Pioneer Investments: Pioneer High Yield Fund


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Pioneer High Yield Fund

Monthly Portfolio Holdings as of 7/31/2014

Security Name Coupon Maturity Date Par / Shares Market Value($)
KB Home, 7.0%, 12/15/21 7.0 12/15/2021 8,375,000 9,078,035
Standard Aero, Ltd., Replacement Tranche B-2 Loan, 11/2/18 5.0 11/02/2018 875,796 880,996
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 9.0 04/01/2022 4,030,000 4,579,088
Kennedy-Wilson, Inc., 5.875%, 4/1/24 5.875 04/01/2024 1,480,000 1,514,133
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 11.0 10/01/2016 2,400,000 2,362,000
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 10.581 04/09/2015 250,000 257,494
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 7.0 11/15/2020 4,300,000 758,655
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 3.75 08/20/2025 700,000 452,460
Affinion Group, Inc., Tranche B Term Loan, 10/9/16 6.75 10/09/2016 1,993,062 1,979,567
Tenet Healthcare Corp., 4.375%, 10/1/21 4.375 10/01/2021 2,850,000 2,753,516
Hologic, Inc., 2.0%, 3/1/42 (Step) 2.0 03/01/2042 3,450,000 3,817,281
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 12.0203 03/12/2015 2,400,000 2,480,480
Kane Flt% 30jul16   07/30/2016 1,450,000 1,485,235
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 12.7804 12/06/2016 2,100,000 2,311,120
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 9.25 06/01/2021 2,800,000 2,934,167
Kodiak Oil & Gas Corp., 5.5%, 2/1/22 5.5 02/01/2022 3,000,000 3,247,500
Kane Flt% 12jun15   06/12/2015 3,040,000 2,716,240
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 7.5 12/01/2020 2,435,000 2,599,363
Cepheid, 1.25%, 2/1/21 (144A) 1.25 02/01/2021 1,905,000 1,811,536
American Energy Partners Inc L + 7.75% 17jun15   06/17/2015 8,790,000 8,790,000
Accudyne Industries Borrower, 7.75%, 12/15/20 (144A) 7.75 12/15/2020 4,550,000 4,811,183
Green Field Energy Services, Inc., 11/15/21 (144A)   11/15/2021 2,275 2,286
Hologic, Inc., 2.0%, 12/15/37 (Step) 2.0 12/15/2037 2,345,000 2,968,430
Live Nation Entertainment, Inc., 7.0%, 9/1/20 (144A) 7.0 09/01/2020 3,050,000 3,375,333
Monitronics International, Inc., Term B Loan (2013), 3/23/18 4.25 03/23/2018 5,978,019 5,982,688
Mueller Water Products, Inc., 7.375%, 6/1/17 7.375 06/01/2017 7,076,000 7,251,426
Sealy Corp., 8.0%, 7/15/16 (PIK) 8.0 07/15/2016 143,000 11,332,750
Schaeffler Holding Finance BV, 6.875%, 8/15/18 (144A) (PIK) 6.875 08/15/2018 2,690,000 2,909,777
Lear Corp., 11/9/14   11/09/2014 2,230 421,013
Amsurg Corp., 5.625%, 7/15/22 (144A) 5.625 07/15/2022 4,240,000 4,271,138
CommScope, Inc., 5.5%, 6/15/24 (144A) 5.5 06/15/2024 1,770,000 1,777,645
Intelsat Jackson Holdings SA, 6.625%, 12/15/22 6.625 12/15/2022 1,150,000 1,171,235
CHS, 8.0%, 11/15/19 8.0 11/15/2019 16,400,000 17,869,258
JP Morgan Chase Commercial Mortgage Securities Trust 2014-INN, Floating Rate Note, 6/15/29 3.751 06/15/2029 4,270,000 4,280,200
Itron, Inc.     106,629 3,836,511
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 13.5304 02/05/2015 1,500,000 1,524,863
Altrl Flt% 30jun16   06/30/2016 6,500,000 6,768,450
MDC Partners, Inc., 6.75%, 4/1/20 (144A) 6.75 04/01/2020 5,360,000 5,695,000
Frontier Communications Corp., 8.75%, 4/15/22 8.75 04/15/2022 3,100,000 3,613,868
KeHE Distributors LLC, 7.625%, 8/15/21 (144A) 7.625 08/15/2021 3,635,000 4,044,518
Bio-Rad Laboratories, Inc.     46,569 5,354,969
Mythen Re, Ltd. Series 2013-1 Class B, Floating Rate Note, 7/9/15 (Cat Bond) (144A) 8.0325 07/09/2015 500,000 512,556
Neiman Marcus Group, Ltd. LLC, Other Term Loan, 10/25/20 4.25 10/25/2020 1,626,835 1,621,447
Alere, Inc., 3.0%, 5/15/16 3.0 05/15/2016 9,460,000 10,548,688
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 4.0203 05/05/2017 1,600,000 1,600,071
EP Energy LLC, 9.375%, 5/1/20 9.375 05/01/2020 13,000,000 14,702,188
Gannett Co, Inc., 6.375%, 10/15/23 (144A) 6.375 10/15/2023 6,170,000 6,625,166
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A) 16.5253 01/27/2015 875,000 883,779
Cinedigm Digital Funding I LLC, Term Loan, 2/28/18 3.75 03/31/2016 1,244,365 1,246,698
Seagate HDD Cayman, 4.75%, 1/1/25 (144A) 4.75 01/01/2025 5,900,000 5,860,544
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 8.5 03/13/2018 13,890,043 13,887,876
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 6.2703 01/08/2015 250,000 250,470
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 19.0304 12/06/2016 950,000 1,086,853
Banc of America Commercial Mortgage Trust 2007-5, Floating Rate Note, 2/10/51 6.1931 02/10/2051 2,000,000 2,012,483
GLP Capital LP, 4.375%, 11/1/18 4.375 11/01/2018 2,075,000 2,128,820
