Pioneer Investments: Pioneer High Yield Fund


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Pioneer High Yield Fund

Monthly Portfolio Holdings as of 5/30/2014

Security Name Coupon Maturity Date Par / Shares Market Value($)
National Mentor Holdings, Inc., 1/31/21 4.75 01/31/2021 2,590,000 2,605,649
CEVA GROUP Plc, 0.0%, 12/31/14 0.0 12/31/2014 4,940 5,495,806
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 10.5849 04/09/2015 250,000 263,425
LyondellBasell Industries NV     103,952 10,350,501
Lgcy 6.625% 01dec21 144a 6.625 12/01/2021 3,850,000 4,035,281
Alliance One International, Inc., 9.875%, 7/15/21 9.875 07/15/2021 10,105,000 10,684,073
Clearwater Paper Corp., 4.5%, 2/1/23 4.5 02/01/2023 2,050,000 2,019,250
TI Group Automotive Systems LLC, 3/28/19 5.5 03/27/2019 3,026,331 3,044,301
Vertex Pharmaceuticals, Inc.     65,462 4,730,284
Jack Cooper Holdings Corp., 9.25%, 6/1/20 (144A) 9.25 06/01/2020 1,990,000 2,266,113
Halcon Resources Corp., 8.875%, 5/15/21 8.875 05/15/2021 7,255,000 7,755,192
Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) 8.5304 05/09/2016 1,000,000 1,062,000
Univision Communications, Inc., 6.875%, 5/15/19 (144A) 6.875 05/15/2019 7,415,000 7,956,707
Accudyne Industries Borrower, 7.75%, 12/15/20 (144A) 7.75 12/15/2020 4,550,000 5,065,224
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 0.0234 05/23/2016 1,500,000 1,511,924
Amrn 3.5% 15jan32 3.5 01/15/2032 4,815,000 3,777,475
Aguila 3 SA, 7.875%, 1/31/18 (144A) 7.875 01/31/2018 1,700,000 1,847,679
NeuStar, Inc., 4.5%, 1/15/23 4.5 01/15/2023 5,048,000 4,629,016
Halcon Resources Corp., 5.75%, 12/31/49 (Perpetual) 5.75   715 776,214
NRG Energy, Inc., 7.625%, 1/15/18 7.625 01/15/2018 4,700,000 5,499,261
Green Field Energy Services, Inc., 11/15/21 (144A)   11/15/2021 2,275 2,286
Concho Resources, Inc., 5.5%, 4/1/23 5.5 04/01/2023 3,675,000 3,965,938
WEX, Inc., 4.75%, 2/1/23 (144A) 4.75 02/01/2023 2,950,000 2,904,521
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 5.918 09/25/2036 1,560,000 1,426,025
CEVA GROUP Plc     2,282 2,538,792
WebMD Health Corp., 1.5%, 12/1/20 (144A) 1.5 12/01/2020 5,145,000 5,416,184
BioScrip, Inc., 7/31/20 6.5 07/22/2020 2,053,542 2,066,377
Cobalt International Energy, Inc., 2.625%, 12/1/19 2.625 12/01/2019 11,795,000 11,168,391
Akamai Technologies, Inc., 0.0%, 2/15/19 (144A) 0.0 02/15/2019 4,555,000 4,546,477
CenturyLink, Inc., 5.8%, 3/15/22 5.8 03/15/2022 3,625,000 3,814,386
Jones Energy Holdings LLC, 6.75%, 4/1/22 (144A) 6.75 04/01/2022 1,300,000 1,386,125
Thermo Fisher Scientific, Inc.     95,749 11,194,016
DFC Global Corp., 3.25%, 4/15/17 3.25 04/15/2017 1,200,000 1,182,483
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 6.5 07/01/2036 15,296,505 2,154,258
Forest City Enterprises, Inc., 3.625%, 8/15/20 (144A) 3.625 08/15/2020 4,885,000 5,141,700
PC Nextco Holdings LLC, 8.75%, 8/15/19 (144A) (PIK) 8.75 08/15/2019 2,805,000 2,961,418
Brocade Communications Systems, Inc., 4.625%, 1/15/23 4.625 01/15/2023 3,865,000 3,748,943
SanDisk Corp., 0.5%, 10/15/20 (144A) 0.5 10/15/2020 6,535,000 7,968,706
Novellus Systems, Inc., 2.625%, 5/15/41 2.625 05/15/2041 6,710,000 12,693,922
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 7.5 12/01/2020 2,435,000 2,690,675
Kodiak Oil & Gas Corp., 5.5%, 2/1/22 5.5 02/01/2022 3,000,000 3,122,500
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A) 0.0 03/01/2018 3,587 1,005,848
Sandre Flt% 25may18   05/25/2018 2,400,000 2,379,600
Cubist Pharmaceuticals, Inc.     104,790 6,979,014
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 9.0 04/01/2022 4,030,000 4,473,300
ServiceNow, Inc., 0.0%, 11/1/18 (144A) 0.0 11/01/2018 4,335,000 4,435,247
Key Energy Services, Inc., 6.75%, 3/1/21 6.75 03/01/2021 2,555,000 2,713,091
Albany Molecular Research, Inc., 2.25%, 11/15/18 (144A) 2.25 11/15/2018 3,755,000 4,554,346
Neiman Marcus Group, Ltd. LLC, 10/25/20 4.25 10/25/2020 1,626,835 1,625,592
Cardtronics, Inc., 1.0%, 12/1/20 (144A) 1.0 12/01/2020 6,345,000 5,584,775
Orbital Sciences Corp.     175,560 4,596,161
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 8.25 02/15/2021 6,700,000 7,289,879
Penn Virginia Corp., 7.25%, 4/15/19 7.25 04/15/2019 5,845,000 6,176,785
Lennar Corp., 2.75%, 12/15/20 (144A) 2.75 12/15/2020 3,015,000 5,674,398
Marathon Petroleum Corp.     73,900 6,605,921
Approach Resources, Inc., 7.0%, 6/15/21 7.0 06/15/2021 4,105,000 4,334,994
Frontier Communications Corp., 8.5%, 4/15/20 8.5 04/15/2020 9,705,000 11,423,863
Kane Flt% 30jul16   07/30/2016 1,450,000 1,450,000
