| Portfolio Allocation |
(% of Portfolio) as of July 31, 2010
| High-Yield Corp. Bonds | 59.2% |
| Emerging Markets | 29.5% |
| International High-Yield Bond | 5.8% |
| Invest.-Grade Corp. Bonds | 4.3% |
| Cash & Equivalents | 1.2% |
| Top Holdings |
(% of Portfolio) as of July 31, 2010
| 1 | CDX North American High Yield 14, 1%, 6/20/15 | 1.8% |
| 2 | MARFRIG OVERSEAS LTD 9.5%, 5/4/20 144A | 0.9% |
| 3 | True Move Co Ltd 10.75%, 12/16/13 (144A) | 0.8% |
| 4 | NCO Group Inc 11.875%, 11/15/14 | 0.8% |
| 5 | Alliance One International Inc 10.0%, 7/15/16 | 0.8% |
| 6 | Ford Motor Co 4.25% 111516 | 0.8% |
| 7 | Minerva Overseas II 10.875%, 11/15/19 144A | 0.8% |
| 8 | Expro Finance Luxembourg SCA 8.5%, 12/15/16 | 0.7% |
| 9 | City of Buenos Aires 12.5%, 4/6/15 144A | 0.7% |
| 10 | Goldman Sachs Capital FRN. 12/29/49 | 0.7% |
 | TOTAL | 8.8% |
The portfolio is actively managed and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any security listed.
Click here for a full list of holdings.
| Quality Distributions |
(% of Portfolio) as of July 31, 2010
| AAA | 1.2% |
| AA | 0.3% |
| A | 0.5% |
| BBB | 4.2% |
| BB | 21.3% |
| B | 53.1% |
| CCC | 11.4% |
| Not Rated | 6.7% |
| Cash Equivalent | 1.2% |
Source: Moody's and S&P. If the ratings provided by Moody's and S&P for a security differ, the higher of the two ratings is used.
| Not FDIC insured | May lose value | No bank guarantee |
Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus containing this information. Read it carefully. To obtain a free prospectus and for information on any Pioneer fund, please download from our web site.