Pioneer Investments: Pioneer High Yield Fund


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Pioneer High Yield Fund

Monthly Portfolio Holdings as of 2/28/2014

Security Name Coupon Maturity Date Par / Shares Market Value($)
PDL BioPharma, Inc., 3.75%, 5/1/15 3.75 05/01/2015 1,115,000 1,556,122
Flextronics International, Ltd., 5.0%, 2/15/23 5.0 02/15/2023 2,295,000 2,325,919
NuVasive, Inc., 2.75%, 7/1/17 2.75 07/01/2017 459,000 533,683
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 1,432,654
Alliance HealthCare Services, Inc., 6/3/19 4.25 05/31/2019 1,194,001 1,193,815
Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 5.3108 03/07/2016 1,325,000 1,351,506
CenturyLink, Inc., 5.8%, 3/15/22 5.8 03/15/2022 3,625,000 3,812,574
EPL Oil & Gas, Inc., 8.25%, 2/15/18 8.25 02/15/2018 5,205,000 5,640,485
Altair Re, Floating Rate Note, 4/30/16 (Cat Bond) 0.0 04/30/2016 2,024,940 2,249,101
Nu Skin Enterprises, Inc.     24,493 2,100,765
Cinedigm Digital Funding I LLC, 2/28/18 3.75 03/31/2016 1,424,316 1,429,657
ViaSat, Inc., 6.875%, 6/15/20 6.875 06/15/2020 3,000,000 3,234,792
Cobalt International Energy, Inc., 2.625%, 12/1/19 2.625 12/01/2019 11,795,000 11,459,580
NuStar Logistics LP, Floating Rate Note, 1/15/43 7.625 01/15/2043 130,000 3,477,500
The Ryland Group, Inc., 5.375%, 10/1/22 5.375 10/01/2022 2,540,000 2,552,435
Theravance, Inc., 2.125%, 1/15/23 2.125 01/15/2023 9,215,000 13,732,334
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 9.875 08/15/2019 5,675,000 6,423,469
Sanchez Energy Corp., 7.75%, 6/15/21 (144A) 7.75 06/15/2021 5,075,000 5,386,408
Offshore Group Investment, Ltd., 3/28/19 5.75 03/28/2019 2,332,375 2,367,361
Endologix, Inc., 2.25%, 12/15/18 2.25 12/15/2018 3,015,000 2,884,759
Lennar Corp., 4.75%, 11/15/22 4.75 11/15/2022 8,730,000 8,459,249
Novellus Systems, Inc., 2.625%, 5/15/41 2.625 05/15/2041 12,760,000 20,817,674
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 12.8159 12/06/2016 2,100,000 2,361,039
Cengage Learning Acquisitions, Inc., 7/3/14 4.75 07/04/2014 928,000 864,200
Micron Technology, Inc., 5.875%, 2/15/22 (144A) 5.875 02/15/2022 1,825,000 1,913,379
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 7.5 12/01/2020 2,435,000 2,590,231
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 11.0 10/01/2016 2,400,000 2,438,000
Constellation Brands, Inc., 3.75%, 5/1/21 3.75 05/01/2021 4,100,000 4,038,500
Commercial Vehicle Group, Inc.     565,602 5,045,170
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9.75 05/15/2017 9,859,000 9,451,905
Springleaf Mortgage Loan Trust, Floating Rate Note, 6/25/58 (144A) 5.58 06/25/2058 400,000 399,990
DuPont Fabros Technology LP, 5.875%, 9/15/21 5.875 09/15/2021 1,000,000 1,080,622
Advanced Micro Devices, Inc., 6.75%, 3/1/19 (144A) 6.75 03/01/2019 6,205,000 6,241,842
T-Mobile USA, Inc., 6.5%, 1/15/24 6.5 01/15/2024 1,200,000 1,293,667
Cubist Pharmaceuticals, Inc., 1.875%, 9/1/20 (144A) 1.875 09/01/2020 6,805,000 8,592,376
Accellent, Inc., 10.0%, 11/1/17 10.0 11/01/2017 3,875,000 4,309,323
Rexel SA, 5.25%, 6/15/20 (144A) 5.25 06/15/2020 5,200,000 5,348,633
Post Holdings, Inc., 2.5%, 12/31/49 (Perpetual) (144A) 2.5 12/31/2049 73,300 8,305,806
Unit Corp., 6.625%, 5/15/21 6.625 05/15/2021 3,425,000 3,714,436
Morgan Stanley, Floating Rate Note, 12/31/49 (Perpetual) 7.125   189,000 5,053,860
BLAZE RECYCLING & METALS LLC/ BLAZE FINANCE CORP     4,128,459 247,708
IAMGOLD Corp., 6.75%, 10/1/20 (144A) 6.75 10/01/2020 6,445,000 5,852,866
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 5.25 11/25/2032 3,319,000 1,021,783
T-Mobile USA, Inc., 6.633%, 4/28/21 6.633 04/28/2021 2,865,000 3,118,782
Forest City Enterprises, Inc., 3.625%, 8/15/20 (144A) 3.625 08/15/2020 4,885,000 5,131,014
United Continental Holdings, Inc., 6.0%, 7/15/26 6.0 07/15/2026 3,200,000 3,040,533
Pittsburgh Glass Works LLC, 8.0%, 11/15/18 (144A) 8.0 11/15/2018 2,400,000 2,674,133
CenturyLink, Inc., 6.45%, 6/15/21 6.45 06/15/2021 3,300,000 3,584,185
Pacific Drilling SA, 5.375%, 6/1/20 (144A) 5.375 06/01/2020 3,450,000 3,539,484
Packaging Dynamics Corp., 8.75%, 2/1/16 (144A) 8.75 02/01/2016 2,915,000 3,012,774
Fieldwood Energy LLC, 9/30/20 8.375 09/30/2020 5,168,665 5,383,811
WebMD Health Corp., 1.5%, 12/1/20 (144A) 1.5 12/01/2020 5,145,000 5,461,203
Frontier Communications Corp., 8.5%, 4/15/20 8.5 04/15/2020 9,705,000 11,520,913
Concho Resources, Inc., 5.5%, 4/1/23 5.5 04/01/2023 3,675,000 3,924,594
T-Mobile USA, Inc., 6.542%, 4/28/20 6.542 04/28/2020 4,300,000 4,680,536