BLAZE RECYCLING & METALS LLC/ BLAZE FINANCE CORP     4,128,459 247,708
Pangaea Re, 0.0%, 10/1/15 (Cat Bond) 0.0 10/01/2015 3,650,000 4,099,315
The Ryland Group, Inc., 5.375%, 10/1/22 5.375 10/01/2022 2,540,000 2,550,054
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 8.955 12/06/2015 1,750,000 1,859,482
Allison Transmission, Inc., 8/23/19 3.75 08/23/2019 7,480 7,495
United Continental Holdings, Inc., 6.0%, 12/1/20 6.0 12/01/2020 2,690,000 2,895,337
Wells Fargo & Co., 7.5%, 12/31/49 (Perpetual) 7.5   2,000 2,464,000
Forest City Enterprises, Inc.     596,889 11,358,798
NuVasive, Inc., 2.75%, 7/1/17 2.75 07/01/2017 459,000 519,913
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 8.5 10/15/2022 4,290,000 4,862,119
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A)   04/30/2018 1,600,000 1,609,238
Mentor Graphics Corp., 4.0%, 4/1/31 4.0 04/01/2031 5,815,000 7,147,604
tw telecom holdings inc, 5.375%, 10/1/22 5.375 10/01/2022 2,840,000 2,925,792
Ferrellgas LP, 6.5%, 5/1/21 6.5 05/01/2021 1,850,000 1,943,271
KB Home, 1.375%, 2/1/19 1.375 02/01/2019 11,400,000 11,238,500
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 7.0 05/15/2022 2,765,000 3,091,577
Salix Pharmaceuticals, Ltd., 1.5%, 3/15/19 1.5 03/15/2019 5,270,000 9,690,432
NRG Energy, Inc., 7.875%, 5/15/21 7.875 05/15/2021 4,700,000 5,245,200
Ship Midco, Ltd., 11/29/19 5.25 08/06/2017 2,469,527 2,491,135
CCO Holdings LLC, 6.5%, 4/30/21 6.5 04/30/2021 9,250,000 9,924,479
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 7.0 11/15/2020 4,300,000 791,537
Linn Energy LLC, 7.0%, 11/1/19 (144A) 7.25 11/01/2019 14,935,000 15,771,982
Exterran Partners LP, 6.0%, 4/1/21 6.0 04/01/2021 2,750,000 2,818,750
j2 Global, Inc., 8.0%, 8/1/20 8.0 08/01/2020 6,085,000 6,764,492
Tenet Healthcare Corp., 4.375%, 10/1/21 4.375 10/01/2021 2,850,000 2,852,078
Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 4.0253 05/18/2016 1,500,000 1,512,050
Jarden Corp., 1.125%, 3/15/34 (144A) 1.125 03/15/2034 4,280,000 4,289,898
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9.75 05/15/2017 9,859,000 9,877,075
IAP Worldwide Services, Inc., 12/31/15 10.0 12/31/2015 1,622,731 470,592
Pittsburgh Glass Works LLC, 8.0%, 11/15/18 (144A) 8.0 11/15/2018 1,600,000 1,753,689
Chesapeake Energy Corp., 5.375%, 6/15/21 5.375 06/15/2021 8,435,000 9,192,334
Cubist Pharmaceuticals, Inc., 1.875%, 9/1/20 (144A) 1.875 09/01/2020 6,805,000 7,657,752
United Airlines, Inc., 4.5%, 1/15/15 4.5 01/15/2015 2,575,000 6,133,650
Extended Stay America Trust 2013-ESH MZ, 7.625%, 12/5/19 (144A) 7.625 12/05/2019 1,900,000 653,032
Ete 5.875% 15jan24 144a 5.875 01/15/2024 3,520,000 3,746,026
BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18 0.75 10/15/2018 1,920,000 1,942,240
Bayview Opportunity Master Fund Trust 2013-3RPL, 4.0%, 4/28/18 (Step) (144A) 4.0 04/28/2018 1,000,000 992,014
Offshore Group Investment, Ltd., 7.125%, 4/1/23 7.125 04/01/2023 4,000,000 4,087,500
Range Resources Corp., 5.0%, 3/15/23 5.0 03/15/2023 5,000,000 5,302,778
Ar 5.375% 01nov21 5.375 11/01/2021 2,500,000 2,614,323
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 9.875 08/15/2018 1,675,000 1,857,703
Packaging Dynamics Corp., 8.75%, 2/1/16 (144A) 8.75 02/01/2016 1,915,000 2,023,517
Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A) 5.0203 02/25/2015 1,500,000 1,513,975
Windstream Corp., 7.5%, 6/1/22 7.5 06/01/2022 11,030,000 12,270,875
Post Holdings, Inc., 2.5%, 12/31/49 (Perpetual) (144A) 2.5 12/31/2049 73,300 7,444,531
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 7.4015 02/13/2015 500,000 509,607
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 9.05 03/16/2016 400,000 434,180
Cinedigm Digital Funding I LLC, 2/28/18 3.75 03/31/2016 1,327,686 1,331,005
Bristow Group, Inc., 6.25%, 10/15/22 6.25 10/15/2022 4,245,000 4,607,889
GMAC Capital Trust I, Floating Rate Note, 2/15/40 8.125 02/15/2040 358,975 9,735,402
Nationstar Mortgage LLC, 6.5%, 6/1/22 6.5 06/01/2022 1,515,000 1,521,817
Oxford Finance LLC, 7.25%, 1/15/18 (144A) 7.25 01/15/2018 3,100,000 3,367,031
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 8.549 01/05/2017 1,325,000 1,417,334
Hologic, Inc., 2.0%, 3/1/42 (Step) 2.0 03/01/2042 3,450,000 3,820,875
MDC Partners, Inc., 6.75%, 4/1/20 (144A) 6.75 04/01/2020 5,360,000 5,728,500
AES Corp. Virginia, 5.5%, 3/15/24 5.5 03/15/2024 1,650,000 1,712,425
Lam Research Corp., 1.25%, 5/15/18 1.25 05/15/2018 5,491,000 7,302,649
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 8.0 12/01/2018 1,750,000 1,903,125
