Pioneer Long/Short Opportunistic Credit Fund

Top 10 Portfolio Holdings as of 4/30/2015
Default: sorted by market value

Security Name Par / Shares Market Value
Alternative Loan Trust 2005-J4, Floating Rate Note, 7/25/35 300,000 $270,040
Atrium Innovations, Inc., Initial Term Loan (Second Lien), 7/29/21 0 $0
BAMLL Commercial Mortgage Securities Trust 2014-INLD, Floating Rate Note, 12/17/29 (144A) 180,000 $166,453
Banc of America Commercial Mortgage Trust 2007-5, Floating Rate Note, 2/10/51 250,000 $258,677
Bayview Commercial Asset Trust 2004-3, Floating Rate Note, 1/25/35 (144A) 300,000 $43,101
Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.273%, 12/11/38 150,000 $153,379
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/20 (Cat Bond) (144A) 250,000 $259,975
CAM Mortgage Trust 2014-1, 5.5%, 12/15/53 (Step) (144A) 125,000 $38,506
CAM Mortgage Trust 2014-2, Floating Rate Note, 5/15/48 (144A) 152,000 $138,180
Carefree Portfolio Trust 2014-CARE, Floating Rate Note, 11/15/29 (144A) 120,000 $111,284
Cds: (Cdx.Na.Hy.21 35-100%) Usd 20dec18 Buy Bnr0vhk30 -1,235,000 $-202,439
Cds: (Cdx.Na.Ig.19 0-3%) Usd 20dec17 Buy Bnr1b3mw5 655,000 $-30,029
Cds: (Cdx.Na.Ig.19 0-3%) Usd 20dec17 Buy Bnr1dwk84 400,000 $-18,338
Cds: (Itraxx.Eur.21 3-6%) Eur 20jun19 Bnr13xh46 2,500,000 $-100,752
Cds: (Itraxx.Eur.9 0-3%) Eur 20jun15 Buy Bnr0vmf01 625,000 $2,408
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 $-11,165
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 $11,874
CENGAGE LEARNING ACQUISITIONS INC, Term Loan, 3/6/20 0 $0
Chief Exploration & Development Ll 2nd Lien Tl L + 6.5% 12may21 50,000 $47,625
Cme: (Cdx.Na.Hy.17.V8) Usd 20dec16 Z919gm1c1 -1,522,875 $-89,322
Cme: (Cdx.Na.Ig.23.V1) Usd 20dec19 Z91mv4jb8 -4,750,000 $-82,533
COBALT CMBS Commercial Mortgage Trust 2007-C2, Floating Rate Note, 4/15/47 175,000 $179,612
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 155,000 $148,354
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 47,000 $42,231
COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 175,000 $179,567
Connecticut State Health & Educational Facility Authority, Floating Rate Note, 7/1/33 225,000 $225,005
Connecticut State Health & Educational Facility Authority, Floating Rate Note, 7/1/36 600,000 $600,021
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/17/40 175,000 $176,473
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 300,000 $281,416
CSMC Trust 2014-SURF, Floating Rate Note, 2/15/29 (144A) 175,000 $175,533
DynCorp International, Inc., Term Loan, 7/7/16 0 $0
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/9/19 (144A) 100,000 $92,351
European Bank for Reconstruction & Development, 6.0%, 3/3/16 3,700,000 $58,349
First Franklin Mortgage Loan Trust 2003-FFC, Floating Rate Note, 11/25/32 800,000 $38,790
Fixed 07 Aug 2019 Usd 1.8185% -951,858 $
Fixed 07 Aug 2024 Usd 2.66% -1,660,004 $
Float 07 Aug 2019 Usd 3m Libor 0 Bps 951,858 $
Float 07 Aug 2024 Usd 3m Libor 0 Bps 1,660,004 $
FR Dixie Acquisition Corp., Term Loan, 1/23/21 0 $0
GAHR Commericial Mortgage Trust 2015-NRF, Floating Rate Note, 12/15/19 (144A) 100,000 $95,634
GS Mortgage Securities Corp II Series 2005-GG4, Floating Rate Note, 7/10/39 125,000 $126,465
GS Mortgage Securities Trust 2006-GG6, Floating Rate Note, 4/10/38 250,000 $252,850
Harris County Health Facilities Development Corp., Floating Rate Note, 12/1/41 435,000 $435,023
Ice: (Itraxx.Xo.21.V1) Eur 20jun19 Z91jedh42 -2,750,000 $-406,593
Ice: (Itraxx.Xo.23.V1) Eur 20jun20 Z91qxsak3 -720,000 $-90,278
Icon Brand Holdings LLC, 4.229%, 1/26/43 (144A) 50,000 $42,273
Irwin Whole Loan Home Equity Trust 2003-C, Floating Rate Note, 6/25/28 500,000 $30,716
JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, 5.623%, 5/12/45 200,000 $204,538
JP Morgan Chase Commercial Mortgage Securities Trust 2013-FL3, Floating Rate Note, 4/17/28 (144A) 125,000 $124,459
JP Morgan Mortgage Trust 2014-1 REMICS, Floating Rate Note, 1/25/44 (144A) 1,000,000 $927,937
