557,928 

13,636,973 

1,718,895 

6,408,299 

20,980,604 

19,531,588 

7,671,772 

5,409,782 

3,497,928 

7.18% 

9.13% 

2.67% 

0.34% 

1.26% 

4.11% 

3.83% 

1.50% 

1.06% 

0.69% 

9,892 

942,433 

179,863 

USD 

EUR 

USD 


AK Transneft OAO - Pfd 

CAT Oil AG 

Eurasia Drilling Co Ltd - Gdr Reg S 

16,985,118 

6,351,998 

4,870,380 

3.33% 

1.24% 

0.95% 

3,505,950 

79,228 

172,588 

PLN 

USD 

TRY 



Netia SA 

Rostelecom OJSC - Adr 

Turk Telekomunikasyon AS 

3,677,540 

1,435,046 

507,579 

0.72% 

0.28% 

0.10% 

97,392 

907,434 

608,731 

USD 

USD 

TRY 


MegaFon OAO 

Mobile Telesystems OJSC - Adr 

Turkcell Iletisim Hizmetleri AS 

1,758,138 

12,664,431 

2,988,097 

0.34% 

2.48% 

0.59% 

4,161,484 

4,161,484 

3,292,867 

111,705 

TRY 

TRY 

TRY 

CZK 

Utilities 

Electricity 

Akenerji Elektrik Uretim AS 

Akenerji Elektrik Uretim AS - 28/Dec/2012 

Aksa Enerji Uretim AS 

CEZ AS 

2,900,543 

1,078,861 

6,381,552 

3,026,814 

0.57% 

0.21% 

1.25% 

0.59% 







21,863,800 RUB 

47,068,263 USD 

12,006,322 USD 

690,468 PLN 

721,708,000 RUB 


Enel OGK-5 OJSC 

Federal Hydrogenerating Co JSC 

IDGC Holding JSC - BRD 

PGE SA 

TGK-5 

Market Value 

879,449 

863,251 

588,477 

3,081,495 

63,973 

Net Assets % 

0.17% 

0.17% 

0.12% 

0.60% 

0.01% 




502,417,902 

502,417,902 

98.46% 

98.46% 


502,417,902 

98.46% 


510,254,455 

100.00% 




Pioneer Funds - Asia (Ex. Japan) Equity 






Market Value 

Net Assets % 

Equities 

12,000,000 

3,926 

12,550 

2,857 

PHP 

KRW 

KRW 

KRW 


Chemicals 

D&L Industries Inc 

Honam Petrochemical Corp 

Huchems Fine Chemical Corp 

LG Chem Ltd 

975,307 

682,869 

230,292 

667,975 

0.90% 

0.63% 

0.21% 

0.61% 

845,000 

HKD 


Nine Dragons Paper Holdings Ltd 

578,841 

0.53% 

320,043 

599,000 

1,424,000 

3,466 

39,010 

INR 

HKD 

HKD 

KRW 

INR 


Hindalco Industries Ltd 


Maanshan Iron & Steel - H 

POSCO 

Tata Steel Ltd 

578,190 

1,195,808 

327,478 

857,017 

231,408 

0.53% 

1.10% 

0.30% 

0.79% 

0.21% 

209,500 

746,000 

HKD 

HKD 

Mining 

China Shenhua Energy Co Ltd - H 

Real Gold Mining Ltd 

696,030 

102,205 

0.64% 

0.09% 

2,656,000 

4,755,000 

77,740 

7,999 

3,352 

239,000 

HKD 

HKD 

KRW 

KRW 

KRW 

TWD 





Halla Climate Control Corp 

Hyundai Motor Co 

Korea Zinc Co Ltd 

Yulon Motor Co Ltd 

888,912 

1,707,737 

1,305,355 

1,238,291 

961,822 

343,346 

0.82% 

1.57% 

1.20% 

1.14% 

0.88% 

0.32% 

258,000 

TWD 


Standard Foods Corp 

535,745 

0.49% 

1,205,000 

719,000 

500,800 

498,500 

HKD 

HKD 

HKD 

HKD 


Goodbaby International Holdings Ltd 


Man Wah Holdings Ltd 

Techtronic Industries Co 

330,179 

797,896 

316,593 

700,526 

0.30% 

0.73% 

0.29% 

0.64% 

129,000 

80,000 

1,016,000 

TWD 

TWD 

HKD 

Leisure Goods 

Giant Manufacturing Co Ltd 

Merida Industry Co Ltd 


561,016 

271,647 

429,518 

0.52% 

0.25% 

0.40% 

29,916 

16,518 

150,000 

KRW 

INR 

HKD 


Able C&C Co Ltd 



1,672,308 

250,554 

246,900 

1.54% 

0.23% 

0.23% 

459,500 

116,000 

443,200 

1,024,000 

HKD 

HKD 

THB 

HKD 



Biostime International Holdings Ltd 

Intime Department Store Group Co Ltd 

Robinson Department Store PCL 


1,088,191 

103,755 

730,794 

637,326 

1.00% 

0.10% 

0.67% 

0.59% 

11,075,000 

IDR 

Media 

Indosiar Karya Media Tbk PT 

897,779 

0.83% 







2,127,500 IDR 


Surya Citra Media Tbk PT 

Market Value 

376,739 

Net Assets % 

0.35% 

112,200 

198,000 

18,616 

37,900 

1,500,000 

120,684 

TWD 

HKD 

KRW 

USD 

HKD 

KRW 


Formosa International Hotels Corp 


Hotel Shilla Co Ltd 

Melco Crown Entertainment Ltd 

NagaCorp Ltd 

Paradise Co Ltd 

1,141,489 

588,069 

579,670 

472,600 

689,912 

1,470,665 

1.05% 

0.54% 

0.53% 

0.43% 

0.63% 

1.35% 

396,400 

14,363 

906,500 

98,310 

4,805,000 

3,939,000 

74,160 

480,000 

79,956 

52,360 

3,326,000 

394,000 

117,827 

33,863 

6,603,400 

43,000 

MYR 

INR 

IDR 

INR 

HKD 

HKD 

KRW 

TWD 

INR 

KRW 

HKD 

TWD 

INR 

INR 

THB 

HKD 

Financials 


Alliance Financial Group Bhd 


Bank Mandiri Persero Tbk PT 

Bank of Baroda 



DGB Financial Group Inc 

E.Sun Financial Holding Co Ltd 


Hana Financial Group Inc 


King’s Town Bank 

Oriental Bank of Commerce 

State Bank of India 

TMB Bank PCL 

Wing Hang Bank Ltd 

432,617 

269,732 

577,885 

1,179,214 

1,626,949 

2,397,622 

764,484 

203,735 

595,725 

1,287,256 

1,790,149 

223,834 

571,150 

1,118,295 

304,547 

340,425 

0.40% 

0.25% 

0.53% 

1.08% 

1.50% 

2.21% 

0.70% 

0.19% 

0.55% 

1.18% 

1.65% 

0.21% 

0.53% 

1.03% 

0.28% 

0.31% 

371,000 

597,000 

619,600 

87,100 

180,354 

31,240 

682,000 

419,000 

TWD 

HKD 

HKD 

HKD 

INR 

KRW 

TWD 

TWD 


Chailease Holding Co Ltd 

Far East Horizon Ltd 

Haitong Securities Co Ltd 

Hong Kong Exchanges and Clearing Ltd 

LIC Housing Finance Ltd 

Samsung Securities Co Ltd 

SinoPac Financial Holdings Co Ltd 

Yuanta Financial Holding Co Ltd 

645,386 

364,555 

806,431 

1,124,261 

727,432 

1,181,920 

221,781 

163,616 

0.59% 

0.34% 

0.74% 

1.03% 

0.67% 

1.09% 

0.20% 

0.15% 

184,400 

526,000 

1,622,000 

222,000 

77,600 

143,500 

HKD 

HKD 

TWD 

HKD 

HKD 

HKD 


AIA Group Ltd 

China Life Insurance Co Ltd - H 

China Life Insurance Co Ltd/Taiwan 

China Pacific Insurance Group Co Ltd - H 

New China Life Insurance Co Ltd - H 


545,872 

1,302,299 

1,110,001 

622,418 

223,641 

911,383 

0.50% 

1.20% 

1.02% 

0.57% 

0.21% 

0.84% 

983,600 

435,000 

850,000 

184,000 

2,486,000 

27,000,000 

9,878,300 

4,829,200 

PHP 

SGD 

SGD 

HKD 

HKD 

IDR 

THB 

PHP 


Ayala Land Inc 

CapitaLand Ltd 

CapitaMalls Asia Ltd 

China Resources Land Ltd 


Pakuwon Jati Tbk PT 

Quality Houses PCL 

Vista Land & Lifescapes Inc 

480,564 

999,410 

1,023,937 

379,931 

987,715 

478,118 

529,065 

433,530 

0.44% 

0.92% 

0.94% 

0.35% 

0.91% 

0.44% 

0.49% 

0.40% 







741,000 SGD 



CapitaCommercial Trust 

Market Value 

775,302 

Net Assets % 

0.71% 

239,000 

TWD 

Health Care 


CHC Healthcare Group 

745,997 

0.69% 

21,934 

54,511 

1,464,000 

222,000 

47,199 

INR 

INR 

HKD 

TWD 

INR 


Dr Reddy’s Laboratories Ltd 

Lupin Ltd 

Sino Biopharmaceutical 

TTY Biopharm Co Ltd 

Wockhardt Ltd 

555,598 

463,231 

530,087 

649,445 

1,027,647 

0.51% 

0.43% 

0.49% 

0.60% 

0.95% 

35,000 

514,400 

467,600 

3,615,000 

500,000 

748,000 

2,700,000 

1,788,000 

345,100 

54,360 

22,446 

13,033 

3,672 

293,000 

564,900 

3,702,000 

HKD 

THB 

THB 

HKD 

HKD 

HKD 

HKD 

HKD 

MYR 

KRW 

KRW 

KRW 

KRW 

IDR 

THB 

IDR 

Industrials 



CH Karnchang PCL 

CH Karnchang PCL 




China Railway Group Ltd 


Gamuda Bhd 

Hyundai Development Co 

Hyundai Engineering & Construction Co Ltd 

Samsung C&T Corp 


Semen Gresik Persero Tbk PT 

Sino Thai Engineering & Construction PCL 

Wijaya Karya Persero Tbk PT 

96,588 

170,915 

155,365 

2,249,934 

554,865 

644,884 

1,196,923 

1,627,252 

311,576 

833,821 

1,113,199 

578,035 