Hearthside Food Solutions Llc Bridge L + 6% 08apr15 6.2294 04/08/2015 2,945,000 2,945,000
GLP Capital LP, 4.375%, 11/1/18 (144A) 4.375 11/01/2018 2,075,000 2,160,378
WellCare Health Plans, Inc., 5.75%, 11/15/20 5.75 11/15/2020 5,970,000 6,373,307
Navistar International Corp., 8.25%, 11/1/21 8.25 11/01/2021 6,850,000 7,153,969
Universal Hospital Services, Inc., 7.625%, 8/15/20 7.625 08/15/2020 1,265,000 1,359,814
American Airlines 2013-2 Class A Pass Through Trust, 4.95%, 7/15/24 (144A) 4.95 01/15/2023 2,100,000 2,236,428
Expert Global Solutions, Inc., 4/3/18 8.5 03/13/2018 13,999,413 13,544,432
RTI International Metals, Inc., 1.625%, 10/15/19 1.625 10/15/2019 3,805,000 3,777,229
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 5.25 02/01/2021 4,350,000 4,350,000
Numericable Group SA, 6.0%, 5/15/22 (144A) 6.0 05/15/2022 1,575,000 1,640,100
Rent-A-Center, Inc., 4.75%, 5/1/21 4.75 05/01/2021 2,590,000 2,477,227
Bombardier, Inc., 6.0%, 10/15/22 (144A) 6.0 10/15/2022 6,275,000 6,445,471
Flextronics International, Ltd., 4.625%, 2/15/20 4.625 02/15/2020 1,380,000 1,429,843
Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 5.2855 03/07/2016 1,325,000 1,350,374
Kodiak Oil & Gas Corp., 5.5%, 1/15/21 5.5 01/15/2021 1,400,000 1,474,589
Ciena Corp., 0.875%, 6/15/17 0.875 06/15/2017 9,000,000 8,867,563
Ngls 4.25% 15nov23 4.25 11/15/2023 5,985,000 5,667,130
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) 10.0 08/15/2021 4,460,000 4,591,322
Oasis Petroleum, Inc., 6.5%, 11/1/21 6.5 11/01/2021 2,820,000 3,032,675
The Ryland Group, Inc., 0.25%, 6/1/19 0.25 06/01/2019 2,870,000 2,665,513
Live Nation Entertainment, Inc., 7.0%, 9/1/20 (144A) 7.0 09/01/2020 3,050,000 3,385,500
Green Field Energy Services, Inc., 0.0%, 11/15/16 (144A) 0.0 11/15/2016 54,000 16,113
Jonah Energy Llc 2nd Lien Tl L + 6.5% 08may21 7.5 05/08/2021 3,863,910 3,907,379
AmeriGas Finance LLC, 7.0%, 5/20/22 7.0 05/20/2022 7,450,000 8,248,185
FTS International, Inc., 6.25%, 5/1/22 (144A) 6.25 05/01/2022 1,275,000 1,310,461
Kinetic Concepts, Inc., 5/4/18 4.0 05/04/2018 2,409,942 2,415,107
Cimarex Energy Co., 5.875%, 5/1/22 5.875 05/01/2022 3,110,000 3,459,551
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 7.5 09/15/2020 2,150,000 2,388,292
Activision Blizzard, Inc., 5.625%, 9/15/21 (144A) 5.625 09/15/2021 1,725,000 1,879,172
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 7.4253 01/09/2017 1,800,000 1,860,280
Flextronics International, Ltd., 5.0%, 2/15/23 5.0 02/15/2023 2,295,000 2,368,950
TIBCO Software, Inc., 2.25%, 5/1/32 2.25 05/01/2032 3,900,000 3,934,125
Vanguard Natural Resources LLC, 7.875%, 4/1/20 7.875 04/01/2020 4,700,000 5,137,688
The Howard Hughes Corp., 6.875%, 10/1/21 (144A) 6.875 10/01/2021 2,840,000 3,085,542
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A) 11.779 11/10/2016 675,000 722,916
Penn Virginia Corp., 8.5%, 5/1/20 8.5 05/01/2020 4,995,000 5,586,075
Post Holdings, Inc., 7.375%, 2/15/22 7.375 02/15/2022 2,100,000 2,324,102
WCP ISSUER LLC, 6.657%, 8/15/20 (144A) 6.657 08/15/2020 3,350,000 3,505,641
Springleaf Mortgage Loan Trust, Floating Rate Note, 6/25/58 (144A) 5.58 06/25/2058 400,000 401,830
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A)   04/30/2018 350,000 350,595
Micron Technology, Inc., 5.875%, 2/15/22 (144A) 5.875 02/15/2022 1,825,000 1,981,247
Chaparral Energy, Inc., 8.25%, 9/1/21 8.25 09/01/2021 3,310,000 3,684,444
AMG Capital Trust II, 5.15%, 10/15/37 5.15 10/15/2037 48,000 2,982,000
Cepheid, Inc., 1.25%, 2/1/21 (144A) 1.25 02/01/2021 1,905,000 1,968,302
T-Mobile USA, Inc., 6.731%, 4/28/22 6.731 04/28/2022 2,000,000 2,205,995
General Cable Corp.     667,230 17,014,365
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 0.0 09/16/2016 2,000,000 2,269,000
Altair Re, Floating Rate Note, 4/30/16 (Cat Bond) 0.0 04/30/2016 1,515,236 1,860,406
DryShips, Inc., 5.0%, 12/1/14 5.0 12/01/2014 500,000 503,750
Fts International Inc 1st Lien Term L + 4.75% 01apr21   04/01/2021 1,905,000 1,921,431
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 5.0 08/25/2053 2,513,900 2,407,909
WCA Waste Corp., 3/23/18 4.0 03/23/2018 622,300 623,175
Crestwood Midstream Partners LP, 6.125%, 3/1/22 (144A) 6.125 03/01/2022 4,810,000 5,112,128
Offshore Group Investment, Ltd., 3/28/19 5.75 03/28/2019 2,326,500 2,314,868
Alere, Inc., 3.0%, 12/31/49 (Perpetual) 3.0   89,308 28,041,819
Auxilium Pharmaceuticals, Inc., 1.5%, 7/15/18 1.5 07/15/2018 9,520,000 11,162,597
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 10.2601 01/08/2015 1,400,000 1,452,757
