Pioneer High Yield Fund

Top 10 Portfolio Holdings as of 3/31/2016
Default: sorted by market value

Security Name Par / Shares Market Value
14112z Zero% 01feb19 4,500,000 $134,550
17079z Zero% 31mar18 2,600,000 $3,057,600
AAF Holdings LLC, 12.375%, 7/1/19 (144A) (PIK) 3,356,544 $3,020,890
Acacn 5% 15mar20 144a 1,920,000 $1,804,267
Acgl Zero% 01jul16 1,500,000 $112,350
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 2,410,000 $2,591,286
Advanced Micro Devices, Inc., 6.75%, 3/1/19 640,000 $515,600
Advanced Micro Devices, Inc., 7.0%, 7/1/24 820,000 $551,450
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 8,389 $8,405
AECOM, 5.875%, 10/15/24 3,210,000 $3,393,260
AES Corp. Virginia, 5.5%, 3/15/24 1,650,000 $1,616,908
Aetna, Inc. 29,704 $3,337,244
Affinion Group, Inc., Tranche B Term Loan, 4/30/18 1,958,096 $1,750,354
Alamo Re, Ltd., Floating Rate Note, 6/7/18 (Cat Bond) (144A) 500,000 $511,861
Alere, Inc., 3.0%, 5/15/16 2,500,000 $2,925,208
Alere, Inc., 3.0% (Perpetual) 7,708 $3,044,660
Allergan plc, 5.5%, 3/1/18 1,400 $1,286,796
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 1,153,824 $1,071,133
Alliance One International, Inc., 9.875%, 7/15/21 7,560,000 $5,922,105
Alliant Holdings I LLC, Initial Term Loan, 7/28/22 366,912 $363,243
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 7,330 $7,336
Ally Financial, Inc., 4.625%, 3/30/25 1,870,000 $1,844,544
Ally Financial, Inc., 4.625%, 5/19/22 1,250,000 $1,277,448
Ally Financial, Inc., 5.75%, 11/20/25 2,905,000 $2,900,421
Alpha Natural Resources, Inc., 3.75%, 12/15/17 4,705,000 $151,932
Altice Financing SA, 6.625%, 2/15/23 (144A) 1,840,000 $1,905,550
Altice US Finance I Corp., 5.375%, 7/15/23 (144A) 1,375,000 $1,427,556
Altrl Zero% 30jun16 4,064,365 $226,792
Altrl Zero% 30jun17 1,948,129 $788,992
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 5,645,000 $5,615,207
Antero Resources Corp., 6.0%, 12/1/20 2,360,000 $2,289,200
Apex Tool Group LLC, 7.0%, 2/1/21 (144A) 4,901,000 $4,026,988
Archrock Partners LP, 6.0%, 10/1/22 4,500,000 $3,375,000
Archrock Partners LP, 6.0%, 4/1/21 1,850,000 $1,369,000
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 3,975,357 $3,937,177
Ardagh Packaging Finance Plc, 6.75%, 1/31/21 (144A) 3,350,000 $3,279,441
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 4,300,000 $742,846
Ardent Legacy Acquisitions, Inc., Term Loan, 7/31/21 717,218 $719,011
Argos Merger Sub, Inc., 7.125%, 3/15/23 (144A) 2,710,000 $2,889,312
Asbury Automotive Group, Inc., 6.0%, 12/15/24 (144A) 2,900,000 $2,980,233
Ascent Capital Group, Inc., 4.0%, 7/15/20 2,710,000 $1,708,166
Ascent Resources - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 3,309,652 $135,685
Ascent Resources - Utica Llc 2nd Lien Tl L + 17.5% 01jul19 174,074 $39,602
Axalta Coating Systems US Holdings, Inc., Refinanced Term B Loan, 2/1/20 1,404,601 $1,397,469
Axiall Corp. 30,574 $667,736
Ball Corp., 5.25%, 7/1/25 7,100,000 $7,548,188
Banc of America Commercial Mortgage Trust 2007-5, Floating Rate Note, 2/10/51 1,000,000 $921,501