430,563 

365,498 

381,691 

431,208 

0.09% 

0.16% 

0.14% 

2.07% 

0.51% 

0.59% 

1.10% 

1.50% 

0.29% 

0.77% 

1.02% 

0.53% 

0.40% 

0.34% 

0.35% 

0.40% 

46,940 

26,000 

INR 

TWD 


Bajaj Electricals Ltd 


136,203 

348,387 

0.13% 

0.32% 

136,000 

HKD 


Hutchison Whampoa Ltd 

1,076,693 

0.99% 

704,000 

21,350 

2,869 

712,000 

11,249 

184,897 

2,820,000 

HKD 

KRW 

KRW 

HKD 

KRW 

INR 

HKD 



Doosan Heavy Industries & Construction Co Ltd 

Hyundai Heavy Industries Co Ltd 

Shanghai Electric Group Co Ltd 

Sung Kwang Bend Co Ltd 


Tiangong International Co Ltd 

476,742 

683,710 

491,905 

230,628 

195,261 

800,276 

513,294 

0.44% 

0.63% 

0.45% 

0.21% 

0.18% 

0.74% 

0.47% 

542,000 

464,000 

122,611 

71,500 

TWD 

IDR 

INR 

HKD 


Evergreen Marine Corp Taiwan Ltd 

Jasa Marga Persero Tbk PT 

Mundra Port and Special Economic Zone Ltd 

Orient Overseas International Ltd 

245,624 

199,023 

229,147 

351,248 

0.23% 

0.18% 

0.21% 

0.32% 

49,350 

KRW 


Daewoo International Corp 

1,386,328 

1.28% 








Market Value 

Net Assets % 

471,294 

HKD 




247,207 

0.23% 

915,000 

642,000 

1,062,000 

327,249 

67,008 

700,000 

HKD 

HKD 

HKD 

THB 

INR 

HKD 


CNOOC Ltd 



PTT Exploration & Production PCL 


SPT Energy Group Inc 

1,502,510 

1,016,525 

1,141,120 

1,330,747 

778,798 

267,157 

1.38% 

0.94% 

1.05% 

1.22% 

0.72% 

0.25% 

904,497 

MYR 


Sapurakencana Petroleum Bhd 

706,700 

0.65% 

26,164 

53,800 

INR 

HKD 

Technology 


Tata Consultancy Services Ltd 


454,876 

1,310,950 

0.42% 

1.21% 

630,000 

58,000 

7,163 

1,300,000 

1,254,500 

TWD 

TWD 

KRW 

TWD 

IDR 


Chipbond Technology Corp 

Hermes Microvision Inc 


Taiwan Semiconductor Manufacturing Co Ltd 

Tower Bersama Infrastructure Tbk PT 

939,611 

805,955 

7,724,053 

3,293,717 

562,774 

0.86% 

0.74% 

7.10% 

3.02% 

0.52% 

208,700 

1,216,295 

314,500 

MYR 

INR 

HKD 



Axiata Group Bhd 

Bharti Infratel Ltd 


341,134 

3,247,206 

2,777,616 

0.31% 

2.99% 

2.56% 

558,000 

14,870 

HKD 

KRW 

Utilities 

Electricity 


Korea Electric Power Corp 

1,080,102 

320,800 

0.99% 

0.30% 




110,509,290 

110,509,290 

101.68% 

101.68% 

18,182 

NZD 


Fonterra Shareholders’ Fund - D 

81,009 

0.07% 


81,009 

0.07% 


110,590,299 

101.75% 


108,690,464 

100.00% 




Pioneer Funds - Latin American Equity 






Market Value 

Net Assets % 

Equities 

253,125 

MXN 


Chemicals 

Mexichem SAB de CV 

1,070,412 

1.48% 

146,008 

103,959 

CLP 

USD 


Empresas CMPC SA 

Fibria Celulose SA - Adr 

408,915 

896,552 

0.57% 

1.24% 

533,497 

48,552 

48,494 

161,625 

213,026 

23,420 

MXN 

USD 

USD 

USD 

USD 

BRL 


Grupo Mexico SAB de CV - B 

Southern Copper Corp 

Ternium SA - Adr 

Vale SA - Adr 


Vale SA - Pfd - A 

1,456,458 

1,393,145 

866,227 

2,570,750 

3,280,057 

354,582 

2.02% 

1.93% 

1.20% 

3.56% 

4.56% 

0.49% 

52,237 

USD 

Mining 

Cia de Minas Buenaventura SA - Adr 

1,423,997 

1.97% 

68,067 

BRL 



Iochpe-Maxion SA 

689,634 

0.96% 

85,753 

22,871 

54,028 

19,886 

CLP 

USD 

BRL 

USD 

Beverages 

Cia Cervecerias Unidas SA 

Cia de Bebidas das Americas - Adr 

Cia de Bebidas das Americas - Pfd 


1,023,982 

728,423 

1,712,836 

1,519,204 

1.42% 

1.01% 

2.38% 

2.11% 

111,126 

64,300 

50,235 

77,605 

BRL 

USD 

COP 

BRL 


BRF - Brasil Foods SA 

Cosan Ltd 

Grupo Nutresa SA 

SLC Agricola SA 

1,736,800 

844,230 

548,148 

570,657 

2.41% 

1.17% 

0.76% 

0.79% 

149,475 

BRL 


Alpargatas SA 

836,123 

1.16% 

23,527 

BRL 



Cia Brasileira de Distribuicao Grupo Pao de Acucar - Pfd 

788,751 

1.09% 

10,851 

42,562 

24,877 

436,815 

1,082,013 

BRL 

BRL 

BRL 

CLP 

MXN 


Anhanguera Educacional Participacoes SA 

Localiza Rent a Car SA 

Lojas Renner SA 

Ripley Corp SA 

Wal-Mart de Mexico SAB de CV 

138,961 

591,259 

734,943 

315,925 

2,669,523 

0.19% 

0.82% 

1.02% 

0.44% 

3.70% 

80,301 

BRL 


International Meal Co Holdings SA 

752,603 

1.04% 

141,032 

69,882 

18,025 

241,914 

8,940,700 

USD 

BRL 

CLP 

USD 

CLP 

Financials 


Banco Bradesco SA - Adr 


Banco de Credito e Inversiones 

Banco Santander Brasil SA/Brazil - Adr 1 UNIT 

Banco Santander Chile 

1,858,105 

910,463 

940,755 

1,335,812 

477,593 

2.58% 

1.26% 

1.30% 

1.85% 

0.66% 







73,408 COP 

15,423 USD 

421,772 MXN 

70,484 USD 

242,840 USD 

141,607 BRL 


Bancolombia SA 

Credicorp Ltd 

Grupo Financiero Banorte SAB de CV 

Grupo Financiero Santander Mexico SAB de CV 

Itau Unibanco Holding SA - Adr 

Itau Unibanco Holding SA - Pfd 

Market Value 

945,324 

1,713,095 

2,051,860 

865,546 

3,033,658 

1,751,563 

Net Assets % 

1.31% 

2.38% 

2.85% 

1.20% 

4.22% 

2.43% 

197,165 

80,578 

42,518 

36,705 

304,742 

BRL 

USD 

BRL 

COP 

BRL 


Bradespar SA - Pfd 

Gerdau SA - Adr 

Grupo BTG Pactual 

Grupo de Inversiones Suramericana SA 

Itausa - Investimentos Itau SA - Pfd 

2,397,869 

549,451 

488,269 

598,722 

1,093,908 

3.33% 

0.76% 

0.68% 

0.83% 

1.52% 

116,039 

502,158 

BRL 

BRL 


MRV Engenharia e Participacoes SA 

PDG Realty SA Empreendimentos e Participacoes 

514,974 

615,734 

0.71% 

0.85% 

16,152 

BRL 

Health Care 


Fleury SA 

137,918 

0.19% 

33,930 

USD 

Industrials 


Embraer SA - Adr 

733,469 

1.02% 

356,588 

MXN 


Corp GEO SAB de CV 

314,917 

0.44% 

107,485 

65,619 

BRL 

BRL 


Autometal SA 

Randon Participacoes SA - Pfd 

836,961 

308,472 

1.16% 

0.43% 

26,797 

BRL 


Santos Brasil Participacoes SA 

289,864 

0.40% 

11,007 

133,311 

149,205 

34,378 

46,277 

127,000 

145,806 

191,131 

USD 

BRL 

BRL 

CAD 

BRL 

USD 

BRL 

USD 



Ecopetrol SA - Adr 

HRT Participacoes em Petroleo SA 

OGX Petroleo e Gas Participacoes SA 

Pacific Rubiales Energy Corp 

Petroleo Brasileiro SA 

Petroleo Brasileiro SA - Adr 

Petroleo Brasileiro SA - Pfd 

Petroleo Brasileiro SA - SP Adr 

498,003 

233,589 

242,093 

605,484 

335,148 

1,874,560 

1,054,338 

2,800,858 

0.69% 

0.32% 

0.34% 

0.84% 

0.46% 

2.60% 

1.46% 

3.89% 

579,864 

EUR 




346,469 

0.48% 

162,803 

21,711 

USD 

SEK 


America Movil SAB de CV - Adr - L 


2,858,684 

1,423,900 

3.97% 

1.97% 

63,462 

81,368 

53,333 

415,319 

2,135,772 

USD 

BRL 

USD 

CLP 

CLP 

Utilities 

Electricity 

Cia Energetica de Minas Gerais - Adr 

Cia Energetica de Sao Paulo - Pfd B 

Cia Paranaense de Energia - Adr 

Empresa Nacional de Electricidad SA/Chile 

Enersis SA 

522,753 

584,462 

620,951 

511,943 

594,870 

0.72% 

0.81% 

0.86% 

0.71% 

0.82% 







41,975 BRL 


Tractebel Energia SA 

Market Value 

518,575 

Net Assets % 

0.72% 

1,905,800 

CLP 


Aguas Andinas SA - A 

1,025,675 

1.42% 




71,339,754 

71,339,754 

98.93% 

98.93% 

4,348 

USD 


iShares MSCI Mexico Investable Market Index Fund - D 

232,406 

0.32% 


232,406 

0.32% 


71,572,160 

99.25% 


72,115,863 

100.00% 




04-Mar-13 MXN 

59,681,798 



EUR 

Amount Sold 

3,510,928 


(50,006) 

(50,006) 