Crown Cork & Seal Co, Inc., 7.375%, 12/15/26 7.375 12/15/2026 13,120,000 15,124,171
Hologic, Inc., 2.0%, 12/15/37 (Step) 2.0 12/15/2037 2,505,000 3,101,120
Monitronics International, Inc., 3/23/18 4.25 03/23/2018 5,993,191 6,006,928
National Surgical Hospitals, Inc., 8/1/19 5.75 07/11/2019 1,517,375 1,522,117
Virtual Radiologic Corp., 12/22/16 7.2514 11/03/2016 1,475,438 1,073,381
Offshore Group Investment, Ltd., 7.5%, 11/1/19 7.5 11/01/2019 3,650,000 3,855,313
James River Coal Co., 7.875%, 4/1/19 7.875 04/01/2019 4,170,000 635,925
Sfly 0.25% 15may18 0.25 05/15/2018 7,455,000 7,474,466
Parker Drilling Co., 7.5%, 8/1/20 7.5 08/01/2020 2,995,000 3,287,013
Basic Energy Services, Inc., 7.75%, 10/15/22 7.75 10/15/2022 9,355,000 10,488,384
DAE Aviation Holdings, Inc., 11/2/18 4.2334 11/02/2018 1,931,898 1,958,462
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 8.25 03/15/2018 2,855,000 2,976,100
Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A) 8.1034 01/07/2016 450,000 473,211
Denbury Resources, Inc., 4.625%, 7/15/23 4.625 07/15/2023 5,520,000 5,409,447
Talos Production LLC, 9.75%, 2/15/18 (144A) 9.75 02/15/2018 3,000,000 3,251,125
Morgan Stanley, Floating Rate Note, 12/31/49 (Perpetual) 7.125   189,000 5,290,110
Post Holdings Inc Bridge L + 6% 17apr22 7.0 04/17/2022 2,625,000 2,625,000
NorthStar Realty Finance Corp., 3.0%, 9/30/14 3.0 09/30/2014 4,550,000 4,563,984
Kennedy-Wilson, Inc., 5.875%, 4/1/24 5.875 04/01/2024 1,480,000 1,497,791
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 8.3956 02/05/2015 1,200,000 1,233,595
EP Energy LLC, 9.375%, 5/1/20 9.375 05/01/2020 13,000,000 15,035,313
CWGS Group LLC, 2/20/20 5.75 02/20/2020 7,150,031 7,167,906
Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 8.805 06/06/2015 800,000 853,842
KB Home, 7.0%, 12/15/21 7.0 12/15/2021 8,375,000 9,390,236
Nationstar Mortgage LLC, 6.5%, 8/1/18 6.5 08/01/2018 1,820,000 1,863,983
Bombardier, Inc., 4.75%, 4/15/19 (144A) 4.75 04/15/2019 2,650,000 2,703,405
Tower Automotive Holdings USA LLC, 4/23/20 3.2329 04/23/2020 8,534,069 8,534,069
Alpha Natural Resources, Inc., 3.75%, 12/15/17 3.75 12/15/2017 4,705,000 4,062,964
Meritage Homes Corp., 7.0%, 4/1/22 7.0 04/01/2022 3,660,000 4,059,550
Carriage Services, Inc., 2.75%, 3/15/21 (144A) 2.75 03/15/2021 2,195,000 2,377,185
Videotron, Ltd., 5.375%, 6/15/24 (144A) 5.375 06/15/2024 9,050,000 9,323,888
Exterran Partners LP, 6.0%, 10/1/22 (144A) 6.0 10/01/2022 5,175,000 5,273,325
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 17.9804 01/07/2015 1,250,000 1,358,898
Polymet Mining Corp.     1,563,216 1,782,066
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 4.0304 05/05/2017 1,600,000 1,596,267
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 19.0456 12/06/2016 950,000 1,110,729
Bio-Rad Laboratories, Inc.     46,569 5,622,275
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 4.0 05/26/2053 1,400,000 1,087,439
Seagate HDD Cayman, 4.75%, 6/1/23 (144A) 4.75 06/01/2023 4,300,000 4,455,875
PPL Capital Funding, Inc., 5.9%, 4/30/73 5.9 04/30/2073 214,000 5,125,300
KeHE Distributors LLC, 7.625%, 8/15/21 (144A) 7.625 08/15/2021 3,635,000 4,016,498
TMX Finance LLC, 8.5%, 9/15/18 (144A) 8.5 09/15/2018 3,265,000 3,527,651
United States Steel Corp., 2.75%, 4/1/19 2.75 04/01/2019 2,475,000 2,925,656
Kodiak Oil & Gas Corp., 8.125%, 12/1/19 8.125 12/01/2019 5,200,000 5,983,250
Ctv 5% 15jun21 144a 5.0 06/15/2021 1,860,000 1,869,300
International Equipment Solutions LLC, 8/16/19 6.75 07/25/2019 2,952,322 2,972,619
Boart Longyear Management Pty, Ltd., 10.0%, 10/1/18 (144A) 10.0 10/01/2018 2,755,000 2,924,892
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 22.0456 06/06/2016 1,750,000 2,192,847
United Airlines 2013-1 Class B Pass Through Trust, 5.375%, 8/15/21 5.375 08/15/2021 2,525,000 2,653,337
Alliance HealthCare Services, Inc., 6/3/19 4.25 05/31/2019 1,191,002 1,191,932
QR Energy LP, 9.25%, 8/1/20 9.25 08/01/2020 3,075,000 3,385,063
Intelsat Luxembourg SA, 7.75%, 6/1/21 7.75 06/01/2021 3,900,000 4,285,125
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 6.8855 04/07/2017 1,500,000 1,573,390
Constellation Brands, Inc., 3.75%, 5/1/21 3.75 05/01/2021 4,100,000 4,087,188
DFC Global Corp., 2.875%, 6/30/27 2.875 06/30/2027 4,150,000 4,199,714
EPL Oil & Gas, Inc., 8.25%, 2/15/18 8.25 02/15/2018 5,205,000 5,721,813
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 6.75 05/01/2019 4,250,000 4,455,594
BC Mountain LLC, 7.0%, 2/1/21 (144A) 7.0 02/01/2021 7,901,000 7,591,544
