Pioneer Dynamic Credit Fund

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

Security Name Par / Shares Market Value
14112z Zero% 01feb19 2,000,000 $2,326,200
17079z Zero% 31mar18 250,000 $278,700
A10 Securitization 2013-1 LLC, 4.7%, 11/17/25 (144A) 350,000 $348,448
A10 Securitization 2013-1 LLC, 6.41%, 11/17/25 (144A) 139,000 $138,448
AAF Holdings LLC, 12.375%, 7/1/19 (144A) (PIK) 1,165,918 $1,171,748
Accudyne Industries Borrower SCA, Refinancing Term Loan, 12/13/19 671,979 $575,102
Acgl Zero% 01jul16 700,000 $781,410
ACRE Commercial Mortgage Trust 2014-FL2, Floating Rate Note, 8/15/31 (144A) 1,400,000 $1,390,617
Advanced Micro Devices, Inc., 7.5%, 8/15/22 320,000 $226,667
AECOM, 5.75%, 10/15/22 635,000 $661,758
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 208,000 $154,548
Affiliated Managers Group, Inc., 4.25%, 2/15/24 915,000 $938,960
Affinion Group, Inc., Tranche B Term Loan, 4/30/18 954,365 $883,981
Agrokor dd, 8.875%, 2/1/20 (144A) 75,000 $82,461
Air Canada 2013-1 Class A Pass Through Trust, 4.125%, 11/15/26 (144A) 500,000 $454,124
Air Canada 2013-1 Class C Pass Through Trust, 6.625%, 5/15/18 (144A) 500,000 $504,858
Aircastle, Ltd., 6.25%, 12/1/19 600,000 $648,125
Akorn, Inc., Loan, 11/13/20 0 $0
Albertsons LLC, Term B-2 Loan, 3/21/19 887,547 $884,280
Alkermes, Inc., 2019 Term Loan, 9/25/19 680,906 $678,778
Allegion US Holding Co, Inc., 5.75%, 10/1/21 930,000 $954,994
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 843,455 $805,499
Alliance One International, Inc., 9.875%, 7/15/21 800,000 $624,428
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 550,456 $548,293
Ally Financial, Inc., 4.625%, 3/30/25 1,000,000 $999,191
Ally Financial, Inc., 4.625%, 5/19/22 1,000,000 $1,010,396
Ally Financial, Inc., 5.75%, 11/20/25 720,000 $733,715
Altice Financing SA, 6.625%, 2/15/23 (144A) 1,000,000 $1,004,063
Altisource Solutions Sarl, Term B Loan, 12/9/20 1,126,426 $985,623
Altrl Zero% 30jun16 2,501,147 $175,080
Altrl Zero% 30jun17 695,760 $825,311
American Airlines 2014-1 Class B Pass Through Trust, 4.375%, 10/1/22 1,550,000 $1,416,940
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 1,205,000 $1,222,740
Apex Tool Group LLC, Term Loan, 1/31/20 1,229,422 $1,176,147
Appvion, Inc., Term Commitment, 6/28/19 472,537 $441,822
Arcelik AS, 5.0%, 4/3/23 (144A) 400,000 $369,538
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 738,280 $730,494
Atlantic Power LP, Term Loan, 2/20/21 1,316,334 $1,311,398
Atlas IX Capital, Ltd., Floating Rate Note, 1/17/19 (Cat Bond) (144A) 250,000 $256,747
Atrium Innovations, Inc., Initial Tranche B-1 Term Loan (First Lien), 1/29/21 589,500 $546,761
Avg Technologies Nv 1st Lien Tl-B L + 4.75% 07oct20 1,237,500 $1,232,859
Axis Equipment Finance Receivables III LLC, 5.27%, 5/20/20 (144A) 500,000 $498,844
AXIS Equipment Finance Receivables II LLC, 6.41%, 10/22/18 (144A) 250,000 $253,696
Banc of America Commercial Mortgage Trust 2007-5, Floating Rate Note, 2/10/51 1,250,000 $1,254,387
Banco Santander SA, Floating Rate Note (Perpetual) 800,000 $765,950
Bank of America Corp., Floating Rate Note, 10/23/49 800,000 $852,822
Bank of America Corp., Floating Rate Note, 9/29/49 925,000 $945,941
Bayview Opportunity Master Fund IIa Trust 2014-20NPL, 3.721%, 8/28/44 (Step) (144A) 460,000 $237,782
Bayview Opportunity Master Fund Trust 2014-15RPL, Floating Rate Note, 10/28/19 (144A) 1,750,000 $694,920
Bayview Opportunity Master Fund Trust IIIa 2014-12RPL, 3.6225%, 7/28/19 (Step) (144A) 500,000 $77,226
Bear Stearns ALT-A Trust 2003-3, Floating Rate Note, 10/25/33 23,000,000 $141,807
Bear Stearns Commercial Mortgage Securities Trust 2005-PWR7, Floating Rate Note, 2/11/41 100,000 $100,309
Bear Stearns Commercial Mortgage Securities Trust 2005-TOP20, Floating Rate Note, 10/12/42 1,600,000 $1,604,337
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR16, Floating Rate Note, 6/11/40 2,000,000 $2,005,626
Belden, Inc., 5.5%, 4/15/23 300,000 $332,612
Belden, Inc., 5.5%, 9/1/22 (144A) 1,360,000 $1,333,933