Intelsat Luxembourg SA, 7.75%, 6/1/21 7.75 06/01/2021 3,900,000 4,038,125
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 8.25 02/15/2021 6,700,000 7,356,879
SunPower Corp., 0.875%, 6/1/21 (144A) 0.875 06/01/2021 2,860,000 3,222,763
Vertafore, Inc., Term Loan (2013), 10/3/19 4.25 10/20/2019 668,841 670,095
Athlon Holdings LP, 6.0%, 5/1/22 (144A) 6.0 05/01/2022 3,095,000 3,149,163
Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 8.7804 06/06/2015 800,000 843,209
Legacy Reserves LP, 6.625%, 12/1/21 6.625 12/01/2021 3,350,000 3,395,365
Resolute Forest Products, Inc., 5.875%, 5/15/23 5.875 05/15/2023 5,570,000 5,360,583
Cubist Pharmaceuticals, Inc.     104,790 6,381,711
Altair Re, Floating Rate Note, 4/30/16 (Cat Bond) 0.0 04/30/2016 1,515,236 1,893,136
EMC Corp./MA     103,800 3,041,340
Green Field Energy Services, Inc., 0.0%, 11/15/16 (144A) 0.0 11/15/2016 54,000 12,986
Live Nation Entertainment, Inc., 5.375%, 6/15/22 (144A) 5.375 06/15/2022 1,300,000 1,313,199
Hexion US Finance Corp., 8.875%, 2/1/18 8.875 02/01/2018 2,756,000 2,966,490
Chesapeake Energy Corp., 5.375%, 6/15/21 5.375 06/15/2021 8,435,000 8,719,623
Cobalt International Energy, Inc., 2.625%, 12/1/19 2.625 12/01/2019 8,895,000 7,944,347
USI, Inc. New York, 7.75%, 1/15/21 (144A) 7.75 01/15/2021 4,900,000 4,880,128
The Howard Hughes Corp., 6.875%, 10/1/21 (144A) 6.875 10/01/2021 2,840,000 3,054,183
Ferrellgas LP, 6.75%, 1/15/22 (144A) 6.75 01/15/2022 3,585,000 3,748,118
Forest City Enterprises, Inc.     557,579 10,688,789
PDL BioPharma, Inc., 4.0%, 2/1/18 4.0 02/01/2018 5,375,000 6,047,024
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 6.75 12/01/2021 1,775,000 1,863,750
Clearwater Paper Corp., 4.5%, 2/1/23 4.5 02/01/2023 1,580,000 1,552,350
Rent-A-Center, Inc., 4.75%, 5/1/21 4.75 05/01/2021 2,590,000 2,342,331
Sprint Corp., 7.25%, 9/15/21 (144A) 7.25 09/15/2021 2,490,000 2,720,048
NeuStar, Inc., 4.5%, 1/15/23 4.5 01/15/2023 5,048,000 4,300,896
Lam Research Corp., 1.25%, 5/15/18 1.25 05/15/2018 5,491,000 7,386,158
NRG Energy, Inc., 7.875%, 5/15/21 7.875 05/15/2021 0 78,138
Salix Pharmaceuticals, Ltd., 1.5%, 3/15/19 1.5 03/15/2019 5,270,000 10,919,001
Windstream Corp., 7.75%, 10/15/20 7.75 10/15/2020 8,460,000 9,245,253
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 0.0 12/31/2049 33,500 3,519,175
MedAssets, Inc., 8.0%, 11/15/18 8.0 11/15/2018 1,400,000 1,483,144
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 5.9653 05/15/2046 1,935,000 1,808,864
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 4.75 01/31/2021 2,583,525 2,595,365
Aviv Healthcare Properties LP, 7.75%, 2/15/19 7.75 02/15/2019 2,675,000 2,904,344
Forest City Enterprises, Inc., 3.625%, 8/15/20 3.625 08/15/2020 4,885,000 5,177,320
BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20 1.5 10/15/2020 1,920,000 2,025,680
Molina Healthcare, Inc., 1.125%, 1/15/20 1.125 01/15/2020 4,225,000 4,953,284
Talos Production LLC, 9.75%, 2/15/18 (144A) 9.75 02/15/2018 3,000,000 3,247,375
Vanguard Natural Resources LLC, 7.875%, 4/1/20 7.875 04/01/2020 4,700,000 5,128,875
United Continental Holdings, Inc., 6.0%, 7/15/26 6.0 07/15/2026 3,200,000 3,140,533
Axalta Coating Systems US Holdings, Inc., Refinanced Term B Loan, 2/1/20 3.2254 02/01/2020 1,570,285 1,564,396
Cimarex Energy Co., 5.875%, 5/1/22 5.875 05/01/2022 3,110,000 3,443,353
Concho Resources, Inc., 6.5%, 1/15/22 6.5 01/15/2022 2,925,000 3,123,575
Meritage Homes Corp., 7.0%, 4/1/22 7.0 04/01/2022 3,660,000 4,083,950
Equinix, Inc., 5.375%, 4/1/23 5.375 04/01/2023 5,465,000 5,590,240
Advanced Micro Devices, Inc., 6.75%, 3/1/19 (144A) 6.75 03/01/2019 6,205,000 6,540,458
Halcon Resources Corp., 8.875%, 5/15/21 8.875 05/15/2021 7,255,000 7,662,993
Arlington Flt% 01aug15   08/01/2015 1,200,000 1,218,000
Micron Technology, Inc., 5.875%, 2/15/22 (144A) 5.875 02/15/2022 1,825,000 1,967,179
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 10.0304 06/06/2016 1,100,000 1,218,971
Virgin Media Investment Holdings, Ltd., B Facility, 6/8/20 3.5 02/06/2020 7,575,000 7,515,226
Nationstar Mortgage LLC, 6.5%, 6/1/22 6.5 06/01/2022 1,515,000 1,489,750
Fidelity & Guaranty Life Holdings, Inc., 6.375%, 4/1/21 (144A) 6.375 04/01/2021 5,400,000 5,838,750
Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A) 5.0 02/25/2015 1,500,000 1,521,675
Antero Resources Finance Corp., 5.375%, 11/1/21 5.375 11/01/2021 2,500,000 2,564,844
syncreon Group BV, 8.625%, 11/1/21 (144A) 8.625 11/01/2021 3,500,000 3,588,594
Seitel, Inc., 9.5%, 4/15/19 9.5 04/15/2019 2,955,000 3,192,795
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 6.5 07/22/2020 1,232,125 1,249,067
