Pioneer Investments: Pioneer High Yield Fund


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Pioneer High Yield Fund

Monthly Portfolio Holdings as of 6/30/2014

Security Name Coupon Maturity Date Par / Shares Market Value($)
Hexion US Finance Corp., 8.875%, 2/1/18 8.875 02/01/2018 2,756,000 2,968,155
Rosetta Resources, Inc., 5.875%, 6/1/22 5.875 06/01/2022 8,170,000 8,577,649
Axalta Coating Systems US Holdings, Inc., Refinanced Term B Loan, 2/1/20 3.2254 02/01/2020 1,570,285 1,573,121
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 13.5304 02/05/2015 1,500,000 1,518,225
Hexion US Finance Corp., 9.0%, 11/15/20 9.0 11/15/2020 2,445,000 2,522,018
Cimarex Energy Co., 5.875%, 5/1/22 5.875 05/01/2022 3,110,000 3,467,002
SM Energy Co., 6.5%, 11/15/21 6.5 11/15/2021 3,085,000 3,365,135
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 16.275 11/10/2015 1,200,000 1,245,923
MGM Resorts International, 6.75%, 10/1/20 6.75 10/01/2020 3,000,000 3,399,375
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 6.25 02/01/2019 5,000,000 5,068,576
Denbury Resources, Inc., 4.625%, 7/15/23 4.625 07/15/2023 5,520,000 5,473,281
NRG Energy, Inc., 7.625%, 1/15/18 7.625 01/15/2018 4,700,000 5,558,501
Gentiva Health Services, Inc., Initial Term B Loan, 10/10/19 6.5 10/10/2019 7,414,670 7,428,573
Marathon Oil Corp.     147,800 5,900,176
Kodiak Oil & Gas Corp., 5.5%, 1/15/21 5.5 01/15/2021 1,400,000 1,495,006
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 9.75 12/12/2017 761,543 768,207
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 9.0 04/01/2022 4,030,000 4,574,050
Clearwater Paper Corp., 4.5%, 2/1/23 4.5 02/01/2023 2,050,000 2,026,938
The Howard Hughes Corp., 6.875%, 10/1/21 (144A) 6.875 10/01/2021 2,840,000 3,087,613
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) 10.0 08/15/2021 4,460,000 4,695,389
Approach Resources, Inc., 7.0%, 6/15/21 7.0 06/15/2021 4,105,000 4,292,234
BC Mountain LLC, 7.0%, 2/1/21 (144A) 7.0 02/01/2021 7,901,000 7,874,663
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 6.2273 04/10/2015 250,000 257,570
Kindred Healthcare, Inc., 6.375%, 4/15/22 (144A) 6.375 04/15/2022 3,200,000 3,262,467
Jonah Energy Llc 2nd Lien Tl L + 6.5% 08may21 7.5 05/08/2021 3,863,910 3,917,039
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 5.0 08/25/2053 2,513,900 2,405,642
The Ryland Group, Inc., 0.25%, 6/1/19 0.25 06/01/2019 2,870,000 2,623,060
Talos Production LLC, 9.75%, 2/15/18 (144A) 9.75 02/15/2018 3,000,000 3,290,500
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 8.5175 04/09/2015 1,150,000 1,172,997
CCO Holdings LLC, 6.5%, 4/30/21 6.5 04/30/2021 9,250,000 9,953,128
CEVA GROUP Plc     2,282 2,510,266
Jack Cooper Holdings Corp., 9.25%, 6/1/20 (144A) 9.25 06/01/2020 1,990,000 2,204,340
Penn Virginia Corp., 8.5%, 5/1/20 8.5 05/01/2020 4,995,000 5,652,675
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 4.5 04/30/2018 350,000 343,770
Bankrate, Inc., 6.125%, 8/15/18 (144A) 6.125 08/15/2018 3,400,000 3,686,922
Basic Energy Services, Inc., 7.75%, 10/15/22 7.75 10/15/2022 9,355,000 10,607,271
Penn Virginia Corp., 7.25%, 4/15/19 7.25 04/15/2019 5,845,000 6,285,161
Gannett Co, Inc., 6.375%, 10/15/23 (144A) 6.375 10/15/2023 6,170,000 6,669,513
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 4.75 04/30/2018 2,575,000 2,563,231
Intel 6.625% 15dec22 6.625 12/15/2022 1,150,000 1,203,699
Rexel SA, 5.25%, 6/15/20 (144A) 5.25 06/15/2020 5,200,000 5,420,133
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 8.5 05/15/2018 7,495,000 7,923,048
Quebecor Media, Inc., 5.75%, 1/15/23 5.75 01/15/2023 5,975,000 6,154,582
Exterran Holdings, Inc., 7.25%, 12/1/18 7.25 12/01/2018 1,725,000 1,830,297
Kane- Pi3 Zero% 18jul16 0.0 07/18/2016 4,010,500 4,159,290
Universal Hospital Services, Inc., 7.625%, 8/15/20 7.625 08/15/2020 1,265,000 1,361,527
Cincinnati Bell, Inc., 8.375%, 10/15/20 8.375 10/15/2020 13,358,000 14,879,884
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 5.75 06/17/2017 8,541 8,563
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 12.0304 06/06/2015 3,450,000 3,609,850
PC Nextco Holdings LLC, 8.75%, 8/15/19 (144A) (PIK) 8.75 08/15/2019 2,805,000 2,957,327
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 5.0 03/15/2022 5,445,000 5,523,650
TIBCO Software, Inc., 2.25%, 5/1/32 2.25 05/01/2032 3,900,000 3,951,188
Sanchez Energy Corp., 7.75%, 6/15/21 (144A) 7.75 06/15/2021 5,075,000 5,523,856
Xerium Technologies, Inc., 8.875%, 6/15/18 8.875 06/15/2018 2,660,000 2,836,742
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 11.0 10/01/2016 2,400,000 2,292,000
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 10.581 04/09/2015 250,000 257,666