Green Field Energy Services, Inc., 0.0%, 11/15/16 (144A) 0.0 11/15/2016 54,000 16,484
IAP Worldwide Services, Inc., 12/31/15 10.0 12/31/2015 1,622,731 515,217
Fifth Third Bancorp, Floating Rate Note, 12/31/49 (Perpetual) 6.625 12/31/2049 151,950 4,031,234
Kodiak Oil & Gas Corp., 5.5%, 2/1/22 5.5 02/01/2022 3,000,000 3,096,250
Equinix, Inc., 5.375%, 4/1/23 5.375 04/01/2023 5,465,000 5,669,368
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A) 0.0 03/01/2018 3,300,000 4,116,750
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 7.0 11/15/2020 4,300,000 801,023
Quebecor Media, Inc., 5.75%, 1/15/23 5.75 01/15/2023 5,975,000 6,122,217
Tesoro Corp., 5.375%, 10/1/22 5.375 10/01/2022 5,445,000 5,743,908
Targa Resources Partners LP, 4.25%, 11/15/23 (144A) 4.25 11/15/2023 5,985,000 5,700,796
Mueller Water Products, Inc., 7.375%, 6/1/17 7.375 06/01/2017 7,076,000 7,401,054
Tower Automotive Holdings USA LLC, Refinancing Term Loan, 4/23/20   04/23/2020 8,555,458 8,566,152
Tenet Healthcare Corp., 4.375%, 10/1/21 4.375 10/01/2021 2,850,000 2,835,156
AMG Capital Trust II, 5.15%, 10/15/37 5.15 10/15/2037 48,000 2,938,502
Ciena Corp., 0.875%, 6/15/17 0.875 06/15/2017 9,000,000 9,320,375
Calpine Corp., 6.0%, 1/15/22 (144A) 6.0 01/15/2022 2,360,000 2,549,193
American Airlines 2013-2 Class A Pass Through Trust, 4.95%, 7/15/24 (144A) 4.95 01/15/2023 2,100,000 2,193,379
Activision Blizzard, Inc., 5.625%, 9/15/21 (144A) 5.625 09/15/2021 1,725,000 1,898,039
BioScrip, Inc.     255,259 1,819,997
DynCorp International, Inc., 10.375%, 7/1/17 10.375 07/01/2017 3,953,000 4,199,239
Concho Resources, Inc., 6.5%, 1/15/22 6.5 01/15/2022 2,925,000 3,223,513
Windstream Corp., 7.75%, 10/15/20 7.75 10/15/2020 8,460,000 9,342,190
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 16.2956 11/10/2015 1,200,000 1,260,092
Richland Towers Funding LLC, 7.87%, 3/15/16 (144A) 7.87 03/15/2016 2,300,000 2,444,143
DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan, 11/2/18   11/02/2018 1,947,812 1,977,837
Stone Energy Corp., 7.5%, 11/15/22 7.5 11/15/2022 1,945,000 2,138,690
Sealy Corp., 8.0%, 7/15/16 (PIK) 8.0 07/15/2016 143,000 11,332,750
Alpha Appalachia Holdings, Inc., 3.25%, 8/1/15 3.25 08/01/2015 1,895,000 1,895,395
KeHE Distributors LLC, 7.625%, 8/15/21 (144A) 7.625 08/15/2021 3,635,000 3,865,419
Ferrellgas LP, 6.5%, 5/1/21 6.5 05/01/2021 2,750,000 2,933,333
Alliant Holdings I, Inc., 12/20/19 4.25 12/07/2019 1,262,250 1,268,758
Nuance Communications, Inc., 2.75%, 11/1/31 2.75 11/01/2031 19,972,000 19,980,322
East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A) 6.6575 03/13/2015 1,500,000 1,569,981
Universal Hospital Services, Inc., 7.625%, 8/15/20 7.625 08/15/2020 1,265,000 1,364,162
SM Energy Co., 6.5%, 11/15/21 6.5 11/15/2021 3,085,000 3,406,268
Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/15 (Cat Bond) (144A) 13.305 12/06/2015 2,000,000 2,192,569
Northern Oil and Gas, Inc., 8.0%, 6/1/20 8.0 06/01/2020 4,125,000 4,475,625
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 12.0608 03/12/2015 2,750,000 2,980,358
EGL, Inc., 8/31/16 4.6074 08/31/2016 3,702,650 3,701,502
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 6.9108 04/07/2017 1,500,000 1,572,654
Seagate HDD Cayman, 4.75%, 6/1/23 (144A) 4.75 06/01/2023 4,300,000 4,243,563
PATHEON INC, Bridge Loan, 12/11/14 7.25 12/11/2014 10,700,000 10,700,000
Gannett Co, Inc., 6.375%, 10/15/23 (144A) 6.375 10/15/2023 7,170,000 7,752,264
Fidelity & Guaranty Life Holdings, Inc., 6.375%, 4/1/21 (144A) 6.375 04/01/2021 5,400,000 5,894,438
Molina Healthcare, Inc., 1.125%, 1/15/20 (144A) 1.125 01/15/2020 4,225,000 4,722,230
GLP Capital LP, 4.375%, 11/1/18 (144A) 4.375 11/01/2018 3,075,000 3,235,530
Park-Ohio Industries, Inc., 8.125%, 4/1/21 8.125 04/01/2021 4,025,000 4,614,076
Offshore Group Investment, Ltd., 7.125%, 4/1/23 7.125 04/01/2023 4,000,000 4,208,750
TI Group Automotive Systems LLC, 3/28/19 5.5 03/27/2019 3,033,973 3,055,781
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 6.25 02/01/2019 5,000,000 5,001,910
Talos Production LLC, 9.75%, 2/15/18 (144A) 9.75 02/15/2018 3,000,000 3,163,000
MMM Holdings, Inc., 12/12/17 9.75 10/09/2017 1,076,531 1,087,969
Shutterfly, Inc., 0.25%, 5/15/18 (144A) 0.25 05/15/2018 7,455,000 8,219,966
NRG Energy, Inc., 7.625%, 1/15/18 7.625 01/15/2018 4,700,000 5,356,792
Pacira Pharmaceuticals, Inc. Delaware, 3.25%, 2/1/19 3.25 02/01/2019 770,000 2,455,979
GLP Capital LP, 4.875%, 11/1/20 (144A) 4.875 11/01/2020 5,750,000 6,045,466
Nationstar Mortgage LLC, 6.5%, 8/1/18 6.5 08/01/2018 1,820,000 1,843,508
