Pioneer Dynamic Credit Fund

Top 10 Portfolio Holdings as of 4/29/2016
Default: sorted by market value

Security Name Par / Shares Market Value
14112z Zero% 01feb19 2,000,000 $59,800
17079z Zero% 31mar18 250,000 $17,500
A10 Securitization 2013-1 LLC, 4.7%, 11/17/25 (144A) 350,000 $350,524
A10 Securitization 2013-1 LLC, 6.41%, 11/17/25 (144A) 139,000 $139,334
Accudyne Industries Borrower SCA, Refinancing Term Loan, 12/13/19 671,979 $608,141
Acgl Zero% 01jul16 700,000 $52,430
ACRE Commercial Mortgage Trust 2014-FL2, Floating Rate Note, 8/15/31 (144A) 1,400,000 $1,366,701
AECOM, 5.75%, 10/15/22 2,365,000 $2,471,179
Air Canada 2013-1 Class C Pass Through Trust, 6.625%, 5/15/18 (144A) 500,000 $518,932
Albertsons LLC, Term B-2 Loan, 3/21/19 885,311 $887,762
Ally Financial, Inc., 4.625%, 5/19/22 1,000,000 $1,045,684
Ally Financial, Inc., 5.75%, 11/20/25 720,000 $747,400
Altrl Zero% 30jun17 695,760 $113,200
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 1,205,000 $1,209,519
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 738,280 $784,307
Atlas IX Capital DAC, Floating Rate Note, 1/17/19 (Cat Bond) (144A) 250,000 $255,368
Atrium Innovations, Inc., Initial Tranche B-1 Term Loan (First Lien), 1/29/21 0 $0
Avg Technologies Nv 1st Lien Tl-B L + 4.75% 07oct20 1,234,375 $1,231,289
Axis Equipment Finance Receivables III LLC, 5.27%, 5/20/20 (144A) 500,000 $478,304
AXIS Equipment Finance Receivables II LLC, 6.41%, 10/22/18 (144A) 250,000 $250,400
Ball Corp., 5.25%, 7/1/25 3,500,000 $3,742,320
Bank of America Corp., Floating Rate Note (Perpetual) 4,355,000 $4,599,969
Bayview Opportunity Master Fund IIa Trust 2014-20NPL, 3.721%, 8/28/44 (Step) (144A) 460,000 $190,841
Bayview Opportunity Master Fund Trust 2014-15RPL, Floating Rate Note, 10/28/19 (144A) 1,750,000 $598,561
Bear Stearns ALT-A Trust 2003-3, Floating Rate Note, 10/25/33 23,000,000 $138,596
Bear Stearns Commercial Mortgage Securities Trust 2005-PWR7, Floating Rate Note, 2/11/41 100,000 $95,728
Bear Stearns Commercial Mortgage Securities Trust 2005-TOP20, Floating Rate Note, 10/12/42 1,600,000 $1,589,215
Belden, Inc., 5.5%, 4/15/23 300,000 $348,705
Belden, Inc., 5.5%, 9/1/22 (144A) 1,360,000 $1,385,859
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 288,251 $265,191
BioScrip, Inc., Initial Term B Loan, 7/31/20 480,418 $441,985
Blackstone Holdings Finance Co LLC, 5.0%, 6/15/44 (144A) 1,630,000 $1,704,630
Blackstone Holdings Finance Co LLC, 6.25%, 8/15/42 (144A) 750,000 $898,306
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 750,000 $756,742
BNP Paribas SA, Floating Rate Note (Perpetual) (144A) 2,950,000 $3,035,745
Boad 5.5% 06may21 144a 895,000 $896,074
Boardwalk Pipelines LP, 4.95%, 12/15/24 4,500,000 $4,278,584
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 500,000 $509,454
CalAtlantic Group, Inc., 6.25%, 12/15/21 1,000,000 $1,095,938
Calpine Corp., 5.75%, 1/15/25 2,000,000 $2,024,792
Cardtronics, Inc., 5.125%, 8/1/22 1,000,000 $1,015,180
CCOH Safari LLC, 5.75%, 2/15/26 (144A) 1,200,000 $1,253,375
CD 2005-CD1 Commercial Mortgage Trust, Floating Rate Note, 7/15/44 2,500,000 $1,109,974
