Pioneer Multi-Asset
Income Fund
Annual Report | July 31, 2020
| | | | | |
| A: PMAIX | C: PMACX | K: PMFKX | R: PMFRX | Y: PMFYX |
Beginning in March 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications electronically by contacting your financial intermediary or, if you invest directly with the Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.
visit us: www.amundipioneer.com/us
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 1
President’s LetterDear Shareholders,
The new decade has arrived delivering a half-year (and more) that will go down in the history books. The beginning of 2020 seemed to extend the positive market environment of 2019. Then, March roared in like a lion and the COVID-19 pandemic became a global crisis impacting lives and life as we know it. The long-term impact on the global economy from the COVID-19 virus pandemic, while currently unknown, is likely to be considerable. It is clear that several industries have already felt greater effects than others. And the markets, which do not thrive on uncertainty, have been volatile, delivering significantly negative performance in the first quarter, and then staging a strong rally for most of the second quarter. Our business continuity plan was implemented given the new COVID-19 guidelines, and most of our employees are working remotely. To date, our operating environment has faced no interruption. I am proud of the careful planning that has taken place and confident we can maintain this environment for as long as is prudent. History in the making for a company that first opened its doors way back in 1928.
Since 1928, Amundi Pioneer’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions –can help mitigate the potential risks during periods of market volatility. As the first several months of 2020 have reminded us, investment risk can arise from a number of factors in today’s global economy, including slower or stagnating growth, changing U.S. Federal Reserve policy, oil price shocks, political and geopolitical factors and, unfortunately, major public health concerns such as a viral pandemic.
At Amundi Pioneer, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.
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Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress. As you consider your long-term investment goals, we encourage you to work with your financial advisor to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We remain confident that the current crisis, like others in human history, will pass, and we greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
July 31, 2020
Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 3
Portfolio Management Discussion |
7/31/20 In the following interview, portfolio manager Marco Pirondini discusses Pioneer Multi-Asset Income Fund’s performance and investment strategies during the 12-month period ended July 31, 2020, along with his outlook for the coming months. Mr. Pirondini, Senior Managing Director, Head of Equities, U.S., and a portfolio manager at Amundi Pioneer Asset Management, Inc. (Amundi Pioneer), co-manages the Fund along with Howard Weiss, a vice president and a portfolio manager at Amundi Pioneer, and Michele Garau, a senior vice president and a portfolio manager at Amundi Pioneer.
Q How did the Fund perform during 12-month period ended July 31, 2020?
A The Fund’s Class A shares returned 0.28% at net asset value during the 12-month period ended July 31, 2020, while the Fund’s benchmarks, the Bloomberg Barclays U.S. Aggregate Bond Index (the Bloomberg Barclays Index) and the Morgan Stanley Capital International Index (MSCI) All Country World NR Index (the MSCI Index)1, returned 10.12% and 7.20%, respectively. During the same period, the average return of the 550 mutual funds in Morningstar’s 30% to 50% Equity Allocation Funds category was 4.66%.
Q How would you describe the global investment environment during the 12-month period ended July 31, 2020?
A The first half of the 12-month period, which began in August 2019, was a positive time for investors in the global equity and fixed-income markets, despite occasional bouts with volatility. Concerns about the lengthy U.S./China trade dispute eased in December 2019 when the two countries reached a “phase one” trade deal. In addition, a decisive vote in the United Kingdom led to the election of Prime Minister Boris Johnson,
1 The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages.
4 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
paving the way for the long-awaited Brexit move in January 2020 and ending nearly four years of uncertainty surrounding that subject since the initial Brexit referendum vote took place in June 2016. Meanwhile, multiple central banks, including the U.S. Federal Reserve (Fed), pursued easing monetary policies that helped to offset slowing global economic growth.
In February 2020, however, concerns about the developing COVID-19 pandemic and the ensuing economic shutdowns aimed at slowing the spread of the virus, which first appeared in China but soon moved into Europe and the U.S., raised fears of a prolonged global recession. Additionally, heightened tensions among OPEC nations (Organization of Petroleum Exporting Countries) caused oil prices to fall from more than $66 per barrel in January 2020 to below $23 by the end of March, thus exacerbating market volatility. In turn, questions about the duration of the pandemic and the uncertainty about how deep the resulting recession would be led investors to abruptly sell out of higher-risk assets and move into so-called “safe-haven” assets, particularly U.S. Treasuries. By the end of the first quarter of 2020, both global equity and credit markets had tumbled sharply, and the longest-ever U.S. economic expansion had come to a halt.
The sell-offs in March caused a severe correction in prices for most asset classes across global markets. Given concerns about the disruptions to economic activity and the stability of the global financial system, policy makers stepped into action. Governments introduced unprecedented fiscal stimulus packages to help mitigate the economic hardship wrought by the COVID-19-induced stay-at-home orders and shuttered businesses. Central banks, including the Fed, dramatically cut interest rates (where applicable) and announced programs designed to inject liquidity into the financial system through various channels. The programs included lending facilities and asset-purchase programs aimed at backstopping the functionality of the fixed-income and currency markets, which had come under duress due to a liquidity crisis driven by the panic selling seen in the first quarter.
With many investors perceiving the markets as oversold coming out of the first quarter, the aggressive policies by governments and central banks seemed to ease the fears of market participants and led to a strong rally in riskier assets in April and May. Despite a slowing of the rally in June as COVID-19 cases rose in some areas that had reopened, equities continued to recoup their earlier losses for the balance of the 12-month period, albeit at a more tempered pace. With commitments by central
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 5
banks to keep the target ranges for short-term interest rates low, fixed-income assets also rallied, and most market segments ended the 12-month period in positive territory.
Q What factors drove the Fund’s benchmark-relative performance during the 12-month period ended July 31, 2020?
A The primary factor behind the Fund’s benchmark-relative underperformance for the 12-month period was security selection within equities.
Individual equity positions in the portfolio that detracted the most from the Fund’s relative returns over the period included mortgage real estate investment trusts (REITs) Investco Mortgage Capital and Two Harbors Investment. Given the challenges facing the energy industry, the Fund’s holdings of Marathon Petroleum, Rosneft Oil, and Energy Transfer also struggled and detracted from benchmark-relative results. Finally, the Fund’s positioning in stocks of European banks and insurance companies weighted on relative performance. The underperformance in those two market segments owed mainly to balance-sheet issues resulting from the low-interest-rate environment that prevailed over the 12-month period, and heavy regulatory pressures.
On the positive side, in fixed income, the Fund’s security selection results within high yield aided benchmark-relative returns, with the most significant contributions coming from sizable portfolio positions in two bonds issued by CenturyLink. The Fund’s performance also benefited from not having any exposure to high-yield energy issues during the 12-month period, as the sector has continued to face considerable long-term challenges.
Q How did you manage the Fund through the pandemic-induced market sell-offs that took place during the 12-month period ended July 31, 2020?
A As a diversified*, multi-asset portfolio, the Fund’s performance has generally fallen between that of the Bloomberg Barclays Index, a pure bond index, and the MSCI Index, a pure equity index. That was the case in the first half of the 12-month period. However, the pandemic-dominated environment beginning in February 2020 abruptly altered the economic and financial cycles and shifted the global outlook from “slowly improving” to “severe recession.” The sudden reset created dislocations across markets for numerous asset classes, particularly equities. As the
* Diversification does not assure a profit nor protect against loss.
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cross currents threw the various forecasts of economists and market analysts into question, investors grappled with finding a new equilibrium and a new normal in the wake of the dramatic sell-offs in March 2020. The dramatic shift in market conditions beginning in February contributed to the Fund's underperformance of both of its benchmarks for the full 12-month period.
Under those extreme market conditions, the Fund’s net asset value ended the 12-month period a bit higher than where it began, despite the benchmark-relative underperformance, while the average monthly per-share income distribution** of $0.050 remained intact.
With regard to specific management strategies during this challenging time, we actually began taking on a more cautious outlook in mid-February, and so we adopted a more defensive investment posture, reducing the portfolio’s net equity exposure by half – to just over 30% – by selling common stocks and increasing the Fund’s hedge positions. The stock sales from the portfolio, which took place across all industries, raised the Fund’s cash levels. We also allowed equity-linked notes (ELNs) in the portfolio to mature and run off, further reducing the Fund’s equity exposure. ELNs are products that combine a fixed-income investment with the potential for additional returns tied to the performance of underlying equities or equity-related securities. ELNs have become an increasingly common debt-classified instrument that seek to produce yield by selling volatility against a single equity, basket of equities, or equity index. They are, in effect, covered call strategies, in which a call option – or a contractual agreement to buy a security at a predetermined price and within a predetermined timeframe –against the underlying investment is sold to produce income. While ELNs still bear the price risk of the referenced stock(s), periods of elevated volatility may result in their offering substantially richer coupons, which in turn could help to mute volatility of net returns when compared to the actual stock shares. Of course, there is no assurance that investments in ELNs will be profitable.
As the scope of the COVID-19 situation came to be better understood, we began to perceive the markets as oversold amid the unprecedented fiscal and monetary support provided by governments and central banks, and so we reduced the Fund’s hedge positions and started redeploying the cash we had previously accumulated, at a measured pace. We identified what we believed were compelling investment ideas in both fixed-income and equity markets, which we felt offered attractive income and capital-appreciation opportunities. Within fixed income, we increased the Fund’s
** Distributions are not guaranteed.
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exposure to investment-grade corporate bonds, high-yield bonds, and securitized asset classes in response to the widening credit spreads caused by the earlier liquidity stress in the markets. We also added back some of the positioning in ELNs, which had begun offering richer yields when volatility spiked. (Credit spreads are commonly defined as the difference in yield between Treasuries and other types of fixed-income securities with similar maturities.)
Within equities, we broadly diversified the Fund’s exposure to developed market stocks across various sectors, with an emphasis on financials, communication services, and health care. We also increased the portfolio’s exposure to consumer staples and U.S. utilities stocks, as we believed valuations in those sectors were favorable and dividends*** were attractive. The Fund’s allocation to emerging markets equities remained small, with positions primarily in Asian financial companies and some Russian energy firms, where we felt that both yields and valuations were attractive.
Overall, the strategies deployed during the worst of the market turmoil benefited the Fund’s benchmark-relative performance, given the rally we saw over the final months of the period, but those positives were not enough to overcome the negative factors that detracted from relative returns for the full 12 months.
Q Did the Fund have exposure to derivative investments during the 12-month period ended July 31, 2020, and did the derivatives have an effect on the Fund’s benchmark-performance?
A Yes, the use of equity hedges detracted from the Fund’s benchmark-relative returns during the first half of the 12-month period when equities rallied, but the hedges aided relative performance during the tumultuous market correction from late-February into late-March 2020. (Equity hedge investing consists of maintaining core portfolio holdings of equities, or common stock positions, offset with investments in equity index futures, such as Standard & Poor’s 500 options.) Essentially, the contrasting performance of the equity hedges over the different halves of the 12-month period resulted in an overall neutral effect on benchmark-relative results. We continue to believe our hedging strategy may help to mitigate the market-volatility risks associated with holding common stocks in the portfolio over the long term.
*** Dividends are not guaranteed.
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Q Yields fell dramatically during the 12-month period ended July 31, 2020. In that environment, how did you maintain the Fund’s competitive yield, which has consistently fallen in the 5.50% to 6.00% range since its inception?
A During the 12-month period, we focused on global fixed-income and equity investment strategies designed to help us to deliver on the Fund’s primary goal of maintaining a high level of monthly income for shareholders, without having to dip into the markets for higher-risk, lower-subordinated assets. Our tactical allocation decisions included investments in high-yield bonds, ELNs, securitized credit, and dividend-paying stocks. The Fund’s positions in ELNs were especially beneficial, given the double-digit yields they offered, which helped to offset the yield compression experienced by other income-producing securities over the 12-month period.
In addition to the average monthly distribution of $0.050 per share, mentioned earlier, the Fund made a special distribution of $0.0893 per share in December 2019, which included the usual $0.0500 monthly distribution as well as an extra $0.0393 payout, which was the result of higher-than-expected income generated by the portfolio’s fixed-income holdings.
Q What is your outlook for the coming months?
A Despite the recent rally in the equity markets, we continue to see the COVID-19 pandemic and its effects on the global economy as a headwind.
The divergence between the performance of the equity markets and recent economic data and corporate earnings releases is also concerning, in our view. On the other hand, the massive amounts of fiscal and monetary stimulus provided by governments and central banks have helped boost investors’ appetite for riskier assets.
Against that backdrop, we believe the announcement of a successful vaccine or some more effective treatments for the COVID-19 virus would be a game changer in what is essentially a health crisis, not an economic crisis. In that vein, should some positive news on the vaccine or therapeutic fronts be forthcoming, we believe we could see the equity market rally broaden beyond the outperforming information technology growth sectors to include stocks in the more cyclical and value-oriented segments.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 9
The Fund’s flexible, go-anywhere investment approach allows us to adapt to changing market conditions and to pursue both monthly income and total-return performance over time. We believe our diversified investment approach gives us a large playbook that we can utilize to find what we view as some of our best investment opportunities, in either up or down markets.
Please refer to the Schedule of Investments on pages 22–45 for a full listing of Fund securities.
All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
Equity-linked notes (ELNs) may not perform as expected and could cause the Fund to realize significant losses including its entire principal investment. Other risks include the risk of counterparty default, liquidity risk and imperfect correlation between ELNs and the underlying securities.
High yield bonds possess greater price volatility, illiquidity, and possibility of default.
Investments in fixed-income securities involve interest rate, credit, inflation, and reinvestment risks. As interest rates rise, the value of fixed income securities falls.
Prepayment risk is the chance that an issuer may exercise the right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income and lose the opportunity for additional price appreciation.
The Fund may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed-income securities. Mortgage-backed securities are also subject to pre-payments.
10 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
The Fund may invest in subordinated securities which may be disproportionately adversely affected by a default or even a perceived decline in creditworthiness of the issuer.
International investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.
The Fund may invest in inflation-linked securities. As inflationary expectations increase, inflation-linked securities may become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, inflation-linked securities will become less attractive and less valuable.
The Fund may invest in insurance-linked securities. The return of principal and the payment of interest and/or dividends on insurance-linked securities are contingent on the non-occurrence of a pre-defined “trigger” event, such as a hurricane or an earthquake of a specific magnitude.
The Fund may invest in floating-rate loans. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate.
The Fund may invest in underlying funds (including ETFs). In addition to the Fund’s operating expenses, you will indirectly bear the operating expenses of investments in any underlying funds.
Investments in equity securities are subject to price fluctuation.
Investments in small-and mid-cap stocks involve greater risks and volatility than investments in large-cap stocks.
The Fund may invest in master limited partnerships, which are subject to increased risks of liquidity, price valuation, control, voting rights and taxation. In addition, the structure affords fewer protections to investors in the Partnership than direct investors in a corporation.
The Fund may invest in zero-coupon bonds and payment-in-kind securities, which may be more speculative and fluctuate more in value than other fixed income securities. The accrual of income from these securities is payable as taxable annual dividends to shareholders.
The Fund and some of the underlying funds in which the Fund invests may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance.
The Fund may invest in credit default swaps, which may in some cases be illiquid, and they increase credit risk since the Fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 11
The Fund and some of the underlying funds employ leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses if an underlying fund’s investments decline in value.
These risks may increase share price volatility.
There is no assurance that these and other strategies used by the Fund or underlying funds will be successful.
Please see the prospectus for a more complete discussion of the Fund’s risks.
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc., for a prospectus or summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is not a guarantee of future results.
12 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
Portfolio Summary | 7/31/20Portfolio Diversification
(As a percentage of total investments)*
Sector Distribution
(As a percentage of total investments)*
10 Largest Holdings
(As a percentage of total investments)*| | | |
| 1. | CenturyLink, Inc., 7.65%, 3/15/42 | 3.00% |
| 2. | CenturyLink, Inc., 7.6%, 9/15/39 | 2.79 |
| 3. | Unilever NV | 2.66 |
| 4. | CenterPoint Energy, Inc. | 2.06 |
| 5. | KB Financial Group, Inc. | 2.03 |
| 6. | AbbVie, Inc. | 1.65 |
| 7. | Verizon Communications, Inc. | 1.57 |
| 8. | Indonesia Treasury Bond, 8.75%, 5/15/31 | 1.50 |
| 9. | KDDI Corp. | 1.48 |
| 10. | UBS AG (Facebook, Inc.), 8.17%, 11/10/20 (144A) | 1.38 |
* Excludes temporary cash investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 13
Prices and Distributions |
7/31/20Net Asset Value per Share
| | | |
| Class | 7/31/20 | 7/31/19 |
A | $10.17 | $10.79 |
C | $10.13 | $10.76 |
K | $10.47 | $11.12 |
R | $10.19 | $10.83 |
Y | $10.13 | $10.77 |
Distributions per Share: 8/1/19–7/31/20
| | | | |
| Net Investment | Short-Term | Long-Term |
| Class | Income | Capital Gains | Capital Gains |
A | $0.6393 | $ — | $ — |
C | $0.5560 | $ — | $ — |
K | $0.6864 | $ — | $ — |
R | $0.5720 | $ — | $ — |
Y | $0.6585 | $ — | $ — |
Index Definitions
The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged measure of the U.S. bond market. The MSCI All Country World ND Index is an unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 45 country indices comprising 24 developed and 21 emerging market country indices. Index returns are calculated monthly, assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index.
The indices defined here pertains to the “Value of $10,000 Investment” and “Value of $5 Million Investment” charts on pages 15–19.
14 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
| | |
Performance Update | 7/31/20 | Class A Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Multi-Asset Income Fund at public offering price during the periods shown, compared to that of the Bloomberg Barclays U.S. Aggregate Bond Index and the MSCI All Country World ND Index.
| | | | | |
| Average Annual Total Returns | |
(As of July 31, 2020) | | |
| | | Bloomberg | MSCI
|
| | | Barclays | All |
| Net | Public | U.S. | Country |
| Asset | Offering | Aggregate
| World
|
| Value | Price | Bond | ND |
| Period | (NAV) | (POP)
| Index | Index |
Since | | | | |
inception | | | | |
12/22/11 | 6.32% | 5.75%
| 3.64% | 9.65% |
5 years | 4.03 | 3.07 | 4.47 | 7.37 |
1 year | 0.28 | -4.23 | 10.12 | 7.20 |
|
|
| Expense Ratio | | | |
(Per prospectus dated December 1, 2019) |
| Gross | | Net | | |
0.98% | | 0.94% | | |
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. NAV returns would have been lower had sales charges been reflected. POP returns reflect deduction of maximum 4.50% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through December 1, 2020 for Class A shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus for more information. Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please see the financial highlights for more current expense ratios.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 15
| | |
Performance Update | 7/31/20 | Class C Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Multi-Asset Income Fund during the periods shown, compared to that of the Bloomberg Barclays U.S. Aggregate Bond Index and the MSCI All Country World ND Index.
| | | | | |
| Average Annual Total Returns | |
(As of July 31, 2020) | | |
| | | Bloomberg | MSCI
|
| | | Barclays | All |
| | | U.S. | Country |
| | | Aggregate | World
|
| If | If | Bond | ND |
| Period | Held | Redeemed | Index
| Index |
Since | | | | |
inception | | | | |
12/22/11 | 5.44%
| 5.44% | 3.64% | 9.65% |
5 years | 3.18 | 3.18 | 4.47 | 7.37 |
1 year | -0.62 | -0.62 | 10.12 | 7.20 |
|
|
| Expense Ratio | | | |
(Per prospectus dated December 1, 2019) |
| Gross | | | | |
1.74% | | | | |
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are subject to a 1% contingent deferred sales charge (CDSC). “If Held” results represent the percent change in net asset value per share. NAV returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please see the financial highlights for a more current expense ratio.
16 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
| | |
Performance Update | 7/31/20 | Class K Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $5 million investment made in Class K shares of Pioneer Multi-Asset Income Fund during the periods shown, compared to that of the Bloomberg Barclays U.S. Aggregate Bond Index and the MSCI All Country World ND Index.
| | | | |
| Average Annual Total Returns | |
(As of July 31, 2020) | | |
| | Bloomberg | MSCI
|
| | Barclays | All |
| Net | U.S. | Country |
| Asset | Aggregate | World
|
| Value | Bond | ND |
| Period | (NAV) | Index | Index |
Since | | | |
inception | | | |
12/22/11 | 6.87% | 3.64% | 9.65% |
5 years | 4.90 | 4.47 | 7.37 |
1 year | 0.44 | 10.12 | 7.20 |
|
|
| Expense Ratio | | |
(Per prospectus dated December 1, 2019) |
| Gross | | | |
0.66% | | | |
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the commencement of operations of Class K shares on December 1, 2014, is the net asset value performance of the Fund’s Class A shares, which has not been restated to reflect any differences in expenses, including Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares generally are higher than those of Class K shares, the performance of Class K shares prior to their inception would have been higher than the performance shown. For the period beginning December 1, 2014, the actual performance of Class K shares is reflected. Class K shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please see the financial highlights for a more current expense ratio.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 17
| | |
Performance Update | 7/31/20 | Class R Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class R shares of Pioneer Multi-Asset Income Fund during the periods shown, compared to that of the Bloomberg Barclays U.S. Aggregate Bond Index and the MSCI All Country World ND Index.
| | | | |
| Average Annual Total Returns | |
(As of July 31, 2020) | | |
| | Bloomberg | MSCI
|
| | Barclays | All |
| Net | U.S. | Country |
| Asset | Aggregate | World
|
| Value | Bond | ND |
| Period | (NAV) | Index | Index |
Since | | | |
inception | | | |
12/22/11 | 5.99% | 3.64% | 9.65% |
5 years | 3.42 | 4.47 | 7.37 |
1 year | -0.57 | 10.12 | 7.20 |
|
|
| Expense Ratio | | |
(Per prospectus dated December 1, 2019) |
| Gross | | | |
1.68% | | | |
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class R shares for the period prior to the commencement of operations of Class R shares on December 1, 2014, is based on the performance of Class A shares, reduced to reflect the higher distribution and service fees of Class R shares. For the period beginning December 1, 2014, the actual performance of Class R shares is reflected. Class R shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please see the financial highlights for a more current expense ratio.
18 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
| | |
Performance Update | 7/31/20 | Class Y Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Multi-Asset Income Fund during the periods shown, compared to that of the Bloomberg Barclays U.S. Aggregate Bond Index and the MSCI All Country World ND Index.
| | | | |
| Average Annual Total Returns | |
(As of July 31, 2020) | | |
| | Bloomberg | MSCI
|
| | Barclays | All |
| Net | U.S. | Country |
| Asset | Aggregate | World
|
| Value | Bond | ND |
| Period | (NAV) | Index | Index |
Since | | | |
inception | | | |
12/22/11 | 6.49% | 3.64% | 9.65% |
5 years | 4.18 | 4.47 | 7.37 |
1 year | 0.27 | 10.12 | 7.20 |
|
|
| Expense Ratio | | |
(Per prospectus dated December 1, 2019) |
| Gross | Net | | |
0.77% | 0.74% | | |
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through December 1, 2020 for Class Y shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus for more information. Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please see the financial highlights for more current expense ratios.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 19
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund’s latest six-month period and held throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value ÷ $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class’s number in the third row under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Income Fund
Based on actual returns from February 1, 2020, through July 31, 2020.
| | | | | | |
| Share Class | A | C | K | R | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 2/1/20 | | | | | |
Ending Account Value | $961.27 | $957.14 | $961.88 | $957.90 | $960.16 |
(after expenses) | | | | | |
on 7/31/20 | | | | | |
Expenses Paid | $4.14 | $8.03 | $2.83 | $7.93 | $3.17 |
During Period* | | | | | |
* Expenses are equal to the Fund’s annualized expense ratio of 0.85%, 1.65%, 0.58%, 1.63%, and 0.65% for class A, C, K, R, and Y respectively, multiplied by the average account value over the period multiplied by 182/366 (to reflect the partial year period).
20 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Income Fund
Based on a hypothetical 5% return per year before expenses, reflecting the period from February 1, 2020, through July 31, 2020.
| | | | | | |
| Share Class | A | C | K | R | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 2/1/20 | | | | | |
Ending Account Value | $1,020.64 | $1,016.66 | $1,021.98 | $1,016.76 | $1,021.63 |
(after expenses) | | | | | |
on 7/31/20 | | | | | |
Expenses Paid | $4.27 | $8.27 | $2.92 | $8.17 | $3.27 |
During Period* | | | | | |
* Expenses are equal to the Fund’s annualized expense ratio of 0.85%, 1.65%, 0.58%, 1.63%, and 0.65% for class A, C, K, R, and Y respectively, multiplied by the average account value over the period multiplied by 182/366 (to reflect the partial year period).
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 21
Schedule of Investments |
7/31/20 | | | | |
| Shares | | | Value |
| | UNAFFILIATED ISSUERS — 97.3% | |
| | COMMON STOCKS — 40.8% of Net Assets | |
| | Air Freight & Logistics — 0.5% | |
| 332,533 | | Cia de Distribucion Integral Logista Holdings SA | $ 6,167,827 |
| | Total Air Freight & Logistics | $ 6,167,827 |
| | Automobiles — 0.6% | |
| 530,344 | | Fiat Chrysler Automobiles NV | $ 5,387,132 |
| 118,300 | | Subaru Corp. | 2,230,250 |
| | Total Automobiles | $ 7,617,382 |
| | Banks — 3.7% | |
| 1,943,941 | | ABN AMRO Bank NV (144A) | $ 16,090,158 |
| 365,900(a) | | Grupo Financiero Banorte SAB de CV, Class O | 1,312,212 |
| 390,900 | | ING Groep NV | 2,715,913 |
| 893,839 | | KB Financial Group, Inc. | 26,379,515 |
| 653,700 | | Mitsubishi UFJ Financial Group, Inc. | 2,429,556 |
| | Total Banks | $ 48,927,354 |
| | Biotechnology — 1.6% | |
| 226,499 | | AbbVie, Inc. | $ 21,497,020 |
| | Total Biotechnology | $ 21,497,020 |
| | Capital Markets — 2.0% | |
| 395,576 | | AllianceBernstein Holding LP | $ 11,238,314 |
| 1,221,049 | | UBS Group AG | 14,289,440 |
| | Total Capital Markets | $ 25,527,754 |
| | Chemicals — 0.3% | |
| 2,117,467 | | Chevron Lubricants Lanka Plc | $ 821,431 |
| 136,195 | | Huntsman Corp. | 2,519,607 |
| | Total Chemicals | $ 3,341,038 |
| | Construction & Engineering — 0.6% | |
| 16,834,500 | | Sinopec Engineering Group Co., Ltd., Class H | $ 7,450,287 |
| | Total Construction & Engineering | $ 7,450,287 |
| | Consumer Finance — 0.1% | |
| 85,605,500 | | BFI Finance Indonesia Tbk PT | $ 1,700,383 |
| | Total Consumer Finance | $ 1,700,383 |
| | Diversified Telecommunication Services — 2.1% | |
| 218,871 | | AT&T, Inc. | $ 6,474,204 |
| 132,394 | | CenturyLink, Inc. | 1,277,602 |
| 356,175 | | Verizon Communications, Inc. | 20,472,939 |
| | Total Diversified Telecommunication Services | $ 28,224,745 |
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
| | | | |
| Shares | | | Value |
| | Electric Utilities — 1.8% | |
| 1,980,608 | | EDP - Energias de Portugal SA | $ 10,000,969 |
| 26,060 | | FirstEnergy Corp. | 755,740 |
| 502,397 | | PPL Corp. | 13,373,808 |
| | | Total Electric Utilities | $ 24,130,517 |
| | | Electrical Equipment — 0.8% | |
| 612,800 | | Mitsubishi Electric Corp. | $ 7,938,394 |
| 122,927 | | Prysmian S.p.A. | 3,133,261 |
| | | Total Electrical Equipment | $ 11,071,655 |
| | | Electronic Equipment, Instruments & Components — 0.5% | |
| 100,418(a) | | Landis+Gyr Group AG | $ 6,153,198 |
| | | Total Electronic Equipment, Instruments & Components | $ 6,153,198 |
| | Equity Real Estate Investment Trusts (REITs) — 0.8% | |
| 19,447 | | Digital Realty Trust, Inc. | $ 3,122,021 |
| 1,544,500 | | Frasers Logistics & Commercial Trust | 1,517,246 |
| 291,174 | | Lar Espana Real Estate Socimi SA | 1,526,882 |
| 714,200 | | Mapletree Industrial Trust | 1,694,227 |
| 1,817,030 | | Mapletree Logistics Trust | 2,816,281 |
| 121,631 | | Wereldhave NV | 1,048,459 |
| | | Total Equity Real Estate Investment Trusts (REITs) | $ 11,725,116 |
| | | Food & Staples Retailing — 0.9% | |
| 530,357(a) | | Magnit PJSC | $ 7,865,194 |
| 109,267 | | Walgreens Boots Alliance, Inc. | 4,448,260 |
| | | Total Food & Staples Retailing | $ 12,313,454 |
| | | Food Products — 0.8% | |
| 61,338 | | Danone SA | $ 4,086,751 |
| 193,797 | | Kraft Heinz Co. | 6,662,741 |
| | | Total Food Products | $ 10,749,492 |
| | | Health Care — 1.0% | |
| 93,765 | | Johnson & Johnson | $ 13,667,187 |
| | | Total Health Care | $ 13,667,187 |
| | | Health Care Equipment & Supplies — 0.5% | |
| 65,666 | | Medtronic Plc | $ 6,335,456 |
| | | Total Health Care Equipment & Supplies | $ 6,335,456 |
| | | Household Durables — 0.3% | |
| 52,100 | | Sony Corp. | $ 3,977,122 |
| | | Total Household Durables | $ 3,977,122 |
| | | Industrial Conglomerates — 0.5% | |
| 54,950 | | Siemens AG | $ 7,014,053 |
| | | Total Industrial Conglomerates | $ 7,014,053 |
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 23
Schedule of Investments | 7/31/20 (continued)
| | | | |
| Shares | | | Value |
| | Insurance — 1.9% | |
| 12,938 | | Allianz SE | $ 2,686,675 |
| 62,916 | | AXA SA | 1,250,300 |
| 125,691 | | Hartford Financial Services Group, Inc. | 5,319,243 |
| 656,856 | | Old Republic International Corp. | 10,555,676 |
| 144,800 | | Power Corp. of Canada | 2,571,266 |
| 381,442 | | RSA Insurance Group PLC | 2,144,493 |
| | | Total Insurance | $ 24,527,653 |
| | | Internet & Direct Marketing Retail — 0.5% | |
| 145,000(a) | | Alibaba Group Holding, Ltd. | $ 4,602,373 |
| 48,482 | | eBay, Inc. | 2,680,085 |
| | | Total Internet & Direct Marketing Retail | $ 7,282,458 |
| | | IT Services — 0.7% | |
| 31,773 | | International Business Machines Corp. | $ 3,906,173 |
| 72,381 | | Paychex, Inc. | 5,205,642 |
| | | Total IT Services | $ 9,111,815 |
| | | Leisure Products — 0.2% | |
| 5,751,000 | | Honma Golf, Ltd. (144A) | $ 2,441,282 |
| | | Total Leisure Products | $ 2,441,282 |
| | | Marine — 0.1% | |
| 143,960(a) | | Fjord1 ASA (144A) | $ 716,746 |
| | | Total Marine | $ 716,746 |
| | | Metals & Mining — 0.9% | |
| 207,235 | | Rio Tinto Plc | $ 12,530,615 |
| | | Total Metals & Mining | $ 12,530,615 |
| | | Mortgage Real Estate Investment Trusts (REITs) — 1.8% | |
| 50,760 | | AGNC Investment Corp. | $ 690,336 |
| 460,130 | | Annaly Capital Management, Inc. | 3,409,563 |
| 673,880 | | New Residential Investment Corp. | 5,343,868 |
| 43,769 | | PennyMac Mortgage Investment Trust | 825,046 |
| 1,031,650 | | Redwood Trust, Inc. | 7,355,665 |
| 1,026,070 | | Two Harbors Investment Corp. | 5,571,560 |
| | | Total Mortgage Real Estate Investment Trusts (REITs) | $ 23,196,038 |
| | | Multi-Utilities — 2.0% | |
| 1,412,308 | | CenterPoint Energy, Inc. | $ 26,847,975 |
| | | Total Multi-Utilities | $ 26,847,975 |
| | | Oil, Gas & Consumable Fuels — 3.8% | |
| 849,277 | | Avance Gas Holding, Ltd. (144A) | $ 1,976,973 |
| 1,046,107 | | BW LPG, Ltd. (144A) | 4,283,950 |
| 681,375 | | Energy Transfer LP | 4,463,006 |
| 282,294 | | Enterprise Products Partners LP | 4,968,375 |
| 58,036 | | LUKOIL PJSC (A.D.R.) | 3,973,725 |
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
| | | | |
| Shares | | | Value |
| | Oil, Gas & Consumable Fuels — (continued) | |
| 109,576 | | Magellan Midstream Partners LP | $ 4,436,732 |
| 174,329 | | Marathon Petroleum Corp. | 6,659,368 |
| 374,615 | | MPLX LP | 6,844,216 |
| 324,063 | | PBF Logistics LP | 3,072,117 |
| 2,472,934 | | Rosneft Oil Co. PJSC (G.D.R.) | 11,716,761 |
| | | Total Oil, Gas & Consumable Fuels | $ 52,395,223 |
| | | Personal Products — 2.6% | |
| 587,494 | | Unilever NV | $ 34,670,530 |
| | | Total Personal Products | $ 34,670,530 |
| | | Pharmaceuticals — 2.6% | |
| 33,600 | | Eisai Co., Ltd. | $ 2,695,432 |
| 88,307 | | Novartis AG | 7,292,405 |
| 389,057 | | Pfizer, Inc. | 14,970,913 |
| 27,980 | | Roche Holding AG | 9,677,731 |
| | | Total Pharmaceuticals | $ 34,636,481 |
| | | Real Estate Management & Development — 0.2% | |
| 118,870 | | Grand City Properties SA | $ 2,826,742 |
| | | Total Real Estate Management & Development | $ 2,826,742 |
| | | Real Estate Management & Development — 0.1% | |
| 995 | | LEG Immobilien AG | $ 138,661 |
| 67,319 | | TAG Immobilien AG | 1,762,684 |
| | | Total Real Estate Management & Development | $ 1,901,345 |
| | Semiconductors & Semiconductor Equipment — 0.6% | |
| 71,732 | | QUALCOMM, Inc. | $ 7,575,617 |
| | | Total Semiconductors & Semiconductor Equipment | $ 7,575,617 |
| | | Software — 1.1% | |
| 267,141 | | Oracle Corp. | $ 14,812,968 |
| | | Total Software | $ 14,812,968 |
| | Technology Hardware, Storage & Peripherals — 0.2% | |
| 344,000 | | Asustek Computer, Inc. | $ 2,536,389 |
| | | Total Technology Hardware, Storage & Peripherals | $ 2,536,389 |
| | | Tobacco — 0.5% | |
| 98,112 | | Altria Group, Inc. | $ 4,037,309 |
| 36,963 | | Philip Morris International, Inc. | 2,839,128 |
| | | Total Tobacco | $ 6,876,437 |
| | | Trading Companies & Distributors — 0.2% | |
| 35,000 | | Inaba Denki Sangyo Co., Ltd. | $ 802,259 |
| 9,028(a) | | United Rentals, Inc. | 1,402,680 |
| | | Total Trading Companies & Distributors | $ 2,204,939 |
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 25
Schedule of Investments | 7/31/20 (continued)
| | | | |
| Shares | | | Value |
| | Wireless Telecommunication Services — 1.4% | |
| 625,700 | | KDDI Corp. | $ 19,274,600 |
| | | Total Wireless Telecommunication Services | $ 19,274,600 |
| | | TOTAL COMMON STOCKS | |
| | | (Cost $585,100,647) | $ 543,956,893 |
| | PREFERRED STOCKS — 0.2% of Net Assets | |
| | | Mortgage Real Estate Investment Trusts (REITs) — 0.2% | |
| 72,376(b)(c) | | AGNC Investment Corp., 7.0% (3 Month USD | |
| | | LIBOR + 511 bps) | $ 1,703,007 |