Kane-Pi3 Flt% 07apr15 4.839 04/07/2015 1,255,400 1,261,602
KB Home, 1.375%, 2/1/19 1.375 02/01/2019 11,400,000 12,339,313
tw telecom holdings inc, 5.375%, 10/1/22 5.375 10/01/2022 2,840,000 2,960,404
FTS International, Inc., 5/6/16 8.5 05/06/2016 7,538,153 7,657,957
Crestwood Midstream Partners LP, 6.125%, 3/1/22 (144A) 6.125 03/01/2022 4,810,000 5,118,926
Ferrellgas LP, 6.75%, 1/15/22 (144A) 6.75 01/15/2022 1,320,000 1,408,358
Kindred Healthcare, Inc., 8.25%, 6/1/19 8.25 06/01/2019 5,700,000 6,259,313
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 7.394 02/13/2015 500,000 516,721
Swift Energy Co., 7.875%, 3/1/22 7.875 03/01/2022 14,720,000 15,803,116
United Airlines, Inc., 4.5%, 1/15/15 4.5 01/15/2015 2,575,000 6,178,713
Emergent Biosolutions, Inc., 2.875%, 1/15/21 (144A) 2.875 01/15/2021 4,130,000 4,406,423
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 11.5 02/15/2018 8,775,000 5,411,494
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 5.8159 12/06/2016 250,000 264,569
Bio-Rad Laboratories, Inc.     46,569 6,040,931
PDC Energy, Inc., 7.75%, 10/15/22 7.75 10/15/2022 4,960,000 5,564,018
Coleman Cable, Inc., 9.0%, 2/15/18 9.0 02/15/2018 2,079,000 2,186,069
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 10.3108 01/08/2015 1,400,000 1,477,558
Ascent Capital Group, Inc., 4.0%, 7/15/20 4.0 07/15/2020 2,710,000 2,671,345
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 12.055 06/06/2015 3,450,000 3,757,855
LKQ Corp., 4.75%, 5/15/23 (144A) 4.75 05/15/2023 1,300,000 1,256,432
Neiman Marcus Group, Ltd. LLC, 8.0%, 10/15/21 (144A) 8.0 10/15/2021 10,640,000 11,718,778
CCO Holdings LLC, 6.5%, 4/30/21 6.5 04/30/2021 9,250,000 10,088,024
GS Mortgage Securities Corp II Series 2004-GG2, Floating Rate Note, 8/10/38 5.8352 08/10/2038 1,000,000 1,004,858
Mentor Graphics Corp., 4.0%, 4/1/31 4.0 04/01/2031 5,815,000 7,322,054
Scientific Games International, Inc., 9.25%, 6/15/19 9.25 06/15/2019 3,218,000 3,481,965
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 3.75 08/20/2025 700,000 519,126
Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A) 8.1166 01/07/2016 450,000 478,340
Pangaea Re, 0.0%, 10/1/15 (Cat Bond) 0.0 10/01/2015 3,650,000 3,988,939
Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 4.0456 05/18/2016 1,500,000 1,530,167
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 4.2969 05/23/2016 1,500,000 1,529,095
j2 Global, Inc., 8.0%, 8/1/20 8.0 08/01/2020 6,085,000 6,658,004
The Hertz Corp., 6.25%, 10/15/22 6.25 10/15/2022 775,000 838,265
Corsicanto, Ltd., 3.5%, 1/15/32 3.5 01/15/2032 4,815,000 3,277,678
Cincinnati Bell, Inc., 8.375%, 10/15/20 8.375 10/15/2020 13,358,000 14,982,852
Alliance One International, Inc., 9.875%, 7/15/21 9.875 07/15/2021 10,105,000 10,333,555
TE Connectivity, Ltd.     80,483 4,714,694
Dana Holding Corp., 6.0%, 9/15/23 6.0 09/15/2023 4,650,000 4,974,725
Chaparral Energy, Inc., 8.25%, 9/1/21 8.25 09/01/2021 3,310,000 3,760,988
Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 8.805 06/06/2015 800,000 864,368
Freeport-McMoRan Copper & Gold, Inc.     483,460 15,770,465
Monitronics International, Inc., 9.125%, 4/1/20 9.125 04/01/2020 2,400,000 2,665,250
Univision Communications, Inc., Replacement First-Lien Term Loan, 3/1/20   03/01/2020 1,428,224 1,433,729
The Ryland Group, Inc., 0.25%, 6/1/19 0.25 06/01/2019 2,870,000 2,803,631
Seagate HDD Cayman, 7.0%, 11/1/21 7.0 11/01/2021 5,100,000 5,771,500
DryShips, Inc., 5.0%, 12/1/14 5.0 12/01/2014 2,529,000 2,530,581
Essar Steel Algoma, Inc., 9.875%, 6/15/15 (144A) 9.875 06/15/2015 9,255,000 7,134,191
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 5.918 09/25/2036 1,560,000 1,428,067
General Cable Corp., 4.5%, 11/15/29 (Step) 4.5 11/15/2029 10,874,000 12,420,524
United Continental Holdings, Inc., 6.0%, 12/1/20 6.0 12/01/2020 2,690,000 2,851,624
CEVA Group Plc, 11.625%, 10/1/16 (144A) 11.625 10/01/2016 3,205,000 3,496,455
EMC Corp./MA     103,800 2,737,206
Rosetta Resources, Inc., 5.875%, 6/1/22 5.875 06/01/2022 8,170,000 8,536,005
Alpha Natural Resources, Inc., 3.75%, 12/15/17 3.75 12/15/2017 4,705,000 4,383,492
Basic Energy Services, Inc., 7.75%, 10/15/22 7.75 10/15/2022 9,355,000 10,260,356
Brocade Communications Systems, Inc., 4.625%, 1/15/23 (144A) 4.625 01/15/2023 3,865,000 3,675,266
National Money Mart Co., 10.375%, 12/15/16 10.375 12/15/2016 12,630,000 12,859,270
Meritor, Inc., 6.75%, 6/15/21 6.75 06/15/2021 3,240,000 3,488,670
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 8.625 02/01/2020 3,860,000 3,974,594