Pioneer Funds - China Equity 






Market Value 

Net Assets % 

Equities 

904,000 

HKD 


Chemicals 

Dongyue Group 

453,827 

0.12% 

1,298,000 

3,133,000 

HKD 

HKD 


Lee & Man Paper Manufacturing Ltd 

Nine Dragons Paper Holdings Ltd 

619,868 

2,146,163 

0.17% 

0.58% 

1,997,000 

HKD 



3,986,691 

1.07% 

1,736,000 

1,475,500 

28,590 

6,654,000 

HKD 

HKD 

HKD 

HKD 

Mining 

China Coal Energy Co Ltd - H 

China Shenhua Energy Co Ltd - H 

Inner Mongolia Yitai Coal Co Ltd 

Zijin Mining Group Co Ltd - H 

1,430,429 

4,902,113 

125,902 

1,986,035 

0.39% 

1.32% 

0.03% 

0.53% 

2,524,000 

3,462,000 

3,580,000 

1,024,750 

HKD 

HKD 

HKD 

HKD 




Brilliance China Automotive Holdings Ltd 


Great Wall Motor Co Ltd 

844,734 

3,232,063 

1,285,741 

2,451,891 

0.23% 

0.87% 

0.35% 

0.66% 

1,806,000 

HKD 

Beverages 

Uni-President China Holdings Ltd 

1,450,993 

0.39% 

1,188,000 

2,495,000 

3,527,000 

HKD 

HKD 

HKD 


Tingyi Cayman Islands Holding Corp 

Want Want China Holdings Ltd 

Yashili International Holdings Ltd 

2,505,348 

2,607,631 

704,109 

0.67% 

0.70% 

0.19% 

1,863,000 

HKD 



2,067,427 

0.56% 

1,488,000 

HKD 

Leisure Goods 


629,058 

0.17% 

2,122,000 

981,000 

HKD 

HKD 



Stella International Holdings Ltd 

3,492,816 

2,016,010 

0.94% 

0.54% 

402,300 

USD 



Dairy Farm International Holdings Ltd 

3,326,054 

0.90% 

4,385,000 

3,438,500 

1,674,000 

6,376,000 

998,000 

HKD 

HKD 

HKD 

HKD 

HKD 


China Dongxiang Group Co 

China ZhengTong Auto Services Holdings Ltd 

Giordano International Ltd 

Hengdeli Holdings Ltd 


441,989 

1,813,686 

1,220,439 

1,734,592 

621,144 

0.12% 

0.49% 

0.33% 

0.47% 

0.17% 

231,700 

USD 

Media 

Phoenix New Media Ltd - ADS 

625,646 

0.17% 

305,000 

1,954,471 

HKD 

HKD 



NagaCorp Ltd 

905,864 

898,942 

0.24% 

0.24% 








Market Value 

Net Assets % 

66,385,200 

3,247,000 

52,061,900 

1,920,000 

5,341,000 

1,567,000 

37,891,800 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

Financials 



Bank of Communications Co Ltd 


China Merchants Bank Co Ltd - H 

China Minsheng Banking Corp Ltd - H 

Chongqing Rural Commercial Bank - H 


22,477,692 

1,855,665 

31,689,452 

3,212,933 

4,683,116 

650,188 

20,394,463 

6.05% 

0.50% 

8.54% 

0.86% 

1.26% 

0.18% 

5.49% 

899,000 

HKD 


CITIC Securities Co Ltd - H 

1,724,329 

0.46% 

301,400 

2,616,000 

3,579,000 

803,200 

1,258,500 

HKD 

HKD 

HKD 

HKD 

HKD 


AIA Group Ltd 

China Life Insurance Co Ltd - H 

China Pacific Insurance Group Co Ltd - H 

New China Life Insurance Co Ltd - H 


892,222 

6,476,832 

10,034,383 

2,314,799 

7,992,861 

0.24% 

1.74% 

2.70% 

0.62% 

2.15% 

2,870,559 

4,856,000 

2,552,000 

1,590,500 

5,336,000 

4,996,000 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 


China Vanke Co Ltd - B 


Franshion Properties China Ltd 

Greentown China Holdings Ltd 

Poly Hong Kong Investments Ltd 

Sunac China Holdings Ltd 

3,511,404 

1,929,341 

696,770 

2,210,174 

3,164,410 

2,933,446 

0.95% 

0.52% 

0.19% 

0.59% 

0.85% 

0.79% 

2,200,000 

HKD 

Health Care 


Shandong Weigao Group Medical Polymer Co Ltd - H 

1,659,898 

0.45% 

992,500 

450,300 

5,356,000 

HKD 

HKD 

HKD 


Shanghai Fosun Pharmaceutical Group Co Ltd 

Shanghai Pharmaceuticals Holding Co Ltd - H 

Sino Biopharmaceutical 

1,138,315 

652,181 

1,939,307 

0.31% 

0.18% 

0.52% 

1,222,000 

2,958,000 

1,457,000 

4,100,000 

2,816,000 

2,368,000 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 

Industrials 








3,372,288 

2,165,230 

906,820 

4,549,894 

2,427,800 

2,155,108 

0.91% 

0.58% 

0.24% 

1.22% 

0.65% 

0.58% 

479,500 

1,849,000 

84,000 

HKD 

HKD 

TWD 


AAC Technologies Holdings Inc 

China Overseas Grand Oceans Group Ltd 


1,271,634 

1,686,387 

1,125,558 

0.34% 

0.45% 

0.30% 

444,000 

1,982,000 

1,066,000 

542,000 

HKD 

HKD 

HKD 

HKD 



CPMC Holdings Ltd 

Greatview Aseptic Packaging Co Ltd 

Shanghai Industrial Holdings Ltd 

2,194,213 

1,043,495 

437,095 

1,445,340 

0.59% 

0.28% 

0.12% 

0.39% 

2,238,000 

1,224,000 

HKD 

HKD 



CSR Corp Ltd - H 

1,515,551 

809,716 

0.41% 

0.22% 







1,666,000 HKD 

5,488,000 HKD 


First Tractor Co Ltd - H 

Tiangong International Co Ltd 

Market Value 

1,237,431 

998,922 

Net Assets % 

0.33% 

0.27% 

2,152,000 

910,000 

3,677,000 

4,174,000 

HKD 

HKD 

HKD 

HKD 



China Shipping Development Co Ltd - H 

SITC International Holdings Co Ltd 

Yuexiu Transport Infrastructure Ltd 

1,168,798 

395,393 

935,559 

1,531,751 

0.31% 

0.11% 

0.25% 

0.41% 

1,385,000 

697,000 

HKD 

HKD 





726,472 

450,175 

0.20% 

0.12% 

11,830,000 

11,072,000 

4,016,000 

4,572,000 

12,998,000 

1,822,000 

HKD 

HKD 

HKD 

HKD 

HKD 

HKD 


China Petroleum & Chemical Corp - H 

CNOOC Ltd 


MIE Holdings Corp 


SPT Energy Group Inc 

10,164,444 

18,181,193 

6,358,821 

1,087,219 

13,966,360 

695,372 

2.74% 

4.89% 

1.71% 

0.29% 

3.76% 

0.19% 

850,000 

2,870,000 

HKD 

HKD 


China Oilfield Services Ltd 

Hilong Holding Ltd 

1,329,230 

763,933 

0.36% 

0.21% 

7,800 

689,400 

USD 

HKD 

Technology 


Baidu Inc - Adr 


591,804 

16,798,673 

0.16% 

4.52% 

7,162,000 

197,000 

381,400 

HKD 

TWD 

HKD 


Lenovo Group Ltd 

MediaTek Inc 

ZTE Corp 

4,920,121 

1,664,608 

487,448 

1.32% 

0.45% 

0.13% 

13,478,000 

HKD 



China Telecom Corp Ltd 

5,684,694 

1.53% 

3,286,000 

1,854,000 

HKD 

HKD 



China Unicom Hong Kong Ltd 

29,021,451 

2,253,386 

7.81% 

0.61% 

1,567,000 

2,356,000 

HKD 

HKD 

Utilities 

Electricity 

China Power International Development Ltd 


377,232 

4,560,431 

0.10% 

1.23% 

632,000 

754,000 

HKD 

HKD 


China Resources Gas Group Ltd 

ENN Energy Holdings Ltd 

989,558 

2,490,287 

0.27% 

0.67% 




341,698,281 

341,698,281 

91.98% 

91.98% 






Holding 



Market Value 

Net Assets % 


Equities 

11,748,000 

HKD 



Norstar Founders Group Ltd 

609,203 

0.16% 



609,203 

609,203 

0.16% 

0.16% 


342,307,484 

92.14% 


371,493,845 

100.00% 


Maturity Date 

Long/(Short) 


31-Jan-13 401 



Trade 


HKD 



229,592,550 

Market Price 


11,451.00 


(in Fund Ccy) 

258,996 

258,996 




Pioneer Funds - Indian Equity 






Market Value 

Net Assets % 

Bonds 

1,666,800 

INR 

Health Care 


Dr Reddy’s Laboratories Ltd 9.25% 24/Mar/2014 

24,136 

0.02% 

Total Bonds 

24,136 

0.02% 

Equities 

766,005 

331,602 

302,828 

1,256,330 

INR 

INR 

INR 

INR 



Hindalco Industries Ltd 

Hindustan Zinc Ltd 

Sesa Goa Ltd 

Sterlite Industries India Ltd 

1,383,864 

624,779 

819,376 

2,029,673 

1.07% 

0.48% 

0.63% 

1.57% 

55,195 

64,703 

2,240 

70,214 

INR 

INR 

INR 

INR 



Bajaj Auto Ltd 

Bajaj Holdings and Investment Ltd 

Bosch Ltd 

Cummins India Ltd 

1,628,415 

876,917 

295,111 

504,867 

1.26% 

0.68% 

0.23% 

0.39% 

29,398 

INR 

Beverages 

United Spirits Ltd 

773,011 

0.60% 

18,417 

INR 


GlaxoSmithKline Consumer Healthcare Ltd 

969,940 

0.75% 

97,309 

15,426 

166,353 

40,827 

370,504 

INR 

INR 

INR 

INR 

INR 



Colgate-Palmolive India Ltd 

Dabur India Ltd 

Emami Ltd 

Hindustan Unilever Ltd 

1,476,033 

334,658 

296,849 

338,778 

2,692,028 

1.14% 

0.26% 

0.23% 

0.26% 

2.08% 

1,489,224 

INR 

Tobacco 

ITC Ltd 

5,912,765 

4.57% 

473,164 

20,359 

INR 

INR 


Media 

Dish TV India Ltd 

Sun TV Network Ltd 

497,825 

120,375 

0.38% 

0.09% 

124,270 

21,142 

152,755 

1,073,690 

334,568 

211,533 

85,375 

136,388 

INR 

INR 

INR 

INR 

INR 

INR 

INR 

INR 

Financials 



Bank of Baroda 


HDFC Bank Ltd 

ICICI Bank Ltd 

Oriental Bank of Commerce 

State Bank of India 

Yes Bank Ltd 

2,333,746 

253,595 

1,138,127 

10,086,587 

5,271,977 

1,025,377 

2,819,432 

876,178 

1.80% 

0.20% 

0.88% 

7.78% 

4.07% 

0.79% 

2.18% 

0.68% 

584,905 

374,924 

INR 

INR 


Housing Development Finance Corp 

Infrastructure Development Finance Co Ltd 

6,711,393 

889,103 

5.18% 

0.69% 







571,852 INR 


LIC Housing Finance Ltd 

Market Value 

2,306,482 

Net Assets % 

1.78% 

304,301 

175,930 

62,680 

INR 

INR 

INR 


DLF Ltd 

Housing Development & Infrastructure Ltd 

Oberoi Realty Ltd 

971,436 

271,560 

250,034 

0.75% 

0.21% 

0.19% 

205,784 

INR 

Health Care 


Apollo Hospitals Enterprise Ltd 

2,243,008 

1.73% 

46,948 

213,994 

207,383 

30,733 

135,735 

156,629 

23,480 

INR 

INR 

INR 

INR 

INR 

INR 

INR 


Cadila Healthcare Ltd 

Dr Reddy’s Laboratories Ltd 

Glenmark Pharmaceuticals Ltd 

Ipca Laboratories Ltd 

Lupin Ltd 

Sun Pharmaceutical Industries Ltd 

Torrent Pharmaceuticals Ltd 

586,207 

5,420,568 

1,517,437 

220,642 

1,153,468 

1,596,426 

235,482 

0.45% 

4.19% 

1.17% 

0.17% 

0.89% 

1.23% 

0.18% 

6,821 

INR 

Industrials 


Bharat Electronics Ltd 

123,493 

0.10% 

169,438 

INR 


Larsen & Toubro Ltd 

3,769,803 

2.91% 

39,051 

183,155 

215,982 

17,782 

2,499,054 

52,438 

INR 

INR 

INR 

INR 

INR 

INR 


Bharat Forge Ltd 

Bharat Heavy Electricals Ltd 

Mahindra & Mahindra Ltd 

SKF India Ltd 

Tata Motors Ltd - DVR 

Thermax Ltd 

136,234 

578,737 

2,785,619 

157,523 

6,009,341 

447,829 

0.11% 

0.45% 

2.15% 

0.12% 

4.64% 

0.35% 

113,880 

33,506 

586,318 

789,314 

INR 

INR 

INR 

INR 



Bharat Petroleum Corp Ltd 

Hindustan Petroleum Corp Ltd 

Oil & Natural Gas Corp Ltd 


561,792 

134,933 

2,175,301 

9,173,769 

0.43% 

0.10% 

1.68% 

7.09% 

447,757 

INR 


Ambuja Cements Ltd 

1,245,299 

0.96% 

29,499 

123,271 

231,978 

217,989 

1,016,277 

305,759 

76,068 

INR 

INR 

INR 

INR 

INR 

INR 

INR 

Technology 


CMC Ltd 

HCL Technologies Ltd 

Infosys Ltd 

NIIT Technologies Ltd 

OnMobile Global Ltd 

Tata Consultancy Services Ltd 

Tech Mahindra Ltd 

489,804 

1,055,826 

7,446,339 

731,356 

602,857 

5,315,798 

981,716 

0.38% 

0.82% 

5.75% 

0.56% 

0.47% 

4.11% 

0.76% 

348,899 

207,000 

INR 

INR 



Bharti Airtel Ltd 

Bharti Infratel Ltd 

1,531,607 

552,639 

1.18% 

0.43% 








Market Value 

Net Assets % 

990,403 

1,516,903 

INR 

INR 

Utilities 

Electricity 

Power Grid Corp of India Ltd 

Rural Electrification Corp Ltd 

1,573,316 

5,149,081 

1.22% 

3.98% 




122,483,541 

122,507,677 

94.61% 

94.63% 


Equities 

68,145 

INR 


Mining 

Gujarat Mineral Development Corp Ltd 

204,100 

0.16% 



204,100 

204,100 

0.16% 

0.16% 


122,711,777 

94.79% 


129,457,821 

100.00% 




Pioneer Funds - Russian Equity 






Market Value 

Net Assets % 

Equities 

17,050 

USD 


Chemicals 


494,145 

2.78% 

68,733 

17,568 

58,717 

31,107 

USD 

USD 

USD 

USD 



Novolipetsk Steel OJSC - Adr 

Severstal OAO - Gdr 

TMK OAO - Reg 

960,823 

269,836 

542,010 

361,232 

5.40% 

1.52% 

3.05% 

2.03% 

25,542 

63,751 

GBP 

GBP 

Mining 

Polymetal International PLC 

Polyus Gold International Ltd 

370,014 

160,930 

2.08% 

0.90% 

9,949 

USD 



Sollers OJSC 

170,248 

0.96% 

3,346 

15,326 

14,671 

USD 

USD 

USD 



Magnit OJSC 


X5 Retail Group NV - Adr 

403,651 

466,150 

198,633 

2.27% 

2.62% 

1.12% 

50,522 

USD 


M Video OJSC 

303,421 

1.71% 

704,957 

126,829 

USD 

USD 

Financials 


Sberbank of Russia 


1,637,334 

332,849 

9.19% 

1.87% 

28,633 

SEK 


EOS Russia 

76,784 

0.43% 

29,248 

USD 


Etalon Group Ltd - Gdr Reg S 

120,905 

0.68% 

23,307 

22,988 

USD 

USD 

Industrials 


LSR Group - Gdr 

Mostotrest - CLS 

73,648 

104,618 

0.41% 

0.59% 

38,747 

USD 


Hydraulic Machines and Systems Group PLC - Gdr Reg S 

124,023 

0.70% 

6,601 

USD 


Globaltrans Investment PLC 

82,663 

0.46% 

171,803 

27,677 

9,305 

130,080 

550,135 

17,169 

1,398,342 

21,136 

USD 

USD 

USD 

USD 

USD 

USD 

USD 

USD 





NovaTek OAO - Gdr Reg 


Surgutneftegas OJSC 

Surgutneftegas OJSC - Adr 

Surgutneftegas OJSC - Pfd 

Tatneft - Adr Reg 

1,232,749 

1,388,678 

845,524 

879,106 

366,242 

114,599 

691,524 

698,495 

6.93% 

7.80% 

4.75% 

4.94% 

2.06% 

0.64% 

3.89% 

3.93% 







497 USD 

34,100 EUR 

15,309 USD 



AK Transneft OAO - Pfd 

CAT Oil AG 

Eurasia Drilling Co Ltd - Gdr Reg S 

Market Value 

853,377 

229,834 

414,541 

Net Assets % 

4.80% 

1.29% 

2.33% 

11,268 

USD 



Rostelecom OJSC - Adr 

204,096 

1.15% 

12,000 

11,389 

60,323 

17,751 

USD 

USD 

USD 

USD 


KCell JSC 

MegaFon OAO 

Mobile Telesystems OJSC - Adr 

Sistema JSFC - Gdr Reg 

106,948 

205,596 

841,887 

271,974 

0.60% 

1.16% 

4.73% 

1.53% 

4,600,386 

68,121,581 

23,963,661 

USD 

USD 

USD 

Utilities 

Electricity 

E.ON Russia JSC 

Federal Grid Co Unified Energy System JSC 

Federal Hydrogenerating Co JSC 

255,003 

340,505 

439,503 

1.43% 

1.91% 

2.47% 




17,634,098 

17,634,098 

99.11% 

99.11% 


17,634,098 

99.11% 


17,792,765 

100.00% 




Pioneer Funds - Commodity Alpha 


Holding 





Market Value 

Net Assets % 


50,000,000 

50,000,000 

50,000,000 

50,000,000 

50,000,000 

50,000,000 

50,000,000 

USD 

USD 

USD 

USD 

USD 

USD 

USD 


United States Treasury Bill 0% 04/Apr/2013 

United States Treasury Bill 0% 07/Mar/2013 

United States Treasury Bill 0% 11/Apr/2013 





37,919,186 

37,922,736 

37,918,761 

37,922,512 

37,922,292 

37,923,408 

37,921,848 

13.92% 

13.91% 

13.92% 

13.92% 

13.92% 

13.91% 

13.92% 




265,450,743 

265,450,743 

97.42% 

97.42% 


265,450,743 

97.42% 


272,492,441 

100.00% 




31-Jan-13 CHF 

1,554,698 

31-Jan-13 EUR 

2,683,516 

31-Jan-13 EUR 

10,694,272 

31-Jan-13 EUR 

31,793,096 

31-Jan-13 EUR 

63,412,537 

31-Jan-13 EUR 

23,247 

31-Jan-13 EUR 

23,247 

31-Jan-13 USD 

30,753 



USD 

USD 

USD 

USD 

USD 

USD 

USD 

EUR 

Amount Sold 

1,708,099 

3,561,495 

14,193,171 

42,195,003 

84,159,534 

30,855 

30,655 

23,247 


(6,948) 

(17,537) 

(69,890) 

(207,776) 

(414,416) 

(154) 

(2) 

76 

(716,647) 




Pioneer Funds 

Notes to the Financial Statements as at 31 December 2012 

Capitalised terms in these Notes should be attributed the same meaning as given to them in the prospectus of the fund unless specifically stated otherwise. 