TMS International Corp., 7.625%, 10/15/21 (144A) 7.625 10/15/2021 2,165,000 2,332,231
Midstates Petroleum Co, Inc., 10.75%, 10/1/20 10.75 10/01/2020 4,155,000 4,707,269
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 5.625 02/01/2021 9,380,000 9,998,494
WESCO Distribution, Inc., 5.375%, 12/15/21 (144A) 5.375 12/15/2021 5,145,000 5,415,738
General Cable Corp., 4.5%, 11/15/29 (Step) 4.5 11/15/2029 10,874,000 10,868,563
NRG Energy, Inc., 6.25%, 5/1/24 (144A) 6.25 05/01/2024 1,450,000 1,510,819
USI, Inc. New York, 7.75%, 1/15/21 (144A) 7.75 01/15/2021 4,900,000 5,190,461
Vertafore, Inc., 10/3/19 4.25 10/20/2019 668,841 670,652
BioScrip, Inc., 7/31/20 6.5 07/22/2020 1,232,125 1,239,826
Sealy Corp., 8.0%, 7/15/16 (PIK) 8.0 07/15/2016 143,000 11,332,750
Kindred Healthcare, Inc., 6.375%, 4/15/22 (144A) 6.375 04/15/2022 3,200,000 3,281,467
T-Mobile USA, Inc., 6.5%, 1/15/24 6.5 01/15/2024 1,200,000 1,316,167
JLL, 7.5%, 2/1/22 (144A) 7.5 02/01/2022 5,610,000 5,885,825
Schaeffler Holding Finance BV, 6.875%, 8/15/18 (144A) (PIK) 6.875 08/15/2018 2,690,000 2,895,766
Dycom Investments, Inc., 7.125%, 1/15/21 7.125 01/15/2021 3,000,000 3,305,750
Frontier Communications Corp., 8.75%, 4/15/22 8.75 04/15/2022 3,100,000 3,580,285
Gulfport Energy Corp., 7.75%, 11/1/20 7.75 11/01/2020 7,615,000 8,273,380
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 8.625 11/01/2018 6,910,000 7,476,260
Standard Pacific Corp., 6.25%, 12/15/21 6.25 12/15/2021 6,975,000 7,681,703
SandRidge Energy, Inc., 7.0%, 12/31/49 (Perpetual) 7.0   33,162 3,523,463
BioScrip, Inc., 8.875%, 2/15/21 (144A) 8.875 02/15/2021 3,675,000 3,940,034
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 3.5 03/01/2021 3,365,000 3,496,702
Iron Mountain, Inc., 6.0%, 8/15/23 6.0 08/15/2023 4,725,000 5,103,788
Xerium Technologies, Inc., 8.875%, 6/15/18 8.875 06/15/2018 2,660,000 2,935,107
Itron, Inc.     136,843 5,261,613
Brown Shoe Co, Inc., 7.125%, 5/15/19 7.125 05/15/2019 2,350,000 2,489,676
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 6.0 06/15/2021 2,350,000 2,567,767
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 3.75 08/20/2025 700,000 481,269
Cambium Learning Group, Inc., 9.75%, 2/15/17 9.75 02/15/2017 3,695,000 3,874,977
Regal Entertainment Group, 5.75%, 3/15/22 5.75 03/15/2022 2,325,000 2,430,271
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 11.5 12/15/2019 1,595,000 1,884,936
Ardent Medical Services, Inc., 7/2/18 6.75 05/02/2018 2,114,489 2,125,061
Murray Energy Corp., 8.625%, 6/15/21 (144A) 8.625 06/15/2021 1,900,000 2,146,565
Cincinnati Bell, Inc., 8.375%, 10/15/20 8.375 10/15/2020 13,358,000 14,803,354
Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 7.0 05/15/2018 2,000,000 2,126,222
Sprint Corp., 7.25%, 9/15/21 (144A) 7.25 09/15/2021 2,490,000 2,795,786
Advanced Micro Devices, Inc., 6.75%, 3/1/19 (144A) 6.75 03/01/2019 6,205,000 6,656,802
Citrix Systems, Inc., 0.5%, 4/15/19 (144A) 0.5 04/15/2019 2,470,000 2,525,060
IAMGOLD Corp., 6.75%, 10/1/20 (144A) 6.75 10/01/2020 6,445,000 5,808,556
Horizon Lines, Inc.     4,099,666 1,475,880
Chemtura Corp., 5.75%, 7/15/21 5.75 07/15/2021 2,725,000 2,869,349
SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A) 7.375 02/01/2020 2,250,000 2,451,563
Stx 4.75% 01jan25 144a 4.75 01/01/2025 5,900,000 5,865,460
Legacy Reserves LP, 6.625%, 12/1/21 6.625 12/01/2021 3,350,000 3,511,219
Lyv 5.375% 15jun22 144a 5.375 06/15/2022 1,300,000 1,311,303
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 11.5 02/15/2018 8,775,000 5,329,228
MMM Holdings, Inc., 12/12/17 9.75 10/09/2017 1,047,466 1,055,977
Gannett Co, Inc., 6.375%, 10/15/23 (144A) 6.375 10/15/2023 6,170,000 6,636,735
Kennametal, Inc.     139,920 6,301,997
Intelsat Jackson Holdings SA, 6.625%, 12/15/22 (144A) 6.625 12/15/2022 1,150,000 1,234,006
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 6.5 12/15/2020 2,100,000 2,278,442
Axiall Corp.     186,606 8,623,063
Viasystems, Inc., 7.875%, 5/1/19 (144A) 7.875 05/01/2019 5,300,000 5,639,531
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 11.0 10/01/2016 2,400,000 2,240,000
Freeport-McMoRan Copper & Gold, Inc.     483,460 16,461,813
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 0.0 03/30/2019 1,250,000 1,259,625
CNL Lifestyle Properties, Inc., 7.25%, 4/15/19 7.25 04/15/2019 9,550,000 10,068,220
Exxi 7.5% 15dec21 7.5 12/15/2021 3,865,000 4,240,227
ESCO Technologies, Inc.     28,022 942,100
Emergent Biosolutions, Inc., 2.875%, 1/15/21 (144A) 2.875 01/15/2021 5,787,000 6,060,396
