Pioneer Long/Short Opportunistic Credit Fund

Top 10 Portfolio Holdings as of 5/29/2015
Default: sorted by market value

Security Name Par / Shares Market Value
Alternative Loan Trust 2005-J4, Floating Rate Note, 7/25/35 300,000 $270,437
BAMLL Commercial Mortgage Securities Trust 2014-INLD, Floating Rate Note, 12/17/29 (144A) 180,000 $166,870
Banc of America Commercial Mortgage Trust 2007-5, Floating Rate Note, 2/10/51 250,000 $261,161
Bank of America Corp., Floating Rate Note, 10/23/49 300,000 $319,308
Bayview Commercial Asset Trust 2004-3, Floating Rate Note, 1/25/35 (144A) 300,000 $41,994
Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.273%, 12/11/38 150,000 $153,075
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/20 (Cat Bond) (144A) 250,000 $255,999
CAM Mortgage Trust 2014-1, 5.5%, 12/15/53 (Step) (144A) 125,000 $28,070
CAM Mortgage Trust 2014-2, Floating Rate Note, 5/15/48 (144A) 152,000 $106,648
Carefree Portfolio Trust 2014-CARE, Floating Rate Note, 11/15/29 (144A) 120,000 $111,439
Cds: (Cdx.Na.Hy.21 35-100%) Usd 20dec18 Buy Bnr0vhk30 -1,235,000 $-202,940
Cds: (Cdx.Na.Ig.19 0-3%) Usd 20dec17 Buy Bnr1b3mw5 655,000 $-14,636
Cds: (Cdx.Na.Ig.19 0-3%) Usd 20dec17 Buy Bnr1dwk84 400,000 $-8,938
Cds: (Itraxx.Eur.21 3-6%) Eur 20jun19 Bnr13xh46 2,500,000 $-113,228
Cds: (Itraxx.Eur.9 0-3%) Eur 20jun15 Buy Bnr0vmf01 625,000 $7,418
Cdx.Na.Hy.23.V2 103.00 06/17/2015 Put Fixed 17 Jun 2015 103% (Swp 04 Mar 2015 Right To Pay Fixed) -5,360,000 $-720
Cdx.Na.Hy.23.V2 105.00 06/17/2015 Put Fixed 17 Jun 2015 105% (Swp 04 Mar 2015 Right To Pay Fixed) 2,680,000 $1,508
Chief Exploration & Development Ll 2nd Lien Tl L + 6.5% 12may21 50,000 $48,050
Citigroup, Inc., Floating Rate Note (Perpetual) 300,000 $304,837
Cme: (Cdx.Na.Hy.17.V8) Usd 20dec16 Z919gm1c1 -1,522,875 $-94,522
Cme: (Cdx.Na.Hy.24.V1) Usd 20jun20 Z91r5q076 -500,000 $-40,468
Cme: (Cdx.Na.Ig.23.V1) Usd 20dec19 Z91mv4jb8 -3,185,000 $-57,427
Cme: (Cdx.Na.Ig.24.V1) Usd 20jun20 Z91qxs9p4 -400,000 $-7,778
COBALT CMBS Commercial Mortgage Trust 2007-C2, Floating Rate Note, 4/15/47 175,000 $180,319
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 155,000 $146,393
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 47,000 $41,675
COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 175,000 $178,496
Connecticut State Health & Educational Facility Authority, Floating Rate Note, 7/1/33 225,000 $225,017
Connecticut State Health & Educational Facility Authority, Floating Rate Note, 7/1/36 600,000 $600,039
Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 300,000 $304,504
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/17/40 175,000 $176,378
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 300,000 $284,204
CSMC Trust 2014-SURF, Floating Rate Note, 2/15/29 (144A) 175,000 $175,163
