Pioneer Dynamic Credit Fund

Top 10 Portfolio Holdings as of 2/29/2016
Default: sorted by market value

Security Name Par / Shares Market Value
17079z Zero% 31mar18 250,000 $289,375
A10 Securitization 2013-1 LLC, 4.7%, 11/17/25 (144A) 350,000 $345,572
A10 Securitization 2013-1 LLC, 6.41%, 11/17/25 (144A) 139,000 $137,416
AAF Holdings LLC, 12.375%, 7/1/19 (144A) (PIK) 1,203,081 $986,526
Accudyne Industries Borrower SCA, Refinancing Term Loan, 12/13/19 671,979 $553,963
Acgl Zero% 01jul16 700,000 $781,410
ACRE Commercial Mortgage Trust 2014-FL2, Floating Rate Note, 8/15/31 (144A) 1,400,000 $1,330,334
Advanced Micro Devices, Inc., 7.5%, 8/15/22 320,000 $209,067
AECOM, 5.75%, 10/15/22 635,000 $655,144
Affinion Group, Inc., Tranche B Term Loan, 4/30/18 0 $0
Air Canada 2013-1 Class C Pass Through Trust, 6.625%, 5/15/18 (144A) 500,000 $504,753
Albertsons LLC, Term B-2 Loan, 3/21/19 887,547 $875,837
Alkermes, Inc., 2019 Term Loan, 9/25/19 0 $0
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 0 $0
Ally Financial, Inc., 4.625%, 3/30/25 1,000,000 $989,399
Ally Financial, Inc., 4.625%, 5/19/22 1,000,000 $1,011,854
Ally Financial, Inc., 5.75%, 11/20/25 720,000 $710,015
Altice Financing SA, 6.625%, 2/15/23 (144A) 1,000,000 $1,012,604
Altisource Solutions Sarl, Term B Loan, 12/9/20 0 $0
Altrl Zero% 30jun16 2,501,147 $104,048
Altrl Zero% 30jun17 695,760 $278,791
American Airlines, Inc., Tranche B-1 Term Loan (Consenting), 5/23/19 0 $0
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 1,205,000 $1,208,682
Apr16 Mem6 P @ 1610 848 $158,559
Apr16 Mem6 P @ 1810 -848 $-786,575
Apr16 Mem6 P @ 1910 848 $1,775,627
Arcelik AS, 5.0%, 4/3/23 (144A) 400,000 $379,089
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 738,280 $701,889
Atlas IX Capital DAC, Floating Rate Note, 1/17/19 (Cat Bond) (144A) 250,000 $256,053
Atrium Innovations, Inc., Initial Tranche B-1 Term Loan (First Lien), 1/29/21 589,500 $530,550
Avg Technologies Nv 1st Lien Tl-B L + 4.75% 07oct20 1,237,500 $1,217,391
Axis Equipment Finance Receivables III LLC, 5.27%, 5/20/20 (144A) 500,000 $503,067
AXIS Equipment Finance Receivables II LLC, 6.41%, 10/22/18 (144A) 250,000 $257,336
Banc of America Commercial Mortgage Trust 2007-5, Floating Rate Note, 2/10/51 1,250,000 $1,239,505
Bank of America Corp., Floating Rate Note, 10/23/49 3,800,000 $3,963,822
Bayview Opportunity Master Fund IIa Trust 2014-20NPL, 3.721%, 8/28/44 (Step) (144A) 460,000 $217,009
Bayview Opportunity Master Fund Trust 2014-15RPL, Floating Rate Note, 10/28/19 (144A) 1,750,000 $645,489
Bayview Opportunity Master Fund Trust IIIa 2014-12RPL, 3.6225%, 7/28/19 (Step) (144A) 500,000 $72,542
Bear Stearns ALT-A Trust 2003-3, Floating Rate Note, 10/25/33 23,000,000 $139,096
Bear Stearns Commercial Mortgage Securities Trust 2005-PWR7, Floating Rate Note, 2/11/41 100,000 $97,055
Bear Stearns Commercial Mortgage Securities Trust 2005-TOP20, Floating Rate Note, 10/12/42 1,600,000 $1,602,823