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 7.4015 02/13/2015 500,000 514,375
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 6.5 07/01/2036 13,206,505 1,939,339
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 12.0304 06/06/2015 3,450,000 3,629,285
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 8.25 03/15/2018 2,855,000 2,915,431
Ally Financial, Inc., 7.0% (Perpetual) (144A) 7.0   6,450 6,450,000
Lennar Corp., 4.75%, 11/15/22 4.75 11/15/2022 8,730,000 8,468,343
Akamai Technologies, Inc., 0.0%, 2/15/19 (144A) 0.0 02/15/2019 4,555,000 4,614,802
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) 10.0 08/15/2021 4,460,000 4,732,556
The Ryland Group, Inc., 5.375%, 10/1/22 5.375 10/01/2022 2,540,000 2,534,708
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 5.7804 12/06/2016 250,000 261,011
Exterran Holdings, Inc., 7.25%, 12/1/18 7.25 12/01/2018 1,725,000 1,819,156
Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A) 8.1046 01/07/2016 450,000 465,864
BioScrip, Inc., 8.875%, 2/15/21 (144A) 8.875 02/15/2021 3,675,000 3,911,706
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 8.9304 12/06/2015 1,750,000 1,831,103
j2 Global, Inc., 8.0%, 8/1/20 8.0 08/01/2020 6,085,000 6,815,200
T-Mobile USA, Inc., 6.731%, 4/28/22 6.731 04/28/2022 2,000,000 2,096,122
RTI International Metals, Inc., 1.625%, 10/15/19 1.625 10/15/2019 3,805,000 3,725,703
Midstates Petroleum Co, Inc., 10.75%, 10/1/20 10.75 10/01/2020 4,155,000 4,625,900
NorthStar Realty Finance Corp., 3.0%, 9/30/14 3.0 09/30/2014 4,550,000 4,598,708
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 6.25 02/01/2019 5,000,000 5,107,118
Dana Holding Corp., 6.0%, 9/15/23 6.0 09/15/2023 4,650,000 4,953,025
Gibraltar Industries, Inc., 6.25%, 2/1/21 6.25 02/01/2021 2,750,000 2,897,813
MISA Investments, Ltd., 8.625%, 8/15/18 (144A) (PIK) 8.625 08/15/2018 4,815,000 5,117,242
Videotron, Ltd., 5.375%, 6/15/24 (144A) 5.375 06/15/2024 9,050,000 9,112,156
Kane- Pi3 Zero% 18jul16 0.0 07/18/2016 4,010,500 4,180,144
Hunter Defense Technologies, Inc., Term Loan, 8/22/14 3.48 08/22/2014 1,578,128 1,518,948
Bombardier, Inc., 4.75%, 4/15/19 (144A) 4.75 04/15/2019 2,650,000 2,608,447
Lennar Corp., 4.5%, 6/15/19 4.5 06/15/2019 4,150,000 4,173,863
PC Nextco Holdings LLC, 8.75%, 8/15/19 (144A) (PIK) 8.75 08/15/2019 2,805,000 2,946,224
Approach Resources, Inc., 7.0%, 6/15/21 7.0 06/15/2021 1,205,000 1,286,904
Denbury Resources, Inc., 4.625%, 7/15/23 4.625 07/15/2023 5,520,000 5,172,547
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 6.75 05/01/2019 4,250,000 4,476,844
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 10.2825 01/08/2015 1,400,000 1,418,937
Ferrellgas LP, 6.5%, 5/1/21 6.5 05/01/2021 1,850,000 1,940,188
Gentiva Health Services, Inc., 11.5%, 9/1/18 11.5 09/01/2018 684,000 757,815
Ardagh Packaging Finance Plc, 6.75%, 1/31/21 (144A) 6.75 01/31/2021 3,350,000 3,452,803
Linn Energy LLC, 6.25%, 11/1/19 6.25 11/01/2019 14,935,000 15,392,384
Seagate HDD Cayman, 4.75%, 6/1/23 (144A) 4.75 06/01/2023 4,300,000 4,377,042
Cincinnati Bell, Inc., 8.375%, 10/15/20 8.375 10/15/2020 13,358,000 14,822,835
JLL, 7.5%, 2/1/22 (144A) 7.5 02/01/2022 5,610,000 5,984,000
Monitronics International, Inc., 9.125%, 4/1/20 9.125 04/01/2020 2,400,000 2,593,000
Quebecor Media, Inc., 5.75%, 1/15/23 5.75 01/15/2023 5,975,000 6,078,650
WEX, Inc., 4.75%, 2/1/23 (144A) 4.75 02/01/2023 2,950,000 2,916,813
Commercial Vehicle Group, Inc.     482,433 4,419,086
Halcon Resources Corp., 5.75% (Perpetual) 5.75   715 786,500
Basic Energy Services, Inc., 7.75%, 10/15/22 7.75 10/15/2022 9,355,000 10,340,263
Pittsburgh Glass Works LLC, 8.0%, 11/15/18 (144A) 8.0 11/15/2018 1,600,000 1,743,022
National Surgical Hospitals, Inc., Term Loan, 8/1/19 6.75 07/11/2019 1,513,563 1,520,184
Xerium Technologies, Inc., 8.875%, 6/15/18 8.875 06/15/2018 2,660,000 2,849,765
American Airlines 2013-2 Class A Pass Through Trust, 4.95%, 1/15/23 4.95 01/15/2023 1,982,333 1,986,694
Constellation Brands, Inc., 4.25%, 5/1/23 4.25 05/01/2023 3,235,000 3,228,934
Numericable Group SA, 6.0%, 5/15/22 (144A) 6.0 05/15/2022 1,575,000 1,604,663
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 8.5 10/15/2022 4,290,000 4,815,644
Bombardier, Inc., 6.0%, 10/15/22 (144A) 6.0 10/15/2022 6,025,000 6,022,992
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A) 0.0 03/01/2018 3,587 224,710
Brocade Communications Systems, Inc., 4.625%, 1/15/23 4.625 01/15/2023 3,865,000 3,718,345
DynCorp International, Inc., 10.375%, 7/1/17 10.375 07/01/2017 1,583,000 1,622,410
Crown Cork & Seal Co, Inc., 7.375%, 12/15/26 7.375 12/15/2026 13,120,000 14,654,038