| 1,783(c) | | Two Harbors Investment Corp., 7.5% | 38,531 |
| 2,276(c) | | Two Harbors Investment Corp., 7.75% | 50,441 |
| | | Total Mortgage Real Estate Investment Trusts (REITs) | $ 1,791,979 |
| | | TOTAL PREFERRED STOCKS | |
| | | (Cost $1,219,329) | $ 1,791,979 |
|
| Principal | | | |
| Amount | | | |
| USD ($) | | | |
| | | ASSET BACKED SECURITIES — 0.6% | |
| | | of Net Assets | |
| 575,000 | | AMSR Trust, Series 2020-SFR2, Class G, 4.0%, 7/17/37 | |
| | | (144A) | $ 560,820 |
| 1,466,000 | | Amur Equipment Finance Receivables VIII LLC, Series | |
| | | 2020-1A, Class D, 5.04%, 9/21/26 (144A) | 1,473,976 |
| 1,500,000 | | Drive Auto Receivables Trust, Series 2020-2, Class D, | |
| | | 3.05%, 5/15/28 | 1,547,433 |
| 29,268(b) | | GE Mortgage Services LLC, Series 1997-HE1, Class A4, | |
| | | 7.78%, 3/25/27 | 5,896 |
| 500,000 | | Rosy, Series 2018-1, Class A1, 6.25%, 12/15/25 (144A) | 475,000 |
| 1,250,000 | | United Auto Credit Securitization Trust, Series 2020-1, | |
| | | Class E, 5.19%, 2/10/25 (144A) | 1,255,865 |
| 2,750,000 | | Westgate Resorts LLC, Series 2020-1A, Class C, 6.213%, | |
| | | 3/20/34 (144A) | 2,756,903 |
| | | TOTAL ASSET BACKED SECURITIES | |
| | | (Cost $8,009,696) | $ 8,075,893 |
| | | COLLATERALIZED MORTGAGE | |
| | | OBLIGATIONS — 3.6% of Net Assets | |
| 1,600,000(b) | | COLT Mortgage Loan Trust, Series 2020-2, Class M1, | |
| | | 5.25%, 3/25/65 (144A) | $ 1,648,950 |
| 4,100,000(d) | | Connecticut Avenue Securities Trust, Series 2019-HRP1, | |
| | | Class B1, 9.422% (1 Month USD LIBOR + | |
| | | 925 bps), 11/25/39 (144A) | 3,122,619 |
| 2,190,000(d) | | Connecticut Avenue Securities Trust, Series 2019-R04, | |
| | | Class 2B1, 5.422% (1 Month USD LIBOR + | |
| | | 525 bps), 6/25/39 (144A) | 1,900,622 |
| 2,700,000(d) | | Eagle Re, Ltd., Series 2019-1, Class B1, 4.672% (1 Month | |
| | | USD LIBOR + 450 bps), 4/25/29 (144A) | 1,704,085 |
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | COLLATERALIZED MORTGAGE | |
| | | OBLIGATIONS — (continued) | |
| 1,683,949(d) | | Fannie Mae Connecticut Avenue Securities, | |
| | Series 2016-C01, Class 1M2, 6.922% (1 Month USD | |
| | | LIBOR + 675 bps), 8/25/28 | $ 1,756,516 |
| 2,561,019(d) | | Fannie Mae Connecticut Avenue Securities, | |
| | Series 2016-C02, Class 1M2, 6.172% (1 Month USD | |
| | | LIBOR + 600 bps), 9/25/28 | 2,631,232 |
| 3,814,955(d) | | Fannie Mae Connecticut Avenue Securities, | |
| | Series 2016-C05, Class 2M2, 4.622% (1 Month USD | |
| | | LIBOR + 445 bps), 1/25/29 | 3,874,851 |
| 3,190,000(d) | | Fannie Mae Connecticut Avenue Securities, | |
| | Series 2017-C01, Class 1B1, 5.922% (1 Month USD | |
| | | LIBOR + 575 bps), 7/25/29 | 3,299,571 |
| 2,906,397(d) | | Fannie Mae Connecticut Avenue Securities, | |
| | Series 2017-C01, Class 1M2, 3.722% (1 Month USD | |
| | | LIBOR + 355 bps), 7/25/29 | 2,928,410 |
| 5,454,363(d) | | Fannie Mae Connecticut Avenue Securities, | |
| | Series 2018-C04, Class 2M2, 2.722% (1 Month USD | |
| | | LIBOR + 255 bps), 12/25/30 | 5,242,447 |
| 762,177(d) | | Fannie Mae Connecticut Avenue Securities, | |
| | Series 2018-C06, Class 1M2, 2.172% (1 Month USD | |
| | | LIBOR + 200 bps), 3/25/31 | 733,363 |
| 3,155,000(d) | | Freddie Mac Stacr Remic Trust, Series 2019-HQA4, | |
| | | Class B1, 3.122% (1 Month USD LIBOR + | |
| | | 295 bps), 11/25/49 (144A) | 2,813,579 |
| 3,340,000(d) | | Freddie Mac Stacr Remic Trust, Series 2020-DNA2, | |
| | | Class M2, 2.022% (1 Month USD LIBOR + | |
| | | 185 bps), 2/25/50 (144A) | 3,163,426 |
| 3,500,000(d) | | Freddie Mac Stacr Remic Trust, Series 2020-HQA2, | |
| | | Class M2, 3.272% (1 Month USD LIBOR + | |
| | | 310 bps), 3/25/50 (144A) | 3,353,250 |
| 2,700,000(d) | | Freddie Mac Stacr Trust, Series 2019-DNA1, Class B2, | |
| | | 10.922% (1 Month USD LIBOR + | |
| | | 1,075 bps), 1/25/49 (144A) | 2,520,321 |
| 2,790,000(d) | | Freddie Mac Stacr Trust, Series 2019-DNA2, Class B2, | |
| | | 10.672% (1 Month USD LIBOR + | |
| | | 1,050 bps), 3/25/49 (144A) | 2,564,780 |
| 1,000,000(d) | | Freddie Mac Stacr Trust, Series 2019-HQA1, Class B2, | |
| | | 12.422% (1 Month USD LIBOR + | |
| | | 1,225 bps), 2/25/49 (144A) | 1,021,832 |
| 1,000,000(d) | | Freddie Mac Stacr Trust, Series 2019-HQA2, Class B2, | |
| | | 11.422% (1 Month USD LIBOR + | |
| | | 1,125 bps), 4/25/49 (144A) | 939,631 |
| 2,150,173(d) | | Freddie Mac Structured Agency Credit Risk Debt Notes, | |
| | Series 2016-HQA1, Class M3, 6.522% (1 Month USD | |
| | | LIBOR + 635 bps), 9/25/28 | 2,227,516 |
| 20,189 | | Global Mortgage Securitization, Ltd., Series 2004-A, | |
| | | Class B1, 5.25%, 11/25/32 (144A) | 12,059 |
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 27
Schedule of Investments | 7/31/20 (continued)
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | COLLATERALIZED MORTGAGE | |
| | OBLIGATIONS — (continued) | |
| 176,418 | | Global Mortgage Securitization, Ltd., Series 2004-A, | |
| | Class B2, 5.25%, 11/25/32 (144A) | $ 8,354 |
| 31,561 | | Global Mortgage Securitization, Ltd., Series 2004-A, | |
| | Class B3, 5.25%, 11/25/32 (144A) | — |
| 310,000(b) | | Verus Securitization Trust, Series 2020-INV1, Class B1, | |
| | 5.75%, 4/25/60 (144A) | 289,784 |
| 430,000(b) | | Verus Securitization Trust, Series 2020-INV1, Class B2, | |
| | 6.0%, 4/25/60 (144A) | 387,999 |
| | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | |
| | (Cost $46,847,937) | $ 48,145,197 |
| | COMMERCIAL MORTGAGE-BACKED SECURITIES — | |
| | 0.2% of Net Assets | |
| 2,500,000(d) | | Multifamily Connecticut Avenue Securities Trust, Series | |
| | 2020-1, Class M10, 3.922% (1 Month USD LIBOR | |
| | + 375 bps), 3/25/50 (144A) | $ 2,271,215 |
| 617,727(b) | | Sutherland Commercial Mortgage Loans, | |
| | Series 2017-SBC6, Class A, 3.192%, 5/25/37 (144A) | 613,022 |
| | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | |
| | (Cost $2,639,050) | $ 2,884,237 |
| | CORPORATE BONDS — 26.7% of Net Assets | |
| | Advertising — 0.2% | |
| 3,444,000 | | MDC Partners, Inc., 6.5%, 5/1/24 (144A) | $ 3,263,190 |
| | Total Advertising | $ 3,263,190 |
| | Aerospace & Defense — 0.5% | |
| 5,250,000 | | Boeing Co., 2.3%, 8/1/21 | $ 5,283,006 |
| 1,673,000 | | Bombardier, Inc., 7.875%, 4/15/27 (144A) | 1,330,035 |
| | Total Aerospace & Defense | $ 6,613,041 |
| | Airlines — 0.1% | |
| 1,720,000 | | Mileage Plus Holdings LLC/Mileage Plus Intellectual | |
| | Property Assets, Ltd., 6.5%, 6/20/27 (144A) | $ 1,780,200 |
| | Total Airlines | $ 1,780,200 |
| | Apparel — 0.0%† | |
| 275,000 | | NIKE, Inc., 3.375%, 3/27/50 | $ 333,902 |
| | Total Apparel | $ 333,902 |
| | Auto Parts & Equipment — 0.7% | |
| 290,000 | | Adient US LLC, 9.0%, 4/15/25 (144A) | $ 322,262 |
| 5,468,000 | | American Axle & Manufacturing, Inc., 6.25%, 3/15/26 | 5,511,088 |
| 1,773,000 | | Dealer Tire LLC/DT Issuer LLC, 8.0%, 2/1/28 (144A) | 1,741,972 |
| 1,875,000 | | Goodyear Tire & Rubber Co., 9.5%, 5/31/25 | 2,115,225 |
| | Total Auto Parts & Equipment | $ 9,690,547 |
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | | Banks — 4.1% | |
| 2,324,000 | | Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) | $ 2,318,190 |
| 4,895,000 | | Goldman Sachs Group, Inc., 5.75%, 1/24/22 | 5,266,940 |
| 8,650,000(b)(c) | | ING Groep NV, 6.5% (5 Year USD Swap Rate + 445 bps) | 9,022,382 |
| 8,676,000(b)(c) | | Lloyds Banking Group Plc, 7.5% (5 Year USD Swap | |
| | | Rate + 450 bps) | 9,218,250 |
| 8,125,000(b)(c) | | Natwest Group Plc, 8.0% (5 Year USD Swap Rate + 572 bps) | 9,160,938 |
| 2,350,000(b)(c) | | Natwest Group Plc, 8.625% (5 Year USD Swap | |
| | | Rate + 760 bps) | 2,455,256 |
| 4,835,000 | | Nordea Bank Abp, 4.875%, 5/13/21 (144A) | 4,991,348 |
| 2,920,000 | | Provident Funding Associates LP/PFG Finance Corp., | |
| | | 6.375%, 6/15/25 (144A) | 2,788,600 |
| 8,600,000(b)(c) | | UBS Group AG, 7.0% (5 Year USD Swap Rate + | |
| | | 434 bps) (144A) | 9,125,546 |
| | | Total Banks | $ 54,347,450 |
| | | Building Materials — 0.5% | |
| 1,521,000 | | Builders FirstSource, Inc., 6.75%, 6/1/27 (144A) | $ 1,673,100 |
| 2,387,000 | | Patrick Industries, Inc., 7.5%, 10/15/27 (144A) | 2,540,341 |
| 2,627,000 | | Summit Materials LLC/Summit Materials Finance Corp., | |
| | | 6.5%, 3/15/27 (144A) | 2,893,956 |
| | | Total Building Materials | $ 7,107,397 |
| | | Chemicals — 1.0% | |
| 4,008,000 | | CF Industries, Inc., 5.375%, 3/15/44 | $ 4,891,363 |
| 2,000,000 | | Kraton Polymers LLC/Kraton Polymers Capital Corp., | |
| | | 7.0%, 4/15/25 (144A) | 2,070,000 |
| 1,765,000 | | Olin Corp., 9.5%, 6/1/25 (144A) | 2,012,100 |
| 1,290,000 | | Tronox, Inc., 6.5%, 5/1/25 (144A) | 1,376,972 |
| 1,643,000 | | Tronox, Inc., 6.5%, 4/15/26 (144A) | 1,647,108 |
| | | Total Chemicals | $ 11,997,543 |
| | | Coal — 0.3% | |
| 4,190,000 | | SunCoke Energy Partners LP/SunCoke Energy | |
| | | Partners Finance Corp., 7.5%, 6/15/25 (144A) | $ 3,854,800 |
| | | Total Coal | $ 3,854,800 |
| | | Commercial Services — 1.1% | |
| 2,255,000 | | Allied Universal Holdco LLC/Allied Universal Finance | |
| | | Corp., 9.75%, 7/15/27 (144A) | $ 2,506,478 |
| 4,343,000 | | APX Group, Inc., 6.75%, 2/15/27 (144A) | 4,329,971 |
| 6,117,000 | | Garda World Security Corp., 9.5%, 11/1/27 (144A) | 6,667,530 |
| 1,565,000 | | Sotheby’s, 7.375%, 10/15/27 (144A) | 1,580,650 |
| | | Total Commercial Services | $ 15,084,629 |
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 29
Schedule of Investments | 7/31/20 (continued)
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | Diversified Financial Services — 0.4% | |
| 3,000,000 | | Nationstar Mortgage Holdings, Inc., 9.125%, | |
| | 7/15/26 (144A) | $ 3,263,400 |
| 1,355,000 | | OneMain Finance Corp., 8.875%, 6/1/25 | 1,527,763 |
| | Total Diversified Financial Services | $ 4,791,163 |
| | Electric — 0.2% | |
| 2,568,000 | | Clearway Energy Operating LLC, 5.75%, 10/15/25 | $ 2,741,340 |
| | Total Electric | $ 2,741,340 |
| | Electrical Components & Equipment — 0.1% | |
| 765,000 | | WESCO Distribution, Inc., 7.125%, 6/15/25 (144A) | $ 839,503 |
| 535,000 | | WESCO Distribution, Inc., 7.25%, 6/15/28 (144A) | 584,488 |
| | Total Electrical Components & Equipment | $ 1,423,991 |
| | Engineering & Construction — 0.3% | |
| 3,155,000 | | PowerTeam Services LLC, 9.033%, 12/4/25 (144A) | $ 3,341,934 |
| | Total Engineering & Construction | $ 3,341,934 |
| | Entertainment — 0.8% | |
| 1,080,000 | | Colt Merger Sub, Inc., 8.125%, 7/1/27 (144A) | $ 1,100,250 |
| 3,419,000 | | Enterprise Development Authority, 12.0%, 7/15/24 (144A) | 3,376,980 |
| 1,505,000 | | International Game Technology Plc, 6.25%, 1/15/27 (144A) | 1,602,825 |
| 4,396,000 | | Scientific Games International, Inc., 8.25%, 3/15/26 (144A) | 4,402,990 |
| | Total Entertainment | $ 10,483,045 |
| | Environmental Control — 0.3% | |
| 1,518,000 | | GFL Environmental, Inc., 8.5%, 5/1/27 (144A) | $ 1,700,615 |
| 3,342,000 | | Tervita Corp., 7.625%, 12/1/21 (144A) | 2,640,180 |
| | Total Environmental Control | $ 4,340,795 |
| | Food — 1.0% | |
| 3,443,000 | | FAGE International SA/FAGE USA Dairy Industry, Inc., | |
| | 5.625%, 8/15/26 (144A) | $ 3,374,140 |
| 1,850,000 | | JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, | |
| | 2/15/28 (144A) | 2,067,375 |
| 1,760,000 | | JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, | |
| | Inc., 5.5%, 1/15/30 (144A) | 1,940,400 |
| 3,859,000 | | Simmons Foods, Inc., 5.75%, 11/1/24 (144A) | 3,878,295 |
| 920,000 | | Simmons Foods, Inc., 7.75%, 1/15/24 (144A) | 967,150 |
| | Total Food | $ 12,227,360 |
| | Forest Products & Paper — 0.6% | |
| 3,894,000 | | Mercer International, Inc., 7.375%, 1/15/25 | $ 3,923,205 |
| 4,236,000 | | Schweitzer-Mauduit International, Inc., 6.875%, | |
| | 10/1/26 (144A) | 4,497,065 |
| | Total Forest Products & Paper | $ 8,420,270 |
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | Healthcare-Services — 0.8% | |
| 465,000 | | LifePoint Health, Inc., 6.75%, 4/15/25 (144A) | $ 501,038 |
| 1,482,000 | | RegionalCare Hospital Partners Holdings, Inc./LifePoint | |
| | Health, Inc., 9.75%, 12/1/26 (144A) | 1,645,316 |
| 4,350,000 | | Surgery Center Holdings, Inc., 10.0%, 4/15/27 (144A) | 4,612,305 |
| 2,361,000 | | US Renal Care, Inc., 10.625%, 7/15/27 (144A) | 2,514,465 |
| 1,678,000 | | West Street Merger Sub, Inc., 6.375%, 9/1/25 (144A) | 1,703,170 |
| | Total Healthcare-Services | $ 10,976,294 |
| | Holding Companies-Diversified — 0.2% | |
| 2,710,000 | | VistaJet Malta Finance Plc/XO Management Holding, Inc., | |
| | 10.5%, 6/1/24 (144A) | $ 2,439,000 |
| | Total Holding Companies-Diversified | $ 2,439,000 |
| | Home Builders — 1.1% | |
| 3,921,000 | | Beazer Homes USA, Inc., 5.875%, 10/15/27 | $ 3,936,645 |
| 245,000 | | Beazer Homes USA, Inc., 7.25%, 10/15/29 | 263,434 |
| 590,000 | | Brookfield Residential Properties, Inc./Brookfield | |
| | Residential US Corp., 6.25%, 9/15/27 (144A) | 590,000 |
| 4,258,000 | | KB Home, 7.625%, 5/15/23 | 4,683,800 |
| 5,033,000 | | M/I Homes, Inc., 4.95%, 2/1/28 | 5,171,408 |
| | Total Home Builders | $ 14,645,287 |
| | Iron/Steel — 0.5% | |
| 2,700,000 | | Cleveland-Cliffs, Inc., 6.75%, 3/15/26 (144A) | $ 2,713,500 |
| 3,397,000 | | Commercial Metals Co., 5.375%, 7/15/27 | 3,541,610 |
| | Total Iron/Steel | $ 6,255,110 |
| | Leisure Time — 0.0%† | |
| 215,000 | | Carnival Corp., 10.5%, 2/1/26 (144A) | $ 222,525 |
| | Total Leisure Time | $ 222,525 |
| | Lodging — 0.1% | |
| 925,000 | | Boyd Gaming Corp., 8.625%, 6/1/25 (144A) | $ 1,019,701 |
| | Total Lodging | $ 1,019,701 |
| | Machinery-Diversified — 0.2% | |
| 385,000 | | Deere & Co., 3.75%, 4/15/50 | $ 501,486 |
| 2,886,000 | | Maxim Crane Works Holdings Capital LLC, 10.125%, | |
| | 8/1/24 (144A) | 2,824,672 |
| | Total Machinery-Diversified | $ 3,326,158 |
| | Media — 1.1% | |
| 441,000 | | Charter Communications Operating LLC/Charter | |
| | Communications Operating Capital, 4.464%, 7/23/22 | $ 469,875 |
| 4,323,000 | | Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24 | 3,890,700 |
| 4,940,000 | | Diamond Sports Group LLC/Diamond Sports Finance | |
| | Co., 6.625%, 8/15/27 (144A) | 2,704,650 |
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 31
Schedule of Investments | 7/31/20 (continued)
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | Media — (continued) | |
| 8,140,000 | | Sinclair Television Group, Inc., 5.5%, 3/1/30 (144A) | $ 8,137,558 |
| | Total Media | $ 15,202,783 |
| | Mining — 0.6% | |
| 1,908,000 | | First Quantum Minerals, Ltd., 6.875%, 3/1/26 (144A) | $ 1,913,152 |
| 1,315,000 | | First Quantum Minerals, Ltd., 7.5%, 4/1/25 (144A) | 1,328,150 |
| 905,000 | | Hecla Mining Co., 7.25%, 2/15/28 | 961,563 |
| 2,379,000 | | Hudbay Minerals, Inc., 7.25%, 1/15/23 (144A) | 2,408,737 |
| 1,265,000 | | Hudbay Minerals, Inc., 7.625%, 1/15/25 (144A) | 1,280,813 |
| 530,000 | | Joseph T Ryerson & Son, Inc., 11.0%, 5/15/22 (144A) | 546,589 |
| | Total Mining | $ 8,439,004 |
| | Miscellaneous Manufacturers — 0.0%† | |
| 226,000 | | Koppers, Inc., 6.0%, 2/15/25 (144A) | $ 232,780 |
| | Total Miscellaneous Manufacturers | $ 232,780 |
| | Oil & Gas — 0.9% | |
| 3,445,000 | | Indigo Natural Resources LLC, 6.875%, 2/15/26 (144A) | $ 3,319,912 |
| 3,660,000 | | MEG Energy Corp., 6.5%, 1/15/25 (144A) | 3,595,950 |
| 2,676,000 | | Parsley Energy LLC/Parsley Finance Corp., 5.375%, | |
| | 1/15/25 (144A) | 2,755,477 |
| 3,932,000 | | PBF Holding Co. LLC/PBF Finance Corp., 6.0%, | |
| | 2/15/28 (144A) | 3,152,284 |
| 115,000 | | PBF Holding Co. LLC/PBF Finance Corp., 9.25%, | |
| | 5/15/25 (144A) | 128,510 |
| ARS 22,000,000 | | YPF SA, 16.5%, 5/9/22 (144A) | 197,746 |
| | Total Oil & Gas | $ 13,149,879 |
| | Oil & Gas Services — 0.6% | |
| 1,711,000 | | Archrock Partners LP/Archrock Partners Finance Corp., | |
| | 6.875%, 4/1/27 (144A) | $ 1,751,140 |
| 3,449,000 | | FTS International, Inc., 6.25%, 5/1/22 | 974,342 |
| 4,654,000 | | USA Compression Partners LP/USA Compression | |
| | Finance Corp., 6.875%, 9/1/27 | 4,757,738 |
| | Total Oil & Gas Services | $ 7,483,220 |
| | Packaging & Containers — 0.2% | |
| 2,350,000 | | Sealed Air Corp., 6.875%, 7/15/33 (144A) | $ 2,855,250 |
| | Total Packaging & Containers | $ 2,855,250 |
| | Pharmaceuticals — 0.5% | |
| 85,000 | | Bausch Health Cos., Inc., 5.875%, 5/15/23 (144A) | $ 85,000 |
| 989,000 | | Bausch Health Cos., Inc., 7.0%, 1/15/28 (144A) | 1,075,537 |
| 2,554,000 | | Bausch Health Cos., Inc., 7.25%, 5/30/29 (144A) | 2,809,400 |
| 1,845,000 | | Par Pharmaceutical, Inc., 7.5%, 4/1/27 (144A) | 1,962,397 |
| | Total Pharmaceuticals | $ 5,932,334 |
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | Pipelines — 0.8% | |
| 3,619,000 | | American Midstream Partners LP/American Midstream | |
| | Finance Corp., 9.5%, 12/15/21 (144A) | $ 3,365,670 |
| 2,200,000 | | Delek Logistics Partners LP/Delek Logistics Finance | |
| | Corp., 6.75%, 5/15/25 | 1,999,250 |
| 458,000 | | EnLink Midstream Partners LP, 5.05%, 4/1/45 | 247,320 |
| 3,328,000 | | EnLink Midstream Partners LP, 5.6%, 4/1/44 | 1,847,040 |
| 2,218,000 | | Global Partners LP/GLP Finance Corp., 7.0%, 6/15/23 | 2,185,174 |
| 400,000 | | Global Partners LP/GLP Finance Corp., 7.0%, 8/1/27 | 387,000 |
| 690,000 | | PBF Logistics LP/PBF Logistics Finance Corp., | |
| | 6.875%, 5/15/23 | 667,575 |
| | Total Pipelines | $ 10,699,029 |
| | Retail — 0.4% | |
| 3,180,000 | | AAG FH LP/AAG FH Finco, Inc., 9.75%, 7/15/24 (144A) | $ 2,973,300 |
| 2,491,000 | | Michaels Stores, Inc., 8.0%, 7/15/27 (144A) | 2,353,198 |
| | Total Retail | $ 5,326,498 |
| | Semiconductors — 0.5% | |
| 6,154,000 | | Micron Technology, Inc., 2.497%, 4/24/23 | $ 6,424,923 |
| | Total Semiconductors | $ 6,424,923 |
| | Telecommunications — 6.0% | |
| 31,710,000 | | CenturyLink, Inc., 7.6%, 9/15/39 | $ 36,377,078 |
| 34,302,000 | | CenturyLink, Inc., 7.65%, 3/15/42 | 39,104,280 |
| 3,389,000 | | CommScope, Inc., 8.25%, 3/1/27 (144A) | 3,654,698 |
| | Total Telecommunications | $ 79,136,056 |
| | TOTAL CORPORATE BONDS | |
| | (Cost $329,539,207) | $ 355,608,428 |
| | FOREIGN GOVERNMENT BONDS — 3.8% | |
| | of Net Assets | |
| | Indonesia — 3.8% | |
| IDR210,820,000,000 | | Indonesia Treasury Bond, 8.375%, 3/15/24 | $ 15,656,995 |
| IDR256,483,000,000 | | Indonesia Treasury Bond, 8.75%, 5/15/31 | 19,591,085 |
| IDR204,753,000,000 | | Indonesia Treasury Bond, 9.0%, 3/15/29 | 15,827,687 |
| | Total Indonesia | $ 51,075,767 |
| | TOTAL FOREIGN GOVERNMENT BONDS | |
| | (Cost $48,714,455) | $ 51,075,767 |
| | INSURANCE-LINKED SECURITIES — 1.4% | |
| | of Net Assets(e) | |
| | Event Linked Bonds — 0.2% | |
| | Earthquakes – U.S. — 0.0%† | |
| 400,000(d) | | Acorn Re 2018-1, 2.821% (3 Month USD LIBOR + | |
| | 275 bps), 11/10/21 (144A) | $ 397,320 |
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 33
Schedule of Investments | 7/31/20 (continued)
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | | Health – U.S. — 0.0%† | |
| 700,000(d) | | Vitality Re VIII, 2.086% (3 Month U.S. Treasury Bill + | |
| | | 200 bps), 1/8/21 (144A) | $ 588,000 |
| | | Multiperil – U.S. — 0.1% | |
| 700,000(d) | | Bonanza RE, 4.836% (3 Month U.S. Treasury Bill + | |
| | | 475 bps), 2/20/24 (144A) | $ 685,300 |
| | | Multiperil – U.S. Regional — 0.1% | |
| 750,000(d) | | Long Point Re III 2018, 2.836% (3 Month U.S. Treasury | |
| | | Bill + 275 bps), 6/1/22 (144A) | $ 735,675 |
| | | Pandemic – U.S. — 0.0%† | |
| 250,000(d) | | Vitality Re XI, 1.886% (3 Month U.S. Treasury Bill + | |
| | | 180 bps), 1/9/24 (144A) | $ 210,000 |
| | Total Event Linked Bonds | $ 2,616,295 |
|
| Face | | | |
| Amount | | | |
| USD ($) | | | |
| | | Collateralized Reinsurance — 0.4% | |
| | | Multiperil – U.S. — 0.2% | |
| 1,800,000+(a)(f) | | Ballybunion Re, 2/28/21 | $ 1,827,583 |
| 300,000+(a)(f) | | Dingle Re 2019, 2/1/21 | 306,158 |
| 250,000+(a)(f) | | Dingle Re 2020, 1/31/21 | 247,083 |
| | | | $ 2,380,824 |
| | | Multiperil – U.S. & Canada — 0.1% | |
| 1,250,000+(a)(f) | | Leven Re 2020, 1/31/21 | $ 1,241,326 |
| | | Multiperil – Worldwide — 0.1% | |
| 700,000+(a)(f) | | Cypress Re 2017, 1/10/21 | $ 12,740 |
| 500,000+(a)(f) | | Limestone Re, 3/1/24 (144A) | 514,800 |
| 12,000+(f) | | Limestone Re 2016-1, 8/31/21 | 35 |
| 12,000+(f) | | Limestone Re 2016-1, 8/31/21 | 35 |
| 26,000+(f) | | Limestone Re 2019-A, 9/9/22 (144A) | 160,748 |
| 19,000+(f) | | Limestone Re 2019-B, 9/9/22 (144A) | 117,469 |
| 700,000+(a)(f) | | Resilience Re, 5/1/21 | 70 |
| 300,000+(a)(f) | | Walton Health Re 2019, 6/30/21 | 300,728 |
| | | | $ 1,106,625 |
| | | Windstorm – U.S. Regional — 0.0%† | |
| 250,000+(a)(f) | | Oakmont Re 2017, 4/30/21 | $ 7,350 |
| | | Total Collateralized Reinsurance | $ 4,736,125 |
| | | Industry Loss Warranties — 0.1% | |
| | | Multiperil – U.S. — 0.1% | |
| 1,250,000+(a)(f) | | Scotscraig Re 2020, 1/31/21 | $ 1,207,323 |
| | | Total Industry Loss Warranties | $ 1,207,323 |
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
| | | | |
| Face | | | |
| Amount | | | |
| USD ($) | | | Value |
| | Reinsurance Sidecars — 0.7% | |
| | Multiperil – U.S. — 0.0%† | |
| 700,000+(a)(f) | | Carnoustie Re 2016, 11/30/20 | $ 18,900 |
| 1,500,000+(a)(f) | | Carnoustie Re 2017, 11/30/21 | 197,700 |
| 1,500,000+(g) | | Harambee Re 2019, 12/31/22 | 31,200 |
| | | $ 247,800 |
| | Multiperil – Worldwide — 0.7% | |
| 2,400+(a)(f) | | Alturas Re 2019-1, 3/10/23 (144A) | $ 50,116 |
| 12,149+(f) | | Alturas Re 2019-2, 3/10/22 | 109,728 |
| 500,000+(a)(f) | | Alturas Re 2020-2, 3/10/23 | 527,200 |
| 1,000,000+(a)(f) | | Arlington Re 2015, 2/1/21 | 48,600 |
| 750,000+(f) | | Bantry Re 2019, 12/31/22 | 25,473 |
| 900,000+(a)(f) | | Berwick Re 2017-1, 2/1/21 | 29,790 |
| 46,259+(a)(f) | | Berwick Re 2018-1, 12/31/21 | 5,630 |
| 1,391,977+(a)(f) | | Berwick Re 2019-1, 12/31/22 | 1,502,241 |
| 15,000+(a)(f) | | Eden Re II, 3/22/23 (144A) | 129,567 |
| 1,000,000+(a)(f) | | Eden Re II 2020, 3/22/24 (144A) | 1,060,400 |
| 750,000+(f) | | Gleneagles Re 2019, 12/31/22 | 16,760 |
| 1,250,000+(g) | | NCM Re 2019, 12/31/22 | 145,250 |
| 1,200,000+(a)(f) | | Pangaea Re 2015-1, 2/28/21 | 1,570 |
| 2,000,000+(f) | | Pangaea Re 2015-2, 5/29/21 | 2,982 |
| 1,200,000+(f) | | Pangaea Re 2016-1, 11/30/20 | 2,664 |
| 1,500,000+(a)(f) | | Pangaea Re 2017-1, 11/30/21 | 150 |
| 1,250,000+(a)(f) | | Pangaea Re 2019-1, 2/1/23 | 26,047 |
| 750,000+(a)(f) | | Pangaea Re 2020-1, 2/1/24 | 777,150 |
| 300,000+(a)(f) | | Sector Re V, 3/1/25 (144A) | 309,630 |
| 200,000+(a)(f) | | Sector Re V, Series 9, Class A, 3/1/24 (144A) | 94,211 |
| 1,000,000+(a)(f) | | Sector Re V, Series 9, Class C, 12/1/24 (144A) | 1,004,942 |
| 1,000,000+(a)(f) | | St. Andrews Re 2017-1, 2/1/21 | 67,800 |
| 608,294+(a)(f) | | St. Andrews Re 2017-4, 6/1/21 | 59,856 |
| 1,500,000+(a)(g) | | Thopas Re 2019, 12/31/22 | 267,900 |
| 1,000,000+(a)(g) | | Thopas Re 2020, 12/31/23 | 1,061,000 |
| 1,500,000+(a)(f) | | Versutus Re 2017, 11/30/21 | — |
| 1,600,000+(f) | | Versutus Re 2019-B, 12/31/21 | 77,920 |
| 1,500,000+(g) | | Viribus Re 2019, 12/31/22 | 58,950 |
| 1,000,000+(a)(g) | | Viribus Re 2020, 12/31/23 | 1,070,900 |
| 600,000+(a)(f) | | Woburn Re 2019, 12/31/22 | 280,819 |
| | | $ 8,815,246 |
| | Total Reinsurance Sidecars | $ 9,063,046 |
| | TOTAL INSURANCE-LINKED SECURITIES | |
| | (Cost $16,800,983) | $ 17,622,789 |
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 35
Schedule of Investments | 7/31/20 (continued)
| | | | |
| Shares | | | Value |
| | EQUITY LINKED NOTES — 19.3% of Net Assets | |
| | | Airlines — 0.2% | |
| 74,100 | | JP Morgan Structured Products (Southwest Airlines Co.), | |
| | | 33.61%, 9/4/20 (144A) | $ 2,400,099 |
| | | Total Airlines | $ 2,400,099 |
| | | Biotechnology — 0.6% | |
| 21,100 | | Credit Suisse AG London (TXG UN), 1/20/21 | $ 1,816,847 |
| 4,400 | | Royal Bank of Canada (Regeneron Pharmaceuticals, Inc.), | |
| | | 12.47%, 5/25/21 (144A) | 2,649,328 |
| 12,000 | | UBS AG (Biogen, Inc.), 12.75%, 10/30/20 (144A) | 3,296,760 |
| | | Total Biotechnology | $ 7,762,935 |
| | | Building Products — 0.7% | |
| 76,400 | | Credit Suisse AG London (Owens Coming), | |
| | | 7.55%, 1/26/21 | $ 4,431,773 |
| 70,800 | | Wells Fargo Bank National Association (Owens | |
| | | Coming), 10.55%, 9/22/20 | 4,254,372 |
| | | Total Building Products | $ 8,686,145 |
| | | Communications Equipment — 0.3% | |
| 343,900(a) | | Wells Fargo Bank National Association (CommScope | |
| | | Holding Co., Inc.), 15.79%, 1/26/21 (144A) | $ 3,621,267 |
| | | Total Communications Equipment | $ 3,621,267 |
| | | Electric Utilities — 0.2% | |
| 99,500 | | BNP Paribas Issuance (FirstEnergy Corp.), | |
| | | 47.0%, 10/20/20 | $ 2,996,940 |
| | | Total Electric Utilities | $ 2,996,940 |
| | | Electrical Equipment — 0.4% | |
| 213,000 | | Goldman Sachs International (Prysmian S.p.A.), 1/26/21 | $ 5,116,260 |
| | | Total Electrical Equipment | $ 5,116,260 |
| | | Entertainment — 0.1% | |
| 338,000(a) | | Goldman Sachs International (GameStop Corp.), | |
| | | 28.12%, 1/20/21 | $ 1,424,670 |
| | | Total Entertainment | $ 1,424,670 |
| | | Food — 0.1% | |
| 45,300 | | Goldman Sachs International (Sysco Corp.), | |
| | | 21.78%, 3/29/21 | $ 1,497,074 |
| | | Total Food | $ 1,497,074 |
| | | Food & Staples Retailing — 0.9% | |
| GBP 153,700 | | Credit Suisse AG London (Associated British Foods | |
| | | Plc.), 12/14/20 | $ 3,628,122 |
| 130,000 | | Credit Suisse AG London (Walgreens Boots Alliance, | |
| | | Inc.), 8.7%, 8/12/20 | 5,263,050 |
| 85,350 | | Credit Suisse AG London (Walgreens Boots Alliance, | |
| | | Inc.), 9.28%, 3/8/21 | 3,526,022 |
| | Total Food & Staples Retailing | $ 12,417,194 |
The accompanying notes are an integral part of these financial statements.
36 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
| | | | |
| Shares | | | Value |
| | | Hotels, Restaurants & Leisure — 0.8% | |
| 86,400 | | Credit Suisse AG London (Darden Restaurants, Inc.), | |
| | | 34.0%, 3/26/21 | $ 3,777,840 |
| 98,500 | | Morgan Stanley Finance LLC (Darden Restaurants, Inc.), | |
| | | 5/3/21 (144A) | 7,180,157 |
| | | Total Hotels, Restaurants & Leisure | $ 10,957,997 |
| | | Insurance — 0.8% | |
| 109,200 | | Credit Suisse AG London (Progressive Corp.), | |
| | | 7.3%, 10/16/20 | $ 8,825,162 |
| 18,500 | | Goldman Sachs International (The Progressive Corp.), | |
| | | 15.28%, 3/29/21 | 1,417,803 |
| | | Total Insurance | $ 10,242,965 |
| | | Interactive Media & Services — 3.8% | |
| 6,000(a) | | Goldman Sachs International (Alphabet, Inc. S.p.A.), | |
| | | 5.64%, 1/13/21 | $ 8,560,410 |
| 39,000 | | Merrill Lynch International & Co. CV (Facebook, Inc.), | |
| | | 7.51%, 2/12/21 | 8,659,755 |
| 23,000 | | Royal Bank of Canada (Facebook, Inc.), 7.68%, | |
| | | 1/20/21 (144A) | 5,298,510 |
| 21,700 | | Royal Bank of Canada (Facebook, Inc.), 8.62%, | |
| | | 11/24/20 (144A) | 4,604,523 |
| 26,511 | | Royal Bank of Canada (Facebook, Inc.), 10.22%, | |
| | | 3/23/21 (144A) | 5,114,502 |
| 85,500 | | UBS AG (Facebook, Inc.), 8.17%, 11/10/20 (144A) | 17,975,520 |
| | | Total Interactive Media & Services | $ 50,213,220 |
| | | Internet & Direct Marketing Retail — 4.4% | |
| 2,520 | | BNP Paribas Issuance (Booking Holdings, Inc.), | |
| | | 6.44%, 1/26/21 | $ 4,287,100 |
| 720 | | Citigroup Global Markets Holdings, Inc. | |
| | | (Amazon.com, Inc.), 12.35%, 3/29/21 (144A) | 1,405,198 |
| 38,500 | | JP Morgan Structured Products (Alibaba Group | |
| | | Holding, Ltd.), 1/15/21 | 8,898,586 |
| 4,110 | | JP Morgan Structured Products (Amazon.com, Inc.), | |
| | | 7.97%, 3/16/21 | 8,766,219 |
| 4,480(a) | | Merrill Lynch International & Co. CV (Amazon.com, | |
| | | Inc.), 6.72%, 1/29/21 | 9,438,666 |
| 2,436 | | Merrill Lynch International & Co. CV (Amazon.com, | |
| | | Inc.), 6.84%, 2/11/21 (144A) | 5,496,335 |
| 139,400 | | Morgan Stanley Finance LLC (eBay, Inc.), 6/24/21 | 7,042,488 |
| 2,730 | | Wells Fargo Bank National Association (Amazon.com, | |
| | | Inc.), 6.7%, 1/26/21 | 5,687,218 |
| 3,200(a) | | Wells Fargo Bank National Association (Amazon.com, | |
| | | Inc.), 6.71%, 2/23/21 | 7,387,040 |
| | Total Internet & Direct Marketing Retail | $ 58,408,850 |
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 37
Schedule of Investments | 7/31/20 (continued)
| | | | |
| Shares | | | Value |
| | IT Services — 1.6% | |
| 18,700 | | JP Morgan Structured Products (Arista Networks, Inc.), | |
| | | 11.68%, 12/3/20 | $ 3,984,970 |
| 32,100 | | Royal Bank of Canada (Advanced Micro Devices, Inc.), | |
| | | 22.92%, 3/29/21 (144A) | 1,330,577 |
| 204,000 | | Wells Fargo Bank National Association (Cognizant | |
| | | Technology Solutions Corp.), 9.7%, 3/19/21 | 11,962,560 |
| 194,000 | | Wells Fargo Bank National Association (OneMain | |
| | | Holdings, Inc.), 24.74%, 3/19/21 | 5,340,820 |
| | | Total IT Services | $ 22,618,927 |
| | | Metals & Mining — 0.3% | |
| 92,800 | | BNP Paribas Issuance (Nucor Corp.), 8.39%, 1/15/21 | $ 4,013,600 |
| | | Total Metals & Mining | $ 4,013,600 |
| | | Mining — 0.8% | |
| 160,300(a) | | UBS AG (Newmont Corp.), 15.05%, 4/22/21 | $ 10,257,597 |
| | | Total Mining | $ 10,257,597 |
| | | Mortgage Real Estate Investment Trusts (REITs) — 0.2% | |
| 417,400(a) | | Goldman Sachs International (New Residential Investment | |
| | | Corp.), 5/24/21 | $ 2,665,517 |
| | | Total Mortgage Real Estate Investment Trusts (REITs) | $ 2,665,517 |
| | | Oil, Gas & Consumable Fuels — 0.2% | |
| 254,400 | | JP Morgan Structured Products (PBF Energy, | |
| | | Inc.), 1/20/21 | $ 2,706,358 |
| | | Total Oil, Gas & Consumable Fuels | $ 2,706,358 |
| | | Pharmaceuticals — 0.1% | |
| 19,000 | | Merrill Lynch International (Reata Pharmaceuticals, Inc.), | |
| | | 36.39%, 9/29/20 | $ 1,920,756 |
| | | Total Pharmaceuticals | $ 1,920,756 |
| | Semiconductors & Semiconductor Equipment — 1.0% | |
| 77,500 | | BNP Paribas Issuance (Micron Technology, Inc.), | |
| | | 20.8%, 9/30/20 | $ 3,907,162 |
| 43,800 | | BNP Paribas Issuance (Qualcomm, Inc.), 16.9%, 9/30/20 | 4,314,300 |
| 136,000 | | Credit Suisse AG London (Micron Technology, | |
| | | Inc.), 13.75%, 10/8/20 | 6,237,640 |
| | | Total Semiconductors & Semiconductor Equipment | $ 14,459,102 |
| | | Software — 0.3% | |
| 76,100 | | Royal Bank of Canada (Oracle Corp.), 8.43%, 6/29/21 | $ 4,164,192 |
| | | Total Software | $ 4,164,192 |
| | Technology Hardware, Storage & Peripherals — 0.2% | |
| 54,800 | | Merrill Lynch International & Co. CV (Netapp, Inc.), 12.43%, | |
| | | 12/1/20 | $ 2,553,954 |
| | | Total Technology Hardware, Storage & Peripherals | $ 2,553,954 |
The accompanying notes are an integral part of these financial statements.
38 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
| | | | |
| Shares | | | Value |
| | | Telecommunications — 0.3% | |
| 345,300 | | Wells Fargo Bank National Association (CommScope | |
| | | Holding Co., Inc.), 16.03%, 1/29/21 | $ 3,611,838 |
| | | Total Telecommunications | $ 3,611,838 |
| | | Textiles, Apparel & Luxury Goods — 0.5% | |
| 176,829 | | Goldman Sachs International (Moncler S.p.A.), 9.36%, | |
| | | 11/29/20 | $ 6,463,984 |
| | | Total Textiles, Apparel & Luxury Goods | $ 6,463,984 |
| | | Trading Companies & Distributors — 0.2% | |
| 20,000 | | Citigroup Global Markets Holdings (United Rentals, Inc.), | |
| | | 16.33%, 6/1/21 (144A) | $ 2,806,800 |
| | | Total Trading Companies & Distributors | $ 2,806,800 |
| | | Wireless Telecommunication Services — 0.3% | |
| 17,300 | | Royal Bank of Canada (Arista Networks, Inc.), 12.22%, | |
| | | 12/1/20 (144A) | $ 3,652,722 |
| | | Total Wireless Telecommunication Services | $ 3,652,722 |
| | | TOTAL EQUITY LINKED NOTES | |
| | | (Cost $262,380,254) | $ 257,640,963 |
| | INVESTMENT COMPANY — 0.7% of Net Assets | |
| 2,738,698 | | Invesco Senior Income Trust | $ 9,694,991 |
| | | TOTAL INVESTMENT COMPANY | |
| | | (Cost $11,950,685) | $ 9,694,991 |
| | RIGHTS/WARRANTS — 0.0%† of Net Assets | |
| | | Electric Utilities — 0.0%† | |
| EUR 1,980,608(a)(h) | | EDP - Energias de Portugal SA, 8/6/20 | $ 201,186 |
| | | Total Electric Utilities | $ 201,186 |
| | | Health Care Providers & Services — 0.0%† | |
| 959,816(i) | | ANR, Inc., 3/31/23 | $ 2,399 |
| | | Total Health Care Providers & Services | $ 2,399 |
| | | TOTAL RIGHTS/WARRANTS | |
| | | (Cost $—) | $ 203,585 |
| | | TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 97.3% | |
| | | (Cost $1,313,202,243) | $ 1,296,700,722 |
| | | | | Change | |
| | | | | Net
| in Net
| |
| | | |
| Realized
| Unrealized | |
| | | | Dividend | Gain
| Appreciation | |
| Shares | | | Income
| (Loss) | (Depreciation) | |
| | | AFFILIATED ISSUER — 0.5% | | |
| | | CLOSED-END FUND — 0.5% of Net Assets | |
| 606,507(j) | | Pioneer Floating | | |
| | Rate Trust | $504,409
| $(118,087) | $(420,928) | $ 5,877,053 |
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 39
Schedule of Investments | 7/31/20 (continued)
| | | | |
| Shares | | | Value |
| | TOTAL CLOSED-END FUND | |
| | (Cost $6,655,049) | $ 5,877,053 |
| | TOTAL INVESTMENTS IN AFFILIATED ISSUER — 0.5% | |
| | (Cost $6,655,049) | $ 5,877,053 |
| | OTHER ASSETS AND LIABILITIES — 2.2% | $ 29,816,720 |
| | NET ASSETS — 100.0% | $ 1,332,394,495 |
| | |
bps | Basis Points. |
LIBOR | London Interbank Offered Rate. |
REIT | Real Estate Investment Trust. |
(144A) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At July 31, 2020, the value of these securities amounted to $309,023,206, or 23.2% of net assets. |
(A.D.R.) | American Depositary Receipts. |
(G.D.R.) | Global Depositary Receipts. |
† | Amount rounds to less than 0.1%. |
+ | Security that used significant unobservable inputs to determine its value. |
(a) | Non-income producing security. |
(b) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at July 31, 2020. |
(c) | Security is perpetual in nature and has no stated maturity date. |
(d) | Floating rate note. Coupon rate, reference index and spread shown at July 31, 2020. |
(e) | Securities are restricted as to resale. |
| | | | | | | | |
| Restricted Securities | Acquisition date | | Cost | | | Value | |
Acorn Re 2018-1 | 4/24/19 | | $ | 398,114 | | | $ | 397,320 | |
Alturas Re 2019-1 | 12/20/18 | | | 2,400 | | | | 50,117 | |
Alturas Re 2019-2 | 12/19/18 | | | 12,149 | | | | 109,729 | |
Alturas Re 2020-2 | 1/1/20 | | | 500,000 | | | | 527,200 | |
Arlington Re 2015 | 6/1/15 | | | — | | | | 48,600 | |
Ballybunion Re | 12/31/19 | | | 1,804,847 | | | | 1,827,582 | |
Bantry Re 2019 | 2/1/19 | | | — | | | | 25,473 | |
Berwick Re 2017-1 | 1/5/17 | | | 29,846 | | | | 29,790 | |
Berwick Re 2018-1 | 10/19/18 | | | 8,813 | | | | 5,630 | |
Berwick Re 2019-1 | 2/27/19 | | | 1,391,977 | | | | 1,502,240 | |
Bonanza RE | 2/13/20 | | | 700,000 | | | | 685,300 | |
Carnoustie Re 2016 | 12/31/15 | | | — | | | | 18,900 | |
Carnoustie Re 2017 | 1/3/17 | | | 356,635 | | | | 197,700 | |
Cypress Re 2017 | 1/24/17 | | | 2,353 | | | | 12,740 | |
Dingle Re 2019 | 3/4/19 | | | 273,568 | | | | 306,158 | |
Dingle Re 2020 | 2/13/20 | | | 232,875 | | | | 247,083 | |
Eden Re II | 12/14/18 | | | 15,000 | | | | 129,567 | |
Eden Re II 2020 | 12/23/19 | | | 1,000,000 | | | | 1,060,400 | |
Gleneagles Re 2019 | 1/24/19 | | | — | | | | 16,760 | |
Harambee Re 2019 | 12/20/18 | | | — | | | | 31,200 | |
Leven Re 2020 | 1/29/20 | | | 1,203,875 | | | | 1,241,326 | |
Limestone Re | 12/27/18 | | | 500,000 | | | | 514,800 | |
The accompanying notes are an integral part of these financial statements.
40 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
| | | | | | | | |
| Restricted Securities | Acquisition date | | Cost | | | Value | |
Limestone Re 2016-1 | 12/15/16 | | $ | 990 | | | $ | 35 | |
Limestone Re 2016-1 | 12/15/16 | | | 990 | | | | 35 | |
Limestone Re 2019-A | 12/27/18 | | | 26,000 | | | | 160,748 | |
Limestone Re 2019-B | 12/15/16 | | | 19,000 | | | | 117,469 | |
Long Point Re III 2018 | 3/1/19 | | | 750,478 | | | | 735,675 | |
NCM Re 2019 | 12/27/18 | | | 6,805 | | | | 145,250 | |
Oakmont Re 2017 | 5/10/17 | | | — | | | | 7,350 | |
Pangaea Re 2015-1 | 12/30/14 | | | — | | | | 1,570 | |
Pangaea Re 2015-2 | 6/5/15 | | | — | | | | 2,982 | |
Pangaea Re 2016-1 | 12/29/15 | | | — | | | | 2,664 | |
Pangaea Re 2017-1 | 12/28/16 | | | 263,459 | | | | 150 | |
Pangaea Re 2019-1 | 1/9/19 | | | 13,123 | | | | 26,047 | |
Pangaea Re 2020-1 | 1/21/20 | | | 750,000 | | | | 777,150 | |
Resilience Re | 2/8/17 | | | 339 | | | | 70 | |
Scotscraig Re 2020 | 1/29/20 | | | 1,128,594 | | | | 1,207,323 | |
Sector Re V | 4/29/20 | | | 300,000 | | | | 309,630 | |
Sector Re V, Series 9, Class A | 4/23/19 | | | 200,000 | | | | 94,211 | |
Sector Re V, Series 9, Class C | 12/4/19 | | | 1,000,000 | | | | 1,004,942 | |
St. Andrews Re 2017-1 | 1/3/17 | | | 67,748 | | | | 67,800 | |
St. Andrews Re 2017-4 | 3/31/17 | | | — | | | | 59,856 | |
Thopas Re 2019 | 12/21/18 | | | 299,797 | | | | 267,900 | |
Thopas Re 2020 | 2/5/20 | | | 1,000,000 | | | | 1,061,000 | |
Versutus Re 2017 | 12/28/16 | | | 99,361 | | | | — | |
Versutus Re 2019-B | 12/24/18 | | | — | | | | 77,920 | |
Viribus Re 2019 | 12/27/18 | | | — | | | | 58,950 | |
Viribus Re 2020 | 3/12/20 | | | 1,000,000 | | | | 1,070,900 | |
Vitality Re VIII | 1/31/20 | | | 699,871 | | | | 588,000 | |
Vitality Re XI | 1/31/20 | | | 248,133 | | | | 210,000 | |
Walton Health Re 2019 | 7/18/19 | | | 233,724 | | | | 300,728 | |
Woburn Re 2019 | 1/30/19 | | | 260,119 | | | | 280,819 | |
| Total Restricted Securities | | | | | | $ | 17,622,789 | |
| % of Net assets | | | | | | | | 1.3 | % |
| | |
(f) | Issued as participation notes. |
(g) | Issued as preference shares. |
(h) | EDP - Energias de Portugal SA warrants are exercisable into 1,980,608 shares. |
(i) | ANR, Inc. warrants are exercisable into 959,816 shares. |
(j) | Pioneer Floating Rate Trust is an affiliated closed-end fund managed by Amundi Pioneer Asset Management, Inc., (the “Adviser”). |
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 41
Schedule of Investments | 7/31/20 (continued)
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
| | | | | | | | | | | | | | |
| | | | | | | | | | | | Unrealized | |
| Currency | | | | Currency | | | | | | Settlement | | Appreciation | |
| Purchased | | In Exchange for
| | Sold | | Deliver | | | Counterparty | Date | | (Depreciation) | |
NOK | | | 38,075,029 | | EUR | | | (3,542,885 | ) | | Bank of | 10/6/20 | | $ | 4,977 | |
| | | | | | | | | | | America NA | | | | | |
NOK | | | 39,611,060 | | USD | | | (4,351,991 | ) | | Bank of | 10/30/20 | | | 2,775 | |
| | | | | | | | | | | America NA | | | | | |
PHP | | | 1,018,206,332 | | USD | | | (20,280,975 | ) | | Goldman Sachs | 8/27/20 | | | 404,012 | |
| | | | | | | | | | | International | | | | | |
USD | | | 13,240,000 | | CNY | | | (95,056,845 | ) | | Goldman Sachs | 10/30/20 | | | (309,788 | ) |
| | | | | | | | | | | International | | | | | |
AUD | | | 24,625,507 | | NZD | | | (26,336,852 | ) | | JPMorgan Chase | 9/3/20 | | | 139,443 | |
| | | | | | | | | | | Bank NA | | | | | |
NOK | | | 38,075,029 | | EUR | | | (3,513,494 | ) | | JPMorgan Chase | 8/4/20 | | | 44,411 | |
| | | | | | | | | | | Bank NA | | | | | |
RUB | | | 459,216,378 | | USD | | | (6,402,523 | ) | | JPMorgan Chase | 9/29/20 | | | (251,245 | ) |
| | | | | | | | | | | Bank NA | | | | | |
SEK | | | 81,677,854 | | EUR | | | (7,802,174 | ) | | JPMorgan Chase | 9/3/20 | | | 106,158 | |
| | | | | | | | | | | Bank NA | | | | | |
| TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | | | $ | 140,743 | |
FUTURES CONTRACT
INDEX FUTURES CONTRACT
| | | | | | | | | | | | | |
| Number of | | | | | | | | | | | | |
| Contracts | | | Expiration | | Notional | | | Market | | | Unrealized | |
| Short | | Description | Date | | Amount | | | Value | | | (Depreciation) | |
336 | | S&P 500 E-MINI | 9/18/20 | | $ | 51,509,650 | | | $ | 54,826,800 | | | $ | (3,317,150 | ) |
| TOTAL FUTURES CONTRACT | | $ | (51,509,650 | ) | | $ | (54,826,800 | ) | | $ | (3,317,150 | ) |
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
ARS — Argentine Peso
AUD — Australian Dollar
CNY — China Yuan Renminbi
EUR — Euro
GBP — Great British Pound
IDR — Indonesian Rupiah
NOK — Norwegian Krone
NZD — New Zealand Dollar
PHP — Philippine Peso
RUB — Russian Ruble
SEK — Swedish Krona
The accompanying notes are an integral part of these financial statements.