Beverage Packaging Holdings Luxembourg II SA, 5.625%, 12/15/16 (144A) 200,000 $198,250
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 292,369 $267,883
BioScrip, Inc., Initial Term B Loan, 7/31/20 487,281 $446,471
Blackstone Holdings Finance Co LLC, 5.0%, 6/15/44 (144A) 300,000 $306,962
Blackstone Holdings Finance Co LLC, 6.25%, 8/15/42 (144A) 750,000 $903,893
Blue Danube II, Ltd., Floating Rate Note, 5/23/18 (Cat Bond) (144A) 750,000 $751,681
Boardwalk Pipelines LP, 4.95%, 12/15/24 2,000,000 $1,743,460
Boulder Brands USA, Inc., Term Loan, 7/9/20 738,689 $737,765
Bright Horizons Family Solutions, Inc., Term B Loan, 1/30/20 781,183 $781,111
Broadspectrum, Ltd., 8.375%, 5/15/20 (144A) 805,000 $841,790
Builders FirstSource, Inc., Initial Term Loan, 7/24/22 0 $0
Building Materials Corp of America, 5.375%, 11/15/24 (144A) 945,000 $949,128
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/20 (Cat Bond) (144A) 1,000,000 $1,040,812
CalAtlantic Group, Inc., 5.375%, 10/1/22 95,000 $96,752
CalAtlantic Group, Inc., 6.25%, 12/15/21 1,000,000 $1,070,278
Calpine Corp., 5.75%, 1/15/25 2,000,000 $1,789,278
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 500,000 $557,068
Cardtronics, Inc., 5.125%, 8/1/22 1,000,000 $986,354
Carefree Portfolio Trust 2014-CARE, Floating Rate Note, 11/15/29 (144A) 500,000 $487,062
Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A) 1,665,000 $1,792,132
CCOH Safari LLC, 5.75%, 2/15/26 (144A) 1,060,000 $1,069,592
CCO Safari II LLC, 6.384%, 10/23/35 (144A) 705,000 $720,785
CD 2005-CD1 Commercial Mortgage Trust, Floating Rate Note, 7/15/44 2,500,000 $2,507,682
CENGAGE LEARNING ACQUISITIONS INC, Term Loan, 3/6/20 250,000 $243,125
CenturyLink, Inc., 5.8%, 3/15/22 1,000,000 $933,578
CenturyLink, Inc., 7.6%, 9/15/39 150,000 $118,107
CenturyLink, Inc., 7.65%, 3/15/42 1,300,000 $1,023,783
Cenveo Corp., 6.0%, 8/1/19 (144A) 1,210,000 $883,300
CFCRE 2015-RUM Mortgage Trust, Floating Rate Note, 7/15/30 (144A) 1,000,000 $998,779
Charter Communications Operating L 1st Lien Bridge L + 6.625% 26may16 1,015,000 $1,015,000
CHL Mortgage Pass-Through Trust 2002-32, Floating Rate Note, 1/25/33 450,000 $42,252
CHS, 8.0%, 11/15/19 1,075,000 $1,094,051
Citigroup, Inc., Floating Rate Note (Perpetual) 50,173 $1,405,346
Citigroup, Inc., Floating Rate Note (Perpetual) 640,000 $642,212
Citigroup, Inc., Floating Rate Note (Perpetual) 1,500,000 $1,507,183
Citigroup Commercial Mortgage Trust 2006-C4, Floating Rate Note, 3/17/49 300,000 $302,955
Citigroup Commercial Mortgage Trust 2014-GC23 REMICS, Floating Rate Note, 7/12/47 (144A) 1,000,000 $643,606
Citigroup Mortgage Loan Trust, Inc., 6.75%, 9/25/34 300,000 $50,388
Citrus Re, Ltd., Floating Rate Note, 4/18/17 (Cat Bond) (144A) 250,000 $251,579
Citrus Re, Ltd., Floating Rate Note, 4/24/17 (Cat Bond) (144A) 350,000 $353,162
Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A) 750,000 $726,667
COBALT CMBS Commercial Mortgage Trust 2007-C2, Floating Rate Note, 4/15/47 1,200,000 $1,216,433
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 220,000 $202,209
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 715,000 $688,198
COMM 2007-C9 Mortgage Trust, Floating Rate Note, 12/10/49 (144A) 1,000,000 $921,275
COMM 2012-CCRE2 Mortgage Trust, Floating Rate Note, 8/17/45 (144A) 100,000 $95,640
COMM 2015-CCRE23 Mortgage Trust, Floating Rate Note, 5/12/48 (144A) 1,000,000 $929,151
Commercial Barge Line Co 1st Lien Tl-B L + 8.75% 06nov20 498,721 $463,811
Commercial Metals Co., 4.875%, 5/15/23 1,000,000 $836,229
Commercial Mortgage Trust 2007-GG11, Floating Rate Note, 12/10/49 1,600,000 $1,630,281
Commonwealth of the Bahamas, 5.75%, 1/16/24 (144A) 1,700,000 $1,821,302
Confie Seguros Holding II Co., Term B Loan (First Lien), 11/9/18 904,626 $893,319
Consolidated Precision Products 1st Lien Tl L + 3.5% 28dec19 1,280 $1,191
Continental Airlines 1997-4 Class B Pass Through Trust, 6.9%, 1/2/17 250,000 $8,349
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 100,000 $101,383
Copano Energy LLC, 7.125%, 4/1/21 373,000 $378,893
Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 1,900,000 $1,870,497
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 6/25/33 1,749,811 $230,629
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 2,050,000 $1,958,467
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 1,150,000 $1,151,430
Crown Castle 1st Lien Term-B2 L + 2.5% 31jan21 645,563 $641,528
Crowne Group Llc 1st Lien Tl-B L + 5% 29sep20 1,212,913 $1,188,655
CS Intermediate Holdco 2 LLC, Term Loan, 3/28/21 640,250 $631,980
CSMC Trust 2015-SAND, Floating Rate Note, 8/15/30 (144A) 1,100,000 $1,102,884
CST Brands, Inc., 5.0%, 5/1/23 1,325,000 $1,322,792
Cummins, Inc., 5.65%, 3/1/98 350,000 $372,004
CWGS Group LLC, Term Loan, 2/20/20 1,341,250 $1,332,867
Darling Ingredients, Inc., 5.375%, 1/15/22 1,060,000 $1,070,372
DaVita HealthCare Partners, Inc., 5.125%, 7/15/24 1,360,000 $1,392,139
DBUBS 2011-LC2 Mortgage Trust, Floating Rate Note, 7/12/44 (144A) 113,538 $123,584
DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A) 1,140,000 $879,510
DCP Midstream Operating LP, 5.6%, 4/1/44 300,000 $186,397
Del Coronado Trust 2013-DEL MZ, Floating Rate Note, 3/15/18 (144A) 1,300,000 $1,300,932
DigitalGlobe, Inc., Term Loan, 1/31/20 785,377 $772,487
DIRECTV Holdings LLC, 5.15%, 3/15/42 1,000,000 $947,501
DR Horton, Inc., 5.75%, 8/15/23 765,000 $832,108
DTZ US Borrower LLC, 2015-1 Additional Term Loan (First Lien), 11/4/21 1,645,930 $1,608,896
DuPont Fabros Technology LP, 5.875%, 9/15/21 1,000,000 $1,057,299
DynCorp International, Inc., Term Loan, 7/7/16 815,805 $785,213
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 250,000 $253,838
Eco Services Operations Llc 1st Lien Tl-B L + 3.75% 10oct21 569,250 $563,380
Electricite de France SA, Floating Rate Note (Perpetual) (144A) 1,000,000 $962,167
Emdeon, Inc., Term B-2 Loan, 11/2/18 768,014 $755,534
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 500,000 $124,421
Enbridge Energy Partners LP, 7.375%, 10/15/45 2,125,000 $2,072,917
Enel Finance International NV, 5.125%, 10/7/19 (144A) 150,000 $163,862
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 1,190,000 $1,383,168
Ensco Plc, 5.75%, 10/1/44 1,950,000 $1,313,454
Epiq Systems, Inc., Term Loan, 8/27/20 585,537 $570,898
EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 530,000 $526,389
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/10/19 (144A) 300,000 $276,991
Equinix, Inc., 5.375%, 4/1/23 1,500,000 $1,550,156
Evergreen Skills Lux Sarl, Initial Term Loan (First Lien), 4/23/21 1,264,000 $985,920
ExGen Renewables I LLC, Term Loan, 2/5/21 989,168 $996,586
FCA US LLC, Tranche B Term Loan, 12/29/18 1,994,625 $1,979,915
FCI - FIDJI LUXEMBOURG BC4 SARL, Term Loan, 12/19/20 292,950 $292,950
Federal Mogul 1st Lien Tl-C L + 3.75% 15apr21 646,725 $572,029
Fidelity & Guaranty Life Holdings, Inc., 6.375%, 4/1/21 (144A) 500,000 $517,969
Firstar Realty LLC, 8.875% (Perpetual) (144A) 400 $493,875
First Data Corp., 2018 New Dollar Term Loan, 3/24/18 750,000 $741,563
Fitness International Llc 1st Lien Tl-B L + 4.5% 25jun20 905,622 $852,417
Fixed Income Trust Series 2013-A, 0.0%, 10/15/97 (Step) (144A) 1,000,000 $699,864
Fly Funding II Sarl, Loan, 8/8/18 686,954 $681,909
Fly Leasing, Ltd., 6.375%, 10/15/21 1,375,000 $1,386,630
FMG Resources August 2006 Pty, Ltd., 9.75%, 3/1/22 (144A) 1,700,000 $1,610,750
FMG Resources August 2006 Pty, Ltd., Loan, 6/30/19 543,420 $407,942
Frontier Communications Corp., 10.5%, 9/15/22 (144A) 1,640,000 $1,679,770
Frontier Communications Corp., 7.625%, 4/15/24 250,000 $214,024
Frontier Communications Corp., 8.75%, 4/15/22 500,000 $471,736
Frontier Communications Corp., 8.875%, 9/15/20 (144A) 90,000 $93,255
Frontier Communications Corp., 9.0%, 8/15/31 200,000 $174,800
GAHR Commercial Mortgage Trust 2015-NRF, Floating Rate Note, 12/15/34 (144A) 820,000 $764,496
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 1,000,000 $1,024,267
Garda World Security Corp., Term B Delayed Draw Loan, 11/8/20 51,880 $49,724
Garda World Security Corp., Term B Loan, 11/1/20 202,804 $194,375