Stone Energy Corp., 7.5%, 11/15/22 7.5 11/15/2022 1,945,000 2,116,808
Vericrest Opportunity Loan Transferee 2014-NPL4 LLC, 4.0%, 4/27/54 (Step) (144A) 4.0 04/27/2054 1,000,000 990,625
AAF Holdings LLC, 12.0%, 7/1/19 (144A) (PIK) 12.0 07/01/2019 3,055,000 3,154,288
Emergent Biosolutions, Inc., 2.875%, 1/15/21 (144A) 2.875 01/15/2021 5,787,000 5,975,238
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 7.5175 04/09/2015 2,000,000 2,033,700
Energy Transfer Equity LP, 5.875%, 1/15/24 (144A) 5.875 01/15/2024 3,520,000 3,599,591
Emulex Corp., 1.75%, 11/15/18 (144A) 1.75 11/15/2018 3,295,000 3,070,345
Sotheby's, 5.25%, 10/1/22 (144A) 5.25 10/01/2022 1,425,000 1,417,875
EPL Oil & Gas, Inc., 8.25%, 2/15/18 8.25 02/15/2018 5,205,000 5,637,232
Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 7.0 05/15/2018 2,000,000 2,124,556
Surgery Center Holdings, Inc., Term Loan (First Lien), 4/11/19 6.0 04/11/2019 1,915,875 1,918,270
Dartmouth Zero% 31dec14 0.0 12/31/2014 4,080,000 3,950,664
NRG Energy, Inc., 6.25%, 5/1/24 (144A) 6.25 05/01/2024 1,450,000 1,475,174
Concho Resources, Inc., 5.5%, 4/1/23 5.5 04/01/2023 3,675,000 3,871,000
T-Mobile USA, Inc., 6.5%, 1/15/24 6.5 01/15/2024 1,200,000 1,254,467
ESCO Technologies, Inc.     28,022 940,138
Carrizo Oil & Gas, Inc., 8.625%, 10/15/18 8.625 10/15/2018 10,236,000 10,956,572
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 7.5 09/15/2020 2,150,000 2,388,292
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 7.0 05/15/2022 1,635,000 1,798,137
Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 (144A) 1.125 09/01/2018 4,900,000 5,284,344
TMX Finance LLC, 8.5%, 9/15/18 (144A) 8.5 09/15/2018 3,265,000 3,569,824
Regal Entertainment Group, 5.75%, 3/15/22 5.75 03/15/2022 425,000 443,003
Tesoro Corp., 5.375%, 10/1/22 5.375 10/01/2022 5,445,000 5,569,781
NRG Energy, Inc., 8.25%, 9/1/20 8.25 09/01/2020 7,850,000 8,708,594
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 6.8855 04/07/2017 1,500,000 1,556,113
AMG Capital Trust II, 5.15%, 10/15/37 5.15 10/15/2037 48,000 3,036,000
NANA Development Corp., 9.5%, 3/15/19 (144A) 9.5 03/15/2019 1,800,000 1,811,725
SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A) 7.375 02/01/2020 2,250,000 2,445,469
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 7.0 12/01/2018 1,800,000 1,875,000
TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21 4.25 07/01/2021 3,018,689 3,025,294
Flextronics International, Ltd., 5.0%, 2/15/23 5.0 02/15/2023 2,295,000 2,382,338
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 4.0 05/26/2053 1,400,000 1,042,823
Fieldwood Energy LLC, Closing Date Loan (Second Lien), 9/30/20 8.375 09/30/2020 5,168,665 5,302,730
DuPont Fabros Technology LP, 5.875%, 9/15/21 5.875 09/15/2021 1,000,000 1,042,194
WESCO Distribution, Inc., 5.375%, 12/15/21 5.375 12/15/2021 5,145,000 5,296,099
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 5.625 02/01/2021 9,380,000 9,972,113
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 9.75 12/12/2017 740,405 743,182
Axiall Corp.     186,606 7,992,335
Voya Financial, Inc., Floating Rate Note, 5/15/53 5.65 05/15/2053 4,200,000 4,323,597
Universal Hospital Services, Inc., 7.625%, 8/15/20 7.625 08/15/2020 1,265,000 1,334,777
SandRidge Energy, Inc., 7.0% (Perpetual) 7.0   33,162 3,382,524
ARIAD Pharmaceuticals, Inc., 3.625%, 6/15/19 (144A) 3.625 06/15/2019 2,340,000 2,215,303
CEVA GROUP Plc     2,282 2,510,266
Chemtura Corp., 5.75%, 7/15/21 5.75 07/15/2021 2,725,000 2,786,464
Dycom Investments, Inc., 7.125%, 1/15/21 7.125 01/15/2021 3,000,000 3,242,000
United Airlines 2013-1 Class B Pass Through Trust, 5.375%, 8/15/21 5.375 08/15/2021 2,525,000 2,694,894
Hexion US Finance Corp., 9.0%, 11/15/20 9.0 11/15/2020 2,445,000 2,479,230
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 6.2336 04/10/2015 250,000 254,343
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 6.5 12/15/2020 2,100,000 2,219,817
Fannie Mae, 0.5%, 12/15/33 (144A) 0.5 12/15/2033 4,050,000 3,958,931
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9.75 05/15/2017 9,859,000 10,037,284
Bankrate, Inc., 6.125%, 8/15/18 (144A) 6.125 08/15/2018 3,400,000 3,683,026
Swift Energy Co., 7.875%, 3/1/22 7.875 03/01/2022 14,720,000 15,865,400
Residential Reinsurance 2013, Ltd., Floating Rate Note, 12/6/17 (Cat Bond) (144A) 20.0456 12/06/2017 250,000 259,878
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 16.25 11/10/2015 1,200,000 1,258,875
DryShips, Inc., 5.0%, 12/1/14 5.0 12/01/2014 500,000 502,292
GLP Capital LP, 4.875%, 11/1/20 4.875 11/01/2020 3,250,000 3,338,359