Cinedigm Digital Funding I LLC, Term Loan, 2/28/18 3.75 03/31/2016 1,275,654 1,278,046
PPL Capital Funding, Inc., 5.9%, 4/30/73 5.9 04/30/2073 214,000 5,249,420
Sotheby's, 5.25%, 10/1/22 (144A) 5.25 10/01/2022 1,425,000 1,404,516
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 3.5 03/01/2021 3,365,000 3,657,942
Cubist Pharmaceuticals, Inc., 1.875%, 9/1/20 (144A) 1.875 09/01/2020 6,805,000 7,800,231
American Energy Partners Inc L + 7.75% 17jun15   06/17/2015 8,790,000 8,790,000
Endologix, Inc., 2.25%, 12/15/18 2.25 12/15/2018 3,015,000 3,010,478
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 8.25 02/15/2021 6,700,000 7,495,067
TE Connectivity, Ltd.     65,694 4,062,517
Alliance One International, Inc., 9.875%, 7/15/21 9.875 07/15/2021 10,105,000 10,767,228
Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 5.2855 03/07/2016 1,325,000 1,354,906
Murray Energy Corp., 8.625%, 6/15/21 (144A) 8.625 06/15/2021 1,900,000 2,064,033
Ferrellgas LP, 6.75%, 1/15/22 (144A) 6.75 01/15/2022 3,585,000 3,905,633
Axiall Corp.     186,606 8,820,866
Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A) 8.1034 01/07/2016 450,000 475,406
Sealy Corp., 8.0%, 7/15/16 (PIK) 8.0 07/15/2016 143,000 11,332,750
NorthStar Realty Finance Corp., 3.0%, 9/30/14 3.0 09/30/2014 4,550,000 4,576,166
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 7.4253 01/09/2017 1,800,000 1,865,450
Windstream Corp., 6.375%, 8/1/23 6.375 08/01/2023 5,275,000 5,487,648
Windstream Corp., 7.5%, 6/1/22 7.5 06/01/2022 11,030,000 12,077,850
Navistar International Corp., 8.25%, 11/1/21 8.25 11/01/2021 6,850,000 7,243,875
Memorial Production Partners LP, 7.625%, 5/1/21 7.625 05/01/2021 3,350,000 3,547,510
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 19.0304 12/06/2016 950,000 1,075,680
Halcon Resources Corp., 9.25%, 2/15/22 9.25 02/15/2022 3,225,000 3,636,008
Joy Global, Inc.     109,200 6,724,536
Lear Corp., 11/9/14   11/09/2014 2,230 395,178
Alere, Inc., 3.0%, 5/15/16 3.0 05/15/2016 9,460,000 10,507,301
Molina Healthcare, Inc., 1.125%, 1/15/20 1.125 01/15/2020 4,225,000 5,303,167
Resolute Forest Products, Inc., 5.875%, 5/15/23 5.875 05/15/2023 5,570,000 5,528,264
IAMGOLD Corp., 6.75%, 10/1/20 (144A) 6.75 10/01/2020 6,445,000 6,070,384
WCA Waste Corp., Term Loan, 3/23/18 4.0 03/23/2018 620,713 621,585
Freeport-McMoRan Copper & Gold, Inc.     483,460 17,646,290
Shutterfly, Inc., 0.25%, 5/15/18 0.25 05/15/2018 7,455,000 7,489,997
Kennametal, Inc.     139,920 6,475,498
ESCO Technologies, Inc.     28,022 970,682
Citrix Systems, Inc., 0.5%, 4/15/19 (144A) 0.5 04/15/2019 2,470,000 2,617,205
LyondellBasell Industries NV     101,014 9,864,017
Ardagh Packaging Finance Plc, 6.75%, 1/31/21 (144A) 6.75 01/31/2021 5,000,000 5,299,375
T-Mobile USA, Inc., 6.731%, 4/28/22 6.731 04/28/2022 2,000,000 2,214,714
tw telecom holdings inc, 5.375%, 10/1/22 5.375 10/01/2022 2,840,000 3,144,413
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 6.75 04/15/2022 5,475,000 5,559,178
Waters Corp.     17,606 1,838,771
PDL BioPharma, Inc., 4.0%, 2/1/18 4.0 02/01/2018 5,375,000 6,237,389
INEOS Group Holdings SA, 5.875%, 2/15/19 5.875 02/15/2019 2,050,000 2,145,745
Chrysler Group LLC, 8.25%, 6/15/21 8.25 06/15/2021 7,905,000 8,961,635
Fannie Mae, 0.5%, 12/15/33 (144A) 0.5 12/15/2033 4,050,000 3,959,775
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 4.0304 05/05/2017 1,600,000 1,601,138
Live Nation Entertainment, Inc., 7.0%, 9/1/20 (144A) 7.0 09/01/2020 3,050,000 3,410,917
Carrizo Oil & Gas, Inc., 8.625%, 10/15/18 8.625 10/15/2018 10,236,000 10,972,566
Tronox Finance LLC, 6.375%, 8/15/20 6.375 08/15/2020 5,195,000 5,488,950
Springleaf Mortgage Loan Trust, Floating Rate Note, 6/25/58 (144A) 5.58 06/25/2058 400,000 401,822
Thermo Fisher Scientific, Inc.     95,749 11,298,382
T-Mobile USA, Inc., 6.633%, 4/28/21 6.633 04/28/2021 2,865,000 3,182,128
Constellation Brands, Inc., 4.25%, 5/1/23 4.25 05/01/2023 3,235,000 3,270,046
Numericable Group SA, 6.0%, 5/15/22 (144A) 6.0 05/15/2022 1,575,000 1,651,913
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 6.5 07/22/2020 1,232,125 1,239,826
Jarden Corp., 1.125%, 3/15/34 (144A) 1.125 03/15/2034 4,280,000 4,384,860
Sector Re V, Ltd., 0.0%, 12/1/17 (Cat Bond) (144A) 0.0 12/01/2017 13,799 0
Vertafore, Inc., Term Loan (2013), 10/3/19 4.25 10/20/2019 668,841 670,861
Micron Technology, Inc., 5.875%, 2/15/22 (144A) 5.875 02/15/2022 1,825,000 1,999,307
Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 9.2804 06/06/2017 800,000 838,899
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 12.0 12/15/2019 1,595,000 1,806,869
Swift Energy Co., 7.875%, 3/1/22 7.875 03/01/2022 14,720,000 15,768,800