1. Description of the Fund 

Pioneer Funds (the “Fund”) is organised as a Fonds Commun de Placement (FCP) with several separate Sub-Funds (individually the “Sub- 

Fund” and collectively the “Sub-Funds”). The Fund is an Undertaking for Collective Investment in Transferable Securities (UCITS) qualifying 

under Part I of the Luxembourg law of 17 December 2010 ("UCITS IV") and is governed by the Management Regulations effective as of 

03 December 2012. 

The Fund is managed by Pioneer Assset Management S.A. (the "Management Company"). The Management Company was incorporated on 

20 December 1996 for an unlimited period of time. Its Articles of Incorporation were last amended effective on 11 November 2011 with a 

publication in the Memorial on 22 December 2011. 

The assets of the different Sub-Funds are separately invested in accordance with their respective investment policies and objectives. All Sub- 

Funds are denominated in Euros (the “Base Currency”) and all assets and liabilities of each Sub-Fund are valued in the Base Currency of such 

Sub-Fund. 

The unitholders are allowed to subscribe in Euros, US dollars, Swiss francs and British pounds or such other freely convertible currency upon 

a decision of the Board of Directors of the Management Company. Net Asset Value per unit in a currency different to the euro represents the 

daily conversion of the NAV per unit in euro. 

As of 31 December 2012, 67 Sub-Funds were active: 

Money Market Sub-Funds 

Pioneer Funds - Euro Liquidity 

Class A Distributing Annually; Class A Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class H Non - Distributing; 

Class I Distributing Annually; Class I Non - Distributing 

Short-Term Sub-Funds 


Class A Distributing; Class A Non - Distributing; Class B Distributing; Class B Non - Distributing; Class C Distributing; 

Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing 


Class A Distributing Annually; Class A Non - Distributing; Class E Distributing Quarterly; Class E Non - Distributing; 

Class H Non - Distributing; Class I Non - Distributing 


Class A Non - Distributing; Class A Hedge Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; 

Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing 


Class A Distributing; Class A Distributing Annually; Class A Non - Distributing; Class B Distributing; Class B Non - Distributing; 

Class C Distributing; Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; 

Class I Non - Distributing 

Bond Sub-Funds 

Investment Grade 



Class C Distributing; Class C Non - Distributing; Class E Distributing Quarterly; Class E Non - Distributing; Class F Non - Distributing; 



Class A Distributing Annually; Class A Non - Distributing; Class A Hedge Non - Distributing; Class C Non - Distributing; Class E Distributing 

Annually; Class E Distributing Quarterly; Class E Non - Distributing; Class F Distributing Annually; Class F Non - Distributing; 

Class H Distributing Annually; Class H Non - Distributing; Class I Non - Distributing; Class N Non - Distributing 



Class C Distributing; Class C Non - Distributing; Class E Distributing Quarterly; Class E Non - Distributing; Class F Non - Distributing; 

Class H Distributing Annually; Class H Non - Distributing; Class I Distributing Annually; Class I Non - Distributing 


Pioneer Funds 

Notes to the Financial Statements as at 31 December 2012 (continued) 

1. Description of the Fund (continued) 


Class A Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing; 

Class X Non - Distributing 


Class A Distributing Annually; Class A Distributing Ex-Dividend; Class A Non - Distributing; Class B Distributing; Class B Distributing 

Ex-Dividend; Class B Non - Distributing; Class C Distributing Annually; Class C Distributing; Class C Non - Distributing; 

Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing 


Class A Distributing; Class A Non - Distributing; Class B Distributing; Class B Non - Distributing; Class C Distributing; Class C Non - 

Distributing; Class E Distributing Quarterly; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; 

Class I Non - Distributing; Class N Non - Distributing 

With Maturity Date 

Pioneer Funds - Euro Credit Recovery 2012 

Class A Distributing Annually; Class A Non - Distributing; Class B Distributing Annually; Class E Distributing Annually; Class F Distributing 

Annually 


Class E Distributing Annually 








Class A Distributing Annually; Class A Hedge Distributing Annually; Class E Hedge Distributing Annually; Class F Hedge Distributing 

Annually 


Class A Distributing Annually; Class E Distributing Annually; Class F Distributing Annually 


Class A Distributing Annually; Class E Distributing Annually; Class F Distributing Annually 

Pioneer Funds - Europe Recovery Income 2017 

(Launched 29 May 2012) 

Class A Distributing Semi-Annually; Class E Distributing Semi-Annually 

Flexible 


Class A Distributing Annually; Class A Non - Distributing; Class A Hedge Non - Distributing; Class C Non - Distributing; Class E Distributing 

Annually; Class E Distributing Quarterly; Class E Non - Distributing; Class F Distributing Annually; Class F Distributing Quarterly; Class F 

Non - Distributing; Class H Distributing Annually; Class H Non - Distributing; Class I Non - Distributing 


Class A Distributing; Class A Distributing Ex-Dividend; Class A Non - Distributing; Class A Hedge Distributing Annually; Class A Hedge 

Distributing Ex-Dividend; Class A Hedge Non - Distributing; Class B Distributing; Class B Distributing Ex-Dividend; Class B Non - 

Distributing; Class C Distributing; Class C Non - Distributing; Class E Distributing Annually; Class E Distributing Quarterly; Class E Non - 

Distributing; Class E Hedge Distributing Annually; Class E Hedge Non - Distributing; Class F Distributing Annually; Class F Distributing 

Quarterly; Class F Non - Distributing; Class F Hedge Distributing Annually; Class F Hedge Non - Distributing; Class H Non - Distributing; 

Class I Non - Distributing; Class I Hedge Non - Distributing; Class N Non - Distributing; Class N Hedge Non - Distributing 


Pioneer Funds 



High Yield 


Class A Distributing; Class A Distributing Ex-Dividend; Class A Non - Distributing; Class A Hedge Non - Distributing; Class B Distributing; 

Class B Distributing Ex-Dividend; Class B Non - Distributing; Class C Distributing; Class C Non - Distributing; Class E Non - Distributing; 

Class E Hedge Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class H Hedge Non - Distributing; 



Class A Distributing; Class A Distributing Annually; Class A Distributing Ex-Dividend; Class A Non - Distributing; Class B Distributing; 

Class B Distributing Ex-Dividend; Class B Non - Distributing; Class C Distributing; Class C Non - Distributing; Class E Distributing 

Quarterly; Class E Non - Distributing; Class F Distributing Quarterly; Class F Non - Distributing; Class H Distributing Annually; 

Class H Non - Distributing; Class H Hedge Non - Distributing; Class I Non - Distributing; Class N Non - Distributing 


Class A Distributing Annually; Class A Non - Distributing; Class A Hedge Non-Distributing; Class C Non - Distributing; Class E Distributing 

Quarterly; Class E Non - Distributing; Class F Distributing Quarterly; Class F Non - Distributing; Class H Non - Distributing; 



(Launched 11 July 2012) 

Class A Distributing Annually; Class A Non - Distributing; Class C Non - Distributing; Class E Distributing Quarterly; Class E Non - 

Distributing; Class F Distributing Quarterly; Class H Distributing Annually; Class H Non - Distributing; Class I Distributing Annually; 




Class A Distributing Annually; Class A Non - Distributing; Class B Distributing Annually; Class C Distributing Annually; 

Class C Non - Distributing; Class E Distributing Quarterly; Class E Distributing Annually; Class E Non - Distributing; Class F Distributing 

Quarterly; Class F Distributing Annually; Class F Non - Distributing; Class H Distributing Annually; Class H Non - Distributing; Class I 

Distributing Annually; Class I Non - Distributing 


Class A Distributing; Class A Distributing Annually; Class A Distributing Ex-Dividend; Class A Non - Distributing; Class A Hedge 

Distributing Annually; Class B Distributing; Class B Distributing Ex-Dividend; Class B Non - Distributing; Class C Distributing; 

Class C Non - Distributing; Class E Distributing Quarterly; Class E Non - Distributing; Class E Hedge Non - Distributing; Class F Distributing 

Quarterly; Class F Non - Distributing; Class H Distributing Annually; Class H Non - Distributing; Class H Hedge Non - Distributing; 



(Launched 11 December 2012) 

Class A Non - Distributing; Class H Non - Distributing; Class I Non - Distributing 

Absolute Return Sub-Funds 


Class A Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class H Non - Distributing; Class I Non - Distributing 


Class A Distributing; Class A Non - Distributing; Class B Distributing; Class C Distributing; Class C Non - Distributing; Class E Non - 

Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing 

Pioneer Funds - Absolute Return Commodity 

(Launched 11 January 2012) 

Class A Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing 


Class A Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class E Hedge Non - Distributing; Class H Non - 

Distributing; Class I Non - Distributing; Class I Hedge Non - Distributing 


Class A Non - Distributing; Class E Non - Distributing; Class H Non - Distributing; Class I Non - Distributing; Class I Hedge Non - 

Distributing 


Pioneer Funds 




Class A Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing 


Class A Distributing Annually; Class A Non - Distributing; Class E Non - Distributing; Class H Distributing Annually; 

Class H Non - Distributing; Class I Distributing Annually; Class I Non - Distributing 

Multi-Asset Sub-Funds 


Class A Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing 


Class A Non - Distributing; Class A Hedge Non - Distributing; Class C Non - Distributing; Class C Hedge Non - Distributing; Class E Non - 

Distributing; Class E Hedge Non - Distributing; Class H Non - Distributing; Class I Non - Distributing; Class I Hedge Non - Distributing 

Equity Sub-Funds 

European 


Class A Distributing; Class A Non - Distributing; Class B Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; 

Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing; Class N Non - Distributing 


Class A Distributing; Class A Non - Distributing; Class B Distributing; Class B Non - Distributing; Class C Non - Distributing; 

Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing 


Class A Distributing; Class A Non - Distributing; Class A Hedge Non - Distributing; Class B Distributing; Class B Non - Distributing; 

Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing; 

Class N Non - Distributing 


Class A Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; 



Class A Non - Distributing; Class B Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; 






Class A Distributing Semi-Annually; Class E Distributing Semi-Annually; Class E Non - Distributing; Class H Non - Distributing; 

Class I Distributing Semi-Annually 


(Launched 16 May 2012) 

Class A - Distributing Annually; Class A Non - Distributing; Class H Non - Distributing; Class I Non - Distributing 


Class A Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing 

U.S. 