Bank of America Corp., Floating Rate Note, 10/23/49 475,000 $503,846
Bank of America Corp., Floating Rate Note (Perpetual) 1,375,000 $1,421,303
Bank of America Corp., Floating Rate Note (Perpetual) 3,175,000 $3,134,907
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR16, Floating Rate Note, 6/11/40 (144A) 1,150,000 $1,084,600
BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20 1,920,000 $2,289,680
Bio-Rad Laboratories, Inc. 14,198 $1,941,151
Bios 8.5% 31dec49 Perpetual 742 $61,246
BioScrip, Inc. 255,259 $546,254
BioScrip, Inc., 8.875%, 2/15/21 3,675,000 $3,147,051
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 1,214,771 $1,096,331
BioScrip, Inc., Initial Term B Loan, 7/31/20 2,024,619 $1,827,219
Bioscrip Inc Wt Cl A 090925 2,136 $0
Bioscrip Inc Wt Cl B 090925 2,136 $0
Blue Cube Spinco, Inc., 10.0%, 10/15/25 (144A) 580,000 $691,650
Blue Cube Spinco, Inc., 9.75%, 10/15/23 (144A) 580,000 $690,925
Brocade Communications Systems, Inc., 1.375%, 1/1/20 (144A) 2,595,000 $2,579,592
Builders FirstSource, Inc., Initial Term Loan, 7/24/22 2,815,000 $2,798,287
CalAtlantic Group, Inc., 5.375%, 10/1/22 2,540,000 $2,665,413
CalAtlantic Group, Inc., 6.25%, 12/15/21 6,975,000 $7,609,047
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 6,525,000 $4,828,319
Capital One Financial Corp. 24,013 $1,664,341
Capital One Financial Corp., Floating Rate Note (Perpetual) 3,875,000 $3,946,688
Cardtronics, Inc., 1.0%, 12/1/20 6,345,000 $6,148,041
Carriage Services, Inc., 2.75%, 3/15/21 2,195,000 $2,407,580
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 3,020,000 $2,826,217
CCO Holdings LLC, 6.5%, 4/30/21 9,250,000 $9,830,658
Cengage Learning Holdings II, Inc. 13,966 $267,100
Centene Corp., 5.625%, 2/15/21 (144A) 2,000,000 $2,100,625
Centene Corp., 6.125%, 2/15/24 (144A) 1,325,000 $1,405,834
CenturyLink, Inc., 5.8%, 3/15/22 3,625,000 $3,496,957
CenturyLink, Inc., 6.45%, 6/15/21 3,300,000 $3,405,969
CenturyLink, Inc., 7.5%, 4/1/24 300,000 $300,750
Cepheid, 1.25%, 2/1/21 4,430,000 $3,954,698
CEVA GROUP Plc 2,282 $912,824
CEVA GROUP Plc, 0.0%, 12/31/14 4,940 $1,976,020
CFCRE 2015-RUM Mortgage Trust, Floating Rate Note, 7/15/30 (144A) 1,475,000 $1,437,779
Charter Communications Operating L 1st Lien Tl L + 0% 26may16 1,783,877 $1,783,877
Charter Communications Operating L 1st Lien Tl L + 0% 26may16 290,399 $290,399
Chesapeake Energy Corp., 8.0%, 12/15/22 (144A) 3,756,000 $1,922,237
CHS, 6.875%, 2/1/22 850,000 $776,865
CHS, 8.0%, 11/15/19 8,900,000 $8,935,353
Cigna Corp. 16,643 $2,284,085
Cimpress NV, 7.0%, 4/1/22 (144A) 3,225,000 $3,314,229
Cincinnati Bell, Inc., 8.375%, 10/15/20 8,553,000 $9,011,382
Cinedigm Digital Funding 1 LLC, Term Loan, 2/28/18 457,148 $453,720
Citigroup, Inc., Floating Rate Note (Perpetual) 5,755,000 $5,697,674
Citigroup Commercial Mortgage Trust 2014-GC23 REMICS, Floating Rate Note, 7/12/47 (144A) 2,500,000 $1,619,973
Citrix Systems, Inc., 0.5%, 4/15/19 2,335,000 $2,613,287
Cliffs Natural Resources, Inc., 8.25%, 3/31/20 (144A) 3,375,000 $2,991,867
Cme: (Cdx.Na.Hy.23.V4) Usd 20dec19 Z91mw60e6 27,629,015 $1,921,558