Targa Resources Partners LP, 4.25%, 11/15/23 4.25 11/15/2023 5,985,000 5,980,096
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 0.0234 05/23/2016 1,500,000 1,520,744
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 8.625 11/01/2018 6,910,000 7,493,031
Univision Communications, Inc., Replacement First-Lien Term Loan, 3/1/20 4.0 03/01/2020 1,421,083 1,421,750
Aetna, Inc.     108,880 8,827,990
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 5.25 11/25/2032 3,319,000 945,095
Schaeffler Holding Finance BV, 6.875%, 8/15/18 (144A) (PIK) 6.875 08/15/2018 2,690,000 2,904,453
Kane Flt% 01dec20 0.3219 12/01/2020 1,004,200 1,007,413
Flextronics International, Ltd., 4.625%, 2/15/20 4.625 02/15/2020 1,380,000 1,442,062
Bristow Group, Inc., 6.25%, 10/15/22 6.25 10/15/2022 4,245,000 4,619,385
JLL, 7.5%, 2/1/22 (144A) 7.5 02/01/2022 5,610,000 5,976,988
JPMorgan Chase & Co., 5.0%, 12/20/15 0.05 12/20/2015 5,295,000 329,895
DigitalGlobe, Inc., 5.25%, 2/1/21 5.25 02/01/2021 4,350,000 4,401,656
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 8.9304 12/06/2015 1,750,000 1,824,341
QR Energy LP, 9.25%, 8/1/20 9.25 08/01/2020 3,075,000 3,477,953
CNL Lifestyle Properties, Inc., 7.25%, 4/15/19 7.25 04/15/2019 9,550,000 10,185,606
BioScrip, Inc., 8.875%, 2/15/21 (144A) 8.875 02/15/2021 3,675,000 3,967,214
Bio-Rad Laboratories, Inc.     46,569 5,574,775
EPL Oil & Gas, Inc., 8.25%, 2/15/18 8.25 02/15/2018 5,205,000 5,731,573
DuPont Fabros Technology LP, 5.875%, 9/15/21 5.875 09/15/2021 1,000,000 1,062,299
FTS International, Inc., 6.25%, 5/1/22 (144A) 6.25 05/01/2022 1,275,000 1,320,289
NeuStar, Inc., 4.5%, 1/15/23 4.5 01/15/2023 5,048,000 4,471,266
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 10.2601 01/08/2015 1,400,000 1,453,914
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 6.875 02/15/2019 2,950,000 3,197,882
United States Steel Corp., 2.75%, 4/1/19 2.75 04/01/2019 2,475,000 3,090,656
Cubist Pharmaceuticals, Inc.     104,790 7,316,438
Hologic, Inc., 2.0%, 12/15/37 (Step) 2.0 12/15/2037 2,505,000 3,144,436
KeHE Distributors LLC, 7.625%, 8/15/21 (144A) 7.625 08/15/2021 3,635,000 4,066,858
Fig 12% 01jul19 144a 12.0 07/01/2019 3,055,000 3,135,194
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 8.0 12/01/2018 1,750,000 1,849,167
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 1,428,412
Cammt Flt% 15may48 14-2-M 4.45 05/15/2048 575,000 575,355
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 7.0 11/15/2020 4,300,000 792,170
Activision Blizzard, Inc., 5.625%, 9/15/21 (144A) 5.625 09/15/2021 1,725,000 1,887,258
Ardent Medical Services, Inc., Term Loan (First Lien), 7/2/18 6.75 05/02/2018 1,961,463 1,974,336
Reynolds Group Issuer, Inc., 9.0%, 4/15/19 9.0 04/15/2019 800,000 862,200
KB Home, 7.0%, 12/15/21 7.0 12/15/2021 8,375,000 9,154,806
RKI Exploration & Production LLC, 8.5%, 8/1/21 (144A) 8.5 08/01/2021 7,285,000 8,162,235
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 4.0 05/26/2053 1,400,000 1,043,866
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 8.5 10/15/2022 4,290,000 4,817,432
CEVA GROUP Plc, 0.0%, 12/31/14 0.0 12/31/2014 4,940 5,434,055
Rent-A-Center, Inc., 4.75%, 5/1/21 4.75 05/01/2021 2,590,000 2,468,054
TMX Finance LLC, 8.5%, 9/15/18 (144A) 8.5 09/15/2018 3,265,000 3,542,616
Ferrellgas LP, 6.5%, 5/1/21 6.5 05/01/2021 1,850,000 1,950,979
Videotron, Ltd., 5.375%, 6/15/24 (144A) 5.375 06/15/2024 9,050,000 9,297,869
Emergent Biosolutions, Inc., 2.875%, 1/15/21 (144A) 2.875 01/15/2021 5,787,000 6,121,280
Exterran Partners LP, 6.0%, 10/1/22 (144A) 6.0 10/01/2022 5,175,000 5,325,075
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 0.0 03/30/2019 1,250,000 1,266,125
Lam Research Corp., 1.25%, 5/15/18 1.25 05/15/2018 5,491,000 7,510,849
Forest City Enterprises, Inc., 3.625%, 8/15/20 (144A) 3.625 08/15/2020 4,885,000 5,220,572
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 9.875 08/15/2019 5,675,000 6,496,772
EP Energy LLC, 9.375%, 5/1/20 9.375 05/01/2020 13,000,000 15,088,125
Gulfport Energy Corp., 7.75%, 11/1/20 7.75 11/01/2020 7,615,000 8,341,598
Stone Energy Corp., 7.5%, 11/15/22 7.5 11/15/2022 1,945,000 2,163,002
Standard Aero, Ltd., Replacement Tranche B-2 Loan, 11/2/18 5.0 11/02/2018 875,796 886,743
Crown Cork & Seal Co, Inc., 7.375%, 12/15/26 7.375 12/15/2026 13,120,000 14,589,804
Equinix, Inc., 5.375%, 4/1/23 5.375 04/01/2023 5,465,000 5,661,398
Concho Resources, Inc., 5.5%, 4/1/23 5.5 04/01/2023 3,675,000 4,001,156
Nuance Communications, Inc., 2.75%, 11/1/31 2.75 11/01/2031 19,972,000 20,038,573
Cigna Corp.     67,800 6,235,566
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 0.0 12/31/2049 33,500 3,443,130