Class A Non - Distributing; Class A Hedge Non - Distributing; Class B Non - Distributing; Class C Non - Distributing; Class C Hedge Non - 

Distributing; Class E Non - Distributing; Class E Hedge Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; 

Class H Hedge Non - Distributing; Class I Non - Distributing; Class I Hedge Non - Distributing 


Pioneer Funds 




Class A Non - Distributing; Class A Hedge Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class E Hedge Non - 

Distributing; Class F Non - Distributing; Class H Non - Distributing; Class H Hedge Non - Distributing; Class I Distributing Annually; 

Class I Non - Distributing; Class I Hedge Non - Distributing 


Class A Non - Distributing; Class A Hedge Non - Distributing; Class B Non - Distributing; Class C Non - Distributing; 

Class E Non - Distributing; Class E Hedge Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; 






Class A Non - Distributing; Class A Hedge Non - Distributing; Class B Non - Distributing; Class C Non - Distributing; Class E Non - 

Distributing; Class E Hedge Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing 


Class A Distributing Annually; Class A Non - Distributing; Class A Hedge Non - Distributing; Class B Non - Distributing; Class C Non - 

Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing 

Global & Thematic 


Class A Distributing Quarterly; Class A Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; 

Class H Distributing Quarterly; Class H Non - Distributing; Class I Non - Distributing 


Class A Distributing; Class A Distributing Annually; Class A Non - Distributing; Class B Distributing; Class C Distributing; Class C Non - 




Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing 


Class A Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class I Non - Distributing 

Emerging Markets & Far East 


Class A Non - Distributing; Class B Non - Distributing; Class C Distributing; Class C Non - Distributing; Class E Non - Distributing; 

Class E Hedge Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing 



Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing; Class X Non - 

Distributing 

Pioneer Funds - Emerging Markets Equity Unconstrained 

(Launched 18 July 2012) 

Class A Distributing Annually; Class A Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class H Distributing 

Annually; Class H Non - Distributing; Class I Distributing Annually; Class I Non - Distributing 





Class A Distributing; Class A Non - Distributing; Class B Distributing; Class B Non - Distributing; Class C Non - Distributing; Class E Non - 

Distributing; Class F Non - Distributing; Class H Distributing Annually; Class H Non - Distributing; Class I Non - Distributing 


Pioneer Funds 















Commodities Sub-Fund 

Pioneer Funds - Commodity Alpha 

Class A Non - Distributing; Class A Hedge Non - Distributing; Class B Non - Distributing; Class C Non - Distributing; Class E Non - 

Distributing; Class E Hedge Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing; Class I 

Hedge Distributing Annually; Class I Hedge Non Distributing 

2. Significant Accounting Policies 

Presentation of financial statements 

These financial statements are prepared in accordance with Luxembourg legal and regulatory requirements relating to undertakings for 

collective investment in transferable securities. 

The financial statements reflect the Net Asset Values as calculated on 31 December 2012 based on market prices of the investments as at 

31 December 2012. Where Stock Exchanges were closed on Monday 31 December 2012, the last available prices were used. 

Valuation of investments and other investments 

The following accounting policies apply: 

Valuation of investments 

Investments which are quoted or dealt in on a stock exchange or on a Regulated Market or any Other Regulated Market are valued at the last 

available price at 6.00 p.m. Luxembourg Time of the relevant Valuation Day except for the Sub-Funds listed below: 

1. Pioneer Funds - Euro Strategic Bond, 

2. Pioneer Funds - Euro High Yield, 

3. Pioneer Funds - Strategic Income, 

4. Pioneer Funds - U.S. High Yield, 

5. Pioneer Funds - Global High Yield, 

6. Pioneer Funds - Emerging Markets Bond Local Currencies, 

7. Pioneer Funds - Emerging Markets Bond, 

8. Pioneer Funds - Global Multi-Asset, 

9. Pioneer Funds - U.S. Pioneer Fund, 

10. Pioneer Funds - U.S. Research, 

11. Pioneer Funds - U.S. Fundamental Growth, 

12. Pioneer Funds - U.S. Research Value, 

13. Pioneer Funds - North American Basic Value, 

14. Pioneer Funds - U.S. Mid Cap Value, 

15. Pioneer Funds - U.S. Small Companies (liquidated on 17 December 2012), 

16. Pioneer Funds - Global Equity Target Income, 

17. Pioneer Funds - Global Select, 

18. Pioneer Funds - Global Ecology, 

19. Pioneer Funds - Gold and Mining, 

20. Pioneer Funds - Emerging Markets Equity, 

21. Pioneer Funds - Latin American Equity, 

22. Pioneer Funds - Emerging Markets Corporate High Yield Bond, 

23. Pioneer Funds - Emerging Markets Corporate Bond. 

For these Sub-Funds, the underlying assets are valued at the last available prices at 10.00 p.m. Luxembourg time. 


Pioneer Funds 


2. Significant Accounting Policies (continued) 

Valuation of investments in securities (continued) 

In the event that any assets held in a Sub-Fund’s portfolio on the relevant day are not quoted or dealt in on any stock exchange or on any 

Regulated Market, or on any other Regulated Market or if, with respect of assets quoted or dealt in on any stock exchange or dealt in on any 

such markets, the last available price (as determined pursuant to the previous paragraph) is not representative of the fair market value of the 

relevant assets, the value of such assets is based on a reasonably foreseeable sales price determined prudently and in good faith by the Board of 

Directors of the Management Company. 

Money Market instruments held in Money Market Sub-Fund are valued using the amortised cost method. 

Foreign currency conversion 

Assets and liabilities expressed in currencies other than the Base Currency of the relevant Sub-Fund are converted at exchange rates prevailing 

as at 31 December 2012. 

Profit and losses arising on foreign exchange operations are recorded in the “Statement of Operations and Changes in Net Assets”. 

Transactions in foreign currencies are converted into the Base Currency of the relevant Sub-Fund at exchange rates prevailing on the 

transaction dates. 

The exchange rates used as at 31 December 2012 are as follows: 

1 EUR = 

1 EUR = 

1 EUR = 

1 EUR = 

4.84255 

AED 

7.46095 

DKK 1,411.44610 

KRW 

40.27450 

RUB 

6.48130 

ARS 

8.39080 

EGP 

17.12075 

MXN 

4.94460 

SAR 

1.26990 

AUD 

0.81110 

GBP 

4.03165 

MYR 

8.57675 

SEK 

2.69945 

BRL 

10.21870 

HKD 205.86815 

NGN 

1.61045 

SGD 

1.31270 

CAD 291.21500 

HUF 

7.33720 

NOK 

40.32985 

THB 

1.20680 

CHF 12,706.08150 

IDR 

1.59805 

NZD 

2.35295 

TRY 

631.25005 

CLP 

4.91910 

ILS 

3.36520 

PEN 

38.28500 

TWD 

8.21405 

CNY 

72.23515 

INR 

54.13680 

PHP 

1.31840 

USD 

2,329.61295 

COP 236.00000 

ISK 

4.08030 

PLN 

11.18580 

ZAR 

25.09550 

113.99545 

JPY 

4.44550 

RON 

CZK 

For the Sub-Fund Pioneer Funds - Japanese Equity, the exchange rates used as at 28 December 2012 are as follows (Market closed on 

31 December 2012): 

1 EUR = 

1 EUR = 

1.27350 

AUD 

7.38570 

NOK 

1.31635 

CAD 

1.61545 

NZD 

0.81845 

GBP 

8.60790 

SEK 

10.2487 

HKD 

1.32210 

USD 

113.82625 

JPY 

Forward foreign exchange contracts 

Forward foreign exchange contracts are valued at the forward rate applicable at the Statement of Net Assets date for the period until their 

maturity. Gains and/or losses resulting from forward foreign exchange contracts are disclosed in the “Statement of Operations and Changes in 

Net Assets”. 

Financial futures contracts 

Financial futures contracts are valued at the exchange-quoted price (at the pricing points described above under "Valuation of investments"). 

Initial margin deposits are made in cash upon entering into futures contracts. During the lifetime of the future contracts, variation margin 

payments reflecting unrealised gains and losses are recorded in the “Statement of Operations and Changes in Net Assets”. When the contract is 

closed, the Fund records a realised gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the 

opening transaction. 

Options 

When the Sub-Fund purchases an option with an upfront premium, it pays a premium and an amount equal to that premium is recorded as an 

investment. When the Sub-Fund writes an option with an upfront premium, it receives a premium and an amount equal to that premium is 

recorded as a liability. The investment or liability is adjusted daily to reflect the current market value of the option. If an option expires 

unexercised, the Sub-Fund realises a gain or loss to the extent of the premium received or paid. 

Swaps Contracts 

Sub-Funds may enter into Credit Default Swaps and other types of swap agreements such as interest rate swaps, swaptions, inflation-linked 

and total return swaps. Gains or losses resulting from swaps contracts are recognised in the “Statement of Operations and Changes in Net 

Assets”. Swaps are valued at fair market value as determined in good faith pursuant to procedures established by the Management Company. 


Pioneer Funds 


2. Significant Accounting Policies (continued) 

Swaps Contracts (continued) 

Effective interest expense/ income on swaps are booked in full in the “Statement of Operations and Changes in Net Assets”. Accrued expense/ 

income on swaps are netted on each Net Asset valuation date for each swap contract and the resulting net balance is posted per swap, either as 

interest expense on swap or interest income on swap per swap, in the “Statement of Operations and Changes in Net Assets”. 

Open-ended and closed-ended UCIs 

Units or shares of open-ended UCIs are valued at their last determined and available Net Asset Value or, if such price is not representative of 

the fair market value of such assets, then the price is determined by the Management Company on a fair and equitable basis. Units or shares of 

a closed-ended UCI are valued at their last available stock market value. 

Contracts for Differences (CFD) 

At each valuation date, the difference in price between the opening price and the current market price of the underlying security to the CFD is 

recorded as the market value (unrealised gain or loss) of the contract; when the Sub-Fund enters a closing transaction, the difference between 

the opening notional amount and the closing notional amount of the underlying security is recorded as a realised gain or loss. 

Income 

Dividends are credited to income on the date upon which the relevant securities are first listed as “ex-dividend”. Interest income is accrued on 

a daily basis. 

Realised gain and loss 

Realised gain and loss comprise the gain or loss arising on the trading of securities and other investments, financial futures contracts, forward 

foreign exchange contracts, options, CFDs, swaps and other investments during the year, and differences arising on the revaluation of other 

assets and liabilities denominated in foreign currencies at period end. Capital gains or losses are determined on the basis of weighted average 

cost of the investments sold except for future contracts and CFDs where the FIFO methodology is applied. 

Combined financial statements 

The figures of each Sub-Fund are presented in their respective Base Currency. The combined financial statements are expressed in euros and 

the sum of the Sub-Funds’ net assets are converted into euros at the exchange rates prevailing at year end. The combined financial statements 

are presented for information purposes only. 

Swing Pricing 

Since 03 September 2012, a “Swing Pricing” policy has been implemented in the Pioneer Funds umbrella. 

Significant net inflows or outflows in a Sub-Fund cause the Investment Manager to trade the Sub-Funds’ securities, thereby incurring trading 

costs. 

With Swing Pricing, a Sub-Fund’s NAV is adjusted to account for trading costs incurred where unitholders’ subscriptions and redemptions 

activity exceeds a Sub-Fund’s predetermined threshold. Swing Pricing is a method of valuation which adjusts (swings) a Sub-Fund’s NAV to 

account for these trading costs. 

The aim is to protect the interests of non-dealing unitholders by ensuring the unitholders making significant subscriptions or redemptions 

contribute to the cost of their transactions. 

Market conditions, trading costs and other Sub-Fund data are used by the Management Company to determine which Sub-Funds’ NAV may be 

affected by Swing Pricing, and the appropriate threshold and swing factor to be applied for each Sub-Fund. These are reviewed by the 

Management Company on a periodic basis. 

During 2012, Swing Pricing was applied on the NAV per unit of the following Sub-Funds: 

Pioneer Funds - Gold and Mining, 

Pioneer Funds - Euro High Yield, 

Pioneer Funds - Global Equity Target Income (formerly Pioneer Funds - Global Diversified Equity). 

The swing amounts posted during 2012 are booked in the statement of operations under “net subscriptions/redemption”. 

No swing price adjustments were booked for the NAV as of 31 December 2012. 

3. Management, Investment Management, Distribution and Performance Fees 

The management fee is a percentage of the Net Asset Value of each Sub-Fund, which ranges, according the prospectus, from 0.10% to 2.50% 

p.a., depending on the relevant unit class. 

For Class X Units, the management fees are charged and collected by the Management Company directly from the Unitholder and will not be 

charged to the Sub-Funds or reflected in the Net Asset Value. 

The distribution fee, when applicable, is a percentage of the Net Asset Value of each Sub-Fund, which ranges, according the prospectus, from 

0% to 1.5% p.a. depending on the relevant unit class. 

Both management fee and distribution fee are calculated and accrued on each Valuation Day on the basis of the Net Asset Value of the unit 

class and are payable monthly in arrears. 