42 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
Purchases and sales of securities (excluding temporary cash investments) for the year ended July 31, 2020 were as follows:
| | | | | | | |
| | Purchases | | | Sales | |
Long-Term U.S. Government Securities | | $ | 51,975,512 | | | $ | 52,060,022 | |
Other Long-Term Securities | | $ | 1,696,702,475 | | | $ | 1,900,078,026 | |
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which the Adviser serves as the Fund’s investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Trustees. Under these procedures, cross trades are effected at current market prices. During the year ended July 31, 2020, the Fund did not engage in any cross trade activity.
At July 31, 2020, the net unrealized appreciation on investments based on cost for federal tax purposes of $1,330,408,390 was as follows:
| | | | |
| Aggregate gross unrealized appreciation for all investments in which | | | |
| there is an excess of value over tax cost | | $ | 86,027,751 | |
| Aggregate gross unrealized depreciation for all investments in which | | | | |
| there is an excess of tax cost over value | | | (117,034,773 | ) |
| Net unrealized depreciation | | $ | (31,007,022 | ) |
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels below.
Level 1 – quoted prices in active markets for identical securities.
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements —Note 1A.
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 43
Schedule of Investments | 7/31/20 (continued)
The following is a summary of the inputs used as of July 31, 2020, in valuing the Fund’s investments:
| | | | | | | | | | | | | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks | | | | | | | | | | | | |
| Food & Staples Retailing | | $ | 4,448,260 | | | $ | 7,865,194 | | | $ | — | | | $ | 12,313,454 | |
| All Other Common Stocks | | | 531,643,439 | | | | — | | | | — | | | | 531,643,439 | |
Preferred Stocks | | | 1,791,979 | | | | — | | | | — | | | | 1,791,979 | |
Asset Backed Securities | | | — | | | | 8,075,893 | | | | — | | | | 8,075,893 | |
Collateralized Mortgage | | | | | | | | | | | | | | | | |
| Obligations | | | — | | | | 48,145,197 | | | | — | | | | 48,145,197 | |
Commercial Mortgage-Backed | | | | | | | | | | | | | | | | |
| Securities | | | — | | | | 2,884,237 | | | | — | | | | 2,884,237 | |
Corporate Bonds | | | — | | | | 355,608,428 | | | | — | | | | 355,608,428 | |
Foreign Government Bonds | | | — | | | | 51,075,767 | | | | — | | | | 51,075,767 | |
Insurance-Linked Securities | | | | | | | | | | | | | | | | |
| Collateralized Reinsurance | | | | | | | | | | | | | | | | |
| Multiperil – U.S. | | | — | | | | — | | | | 2,380,824 | | | | 2,380,824 | |
| Multiperil – U.S. & Canada | | | — | | | | — | | | | 1,241,326 | | | | 1,241,326 | |
| Multiperil – Worldwide | | | — | | | | — | | | | 1,106,625 | | | | 1,106,625 | |
| Windstorm – U.S. Regional | | | — | | | | — | | | | 7,350 | | | | 7,350 | |
| Industry Loss Warranties | | | | | | | | | | | | | | | | |
| Multiperil – U.S. | | | — | | | | — | | | | 1,207,323 | | | | 1,207,323 | |
| Reinsurance Sidecars | | | | | | | | | | | | | | | | |
| Multiperil – U.S. | | | — | | | | — | | | | 247,800 | | | | 247,800 | |
| Multiperil – Worldwide | | | — | | | | — | | | | 8,815,246 | | | | 8,815,246 | |
| All Other Insurance-Linked | | | | | | | | | | | | | | | | |
| Securities | | | — | | | | 2,616,295 | | | | — | | | | 2,616,295 | |
Equity Linked Notes | | | — | | | | 257,640,963 | | | | — | | | | 257,640,963 | |
Investment Companies | | | 9,694,991 | | | | — | | | | — | | | | 9,694,991 | |
Rights/Warrants | | | | | | | | | | | | | | | | |
| Electric Utilities | | | 201,186 | | | | — | | | | — | | | | 201,186 | |
| Health Care | | | | | | | | | | | | | | | | |
| Providers & Services | | | — | | | | 2,399 | | | | — | | | | 2,399 | |
Affiliated Closed-End Fund | | | 5,877,053 | | | | — | | | | — | | | | 5,877,053 | |
| Total Investments | | | | | | | | | | | | | | | | |
| in Securities | | $ | 553,656,908 | | | $ | 733,914,373 | | | $ | 15,006,494 | | | $ | 1,302,577,775 | |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Net unrealized appreciation | | | | | | | | | | | | | | | | |
| on forward foreign currency | | | | | | | | | | | | | | | | |
| exchange contracts | | $ | — | | | $ | 140,743 | | | $ | — | | | $ | 140,743 | |
| Net unrealized depreciation | | | | | | | | | | | | | | | | |
| on futures contracts | | | (3,317,150 | ) | | | — | | | | — | | | | (3,317,150 | ) |
| Total Other | | | | | | | | | | | | | | | | |
| Financial Instruments | | $ | (3,317,150 | ) | | $ | 140,743 | | | $ | — | | | $ | (3,176,407 | ) |
The accompanying notes are an integral part of these financial statements.
44 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
| | | | |
| | Insurance- | |
| | Linked | |
| | Securities | |
Balance as of 7/31/19 | | $ | 19,483,969 | |
Realized gain (loss)(1) | | | 13,400 | |
Changed in unrealized appreciation (depreciation)(2) | | | 477,675 | |
Accrued discounts/premiums | | | — | |
Purchases | | | 10,420,529 | |
Sales | | | (15,389,079 | ) |
Transfers in to Level 3* | | | — | |
Transfers out of Level 3* | | | — | |
| Balance as of 7/31/20 | | $ | 15,006,494 | |
| | |
(1) | Realized gain (loss) on these securities is included in the realized gain (loss) from investments on the Statement of Operations. |
(2) | Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) from investments on the Statement of Operations. |
* | Transfers are calculated on the beginning of period value. For the year ended July 31, 2020, there were no transfers between Levels 1, 2 and 3. |
| | | | |
Net change in unrealized appreciation (depreciation) of Level 3 investments still held | | | |
and considered Level 3 at July 31, 2020: | | $ | 488,829 | |
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 45
Statement of Assets and Liabilities |
7/31/20 | | | | |
| ASSETS: | | | |
| Investments in unaffiliated issuers, at value (cost $1,313,202,243) | | $ | 1,296,700,722 | |
| Investments in affiliated issuers, at value (cost $6,655,049) | | | 5,877,053 | |
| Cash | | | 11,012,173 | |
| Foreign currencies, at value (cost $2,749,221) | | | 3,673,150 | |
| Futures collateral | | | 2,670,000 | |
| Due from broker for futures | | | 9,593,053 | |
| Net unrealized appreciation on forward foreign currency exchange contracts | | | 140,743 | |
| Receivables — | | | | |
| Fund shares sold | | | 841,565 | |
| Dividends | | | 3,520,130 | |
| Interest | | | 8,715,904 | |
| Other assets | | | 48,324 | |
| Total assets | | $ | 1,342,792,817 | |
| LIABILITIES: | | | | |
| Payables — | | | | |
| Investment securities purchased | | $ | 5,002 | |
| Fund shares repurchased | | | 5,404,453 | |
| Distributions | | | 38,208 | |
| Trustees' fees | | | 9,065 | |
| Forwards collateral | | | 280,000 | |
| Variation margin for futures contracts | | | 247,800 | |
| Net unrealized depreciation on futures contracts | | | 3,317,150 | |
| Reserve for repatriation taxes | | | 592,736 | |
| Due to affiliates | | | 100,315 | |
| Accrued expenses | | | 403,593 | |
| Total liabilities | | $ | 10,398,322 | |
| NET ASSETS: | | | | |
| Paid-in capital | | $ | 1,612,965,192 | |
| Distributable earnings (loss) | | | (280,570,697 | ) |
| Net assets | | $ | 1,332,394,495 | |
| NET ASSET VALUE PER SHARE: | | | | |
No par value (unlimited number of shares authorized) | | | | |
| Class A (based on $310,125,787/30,497,962 shares) | | $ | 10.17 | |
| Class C (based on $312,559,365/30,849,363 shares) | | $ | 10.13 | |
| Class K (based on $121,281,194/11,579,458 shares) | | $ | 10.47 | |
| Class R (based on $1,470,180/144,322 shares) | | $ | 10.19 | |
| Class Y (based on $586,957,969/57,920,100 shares) | | $ | 10.13 | |
| MAXIMUM OFFERING PRICE PER SHARE: | | | | |
| Class A (based on $10.17 net asset value per share/100%-4.50% | | | | |
| maximum sales charge) | | $ | 10.65 | |
The accompanying notes are an integral part of these financial statements.
46 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
Statement of Operations
FOR THE YEAR ENDED 7/31/20
| | | | | | | |
| INVESTMENT INCOME: | | | | | | |
| Interest from unaffiliated issuers (net of foreign taxes | | | | | | |
| withheld $1,230,922) | | $ | 68,840,200 | | | | |
| Dividends from unaffiliated issuers (net of foreign taxes | | | | | | | |
| withheld $1,899,421) | | | 35,092,827 | | | | |
| Dividends from affiliated issuers | | | 504,409 | | | | |
| Total investment income | | | | | | $ | 104,437,436 | |
| EXPENSES: | | | | | | | | |
| Management fees | | $ | 7,356,241 | | | | | |
| Administrative expense | | | 413,696 | | | | | |
| Transfer agent fees | | | | | | | | |
| Class A | | | 170,146 | | | | | |
| Class C | | | 245,150 | | | | | |
| Class K | | | 93 | | | | | |
| Class R | | | 5,329 | | | | | |
| Class Y | | | 668,814 | | | | | |
| Distribution fees | | | | | | | | |
| Class A | | | 851,749 | | | | | |
| Class C | | | 3,595,515 | | | | | |
| Class R | | | 8,101 | | | | | |
| Shareowner communications expense | | | 89,465 | | | | | |
| Custodian fees | | | 391,593 | | | | | |
| Registration fees | | | 166,267 | | | | | |
| Professional fees | | | 161,501 | | | | | |
| Printing expense | | | 58,615 | | | | | |
| Pricing fees | | | 13,735 | | | | | |
| Trustees’ fees | | | 82,889 | | | | | |
| Insurance expense | | | 21,886 | | | | | |
| Miscellaneous | | | 184,644 | | | | | |
| Total expenses | | | | | | $ | 14,485,429 | |
| Less fees waived and expenses reimbursed by the Adviser | | | | | | | (369,890 | ) |
| Net expenses | | | | | | $ | 14,115,539 | |
| Net investment income | | | | | | $ | 90,321,897 | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | |
| Net realized gain (loss) on: | | | | | | | | |
| Investments in unaffiliated issuers | | $ | (104,115,563 | ) | | | | |
| Investments in affiliated issuers | | | (118,087 | ) | | | | |
| Written options | | | 54,161 | | | | | |
| Forward foreign currency exchange contracts | | | (1,413,405 | ) | | | | |
| Futures contracts | | | 15,153,261 | | | | | |
| Swap contracts | | | 24,125 | | | | | |
| Other assets and liabilities denominated in | | | | | | | | |
| foreign currencies | | | (1,084,345 | ) | | $ | (91,499,853 | ) |
| Change in net unrealized appreciation (depreciation) on: | | | | | | | | |
| Investments in unaffiliated issuers (net of foreign capital | | | | | | | | |
| gains tax of $92,961) | | $ | (22,928,703 | ) | | | | |
| Investments in affiliated issuers | | | (420,928 | ) | | | | |
| Forward foreign currency exchange contracts | | | 806,443 | | | | | |
| Futures contracts | | | 2,840,585 | | | | | |
| Other assets and liabilities denominated in | | | | | | | | |
| foreign currencies | | | 1,158,602 | | | $ | (18,544,001 | ) |
| Net realized and unrealized gain (loss) on investments | | | | | | $ | (110,043,854 | ) |
| Net decrease in net assets resulting from operations | | | | | | $ | (19,721,957 | ) |
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 47
Statements of Changes in Net Assets
| | | | | | | |
| | Year | | | Year | |
| | Ended | | | Ended | |
| | 7/31/20 | | | 7/31/19 | |
| FROM OPERATIONS: | | | | | | |
Net investment income (loss) | | $ | 90,321,897 | | | $ | 91,966,450 | |
Net realized gain (loss) on investments | | | (91,499,853 | ) | | | (107,148,804 | ) |
Change in net unrealized appreciation (depreciation) | | | | | | | | |
| on investments | | | (18,544,001 | ) | | | (12,973,976 | ) |
| Net decrease in net assets resulting from operations | | $ | (19,721,957 | ) | | $ | (28,156,330 | ) |
| DISTRIBUTIONS TO SHAREOWNERS: | | | | | | | | |
| Class A ($0.64 and $0.62 per share, respectively) | | $ | (21,061,508 | ) | | $ | (21,153,144 | ) |
| Class C ($0.56 and $0.53 per share, respectively) | | | (19,400,160 | ) | | | (20,933,948 | ) |
| Class K ($0.69 and $0.67 per share, respectively) | | | (7,887,973 | ) | | | (7,263,285 | ) |
| Class R ($0.57 and $0.55 per share, respectively) | | | (89,191 | ) | | | (36,686 | ) |
| Class Y ($0.66 and $0.64 per share, respectively) | | | (44,672,048 | ) | | | (42,050,353 | ) |
| Total distributions to shareowners | | $ | (93,110,880 | ) | | $ | (91,437,416 | ) |
| FROM FUND SHARE TRANSACTIONS: | | | | | | | | |
Net proceeds from sales of shares | | $ | 314,652,956 | | | $ | 770,447,213 | |
Reinvestment of distributions | | | 91,349,099 | | | | 87,056,699 | |
Cost of shares repurchased | | | (728,876,580 | ) | | | (547,897,926 | ) |
| Net increase (decrease) in net assets resulting | | | | | | | | |
| from Fund share transactions | | $ | (322,874,525 | ) | | $ | 309,605,986 | |
| Net increase (decrease) in net assets | | $ | (435,707,362 | ) | | $ | 190,012,240 | |
| NET ASSETS: | | | | | | | | |
Beginning of year | | $ | 1,768,101,857 | | | $ | 1,578,089,617 | |
End of year | | $ | 1,332,394,495 | | | $ | 1,768,101,857 | |
The accompanying notes are an integral part of these financial statements.
48 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
| | | | | | | | | | | | | |
| | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | 7/31/20 | | | 7/31/20 | | | 7/31/19 | | | 7/31/19 | |
| | Shares | | | Amount | | | Shares | | | Amount | |
| Class A | | | | | | | | | | | | |
Shares sold | | | 7,668,449 | | | $ | 79,765,265 | | | | 12,023,572 | | | $ | 133,782,388 | |
Reinvestment of distributions | | | 2,002,558 | | | | 20,648,856 | | | | 1,866,733 | | | | 20,552,610 | |
Less shares repurchased | | | (14,173,550 | ) | | | (145,263,617 | ) | | | (11,185,171 | ) | | | (123,692,634 | ) |
| Net increase | | | | | | | | | | | | | | | | |
| (decrease) | | | (4,502,543 | ) | | $ | (44,849,496 | ) | | | 2,705,134 | | | $ | 30,642,364 | |
| Class C | | | | | | | | | | | | | | | | |
Shares sold | | | 3,328,768 | | | $ | 35,335,764 | | | | 10,250,682 | | | $ | 113,800,388 | |
Reinvestment of distributions | | | 1,868,959 | | | | 19,216,209 | | | | 1,873,854 | | | | 20,567,362 | |
Less shares repurchased | | | (13,662,815 | ) | | | (140,288,919 | ) | | | (10,807,055 | ) | | | (118,984,752 | ) |
| Net increase | | | | | | | | | | | | | | | | |
| (decrease) | | | (8,465,088 | ) | | $ | (85,736,946 | ) | | | 1,317,481 | | | $ | 15,382,998 | |
| Class K | | | | | | | | | | | | | | | | |
Shares sold | | | 154,206 | | | $ | 1,538,830 | | | | 831,569 | | | $ | 9,263,238 | |
Reinvestment of distributions | | | 737,624 | | | | 7,821,447 | | | | 444,260 | | | | 4,980,520 | |
Less shares repurchased | | | (629,533 | ) | | | (6,360,070 | ) | | | (505,940 | ) | | | (5,808,969 | ) |
| Net increase | | | 262,297 | | | $ | 3,000,207 | | | | 769,889 | | | $ | 8,434,789 | |
| Class R | | | | | | | | | | | | | | | | |
Shares sold | | | 168,738 | | | $ | 1,770,339 | | | | 43,471 | | | $ | 484,605 | |
Reinvestment of distributions | | | 8,324 | | | | 86,230 | | | | 2,539 | | | | 28,009 | |
Less shares repurchased | | | (109,829 | ) | | | (1,157,078 | ) | | | (16,508 | ) | | | (181,371 | ) |
| Net increase | | | 67,233 | | | $ | 699,491 | | | | 29,502 | | | $ | 331,243 | |
| Class Y | | | | | | | | | | | | | | | | |
Shares sold | | | 18,853,035 | | | $ | 196,242,758 | | | | 46,491,174 | | | $ | 513,116,594 | |
Reinvestment of distributions | | | 4,228,360 | | | | 43,576,357 | | | | 3,727,511 | | | | 40,928,198 | |
Less shares repurchased | | | (43,225,023 | ) | | | (435,806,896 | ) | | | (27,275,193 | ) | | | (299,230,200 | ) |
| Net increase | | | | | | | | | | | | | | | | |
| (decrease) | | | (20,143,628 | ) | | $ | (195,987,781 | ) | | | 22,943,492 | | | $ | 254,814,592 | |
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 49
Financial Highlights
| | | | | | | | | | | | | | | | |
| | Year | | | Year | | | Year | | | Year | | | Year | |
| | Ended | | | Ended | | | Ended | | | Ended | | | Ended | |
| | 7/31/20 | | | 7/31/19 | | | 7/31/18 | | | 7/31/17 | | | 7/31/16* | |
| Class A | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 10.79 | | | $ | 11.59 | | | $ | 11.69 | | | $ | 10.57 | | | $ | 11.15 | |
Increase (decrease) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | $ | 0.62 | | | $ | 0.62 | | | $ | 0.68 | | | $ | 0.67 | | | $ | 0.62 | |
| Net realized and unrealized gain (loss) on investments | | | (0.60 | ) | | | (0.80 | ) | | | (0.05 | ) | | | 0.99 | | | | (0.57 | ) |
Net increase (decrease) from investment operations | | $ | 0.02 | | | $ | (0.18 | ) | | $ | 0.63 | | | $ | 1.66 | | | $ | 0.05 | |
Distributions to shareowners: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | (0.64 | ) | | $ | (0.62 | ) | | $ | (0.73 | ) | | $ | (0.54 | ) | | $ | (0.63 | ) |
Total distributions | | $ | (0.64 | ) | | $ | (0.62 | ) | | $ | (0.73 | ) | | $ | (0.54 | ) | | $ | (0.63 | ) |
Net increase (decrease) in net asset value | | $ | (0.62 | ) | | $ | (0.80 | ) | | $ | (0.10 | ) | | $ | 1.12 | | | $ | (0.58 | ) |
Net asset value, end of period | | $ | 10.17 | | | $ | 10.79 | | | $ | 11.59 | | | $ | 11.69 | | | $ | 10.57 | |
Total return (b) | | | 0.28 | % | | | (1.56 | )% | | | 5.41 | % | | | 16.13 | % | | | 0.81 | % |
Ratio of net expenses to average net assets | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % |
Ratio of net investment income (loss) to average net assets | | | 6.01 | % | | | 5.58 | % | | | 5.77 | % | | | 6.07 | % | | | 5.99 | % |
Portfolio turnover rate | | | 126 | % | | | 108 | % | | | 126 | % | | | 131 | % | | | 109 | % |
Net assets, end of period (in thousands) | | $ | 310,126 | | | $ | 377,722 | | | $ | 374,395 | | | $ | 238,281 | | | $ | 238,779 | |
Ratios with no waiver of fees and assumption of expenses by | | | | | | | | | | | | | | | | | | | | |
| the Adviser and no reduction for fees paid indirectly: | | | | | | | | | | | | | | | | | | | | |
| Total expenses to average net assets | | | 0.89 | % | | | 0.89 | % | | | 0.87 | % | | | 0.92 | % | | | 0.94 | % |
| Net investment income (loss) to average net assets | | | 5.97 | % | | | 5.54 | % | | | 5.75 | % | | | 6.00 | % | | | 5.90 | % |
| | |
* | The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. |
The accompanying notes are an integral part of these financial statements.
50 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
| | | | | | | | | | | | | | | | |
| | Year | | | Year | | | Year | | | Year | | | Year | |
| | Ended | | | Ended | | | Ended | | | Ended | | | Ended | |
| | 7/31/20 | | | 7/31/19 | | | 7/31/18 | | | 7/31/17 | | | 7/31/16* | |
| Class C | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 10.76 | | | $ | 11.56 | | | $ | 11.66 | | | $ | 10.55 | | | $ | 11.12 | |
Increase (decrease) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | $ | 0.54 | | | $ | 0.53 | | | $ | 0.58 | | | $ | 0.57 | | | $ | 0.53 | |
| Net realized and unrealized gain (loss) on investments | | | (0.61 | ) | | | (0.80 | ) | | | (0.05 | ) | | | 0.99 | | | | (0.55 | ) |
Net increase (decrease) from investment operations | | $ | (0.07 | ) | | $ | (0.27 | ) | | $ | 0.53 | | | $ | 1.56 | | | $ | (0.02 | ) |
Distributions to shareowners: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | (0.56 | ) | | $ | (0.53 | ) | | $ | (0.63 | ) | | $ | (0.45 | ) | | $ | (0.55 | ) |
Total distributions | | $ | (0.56 | ) | | $ | (0.53 | ) | | $ | (0.63 | ) | | $ | (0.45 | ) | | $ | (0.55 | ) |
Net increase (decrease) in net asset value | | $ | (0.63 | ) | | $ | (0.80 | ) | | $ | (0.10 | ) | | $ | 1.11 | | | $ | (0.57 | ) |
Net asset value, end of period | | $ | 10.13 | | | $ | 10.76 | | | $ | 11.56 | | | $ | 11.66 | | | $ | 10.55 | |
Total return (b) | | | (0.62 | )% | | | (2.33 | )% | | | 4.60 | % | | | 15.12 | % | | | 0.06 | % |
Ratio of net expenses to average net assets | | | 1.65 | % | | | 1.64 | % | | | 1.62 | % | | | 1.69 | % | | | 1.69 | % |
Ratio of net investment income (loss) to average net assets | | | 5.20 | % | | | 4.78 | % | | | 4.94 | % | | | 5.24 | % | | | 5.16 | % |
Portfolio turnover rate | | | 126 | % | | | 108 | % | | | 126 | % | | | 131 | % | | | 109 | % |
Net assets, end of period (in thousands) | | $ | 312,559 | | | $ | 422,863 | | | $ | 439,179 | | | $ | 310,023 | | | $ | 304,609 | |
Ratios with no waiver of fees and assumption of expenses by | | | | | | | | | | | | | | | | | | | | |
| the Adviser and no reduction for fees paid indirectly: | | | | | | | | | | | | | | | | | | | | |
| Total expenses to average net assets | | | 1.66 | % | | | 1.65 | % | | | 1.62 | % | | | 1.69 | % | | | 1.69 | % |
| Net investment income (loss) to average net assets | | | 5.19 | % | | | 4.77 | % | | | 4.94 | % | | | 5.24 | % | | | 5.16 | % |
| | |
* | The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. |
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 51
Financial Highlights (continued)
| | | | | | | | | | | | | | | | |
| | Year | | | Year | | | Year | | | Year | | | Year | |
| | Ended | | | Ended | | | Ended | | | Ended | | | Ended | |
| | 7/31/20 | | | 7/31/19 | | | 7/31/18 | | | 7/31/17 | | | 7/31/16* | |
| Class K | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 11.12 | | | $ | 11.95 | | | $ | 11.85 | | | $ | 10.69 | | | $ | 11.15 | |
Increase (decrease) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | $ | 0.67 | | | $ | 0.67 | | | $ | 0.90 | | | $ | 0.72 | | | $ | 0.57 | |
| Net realized and unrealized gain (loss) on investments | | | (0.63 | ) | | | (0.83 | ) | | | (0.03 | ) | | | 1.01 | | | | (0.37 | ) |
Net increase (decrease) from investment operations | | $ | 0.04 | | | $ | (0.16 | ) | | $ | 0.87 | | | $ | 1.73 | | | $ | 0.20 | |
Distributions to shareowners: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | (0.69 | ) | | $ | (0.67 | ) | | $ | (0.77 | ) | | $ | (0.57 | ) | | $ | (0.66 | ) |
Total distributions | | $ | (0.69 | ) | | $ | (0.67 | ) | | $ | (0.77 | ) | | $ | (0.57 | ) | | $ | (0.66 | ) |
Net increase (decrease) in net asset value | | $ | (0.65 | ) | | $ | (0.83 | ) | | $ | 0.10 | | | $ | 1.16 | | | $ | (0.46 | ) |
Net asset value, end of period | | $ | 10.47 | | | $ | 11.12 | | | $ | 11.95 | | | $ | 11.85 | | | $ | 10.69 | |
Total return (b) | | | 0.44 | % | | | (1.32 | )% | | | 7.51 | % | | | 16.65 | % | | | 2.20 | % |
Ratio of net expenses to average net assets | | | 0.58 | % | | | 0.56 | % | | | 0.56 | % | | | 0.63 | % | | | 0.60 | % |
Ratio of net investment income (loss) to average net assets | | | 6.30 | % | | | 5.87 | % | | | 7.47 | % | | | 6.46 | % | | | 5.51 | % |
Portfolio turnover rate | | | 126 | % | | | 108 | % | | | 126 | % | | | 131 | % | | | 109 | % |
Net assets, end of period (in thousands) | | $ | 121,281 | | | $ | 125,831 | | | $ | 126,017 | | | $ | 558 | | | $ | 245 | |
Ratios with no waiver of fees and assumption of expenses by | | | | | | | | | | | | | | | | | | | | |
| the Adviser and no reduction for fees paid indirectly: | | | | | | | | | | | | | | | | | | | | |
| Total expenses to average net assets | | | 0.58 | % | | | 0.57 | % | | | 0.56 | % | | | 0.63 | % | | | 0.60 | % |
| Net investment income (loss) to average net assets | | | 6.30 | % | | | 5.86 | % | | | 7.47 | % | | | 6.46 | % | | | 5.51 | % |
| | |
* | The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. |
The accompanying notes are an integral part of these financial statements.
52 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
| | | | | | | | | | | | | | | | |
| | Year | | | Year | | | Year | | | Year | | | Year | |
| | Ended | | | Ended | | | Ended | | | Ended | | | Ended | |
| | 7/31/20 | | | 7/31/19 | | | 7/31/18 | | | 7/31/17 | | | 7/31/16* | |
| Class R | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 10.83 | | | $ | 11.64 | | | $ | 11.74 | | | $ | 10.62 | | | $ | 11.20 | |
Increase (decrease) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | $ | 0.53 | | | $ | 0.55 | | | $ | 0.51 | | | $ | 0.64 | | | $ | 0.59 | |
| Net realized and unrealized gain (loss) on investments | | | (0.60 | ) | | | (0.81 | ) | | | 0.06 | | | | 0.97 | | | | (0.58 | ) |
Net increase (decrease) from investment operations | | $ | (0.07 | ) | | $ | (0.26 | ) | | $ | 0.57 | | | $ | 1.61 | | | $ | 0.01 | |
Distributions to shareowners: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | (0.57 | ) | | $ | (0.55 | ) | | $ | (0.67 | ) | | $ | (0.49 | ) | | $ | (0.59 | ) |
Total distributions | | $ | (0.57 | ) | | $ | (0.55 | ) | | $ | (0.67 | ) | | $ | (0.49 | ) | | $ | (0.59 | ) |
Net increase (decrease) in net asset value | | $ | (0.64 | ) | | $ | (0.81 | ) | | $ | (0.10 | ) | | $ | 1.12 | | | $ | (0.58 | ) |
Net asset value, end of period | | $ | 10.19 | | | $ | 10.83 | | | $ | 11.64 | | | $ | 11.74 | | | $ | 10.62 | |
Total return (b) | | | (0.57 | )% | | | (2.22 | )% | | | 4.89 | % | | | 15.53 | % | | | 0.41 | % |
Ratio of net expenses to average net assets | | | 1.63 | % | | | 1.57 | % | | | 1.37 | % | | | 1.37 | % | | | 1.37 | % |
Ratio of net investment income (loss) to average net assets | | | 5.13 | % | | | 4.92 | % | | | 4.33 | % | | | 5.74 | % | | | 5.68 | % |
Portfolio turnover rate | | | 126 | % | | | 108 | % | | | 126 | % | | | 131 | % | | | 109 | % |
Net assets, end of period (in thousands) | | $ | 1,470 | | | $ | 835 | | | $ | 554 | | | $ | 1,751 | | | $ | 1,225 | |
Ratios with no waiver of fees and assumption of expenses by | | | | | | | | | | | | | | | | | | | | |
| the Adviser and no reduction for fees paid indirectly: | | | | | | | | | | | | | | | | | | | | |
| Total expenses to average net assets | | | 1.63 | % | | | 1.59 | % | | | 1.37 | % | | | 1.37 | % | | | 1.37 | % |
| Net investment income (loss) to average net assets | | | 5.13 | % | | | 4.90 | % | | | 4.33 | % | | | 5.74 | % | | | 5.68 | % |
| | |
* | The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. |
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 53
Financial Highlights (continued)
| | | | | | | | | | | | | | | | |
| | Year | | | Year | | | Year | | | Year | | | Year | |
| | Ended | | | Ended | | | Ended | | | Ended | | | Ended | |
| | 7/31/20 | | | 7/31/19 | | | 7/31/18 | | | 7/31/17 | | | 7/31/16* | |
| Class Y | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 10.77 | | | $ | 11.57 | | | $ | 11.67 | | | $ | 10.56 | | | $ | 11.14 | |
Increase (decrease) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | $ | 0.64 | | | $ | 0.64 | | | $ | 0.71 | | | $ | 0.70 | | | $ | 0.63 | |
| Net realized and unrealized gain (loss) on investments | | | (0.62 | ) | | | (0.80 | ) | | | (0.06 | ) | | | 0.97 | | | | (0.56 | ) |
Net increase (decrease) from investment operations | | $ | 0.02 | | | $ | (0.16 | ) | | $ | 0.65 | | | $ | 1.67 | | | $ | 0.07 | |
Distributions to shareowners: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | (0.66 | ) | | $ | (0.64 | ) | | $ | (0.75 | ) | | $ | (0.56 | ) | | $ | (0.65 | ) |
Total distributions | | $ | (0.66 | ) | | $ | (0.64 | ) | | $ | (0.75 | ) | | $ | (0.56 | ) | | $ | (0.65 | ) |
Net increase (decrease) in net asset value | | $ | (0.64 | ) | | $ | (0.80 | ) | | $ | (0.10 | ) | | $ | 1.11 | | | $ | (0.58 | ) |
Net asset value, end of period | | $ | 10.13 | | | $ | 10.77 | | | $ | 11.57 | | | $ | 11.67 | | | $ | 10.56 | |
Total return (b) | | | 0.27 | % | | | (1.36 | )% | | | 5.64 | % | | | 16.27 | % | | | 1.00 | % |
Ratio of net expenses to average net assets | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % |
Ratio of net investment income (loss) to average net assets | | | 6.20 | % | | | 5.83 | % | | | 6.03 | % | | | 6.38 | % | | | 6.10 | % |
Portfolio turnover rate | | | 126 | % | | | 108 | % | | | 126 | % | | | 131 | % | | | 109 | % |
Net assets, end of period (in thousands) | | $ | 586,958 | | | $ | 840,851 | | | $ | 637,945 | | | $ | 319,117 | | | $ | 202,134 | |
Ratios with no waiver of fees and assumption of expenses by | | | | | | | | | | | | | | | | | | | | |
| the Adviser and no reduction for fees paid indirectly: | | | | | | | | | | | | | | | | | | | | |
| Total expenses to average net assets | | | 0.68 | % | | | 0.68 | % | | | 0.66 | % | | | 0.72 | % | | | 0.72 | % |
| Net investment income (loss) to average net assets | | | 6.17 | % | | | 5.80 | % | | | 6.02 | % | | | 6.31 | % | | | 6.04 | % |
| | |
* | The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. |
The accompanying notes are an integral part of these financial statements.
54 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
Notes to Financial Statements |
7/31/20 1. Organization and Significant Accounting Policies
Pioneer Multi-Asset Income Fund (the “Fund”) is one of two portfolios comprising Pioneer Series Trust IV, a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The investment objective of the Fund is to seek a high level of current income to the extent consistent with a relatively high level of stability of principal.
The Fund offers five classes of shares designated as Class A, Class C, Class K, Class R and Class Y shares. Each class of shares represents an interest in the same portfolio of investments of the Fund and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses, such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Fund gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareowner approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareowner’s voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class K and Class Y shares.
Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”). Amundi Pioneer Distributor, Inc., an affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund’s distributor (the “Distributor”).
During March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update, ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”), which shortens the amortization period for purchased non-contingently callable debt securities held at a premium. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for certain purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 55
Fund adopted ASU 2017-08 as of January 1, 2019. The implementation of ASU 2017-08 did not have a material impact on the Fund’s Financial Statements.
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (“NYSE”) is open, as of the close of regular trading on the NYSE.
Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods.
The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times. The Fund may use a fair value model developed by an independent pricing service to value non-U.S. equity securities.
Loan interests are valued in accordance with guidelines established by the Board of Trustees at the mean between the last available bid and asked prices from one or more brokers or dealers as obtained from Loan Pricing Corporation, an independent third party pricing service. If price information is not available from Loan Pricing Corporation, or if the price information is
56 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
deemed to be unreliable, price information will be obtained from an alternative loan interest pricing service. If no reliable price quotes are available from either the primary or alternative pricing service, broker quotes ill be solicited.
Equity-linked notes and fixed-income securities are valued by using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities, historical trading patterns in the market for fixed-income securities and/or other factors. Non-U.S. debt securities that are listed on an exchange will be valued at the bid price obtained from an independent third party pricing service. When independent third party pricing services are unable to supply prices, or when prices or market quotations are considered to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers.
Event-linked bonds are valued at the bid price obtained from an independent third party pricing service. Other insurance-linked securities (including reinsurance sidecars, collateralized reinsurance and industry loss warranties) may be valued at the bid price obtained from an independent pricing service, or through a third party using a pricing matrix, insurance industry valuation models, or other fair value methods or techniques to provide an estimated value of the instrument.
Options contracts are generally valued at the mean between the last bid and ask prices on the principal exchange where they are traded. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument.
Forward foreign currency exchange contracts are valued daily using the foreign exchange rate or, for longer term forward contract positions, the spot currency rate and the forward points on a daily basis, in each case provided by a third party pricing service. Contracts whose forward settlement date falls between two quoted days are valued by interpolation.
Futures contracts are generally valued at the closing settlement price established by the exchange on which they are traded.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 57
Swap contracts, including interest rate swaps, caps and floors (other than centrally cleared swap contracts), are valued at the dealer quotations obtained from reputable International Swap Dealers Association members. Centrally cleared swaps are valued at the daily settlement price provided by the central clearing counterparty.
Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds’ net asset value.
Shares of exchange-listed closed-end funds are valued by using the last sale price on the principal exchange where they are traded. Shares of closed-end interval funds that offer their shares at net asset value are valued at such funds’ net asset value.
Repurchase agreements are valued at par. Cash may include overnight time deposits at approved financial institutions.
Securities or loan interests for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser pursuant to procedures adopted by the Fund’s Board of Trustees. The Adviser’s fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund’s net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund’s securities may differ significantly from exchange prices, and such differences could be material.
At July 31, 2020, no securities were valued using fair value methods (other than securities valued using prices supplied by independent pricing services, broker-dealers or using a third party insurance industry pricing model).
58 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence.
Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively.
Principal amounts of mortgage-backed securities are adjusted for monthly paydowns. Premiums and discounts related to certain mortgage-backed securities are amortized or accreted in proportion to the monthly paydowns. All discounts/premiums on purchase prices of debt securities are accreted/amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income.
Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates.
Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments.
D. Federal Income Taxes
It is the Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any,
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 59
to its shareowners. Therefore, no provision for federal income taxes is required. As of July 31, 2020, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities.
In determining the daily net asset value, the Fund estimates the reserve for the repatriation of taxes, if any, associated with its investments in certain countries. The estimated reserve for capital gains is based on the net unrealized appreciation on certain portfolio securities, the holding period of such securities and the related tax rates, tax loss carryforwards (if applicable) and other such factors. As of July 31, 2020, the Fund had accrued $592,736 in reserve for repatriation taxes related to capital gains.
The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences.
At July 31, 2020, the Fund reclassified $611,613 to increase distributable earnings/(loss) and $611,613 to decrease paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations.
At July 31, 2020, the Fund was permitted to carry forward indefinitely $130,188,267 of short-term losses and $119,767,969 of long-term losses.
The tax character of distributions paid during the years ended July 31, 2020 and July 31, 2019, were as follows:
| | | | | | | |
| | 2020 | | | 2019 | |
| Distributions paid from: | | | | | | |
| Ordinary income | | $ | 92,499,267 | | | $ | 91,437,416 | |
| Distribution in Excess | | | 611,613 | | | | — | |
| Total | | $ | 93,110,880 | | | $ | 91,437,416 | |
60 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
The following shows the components of distributable earnings (losses) on a federal income tax basis at July 31, 2020:
| | | | |
| | 2020 | |
| Distributable earnings/(loss): | | | |
| Capital loss carryforward | | $ | (249,956,236 | ) |
| Current year dividend payable | | | (38,208 | ) |
| Net unrealized depreciation | | | (30,576,253 | ) |
| Total | | $ | (280,570,697 | ) |
The difference between book basis and tax basis unrealized appreciation is attributable to the tax deferral of losses on wash sales, adjustments relating to event-linked bonds and PFIC’s, the mark to market of forward currency and futures contracts, tax basis adjustments on Real Estate Investment Trust (REIT) holdings, partnerships and other holdings.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $99,955 in underwriting commissions on the sale of Class A shares during the year ended July 31, 2020.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are calculated at the fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day.
Distribution fees are calculated based on the average daily net asset value attributable to Class A, Class C and Class R shares of the Fund, respectively (see Note 4). Class K and Class Y shares do not pay distribution fees. All expenses and fees paid to the Fund’s transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net investment income. All dividends are paid on a monthly basis. Short-term capital gain distributions, if any, may be declared with the daily dividends. Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C, Class K, Class R and Class Y shares can reflect different transfer agent and distribution expense rates.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 61
G. Risks
The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread.
At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. The Fund’s investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions and the imposition of adverse governmental laws or currency exchange restrictions.
The Fund invests in below-investment-grade (high-yield) debt securities and preferred stocks. Some of these high-yield securities may be convertible into equity securities of the issuer. Debt securities rated below-investment-grade are commonly referred to as “junk bonds” and are considered speculative. These securities involve greater risk of loss, are subject to greater price volatility, and are less liquid, especially during periods of economic uncertainty or change, than higher rated debt securities.
With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund’s Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as Brown Brothers Harriman & Co., the Fund’s custodian and accounting agent, and DST Asset Manager Solutions, Inc., the Fund’s transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor Amundi Pioneer exercises control. Each of these may in turn rely on service providers to them, which
62 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at Amundi Pioneer or the Fund’s service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks.
COVID-19
The respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.
The Fund’s prospectus contains unaudited information regarding the Fund’s principal risks. Please refer to that document when considering the Fund’s principal risks.
H. Insurance-Linked Securities (“ILS”)
The Fund invests in ILS. The Fund could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest or dividend payments with respect to the security, upon the occurrence of one or more
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trigger events, as defined within the terms of an insurance-linked security. Trigger events, generally, are hurricanes, earthquakes, or other natural events of a specific size or magnitude that occur in a designated geographic region during a specified time period, and/or that involve losses or other metrics that exceed a specific amount. There is no way to accurately predict whether a trigger event will occur, and accordingly, ILS carry significant risk. The Fund is entitled to receive principal, and interest and/or dividend payments so long as no trigger event occurs of the description and magnitude specified by the instrument. In addition to the specified trigger events, ILS may expose the Fund to other risks, including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences.
The Fund’s investments in ILS may include event-linked bonds. ILS also may include special purpose vehicles (“SPVs”) or similar instruments structured to comprise a portion of a reinsurer’s catastrophe-oriented business, known as quota share instruments (sometimes referred to as reinsurance sidecars), or to provide reinsurance relating to specific risks to insurance or reinsurance companies through a collateralized instrument, known as collateralized reinsurance. Structured reinsurance investments also may include industry loss warranties (“ILWs”). A traditional ILW takes the form of a bilateral reinsurance contract, but there are also products that take the form of derivatives, collateralized structures, or exchange-traded instruments.
Where the ILS are based on the performance of underlying reinsurance contracts, the Fund has limited transparency into the individual underlying contracts, and therefore must rely upon the risk assessment and sound underwriting practices of the issuer. Accordingly, it may be more difficult for the Adviser to fully evaluate the underlying risk profile of the Fund’s structured reinsurance investments, and therefore the Fund’s assets are placed at greater risk of loss than if the Adviser had more complete information. Structured reinsurance instruments generally will be considered illiquid securities by the Fund. These securities may be difficult to purchase, sell or unwind. Illiquid securities also may be difficult to value. If the Fund is forced to sell an illiquid asset, the Fund may be forced to sell at a loss.
I. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the Fund at a later date, and at a specific price, which is typically higher than the
64 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
purchase price paid by the Fund. The securities purchased serve as the Fund’s collateral for the obligation of the counterparty to repurchase the securities. The value of the collateral, including accrued interest, is required to be equal to or in excess of the repurchase price. The collateral for all repurchase agreements is held in safekeeping in the customer-only account of the Fund’s custodian or a sub-custodian of the Fund. The Adviser is responsible for determining that the value of the collateral remains at least equal to the repurchase price. In the event of a default by the counterparty, the Fund is entitled to sell the securities, but the Fund may not be able to sell them for the price at which they were purchased, thus causing a loss to the Fund. Additionally, if the counterparty becomes insolvent, there is some risk that the Fund will not have a right to the securities, or the immediate right to sell the securities.
Open repurchase agreements at July 31, 2020, if any, are disclosed in the Schedule of Investments.
J. Purchased Options
The Fund may purchase put and call options to seek to increase total return. Purchased call and put options entitle the Fund to buy and sell a specified number of shares or units of a particular security, currency or index at a specified price at a specific date or within a specific period of time. Upon the purchase of a call or put option, the premium paid by the Fund is included on the Statement of Assets and Liabilities as an investment. All premiums are marked-to-market daily, and any unrealized appreciation or depreciation is recorded on the Fund’s Statement of Operations. As the purchaser of an index option, the Fund has the right to receive a cash payment equal to any depreciation in the value of the index below the strike price of the option (in the case of a put) or equal to any appreciation in the value of the index over the strike price of the option (in the case of a call) as of the valuation date of the option. Premiums paid for purchased call and put options which have expired are treated as realized losses on investments on the Statement of Operations. Upon the exercise or closing of a purchased put option, the premium is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. Upon the exercise or closing of a purchased call option, the premium is added to the cost of the security or financial instrument. The risk associated with purchasing options is limited to the premium originally paid.
The average market value of purchased options contracts open during the year ended July 31, 2020, was $924,061. There were no open purchased options contracts at July 31, 2020.
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K. Option Writing
The Fund may write put and covered call options to seek to increase total return. When an option is written, the Fund receives a premium and becomes obligated to purchase or sell the underlying security at a fixed price, upon the exercise of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as “Written options outstanding” on the Statement of Assets and Liabilities and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments on the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain on the Statement of Operations, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss on the Statement of Operations. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.
The average market value of written options for the year ended July 31, 2020, was $(18,275). There were no open written options contracts at July 31, 2020.
L. Forward Foreign Currency Exchange Contracts
The Fund may enter into forward foreign currency exchange contracts (“contracts”) for the purchase or sale of a specific foreign currency at a fixed price on a future date. All contracts are marked-to-market daily at the applicable exchange rates, and any resulting unrealized appreciation or depreciation is recorded in the Fund’s financial statements. The Fund records realized gains and losses at the time a contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar (see Note 7).
During the year ended July 31, 2020, the Fund had entered into various forward foreign currency exchange contracts that obligated the Fund to deliver or take delivery of currencies at specified future maturity dates. Alternatively, prior to the settlement date of a forward foreign currency exchange contract, the Fund may close out such contract by entering into an offsetting contract.
66 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
The average market value of forward foreign currency exchange contracts open during the year ended July 31, 2020, was $26,598,379. Open forward foreign currency exchange contracts outstanding at July 31, 2020, are listed in the Schedule of Investments.
M. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge against changes in interest rates, securities prices and currency exchange rates or to seek to increase total return. Futures contracts are types of derivatives. All futures contracts entered into by the Fund are traded on a futures exchange. Upon entering into a futures contract, the Fund is required to deposit with a broker an amount of cash or securities equal to the minimum “initial margin” requirements of the associated futures exchange. The amount of cash deposited with the broker as collateral at July 31, 2020, is recorded as “Futures collateral” on the Statement of Assets and Liabilities.
Subsequent payments for futures contracts (“variation margin”) are paid or received by the Fund, depending on the daily fluctuation in the value of the contracts, and are recorded by the Fund as unrealized appreciation or depreciation. Cash received from or paid to the broker related to previous margin movement is held in a segregated account at the broker and is recorded as either “Due from broker for futures” or “Due to broker for futures” on the Statement of Assets and Liabilities. When the contract is closed, the Fund realizes a gain or loss equal to the difference between the opening and closing value of the contract as well as any fluctuation in foreign currency exchange rates where applicable. Futures contracts are subject to market risk, interest rate risk and currency exchange rate risk. Changes in value of the contracts may not directly correlate to the changes in value of the underlying securities. With futures, there is reduced counterparty credit risk to the Fund since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.
The average market value of futures contracts open during the year ended July 31, 2020, was $(195,019,941). Open futures contracts outstanding at July 31, 2020, are listed in the Schedule of Investments.
N. Interest Rate Swap Contracts
The Fund may enter into interest rate swaps to attempt to hedge against interest rate fluctuations or to enhance its income. Pursuant to the interest rate swap contract, the Fund negotiates with a counterparty to exchange a periodic stream of payments based on a benchmark interest rate. One cash flow stream will typically be a floating rate payment based
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 67
upon the specified floating benchmark interest rate while the other is typically a fixed interest rate. Payment flows are usually netted against each other, with the difference being paid by one party to the other on a monthly basis.
Periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations. Interest rate swap contracts are marked-to-market daily using valuations supplied by independent sources and the change in value, if any, is recorded within “Swap contracts, at value” line item on the Statement of Assets and Liabilities. Interest rate swap contracts are subject to counterparty risk and movements in interest rates. Certain swap contracts that are cleared through a central clearinghouse are referred to as centrally cleared swaps. All payments made or received by the Fund are pursuant to a centrally cleared swap contracts with the central clearing party rather than the original counterparty. Upon entering into a centrally cleared swap contract, the Fund is required to make an initial margin deposit, either in cash or in securities. The daily change in value on open centrally cleared swap contracts is recorded as variation margin for centrally cleared swaps on the Statement of Assets and Liabilities.
The average market value of interest swap contracts open during the year ended July 31, 2020, was $0. As of and for the year ended July 31, 2020, the Fund had no open interest rate swap contracts.
O. Equity-Linked Notes
Equity-linked notes seek to generate income and provide exposure to the performance of an underlying security, group of securities or exchange-traded funds (the “underlying reference instrument”). In an equity-linked note, the Fund purchases a note from a bank or broker-dealer and in return, the issuer provides for interest payments during the term of the note. At maturity or when the security is sold, the Fund will either settle by taking physical delivery of the underlying reference instrument or by receipt of a cash settlement amount equal to the value of the note at termination or maturity. The use of equity-linked notes involves the risk that the value of the note changes unfavorably due to movements in the value of the underlying reference instrument. Equity-linked notes are considered general unsecured contractual obligations of the bank or broker-dealer. The Fund must rely on the creditworthiness of the issuer for its investment returns.
68 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees are calculated daily and paid monthly at the annual rate of 0.50% of the Fund’s average daily net assets up to $1 billion, 0.45% of the next $4 billion of the fund’s average daily net assets and 0.40% of the fund’s average daily net assets over $5 billion. For the year ended July 31, 2020, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.48% of the Fund’s average daily net assets.
The Adviser has agreed to waive its management fee with respect to any portion of the Fund’s assets invested in Pioneer Floating Rate Trust, an affiliated fund managed by the Adviser. For the year ended July 31, 2020, the Adviser waived $47,455 in management fees with respect to the Fund, which is reflected on the Statement of Operations as an expense waiver.
The Adviser has contractually agreed to limit ordinary operating expenses (ordinary operating expenses means all fund expenses other than extraordinary expenses, such as litigation, taxes, brokerage commissions and acquired fund fees and expenses) of the Fund to the extent required to reduce Fund expenses to 0.85% and 0.65% of the average daily net assets attributable to Class A and Class Y shares, respectively. These expense limitations are in effect through December 1, 2020. There can be no assurance that the Adviser will extend the expense limitation agreement for a class of shares beyond the date referred to above.
In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Fund as administrative reimbursements. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $44,271 in management fees, administrative costs and certain other reimbursements payable to the Adviser at July 31, 2020.
3. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund’s omnibus relationship contracts.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 69
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the year ended July 31, 2020, such out-of-pocket expenses by class of shares were as follows:
| | | | |
| Shareowner Communications: | | | |
Class A | | $ | 20,562 | |
Class C | | | 21,353 | |
Class K | | | 44 | |
Class R | | | 3,627 | |
Class Y | | | 43,879 | |
| Total | | $ | 89,465 | |
4. Distribution and Service Plans
The Fund has adopted a distribution plan (the “Plan”) pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A, Class C and Class R shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays the Distributor 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Pursuant to the Plan, the Fund further pays the Distributor 0.50% of the average daily net assets attributable to Class R shares for distribution services. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $32,179 in distribution fees payable to the Distributor at July 31, 2020.
The Fund also has adopted a separate service plan for Class R shares (the “Service Plan”). The Service Plan authorizes the Fund to pay securities dealers, plan administrators or other service organizations that agree to provide certain services to retirement plans or plan participants holding shares of the Fund a service fee of up to 0.25% of the Fund’s average daily net assets attributable to Class R shares held by such plans.
In addition, redemptions of Class A and Class C shares may be subject to a contingent deferred sales charge (“CDSC”). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00% based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class K, Class R and Class Y
70 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
shares. Proceeds from the CDSCs are paid to the Distributor. For the year ended July 31, 2020, CDSCs in the amount of $73,211 were paid to the Distributor.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the “Funds”), participates in a committed, unsecured revolving line of credit (“credit facility”). Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the credit facility or the limits set for borrowing by the Fund’s prospectus and the 1940 Act. Effective March 11, 2020, the Fund participates in a facility in the amount of $300 million. Prior to March 11, 2020, the Fund participated in a facility in the amount of $250 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (“LIBOR”) plus a credit spread. The Fund also pays an annual commitment fee to participate in a credit facility. The commitment fee is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the year ended July 31, 2020, the Fund had no borrowings under the credit facility.
6. Transactions in Underlying Funds
An affiliated issuer may be considered one in which a Fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the Fund assumes the following to be affiliated issuer:
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Change in | | | | |
| Underlying | | | | | | | | | | | Net | | | unrealized | | | | |
| Fund | | Beginning | | | | | | | | | Realized | | | appreciation | | | | |
| (Affiliated) | | Value | | | Purchases | | | Sales | | | gain (loss) | | | (depreciation)
| | | Value | |
Pioneer Floating | | | | | | | | | | | | | | | | | | |
| Rate Trust | | $ | 8,116,886 | | | $ | — | | | $ | 1,700,818 | | | $ | (118,087 | ) | | $ | (420,928 | ) | | $ | 5,877,053 | |
| Total | | $ | 8,116,886 | | | $ | — | | | $ | 1,700,818 | | | $ | (118,087 | ) | | $ | (420,928 | ) | | $ | 5,877,053 | |
Annual and semi-annual reports for the underlying Pioneer funds are available on the funds’ web page(s) at www.amundipioneer.com/us.
7. Master Netting Agreements
The Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all of its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs the trading of certain Over the Counter (“OTC”) derivatives and typically contains, among other things, close-out and set-off provisions which apply upon the occurrence of an event of default and/or a termination event as defined under the relevant ISDA Master
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 71
Agreement. The ISDA Master Agreement may also give a party the right to terminate all transactions traded under such agreement if, among other things, there is deterioration in the credit quality of the other party.
Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close-out all transactions under such agreement and to net amounts owed under each transaction to determine one net amount payable by one party to the other. The right to close out and net payments across all transactions under the ISDA Master Agreement could result in a reduction of the Fund’s credit risk to its counterparty equal to any amounts payable by the Fund under the applicable transactions, if any. However, the Fund’s right to set-off may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which each specific ISDA Master Agreement of each counterparty is subject.
The collateral requirements for derivatives transactions under an ISDA Master Agreement are governed by a credit support annex to the ISDA Master Agreement. Collateral requirements are generally determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to threshold (a “minimum transfer amount”) before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. Cash that has been segregated to cover the Fund’s collateral obligations, if any, will be reported separately on the Statement of Assets and Liabilities as “Swaps collateral”. Securities pledged by the Fund as collateral, if any, are identified as such in the Schedule of Investments.
Financial instruments subject to an enforceable master netting agreement, such as an ISDA Master Agreement, have been offset on the Statement of Assets and Liabilities. The following charts show gross assets and liabilities of the Fund as of July 31, 2020.
| | | | | | | | | | | | | | | | |
| | Derivative | | | | | | | | | | | | | |
| | Assets | | | | | | | | | | | | | |
| | Subject to | | | Derivatives | | | Non-Cash | | | Cash | | | Net Amount | |
| | Master Netting | | | Available for | | | Collateral | | | Collateral | | | of Derivative | |
| Counterparty | | Agreement | | | Offset | | | Received (a) | | | Received (a) | | | Assets (b) | |
Bank of | | | | | | | | | | | | | | | |
| America NA | | $ | 7,752 | | | $ | — | | | $ | — | | | $ | — | | | $ | 7,752 | |
Goldman Sachs | | | | | | | | | | | | | | | | | | | | |
| International | | | 404,012 | | | | (309,788 | ) | | | — | | | | — | | | | 94,224 | |
JPMorgan Chase | | | | | | | | | | | | | | | | | | | | |
| Bank NA | | | 290,012 | | | | (251,245 | ) | | | — | | | | — | | | | 38,767 | |
| Total | | $ | 701,776 | | | $ | (561,033 | ) | | $ | — | | | $ | — | | | $ | 140,743 | |
72 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
| | | | | | | | | | | | | | | | |
| | Derivative | | | | | | | | | | | | | |
| | Liabilities | | | | | | | | | | | | | |
| | Subject to | | | Derivatives | | | Non-Cash | | | Cash | | | Net Amount | |
| | Master Netting | | | Available for | | | Collateral | | | Collateral | | | of Derivative | |
| Counterparty | | Agreement | | | Offset | | | Pledged (a) | | | Pledged (a) | | | Liabilities (c) | |
Bank of | | | | | | | | | | | | | | | |
| America NA | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Goldman Sachs | | | | | | | | | | | | | | | | | | | | |
| International | | | 309,788 | | | | (309,788 | ) | | | — | | | | — | | | | — | |
JPMorgan Chase | | | | | | | | | | | | | | | | | | | | |
| Bank NA | | | 251,245 | | | | (251,245 | ) | | | — | | | | — | | | | — | |
| Total | | $ | 561,033 | | | $ | (561,033 | ) | | $ | — | | | $ | — | | | $ | — | |
(a) The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities cannot be less than $0.
(b) Represents the net amount due from the counterparty in the event of default.
(c) Represents the net amount payable to the counterparty in the event of default.
8. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund’s use of derivatives may enhance or mitigate the Fund’s exposure to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange rate risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity index will fluctuate based on increases or decreases in the commodities market and factors specific to a particular industry or commodity.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 73
The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at July 31, 2020, was as follows:
| | | | | | | | | | | | | | | | |
| | | | | | | | Foreign | | | | | | | |
| Statement of | | Interest | | | Credit | | | Exchange | | | Equity | | | Commodity | |
| Assets and Liabilities | | Rate Risk | | | Risk | | | Rate Risk | | | Risk | | | Risk | |
| Assets | | | | | | | | | | | | | | | |
| Net unrealized | | | | | | | | | | | | | | | |
| appreciation on | | | | | | | | | | | | | | | |
| forward foreign | | | | | | | | | | | | | | | |
| currency exchange | | | | | | | | | | | | | | | |
| contracts | | $ | — | | | $ | — | | | $ | 140,743 | | | $ | — | | | $ | — | |
| Total Value | | $ | — | | | $ | — | | | $ | 140,743 | | | $ | — | | | $ | — | |
| Liabilities | | | | | | | | | | | | | | | | | | | | |
| Net unrealized | | | | | | | | | | | | | | | | | | | | |
| depreciation on | | | | | | | | | | | | | | | | | | | | |
| futures contracts | | $ | — | | | $ | — | | | $ | — | | | $ | 3,317,150 | | | $ | — | |
| Total Value | | $ | — | | | $ | — | | | $ | — | | | $ | 3,317,150 | | | $ | — | |
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at July 31, 2020, was as follows:
| | | | | | | | | | | | | | | | |
| | | | | | | | Foreign | | | | | | | |
| Statement of | | Interest | | | Credit | | | Exchange | | | Equity | | | Commodity | |
| Operations | | Rate Risk | | | Risk | | | Rate Risk | | | Risk | | | Risk | |
| Net realized gain | | | | | | | | | | | | | | | |
| (loss) on: | | | | | | | | | | | | | | | |
| Options purchased* | | $ | — | | | $ | — | | | $ | — | | | $ | (3,193,116 | ) | | $ | — | |
| Written options | | | — | | | | — | | | | 54,161 | | | | — | | | | — | |
| Forward foreign | | | | | | | | | | | | | | | | | | | | |
| currency exchange | | | | | | | | | | | | | | | | | | | | |
| contracts | | | — | | | | — | | | | (1,413,405 | ) | | | — | | | | — | |
| Futures contracts | | | (60,890 | ) | | | — | | | | 2,728,413 | | | | 12,485,738 | | | | — | |
| Swap contracts | | | 24,125 | | | | — | | | | — | | | | — | | | | — | |
| Total Value | | $ | (36,765 | ) | | $ | — | | | $ | 1,369,169 | | | $ | 9,292,622 | | | $ | — | |
| Change in net | | | | | | | | | | | | | | | | | | | | |
| unrealized | | | | | | | | | | | | | | | | | | | | |
| appreciation | | | | | | | | | | | | | | | | | | | | |
| (depreciation) on: | | | | | | | | | | | | | | | | | | | | |
| Options purchased** | | $ | — | | | $ | — | | | $ | 2,267,476 | | | $ | — | | | $ | — | |
| Forward foreign | | | | | | | | | | | | | | | | | | | | |
| currency exchange | | | | | | | | | | | | | | | | | | | | |
| contracts | | | — | | | | — | | | | 806,443 | | | | — | | | | — | |
| Futures contracts | | | — | | | | — | | | | — | | | | 2,840,585 | | | | — | |
| Total Value | | $ | — | | | $ | — | | | $ | 3,073,919 | | | $ | 2,840,585 | | | $ | — | |
* Reflects the net realized gain (loss) on purchased option contracts (see Note 1l.). These amounts are included in net realized gain (loss) on investments in unaffiliated issuers, on the Statement of Operations.
** Reflects the change in net unrealized appreciation (depreciation) on purchased option contracts (see Note 1I.). These amounts are included in change in net unrealized appreciation (depreciation) on Investments in unaffiliated issuers, on the Statement of Operations.
74 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
Report of Independent Registered PublicAccounting FirmTo the Board of Trustees of Pioneer Series Trust IV and the Shareholders of
Pioneer Multi-Asset Income Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Multi-Asset Income Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust IV (the “Trust”)), including the schedule of investments, as of July 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the “financial statements”). The financial highlights for the period ended July 31, 2016 were audited by another independent registered public accounting firm whose report, dated September 28, 2016, expressed an unqualified opinion on those financial highlights. In our opinion, the financial statements present fairly, in all material respects, the financial position of Pioneer Multi-Asset Income Fund at July 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 75
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2020, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Amundi Pioneer investment companies since 2017.
Boston, Massachusetts
September 29, 2020
76 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
ADDITIONAL INFORMATION (unaudited)
For the year ended July 31, 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to the maximum amount of such dividends allowable under the Act, as taxed at a maximum rate of 20%. Complete information will be computed and reported in conjunction with your 2020 form 1099-DIV.
The qualifying percentage of the Fund’s ordinary income dividends for the purpose of the corporate dividends received deduction was 14.41%.
Qualified interest income is exempt from nonresident alien (NRA) tax withholding. The percentage of the Fund’s ordinary income distributions derived from qualified interest income was 20.83%.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 77
Statement Regarding Liquidity Risk Management Program
As required by law, the Fund has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the Fund could not meet requests to redeem its shares without significant dilution of remaining investors’ interests in the Fund. The Fund’s Board of Trustees designated a liquidity risk management committee (the “Committee”) consisting of employees of Amundi Pioneer Asset Management, Inc. (the “Adviser”) to administer the Program.
The Committee provided the Board of Trustees with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through March 31, 2020 (the “Reporting Period”).
The Report confirmed that, throughout the Reporting Period, the Committee had monitored the Fund’s portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in Board reporting throughout the Reporting Period.
The Report discussed the Committee’s annual review of the Program, which addressed, among other things, the following elements of the Program:
The Committee reviewed the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. The Committee noted that the Fund’s investment strategy continues to be appropriate for an open-end fund, taking into account, among other things, whether and to what extent the Fund held less liquid and illiquid assets and the extent to which any such investments affected the Fund’s ability to meet redemption requests. In managing and reviewing the Fund’s liquidity risk, the Committee also considered the extent to which the Fund’s investment strategy involves a relatively concentrated portfolio or large positions in particular issuers, the extent to which the Fund uses borrowing for investment purposes, and the extent to which the Fund uses derivatives (including for hedging purposes). The Committee also reviewed the Fund’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. In assessing the Fund’s cash flow projections, the Committee considered, among other factors, historical net redemption activity, redemption policies, ownership concentration, distribution channels, and the degree of certainty associated with the Fund’s short-term and long-term cash flow projections. The Committee also considered the Fund’s holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources, including, if applicable, the Fund’s participation
78 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
in a credit facility, as components of the Fund’s ability to meet redemption requests. The Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests.
The Committee reviewed the Program’s liquidity classification methodology for categorizing the Fund’s investments into one of four liquidity buckets. In reviewing the Fund’s investments, the Committee considered, among other factors, whether trading varying portions of a position in a particular portfolio investment or asset class in sizes the Fund would reasonably anticipate trading, would be reasonably expected to significantly affect liquidity.
The Committee performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum, and determined that no such minimum is required because the Fund primarily holds highly liquid investments.
The Report stated that the Committee concluded the Program operates adequately and effectively, in all material respects, to assess and manage the Fund’s liquidity risk throughout the Reporting Period.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 79
Trustees, Officers and Service ProvidersInvestment Adviser and AdministratorAmundi Pioneer Asset Management, Inc.
Custodian and Sub-AdministratorBrown Brothers Harriman & Co.
Independent Registered Public Accounting FirmErnst & Young LLP
Principal UnderwriterAmundi Pioneer Distributor, Inc.
Legal CounselMorgan, Lewis & Bockius LLP
Transfer AgentDST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundipioneer.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
Trustees and Officers
The Fund’s Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 45 U.S. registered investment portfolios for which Amundi Pioneer serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292.
80 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
| | | | |
| Independent Trustees | | |
|
| Name, Age and Position | Term of Office and | | Other Directorships |
| Held With the Fund | Length of Service | Principal Occupation | Held by Trustee |
| Thomas J. Perna (69) | Trustee since 2011. | Private investor (2004 – 2008 and 2013 – present); Chairman | Director, Broadridge Financial |
Chairman of the Board | Serves until a successor | (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. | Solutions, Inc. (investor |
and Trustee | trustee is elected or | (technology products for securities lending industry); and Senior Executive | communications and securities |
| earlier retirement | Vice President, The Bank of New York (financial and securities | processing provider for financial |
| or removal. | services) (1986 – 2004) | services industry) (2009 – present); |
| | | Director, Quadriserv, Inc. (2005 – |
| | | 2013); and Commissioner, New |
| | | Jersey State Civil Service |
| | | Commission (2011 – 2015) |
| John E. Baumgardner, | Trustee since 2019. | Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell LLP | Chairman, The Lakeville Journal |
| Jr. (69) | Serves until a successor | (law firm). | Company, LLC, (privately-held |
Trustee | trustee is elected or | | community newspaper group) |
| earlier retirement | | (2015-present) |
| or removal. | | |
| Diane Durnin (63) | Trustee since 2019. | Managing Director - Head of Product Strategy and Development, BNY | None |
Trustee | Serves until a successor | Mellon Investment Management (investment management firm) (2012-2018); | |
| trustee is elected or | Vice Chairman – The Dreyfus Corporation (2005 – 2018): Executive | |
| earlier retirement | Vice President Head of Product, BNY Mellon Investment Management | |
| or removal. | (2007-2012); Executive Director- Product Strategy, Mellon Asset Management | |
| | (2005-2007); Executive Vice President Head of Products, Marketing and | |
| | Client Service, Dreyfus Corporation (investment management firm) | |
| | (2000-2005); and Senior Vice President Strategic Product and Business | |
| | Development, Dreyfus Corporation (1994-2000) | |
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 81
Independent Trustees (continued)
| | | | |
| Name, Age and Position | Term of Office and | | Other Directorships |
| Held With the Fund | Length of Service | Principal Occupation | Held by Trustee |
Benjamin M. Friedman (75) Trustee | Trustee since 2011. Serves until a successor trustee is elected or earlier retirement or removal. | William Joseph Maier Professor of Political Economy, Harvard University (1972 – present) | Trustee, Mellon Institutional Funds Investment Trust and Mellon Institutional Funds Master Portfolio (oversaw 17 portfolios in fund complex) (1989 - 2008) |
Lorraine H. Monchak (64) Trustee | Trustee since 2017. (Advisory Trustee from 2014 - 2017). Serves until a successor trustee is elected or earlier retirement or removal. | Chief Investment Officer, 1199 SEIU Funds (healthcare workers union pension funds) (2001 – present); Vice President – International Investments Group, American International Group, Inc. (insurance company) (1993 – 2001); Vice President – Corporate Finance and Treasury Group, Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability Management Group, Federal Farm Funding Corporation (government- sponsored issuer of debt securities) (1988 – 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 – 1988); and Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 – 1987) | None |
Marguerite A. Piret (72) Trustee | Trustee since 2011. Serves until a successor trustee is elected or earlier retirement or removal. | Chief Financial Officer, American Ag Energy, Inc. (controlled environment and agriculture company) (2016 – present); and President and Chief Executive Officer, Metric Financial Inc. (formerly known as Newbury Piret Company) (investment banking firm) (1981 – 2019) | Director of New America High Income Fund, Inc. (closed-end investment company) (2004 – present); and Member, Board of Governors, Investment Company Institute (2000 – 2006) |
82 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
| | | | |
| Name, Age and Position | Term of Office and | | Other Directorships |
| Held With the Fund | Length of Service | Principal Occupation | Held by Trustee |
Fred J. Ricciardi (73) Trustee | Trustee since 2014. Serves until a successor trustee is elected or earlier retirement or removal. | Consultant (investment company services) (2012 – present); Executive Vice President, BNY Mellon (financial and investment company services) (1969 – 2012); Director, BNY International Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas Investment Corp. (financial services) (2009 – 2012); Director, Financial Models (technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial services) (1999-2006); and Chairman, BNY Alternative Investment Services, Inc. (financial services) (2005-2007) | None |
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 83
Interested Trustees
| | | | |
| Name, Age and Position | Term of Office and | | Other Directorships |
| Held With the Fund | Length of Service | Principal Occupation | Held by Trustee |
Lisa M. Jones (58)* Trustee, President and Chief Executive Officer | Trustee since 2017. Serves until a successor trustee is elected or earlier retirement or removal
| Director, CEO and President of Amundi Pioneer Asset Management USA, Inc. (investment management firm) (since September 2014); Director, CEO and President of Amundi Pioneer Asset Management, Inc. (since September 2014); Director, CEO and President of Amundi Pioneer Distributor, Inc. (since September 2014); Director, CEO and President of Amundi Pioneer Institutional Asset Management, Inc. (since September 2014); Chair, Amundi Pioneer Asset Management USA, Inc., Amundi Pioneer Distributor, Inc. and Amundi Pioneer Institutional Asset Management, Inc. (September 2014 – 2018); Managing Director, Morgan Stanley Investment Management (investment management firm) (2010 – 2013); Director of Institutional Business, CEO of International, Eaton Vance Management (investment management firm) (2005 – 2010); and Director of Amundi USA, Inc. (since 2017) | None |
Kenneth J. Taubes (62)* Trustee | Trustee since 2014. Serves until a successor trustee is elected or earlier retirement or removal | Director and Executive Vice President (since 2008) and Chief Investment Officer, U.S. (since 2010) of Amundi Pioneer Asset Management USA, Inc. (investment management firm); Director and Executive Vice President and Chief Investment Officer, U.S. of Amundi Pioneer (since 2008); Executive Vice President and Chief Investment Officer, U.S. of Amundi Pioneer Institutional Asset Management, Inc. (since 2009); and Portfolio Manager of Amundi Pioneer (since 1999); and Director of Amundi USA, Inc. (since 2017) | None |
* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates.
84 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20
Fund Officers
| | | | |
| Name, Age and Position | Term of Office and | | Other Directorships |
| Held With the Fund | Length of Service | Principal Occupation | Held by Officer |
Christopher J. Kelley (55) Secretary and Chief Legal Officer | Since 2011. Serves at the discretion of the Board | Vice President and Associate General Counsel of Amundi Pioneer since January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; and Vice President and Senior Counsel of Amundi Pioneer from July 2002 to December 2007 | None |
Carol B. Hannigan (59) Assistant Secretary | Since 2011. Serves at the discretion of the Board | Fund Governance Director of Amundi Pioneer since December 2006 and Assistant Secretary of all the Pioneer Funds since June 2010; Manager – Fund Governance of Amundi Pioneer from December 2003 to November 2006; and Senior Paralegal of Amundi Pioneer from January 2000 to November 2003 | None |
Thomas Reyes (57) Assistant Secretary | Since 2011. Serves at the discretion of the Board | Assistant General Counsel of Amundi Pioneer since May 2013 and Assistant Secretary of all the Pioneer Funds since June 2010; and Counsel of Amundi Pioneer from June 2007 to May 2013 | None |
Mark E. Bradley (60) Treasurer and Chief Financial and Accounting Officer | Since 2011. Serves at the discretion of the Board | Vice President – Fund Treasury of Amundi Pioneer; Treasurer of all of the Pioneer Funds since March 2008; Deputy Treasurer of Amundi Pioneer from March 2004 to February 2008; and Assistant Treasurer of all of the Pioneer Funds from March 2004 to February 2008 | None |
Luis I. Presutti (55) Assistant Treasurer | Since 2011. Serves at the discretion of the Board | Director – Fund Treasury of Amundi Pioneer; and Assistant Treasurer of all of the Pioneer Funds | None |
Gary Sullivan (62) Assistant Treasurer | Since 2011. Serves at the discretion of the Board | Senior Manager – Fund Treasury of Amundi Pioneer; and Assistant Treasurer of all of the Pioneer Funds | None |
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/20 85
Fund Officers (continued)
| | | | |
| Name, Age and Position | Term of Office and | | Other Directorships |
| Held With the Fund | Length of Service | Principal Occupation | Held by Officer |
Antonio Furtado (38) Assistant Treasurer | Since 2020. Serves at the discretion of the Board | Fund Oversight Manager – Fund Treasury of Amundi Pioneer; and Assistant Treasurer of all of the Pioneer Funds | None |
John Malone (48) Chief Compliance Officer | Since 2018. Serves at the discretion of the Board | Managing Director, Chief Compliance Officer of Amundi Pioneer Asset Management; Amundi Pioneer Institutional Asset Management, Inc.; and the Pioneer Funds since September 2018; and Chief Compliance Officer of Amundi Pioneer Distributor, Inc. since January 2014. | None |
Kelly O’Donnell (49) Anti-Money Laundering Officer | Since 2011. Serves at the discretion of the Board | Vice President – Amundi Pioneer Asset Management; and Anti-Money Laundering Officer of all the Pioneer Funds since 2006 | None |
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How to Contact Amundi Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for assistance or information.
| | | |
| Call us for: | | |
Account Information, including existing accounts, | |
new accounts, prospectuses, applications | |
and service forms | | 1-800-225-6292 |
| | | |
FactFoneSM for automated fund yields, prices, | |
account information and transactions | 1-800-225-4321 |
| | |
| Retirement plans information | | 1-800-622-0176 |
|
| Write to us: | | |
Amundi Pioneer | | |
P.O. Box 219427 | | |
Kansas City, MO 64121-9427 | | |
| | | |
| Our toll-free fax | | 1-800-225-4240 |
| | | |
| Our internet e-mail address | us.askamundipioneer@amundipioneer.com |
(for general questions about Amundi Pioneer only) | |
|
| Visit our web site: www.amundipioneer.com/us | |
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com/us
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2020 Amundi Pioneer Asset Management 25962-08-0920
Pioneer Balanced ESG Fund
Annual Report | July 31, 2020
| A: AOBLX | C: PCBCX | K: PCBKX | R: CBPRX | Y: AYBLX |
Beginning in March 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications electronically by contacting your financial intermediary or, if you invest directly with the Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.
visit us: www.amundipioneer.com/us
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 1
President’s LetterDear Shareholders,
The new decade has arrived delivering a half-year (and more) that will go down in the history books. The beginning of 2020 seemed to extend the positive market environment of 2019. Then, March roared in like a lion and the COVID-19 pandemic became a global crisis impacting lives and life as we know it. The long-term impact on the global economy from the COVID-19 virus pandemic, while currently unknown, is likely to be considerable. It is clear that several industries have already felt greater effects than others. And the markets, which do not thrive on uncertainty, have been volatile, delivering significantly negative performance in the first quarter, and then staging a strong rally for most of the second quarter. Our business continuity plan was implemented given the new COVID-19 guidelines, and most of our employees are working remotely. To date, our operating environment has faced no interruption. I am proud of the careful planning that has taken place and confident we can maintain this environment for as long as is prudent. History in the making for a company that first opened its doors way back in 1928.
Since 1928, Amundi Pioneer’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions –can help mitigate the potential risks during periods of market volatility. As the first several months of 2020 have reminded us, investment risk can arise from a number of factors in today’s global economy, including slower or stagnating growth, changing U.S. Federal Reserve policy, oil price shocks, political and geopolitical factors and, unfortunately, major public health concerns such as a viral pandemic.
At Amundi Pioneer, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.
2 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress. As you consider your long-term investment goals, we encourage you to work with your financial advisor to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We remain confident that the current crisis, like others in human history, will pass, and we greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
July 31, 2020
Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 3
Portfolio Management Discussion |
7/31/20 In the following interview, Walter Hunnewell, Jr., Bradley Komenda, and Lawrence Zeno discuss the factors that affected the performance of Pioneer Balanced ESG Fund (formerly Pioneer Classic Balanced Fund*) during the 12-month period ended July 31, 2020. Mr. Hunnewell, a vice president and portfolio manager at Amundi Pioneer Asset Management, Inc. (Amundi Pioneer), Mr. Komenda, Deputy Director of Investment-Grade Corporates, a senior vice president, and a portfolio manager at Amundi Pioneer, and Mr. Zeno, a vice president and portfolio manager at Amundi Pioneer, are responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the 12-month period ended July 31, 2020?
A Pioneer Balanced ESG Fund’s Class A shares returned 7.55% at net asset value during the 12-month period ended July 31, 2020, while the Fund’s benchmarks, the Standard & Poor’s 500 Index (the S&P 500) and the Bloomberg Barclays U.S. Government/Credit Bond Index (the Bloomberg Barclays Index), returned 11.96% and 12.06%, respectively. During the same period, the average return of the 683 mutual funds in Morningstar’s 50% to 70% Equity Allocation Funds category was 5.43%.
Q How would you describe the investment environment in the domestic markets during the 12-month period ended July 31, 2020?
A As the period opened in August 2019, the U.S. Federal Reserve (Fed) had embarked upon a series of reductions in the target range for the federal funds rate in an effort to counter the negative effects of the U.S.-China trade war on economic growth. Following up on its July 31, 2019, reduction in the federal funds target range – the U.S. central bank’s first rate cut in more than 10 years – the Fed once again lowered the federal funds target range by another quarter-point in mid-September. Despite the accommodative actions of the Fed, the mixed tone of U.S.-China trade negotiations continued to weigh on the performance of equity markets.
August and September 2019 saw periods when the U.S. Treasury yield curve inverted, meaning that along some portion of the curve, yields for securities with longer maturities were lower than yields available on securities with shorter maturities. Historically, market participants and
* Effective September 1, 2019, Pioneer Classic Balanced Fund was renamed Pioneer Balanced ESG Fund, and the Fund adopted a new investment policy.
4 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
analysts have viewed a yield-curve inversion as a foreshadowing of a recession, and so uncertainty and heightened volatility in the credit markets soon followed.
The fourth quarter of 2019 saw a cooling in fixed-income market returns. In response, the Fed implemented a third consecutive quarter-point reduction in the federal funds target range at its October 30 meeting, leaving the target range at 1.50% to 1.75%. However, the Fed also signaled that the October reduction likely represented the end of its mid-cycle downward adjustment in rates. The yield curve steepened over the fourth quarter of 2019 as the Fed’s actions on interest rates appeared to have stabilized investor sentiment. More credit-sensitive areas of the fixed-income market outperformed interest-rate-sensitive securities heading into the end of the calendar year, on signs of stronger economic growth and an improved tone to the trade negotiations.
After a benign opening to 2020, financial markets experienced a historic disruption beginning in late-February as the COVID-19 virus, which first emerged in China, but quickly spread to Europe and the U.S. and reached pandemic status in March, all but shuttered the global economy as governments enacted lockdown measures in an attempt to control the virus’s spread. The S&P 500 lost more than one-third of its value between February 19 and March 23, 2020, as investors fled riskier assets and moved into so-called “safe havens,” such as U.S. Treasuries. The flight-to-safety drove U.S. Treasury yields to all-time lows, and significant selling in U.S. dollar (USD) fixed-income assets eventually stressed the markets and led to price dislocations in all segments, even U.S. Treasury bonds. As the markets’ “liquidity grab” gathered pace mid-March, historical asset-class return relationships broke down and performance became almost entirely correlated. (Correlation is the degree to which assets or asset class prices have moved in relation to one another. Correlation ranges from -1, always moving in opposite directions, through 0, absolutely independent, to 1, always moving together).
The liquidity stress during March was greatest in the securitized credit sectors of non-agency mortgage-backed securities (MBS), asset-backed securities (ABS), and commercial-mortgage backed securities (CMBS), which have historically had a narrower buyer base than corporate bonds. Those markets faced forced selling by real estate investment trusts (REITs) and other leveraged investors, as well as by certain mutual funds, as concerns escalated over the effects of the pandemic on U.S. employment and on the ability of homeowners and businesses to service their mortgages.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 5
The policy response from both central banks and governments was swift, as they sought to keep businesses and consumers from going under. The Fed came off the sidelines and slashed the federal funds target range to near-zero in March, resurrected its 2008/2009 financial crisis-era lending facilities, and launched a wide-ranging bond purchase program. On the fiscal side, the U.S. Congress and the White House agreed on a $2.2 trillion stimulus package in late March, and provided additional stimulus during the second calendar quarter of 2020.
The extraordinary support forthcoming from policy makers in the wake of the pandemic heartened investors as the second quarter got underway. Market participants also appeared to grow increasingly optimistic that steps taken towards reopening the domestic and global economies would support something resembling a “V-shaped” recovery (a swift, sharp upturn). As a result, there was a resurgence in positive sentiment towards riskier assets in April and May, which allowed both stocks and the credit-sensitive areas of the fixed-income market to recover much of their earlier losses. June, however, saw some increased volatility and widening of credit spreads as COVID-19 cases rose in several U.S. states that had begun to reopen, but investor sentiment soon recovered as most governments resisted re-implementing full-scale lockdowns. In response, the S&P 500 Index ended July just below its all-time high. (Credit spreads are commonly defined as the differences in yield between Treasuries and other types of fixed-income securities with similar maturities.)
During the 12-month period, the information technology, consumer discretionary, health care, and communication services sectors led performance within the S&P 500, while energy, financials, industrials, and real estate turned in the worst performance. Within the Bloomberg Barclays U.S. Government/Credit Bond Index, U.S. Treasuries led performance, given the sharp decline in yields seen over the 12-month period.
Q How did you position the Fund’s portfolio in that environment during the 12-month period ended July 31, 2020?
A At the start of the period in August 2019, we had allocated 64% of the Fund’s assets to equities, with 36% in fixed-income securities. As of July 31, 2020, the equity allocation stood at roughly 61% in equities, with fixed income at roughly 39% of the Fund’s invested assets. The portfolio’s strategic target allocations typically have been 62.5% equity/37.5% fixed income.
6 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
Q Could you discuss your commitment to environmental, social, and governance (ESG) investing, and the reasoning behind the Fund’s recent name change?
A ESG refers to the three primary factors in measuring the sustainability and ethical impact of an investment in a company or business. With its focus on companies with sustainable business models, the portfolio follows an ESG-driven investment approach. The Fund’s name change to Pioneer Balanced ESG Fund, which became effective September 1, 2019, emphasizes our commitment to that process.
Per the prospectus, the Fund generally will not invest in companies significantly involved in certain business activities, including, but not limited to, the production of alcohol, tobacco products, and certain controversial military weapons, as well as the operation of coal mines, gambling casinos and other gaming businesses.
Additionally, the Fund’s management team uses an ESG screening process to evaluate a company’s business risks and opportunities across the ESG continuum. We view the “Governance” aspect of ESG as critically important, because we believe companies that take steps to manage risk exposures better than their competitors manage risks may experience less volatility, which in turn could help those firms outperform their peers during more difficult periods for both the economy and the markets. Governance assessment categories typically include corporate governance and business ethics (such as accounting principles), among other considerations.
In the “Environmental” category, we are particularly interested in water stress, toxic emissions, packaging materials and waste. The “Social” category includes, for example, evaluating a company’s deployment and treatment of human capital (such as employee turnover and morale), product safety, and social opportunities.
Q What specific investments within the portfolio’s equity allocations had noteworthy effects on the Fund’s benchmark-relative performance during the 12-month period ended July 31, 2020?
A Among equities, stock selection (as distinguished from sector allocation) was the primary detractor from the Fund’s benchmark-relative performance during the 12-month period, with selection within information technology proving most challenging. Our investment strategy has emphasized diversification**, reasonable valuations, good
** Diversification does not assure a profit nor protect against loss.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 7
ESG standings, and dividends***. Over the past 12 months, however, the S&P 500 has experienced narrow leadership by a handful of “big tech” and technology-related stocks with high valuations, and that has been a headwind to the Fund’s benchmark-relative performance. Stock selection within energy, which has been a reliable source of dividend income, also held back the Fund’s benchmark-relative results during the 12-month period as energy prices, particularly the price of crude oil, were extremely volatile. Positive stock selection in the real estate and consumer discretionary sectors only partially offset the disappointing results within information technology and energy.
With regard to individual equity positions, the biggest detractors from the Fund’s benchmark-relative performance during the 12-month period included an underweight position in Apple, and holdings of Motorola Solutions, Targa Resources, Verizon Communications, and Cedar Fair. While we recognize the many positive attributes offered by Apple, we maintained an underweight exposure to the stock versus the S&P 500 during the 12-month period, and the underweight detracted from relative performance as the shares performed quite well. In our view, Apple has attained the valuation of a consistently growing consumer staples company, rather than the valuation of either a more cyclical consumer discretionary or information technology company. We have struggled to foresee how Apple could grow its earnings meaningfully from this point forward. In addition, we appreciate the inherent risks of rapid obsolescence for many technologies, even for the very innovative products produced by Apple.
Motorola Solutions is a provider of radio and data communication services to first responders, governments, and industries. Concerns over possible reductions in local police funding in some U.S. cities, along with pandemic-related declines in demand from industries such as hospitality, weighed on Motorola’s share price during the 12-month period. We have retained the Fund’s position, based on our longer-term outlook for the company. Targa Resources, which holds a “wide moat” market position in the processing of natural gas liquids, saw its share price decline over the 12-month period as the energy industry struggled significantly due to pandemic-related demand reductions and an oil price war between Saudi Arabia and Russia. The company also eliminated its dividend during the 12-month period. The shares did recover strongly from their March low, albeit not to prior highs. We are closely evaluating Targa, while
*** Dividends are not guaranteed.
8 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
continuing to hold the Fund’s position. (A wide moat is a type of sustainable competitive advantage possessed by a business that makes it difficult for rivals to wear down its market share.)