Regal Entertainment Group, 5.75%, 2/1/25 5.75 02/01/2025 4,895,000 5,073,464
Altair Re, Floating Rate Note, 4/30/16 (Cat Bond) 0.0 04/30/2016 1,515,236 1,901,166
Univision Communications, Inc., 6.875%, 5/15/19 (144A) 6.875 05/15/2019 7,415,000 7,980,651
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 7.0 12/01/2018 1,800,000 1,900,500
Exterran Partners LP, 6.0%, 4/1/21 6.0 04/01/2021 2,750,000 2,818,750
Antero Resources Finance Corp., 6.0%, 12/1/20 6.0 12/01/2020 3,360,000 3,620,400
Sprint Corp., 7.25%, 9/15/21 (144A) 7.25 09/15/2021 2,490,000 2,798,380
Morgan Stanley, Floating Rate Note, 12/31/49 (Perpetual) 7.125   189,000 5,267,430
Legacy Reserves LP, 6.625%, 12/1/21 (144A) 6.625 12/01/2021 3,850,000 3,929,005
Kane Flt% 14jul15   07/14/2015 1,018,720 962,385
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9.75 05/15/2017 9,859,000 10,363,863
Chesapeake Energy Corp., 5.375%, 6/15/21 5.375 06/15/2021 8,435,000 9,003,425
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 8.625 02/01/2020 3,860,000 4,191,719
Corsicanto, Ltd., 3.5%, 1/15/32 3.5 01/15/2032 4,815,000 4,007,953
Frontier Communications Corp., 8.5%, 4/15/20 8.5 04/15/2020 9,705,000 11,626,051
Calpine Corp., 6.0%, 1/15/22 (144A) 6.0 01/15/2022 2,360,000 2,637,693
Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 7.0 05/15/2018 2,000,000 2,137,889
KB Home, 1.375%, 2/1/19 1.375 02/01/2019 11,400,000 11,522,313
Meritor, Inc., 6.75%, 6/15/21 6.75 06/15/2021 3,240,000 3,494,664
Frontier Communications Corp., 8.75%, 4/15/22 8.75 04/15/2022 3,100,000 3,653,264
Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 (144A) 1.125 09/01/2018 4,900,000 5,530,875
Sanders Re, Ltd., Floating Rate Note, 5/25/18 (Cat Bond)   05/25/2018 2,400,000 2,376,240
AMG Capital Trust II, 5.15%, 10/15/37 5.15 10/15/2037 48,000 3,027,000
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 10.0304 06/06/2016 1,100,000 1,214,559
Vanguard Natural Resources LLC, 7.875%, 4/1/20 7.875 04/01/2020 4,700,000 5,180,281
Forest City Enterprises, Inc.     557,579 11,079,095
Hologic, Inc., 2.0%, 3/1/42 (Step) 2.0 03/01/2042 3,450,000 3,794,281
Boart Longyear Management Pty, Ltd., 10.0%, 10/1/18 (144A) 10.0 10/01/2018 2,755,000 2,947,850
Ally Financial, Inc., 7.0%, 12/31/49 (Perpetual) (144A) 7.0   6,450 6,498,577
Antero Resources Finance Corp., 5.375%, 11/1/21 5.375 11/01/2021 2,500,000 2,616,146
General Cable Corp., 4.5%, 11/15/29 (Step) 4.5 11/15/2029 10,874,000 10,827,786
CommScope, Inc., 5.5%, 6/15/24 (144A) 5.5 06/15/2024 1,770,000 1,807,145
WCP ISSUER LLC, 6.657%, 8/15/20 (144A) 6.657 08/15/2020 3,350,000 3,606,914
Bdc 5.25% 15jul24 144a 5.25 07/15/2024 1,255,000 1,265,145
The Ryland Group, Inc., 5.375%, 10/1/22 5.375 10/01/2022 2,540,000 2,555,081
United Rentals North America, Inc., 5.75%, 11/15/24 5.75 11/15/2024 3,120,000 3,263,823
Akamai Technologies, Inc., 0.0%, 2/15/19 (144A) 0.0 02/15/2019 4,555,000 4,646,118
Commercial Vehicle Group, Inc.     554,894 5,571,136
Halcon Resources Corp., 8.875%, 5/15/21 8.875 05/15/2021 7,255,000 7,881,399
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 4.25 05/31/2019 1,188,003 1,189,340
Lennar Corp., 4.5%, 6/15/19 4.5 06/15/2019 4,150,000 4,256,863
James River Coal Co., 7.875%, 4/1/19 7.875 04/01/2019 4,170,000 757,116
Horizon Lines, Inc.     4,099,666 1,639,456
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 6.0 06/15/2021 2,350,000 2,514,892
EMC Corp./MA     103,800 2,734,092
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 6.5 07/01/2036 13,206,505 2,065,901
Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 8.7804 06/06/2015 800,000 840,221
TI Group Automotive Systems LLC, Additional Term Loan, 3/28/19 5.5 03/27/2019 3,018,689 3,033,746
Athlon Holdings LP, 6.0%, 5/1/22 (144A) 6.0 05/01/2022 3,095,000 3,234,275
Alpha Natural Resources, Inc., 3.75%, 12/15/17 3.75 12/15/2017 4,705,000 4,071,785
ON Semiconductor Corp., 2.625%, 12/15/26 2.625 12/15/2026 16,914,000 19,861,969
Accudyne Industries Borrower, 7.75%, 12/15/20 (144A) 7.75 12/15/2020 4,550,000 4,884,172
RTI International Metals, Inc., 1.625%, 10/15/19 1.625 10/15/2019 3,805,000 3,832,322
Nationstar Mortgage LLC, 6.5%, 6/1/22 6.5 06/01/2022 1,515,000 1,523,206
Oasis Petroleum, Inc., 6.5%, 11/1/21 6.5 11/01/2021 2,820,000 3,062,050
United Continental Holdings, Inc., 6.0%, 12/1/20 6.0 12/01/2020 2,690,000 2,824,500
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 5.918 09/25/2036 1,560,000 1,417,550
Nu Skin Enterprises, Inc.     43,613 3,225,617
Bombardier, Inc., 6.0%, 10/15/22 (144A) 6.0 10/15/2022 6,275,000 6,523,908
MISA Investments, Ltd., 8.625%, 8/15/18 (144A) (PIK) 8.625 08/15/2018 4,815,000 5,086,245