Cme: (Cdx.Na.Hy.25.V1) Usd 20dec20 Z91vrer63 6,040,000 $185,910
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 1,200,000 $1,070,258
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 2,750,000 $2,586,224
Cobalt International Energy, Inc., 2.625%, 12/1/19 6,440,000 $3,268,300
COMM 2014-KYO Mortgage Trust, Floating Rate Note, 6/11/27 (144A) 2,650,000 $2,625,621
Commercial Vehicle Group, Inc. 482,433 $1,278,447
CommScope Technologies Finance LLC, 6.0%, 6/15/25 (144A) 1,890,000 $1,941,109
Communications Sales & Leasing, Inc. 117,160 $2,606,810
Comstock Resources, Inc., 9.5%, 6/15/20 488,000 $73,430
Concentra, Inc., Initial Term Loan (Second Lien), 4/8/23 3,430,000 $3,363,458
Concho Resources, Inc., 5.5%, 4/1/23 3,675,000 $3,702,563
Constellation Brands, Inc., 3.75%, 5/1/21 3,900,000 $4,009,688
Constellis Holdings LLC, 9.75%, 5/15/20 (144A) 3,475,000 $3,151,246
Continental Resources, Inc., 3.8%, 6/1/24 2,055,000 $1,649,480
ContourGlobal Power Holdings SA, 7.125%, 6/1/19 (144A) 3,415,000 $3,397,925
Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 5,680,000 $5,676,510
Crestwood Midstream Partners LP, 6.125%, 3/1/22 4,810,000 $3,632,051
Crestwood Midstream Partners LP, 6.25%, 4/1/23 (144A) 2,200,000 $1,696,750
Crown Cork & Seal Co, Inc., 7.375%, 12/15/26 13,120,000 $14,290,504
CSMC Trust 2015-SAND, Floating Rate Note, 8/15/30 (144A) 3,000,000 $2,922,423
CWGS Group LLC, Term Loan, 2/20/20 6,565,438 $6,512,093
DCP Midstream Operating LP, 2.7%, 4/1/19 1,065,000 $965,779
DCP Midstream Operating LP, 3.875%, 3/15/23 1,785,000 $1,468,984
DCP Midstream Operating LP, 5.6%, 4/1/44 2,375,000 $1,814,393
Denbury Resources, Inc., 5.5%, 5/1/22 4,545,000 $2,149,406
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 3,880,000 $3,564,750
Dole Food Co, Inc., 7.25%, 5/1/19 (144A) 1,710,000 $1,753,106
Dollar Tree, Inc., 5.75%, 3/1/23 (144A) 2,910,000 $3,098,544
DPx Holdings BV, 7.5%, 2/1/22 (144A) 5,610,000 $5,652,075
DR Horton, Inc., 5.75%, 8/15/23 4,345,000 $4,724,524
Dycom Industries, Inc., 0.75%, 9/15/21 (144A) 3,830,000 $3,759,464
Eden Re II, Ltd., 0.0%, 4/23/19 (Cat Bond) (144A) 1,100,000 $1,111,000
EMC Corp./MA 103,800 $2,766,270
Emergent BioSolutions, Inc., 2.875%, 1/15/21 4,660,000 $6,077,546
Endo Finance LLC, 5.75%, 1/15/22 (144A) 4,160,000 $3,992,098
Endologix, Inc., 2.25%, 12/15/18 2,015,000 $1,484,299
Endologix, Inc., 3.25%, 11/1/20 1,390,000 $1,342,672
Entegris, Inc., 6.0%, 4/1/22 (144A) 4,250,000 $4,441,250
EPL Oil & Gas, Inc., 8.25%, 2/15/18 5,205,000 $315,119
Equinix, Inc., 5.375%, 4/1/23 5,465,000 $5,803,147
Evergreen Skills Lux Sarl, Initial Term Loan (First Lien), 4/23/21 1,970,000 $1,589,134
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 4,813,691 $4,729,451
Ferrellgas LP, 6.5%, 5/1/21 1,850,000 $1,691,979
Ferrellgas LP, 6.75%, 1/15/22 3,585,000 $3,232,774
FireEye, Inc., 1.0%, 6/1/35 (144A) 595,000 $506,246
FireEye, Inc., 1.625%, 6/1/35 (144A) 595,000 $487,032
First Data Corp., 5.0%, 1/15/24 (144A) 2,750,000 $2,801,563
First Data Corp., 5.75%, 1/15/24 (144A) 5,000,000 $5,100,125