Joy Global, Inc.     109,200 6,006,000
Standard Pacific Corp., 6.25%, 12/15/21 6.25 12/15/2021 6,975,000 7,537,844
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 13.5608 02/05/2015 1,500,000 1,614,038
SandRidge Energy, Inc., 7.0%, 12/31/49 (Perpetual) 7.0   33,162 3,401,178
CEVA GROUP Plc     2,282 2,339,112
Seitel, Inc., 9.5%, 4/15/19 9.5 04/15/2019 2,955,000 3,142,314
Emulex Corp., 1.75%, 11/15/18 (144A) 1.75 11/15/2018 3,295,000 3,350,626
Linn Energy LLC, 7.0%, 11/1/19 (144A) 7.0 11/01/2019 16,435,000 17,516,971
AmeriGas Finance LLC, 7.0%, 5/20/22 7.0 05/20/2022 8,600,000 9,564,394
BioScrip, Inc., 8.875%, 2/15/21 (144A) 8.875 02/15/2021 3,675,000 3,784,995
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 8.0 12/01/2018 1,750,000 1,863,750
Hexion US Finance Corp., 9.0%, 11/15/20 9.0 11/15/2020 2,445,000 2,577,030
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 10.5951 04/09/2015 250,000 268,453
The Howard Hughes Corp., 6.875%, 10/1/21 (144A) 6.875 10/01/2021 2,840,000 3,077,012
BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20 1.5 10/15/2020 1,920,000 2,314,880
Forest City Enterprises, Inc.     618,631 12,050,932
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 8.0659 06/06/2016 500,000 560,094
WCP ISSUER LLC, 6.657%, 8/15/20 (144A) 6.657 08/15/2020 3,350,000 3,486,316
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 9.065 03/16/2016 400,000 439,460
Oxford Finance LLC, 7.25%, 1/15/18 (144A) 7.25 01/15/2018 3,100,000 3,310,843
DFC Global Corp., 3.25%, 4/15/17 3.25 04/15/2017 1,200,000 976,983
Preferred Proppants LLC, 12/15/16 11.75 12/15/2016 7,426,900 5,780,601
syncreon Group BV, 8.625%, 11/1/21 (144A) 8.625 11/01/2021 3,500,000 3,743,141
Nationstar Mortgage LLC, 6.5%, 7/1/21 6.5 07/01/2021 6,275,000 6,013,542
AdvancePierre Foods, Inc., 7/10/17 5.75 06/17/2017 1,301,850 1,309,368
Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 9.3159 06/06/2017 800,000 851,072
Offshore Group Investment, Ltd., 7.5%, 11/1/19 7.5 11/01/2019 3,650,000 4,024,125
Resolute Forest Products, Inc., 5.875%, 5/15/23 (144A) 5.875 05/15/2023 5,570,000 5,554,953
Hunter Defense Technologies, Inc., 8/22/14 3.49 08/22/2014 1,759,457 1,601,106
Surgery Center Holdings, Inc., 4/11/19 6.0 04/11/2019 1,935,525 1,940,364
Aguila 3 SA, 7.875%, 1/31/18 (144A) 7.875 01/31/2018 1,700,000 1,817,778
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A) 16.551 01/27/2015 875,000 943,308
Axalta Coating Systems US Holdings, Inc., Refinanced Term B Loan, 2/1/20 3.2376 02/01/2020 2,084,250 2,100,044
Texas Industries, Inc., 9.25%, 8/15/20 9.25 08/15/2020 2,300,000 2,677,456
Ardagh Packaging Finance Plc, 6.75%, 1/31/21 (144A) 6.75 01/31/2021 5,000,000 5,224,375
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A) 11.779 11/10/2016 675,000 730,863
Meritage Homes Corp., 7.0%, 4/1/22 7.0 04/01/2022 3,660,000 4,114,450
PetroQuest Energy, Inc., 6.875%, 12/31/49 (Perpetual) 6.875   59,180 1,958,491
Cigna Corp.     67,800 5,396,202
TMX Finance LLC, 8.5%, 9/15/18 (144A) 8.5 09/15/2018 3,265,000 3,735,069
Murray Energy Corp., 8.625%, 6/15/21 (144A) 8.625 06/15/2021 1,900,000 2,048,596
Cambium Learning Group, Inc., 9.75%, 2/15/17 9.75 02/15/2017 3,695,000 3,637,112
Parker Drilling Co., 7.5%, 8/1/20 (144A) 7.5 08/01/2020 2,995,000 3,223,369
JLL, 7.5%, 2/1/22 (144A) 7.5 02/01/2022 5,610,000 5,752,588
NRG Energy, Inc., 7.875%, 5/15/21 7.875 05/15/2021 4,700,000 5,325,981
SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A) 7.375 02/01/2020 2,250,000 2,398,828
Cubist Pharmaceuticals, Inc.     104,790 8,332,901
Affinion Group, Inc., 10/9/16 6.75 10/09/2016 2,003,252 1,984,113
BioScrip, Inc., 7/31/20 7.25 07/22/2020 1,436,803 1,448,477
James River Coal Co., 7.875%, 4/1/19 7.875 04/01/2019 4,170,000 835,303
DFC Global Corp., 2.875%, 6/30/27 2.875 06/30/2027 4,150,000 3,848,592
Albany Molecular Research, Inc., 2.25%, 11/15/18 (144A) 2.25 11/15/2018 3,755,000 4,512,102
First Data Corp., 12.625%, 1/15/21 12.625 01/15/2021 6,047,000 7,323,715
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) 10.0 08/15/2021 4,460,000 4,435,222
Regal Entertainment Group, 5.75%, 3/15/22 5.75 03/15/2022 2,325,000 2,377,313
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 6.0 06/15/2021 2,350,000 2,538,392
Penn Virginia Corp., 8.5%, 5/1/20 8.5 05/01/2020 4,995,000 5,636,025
Akamai Technologies, Inc., 0.0%, 2/15/19 (144A) 0.0 02/15/2019 2,605,000 2,637,581
WebMD Health Corp., 2.5%, 1/31/18 2.5 01/31/2018 6,420,000 6,578,271