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/9/19 (144A) 100,000 $92,232
European Bank for Reconstruction & Development, 6.0%, 3/3/16 3,700,000 $58,611
First Franklin Mortgage Loan Trust 2003-FFC, Floating Rate Note, 11/25/32 800,000 $38,665
Fixed 06 May 2025 Usd 2.2015% -1,018,659 $
Fixed 07 Aug 2019 Usd 1.8185% -951,858 $
Fixed 07 Aug 2024 Usd 2.66% -1,660,004 $
Float 06 May 2025 Usd 3m Libor 0 Bps 1,018,659 $
Float 07 Aug 2019 Usd 3m Libor 0 Bps 951,858 $
Float 07 Aug 2024 Usd 3m Libor 0 Bps 1,660,004 $
GAHR Commercial Mortgage Trust 2015-NRF, Floating Rate Note, 12/15/34 (144A) 100,000 $95,664
GS Mortgage Securities Corp II Series 2005-GG4, Floating Rate Note, 7/10/39 125,000 $123,458
GS Mortgage Securities Trust 2006-GG6, Floating Rate Note, 4/10/38 250,000 $252,670
Harris County Health Facilities Development Corp., Floating Rate Note, 12/1/41 735,000 $735,061
Ice: (Itraxx.Xo.21.V1) Eur 20jun19 Z91jedh42 -2,750,000 $-387,845
Icon Brand Holdings LLC, 4.229%, 1/26/43 (144A) 50,000 $42,408
ING Groep NV, Floating Rate Note (Perpetual) 325,000 $323,578
Irwin Whole Loan Home Equity Trust 2003-C, Floating Rate Note, 6/25/28 500,000 $29,171
JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, 5.623%, 5/12/45 200,000 $203,538
JP Morgan Mortgage Trust 2014-1 REMICS, Floating Rate Note, 1/25/44 (144A) 1,000,000 $795,018
JP Morgan Mortgage Trust 2014-1 REMICS, Floating Rate Note, 1/25/44 (144A) 1,000,000 $912,466
Jun15 Edm7 C @ 98.125 122 $67,863
Jun15 Edm7 C @ 98.25 -244 $-77,775
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 250,000 $251,406
LB-UBS Commercial Mortgage Trust 2006-C1, Floating Rate Note, 2/15/41 187,500 $190,220
Massachusetts Health & Educational Facilities Authority, Floating Rate Note, 11/1/49 690,000 $690,040
Merrill Lynch Mortgage Trust 2005-CKI1, Floating Rate Note, 11/12/37 260,000 $262,160
Mississippi Business Finance Corp., Floating Rate Note, 12/1/30 200,000 $200,017
Mississippi Business Finance Corp., Floating Rate Note, 12/1/30 225,000 $225,022
ML-CFC Commercial Mortgage Trust 2006-3, Floating Rate Note, 7/12/46 70,000 $71,859
Morgan Stanley, Floating Rate Note (Perpetual) 12,000 $339,360
New Century Home Equity Loan Trust, Floating Rate Note, 8/25/34 625,000 $52,349
Nomura Asset Acceptance Corp Alternative Loan Trust Series 2004-AR2, Floating Rate Note, 10/25/34 1,250,000 $1,736
Petrobras Global Finance BV, 3.875%, 1/27/16 675,000 $686,709
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 250,000 $255,919
Scds: (Abgsm) Eur 20dec15 Buy Bnr1dt828 400,000 $-1,427
Scds: (Acafp) Eur 20jun20 Sell Bnr1nexy2 -220,000 $-3,806
Scds: (Ally) Usd 20jun20 Buy Bnr1nd1e3 400,000 $63,667
Scds: (Bac) Usd 20jun20 Sell Bnr1nd4q3 -225,000 $-4,095
Scds: (C) Usd 20jun20 Sell Bnr1nd509 -225,000 $-3,095
Scds: (Cle) Usd 20dec15 Buy Bnr1dt7e3 300,000 $-32,331
Scds: (Do) Usd 20jun20 Buy Bnr1kuye2 500,000 $-33,158
