Pioneer High Yield Fund

Top 10 Portfolio Holdings as of 12/31/2014
Default: sorted by market value

Security Name Par / Shares Market Value
AAF Holdings LLC, 12.0%, 7/1/19 (144A) (PIK) 3,055,000 $3,146,650
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 3,285,000 $3,598,832
Advanced Micro Devices, Inc., 6.75%, 3/1/19 4,205,000 $4,047,313
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 8,497 $8,455
AECOM, 5.75%, 10/15/22 (144A) 1,385,000 $1,434,966
AECOM, 5.875%, 10/15/24 (144A) 1,390,000 $1,440,556
AES Corp. Virginia, 5.5%, 3/15/24 1,650,000 $1,701,141
Aetna, Inc. 89,545 $7,954,282
Affinion Group, Inc., Tranche B Term Loan, 4/30/18 1,983,072 $1,861,609
Aguila 3 SA, 7.875%, 1/31/18 (144A) 1,700,000 $1,700,903
Akamai Technologies, Inc., 0.0%, 2/15/19 (144A) 4,555,000 $4,740,047
Alamo Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A) 250,000 $261,125
Albany Molecular Research, Inc., 2.25%, 11/15/18 2,990,000 $3,609,678
Alere, Inc., 3.0%, 5/15/16 9,460,000 $9,874,663
Alere, Inc., 3.0% (Perpetual) 59,354 $18,696,510
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 1,182,005 $1,170,185
Alliance One International, Inc., 9.875%, 7/15/21 8,460,000 $7,935,774
Alliant Holdings I, Inc., Initial Term Loan, 12/20/19 1,236,483 $1,220,642
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 7,424 $7,350
Ally Financial, Inc., 7.0% (Perpetual) (144A) 6,450 $6,479,630
Alpha Natural Resources, Inc., 3.75%, 12/15/17 4,705,000 $2,357,401
Altrl Zero% 30jun16 4,064,365 $4,453,324
Altrl Zero% 30jun17 1,120,000 $1,120,000
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 3,365,000 $2,428,408
AMG Capital Trust II, 5.15%, 10/15/37 48,000 $2,976,000
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 5,445,000 $5,429,875
Antero Resources Finance Corp., 6.0%, 12/1/20 3,360,000 $3,368,400
Apex Tool Group LLC, 7.0%, 2/1/21 (144A) 6,901,000 $6,101,634
Approach Resources, Inc., 7.0%, 6/15/21 1,205,000 $895,449
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 3,653,453 $3,612,656
Ardagh Packaging Finance Plc, 6.75%, 1/31/21 (144A) 3,350,000 $3,428,097
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 4,300,000 $773,199
Ardent Medical Services, Inc., Term Loan (First Lien), 7/2/18 1,950,757 $1,955,025
ARIAD Pharmaceuticals, Inc., 3.625%, 6/15/19 (144A) 1,340,000 $1,370,634
Arlington Flt% 01aug15 1,200,000 $1,297,680
Ascent Capital Group, Inc., 4.0%, 7/15/20 2,710,000 $2,280,653
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 2,350,000 $2,426,767
Aviv Healthcare Properties LP, 7.75%, 2/15/19 2,675,000 $2,865,668
Axalta Coating Systems US Holdings, Inc., Refinanced Term B Loan, 2/1/20 1,493,391 $1,458,856
Axiall Corp. 138,482 $5,881,331
Banc of America Commercial Mortgage Trust 2007-5, Floating Rate Note, 2/10/51 2,000,000 $2,025,089
Bank of America Corp., Floating Rate Note, 9/29/49 4,600,000 $4,639,449
Bankrate, Inc., 6.125%, 8/15/18 (144A) 3,400,000 $3,240,672
Basic Energy Services, Inc., 7.75%, 10/15/22 6,485,000 $4,969,852
Berkeley-Kane Flt% 12jun15 1,004,200 $1,037,539
BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18 1,920,000 $2,260,240
BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20 1,920,000 $2,359,280
Bio-Rad Laboratories, Inc. 46,569 $5,614,359
BioScrip, Inc. 255,259 $1,784,260
BioScrip, Inc., 8.875%, 2/15/21 (144A) 3,675,000 $3,430,715
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 1,232,125 $1,238,286
BioScrip, Inc., Initial Term B Loan, 7/31/20 2,053,542 $2,063,810
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 250,000 $254,536
Bombardier, Inc., 6.0%, 10/15/22 (144A) 3,025,000 $3,093,567
Bristow Group, Inc., 6.25%, 10/15/22 4,245,000 $4,279,785
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 2,100,000 $2,200,567
Brown Shoe Co, Inc., 7.125%, 5/15/19 2,350,000 $2,477,145
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 2,080,000 $1,770,600
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A) 6,525,000 $5,896,788
Cambium Learning Group, Inc., 9.75%, 2/15/17 3,695,000 $3,757,199
CAM Mortgage Trust 2014-2, Floating Rate Note, 5/15/48 (144A) 575,000 $578,220
Cardtronics, Inc., 1.0%, 12/1/20 6,345,000 $6,282,872
Carriage Services, Inc., 2.75%, 3/14/21 (144A) 2,195,000 $2,399,348
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 2,150,000 $2,111,479
Carrizo Oil & Gas, Inc., 8.625%, 10/15/18 10,236,000 $10,422,381
CCO Holdings LLC, 6.5%, 4/30/21 9,250,000 $9,814,378
Cengage Learning Holdings II LP 13,966 $336,350
CenturyLink, Inc., 5.8%, 3/15/22 3,625,000 $3,822,844
CenturyLink, Inc., 6.45%, 6/15/21 3,300,000 $3,548,710
Cepheid, 1.25%, 2/1/21 (144A) 1,905,000 $2,111,375
CEVA GROUP Plc 2,282 $1,768,597
CEVA GROUP Plc, 0.0%, 12/31/14 4,940 $4,075,541
Chaparral Energy, Inc., 8.25%, 9/1/21 3,310,000 $2,341,825
Chemtura Corp., 5.75%, 7/15/21 2,725,000 $2,729,125
Chesapeake Energy Corp., 5.375%, 6/15/21 8,435,000 $8,449,878
CHS, 8.0%, 11/15/19 11,400,000 $12,286,033
Ciena Corp., 0.875%, 6/15/17 9,000,000 $8,919,125
Cigna Corp. 67,075 $6,902,688
Cincinnati Bell, Inc., 8.375%, 10/15/20 13,358,000 $14,262,077
Cinedigm Digital Funding I LLC, Term Loan, 2/28/18 1,032,700 $1,033,990
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 1,560,000 $1,408,413
Citigroup, Inc., Floating Rate Note (Perpetual) 2,375,000 $2,368,561
Citigroup, Inc., Floating Rate Note (Perpetual) 411,000 $11,146,320
Citrix Systems, Inc., 0.5%, 4/15/19 (144A) 2,470,000 $2,603,826
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 1,935,000 $1,829,919
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 595,000 $512,892
Cobalt International Energy, Inc., 2.625%, 12/1/19 7,895,000 $4,783,877
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 1,250,000 $1,303,745
COMM 2014-KYO Mortgage Trust, Floating Rate Note, 6/11/27 (144A) 2,650,000 $2,645,745
Commercial Vehicle Group, Inc. 482,433 $3,213,004
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 1,400,000 $1,436,672
Comstock Resources, Inc., 9.5%, 6/15/20 3,580,000 $2,449,516
Concho Resources, Inc., 5.5%, 4/1/23 3,675,000 $3,742,804