Pioneer Funds 


3. Management, Investment Management, Distribution and Performance Fees (continued) 

The management fee rates effectively applied as at 31 December 2012 are as follows: 

Sub-Fund Class A Class B Class C Class E Class F Class H Class I Class N 

Pioneer Funds - Euro Liquidity 0.30% ** 0.30% 0.30% ** 0.20% 0.00% * 

Pioneer Funds - Euro Short-Term 0.60% 0.60% 0.60% 0.80% 1.15% 0.45% 0.30% * 

Pioneer Funds - Euro Cash Plus 0.30% * * 0.30% ** 0.20% 0.15% * 

Pioneer Funds - Euro Corporate Short-Term 0.80% * 0.80% 0.80% 1.15% 0.45% 0.40% * 

Pioneer Funds - U.S. Dollar Short-Term 0.90% 0.90% 0.90% 0.80% 1.15% 0.45% 0.25% * 

Pioneer Funds - Euro Bond 0.70% 0.70% 0.70% 1.05% 1.60% 0.55% 0.35% * 

Pioneer Funds - Euro Aggregate Bond 0.60% * 0.60% 0.60% 1.00% 0.40% 0.30% 0.50% 

Pioneer Funds - Euro Corporate Bond 0.80% 1.00% 1.00% 0.80% 1.80% 0.50% 0.40% * 

Pioneer Funds - Euro Corporate Trend Bond 0.80% * * 0.80% 1.80% 0.50% 0.40% * 

Pioneer Funds - U.S. Dollar Aggregate Bond 0.90% 1.00% 1.00% 1.05% 1.60% 0.55% 0.40% * 

Pioneer Funds - Global Aggregate Bond 0.80% 0.80% 0.80% 0.80% 1.20% 0.45% 0.40% 0.50% 

Pioneer Funds - Euro Credit Recovery 2012 0.30% 0.30% ** 0.30% 0.55% ** * ** 

Pioneer Funds - Obbligazionario Euro 09/2014 con cedola (Euro Bond 09/2014 distributing) ** ** ** 0.65% ** ** ** ** 


Pioneer Funds - Obbligazionario Euro 11/2014 con cedola (Euro Bond 11/2014 distributing) * ** ** 0.55% ** ** ** ** 


Pioneer Funds - U.S. Credit Recovery 2014 0.75% * ** 0.85% 1.10% ** * ** 

Pioneer Funds - High Yield & Emerging Markets Bond Opportunities 2015 1.00% ** ** 1.00% 1.50% * * ** 

Pioneer Funds - Emerging Markets Corporate Bond 2016 1.00% ** ** 1.00% 1.50% * * ** 

Pioneer Funds - Europe Recovery Income 2017 0.60% ** ** 0.60% * ** ** ** 

Pioneer Funds - Euro Strategic Bond 1.00% * 1.00% 1.20% 1.80% 0.75% 0.75% * 

Pioneer Funds - Strategic Income 1.00% 1.00% 1.00% 1.20% 1.80% 0.65% 0.65% 0.70% 

Pioneer Funds - U.S. High Yield 1.20% 1.20% 1.20% 1.20% 1.80% 0.65% 0.50% * 

Pioneer Funds - Global High Yield 1.20% 1.20% 1.20% 1.20% 1.80% 0.65% 0.50% 0.70% 

Pioneer Funds - Euro High Yield 1.20% * 1.20% 1.20% 1.80% 0.65% 0.50% 0.70% 

Pioneer Funds - Emerging Markets Corporate High Yield Bond 1.55% * 1.55% 1.55% 2.00% 0.95% 0.80% * 

Pioneer Funds - Emerging Markets Bond Local Currencies 1.20% 1.20% 1.20% 1.20% 1.80% 0.65% 0.50% * 

Pioneer Funds - Emerging Markets Bond 1.20% 1.20% 1.20% 1.20% 1.80% 0.65% 0.50% 0.70% 

Pioneer Funds - Emerging Markets Corporate Bond 1.40% * * * * 0.80% 0.65% * 

Pioneer Funds - Absolute Return Bond 0.95% * 1.00% 0.95% * 0.55% 0.50% * 

Pioneer Funds - Absolute Return Currencies 1.00% 1.00% 1.00% 1.00% 1.50% 0.60% 0.50% * 

Pioneer Funds - Absolute Return Commodity 1.20% * * 1.20% 1.80% 0.75% 0.50% * 

Pioneer Funds - Absolute Return European Equity 2.00% * 2.00% 2.00% * 1.20% 1.00% * 

Pioneer Funds - Absolute Return Asian Equity 2.00% * * 2.00% * 1.20% 1.00% * 

Pioneer Funds - Absolute Return Multi-Strategy 1.05% * * 1.05% 1.60% 0.65% 0.55% * 

Pioneer Funds - Absolute Return Multi-Strategy Growth 1.15% * * 1.15% * 0.70% 0.60% * 

Pioneer Funds - Global Multi-Asset 1.50% * 1.50% 1.60% 2.35% * * * 

Pioneer Funds - Multi Asset Real Return 1.50% * 1.50% 1.50% * 0.80% 0.60% * 

Pioneer Funds - Euroland Equity 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 0.60% 0.80% 

Pioneer Funds - Core European Equity 1.25% 1.25% 1.25% 1.50% 2.25% 0.80% 0.60% * 

Pioneer Funds - Top European Players 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 0.75% 0.80% 

Pioneer Funds - European Equity Value 1.50% * 1.50% 1.50% 2.25% 0.80% 0.70% * 

Pioneer Funds - European Research 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 0.65% * 

Pioneer Funds - European Potential 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 0.75% * 

Pioneer Funds - European Equity Target Income 1.50% * * 1.50% * 0.80% 0.60% * 

Pioneer Funds - German Equity 1.50% * * * * 0.80% 0.80% * 

Pioneer Funds - Italian Equity 1.25% * 1.25% 1.50% 2.25% 0.80% * * 

Pioneer Funds - U.S. Pioneer Fund 1.25% 1.25% 1.25% 1.50% 2.25% 0.80% 0.70% * 

Pioneer Funds - U.S. Research 1.25% * 1.25% 1.50% 2.25% 0.80% 0.65% * 

Pioneer Funds - U.S. Fundamental Growth 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 0.70% 0.80% 

Pioneer Funds - U.S. Research Value 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 0.70% * 

Pioneer Funds - North American Basic Value 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 0.70% * 

Pioneer Funds - U.S. Mid Cap Value 1.50% 1.50% 1.50% 1.50% 2.25% 1.00% 1.00% * 

Pioneer Funds - Global Equity Target Income 1.50% * 1.50% 1.50% 2.25% 0.80% 0.60% * 


Pioneer Funds 




Pioneer Funds - Global Select 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 0.70% * 

Pioneer Funds - Global Ecology 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 0.75% * 

Pioneer Funds - Gold and Mining 1.50% * * 1.50% 2.25% * 0.70% * 

Pioneer Funds - Japanese Equity 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 0.70% * 

Pioneer Funds - Emerging Markets Equity 1.50% 1.50% 1.50% 1.50% 2.25% 1.00% 1.00% * 

Pioneer Funds - Emerging Markets Equity Unconstrained 1.50% * 1.20% 1.50% * 1.00% 0.90% * 

Pioneer Funds - Emerging Europe and Mediterranean Equity 1.50% 1.50% 1.50% 1.50% 2.25% 1.00% 1.00% * 

Pioneer Funds - Asia (Ex. Japan) Equity 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 1.00% * 

Pioneer Funds - Latin American Equity 1.50% 1.50% 1.50% 1.50% 2.25% 1.00% 1.00% * 

Pioneer Funds - China Equity 1.50% 1.50% 1.50% 1.50% 2.25% 1.00% 1.00% * 

Pioneer Funds - Indian Equity 1.50% * 1.50% 1.50% 2.25% 1.00% 1.00% * 

Pioneer Funds - Russian Equity 1.50% * 1.50% 1.50% 2.25% 1.00% 1.00% * 

Pioneer Funds - Commodity Alpha 1.25% 1.25% 1.50% 1.50% 2.25% 0.80% 0.50% * 

* Not launched 

** Not applicable 

The distribution fee rates effectively applied as at 31 December 2012 are as follows: 


Pioneer Funds - Euro Liquidity 0.00% ** 1.00% 0.00% ** 0.00% 0.00% * 

Pioneer Funds - Euro Short-Term 0.00% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Euro Cash Plus 0.00% * * 0.00% ** 0.00% 0.00% * 

Pioneer Funds - Euro Corporate Short-Term 0.00% * 0.20% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - U.S. Dollar Short-Term 0.00% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Euro Bond 0.00% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Euro Aggregate Bond 0.00% * 1.00% 0.00% 0.00% 0.00% 0.00% 0.00% 

Pioneer Funds - Euro Corporate Bond 0.20% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Euro Corporate Trend Bond 0.20% * * 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - U.S. Dollar Aggregate Bond 0.15% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Global Aggregate Bond 0.00% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% 0.00% 

Pioneer Funds - Euro Credit Recovery 2012 0.00% 0.00% ** 0.00% 0.00% ** * ** 





Pioneer Funds - U.S. Credit Recovery 2014 0.10% * ** 0.00% 0.00% ** * ** 

Pioneer Funds - High Yield & Emerging Markets Bond Opportunities 2015 0.00% ** ** 0.00% 0.00% * * ** 

Pioneer Funds - Emerging Markets Corporate Bond 2016 0.00% ** ** 0.00% 0.00% * * ** 

Pioneer Funds - Europe Recovery Income 2017 0.00% ** ** 0.00% * ** ** ** 

Pioneer Funds - Euro Strategic Bond 0.50% * 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Strategic Income 0.50% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% 0.00% 

Pioneer Funds - U.S. High Yield 0.15% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Global High Yield 0.15% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% 0.00% 

Pioneer Funds - Euro High Yield 0.15% * 1.00% 0.00% 0.00% 0.00% 0.00% 0.00% 

Pioneer Funds - Emerging Markets Corporate High Yield Bond 0.00% * 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Emerging Markets Bond Local Currencies 0.15% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Emerging Markets Bond 0.15% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% 0.00% 

Pioneer Funds - Emerging Markets Corporate Bond 0.00% * * * * 0.00% 0.00% * 

Pioneer Funds - Absolute Return Bond 0.15% * 1.00% 0.00% * 0.00% 0.00% * 

Pioneer Funds - Absolute Return Currencies 0.15% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Absolute Return Commodity 0.15% * * 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Absolute Return European Equity 0.00% * 1.00% 0.00% * 0.00% 0.00% * 

Pioneer Funds - Absolute Return Asian Equity 0.00% * * 0.00% * 0.00% 0.00% * 

Pioneer Funds - Absolute Return Multi-Strategy 0.15% * * 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Absolute Return Multi-Strategy Growth 0.15% * * 0.00% * 0.00% 0.00% * 

Pioneer Funds - Global Multi-Asset 0.10% * 1.00% 0.00% 0.00% * * * 

Pioneer Funds - Multi Asset Real Return 0.00% * 1.00% 0.00% * 0.00% 0.00% * 


Pioneer Funds 




Pioneer Funds - Euroland Equity 0.00% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% 0.00% 

Pioneer Funds - Core European Equity 0.25% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Top European Players 0.00% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% 0.00% 

Pioneer Funds - European Equity Value 0.00% * 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - European Research 0.00% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - European Potential 0.30% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - European Equity Target Income 0.00% * * 0.00% * 0.00% 0.00% * 

Pioneer Funds - German Equity 0.00% * * * * 0.00% 0.00% * 

Pioneer Funds - Italian Equity 0.30% * 1.00% 0.00% 0.00% 0.00% * * 

Pioneer Funds - U.S. Pioneer Fund 0.25% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - U.S. Research 0.25% * 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - U.S. Fundamental Growth 0.00% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% 0.00% 

Pioneer Funds - U.S. Research Value 0.00% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - North American Basic Value 0.15% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - U.S. Mid Cap Value 0.50% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Global Equity Target Income 0.00% * 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Global Select 0.15% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Global Ecology 0.30% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Gold and Mining 0.30% * * 0.00% 0.00% * 0.00% * 

Pioneer Funds - Japanese Equity 0.15% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Emerging Markets Equity 0.30% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Emerging Markets Equity Unconstrained 0.00% * 1.00% 0.00% * 0.00% 0.00% * 

Pioneer Funds - Emerging Europe and Mediterranean Equity 0.30% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Asia (Ex. Japan) Equity 0.30% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Latin American Equity 0.30% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - China Equity 0.30% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Indian Equity 0.30% * 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Russian Equity 0.30% * 1.00% 0.00% 0.00% 0.00% 0.00% * 

Pioneer Funds - Commodity Alpha 0.35% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% * 

* Not launched 

** Not applicable 

The Investment Managers are paid by the Management Company out of the management fee payable to it in accordance with the Management 

Regulations of the Fund. 

The Management Company may earn a performance fee for certain Classes within certain Sub-Funds where the Net Asset Value per unit of a 

given Class outperforms its benchmark (see details in the Prospectus) during a performance period. 

These performance fees, which range from 10% to 25% (where applicable and depending on the Unit Class) on the relevant amount, where the 

“relevant amount” is calculated as the amount by which the increase in total Net Asset Value per Unit during the relevant performance period 

exceeds the increase in the relevant benchmark over the same period (or the growth in value of the Net Asset Value per unit where the 

benchmark has declined). The Management Company will apply at all times the high watermark principle when calculating the performance 

fee. The high watermark principle establishes a Net Asset Value per unit below which performance fees will not be paid. 

This level is called the high watermark and is set at the Net Asset Value per unit of the Class at which the last performance fee was paid or at 

the Net Asset Value per unit at which the Class was launched if no performance fee has ever been paid on that Class. Performance fees charged 

during the period are detailed in the Statement of Operations and Changes in Net Assets for the relevant Sub-Funds on pages 42 to 64. 