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR16, Floating Rate Note, 6/11/40 2,000,000 $1,948,769
Belden, Inc., 5.5%, 4/15/23 (144A) 300,000 $319,708
Belden, Inc., 5.5%, 9/1/22 (144A) 1,360,000 $1,349,800
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 292,369 $247,782
BioScrip, Inc., Initial Term B Loan, 7/31/20 487,281 $412,971
Blackstone Holdings Finance Co LLC, 5.0%, 6/15/44 (144A) 300,000 $293,059
Blackstone Holdings Finance Co LLC, 6.25%, 8/15/42 (144A) 750,000 $858,536
Blue Danube II, Ltd., Floating Rate Note, 5/23/18 (Cat Bond) (144A) 750,000 $749,765
Boardwalk Pipelines LP, 4.95%, 12/15/24 4,500,000 $3,898,868
Broadspectrum, Ltd., 8.375%, 5/15/20 (144A) 805,000 $830,889
Building Materials Corp of America, 5.375%, 11/15/24 (144A) 945,000 $974,726
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/20 (Cat Bond) (144A) 500,000 $512,853
CalAtlantic Group, Inc., 5.375%, 10/1/22 95,000 $97,128
CalAtlantic Group, Inc., 6.25%, 12/15/21 1,000,000 $1,055,694
Calpine Corp., 5.75%, 1/15/25 2,000,000 $1,843,444
Cardtronics, Inc., 5.125%, 8/1/22 1,000,000 $974,271
Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A) 1,665,000 $1,791,546
CCOH Safari LLC, 5.75%, 2/15/26 (144A) 3,060,000 $3,075,868
CCO Safari II LLC, 6.384%, 10/23/35 (144A) 655,000 $699,003
CD 2005-CD1 Commercial Mortgage Trust, Floating Rate Note, 7/15/44 2,500,000 $1,556,065
CenturyLink, Inc., 5.8%, 3/15/22 2,000,000 $1,995,989
CenturyLink, Inc., 7.6%, 9/15/39 150,000 $129,757
CenturyLink, Inc., 7.65%, 3/15/42 1,300,000 $1,111,858
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 $40,993
CHS, 8.0%, 11/15/19 1,075,000 $1,041,197
Citigroup, Inc., Floating Rate Note (Perpetual) 640,000 $608,079
Citigroup, Inc., Floating Rate Note (Perpetual) 1,500,000 $1,429,323
Citigroup, Inc., Floating Rate Note (Perpetual) 16,484 $435,342
Citigroup Commercial Mortgage Trust 2006-C4, Floating Rate Note, 3/17/49 300,000 $299,905
Citigroup Commercial Mortgage Trust 2014-GC23 REMICS, Floating Rate Note, 7/12/47 (144A) 1,000,000 $592,378
Citigroup Mortgage Loan Trust, Inc., 6.75%, 9/25/34 300,000 $47,705
Citrus Re, Ltd., Floating Rate Note, 4/18/17 (Cat Bond) (144A) 250,000 $247,863
Citrus Re, Ltd., Floating Rate Note, 4/24/17 (Cat Bond) (144A) 350,000 $348,716
Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A) 1,320,000 $1,248,683
Cme: (Cdx.Na.Hy.25.V1) Usd 20dec20 Z91vrer63 31,360,327 $25,214
Cnc 5.625% 15feb21 144a 590,000 $618,394
Cnc 6.125% 15feb24 144a 390,000 $415,215
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 715,000 $670,196
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 220,000 $195,122
COMM 2007-C9 Mortgage Trust, Floating Rate Note, 12/10/49 (144A) 1,000,000 $918,773
COMM 2012-CCRE2 Mortgage Trust, Floating Rate Note, 8/17/45 (144A) 100,000 $92,476
COMM 2015-CCRE23 Mortgage Trust, Floating Rate Note, 5/12/48 (144A) 1,000,000 $881,375
Commercial Barge Line Co., Initial Term Loan, 11/6/20 498,721 $442,615