Verizon Communications, one of the portfolio’s largest positions and a solid contributor of dividend income, has proved to be a drag on the Fund’s benchmark-relative performance during the stock market’s recent “V-shaped” recovery. We have retained the position. Finally, Cedar Fair is one of the leading national operators of outdoor amusement parks. The company has experienced pandemic-related attendance declines due to the restrictions on non-essential businesses and the social-distancing requirements implemented by many state governments, and so we are monitoring Cedar Fair’s path to a possible recovery.
On the positive side, the Fund’s benchmark-relative returns benefited from holdings of Amazon.com, Lam Research, Alphabet (parent of Google), Zoetis, and Ely Lilly during the 12-month period. Lam Research offers technology that is integral to the current trend in semiconductor manufacturing of vertical, rather than horizontal expansion. Zoetis is a leader in animal health medicine for both companion and livestock animals. Eli Lilly is a major pharmaceutical company with what appear to be promising new products aimed at the treatment of diabetes, obesity, and Alzheimer’s disease. In addition, a lack of portfolio exposure to AT&T, ExxonMobil, Boeing, and Chevron – all meaningful S&P 500 constituents that underperformed the market – contributed positively to the Fund’s relative performance during the 12-month period.
Overall, sector allocation decisions detracted from the Fund’s performance relative to the S&P 500, with the largest detractors being an underweight to information technology and an overweight to energy. The most beneficial allocation decisions were an overweight to consumer discretionary and an underweight to utilities. For the 12-month period, the Fund’s largest overweights versus the S&P 500 were in consumer discretionary, communication services, and health care, while the largest underweights were to utilities, information technology, and consumer staples. At nearly 23% of equity holdings, information technology was the Fund’s largest absolute weighting over the 12-month period, despite the underweight versus the S&P 500.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 9
Q What investment strategies within the portfolio’s fixed-income allocations had noteworthy effects on the Fund’s benchmark-relative performance during the 12-month period ended July 31, 2020?
A Within fixed income, the portfolio’s underweight to nominal U.S. Treasuries detracted significantly from the Fund’s benchmark-relative performance, as credit-sensitive securities underperformed in the flight-to-quality environment seen in the first quarter of 2020. We had based the Fund’s underweight to Treasuries on our view at the beginning of the calendar year that the U.S. economy was poised for strong performance in 2020, a forecast subsequently derailed by the emergence of COVID-19. Within investment-grade corporates, while the Fund’s overweight to industrials proved a headwind for relative returns, security selection results within the sector offset those negative effects. The portfolio’s positioning in utilities was a slight positive for relative returns, while positioning within financials had an essentially neutral impact on relative performance.
The Fund’s duration stance versus the Bloomberg Barclays Index detracted from relative results in the declining interest-rate environment that prevailed over the 12-month period, as we maintained an overall portfolio duration in a range modestly below that of the benchmark. The short-duration positioning constrained relative performance as Treasury yields fell. (Duration is a measure of the sensitivity of the price, or the value of principal, of a fixed-income investment to a change in interest rates, expressed as a number of years.)
Q Did the Fund have any exposure to derivative securities during the 12-month period ended July 31, 2020?
A Yes, within the Fund’s fixed-income allocation, we invested in U.S. Treasury futures as part of our duration-management strategy for the portfolio. We believe the use of Treasury futures has allowed us to express our views on duration and yield-curve positioning in the most efficient manner. The futures had a minimal impact on the Fund’s performance during the 12-month period, given the effects of declining interest rates on the portfolio’s duration positioning.
Q Did the Fund’s yield, or distributions**** to shareholders, change during the 12-month period ended July 31, 2020?
A No, the Fund’s distributions remained relatively stable over the 12-month period.
**** Distributions are not guaranteed.
10 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
Q Could you discuss some of the trading activity and other portfolio adjustments made in managing the portfolio during the 12-month period ended July 31, 2020?
A Notable equity positions added to the Fund’s portfolio during the first half of the fiscal year ended July 31, 2020, included Verizon, Comcast, Wells Fargo, Quest Diagnostics, and Fidelity National Information Services. Comcast is a cable system operator and producer of entertainment content; Quest is an operator of blood labs and diagnostic testing services; and Fidelity National Information Services is an international provider of technology services – including payment processing and banking software – to banks and retail merchants.
Portfolio positions liquidated over the first half of the 12-month period included AT&T, Discover Financial Services, and video gamer Electronic Arts. We also trimmed the size of holdings of Microsoft and CME Group, a major financial-trading exchange.
Over the last six months of the period (February through July), we initiated a position in Bank of America, as we believed it had a reasonable valuation, an increasingly expense-conscious corporate culture, and unparalleled retail distribution. In contrast, we eliminated the portfolio’s position in JPMorgan Chase in order to fund the Bank of America purchase. Besides the greater opportunity we saw in shares of Bank of America, we had become concerned with what we viewed as deteriorating ESG-related factors for JPMorgan. We also initiated a position in Caterpillar, the manufacturer of heavy construction and earth-moving machinery. We have viewed Caterpillar as a well-managed business with shares selling at an unwarranted low valuation. We believe the company could post improving earnings in the years ahead. Another new holding in the portfolio over the second half of the 12-month period was Chubb, the large property & casualty insurer, as we thought the stock’s valuation did not reflect the improving pricing trends within that industry. In addition, we added Qualcomm, a communications semiconductor manufacturer, to the portfolio during the Fund’s fiscal year. While Qualcomm was a technological leader in early cell phone technologies, it fell behind and became embroiled in lawsuits regarding licensing. However, the period of legal uncertainty has passed, and we believe Qualcomm is in a position to benefit from the new 5G cell phone cycle. We also have increased the size of the portfolio’s positions in Lam Research and Medtronic.
In addition to selling the Fund’s shares of JPMorgan, over the last six months of the 12-month period, we also trimmed or eliminated positions in Amazon, Microsoft, Cisco Systems, MKS Instruments, and Zoetis. The
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 11
Fund continues to hold significant positions in both Amazon and Microsoft even after we reduced those exposures to help us pursue other opportunities. Cisco Systems was a case of scaling back the Fund’s benchmark-relative overweight due to earnings concerns. We eliminated MKS Instruments from the portfolio based on ESG-related issues, and reduced the size of the Fund’s Zoetis position based on valuation.
Within fixed income, we have focused on investments in what we view as higher-quality issuers with low sensitivity to the economic cycle, as well as issuers that appear to have felt fewer negative effects from the COVID-19-driven shutdowns. While valuations of securitized assets have not recovered to the same degree as valuations of corporate bonds, we continue to hold the Fund’s positions in those asset classes, as we believe there remains a liquidity premium in the securitized sectors, and we do not anticipate any meaningful impairment. The Fund did realize very modest losses on the sales of some securitized-asset positions during the 12-month period, which we made in order to fund purchases of new corporate bond issues coming to market at historically wide spreads, which in our view offered better risk/return profiles.
Q What is your investment outlook?
A The economic environment has continued to be one of heightened uncertainty in the midst of a global pandemic and an approaching U.S. presidential election. What is certain, in our opinion, is the magnitude of the efforts made by both monetary and fiscal policy makers to soften the blows to the economy caused by the COVID-19 situation. We believe much of the economic outlook depends on the success of the multi-pronged efforts to develop vaccines and therapeutic agents to either eradicate or at least effectively treat COVID-19. In the last few months, we have become more optimistic that drugs that could render COVID-19 manageable ultimately will be made available, and both the Fund’s current positioning and our recent trades (discussed earlier) reflect that belief.
We have been seeing opportunities in the market in what we believe are quality companies trading at prices well below levels that their normalized earnings figures would indicate. Nonetheless, we have remained cognizant of both the lasting burdens the pandemic has placed on the U.S. economy, and the far-reaching shifts in consumer behavior that have resulted from the lockdowns and the work-from-home environment.
12 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
Within equities, at period-end, the Fund’s largest sector overweights versus the S&P 500 were in communication services, health care, and consumer discretionary, while the largest underweights were to utilities, information technology, and consumer staples. Information technology, at 25%, has continued to be the largest absolute sector weighting in the portfolio, followed by health care, at 16%, and consumer discretionary, at 13%.
Within fixed income, the combination of attractive spreads, positive economic momentum, and supportive supply-and-demand dynamics has led us to enter the Fund’s new fiscal year with a constructive stance on the credit-sensitive markets. We believe current spreads within corporate bonds and securitized assets potentially offer attractive long-term value across a number of sectors, but we also feel that security selection remains very important, given the partial recovery in spreads seen in the second quarter of 2020, and the ultimate dialing back of policy support from both governments and central banks.
Please refer to the Schedule of Investments on pages 24–53 for a full listing of Fund securities.
All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
When interest rates rise, the prices of fixed-income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations.
Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income and lose the opportunity for additional price appreciation.
The securities issued by U.S. government-sponsored entities (e.g., FNMA, Freddie Mac) are neither guaranteed nor issued by the U.S. government.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 13
The Fund may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed-income securities. Mortgage-backed securities are also subject to prepayments.
Investments in high-yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default.
Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.
The Fund invests in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws.
The Fund generally excludes corporate issuers that are significantly involved in certain business activities (ESG criteria). Excluding specific issuers limits the universe of investments available to the Fund, which may mean forgoing some investment opportunities available to funds without similar ESG criteria.
At times, the Fund’s investments may represent industries or sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc., for a prospectus or summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.
14 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
Portfolio Summary |
7/31/20
| | | |
| 10 Largest Holdings | |
(As a percentage of total investments)* | |
| 1. | Alphabet, Inc. | 3.82% |
| 2. | Amazon.com, Inc. | 3.71 |
| 3. | U.S. Treasury Bills, 8/18/20 | 3.64 |
| 4. | Microsoft Corp. | 3.43 |
| 5. | Verizon Communications, Inc. | 2.79 |
| 6. | Bank of America Corp. | 2.09 |
| 7. | Apple, Inc. | 1.73 |
| 8. | Cisco Systems, Inc. | 1.67 |
| 9. | Procter & Gamble Co. | 1.57 |
| 10. | Motorola Solutions, Inc. | 1.51 |
* | Excludes temporary cash investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities. |
(l) | Pioneer ILS Interval Fund is an affiliated closed-end fund managed by Amundi Pioneer Asset Management, Inc. |
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 15
Prices and Distributions |
7/31/20 Net Asset Value per Share
| Class | 7/31/20 | 7/31/19 |
A | $9.72 | $9.57 |
C | $9.65 | $9.50 |
K | $9.71 | $9.56 |
R | $9.75 | $9.59 |
Y | $9.79 | $9.64 |
| Distributions per Share: 8/1/19–7/31/20 | |
|
| Net Investment | Short-Term | Long-Term |
| Class | Income | Capital Gains | Capital Gains |
A | $0.1526 | $0.0593 | $0.3300 |
C | $0.0862 | $0.0593 | $0.3300 |
K | $0.1830 | $0.0593 | $0.3300 |
R | $0.1252 | $0.0593 | $0.3300 |
Y | $0.1906 | $0.0593 | $0.3300 |
Index Definitions
The Standard & Poor’s 500 Index is an unmanaged, commonly used measure of the broad U.S. stock market. The Bloomberg Barclays U.S. Government/ Credit Bond Index is unmanaged and measures the performance of debt obligations of the U.S. government agencies and investment-grade domestic corporate debt. Index returns are calculated monthly, assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index.
The indices defined here pertain to the “Value of $10,000 Investment” and “Value of $5 Million Investment” charts on pages 17–21.
16 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
| | |
Performance Update | 7/31/20 | Class A Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Balanced ESG Fund at public offering price during the periods shown, compared to that of the Standard & Poor’s 500 Index and Bloomberg Barclays U.S. Government/Credit Bond Index.
| Average Annual Total Returns | |
(As of July 31, 2020) | | |
|
| | | | Bloomberg |
| | | | Barclays |
| Net | Public | | U.S. Govern- |
| Asset | Offering | S&P
| ment/ |
| Value | Price | 500 | Credit Bond |
| Period | (NAV) | (POP)
| Index | Index |
10 years
| 8.91%
| 8.41% | 13.84% | 4.22% |
5 years | 6.99 | 6.01 | 11.49 | 5.01 |
1 year | 7.55 | 2.71 | 11.96 | 12.06 |
| Expense Ratio | | | |
(Per prospectus dated December 1, 2019) |
| Gross | | Net | | |
1.06% | | 1.00% | | |
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. NAV returns would have been lower had sales charges been reflected. POP returns reflect deduction of the maximum 4.50% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through December 1, 2020 for Class A shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please see the financial highlights for more current expense ratios.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 17
| | |
Performance Update | 7/31/20 | Class C Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Balanced ESG Fund during the periods shown, compared to that of the Standard & Poor’s 500 Index and Bloomberg Barclays U.S. Government/Credit Bond Index.
| Average Annual Total Returns | |
(As of July 31, 2020) | | |
| | | | Bloomberg |
| | | | Barclays |
| | | | U.S. Govern- |
| | | S&P | ment/ |
| If | If Re- | 500 | Credit Bond |
| Period | Held | deemed | Index
| Index |
10 years
| 8.06% | 8.06% | 13.84% | 4.22% |
5 years | 6.20 | 6.20 | 11.49 | 5.01 |
1 year | 6.82 | 6.82 | 11.96 | 12.06 |
| Expense Ratio | | | |
(Per prospectus dated December 1, 2019) |
| Gross | | | | |
1.78% | | | | |
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent deferred sales charge (CDSC). “If Held” results represent the percent change in net asset value per share. NAV returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please see the financial highlights for a more current expense ratio.
18 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
Performance Update | 7/31/20 | Class K Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $5 million investment made in Class K shares of Pioneer Balanced ESG Fund during the periods shown, compared to that of the Standard & Poor’s 500 Index and Bloomberg Barclays U.S. Government/Credit Bond Index.
| Average Annual Total Returns | |
(As of July 31, 2020) | | |
| | | Bloomberg |
| | | Barclays |
| Net | | U.S. Govern- |
| Asset | S&P | ment/ |
| Value | 500 | Credit Bond |
| Period | (NAV) | Index | Index |
10 years | 9.04% | 13.84% | 4.22% |
5 years | 7.26 | 11.49 | 5.01 |
1 year | 7.93 | 11.96 | 12.06 |
| Expense Ratio | | | |
(Per prospectus dated December 1, 2019) |
| Gross | Net | | |
0.80% | 0.66% | | |
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the commencement of operations of Class K shares on December 1, 2015, is the net asset value performance of the Fund’s Class A shares, which has not been restated to reflect any differences in expenses, including Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares generally are higher than those of Class K shares, the performance of Class K shares prior to their inception on December 1, 2015, would have been higher than the performance shown. For the period beginning December 1, 2015, the actual performance of Class K shares is reflected. Class K shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through December 1, 2020 for Class K shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please see the financial highlights for more current expense ratios.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 19
Performance Update | 7/31/20 | Class R Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class R shares of Pioneer Balanced ESG Fund during the periods shown, compared to that of the Standard & Poor’s 500 Index and Bloomberg Barclays U.S. Government/Credit Bond Index.
| Average Annual Total Returns | |
(As of July 31, 2020) | | |
| | | Bloomberg |
| | | Barclays |
| Net | | U.S. Govern- |
| Asset | S&P | ment/ |
| Value | 500 | Credit Bond |
| Period | (NAV) | Index | Index |
10 years
| 8.80% | 13.84% | 4.22% |
5 years | 6.79 | 11.49 | 5.01 |
1 year | 7.32 | 11.96 | 12.06 |
| Expense Ratio | | | |
(Per prospectus dated December 1, 2019) |
| Gross | Net | | |
1.76% | 1.31% | | |
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class R shares for the period prior to the commencement of operations of Class R shares on July 1, 2015, is the net asset value performance of the Fund’s Class A shares, which has not been restated to reflect any differences in expenses, including Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares generally are higher than those of Class R shares, the performance of Class R shares prior to their inception would have been higher than the performance shown. For the period beginning July 1, 2015, the actual performance of Class R shares is reflected.
Class R shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through December 1, 2020 for Class R shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please see the financial highlights for more current expense ratios.
20 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
Performance Update | 7/31/20 | Class Y Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Balanced ESG Fund during the periods shown, compared to that of the Standard & Poor’s 500 Index and Bloomberg Barclays U.S. Government/Credit Bond Index.
| Average Annual Total Returns | |
(As of July 31, 2020) | | |
| | | Bloomberg |
| | | Barclays |
| Net | | U.S. Govern- |
| Asset | S&P | ment/ |
| Value | 500 | Credit Bond |
| Period | (NAV) | Index | Index |
10 years | 9.20% | 13.84% | 4.22% |
5 years | 7.27 | 11.49 | 5.01 |
1 year | 7.95 | 11.96 | 12.06 |
| Expense Ratio | | | |
(Per prospectus dated December 1, 2019) |
| Gross | Net | | |
0.83% | 0.66% | | |
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through December 1, 2020 for Class Y shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please see the financial highlights for more current expense ratios.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 21
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) | ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and |
(2) | transaction costs, including sales charges (loads) on purchase payments. |
This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund’s latest six-month period and held throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows:
(1) | Divide your account value by $1,000 |
| Example: an $8,600 account value ÷ $1,000 = 8.6 |
(2) | Multiply the result in (1) above by the corresponding share class’s number in the third row under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. |
Expenses Paid on a $1,000 Investment in Pioneer Balanced ESG Fund
Based on actual returns from February 1, 2020 through July 31, 2020.
| Share Class | A | C | K | R | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 2/1/20 | | | | | |
Ending Account | $1,018.85 | $1,016.37 | $1,020.23 | $1,018.60 | $1,021.09 |
Value (after expenses) | | | | | |
on 7/31/20 | | | | | |
Expenses Paid | $4.97 | $8.62 | $3.26 | $6.52 | $3.27 |
During Period* | | | | | |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.99%, 1.72%, 0.65%, 1.30%, and 0.65% for class A, C, K, R, and Y respectively, and multiplied by the average account value over the period multiplied by 182/366 (to reflect the partial year period). |
22 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Balanced ESG Fund
Based on a hypothetical 5% return per year before expenses, reflecting the period from February 1, 2020 through July 31, 2020.
| Share Class | A | C | K | R | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 2/1/20 | | | | | |
Ending Account | $1,019.94 | $1,016.31 | $1,021.63 | $1,018.40 | $1,021.63 |
Value (after expenses) | | | | | |
on 7/31/20 | | | | | |
Expenses Paid | $4.97 | $8.62 | $3.27 | $6.52 | $3.27 |
During Period* | | | | | |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.99%, 1.72%, 0.65%, 1.30%, and 0.65% for class A, C, K, R, and Y respectively, and multiplied by the average account value over the period multiplied by 182/366 (to reflect the partial year period). |
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 23
Schedule of Investments |
7/31/20 Shares
| | | Value |
| | UNAFFILIATED ISSUERS — 103.6% | |
| | COMMON STOCKS — 62.9% of Net Assets | |
| | Banks — 2.2% | |
| 300,701 | | Bank of America Corp. | $ 7,481,441 |
| | Total Banks | $ 7,481,441 |
| | Beverages — 1.3% | |
| 33,837 | | PepsiCo., Inc. | $ 4,658,001 |
| | Total Beverages | $ 4,658,001 |
| | Biotechnology — 1.6% | |
| 46,144 | | AbbVie, Inc. | $ 4,379,527 |
| 3,128(a) | | Biogen, Inc. | 859,230 |
| | Total Biotechnology | $ 5,238,757 |
| | Capital Markets — 1.0% | |
| 8,362 | | CME Group, Inc. | $ 1,389,597 |
| 14,881 | | T.Rowe Price Group, Inc. | 2,055,066 |
| | Total Capital Markets | $ 3,444,663 |
| | Chemicals — 1.2% | |
| 35,914 | | Dow, Inc. | $ 1,474,629 |
| 17,329 | | FMC Corp. | 1,837,740 |
| 47,834 | | Huntsman Corp. | 884,929 |
| | Total Chemicals | $ 4,197,298 |
| | Commercial Services & Supplies — 1.3% | |
| 73,233(a) | | IAA, Inc. | $ 3,174,651 |
| 80,071 | | KAR Auction Services, Inc. | 1,211,474 |
| | Total Commercial Services & Supplies | $ 4,386,125 |
| | Communications Equipment — 3.3% | |
| 126,858 | | Cisco Systems, Inc. | $ 5,975,012 |
| 38,469 | | Motorola Solutions, Inc. | 5,377,966 |
| | Total Communications Equipment | $ 11,352,978 |
| | Diversified Telecommunication Services — 3.3% | |
| 157,013 | | CenturyLink, Inc. | $ 1,515,175 |
| 173,638 | | Verizon Communications, Inc. | 9,980,712 |
| | Total Diversified Telecommunication Services | $ 11,495,887 |
| | Electrical Equipment — 0.4% | |
| 15,998 | | Eaton Corp. Plc | $ 1,489,894 |
| | Total Electrical Equipment | $ 1,489,894 |
| | Electronic Equipment, | |
| | Instruments & Components — 0.5% | |
| 19,769 | | TE Connectivity, Ltd. | $ 1,760,825 |
| | Total Electronic Equipment, | |
| | Instruments & Components | $ 1,760,825 |
The accompanying notes are an integral part of these financial statements.
24 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
Shares
| | | Value |
| | Equity Real Estate Investment Trusts (REITs) — 2.3% | |
| 11,877 | | Alexandria Real Estate Equities, Inc. | $ 2,108,761 |
| 22,784 | | Crown Castle International Corp. | 3,798,093 |
| 2,929 | | Equinix, Inc. | 2,300,671 |
| | Total Equity Real Estate Investment Trusts (REITs) | $ 8,207,525 |
| | Financials — 0.3% | |
| 32,715 | | Charles Schwab Corp. | $ 1,084,502 |
| | Total Financials | $ 1,084,502 |
| | Health Care — 1.0% | |
| 33,678 | | Medtronic Plc | $ 3,249,253 |
| | Total Health Care | $ 3,249,253 |
| | | Health Care Equipment & Supplies — 0.9% | |
| 11,440 | | Becton Dickinson and Co. | $ 3,218,530 |
| | Total Health Care Equipment & Supplies | $ 3,218,530 |
| | Health Care Providers & Services — 2.4% | |
| 6,269 | | Anthem, Inc. | $ 1,716,452 |
| 43,811 | | CVS Health Corp. | 2,757,464 |
| 29,919 | | Quest Diagnostics, Inc. | 3,801,807 |
| | Total Health Care Providers & Services | $ 8,275,723 |
| | Hotels, Restaurants & Leisure — 1.0% | |
| 45,571 | | Cedar Fair LP | $ 1,086,413 |
| 11,788 | | McDonald’s Corp. | 2,290,173 |
| | Total Hotels, Restaurants & Leisure | $ 3,376,586 |
| | Household Products — 2.2% | |
| 26,207 | | Colgate-Palmolive Co. | $ 2,023,180 |
| 42,840 | | Procter & Gamble Co. | 5,617,181 |
| | Total Household Products | $ 7,640,361 |
| | Industrial Conglomerates — 0.7% | |
| 15,533 | | Honeywell International, Inc. | $ 2,320,164 |
| | Total Industrial Conglomerates | $ 2,320,164 |
| | Insurance — 3.4% | |
| 22,690 | | Chubb, Ltd. | $ 2,887,076 |
| 18,904 | | First American Financial Corp. | 964,293 |
| 57,858 | | Progressive Corp. | 5,226,892 |
| 63,347 | | Sun Life Financial, Inc. | 2,468,632 |
| | Total Insurance | $ 11,546,893 |
| | Interactive Media & Services — 3.9% | |
| 9,164(a) | | Alphabet, Inc. | $ 13,635,574 |
| | Total Interactive Media & Services | $ 13,635,574 |
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 25
Schedule of Investments | 7/31/20 (continued)
| Shares | | | Value |
| | | Internet & Direct Marketing Retail — 4.2% | |
| 4,635(a) | | Alibaba Group Holding, Ltd. (A.D.R.) | $ 1,163,478 |
| 4,183(a) | | Amazon.com, Inc. | 13,237,856 |
| | Total Internet & Direct Marketing Retail | $ 14,401,334 |
| | IT Services — 2.2% | |
| 11,703 | | Accenture Plc | $ 2,630,600 |
| 13,415 | | Automatic Data Processing, Inc. | 1,782,988 |
| 21,463 | | Fidelity National Information Services, Inc. | 3,140,252 |
| | Total IT Services | $ 7,553,840 |
| | Machinery — 2.0% | |
| 29,162 | | Caterpillar, Inc. | $ 3,875,047 |
| 71,565 | | Timken Co. | 3,267,658 |
| | Total Machinery | $ 7,142,705 |
| | Media — 1.5% | |
| 120,527 | | Comcast Corp. | $ 5,158,556 |
| | Total Media | $ 5,158,556 |
| | Multiline Retail — 0.6% | |
| 10,273 | | Dollar General Corp. | $ 1,955,979 |
| | Total Multiline Retail | $ 1,955,979 |
| | Oil, Gas & Consumable Fuels — 1.4% | |
| 20,333 | | ConocoPhillips | $ 760,251 |
| 14,893 | | EOG Resources, Inc. | 697,737 |
| 13,207 | | Phillips 66 | 819,098 |
| 66,410 | | Targa Resources Corp. | 1,213,975 |
| 25,874 | | Valero Energy Corp. | 1,454,895 |
| | Total Oil, Gas & Consumable Fuels | $ 4,945,956 |
| | Pharmaceuticals — 4.4% | |
| 92,923 | | AstraZeneca Plc (A.D.R.) | $ 5,183,245 |
| 24,885 | | Eli Lilly & Co. | 3,739,966 |
| 39,803 | | Merck & Co., Inc. | 3,193,793 |
| 21,982 | | Zoetis, Inc. | 3,334,230 |
| | Total Pharmaceuticals | $ 15,451,234 |
| | Semiconductors & Semiconductor Equipment — 3.1% | |
| 8,446 | | Analog Devices, Inc. | $ 970,023 |
| 12,992 | | Lam Research Corp. | 4,900,063 |
| 39,888(a) | | Micron Technology, Inc. | 1,996,594 |
| 27,090 | | QUALCOMM, Inc. | 2,860,975 |
| | Total Semiconductors & Semiconductor Equipment | $ 10,727,655 |
The accompanying notes are an integral part of these financial statements.
26 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
| | | | |
| Shares | | | Value |
| | Software — 4.5% | |
| 3,563(a) | | ANSYS, Inc. | $ 1,106,668 |
| 9,211(a) | | Guidewire Software, Inc. | 1,083,766 |
| 59,715 | | Microsoft Corp. | 12,242,172 |
| 7,345(a) | | salesforce.com, Inc. | 1,431,173 |
| | Total Software | $ 15,863,779 |
| | Specialty Retail — 1.9% | |
| 13,289 | | Home Depot, Inc. | $ 3,528,097 |
| 34,791 | | TJX Cos., Inc. | 1,808,784 |
| 10,263 | | Tractor Supply Co. | 1,464,941 |
| | Total Specialty Retail | $ 6,801,822 |
| | Technology Hardware, Storage & Peripherals — 2.2% | |
| 14,511 | | Apple, Inc. | $ 6,167,755 |
| 26,372 | | NetApp, Inc. | 1,168,280 |
| | Total Technology Hardware, Storage & Peripherals | $ 7,336,035 |
| | Textiles, Apparel & Luxury Goods — 0.3% | |
| 79,256 | | Levi Strauss & Co. | $ 963,753 |
| | Total Textiles, Apparel & Luxury Goods | $ 963,753 |
| | | Trading Companies & Distributors — 0.4% | |
| 9,507(a) | | United Rentals, Inc. | $ 1,477,103 |
| | Total Trading Companies & Distributors | $ 1,477,103 |
| | TOTAL COMMON STOCKS | |
| | (Cost $173,386,035) | $217,840,731 |
| | CONVERTIBLE PREFERRED STOCK — 0.3% of | |
| | Net Assets | |
| | Financials — 0.3% | |
| 656(b) | | Wells Fargo & Co., 7.5% | $ 886,584 |
| | Total Financials | $ 886,584 |
| | TOTAL CONVERTIBLE PREFERRED STOCK | |
| | (Cost $984,522) | $ 886,584 |
| Principal | | | |
| Amount | | | |
| USD ($) | | | |
| | | ASSET BACKED SECURITIES — 2.5% of | |
| | Net Assets | |
| 500,000 | | Ajax Mortgage Loan Trust, Series 2020-B, Class A1, | |
| | 0.0%, 5/25/59 (144A) | $ 499,983 |
| 100,000 | | Amur Equipment Finance Receivables VI LLC, Series | |
| | 2018-2A, Class C, 4.27%, 1/20/23 (144A) | 103,885 |
| 300,000 | | Amur Equipment Finance Receivables VI LLC, Series | |
| | 2018-2A, Class D, 4.45%, 6/20/23 (144A) | 311,530 |
| 200,000 | | BCC Funding XIV LLC, Series 2018-1A, Class B, 3.39%, | |
| | 8/21/23 (144A) | 202,930 |
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 27
Schedule of Investments | 7/31/20 (continued)
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | | ASSET BACKED SECURITIES — (continued) | |
| 250,000(c) | | Benefit Street Partners CLO XIX, Ltd., Series 2019-19A, | |
| | | Class D, 4.075% (3 Month USD LIBOR + 380 bps), | |
| | | 1/15/33 (144A) | $ 238,873 |
| 250,000(c) | | Benefit Street Partners CLO XIX, Ltd., Series 2019-19A, | |
| | | Class E, 7.295% (3 Month USD LIBOR + 702 bps), | |
| | | 1/15/33 (144A) | 221,462 |
| 341,108 | | BXG Receivables Note Trust, Series 2018-A, Class C, | |
| | | 4.44%, 2/2/34 (144A) | 332,661 |
| 250,000(c) | | Carlyle US CLO, Ltd., Series 2019-4A, Class C, 4.275% (3 | |
| | | Month USD LIBOR + 400 bps), 1/15/33 (144A) | 239,562 |
| 190,918(d) | | Cascade MH Asset Trust, Series 2019-MH1, Class A, 4.0%, | |
| | | 11/25/44 (144A) | 190,447 |
| 100,000 | | Conn’s Receivables Funding LLC, Series 2019-B, Class B, | |
| | | 3.62%, 6/17/24 (144A) | 96,704 |
| 198,500 | | Domino’s Pizza Master Issuer LLC, Series 2019-1A, | |
| | | Class A2, 3.668%, 10/25/49 (144A) | 210,477 |
| 50,000 | | Drive Auto Receivables Trust, Series 2020-2, Class C, | |
| | | 2.28%, 8/17/26 | 51,310 |
| 30,000 | | Drive Auto Receivables Trust, Series 2020-2, Class D, | |
| | | 3.05%, 5/15/28 | 30,949 |
| 250,000(c) | | First Eagle BSL CLO, Ltd., Series 2019-1A, Class C, | |
| | | 4.622% (3 Month USD LIBOR + 435 bps), | |
| | | 1/20/33 (144A) | 225,038 |
| 143,741 | | Home Partners of America Trust, Series 2019-1, Class D, | |
| | | 3.406%, 9/17/39 (144A) | 145,849 |
| 177,598 | | Home Partners of America Trust, Series 2019-2, Class E, | |
| | | 3.32%, 10/19/39 (144A) | 176,846 |
| 570,000(c) | | Invitation Homes Trust, Series 2018-SFR3, Class E, | |
| | | 2.181% (1 Month USD LIBOR + 200 bps), 7/17/37 (144A) | 552,379 |
| 200,000 | | LL ABS Trust, Series 2019-1A, Class B, 3.52%, | |
| | | 3/15/27 (144A) | 196,161 |
| 250,000(c) | | Madison Park Funding XXXVI, Ltd., Series 2019-36A, | |
| | | Class E, 7.525% (3 Month USD LIBOR + 725 bps), | |
| | | 1/15/33 (144A) | 236,407 |
| 72,329 | | Mosaic Solar Loan Trust, Series 2019-2A, Class A, 2.88%, | |
| | | 9/20/40 (144A) | 75,557 |
| 197,186 | | Mosaic Solar Loan Trust, Series 2020-1A, Class A, 2.1%, | |
| | | 4/20/46 (144A) | 198,763 |
| 72,434 | | NFAS LLC, Series 2019-1, Class A, 4.172%, | |
| | | 8/15/24 (144A) | 70,905 |
| 200,000 | | NMEF Funding LLC, Series 2019-A, Class B, 3.06%, | |
| | | 8/17/26 (144A) | 202,835 |
| 250,000 | | NMEF Funding LLC, Series 2019-A, Class D, 4.39%, | |
| | | 8/17/26 (144A) | 255,621 |
| 250,000(c) | | Palmer Square Loan Funding, Ltd., Series 2020-1A, | |
| | | Class B, 2.277% (3 Month USD LIBOR + 190 bps), | |
| | | 2/20/28 (144A) | 239,487 |
| 300,000 | | Progress Residential Trust, Series 2018-SFR3, Class E, | |
| | | 4.873%, 10/17/35 (144A) | 310,614 |
The accompanying notes are an integral part of these financial statements.
28 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | | ASSET BACKED SECURITIES — (continued) | |
| 210,000 | | Progress Residential Trust, Series 2019-SFR2, Class E, | |
| | | 4.142%, 5/17/36 (144A) | $ 216,782 |
| 200,000 | | Republic FInance Issuance Trust, Series 2019-A, Class A, | |
| | | 3.43%, 11/22/27 (144A) | 199,602 |
| 144,000 | | SCF Equipment Leasing LLC, Series 2019-1A, Class C, | |
| | | 3.92%, 11/20/26 (144A) | 136,759 |
| 250,000(c) | | Sound Point CLO XXV, Ltd., Series 2019-4A, Class D, | |
| | | 4.385% (3 Month USD LIBOR + 411 bps), 1/15/33 (144A) | 223,310 |
| 250,000(c) | | Sound Point CLO XXV, Ltd., Series 2019-4A, Class E, | |
| | | 7.895% (3 Month USD LIBOR + 762 bps), 1/15/33 (144A) | 219,436 |
| 176,150 | | SpringCastle Funding Asset-Backed Notes, Series | |
| | | 2019-AA, Class A, 3.2%, 5/27/36 (144A) | 177,789 |
| 250,000(c) | | Symphony CLO XXII, Ltd., Series 2020-22A, Class C, | |
| | | 3.464% (3 Month USD LIBOR + 215 bps), 4/18/33 (144A) | 241,940 |
| 200,000(d) | | Towd Point Mortgage Trust, Series 2017-4, Class M2, | |
| | | 3.25%, 6/25/57 (144A) | 207,158 |
| 137,284(d) | | Towd Point Mortgage Trust, Series 2018-SJ1, Class A1, | |
| | | 4.0%, 10/25/58 (144A) | 138,415 |
| 170,000 | | Tricon American Homes Trust, Series 2019-SFR1, Class A, | |
| | | 2.75%, 3/17/38 (144A) | 178,162 |
| 250,000 | | United Auto Credit Securitization Trust, Series 2020-1, | |
| | | Class D, 2.88%, 2/10/25 (144A) | 251,206 |
| 406,336 | | Welk Resorts LLC, Series 2019-AA, Class C, 3.34%, | |
| | | 6/15/38 (144A) | 383,834 |
| 250,000 | | Westgate Resorts LLC, Series 2020-1A, Class C, 6.213%, | |
| | | 3/20/34 (144A) | 250,628 |
| 100,000 | | Westlake Automobile Receivables Trust, Series 2019-3A, | |
| | | Class E, 3.59%, 3/17/25 (144A) | 97,960 |
| | | TOTAL ASSET BACKED SECURITIES | |
| | | (Cost $8,667,585) | $ 8,540,216 |
| | | COLLATERALIZED MORTGAGE OBLIGATIONS — | |
| | | 4.2% of Net Assets | |
| 110,000(d) | | Angel Oak Mortgage Trust I LLC, Series 2019-1, Class M1, | |
| | | 4.5%, 11/25/48 (144A) | $ 112,148 |
| 272,756(c) | | Bear Stearns ALT-A Trust, Series 2005-7, Class 11A1, | |
| | | 0.712% (1 Month USD LIBOR + 54 bps), 8/25/35 | 272,663 |
| 115,743(c) | | Bellemeade Re, Ltd., Series 2018-1A, Class M1B, 1.772% | |
| | | (1 Month USD LIBOR + 160 bps), 4/25/28 (144A) | 114,602 |
| 81,858(c) | | Bellemeade Re, Ltd., Series 2018-3A, Class M1B, 2.022% | |
| | | (1 Month USD LIBOR + 185 bps), 10/25/28 (144A) | 81,104 |
| 150,000(c) | | Bellemeade Re, Ltd., Series 2019-1A, Class M1B, 1.922% | |
| | | (1 Month USD LIBOR + 175 bps), 3/25/29 (144A) | 147,890 |
| 100,000(d) | | Bunker Hill Loan Depositary Trust, Series Class A2, | |
| | | Series 2020-1, Class A2, 2.6%, 2/25/55 (144A) | 100,442 |
| 100,000(d) | | Bunker Hill Loan Depositary Trust, Series Class A3, | |
| | | Series 2020-1, Class A3, 3.253%, 2/25/55 (144A) | 100,435 |
| 100,000(d) | | CIM Trust, Series 2020-J1, Class B1, 3.484%, | |
| | | 7/25/50 (144A) | 104,438 |
The accompanying notes are an integral part of these financial statements.
|
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 29
Schedule of Investments | 7/31/20 (continued)
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | | COLLATERALIZED MORTGAGE | |
| | | OBLIGATIONS — (continued) | |
| 627,102(d) | | Citigroup Mortgage Loan Trust, Inc., Series 2018-RP2, | |
| | | Class A1, 3.5%, 2/25/58 (144A) | $ 661,178 |
| 523,264(c) | | Connecticut Avenue Securities Trust, Series 2019-R02, | |
| | | Class 1M2, 2.472% (1 Month USD LIBOR + | |
| | | 230 bps), 8/25/31 (144A) | 515,492 |
| 181,642(c) | | Connecticut Avenue Securities Trust, Series 2019-R06, | |
| | | Class 2M2, 2.272% (1 Month USD LIBOR + | |
| | | 210 bps), 9/25/39 (144A) | 179,020 |
| 230,000(c) | | Connecticut Avenue Securities Trust, Series 2019-R07, | |
| | | Class 1M2, 2.272% (1 Month USD LIBOR + | |
| | | 210 bps), 10/25/39 (144A) | 224,668 |
| 60,000(c) | | Connecticut Avenue Securities Trust, Series 2020-R01, | |
| | | Class 1M2, 2.222% (1 Month USD LIBOR + | |
| | | 205 bps), 1/25/40 (144A) | 56,933 |
| 150,000(c) | | Connecticut Avenue Securities Trust, Series 2020-R02, | |
| | | Class 2M2, 2.172% (1 Month USD LIBOR + | |
| | | 200 bps), 1/25/40 (144A) | 141,917 |
| 100,000(c) | | Connecticut Avenue Securities Trust, Series 2020-SBT1, | |
| | | Class 1M2, 3.822% (1 Month USD LIBOR + | |
| | | 365 bps), 2/25/40 (144A) | 93,803 |
| 120,000(c) | | Connecticut Avenue Securities Trust, Series 2020-SBT1, | |
| | | Class 2M2, 3.822% (1 Month USD LIBOR + | |
| | | 365 bps), 2/25/40 (144A) | 111,696 |
| 82,591(c) | | Eagle Re, Ltd., Series 2018-1, Class M1, 1.872% (1 Month | |
| | | USD LIBOR + 170 bps), 11/25/28 (144A) | 81,226 |
| 210,548(c) | | Eagle Re, Ltd., Series 2019-1, Class M1B, 1.972% (1 | |
| | | Month USD LIBOR + 180 bps), 4/25/29 (144A) | 208,867 |
| 205,124(d) | | EverBank Mortgage Loan Trust, Series 2013-2, Class A, | |
| | | 3.0%, 6/25/43 (144A) | 215,135 |
| 191,942(c) | | Fannie Mae Connecticut Avenue Securities, Series | |
| | | 2018-C04, Class 2M2, 2.722% (1 Month USD LIBOR + | |
| | | 255 bps), 12/25/30 | 184,485 |
| 88,141(c) | | Federal Home Loan Mortgage Corp. REMICS, | |
| | | Series 1671, Class S, 0.825% (1 Month USD LIBOR + | |
| | | 65 bps), 2/15/24 | 87,601 |
| 736,080 | | Federal Home Loan Mortgage Corp. REMICS, | |
| | | Series 3816, Class HA, 3.5%, 11/15/25 | 783,366 |
| 27,196(c) | | Federal Home Loan Mortgage Corp. REMICS, | |
| | | Series 3868, Class FA, 0.575% (1 Month USD LIBOR + | |
| | | 40 bps), 5/15/41 | 27,269 |
| 212,718(c)(e) | | Federal Home Loan Mortgage Corp. REMICS, Series 4091, | |
| | | Class SH, 6.375% (1 Month USD LIBOR + | |
| | | 655 bps), 8/15/42 | 48,496 |
| 34,422(c) | | Federal National Mortgage Association REMICS, Series | |
| | | 2006-23, Class FP, 0.472% (1 Month USD LIBOR + | |
| | | 30 bps), 4/25/36 | 34,373 |
| 26,476(c) | | Federal National Mortgage Association REMICS, Series | |
| | | 2006-104, Class GF, 0.492% (1 Month USD LIBOR + | |
| | | 32 bps), 11/25/36 | 26,475 |
The accompanying notes are an integral part of these financial statements.