Gator Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 600,000 $586,192
GCI, Inc., 6.75%, 6/1/21 2,000,000 $2,041,250
GE Mortgage Services LLC, Floating Rate Note, 3/25/27 5,850,000 $163,493
Generac Power Systems, Inc., Term Loan B, 5/31/20 368,898 $361,750
Genex 1st Lien Tl L + 4.25% 22may21 498,737 $491,256
Gibraltar Industries, Inc., 6.25%, 2/1/21 1,000,000 $1,043,542
GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 1,500,000 $625,406
Glencore Funding LLC, 4.125%, 5/30/23 (144A) 200,000 $148,212
Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 8,042 $8,022
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 1,671,000 $225,607
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 800,000 $119,376
Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 2,500,000 $580,389
Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 509,814 $93,866
GMAC Capital Trust I, Floating Rate Note, 2/15/40 27,750 $703,740
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 570,000 $539,735
Golar LNG Partners LP, Floating Rate Note, 10/12/17 2,000,000 $230,438
Golden State RE II, Ltd., Floating Rate Note, 1/8/19 (Cat Bond) (144A) 250,000 $249,499
Granite Acquisition, Inc., Term B Loan (First Lien), 10/15/21 1,896,552 $1,704,526
Granite Acquisition, Inc., Term C Loan (First Lien), 10/15/21 84,291 $75,757
Griffon Corp., 5.25%, 3/1/22 1,375,000 $1,335,469
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 425,000 $368,068
GS Mortgage Securities Corp II Series 2005-GG4, Floating Rate Note, 7/10/39 890,000 $859,883
GS Mortgage Securities Corp Trust 2014-NEW, 3.79%, 1/10/31 (144A) 1,000,000 $964,546
GS Mortgage Securities Trust 2014-GSFL, Floating Rate Note, 7/15/31 (144A) 705,000 $701,755
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 540,000 $534,690
Hawaiian Airlines 2013-1 Class A Pass Through Certificates, 3.9%, 1/15/26 105,000 $97,386
HCA, Inc., 5.375%, 2/1/25 1,000,000 $1,009,896
Hexion, Inc., 8.875%, 2/1/18 565,000 $419,218
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 250,000 $130,471
HSBC Bank USA NA New York NY, 6.0%, 8/9/17 250,000 $271,852
Iap Worldwide Services Inc 4 $5,393
Iap Worldwide Services Inc 1st Lien Tl L + 6.5% 18jul19 28,331 $28,473
IASIS Healthcare LLC, Term B-2 Loan, 5/3/18 596,923 $587,074
Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat Bond) (144A) 250,000 $254,075
Igloo Holdings Corp., 8.25%, 12/15/17 (144A) (PIK) 200,000 $200,733
Immucor, Inc., 11.125%, 8/15/19 100,000 $95,203
Immucor, Inc., Term B-2 Loan, 8/19/18 575,059 $547,743
Inkia Energy, Ltd., 8.375%, 4/4/21 (144A) 100,000 $99,424
Instituto Costarricense de Electricidad, 6.375%, 5/15/43 (144A) 1,000,000 $758,146
Intelsat Jackson Holdings SA, 7.25%, 4/1/19 250,000 $233,906
Intelsat Jackson Holdings SA, Tranche B-2 Term Loan, 6/30/19 289,851 $274,924
International Automotive Components Group SA, 9.125%, 6/1/18 (144A) 400,000 $345,042
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 1,350,000 $1,142,063
inVentiv Health, Inc., Term B-3 Loan, 5/15/18 132,691 $130,922
Iron Mountain, Inc., 5.75%, 8/15/24 500,000 $493,361
j2 Global, Inc., 8.0%, 8/1/20 705,000 $760,225
James River Coal Co., 7.875%, 4/1/19 250,000 $46,484
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 500,000 $462,611
JinkoSolar Holding Co, Ltd., 4.0%, 2/1/19 (144A) 1,455,000 $1,319,200
JLL, Initial Dollar Term Loan, 1/23/21 443,250 $428,290
JPMorgan Chase & Co., 1.0%, 9/20/17 250,000 $24,589
JPMorgan Chase & Co., Floating Rate Note, 8/29/49 2,360,000 $2,638,775
JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, 5.623%, 5/12/45 1,400,000 $1,349,823
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/15/45 1,400,000 $1,298,575
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 1,725,000 $1,750,015
JP Morgan Chase Commercial Mortgage Securities Trust 2014-CBM MZ, Floating Rate Note, 10/15/19 (144A 1,850,000 $1,857,262
JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU REMICS, Floating Rate Note, 12/15/28 1,100,000 $1,101,834
Kane Ilw Zero% 02feb16 1,050,000 $1,050,000
Kane-Pi4 Flt% 07jul16 1,503,871 $1,507,330