Commercial Metals Co., 4.875%, 5/15/23 1,000,000 $874,354
Commercial Mortgage Trust 2007-GG11, Floating Rate Note, 12/10/49 1,600,000 $1,580,544
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 100,000 $104,717
Copano Energy LLC, 7.125%, 4/1/21 373,000 $380,671
Cqp 6.25% 15mar22 2,200,000 $2,158,903
Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 1,400,000 $1,251,023
Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 500,000 $469,823
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 6/25/33 1,749,811 $207,754
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 1,150,000 $1,152,664
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 2,050,000 $1,945,464
Crowne Group LLC, Term Loan (First Lien), 9/29/20 1,212,913 $1,140,138
CS Intermediate Holdco 2 LLC, Term Loan, 3/28/21 503,550 $489,912
CST Brands, Inc., 5.0%, 5/1/23 1,325,000 $1,333,833
Cummins, Inc., 5.65%, 3/1/98 350,000 $378,588
CWGS Group LLC, Term Loan, 2/20/20 1,341,250 $1,327,838
Darling Ingredients, Inc., 5.375%, 1/15/22 1,060,000 $1,051,380
DaVita HealthCare Partners, Inc., 5.125%, 7/15/24 1,360,000 $1,392,706
DBUBS 2011-LC2 Mortgage Trust, Floating Rate Note, 7/12/44 (144A) 113,538 $120,941
DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A) 1,140,000 $622,725
DCP Midstream Operating LP, 5.6%, 4/1/44 300,000 $190,321
DR Horton, Inc., 5.75%, 8/15/23 765,000 $807,118
DTZ US Borrower LLC, 2015-1 Additional Term Loan (First Lien), 11/4/21 0 $0
DuPont Fabros Technology LP, 5.875%, 9/15/21 1,000,000 $1,067,090
DynCorp International, Inc., Term Loan, 7/7/16 815,805 $779,094
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 250,000 $255,038
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 265,000 $60,416
Enbridge Energy Partners LP, 7.375%, 10/15/45 3,125,000 $2,994,609
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 1,190,000 $1,339,535
Ensco Plc, 5.75%, 10/1/44 1,950,000 $965,169
Epiq Systems, Inc., Term Loan, 8/27/20 585,537 $576,754
EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 530,000 $508,721
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/10/19 (144A) 300,000 $277,759
Equinix, Inc., 5.375%, 4/1/23 1,500,000 $1,638,144
ExGen Renewables I LLC, Term Loan, 2/5/21 0 $0
FCA US LLC, Tranche B Term Loan, 12/29/18 0 $0
Federal-Mogul Holdings Corp., Tranche C Term Loan (2014), 4/15/21 645,088 $520,371
First Data Corp., 2018 New Dollar Term Loan, 3/24/18 0 $0
Fitness & Sports Clubs LLC, Term B Loan, 6/25/20 905,622 $853,549
Fixed Income Trust Series 2013-A, 0.0%, 10/15/97 (Step) (144A) 1,000,000 $688,766
Fly Leasing, Ltd., 6.375%, 10/15/21 1,175,000 $1,114,115
Fly Leasing Ii Sarl 1st Lien Tl L + 2.75% 09aug19 677,413 $669,263
FMG Resources August 2006 Pty, Ltd., 9.75%, 3/1/22 (144A) 1,000,000 $988,750
FMG Resources August 2006 Pty, Ltd., Loan, 6/30/19 4,543,420 $3,509,792
Frontier Communications Corp., 10.5%, 9/15/22 (144A) 3,140,000 $3,314,270
Frontier Communications Corp., 7.625%, 4/15/24 250,000 $225,951