Cambium Learning Group, Inc., 9.75%, 2/15/17 9.75 02/15/2017 3,695,000 3,914,237
WebMD Health Corp., 2.5%, 1/31/18 2.5 01/31/2018 6,420,000 6,816,346
Midstates Petroleum Co, Inc., 10.75%, 10/1/20 10.75 10/01/2020 4,155,000 4,827,591
Monitronics International, Inc., 9.125%, 4/1/20 9.125 04/01/2020 2,400,000 2,616,750
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 17.9804 01/07/2015 1,250,000 1,370,378
Virgin Media Investment Holdings, Ltd., B Facility, 6/8/20 3.5 02/06/2020 7,575,000 7,555,593
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 8.5 03/13/2018 13,890,043 13,832,163
Aguila 3 SA, 7.875%, 1/31/18 (144A) 7.875 01/31/2018 1,700,000 1,849,653
TMS International Corp., 7.625%, 10/15/21 (144A) 7.625 10/15/2021 2,165,000 2,345,988
Brocade Communications Systems, Inc., 4.625%, 1/15/23 4.625 01/15/2023 3,865,000 3,831,476
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 5.625 02/01/2021 9,380,000 10,136,263
Alaltd Flt% 07jun17 144a   06/07/2017 250,000 250,525
Kane Flt% 30jul16   07/30/2016 1,450,000 1,469,285
j2 Global, Inc., 8.0%, 8/1/20 8.0 08/01/2020 6,085,000 6,789,846
Mueller Water Products, Inc., 7.375%, 6/1/17 7.375 06/01/2017 7,076,000 7,234,473
Frontier Communications Corp., 7.125%, 1/15/23 7.125 01/15/2023 4,750,000 5,191,057
Novellus Systems, Inc., 2.625%, 5/15/41 2.625 05/15/2041 6,710,000 13,601,869
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 6.5 12/15/2020 2,100,000 2,226,817
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 5.7804 12/06/2016 250,000 260,123
Spwr 0.875% 01jun21 144a 0.875 06/01/2021 2,860,000 3,349,378
Alliant Holdings I, Inc., Initial Term Loan, 12/20/19 4.25 12/07/2019 1,244,093 1,248,759
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 8.3804 02/05/2015 1,200,000 1,210,137
Rice Energy, Inc., 6.25%, 5/1/22 (144A) 6.25 05/01/2022 3,295,000 3,415,130
DryShips, Inc., 5.0%, 12/1/14 5.0 12/01/2014 500,000 495,833
Windstream Holdings, Inc.     585,800 5,834,568
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 12.0304 03/12/2015 2,400,000 2,545,520
Green Field Energy Services, Inc., 11/15/21 (144A)   11/15/2021 2,275 2,286
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 6.8855 04/07/2017 1,500,000 1,581,188
Ciena Corp., 0.875%, 6/15/17 0.875 06/15/2017 9,000,000 8,924,750
Cardtronics, Inc., 1.0%, 12/1/20 (144A) 1.0 12/01/2020 6,345,000 5,803,031
Kennedy-Wilson, Inc., 5.875%, 4/1/24 5.875 04/01/2024 1,480,000 1,525,387
PetroQuest Energy, Inc., 6.875%, 12/31/49 (Perpetual) 6.875   59,180 2,563,234
SandRidge Energy, Inc., 7.0%, 12/31/49 (Perpetual) 7.0   33,162 3,674,764
Fieldwood Energy LLC, Closing Date Loan (Second Lien), 9/30/20 8.375 09/30/2020 5,168,665 5,344,937
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 4.75 01/31/2021 2,583,525 2,600,749
WESCO Distribution, Inc., 5.375%, 12/15/21 (144A) 5.375 12/15/2021 5,145,000 5,273,053
Berkeley-Kane Flt% 12jun15   06/12/2015 1,004,200 1,008,719
Jpmcc Flt% 15jun29 14-Inn-E 3.752 06/15/2029 4,270,000 4,271,775
Lennar Corp., 2.75%, 12/15/20 (144A) 2.75 12/15/2020 3,015,000 5,760,451
International Equipment Solutions LLC, Initial Loan, 8/16/19 6.75 07/25/2019 2,914,509 2,954,584
Argid 8.625% 15jun19 144a 8.625 06/15/2019 3,500,000 3,620,932
United Airlines, Inc., 4.5%, 1/15/15 4.5 01/15/2015 2,575,000 5,700,728
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual) 5.9 12/31/2049 2,375,000 2,451,686
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 6.75 05/01/2019 4,250,000 4,543,250
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual) 7.125   411,000 11,363,739
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 9.875 08/15/2018 1,675,000 1,867,299
DynCorp International, Inc., 10.375%, 7/1/17 10.375 07/01/2017 1,583,000 1,736,353
NuStar Logistics LP, Floating Rate Note, 1/15/43 7.625 01/15/2043 130,000 3,499,600
CWGS Group LLC, Term Loan, 2/20/20 5.75 02/20/2020 7,105,063 7,176,113
Offshore Group Investment, Ltd., Second Term Loan, 3/28/19 5.75 03/28/2019 2,320,625 2,313,856
Entegris, Inc., 6.0%, 4/1/22 (144A) 6.0 04/01/2022 5,100,000 5,329,500
SEACOR Holdings, Inc., 3.0%, 11/15/28 (144A) 3.0 11/15/2028 2,170,000 2,140,343
CHS, 8.0%, 11/15/19 8.0 11/15/2019 16,400,000 18,125,644
Chaparral Energy, Inc., 8.25%, 9/1/21 8.25 09/01/2021 3,310,000 3,723,750
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A) 0.0 12/01/2018 2,150,000 2,268,680
WebMD Health Corp., 1.5%, 12/1/20 (144A) 1.5 12/01/2020 5,145,000 5,733,459
T-Mobile USA, Inc., 6.5%, 1/15/24 6.5 01/15/2024 1,200,000 1,330,167
Cepheid, 1.25%, 2/1/21 (144A) 1.25 02/01/2021 1,905,000 1,983,383
Tesoro Corp., 5.375%, 10/1/22 5.375 10/01/2022 5,445,000 5,763,192
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A) 0.0 03/01/2018 3,587 222,560