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 1,050,525 $1,150,010
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 550,600 $599,989
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 294,350 $350,012
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 533,600 $599,980
Kane Sac Zero% 15jun16 400,000 $399,840
Kane Zero% 19feb16 1,500,000 $1,745,250
Kane Zero% 22jan16 500,000 $583,250
Kane Zero% 22jan16 1,200,000 $1,350,840
Kane Zero% 29apr16 2,100,000 $2,390,010
KB Home, 7.0%, 12/15/21 500,000 $494,681
Kenya Government International Bond, 5.875%, 6/24/19 (144A) 405,000 $382,175
Key Energy Services, Inc., 6.75%, 3/1/21 315,000 $86,231
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 350,000 $349,405
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 650,000 $653,925
Kinder Morgan, Inc. Delaware, 4.3%, 6/1/25 1,100,000 $954,349
Kinder Morgan, Inc. Delaware, 5.3%, 12/1/34 750,000 $594,343
Kinder Morgan, Inc. Delaware, 5.55%, 6/1/45 1,360,000 $1,067,947
Kindred Healthcare, Inc., New Term Loan, 4/10/21 486,356 $469,334
KKR Group Finance Co II LLC, 5.5%, 2/1/43 (144A) 1,500,000 $1,598,209
La Hipotecaria Panamanian Mortgage Trust 2007-1, Floating Rate Note, 12/23/36 (144A) 1,800,000 $721,824
Lantheus Medical Imaging, Inc., Initial Term Loan, 6/25/22 920,375 $846,745
Laureate Education, Inc., New Series 2018 Extended Term Loan, 6/16/18 1,033,964 $868,529
LB-UBS Commercial Mortgage Trust 2005-C7, Floating Rate Note, 11/15/40 1,200,000 $1,244,248
Leaf Receivables Funding 10 LLC, 5.21%, 7/15/21 (144A) 750,000 $732,998
Legacy Reserves LP, 6.625%, 12/1/21 650,000 $140,089
Level 3 Financing, Inc., 5.375%, 5/1/25 (144A) 1,400,000 $1,418,083
Level 3 Financing Inc 1st Lien Tl-B2 L + 2.75% 31may22 1,400,000 $1,379,291
Liberty Tire Recycling Llc 3,071 $31
Liberty Tire Recycling LLC, 11.0%, 3/31/21 (144A) (PIK) 63,982 $43,607
Livingston International, Inc., Initial Term B-1 Loan (First Lien), 4/18/19 706,875 $660,928
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 2,500 $6,250
MacDermid, Inc., Tranche B Term Loan (First Lien), 6/7/20 0 $0
Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A) 500,000 $567,870
Magnesita Finance, Ltd., 8.625% (Perpetual) (144A) 450,000 $252,272
Mar16 Meh6 P @ 1610 848 $207,760
Mar16 Meh6 P @ 1710 -848 $-364,640
Mar16 Meh6 P @ 1810 -848 $-665,680
Mar16 Meh6 P @ 1910 848 $1,216,880
Masco Corp., 4.45%, 4/1/25 1,000,000 $991,125
MCGRAW-HILL SCHOOL EDUCATION HOLDINGS LLC, Term B Loan, 12/18/19 1,862,000 $1,834,070
MDC Holdings, Inc., 5.5%, 1/15/24 890,000 $921,471
MedAssets, Inc., 8.0%, 11/15/18 175,000 $179,851
MedAssets, Inc., Term B Loan, 12/13/19 318,842 $317,248
MediArena Acquisition BV, Dollar Term B Loan (First Lien), 8/6/21 992,462 $888,254
Merrill Lynch Mortgage Investors Trust Series 2006-AF1, 5.75%, 8/25/36 1,200,000 $166,225
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 200,000 $194,557
Micro Focus Us Inc 1st Lien Tl-B L + 4.25% 07oct21 1,177,115 $1,166,521
Micron Technology, Inc., 5.25%, 8/1/23 (144A) 1,000,000 $919,375
Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (PIK) 122,892 $77,342
Mirror BidCo Corp., New Incremental Term Loan, 12/18/19 907,176 $899,617
ML-CFC Commercial Mortgage Trust 2006-3, Floating Rate Note, 7/12/46 1,400,000 $1,404,095
ML-CFC Commercial Mortgage Trust 2006-4, 5.239%, 12/12/49 2,000,000 $1,990,913
MMM Holdings, Inc., MMM Term Loan, 12/12/17 24,057 $15,848
Molina Healthcare, Inc., 5.375%, 11/15/22 (144A) 820,000 $826,244
Monty Parent Issuer 1 LLC, 4.25%, 11/20/28 (144A) 1,750,000 $163,399
Morgan Stanley, Floating Rate Note (Perpetual) 66,707 $1,770,404
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 1,800,000 $1,784,418
MortgageIT Trust 2005-1, Floating Rate Note, 2/25/35 3,432,000 $459,080
MortgageIT Trust 2005-1, Floating Rate Note, 2/25/35 2,208,000 $281,738
Mpg Holdco I Inc Us 1st Lien Tl-B L + 3.5% 13oct21 1,389,812 $1,360,774
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 17,489 $11,521
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 1,141,288 $1,112,280
