Pioneer Dynamic Credit Fund

Top 10 Portfolio Holdings as of 3/31/2016
Default: sorted by market value

Security Name Par / Shares Market Value
14112z Zero% 01feb19 2,000,000 $59,800
17079z Zero% 31mar18 250,000 $294,000
A10 Securitization 2013-1 LLC, 4.7%, 11/17/25 (144A) 350,000 $349,556
A10 Securitization 2013-1 LLC, 6.41%, 11/17/25 (144A) 139,000 $138,958
AAF Holdings LLC, 12.375%, 7/1/19 (144A) (PIK) 1,203,081 $1,082,773
Accudyne Industries Borrower SCA, Refinancing Term Loan, 12/13/19 671,979 $588,402
Acgl Zero% 01jul16 700,000 $52,430
ACRE Commercial Mortgage Trust 2014-FL2, Floating Rate Note, 8/15/31 (144A) 1,400,000 $1,365,219
AECOM, 5.75%, 10/15/22 635,000 $675,649
Air Canada 2013-1 Class C Pass Through Trust, 6.625%, 5/15/18 (144A) 500,000 $504,389
Albertsons LLC, Term B-2 Loan, 3/21/19 885,311 $886,655
Ally Financial, Inc., 4.625%, 3/30/25 1,000,000 $986,378
Ally Financial, Inc., 4.625%, 5/19/22 1,000,000 $1,021,958
Ally Financial, Inc., 5.75%, 11/20/25 720,000 $718,865
Altice Financing SA, 6.625%, 2/15/23 (144A) 1,000,000 $1,035,625
Altrl Zero% 30jun16 2,501,147 $139,564
Altrl Zero% 30jun17 695,760 $281,783
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 1,205,000 $1,198,640
Apr16 Mem6 P @ 1610 848 $4,240
Apr16 Mem6 P @ 1710 -848 $-8,480
Apr16 Mem6 P @ 1810 -848 $-19,080
Apr16 Mem6 P @ 1910 848 $46,640
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 738,280 $731,189
Atlas IX Capital DAC, Floating Rate Note, 1/17/19 (Cat Bond) (144A) 250,000 $257,097
Atrium Innovations, Inc., Initial Tranche B-1 Term Loan (First Lien), 1/29/21 588,000 $532,140
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 $502,900
AXIS Equipment Finance Receivables II LLC, 6.41%, 10/22/18 (144A) 250,000 $250,389
Ball Corp., 5.25%, 7/1/25 3,500,000 $3,720,938
Bank of America Corp., Floating Rate Note (Perpetual) 4,355,000 $4,501,655
Bayview Opportunity Master Fund IIa Trust 2014-20NPL, 3.721%, 8/28/44 (Step) (144A) 460,000 $195,666
Bayview Opportunity Master Fund Trust 2014-15RPL, Floating Rate Note, 10/28/19 (144A) 1,750,000 $615,619
Bear Stearns ALT-A Trust 2003-3, Floating Rate Note, 10/25/33 23,000,000 $138,636
Bear Stearns Commercial Mortgage Securities Trust 2005-PWR7, Floating Rate Note, 2/11/41 100,000 $96,457
Bear Stearns Commercial Mortgage Securities Trust 2005-TOP20, Floating Rate Note, 10/12/42 1,600,000 $1,588,603
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR16, Floating Rate Note, 6/11/40 2,000,000 $1,921,727
Belden, Inc., 5.5%, 4/15/23 300,000 $349,222
Belden, Inc., 5.5%, 9/1/22 (144A) 1,360,000 $1,373,033
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 288,251 $260,146
BioScrip, Inc., Initial Term B Loan, 7/31/20 480,418 $433,577
Blackstone Holdings Finance Co LLC, 5.0%, 6/15/44 (144A) 1,630,000 $1,677,472
Blackstone Holdings Finance Co LLC, 6.25%, 8/15/42 (144A) 750,000 $909,788
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 750,000 $753,386
BNP Paribas SA, Floating Rate Note (Perpetual) (144A) 2,950,000 $2,967,475