Halcon Resources Corp., 5.75%, 12/31/49 (Perpetual) 5.75   715 867,653
Pacific Drilling SA, 5.375%, 6/1/20 (144A) 5.375 06/01/2020 3,450,000 3,396,453
Orbital Sciences Corp.     150,232 4,439,356
Northern Oil and Gas, Inc., 8.0%, 6/1/20 8.0 06/01/2020 4,125,000 4,430,938
Wells Fargo & Co., 7.5%, 12/31/49 (Perpetual) 7.5   2,000 2,428,000
Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) 8.5152 05/09/2016 1,000,000 1,037,697
Aria 3.625% 15jun19 144a 3.625 06/15/2019 2,340,000 2,280,166
T-Mobile USA, Inc., 6.542%, 4/28/20 6.542 04/28/2020 4,300,000 4,763,555
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 0.0 09/16/2016 2,000,000 2,301,200
Alere, Inc., 3.0%, 12/31/49 (Perpetual) 3.0   89,308 28,750,924
Extended Stay America Trust 2013-ESH MZ, 7.625%, 12/5/19 (144A) 7.625 12/05/2019 1,900,000 662,012
Concho Resources, Inc., 6.5%, 1/15/22 6.5 01/15/2022 2,925,000 3,312,481
Arlington Flt% 01aug15   08/01/2015 1,200,000 1,209,720
SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A) 7.375 02/01/2020 2,250,000 2,471,016
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 7.5 09/15/2020 2,150,000 2,407,104
WEX, Inc., 4.75%, 2/1/23 (144A) 4.75 02/01/2023 2,950,000 2,912,510
Marathon Petroleum Corp.     73,900 5,769,373
Key Energy Services, Inc., 6.75%, 3/1/21 6.75 03/01/2021 2,555,000 2,714,688
Post Holdings, Inc., 2.5%, 12/31/49 (Perpetual) (144A) 2.5 12/31/2049 73,300 7,472,019
Energy XXI Gulf Coast, Inc., 7.5%, 12/15/21 7.5 12/15/2021 3,865,000 4,148,433
Bayview Opportunity Master Fund Trust 2013-3RPL, 4.0%, 4/28/18 (Step) (144A) 4.0 04/28/2018 1,000,000 996,859
Bombardier, Inc., 4.75%, 4/15/19 (144A) 4.75 04/15/2019 2,650,000 2,727,144
Fidelity & Guaranty Life Holdings, Inc., 6.375%, 4/1/21 (144A) 6.375 04/01/2021 5,400,000 5,877,563
Liberty Media Corp., 1.375%, 10/15/23 (144A) 1.375 10/15/2023 4,425,000 4,498,689
BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18 0.75 10/15/2018 1,920,000 1,989,040
Nationstar Mortgage LLC, 6.5%, 7/1/21 6.5 07/01/2021 11,350,000 11,747,250
First Data Corp., 12.625%, 1/15/21 12.625 01/15/2021 6,047,000 7,797,397
Denbury Resources, Inc., 5.5%, 5/1/22 5.5 05/01/2022 4,670,000 4,818,597
Starbucks Corp.     59,425 4,598,307
Valeant Pharmaceuticals International, 6.375%, 10/15/20 (144A) 6.375 10/15/2020 6,090,000 6,552,586
NRG Energy, Inc., 7.875%, 5/15/21 7.875 05/15/2021 4,700,000 5,258,419
Pangaea Re, 0.0%, 10/1/15 (Cat Bond) 0.0 10/01/2015 3,650,000 4,099,315
United Continental Holdings, Inc., 6.0%, 7/15/26 6.0 07/15/2026 3,200,000 3,208,533
Revlon Consumer Products Corp., 5.75%, 2/15/21 5.75 02/15/2021 2,495,000 2,617,809
Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A) 5.0203 02/25/2015 1,500,000 1,515,633
Standard Pacific Corp., 6.25%, 12/15/21 6.25 12/15/2021 6,975,000 7,465,188
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 6.2804 01/08/2015 250,000 254,350
NuVasive, Inc., 2.75%, 7/1/17 2.75 07/01/2017 459,000 531,293
Constellation Brands, Inc., 3.75%, 5/1/21 3.75 05/01/2021 4,100,000 4,100,000
CenturyLink, Inc., 6.45%, 6/15/21 6.45 06/15/2021 3,300,000 3,589,960
Ford Motor Co., 4.25%, 11/15/16 4.25 11/15/2016 9,341,000 18,715,212
Comm Flt% 11jun27 14-Kyo-F   06/11/2027 2,650,000 2,650,000
Calpine Corp., 5.875%, 1/15/24 (144A) 5.875 01/15/2024 2,030,000 2,196,643
GLP Capital LP, 4.375%, 11/1/18 (144A) 4.375 11/01/2018 2,075,000 2,157,568
NCR Corp.     101,437 3,559,424
Auxilium Pharmaceuticals, Inc., 1.5%, 7/15/18 1.5 07/15/2018 9,880,000 10,763,437
Fifth Third Bancorp, Floating Rate Note, 12/31/49 (Perpetual) 6.625 12/31/2049 151,950 4,069,221
Albany Molecular Research, Inc., 2.25%, 11/15/18 (144A) 2.25 11/15/2018 3,755,000 5,394,527
Post Holdings, Inc., 7.375%, 2/15/22 7.375 02/15/2022 2,100,000 2,329,133
GLP Capital LP, 4.875%, 11/1/20 (144A) 4.875 11/01/2020 3,250,000 3,373,906
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 8.6152 04/08/2016 1,450,000 1,506,590
Mentor Graphics Corp., 4.0%, 4/1/31 4.0 04/01/2031 5,815,000 7,177,891
ServiceNow, Inc., 0.0%, 11/1/18 (144A) 0.0 11/01/2018 4,335,000 4,757,663
Ascent Capital Group, Inc., 4.0%, 7/15/20 4.0 07/15/2020 2,710,000 2,575,366
IAP Worldwide Services, Inc., Term Loan (First Lien), 12/31/15 10.0 12/31/2015 1,622,731 470,592
BioScrip, Inc.     255,259 2,128,860
Kinetic Concepts, Inc., Dollar Term E-1 Loan, 5/4/18 4.0 05/04/2018 2,409,942 2,416,218
Chemtura Corp., 5.75%, 7/15/21 5.75 07/15/2021 2,725,000 2,899,438
AES Corp. Virginia, 5.5%, 3/15/24 5.5 03/15/2024 1,650,000 1,715,863
Podd 2% 15jun19 2.0 06/15/2019 960,000 1,062,573
CommScope, Inc., 5.0%, 6/15/21 (144A) 5.0 06/15/2021 1,860,000 1,905,208
Carriage Services, Inc., 2.75%, 3/15/21 (144A) 2.75 03/15/2021 2,195,000 2,299,903