30 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | COLLATERALIZED MORTGAGE | |
| | OBLIGATIONS — (continued) | |
| 15,505(c) | | Federal National Mortgage Association REMICS, Series | |
| | 2007-93, Class FD, 0.722% (1 Month USD LIBOR + | |
| | 55 bps), 9/25/37 | $ 15,608 |
| 89,125(c) | | Federal National Mortgage Association REMICS, Series | |
| | 2011-63, Class FG, 0.622% (1 Month USD LIBOR + | |
| | 45 bps), 7/25/41 | 89,862 |
| 369,211(d) | | Flagstar Mortgage Trust, Series 2020-1INV, Class A3, | |
| | 3.0%, 3/25/50 (144A) | 380,982 |
| 170,000(c) | | Freddie Mac Stacr Remic Trust, Series 2020-DNA2, | |
| | Class M2, 2.022% (1 Month USD LIBOR + 185 bps), | |
| | 2/25/50 (144A) | 161,013 |
| 150,000(c) | | Freddie Mac Stacr Remic Trust, Series 2020-HQA2, | |
| | Class M2, 3.272% (1 Month USD LIBOR + 310 bps), | |
| | 3/25/50 (144A) | 143,711 |
| 24,969(c) | | Freddie Mac Stacr Trust, Series 2018-HQA2, Class M1, | |
| | 0.922% (1 Month USD LIBOR + 75 bps), | |
| | 10/25/48 (144A) | 24,854 |
| 195,075(c) | | Freddie Mac Stacr Trust, Series 2019-DNA2, Class M2, | |
| | | 2.622% (1 Month USD LIBOR + 245 bps), | |
| | 3/25/49 (144A) | 189,579 |
| 57,914(c) | | Freddie Mac Stacr Trust, Series 2019-HQA1, Class M2, | |
| | 2.522% (1 Month USD LIBOR + 235 bps), 2/25/49 | |
| | (144A) | 55,823 |
| 310,000(c) | | Freddie Mac Structured Agency Credit Risk Debt Notes, | |
| | Series 2017-DNA3, Class M2, 2.672% (1 Month USD | |
| | LIBOR + 250 bps), 3/25/30 | 307,259 |
| 833,287(e) | | Government National Mortgage Association, Series | |
| | 2019-159, Class CI, 3.5%, 12/20/49 | 81,586 |
| 542,250(c)(e) | | Government National Mortgage Association, Series | |
| | 2020-9, Class SA, 3.163% (1 Month USD LIBOR + | |
| | 335 bps), 1/20/50 | 51,041 |
| 44,390(c) | | Home Re, Ltd., Series 2018-1, Class M1, 1.772% (1 Month | |
| | USD LIBOR + 160 bps), 10/25/28 (144A) | 43,755 |
| 68,968(c) | | Home Re, Ltd., Series 2019-1, Class M1, 1.822% (1 Month | |
| | USD LIBOR + 165 bps), 5/25/29 (144A) | 68,037 |
| 100,000(d) | | Homeward Opportunities Fund I Trust, Series 2020-2, | |
| | Class A3, 3.196%, 5/25/65 (144A) | 100,250 |
| 327,742(d) | | JP Morgan Mortgage Trust, Series 2019-LTV1, Class A3, | |
| | 4.0%, 6/25/49 (144A) | 337,331 |
| 516,736(d) | | JP Morgan Mortgage Trust, Series 2020-3, Class A15, | |
| | 3.5%, 8/25/50 (144A) | 528,383 |
| 496,623(d) | | JP Morgan Mortgage Trust, Series 2020-3, Class B1A, | |
| | 3.05%, 8/25/50 (144A) | 512,895 |
| 500,000(d) | | JP Morgan Mortgage Trust, Series 2020-5, Class A3, 3.0%, | |
| | 12/25/50 (144A) | 517,734 |
| 500,000(d) | | JP Morgan Mortgage Trust, Series 2020-5, Class A15, | |
| | 3.0%, 12/25/50 (144A) | 515,234 |
| 500,000 | | JP Morgan Wealth Management, Series 2020-ATR1, | |
| | Class A3, 3.0%, 2/25/50 (144A) | 516,094 |
The accompanying notes are an integral part of these financial statements.
|
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 31
Schedule of Investments | 7/31/20 (continued)
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | | COLLATERALIZED MORTGAGE | |
| | | OBLIGATIONS — (continued) | |
| 908,798(d) | | Mill City Mortgage Loan Trust, Series 2018-4, Class A1B, | |
| | | 3.5%, 4/25/66 (144A) | $ 966,310 |
| 191,236(d) | | New Residential Mortgage Loan Trust, Series | |
| | | 2019-NQM4, Class A1, 2.492%, 9/25/59 (144A) | 193,489 |
| 218,895(d) | | New Residential Mortgage Loan Trust, Series | |
| | | 2019-RPL2, Class A1, 3.25%, 2/25/59 (144A) | 228,035 |
| 265,000(c) | | NovaStar Mortgage Funding Trust, Series 2004-3, | |
| | | Class M4, 1.747% (1 Month USD LIBOR + | |
| | | 158 bps), 12/25/34 | 259,383 |
| 376,775(d) | | PMT Loan Trust, Series 2013-J1, Class A11, 3.5%, | |
| | | 9/25/43 (144A) | 393,519 |
| 5,888(c) | | Radnor Re, Ltd., Series 2018-1, Class M1, 1.572% | |
| | | (1 Month USD LIBOR + 140 bps), 3/25/28 (144A) | 5,877 |
| 191,559(c) | | Radnor Re, Ltd., Series 2019-1, Class M1B, 2.122% | |
| | | (1 Month USD LIBOR + 195 bps), 2/25/29 (144A) | 187,585 |
| 360,000(c) | | Radnor Re, Ltd., Series 2020-1, Class M1C, 1.922% | |
| | | (1 Month USD LIBOR + 175 bps), 2/25/30 (144A) | 312,956 |
| 250,000(d) | | RMF Buyout Issuance Trust, Series 2020-1, Class M2, | |
| | | 2.623%, 2/25/30 (144A) | 247,347 |
| 123,227(d) | | RMF Proprietary Issuance Trust, Series 2019-1, Class A, | |
| | | 2.75%, 10/25/63 (144A) | 122,918 |
| 330,000(c) | | STACR Trust, Series 2018-HRP2, Class M3, 2.572% | |
| | | (1 Month USD LIBOR + 240 bps), 2/25/47 (144A) | 311,827 |
| 750,000(d) | | Towd Point Mortgage Trust, Series 2015-5, Class M1, | |
| | | 3.5%, 5/25/55 (144A) | 791,790 |
| 650,000(d) | | Towd Point Mortgage Trust, Series 2017-6, Class A2, | |
| | | 3.0%, 10/25/57 (144A) | 684,875 |
| 241,659(d) | | Visio Trust, Series 2019-2, Class A1, 2.722%, | |
| | | 11/25/54 (144A) | 244,596 |
| 430,000(d) | | Vista Point Securitization Trust, Series 2020-1, | |
| | | Class A3, 3.201%, 3/25/65 (144A) | 431,588 |
| | | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | |
| | | (Cost $14,622,388) | $ 14,738,848 |
| | COMMERCIAL MORTGAGE-BACKED | |
| | | SECURITIES — 2.1% of Net Assets | |
| 200,000(c) | | Austin Fairmont Hotel Trust, Series 2019-FAIR, Class A, | |
| | | 1.225% (1 Month USD LIBOR + 105 bps), | |
| | | 9/15/32 (144A) | $ 191,972 |
| 200,000(d) | | BAMLL Commercial Mortgage Securities Trust, Series | |
| | | 2016-FR14, Class A, 2.898%, 2/27/48 (144A) | 200,697 |
| 500,000 | | BANK, Series 2017-BNK7, Class AS, 3.748%, 9/15/60 | 551,017 |
| 200,000 | | Benchmark Mortgage Trust, Series 2018-B8, Class A4, | |
| | | 3.963%, 1/15/52 | 233,357 |
| 150,000 | | Benchmark Mortgage Trust, Series 2019-B14, Class AS, | |
| | | 3.352%, 12/15/62 | 165,771 |
| 150,000 | | Benchmark Mortgage Trust, Series 2020-B18, Class AM, | |
| | | 2.335%, 7/15/53 | 155,205 |
The accompanying notes are an integral part of these financial statements.
32 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | | COMMERCIAL MORTGAGE-BACKED | |
| | | SECURITIES — (continued) | |
| 399,634(c) | | BX Commercial Mortgage Trust, Series 2020-BXLP, | |
| | | Class D, 1.425% (1 Month USD LIBOR + 125 bps), | |
| | | 12/15/36 (144A) | $ 392,636 |
| 100,000 | | CD Mortgage Trust, Series 2018-CD7, Class A3, | |
| | | 4.013%, 8/15/51 | 117,173 |
| 250,000 | | CFCRE Commercial Mortgage Trust, Series 2016-C3, | |
| | | Class A2, 3.597%, 1/10/48 | 275,834 |
| 248,926(c) | | CHC Commercial Mortgage Trust, Series 2019-CHC, | |
| | | Class E, 2.525% (1 Month USD LIBOR + 235 bps), | |
| | | 6/15/34 (144A) | 210,213 |
| 199,141(c) | | CHC Commercial Mortgage Trust 2019 - CHC, Series | |
| | | 2019-CHC, Class D, 2.225% (1 Month USD LIBOR + | |
| | | 205 bps), 6/15/34 (144A) | 178,158 |
| 500,000(d) | | Citigroup Commercial Mortgage Trust, Series 2014-GC19, | |
| | | Class B, 4.805%, 3/10/47 | 540,681 |
| 334,196 | | COMM Mortgage Trust, Series 2014-UBS3, Class A3, | |
| | | 3.546%, 6/10/47 | 361,115 |
| 750,000 | | COMM Mortgage Trust, Series 2015-3BP, Class A, 3.178%, | |
| | | 2/10/35 (144A) | 802,014 |
| 2,616 | | Credit Suisse First Boston Mortgage Securities Corp., | |
| | | Series 2005-C2, Class AMFX, 4.877%, 4/15/37 | 2,547 |
| 400,000(c) | | Credit Suisse Mortgage Capital Certificates, Series | |
| | | 2019-ICE4, Class E, 2.325% (1 Month USD LIBOR + | |
| | | 215 bps), 5/15/36 (144A) | 390,140 |
| 100,000(d) | | FREMF Mortgage Trust, Series 2017-KW03, Class B, | |
| | | 4.059%, 7/25/27 (144A) | 102,904 |
| 149,981(c) | | FREMF Mortgage Trust, Series 2019-KF64, Class B, | |
| | | 2.462% (1 Month USD LIBOR + 230 bps), 6/25/26 (144A) | 142,175 |
| 250,000(d) | | FREMF Trust, Series 2018-KW04, Class B, 3.91%, | |
| | | 9/25/28 (144A) | 252,320 |
| 1,736,182(d)(e) | | Government National Mortgage Association, Series | |
| | | 2017-21, Class IO, 0.767%, 10/16/58 | 104,798 |
| 290,000 | | GS Mortgage Securities Trust, Series 2015-GC28, | |
| | | Class A5, 3.396%, 2/10/48 | 314,561 |
| 200,000 | | JP Morgan Chase Commercial Mortgage Securities Trust, | |
| | | Series 2016-JP2, Class A4, 2.822%, 8/15/49 | 215,991 |
| 375,000 | | JP Morgan Chase Commercial Mortgage Securities Trust, | |
| | | Series 2018-WPT, Class AFX, 4.248%, 7/5/33 (144A) | 397,313 |
| 250,000 | | JPMDB Commercial Mortgage Securities Trust, Series | |
| | | 2018-C8, Class A4, 4.211%, 6/15/51 | 297,667 |
| 2,450,000(d)(e) | | JPMDB Commercial Mortgage Securities Trust, Series | |
| | | 2018-C8, Class XB, 0.113%, 6/15/51 | 24,437 |
| 300,000(d) | | Morgan Stanley Capital I Trust, Series 2018-MP, Class A, | |
| | | 4.418%, 7/11/40 (144A) | 326,106 |
| 250,000(d) | | WFRBS Commercial Mortgage Trust, Series 2014-C25, | |
| | | Class D, 3.803%, 11/15/47 (144A) | 198,624 |
| | | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | |
| | | (Cost $6,993,236) | $ 7,145,426 |
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 33
Schedule of Investments | 7/31/20 (continued)
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | | CORPORATE BONDS — 13.5% of Net Assets | |
| | | Advertising — 0.2% | |
| 226,000 | | Interpublic Group of Cos., Inc., 4.75%, 3/30/30 | $ 273,676 |
| 300,000 | | Omnicom Group, Inc., 2.45%, 4/30/30 | 312,443 |
| 75,000 | | Outfront Media Capital LLC/Outfront Media Capital | |
| | | Corp., 6.25%, 6/15/25 (144A) | 76,125 |
| | | Total Advertising | $ 662,244 |
| | | Aerospace & Defense — 0.1% | |
| 355,000 | | Raytheon Technologies Corp., 3.2%, 3/15/24 (144A) | $ 385,052 |
| | | Total Aerospace & Defense | $ 385,052 |
| | | Agriculture — 0.0%† | |
| 100,000 | | Cargill, Inc., 2.125%, 4/23/30 (144A) | $ 105,921 |
| | | Total Agriculture | $ 105,921 |
| | | Airlines — 0.0%† | |
| 142,718 | | Air Canada 2017-1 Class AA Pass Through Trust, 3.3%, | |
| | | 1/15/30 (144A) | $ 131,023 |
| 140,000 | | Southwest Airlines Co., 2.625%, 2/10/30 | 127,917 |
| | | Total Airlines | $ 258,940 |
| | | Apparel — 0.0%† | |
| 110,000 | | Ralph Lauren Corp., 2.95%, 6/15/30 | $ 116,497 |
| | | Total Apparel | $ 116,497 |
| | | Auto Manufacturers — 0.1% | |
| 300,000 | | Ford Motor Credit Co. LLC, 5.584%, 3/18/24 | $ 318,750 |
| | | Total Auto Manufacturers | $ 318,750 |
| | | Auto Parts & Equipment — 0.1% | |
| 204,000 | | BorgWarner, Inc., 2.65%, 7/1/27 | $ 215,821 |
| | | Total Auto Parts & Equipment | $ 215,821 |
| | | Banks — 2.6% | |
| 200,000 | | ABN AMRO Bank NV, 4.8%, 4/18/26 (144A) | $ 226,934 |
| 200,000(d) | | AIB Group Plc, 4.263% (3 Month USD LIBOR + | |
| | | 187 bps), 4/10/25 (144A) | 215,805 |
| 200,000 | | Banco Santander Chile, 2.7%, 1/10/25 (144A) | 207,500 |
| 217,000(d) | | Bank of America Corp., 4.083% (3 Month USD LIBOR + | |
| | | 315 bps), 3/20/51 | 281,837 |
| 205,000(b)(d) | | Bank of America Corp., 4.3% (3 Month USD | |
| | | LIBOR + 266 bps) | 193,581 |
| 475,000(b)(d) | | BNP Paribas SA, 6.625% (5 Year USD Swap Rate + | |
| | | 415 bps) (144A) | 492,219 |
| 200,000 | | BPCE SA, 4.875%, 4/1/26 (144A) | 229,929 |
| 245,000(b)(d) | | Citigroup, Inc., 4.7% (SOFRRATE + 323 bps) | 235,506 |
| 200,000 | | Cooperatieve Rabobank UA, 3.875%, 2/8/22 | 210,459 |
| 250,000 | | Cooperatieve Rabobank UA, 3.95%, 11/9/22 | 265,925 |
The accompanying notes are an integral part of these financial statements.
34 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
| �� | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | | Banks — (continued) | |
| 250,000 | | Credit Suisse AG, 2.1%, 11/12/21 | $ 255,565 |
| 391,000(b)(d) | | Credit Suisse Group AG, 5.1% (5 Year CMT Index + | |
| | | 329 bps) (144A) | 386,503 |
| 465,000(b)(d) | | Credit Suisse Group AG, 7.125% (5 Year USD Swap | |
| | | Rate + 511 bps) | 484,182 |
| 195,000(d) | | Goldman Sachs Group, Inc., 3.272% (3 Month USD | |
| | | LIBOR + 120 bps), 9/29/25 | 212,736 |
| 140,000(d) | | Goldman Sachs Group, Inc., 4.223% (3 Month USD | |
| | | LIBOR + 130 bps), 5/1/29 | 165,683 |
| 200,000 | | HSBC Holdings Plc, 4.875%, 1/14/22 | 212,403 |
| 400,000 | | Intesa Sanpaolo S.p.A., 4.7%, 9/23/49 (144A) | 470,237 |
| 413,000(b)(d) | | JPMorgan Chase & Co., 4.6% (SOFRRATE + 313 bps) | 399,619 |
| 951,000(b)(d) | | JPMorgan Chase & Co., 5.0% (SOFRRATE + 338 bps) | 957,367 |
| 250,000 | | Morgan Stanley, 4.1%, 5/22/23 | 271,846 |
| 450,000 | | Nordea Bank Abp, 4.25%, 9/21/22 (144A) | 478,568 |
| 650,000(b)(d) | | Societe Generale SA, 7.375% (5 Year USD Swap Rate + | |
| | | 624 bps) (144A) | 664,222 |
| 225,000 | | Sumitomo Mitsui Financial Group, Inc., 3.202%, 9/17/29 | 248,307 |
| 250,000 | | Truist Bank, 2.25%, 3/11/30 | 264,122 |
| 240,000(b)(d) | | Truist Financial Corp., 5.1% (5 Year CMT Index + 435 bps) | 260,400 |
| 240,000(b)(d) | | UBS Group AG, 7.0% (5 Year USD Swap Rate + | |
| | | 434 bps) (144A) | 254,666 |
| 65,000(b)(d) | | UBS Group AG, 7.125% (5 Year USD Swap Rate + 588 bps) | 67,031 |
| | | Total Banks | $ 8,613,152 |
| | | Building Materials — 0.1% | |
| 116,000 | | Carrier Global Corp., 2.7%, 2/15/31 (144A) | $ 122,284 |
| 118,000 | | Carrier Global Corp., 2.722%, 2/15/30 (144A) | 124,704 |
| 20,000 | | Lennox International, Inc., 1.35%, 8/1/25 | 20,190 |
| 20,000 | | Lennox International, Inc., 1.7%, 8/1/27 | 20,243 |
| 220,000 | | Martin Marietta Materials, Inc., 2.5%, 3/15/30 | 231,267 |
| 85,000 | | Standard Industries, Inc., 4.375%, 7/15/30 (144A) | 91,800 |
| 10,000 | | Summit Materials LLC/Summit Materials Finance Corp., | |
| | | 5.25%, 1/15/29 (144A) | 10,375 |
| | | Total Building Materials | $ 620,863 |
| | | Chemicals — 0.1% | |
| 220,000 | | Albemarle Wodgina Pty, Ltd., 3.45%, 11/15/29 | $ 217,614 |
| 71,000 | | NOVA Chemicals Corp., 5.25%, 6/1/27 (144A) | 67,184 |
| | | Total Chemicals | $ 284,798 |
| | | Commercial Services — 0.1% | |
| 35,000 | | Allied Universal Holdco LLC/Allied Universal Finance | |
| | | Corp., 6.625%, 7/15/26 (144A) | $ 37,450 |
| 315,000 | | CoStar Group, Inc., 2.8%, 7/15/30 (144A) | 332,994 |
| 115,000 | | Garda World Security Corp., 4.625%, 2/15/27 (144A) | 118,153 |
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 35
Schedule of Investments | 7/31/20 (continued)
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | Commercial Services — (continued) | |
| 25,000 | | Jaguar Holding Co. II/PPD Development LP, 4.625%, | |
| | 6/15/25 (144A) | $ 26,125 |
| 115,000 | | Prime Security Services Borrower LLC/Prime Finance, | |
| | Inc., 6.25%, 1/15/28 (144A) | 119,888 |
| 70,000 | | United Rentals North America, Inc., 3.875%, 11/15/27 | 73,500 |
| 24,000 | | Verisk Analytics, Inc., 5.5%, 6/15/45 | 35,511 |
| | Total Commercial Services | $ 743,621 |
| | Computers — 0.0%† | |
| 80,000 | | NCR Corp., 6.375%, 12/15/23 | $ 82,400 |
| | Total Computers | $ 82,400 |
| | Cosmetics/Personal Care — 0.0%† | |
| 75,000 | | Edgewell Personal Care Co., 5.5%, 6/1/28 (144A) | $ 81,188 |
| | Total Cosmetics/Personal Care | $ 81,188 |
| | Diversified Financial Services — 0.2% | |
| 18,000 | | Avolon Holdings Funding, Ltd., 3.95%, 7/1/24 (144A) | $ 16,382 |
| 300,000 | | Capital One Financial Corp., 3.75%, 4/24/24 | 328,346 |
| 110,000 | | Capital One Financial Corp., 4.25%, 4/30/25 | 126,534 |
| 117,000(b)(d) | | Charles Schwab Corp., 5.375% (5 Year CMT | |
| | Index + 497 bps) | 128,115 |
| 275,000 | | GE Capital Funding LLC, 4.55%, 5/15/32 (144A) | 294,277 |
| 15,000 | | Nationstar Mortgage Holdings, Inc., 6.0%, 1/15/27 (144A) | 15,300 |
| 53,000 | | Nationstar Mortgage Holdings, Inc., 9.125%, | |
| | 7/15/26 (144A) | 57,653 |
| | Total Diversified Financial Services | $ 966,607 |
| | Electric — 1.4% | |
| 60,000 | | AES Corp., 3.95%, 7/15/30 (144A) | $ 64,350 |
| 125,000 | | American Electric Power Co., Inc., 4.3%, 12/1/28 | 150,575 |
| 30,000 | | Calpine Corp., 4.625%, 2/1/29 (144A) | 30,299 |
| 30,000 | | Calpine Corp., 5.0%, 2/1/31 (144A) | 30,746 |
| 220,000 | | Consolidated Edison Co. of New York, Inc., | |
| | 4.625%, 12/1/54 | 305,254 |
| 76,000(f) | | Dominion Energy, Inc., 3.071%, 8/15/24 | 82,548 |
| 222,000(b)(d) | | Dominion Energy, Inc., 4.65% (5 Year CMT | |
| | | Index + 299 bps) | 226,085 |
| 250,000 | | Duke Energy Carolinas LLC, 3.95%, 3/15/48 | 330,397 |
| 230,000 | | Edison International, 2.95%, 3/15/23 | 236,452 |
| 200,000(d) | | Enel S.p.A., 8.75% (5 Year USD Swap Rate + | |
| | | 588 bps), 9/24/73 (144A) | 232,000 |
| 310,000 | | Iberdrola International BV, 6.75%, 7/15/36 | 457,409 |
| 121,000 | | New York State Electric & Gas Corp., 3.3%, | |
| | 9/15/49 (144A) | 132,336 |
| 365,000 | | NextEra Energy Capital Holdings, Inc., 3.55%, 5/1/27 | 423,512 |
| 25,000 | | Pattern Energy Operations LP/Pattern Energy | |
| | Operations, Inc., 4.5%, 8/15/28 (144A) | 26,500 |
The accompanying notes are an integral part of these financial statements.
36 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | Electric — (continued) | |
| 250,000 | | PPL Capital Funding, Inc., 3.1%, 5/15/26 | $ 278,056 |
| 175,000 | | PPL Capital Funding, Inc., 3.5%, 12/1/22 | 185,025 |
| 145,000 | | Puget Energy, Inc., 4.1%, 6/15/30 (144A) | 162,668 |
| 215,000 | | Sempra Energy, 3.4%, 2/1/28 | 243,251 |
| 163,000 | | Southern California Edison Co., 3.65%, 2/1/50 | 189,109 |
| 185,000 | | Southern California Edison Co., 4.875%, 3/1/49 | 244,657 |
| 300,000 | | Southwestern Electric Power Co., 3.9%, 4/1/45 | 348,077 |
| 200,000 | | Virginia Electric & Power Co., 4.45%, 2/15/44 | 270,819 |
| | Total Electric | $ 4,650,125 |
| | Electronics — 0.4% | |
| 220,000 | | Amphenol Corp., 3.125%, 9/15/21 | $ 225,291 |
| 81,000 | | Amphenol Corp., 3.2%, 4/1/24 | 87,756 |
| 250,000 | | Flex, Ltd., 4.75%, 6/15/25 | 282,472 |
| 348,000 | | Flex, Ltd., 4.875%, 6/15/29 | 401,834 |
| 138,000 | | FLIR Systems, Inc., 2.5%, 8/1/30 | 142,383 |
| | Total Electronics | $ 1,139,736 |
| | Energy-Alternate Sources — 0.0%† | |
| 48,832 | | Alta Wind Holdings LLC, 7.0%, 6/30/35 (144A) | $ 59,501 |
| 46,000 | | TerraForm Power Operating LLC, 4.75%, 1/15/30 (144A) | 49,795 |
| | Total Energy-Alternate Sources | $ 109,296 |
| | Food — 0.2% | |
| 300,000 | | Mondelez International Holdings Netherlands BV, 2.0%, | |
| | 10/28/21 (144A) | $ 305,193 |
| 350,000 | | Smithfield Foods, Inc., 2.65%, 10/3/21 (144A) | 349,250 |
| 4,000 | | Smithfield Foods, Inc., 5.2%, 4/1/29 (144A) | 4,459 |
| | Total Food | $ 658,902 |
| | Forest Products & Paper — 0.1% | |
| 250,000 | | International Paper Co., 6.0%, 11/15/41 | $ 351,664 |
| 41,000 | | International Paper Co., 7.3%, 11/15/39 | 60,347 |
| | Total Forest Products & Paper | $ 412,011 |
| | Gas — 0.2% | |
| 325,000 | | Boston Gas Co., 3.15%, 8/1/27 (144A) | $ 362,172 |
| 250,000 | | Southern California Gas Co., 5.125%, 11/15/40 | 344,708 |
| | Total Gas | $ 706,880 |
| | Hand/Machine Tools — 0.0%† | |
| 64,000(d) | | Stanley Black & Decker, Inc., 4.0% (5 Year CMT Index + | |
| | 266 bps), 3/15/60 | $ 66,645 |
| | Total Hand/Machine Tools | $ 66,645 |
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 37
Schedule of Investments | 7/31/20 (continued)
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | Healthcare-Products — 0.2% | |
| 224,000 | | Abbott Laboratories, 3.75%, 11/30/26 | $ 263,725 |
| 290,000 | | Edwards Lifesciences Corp., 4.3%, 6/15/28 | 354,472 |
| | Total Healthcare-Products | $ 618,197 |
| | Healthcare-Services — 0.3% | |
| 135,000 | | Anthem, Inc., 3.125%, 5/15/50 | $ 149,500 |
| 135,000 | | Centene Corp., 3.375%, 2/15/30 | 142,931 |
| 35,000 | | Centene Corp., 4.25%, 12/15/27 | 37,187 |
| 70,000 | | Centene Corp., 4.625%, 12/15/29 | 78,068 |
| 108,000 | | Health Care Service Corp. A Mutual Legal Reserve Co., | |
| | 3.2%, 6/1/50 (144A) | 118,693 |
| 40,000 | | LifePoint Health, Inc., 6.75%, 4/15/25 (144A) | 43,100 |
| 200,000 | | Molina Healthcare, Inc., 4.375%, 6/15/28 (144A) | 212,506 |
| | Total Healthcare-Services | $ 781,985 |
| | Home Builders — 0.0%† | |
| 83,000 | | Meritage Homes Corp., 6.0%, 6/1/25 | $ 95,267 |
| | Total Home Builders | $ 95,267 |
| | Insurance — 1.3% | |
| 250,000 | | AXA SA, 8.6%, 12/15/30 | $ 372,500 |
| 355,000 | | CNO Financial Group, Inc., 5.25%, 5/30/29 | 405,226 |
| 50,000(d) | | Farmers Exchange Capital III, 5.454% (3 Month USD | |
| | LIBOR + 345 bps), 10/15/54 (144A) | 58,959 |
| 225,000(d) | | Farmers Insurance Exchange, 4.747% (3 Month USD | |
| | LIBOR + 323 bps), 11/1/57 (144A) | 233,594 |
| 155,000 | | Great-West Lifeco Finance 2018 LP, 4.581%, | |
| | 5/17/48 (144A) | 197,419 |
| 875,000 | | Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A) | 1,485,382 |
| 115,000 | | Nationwide Financial Services, Inc., 3.9%, | |
| | 11/30/49 (144A) | 124,182 |
| 250,000 | | Nationwide Financial Services, Inc., 5.3%, | |
| | 11/18/44 (144A) | 294,310 |
| 270,000 | | Nationwide Mutual Insurance Co., 4.35%, 4/30/50 (144A) | 306,148 |
| 80,000 | | New York Life Insurance Co., 3.75%, 5/15/50 (144A) | 97,270 |
| 220,000 | | Principal Financial Group, Inc., 3.3%, 9/15/22 | 232,007 |
| 305,000 | | Prudential Financial, Inc., 3.0%, 3/10/40 | 341,594 |
| 250,000 | | Prudential Financial, Inc., 3.878%, 3/27/28 | 297,575 |
| 110,000 | | Teachers Insurance & Annuity Association of America, | |
| | 4.27%, 5/15/47 (144A) | 139,782 |
| 110,000 | | Teachers Insurance & Annuity Association of America, | |
| | 4.9%, 9/15/44 (144A) | 149,493 |
| 20,000 | | Teachers Insurance & Annuity Association of America, | |
| | 6.85%, 12/16/39 (144A) | 31,700 |
| 40,000 | | Willis North America, Inc., 2.95%, 9/15/29 | 43,879 |
| | Total Insurance | $ 4,811,020 |
The accompanying notes are an integral part of these financial statements.
38 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | Internet — 0.3% | |
| 320,000 | | Booking Holdings, Inc., 4.625%, 4/13/30 | $ 389,792 |
| 390,000 | | Expedia Group, Inc., 3.25%, 2/15/30 | 368,333 |
| 250,000 | | TD Ameritrade Holding Corp., 3.3%, 4/1/27 | 284,389 |
| | Total Internet | $ 1,042,514 |
| | Iron & Steel — 0.0%† | |
| 40,000 | | Steel Dynamics, Inc., 3.25%, 1/15/31 | $ 43,702 |
| | Total Iron & Steel | $ 43,702 |
| | Lodging — 0.1% | |
| 290,000 | | Marriott International, Inc., 4.625%, 6/15/30 | $ 310,814 |
| 25,000 | | Marriott International, Inc., 5.75%, 5/1/25 | 27,771 |
| | Total Lodging | $ 338,585 |
| | Machinery-Construction & Mining — 0.3% | |
| 175,000 | | Caterpillar Financial Services Corp., 1.9%, 9/6/22 | $ 180,431 |
| 515,000 | | Caterpillar Financial Services Corp., 2.15%, 11/8/24 | 550,977 |
| | Total Machinery-Construction & Mining | $ 731,408 |
| | Machinery-Diversified — 0.1% | |
| 180,000 | | CNH Industrial Capital LLC, 1.95%, 7/2/23 | $ 181,696 |
| | Total Machinery-Diversified | $ 181,696 |
| | Media — 0.2% | |
| 170,000 | | Comcast Corp., 4.15%, 10/15/28 | $ 208,950 |
| 120,000 | | Diamond Sports Group LLC/Diamond Sports Finance | |
| | Co., 6.625%, 8/15/27 (144A) | 65,700 |
| 50,000 | | Walt Disney Co., 3.6%, 1/13/51 | 58,706 |
| 350,000 | | Walt Disney Co., 3.8%, 3/22/30 | 418,012 |
| | Total Media | $ 751,368 |
| | Mining — 0.2% | |
| 200,000 | | Anglo American Capital Plc, 4.875%, 5/14/25 (144A) | $ 226,306 |
| 250,000 | | Corp Nacional del Cobre de Chile, 5.625%, | |
| | 10/18/43 (144A) | 345,328 |
| 40,000 | | Novelis Corp., 4.75%, 1/30/30 (144A) | 41,731 |
| | Total Mining | $ 613,365 |
| | Miscellaneous Manufacturers — 0.1% | |
| 95,000 | | General Electric Co., 4.25%, 5/1/40 | $ 97,299 |
| 205,000 | | General Electric Co., 4.35%, 5/1/50 | 212,612 |
| | Total Miscellaneous Manufacturers | $ 309,911 |
| | Multi-National — 0.1% | |
| 370,000 | | Banque Ouest Africaine de Developpement, 4.7%, | |
| | 10/22/31 (144A) | $ 375,550 |
| | Total Multi-National | $ 375,550 |
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 39
Schedule of Investments | 7/31/20 (continued)
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | Oil & Gas — 0.4% | |
| 25,000 | | Apache Corp., 4.25%, 1/15/30 | $ 24,070 |
| 280,000 | | Apache Corp., 4.375%, 10/15/28 | 279,650 |
| 310,000 | | Cenovus Energy, Inc., 6.75%, 11/15/39 | 323,444 |
| 95,000 | | MEG Energy Corp., 7.125%, 2/1/27 (144A) | 84,550 |
| 110,000 | | Newfield Exploration Co., 5.625%, 7/1/24 | 109,911 |
| 30,000 | | PBF Holding Co. LLC/PBF Finance Corp., 9.25%, | |
| | 5/15/25 (144A) | 33,524 |
| 70,000 | | Phillips 66, 2.15%, 12/15/30 | 69,378 |
| 250,000 | | Sinopec Group Overseas Development 2014, Ltd., | |
| | 4.375%, 4/10/24 (144A) | 277,477 |
| 162,000 | | Valero Energy Corp., 6.625%, 6/15/37 | 223,768 |
| | Total Oil & Gas | $ 1,425,772 |
| | Pharmaceuticals — 0.9% | |
| 618,000 | | Abbvie, Inc., 3.2%, 11/21/29 (144A) | $ 694,639 |
| 117,000 | | AbbVie, Inc., 4.05%, 11/21/39 (144A) | 143,961 |
| 200,000 | | Bayer US Finance II LLC, 4.25%, 12/15/25 (144A) | 229,356 |
| 250,000 | | Cardinal Health, Inc., 4.9%, 9/15/45 | 310,778 |
| 135,000 | | Cigna Corp., 4.375%, 10/15/28 | 163,474 |
| 100,992 | | CVS Pass-Through Trust, 5.298%, 1/11/27 (144A) | 108,628 |
| 89,166 | | CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) | 103,265 |
| 70,567 | | CVS Pass-Through Trust, 8.353%, 7/10/31 (144A) | 91,580 |
| 285,000 | | Perrigo Finance Unlimited Co., 3.9%, 12/15/24 | 308,552 |
| 200,000 | | Perrigo Finance Unlimited Co., 4.375%, 3/15/26 | 222,434 |
| 240,000 | | Takeda Pharmaceutical Co., Ltd., 2.05%, 3/31/30 | 246,512 |
| | Total Pharmaceuticals | $ 2,623,179 |
| | Pipelines — 1.2% | |
| 56,000 | | Cameron LNG LLC, 3.302%, 1/15/35 (144A) | $ 63,440 |
| 125,000 | | Cameron LNG LLC, 3.402%, 1/15/38 (144A) | 137,422 |
| 68,000 | | Enable Midstream Partners LP, 4.4%, 3/15/27 | 64,406 |
| 332,000 | | Enable Midstream Partners LP, 4.95%, 5/15/28 | 319,353 |
| 225,000 | | Enbridge, Inc., 3.7%, 7/15/27 | 250,831 |
| 210,000 | | EnLink Midstream Partners LP, 5.45%, 6/1/47 | 118,335 |
| 47,000 | | EnLink Midstream Partners LP, 5.6%, 4/1/44 | 26,085 |
| 250,000 | | Enterprise Products Operating LLC, 3.95%, 1/31/60 | 274,503 |
| 85,000 | | Hess Midstream Operations LP, 5.125%, 6/15/28 (144A) | 86,063 |
| 345,000 | | Kinder Morgan, Inc., 5.05%, 2/15/46 | 424,603 |
| 108,000(c) | | MPLX LP, 1.213% (3 Month USD LIBOR + 90 bps), 9/9/21 | 107,482 |
| 280,000 | | MPLX LP, 4.25%, 12/1/27 | 304,016 |
| 105,000 | | MPLX LP, 4.875%, 12/1/24 | 118,183 |
| 55,000 | | MPLX LP, 4.875%, 6/1/25 | 62,325 |
| 400,000 | | Phillips 66 Partners LP, 3.75%, 3/1/28 | 424,204 |
| 290,000 | | Sabine Pass Liquefaction LLC, 5.0%, 3/15/27 | 331,790 |
The accompanying notes are an integral part of these financial statements.
40 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | Pipelines — (continued) | |
| 176,000 | | Targa Resources Partners LP/Targa Resources Partners | |
| | Finance Corp., 5.0%, 1/15/28 | $ 179,520 |
| 300,000 | | Texas Eastern Transmission LP, 3.5%, 1/15/28 (144A) | 328,231 |
| 205,000 | | Williams Cos., Inc., 5.75%, 6/24/44 | 248,517 |
| 242,000 | | Williams Cos., Inc., 7.75%, 6/15/31 | 318,773 |
| | Total Pipelines | $ 4,188,082 |
| | Real Estate — 0.1% | |
| 250,000(b)(d) | | AT Securities BV, 5.25% (5 Year USD Swap | |
| | Rate + 355 bps) | $ 251,482 |
| | Total Real Estate | $ 251,482 |
| | REITs — 0.5% | |
| 125,000 | | Alexandria Real Estate Equities, Inc., 1.875%, 2/1/33 | $ 125,481 |
| 50,000 | | Alexandria Real Estate Equities, Inc., 3.45%, 4/30/25 | 56,159 |
| 300,000 | | Duke Realty LP, 3.75%, 12/1/24 | 333,763 |
| 250,000 | | Essex Portfolio LP, 3.5%, 4/1/25 | 274,414 |
| 23,000 | | Highwoods Realty LP, 2.6%, 2/1/31 | 23,132 |
| 350,000 | | Highwoods Realty LP, 3.625%, 1/15/23 | 364,357 |
| 160,000 | | iStar, Inc., 4.25%, 8/1/25 | 153,800 |
| 65,000 | | iStar, Inc., 4.75%, 10/1/24 | 64,188 |
| 125,000 | | Simon Property Group LP, 3.25%, 9/13/49 | 124,889 |
| 105,000 | | Simon Property Group LP, 3.8%, 7/15/50 | 114,518 |
| 155,000 | | UDR, Inc., 4.0%, 10/1/25 | 175,430 |
| 140,000 | | UDR, Inc., 4.4%, 1/26/29 | 168,286 |
| | Total REITs | $ 1,978,417 |
| | Retail — 0.1% | |
| 250,000 | | AutoNation, Inc., 4.75%, 6/1/30 | $ 289,663 |
| | Total Retail | $ 289,663 |
| | Semiconductors — 0.2% | |
| 60,000 | | Broadcom, Inc., 4.3%, 11/15/32 (144A) | $ 68,820 |
| 391,000 | | Broadcom, Inc., 5.0%, 4/15/30 (144A) | 464,725 |
| | Total Semiconductors | $ 533,545 |
| | Software — 0.2% | |
| 415,000 | | Citrix Systems, Inc., 3.3%, 3/1/30 | $ 450,103 |
| 122,000 | | Fiserv, Inc., 3.8%, 10/1/23 | 134,046 |
| 175,000 | | Infor, Inc., 1.75%, 7/15/25 (144A) | 180,390 |
| | Total Software | $ 764,539 |
| | Telecommunications — 0.0%† | |
| 110,000 | | CenturyLink, Inc., 5.8%, 3/15/22 | $ 115,225 |
| 130,000 | | Level 3 Financing, Inc., 4.625%, 9/15/27 (144A) | 136,663 |
| | Total Telecommunications | $ 251,888 |
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 41
Schedule of Investments | 7/31/20 (continued)
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | Transportation — 0.5% | |
| 150,000 | | Burlington Northern Santa Fe LLC, 5.15%, 9/1/43 | $ 220,173 |
| 74,000 | | Canadian Pacific Railway Co., 2.05%, 3/5/30 | 78,027 |
| 250,000 | | FedEx Corp., 4.55%, 4/1/46 | 301,826 |
| 250,000 | | Norfolk Southern Corp., 2.9%, 6/15/26 | 279,341 |
| 370,000 | | Union Pacific Corp., 3.375%, 2/1/35 | 438,148 |
| 350,000 | | United Parcel Service, Inc., 4.45%, 4/1/30 | 446,409 |
| | Total Transportation | $ 1,763,924 |
| | Trucking & Leasing — 0.2% | |
| 165,000 | | Penske Truck Leasing Co. LP/PTL Finance Corp., 3.35%, | |
| | 11/1/29 (144A) | $ 171,396 |
| 205,000 | | Penske Truck Leasing Co. LP/PTL Finance Corp., 3.375%, | |
| | 2/1/22 (144A) | 211,560 |
| 99,000 | | Penske Truck Leasing Co. LP/PTL Finance Corp., 4.2%, | |
| | 4/1/27 (144A) | 108,986 |
| | Total Trucking & Leasing | $ 491,942 |
| | Water — 0.0%† | |
| 80,000 | | Essential Utilities, Inc., 3.351%, 4/15/50 | $ 93,593 |
| 75,000 | | Essential Utilities, Inc., 3.566%, 5/1/29 | 85,881 |
| | Total Water | $ 179,474 |
| | TOTAL CORPORATE BONDS | |
| | (Cost $42,792,060) | $ 46,635,924 |
| | FOREIGN GOVERNMENT BOND — 0.1% | |
| | of Net Assets | |
| | Mexico — 0.1% | |
| 300,000 | | Mexico Government International Bond, 4.6%, 2/10/48 | $ 333,600 |
| | Total Mexico | $ 333,600 |
| | TOTAL FOREIGN GOVERNMENT BOND | |
| | (Cost $276,643) | $ 333,600 |
| | INSURANCE-LINKED SECURITIES — 0.4% | |
| | of Net Assets(g) | |
| | Event Linked Bonds — 0.4% | |
| | Health – U.S. — 0.1% | |
| 250,000(c) | | Vitality Re X, 1.75% (3 Month U.S. Treasury Bill + | |
| | 175 bps), 1/10/23 (144A) | $ 237,500 |
| | Multiperil – U.S. — 0.2% | |
| 250,000(c) | | Residential Reinsurance 2016, 4.166% (3 Month U.S. | |
| | Treasury Bill + 408 bps), 12/6/20 (144A) | $ 246,500 |
| 250,000(c) | | Residential Reinsurance 2017, 6.016% (3 Month U.S. | |
| | Treasury Bill + 593 bps), 12/6/21 (144A) | 242,300 |
| 250,000(c) | | Tailwind Re 2017-1, 7.446% (3 Month U.S. Treasury | |
| | Bill + 736 bps), 1/8/22 (144A) | 246,875 |
| | | $ 735,675 |
The accompanying notes are an integral part of these financial statements.
42 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | | Multiperil – U.S. & Canada — 0.1% | |
| 250,000(c) | | Mona Lisa Re, 8.086% (3 Month U.S. Treasury Bill + | |
| | | 800 bps), 1/9/23 (144A) | $ 248,525 |
| | | Total Event Linked Bonds | $ 1,221,700 |
| Face | | | |
| Amount | | | |
| USD ($) | | | |
| | | Collateralized Reinsurance — 0.0%† | |
| | | Multiperil – Worldwide — 0.0%† | |
| 250,000+(a)(h) | | Resilience Re, 4/6/21 | $ 25 |
| | | Total Collateralized Reinsurance | $ 25 |
| | | Reinsurance Sidecars — 0.0%† | |
| | | Multiperil – Worldwide — 0.0%† | |
| 250,000+(a)(h) | | Artex Sac, Ltd. Bantry Re, 2016, 3/31/21 | $ 20,150 |
| 100,000+(a)(i) | | Lorenz Re 2018, 7/1/21 | 4,370 |
| 100,000+(a)(h) | | Sector Re V, Series 9, Class A, 3/1/24 (144A) | 47,105 |
| | | Total Reinsurance Sidecars | $ 71,625 |
| | | TOTAL INSURANCE-LINKED SECURITIES | |
| | | (Cost $1,398,049) | $ 1,293,350 |
| Principal | | | |
| Amount | | | |
| USD ($) | | | |
| | | MUNICIPAL BONDS — 0.1% of Net Assets(j) | |
| | | Municipal Education — 0.0%† | |
| 100,000 | | Massachusetts Development Finance Agency, Series B, | |
| | | 4.844%, 9/1/43 | $ 132,093 |
| | | Total Municipal Education | $ 132,093 |
| | | Municipal General — 0.0%† | |
| 100,000(k) | | Central Texas Regional Mobility Authority, 1/1/25 | $ 95,455 |
| | | Total Municipal General | $ 95,455 |
| | | Municipal Higher Education — 0.1% | |
| 200,000 | | University of California, Series AG, 4.062%, 5/15/33 | $ 217,014 |
| | | Total Municipal Higher Education | $ 217,014 |
| | | Municipal Medical — 0.0%† | |
| 100,000 | | Health & Educational Facilities Authority of the State of | |
| | Missouri, Washington University, Series A, | |
| | | 3.685%, 2/15/47 | $ 124,390 |
| | | Total Municipal Medical | $ 124,390 |
| | | TOTAL MUNICIPAL BONDS | |
| | | (Cost $478,990) | $ 568,952 |
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 43
Schedule of Investments | 7/31/20 (continued)
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | SENIOR SECURED FLOATING RATE LOAN | |
| | INTERESTS — 0.4% of Net Assets*(c) | |
| | Broadcasting & Entertainment — 0.1% | |
| 197,054 | | Sinclair Television Group, Inc., Tranche B Term Loan, | |
| | 2.42% (LIBOR + 225 bps), 1/3/24 | $ 192,497 |
| | Total Broadcasting & Entertainment | $ 192,497 |
| | Computers & Electronics — 0.1% | |
| 171,063 | | Iron Mountain Information Management LLC, Incremental | |
| | Term B Loan, 1.911% (LIBOR + 175 bps), 1/2/26 | $ 165,075 |
| | Total Computers & Electronics | $ 165,075 |
| | Diversified & Conglomerate Service — 0.0%† | |
| 122,166 | | Tempo Acquisition LLC, Initial Term Loan, 2.911% | |
| | (LIBOR + 275 bps), 5/1/24 | $ 119,532 |
| 95,550 | | West Corp., Incremental Term B-1 Loan, 4.5% (LIBOR + | |
| | 350 bps), 10/10/24 | 83,566 |
| | Total Diversified & Conglomerate Service | $ 203,098 |
| | Environmental Services — 0.1% | |
| 137,474 | | GFL Environmental, Inc., Effective Date Incremental Term | |
| | Loan, 4.0% (LIBOR + 300 bps), 5/30/25 | $ 137,054 |
| | Total Environmental Services | $ 137,054 |
| | Insurance — 0.0%† | |
| 79,440 | | Asurion LLC (fka Asurion Corp.), New B-7 Term Loan, | |
| | 3.161% (LIBOR + 300 bps), 11/3/24 | $ 78,308 |
| 97,739 | | USI, Inc. (fka Compass Investors, Inc.), 2017 New Term | |
| | Loan, 3.308% (LIBOR + 300 bps), 5/16/24 | 94,684 |
| | Total Insurance | $ 172,992 |
| | Leasing — 0.0%† | |
| 61,380 | | Avolon TLB Borrower 1 (US) LLC, Term B-3 Loan, 2.5% | |
| | (LIBOR + 175 bps), 1/15/25 | $ 58,810 |
| 74,089 | | Avolon TLB Borrower 1 (US) LLC, Term B-4 Loan, 2.25% | |
| | (LIBOR + 150 bps), 2/12/27 | 69,459 |
| 131,963 | | IBC Capital I, Ltd. (aka Goodpack, Ltd.), First Lien Tranche | |
| | B-1 Term Loan, 4.058% (LIBOR + 375 bps), 9/11/23 | 124,045 |
| | Total Leasing | $ 252,314 |
| | Professional & Business Services — 0.0%† | |
| 79,734 | | SIWF Holdings, Inc., (aka Spring Window Fashions), First | |
| | Lien Initial Term Loan, 5.322% (LIBOR + | |
| | 425 bps), 6/15/25 | $ 74,551 |
| | Total Professional & Business Services | $ 74,551 |
| | Securities & Trusts — 0.0%† | |
| 49,765 | | Stonepeak Lonestar Holdings LLC, Initial Term Loan, | |
| | 4.773% (LIBOR + 450 bps), 10/19/26 | $ 49,329 |
| | Total Securities & Trusts | $ 49,329 |
The accompanying notes are an integral part of these financial statements.