Legacy Reserves LP, 6.625%, 12/1/21 (144A) 6.625 12/01/2021 3,850,000 3,902,135
Tronox Finance LLC, 6.375%, 8/15/20 6.375 08/15/2020 5,195,000 5,399,661
Brown Shoe Co, Inc., 7.125%, 5/15/19 7.125 05/15/2019 2,350,000 2,505,785
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 7.4325 01/09/2017 1,800,000 1,844,510
WCA Waste Corp., Term Loan, 3/23/18 4.0 03/23/2018 620,713 621,100
Targa Resources Partners LP, 4.25%, 11/15/23 4.25 11/15/2023 5,985,000 5,859,149
Cardtronics, Inc., 1.0%, 12/1/20 (144A) 1.0 12/01/2020 6,345,000 6,300,056
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 8.5262 01/05/2017 1,325,000 1,408,049
Mentor Graphics Corp., 4.0%, 4/1/31 4.0 04/01/2031 5,815,000 6,793,858
DigitalGlobe, Inc., 5.25%, 2/1/21 5.25 02/01/2021 4,350,000 4,371,750
Alliance One International, Inc., 9.875%, 7/15/21 9.875 07/15/2021 8,460,000 8,351,012
TIBCO Software, Inc., 2.25%, 5/1/32 2.25 05/01/2032 3,900,000 3,960,938
Bayview Opportunity Master Fund Trust 2013-3RPL, 4.0%, 4/28/18 (Step) (144A) 4.0 04/28/2018 1,000,000 995,202
Parker Drilling Co., 7.5%, 8/1/20 7.5 08/01/2020 2,995,000 3,294,500
General Cable Corp., 4.5%, 11/15/29 (Step) 4.5 11/15/2029 10,874,000 10,012,236
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 5.9653 05/15/2046 595,000 502,485
Denbury Resources, Inc., 5.5%, 5/1/22 5.5 05/01/2022 4,670,000 4,653,201
KB Home, 1.375%, 2/1/19 1.375 02/01/2019 11,400,000 11,100,750
RKI Exploration & Production LLC, 8.5%, 8/1/21 (144A) 8.5 08/01/2021 7,285,000 8,104,563
PDC Energy, Inc., 7.75%, 10/15/22 7.75 10/15/2022 4,960,000 5,618,784
Starbucks Corp.     59,425 4,616,134
Kinetic Concepts, Inc., Dollar Term E-1 Loan, 5/4/18 4.0 05/04/2018 2,403,903 2,406,470
Kodiak Oil & Gas Corp., 5.5%, 1/15/21 5.5 01/15/2021 1,400,000 1,473,422
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 3.5 03/01/2021 3,365,000 3,987,432
Pangaea Zero% 01jul18 0.0 07/01/2018 5,120,000 5,215,232
DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan, 11/2/18 5.0 11/02/2018 1,931,898 1,950,019
Fifth Third Bancorp, Floating Rate Note (Perpetual) 6.625 12/31/2049 76,950 2,070,725
Citrix Systems, Inc., 0.5%, 4/15/19 (144A) 0.5 04/15/2019 2,470,000 2,690,791
International Equipment Solutions LLC, Initial Loan, 8/16/19 6.75 07/25/2019 2,914,509 2,932,725
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 8.625 02/01/2020 3,860,000 4,161,563
Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 3.96 05/18/2016 1,500,000 1,524,483
Univision Communications, Inc., Replacement First-Lien Term Loan, 3/1/20 4.0 03/01/2020 1,421,083 1,413,978
ServiceNow, Inc., 0.0%, 11/1/18 (144A) 0.0 11/01/2018 2,235,000 2,399,831
Orbital Sciences Corp.     150,232 3,856,455
Activision Blizzard, Inc., 5.625%, 9/15/21 (144A) 5.625 09/15/2021 1,725,000 1,847,906
Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) 8.5152 05/09/2016 1,000,000 1,040,317
Boart Longyear Management Pty, Ltd., 10.0%, 10/1/18 (144A) 10.0 10/01/2018 2,755,000 2,977,696
Nationstar Mortgage LLC, 6.5%, 7/1/21 6.5 07/01/2021 11,350,000 11,070,979
Carriage Services, Inc., 2.75%, 3/15/21 (144A) 2.75 03/15/2021 2,195,000 2,244,570
Murray Energy Corp., 8.625%, 6/15/21 (144A) 8.625 06/15/2021 1,900,000 2,034,940
CEVA GROUP Plc, 0.0%, 12/31/14 0.0 12/31/2014 4,940 5,434,055
Entegris, Inc., 6.0%, 4/1/22 (144A) 6.0 04/01/2022 5,100,000 5,367,750
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 8.3804 02/05/2015 1,200,000 1,213,485
ON Semiconductor Corp., 2.625%, 12/15/26 2.625 12/15/2026 16,914,000 19,254,122
Tower Automotive Holdings USA LLC, Refinancing Term Loan, 4/23/20 3.2306 04/23/2020 8,512,680 8,486,078
Sanders Re, Ltd., Floating Rate Note, 5/25/18 (Cat Bond)   05/25/2018 2,400,000 2,374,560
Auxilium Pharmaceuticals, Inc., 1.5%, 7/15/18 1.5 07/15/2018 9,880,000 10,528,787
Ascent Capital Group, Inc., 4.0%, 7/15/20 4.0 07/15/2020 2,710,000 2,482,774
Frontier Communications Corp., 8.5%, 4/15/20 8.5 04/15/2020 9,705,000 11,427,907
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 6.75 04/15/2022 5,475,000 5,439,413
FTS International, Inc., 6.25%, 5/1/22 (144A) 6.25 05/01/2022 1,275,000 1,320,555
Post Holdings, Inc., 2.5% (Perpetual) (144A) 2.5 12/31/2049 73,300 6,739,019
APERAM, 7.375%, 4/1/16 (144A) 7.375 04/01/2016 2,615,000 2,738,123
TMS International Corp., 7.625%, 10/15/21 (144A) 7.625 10/15/2021 2,165,000 2,343,507
BioScrip, Inc.     255,259 1,911,890
Virtual Radiologic Corp., Term Loan A, 12/22/16 7.2501 11/03/2016 1,471,625 1,092,682
IAMGOLD Corp., 6.75%, 10/1/20 (144A) 6.75 10/01/2020 6,445,000 6,074,413
Navistar International Corp., 8.25%, 11/1/21 8.25 11/01/2021 6,850,000 7,213,906