Cds: (Cdx.Na.Ig.19 0-3%) Usd 20dec17 Buy Bnr2e28w8 3,880,000 $-220,439
Cds: (Cdx.Na.Ig.9 0-3%) Usd 20dec17 Buy Bnr2e29w7 2,464,077 $-863,254
Cds: (Cdx.Na.Ig.9 0-3%) Usd 20dec17 Buy Bnr2e2a13 2,467,885 $-864,588
Centene Corp., 5.625%, 2/15/21 (144A) 590,000 $628,258
Centene Corp., 6.125%, 2/15/24 (144A) 2,530,000 $2,703,156
CenturyLink, Inc., 5.8%, 3/15/22 2,000,000 $1,989,500
Charter Communications Operating L 1st Lien Tl L + 0% 26may16 316,268 $316,268
Charter Communications Operating L 1st Lien Tl L + 0% 26may16 51,486 $51,486
CHL Mortgage Pass-Through Trust 2002-32, Floating Rate Note, 1/25/33 450,000 $39,699
Chtr 5.5% 01may26 144a 3,475,000 $3,549,278
Citigroup, Inc., Floating Rate Note (Perpetual) 3,980,000 $4,018,971
Citigroup, Inc., Floating Rate Note (Perpetual) 640,000 $641,520
Citigroup Commercial Mortgage Trust 2006-C4, Floating Rate Note, 3/17/49 300,000 $252,972
Citigroup Commercial Mortgage Trust 2014-GC23 REMICS, Floating Rate Note, 7/12/47 (144A) 1,000,000 $589,697
Citrus Re, Ltd., Floating Rate Note, 4/18/17 (Cat Bond) (144A) 250,000 $246,172
Citrus Re, Ltd., Floating Rate Note, 4/24/17 (Cat Bond) (144A) 350,000 $345,711
Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A) 1,945,000 $1,969,920
Cme: (Cdx.Na.Hy.26.V1) Usd 20jun21 Z91zbuad8 14,420,000 $489,639
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 220,000 $197,598
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 715,000 $675,366
COMM 2007-C9 Mortgage Trust, Floating Rate Note, 12/10/49 (144A) 1,000,000 $943,652
COMM 2012-CCRE2 Mortgage Trust, Floating Rate Note, 8/17/45 (144A) 100,000 $95,556
Commercial Barge Line Co., Initial Term Loan, 11/6/20 498,721 $436,381
Commercial Metals Co., 4.875%, 5/15/23 1,000,000 $932,344
Constellation Brands, Inc., 4.25%, 5/1/23 2,830,000 $3,017,153
Copano Energy LLC, 7.125%, 4/1/21 373,000 $389,055
Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 1,525,000 $1,587,297
Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 375,000 $355,991
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 6/25/33 1,749,811 $77,065
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 1,150,000 $1,171,488
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 2,050,000 $1,939,838
Crowne Group LLC, Term Loan (First Lien), 9/29/20 1,209,842 $1,167,498
CWGS Group LLC, Term Loan, 2/20/20 1,323,125 $1,321,471
Darling Ingredients, Inc., 5.375%, 1/15/22 1,060,000 $1,121,668
DaVita HealthCare Partners, Inc., 5.125%, 7/15/24 2,175,000 $2,246,053
DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A) 1,140,000 $747,655
DCP Midstream Operating LP, 3.875%, 3/15/23 1,500,000 $1,331,016
DCP Midstream Operating LP, 5.6%, 4/1/44 300,000 $242,853
DISH DBS Corp., 5.875%, 7/15/22 3,050,000 $3,018,388
Dole Food Co, Inc., 7.25%, 5/1/19 (144A) 1,410,000 $1,467,879
DR Horton, Inc., 5.75%, 8/15/23 765,000 $846,839
DuPont Fabros Technology LP, 5.875%, 9/15/21 1,000,000 $1,057,344
DynCorp International, Inc., Term Loan, 7/7/16 805,123 $787,008
Enbridge Energy Partners LP, 7.375%, 10/15/45 3,125,000 $3,477,400
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 1,190,000 $1,383,375