44 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | Telecommunications — 0.1% | |
| 99,500 | | CenturyLink, Inc. Term B Loan, 2.411% (LIBOR + | |
| | 225 bps), 3/15/27 | $ 96,170 |
| | Total Telecommunications | $ 96,170 |
| | TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS | |
| | (Cost $1,395,987) | $ 1,343,080 |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — 16.5% of Net Assets | |
| 500,000 | | Fannie Mae, 1.5%, 10/1/35 (TBA) | $ 511,124 |
| 1,000,000 | | Fannie Mae, 2.0%, 9/1/35 (TBA) | 1,039,085 |
| 3,500,000 | | Fannie Mae, 2.0%, 9/1/50 (TBA) | 3,620,413 |
| 37,178 | | Fannie Mae, 2.5%, 3/1/43 | 39,660 |
| 27,032 | | Fannie Mae, 2.5%, 4/1/43 | 28,837 |
| 11,804 | | Fannie Mae, 2.5%, 8/1/43 | 12,592 |
| 22,533 | | Fannie Mae, 2.5%, 4/1/45 | 24,038 |
| 32,368 | | Fannie Mae, 2.5%, 4/1/45 | 34,530 |
| 30,346 | | Fannie Mae, 2.5%, 8/1/45 | 32,372 |
| 2,500,000 | | Fannie Mae, 2.5%, 9/1/50 (TBA) | 2,622,728 |
| 63,316 | | Fannie Mae, 3.0%, 10/1/30 | 67,363 |
| 129,768 | | Fannie Mae, 3.0%, 5/1/31 | 139,286 |
| 17,049 | | Fannie Mae, 3.0%, 2/1/43 | 18,540 |
| 165,905 | | Fannie Mae, 3.0%, 6/1/45 | 182,075 |
| 8,369 | | Fannie Mae, 3.0%, 5/1/46 | 8,981 |
| 15,603 | | Fannie Mae, 3.0%, 5/1/46 | 17,048 |
| 76,991 | | Fannie Mae, 3.0%, 5/1/46 | 84,687 |
| 8,132 | | Fannie Mae, 3.0%, 10/1/46 | 8,727 |
| 4,970 | | Fannie Mae, 3.0%, 1/1/47 | 5,333 |
| 20,671 | | Fannie Mae, 3.0%, 4/1/48 | 22,727 |
| 28,806 | | Fannie Mae, 3.0%, 7/1/49 | 31,604 |
| 40,109 | | Fannie Mae, 3.0%, 7/1/49 | 44,102 |
| 1,860,000 | | Fannie Mae, 3.0%, 9/1/50 (TBA) | 1,963,255 |
| 777,395 | | Fannie Mae, 3.5%, 7/1/43 | 843,317 |
| 222,325 | | Fannie Mae, 3.5%, 1/1/47 | 240,506 |
| 46,196 | | Fannie Mae, 3.5%, 2/1/49 | 48,592 |
| 70,284 | | Fannie Mae, 3.5%, 4/1/49 | 73,517 |
| 278,559 | | Fannie Mae, 3.5%, 5/1/49 | 309,700 |
| 401,500 | | Fannie Mae, 3.5%, 5/1/49 | 449,058 |
| 381,911 | | Fannie Mae, 3.5%, 6/1/49 | 414,235 |
| 636,293 | | Fannie Mae, 3.5%, 9/1/49 | 711,690 |
| 2,650,000 | | Fannie Mae, 3.5%, 9/1/50 (TBA) | 2,795,733 |
| 129,131 | | Fannie Mae, 4.0%, 10/1/40 | 146,250 |
| 262,977 | | Fannie Mae, 4.0%, 3/1/41 | 289,007 |
| 64,516 | | Fannie Mae, 4.0%, 5/1/42 | 69,945 |
| 331,690 | | Fannie Mae, 4.0%, 6/1/42 | 365,151 |
| 124,384 | | Fannie Mae, 4.0%, 9/1/42 | 136,802 |
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 45
Schedule of Investments | 7/31/20 (continued)
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — (continued) | |
| 170,886 | | Fannie Mae, 4.0%, 7/1/43 | $ 181,507 |
| 96,112 | | Fannie Mae, 4.0%, 8/1/43 | 104,199 |
| 191,990 | | Fannie Mae, 4.0%, 8/1/43 | 211,307 |
| 62,572 | | Fannie Mae, 4.0%, 4/1/47 | 68,052 |
| 19,398 | | Fannie Mae, 4.0%, 6/1/47 | 21,098 |
| 28,137 | | Fannie Mae, 4.0%, 6/1/47 | 30,427 |
| 574,232 | | Fannie Mae, 4.0%, 3/1/48 | 610,152 |
| 1,200,000 | | Fannie Mae, 4.0%, 9/1/50 (TBA) | 1,275,811 |
| 698 | | Fannie Mae, 4.5%, 11/1/20 | 733 |
| 263,322 | | Fannie Mae, 4.5%, 6/1/40 | 292,847 |
| 182,842 | | Fannie Mae, 4.5%, 4/1/41 | 203,480 |
| 259,152 | | Fannie Mae, 4.5%, 12/1/43 | 287,325 |
| 696,442 | | Fannie Mae, 4.5%, 4/1/49 | 756,671 |
| 405,000 | | Fannie Mae, 4.5%, 4/1/50 | 442,404 |
| 519,000 | | Fannie Mae, 4.5%, 8/1/50 (TBA) | 557,986 |
| 1,000,000 | | Fannie Mae, 4.5%, 9/1/50 (TBA) | 1,075,742 |
| 119,764 | | Fannie Mae, 5.0%, 5/1/31 | 134,379 |
| 47,898 | | Fannie Mae, 5.0%, 6/1/49 | 52,387 |
| 38,495 | | Fannie Mae, 5.0%, 10/1/49 | 42,066 |
| 9,577 | | Fannie Mae, 5.5%, 3/1/23 | 9,941 |
| 5,722 | | Fannie Mae, 5.5%, 3/1/34 | 6,316 |
| 8,764 | | Fannie Mae, 5.5%, 12/1/34 | 10,116 |
| 47,871 | | Fannie Mae, 5.5%, 10/1/35 | 55,752 |
| 19,317 | | Fannie Mae, 5.5%, 12/1/35 | 22,399 |
| 22,620 | | Fannie Mae, 5.5%, 12/1/35 | 26,266 |
| 14,512 | | Fannie Mae, 5.5%, 5/1/37 | 16,722 |
| 88,077 | | Fannie Mae, 5.5%, 5/1/38 | 101,080 |
| 532 | | Fannie Mae, 6.0%, 9/1/29 | 602 |
| 1,595 | | Fannie Mae, 6.0%, 8/1/32 | 1,866 |
| 12,129 | | Fannie Mae, 6.0%, 12/1/33 | 13,737 |
| 8,867 | | Fannie Mae, 6.0%, 10/1/37 | 10,337 |
| 5,514 | | Fannie Mae, 6.0%, 12/1/37 | 6,432 |
| 10,331 | | Fannie Mae, 6.5%, 4/1/29 | 11,561 |
| 3,502 | | Fannie Mae, 6.5%, 7/1/29 | 3,898 |
| 14,645 | | Fannie Mae, 6.5%, 5/1/32 | 16,665 |
| 12,109 | | Fannie Mae, 6.5%, 9/1/32 | 14,456 |
| 6,440 | | Fannie Mae, 6.5%, 10/1/32 | 7,436 |
| 9,777 | | Fannie Mae, 7.0%, 1/1/36 | 11,604 |
| 53,962 | | Federal Home Loan Mortgage Corp., 3.0%, 2/1/43 | 59,255 |
| 102,743 | | Federal Home Loan Mortgage Corp., 3.0%, 4/1/43 | 112,821 |
| 59,558 | | Federal Home Loan Mortgage Corp., 3.0%, 5/1/43 | 64,781 |
| 124,660 | | Federal Home Loan Mortgage Corp., 3.0%, 6/1/46 | 135,550 |
| 15,179 | | Federal Home Loan Mortgage Corp., 3.0%, 10/1/46 | 16,699 |
| 29,855 | | Federal Home Loan Mortgage Corp., 3.0%, 12/1/46 | 32,463 |
The accompanying notes are an integral part of these financial statements.
46 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — (continued) | |
| 239,486 | | Federal Home Loan Mortgage Corp., 3.0%, 2/1/47 | $ 262,725 |
| 9,859 | | Federal Home Loan Mortgage Corp., 3.0%, 11/1/47 | 10,822 |
| 103,956 | | Federal Home Loan Mortgage Corp., 3.5%, 11/1/28 | 111,199 |
| 208,416 | | Federal Home Loan Mortgage Corp., 3.5%, 3/1/42 | 225,752 |
| 179,427 | | Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 | 197,050 |
| 191,133 | | Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 | 208,947 |
| 210,588 | | Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 | 229,163 |
| 16,557 | | Federal Home Loan Mortgage Corp., 3.5%, 6/1/47 | 18,025 |
| 205,925 | | Federal Home Loan Mortgage Corp., 4.0%, 2/1/40 | 226,662 |
| 333,453 | | Federal Home Loan Mortgage Corp., 4.0%, 11/1/40 | 366,414 |
| 352,653 | | Federal Home Loan Mortgage Corp., 4.0%, 11/1/40 | 387,218 |
| 213,649 | | Federal Home Loan Mortgage Corp., 4.0%, 1/1/41 | 234,632 |
| 37,626 | | Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 | 40,922 |
| 53,808 | | Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 | 58,177 |
| 127,436 | | Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 | 138,416 |
| 31,279 | | Federal Home Loan Mortgage Corp., 4.5%, 8/1/34 | 34,164 |
| 122,989 | | Federal Home Loan Mortgage Corp., 4.5%, 5/1/40 | 136,750 |
| 63,104 | | Federal Home Loan Mortgage Corp., 4.5%, 7/1/40 | 70,103 |
| 135,314 | | Federal Home Loan Mortgage Corp., 4.5%, 5/1/41 | 150,634 |
| 24,921 | | Federal Home Loan Mortgage Corp., 5.0%, 11/1/34 | 28,620 |
| 21,611 | | Federal Home Loan Mortgage Corp., 5.0%, 8/1/37 | 24,803 |
| 4,189 | | Federal Home Loan Mortgage Corp., 5.0%, 5/1/39 | 4,706 |
| 12,071 | | Federal Home Loan Mortgage Corp., 5.0%, 12/1/39 | 13,877 |
| 51,098 | | Federal Home Loan Mortgage Corp., 5.0%, 10/1/49 | 55,837 |
| 952,366 | | Federal Home Loan Mortgage Corp., 5.0%, 12/1/49 | 1,040,668 |
| 13,955 | | Federal Home Loan Mortgage Corp., 5.5%, 11/1/34 | 16,333 |
| 9,423 | | Federal Home Loan Mortgage Corp., 6.0%, 1/1/38 | 10,970 |
| 15,001 | | Federal Home Loan Mortgage Corp., 6.0%, 10/1/38 | 17,429 |
| 6,283 | | Federal Home Loan Mortgage Corp., 6.5%, 10/1/33 | 7,499 |
| 71,355 | | Federal Home Loan Mortgage Corp., 7.0%, 10/1/46 | 73,922 |
| 138,892 | | Government National Mortgage Association I, | |
| | 3.5%, 11/15/41 | 148,228 |
| 27,325 | | Government National Mortgage Association I, | |
| | 3.5%, 10/15/42 | 29,120 |
| 253,412 | | Government National Mortgage Association I, | |
| | 4.0%, 9/15/41 | 271,051 |
| 54,445 | | Government National Mortgage Association I, | |
| | 4.0%, 4/15/45 | 58,882 |
| 80,987 | | Government National Mortgage Association I, | |
| | 4.0%, 6/15/45 | 87,442 |
| 43,645 | | Government National Mortgage Association I, | |
| | 4.5%, 5/15/39 | 48,522 |
| 8,720 | | Government National Mortgage Association I, | |
| | 5.5%, 8/15/33 | 10,197 |
| 10,364 | | Government National Mortgage Association I, | |
| | 5.5%, 9/15/33 | 11,449 |
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 47
Schedule of Investments | 7/31/20 (continued)
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — (continued) | |
| 11,091 | | Government National Mortgage Association I, | |
| | 6.0%, 10/15/33 | $ 12,713 |
| 9,670 | | Government National Mortgage Association I, | |
| | 6.0%, 9/15/34 | 10,767 |
| 47,577 | | Government National Mortgage Association I, | |
| | 6.0%, 9/15/38 | 55,758 |
| 7,556 | | Government National Mortgage Association I, | |
| | 6.5%, 10/15/28 | 8,328 |
| 17,143 | | Government National Mortgage Association I, | |
| | 6.5%, 5/15/31 | 19,407 |
| 13,601 | | Government National Mortgage Association I, | |
| | 6.5%, 6/15/32 | 16,326 |
| 15,215 | | Government National Mortgage Association I, | |
| | 6.5%, 12/15/32 | 18,138 |
| 20,779 | | Government National Mortgage Association I, | |
| | 6.5%, 5/15/33 | 23,771 |
| 238 | | Government National Mortgage Association I, | |
| | 7.0%, 8/15/28 | 269 |
| 2,606 | | Government National Mortgage Association I, | |
| | 8.0%, 2/15/30 | 2,616 |
| 55,074 | | Government National Mortgage Association II, | |
| | 4.0%, 12/20/49 | 58,514 |
| 592,880 | | Government National Mortgage Association II, | |
| | 4.0%, 1/20/50 | 630,418 |
| 65,710 | | Government National Mortgage Association II, | |
| | 4.5%, 9/20/44 | 69,164 |
| 28,090 | | Government National Mortgage Association II, | |
| | 4.5%, 10/20/44 | 30,968 |
| 59,047 | | Government National Mortgage Association II, | |
| | 4.5%, 11/20/44 | 65,095 |
| 575,842 | | Government National Mortgage Association II, | |
| | 4.5%, 1/20/50 | 614,630 |
| 19,361 | | Government National Mortgage Association II, | |
| | 5.5%, 2/20/34 | 22,638 |
| 30,260 | | Government National Mortgage Association II, | |
| | 6.5%, 11/20/28 | 34,862 |
| 1,491 | | Government National Mortgage Association II, | |
| | | 7.5%, 9/20/29 | 1,756 |
| 13,000,000(k) | | U.S. Treasury Bills, 8/18/20 | 12,999,512 |
| 3,000,000(k) | | U.S. Treasury Bills, 8/27/20 | 2,999,805 |
| 456,725 | | U.S. Treasury Inflation Indexed Bonds, 0.875%, 2/15/47 | 623,630 |
| 146,081 | | U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/46 | 202,066 |
| 1,320,457 | | U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/48 | 1,871,076 |
| 967,965 | | U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/49 | 1,388,647 |
| 2,750,000 | | U.S. Treasury Notes, 0.375%, 4/30/25 | 2,772,236 |
| 2,500,000 | | U.S. Treasury Notes, 1.5%, 2/15/30 | 2,728,418 |
| | TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS | |
| | (Cost $55,039,553) | $ 56,918,796 |
The accompanying notes are an integral part of these financial statements.
48 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | | Value |
| | TEMPORARY CASH INVESTMENTS — 0.6% | |
| | of Net Assets | |
| | | REPURCHASE AGREEMENT — 0.6% | |
| 2,000,000 | | $2,000,000 RBC Capital Markets LLC, 0.1%, dated | |
| | | 7/31/20 plus accrued interest on 8/3/20 collateralized | |
| | by the following: | |
| | $987,161 Federal National Mortgage Association, | |
| | 2.5% - 3.5%, 12/1/49 - 7/1/50 | |
| | $1,052,856 Government National Mortgage | |
| | Association, 3.0%, 7/20/50. | $ 2,000,000 |
| | TOTAL TEMPORARY CASH INVESTMENTS | |
| | (Cost $2,000,000) | $ 2,000,000 |
| | TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 103.6% | |
| | (Cost $308,035,048) | $358,245,507 |
| |
| Net
| Change in Net | |
| |
| Realized
| Unrealized | |
| |
| Dividend
| Gain
| Appreciation | |
| Shares | |
| Income
| (Loss)
| (Depreciation) | Value |
| | | AFFILIATED ISSUER — 0.3% | | |
| | CLOSED-END FUND- 0.3% of Net Assets | | |
| 110,371(l) | | Pioneer ILS | | |
| | | Interval Fund
| $60,892 | $ —
| $(13,245) | $ 949,190 |
| | | TOTAL CLOSED-END FUND | | |
| | (Cost $1,123,856) | | $ 949,190 |
| | TOTAL INVESTMENTS IN AFFILIATED ISSUER — 0.3% | |
| | (Cost $1,123,856) | | $ 949,190 |
| | OTHER ASSETS AND LIABILITIES — (3.9)% | $ (13,591,211) |
| | NET ASSETS — 100.0% | | $345,603,486 |
| | |
bps | Basis Points. |
CMT | Constant Maturity Treasury Index. |
FREMF | Freddie Mac Multifamily Fixed-Rate Mortgage Loans. |
ICE | Intercontinental Exchange. |
LIBOR | London Interbank Offered Rate. |
REIT | Real Estate Investment Trust. |
REMICS | Real Estate Mortgage Investment Conduits. |
SOFRRATE | Secured Overnight Financing Rate. |
(144A) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At July 31, 2020, the value of these securities amounted to $41,902,974, or 12.1% of net assets. |
(A.D.R.) | American Depositary Receipts. |
(TBA) | “To Be Announced” Securities. |
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 49
Schedule of Investments | 7/31/20 (continued)
| | |
† | Amount rounds to less than 0.1%. |
* | Senior secured floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at July 31, 2020. |
+ | Security that used significant unobservable inputs to determine its value. |
(a) | Non-income producing security. |
(b) | Security is perpetual in nature and has no stated maturity date. |
(c) | Floating rate note. Coupon rate, reference index and spread shown at July 31, 2020. |
(d) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at July 31, 2020. |
(e) | Security represents the interest-only portion payments on a pool of underlying mortgages or mortgage-backed securities. |
(f) | Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date. The rate shown is the rate at July 31, 2020. |
(g) | Securities are restricted as to resale. |
| | | | | | | | |
| Restricted Securities | Acquisition date | | Cost | | | Value | |
Artex Sac, Ltd. Bantry Re, 2016 | 2/6/19 | | $ | 20,150 | | | $ | 20,150 | |
Lorenz Re 2018 | 6/26/18 | | | 27,336 | | | | 4,370 | |
Mona Lisa Re | 12/30/19 | | | 250,000 | | | | 248,525 | |
Residential Reinsurance 2016 | 11/3/16 | | | 250,000 | | | | 246,500 | |
Residential Reinsurance 2017 | 11/3/17 | | | 250,000 | | | | 242,300 | |
Resilience Re | 4/13/17 | | | 817 | | | | 25 | |
Sector Re V, Series 9, Class A | 4/23/19 | | | 100,000 | | | | 47,105 | |
Tailwind Re 2017-1 | 12/20/17 | | | 250,000 | | | | 246,875 | |
Vitality Re X | 2/3/20 | | | 249,746 | | | | 237,500 | |
| Total Restricted Securities | | | | | | | $ | 1,293,350 | |
| % of Net assets | | | | | | | | 0.4 | % |
(h) | Issued as participation notes. |
(i) | Issued as preference shares. |
(j) | Consists of Revenue Bonds unless otherwise indicated. |
(k) | Security issued with a zero coupon. Income is recognized through accretion of discount. |
(l) | Pioneer ILS Interval Fund is an affiliated closed-end fund managed by Amundi Pioneer Asset Management, Inc. (the “Adviser”). |
| | | | | | |
| FUTURES CONTRACTS |
| FIXED INCOME INDEX FUTURES CONTRACTS |
| Number of | | | | | | | | | | | | |
| Contracts | | | Expiration | | Notional | | | Market | | | Unrealized | |
| Long | | Description | Date | | Amount | | | Value | | | Appreciation | |
54 | | U.S. 2 Year | | | | | | | | | | |
| | | Note (CBT) | 9/30/20 | | $ | 11,921,765 | | | $ | 11,933,156 | | | $ | 11,391 | |
19 | | U.S. 5 Year | | | | | | | | | | | | | |
| | | Note (CBT) | 9/30/20 | | | 2,382,422 | | | | 2,396,375 | | | | 13,953 | |
31 | | U.S. Ultra | | | | | | | | | | | | | |
| | | Bond (CBT) | 9/21/20 | | | 6,713,664 | | | | 7,058,312 | | | | 344,648 | |
| | | | | | $ | 21,017,851 | | | $ | 21,387,843 | | | $ | 369,992 | |
The accompanying notes are an integral part of these financial statements.
50 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
| | | | | | | | | | | | | |
| Number of | | | | | | | | | | | | |
| Contracts | | | Expiration | | Notional | | | Market | | | Unrealized | |
| Short | | Description | Date | | Amount | | | Value | | | (Depreciation) | |
25 | | U.S. 10 Year | | | | | | | | | | |
| | | Note (CBT) | 9/21/20 | | $ | 3,465,687 | | | $ | 3,501,953 | | | $ | (36,266 | ) |
39 | | U.S. 10 Year Ultra | 9/21/20 | | | 6,112,641 | | | | 6,210,750 | | | | (98,109 | ) |
1 | | U.S. Long | | | | | | | | | | | | | |
| | | Bond (CBT) | 9/21/20 | | | 177,469 | | | | 182,281 | | | | (4,812 | ) |
| | | | | | $ | 9,755,797 | | | $ | 9,894,984 | | | $ | (139,187 | ) |
TOTAL FUTURES CONTRACTS
| | $ | 11,262,054 | | | $ | 11,492,859 | | | $ | 230,805 | |
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
Purchases and sales of securities (excluding temporary cash investments) for the year ended July 31, 2020 were as follows:
| | | | | | | |
| | Purchases | | | Sales | |
Long-Term U.S. Government Securities | | $ | 40,218,620 | | | $ | 44,980,311 | |
Other Long-Term Securities | | $ | 183,042,945 | | | $ | 151,902,006 | |
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which the Adviser serves as the Fund’s investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Trustees. Under these procedures, cross trades are effected at current market prices. During the year ended July 31, 2020, the Fund engaged in sales of $11,130 which resulted in a net realized gain/(loss) of $1,446. During the year ended July 31, 2020, the Fund did not engage in purchases pursuant to these procedures.
At July 31, 2020, the net unrealized appreciation on investments based on cost for federal tax purposes of $309,246,753 was as follows:
| | | | |
| Aggregate gross unrealized appreciation for all investments in which | | | |
| there is an excess of value over tax cost | | $ | 61,000,047 | |
| Aggregate gross unrealized depreciation for all investments in which | | | | |
| there is an excess of tax cost over value | | | (10,821,298 | ) |
| Net unrealized appreciation | | $ | 50,178,749 | |
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels below.
Level 1 – quoted prices in active markets for identical securities.
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements — Note 1A.
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 51
Schedule of Investments | 7/31/20 (continued)
The following is a summary of the inputs used as of July 31, 2020, in valuing the Fund’s investments:
| | | | | | | | | | | | | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks | | $ | 217,840,731 | | | $ | — | | | $ | — | | | $ | 217,840,731 | |
Convertible Preferred Stock | | | 886,584 | | | | — | | | | — | | | | 886,584 | |
Asset Backed Securities | | | — | | | | 8,540,216 | | | | — | | | | 8,540,216 | |
Collateralized Mortgage | | | | | | | | | | | | | | | | |
| Obligations | | | — | | | | 14,738,848 | | | | — | | | | 14,738,848 | |
Commercial Mortgage-Backed | | | | | | | | | | | | | | | | |
| Securities | | | — | | | | 7,145,426 | | | | — | | | | 7,145,426 | |
Corporate Bonds | | | — | | | | 46,635,924 | | | | — | | | | 46,635,924 | |
Foreign Government Bond | | | — | | | | 333,600 | | | | — | | | | 333,600 | |
Insurance-Linked Securities | | | | | | | | | | | | | | | | |
| Collateralized Reinsurance | | | | | | | | | | | | | | | | |
| Multiperil - Worldwide | | | — | | | | — | | | | 25 | | | | 25 | |
| Reinsurance Sidecars | | | | | | | | | | | | | | | | |
| Multiperil - Worldwide | | | — | | | | — | | | | 71,625 | | | | 71,625 | |
| All Other Insurance-Linked | | | | | | | | | | | | | | | | |
| Securities | | | — | | | | 1,221,700 | | | | — | | | | 1,221,700 | |
Municipal Bonds | | | — | | | | 568,952 | | | | — | | | | 568,952 | |
Senior Secured Floating | | | | | | | | | | | | | | | | |
| Rate Loan Interests | | | — | | | | 1,343,080 | | | | — | | | | 1,343,080 | |
U.S. Government and | | | | | | | | | | | | | | | | |
| Agency Obligations | | | — | | | | 56,918,796 | | | | — | | | | 56,918,796 | |
Repurchase Agreement | | | — | | | | 2,000,000 | | | | — | | | | 2,000,000 | |
Affiliated Closed-End Fund | | | — | | | | 949,190 | | | | — | | | | 949,190 | |
| Total Investments | | | | | | | | | | | | | | | | |
| in Securities | | $ | 218,727,315 | | | $ | 140,395,732 | | | $ | 71,650 | | | $ | 359,194,697 | |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
Net unrealized appreciation | | | | | | | | | | | | | | | | |
| on futures contracts | | $ | 230,805 | | | $ | — | | | $ | — | | | $ | 230,805 | |
| Total Other Financial | | | | | | | | | | | | | | | | |
| Instruments | | $ | 230,805 | | | $ | — | | | $ | — | | | $ | 230,805 | |
The accompanying notes are an integral part of these financial statements.
52 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
| | | Insurance- | |
| | | Linked | |
| | | Securities | |
| Balance as of 7/31/19 | | $ | 394,228 | |
Realized gain (loss)(1) | | | (34,110 | ) |
Change in unrealized appreciation (depreciation)(2) | | | (105,186 | ) |
| Accrued discounts/premiums | | | — | |
| Purchases | | | (21,217 | ) |
| Sales | | | (162,065 | ) |
| Transfers in to Level 3* | | | — | |
| Transfers out of Level 3* | | | — | |
| Balance as of 7/31/20 | | $ | 71,650 | |
(1) | Realized gain (loss) on these securities is included in the realized gain (loss) in investments in the Statement of Operations. |
(2) | Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) from investments in the Statement of Operations. |
* | Transfers are calculated on the beginning of period value. For the year ended July 31, 2020, there were no transfers between Levels 1, 2 and 3. |
| | Net change in unrealized appreciation (depreciation) of Level 3 investments | | | |
| | still held and considered Level 3 at July 31, 2020: | | $ | (57,850 | ) |
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 53
Statement of Assets and Liabilities |
7/31/20 | | | | |
| ASSETS: | | | |
| Investments in unaffiliated issuers, at value (cost $308,035,048) | | $ | 358,245,507 | |
| Investments in affiliated issuers, at value (cost $1,123,856) | | | 949,190 | |
| Cash | | | 3,167,630 | |
| Foreign currencies, at value (cost $1,619) | | | 1,637 | |
| Futures collateral | | | 103,663 | |
| Due from broker for futures | | | 133,152 | |
| Net unrealized appreciation on futures contracts | | | 230,805 | |
| Receivables — | | | | |
| Investment securities sold | | | 8,322,012 | |
| Fund shares sold | | | 325,640 | |
| Dividends | | | 274,341 | |
| Interest | | | 672,517 | |
| Due from the Adviser | | | 72,559 | |
| Other assets | | | 44,179 | |
| Total assets | | $ | 372,542,832 | |
| LIABILITIES: | | | | |
| Payables — | | | | |
| Investment securities purchased | | $ | 25,815,081 | |
| Fund shares repurchased | | | 868,668 | |
| Distributions | | | 5,139 | |
| Trustees’ fees | | | 1,325 | |
| Variation margin for futures contracts | | | 1,109 | |
| Due to affiliates | | | 76,965 | |
| Accrued expenses | | | 171,059 | |
| Total liabilities | | $ | 26,939,346 | |
| NET ASSETS: | | | | |
| Paid-in capital | | $ | 290,504,015 | |
| Distributable earnings | | | 55,099,471 | |
| Net assets | | $ | 345,603,486 | |
| NET ASSET VALUE PER SHARE: | | | | |
No par value (unlimited number of shares authorized) | | | | |
| Class A (based on $233,421,397/24,002,910 shares) | | $ | 9.72 | |
| Class C (based on $56,387,124/5,845,580 shares) | | $ | 9.65 | |
| Class K (based on $605,767/62,369 shares) | | $ | 9.71 | |
| Class R (based on $2,046,859/209,957 shares) | | $ | 9.75 | |
| Class Y (based on $53,142,339/5,425,729 shares) | | $ | 9.79 | |
| MAXIMUM OFFERING PRICE PER SHARE: | | | | |
| Class A (based on $9.72 net asset value per share/100%-4.5% | | | | |
| maximum sales charge) | | $ | 10.18 | |
The accompanying notes are an integral part of these financial statements.
54 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
| |
| Statement of Operations |
| FOR THE YEAR ENDED 7/31/20 |
| | |
| INVESTMENT INCOME: | | | | | | |
| Dividends from unaffiliated issuers (net of foreign taxes | | | | | | |
| withheld $20,586) | | $ | 4,617,139 | | | | |
| Dividends from affiliated issuers | | | 60,892 | | | | |
| Interest from unaffiliated issuers | | | 3,751,580 | | | | |
| Total investment income | | | | | | $ | 8,429,611 | |
| EXPENSES: | | | | | | | | |
| Management fees | | $ | 1,594,835 | | | | | |
| Administrative expense | | | 157,415 | | | | | |
| Transfer agent fees | | | | | | | | |
| Class A | | | 187,506 | | | | | |
| Class C | | | 32,253 | | | | | |
| Class K | | | 68 | | | | | |
| Class R | | | 3,381 | | | | | |
| Class Y | | | 55,387 | | | | | |
| Distribution fees | | | | | | | | |
| Class A | | | 554,214 | | | | | |
| Class C | | | 526,297 | | | | | |
| Class R | | | 7,445 | | | | | |
| Shareowner communications expense | | | 59,286 | | | | | |
| Custodian fees | | | 54,064 | | | | | |
| Registration fees | | | 135,207 | | | | | |
| Professional fees | | | 88,992 | | | | | |
| Printing expense | | | 51,986 | | | | | |
| Pricing fees | | | 53,776 | | | | | |
| Trustees’ fees | | | 13,302 | | | | | |
| Insurance expense | | | 3,584 | | | | | |
| Miscellaneous | | | 26,917 | | | | | |
| Total expenses | | | | | | $ | 3,605,915 | |
| Less fees waived and expenses reimbursed by the Adviser | | | | | | | (203,104 | ) |
| Net expenses | | | | | | $ | 3,402,811 | |
| Net investment income | | | | | | $ | 5,026,800 | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | |
| Net realized gain (loss) on: | | | | | | | | |
| Investments in unaffiliated issuers | | $ | 10,445,582 | | | | | |
| Futures contracts | | | 124,175 | | | $ | 10,569,757 | |
| Change in net unrealized appreciation (depreciation) on: | | | | | | | | |
| Investments in unaffiliated issuers | | $ | 5,463,568 | | | | | |
| Investments in affiliated issuers | | | (13,245 | ) | | | | |
| Futures contracts | | | 228,453 | | | | | |
| Other assets and liabilities denominated in | | | | | | | | |
| foreign currencies | | | 4 | | | $ | 5,678,780 | |
| Net realized and unrealized gain (loss) on investments | | | | | | $ | 16,248,537 | |
| Net increase in net assets resulting from operations | | | | | | $ | 21,275,337 | |
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 55
Statements of Changes in Net Assets
| | | | | | | |
| | Year | | | Year | |
| | Ended | | | Ended | |
| | 7/31/20 | | | 7/31/19 | |
| FROM OPERATIONS: | | | | | | |
Net investment income (loss) | | $ | 5,026,800 | | | $ | 5,152,645 | |
Net realized gain (loss) on investments | | | 10,569,757 | | | | 10,825,811 | |
Change in net unrealized appreciation (depreciation) | | | | | | | | |
| on investments | | | 5,678,780 | | | | 7,001,800 | |
| Net increase in net assets resulting from operations | | $ | 21,275,337 | | | $ | 22,980,256 | |
| DISTRIBUTIONS TO SHAREOWNERS: | | | | | | | | |
| Class A ($0.54 and $0.81 per share, respectively) | | $ | (12,618,119 | ) | | $ | (16,496,598 | ) |
| Class C ($0.48 and $0.73 per share, respectively) | | | (2,588,765 | ) | | | (3,437,961 | ) |
| Class K ($0.57 and $0.82 per share, respectively) | | | (18,030 | ) | | | (10,782 | ) |
| Class R ($0.52 and $0.76 per share, respectively) | | | (69,484 | ) | | | (137,339 | ) |
| Class Y ($0.58 and $0.83 per share, respectively) | | | (2,477,347 | ) | | | (2,742,457 | ) |
| Total distributions to shareowners | | $ | (17,771,745 | ) | | $ | (22,825,137 | ) |
| FROM FUND SHARE TRANSACTIONS: | | | | | | | | |
Net proceeds from sales of shares | | $ | 93,829,023 | | | $ | 73,859,993 | |
Reinvestment of distributions | | | 17,237,725 | | | | 21,987,127 | |
Cost of shares repurchased | | | (71,077,737 | ) | | | (65,420,314 | ) |
| Net increase in net assets resulting from Fund | | | | | | | | |
| share transactions | | $ | 39,989,011 | | | $ | 30,426,806 | |
| Net increase in net assets | | $ | 43,492,603 | | | $ | 30,581,925 | |
| NET ASSETS: | | | | | | | | |
Beginning of year | | $ | 302,110,883 | | | $ | 271,528,958 | |
End of year | | $ | 345,603,486 | | | $ | 302,110,883 | |
The accompanying notes are an integral part of these financial statements.
56 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
| | | | | | | | | | | | | |
| | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | 7/31/20 | | | 7/31/20 | | | 7/31/19 | | | 7/31/19 | |
| | Shares | | | Amount | | | Shares | | | Amount | |
| Class A | | | | | | | | | | | | |
Shares sold | | | 3,938,064 | | | $ | 36,741,499 | | | | 5,321,203 | | | $ | 48,879,014 | |
Reinvestment of distributions | | | 1,315,168 | | | | 12,252,583 | | | | 1,815,993 | | | | 16,015,138 | |
Less shares repurchased | | | (4,187,913 | ) | | | (38,380,514 | ) | | | (3,423,746 | ) | | | (31,194,374 | ) |
| Net increase | | | 1,065,319 | | | $ | 10,613,568 | | | | 3,713,450 | | | $ | 33,699,778 | |
| Class C | | | | | | | | | | | | | | | | |
Shares sold | | | 2,022,008 | | | $ | 19,027,763 | | | | 1,505,440 | | | $ | 13,593,944 | |
Reinvestment of distributions | | | 268,175 | | | | 2,491,026 | | | | 373,234 | | | | 3,250,825 | |
Less shares repurchased | | | (1,392,998 | ) | | | (12,866,360 | ) | | | (2,073,001 | ) | | | (18,911,238 | ) |
| Net increase/ | | | | | | | | | | | | | | | | |
| (decrease) | | | 897,185 | | | $ | 8,652,429 | | | | (194,327 | ) | | $ | (2,066,469 | ) |
| Class K | | | | | | | | | | | | | | | | |
Shares sold | | | 40,377 | | | $ | 378,646 | | | | 20,887 | | | $ | 179,574 | |
Reinvestment of distributions | | | 1,124 | | | | 10,284 | | | | 142 | | | | 1,309 | |
Less shares repurchased | | | (8,505 | ) | | | (74,265 | ) | | | (2,878 | ) | | | (26,335 | ) |
| Net increase | | | 32,996 | | | $ | 314,665 | | | | 18,151 | | | $ | 154,548 | |
| Class R | | | | | | | | | | | | | | | | |
Shares sold | | | 110,296 | | | $ | 1,024,517 | | | | 134,601 | | | $ | 1,200,761 | |
Reinvestment of distributions | | | 7,515 | | | | 69,484 | | | | 5,629 | | | | 49,679 | |
Less shares repurchased | | | (49,960 | ) | | | (459,130 | ) | | | (614,312 | ) | | | (5,738,686 | ) |
| Net increase/ | | | | | | | | | | | | | | | | |
| (decrease) | | | 67,851 | | | $ | 634,871 | | | | (474,082 | ) | | $ | (4,488,246 | ) |
| Class Y | | | | | | | | | | | | | | | | |
Shares sold | | | 3,864,642 | | | $ | 36,656,598 | | | | 1,086,813 | | | $ | 10,006,700 | |
Reinvestment of distributions | | | 259,202 | | | | 2,414,348 | | | | 300,695 | | | | 2,670,176 | |
Less shares repurchased | | | (2,216,840 | ) | | | (19,297,468 | ) | | | (1,051,188 | ) | | | (9,549,681 | ) |
| Net increase | | | 1,907,004 | | | $ | 19,773,478 | | | | 336,320 | | | $ | 3,127,195 | |
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 57
| | |
| | Year | | | Year | | | Year | | | Year | | | Year | |
| | Ended | | | Ended | | | Ended | | | Ended | | | Ended | |
| | 7/31/20 | | | 7/31/19 | | | 7/31/18 | | | 7/31/17 | | | 7/31/16* | |
| Class A | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 9.57 | | | $ | 9.64 | | | $ | 9.65 | | | $ | 9.07 | | | $ | 9.36 | |
Increase (decrease) from investment operations: | | | | | | | | | | | | | | | | | | | �� | |
| Net investment income (loss) (a) | | $ | 0.15 | | | $ | 0.18 | | | $ | 0.17 | | | $ | 0.17 | | | $ | 0.16 | |
| Net realized and unrealized gain (loss) on investments | | | 0.54 | | | | 0.56 | | | | 0.70 | | | | 0.62 | | | | (0.09 | ) |
Net increase (decrease) from investment operations | | $ | 0.69 | | | $ | 0.74 | | | $ | 0.87 | | | $ | 0.79 | | | $ | 0.07 | |
Distributions to shareowners: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | (0.15 | ) | | $ | (0.18 | ) | | $ | (0.17 | ) | | $ | (0.17 | ) | | $ | (0.18 | ) |
| Net realized gain | | | (0.39 | ) | | | (0.63 | ) | | | (0.71 | ) | | | (0.04 | ) | | | (0.18 | ) |
Total distributions | | $ | (0.54 | ) | | $ | (0.81 | ) | | $ | (0.88 | ) | | $ | (0.21 | ) | | $ | (0.36 | ) |
Net increase (decrease) in net asset value | | $ | 0.15 | | | $ | (0.07 | ) | | $ | (0.01 | ) | | $ | 0.58 | | | $ | (0.29 | ) |
Net asset value, end of period | | $ | 9.72 | | | $ | 9.57 | | | $ | 9.64 | | | $ | 9.65 | | | $ | 9.07 | |
Total return (b) | | | 7.55 | % | | | 8.51 | % | | | 9.33 | % | | | 8.94 | %(c) | | | 0.88 | % |
Ratio of net expenses to average net assets | | | 0.99 | % | | | 1.01 | % | | | 1.16 | % | | | 1.16 | % | | | 1.16 | % |
Ratio of net investment income (loss) to average net assets | | | 1.65 | % | | | 1.97 | % | | | 1.76 | % | | | 1.87 | % | | | 1.87 | % |
Portfolio turnover rate | | | 65 | % | | | 60 | % | | | 65 | % | | | 51 | % | | | 47 | % |
Net assets, end of period (in thousands) | | $ | 233,421 | | | $ | 219,544 | | | $ | 185,382 | | | $ | 179,867 | | | $ | 178,013 | |
Ratios with no waiver of fees and assumption of expenses by | | | | | | | | | | | | | | | | | | | | |
| the Adviser and no reduction for fees paid indirectly: | | | | | | | | | | | | | | | | | | | | |
| Total expenses to average net assets | | | 1.04 | % | | | 1.07 | % | | | 1.17 | % | | | 1.19 | % | | | 1.22 | % |
| Net investment income (loss) to average net assets | | | 1.60 | % | | | 1.91 | % | | | 1.75 | % | | | 1.84 | % | | | 1.81 | % |
* | The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. |
(c) | If the Fund had not recognized gains in settlement of class action lawsuits during the year ended July 31, 2017, the total return would have been 8.83%. |
The accompanying notes are an integral part of these financial statements.
