Pioneer Long/Short Opportunistic Credit Fund

Top 10 Portfolio Holdings as of 12/31/2015
Default: sorted by market value

Security Name Par / Shares Market Value
ACAFP FLT% 31Dec49 144A PERPETUAL 530,000 $521,770
BAC FLT% 23Oct49 530,000 $564,994
BACM FLT% 10Feb51 07-5-AJ 250,000 $250,877
BAMLL FLT% 17Dec29 14-INLD-F 180,000 $166,142
BBDBCN 7.5% 15Mar18 144A 525,000 $523,468
BSCMS 5.273% 11Dec38 06-PW14-AJ 150,000 $149,913
CAELUS FLT% 07Apr20 144A 250,000 $260,202
CDS: (CDX.NA.HY.21 35-100%) USD 20Dec18 BUY BNR0VHK30 -1,235,000 $-178,996
CDS: (CDX.NA.IG.19 0-3%) USD 20Dec17 BUY BNR1B3MW5 655,000 $-64,499
CDS: (CDX.NA.IG.19 0-3%) USD 20Dec17 BUY BNR1DWK84 400,000 $-44,444
CDS: (ITRAXX.EUR.21 3-6%) EUR 20Jun19 BNR13XH46 2,500,000 $-83,225
CDX.NA.HY.25.V1 5Y RTR @ 01/20/2016 Fixed 20 Jan 2016 USD 103.5% (SWP 28 Oct 2015 Right to rec) 10,413,000 $2,394
CFCRE FLT% 15Jul30 15-RUM-E 250,000 $249,694
C FLT% 31Dec49 PERPETUAL 530,000 $532,538
CFREE14-CARE FLT% 15Nov29 F 120,000 $116,894
CGCMT 3.208% 12Jul47 14-GC23-E 300,000 $193,081
CHK 3.25% 15Mar16 400,000 $386,827
CME: (CDX.NA.HY.17.V9) USD 20Dec16 Z919GM1C1 -1,506,500 $-47,590
CME: (CDX.NA.HY.25.V1) USD 20Dec20 Z91VRER63 -26,577,500 $-306,629
CME: (CDX.NA.IG.25.V1) USD 20Dec20 Z91VREPJ7 -1,455,500 $-8,116
COMM 5.377% 10Dec46 06-C8-AJ 175,000 $174,397
COMM FLT% 10Dec49 07-C9-H 510,000 $469,850
CSFB 5.23% 17Dec40 05-C6-E 175,000 $145,889
CSFB FLT% 15Aug38 05-C5-G 300,000 $286,604
CSMC FLT% 15Aug30 15-SAND-F 400,000 $401,048
CWALT FLT% 25Jul35 05-J4-M2 300,000 $273,446
CWCI 5.568% 15Apr47 07-C2-AJF 175,000 $177,396
CWCI FLT% 15May46 07-C3-B 300,000 $288,754
CWCI FLT% 15May46 07-C3-C 47,000 $43,199
EBRD 6% 03Mar16 3,700,000 $58,649
EQTY14-INMZ FLT% 10May19 M 100,000 $92,330
FFML FLT% 25Nov32 03-FFC-M1 800,000 $32,540
Fixed EUR 375% (SWP 20 Jan 2016 Right to pay fixed) -9,466,000 $-12,226
FNMDN AGENCY ZERO% 14Jan16 USD 425,000 $424,982
FTR 8.875% 15Sep20 144A 1,315,000 $1,362,559
GAHR FLT% 15Dec34 15-NRF_EFX 100,000 $93,231
GLENLN 1.7% 27May16 144A 1,375,000 $1,363,457
GSMS 4.939% 10Jul39 05-GG4-D 125,000 $120,770
GSMS FLT% 10Apr38 06-GG6-C 250,000 $250,951
ICE: (ITRAXX.XO.21.V1) EUR 20Jun19 Z91JEDH42 -2,750,000 $-257,763
ICONX 4.229% 26Jan43 12-1A-A 50,000 $37,516
INTNED FLT% 29Dec49 530,000 $524,920
IRWHE FLT% 25Jun28 03-C-M2 500,000 $24,648