TE Connectivity, Ltd.     70,917 4,216,725
Fannie Mae, 0.5%, 12/15/33 (144A) 0.5 12/15/2033 3,310,000 3,646,517
Kane Flt% 01dec20   12/01/2020 1,004,200 1,004,200
SM Energy Co., 6.5%, 11/15/21 6.5 11/15/2021 3,085,000 3,348,425
Nu Skin Enterprises, Inc.     43,613 3,220,384
Pacific Drilling SA, 5.375%, 6/1/20 (144A) 5.375 06/01/2020 3,450,000 3,473,719
Unit Corp., 6.625%, 5/15/21 6.625 05/15/2021 3,425,000 3,657,710
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 12.0304 03/12/2015 2,400,000 2,539,680
BioScrip, Inc.     255,259 2,003,783
Monitronics International, Inc., 9.125%, 4/1/20 9.125 04/01/2020 2,400,000 2,592,500
Lennar Corp., 4.75%, 11/15/22 4.75 11/15/2022 8,730,000 8,606,568
Mueller Water Products, Inc., 7.375%, 6/1/17 7.375 06/01/2017 7,076,000 7,443,068
Alere, Inc., 3.0%, 5/15/16 3.0 05/15/2016 9,460,000 10,430,438
Essar Steel Algoma, Inc., 9.875%, 6/15/15 (144A) 9.875 06/15/2015 2,500,000 1,863,837
syncreon Group BV, 8.625%, 11/1/21 (144A) 8.625 11/01/2021 3,500,000 3,577,656
Gentiva Health Services, Inc., 10/10/19 6.5 10/10/2019 7,433,300 7,454,983
Scientific Games International, Inc., 9.25%, 6/15/19 9.25 06/15/2019 3,218,000 3,520,179
NuStar Logistics LP, Floating Rate Note, 1/15/43 7.625 01/15/2043 130,000 3,512,600
Rexel SA, 5.25%, 6/15/20 (144A) 5.25 06/15/2020 5,200,000 5,585,883
Sanchez Energy Corp., 7.75%, 6/15/21 (144A) 7.75 06/15/2021 5,075,000 5,611,611
Denbury Resources, Inc., 5.5%, 5/1/22 5.5 05/01/2022 4,670,000 4,832,218
NCR Corp.     101,437 3,312,932
MGM Resorts International, 6.75%, 10/1/20 6.75 10/01/2020 3,000,000 3,360,000
Richland Towers Funding LLC, 7.87%, 3/15/16 (144A) 7.87 03/15/2016 2,300,000 2,429,361
Theravance, Inc., 2.125%, 1/15/23 2.125 01/15/2023 9,215,000 11,114,698
Valeant Pharmaceuticals International, 6.375%, 10/15/20 (144A) 6.375 10/15/2020 6,090,000 6,565,908
RKI Exploration & Production LLC, 8.5%, 8/1/21 (144A) 8.5 08/01/2021 7,285,000 8,110,633
Carrizo Oil & Gas, Inc., 8.625%, 10/15/18 8.625 10/15/2018 10,236,000 10,988,559
APERAM, 7.375%, 4/1/16 (144A) 7.375 04/01/2016 2,615,000 2,728,861
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 6.75 04/15/2022 5,475,000 5,528,381
United Rentals North America, Inc., 5.75%, 11/15/24 5.75 11/15/2024 3,120,000 3,237,173
Exterran Holdings, Inc., 7.25%, 12/1/18 7.25 12/01/2018 1,725,000 1,884,563
Sotheby's, 5.25%, 10/1/22 (144A) 5.25 10/01/2022 1,425,000 1,380,469
Bankrate, Inc., 6.125%, 8/15/18 (144A) 6.125 08/15/2018 3,400,000 3,678,068
Fifth Third Bancorp, Floating Rate Note, 12/31/49 (Perpetual) 6.625 12/31/2049 151,950 4,049,468
DynCorp International, Inc., 10.375%, 7/1/17 10.375 07/01/2017 1,583,000 1,730,582
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual) 5.9 12/31/2049 2,375,000 2,428,134
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 8.625 02/01/2020 3,860,000 4,125,375
Stone Energy Corp., 7.5%, 11/15/22 7.5 11/15/2022 1,945,000 2,131,396
T-Mobile USA, Inc., 6.125%, 1/15/22 6.125 01/15/2022 965,000 1,054,095
GS Mortgage Securities Corp II Series 2004-GG2, Floating Rate Note, 8/10/38 5.8546 08/10/2038 1,000,000 1,004,295
Calpine Corp., 6.0%, 1/15/22 (144A) 6.0 01/15/2022 2,360,000 2,614,093
Altrl Flt% 30jun16   06/30/2016 6,500,000 6,689,800
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 6.2804 01/08/2015 250,000 253,654
Starbucks Corp.     59,425 4,352,287
Ascent Capital Group, Inc., 4.0%, 7/15/20 4.0 07/15/2020 2,710,000 2,562,945
Sector Re V, Ltd., 0.0%, 12/1/17 (Cat Bond) (144A) 0.0 12/01/2017 13,799 0
Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 (144A) 1.125 09/01/2018 4,900,000 5,486,469
GLP Capital LP, 4.875%, 11/1/20 (144A) 4.875 11/01/2020 3,250,000 3,376,953
Calpine Corp., 5.875%, 1/15/24 (144A) 5.875 01/15/2024 2,030,000 2,171,480
Emulex Corp., 1.75%, 11/15/18 (144A) 1.75 11/15/2018 3,295,000 2,986,597
Residential Reinsurance 2013, Ltd., Floating Rate Note, 12/6/17 (Cat Bond) (144A) 20.0456 12/06/2017 250,000 263,044
SEACOR Holdings, Inc., 3.0%, 11/15/28 (144A) 3.0 11/15/2028 2,170,000 2,143,056
Forest Laboratories, Inc., 4.375%, 2/1/19 (144A) 4.375 02/01/2019 2,625,000 2,880,163
BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20 1.5 10/15/2020 1,920,000 1,975,280
Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/15 (Cat Bond) (144A) 13.305 12/06/2015 2,000,000 2,157,106
Ardagh Packaging Finance Plc, 6.75%, 1/31/21 (144A) 6.75 01/31/2021 5,000,000 5,321,250
Equinix, Inc., 5.375%, 4/1/23 5.375 04/01/2023 5,465,000 5,623,257