Concho Resources, Inc., 6.5%, 1/15/22 2,925,000 $3,144,294
Constellation Brands, Inc., 3.75%, 5/1/21 4,100,000 $4,084,625
Corsicanto, Ltd., 3.5%, 1/15/32 4,423,000 $2,819,171
Crestwood Midstream Partners LP, 6.125%, 3/1/22 4,810,000 $4,691,754
Crown Cork & Seal Co, Inc., 7.375%, 12/15/26 13,120,000 $14,540,604
Cubist Pharmaceuticals, Inc. 1,630,000 $2,226,988
Cubist Pharmaceuticals, Inc. 1,200,000 $1,595,250
CWGS Group LLC, Term Loan, 2/20/20 7,015,125 $6,988,818
DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan, 11/2/18 1,928,116 $1,928,126
Dana Holding Corp., 6.0%, 9/15/23 4,650,000 $4,941,400
Denbury Resources, Inc., 5.5%, 5/1/22 4,670,000 $4,315,858
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 4,350,000 $4,227,656
DR Horton, Inc., 5.75%, 8/15/23 5,045,000 $5,457,289
Dycom Investments, Inc., 7.125%, 1/15/21 3,000,000 $3,248,563
DynCorp International, Inc., 10.375%, 7/1/17 1,583,000 $1,427,668
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 500,000 $505,366
EMC Corp./MA 103,800 $3,087,012
Emergent Biosolutions, Inc., 2.875%, 1/15/21 (144A) 6,697,000 $7,618,721
Emulex Corp., 1.75%, 11/15/18 3,295,000 $2,987,695
Endologix, Inc., 2.25%, 12/15/18 3,015,000 $2,952,062
Energy & Exploration Partners, Inc., 8.0%, 7/1/19 (144A) 4,155,000 $1,601,060
Energy Transfer Equity LP, 5.875%, 1/15/24 3,520,000 $3,668,158
Energy XXI, Ltd., 3.0%, 12/15/18 1,000,000 $295,013
Energy XXI Gulf Coast, Inc., 7.5%, 12/15/21 3,865,000 $2,099,983
Entegris, Inc., 6.0%, 4/1/22 (144A) 5,100,000 $5,240,250
EP Energy LLC, 9.375%, 5/1/20 13,000,000 $13,333,125
EPL Oil & Gas, Inc., 8.25%, 2/15/18 5,205,000 $4,118,023
Equinix, Inc., 5.375%, 4/1/23 5,465,000 $5,538,436
Evergreen Skills Lux Sarl, Initial Term Loan (First Lien), 4/23/21 1,995,000 $1,962,083
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 4,813,691 $4,791,630
Exterran Holdings, Inc., 7.25%, 12/1/18 1,725,000 $1,700,922
Exterran Partners LP, 6.0%, 10/1/22 (144A) 5,175,000 $4,476,375
Exterran Partners LP, 6.0%, 4/1/21 2,750,000 $2,433,750
Ferrellgas LP, 6.5%, 5/1/21 1,850,000 $1,823,792
Ferrellgas LP, 6.75%, 1/15/22 3,585,000 $3,615,921
Fidelity & Guaranty Life Holdings, Inc., 6.375%, 4/1/21 (144A) 5,400,000 $5,756,063
Fieldwood Energy LLC, Closing Date Loan (Second Lien), 9/30/20 5,168,665 $3,806,722
Fifth Third Bancorp, Floating Rate Note (Perpetual) 60,650 $1,657,565
Flextronics International, Ltd., 4.625%, 2/15/20 1,380,000 $1,424,812
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 4,250,000 $4,255,313
Fly Leasing, Ltd., 6.375%, 10/15/21 5,000,000 $5,002,917
Ford Motor Co. 704,311 $10,916,821
Forest City Enterprises, Inc. 374,999 $7,987,479
Forest City Enterprises, Inc., 3.625%, 8/15/20 4,885,000 $5,263,316
Freeport-McMoRan, Inc. 264,669 $6,182,668
Frontier Communications Corp., 7.125%, 1/15/23 4,750,000 $4,989,182
Frontier Communications Corp., 8.5%, 4/15/20 9,705,000 $10,995,226
Frontier Communications Corp., 8.75%, 4/15/22 3,100,000 $3,521,514
Fts International Inc 1st Lien Term L + 4.75% 01apr21 519,545 $414,770
