Pioneer High Yield Fund

Top 10 Portfolio Holdings as of 5/30/2014
Default: sorted by market value

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

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