Boardwalk Pipelines LP, 4.95%, 12/15/24 4,500,000 $4,180,905
Broadspectrum, Ltd., 8.375%, 5/15/20 (144A) 805,000 $848,582
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 500,000 $515,053
CalAtlantic Group, Inc., 6.25%, 12/15/21 1,000,000 $1,090,903
Calpine Corp., 5.75%, 1/15/25 2,000,000 $1,973,028
Cardtronics, Inc., 5.125%, 8/1/22 1,000,000 $996,042
Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A) 2,315,000 $2,516,857
CCOH Safari LLC, 5.75%, 2/15/26 (144A) 3,060,000 $3,189,583
CCO Safari II LLC, 6.384%, 10/23/35 (144A) 655,000 $741,445
CD 2005-CD1 Commercial Mortgage Trust, Floating Rate Note, 7/15/44 2,500,000 $1,143,536
Cds: (Cdx.Na.Ig.19 0-3%) Usd 20dec17 Buy Bnr2e28w8 3,880,000 $-324,970
Cds: (Cdx.Na.Ig.9 0-3%) Usd 20dec17 Buy Bnr2e29w7 2,464,077 $-937,675
Cds: (Cdx.Na.Ig.9 0-3%) Usd 20dec17 Buy Bnr2e2a13 2,467,885 $-939,124
Centene Corp., 5.625%, 2/15/21 (144A) 590,000 $619,684
Centene Corp., 6.125%, 2/15/24 (144A) 2,530,000 $2,684,348
CenturyLink, Inc., 5.8%, 3/15/22 2,000,000 $1,929,356
CenturyLink, Inc., 7.6%, 9/15/39 150,000 $123,882
CenturyLink, Inc., 7.65%, 3/15/42 1,300,000 $1,076,920
Charter Communications Operating L 1st Lien Tl L + 0% 26may16 51,486 $51,486
Charter Communications Operating L 1st Lien Tl L + 0% 26may16 316,268 $316,268
CHL Mortgage Pass-Through Trust 2002-32, Floating Rate Note, 1/25/33 450,000 $40,157
Citigroup, Inc., Floating Rate Note (Perpetual) 640,000 $623,052
Citigroup, Inc., Floating Rate Note (Perpetual) 3,980,000 $3,940,355
Citigroup Commercial Mortgage Trust 2006-C4, Floating Rate Note, 3/17/49 300,000 $300,124
Citigroup Commercial Mortgage Trust 2014-GC23 REMICS, Floating Rate Note, 7/12/47 (144A) 1,000,000 $647,989
Citrus Re, Ltd., Floating Rate Note, 4/18/17 (Cat Bond) (144A) 250,000 $248,492
Citrus Re, Ltd., Floating Rate Note, 4/24/17 (Cat Bond) (144A) 350,000 $348,816
Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A) 1,320,000 $1,281,408
Cme: (Cdx.Na.Hy.25.V1) Usd 20dec20 Z91vrer63 31,360,327 $965,264
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 715,000 $672,418
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 220,000 $196,214
COMM 2007-C9 Mortgage Trust, Floating Rate Note, 12/10/49 (144A) 1,000,000 $923,452
COMM 2012-CCRE2 Mortgage Trust, Floating Rate Note, 8/17/45 (144A) 100,000 $95,244
Commercial Barge Line Co., Initial Term Loan, 11/6/20 498,721 $450,096
Commercial Metals Co., 4.875%, 5/15/23 1,000,000 $903,417
Commercial Mortgage Trust 2007-GG11, Floating Rate Note, 12/10/49 1,600,000 $1,581,623
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 100,000 $106,092
Copano Energy LLC, 7.125%, 4/1/21 373,000 $396,675
Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 575,000 $541,209
Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 1,325,000 $1,324,186
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 6/25/33 1,749,811 $207,187
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 1,150,000 $1,152,329