First Data Corp., 7.0%, 12/1/23 (144A) 1,830,000 $1,895,626
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 4,250,000 $4,369,531
Flt% 15jun16 500,000 $505,300
Flt% 31mar19 2,600,000 $2,600,000
Fly Leasing, Ltd., 6.375%, 10/15/21 5,825,000 $5,690,418
FMG Resources August 2006 Pty, Ltd., Loan, 6/30/19 388,280 $329,067
Ford Motor Co. 661,465 $8,929,778
Forest City Enterprises LP 378,545 $7,983,514
Frontier Communications Corp., 8.5%, 4/15/20 9,401,000 $10,092,861
Frontier Communications Corp., 8.75%, 4/15/22 3,100,000 $3,147,576
Frontier Communications Corp., 8.875%, 9/15/20 (144A) 530,000 $552,628
General Cable Corp., 4.5%, 11/15/29 (Step) 10,874,000 $6,124,781
Gibraltar Industries, Inc., 6.25%, 2/1/21 2,750,000 $2,819,896
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 3,319,000 $458,521
Global Partners LP, 7.0%, 6/15/23 3,220,000 $2,465,268
GMAC Capital Trust I, Floating Rate Note, 2/15/40 358,975 $8,798,477
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 2,513,900 $2,359,023
Griffon Corp., 5.25%, 3/1/22 2,000,000 $2,003,750
GS Mortgage Securities Corp II Series 2005-GG4, Floating Rate Note, 7/10/39 2,000,000 $1,908,818
Gulfport Energy Corp., 7.75%, 11/1/20 7,615,000 $7,860,901
Halcon Resources Corp., 12.0%, 2/15/22 (144A) 2,185,000 $1,486,528
Halcon Resources Corp., 5.75% (Perpetual) 715 $22,523
HCA, Inc., 5.375%, 2/1/25 13,850,000 $14,125,592
HealthSouth Corp., 5.75%, 9/15/25 2,520,000 $2,624,948
Hexion, Inc., 6.625%, 4/15/20 1,220,000 $1,049,869
Hexion, Inc., 8.875%, 2/1/18 1,567,000 $1,096,574
Hexion, Inc., 9.0%, 11/15/20 2,445,000 $1,067,243
Hilcorp Energy I LP, 5.75%, 10/1/25 (144A) 2,470,000 $2,195,213
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 1,400,000 $712,851
IAMGOLD Corp., 6.75%, 10/1/20 (144A) 5,580,000 $4,429,125
Iap Worldwide Services Inc 53 $71,570
Iap Worldwide Services Inc 1st Lien Tl L + 6.5% 18jul19 416,698 $418,781
Immunomedics, Inc., 4.75%, 2/15/20 1,420,000 $1,006,169
Impax Laboratories, Inc., 2.0%, 6/15/22 (144A) 3,725,000 $3,344,170
Innoviva, Inc., 2.125%, 1/15/23 7,215,000 $5,655,558
Insulet Corp., 2.0%, 6/15/19 3,985,000 $3,878,955
International Automotive Components Group SA, 9.125%, 6/1/18 (144A) 909,000 $845,749
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 2,950,000 $2,437,540
Iron Mountain, Inc., 5.75%, 8/15/24 1,410,000 $1,455,610
Ironwood Pharmaceuticals, Inc., 2.25%, 6/15/22 (144A) 4,270,000 $3,927,333
J2 Cloud Services, Inc., 8.0%, 8/1/20 6,085,000 $6,432,352
Jack Cooper Holdings Corp., 9.25%, 6/1/20 (144A) 3,147,000 $2,326,158
James River Coal Co., 7.875%, 4/1/19 4,170,000 $946,069
Jarden Corp., 1.125%, 3/15/34 535,000 $677,017
Jazz Investments I, Ltd., 1.875%, 8/15/21 3,570,000 $3,676,728
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 4,030,000 $4,402,775
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 2,855,000 $2,551,418
Jonah Energy LLC, Initial Loan (Second Lien), 5/8/21 3,863,910 $1,989,914
Joy Global, Inc. 12,950 $208,107
JPMBB Commercial Mortgage Securities Trust 2014-C25 REMICS, Floating Rate Note, 11/18/47 (144A) 3,000,000 $2,236,787