Schaeffler Holding Finance BV, 6.875%, 8/15/18 (144A) (PIK) 6.875 08/15/2018 2,690,000 2,873,069
Comstock Resources, Inc., 7.75%, 4/1/19 7.75 04/01/2019 3,832,000 4,223,982
WEX, Inc., 4.75%, 2/1/23 (144A) 4.75 02/01/2023 2,950,000 2,784,677
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 6.5 12/15/2020 2,100,000 2,260,067
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 17.9929 01/07/2015 1,250,000 1,386,906
Ship Midco, Ltd., 11/29/19 5.25 08/06/2017 2,469,527 2,496,692
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 6.5 07/01/2036 14,887,110 2,638,947
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 22.0659 06/06/2016 1,750,000 2,180,228
PDL BioPharma, Inc., 4.0%, 2/1/18 4.0 02/01/2018 3,375,000 3,477,047
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 9.0 04/01/2022 4,030,000 4,463,225
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 8.5 05/15/2018 7,495,000 8,076,071
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 5.25 02/01/2021 4,350,000 4,325,531
Boart Longyear Management Pty, Ltd., 10.0%, 10/1/18 (144A) 10.0 10/01/2018 2,755,000 2,955,503
Aetna, Inc.     108,880 7,916,665
Lennar Corp., 4.5%, 6/15/19 4.5 06/15/2019 4,150,000 4,248,044
Ally Financial, Inc., 7.0%, 12/31/49 (Perpetual) (144A) 7.0   6,450 6,390,943
Kane- Pi3 Zero% 18jul16 0.0 07/18/2016 4,010,500 4,058,626
Flextronics International, Ltd., 4.625%, 2/15/20 4.625 02/15/2020 1,380,000 1,408,712
Expert Global Solutions, Inc., 4/3/18 8.5 03/13/2018 14,106,537 14,053,638
Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 (144A) 1.125 09/01/2018 4,900,000 6,037,872
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 8.6558 04/08/2016 1,450,000 1,547,964
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 7.5 09/15/2020 2,150,000 2,439,354
Antero Resources Finance Corp., 6.0%, 12/1/20 6.0 12/01/2020 3,360,000 3,637,200
Vanguard Natural Resources LLC, 7.875%, 4/1/20 7.875 04/01/2020 4,700,000 5,218,469
RTI International Metals, Inc., 1.625%, 10/15/19 1.625 10/15/2019 3,805,000 3,759,393
Denbury Resources, Inc., 4.625%, 7/15/23 4.625 07/15/2023 5,520,000 5,235,222
ADS Tactical, Inc., 11.0%, 4/1/18 (144A) 11.0 04/01/2018 3,905,000 3,965,042
Exterran Partners LP, 6.0%, 4/1/21 6.0 04/01/2021 2,750,000 2,791,250
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 5.0 08/25/2053 2,513,900 2,416,475
Lear Corp., 11/9/14   11/09/2014 2,230 356,800
Live Nation Entertainment, Inc., 7.0%, 9/1/20 (144A) 7.0 09/01/2020 5,300,000 6,002,250
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 0.0 09/16/2016 2,000,000 2,051,400
EP Energy LLC, 9.375%, 5/1/20 9.375 05/01/2020 13,000,000 15,453,750
Sabine Pass Liquefaction LLC, 5.875%, 2/1/21 (144A) 5.875 02/01/2021 9,380,000 9,660,423
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A) 0.0 12/01/2018 2,150,000 2,190,635
Polymet Mining Corp.     2,380,800 2,714,112
MISA Investments, Ltd., 8.625%, 8/15/18 (144A) (PIK) 8.625 08/15/2018 4,815,000 4,989,945
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual) 5.35 04/29/2049 2,490,000 2,373,599
Brown Shoe Co, Inc., 7.125%, 5/15/19 7.125 05/15/2019 2,350,000 2,540,301
Intelsat Luxembourg SA, 7.75%, 6/1/21 (144A) 7.75 06/01/2021 3,900,000 4,272,938
Forest Laboratories, Inc., 4.375%, 2/1/19 (144A) 4.375 02/01/2019 3,625,000 3,892,407
NANA Development Corp., 9.5%, 3/15/19 (144A) 9.5 03/15/2019 1,800,000 1,943,275
Liberty Media Corp., 1.375%, 10/15/23 (144A) 1.375 10/15/2023 4,425,000 4,325,960
CEVA Logistics US Holdings, Inc., 8/31/16 0.1466 08/31/2016 1,365,849 1,364,142
MDC Partners, Inc., 6.75%, 4/1/20 (144A) 6.75 04/01/2020 4,235,000 4,639,972
Calpine Corp., 5.875%, 1/15/24 (144A) 5.875 01/15/2024 2,030,000 2,095,989
Kennametal, Inc.     139,920 6,120,101
T-Mobile USA, Inc., 6.731%, 4/28/22 6.731 04/28/2022 2,000,000 2,172,340
Constellation Brands, Inc., 4.25%, 5/1/23 4.25 05/01/2023 3,235,000 3,216,129
CHS, 8.0%, 11/15/19 8.0 11/15/2019 16,400,000 18,606,711
Xerium Technologies, Inc., 8.875%, 6/15/18 8.875 06/15/2018 2,660,000 2,896,038
Atkore International, Inc., 9.875%, 1/1/18 9.875 01/01/2018 2,520,000 2,753,625
NRG Energy, Inc., 8.25%, 9/1/20 8.25 09/01/2020 7,850,000 9,037,313
IAC, 4.875%, 11/30/18 (144A) 4.875 11/30/2018 1,990,000 2,103,140
Gibraltar Industries, Inc., 6.25%, 2/1/21 6.25 02/01/2021 2,750,000 2,915,573
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual) 7.125   411,000 10,953,150
PPL Capital Funding, Inc., 5.9%, 4/30/73 5.9 04/30/2073 214,000 4,819,280
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 2.25 05/15/2041 3,755,000 3,423,152