Gannett Co, Inc., 6.375%, 10/15/23 6,170,000 $6,623,238
General Cable Corp. 667,230 $9,941,727
General Cable Corp., 4.5%, 11/15/29 (Step) 10,874,000 $7,912,194
Gentiva Health Services, Inc., 11.5%, 9/1/18 684,000 $753,996
Gentiva Health Services, Inc., Initial Term B Loan, 10/10/19 7,377,411 $7,386,632
Gibraltar Industries, Inc., 6.25%, 2/1/21 2,750,000 $2,862,865
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 3,319,000 $829,970
GLP Capital LP, 4.375%, 11/1/18 2,075,000 $2,136,818
GLP Capital LP, 4.875%, 11/1/20 3,250,000 $3,317,031
GMAC Capital Trust I, Floating Rate Note, 2/15/40 358,975 $9,469,761
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 2,513,900 $2,384,301
Gulfport Energy Corp., 7.75%, 11/1/20 5,600,000 $5,546,333
Gulfport Energy Corp., 7.75%, 11/1/20 (144A) 2,015,000 $1,995,690
Halcon Resources Corp., 0.0% (Perpetual) 715 $233,001
Halcon Resources Corp., 8.875%, 5/15/21 7,255,000 $5,541,661
Halcon Resources Corp., 9.25%, 2/15/22 3,225,000 $2,491,133
Hexion US Finance Corp., 8.875%, 2/1/18 2,756,000 $2,554,755
Hexion US Finance Corp., 9.0%, 11/15/20 2,445,000 $1,776,293
Hologic, Inc., 2.0%, 3/1/42 (Step) 3,450,000 $3,865,438
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 1,400,000 $987,832
Horizon Lines, Inc. 4,099,666 $2,587,299
IAMGOLD Corp., 6.75%, 10/1/20 (144A) 6,445,000 $4,963,133
Iap Worldwide Services Inc 53 $45,063
Iap Worldwide Services Inc 2nd Lien Tl L + 6.5% 18jul19 423,060 $376,523
Insulet Corp., 2.0%, 6/15/19 960,000 $1,130,053
International Equipment Solutions LLC, Initial Loan, 8/16/19 2,838,884 $2,831,787
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 2,950,000 $2,938,118
j2 Global, Inc., 8.0%, 8/1/20 6,085,000 $6,751,815
Jack Cooper Holdings Corp., 9.25%, 6/1/20 (144A) 1,990,000 $2,074,990
James River Coal Co., 7.875%, 4/1/19 4,170,000 $420,909
Jarden Corp., 1.125%, 3/15/34 (144A) 5,470,000 $6,147,938
Jazz Investments I, Ltd., 1.875%, 8/15/21 (144A) 2,050,000 $2,333,797
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 4,030,000 $4,443,075
JLL, 7.5%, 2/1/22 (144A) 5,610,000 $5,869,463
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 2,855,000 $2,781,603
Jonah Energy Llc 2nd Lien Tl L + 6.5% 08may21 3,863,910 $3,342,282
Joy Global, Inc. 109,200 $5,079,984
JP Morgan Chase Commercial Mortgage Securities Trust 2014-INN, Floating Rate Note, 6/15/29 (144A) 4,270,000 $4,222,441
Kane Flt% 12jun15 3,040,000 $2,882,224
Kane Flt% 14jul15 1,018,720 $989,381
Kane Flt% 30jul16 1,450,000 $1,581,515
Kane Ilw Zero% 02feb16 1,500,000 $1,370,550
Kane-Pi3 Flt% 07apr15 1,255,400 $1,318,378
Kane- Pi3 Zero% 18jul16 4,010,500 $4,498,979
Kane Zero% 07jan16 3,014,550 $3,014,550
Kane Zero% 15jan16 506,000 $506,000
Kane Zero% 19feb16 3,600,000 $3,600,000
KB Home, 1.375%, 2/1/19 11,400,000 $11,365,563
KB Home, 7.0%, 12/15/21 8,375,000 $8,835,509
KeHE Distributors LLC, 7.625%, 8/15/21 (144A) 3,635,000 $3,966,896
Kennametal, Inc. 139,920 $5,007,737
Kennedy-Wilson, Inc., 5.875%, 4/1/24 1,480,000 $1,505,438
Key Energy Services, Inc., 6.75%, 3/1/21 1,545,000 $992,663
Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19 (Cat Bond) (144A) 1,000,000 $996,500
Kindred Healthcare Inc Bridge L + 6% 09oct15 6,700,000 $6,700,000
Kinetic Concepts, Inc., Dollar Term E-1 Loan, 5/4/18 2,391,823 $2,369,897
Kodiak Oil & Gas Corp., 5.5%, 1/15/21 1,400,000 $1,439,006
Kodiak Oil & Gas Corp., 5.5%, 2/1/22 3,000,000 $3,076,250
Kodiak Oil & Gas Corp., 8.125%, 12/1/19 5,200,000 $5,326,208
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 7,459,000 $7,253,567
Legacy Reserves LP, 6.625%, 12/1/21 3,350,000 $2,748,745
Legacy Reserves LP, 6.625%, 12/1/21 (144A) 3,850,000 $3,159,005
Lennar Corp., 2.75%, 12/15/20 (144A) 3,015,000 $6,093,985
Lennar Corp., 4.5%, 6/15/19 4,150,000 $4,158,300
Lennar Corp., 4.75%, 11/15/22 8,730,000 $8,608,386
Liberty Media Corp., 1.375%, 10/15/23 4,425,000 $4,377,001
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 2,400,000 $2,064,000
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 3,075,000 $2,263,008
Linn Energy LLC, 6.25%, 11/1/19 12,635,000 $10,808,190
Live Nation Entertainment, Inc., 5.375%, 6/15/22 (144A) 1,300,000 $1,303,106
Live Nation Entertainment, Inc., 7.0%, 9/1/20 (144A) 3,050,000 $3,288,917
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 33,500 $3,801,245
LyondellBasell Industries NV 77,355 $6,141,213
Marathon Oil Corp. 147,800 $4,181,262
Marathon Petroleum Corp. 73,900 $6,670,214
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 429,211 $11,344
MDC Partners, Inc., 6.75%, 4/1/20 (144A) 5,360,000 $5,611,250
MedAssets, Inc., 8.0%, 11/15/18 1,400,000 $1,470,311
Memorial Production Partners LP, 7.625%, 5/1/21 4,480,000 $3,640,933
Mentor Graphics Corp., 4.0%, 4/1/31 5,815,000 $7,021,613
Meritage Homes Corp., 7.0%, 4/1/22 3,660,000 $3,943,650
Micron Technology, Inc., 5.875%, 2/15/22 (144A) 1,825,000 $1,956,755
Midstates Petroleum Co, Inc., 10.75%, 10/1/20 4,155,000 $2,313,816
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 2,800,000 $1,421,583
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 8,775,000 $2,797,275
MMM Holdings, Inc., MMM Term Loan, 12/12/17 791,470 $767,726
Monitronics International, Inc., 9.125%, 4/1/20 2,400,000 $2,321,250
Monitronics International, Inc., Term B Loan (2013), 3/23/18 5,947,674 $5,888,197
Morgan Stanley, Floating Rate Note (Perpetual) 189,000 $5,203,170
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 1,675,000 $1,863,112
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 575,414 $569,659
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 2,400,000 $2,510,080
NANA Development Corp., 9.5%, 3/15/19 (144A) 1,800,000 $1,670,350
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 2,577,050 $2,520,677
National Surgical Hospitals, Inc., Tranche B-2 Term Loan, 7/11/19 1,505,995 $1,500,347
Nationstar Mortgage LLC, 6.5%, 6/1/22 1,515,000 $1,390,644
Nationstar Mortgage LLC, 6.5%, 7/1/21 10,350,000 $9,754,875
Nationstar Mortgage LLC, 6.5%, 8/1/18 1,820,000 $1,782,842
Navistar International Corp., 8.25%, 11/1/21 4,850,000 $4,850,000