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 2,050,000 $1,943,452
Crowne Group LLC, Term Loan (First Lien), 9/29/20 1,209,842 $1,161,449
CS Intermediate Holdco 2 LLC, Term Loan, 3/28/21 0 $0
CST Brands, Inc., 5.0%, 5/1/23 1,325,000 $1,369,167
CWGS Group LLC, Term Loan, 2/20/20 1,323,125 $1,312,375
Darling Ingredients, Inc., 5.375%, 1/15/22 1,060,000 $1,096,546
DaVita HealthCare Partners, Inc., 5.125%, 7/15/24 1,360,000 $1,388,314
DBUBS 2011-LC2 Mortgage Trust, Floating Rate Note, 7/12/44 (144A) 113,538 $122,973
DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A) 1,140,000 $611,183
DCP Midstream Operating LP, 3.875%, 3/15/23 1,500,000 $1,234,440
DCP Midstream Operating LP, 5.6%, 4/1/44 300,000 $229,187
DISH DBS Corp., 5.875%, 7/15/22 3,050,000 $2,927,703
DR Horton, Inc., 5.75%, 8/15/23 765,000 $831,821
DuPont Fabros Technology LP, 5.875%, 9/15/21 1,000,000 $1,050,111
DynCorp International, Inc., Term Loan, 7/7/16 815,805 $791,331
Enbridge Energy Partners LP, 7.375%, 10/15/45 3,125,000 $3,270,446
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 1,190,000 $1,325,900
Epiq Systems, Inc., Term Loan, 8/27/20 584,082 $578,241
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/10/19 (144A) 300,000 $278,319
Equinix, Inc., 5.375%, 4/1/23 1,500,000 $1,592,813
Federal-Mogul Holdings Corp., Tranche C Term Loan (2014), 4/15/21 645,088 $586,493
Fitness & Sports Clubs LLC, Term B Loan, 6/25/20 903,324 $873,966
Fixed Income Trust Series 2013-A, 0.0%, 10/15/97 (Step) (144A) 1,000,000 $698,726
Fly Funding II Sarl, Loan, 8/9/19 677,413 $673,285
FMG Resources August 2006 Pty, Ltd., Loan, 6/30/19 4,531,800 $3,840,700
Frontier Communications Corp., 10.5%, 9/15/22 (144A) 3,140,000 $3,233,153
Frontier Communications Corp., 7.625%, 4/15/24 250,000 $230,665
Frontier Communications Corp., 8.75%, 4/15/22 500,000 $507,674
Frontier Communications Corp., 8.875%, 9/15/20 (144A) 90,000 $93,843
Frontier Communications Corp., 9.0%, 8/15/31 200,000 $174,300
Galileo Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 500,000 $514,075
Garda World Security Corp., Term B Delayed Draw Loan, 11/8/20 51,748 $49,839
Gator Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 600,000 $589,741
GCI, Inc., 6.75%, 6/1/21 2,000,000 $2,085,000
GE Mortgage Services LLC, Floating Rate Note, 3/25/27 5,850,000 $151,545
GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 1,500,000 $485,605
Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 3,203 $3,195
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 2,171,000 $245,876
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 800,000 $87,847
Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 509,814 $84,050
Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 2,500,000 $555,639
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 570,000 $534,883
Golar LNG Partners LP, Floating Rate Note, 10/12/17 2,000,000 $239,848
Golden State RE II, Ltd., Floating Rate Note, 1/8/19 (Cat Bond) (144A) 250,000 $247,383
Granite Acquisition, Inc., Term B Loan (First Lien), 10/15/21 1,891,762 $1,771,951