KB Home, 7.0%, 12/15/21 7.0 12/15/2021 8,375,000 9,180,861
Exterran Holdings, Inc., 7.25%, 12/1/18 7.25 12/01/2018 1,725,000 1,855,453
Steel Dynamics, Inc., 5.125%, 6/15/14 5.125 06/15/2014 4,830,000 5,313,939
Chesapeake Energy Corp., 5.375%, 6/15/21 5.375 06/15/2021 8,435,000 9,121,164
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 4.0558 05/05/2017 1,600,000 1,608,551
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 6.2404 04/10/2015 250,000 259,199
MSO of Puerto Rico, Inc., 12/12/17 9.75 12/12/2017 782,932 788,804
Clearwater Paper Corp., 4.5%, 2/1/23 4.5 02/01/2023 2,050,000 1,944,938
Nationstar Mortgage LLC, 6.5%, 6/1/22 6.5 06/01/2022 5,015,000 4,783,056
Frontier Communications Corp., 8.75%, 4/15/22 8.75 04/15/2022 3,100,000 3,651,972
General Cable Corp.     667,230 20,537,339
DR Horton, Inc., 5.75%, 8/15/23 5.75 08/15/2023 5,045,000 5,297,530
Host Hotels & Resorts LP, 2.5%, 10/15/29 (144A) 2.5 10/15/2029 2,835,000 4,323,572
MedAssets, Inc., 8.0%, 11/15/18 8.0 11/15/2018 1,400,000 1,539,728
Jack Cooper Holdings Corp., 9.25%, 6/1/20 (144A) 9.25 06/01/2020 1,990,000 2,239,994
Green Field Energy Services, Inc., 11/15/21 (144A)   11/15/2021 2,275 2,298
Extended Stay America Trust 2013-ESH MZ, 7.625%, 12/5/19 (144A) 7.625 12/05/2019 1,900,000 649,822
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 6.125 09/15/2023 1,185,000 1,318,387
Intelsat Jackson Holdings SA, 6.625%, 12/15/22 (144A) 6.625 12/15/2022 1,150,000 1,229,334
Alere, Inc., 3.0%, 12/31/49 (Perpetual) 3.0   89,308 26,359,256
First Data Corp., 8.25%, 1/15/21 (144A) 8.25 01/15/2021 4,722,000 5,173,148
Tronox Finance LLC, 6.375%, 8/15/20 6.375 08/15/2020 5,195,000 5,352,582
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 7.565 04/09/2015 2,000,000 2,085,383
Standard Aero, Ltd., 11/2/18   11/02/2018 883,010 896,991
Waters Corp.     25,683 2,861,086
Reynolds Group Issuer, Inc., 9.0%, 4/15/19 9.0 04/15/2019 800,000 887,200
United Airlines 2013-1 Class B Pass Through Trust, 5.375%, 8/15/21 5.375 08/15/2021 2,525,000 2,606,782
CHS, 6.875%, 2/1/22 (144A) 6.875 02/01/2022 1,270,000 1,359,209
Marathon Oil Corp.     147,800 4,951,300
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 8.25 03/15/2018 2,855,000 3,077,809
Kinetic Concepts, Inc., Dollar Term E-1 Loan, 5/4/18   05/04/2018 2,415,982 2,427,458
Iron Mountain, Inc., 6.0%, 8/15/23 6.0 08/15/2023 4,725,000 5,032,913
Frontier Communications Corp., 7.125%, 1/15/23 7.125 01/15/2023 4,750,000 5,018,870
NeuStar, Inc., 4.5%, 1/15/23 4.5 01/15/2023 2,900,000 2,517,925
CNL Lifestyle Properties, Inc., 7.25%, 4/15/19 7.25 04/15/2019 9,550,000 10,289,064
Midstates Petroleum Co, Inc., 10.75%, 10/1/20 10.75 10/01/2020 4,155,000 4,746,222
SanDisk Corp., 0.5%, 10/15/20 (144A) 0.5 10/15/2020 6,535,000 6,885,076
Halcon Resources Corp., 8.875%, 5/15/21 8.875 05/15/2021 7,255,000 7,571,550
SEACOR Holdings, Inc., 3.0%, 11/15/28 (144A) 3.0 11/15/2028 2,170,000 2,161,049
Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) 8.6558 05/09/2016 1,000,000 1,081,664
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 9.25 06/01/2021 2,800,000 3,025,750
T-Mobile USA, Inc., 6.125%, 1/15/22 6.125 01/15/2022 965,000 1,035,700
Penn Virginia Corp., 7.25%, 4/15/19 7.25 04/15/2019 5,845,000 6,253,501
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) 3.5 03/01/2021 3,365,000 3,327,948
WESCO Distribution, Inc., 5.375%, 12/15/21 (144A) 5.375 12/15/2021 5,145,000 5,308,014
Accudyne Industries Borrower, 7.75%, 12/15/20 (144A) 7.75 12/15/2020 4,550,000 4,942,943
Valeant Pharmaceuticals International, 6.375%, 10/15/20 (144A) 6.375 10/15/2020 6,090,000 6,799,993
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 8.5 10/15/2022 4,290,000 5,017,632
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 0.0 12/31/2049 33,500 3,861,210
CEVA Logistics US Holdings, Inc., 8/31/16 5.2466 08/31/2016 1,971,385 1,971,385
INEOS Group Holdings SA, 5.875%, 2/15/19 5.875 02/15/2019 2,050,000 2,115,849
PC Nextco Holdings LLC, 8.75%, 8/15/19 (144A) (PIK) 8.75 08/15/2019 2,805,000 2,907,071
Hexion US Finance Corp., 8.875%, 2/1/18 8.875 02/01/2018 2,756,000 2,893,513
Aviv Healthcare Properties LP, 7.75%, 2/15/19 7.75 02/15/2019 2,675,000 2,898,214
USI, Inc. New York, 7.75%, 1/15/21 (144A) 7.75 01/15/2021 4,900,000 5,144,524
Sprint Corp., 7.25%, 9/15/21 (144A) 7.25 09/15/2021 2,490,000 2,811,798
Audatex North America, Inc., 6.125%, 11/1/23 (144A) 6.125 11/01/2023 1,000,000 1,089,736