Epiq Systems, Inc., Term Loan, 8/27/20 584,082 $582,621
Equinix, Inc., 5.375%, 4/1/23 1,500,000 $1,573,995
Federal-Mogul Holdings Corp., Tranche C Term Loan (2014), 4/15/21 643,451 $616,104
Fitness & Sports Clubs LLC, Term B Loan, 6/25/20 903,324 $887,516
Fixed Income Trust Series 2013-A, 0.0%, 10/15/97 (Step) (144A) 1,000,000 $708,388
Fly Funding II Sarl, Loan, 8/9/19 677,413 $676,037
FMG Resources August 2006 Pty, Ltd., Loan, 6/30/19 4,531,800 $4,288,782
Frontier Communications Corp., 10.5%, 9/15/22 (144A) 3,140,000 $3,271,864
Galileo Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 500,000 $504,703
Garda World Security Corp., Term B Delayed Draw Loan, 11/8/20 21,808 $21,472
Garda World Security Corp., Term B Loan, 11/1/20 29,930 $29,469
Gator Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 600,000 $583,415
GCI, Inc., 6.75%, 6/1/21 2,000,000 $2,075,875
GE Mortgage Services LLC, Floating Rate Note, 3/25/27 5,850,000 $157,824
GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 1,500,000 $442,098
Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 1,599 $1,595
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 800,000 $85,621
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 2,171,000 $236,204
Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 2,500,000 $526,740
Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 509,814 $76,310
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 570,000 $548,406
Golden State RE II, Ltd., Floating Rate Note, 1/8/19 (Cat Bond) (144A) 250,000 $246,436
Granite Acquisition, Inc., Term B Loan (First Lien), 10/15/21 1,891,762 $1,833,827
Granite Acquisition, Inc., Term C Loan (First Lien), 10/15/21 84,291 $81,710
Griffon Corp., 5.25%, 3/1/22 1,375,000 $1,393,706
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 17,000 $16,147
GS Mortgage Securities Trust 2014-GSFL, Floating Rate Note, 7/15/31 (144A) 705,000 $679,084
Hca 5.25% 15apr25 3,490,000 $3,619,784
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 250,000 $127,732
Iap Worldwide Services Inc 4 $4,854
Iap Worldwide Services Inc 1st Lien Tl L + 6.5% 18jul19 28,259 $28,083
Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat Bond) (144A) 250,000 $253,031
Ice: (Itraxx.Xo.25.V1) Eur 20jun21 Z91zbu924 11,990,000 $1,249,517
Immucor, Inc., Term B-2 Loan, 8/19/18 2,244 $2,150
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 1,350,000 $1,247,836
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 2,000,000 $1,945,875
JPMorgan Chase & Co., Floating Rate Note, 8/29/49 4,100,000 $4,604,454
JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, 5.623%, 5/12/45 1,400,000 $1,367,692
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/17/45 1,400,000 $1,042,933
JP Morgan Chase Commercial Mortgage Securities Trust 2014-CBM MZ, Floating Rate Note, 10/15/19 (144A 1,850,000 $1,729,184
Jun16 Mem6 P @ 1410 734 $16,515
Jun16 Mem6 P @ 1510 -734 $-27,525
Jun16 Mem6 P @ 1610 -734 $-45,875
Jun16 Mem6 P @ 1640 574 $43,050
Jun16 Mem6 P @ 1710 734 $86,245
Jun16 Mem6 P @ 1740 -574 $-84,665
Jun16 Mem6 P @ 1840 -574 $-183,680