Granite Acquisition, Inc., Term C Loan (First Lien), 10/15/21 84,291 $78,953
Griffon Corp., 5.25%, 3/1/22 1,375,000 $1,377,578
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 112,000 $101,547
GS Mortgage Securities Corp Trust 2014-NEW, 3.79%, 1/10/31 (144A) 1,000,000 $965,266
GS Mortgage Securities Trust 2014-GSFL, Floating Rate Note, 7/15/31 (144A) 705,000 $678,563
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 540,000 $501,350
HCA, Inc., 5.375%, 2/1/25 1,000,000 $1,019,898
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 250,000 $127,295
Iap Worldwide Services Inc 4 $4,854
Iap Worldwide Services Inc 1st Lien Tl L + 6.5% 18jul19 28,259 $28,401
Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat Bond) (144A) 250,000 $252,475
Immucor, Inc., Term B-2 Loan, 8/19/18 1,562 $1,515
Inkia Energy, Ltd., 8.375%, 4/4/21 (144A) 100,000 $103,618
Instituto Costarricense de Electricidad, 6.375%, 5/15/43 (144A) 1,000,000 $764,083
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 1,350,000 $1,115,484
James River Coal Co., 7.875%, 4/1/19 250,000 $56,719
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 2,000,000 $1,886,694
JPMorgan Chase & Co., Floating Rate Note, 8/29/49 4,100,000 $4,547,925
JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, 5.623%, 5/12/45 1,400,000 $1,361,777
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/17/45 1,400,000 $1,069,480
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 1,725,000 $1,671,102
JP Morgan Chase Commercial Mortgage Securities Trust 2014-CBM MZ, Floating Rate Note, 10/15/19 (144A 1,850,000 $1,708,910
Jun16 Mem6 P @ 1410 734 $34,865
Jun16 Mem6 P @ 1510 -734 $-58,720
Jun16 Mem6 P @ 1610 -734 $-102,760
Jun16 Mem6 P @ 1710 734 $190,840
Kane-Pi4 Flt% 07jul16 1,503,871 $1,507,631
Kane Sac Zero% 15jun16 400,000 $399,920
Kane Zero% 29apr16 2,100,000 $56,700
Kane Zero% 30jun16 1,500,000 $30,600
Kane Zero% 30jun16 1,200,000 $79,920
Kane Zero% 30jun16 500,000 $5,400
KB Home, 7.0%, 12/15/21 2,500,000 $2,551,528
Kenya Government International Bond, 5.875%, 6/24/19 (144A) 3,905,000 $3,894,964
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 350,000 $351,671
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 400,000 $403,763
Kinder Morgan, Inc. Delaware, 4.3%, 6/1/25 2,100,000 $2,027,589
Kinder Morgan, Inc. Delaware, 5.3%, 12/1/34 750,000 $658,773
Kinder Morgan, Inc. Delaware, 5.55%, 6/1/45 1,360,000 $1,233,830
KKR Group Finance Co II LLC, 5.5%, 2/1/43 (144A) 1,500,000 $1,546,576
La Hipotecaria Panamanian Mortgage Trust 2007-1, Floating Rate Note, 12/23/36 (144A) 1,800,000 $684,431
Lantheus Medical Imaging, Inc., Initial Term Loan, 6/25/22 670,347 $586,554
Laureate Education, Inc., New Series 2018 Extended Term Loan, 6/16/18 1,031,273 $894,630
Leaf Receivables Funding 10 LLC, 5.21%, 7/15/21 (144A) 750,000 $741,588
Level 3 Financing, Inc., 5.375%, 5/1/25 1,400,000 $1,423,771
Liberty Tire Recycling Llc 3,071 $31
Liberty Tire Recycling LLC, 11.0%, 3/31/21 (144A) (PIK) 67,501 $54,419