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 8.6507 04/08/2016 1,450,000 1,535,985
Halcon Resources Corp.     5,353 33,403
Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 9.2956 06/06/2017 800,000 849,198
Kane-Pi3 Flt% 07apr15 4.839 04/07/2015 1,255,400 1,277,040
Hexion US Finance Corp., 9.0%, 11/15/20 9.0 11/15/2020 2,445,000 2,454,780
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 9.25 06/01/2021 2,800,000 3,139,500
DR Horton, Inc., 5.75%, 8/15/23 5.75 08/15/2023 5,045,000 5,458,340
Virgin Media Investment Holdings, Ltd., 6/8/20 3.5 02/06/2020 7,575,000 7,524,104
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 7.0 12/01/2018 1,800,000 1,949,950
Surgery Center Holdings, Inc., 4/11/19 6.0 04/11/2019 1,925,700 1,935,329
CHS, 6.875%, 2/1/22 (144A) 6.875 02/01/2022 1,270,000 1,366,749
First Data Corp., 12.625%, 1/15/21 12.625 01/15/2021 6,047,000 7,559,926
Rice Energy, Inc., 6.25%, 5/1/22 (144A) 6.25 05/01/2022 3,295,000 3,344,425
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 16.275 11/10/2015 1,200,000 1,229,852
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 6.125 09/15/2023 3,285,000 3,664,189
Axalta Coating Systems US Holdings, Inc., 2/1/20 3.2254 02/01/2020 1,574,250 1,575,479
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual) 7.125   411,000 11,368,260
Revlon Consumer Products Corp., 5.75%, 2/15/21 5.75 02/15/2021 2,495,000 2,574,667
United Continental Holdings, Inc., 6.0%, 7/15/26 6.0 07/15/2026 3,200,000 3,224,533
Hexion US Finance Corp., 8.875%, 2/1/18 8.875 02/01/2018 2,756,000 2,954,662
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 5.0 03/15/2022 5,445,000 5,514,575
WebMD Health Corp., 2.5%, 1/31/18 2.5 01/31/2018 6,420,000 6,565,788
MSO of Puerto Rico, Inc., 12/12/17 9.75 12/12/2017 761,543 768,207
Windstream Corp., 6.375%, 8/1/23 6.375 08/01/2023 5,275,000 5,347,531
Gibraltar Industries, Inc., 6.25%, 2/1/21 6.25 02/01/2021 2,750,000 2,951,667
Cengage Learning Holdings II LP     13,966 510,639
Hkus 9.25% 15feb22 9.25 02/15/2022 3,225,000 3,538,586
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 6.25 02/01/2019 5,000,000 5,092,535
Concho Resources, Inc., 6.5%, 1/15/22 6.5 01/15/2022 2,925,000 3,311,263
Molina Healthcare, Inc., 1.125%, 1/15/20 1.125 01/15/2020 4,225,000 5,249,034
Kane- Pi3 Zero% 18jul16 0.0 07/18/2016 4,010,500 4,133,622
Reynolds Group Issuer, Inc., 9.0%, 4/15/19 9.0 04/15/2019 800,000 857,200
Lennar Corp., 4.5%, 6/15/19 4.5 06/15/2019 4,150,000 4,268,794
Comstock Resources, Inc., 7.75%, 4/1/19 7.75 04/01/2019 3,832,000 4,130,577
CenturyLink, Inc., 6.45%, 6/15/21 6.45 06/15/2021 3,300,000 3,686,898
Memorial Production Partners LP, 7.625%, 5/1/21 7.625 05/01/2021 3,350,000 3,488,536
Commercial Vehicle Group, Inc.     565,602 5,384,531
Quebecor Media, Inc., 5.75%, 1/15/23 5.75 01/15/2023 5,975,000 6,237,983
Athlon Holdings LP, 6.0%, 5/1/22 (144A) 6.0 05/01/2022 3,095,000 3,180,113
Regal Entertainment Group, 5.75%, 2/1/25 5.75 02/01/2025 4,895,000 4,988,821
PDC Energy, Inc., 7.75%, 10/15/22 7.75 10/15/2022 4,960,000 5,529,918
JPMorgan Chase & Co., 5.0%, 12/20/15 0.05 12/20/2015 5,295,000 375,876
Fidelity & Guaranty Life Holdings, Inc., 6.375%, 4/1/21 (144A) 6.375 04/01/2021 5,400,000 5,848,875
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 11.2652 11/10/2015 375,000 395,602
T-Mobile USA, Inc., 6.542%, 4/28/20 6.542 04/28/2020 4,300,000 4,740,113
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 6.2273 04/10/2015 250,000 257,027
Aviv Healthcare Properties LP, 7.75%, 2/15/19 7.75 02/15/2019 2,675,000 2,916,605
Entegris, Inc., 6.0%, 4/1/22 (144A) 6.0 04/01/2022 5,100,000 5,176,500
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 6.875 02/15/2019 2,950,000 3,136,731
Ferrellgas LP, 6.75%, 1/15/22 (144A) 6.75 01/15/2022 1,320,000 1,427,333
Ally Financial, Inc., 7.0%, 12/31/49 (Perpetual) (144A) 7.0   6,450 6,537,075
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 7.555 04/09/2015 2,000,000 2,062,400
T-Mobile USA, Inc., 6.633%, 4/28/21 6.633 04/28/2021 2,865,000 3,151,966
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A) 6.5 04/15/2021 6,525,000 6,678,428
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 5.25 11/25/2032 3,319,000 984,524
Nuance Communications, Inc., 2.75%, 11/1/31 2.75 11/01/2031 19,972,000 20,092,664
PDL BioPharma, Inc., 4.0%, 2/1/18 4.0 02/01/2018 5,375,000 6,105,253
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 6.75 12/01/2021 1,775,000 1,945,733
Gardner Denver, Inc., 6.875%, 8/15/21 (144A) 6.875 08/15/2021 4,765,000 5,063,971