Jun16 Mem6 P @ 1940 574 $424,760
Kane-Pi4 Flt% 07jul16 1,503,871 $1,507,631
Kane Sac Zero% 15jun16 400,000 $399,960
Kane Zero% 30jun16 1,500,000 $30,600
Kane Zero% 30jun16 500,000 $15,000
Kane Zero% 30jun16 1,200,000 $23,640
KB Home, 7.0%, 12/15/21 2,500,000 $2,615,625
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 350,000 $350,394
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 400,000 $401,531
Kinder Morgan, Inc. Delaware, 4.3%, 6/1/25 2,405,000 $2,426,602
Kinder Morgan, Inc. Delaware, 5.3%, 12/1/34 750,000 $702,336
Kinder Morgan, Inc. Delaware, 5.55%, 6/1/45 1,360,000 $1,298,327
La Hipotecaria Panamanian Mortgage Trust 2007-1, Floating Rate Note, 12/23/36 (144A) 1,800,000 $668,975
Lantheus Medical Imaging, Inc., Initial Term Loan, 6/25/22 634,072 $567,494
Laureate Education, Inc., New Series 2018 Extended Term Loan, 6/16/18 1,031,273 $959,084
Leaf Receivables Funding 10 LLC, 5.21%, 7/15/21 (144A) 750,000 $739,662
Level 3 Financing, Inc., 5.375%, 5/1/25 1,400,000 $1,436,833
Liberty Tire Recycling Llc 3,071 $31
Liberty Tire Recycling LLC, 11.0%, 3/31/21 (144A) (PIK) 67,501 $51,498
LifePoint Health, Inc., 5.875%, 12/1/23 3,000,000 $3,213,979
Livingston International, Inc., Initial Term B-1 Loan (First Lien), 4/18/19 705,063 $657,471
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 2,500 $6,250
MA FinanceCo LLC, Initial Tranche B Term Loan, 10/7/21 1,170,407 $1,170,699
Masco Corp., 4.45%, 4/1/25 1,000,000 $1,047,345
McGraw-Hill School Education Holdings LLC, Term B Loan, 12/18/19 1,857,250 $1,860,153
Merrill Lynch Mortgage Investors Trust Series 2006-AF1, 5.75%, 8/25/36 1,200,000 $155,125
Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (PIK) 128,729 $51,910
MMM Holdings, Inc., MMM Term Loan, 12/12/17 23,247 $15,169
Molina Healthcare, Inc., 5.375%, 11/15/22 (144A) 3,270,000 $3,459,274
MortgageIT Trust 2005-1, Floating Rate Note, 2/25/35 3,432,000 $426,517
MortgageIT Trust 2005-1, Floating Rate Note, 2/25/35 2,208,000 $261,798
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 16,900 $11,027
Nationstar Mortgage LLC, 6.5%, 6/1/22 720,000 $636,770
Nationstar Mortgage LLC, 6.5%, 7/1/21 725,000 $651,765
Navios Maritime Partners LP, Term Loan, 6/27/18 868,479 $768,604
Navitas Equipment Receivables LLC 2013-1, 5.82%, 6/15/19 750,000 $752,612
Navitas Equipment Receivables LLC 2015-1, 5.75%, 5/17/21 (144A) 710,500 $716,698
NCF Dealer Floorplan Master Trust, Floating Rate Note, 10/20/20 (144A) 600,000 $588,073
New World Resources NV, 4.0%, 10/7/20 (PIK) 73,160 $14,168
New World Resources NV, Floating Rate Note, 10/7/20 38,709 $9,308
New World Resources NV, Floating Rate Note, 10/7/20 29,032 $4,322
NRG Energy, Inc., 6.25%, 5/1/24 1,000,000 $1,006,076
NRG Energy, Inc., 7.875%, 5/15/21 1,755,000 $1,887,843
NRG Energy, Inc., 8.25%, 9/1/20 200,000 $209,704
ONEOK, Inc., 6.875%, 9/30/28 1,450,000 $1,349,280
ORES 2014-LV3 LLC, 6.0%, 3/27/24 1,000,000 $1,005,500
Pangaea Zero% 01jul18 2,000,000 $36,000
Paragon Offshore Finance Co., Term Loan, 7/11/21 286,375 $73,742
Petrobras Global Finance BV, 3.5%, 2/6/17 3,210,000 $3,204,597
