| Portfolio Allocation |
(% of Portfolio) as of July 31, 2010
| High-Yield Corp. Bonds | 50.7% |
| Convertible Bonds | 19.8% |
| Common Stock | 15.7% |
| International High-Yield Bond | 7.5% |
| Convertible Preferred | 4.8% |
| Invest.-Grade Corp. Bonds | 1.1% |
| Cash & Equivalents | 0.4% |
| Top Holdings |
(% of Portfolio) as of July 31, 2010
| 1 | Tesoro Corp., 6.625%, 11/1/15 | 2.8% |
| 2 | Forest City Enterprises, 6.50%, 2/1/17 | 2.6% |
| 3 | WESCO International Inc 6% 9/15/29 | 1.8% |
| 4 | Nova Chemicals Corp., 7.875%, 9/15/25 | 1.8% |
| 5 | Forest City Enterprises, Inc. 7.0%, 12/31/49 | 1.7% |
| 6 | Anixter International Corp., 5.95%, 3/1/15 | 1.2% |
| 7 | Georgia Gulf Corporation | 1.2% |
| 8 | Roper Industries Inc., 1.4813%, 1/15/34 | 1.1% |
| 9 | Wesco Distribution Inc., 7.50%, 10/15/17 | 1.1% |
| 10 | Ford Motor Co 4.25% 111516 | 1.1% |
 | TOTAL | 16.4% |
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 | 0.1% |
| BBB | 1.9% |
| BB | 25.4% |
| B | 51.5% |
| CCC | 14.2% |
| Not Rated | 6.5% |
| Cash Equivalent | 0.5% |
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.