Rice Energy, Inc., 6.25%, 5/1/22 (144A) 6.25 05/01/2022 3,295,000 3,316,967
Revlon Consumer Products Corp., 5.75%, 2/15/21 5.75 02/15/2021 2,495,000 2,598,577
Cott Beverages, Inc., 5.375%, 7/1/22 (144A) 5.375 07/01/2022 3,995,000 3,967,132
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 0.0 03/30/2019 1,250,000 1,287,125
Nuance Communications, Inc., 2.75%, 11/1/31 2.75 11/01/2031 19,972,000 20,009,448
Marathon Oil Corp.     147,800 5,727,250
Jonah Energy Llc 2nd Lien Tl L + 6.5% 08may21 7.5 05/08/2021 3,863,910 3,883,230
Exterran Partners LP, 6.0%, 4/1/21 6.0 04/01/2021 2,750,000 2,805,000
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 9.875 08/15/2019 4,565,000 5,177,197
Springleaf Mortgage Loan Trust, Floating Rate Note, 6/25/58 (144A) 5.58 06/25/2058 400,000 401,748
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 8.625 06/15/2019 3,500,000 3,567,339
CenturyLink, Inc., 5.8%, 3/15/22 5.8 03/15/2022 3,625,000 3,795,053
SEACOR Holdings, Inc., 3.0%, 11/15/28 (144A) 3.0 11/15/2028 2,170,000 2,096,943
Penn Virginia Corp., 6.0% (Perpetual) (144A) 6.0 12/31/2049 20,400 2,043,305
Windstream Holdings, Inc.     585,800 6,713,268
LyondellBasell Industries NV     93,934 9,980,488
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 5.25 11/25/2032 3,319,000 924,726
First Data Corp., 12.625%, 1/15/21 12.625 01/15/2021 3,282,000 3,943,613
Standard Pacific Corp., 6.25%, 12/15/21 6.25 12/15/2021 6,975,000 7,274,828
WebMD Health Corp., 2.5%, 1/31/18 2.5 01/31/2018 6,420,000 6,926,021
PPL Capital Funding, Inc., 5.9%, 4/30/73 5.9 04/30/2073 214,000 5,076,080
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 5.0 08/25/2053 2,513,900 2,399,641
Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 9.2804 06/06/2017 800,000 844,551
Crestwood Midstream Partners LP, 6.125%, 3/1/22 (144A) 6.125 03/01/2022 4,810,000 5,089,080
Packaging Dynamics Corp., 8.75%, 2/1/16 (144A) 8.75 02/01/2016 1,532,000 1,648,669
Freeport-McMoRan, Inc.     389,664 14,503,294
Kodiak Oil & Gas Corp., 8.125%, 12/1/19 8.125 12/01/2019 5,200,000 5,764,937
NRG Energy, Inc., 7.625%, 1/15/18 7.625 01/15/2018 4,700,000 5,232,928
Comstock Resources, Inc., 7.75%, 4/1/19 7.75 04/01/2019 3,832,000 4,132,173
Memorial Production Partners LP, 6.875%, 8/1/22 (144A) 6.875 08/01/2022 2,000,000 1,945,347
Wells Fargo & Co., 7.5% (Perpetual) 7.5   2,000 2,420,000
Windstream Corp., 7.5%, 6/1/22 7.5 06/01/2022 11,030,000 12,022,700
NuVasive, Inc., 2.75%, 7/1/17 2.75 07/01/2017 459,000 534,066
American Energy-Permian Basin LLC, 7.375%, 11/1/21 (144A) 7.375 11/01/2021 2,275,000 2,201,529
Ciena Corp., 0.875%, 6/15/17 0.875 06/15/2017 9,000,000 8,925,688
Frontier Communications Corp., 7.125%, 1/15/23 7.125 01/15/2023 4,750,000 4,931,292
WCP ISSUER LLC, 6.657%, 8/15/20 (144A) 6.657 08/15/2020 3,350,000 3,593,824
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 8.625 11/01/2018 6,910,000 7,473,597
CWGS Group LLC, Term Loan, 2/20/20 5.75 02/20/2020 7,105,063 7,176,113
Chaparral Energy, Inc., 8.25%, 9/1/21 8.25 09/01/2021 3,310,000 3,655,481
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 0.0 09/16/2016 2,000,000 2,331,600
Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/15 (Cat Bond) (144A) 13.2804 12/06/2015 2,000,000 2,120,422
Cigna Corp.     67,800 6,104,712
Level 3 Financing Inc Bridge L + 4.25% 15jun15 4.4807 06/15/2015 6,015,000 6,015,000
Alliant Holdings I, Inc., Initial Term Loan, 12/20/19 4.25 12/07/2019 1,241,557 1,244,391
PetroQuest Energy, Inc., 6.875% (Perpetual) 6.875   59,180 2,393,091
Nu Skin Enterprises, Inc.     43,613 2,559,647
AES Corp. Virginia, 5.5%, 3/15/24 5.5 03/15/2024 1,650,000 1,653,300
Belden, Inc., 5.25%, 7/15/24 (144A) 5.25 07/15/2024 1,255,000 1,258,085
Citigroup, Inc., Floating Rate Note (Perpetual) 5.9 12/31/2049 2,375,000 2,425,223
Jack Cooper Holdings Corp., 9.25%, 6/1/20 (144A) 9.25 06/01/2020 1,990,000 2,209,729
NCR Corp.     101,437 3,139,475
Rexel SA, 5.25%, 6/15/20 (144A) 5.25 06/15/2020 5,200,000 5,312,883
Univision Communications, Inc., 6.875%, 5/15/19 (144A) 6.875 05/15/2019 6,035,000 6,424,341
Key Energy Services, Inc., 6.75%, 3/1/21 6.75 03/01/2021 2,555,000 2,677,959
Corsicanto, Ltd., 3.5%, 1/15/32 3.5 01/15/2032 4,815,000 3,814,349
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 22.0304 06/06/2016 1,750,000 2,118,414
Thermo Fisher Scientific, Inc.     95,749 11,633,504
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 9.03 03/16/2016 400,000 428,380
T-Mobile USA, Inc., 6.125%, 1/15/22 6.125 01/15/2022 965,000 995,371
Antero Resources Finance Corp., 6.0%, 12/1/20 6.0 12/01/2020 3,360,000 3,536,400
Theravance, Inc., 2.125%, 1/15/23 2.125 01/15/2023 9,215,000 9,845,716