LifePoint Health, Inc., 5.875%, 12/1/23 3,000,000 $3,192,281
Livingston International, Inc., Initial Term B-1 Loan (First Lien), 4/18/19 705,063 $646,895
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 $1,174,348
Masco Corp., 4.45%, 4/1/25 1,000,000 $1,059,550
McGraw-Hill School Education Holdings LLC, Term B Loan, 12/18/19 1,857,250 $1,852,607
Merrill Lynch Mortgage Investors Trust Series 2006-AF1, 5.75%, 8/25/36 1,200,000 $157,102
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 200,000 $203,212
Micron Technology, Inc., 5.25%, 8/1/23 (144A) 0 $8,750
Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (PIK) 128,729 $50,925
ML-CFC Commercial Mortgage Trust 2006-4, 5.239%, 12/12/49 2,000,000 $1,953,828
MMM Holdings, Inc., MMM Term Loan, 12/12/17 23,247 $14,529
Molina Healthcare, Inc., 5.375%, 11/15/22 (144A) 3,270,000 $3,428,765
Monty Parent Issuer 1 LLC, 4.25%, 11/20/28 (144A) 1,750,000 $57,476
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 1,800,000 $1,739,110
MortgageIT Trust 2005-1, Floating Rate Note, 2/25/35 3,432,000 $432,588
MortgageIT Trust 2005-1, Floating Rate Note, 2/25/35 2,208,000 $265,517
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 16,900 $10,563
Nationstar Mortgage LLC, 6.5%, 6/1/22 720,000 $636,600
Nationstar Mortgage LLC, 6.5%, 7/1/21 725,000 $655,219
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 $752,674
Navitas Equipment Receivables LLC 2015-1, 5.75%, 5/17/21 (144A) 710,500 $717,624
NCF Dealer Floorplan Master Trust, Floating Rate Note, 10/20/20 (144A) 600,000 $588,154
New World Resources NV, 4.0%, 10/7/20 (PIK) 73,160 $13,833
New World Resources NV, Floating Rate Note, 10/7/20 29,032 $4,299
New World Resources NV, Floating Rate Note, 10/7/20 38,709 $9,259
NRG Energy, Inc., 6.25%, 5/1/24 1,000,000 $943,542
NRG Energy, Inc., 7.875%, 5/15/21 1,755,000 $1,800,630
NRG Energy, Inc., 8.25%, 9/1/20 200,000 $202,875
ONEOK, Inc., 6.875%, 9/30/28 1,450,000 $1,275,094
ORES 2014-LV3 LLC, 6.0%, 3/27/24 1,000,000 $995,075
Oxford Finance LLC, 7.25%, 1/15/18 (144A) 700,000 $703,714
Pangaea Zero% 01jul18 2,000,000 $36,000
Paragon Offshore Finance Co., Term Loan, 7/11/21 286,375 $63,480
PDL BioPharma, Inc., 4.0%, 2/1/18 593,000 $539,506
Petrobras Global Finance BV, 3.5%, 2/6/17 3,210,000 $3,176,447
Plains All American Pipeline LP, 4.65%, 10/15/25 3,625,000 $3,452,983
Post Holdings, Inc., 7.375%, 2/15/22 550,000 $586,808
Post Holdings, Inc., 7.75%, 3/15/24 (144A) 200,000 $220,189
Progreso Receivables Funding II LLC, 6.0%, 7/8/19 (144A) 500,000 $504,392
Progressive Waste Solutions, Ltd., 10/24/19 0 $0
Provident Funding Associates LP, 6.75%, 6/15/21 (144A) 2,000,000 $1,934,750
Prudential Financial, Inc., Floating Rate Note, 9/15/42 1,500,000 $1,571,417
Quebecor Media, Inc., 5.75%, 1/15/23 825,000 $863,718
Qwest Corp., 7.375%, 6/1/51 4,400 $112,332
RASC Series 2003-KS5 Trust, 4.96%, 7/25/33 (Step) 400,000 $219,260
RCMC LLC, 5.62346%, 12/17/18 (144A) 250,000 $76,026