Beazer Homes USA, Inc., 9.125%, 6/15/18 9.125 06/15/2018 11,595,000 12,514,065
Chrysler Group LLC, 8.25%, 6/15/21 8.25 06/15/2021 7,905,000 9,090,091
Halcon Resources Corp., 5.75%, 12/31/49 (Perpetual) 5.75   715 531,960
Vertex Pharmaceuticals, Inc.     25,556 2,066,458
Ford Motor Co., 4.25%, 11/15/16 4.25 11/15/2016 9,341,000 16,954,045
Energy XXI Gulf Coast, Inc., 7.5%, 12/15/21 (144A) 7.5 12/15/2021 3,865,000 4,100,121
Virgin Media Investment Holdings, Ltd., 6/8/20 3.5 02/06/2020 7,575,000 7,575,000
Burger King Capital Holdings LLC, 0.0%, 4/15/19 (Step) (144A) 0.0 04/15/2019 4,090,000 3,711,675
Lennar Corp., 2.75%, 12/15/20 (144A) 2.75 12/15/2020 3,015,000 6,087,076
TMS International Corp., 7.625%, 10/15/21 (144A) 7.625 10/15/2021 2,165,000 2,400,105
ING US, Inc., Floating Rate Note, 5/15/53 5.65 05/15/2053 4,200,000 4,185,872
Memorial Production Partners LP, 7.625%, 5/1/21 (144A) 7.625 05/01/2021 3,350,000 3,619,396
Antero Resources Finance Corp., 5.375%, 11/1/21 (144A) 5.375 11/01/2021 2,500,000 2,599,549
Bankrate, Inc., 6.125%, 8/15/18 (144A) 6.125 08/15/2018 4,400,000 4,648,478
Revlon Consumer Products Corp., 5.75%, 2/15/21 5.75 02/15/2021 2,495,000 2,501,376
WellCare Health Plans, Inc., 5.75%, 11/15/20 5.75 11/15/2020 5,970,000 6,325,754
Allison Transmission, Inc., 8/23/19 3.5 08/23/2019 7,499 7,519
Salix Pharmaceuticals, Ltd., 1.5%, 3/15/19 1.5 03/15/2019 5,270,000 9,354,470
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 8.4108 02/05/2015 1,200,000 1,253,875
Marathon Petroleum Corp.     73,900 6,207,600
United States Steel Corp., 2.75%, 4/1/19 2.75 04/01/2019 2,475,000 3,001,453
Auxilium Pharmaceuticals, Inc., 1.5%, 7/15/18 1.5 07/15/2018 9,520,000 13,590,197
Mythen Re, Ltd., Floating Rate Note, 5/7/15 (Cat Bond) (144A) 11.0316 05/07/2015 1,450,000 1,569,685
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 8.955 12/06/2015 1,750,000 1,875,499
APERAM, 7.375%, 4/1/16 (144A) 7.375 04/01/2016 2,615,000 2,786,882
International Equipment Solutions LLC, 8/16/19 6.75 07/25/2019 3,025,000 3,038,234
Hercules Offshore, Inc.     127,237 605,648
Dycom Investments, Inc., 7.125%, 1/15/21 7.125 01/15/2021 3,000,000 3,267,313
MGM Resorts International, 6.75%, 10/1/20 6.75 10/01/2020 3,000,000 3,399,375
Legacy Reserves LP, 6.625%, 12/1/21 (144A) 6.625 12/01/2021 3,350,000 3,371,984
Thermo Fisher Scientific, Inc.     99,726 12,419,876
Entegris Inc Bridge L + 0% 04feb15   02/04/2015 3,085,000 3,085,000
Bristow Group, Inc., 6.25%, 10/15/22 6.25 10/15/2022 4,245,000 4,610,542
Approach Resources, Inc., 7.0%, 6/15/21 7.0 06/15/2021 4,105,000 4,288,813
Vertafore, Inc., 10/3/19 4.25 10/20/2019 673,163 677,581
RKI Exploration & Production LLC, 8.5%, 8/1/21 (144A) 8.5 08/01/2021 7,285,000 7,882,977
WCA Waste Corp., 3/23/18 4.0 03/23/2018 623,888 626,149
Viasystems, Inc., 7.875%, 5/1/19 (144A) 7.875 05/01/2019 5,300,000 5,830,000
Regal Entertainment Group, 5.75%, 2/1/25 5.75 02/01/2025 4,895,000 4,802,199
Windstream Corp., 7.5%, 6/1/22 7.5 06/01/2022 11,030,000 11,898,613
Kodiak Oil & Gas Corp., 8.125%, 12/1/19 8.125 12/01/2019 5,200,000 5,890,625
TIBCO Software, Inc., 2.25%, 5/1/32 2.25 05/01/2032 3,900,000 3,965,813
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 6.875 02/15/2019 2,950,000 3,056,528
ServiceNow, Inc., 0.0%, 11/1/18 (144A) 0.0 11/01/2018 4,335,000 4,998,797
Mythen Re, Ltd. Series 2013-1 Class B, Floating Rate Note, 7/9/15 (Cat Bond) (144A) 8.0 07/09/2015 500,000 525,917
Hologic, Inc., 2.0%, 12/15/37 (Step) 2.0 12/15/2037 2,505,000 2,885,064
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 7.0 05/15/2022 2,765,000 3,139,965
Orbital Sciences Corp.     179,729 5,107,898
Cimarex Energy Co., 5.875%, 5/1/22 5.875 05/01/2022 3,110,000 3,419,704
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 6.25 01/08/2015 250,000 252,532
Jefferies Finance LLC, 7.375%, 4/1/20 (144A) 7.375 04/01/2020 3,990,000 4,342,034
National Surgical Hospitals, Inc., 8/1/19 5.75 07/11/2019 1,521,188 1,526,892
ESCO Technologies, Inc.     62,422 2,237,204
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 19.0659 12/06/2016 950,000 1,114,883
Hologic, Inc., 2.0%, 3/1/42 (Step) 2.0 03/01/2042 3,450,000 3,575,063
Carrizo Oil & Gas, Inc., 8.625%, 10/15/18 8.625 10/15/2018 10,236,000 11,362,813
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 4.75 01/31/2021 2,590,000 2,610,505
Crown Cork & Seal Co, Inc., 7.375%, 12/15/26 7.375 12/15/2026 13,120,000 14,898,671
Oasis Petroleum, Inc., 6.5%, 11/1/21 6.5 11/01/2021 2,820,000 3,106,700