Aguila 3 SA, 7.875%, 1/31/18 (144A) 7.875 01/31/2018 1,700,000 1,845,934
GS Mortgage Securities Corp II Series 2004-GG2, Floating Rate Note, 8/10/38 5.9762 08/10/2038 1,000,000 1,003,843
DR Horton, Inc., 5.75%, 8/15/23 5.75 08/15/2023 5,045,000 5,456,238
QR Energy LP, 9.25%, 8/1/20 9.25 08/01/2020 3,075,000 3,663,094
Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 5.2855 03/07/2016 1,325,000 1,338,410
Prince Mineral Holding Corp., 12.0%, 12/15/19 (144A) 12.0 12/15/2019 1,595,000 1,811,854
Insulet Corp., 2.0%, 6/15/19 2.0 06/15/2019 960,000 1,012,573
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 4.5203 04/30/2018 350,000 349,151
Meritor, Inc., 6.75%, 6/15/21 6.75 06/15/2021 3,240,000 3,462,345
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A) 0.0 12/01/2018 2,150,000 2,294,265
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A) 6.5 04/15/2021 6,525,000 6,798,053
Offshore Group Investment, Ltd., 7.125%, 4/1/23 7.125 04/01/2023 4,000,000 4,045,000
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 6.0 06/15/2021 2,350,000 2,479,642
JPMorgan Chase & Co., 5.0%, 12/20/15 0.05 12/20/2015 5,295,000 325,241
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 4.7703 04/30/2018 2,575,000 2,588,622
Berkeley-Kane Flt% 12jun15   06/12/2015 1,004,200 1,012,635
BioScrip, Inc., Initial Term B Loan, 7/31/20 6.5 07/22/2020 2,053,542 2,081,778
Cambium Learning Group, Inc., 9.75%, 2/15/17 9.75 02/15/2017 3,695,000 3,861,121
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 5.75 06/17/2017 8,541 8,569
Endo Finance LLC & Endo Finco, Inc., 5.375%, 1/15/23 (144A) 5.375 01/15/2023 7,715,000 7,480,684
Citigroup, Inc., Floating Rate Note (Perpetual) 7.125   411,000 11,224,410
Polymet Mining Corp.     1,373,468 1,593,223
Penn Virginia Corp., 8.5%, 5/1/20 8.5 05/01/2020 4,995,000 5,638,106
MMM Holdings, Inc., MMM Term Loan, 12/12/17 9.75 10/09/2017 1,018,402 1,027,313
Gentiva Health Services, Inc., Initial Term B Loan, 10/10/19 6.5 10/10/2019 7,414,670 7,432,006
Penn Virginia Corp., 7.25%, 4/15/19 7.25 04/15/2019 5,845,000 6,203,575
Alamo Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A)   06/07/2017 250,000 252,550
BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18 0.75 10/15/2018 1,920,000 1,969,840
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 6.875 02/15/2019 2,950,000 3,170,533
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 2.25 05/15/2041 3,755,000 3,547,536
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 8.6152 04/08/2016 1,450,000 1,504,713
T-Mobile USA, Inc., 6.633%, 4/28/21 6.633 04/28/2021 2,865,000 3,009,834
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 11.5 02/15/2018 8,775,000 4,718,634
The KEYW Holding Corp., 2.5%, 7/15/19 2.5 07/15/2019 2,150,000 2,174,337
Oasis Petroleum, Inc., 6.5%, 11/1/21 6.5 11/01/2021 2,820,000 3,035,025
Ardent Medical Services, Inc., Term Loan (First Lien), 7/2/18 6.75 05/02/2018 1,961,463 1,970,658
Constellation Brands, Inc., 3.75%, 5/1/21 3.75 05/01/2021 4,100,000 4,035,938
BC Mountain LLC, 7.0%, 2/1/21 (144A) 7.0 02/01/2021 7,901,000 7,861,495
Ford Motor Co., 4.25%, 11/15/16 4.25 11/15/2016 6,341,000 12,548,663
Shutterfly, Inc., 0.25%, 5/15/18 0.25 05/15/2018 7,455,000 7,733,838
CAM Mortgage Trust 2014-2, Floating Rate Note, 5/15/48 (144A) 4.45 05/15/2048 575,000 575,501
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 6.125 09/15/2023 3,285,000 3,615,599
CNL Lifestyle Properties, Inc., 7.25%, 4/15/19 7.25 04/15/2019 9,550,000 9,944,866
Flextronics International, Ltd., 4.625%, 2/15/20 4.625 02/15/2020 1,380,000 1,426,680
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 4.2734 05/23/2016 1,500,000 1,524,614
James River Coal Co., 7.875%, 4/1/19 7.875 04/01/2019 4,170,000 732,356
Outerwall, Inc., 5.875%, 6/15/21 (144A) 5.875 06/15/2021 4,010,000 3,973,854
Jarden Corp., 1.125%, 3/15/34 (144A) 1.125 03/15/2034 4,280,000 4,244,423
Oxford Finance LLC, 7.25%, 1/15/18 (144A) 7.25 01/15/2018 3,100,000 3,241,739
Lennar Corp., 2.75%, 12/15/20 (144A) 2.75 12/15/2020 3,015,000 5,034,338
The Ryland Group, Inc., 0.25%, 6/1/19 0.25 06/01/2019 2,870,000 2,645,183
Aetna, Inc.     108,880 8,441,466
Novellus Systems, Inc., 2.625%, 5/15/41 2.625 05/15/2041 0 26,101
Kane Flt% 14jul15 0.0 07/14/2015 1,018,720 966,052
ViaSat, Inc., 6.875%, 6/15/20 6.875 06/15/2020 3,000,000 3,251,354
Horizon Lines, Inc.     4,099,666 1,516,876
Ship Midco, Ltd., Facility B2A-II, 11/29/19 5.25 08/06/2017 2,469,527 2,493,605
WellCare Health Plans, Inc., 5.75%, 11/15/20 5.75 11/15/2020 5,970,000 6,161,869
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 8.5175 04/09/2015 1,150,000 1,174,744