JPMorgan Chase & Co. 29,608 $1,753,386
JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 REMICS, Floating Rate Note, 1/18/46 (1 1,350,000 $1,211,625
JP Morgan Chase Commercial Mortgage Securities Trust 2014-INN, Floating Rate Note, 6/15/29 (144A) 4,270,000 $3,988,685
Kane Sac Zero% 15jun16 1,200,000 $1,199,760
Kane Zero% 29apr16 6,200,000 $167,400
Kane Zero% 30jun16 3,000,000 $199,800
Kane Zero% 30jun16 4,500,000 $91,800
Kane Zero% 30jun16 1,000,000 $10,800
KB Home, 1.375%, 2/1/19 6,160,000 $5,696,717
KB Home, 7.0%, 12/15/21 8,375,000 $8,547,618
Kennedy-Wilson, Inc., 5.875%, 4/1/24 1,480,000 $1,490,175
Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19 (Cat Bond) (144A) 1,000,000 $998,579
Kilimanjaro Re, Ltd., Floating Rate Note, 12/6/19 (Cat Bond) (144A) 1,000,000 $1,023,400
Kilimanjaro Re, Ltd., Floating Rate Note, 12/6/19 (Cat Bond) (144A) 1,250,000 $1,289,264
Kindred Healthcare, Inc., 6.375%, 4/15/22 7,975,000 $7,421,901
Kindred Healthcare, Inc., 7.5%, 12/1/17 1,725 $1,119,042
Kinetic Concepts, Inc., Dollar Term E-1 Loan, 5/4/18 2,361,623 $2,351,659
Lantheus Medical Imaging, Inc., Initial Term Loan, 6/25/22 5,404,037 $4,728,533
Legacy Reserves LP, 6.625%, 12/1/21 4,975,000 $1,055,115
Lennar Corp., 4.5%, 6/15/19 4,150,000 $4,339,863
Lennar Corp., 4.75%, 11/15/22 7,930,000 $8,092,124
Level 3 Financing, Inc., 5.25%, 3/15/26 (144A) 1,400,000 $1,412,338
Level 3 Financing, Inc., Tranche B-II 2022 Term Loan, 5/31/22 5,000,000 $4,997,395
Liberty Media Corp., 1.375%, 10/15/23 4,425,000 $4,403,274
Liberty Tire Recycling Llc 73,714 $737
Liberty Tire Recycling LLC, 11.0%, 3/31/21 (144A) (PIK) 1,635,521 $1,318,538
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 33,500 $83,750
LyondellBasell Industries NV 51,171 $4,379,214
Marathon Petroleum Corp. 39,932 $1,484,672
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 472,340 $17,315
MDC Partners, Inc., 6.5%, 5/1/24 (144A) 1,605,000 $1,641,425
MDC Partners, Inc., 6.75%, 4/1/20 (144A) 3,360,000 $3,586,800
Mentor Graphics Corp., 4.0%, 4/1/31 5,130,000 $5,489,100
Meritage Homes Corp., 7.0%, 4/1/22 3,660,000 $4,026,000
Micron Technology, Inc., 5.25%, 8/1/23 (144A) 2,355,000 $1,945,819
Micron Technology, Inc., 5.875%, 2/15/22 1,825,000 $1,592,325
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 2,190,000 $155,125
MMM Holdings, Inc., MMM Term Loan, 12/12/17 697,395 $435,872
Molina Healthcare, Inc. 1,900,000 $3,130,013
Monitronics International, Inc., Term B Loan (2013), 3/23/18 2,673,469 $2,534,227
Morgan Stanley, Floating Rate Note (Perpetual) 4,325,000 $4,314,043
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 507,002 $316,876
Mylan NV 47,724 $2,212,007
NANA Development Corp., 9.5%, 3/15/19 (144A) 1,800,000 $1,411,600
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 2,538,200 $2,516,785
National Surgical Hospitals, Inc., Term Loan (First Lien), 5/15/22 1,345,389 $1,310,476
Nationstar Mortgage LLC, 6.5%, 6/1/22 1,310,000 $1,158,258
Nationstar Mortgage LLC, 6.5%, 7/1/21 10,220,000 $9,238,438
Nationstar Mortgage LLC, 6.5%, 8/1/18 1,820,000 $1,782,842