Frontier Communications Corp., 8.75%, 4/15/22 500,000 $485,278
Frontier Communications Corp., 8.875%, 9/15/20 (144A) 90,000 $96,386
Frontier Communications Corp., 9.0%, 8/15/31 200,000 $163,800
Galileo Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 500,000 $507,739
Garda World Security Corp., Term B Delayed Draw Loan, 11/8/20 51,748 $48,805
Garda World Security Corp., Term B Loan, 11/1/20 0 $0
Gator Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 600,000 $581,429
GCI, Inc., 6.75%, 6/1/21 2,000,000 $2,013,750
GE Mortgage Services LLC, Floating Rate Note, 3/25/27 5,850,000 $154,013
Gibraltar Industries, Inc., 6.25%, 2/1/21 1,000,000 $1,010,208
GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 1,500,000 $527,316
Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 4,812 $4,800
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 2,171,000 $227,577
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 800,000 $105,070
Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 509,814 $87,182
Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 2,500,000 $556,082
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 570,000 $534,440
Golar LNG Partners LP, Floating Rate Note, 10/12/17 2,000,000 $226,797
Golden State RE II, Ltd., Floating Rate Note, 1/8/19 (Cat Bond) (144A) 250,000 $245,585
Granite Acquisition, Inc., Term B Loan (First Lien), 10/15/21 1,896,552 $1,730,603
Granite Acquisition, Inc., Term C Loan (First Lien), 10/15/21 84,291 $76,916
Griffon Corp., 5.25%, 3/1/22 1,375,000 $1,342,344
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 150,000 $131,719
GS Mortgage Securities Corp II Series 2005-GG4, Floating Rate Note, 7/10/39 890,000 $819,546
GS Mortgage Securities Corp Trust 2014-NEW, 3.79%, 1/10/31 (144A) 1,000,000 $945,481
GS Mortgage Securities Trust 2014-GSFL, Floating Rate Note, 7/15/31 (144A) 705,000 $701,225
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 540,000 $514,440
HCA, Inc., 5.375%, 2/1/25 1,000,000 $1,023,229
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 250,000 $128,565
Iap Worldwide Services Inc 4 $7,191
Iap Worldwide Services Inc 1st Lien Tl L + 6.5% 18jul19 28,331 $28,473
Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat Bond) (144A) 250,000 $251,906
Ice: (Itraxx.Xo.24.V1) Eur 20dec20 Z91vrepy4 30,170,000 $1,559,624
Immucor, Inc., Term B-2 Loan, 8/19/18 267,719 $244,293
Inkia Energy, Ltd., 8.375%, 4/4/21 (144A) 100,000 $100,420
Instituto Costarricense de Electricidad, 6.375%, 5/15/43 (144A) 1,000,000 $738,771
International Automotive Components Group SA, 9.125%, 6/1/18 (144A) 400,000 $361,125
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 1,350,000 $1,097,625
Iron Mountain, Inc., 5.75%, 8/15/24 500,000 $501,903
j2 Global, Inc., 8.0%, 8/1/20 705,000 $741,425
James River Coal Co., 7.875%, 4/1/19 250,000 $54,953
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 500,000 $452,403
JPMorgan Chase & Co., Floating Rate Note, 8/29/49 3,000,000 $3,196,875
JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, 5.623%, 5/12/45 1,400,000 $1,354,050
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/15/45 1,400,000 $1,226,103
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 1,725,000 $1,668,831
JP Morgan Chase Commercial Mortgage Securities Trust 2014-CBM MZ, Floating Rate Note, 10/15/19 (144A 1,850,000 $1,806,013
JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU REMICS, Floating Rate Note, 12/15/28 1,100,000 $1,025,244
Jun16 Mem6 P @ 1410 734 $227,540
Jun16 Mem6 P @ 1510 -734 $-385,350
Jun16 Mem6 P @ 1610 -734 $-638,580
Jun16 Mem6 P @ 1710 734 $1,064,300
Kane-Pi4 Flt% 07jul16 1,503,871 $1,503,269
Kane Sac Zero% 15jun16 400,000 $399,920
KB Home, 7.0%, 12/15/21 2,500,000 $2,411,944
Kenya Government International Bond, 5.875%, 6/24/19 (144A) 3,905,000 $3,821,175
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 400,000 $400,647
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 350,000 $347,760
Kinder Morgan, Inc. Delaware, 4.3%, 6/1/25 2,100,000 $1,921,462
Kinder Morgan, Inc. Delaware, 5.3%, 12/1/34 750,000 $597,652
Kinder Morgan, Inc. Delaware, 5.55%, 6/1/45 1,360,000 $1,147,878
KKR Group Finance Co II LLC, 5.5%, 2/1/43 (144A) 1,500,000 $1,504,753
La Hipotecaria Panamanian Mortgage Trust 2007-1, Floating Rate Note, 12/23/36 (144A) 1,800,000 $699,735
Lantheus Medical Imaging, Inc., Initial Term Loan, 6/25/22 866,858 $754,166
Laureate Education, Inc., New Series 2018 Extended Term Loan, 6/16/18 1,033,964 $793,567
Leaf Receivables Funding 10 LLC, 5.21%, 7/15/21 (144A) 750,000 $743,577
Level 3 Financing, Inc., 5.375%, 5/1/25 1,400,000 $1,462,125
Level 3 Financing, Inc., Tranche B-II 2022 Term Loan, 5/31/22 0 $0
Liberty Tire Recycling Llc 3,071 $31
Liberty Tire Recycling LLC, 11.0%, 3/31/21 (144A) (PIK) 67,501 $47,050
LifePoint Health, Inc., 5.875%, 12/1/23 3,000,000 $3,162,594
Livingston International, Inc., Initial Term B-1 Loan (First Lien), 4/18/19 706,875 $653,859
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 1,173,761 $1,123,876
Masco Corp., 4.45%, 4/1/25 1,000,000 $1,011,662
McGraw-Hill School Education Holdings LLC, Term B Loan, 12/18/19 1,862,000 $1,839,308
MDC Holdings, Inc., 5.5%, 1/15/24 890,000 $867,330
Merrill Lynch Mortgage Investors Trust Series 2006-AF1, 5.75%, 8/25/36 1,200,000 $159,790
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 200,000 $196,188
Micron Technology, Inc., 5.25%, 8/1/23 (144A) 1,000,000 $859,375
Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (PIK) 128,729 $53,768
ML-CFC Commercial Mortgage Trust 2006-3, Floating Rate Note, 7/12/46 1,400,000 $1,403,070
ML-CFC Commercial Mortgage Trust 2006-4, 5.239%, 12/12/49 2,000,000 $1,944,246
MMM Holdings, Inc., MMM Term Loan, 12/12/17 24,057 $13,232
Molina Healthcare, Inc., 5.375%, 11/15/22 (144A) 1,820,000 $1,872,913
Monty Parent Issuer 1 LLC, 4.25%, 11/20/28 (144A) 1,750,000 $70,381
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 1,800,000 $1,742,955