General Cable Corp.     667,230 17,121,122
Seitel, Inc., 9.5%, 4/15/19 9.5 04/15/2019 2,955,000 3,235,889
Brown Shoe Co, Inc., 7.125%, 5/15/19 7.125 05/15/2019 2,350,000 2,500,645
Green Field Energy Services, Inc., 0.0%, 11/15/16 (144A) 0.0 11/15/2016 54,000 12,389
Offshore Group Investment, Ltd., 7.5%, 11/1/19 7.5 11/01/2019 3,650,000 3,905,500
Intelsat Luxembourg SA, 7.75%, 6/1/21 7.75 06/01/2021 3,900,000 4,154,313
Energy Transfer Equity LP, 5.875%, 1/15/24 (144A) 5.875 01/15/2024 3,520,000 3,798,459
USI, Inc. New York, 7.75%, 1/15/21 (144A) 7.75 01/15/2021 4,900,000 5,209,857
Cobalt International Energy, Inc., 2.625%, 12/1/19 2.625 12/01/2019 11,795,000 10,906,689
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 7.4015 02/13/2015 500,000 512,266
Monitronics International, Inc., Term B Loan (2013), 3/23/18 4.25 03/23/2018 5,978,019 5,998,571
Kane-Pi3 Flt% 07apr15 4.839 04/07/2015 1,255,400 1,287,250
GMAC Capital Trust I, Floating Rate Note, 2/15/40 8.125 02/15/2040 358,975 9,800,018
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 9.25 06/01/2021 2,800,000 3,094,583
American Airlines 2013-2 Class A Pass Through Trust, 4.95%, 7/15/24 (144A) 4.95 01/15/2023 2,100,000 2,252,476
Halcon Resources Corp.     7,229 52,699
NRG Energy, Inc., 6.25%, 5/1/24 (144A) 6.25 05/01/2024 1,450,000 1,532,872
Crestwood Midstream Partners LP, 6.125%, 3/1/22 (144A) 6.125 03/01/2022 4,810,000 5,160,729
Meritage Homes Corp., 7.0%, 4/1/22 7.0 04/01/2022 3,660,000 4,094,625
Comstock Resources, Inc., 7.75%, 4/1/19 7.75 04/01/2019 3,832,000 4,155,325
T-Mobile USA, Inc., 6.125%, 1/15/22 6.125 01/15/2022 965,000 1,060,227
Dycom Investments, Inc., 7.125%, 1/15/21 7.125 01/15/2021 3,000,000 3,323,563
Seagate HDD Cayman, 4.75%, 6/1/23 (144A) 4.75 06/01/2023 4,300,000 4,349,271
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A) 0.0062 11/10/2016 675,000 728,952
Linn Energy LLC, 7.25%, 11/1/19 (144A) 6.25 11/01/2019 14,935,000 15,824,877
Emulex Corp., 1.75%, 11/15/18 (144A) 1.75 11/15/2018 3,295,000 3,032,590
Gibraltar Industries, Inc., 6.25%, 2/1/21 6.25 02/01/2021 2,750,000 2,931,615
MedAssets, Inc., 8.0%, 11/15/18 8.0 11/15/2018 1,400,000 1,494,811
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 11.5 02/15/2018 8,775,000 4,716,806
Legacy Reserves LP, 6.625%, 12/1/21 6.625 12/01/2021 3,350,000 3,418,745
ViaSat, Inc., 6.875%, 6/15/20 6.875 06/15/2020 3,000,000 3,241,667
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A) 6.5 04/15/2021 6,525,000 6,762,709
Bcbcn 5.375% 01jul22 144a 5.375 07/01/2022 3,995,000 4,009,163
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 2.25 05/15/2041 3,755,000 3,641,411
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 6.75 12/01/2021 1,775,000 1,895,922
Surgery Center Holdings, Inc., Term Loan (First Lien), 4/11/19 6.0 04/11/2019 1,915,875 1,925,454
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 6.125 09/15/2023 3,285,000 3,672,744
MDC Partners, Inc., 6.75%, 4/1/20 (144A) 6.75 04/01/2020 5,360,000 5,745,250
Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 4.0253 05/18/2016 1,500,000 1,520,217
MMM Holdings, Inc., MMM Term Loan, 12/12/17 9.75 10/09/2017 1,047,466 1,056,632
PDC Energy, Inc., 7.75%, 10/15/22 7.75 10/15/2022 4,960,000 5,611,551
Theravance, Inc., 2.125%, 1/15/23 2.125 01/15/2023 9,215,000 13,377,172
Tower Automotive Holdings USA LLC, Refinancing Term Loan, 4/23/20 3.2306 04/23/2020 8,512,734 8,510,963
Outr 5.875% 15jun21 144a 5.875 06/15/2021 4,010,000 4,054,472
WellCare Health Plans, Inc., 5.75%, 11/15/20 5.75 11/15/2020 5,970,000 6,401,913
Cengage Learning Holdings II LP     13,966 494,047
Hercules Offshore, Inc.     127,237 511,493
Voya Financial, Inc., Floating Rate Note, 5/15/53 5.65 05/15/2053 4,200,000 4,303,822
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A) 16.5101 01/27/2015 875,000 916,679
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 3.75 08/23/2019 7,480 7,509
Windstream Corp., 7.75%, 10/15/20 7.75 10/15/2020 8,460,000 9,306,940
Fts International Inc 1st Lien Term L + 4.75% 01apr21 5.75 04/01/2021 1,801,091 1,822,853
Affinion Group, Inc., Tranche B Term Loan, 10/9/16 6.75 10/09/2016 1,993,062 2,005,053
DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan, 11/2/18 5.0 11/02/2018 1,931,898 1,954,839
Neiman Marcus Group, Ltd. LLC, Other Term Loan, 10/25/20 4.25 10/25/2020 1,626,835 1,625,818
SanDisk Corp., 0.5%, 10/15/20 (144A) 0.5 10/15/2020 3,925,000 4,942,284
NANA Development Corp., 9.5%, 3/15/19 (144A) 9.5 03/15/2019 1,800,000 1,805,350
BLAZE RECYCLING & METALS LLC/ BLAZE FINANCE CORP     4,128,459 247,708
BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20 1.5 10/15/2020 1,920,000 2,028,080