NCL Corp, Ltd., 4.625%, 11/15/20 (144A) 1,480,000 $1,514,210
NCL Corp, Ltd., 5.25%, 11/15/19 (144A) 2,750,000 $2,859,542
NCR Corp. 171,011 $5,118,359
Neptune Finco Corp., 6.625%, 10/15/25 (144A) 1,670,000 $1,858,381
NeuStar, Inc., 4.5%, 1/15/23 3,688,000 $3,040,756
Northern Oil and Gas, Inc., 8.0%, 6/1/20 2,240,000 $1,403,733
NRG Energy, Inc., 6.25%, 5/1/24 2,850,000 $2,689,094
NRG Energy, Inc., 7.875%, 5/15/21 6,045,000 $6,202,170
Nuance Communications, Inc., 1.0%, 12/15/35 (144A) 1,700,000 $1,570,446
Numericable-SFR SA, 6.0%, 5/15/22 (144A) 1,575,000 $1,547,700
NuVasive, Inc., 2.25%, 3/15/21 (144A) 1,715,000 $1,836,658
NuVasive, Inc., 2.75%, 7/1/17 1,466,000 $1,859,071
Oasis Petroleum, Inc., 6.875%, 3/15/22 2,465,000 $1,833,044
ONEOK, Inc., 7.5%, 9/1/23 3,800,000 $3,719,250
ON Semiconductor Corp., 1.0%, 12/1/20 (144A) 4,480,000 $4,013,333
On Semiconductor Corporation 1st Lien Tl-B L + 4.5% 31mar23 4,450,000 $4,465,575
Orbital ATK, Inc. 12,090 $1,051,105
Outerwall, Inc., 5.875%, 6/15/21 4,010,000 $3,036,767
Oxford Finance LLC, 7.25%, 1/15/18 (144A) 3,100,000 $3,116,447
Pangaea Zero% 01jul18 5,120,000 $92,160
PDC Energy, Inc., 7.75%, 10/15/22 4,860,000 $5,021,528
PDL BioPharma, Inc., 4.0%, 2/1/18 4,538,000 $4,128,635
PFP 2015-2, Ltd., Floating Rate Note, 7/14/34 (144A) 2,171,000 $2,138,488
Pilgrim's Pride Corp., 5.75%, 3/15/25 (144A) 2,425,000 $2,440,291
Post Holdings, Inc., 6.0%, 12/15/22 (144A) 7,600,000 $7,962,267
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 1,775,000 $1,910,344
Post Holdings, Inc., 7.75%, 3/15/24 (144A) 750,000 $825,708
Post Holdings, Inc., 8.0%, 7/15/25 (144A) 1,940,000 $2,186,164
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 1,345,000 $1,215,693
Quebecor Media, Inc., 5.75%, 1/15/23 2,050,000 $2,146,208
Quicken Loans, Inc., 5.75%, 5/1/25 (144A) 3,740,000 $3,717,404
Quidel Corp., 3.25%, 12/15/20 935,000 $839,344
Quintiles Transnational Corp., 4.875%, 5/15/23 (144A) 2,035,000 $2,143,969
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 1,750,000 $1,499,167
Regal Entertainment Group, 5.75%, 2/1/25 2,895,000 $2,937,219
Regal Entertainment Group, 5.75%, 3/15/22 425,000 $440,961
Rent-A-Center, Inc., 6.625%, 11/15/20 2,590,000 $2,305,172
Resilience Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) 1,200,000 $1,200,000
Resolute Forest Products, Inc., 5.875%, 5/15/23 2,845,000 $1,983,518
Revlon Consumer Products Corp., 5.75%, 2/15/21 1,245,000 $1,288,385
Rexel SA, 5.25%, 6/15/20 (144A) 5,200,000 $5,397,383
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 7,495,000 $7,735,673
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 4,565,000 $4,785,230
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 1,500,000 $1,508,750
Rice Energy, Inc., 6.25%, 5/1/22 1,200,000 $1,075,250
Rice Energy, Inc., 7.25%, 5/1/23 1,475,000 $1,335,182
Rowan Companies, Inc., 5.4%, 12/1/42 3,604,000 $2,122,367
Rowan Companies, Inc., 5.85%, 1/15/44 375,000 $223,205
Royal Bank of Scotland Group Plc, Floating Rate Note (Perpetual) 6,000,000 $5,842,333