JP Morgan Mortgage Trust 2014-1 REMICS, Floating Rate Note, 1/25/44 (144A) 1,000,000 $813,665
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 250,000 $251,013
LB-UBS Commercial Mortgage Trust 2006-C1, Floating Rate Note, 2/15/41 187,500 $189,905
Massachusetts Health & Educational Facilities Authority, Floating Rate Note, 11/1/49 690,000 $690,022
Merrill Lynch Mortgage Trust 2005-CKI1, Floating Rate Note, 11/12/37 260,000 $262,401
Mississippi Business Finance Corp., Floating Rate Note, 12/1/30 225,000 $225,009
Mississippi Business Finance Corp., Floating Rate Note, 12/1/30 200,000 $200,009
ML-CFC Commercial Mortgage Trust 2006-3, Floating Rate Note, 7/12/46 70,000 $71,932
Mythen Re, Ltd., Floating Rate Note, 5/7/15 (Cat Bond) (144A) 250,000 $254,760
New Century Home Equity Loan Trust, Floating Rate Note, 8/25/34 625,000 $55,089
Nomura Asset Acceptance Corp Alternative Loan Trust Series 2004-AR2, Floating Rate Note, 10/25/34 1,250,000 $4,835
Outfront Media Capital LLC, Term Loan, 1/15/21 0 $0
Petrobras Global Finance BV, 3.875%, 1/27/16 675,000 $682,923
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 250,000 $256,200
Scds: (Abgsm) Eur 20dec15 Buy Bnr1dt828 400,000 $-1,412
Scds: (Abgsm) Eur 20mar20 Buy Bnr1e6wq7 400,000 $-78,588
Scds: (Apa) Usd 20jun20 Buy Bnr1kuzh4 250,000 $907
Scds: (Cle) Usd 20dec15 Buy Bnr1dt7e3 300,000 $-26,596
Scds: (Cnqcn) Usd 20jun20 Buy Bnr1kuz76 500,000 $3,031
Scds: (Do) Usd 20jun20 Buy Bnr1kuye2 500,000 $-41,896
Scds: (Etp) Usd 20jun20 Buy Bnr1kuyv4 500,000 $-10,399
Scds: (Ihrt) Usd 20dec15 Buy Bnr1e3mh5 525,000 $6,854
Scds: (Jcp) Usd 20dec16 Buy Bnr1dy0m1 525,000 $12,681
Scds: (Mbi) Usd 20dec15 Buy Bnr1dwk27 250,000 $-7,780
Scds: (Mbi) Usd 20dec15 Buy Bnr1j2w65 250,000 $-10,940
Scds: (Mni) Usd 20jun16 Buy Bnr1kuy93 550,000 $3,570
Scds: (Nbr) Usd 20jun20 Buy Bnr1kuy51 500,000 $-37,251
Scds: (Ne) Usd 20jun20 Buy Bnr1kuxv5 500,000 $-58,857
Scds: (Nsino) Eur 20dec15 Buy Bnr1am735 250,000 $-6,555
Scds: (Nsino) Eur 20dec15 Buy Bnr1dwhz8 250,000 $-6,555
Scds: (Pkd) Usd 20jun20 Buy Bnr1kvr99 250,000 $-16,303
Scds: (Rig) Usd 20jun20 Buy Bnr1kuwc8 250,000 $-59,230
Scds: (Shld) Usd 20dec15 Buy Bnr1dwg14 525,000 $948
Scds: (Toy) Usd 20dec15 Buy Bnr1dt7a1 300,000 $-4,585
Scds: (Wft) Usd 20jun20 Buy Bnr1kuza9 500,000 $-36,182
Scds: (Wmb) Usd 20jun20 Buy Bnr1kuzm3 500,000 $-13,439
Sequoia Mortgage Trust 2012-3, Floating Rate Note, 7/25/42 1,250,000 $671,634
Sequoia Mortgage Trust 2013-6, Floating Rate Note, 5/26/43 800,000 $700,402
Sequoia Mortgage Trust 2013-7, Floating Rate Note, 6/25/43 1,000,000 $857,636
Swp: Usd 1.818500 07-Aug-2019 Usd Sell -951,858 $-18,276
Swp: Usd 2.660000 07-Aug-2024 Usd Sell -1,660,004 $-91,848
TAL Advantage V LLC, 4.1%, 2/22/39 100,000 $89,780
The University of Texas System, Floating Rate Note, 8/1/34 600,000 $600,015
U.S. Treasury Bills, 0.0%, 5/14/15 1,290,000 $1,289,997
U.S. Treasury Bills, 0.0%, 5/28/15 1,490,000 $1,490,006
U.S. Treasury Bills, 0.0%, 5/7/15 1,290,000 $1,290,000
U.S. Treasury Bills, 0.0%, 7/2/15 1,290,000 $1,289,995
U.S. Treasury Floating Rate Note, 0.09500158%, 7/31/16 1,420,000 $1,420,349
United States Treasury Floating Rate Note, Floating Rate Note, 1/31/16 1,455,000 $1,455,164
United States Treasury Floating Rate Note, Floating Rate Note, 1/31/17 500,000 $500,257
United States Treasury Floating Rate Note, Floating Rate Note, 10/31/16 500,000 $499,964
United States Treasury Floating Rate Note, Floating Rate Note, 4/30/16 1,455,000 $1,455,464
Univar, Inc., Term B Loan, 6/30/17 0 $0
University of Michigan, Floating Rate Note, 12/1/29 225,000 $225,007
Wachovia Bank Commercial Mortgage Trust Series 2005-C22, Floating Rate Note, 12/15/44 250,000 $253,632
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 125,000 $132,217
Wells Fargo Commercial Mortgage Trust 2014-TISH, Floating Rate Note, 1/15/27 (144A) 200,000 $198,173

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.