Nationstar Mortgage LLC, 6.5%, 6/1/22 720,000 $626,700
Nationstar Mortgage LLC, 6.5%, 7/1/21 725,000 $665,188
Navios Maritime Partners LP, Term Loan, 6/27/18 874,860 $857,363
Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A) 600,000 $400,250
Navitas Equipment Receivables LLC 2013-1, 5.82%, 6/15/19 750,000 $752,965
Navitas Equipment Receivables LLC 2015-1, 5.75%, 5/17/21 (144A) 710,500 $709,981
NBTY, Inc., Term B-2 Loan, 10/1/17 0 $0
NCF Dealer Floorplan Master Trust, Floating Rate Note, 10/20/20 (144A) 600,000 $588,149
NCR Corp., 6.375%, 12/15/23 1,160,000 $1,145,887
New World Resources NV, 4.0%, 10/7/20 (PIK) 73,160 $12,442
New World Resources NV, Floating Rate Note, 10/7/20 38,709 $8,826
New World Resources NV, Floating Rate Note, 10/7/20 29,032 $4,098
NEXEO SOLUTIONS LLC, Term B-3 Loan, 9/9/17 0 $0
Noble Energy, Inc., 5.875%, 6/1/22 665,000 $635,870
Nord Anglia Education Finance Llc 1st Lien Tl-B L + 3.5% 21mar21 992,443 $981,278
NorthStar 2013-1, Floating Rate Note, 8/27/29 (144A) 1,500,000 $1,515,678
NPC International, Inc., Term Loan, 12/28/18 557,578 $552,234
NRG Energy, Inc., 6.25%, 5/1/24 1,000,000 $850,617
NRG Energy, Inc., 7.625%, 1/15/18 900,000 $969,894
NRG Energy, Inc., 8.25%, 9/1/20 200,000 $199,500
ONEOK, Inc., 6.875%, 9/30/28 1,450,000 $1,068,922
ORES 2014-LV3 LLC, 6.0%, 3/27/24 1,000,000 $996,583
Oversea-Chinese Banking Corp, Ltd., Floating Rate Note, 10/15/24 (144A) 425,000 $435,965
Oxford Finance LLC, 7.25%, 1/15/18 (144A) 700,000 $723,401
Pangaea Zero% 01jul18 2,000,000 $36,000
Paragon Offshore Finance Co Tl-B L + 2.75% 11jul21 287,100 $83,977
PDL BioPharma, Inc., 4.0%, 2/1/18 593,000 $484,654
PetSmart, Inc., Tranche B-1 Loan, 3/10/22 497,500 $486,073
PFP 2015-2, Ltd., Floating Rate Note, 7/14/34 (144A) 1,171,000 $1,171,435
Pilot Travel Centers LLC, Refinancing Tranche B Term Loan, 10/3/21 769,280 $772,165
Plains All American Pipeline LP, 4.65%, 10/15/25 2,125,000 $1,889,880
Post Holdings, Inc., 7.375%, 2/15/22 550,000 $588,699
Post Holdings, Inc., 7.75%, 3/15/24 (144A) 200,000 $215,226
PQ Corp., 2014 Term Loan, 8/7/17 679,000 $674,756
Prestige Brands, Inc., Term B-3 Loan, 9/3/21 889,143 $885,438
Progreso Receivables Funding II LLC, 6.0%, 7/8/19 (144A) 500,000 $504,756
Progressive Waste Solutions, Ltd., 10/24/19 0 $0
Provident Funding Associates LP, 6.75%, 6/15/21 (144A) 2,000,000 $1,941,000
Prudential Financial, Inc., Floating Rate Note, 9/15/42 1,500,000 $1,585,198
Quebecor Media, Inc., 5.75%, 1/15/23 825,000 $833,296
QVC, Inc., 4.45%, 2/15/25 1,500,000 $1,416,366
Qwest Corp., 7.375%, 6/1/51 4,400 $111,892
RASC Series 2003-KS5 Trust, 4.96%, 7/25/33 (Step) 400,000 $224,709
RCMC LLC, 5.62346%, 12/17/18 (144A) 250,000 $78,559
RegionalCare Hospital Partners, Inc., Term Loan (First Lien), 4/21/19 1,090,403 $1,077,681
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 800,000 $807,220
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 500,000 $516,972
RESI Finance LP 2003-D, Floating Rate Note, 12/10/35 (144A) 7,240,000 $1,014,307
Resolute Forest Products, Inc., 5.875%, 5/15/23 1,110,000 $815,858
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 330,000 $344,786
Rialto Capital Management LLC, 2.85%, 5/15/24 (144A) 1,000,000 $143,801
RMAT 2015-1 LLC, 5.0%, 7/27/20 (Step) (144A) 1,000,000 $978,123
Rowan Companies, Inc., 5.85%, 1/15/44 2,393,000 $1,508,597
Royal Bank of Scotland Group Plc, Floating Rate Note (Perpetual) 1,400,000 $1,508,811
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 1,500,000 $1,415,156
Sabine Pass LNG LP, 6.5%, 11/1/20 100,000 $98,083
Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 865,000 $870,574
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 1,000,000 $1,000,644
Sanders Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A) 500,000 $500,353
SandRidge Energy, Inc. 14,179 $2,836
Scds: (Aks) Usd 20dec16 Buy Bnr27bu01 4,200,000 $-424,626
Scds: (Bbdbcn) Usd 20dec16 Buy Bnr23a1e9 4,175,000 $16,961
Scds: (Bbdbcn) Usd 20dec16 Buy Bnr278za1 1,685,000 $-14,451