RegionalCare Hospital Partners, Inc., Term B-2 Loan (2015), 4/23/19 885,222 $885,775
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 800,000 $801,700
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 500,000 $508,122
RESI Finance LP 2003-D, Floating Rate Note, 12/10/35 (144A) 7,240,000 $938,791
Revlon Consumer Products Corp., 5.75%, 2/15/21 480,000 $496,727
Rialto Capital Management LLC, 2.85%, 5/15/24 (144A) 1,000,000 $135,081
RMAT 2015-1 LLC, 5.0%, 7/27/20 (Step) (144A) 1,000,000 $965,081
Rowan Companies, Inc., 5.85%, 1/15/44 2,393,000 $1,424,347
Royal Bank of Scotland Group Plc, Floating Rate Note (Perpetual) 1,400,000 $1,363,211
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 2,500,000 $2,426,563
Sabine Pass Liquefaction LLC, 6.25%, 3/15/22 2,200,000 $2,159,361
Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 865,000 $890,037
Sanders Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A) 500,000 $502,153
Scds: (Aks) Usd 20dec16 Buy Bnr27bu01 4,200,000 $53,832
Scds: (Ally) Usd 20jun21 Buy Bnr2fxus3 700,000 $64,326
Scds: (Ally) Usd 20jun21 Buy Bnr2g3y88 3,360,000 $308,767
Scds: (Bbdbcn) Usd 20dec16 Buy Bnr23a1e9 4,175,000 $29,545
Scds: (Bbdbcn) Usd 20dec16 Buy Bnr278za1 1,685,000 $33,221
Scds: (Ftr) Usd 20jun21 Buy Bnr2ftsq9 2,545,000 $-136,745
Scds: (Ftr) Usd 20jun21 Buy Bnr2fttj4 2,045,000 $-109,880
Scds: (Hov) Usd 20dec16 Buy Bnr231u15 4,175,000 $55,197
Scds: (Hov) Usd 20dec16 Buy Bnr26wym4 1,735,000 $22,938
Scds: (Mtna) Eur 20jun21 Buy Bnr2g3v08 2,750,000 $-109,092
Scds: (Rig) Usd 20dec16 Buy Bnr273re3 1,665,000 $-44,492
Scds: (S) Usd 20dec16 Buy Bnr231wa3 4,175,000 $44,575
Scds: (Tckbcn) Usd 20dec16 Buy Bnr26t8y4 3,880,000 $-30,510
Scientific Games International, Inc., 7.0%, 1/1/22 (144A) 1,150,000 $1,193,125
Scientific Games International, Inc., Initial Term B-2 Loan, 9/17/21 1,604,688 $1,560,308
Seadrill Operating LP, Initial Term Loan, 2/14/21 830,875 $370,431
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 $26,439
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 1,205 $9,878
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 250,000 $123,084
Securus Technologies Holdings, Inc., Initial Term Loan (First Lien), 4/30/20 383,434 $356,977
Select Medical Corp., Series E Tranche B Term Loan, 6/1/18 20,250 $20,250
Sensata Technologies BV, 5.0%, 10/1/25 (144A) 950,000 $980,875
Serena Software, Inc., Term Loan, 4/10/20 749,318 $748,382
Sierra Timeshare 2011-3 Receivables Funding LLC, 9.31%, 7/20/28 (144A) 750,000 $110,063
Silver Bay Realty 2014-1 Trust, Floating Rate Note, 9/18/31 (144A) 1,200,000 $1,132,900
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 $514,100
Sirius XM Radio, Inc., 4.625%, 5/15/23 (144A) 830,000 $831,014
Sirius XM Radio, Inc., 6.0%, 7/15/24 (144A) 1,815,000 $1,933,278
Solarcity Lmc Series VI LLC, 4.8%, 9/21/48 (144A) 2,000,000 $1,996,010
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) 800,000 $502,222
Springleaf Mortgage Loan Trust 2013-1, Floating Rate Note, 6/25/58 (144A) 250,000 $250,500