RTI International Metals, Inc., 1.625%, 10/15/19 1,075,000 $1,132,774
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 6,775,000 $6,575,984
Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 2,000,000 $2,057,889
Sanchez Energy Corp., 6.125%, 1/15/23 800,000 $442,344
Sanchez Energy Corp., 7.75%, 6/15/21 2,375,000 $1,449,509
Scientific Games International, Inc., 10.0%, 12/1/22 14,265,000 $12,030,150
Scientific Games International, Inc., 6.25%, 9/1/20 700,000 $423,646
SEACOR Holdings, Inc., 3.0%, 11/15/28 2,170,000 $1,695,493
Sealy Corp., 8.0%, 7/15/16 (PIK) 143,000 $13,048,750
Sector Re V, Ltd., 0.0%, 12/1/19 (Cat Bond) (144A) 8,310 $58,171
Sector Re V, Ltd., 0.0%, 12/1/20 (Cat Bond) (144A) 1,550,000 $1,582,085
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 2,152 $17,641
Shutterfly, Inc., 0.25%, 5/15/18 4,455,000 $4,450,854
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 2,000,000 $9,200
Silverton RE, Ltd., 0.0%, 9/18/18 (Cat Bond) (144A) 2,700,000 $2,776,140
SolarCity Corp., 1.625%, 11/1/19 3,725,000 $2,160,112
Sotheby's, 5.25%, 10/1/22 (144A) 335,000 $308,619
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) 4,460,000 $2,799,889
Springleaf Mortgage Loan Trust 2013-1, Floating Rate Note, 6/25/58 (144A) 400,000 $400,801
Springs Industries, Inc., 6.25%, 6/1/21 2,920,000 $2,995,433
Sprint Corp., 7.25%, 9/15/21 20,345,000 $15,604,050
Starbucks Corp. 58,543 $3,495,017
SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A) 2,250,000 $1,591,406
Swift Energy Co., 7.875%, 3/1/22 5,170,000 $495,997
Synchronoss Technologies, Inc., 0.75%, 8/15/19 2,785,000 $2,686,713
syncreon Group BV, 8.625%, 11/1/21 (144A) 3,500,000 $2,899,531
Talen Energy Supply LLC, 4.625%, 7/15/19 (144A) 7,360,000 $6,456,662
Talen Energy Supply LLC, 6.5%, 6/1/25 3,975,000 $3,385,375
Targa Resources Partners LP, 4.125%, 11/15/19 490,000 $470,382
Targa Resources Partners LP, 4.25%, 11/15/23 2,900,000 $2,591,311
Targa Resources Partners LP, 5.25%, 5/1/23 2,491,000 $2,352,438
Taylor Morrison Communities, Inc., 5.875%, 4/15/23 (144A) 3,990,000 $3,938,490
TE Connectivity, Ltd. 54,309 $3,362,813
TEGNA, Inc., 6.375%, 10/15/23 6,170,000 $6,814,122
TerraForm Power Operating LLC, 5.875%, 2/1/23 (144A) 1,265,000 $1,037,036
Tesoro Corp., 5.375%, 10/1/22 4,695,000 $4,762,491
Teva Pharmaceutical Industries, Ltd., 7.0%, 12/15/18 1,000 $883,940
The GEO Group, Inc., 5.875%, 10/15/24 3,695,000 $3,827,430
The KEYW Holding Corp., 2.5%, 7/15/19 1,150,000 $826,882
The Medicines Co., 2.5%, 1/15/22 2,455,000 $2,787,107
Thermo Fisher Scientific, Inc. 43,553 $6,166,669
The Williams Companies, Inc., 5.75%, 6/24/44 4,375,000 $2,977,157
TI Group Automotive Systems LLC, 8.75%, 7/15/23 (144A) 4,135,000 $4,045,983
TI Group Automotive Systems LLC, Initial US Term Loan, 6/25/22 1,930,648 $1,918,582
T-Mobile USA, Inc., 6.0%, 4/15/24 700,000 $708,750
T-Mobile USA, Inc., 6.5%, 1/15/26 860,000 $905,126
T-Mobile USA, Inc., 6.542%, 4/28/20 4,300,000 $4,488,979
T-Mobile USA, Inc., 6.633%, 4/28/21 1,635,000 $1,727,554
T-Mobile USA, Inc., 6.731%, 4/28/22 2,000,000 $2,113,159