NCL Corp, Ltd., 5.25%, 11/15/19 (144A) 2,750,000 $2,787,469
NCR Corp. 171,011 $4,983,261
Neiman Marcus Group, Ltd. LLC, Other Term Loan, 10/25/20 1,618,681 $1,587,880
NeuStar, Inc., 4.5%, 1/15/23 5,048,000 $4,509,126
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 1,465,000 $997,726
Northern Oil and Gas, Inc., 8.0%, 6/1/20 1,970,000 $1,504,879
NRG Energy, Inc., 6.25%, 5/1/24 (144A) 1,450,000 $1,490,479
NRG Energy, Inc., 7.625%, 1/15/18 4,700,000 $5,323,501
Nuance Communications, Inc., 2.75%, 11/1/31 16,972,000 $16,996,751
Numericable-SFR, 6.0%, 5/15/22 (144A) 1,575,000 $1,619,363
NuStar Logistics LP, Floating Rate Note, 1/15/43 129,478 $3,340,532
Oasis Petroleum, Inc., 6.5%, 11/1/21 2,820,000 $2,596,750
Offshore Group Investment, Ltd., 7.5%, 11/1/19 2,360,000 $1,787,700
Offshore Group Investment, Ltd., Second Term Loan, 3/28/19 2,308,875 $1,736,466
ON Semiconductor Corp., 2.625%, 12/15/26 16,914,000 $20,126,251
Orbital Sciences Corp. 110,361 $2,967,607
Outerwall, Inc., 5.875%, 6/15/21 (144A) 4,010,000 $3,749,796
Oxford Finance LLC, 7.25%, 1/15/18 (144A) 3,100,000 $3,296,635
Packaging Dynamics Corp., 8.75%, 2/1/16 (144A) 1,532,000 $1,587,854
Pangaea Zero% 01jul18 5,120,000 $5,449,216
Parker Drilling Co., 7.5%, 8/1/20 2,995,000 $2,489,594
PC Nextco Holdings LLC, 8.75%, 8/15/19 2,805,000 $2,911,746
PDC Energy, Inc., 7.75%, 10/15/22 4,960,000 $4,793,151
PDL BioPharma, Inc., 4.0%, 2/1/18 4,538,000 $4,415,096
Penn Virginia Corp., 6.0% (Perpetual) (144A) 20,400 $1,343,850
Penn Virginia Corp., 7.25%, 4/15/19 2,860,000 $2,274,574
Penn Virginia Corp., 8.5%, 5/1/20 7,480,000 $6,089,967
PetroQuest Energy, Inc., 6.875% (Perpetual) 59,180 $1,930,748
Pittsburgh Glass Works LLC, 8.0%, 11/15/18 (144A) 1,440,000 $1,533,920
Polymet Mining Corp. 885,929 $921,366
Post Holdings, Inc., 2.5% (Perpetual) (144A) 73,300 $6,180,106
Post Holdings, Inc., 6.0%, 12/15/22 (144A) 2,300,000 $2,162,383
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 1,775,000 $1,731,734
PPL Capital Funding, Inc., 5.9%, 4/30/73 214,000 $5,328,600
Prince Mineral Holding Corp., 12.0%, 12/15/19 (144A) 1,595,000 $1,635,761
Quebecor Media, Inc., 5.75%, 1/15/23 5,975,000 $6,124,707
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 2,000,000 $2,021,367
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 250,000 $253,844
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 1,150,000 $1,164,905
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 1,750,000 $1,779,167
Regal Entertainment Group, 5.75%, 2/1/25 4,895,000 $4,620,676
Regal Entertainment Group, 5.75%, 3/15/22 425,000 $413,070
Rent-A-Center, Inc., 6.625%, 11/15/20 2,590,000 $2,508,325
Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 800,000 $823,227
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,750,000 $2,045,342
Residential Reinsurance 2013, Ltd., Floating Rate Note, 12/6/19 (Cat Bond) (144A) 250,000 $260,861
Resolute Forest Products, Inc., 5.875%, 5/15/23 3,845,000 $3,681,614
Revlon Consumer Products Corp., 5.75%, 2/15/21 2,495,000 $2,549,197