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 0.0 12/31/2049 33,500 3,411,305
INEOS Group Holdings SA, 5.875%, 2/15/19 5.875 02/15/2019 2,050,000 2,122,896
Gentiva Health Services, Inc., 11.5%, 9/1/18 11.5 09/01/2018 684,000 754,110
Dana Holding Corp., 6.0%, 9/15/23 6.0 09/15/2023 4,650,000 4,976,275
Meritor, Inc., 6.75%, 6/15/21 6.75 06/15/2021 3,240,000 3,559,545
Lear Corp., 11/9/14   11/09/2014 2,230 395,535
Standard Aero, Ltd., 11/2/18 5.0 11/02/2018 875,796 888,203
Tesoro Corp., 5.375%, 10/1/22 5.375 10/01/2022 5,445,000 5,738,803
Chrysler Group LLC, 8.25%, 6/15/21 8.25 06/15/2021 7,905,000 9,312,419
DuPont Fabros Technology LP, 5.875%, 9/15/21 5.875 09/15/2021 1,000,000 1,047,403
Frontier Communications Corp., 7.125%, 1/15/23 7.125 01/15/2023 4,750,000 5,044,104
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A) 0.0 12/01/2018 2,150,000 2,263,090
Antero Resources Finance Corp., 6.0%, 12/1/20 6.0 12/01/2020 3,360,000 3,691,800
MedAssets, Inc., 8.0%, 11/15/18 8.0 11/15/2018 1,400,000 1,488,978
AdvancePierre Foods, Inc., 7/10/17 5.75 06/17/2017 8,563 8,563
NRG Energy, Inc., 8.25%, 9/1/20 8.25 09/01/2020 7,850,000 8,836,156
Endologix, Inc., 2.25%, 12/15/18 2.25 12/15/2018 3,015,000 2,969,963
Windstream Corp., 7.75%, 10/15/20 7.75 10/15/2020 8,460,000 9,262,878
ON Semiconductor Corp., 2.625%, 12/15/26 2.625 12/15/2026 16,914,000 19,888,397
Northern Oil and Gas, Inc., 8.0%, 6/1/20 8.0 06/01/2020 4,125,000 4,547,813
Mythen Re, Ltd. Series 2013-1 Class B, Floating Rate Note, 7/9/15 (Cat Bond) (144A) 8.0253 07/09/2015 500,000 517,078
Cigna Corp.     67,800 6,087,084
Rfp 5.875% 15may23 5.875 05/15/2023 5,570,000 5,389,594
Waters Corp.     17,606 1,763,417
Hunter Defense Technologies, Inc., 8/22/14 3.48 08/22/2014 1,703,182 1,652,087
Joy Global, Inc.     109,200 6,240,780
Rosetta Resources, Inc., 5.875%, 6/1/22 5.875 06/01/2022 8,170,000 8,676,427
Nationstar Mortgage LLC, 6.5%, 7/1/21 6.5 07/01/2021 11,350,000 11,104,354
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 9.875 08/15/2019 5,675,000 6,414,602
MISA Investments, Ltd., 8.625%, 8/15/18 (144A) (PIK) 8.625 08/15/2018 4,815,000 5,021,543
NANA Development Corp., 9.5%, 3/15/19 (144A) 9.5 03/15/2019 1,800,000 1,845,100
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A) 16.5101 01/27/2015 875,000 914,222
Univision Communications, Inc., 3/1/20 4.0 03/01/2020 1,424,654 1,421,983
Swift Energy Co., 7.875%, 3/1/22 7.875 03/01/2022 14,720,000 15,451,400
Alliant Holdings I, Inc., 12/20/19 4.25 12/07/2019 1,244,093 1,246,799
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 5.7956 12/06/2016 250,000 263,334
CHS, 8.0%, 11/15/19 8.0 11/15/2019 16,400,000 18,057,311
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 2.25 05/15/2041 3,755,000 3,540,496
Fieldwood Energy LLC, 9/30/20 8.375 09/30/2020 5,168,665 5,340,394
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 13.5456 02/05/2015 1,500,000 1,565,438
Seitel, Inc., 9.5%, 4/15/19 9.5 04/15/2019 2,955,000 3,123,845
Affinion Group, Inc., 10/9/16 6.75 10/09/2016 1,998,057 2,009,654
Hercules Offshore, Inc.     127,237 577,656
PetroQuest Energy, Inc., 6.875%, 12/31/49 (Perpetual) 6.875   59,180 2,616,869
Ctv 5.5% 15jun24 144a 5.5 06/15/2024 885,000 889,425
Voya Financial, Inc., Floating Rate Note, 5/15/53 5.65 05/15/2053 4,200,000 4,268,297
Ford Motor Co., 4.25%, 11/15/16 4.25 11/15/2016 9,341,000 17,888,145
Tronox Finance LLC, 6.375%, 8/15/20 6.375 08/15/2020 5,195,000 5,487,327
Aetna, Inc.     108,880 8,443,644
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 10.0456 06/06/2016 1,100,000 1,239,248
Windstream Holdings, Inc.     585,800 5,606,106
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 8.555 04/09/2015 1,150,000 1,194,045
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 12.055 06/06/2015 3,450,000 3,692,075
Liberty Media Corp., 1.375%, 10/15/23 (144A) 1.375 10/15/2023 4,425,000 4,294,493
EMC Corp./MA     103,800 2,756,928
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 8.0456 06/06/2016 500,000 553,906
Marathon Oil Corp.     147,800 5,418,348
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 12.7956 12/06/2016 2,100,000 2,340,363
Constellation Brands, Inc., 4.25%, 5/1/23 4.25 05/01/2023 3,235,000 3,238,370
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 8.5 05/15/2018 7,495,000 7,860,589
ViaSat, Inc., 6.875%, 6/15/20 6.875 06/15/2020 3,000,000 3,336,979

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

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