4. Depositary, Administrator, Registrar and Transfer Agent 

The Depositary and Paying Agent and the Central Administrator receive out of the assets of the relevant Sub-Fund, a fee for their services as 

detailed below. 

Depositary: The fee is a percentage of portfolio value at each month end of each Sub-Fund. It ranges from 0.003% to 0.5% p.a. depending on 

where the assets of the relevant Sub-Fund are held. The fee is calculated and accrued on each Valuation Day and is payable monthly in arrears. 

Paying Agent: The main components of the compensation for the services provided are the number of the existing active unit classes, the 

number of clients’ accounts and the number of transactions processed. 

Central Administrator: The fee for the main services provided, ranging from 0.01% to 0.05% p.a., is calculated and accrued on each 

Valuation Day on the basis of the Net Asset Value of the relevant Sub-Fund. It is payable monthly in arrears. 


Pioneer Funds 


5. Taxation 

Under Luxembourg law, the Fund is not subject to any taxes on income or capital gains. However, the Fund is subject to the “Taxe 

d’Abonnement”, which amounts to an annual rate of 0.05% for all Sub-Funds except for the Pioneer Funds - Euro Liquidity Sub-Fund, the 

Pioneer Funds - Euro Short-Term Sub-Fund, the Pioneer Funds - Absolute Return Currencies Sub-Fund, the Pioneer Funds - U.S. Dollar 

Short-Term Sub-Fund, the Pioneer Funds - Euro Cash Plus Sub-Fund and all Classes that are dedicated to Institutional Clients which are 

subject to an annual rate of 0.01% based on the Net Asset Value of the Sub-Funds at the end of each calendar quarter, calculated and paid 

quarterly. 

Interest and dividend income received by the Fund may be subject to non-recoverable withholding tax in the countries of origin. 

Withholding Tax Reclaim 

Withholding tax reclaims have been filed in respect of the withholding tax applied on dividends paid during the recent years in the following 

countries: Austria, Finland, France, Germany, Italy, Norway, Spain and Sweden. 

The decision for claiming is taken by the Board of Directors based on the analysis of costs to be borne and maximum potential amount 

refunded. The costs for pursuing the reclaims are borne only by the sub- funds potentially entitled of the refunds and recorded under “other 

charges”. 

Currently it is not possible to assess the likelihood of success of these reclaiming actions. Consequently no receivables with respect to the 

potential refunded amounts have been booked in the Financial Statements. 

Any proceed received from these reclaiming actions will be booked in the respective Sub-Funds’ net asset values. 

6. Changes in Portfolios 

A list of changes in the portfolio for the year ended 31 December 2012 is available free of charge at the registered office of the Management 

Company of the Fund. 

7. Outstanding Forward Foreign Exchange Contracts, Outstanding Financial Futures Contracts, Outstanding Options Contracts, Outstanding 

Swaps Contracts and Outstanding Contracts for Differences 

All details relating to the outstanding Forward Foreign Exchange Contracts, outstanding Financial Futures Contracts, outstanding Options 

Contracts and outstanding Swaps Contracts and Outstanding Contracts for Differences as at 31 December 2012 are presented with the 

individual Sub-Funds’ Schedule of Investments. 

8. Singapore Reporting Requirements 

As of 31 December 2012, Pioneer Funds – China Equity, Pioneer Funds – Japanese Equity, Pioneer Funds – Asia (Ex. Japan) Equity and 

Pioneer Funds – Indian Equity had more than 10 investors per Sub-Fund. 

9. Securities Lending 

Pioneer Asset Management S.A. has entered into securities lending agreements for a number of its equity and fixed income Sub-Funds. 

In return for making securities available for loan throughout the year, the Sub-Funds participating in the programmes received fees which are 

reflected in the Statement of Operations and Changes in Net Assets of EUR 16,561,420. 

Pioneer Asset Management S.A. has appointed BBH & Co as services agent for the equity lending programme and Deutsche Bank A.G. as 

agent for the fixed income lending programme. As remuneration for their respective roles BBH & Co and Deutsche Bank A.G. receive a 

percentage of the variable fees from the associated programmes. 

Société Générale Bank & Trust receives a fixed fee for fixed income programme and a fixed percentage of the fees for equities programme as 

administration fee. 

Pioneer Global Investments Ltd. has been appointed by Pioneer Asset Management S.A. to oversee the lending programmes. Pioneer Global 

Investments Ltd. receives a fixed percentage of the fees for its oversight role. 

Equity Lending Programme 

As at 31 December 2012, all security loans are collateralised with sovereign debt issued by a subset of G10 countries and the market value of the 

securities lent was as follows: 

Sub-Fund 

Market value of securities lent (EUR) 

Pioneer Funds - Euroland Equity 1,603,200 

Pioneer Funds - Core European Equity 1,331,122 

Pioneer Funds - European Research 11,109,342 

Pioneer Funds - Italian Equity 984,100 

Pioneer Funds - Global Select 2,001,733 

Pioneer Funds - Global Ecology 6,243,561 

Pioneer Funds - Japanese Equity 10,056,060 

Pioneer Funds - Emerging Europe and Mediterranean Equity 3,209,570 

The amount of non-cash collateral for Equity Lending Programme is EUR 38,788,086. 


Pioneer Funds 


9. Securities Lending (continued) 

Fixed Income Lending Programme 

The remuneration received by Deutsche Bank A.G. for the fixed income lending programme incorporates the agent’s role as investment 

manager of the fixed income collateral. 

As at 31 December 2012, the market value of the securities lent was as follows: 

Sub-Fund 

Market value of securities lent (EUR) 

Pioneer Funds - Euro Short-Term 312,021,025 

Pioneer Funds - Euro Cash Plus 52,271,430 

Pioneer Funds - Euro Corporate Short-Term 66,503,813 

Pioneer Funds - Euro Bond 777,879,723 

Pioneer Funds - Euro Aggregate Bond 746,078,611 

Pioneer Funds - Euro Corporate Bond 268,653,709 

Pioneer Funds - Global Aggregate Bond 63,691,336 

Pioneer Funds - Obbligazionario Euro 09/2014 con cedola (Euro Bond 09/2014 distributing) 28,871,932 




Pioneer Funds - Absolute Return Bond 91,415,284 

Pioneer Funds - Global Multi-Asset 808,037 

Fixed income loans are secured against cash and non-cash collateral for EUR 1,547,638,964 and EUR 1,027,402,259 respectively. 

As at 31 December 2012, the cash collateral was reinvested in the following instruments: 

Instrument Type Issuer Name Currency % Yield Final Maturity Date Market Value (EUR) 

Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.585093 20-Jan-2044 917,685 

Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.584956 20-Jan-2044 860,330 

Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.503931 20-Mar-2044 1,484,750 

Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.463880 20-Jun-2044 834,562 



Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.464037 20-Jun-2044 1,321,390 

Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.464005 20-Sep-2044 2,363,990 

Asset Backed Floater GRANITE MASTER ISSUER PLC EUR 0.289965 20-Dec-2054 603,896 

Fixed Deposits Deutsche Bank AG London (Pncpal) EUR 0.079000 02-Jan-2013 41,790,399 

Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 26,774,673 




















Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 1,323,417 

Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 03-Jan-2013 2,685,909 



Pioneer Funds 


9. Securities Lending (continued) 

Instrument Type Issuer Name Currency % Yield Final Maturity Date Market Value (EUR) 


Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 961,017 






















Open Triparty Set 1 Fortis Bank NV EUR 0.181000 OPEN 5,877,778 

Open Triparty Set 2 Goldman Sachs International EUR 0.050000 OPEN 26,450,000 

Open Triparty Set 2 ING BANK AMSTERDAM EUR 0.071000 02-Jan-2013 13,624,288 

Open Triparty Set 2 Nomura International London EUR 0.161000 OPEN 284,403,382 

Triparty Set 1 Merrill Lynch International EUR 0.491000 08-Apr-2013 382,055,551 

Triparty Set 1 Merrill Lynch International EUR 0.411000 04-Feb-2013 146,944,443 

Triparty Set 1 Citigroup Global Markets Ltd EUR 0.281000 11-Feb-2013 88,166,666 

Triparty Set 2 Citigroup Global Markets Ltd EUR 0.411000 04-Apr-2013 14,694,444 

Triparty Set 2 Citigroup Global Markets Ltd EUR 0.361000 11-Feb-2013 29,388,889 

10. Reverse Repurchase Agreements 

As at 31 December 2012, the following Sub-Funds had entered into reverse repurchase agreements for a total amount of EUR 1,392,300,245 

as detailed below: 

Sub-Fund 

Amount (EUR) 

Pioneer Funds - Euro Liquidity 76,994,650 

Pioneer Funds - Euro Short Term 271,987,055 

Pioneer Funds - Euro Cash Plus 249,925,000 

Pioneer Funds - Euro Corporate Short-Term 51,032,050 

Pioneer Funds - Euro Bond 56,983,000 

Pioneer Funds - Euro Aggregate Bond 70,478,700 

Pioneer Funds - Euro Corporate Bond 126,962,000 

Pioneer Funds - Global Aggregate Bond 12,993,500 

Pioneer Funds - Euro Credit Recovery 2012 3,997,350 

Pioneer Funds - Emerging Markets Corporate Bond 2016 3,998,800 

Pioneer Funds - Euro Strategic Bond 46,976,500 

Pioneer Funds - Euro High Yield 253,011,025 

Pioneer Funds - Emerging Markets Bond 94,973,140 

Pioneer Funds - Absolute Return Bond 4,998,500 

Pioneer Funds - Absolute Return Currencies 27,991,600 

Pioneer Funds - Absolute Return Asian Equity 4,998,500 

Pioneer Funds - Italian Equity 33,998,875 


Pioneer Funds 


10. Reverse Repurchase Agreements (continued) 

Reverse repurchase agreements are similar in effect to a lending, collateralised by underlying securities. 

A reverse repurchase agreement is an agreement under which an assigner (counterpart) sells securities to the assignee (Sub-Fund) whereby the 

assigner agrees to repurchase them at a specified time and at a specified price and the assignee agrees to retrocede these securities at a specified 

time and at a specified price. 

The securities received as collateral are not reported in the section “Schedule of Investments”. 

11. Further Information for French Investors 

Pioneer Funds – Euroland Equity 

As at 31 December 2012 the fund invested 95.49% of its assets into shares and warrants issued by companies having their head office in an 

EU or an EEA country, except Liechtenstein, and subject to corporate income tax under normal conditions. 

Pioneer Funds – Core European Equity 

As at 31 December 2012 the fund invested 85.17% of its assets into shares and warrants issued by companies having their head office in an 

EU or an EEA country, except Liechtenstein, and subject to corporate income tax under normal conditions. 

12. Transaction Costs 

For the year from 01 January 2012 to 31 December 2012, the Fund incurred transaction costs related to purchase or sale of financial 

instruments as follows: 

Sub-Fund 

Amount (EUR) 

Pioneer Funds - Euro Liquidity - 

Pioneer Funds - Euro Short-Term 91,158 

Pioneer Funds - Euro Cash Plus 26,672 

Pioneer Funds - Euro Corporate Short Term 32,678 

Pioneer Funds - U.S. Dollar Short-Term - 

Pioneer Funds - Euro Bond 165,890 

Pioneer Funds - Euro Aggregate Bond 140,316 

Pioneer Funds - Euro Corporate Bond 78,967 

Pioneer Funds - Euro Corporate Trend Bond 9,112 

Pioneer Funds - U.S. Dollar Aggregate Bond 9,596 

Pioneer Funds - Global Aggregate Bond 76,299 

Pioneer Funds - Euro Credit Recovery 2012 - 

Pioneer Funds - Obbligazionario Euro 09/2014 con cedola (Euro Bond 09/2014 distributing) - 




Pioneer Funds - U.S. Credit Recovery 2014 - 

Pioneer Funds - High Yield & Emerging Markets Bond Opportunities 2015 - 

Pioneer Funds - Emerging Markets Corporate Bond 2016 - 

Pioneer Funds - Europe Recovery Income 2017 - 

Pioneer Funds - Euro Strategic Bond 9,540 

Pioneer Funds - Strategic Income 76,681 

Pioneer Funds - U.S. High Yield 6,195 

Pioneer Funds - Global High Yield 609 

Pioneer Funds - Euro High Yield 1,649 

Pioneer Funds - Emerging Markets Corporate High Yield Bond - 

Pioneer Funds - Emerging Markets Bond Local Currencies - 

Pioneer Funds - Emerging Markets Bond 18,367 

Pioneer Funds - Emerging Markets Corporate Bond - 

Pioneer Funds - Absolute Return Bond 61,852 

Pioneer Funds - Absolute Return Currencies - 

Pioneer Funds - Absolute Return Commodity - 

Pioneer Funds - Absolute Return European Equity 1,321 

Pioneer Funds - Absolute Return Asian Equity 13,411 

Pioneer Funds - Absolute Return Multi-Strategy 94,822 

Pioneer Funds - Absolute Return Multi-Strategy Growth 94,049 

Pioneer Funds - Global Multi-Asset 1,783,411 

Pioneer Funds - Multi Asset Real Return 179,629 


Pioneer Funds 


12. Transaction Costs (continued) 

Sub-Fund 

Amount (EUR) 