Scds: (Brazil) Usd 20dec20 Sell Bnr257ff6 -7,123,500 $1,160,999
Scds: (Brazil) Usd 20dec20 Sell Bnr273du2 -6,065,000 $988,483
Scds: (Hov) Usd 20dec16 Buy Bnr231u15 4,175,000 $-107,826
Scds: (Hov) Usd 20dec16 Buy Bnr26wym4 1,735,000 $-66,738
Scds: (Ihrt) Usd 20dec16 Buy Bnr278v80 5,050,000 $-1,441,503
Scds: (Rig) Usd 20dec16 Buy Bnr273re3 1,665,000 $-105,383
Scds: (S) Usd 20dec16 Buy Bnr231wa3 4,175,000 $39,533
Scds: (Soaf) Usd 20dec20 Sell Bnr25axg7 -3,957,000 $395,193
Scds: (Soaf) Usd 20dec20 Sell Bnr273dr9 -8,410,000 $839,922
Scds: (Tckbcn) Usd 20dec16 Buy Bnr26t8y4 3,880,000 $-53,584
Scds: (Turkey) Usd 20dec20 Sell Bnr25avz7 -3,957,000 $292,839
Scds: (Turkey) Usd 20dec20 Sell Bnr273dn8 -8,080,000 $597,963
Scientific Games International, Inc., 10.0%, 12/1/22 800,000 $574,667
Scientific Games International, Inc., 7.0%, 1/1/22 (144A) 750,000 $742,500
Scientific Games International, Inc., Initial Term B-2 Loan, 9/17/21 1,608,750 $1,474,017
Seadrill Operating LP, Initial Term Loan, 2/14/21 833,000 $344,654
Sealy Corp., 8.0%, 7/15/16 (PIK) 13,100 $1,156,819
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A) 1,433 $6,210
Sector Re V, Ltd., 0.0%, 12/1/19 (Cat Bond) (144A) 3,777 $121,266
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 1,205 $12,347
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 250,000 $137,636
Securus Technologies Holdings, Inc., Initial Term Loan (First Lien), 4/30/20 489,242 $355,923
Select Medical Corp., Series E Tranche B Term Loan, 6/1/18 20,527 $20,463
Sensata Technologies BV, 5.0%, 10/1/25 (144A) 950,000 $940,500
Serena Software Inc 1st Lien Term L + 6.5% 10apr20 771,023 $758,494
Shearers Foods Llc 1st Lien Tl L + 3.5% 19jun21 938,125 $926,398
Sierra Timeshare 2011-3 Receivables Funding LLC, 9.31%, 7/20/28 (144A) 750,000 $129,933
Silver Bay Realty 2014-1 Trust, Floating Rate Note, 9/18/31 (144A) 1,200,000 $1,155,427
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 400,000 $3,760
Silvre Zero% 18sep18 144a 500,000 $500,000
Sirius XM Radio, Inc., 4.625%, 5/15/23 (144A) 830,000 $818,305
SolarCity Corp., 1.625%, 11/1/19 3,000,000 $2,430,625
Sotheby's, 5.25%, 10/1/22 (144A) 1,135,000 $1,047,747
Southern California Edison Co., Floating Rate Note (Perpetual) 75,000 $84,584
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) 800,000 $722,222
Springleaf Mortgage Loan Trust 2013-1, Floating Rate Note, 6/25/58 (144A) 250,000 $251,643
Sprint Corp., 7.25%, 9/15/21 1,000,000 $776,047
SRAM LLC, Term Loan (First Lien), 4/10/20 0 $0
Steward Health Care System LLC, Term Loan, 4/10/20 488,750 $476,531
STG-Fairway Acquisitions, Inc., Term Loan (First Lien), 3/4/19 745,869 $727,222
Structured Asset Mortgage Investments Trust 2003-AR1, Floating Rate Note, 10/19/33 3,319,800 $110,799
SUAM Finance BV, 4.875%, 4/17/24 (144A) 500,000 $512,510
Summit Midstream Holdings LLC, 7.5%, 7/1/21 1,030,000 $914,125
SunEdison, Inc., 2.625%, 6/1/23 (144A) 2,000,000 $733,125
Swift Energy Co., 7.875%, 3/1/22 1,285,000 $136,531
Syncreon Group BV, Term Loan, 9/26/20 689,447 $564,197
Talen Energy Supply LLC, 4.6%, 12/15/21 525,000 $323,786
Talen Energy Supply LLC, 4.625%, 7/15/19 (144A) 1,880,000 $1,450,094
Talen Energy Supply LLC, 6.5%, 6/1/25 (144A) 250,000 $166,354
Tank Holding Corp., Initial Term Loan, 7/9/19 622,166 $613,418
Tasc Inc 1st Lien Tl-B L + 6% 23may20 758,865 $761,072
Taylor Morrison Communities, Inc., 5.875%, 4/15/23 1,000,000 $999,903
TEGNA, Inc., 6.375%, 10/15/23 1,120,000 $1,196,673
Telesat Canada, U.S. Term B-2 Loan, 3/28/19 598,428 $590,947
Tenet Healthcare Corp., 4.375%, 10/1/21 1,480,000 $1,460,575
Tenet Healthcare Corp., 4.5%, 4/1/21 265,000 $261,356
Terraform Global Operating LLC, 9.75%, 8/15/22 (144A) 1,165,000 $975,154
TerraForm Power Operating LLC, 5.875%, 2/1/23 (144A) 1,000,000 $851,979
The Goodyear Tire & Rubber Co., 5.125%, 11/15/23 2,500,000 $2,582,431
The Williams Companies, Inc., 4.55%, 6/24/24 1,000,000 $695,465
The Williams Companies, Inc., 5.75%, 6/24/44 2,625,000 $1,561,544
Tiers Trust, Floating Rate Note, 10/15/97 (144A) 100,000 $92,066