GMAC Capital Trust I, Floating Rate Note, 2/15/40 8.125 02/15/2040 358,975 9,756,941
Liberty Media Corp., 1.375%, 10/15/23 (144A) 1.375 10/15/2023 4,425,000 4,548,009
Joy Global, Inc.     109,200 6,471,192
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 5.0 03/15/2022 5,445,000 5,505,500
Memorial Production Partners LP, 7.625%, 5/1/21 7.625 05/01/2021 3,350,000 3,505,984
Offshore Group Investment, Ltd., Second Term Loan, 3/28/19 5.75 03/28/2019 2,320,625 2,314,341
Nationstar Mortgage LLC, 6.5%, 8/1/18 6.5 08/01/2018 1,820,000 1,860,950
Halcon Resources Corp., 9.25%, 2/15/22 9.25 02/15/2022 3,225,000 3,527,836
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 4.25 05/31/2019 1,188,003 1,188,746
Cubist Pharmaceuticals, Inc., 1.875%, 9/1/20 (144A) 1.875 09/01/2020 6,805,000 7,372,792
Kennametal, Inc.     139,920 5,915,818
Reynolds Group Issuer, Inc., 9.0%, 4/15/19 9.0 04/15/2019 800,000 855,200
Endologix, Inc., 2.25%, 12/15/18 2.25 12/15/2018 3,015,000 2,942,640
United Airlines, Inc., 4.5%, 1/15/15 4.5 01/15/2015 2,575,000 6,370,228
General Cable Corp.     667,230 14,832,523
Windstream Corp., 6.375%, 8/1/23 6.375 08/01/2023 5,275,000 5,377,203
Viasystems, Inc., 7.875%, 5/1/19 (144A) 7.875 05/01/2019 5,300,000 5,616,344
Sector Re V, Ltd., 0.0%, 12/1/17 (Cat Bond) (144A) 0.0 12/01/2017 13,799 0
CenturyLink, Inc., 6.45%, 6/15/21 6.45 06/15/2021 3,300,000 3,574,698
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 9.875 08/15/2018 1,675,000 1,876,896
Morgan Stanley, Floating Rate Note (Perpetual) 7.125   189,000 5,208,840
Jones Energy Holdings LLC, 6.75%, 4/1/22 (144A) 6.75 04/01/2022 1,300,000 1,381,250
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 17.9821 01/07/2015 1,250,000 1,318,899
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 8.0 12/01/2018 1,750,000 1,834,583
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 5.918 09/25/2036 1,560,000 1,411,169
Energy XXI Gulf Coast, Inc., 7.5%, 12/15/21 7.5 12/15/2021 3,865,000 4,075,965
CCO Holdings LLC, 6.5%, 4/30/21 6.5 04/30/2021 9,250,000 9,771,983
Alpha Natural Resources, Inc., 3.75%, 12/15/17 3.75 12/15/2017 4,705,000 4,004,151
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 11.2652 11/10/2015 375,000 397,392
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 8.5 05/15/2018 7,495,000 7,910,556
Marathon Petroleum Corp.     73,900 6,169,172
Halcon Resources Corp.     7,229 43,013
Post Holdings, Inc., 7.375%, 2/15/22 7.375 02/15/2022 2,100,000 2,307,915
CommScope, Inc., 5.0%, 6/15/21 (144A) 5.0 06/15/2021 1,860,000 1,857,158
Sanchez Energy Corp., 7.75%, 6/15/21 7.75 06/15/2021 5,075,000 5,556,632
Energy & Exploration Partners, Inc., 8.0%, 7/1/19 (144A) 8.0 07/01/2019 4,155,000 4,184,085
T-Mobile USA, Inc., 6.542%, 4/28/20 6.542 04/28/2020 4,300,000 4,495,844
TE Connectivity, Ltd.     58,898 3,645,197
NuStar Logistics LP, Floating Rate Note, 1/15/43 7.625 01/15/2043 130,000 3,499,600
Offshore Group Investment, Ltd., 7.5%, 11/1/19 7.5 11/01/2019 3,650,000 3,827,938
Waters Corp.     17,606 1,821,165
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 8.0304 06/06/2016 500,000 546,572
Kane-Pi3 Flt% 07apr15 4.839 04/07/2015 1,255,400 1,281,390
COMM 2014-KYO Mortgage Trust, Floating Rate Note, 6/11/27 3.653 06/11/2027 2,650,000 2,661,316
WebMD Health Corp., 1.5%, 12/1/20 (144A) 1.5 12/01/2020 5,145,000 5,842,791
Exterran Partners LP, 6.0%, 10/1/22 (144A) 6.0 10/01/2022 5,175,000 5,247,450
Regal Entertainment Group, 5.75%, 2/1/25 5.75 02/01/2025 4,895,000 5,023,494
IAP Worldwide Services, Inc., Term Loan (First Lien) Retired 07/18/2014, 12/31/15 10.0 12/31/2015 1,622,731 470,592
Gulfport Energy Corp., 7.75%, 11/1/20 7.75 11/01/2020 7,615,000 8,409,816
Fts International Inc 1st Lien Term L + 4.75% 01apr21 5.75 04/01/2021 1,662,545 1,680,804
Kindred Healthcare, Inc., 6.375%, 4/15/22 (144A) 6.375 04/15/2022 3,200,000 3,231,467
Alere, Inc., 3.0% (Perpetual) 3.0   83,308 27,777,803
Albany Molecular Research, Inc., 2.25%, 11/15/18 (144A) 2.25 11/15/2018 3,755,000 5,192,696
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A) 0.0062 11/10/2016 675,000 711,686
Northern Oil and Gas, Inc., 8.0%, 6/1/20 8.0 06/01/2020 4,125,000 4,406,875
Rosetta Resources, Inc., 5.875%, 6/1/22 5.875 06/01/2022 8,170,000 8,392,973
Bristow Group, Inc., 6.25%, 10/15/22 6.25 10/15/2022 4,245,000 4,556,595
Cengage Learning Holdings II LP     13,966 489,683
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 3.75 08/23/2019 7,462 7,473

The portfolio is actively managed, and current holdings may be different.

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