MortgageIT Trust 2005-1, Floating Rate Note, 2/25/35 3,432,000 $442,062
MortgageIT Trust 2005-1, Floating Rate Note, 2/25/35 2,208,000 $271,311
MPG Holdco I, Inc., Tranche B-1 Term Loan (2015), 10/20/21 0 $0
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 17,489 $9,619
Nationstar Mortgage LLC, 6.5%, 6/1/22 720,000 $623,700
Nationstar Mortgage LLC, 6.5%, 7/1/21 725,000 $646,760
Navios Maritime Partners LP, Term Loan, 6/27/18 874,860 $691,140
Navitas Equipment Receivables LLC 2013-1, 5.82%, 6/15/19 750,000 $752,747
Navitas Equipment Receivables LLC 2015-1, 5.75%, 5/17/21 (144A) 710,500 $718,113
NCF Dealer Floorplan Master Trust, Floating Rate Note, 10/20/20 (144A) 600,000 $587,908
NCR Corp., 6.375%, 12/15/23 1,160,000 $1,152,412
New World Resources NV, 4.0%, 10/7/20 (PIK) 73,160 $13,013
New World Resources NV, Floating Rate Note, 10/7/20 29,032 $4,110
New World Resources NV, Floating Rate Note, 10/7/20 38,709 $8,852
NRG Energy, Inc., 6.25%, 5/1/24 1,000,000 $850,833
NRG Energy, Inc., 7.875%, 5/15/21 1,155,000 $1,116,813
NRG Energy, Inc., 8.25%, 9/1/20 200,000 $199,250
ONEOK, Inc., 6.875%, 9/30/28 1,450,000 $1,056,536
ORES 2014-LV3 LLC, 6.0%, 3/27/24 1,000,000 $1,000,667
Oxford Finance LLC, 7.25%, 1/15/18 (144A) 700,000 $695,985
Pangaea Zero% 01jul18 2,000,000 $36,000
Paragon Offshore Finance Co., Term Loan, 7/11/21 286,375 $64,434
PDL BioPharma, Inc., 4.0%, 2/1/18 593,000 $501,209
Petrobras International Finance Co., 3.5%, 2/6/17 3,210,000 $3,157,764
Plains All American Pipeline LP, 4.65%, 10/15/25 3,625,000 $3,136,090
Post Holdings, Inc., 7.375%, 2/15/22 550,000 $584,803
Post Holdings, Inc., 7.75%, 3/15/24 (144A) 200,000 $227,310
Prestige Brands, Inc., Term B-3 Loan, 9/3/21 0 $0
Progreso Receivables Funding II LLC, 6.0%, 7/8/19 (144A) 500,000 $504,569
Progressive Waste Solutions, Ltd., 10/24/19 0 $0
Provident Funding Associates LP, 6.75%, 6/15/21 (144A) 2,000,000 $1,943,500
Prudential Financial, Inc., Floating Rate Note, 9/15/42 1,500,000 $1,563,165
Quebecor Media, Inc., 5.75%, 1/15/23 825,000 $865,952
Qwest Corp., 7.375%, 6/1/51 4,400 $110,836
RASC Series 2003-KS5 Trust, 4.96%, 7/25/33 (Step) 400,000 $220,264
RCMC LLC, 5.62346%, 12/17/18 (144A) 250,000 $78,223
RegionalCare Hospital Partners, Inc., Term B-2 Loan (2015), 4/23/19 1,087,642 $1,071,327
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 800,000 $808,340
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 500,000 $519,656
RESI Finance LP 2003-D, Floating Rate Note, 12/10/35 (144A) 7,240,000 $954,795
Revlon Consumer Products Corp., 5.75%, 2/15/21 480,000 $482,427
Rialto Capital Management LLC, 2.85%, 5/15/24 (144A) 1,000,000 $139,277
RMAT 2015-1 LLC, 5.0%, 7/27/20 (Step) (144A) 1,000,000 $982,793
Rowan Companies, Inc., 5.85%, 1/15/44 2,393,000 $1,228,980
Royal Bank of Scotland Group Plc, Floating Rate Note (Perpetual) 1,400,000 $1,296,478
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 2,500,000 $2,397,656
Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 865,000 $893,641
Sanders Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A) 500,000 $503,103
Scds: (Aks) Usd 20dec16 Buy Bnr27bu01 4,200,000 $-155,655
Scds: (Ally) Usd 20dec20 Buy Bnr2d4748 4,140,000 $423,021
Scds: (Bbdbcn) Usd 20dec16 Buy Bnr23a1e9 4,175,000 $21,014
Scds: (Bbdbcn) Usd 20dec16 Buy Bnr278za1 1,685,000 $8,481
Scds: (Ctl) Usd 20dec20 Buy Bnr2d43t7 2,855,000 $-320,923
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Scds: (Ihrt) Usd 20dec16 Buy Bnr278v80 5,050,000 $-1,520,673
Scds: (Mtna) Eur 20dec20 Buy Bnr2d3047 4,700,000 $-427,685
Scds: (Rig) Usd 20dec16 Buy Bnr273re3 1,665,000 $-88,285
Scds: (S) Usd 20dec16 Buy Bnr231wa3 4,175,000 $56,600
Scds: (Tckbcn) Usd 20dec16 Buy Bnr26t8y4 3,880,000 $-2,447
Scds: (Turkey) Usd 20dec20 Sell Bnr25avz7 -3,957,000 $326,115
Scds: (Turkey) Usd 20dec20 Sell Bnr273dn8 -8,080,000 $665,911
Scientific Games International, Inc., 10.0%, 12/1/22 800,000 $648,000
Scientific Games International, Inc., 7.0%, 1/1/22 (144A) 1,750,000 $1,722,292
Scientific Games International, Inc., Initial Term B-2 Loan, 9/17/21 1,608,750 $1,471,202
Seadrill Operating LP, Initial Term Loan, 2/14/21 833,000 $352,463
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 $122,001
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 1,205 $9,047
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 250,000 $129,223
Securus Technologies Holdings, Inc., Initial Term Loan (First Lien), 4/30/20 384,417 $325,793
Select Medical Corp., Series E Tranche B Term Loan, 6/1/18 20,527 $20,398
Sensata Technologies BV, 5.0%, 10/1/25 (144A) 950,000 $953,167
Serena Software, Inc., Term Loan, 4/10/20 749,318 $686,875
Sierra Timeshare 2011-3 Receivables Funding LLC, 9.31%, 7/20/28 (144A) 750,000 $116,027
Silver Bay Realty 2014-1 Trust, Floating Rate Note, 9/18/31 (144A) 1,200,000 $1,112,972
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 400,000 $3,760
Silverton RE, Ltd., 0.0%, 9/18/18 (Cat Bond) (144A) 500,000 $509,300
Sirius XM Radio, Inc., 4.625%, 5/15/23 (144A) 830,000 $820,553
Solarcity Lmc Series VI LLC, 4.8%, 9/21/48 (144A) 2,000,000 $1,988,011
Sotheby's, 5.25%, 10/1/22 (144A) 0 $24,828
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) 800,000 $631,556
Springleaf Mortgage Loan Trust 2013-1, Floating Rate Note, 6/25/58 (144A) 250,000 $250,919
Sprint Corp., 7.25%, 9/15/21 1,000,000 $785,931
Steward Health Care System LLC, Term Loan, 4/10/20 487,500 $468,000
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 $108,722
Swift Energy Co., 7.875%, 3/1/22 1,285,000 $101,997
Talen Energy Supply LLC, 4.6%, 12/15/21 525,000 $351,598
Talen Energy Supply LLC, 4.625%, 7/15/19 (144A) 1,880,000 $1,524,510
Talen Energy Supply LLC, 6.5%, 6/1/25 250,000 $176,563
TASC, Inc. Virginia, New Term Loan (First Lien), 5/23/20 758,865 $757,594
Telesat Canada, U.S. Term B-2 Loan, 3/28/19 598,428 $588,454
Tenet Healthcare Corp., 4.375%, 10/1/21 2,480,000 $2,463,983