Rexel SA, 5.25%, 6/15/20 (144A) 5,200,000 $5,251,133
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 3,700,000 $3,907,817
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 7,495,000 $7,726,304
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 4,565,000 $5,009,200
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 1,800,000 $1,837,500
Rice Energy, Inc., 6.25%, 5/1/22 (144A) 3,295,000 $3,098,673
Rosetta Resources, Inc., 5.875%, 6/1/22 8,170,000 $7,392,999
RTI International Metals, Inc., 1.625%, 10/15/19 3,805,000 $3,711,038
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 6,775,000 $6,815,227
Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 2,000,000 $1,917,889
Salix Pharmaceuticals, Ltd., 1.5%, 3/15/19 3,720,000 $6,798,455
Sanchez Energy Corp., 6.125%, 1/15/23 (144A) 1,300,000 $1,132,697
Sanchez Energy Corp., 7.75%, 6/15/21 3,775,000 $3,523,753
SandRidge Energy, Inc., 7.0% (Perpetual) 33,162 $1,836,346
Scientific Games International, Inc., 10.0%, 12/1/22 (144A) 11,000,000 $10,200,972
Scientific Games International, Inc., 6.25%, 9/1/20 700,000 $504,583
SEACOR Holdings, Inc., 3.0%, 11/15/28 2,170,000 $1,994,678
Seagate HDD Cayman, 4.75%, 1/1/25 (144A) 5,900,000 $6,243,788
Seagate HDD Cayman, 4.75%, 6/1/23 4,300,000 $4,483,207
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) 12,321 $515,268
Sector Re V, Ltd., 0.0%, 12/1/19 (Cat Bond) (144A) 1,100,000 $1,105,720
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A) 3,587 $90,585
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 1,250,000 $1,461,375
ServiceNow, Inc., 0.0%, 11/1/18 2,235,000 $2,542,313
Ship Midco, Ltd., Facility B2A-II, 11/29/19 2,469,527 $2,474,157
Shutterfly, Inc., 0.25%, 5/15/18 7,455,000 $7,061,335
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 2,000,000 $2,478,600
Silverton RE, Ltd., 0.0%, 9/18/17 (Cat Bond) (144A) 2,000,000 $2,000,000
SolarCity Corp., 1.625%, 11/1/19 (144A) 4,825,000 $4,380,413
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) 4,460,000 $3,981,789
Springleaf Mortgage Loan Trust, Floating Rate Note, 6/25/58 (144A) 400,000 $414,915
Sprint Corp., 7.25%, 9/15/21 2,490,000 $2,521,367
Standard Aero, Ltd., Replacement Tranche B-2 Loan, 11/2/18 874,068 $871,883
Standard Pacific Corp., 6.25%, 12/15/21 6,975,000 $7,168,750
Starbucks Corp. 54,390 $4,462,700
Stone Energy Corp., 7.5%, 11/15/22 1,945,000 $1,691,340
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A) 875,000 $904,094
SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A) 2,250,000 $2,406,328
Swift Energy Co., 7.875%, 3/1/22 10,270,000 $5,584,313
syncreon Group BV, 8.625%, 11/1/21 (144A) 3,500,000 $3,340,313
Talos Production LLC, 9.75%, 2/15/18 (144A) 3,000,000 $2,840,500
Targa Resources Partners LP, 4.25%, 11/15/23 4,685,000 $4,288,792
TE Connectivity, Ltd. 56,665 $3,584,061
Tesoro Corp., 5.375%, 10/1/22 4,695,000 $4,816,777
The Geo Group, Inc., 5.875%, 10/15/24 4,405,000 $4,529,074
The KEYW Holding Corp., 2.5%, 7/15/19 2,150,000 $1,962,920
Theravance, Inc., 2.125%, 1/15/23 9,215,000 $7,220,400