Plains All American Pipeline LP, 4.65%, 10/15/25 4,567,000 $4,362,702
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 830,000 $893,136
Post Holdings, Inc., 7.375%, 2/15/22 550,000 $588,013
Post Holdings, Inc., 7.75%, 3/15/24 (144A) 200,000 $219,438
Progreso Receivables Funding II LLC, 6.0%, 7/8/19 (144A) 500,000 $504,180
Provident Funding Associates LP, 6.75%, 6/15/21 (144A) 2,275,000 $2,213,148
Prudential Financial, Inc., Floating Rate Note, 9/15/42 1,500,000 $1,632,141
Qwest Corp., 7.375%, 6/1/51 4,400 $112,464
RASC Series 2003-KS5 Trust, 4.96%, 7/25/33 (Step) 400,000 $217,685
RCMC LLC, 5.62346%, 12/17/18 (144A) 250,000 $61,207
RegionalCare Hospital Partners, Inc., Term B-2 Loan (2015), 4/23/19 885,222 $887,435
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 800,000 $802,200
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 500,000 $510,000
RESI Finance LP 2003-D, Floating Rate Note, 12/10/35 (144A) 7,240,000 $920,937
Revlon Consumer Products Corp., 5.75%, 2/15/21 480,000 $493,550
Rialto Capital Management LLC, 2.85%, 5/15/24 (144A) 1,000,000 $110,809
RMAT 2015-1 LLC, 5.0%, 7/27/20 (Step) (144A) 1,000,000 $966,323
Rowan Companies, Inc., 5.85%, 1/15/44 2,393,000 $1,674,053
Royal Bank of Scotland Group Plc, Floating Rate Note (Perpetual) 1,400,000 $1,351,145
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 2,500,000 $2,519,141
Sabine Pass Liquefaction LLC, 6.25%, 3/15/22 2,200,000 $2,244,688
Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 865,000 $892,752
Sanders Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A) 500,000 $503,950
Scds: (Aks) Usd 20dec16 Buy Bnr27bu01 4,200,000 $82,667
Scds: (Ally) Usd 20jun21 Buy Bnr2fxus3 700,000 $78,189
Scds: (Ally) Usd 20jun21 Buy Bnr2g3y88 3,360,000 $375,307
Scds: (Bbdbcn) Usd 20dec16 Buy Bnr23a1e9 4,175,000 $95,881
Scds: (Bbdbcn) Usd 20dec16 Buy Bnr278za1 1,685,000 $38,697
Scds: (Ftr) Usd 20jun21 Buy Bnr2ftsq9 2,545,000 $-86,667
Scds: (Ftr) Usd 20jun21 Buy Bnr2fttj4 2,045,000 $-69,640
Scds: (Hov) Usd 20dec16 Buy Bnr231u15 4,175,000 $50,613
Scds: (Hov) Usd 20dec16 Buy Bnr26wym4 1,735,000 $-895
Scds: (Mtna) Eur 20jun21 Buy Bnr2g3v08 2,750,000 $95,580
Scds: (Rig) Usd 20dec16 Buy Bnr273re3 1,665,000 $-22,196
Scds: (S) Usd 20dec16 Buy Bnr231wa3 4,175,000 $64,395
Scds: (Tckbcn) Usd 20dec16 Buy Bnr26t8y4 3,880,000 $98,358
Scientific Games International, Inc., 7.0%, 1/1/22 (144A) 1,150,000 $1,198,891
Scientific Games International, Inc., Initial Term B-2 Loan, 9/17/21 1,604,688 $1,585,131
Seadrill Operating LP, Initial Term Loan, 2/14/21 830,875 $408,687
Sealy Corp., 8.0%, 7/15/16 (PIK) 13,100 $1,195,375
Sector Re V, Ltd., 0.0%, 12/1/19 (Cat Bond) (144A) 3,777 $26,565
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 250,000 $119,575
Securus Technologies Holdings, Inc., Initial Term Loan (First Lien), 4/30/20 383,434 $366,259
Select Medical Corp., Series E Tranche B Term Loan, 6/1/18 20,250 $20,256
Sensata Technologies BV, 5.0%, 10/1/25 (144A) 950,000 $958,576
Serena Software, Inc., Term Loan, 4/10/20 749,318 $749,474
Sierra Timeshare 2011-3 Receivables Funding LLC, 9.31%, 7/20/28 (144A) 750,000 $104,698