Tenet Healthcare Corp., 4.5%, 4/1/21 265,000 $268,313
Terraform Global Operating LLC, 9.75%, 8/15/22 (144A) 1,165,000 $840,936
TerraForm Power Operating LLC, 5.875%, 2/1/23 (144A) 1,000,000 $754,896
The Goodyear Tire & Rubber Co., 5.125%, 11/15/23 2,500,000 $2,610,035
The Williams Companies, Inc., 4.55%, 6/24/24 3,000,000 $2,275,404
The Williams Companies, Inc., 5.75%, 6/24/44 2,625,000 $1,734,341
Tiers Trust, Floating Rate Note, 10/15/97 (144A) 100,000 $93,737
TIG FINCO Plc, 8.75%, 4/2/20 202,103 $243,986
TIG FINCO Plc, Floating Rate Note, 3/2/20 (144A) 35,665 $51,441
Time Warner Cable, Inc., 6.55%, 5/1/37 2,050,000 $2,109,522
T-Mobile USA, Inc., 6.625%, 4/1/23 1,500,000 $1,608,906
TMS International Corp., Term B Loan, 10/2/20 570,575 $365,168
Top Co 34,794 $7,751
Tower Automotive Holdings USA LLC, Initial Term Loan (2014), 4/23/20 911,947 $882,309
Trader Corp., 9.875%, 8/15/18 (144A) 100,000 $104,439
Transocean, Inc., 5.55%, 12/15/16 4,090,000 $4,099,180
UBS AG, 7.625%, 8/17/22 1,050,000 $1,173,979
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 300,000 $293,961
US Airways 2013-1 Class B Pass Through Trust, 5.375%, 11/15/21 200,000 $188,752
Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 3,800,000 $3,271,985
Valeant Pharmaceuticals International, Inc., Series C-2 Tranche B Term Loan, 12/11/19 0 $0
Valeant Pharmaceuticals International, Inc., Series E1 Tranche B Term Loan, 8/5/20 0 $0
Virgin Media Investment Holdings, Ltd., F Facility, 6/30/23 0 $0
Virgin Media Secured Finance Plc, 5.25%, 1/15/26 (144A) 3,500,000 $3,514,729
Virgin Media Secured Finance Plc, 5.375%, 4/15/21 (144A) 500,000 $475,450
Vita Capital V, Ltd., Floating Rate Note, 1/15/17 (Cat Bond) (144A) 250,000 $251,641
Vitality Re V, Ltd., Floating Rate Note, 1/7/19 (Cat Bond) (144A) 250,000 $250,092
VOLT XXV LLC, 4.5%, 6/26/45 (Step) (144A) 1,000,000 $959,909
VOLT XXXVII LLC, 4.375%, 7/25/45 (Step) (144A) 1,000,000 $961,378
Voya Financial, Inc., Floating Rate Note, 5/15/53 1,615,000 $1,526,702
Wachovia Bank Commercial Mortgage Trust Series 2006-C24, Floating Rate Note, 3/15/45 304,000 $147,511
Wachovia Bank Commercial Mortgage Trust Series 2006-C28, Floating Rate Note, 10/15/48 1,500,000 $1,466,236
WCP ISSUER LLC, 6.657%, 8/15/20 (144A) 400,000 $410,622
Weatherford International, Ltd. Bermuda, 5.95%, 4/15/42 2,000,000 $1,214,956
WellCare Health Plans, Inc., 5.75%, 11/15/20 1,815,000 $1,895,641
Western Refining, Inc., Term Loan 2013, 11/12/20 0 $0
Westgate Resorts 2014-1 LLC, 5.5%, 12/20/26 (144A) 800,000 $500,028
WFRBS Commercial Mortgage Trust 2011-C4, Floating Rate Note, 6/17/44 (144A) 50,000 $49,802
Xerium Technologies, Inc., 8.875%, 6/15/18 168,000 $164,953
Zero% 30nov19 2,000,000 $2,153,400
Zero% 30nov20 500,000 $505,000
Zero% 30nov20 1,250,000 $1,266,500
Zero% 30nov20 1,000,000 $1,008,500
Zero% 31aug16 500,000 $556,900
Ziggo BV, US$ B3 Facility, 1/15/22 587,872 $565,690

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