Pioneer Dynamic Credit Fund

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 13.45 0.0 13.45
Stocks 0.0 0.0 0.0
Bonds 42.83 0.0 42.83
Other 3.01 1.05 1.96
Foreign Bonds 31.73 0.05 31.68
Foreign Stocks 0.0 0.0 0.0
Convertible 6.8 0.0 6.8
Preferred 3.29 0.0 3.29

Updated 01.31.2014

Top 10 Holdings

Performance as of 02.28.2014

Portfolio as of 01.31.2014

% Net Assets
Bear Stearns Cmbs 2006-Pwr14 CMO 5.273% 0.46
Cd 2005-Cd1 Coml Mtg Tr CMO 0.44
Altrl Flt% 30jun16 0.42
Ubs Ag Stamford Brh 7.625% 0.37
Swift Engy 7.875% 0.36
Salix Pharmaceuticals 144A 6% 0.34
Mcgraw Hill School Education 1st Lien Tl-B L + 5% 18dec19 0.34
Hilton Usa Tr 2013-Hlt CMO 0.33
Ryland Grp Cv 0.25% 0.33
Jp Morgan Chase Cmbs 2013-Fl3 CMO 0.33

Bond Ratings (%)

Updated 01.31.2014

Sector RCRAX
AAA 8.7
AA 1.58
A 2.84
BBB 11.45
BB 30.41
B 32.07
Below B 3.88
Other 9.07