Pioneer Funds - Euroland Equity 5,763,795 

Pioneer Funds - Core European Equity 642,003 

Pioneer Funds - Top European Players 1,760,594 

Pioneer Funds - European Equity Value 215,076 

Pioneer Funds - European Research 3,815,365 

Pioneer Funds - European Potential 568,341 

Pioneer Funds - European Equity Target Income 139,549 

Pioneer Funds - German Equity 13,173 

Pioneer Funds - Italian Equity 118,989 

Pioneer Funds - U.S. Pioneer Fund 905,245 

Pioneer Funds - U.S. Research 1,004,794 

Pioneer Funds - U.S. Fundamental Growth 206,197 

Pioneer Funds - U.S. Research Value 165,484 

Pioneer Funds - North Amercian Basic Value 471,714 

Pioneer Funds - U.S. Mid Cap Value 506,903 

Pioneer Funds - U.S. Small Companies - 

Pioneer Funds - Global Equity Target Income 219,804 

Pioneer Funds - Global Select 457,309 

Pioneer Funds - Global Ecology 3,607,218 

Pioneer Funds - Gold and Mining 69,571 

Pioneer Funds - Japanese Equity 193,316 

Pioneer Funds - Emerging Markets Equity 6,477,557 

Pioneer Funds - Emerging Markets Equity Unconstrained 306 

Pioneer Funds - Emerging Europe and Mediterranean Equity 753,453 

Pioneer Funds - Asia (Ex. Japan) Equity 3,994,449 

Pioneer Funds - Latin American Equity 62,001 

Pioneer Funds - China Equity 3,947,150 

Pioneer Funds - Indian Equity 1,762,784 

Pioneer Funds - Russian Equity 19,527 

Pioneer Funds - Commodity Alpha - 

The above transaction costs include costs directly linked to the acquisition or sale of investments, to the extent that such costs are shown 

separately on transaction confirmations. 

For some asset classes, transactions costs are usually incorporated in dealing prices and are not reported separately. 

Depending on the nature of the investments of the Sub-Fund, this may result in no data being reported in the transaction costs section for some 

Sub-Funds. 

Transactions relating to securities lending and their associated costs are not included in these figures. 

13. Proxy Voting Policy 

The Management Company has implemented a Proxy Voting Policy, to enable the exercise of voting rights attached to the portfolio securities. 

The Management Company aims to cast proxy votes in a manner consistent with the best interest of the Funds. In voting proxies, consideration 

is given to the economic effect of the proposal on the value of portfolio holdings on both the short and long-term impact. In general, Pioneer 

believes that supporting the company’s strategy and voting “for” management’s proposals builds portfolio value. In some cases, however, 

proposals set forth by management may have a negative effect on that value, and consideration of this may affect the votes cast by the 

Management Company. Special consideration is given to issues relating to ethical Funds. 

The Management Company exercises voting rights and, where it has authorised delegated investment managers to vote portfolio securities, it 

requires that they do so in accordance with the Proxy Voting Policy. Together, the Management Company and/or the Investment Managers may 

engage the services of an independent third party to assist in analysing proxies, shareholder meeting recommendations, record keeping and 

voting services provided that the Service Provider provides its services in accordance with the Proxy Voting Policy. 

14. Class Action 

A Class Action is an action that allows to a group of investors to claim a company or public institution to obtain financial compensation in the 

event losses. 

The Management Company has engaged the services of two independent companies to assist in the class action activities and ensure a global 

coverage. 


Pioneer Funds 


14. Class Action (continued) 

Costs paid upfront for the services related to the portfolio analysis, the collection of the custody data and the assistance in the other activities 

related to class actions are booked in the financial statements under “Other charges”. 

The amounts received when the class action are settled, are booked in the financial statements under “Other Income”. 

In 2012, the Fund has received a total of USD 826,234. 

15. Important Events 

Launch of new Sub-Funds 

The following Sub-Funds have been launched during the year: 

Sub-Fund 

Launch date 

Pioneer Funds - Absolute Return Commodity 11/01/2012 

Pioneer Funds - German Equity 16/05/2012 

Pioneer Funds - Europe Recovery Income 2017 29/05/2012 

Pioneer Funds - Emerging Markets Corporate High Yield Bond 11/07/2012 

Pioneer Funds - Emerging Markets Equity Unconstrained 18/07/2012 

Pioneer Funds - Emerging Markets Corporate Bond 11/12/2012 

Liquidation of Sub-Funds 

The following Sub-Fund has been liquidated during the year: 

Sub-Fund 

Liquidation date 

Pioneer Funds - U.S. Small Companies 17/12/2012 

Name changes 

The denomination of the following Sub-Funds was changed as follows: 

Former Sub-Fund Name New Sub-Fund Name Effective Date 

Pioneer Funds - Diversified Equity Strategy Pioneer Funds - Absolute Return Commodity 02/01/2012 

Pioneer Funds - Diversified Fixed Income Strategy Pioneer Funds - Europe Recovery Income 2017 07/03/2012 

Pioneer Funds - Global Balanced Pioneer Funds - Global Multi-Asset 06/12/2012 

Pioneer Funds - Global Diversified Equity Pioneer Funds - Global Equity Target Income 06/12/2012 

Pioneer Funds - Europe Recovery Income 2017 has changed its name on 07/03/2012 while it has been launched on 29/05/2012 and Pioneer 

Funds - Absolute Return Commodity has changed its name on 02/01/2012 while it has been launched on 11/01/2012. 

Changes in Investment Management 

Pioneer Investment Management, Inc., Boston, the Investment Manager of the Pioneer Funds – North American Basic Value, has decided, in 

agreement with the Management Company, to terminate on 30 June 2012, the sub-investment management agreement entered into with Cullen 

Capital Management, LLC. 

Pioneer Investment Management Limited, Dublin, has decided to appoint, in agreement with the Management Company, Pioneer Investment 

Management SGRpA as Sub-Investment Manager of the Pioneer Funds – Global Multi-Asset with effect as from 6 December 2012. 

Fee Reduction 

The investment policy of the Pioneer Funds - Euro Credit Recovery 2012 has matured on 11 May 2012, so the Sub-Fund has switched to its 

post-maturity investment policy. Thus the fee structure was amended as follows with effective date 01 November 2012: 

Class Fee Structure before 01/11/2012 Fee Structure as from 01/11/2012 

A 0.80% + 0.20% (distribution fee) 0.30% + 0.00% (distribution fee) 

B 1.00% 0.30% 

E 1.00% 0.30% 

F 1.25% 0.55% 


Report of the Réviseur d’Entreprises agréé 

To the Unitholders of 

Pioneer Funds 

8-10, rue Jean Monnet 

L-2180 Luxembourg 

Grand Duchy of Luxembourg 

We have audited the accompanying financial statements of Pioneer Funds and each of its Sub-Funds, which comprise the Statement of Net 

Assets and the Schedule of Investments as at 31 December 2012 and the Statement of Operations and Changes in Net Assets for the year then 

ended and a summary of significant accounting policies and other explanatory information. 

Board of Directors of the Management Company responsibility for the financial statements 

The Board of Directors of the Management Company is responsible for the preparation and fair presentation of these financial statements in 

accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and for such internal 

control as the Board of Directors of the Management Company determines is necessary to enable the preparation of financial statements that 

are free from material misstatement, whether due to fraud or error. 

Responsibility of the Réviseur d’Entreprises agréé 

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with 

International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards 

require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial 

statements are free from material misstatement. 

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The 

procedures selected depend on the judgement of the Réviseur d’Entreprises agréé, including the assessment of the risks of material 

misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d’Entreprises agréé 

considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit 

procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s 

internal control. 

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the 

Board of Directors of the Management Company, as well as evaluating the overall presentation of the financial statements. 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 

Opinion 

In our opinion, the financial statements give a true and fair view of the financial position of Pioneer Funds and each of its Sub-Funds as of 

31 December 2012, and of the results of their operations and changes in their net assets for the year then ended in accordance with 

Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. 

Other matter 

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific 

audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. 

However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. 

Luxembourg, 24 April 2013 

KPMG Luxembourg S.à r.l. 

Cabinet de révision agréé 

M. Tabart 


Management and Administration 

Management Company, Domiciliary Agent and Distributor 

Pioneer Asset Management S.A. 

8-10, rue Jean Monnet (1) 



Corporate Governance/ALFI Code of Conduct 

The Management Company is subject to corporate governance based, inter alia, on: 

1. Its obligations as defined by the Law of 17 December 2010 of the Grand Duchy of Luxembourg and circulars issued by the Commission de 

Surveillance du Secteur Financier (CSSF) which complements the regulatory framework. 

2. Its Articles of Incorporation which are available for inspection at the registered office of the Company and at the Luxembourg corporate and 

trade register, Registre de Commerce et des Sociétés (RCSL). 

3. The Association of the Luxembourg Fund Industry (ALFI) code of Conduct, which the Management Company has voluntarily adopted. 

Board of Directors of the Management Company 

Chairman 

Mr Marc Bayot 

Professor of Finance Emeritus at the Free University of Brussels 

residing in Belgium 

Members 

Mr David Harte 

Global Head of Investment Operations, 

Pioneer Investment Management Limited, Dublin 

residing in Ireland 

Ms Corinne Massuyeau 

Head of Sales Management - International & Western Europe, 

Pioneer Global Investments Limited, Dublin 

residing in United Kingdom 

Mr Enrico Turchi 

Managing Director, 

Pioneer Asset Management S.A., Luxembourg 

residing in Luxembourg 

Mr Patrick Zurstrassen 

Member of the Boards of Directors of various fund management companies, 

residing in Luxembourg 

There were no changes during 2012. 

Two directors, including the Chairman, are independent and free from any business relationship that could interfere with the exercise of their 

roles and judgements. The Board of Directors has the overall responsibility for the company affairs and ensures that the Code of Conduct 

mentioned above is adhered to. 

Conducting Officers of the Management Company 

The two conducting officers, within the meaning of Article 102 (1) c) of the 2010 Law are Mr David Harte, residing in Ireland, who is also 

Director of the Company and Mr Enrico Turchi, residing in Luxembourg, who is the Managing Director of the Company. 

Main responsibilities of the Conducting Officers are to ensure: 

• the implementation of strategies and guiding principles for central administration and internal governance through written internal policies 

and procedures 

• the implementation of adequate internal control functions 

• that the Management Company has technical infrastructure and human resources adequate to perform its activities 

(1) 

Since 10 September 2012; until 09 September 2012 « 4, rue Alphonse Weicker, L-2721 Luxembourg ». 


Management and Administration (continued) 

Administrator 

Société Générale Securities Services Luxembourg 

16, Boulevard Royal 



Depositary and Paying Agent 

Société Générale Bank & Trust 

11, Avenue Emile Reuter 



Registrar and Transfer Agent 

European Fund Services S.A. 

18, Boulevard Royal 



Investment Managers 

Pioneer Investment Management Limited 

1, George’s Quay Plaza 

George’s Quay 

Dublin 2 

Ireland 

Pioneer Alternative Investment Management Limited (2) 

1, George's Quay Plaza 

George's Quay 

Dublin 2 

Ireland 

Pioneer Investment Management, Inc. 

60, State Street 

Boston, MA 02 109-1820 

U.S.A. 

Pioneer Investments Kapitalanlagegesellschaft mbH (3) 

Arnulfstraße 124 -126 

D-80636 Munich 

Germany 

Pioneer Investment Management SGRpA 

6, Galleria San Carlo 

I-20122 Milano 

Italy 

Sub-Investment Manager for the Global Multi-Asset Sub-Fund (4) and for the European Potential Sub-Fund 

Pioneer Investment Mangement SGRpA 

6, Galleria San Carlo 

I-20122 Milano 

Italy 

(2) 

Until 30 March 2012. 

(3) 

Since 01 July 2012; until 30 June 2012 « Apianstrasse 16-20, D-85774 Unterföhring near Munich ». 

(4) 

Since 06 December 2012. 


Management and Administration (continued) 

Sub-Investment Manager of the North American Basic Value Sub-Fund (5) 

Cullen Capital Management, LLC 

645 Fifth Avenue 

New York, NY 10022 

U.S.A. 

Auditor / Cabinet de révision agréé 

KPMG Luxembourg S.à r.l. 

9, Allée Scheffer 



Legal Advisor 

Arendt & Medernach 

14, Rue Erasme 



(5) 

Until 30 June 2012. 


Contact Information 

Pioneer Asset Management S.A. 

8-10, rue Jean Monnet 


Tel. +352 42120 -1 

Fax. +352 42120-8300 

www.pioneerinvestments.eu 

www.pioneerinvestments.com

Mise en page 1 - UniCredit Bank Slovakia as

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?