Scds: (Etp) Usd 20jun20 Buy Bnr1kuyv4 500,000 $-10,935
Scds: (Ihrt) Usd 20dec15 Buy Bnr1e3mh5 525,000 $7,146
Scds: (Intned) Eur 20jun20 Sell Bnr1p0k32 -225,000 $-4,136
Scds: (Jcp) Usd 20dec16 Buy Bnr1dy0m1 525,000 $24,234
Scds: (Mbi) Usd 20dec15 Buy Bnr1dwk27 250,000 $-3,924
Scds: (Mbi) Usd 20dec15 Buy Bnr1j2w65 250,000 $-10,140
Scds: (Mni) Usd 20jun16 Buy Bnr1kuy93 550,000 $7,855
Scds: (Ms) Usd 20jun20 Sell Bnr1nd4j9 -225,000 $-2,814
Scds: (Nbr) Usd 20jun20 Buy Bnr1kuy51 500,000 $-38,367
Scds: (Ne) Usd 20jun20 Buy Bnr1kuxv5 500,000 $-52,880
Scds: (Nsino) Eur 20dec15 Buy Bnr1am735 250,000 $-10,958
Scds: (Nsino) Eur 20dec15 Buy Bnr1dwhz8 250,000 $-10,958
Scds: (Pkd) Usd 20jun20 Buy Bnr1kvr99 250,000 $-13,739
Scds: (Rig) Usd 20jun20 Buy Bnr1kuwc8 250,000 $-49,031
Scds: (Shld) Usd 20dec15 Buy Bnr1dwg14 525,000 $1,567
Scds: (Toy) Usd 20dec15 Buy Bnr1dt7a1 300,000 $-417
Scds: (Wft) Usd 20jun20 Buy Bnr1kuza9 500,000 $-36,093
Scds: (Win) Usd 20jun20 Buy Bnr1nb2r7 500,000 $-8,824
Sep15 Meu5 P @ 1670 58 $15,080
Sep15 Meu5 P @ 1775 -58 $-27,260
Sep15 Meu5 P @ 1880 -58 $-50,750
Sep15 Meu5 P @ 1985 58 $93,090
Sequoia Mortgage Trust 2012-3, Floating Rate Note, 7/25/42 1,250,000 $649,774
Sequoia Mortgage Trust 2013-6, Floating Rate Note, 5/26/43 800,000 $688,054
Sequoia Mortgage Trust 2013-7, Floating Rate Note, 6/25/43 1,000,000 $849,285
Swp: Usd 1.818500 07-Aug-2019 Usd Sell -951,858 $-19,596
Swp: Usd 2.201500 06-May-2025 Usd Sell -1,018,659 $-3,405
Swp: Usd 2.660000 07-Aug-2024 Usd Sell -1,660,004 $-88,586
TAL Advantage V LLC, 4.1%, 2/22/39 100,000 $88,873
The University of Texas System, Floating Rate Note, 8/1/34 600,000 $600,040
U.S. Treasury Bills, 0.0%, 6/11/15 1,290,000 $1,289,996
U.S. Treasury Bills, 0.0%, 6/18/15 1,290,000 $1,289,991
U.S. Treasury Bills, 0.0%, 6/25/15 1,490,000 $1,489,985
U.S. Treasury Bills, 0.0%, 7/2/15 1,290,000 $1,289,988
U.S. Treasury Floating Rate Note, 0.085000569%, 7/31/16 1,420,000 $1,420,537
United States Treasury Floating Rate Note, Floating Rate Note, 1/31/16 1,455,000 $1,454,993
United States Treasury Floating Rate Note, Floating Rate Note, 1/31/17 1,450,000 $1,450,565
United States Treasury Floating Rate Note, Floating Rate Note, 10/31/16 1,450,000 $1,449,813
United States Treasury Floating Rate Note, Floating Rate Note, 4/30/16 1,455,000 $1,455,283
United States Treasury Floating Rate Note, Floating Rate Note, 4/30/17 1,485,000 $1,485,053
University of Michigan, Floating Rate Note, 12/1/29 225,000 $225,020
Wachovia Bank Commercial Mortgage Trust Series 2005-C22, Floating Rate Note, 12/15/44 250,000 $253,265
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 125,000 $132,009
Wells Fargo Commercial Mortgage Trust 2014-TISH, Floating Rate Note, 1/15/27 (144A) 200,000 $200,770

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.