TMS International Corp., 7.625%, 10/15/21 (144A) 2,165,000 $1,342,646
TMX Finance LLC, 8.5%, 9/15/18 (144A) 3,265,000 $2,624,334
Tower Automotive Holdings USA LLC, Initial Term Loan (2014), 4/23/20 6,958,439 $6,923,647
Trader Corp., 9.875%, 8/15/18 (144A) 1,675,000 $1,758,948
Tronox Finance LLC, 6.375%, 8/15/20 5,195,000 $4,035,974
Tronox Finance LLC, 7.5%, 3/15/22 (144A) 4,560,000 $3,435,200
Twitter, Inc., 0.25%, 9/15/19 2,335,000 $2,044,844
U.S. Treasury Floating Rate Note, 0.370227673%, 7/31/16 5,000,000 $5,003,741
United Continental Holdings, Inc. 60,954 $3,648,706
United Rentals North America, Inc., 5.75%, 11/15/24 2,000,000 $2,043,444
United States Treasury Floating Rate Note, Floating Rate Note, 1/31/18 5,000,000 $5,010,672
United States Treasury Floating Rate Note, Floating Rate Note, 10/31/16 5,000,000 $5,002,862
United States Treasury Floating Rate Note, Floating Rate Note, 4/30/16 5,000,000 $5,003,447
Universal Hospital Services, Inc., 7.625%, 8/15/20 1,265,000 $1,182,450
Univision Communications, Inc., Replacement First-Lien Term Loan (C-4), 3/1/20 1,395,287 $1,383,328
Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 12,195,000 $9,828,493
Vertafore, Inc., Term Loan 2013, 10/3/19 668,841 $668,172
Videotron, Ltd., 5.375%, 6/15/24 (144A) 9,050,000 $9,532,604
Viking Cruises, Ltd., 6.25%, 5/15/25 (144A) 1,680,000 $1,446,667
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 4,290,000 $4,222,194
Virgin Media Investment Holdings, Ltd., F Facility, 6/30/23 5,100,408 $5,064,547
VOLT XXV LLC, 4.5%, 6/26/45 (Step) (144A) 1,000,000 $960,812
Voya Financial, Inc., Floating Rate Note, 5/15/53 4,200,000 $3,995,647
WCA Waste Corp., Term Loan, 3/23/18 609,600 $609,219
WCP ISSUER LLC, 6.657%, 8/15/20 (144A) 3,350,000 $3,485,336
WebMD Health Corp., 2.5%, 1/31/18 5,995,000 $6,874,683
WellCare Health Plans, Inc., 5.75%, 11/15/20 6,765,000 $7,148,726
Wells Fargo & Co., 7.5% (Perpetual) 5,265 $6,344,378
WESCO Distribution, Inc., 5.375%, 12/15/21 2,695,000 $2,764,602
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 700,000 $190,873
Whiting Petroleum Corp., 1.25%, 4/1/20 (144A) 5,930,000 $3,487,581
Whiting Petroleum Corp., 6.25%, 4/1/23 2,005,000 $1,411,019
Windstream Holdings, Inc. 87,633 $673,021
Windstream Services LLC, 6.375%, 8/1/23 2,975,000 $2,210,797
Windstream Services LLC, 7.5%, 6/1/22 7,030,000 $5,571,275
Windstream Services LLC, 7.75%, 10/15/20 3,460,000 $3,099,247
WPX Energy, Inc., 7.5%, 8/1/20 1,850,000 $1,466,125
WPX Energy, Inc., 8.25%, 8/1/23 670,000 $528,463
Wright Medical Group, Inc., 2.0%, 2/15/20 4,866,000 $4,358,382
Xerium Technologies, Inc., 8.875%, 6/15/18 945,000 $804,320
Zero% 01feb18 2,450,000 $2,507,085
Zero% 01feb18 1,200,000 $1,218,120
Zero% 30nov19 5,800,000 $6,281,980
Zero% 30nov20 3,600,000 $3,654,720
Zero% 30nov20 2,400,000 $2,459,760
Zero% 30nov20 4,500,000 $4,591,350
Zero% 30nov20 4,200,000 $4,246,200
Zero% 30nov20 4,000,000 $4,086,800
Zero% 31aug16 1,000,000 $1,126,700

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

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