Sprint Corp., 7.25%, 9/15/21 1,000,000 $766,972
Standard Industries, Inc., 5.375%, 11/15/24 (144A) 945,000 $978,364
Steward Health Care System LLC, Term Loan, 4/10/20 487,500 $470,438
STG-Fairway Acquisitions, Inc., Term Loan (First Lien), 3/4/19 745,869 $729,087
Swift Energy Co., 7.875%, 3/1/22 1,285,000 $123,280
Syncreon Group BV, Term Loan, 9/26/20 1,771 $1,771
Talen Energy Supply LLC, 4.6%, 12/15/21 525,000 $427,111
Talen Energy Supply LLC, 4.625%, 7/15/19 (144A) 2,680,000 $2,351,067
Talen Energy Supply LLC, 6.5%, 6/1/25 250,000 $212,917
TASC, Inc. Virginia, New Term Loan (First Lien), 5/23/20 756,798 $753,638
Terraform Global Operating LLC, 9.75%, 8/15/22 (144A) 1,165,000 $888,264
TerraForm Power Operating LLC, 5.875%, 2/1/23 (144A) 1,000,000 $819,792
The Goodyear Tire & Rubber Co., 5.125%, 11/15/23 2,825,000 $2,947,279
The Williams Companies, Inc., 4.55%, 6/24/24 3,000,000 $2,316,779
The Williams Companies, Inc., 5.75%, 6/24/44 2,625,000 $1,786,294
Tiers Trust, Floating Rate Note, 10/15/97 (144A) 100,000 $94,942
TIG FINCO Plc, 8.75%, 4/2/20 202,103 $243,779
TIG FINCO Plc, Floating Rate Note, 3/2/20 (144A) 35,665 $52,978
Time Warner Cable, Inc., 6.55%, 5/1/37 2,050,000 $2,302,414
T-Mobile USA, Inc., 6.5%, 1/15/24 1,965,000 $2,070,564
T-Mobile USA, Inc., 6.625%, 4/1/23 1,500,000 $1,628,438
TMS International Corp., Term B Loan, 10/2/20 569,101 $506,499
Top Co 34,794 $500
Tower Automotive Holdings USA LLC, Initial Term Loan (2014), 4/23/20 911,947 $907,387
Trader Corp., 9.875%, 8/15/18 (144A) 100,000 $105,012
Transocean, Inc., 5.55%, 12/15/16 4,090,000 $4,147,578
UBS AG, 7.625%, 8/17/22 3,990,000 $4,607,051
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 300,000 $296,181
US Airways 2013-1 Class B Pass Through Trust, 5.375%, 11/15/21 200,000 $196,668
Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 2,200,000 $1,773,078
Virgin Media Secured Finance Plc, 5.25%, 1/15/26 (144A) 3,500,000 $3,538,792
Virgin Media Secured Finance Plc, 5.375%, 4/15/21 (144A) 500,000 $480,278
Vita Capital V, Ltd., Floating Rate Note, 1/15/17 (Cat Bond) (144A) 250,000 $254,293
VOLT XXV LLC, 4.5%, 6/26/45 (Step) (144A) 1,000,000 $960,812
Voya Financial, Inc., Floating Rate Note, 5/15/53 1,615,000 $1,536,421
Wachovia Bank Commercial Mortgage Trust Series 2006-C24, Floating Rate Note, 3/15/45 304,000 $33,898
WCP ISSUER LLC, 6.657%, 8/15/20 (144A) 400,000 $416,159
Weatherford International, Ltd. Bermuda, 5.95%, 4/15/42 2,000,000 $1,444,872
WellCare Health Plans, Inc., 5.75%, 11/15/20 1,815,000 $1,917,951
Westgate Resorts 2014-1 LLC, 5.5%, 12/20/26 (144A) 800,000 $484,284
Xerium Technologies, Inc., 8.875%, 6/15/18 168,000 $142,990
Zero% 30nov19 2,000,000 $2,166,200
Zero% 30nov20 1,000,000 $1,011,000
Zero% 30nov20 1,250,000 $1,277,125
Zero% 30nov20 500,000 $507,600
Zero% 31aug16 500,000 $563,350
ZF North America Capital, Inc., 4.75%, 4/29/25 (144A) 3,635,000 $3,689,727
Ziggo BV, US$ B3 Facility, 1/15/22 0 $0

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.