TIG FINCO Plc, 8.75%, 4/2/20 202,103 $265,481
TIG FINCO Plc, Floating Rate Note, 3/2/20 (144A) 35,665 $54,878
TimberStar Trust I, 7.5296%, 10/15/36 (144A) 180,000 $183,707
T-Mobile USA, Inc., 6.625%, 4/1/23 1,500,000 $1,554,844
TMS International Corp., Term B Loan, 10/2/20 570,575 $430,784
Top Co 34,794 $8,204
Tower Automotive Holdings USA LLC, Initial Term Loan (2014), 4/23/20 1,039,333 $997,760
Trader Corp., 9.875%, 8/15/18 (144A) 100,000 $107,731
Transnet SOC, Ltd., 4.0%, 7/26/22 (144A) 325,000 $292,208
Transocean, Inc., 5.55%, 12/15/16 4,090,000 $3,977,389
Truven Health Analytics, Inc., New Tranche B Term Loan, 6/6/19 982,323 $943,030
TurboCombustor Technology, Inc., Initial Term Loan, 10/18/20 0 $0
Turkiye Sise ve Cam Fabrikalari AS, 4.25%, 5/9/20 (144A) 400,000 $386,200
UBS AG, 7.625%, 8/17/22 1,050,000 $1,226,801
Ultima Intermediate Sarl, Term Loan B (First Lien), 7/2/20 987,462 $984,993
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 300,000 $296,058
US Airways, Inc., Tranche B-1 Term Loan (Consenting), 5/23/19 606,375 $601,164
US Airways, Inc., Tranche B-2 Term Loan (Consenting), 11/23/16 520,625 $520,300
US Airways 2013-1 Class A Pass Through Trust, 3.95%, 5/15/27 400,000 $366,388
US Airways 2013-1 Class B Pass Through Trust, 5.375%, 11/15/21 200,000 $188,422
US Renal Care, Inc., Tranche B-2 Term Loan (First Lien), 7/3/19 736,355 $733,133
Us Renal Care Inc 1st Lien L + 4.25% 16nov22 735,000 $731,019
Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 2,800,000 $2,520,019
Valeant Pharmaceuticals International, Inc., Series C-2 Tranche B Term Loan, 12/11/19 298,478 $288,124
Valeant Pharmaceuticals International, Inc., Series E1 Tranche B Term Loan, 8/5/20 728,520 $700,745
Verizon Communications, Inc., 5.012%, 8/21/54 576,000 $537,805
Verizon Communications, Inc., 6.55%, 9/15/43 576,000 $694,942
Vers 2015-A Zero% 31dec17 2,000,000 $2,336,000
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 200,000 $205,003
Virgin Media 1st Lien Tl-F L + 2.75% 30jun23 531,924 $521,507
Virgin Media Secured Finance Plc, 5.25%, 1/15/26 (144A) 1,000,000 $1,012,021
Virgin Media Secured Finance Plc, 5.375%, 4/15/21 (144A) 500,000 $469,731
Vita Capital V, Ltd., Floating Rate Note, 1/15/17 (Cat Bond) (144A) 250,000 $253,176
Vitality Re V, Ltd., Floating Rate Note, 1/7/19 (Cat Bond) (144A) 250,000 $252,947
Vocus Inc 1st Lien Tl-B L + 5% 23may21 498,739 $496,246
VOLT XXV LLC, 4.5%, 6/26/45 (Step) (144A) 1,000,000 $965,092
VOLT XXXVII LLC, 4.375%, 7/25/45 (Step) (144A) 1,000,000 $966,286
Voya Financial, Inc., Floating Rate Note, 5/15/53 615,000 $610,215
Wachovia Bank Commercial Mortgage Trust Series 2005-C22, Floating Rate Note, 12/15/44 1,600,000 $423,411
Wachovia Bank Commercial Mortgage Trust Series 2006-C24, Floating Rate Note, 3/15/45 304,000 $304,778
Wachovia Bank Commercial Mortgage Trust Series 2006-C28, Floating Rate Note, 10/15/48 1,500,000 $1,525,289
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 1,813,000 $1,837,402
Wastequip LLC, Term Loan, 8/9/19 0 $0
Wausau Paper 1st Lien Tl-B L + 5.5% 20jul20 1,080,901 $1,078,199
WCA Waste Corp., Term Loan, 3/23/18 685,337 $678,483
WCP ISSUER LLC, 6.657%, 8/15/43 (144A) 400,000 $411,847
Weatherford International, Ltd. Bermuda, 5.95%, 4/15/42 2,000,000 $1,430,122
WellCare Health Plans, Inc., 5.75%, 11/15/20 1,815,000 $1,882,785
Wells Fargo & Co., 7.5% (Perpetual) 1,050 $1,221,134
Wells Fargo Commercial Mortgage Trust 2014-TISH, Floating Rate Note, 1/15/27 (144A) 1,500,000 $1,454,787
Western Refining, Inc., Term Loan 2013, 11/12/20 497,462 $481,916
Westgate Resorts 2014-1 LLC, 5.5%, 12/20/26 (144A) 800,000 $528,154
WFRBS Commercial Mortgage Trust 2011-C4, Floating Rate Note, 6/17/44 (144A) 50,000 $51,554
WFRBS Commercial Mortgage Trust 2013-C12, Floating Rate Note, 3/17/48 (144A) 200,000 $186,159
Xerium Technologies, Inc., 8.875%, 6/15/18 168,000 $165,324
Zero% 30nov19 2,000,000 $2,119,200
Zero% 31aug16 500,000 $544,400
ZIGGO BV, (USD) TLB3, 1/15/22 587,872 $572,027

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