Lam Research Corp., 1.25%, 5/15/18 1.25 05/15/2018 5,491,000 6,571,659
Cepheid, Inc., 1.25%, 2/1/21 (144A) 1.25 02/01/2021 1,905,000 2,054,027
Chemtura Corp., 5.75%, 7/15/21 5.75 07/15/2021 2,725,000 2,854,021
Fannie Mae, 0.5%, 12/15/33 (144A) 0.5 12/15/2033 3,310,000 3,572,042
Gentiva Health Services, Inc., 10/10/19 6.5 10/10/2019 8,280,000 8,373,150
Gardner Denver, Inc., 6.875%, 8/15/21 (144A) 6.875 08/15/2021 6,265,000 6,425,106
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 8.565 04/09/2015 1,150,000 1,212,058
Windstream Corp., 6.375%, 8/1/23 6.375 08/01/2023 5,275,000 5,223,898
Alere, Inc., 3.0%, 5/15/16 3.0 05/15/2016 9,460,000 10,737,888
Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 7.0 05/15/2018 2,000,000 2,166,222
Gentiva Health Services, Inc., 11.5%, 9/1/18 11.5 09/01/2018 3,429,000 3,857,625
Rent-A-Center, Inc., 4.75%, 5/1/21 4.75 05/01/2021 2,590,000 2,482,083
BC Mountain LLC, 7.0%, 2/1/21 (144A) 7.0 02/01/2021 5,576,000 5,581,298
ON Semiconductor Corp., 2.625%, 12/15/26 2.625 12/15/2026 16,914,000 20,697,098
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 11.2753 11/10/2015 375,000 403,439
CWGS Group LLC, Term Loan, 2/20/20 5.75 02/20/2020 7,195,000 7,248,963
BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18 0.75 10/15/2018 1,920,000 2,245,840
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 7.4355 01/09/2017 1,800,000 1,892,310
Horizon Lines, Inc.     4,099,666 2,992,756
Key Energy Services, Inc., 6.75%, 3/1/21 6.75 03/01/2021 2,555,000 2,762,594
Altrl Flt% 30jun16   06/30/2016 3,900,000 3,944,460
Incyte Corp, Ltd., 1.25%, 11/15/20 (144A) 1.25 11/15/2020 1,735,000 2,513,521
Ardent Medical Services, Inc., 7/2/18 6.75 05/02/2018 2,119,842 2,135,741
Residential Reinsurance 2013, Ltd., Floating Rate Note, 12/6/17 (Cat Bond) (144A)   12/06/2017 250,000 250,825
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 4.0 05/26/2053 1,400,000 1,148,974
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 11.5 12/15/2019 1,595,000 1,833,098
Axiall Corp.     186,606 7,551,945
Monitronics International, Inc., 3/23/18 4.25 03/23/2018 6,008,364 6,039,656
Univision Communications, Inc., 6.875%, 5/15/19 (144A) 6.875 05/15/2019 9,280,000 10,163,856
Emdeon, Inc., 11.0%, 12/31/19 11.0 12/31/2019 3,315,000 3,890,613
Neiman Marcus Group, Ltd. LLC, 10/18/20 5.0 10/18/2020 1,630,913 1,651,752
Halcon Resources Corp.     2,465 9,392
GMAC Capital Trust I, Floating Rate Note, 2/15/40 8.125 02/15/2040 358,975 9,746,171
QR Energy LP, 9.25%, 8/1/20 9.25 08/01/2020 3,075,000 3,329,328
Pioneer Energy Services Corp., 9.875%, 3/15/18 9.875 03/15/2018 6,400,000 7,035,422
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 8.625 11/01/2018 6,910,000 7,644,188
Windstream Holdings, Inc.     585,800 4,698,116
Xilinx, Inc., 3.125%, 3/15/37 3.125 03/15/2037 813,000 1,459,363
Navistar International Corp., 8.25%, 11/1/21 8.25 11/01/2021 6,850,000 7,346,625
Halcon Resources Corp., 9.25%, 2/15/22 (144A) 9.25 02/15/2022 3,225,000 3,318,883
Sector Re V, Ltd., 0.0%, 12/1/17 (Cat Bond) (144A) 0.0 12/01/2017 13,799 0
Wells Fargo & Co., 7.5%, 12/31/49 (Perpetual) 7.5   2,000 2,356,000
Bayview Opportunity Master Fund Trust 2013-3RPL, 4.0%, 4/28/18 (Step) (144A) 4.0 04/28/2018 1,000,000 990,973
Kodiak Oil & Gas Corp., 5.5%, 1/15/21 5.5 01/15/2021 1,400,000 1,451,839
Itron, Inc.     189,871 6,645,485
James River Coal Co., 10.0%, 6/1/18 (144A) 10.0 06/01/2018 459,000 80,325
Gulfport Energy Corp., 7.75%, 11/1/20 7.75 11/01/2020 7,615,000 8,420,921
CEVA GROUP Plc, 0.0%, 12/31/14 0.0 12/31/2014 4,940 4,816,549
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 9.875 08/15/2018 1,675,000 1,795,414
Allison Transmission, Inc., 8/7/17 3.16 08/07/2017 2,498 2,501
JPMorgan Chase & Co., 5.0%, 12/20/15 0.05 12/20/2015 5,295,000 384,683
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 10.0304 06/06/2016 1,100,000 1,249,612
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 8.25 02/15/2021 6,700,000 7,344,317
Cardtronics, Inc., 1.0%, 12/1/20 (144A) 1.0 12/01/2020 3,045,000 3,020,767
BioScrip, Inc., 7/31/20 7.25 07/22/2020 2,394,672 2,414,128
Starbucks Corp.     59,425 4,216,798
LyondellBasell Industries NV     120,499 10,613,552
Range Resources Corp., 5.0%, 3/15/23 5.0 03/15/2023 5,000,000 5,202,778
Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A) 5.0253 02/25/2015 1,500,000 1,535,908
Virtual Radiologic Corp., 12/22/16 7.2527 11/03/2016 1,479,250 924,531

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

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