NRG Energy, Inc., 8.25%, 9/1/20 8.25 09/01/2020 7,850,000 8,792,000
syncreon Group BV, 8.625%, 11/1/21 (144A) 8.625 11/01/2021 3,500,000 3,602,813
Kane Flt% 12jun15   06/12/2015 3,040,000 2,690,096
Salix Pharmaceuticals, Ltd., 1.5%, 3/15/19 1.5 03/15/2019 5,270,000 10,368,945
Endp 5.375% 15jan23 144a 5.375 01/15/2023 7,715,000 7,706,508
Dana Holding Corp., 6.0%, 9/15/23 6.0 09/15/2023 4,650,000 5,011,150
Altrl Flt% 30jun16   06/30/2016 6,500,000 6,729,450
Offshore Group Investment, Ltd., 7.125%, 4/1/23 7.125 04/01/2023 4,000,000 4,131,250
Nationstar Mortgage LLC, 6.5%, 8/1/18 6.5 08/01/2018 1,820,000 1,923,892
Tenet Healthcare Corp., 4.375%, 10/1/21 4.375 10/01/2021 2,850,000 2,894,531
APERAM, 7.375%, 4/1/16 (144A) 7.375 04/01/2016 2,615,000 2,741,664
Iron Mountain, Inc., 6.0%, 8/15/23 6.0 08/15/2023 4,725,000 5,216,006
Pva 6% 31dec49 144a Perpetual 6.0 12/31/2049 20,400 2,440,044
Regal Entertainment Group, 5.75%, 3/15/22 5.75 03/15/2022 2,325,000 2,453,036
Parker Drilling Co., 7.5%, 8/1/20 7.5 08/01/2020 2,995,000 3,328,194
Advanced Micro Devices, Inc., 6.75%, 3/1/19 (144A) 6.75 03/01/2019 6,205,000 6,761,511
Ship Midco, Ltd., Facility B2A-II, 11/29/19 5.25 08/06/2017 2,469,527 2,497,309
Jones Energy Holdings LLC, 6.75%, 4/1/22 (144A) 6.75 04/01/2022 1,300,000 1,393,438
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 8.25 03/15/2018 2,855,000 2,981,453
Lennar Corp., 4.75%, 11/15/22 4.75 11/15/2022 8,730,000 8,739,336
National Surgical Hospitals, Inc., Term Loan, 8/1/19 5.75 07/11/2019 1,517,375 1,524,014
Kodiak Oil & Gas Corp., 8.125%, 12/1/19 8.125 12/01/2019 5,200,000 5,794,208
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 3.75 08/20/2025 700,000 468,291
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 11.2652 11/10/2015 375,000 396,122
Oxford Finance LLC, 7.25%, 1/15/18 (144A) 7.25 01/15/2018 3,100,000 3,358,635
Amsurg Corp Bridge L + 6% 29may15 1.75 05/29/2015 3,920,000 3,939,600
GS Mortgage Securities Corp II Series 2004-GG2, Floating Rate Note, 8/10/38 5.8375 08/10/2038 1,000,000 1,004,063
Seagate HDD Cayman, 4.75%, 1/1/25 (144A) 4.75 01/01/2025 5,900,000 5,881,440
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 22.0304 06/06/2016 1,750,000 2,117,986
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 9.03 03/16/2016 400,000 426,360
Live Nation Entertainment, Inc., 5.375%, 6/15/22 (144A) 5.375 06/15/2022 1,300,000 1,323,626
DR Horton, Inc., 5.75%, 8/15/23 5.75 08/15/2023 5,045,000 5,532,964
Aviv Healthcare Properties LP, 7.75%, 2/15/19 7.75 02/15/2019 2,675,000 2,927,193
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 8.0304 06/06/2016 500,000 545,878
Itron, Inc.     111,129 4,506,281
Volt14-Npl4 Flt% 27apr54 A2   04/27/2054 1,000,000 984,312
Residential Reinsurance 2013, Ltd., Floating Rate Note, 12/6/17 (Cat Bond) (144A) 20.0456 12/06/2017 250,000 255,872
Viasystems, Inc., 7.875%, 5/1/19 (144A) 7.875 05/01/2019 5,300,000 5,674,313
Flextronics International, Ltd., 5.0%, 2/15/23 5.0 02/15/2023 2,295,000 2,418,675
Pittsburgh Glass Works LLC, 8.0%, 11/15/18 (144A) 8.0 11/15/2018 1,600,000 1,756,356
Hunter Defense Technologies, Inc., Term Loan, 8/22/14 3.48 08/22/2014 1,674,598 1,607,614
Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/15 (Cat Bond) (144A) 13.2804 12/06/2015 2,000,000 2,107,803
Gentiva Health Services, Inc., 11.5%, 9/1/18 11.5 09/01/2018 684,000 756,390
Packaging Dynamics Corp., 8.75%, 2/1/16 (144A) 8.75 02/01/2016 1,915,000 2,036,523
United Airlines 2013-1 Class B Pass Through Trust, 5.375%, 8/15/21 5.375 08/15/2021 2,525,000 2,677,272
CenturyLink, Inc., 5.8%, 3/15/22 5.8 03/15/2022 3,625,000 3,836,438
BioScrip, Inc., Initial Term B Loan, 7/31/20 6.5 07/22/2020 2,053,542 2,066,377
Range Resources Corp., 5.0%, 3/15/23 5.0 03/15/2023 5,000,000 5,398,611
Virtual Radiologic Corp., Term Loan A, 12/22/16 7.2514 11/03/2016 1,475,438 1,077,069
CHS, 6.875%, 2/1/22 (144A) 6.875 02/01/2022 1,270,000 1,383,550
Kodiak Oil & Gas Corp., 5.5%, 2/1/22 5.5 02/01/2022 3,000,000 3,181,250
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 12.7804 12/06/2016 2,100,000 2,295,834
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 7.0 05/15/2022 2,765,000 3,093,881
Mythen Re, Ltd. Series 2013-1 Class B, Floating Rate Note, 7/9/15 (Cat Bond) (144A) 8.0253 07/09/2015 500,000 518,122
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 7.5175 04/09/2015 2,000,000 2,028,583
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 7.5 12/01/2020 2,435,000 2,632,844
Polymet Mining Corp.     1,470,662 1,588,315

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

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