Silver Bay Realty 2014-1 Trust, Floating Rate Note, 9/18/31 (144A) 1,200,000 $1,132,300
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 400,000 $1,840
Silverton RE, Ltd., 0.0%, 9/18/18 (Cat Bond) (144A) 500,000 $520,450
Sirius XM Radio, Inc., 4.625%, 5/15/23 (144A) 830,000 $839,294
Sirius XM Radio, Inc., 6.0%, 7/15/24 (144A) 1,815,000 $1,946,769
Solarcity Lmc Series VI LLC, 4.8%, 9/21/48 (144A) 2,000,000 $1,986,597
Springleaf Mortgage Loan Trust 2013-1, Floating Rate Note, 6/25/58 (144A) 250,000 $251,138
Sprint Corp., 7.25%, 9/15/21 1,000,000 $816,563
Standard Industries, Inc., 5.375%, 11/15/24 (144A) 945,000 $1,008,443
Steward Health Care System LLC, Term Loan, 4/10/20 486,250 $478,956
STG-Fairway Acquisitions, Inc., Term Loan (First Lien), 3/4/19 745,869 $731,418
Swift Energy Co 3,094 $65,748
Talen Energy Supply LLC, 4.625%, 7/15/19 (144A) 1,810,000 $1,707,716
Talen Energy Supply LLC, 6.5%, 6/1/25 250,000 $228,621
TASC, Inc. Virginia, New Term Loan (First Lien), 5/23/20 756,798 $754,584
Terraform Global Operating LLC, 9.75%, 8/15/22 (144A) 805,000 $729,783
TerraForm Power Operating LLC, 5.875%, 2/1/23 (144A) 805,000 $714,055
The Goodyear Tire & Rubber Co., 5.125%, 11/15/23 2,825,000 $2,987,192
The Williams Companies, Inc., 4.55%, 6/24/24 3,000,000 $2,633,385
The Williams Companies, Inc., 5.75%, 6/24/44 2,625,000 $2,100,328
Tiers Trust, Floating Rate Note, 10/15/97 (144A) 100,000 $96,102
TIG FINCO Plc, 8.75%, 4/2/20 202,103 $250,905
TIG FINCO Plc, Floating Rate Note, 3/2/20 (144A) 35,665 $53,060
T-Mobile USA, Inc., 6.5%, 1/15/24 1,965,000 $2,129,978
T-Mobile USA, Inc., 6.625%, 4/1/23 1,500,000 $1,611,130
TMS International Corp., Term B Loan, 10/2/20 567,646 $516,558
Top Co 34,794 $508
Tower Automotive Holdings USA LLC, Initial Term Loan (2014), 4/23/20 909,144 $909,144
Transocean, Inc., 5.55%, 12/15/16 4,090,000 $4,207,669
UBS AG, 7.625%, 8/17/22 3,990,000 $4,655,180
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 300,000 $296,133
US Airways 2013-1 Class B Pass Through Trust, 5.375%, 11/15/21 200,000 $198,428
Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 1,675,000 $1,447,915
Vers 2015-A Zero% 31dec17 2,000,000 $29,200
Videotron, Ltd., 5.375%, 6/15/24 (144A) 2,800,000 $2,978,938
Virgin Media Secured Finance Plc, 5.25%, 1/15/26 (144A) 3,500,000 $3,563,674
VOLT XXV LLC, 4.5%, 6/26/45 (Step) (144A) 1,000,000 $940,622
Voya Financial, Inc., Floating Rate Note, 5/15/53 1,000,000 $962,203
Wachovia Bank Commercial Mortgage Trust Series 2006-C24, Floating Rate Note, 3/15/45 304,000 $31,158
WCP ISSUER LLC, 6.657%, 8/15/20 (144A) 400,000 $416,282
Weatherford International, Ltd. Bermuda, 5.95%, 4/15/42 2,000,000 $1,484,958
WellCare Health Plans, Inc., 5.75%, 11/15/20 1,815,000 $1,937,702
Westgate Resorts 2014-1 LLC, 5.5%, 12/20/26 (144A) 800,000 $469,448
Zero% 30nov19 2,000,000 $2,300,200
Zero% 30nov20 1,000,000 $1,013,100
Zero% 30nov20 1,250,000 $1,281,125
Zero% 30nov20 500,000 $510,050
Zero% 31aug16 500,000 $569,400
ZF North America Capital, Inc., 4.75%, 4/29/25 (144A) 3,635,000 $3,771,792

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.