Thermo Fisher Scientific, Inc. 79,252 $9,929,483
The Ryland Group, Inc., 5.375%, 10/1/22 2,540,000 $2,497,931
TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21 3,003,595 $2,966,050
T-Mobile USA, Inc., 6.125%, 1/15/22 965,000 $1,006,730
T-Mobile USA, Inc., 6.5%, 1/15/24 1,200,000 $1,265,967
T-Mobile USA, Inc., 6.542%, 4/28/20 4,300,000 $4,559,305
T-Mobile USA, Inc., 6.633%, 4/28/21 2,865,000 $3,020,971
T-Mobile USA, Inc., 6.731%, 4/28/22 2,000,000 $2,117,214
TMS International Corp., 7.625%, 10/15/21 (144A) 2,165,000 $2,291,863
TMX Finance LLC, 8.5%, 9/15/18 (144A) 3,265,000 $2,824,316
Tower Automotive Holdings USA LLC, Refinancing Term Loan, 4/23/20 8,491,292 $8,358,615
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 250,000 $253,843
Tronox Finance LLC, 6.375%, 8/15/20 5,195,000 $5,333,100
Twitter, Inc., 0.25%, 9/15/19 (144A) 2,055,000 $1,786,765
United Airlines, Inc., 4.5%, 1/15/15 1,960,000 $6,906,795
United Continental Holdings, Inc., 6.0%, 7/15/26 3,200,000 $3,168,533
Universal Hospital Services, Inc., 7.625%, 8/15/20 1,265,000 $1,124,339
Univision Communications, Inc., 6.875%, 5/15/19 (144A) 6,035,000 $6,336,960
Univision Communications, Inc., Replacement First-Lien Term Loan, 3/1/20 1,413,808 $1,385,532
Vanguard Natural Resources LLC, 7.875%, 4/1/20 4,700,000 $4,147,456
Vericrest Opportunity Loan Transferee 2014-NPL4 LLC, 4.0%, 4/27/54 (Step) (144A) 1,000,000 $984,591
Vers 2015-A Zero% 31dec17 4,400,000 $4,400,000
Vertafore, Inc., Term Loan (2013), 10/3/19 668,841 $663,546
ViaSat, Inc., 6.875%, 6/15/20 3,000,000 $3,129,167
Viasystems, Inc., 7.875%, 5/1/19 (144A) 5,300,000 $5,661,063
Videotron, Ltd., 5.375%, 6/15/24 (144A) 9,050,000 $9,252,619
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 4,290,000 $4,720,907
Virgin Media Investment Holdings, Ltd., B Facility, 6/8/20 7,575,000 $7,461,375
Virtual Radiologic Corp., Term Loan A, 12/22/16 1,104,588 $878,147
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 3,755,000 $3,394,989
Voya Financial, Inc., Floating Rate Note, 5/15/53 4,200,000 $4,188,322
Waters Corp. 13,706 $1,544,940
WCA Waste Corp., Term Loan, 3/23/18 617,538 $611,362
WCP ISSUER LLC, 6.657%, 8/15/43 (144A) 3,350,000 $3,509,826
WebMD Health Corp., 1.5%, 12/1/20 5,145,000 $5,150,294
WebMD Health Corp., 2.5%, 1/31/18 6,420,000 $6,471,271
WellCare Health Plans, Inc., 5.75%, 11/15/20 5,370,000 $5,583,980
Wells Fargo & Co., 7.5% (Perpetual) 2,000 $2,424,990
WESCO Distribution, Inc., 5.375%, 12/15/21 5,145,000 $5,202,310
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 700,000 $378,601
Windstream Corp., 6.375%, 8/1/23 4,975,000 $4,783,773
Windstream Corp., 7.5%, 6/1/22 8,830,000 $8,863,113
Windstream Corp., 7.75%, 10/15/20 3,460,000 $3,620,409
Windstream Holdings, Inc. 585,800 $4,826,992
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 2,665,000 $2,463,126
Xerium Technologies, Inc., 8.875%, 6/15/18 2,660,000 $2,805,155

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

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