JPMCC 3.31488% 27Apr44 14-FRR1-A7 700,000 $676,372
JPMCC 5.129% 15Oct42 05-LDP4-B 325,000 $313,370
JPMCC 5.623% 12May45 06-CB16-AJ 200,000 $192,831
KILREL FLT% 30Apr18 144A 250,000 $249,575
LBUBS FLT% 15Feb41 06-C1-AJ 187,500 $187,933
LBUBS FLT% 15Nov40 05-C7-E 775,000 $803,576
MAR16 MEH6 P @ 1610 104 $25,480
MAR16 MEH6 P @ 1710 -104 $-44,720
MAR16 MEH6 P @ 1810 -104 $-81,640
MAR16 MEH6 P @ 1910 104 $149,240
MLCFC FLT% 12Jul46 06-3-AJ 70,000 $70,204
MLMT FLT% 12Nov37 05-CKI1-D 260,000 $260,741
MS FLT% 31Dec49 PERPETUAL 19,000 $543,400
NCHET FLT% 25Aug34 04-A-AII9 625,000 $35,945
PETBRA 3.875% 27Jan16 1,310,000 $1,326,475
PFP FLT% 14Jul34 15-2-E 340,000 $340,126
RESID FLT% 06Dec16 144A 250,000 $252,256
RIG FLT% 15Dec16 1,305,000 $1,269,069
RMAT 5% 27Jul20 15-1-A2 660,000 $645,561
S 6% 01Dec16 1,290,000 $1,294,031
SCDS: (ABGSM) EUR 20Dec16 BUY BNR1UZPN0 900,000 $-921,927
SCDS: (ABGSM) EUR 31Jan16 BUY BNR1DT828 400,000 $-410,413
SCDS: (ACAFP) EUR 20Dec20 SELL BNR1ZMZJ2 -460,000 $-8,141
SCDS: (AKS) USD 20Dec16 BUY BNR1VUKR6 1,135,000 $-114,750
SCDS: (AKS) USD 20Dec16 BUY BNR20EYA6 285,000 $-28,813
SCDS: (ALLY) USD 20Dec20 BUY BNR1ZPJY0 705,000 $98,074
SCDS: (ALLY) USD 20Dec20 BUY BNR26SPT8 355,000 $49,385
SCDS: (BAC) USD 20Dec20 SELL BNR1ZPE41 -225,000 $-3,605
SCDS: (BAC) USD 20Dec20 SELL BNR1ZR9H4 -180,000 $-2,884
SCDS: (BRAZIL) USD 20Dec20 SELL BNR257FF6 -1,455,000 $237,138
SCDS: (BRAZIL) USD 20Dec20 SELL BNR273DU2 -250,000 $40,745
SCDS: (BTU) USD 20Mar16 BUY BNR1UYJ91 150,000 $-13,891
SCDS: (C) USD 20Dec20 SELL BNR1ZPET6 -225,000 $-2,683
SCDS: (C) USD 20Dec20 SELL BNR1ZR9L5 -180,000 $-2,146
SCDS: (ETP) USD 20Dec20 BUY BNR1ZPKB8 555,000 $-71,240
SCDS: (HOV) USD 20Dec16 BUY BNR1ZR6Z7 560,000 $-21,540
SCDS: (HOV) USD 20Dec16 BUY BNR231U15 230,000 $-8,847
SCDS: (HOV) USD 20Dec16 BUY BNR26WYM4 480,000 $-18,463
SCDS: (IHRT) USD 20Dec16 BUY BNR1UYK32 885,000 $-252,619
SCDS: (IHRT) USD 20Dec16 BUY BNR278V80 90,000 $-25,690
SCDS: (INTNED) EUR 20Dec20 SELL BNR1ZN4H8 -460,000 $-11,919
SCDS: (JCP) USD 20Dec16 BUY BNR22UTB2 525,000 $7,536
SCDS: (MBI) USD 20Dec16 BUY BNR1V0HU9 364,800 $-94,304
SCDS: (MBI) USD 20Dec20 SELL BNR1ZTPB5 -364,800 $158,888
SCDS: (MNI) USD 20Jun16 BUY BNR1KUY93 550,000 $6,579
SCDS: (MS) USD 20Dec20 SELL BNR1ZPEX7 -225,000 $-2,193
SCDS: (MS) USD 20Dec20 SELL BNR1ZTLT0 -135,000 $-974
SCDS: (NSINO) EUR 20Mar16 BUY BNR1UZPU4 250,000 $-19,613
SCDS: (NSINO) EUR 20Sep17 SELL BNR1WR839 -1,500,000 $511,657
SCDS: (NSINO) EUR 20Sep20 BUY BNR1WR862 1,500,000 $-1,276,727
SCDS: (SHLD) USD 20Dec16 BUY BNR22UUS3 875,000 $-82,279
SCDS: (SOAF) USD 20Dec20 SELL BNR25AXG7 -805,000 $82,431
SCDS: (SOAF) USD 20Dec20 SELL BNR273DR9 -795,000 $81,407
SCDS: (TCKBCN) USD 20Dec16 BUY BNR26T8Y4 1,230,000 $-32,532
SCDS: (TOY) USD 20Mar16 BUY BNR1UYKF5 520,000 $-7,580
SCDS: (TURKEY) USD 20Dec20 SELL BNR25AVZ7 -805,000 $61,609
SCDS: (TURKEY) USD 20Dec20 SELL BNR273DN8 -745,000 $57,017
SWP: USD 1.818500 07-AUG-2019 USD SELL -951,858 $-16,635
SWP: USD 2.201500 06-MAY-2025 USD SELL -1,018,659 $-8,567
TAL 4.1% 22Feb39 14-1A-B 100,000 $81,402
TBILL ZERO% 11Feb16 750,000 $749,895
TBILL ZERO% 28Jan16 495,000 $494,956
TFRN FLT% 30Apr16 2,525,000 $2,526,688
TFRN FLT% 31Jan17 2,640,000 $2,641,070
TFRN FLT% 31Jul17 1,925,000 $1,922,771
TFRN FLT% 31Oct16 2,640,000 $2,640,670
TFRN FLT% 31Oct17 2,000,000 $1,999,407
TIPS 0.25% 15Jan25 2,975,700 $2,854,753
TIPS 1.375% 15Feb44 1,010,400 $1,054,449
TNOTE FLT% 31Jul16 2,640,000 $2,641,791
TRSWAP: IBOXHY INDEX USD BUY 4,165,000 $-81,536
TRSWAP: IBOXHY INDEX USD BUY 4,165,000 $-76,946
TRSWAP: IBOXHY INDEX USD BUY 8,335,000 $-153,985
TRSWAP: IBOXHY INDEX USD BUY 8,335,000 $-167,566
UST FLT% 31Jan16 WI 525,000 $525,230
VOLT 4.375% 25Jul45 15-NP11-A2 660,000 $637,749
WBCMT FLT% 15Dec44 05-C22-AJ 250,000 $66,157
WBCMT FLT% 15May46 07-C34-AJ 125,000 $126,682
WFCM 4% 18Nov43 10-C1-E 195,000 $175,032
WFCM FLT% 15Jan27 14-TISH-SCH 200,000 $193,971
WIT FLT% 30Apr17 WI 2,645,000 $2,643,868

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

For fund descriptions, historical and current performance, standardized returns as of the most recent quarter-end, risk disclosure or a prospectus, please click here.

Please request a free information kit on any Pioneer fund by ordering from this web site or by calling 1-800-225-6292. The kit includes a quarterly fact sheet and a prospectus. You should consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about each fund and should be read carefully before you invest or send money. To obtain a prospectus directly and for other information on any Pioneer fund please visit our download literature page.