58 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
| | | | | | | | | | | | | | | | |
| | Year | | | Year | | | Year | | | Year | | | Year | |
| | Ended | | | Ended | | | Ended | | | Ended | | | Ended | |
| | 7/31/20 | | | 7/31/19 | | | 7/31/18 | | | 7/31/17 | | | 7/31/16* | |
| Class C | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 9.50 | | | $ | 9.57 | | | $ | 9.58 | | | $ | 9.00 | | | $ | 9.30 | |
Increase (decrease) from investment operations: | | | | | | | | �� | | | | | | | | | | | | |
| Net investment income (loss) (a) | | $ | 0.09 | | | $ | 0.11 | | | $ | 0.10 | | | $ | 0.10 | | | $ | 0.10 | |
| Net realized and unrealized gain (loss) on investments | | | 0.54 | | | | 0.55 | | | | 0.70 | | | | 0.62 | | | | (0.11 | ) |
Net increase (decrease) from investment operations | | $ | 0.63 | | | $ | 0.66 | | | $ | 0.80 | | | $ | 0.72 | | | $ | (0.01 | ) |
Distributions to shareowners: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | (0.09 | ) | | $ | (0.10 | ) | | $ | (0.10 | ) | | $ | (0.10 | ) | | $ | (0.11 | ) |
| Net realized gain | | | (0.39 | ) | | | (0.63 | ) | | | (0.71 | ) | | | (0.04 | ) | | | (0.18 | ) |
Total distributions | | $ | (0.48 | ) | | $ | (0.73 | ) | | $ | (0.81 | ) | | $ | (0.14 | ) | | $ | (0.29 | ) |
Net increase (decrease) in net asset value | | $ | 0.15 | | | $ | (0.07 | ) | | $ | (0.01 | ) | | $ | 0.58 | | | $ | (0.30 | ) |
Net asset value, end of period | | $ | 9.65 | | | $ | 9.50 | | | $ | 9.57 | | | $ | 9.58 | | | $ | 9.00 | |
Total return (b) | | | 6.82 | % | | | 7.68 | % | | | 8.63 | % | | | 8.10 | % | | | 0.04 | % |
Ratio of net expenses to average net assets | | | 1.72 | % | | | 1.75 | % | | | 1.90 | % | | | 1.91 | % | | | 1.93 | % |
Ratio of net investment income (loss) to average net assets | | | 0.92 | % | | | 1.23 | % | | | 1.03 | % | | | 1.12 | % | | | 1.10 | % |
Portfolio turnover rate | | | 65 | % | | | 60 | % | | | 65 | % | | | 51 | % | | | 47 | % |
Net assets, end of period (in thousands) | | $ | 56,387 | | | $ | 46,993 | | | $ | 49,205 | | | $ | 46,520 | | | $ | 48,385 | |
Ratios with no waiver of fees and assumption of expenses by | | | | | | | | | | | | | | | | | | | | |
| the Adviser and no reduction for fees paid indirectly: | | | | | | | | | | | | | | | | | | | | |
| Total expenses to average net assets | | | 1.76 | % | | | 1.79 | % | | | 1.90 | % | | | 1.91 | % | | | 1.93 | % |
| Net investment income (loss) to average net assets | | | 0.88 | % | | | 1.19 | % | | | 1.03 | % | | | 1.12 | % | | | 1.10 | % |
* | The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. |
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 59
| |
Financial Highlights (continued) |
| | |
| | Year | | | Year | | | Year | | | Year | | | | |
| | Ended | | | Ended | | | Ended | | | Ended | | | 12/1/15 to | |
| | 7/31/20 | | | 7/31/19 | | | 7/31/18 | | | 7/31/17 | | | 7/31/16* | |
| Class K | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 9.56 | | | $ | 9.63 | | | $ | 9.65 | | | $ | 9.06 | | | $ | 9.01 | |
Increase (decrease) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | $ | 0.18 | | | $ | 0.20 | | | $ | 0.20 | | | $ | 0.20 | | | $ | 0.12 | |
| Net realized and unrealized gain (loss) on investments | | | 0.54 | | | | 0.55 | | | | 0.70 | | | | 0.63 | | | | 0.08 | |
Net increase (decrease) from investment operations | | $ | 0.72 | | | $ | 0.75 | | | $ | 0.90 | | | $ | 0.83 | | | $ | 0.20 | |
Distributions to shareowners: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | (0.18 | ) | | $ | (0.19 | ) | | $ | (0.21 | ) | | $ | (0.20 | ) | | $ | (0.14 | ) |
| Net realized gain | | | (0.39 | ) | | | (0.63 | ) | | | (0.71 | ) | | | (0.04 | ) | | | (0.01 | ) |
Total distributions | | $ | (0.57 | ) | | $ | (0.82 | ) | | $ | (0.92 | ) | | $ | (0.24 | ) | | $ | (0.15 | ) |
Net increase (decrease) in net asset value | | $ | 0.15 | | | $ | (0.07 | ) | | $ | (0.02 | ) | | $ | 0.59 | | | $ | 0.05 | |
Net asset value, end of period | | $ | 9.71 | | | $ | 9.56 | | | $ | 9.63 | | | $ | 9.65 | | | $ | 9.06 | |
Total return (b) | | | 7.93 | % | | | 8.72 | % | | | 9.66 | % | | | 9.36 | %(c) | | | 2.29 | %(d) |
Ratio of net expenses to average net assets | | | 0.65 | % | | | 0.76 | % | | | 0.85 | % | | | 0.85 | % | | | 0.98 | %(e) |
Ratio of net investment income (loss) to average net assets | | | 1.95 | % | | | 2.21 | % | | | 2.07 | % | | | 2.19 | % | | | 2.00 | %(e) |
Portfolio turnover rate | | | 65 | % | | | 60 | % | | | 65 | % | | | 51 | % | | | 47 | %(d) |
Net assets, end of period (in thousands) | | $ | 606 | | | $ | 281 | | | $ | 108 | | | $ | 108 | | | $ | 10 | |
Ratios with no waiver of fees and assumption of expenses by | | | | | | | | | | | | | | | | | | | | |
| the Adviser and no reduction for fees paid indirectly: | | | | | | | | | | | | | | | | | | | | |
| Total expenses to average net assets | | | 0.71 | % | | | 0.81 | % | | | 0.85 | % | | | 0.85 | % | | | 0.98 | %(e) |
| Net investment income (loss) to average net assets | | | 1.89 | % | | | 2.16 | % | | | 2.07 | % | | | 2.19 | % | | | 2.00 | %(e) |
* | The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. |
(c) | If the Fund had not recognized gains in settlement of class action lawsuits during the year ended July 31, 2017, the total return would have been 9.25%. |
(d) | Not annualized. |
(e) | Annualized. |
The accompanying notes are an integral part of these financial statements.
60 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
| | | | | | | | | | | | | | | | |
| | Year | | | Year | | | Year | | | Year | | | Year | |
| | Ended | | | Ended | | | Ended | | | Ended | | | Ended | |
| | 7/31/20 | | | 7/31/19 | | | 7/31/18 | | | 7/31/17 | | | 7/31/16* | |
| Class R | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 9.59 | | | $ | 9.64 | | | $ | 9.64 | | | $ | 9.06 | | | $ | 9.36 | |
Increase (decrease) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | $ | 0.12 | | | $ | 0.15 | | | $ | 0.15 | | | $ | 0.15 | | | $ | 0.15 | |
| Net realized and unrealized gain (loss) on investments | | | 0.56 | | | | 0.56 | | | | 0.71 | | | | 0.63 | | | | (0.10 | ) |
Net increase (decrease) from investment operations | | $ | 0.68 | | | $ | 0.71 | | | $ | 0.86 | | | $ | 0.78 | | | $ | 0.05 | |
Distributions to shareowners: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | (0.13 | ) | | $ | (0.13 | ) | | $ | (0.15 | ) | | $ | (0.16 | ) | | $ | (0.17 | ) |
| Net realized gain | | | (0.39 | ) | | | (0.63 | ) | | | (0.71 | ) | | | (0.04 | ) | | | (0.18 | ) |
Total distributions | | $ | (0.52 | ) | | $ | (0.76 | ) | | $ | (0.86 | ) | | $ | (0.20 | ) | | $ | (0.35 | ) |
Net increase (decrease) in net asset value | | $ | 0.16 | | | $ | (0.05 | ) | | $ | — | | | $ | 0.58 | | | $ | (0.30 | ) |
Net asset value, end of period | | $ | 9.75 | | | $ | 9.59 | | | $ | 9.64 | | | $ | 9.64 | | | $ | 9.06 | |
Total return (b) | | | 7.32 | % | | | 8.24 | % | | | 9.17 | % | | | 8.78 | % | | | 0.67 | % |
Ratio of net expenses to average net assets | | | 1.30 | % | | | 1.30 | % | | | 1.30 | % | | | 1.30 | % | | | 1.30 | % |
Ratio of net investment income (loss) to average net assets | | | 1.32 | % | | | 1.65 | % | | | 1.56 | % | | | 1.64 | % | | | 1.73 | % |
Portfolio turnover rate | | | 65 | % | | | 60 | % | | | 65 | % | | | 51 | % | | | 47 | % |
Net assets, end of period (in thousands) | | $ | 2,047 | | | $ | 1,363 | | | $ | 5,941 | | | $ | 27,533 | | | $ | 3,277 | |
Ratios with no waiver of fees and assumption of expenses by | | | | | | | | | | | | | | | | | | | | |
| the Adviser and no reduction for fees paid indirectly: | | | | | | | | | | | | | | | | | | | | |
| Total expenses to average net assets | | | 1.59 | % | | | 1.77 | % | | | 1.57 | % | | | 1.56 | % | | | 1.53 | % |
| Net investment income (loss) to average net assets | | | 1.03 | % | | | 1.18 | % | | | 1.29 | % | | | 1.38 | % | | | 1.50 | % |
* | The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. |
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 61
| |
Financial Highlights (continued) |
| | |
| | Year | | | Year | | | Year | | | Year | | | Year | |
| | Ended | | | Ended | | | Ended | | | Ended | | | Ended | |
| | 7/31/20 | | | 7/31/19 | | | 7/31/18 | | | 7/31/17 | | | 7/31/16* | |
| Class Y | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 9.64 | | | $ | 9.71 | | | $ | 9.71 | | | $ | 9.11 | | | $ | 9.41 | |
Increase (decrease) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | $ | 0.19 | | | $ | 0.21 | | | $ | 0.19 | | | $ | 0.20 | | | $ | 0.18 | |
| Net realized and unrealized gain (loss) on investments | | | 0.54 | | | | 0.55 | | | | 0.72 | | | | 0.63 | | | | (0.11 | ) |
Net increase (decrease) from investment operations | | $ | 0.73 | | | $ | 0.76 | | | $ | 0.91 | | | $ | 0.83 | | | $ | 0.07 | |
Distributions to shareowners: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | (0.19 | ) | | $ | (0.20 | ) | | $ | (0.20 | ) | | $ | (0.19 | ) | | $ | (0.19 | ) |
| Net realized gain | | | (0.39 | ) | | | (0.63 | ) | | | (0.71 | ) | | | (0.04 | ) | | | (0.18 | ) |
Total distributions | | $ | (0.58 | ) | | $ | (0.83 | ) | | $ | (0.91 | ) | | $ | (0.23 | ) | | $ | (0.37 | ) |
Net increase (decrease) in net asset value | | $ | 0.15 | | | $ | (0.07 | ) | | $ | — | | | $ | 0.60 | | | $ | (0.30 | ) |
Net asset value, end of period | | $ | 9.79 | | | $ | 9.64 | | | $ | 9.71 | | | $ | 9.71 | | | $ | 9.11 | |
Total return (b) | | | 7.95 | % | | | 8.77 | % | | | 9.67 | % | | | 9.26 | % | | | 0.95 | % |
Ratio of net expenses to average net assets | | | 0.65 | % | | | 0.69 | % | | | 0.93 | % | | | 0.95 | % | | | 0.95 | % |
Ratio of net investment income (loss) to average net assets | | | 1.99 | % | | | 2.29 | % | | | 1.99 | % | | | 2.13 | % | | | 2.08 | % |
Portfolio turnover rate | | | 65 | % | | | 60 | % | | | 65 | % | | | 51 | % | | | 47 | % |
Net assets, end of period (in thousands) | | $ | 53,142 | | | $ | 33,930 | | | $ | 30,892 | | | $ | 36,849 | | | $ | 61,801 | |
Ratios with no waiver of fees and assumption of expenses by | | | | | | | | | | | | | | | | | | | | |
| the Adviser and no reduction for fees paid indirectly: | | | | | | | | | | | | | | | | | | | | |
| Total expenses to average net assets | | | 0.82 | % | | | 0.84 | % | | | 0.93 | % | | | 0.95 | % | | | 0.95 | % |
| Net investment income (loss) to average net assets | | | 1.82 | % | | | 2.14 | % | | | 1.99 | % | | | 2.13 | % | | | 2.08 | % |
* | The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. |
The accompanying notes are an integral part of these financial statements.
62 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
Notes to Financial Statements | 7/31/20
1. Organization and Significant Accounting Policies
Pioneer Balanced ESG Fund (the “Fund”) is one of two portfolios comprising Pioneer Series Trust IV, a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund’s investment objective is to seek capital growth and current income through a diversified portfolio of equity securities and bonds.
The Fund offers five classes of shares designated as Class A, Class C, Class K, Class R and Class Y shares. Each class of shares represents an interest in the same portfolio of investments of the Fund and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses, such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Fund gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareowner approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareowner’s voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class K and Class Y shares.
Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”). Amundi Pioneer Distributor, Inc., an affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund’s distributor (the “Distributor”).
During March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update, ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”), which shortens the amortization period for purchased non-contingently callable debt securities held at a premium. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for certain purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 63
Fund adopted ASU 2017-08 as of January 1, 2019. The implementation of ASU 2017-08 did not have a material impact on the Fund’s Financial Statements.
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (“NYSE”) is open, as of the close of regular trading on the NYSE.
Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods.
The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times. The Fund may use a fair value model developed by an independent pricing service to value non-U.S. equity securities.
Fixed-income securities are valued by using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or
64 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
instrument. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities, historical trading patterns in the market for fixed-income securities and/or other factors. Non-U.S. debt securities that are listed on an exchange will be valued at the bid price obtained from an independent third party pricing service. When independent third party pricing services are unable to supply prices, or when prices or market quotations are considered to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers.
Loan interests are valued in accordance with guidelines established by the Board of Trustees at the mean between the last available bid and asked prices from one or more brokers or dealers as obtained from Loan Pricing Corporation, an independent third party pricing service. If price information is not available from Loan Pricing Corporation, or if the price information is deemed to be unreliable, price information will be obtained from an alternative loan interest pricing service. If no reliable price quotes are available from either the primary or alternative pricing service, broker quotes will be solicited.
Event-linked bonds are valued at the bid price obtained from an independent third party pricing service. Other insurance-linked securities (including reinsurance sidecars, collateralized reinsurance and industry loss warranties) may be valued at the bid price obtained from an independent pricing service, or through a third party using a pricing matrix, insurance industry valuation models, or other fair value methods or techniques to provide an estimated value of the instrument.
Futures contracts are generally valued at the closing settlement price established by the exchange on which they are traded.
Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds’ net asset value. Shares of exchange-listed closed-end funds are valued by using the last sale price on the principal exchange where they are traded. Shares of closed-end interval funds that offer their shares at net asset value are valued at such fund’s net asset value.
Repurchase agreements are valued at par. Cash may include overnight time deposits at approved financial institutions.
Securities or loan interests for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser pursuant to procedures adopted by the Fund’s
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 65
Board of Trustees. The Adviser’s fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund’s net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund’s securities may differ significantly from exchange prices, and such differences could be material.
At July 31, 2020, no securities were valued using fair value methods (other than securities valued using prices supplied by independent pricing services, broker-dealers or using a third party insurance industry pricing model).
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence.
Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively.
Principal amounts of mortgage-backed securities are adjusted for monthly paydowns. Premiums and discounts related to certain mortgage-backed securities are amortized or accreted in proportion to the monthly paydowns. All discounts/premiums on purchase prices of debt securities are accreted/amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income.
66 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates.
Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments.
D. Federal Income Taxes
It is the Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of July 31, 2020, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences.
At July 31, 2020, the Fund reclassified $8,129 to increase distributable earnings and $8,129 to decrease paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 67
The tax character of distributions paid during the years ended July 31, 2020 and July 31, 2019, were as follows:
| | | | | | | |
| | 2020 | | | 2019 | |
| Distributions paid from: | | | | | | |
| Ordinary income | | $ | 6,978,648 | | | $ | 4,996,893 | |
| Long-term capital gain | | | 10,793,097 | | | | 17,828,244 | |
| Total | | $ | 17,771,745 | | | $ | 22,825,137 | |
The following shows the components of distributable earnings on a federal income tax basis at July 31, 2020:
| | | | |
| | 2020 | |
| Distributable earnings: | | | |
| Undistributed ordinary income | | $ | 539,368 | |
| Undistributed long-term capital gain | | | 9,221,238 | |
| Current year late year loss | | | (4,839,902 | ) |
| Net unrealized appreciation | | | 50,178,767 | |
| Total | | $ | 55,099,471 | |
The difference between book-basis and tax-basis net unrealized appreciation is attributable to the tax deferral of losses on wash sales, adjustments relating to event-linked bonds, the tax treatment of premium and amortization, the mark to market of futures contracts, tax basis adjustments on Real Estate Investment Trust (“REIT”) holdings and common stock.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $39,943 in underwriting commissions on the sale of Class A shares during the year ended July 31, 2020.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are calculated at the fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day.
Distribution fees are calculated based on the average daily net asset value attributable to Class A, Class C and Class R shares of the Fund, respectively (see Note 4). Class K and Class Y shares do not pay distribution fees. All expenses and fees paid to the Fund’s transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 3).
68 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C, Class K, Class R and Class Y shares can reflect different transfer agent and distribution expense rates.
G. Risks
The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread.
At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. The Fund’s investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions and the imposition of adverse governmental laws or currency exchange restrictions.
The Fund invests in below-investment-grade (high-yield) debt securities and preferred stocks. Some of these high-yield securities may be convertible into equity securities of the issuer. Debt securities rated below-investment-grade are commonly referred to as “junk bonds” and are considered speculative. These securities involve greater risk of loss, are subject to greater price volatility, and are less liquid, especially during periods of economic uncertainty or change, than higher rated debt securities.
With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund’s Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as Brown
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 69
Brothers Harriman & Co., the Fund’s custodian and accounting agent, and DST Asset Manager Solutions, Inc., the Fund’s transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor Amundi Pioneer exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at Amundi Pioneer or the Fund’s service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks.
COVID-19
The respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.
70 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
The Fund’s prospectus contains unaudited information regarding the Fund’s principal risks. Please refer to that document when considering the Fund’s principal risks.
H. Insurance-Linked Securities (“ILS”)
The Fund invests in ILS. The Fund could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as defined within the terms of an insurance-linked security. Trigger events, generally, are hurricanes, earthquakes, or other natural events of a specific size or magnitude that occur in a designated geographic region during a specified time period, and/or that involve losses or other metrics that exceed a specific amount. There is no way to accurately predict whether a trigger event will occur, and accordingly, ILS carry significant risk. The Fund is entitled to receive principal, and interest and/or dividend payments so long as no trigger event occurs of the description and magnitude specified by the instrument. In addition to the specified trigger events, ILS may expose the Fund to other risks, including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences.
The Fund’s investments in ILS may include event-linked bonds. ILS also may include special purpose vehicles (“SPVs”) or similar instruments structured to comprise a portion of a reinsurer’s catastrophe-oriented business, known as quota share instruments (sometimes referred to as reinsurance sidecars), or to provide reinsurance relating to specific risks to insurance or reinsurance companies through a collateralized instrument, known as collateralized reinsurance. Structured reinsurance investments also may include industry loss warranties (“ILWs”). A traditional ILW takes the form of a bilateral reinsurance contract, but there are also products that take the form of derivatives, collateralized structures, or exchange-traded instruments.
Where the ILS are based on the performance of underlying reinsurance contracts, the Fund has limited transparency into the individual underlying contracts, and therefore must rely upon the risk assessment and sound underwriting practices of the issuer. Accordingly, it may be more difficult for the Adviser to fully evaluate the underlying risk profile of the Fund’s structured reinsurance investments, and therefore the Fund’s assets are placed at greater risk of loss than if the Adviser had more complete information. Structured reinsurance instruments generally will be
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 71
considered illiquid securities by the Fund. These securities may be difficult to purchase, sell or unwind. Illiquid securities also may be difficult to value. If the Fund is forced to sell an illiquid asset, the Fund may be forced to sell at a loss.
Additionally, the Fund may gain exposure to ILS by investing in a closed-end interval fund, Pioneer ILS Interval Fund, an affiliate of the Adviser. The Fund’s investment in Pioneer ILS Interval Fund at July 31, 2020, is listed in the Schedule of Investments.
I. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the Fund at a later date, and at a specific price, which is typically higher than the purchase price paid by the Fund. The securities purchased serve as the Fund’s collateral for the obligation of the counterparty to repurchase the securities. The value of the collateral, including accrued interest, is required to be equal to or in excess of the repurchase price. The collateral for all repurchase agreements is held in safekeeping in the customer-only account of the Fund’s custodian or a sub-custodian of the Fund. The Adviser is responsible for determining that the value of the collateral remains at least equal to the repurchase price. In the event of a default by the counterparty, the Fund is entitled to sell the securities, but the Fund may not be able to sell them for the price at which they were purchased, thus causing a loss to the Fund. Additionally, if the counterparty becomes insolvent, there is some risk that the Fund will not have a right to the securities, or the immediate right to sell the securities.
Open repurchase agreements at July 31, 2020, are disclosed in the Schedule of Investments.
J. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge against changes in interest rates, securities prices and currency exchange rates or to seek to increase total return. Futures contracts are types of derivatives. All futures contracts entered into by the Fund are traded on a futures exchange. Upon entering into a futures contract, the Fund is required to deposit with a broker an amount of cash or securities equal to the minimum “initial margin” requirements of the associated futures exchange. The amount of cash deposited with the broker as collateral at July 31, 2020, is recorded as “Futures collateral” on the Statement of Assets and Liabilities.
72 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
Subsequent payments for futures contracts (“variation margin”) are paid or received by the Fund, depending on the daily fluctuation in the value of the contracts, and are recorded by the Fund as unrealized appreciation or depreciation. Cash received from or paid to the broker related to previous margin movement is held in a segregated account at the broker and is recorded as either “Due from broker for futures” or “Due to broker for futures” on the Statement of Assets and Liabilities. When the contract is closed, the Fund realizes a gain or loss equal to the difference between the opening and closing value of the contract as well as any fluctuation in foreign currency exchange rates where applicable. Futures contracts are subject to market risk, interest rate risk and currency exchange rate risk. Changes in value of the contracts may not directly correlate to the changes in value of the underlying securities. With futures, there is reduced counterparty credit risk to the Fund since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.
The average market value of futures contracts open during the year ended July 31, 2020, was $10,599,470. Open futures contracts outstanding at July 31, 2020, are listed in the Schedule of Investments.
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees are calculated daily and paid monthly at the annual rate of 0.50% of the Fund’s average daily net assets up to $1 billion and 0.45% of the Fund’s average daily net assets over $1 billion. For the year ended July 31, 2020, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.50% of the Fund’s average daily net assets.
The Adviser has agreed to waive its management fee with respect to any portion of the Fund’s assets invested in Pioneer ILS Interval Fund, an affiliated fund managed by the Adviser. For the year ended July 31, 2020, the Adviser waived $16,527 in management fees with respect to the Fund, which is reflected on the Statement of Operations as an expense waiver.
The Adviser has contractually agreed to limit ordinary operating expenses (ordinary operating expenses means all fund expenses other than extraordinary expenses, such as litigation, taxes, brokerage commissions and acquired fund fees and expenses) of the Fund to the extent required to reduce Fund expenses to 0.99%, 0.65%, 1.30% and 0.65% of the average daily net assets attributable to Class A, Class K, Class R and Class Y shares, respectively. These expense limitations are in effect through December 1, 2020. Fees waived and expenses reimbursed during the year ended July 31,
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 73
2020 are reflected on the Statement of Operations. There can be no assurance that the Adviser will extend the expense limitation agreement for a class of shares beyond the date referred to above.
In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Fund as administrative reimbursements. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $67,479 in management fees, administrative costs and certain other reimbursements payable to the Adviser at July 31, 2020.
3. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund’s omnibus relationship contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the year ended July 31, 2020, such out-of-pocket expenses by class of shares were as follows:
| | | | |
| Shareowner Communications: | | | |
Class A | | $ | 48,457 | |
Class C | | | 6,472 | |
Class K | | | 8 | |
Class R | | | 2,543 | |
Class Y | | | 1,806 | |
| Total | | $ | 59,286 | |
4. Distribution and Service Plans
The Fund has adopted a distribution plan (the “Plan”) pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A, Class C and Class R shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays the Distributor 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution
74 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
services with regard to Class C shares. Pursuant to the Plan, the Fund further pays the Distributor 0.50% of the average daily net assets attributable to Class R shares for distribution services. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $9,486 in distribution fees payable to the Distributor at July 31, 2020.
The Fund also has adopted a separate service plan for Class R shares (“Service Plan”). The Service Plan authorizes the Fund to pay securities dealers, plan administrators or other service organizations that agree to provide certain services to retirement plans or plan participants holding shares of the Fund a service fee of up to 0.25% of the Fund’s average daily net assets attributable to Class R shares held by such plans.
In addition, redemptions of Class A and Class C shares may be subject to a contingent deferred sales charge (“CDSC”). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00% based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class K, Class R or Class Y shares. Proceeds from the CDSC are paid to the Distributor. For the year ended July 31, 2020, CDSC in the amount of $10,798 were paid to the Distributor.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the “Funds”), participates in a committed, unsecured revolving line of credit (“credit facility”). Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the facility or the limits set for borrowing by the Fund’s prospectus and the 1940 Act. Effective March 11, 2020, the Fund participates in a facility in the amount of $300 million. Prior to February 5, 2020, the Fund participated in a facility in the amount of $25 million. The Fund pays an annual commitment fee to participate in a credit facility. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (“LIBOR”) plus a credit spread. The commitment fee is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the year ended July 31, 2020, the Fund had no borrowings under the credit facility.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 75
6. Transactions in Underlying Funds
An affiliated issuer may be considered one in which a Fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the Fund assumes the following to be affiliated issuer:
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Change in | | | | |
| Underlying | | | | | | | | | | | Net | | | unrealized | | | | |
| Fund | | Beginning | | | | | | | | | Realized | | | appreciation | | | | |
| (Affiliated) | | Value | | | Purchases | | | Sales
| | | gain (loss) | | | (depreciation)
| | | Value | |
Pioneer ILS | | | | | | | | | | | | | | | | | | |
| Interval Fund | | $ | 962,435 | | | $ | — | | | $ | — | | | $ | — | | | $ | (13,245 | ) | | $ | 949,190 | |
| Total | | $ | 962,435 | | | $ | — | | | $ | — | | | $ | — | | | $ | (13,245 | ) | | $ | 949,190 | |
Annual and semi-annual reports for the underlying Pioneer funds are available on the funds’ web page(s) at www.amundipioneer.com/us.
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund’s use of derivatives may enhance or mitigate the Fund’s exposure to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange rate risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity index will fluctuate based on increases or decreases in the commodities market and factors specific to a particular industry or commodity.
76 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at July 31, 2020, was as follows:
| | | | | | | | | | | | | | | | |
| | Interest | | | | | | Foreign | | | | | | | |
| Statement of | | Rate | | | Credit | | | Exchange | | | Equity | | | Commodity | |
| Assets and Liabilities | | Risk | | | Risk | | | Rate Risk | | | Risk | | | Risk | |
| Assets | | | | | | | | | | | | | | | |
| Net unrealized | | | | | | | | | | | | | | | |
| appreciation on | | | | | | | | | | | | | | | |
| futures contracts | | $ | 230,805 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Total Value | | $ | 230,805 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at July 31, 2020, was as follows:
| | | | | | | | | | | | | | | | |
| | Interest | | | | | | Foreign | | | | | | | |
| | Rate | | | Credit | | | Exchange | | | Equity | | | Commodity | |
| Statement of Operations | | Risk | | | Risk | | | Rate Risk | | | Risk | | | Risk | |
| Net realized gain (loss) on: | | | | | | | | | | | | | | | |
| Futures contracts | | $ | 124,175 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Total Value | | $ | 124,175 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Change in net unrealized | | | | | | | | | | | | | | | | | | | | |
| appreciation | | | | | | | | | | | | | | | | | | | | |
| (depreciation) on: | | | | | | | | | | | | | | | | | | | | |
| Futures contracts | | $ | 228,453 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Total Value | | $ | 228,453 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 77
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust IV and the Shareholders of Pioneer Balanced ESG Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Balanced ESG Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust IV (the “Trust”)), including the schedule of investments, as of July 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the “financial statements”). The financial highlights for the period ended July 31, 2016 were audited by another independent registered public accounting firm whose report, dated September 28, 2016, expressed an unqualified opinion on those financial highlights. In our opinion, the financial statements present fairly, in all material respects, the financial position of Pioneer Balanced ESG Fund at July 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
78 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2020, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Amundi Pioneer investment companies since 2017.
Boston, Massachusetts
September 29, 2020
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 79
ADDITIONAL INFORMATION (unaudited)
For the year ended July 31, 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to the maximum amount of such dividends allowable under the Act, as taxed at a maximum rate of 20%. Complete information will be computed and reported in conjunction with your 2020 form 1099-DIV.
The qualifying percentage of the Fund’s ordinary income dividends for the purpose of the corporate dividends received deduction was 75.30%.
Qualified interest income is exempt from nonresident alien (NRA) tax withholding. The percentage of the Fund’s ordinary income distributions derived from qualified interest income was 31.49%.
80 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
Statement Regarding Liquidity Risk Management Program
As required by law, the Fund has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the Fund could not meet requests to redeem its shares without significant dilution of remaining investors’ interests in the Fund. The Fund’s Board of Trustees designated a liquidity risk management committee (the “Committee”) consisting of employees of Amundi Pioneer Asset Management, Inc. (the “Adviser”) to administer the Program.
The Committee provided the Board of Trustees with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through March 31, 2020 (the “Reporting Period”).
The Report confirmed that, throughout the Reporting Period, the Committee had monitored the Fund’s portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in Board reporting throughout the Reporting Period.
The Report discussed the Committee’s annual review of the Program, which addressed, among other things, the following elements of the Program:
The Committee reviewed the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. The Committee noted that the Fund’s investment strategy continues to be appropriate for an open-end fund, taking into account, among other things, whether and to what extent the Fund held less liquid and illiquid assets and the extent to which any such investments affected the Fund’s ability to meet redemption requests. In managing and reviewing the Fund’s liquidity risk, the Committee also considered the extent to which the Fund’s investment strategy involves a relatively concentrated portfolio or large positions in particular issuers, the extent to which the Fund uses borrowing for investment purposes, and the extent to which the Fund uses derivatives (including for hedging purposes). The Committee also reviewed the Fund’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. In assessing the Fund’s cash flow projections, the Committee considered, among other factors, historical net redemption activity, redemption policies, ownership concentration, distribution channels, and the degree of certainty associated with the Fund’s short-term and long-term cash flow projections. The Committee also considered the Fund’s
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 81
holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources, including, if applicable, the Fund’s participation in a credit facility, as components of the Fund’s ability to meet redemption requests. The Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests.
The Committee reviewed the Program’s liquidity classification methodology for categorizing the Fund’s investments into one of four liquidity buckets. In reviewing the Fund’s investments, the Committee considered, among other factors, whether trading varying portions of a position in a particular portfolio investment or asset class in sizes the Fund would reasonably anticipate trading, would be reasonably expected to significantly affect liquidity.
The Committee performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum, and determined that no such minimum is required because the Fund primarily holds highly liquid investments.
The Report stated that the Committee concluded the Program operates adequately and effectively, in all material respects, to assess and manage the Fund’s liquidity risk throughout the Reporting Period.
82 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
Trustees, Officers and Service Providers
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is publicly available to shareowners at www.amundipioneer.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
Trustees and Officers
The Fund’s Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 45 U.S. registered investment portfolios for which Amundi Pioneer serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292.
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 83
|
| Name, Age and Position | Term of Office and | | Other Directorships |
| Held With the Fund | Length of Service | Principal Occupation | Held by Trustee |
Thomas J. Perna (69) Chairman of the Board and Trustee | Trustee since 2006. Serves until a successor trustee is elected or earlier retirement or removal. | Private investor (2004 – 2008 and 2013 – present); Chairman (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. (technology products for securities lending industry); and Senior Executive Vice President, The Bank of New York (financial and securities services) (1986 – 2004) | Director, Broadridge Financial Solutions, Inc. (investor communications and securities processing provider for financial services industry) (2009 – present); Director, Quadriserv, Inc. (2005 – 2013); and Commissioner, New Jersey State Civil Service Commission (2011 – 2015) |
John E. Baumgardner, Jr. (69) Trustee
| Trustee since 2019. Serves until a successor trustee is elected or earlier retirement or removal. | Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell LLP (law firm).
| Chairman, The Lakeville Journal Company, LLC, (privately-held community newspaper group) (2015-present) |
Diane Durnin (63) Trustee | Trustee since 2019. Serves until a successor trustee is elected or earlier retirement or removal. | Managing Director - Head of Product Strategy and Development, BNY Mellon Investment Management (investment management firm) (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): Executive Vice President Head of Product, BNY Mellon Investment Management (2007-2012); Executive Director- Product Strategy, Mellon Asset Management (2005-2007); Executive Vice President Head of Products, Marketing and Client Service, Dreyfus Corporation (investment management firm) (2000-2005); and Senior Vice President Strategic Product and Business Development, Dreyfus Corporation (1994-2000) | None |
84 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
| | | | |
| Name, Age and Position | Term of Office and | | Other Directorships |
| Held With the Fund | Length of Service | Principal Occupation | Held by Trustee |
Benjamin M. Friedman (75) Trustee
| Trustee since 2008. Serves until a successor trustee is elected or earlier retirement or removal. | William Joseph Maier Professor of Political Economy, Harvard University (1972 – present) | Trustee, Mellon Institutional Funds Investment Trust and Mellon Institutional Funds Master Portfolio (oversaw 17 portfolios in fund complex) (1989 - 2008) |
Lorraine H. Monchak (64) Trustee | Trustee since 2017. (Advisory Trustee from 2014 - 2017). Serves until a successor trustee is elected or earlier retirement or removal. | Chief Investment Officer, 1199 SEIU Funds (healthcare workers union pension funds) (2001 – present); Vice President – International Investments Group, American International Group, Inc. (insurance company) (1993 – 2001); Vice President – Corporate Finance and Treasury Group, Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability Management Group, Federal Farm Funding Corporation (government- sponsored issuer of debt securities) (1988 – 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 – 1988); and Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 – 1987) | None |
Marguerite A. Piret (72) Trustee | Trustee since 2005. Serves until a successor trustee is elected or earlier retirement or removal. | Chief Financial Officer, American Ag Energy, Inc. (controlled environment and agriculture company) (2016 – present); and President and Chief Executive Officer, Metric Financial Inc. (formerly known as Newbury Piret Company) (investment banking firm) (1981 – 2019) | Director of New America High Income Fund, Inc. (closed-end investment company) (2004 – present); and Member, Board of Governors, Investment Company Institute (2000 – 2006) |
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 85
| |
Independent Trustees (continued) |
|
| Name, Age and Position | Term of Office and | | Other Directorships |
| Held With the Fund | Length of Service | Principal Occupation | Held by Trustee |
Fred J. Ricciardi (73) Trustee | Trustee since 2014. Serves until a successor trustee is elected or earlier retirement or removal. | Consultant (investment company services) (2012 – present); Executive Vice President, BNY Mellon (financial and investment company services) (1969 – 2012); Director, BNY International Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas Investment Corp. (financial services) (2009 – 2012); Director, Financial Models (technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial services) (1999-2006); and Chairman, BNY Alternative Investment Services, Inc. (financial services) (2005-2007) | None |
86 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
|
| Name, Age and Position | Term of Office and | | Other Directorships |
| Held With the Fund | Length of Service | Principal Occupation | Held by Trustee |
Lisa M. Jones (58)* Trustee, President and Chief Executive Officer | Trustee since 2017. Serves until a successor trustee is elected or earlier retirement or removal | Director, CEO and President of Amundi Pioneer Asset Management USA, Inc. (investment management firm) (since September 2014); Director, CEO and President of Amundi Pioneer Asset Management, Inc. (since September 2014); Director, CEO and President of Amundi Pioneer Distributor, Inc. (since September 2014); Director, CEO and President of Amundi Pioneer Institutional Asset Management, Inc. (since September 2014); Chair, Amundi Pioneer Asset Management USA, Inc., Amundi Pioneer Distributor, Inc. and Amundi Pioneer Institutional Asset Management, Inc. (September 2014 – 2018); Managing Director, Morgan Stanley Investment Management (investment management firm) (2010 – 2013); Director of Institutional Business, CEO of International, Eaton Vance Management (investment management firm) (2005 – 2010); and Director of Amundi USA, Inc. (since 2017) | None |
Kenneth J. Taubes (62)* Trustee | Trustee since 2014. Serves until a successor trustee is elected or earlier retirement or removal | Director and Executive Vice President (since 2008) and Chief Investment Officer, U.S. (since 2010) of Amundi Pioneer Asset Management USA, Inc. (investment management firm); Director and Executive Vice President and Chief Investment Officer, U.S. of Amundi Pioneer (since 2008); Executive Vice President and Chief Investment Officer, U.S. of Amundi Pioneer Institutional Asset Management, Inc. (since 2009); Portfolio Manager of Amundi Pioneer (since 1999); and Director of Amundi USA, Inc. (since 2017) | None |
* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates. |
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 87
|
| Name, Age and Position | Term of Office and | | Other Directorships |
| Held With the Fund | Length of Service | Principal Occupation | Held by Officer |
Christopher J. Kelley (55) Secretary and Chief Legal Officer
| Since 2005. Serves at the discretion of the Board
| Vice President and Associate General Counsel of Amundi Pioneer since January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; and Vice President and Senior Counsel of Amundi Pioneer from July 2002 to December 2007 | None |
Carol B. Hannigan (59) Assistant Secretary | Since 2010. Serves at the discretion of the Board | Fund Governance Director of Amundi Pioneer since December 2006 and Assistant Secretary of all the Pioneer Funds since June 2010; Manager – Fund Governance of Amundi Pioneer from December 2003 to November 2006; and Senior Paralegal of Amundi Pioneer from January 2000 to November 2003 | None |
Thomas Reyes (57) Assistant Secretary | Since 2010. Serves at the discretion of the Board | Assistant General Counsel of Amundi Pioneer since May 2013 and Assistant Secretary of all the Pioneer Funds since June 2010; and Counsel of Amundi Pioneer from June 2007 to May 2013 | None |
Mark E. Bradley (60) Treasurer and Chief Financial and Accounting Officer | Since 2008. Serves at the discretion of the Board | Vice President – Fund Treasury of Amundi Pioneer; Treasurer of all of the Pioneer Funds since March 2008; Deputy Treasurer of Amundi Pioneer from March 2004 to February 2008; and Assistant Treasurer of all of the Pioneer Funds from March 2004 to February 2008 | None |
Luis I. Presutti (55) Assistant Treasurer | Since 2005. Serves at the discretion of the Board | Director – Fund Treasury of Amundi Pioneer; and Assistant Treasurer of all of the Pioneer Funds | None |
Gary Sullivan (62) Assistant Treasurer | Since 2005. Serves at the discretion of the Board | Senior Manager – Fund Treasury of Amundi Pioneer; and Assistant Treasurer of all of the Pioneer Funds | None |
88 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
| | | | |
| Name, Age and Position | Term of Office and | | Other Directorships |
| Held With the Fund | Length of Service | Principal Occupation | Held by Officer |
Antonio Furtado (38) Assistant Treasurer | Since 2020. Serves at the discretion of the Board | Fund Oversight Manager – Fund Treasury of Amundi Pioneer; and Assistant Treasurer of all of the Pioneer Funds | None |
John Malone (48) Chief Compliance Officer | Since 2018. Serves
at the discretion of
the Board | Managing Director, Chief Compliance Officer of Amundi Pioneer Asset Management; Amundi Pioneer Institutional Asset Management, Inc.; and the Pioneer Funds since September 2018; and Chief Compliance Officer of Amundi Pioneer Distributor, Inc. since January 2014. | None |
Kelly O’Donnell (49) Anti-Money Laundering Officer | Since 2006. Serves at the discretion of the Board | Vice President – Amundi Pioneer Asset Management; and Anti-Money Laundering Officer of all the Pioneer Funds since 2006 | None |
Pioneer Balanced ESG Fund | Annual Report | 7/31/20 89
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90 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
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Pioneer Balanced ESG Fund | Annual Report | 7/31/20 91
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92 Pioneer Balanced ESG Fund | Annual Report | 7/31/20
How to Contact Amundi Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for assistance or information.
| | | |
| Call us for: | | |
Account Information, including existing accounts, | |
new accounts, prospectuses, applications | |
and service forms | | 1-800-225-6292 |
| | | |
FactFoneSM for automated fund yields, prices, | |
account information and transactions | 1-800-225-4321 |
| | |
| Retirement plans information | | 1-800-622-0176 |
|
| Write to us: | | |
Amundi Pioneer | | |
P.O. Box 219427 | | |
Kansas City, MO 64121-9427 | | |
| | | |
| Our toll-free fax | | 1-800-225-4240 |
| | | |
| Our internet e-mail address | us.askamundipioneer@amundipioneer.com |
(for general questions about Amundi Pioneer only) | |
|
| Visit our web site: www.amundipioneer.com/us | |
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com/us
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2020 Amundi Pioneer Asset Management 19418-14-0920
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
The registrant has adopted, as of the end of the period covered by this report, a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and regulations;
(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period covered by this report.
(d) If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from, a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item by posting such information on its Internet website, disclose the registrant’s Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this Form N-CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made. See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant’s board of trustees has determined that the registrant either:
(i) Has at least one audit committee financial expert serving on its audit committee; or
(ii) Does not have an audit committee financial expert serving on its audit committee.
The registrant’s Board of Trustees has determined that the registrant has at least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Mr. Fred J. Ricciardi, an independent trustee, is such an audit committee financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1) (ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
The audit fees for the Trust were $86,100 payable to Ernst & Young LLP for the year ended July 31, 2020 and $80,000 for the year ended July 31, 2019.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
There were no audit-related services in 2020 or 2019.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
The tax fees for the Trust were $16,378 payable to Ernst & Young LLP for the year ended July 31, 2020 and $16,056 for the year ended July 31, 2019.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
There were no other fees in 2020 or 2019.
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of their outside auditors. Maintaining independence is a shared responsibility involving Amundi Pioneer Asset Management, Inc, the audit committee and the independent auditors.
The Funds recognize that a Fund’s independent auditors: 1) possess knowledge of the Funds, 2) are able to incorporate certain services into the scope of the audit, thereby avoiding redundant work, cost and disruption of Fund personnel and processes, and 3) have expertise that has value to the Funds. As a result, there are situations where it is desirable to use the Fund’s independent auditors for services in addition to the annual audit and where the potential for conflicts of interests are minimal. Consequently, this policy, which is intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and procedures to be followed by the Funds when retaining the independent audit firm to perform audit, audit-related tax and other services under those circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also constitute approval for any other Fund whose pre-approval is required pursuant to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services that may be provided consistently with Rule 210.2-01 may be approved by the Audit Committee itself and any pre-approval that may be waived in accordance with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund’s independent auditors and their compensation shall be determined by the Audit Committee and shall not be subject to this policy.
| | | |
| SECTION II - POLICY |
| |
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES |
| | | |
I. AUDIT SERVICES | Services that are directly | o Accounting research assistance |
| | related to performing the | o SEC consultation, registration |
| | independent audit of the Funds | statements, and reporting |
| | | o Tax accrual related matters |
| | | o Implementation of new accounting standards |
| | | o Compliance letters (e.g. rating agency letters) |
| | | o Regulatory reviews and assistance |
| | | regarding financial matters |
| | | o Semi-annual reviews (if requested) |
| | | o Comfort letters for closed end offerings |
II. AUDIT-RELATED | Services which are not | o AICPA attest and agreed-upon procedures |
SERVICES | prohibited under Rule | o Technology control assessments |
| | 210.2-01(C)(4) (the “Rule”) | o Financial reporting control assessments |
| | and are related extensions of | o Enterprise security architecture |
| | the audit services support the | assessment |
| | audit, or use the knowledge/expertise | |
| | gained from the audit procedures as a | |
| | foundation to complete the project. | |
| | In most cases, if the Audit-Related | |
| | Services are not performed by the | |
| | Audit firm, the scope of the Audit | |
| | Services would likely increase. | |
| | The Services are typically well-defined | |
| | and governed by accounting | |
| | professional standards (AICPA, | |
| | SEC, etc.) | |
| | |
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
| o “One-time” pre-approval | o A summary of all such |
| for the audit period for all | services and related fees |
| pre-approved specific service | reported at each regularly |
| subcategories. Approval of the | scheduled Audit Committee |
| independent auditors as | meeting. |
| auditors for a Fund shall | |
| constitute pre approval for | |
| these services. | |
| |
| o “One-time” pre-approval | o A summary of all such |
| for the fund fiscal year within | services and related fees |
| a specified dollar limit | (including comparison to |
| for all pre-approved | specified dollar limits) |
| specific service subcategories | reported quarterly. |
| |
| o Specific approval is | |
| needed to exceed the | |
| pre-approved dollar limit for | |
| these services (see general | |
Audit Committee approval policy | |
| below for details on obtaining | |
| specific approvals) | |
| |
| o Specific approval is | |
| needed to use the Fund’s | |
| auditors for Audit-Related | |
| Services not denoted as | |
| “pre-approved”, or | |
| to add a specific service | |
| subcategory as “pre-approved” | |
SECTION III - POLICY DETAIL, CONTINUED
| | |
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE |
| | | SUBCATEGORIES |
III. TAX SERVICES | Services which are not | o Tax planning and support |
| | prohibited by the Rule, | o Tax controversy assistance |
| | if an officer of the Fund | o Tax compliance, tax returns, excise |
| | determines that using the | tax returns and support |
| | Fund’s auditor to provide | o Tax opinions |
| | these services creates | |
| | significant synergy in | |
| | the form of efficiency, | |
| | minimized disruption, or | |
| | the ability to maintain a | |
| | desired level of | |
| | confidentiality. | |
| | |
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
o “One-time” pre-approval | o A summary of |
for the fund fiscal year | all such services and |
within a specified dollar limit | related fees |
| | (including comparison |
| | to specified dollar |
| | limits) reported |
| | quarterly. |
| |
o Specific approval is | |
| needed to exceed the | |
| pre-approved dollar limits for | |
| these services (see general | |
| Audit Committee approval policy | |
| below for details on obtaining | |
| specific approvals) | |
| |
o Specific approval is | |
| needed to use the Fund’s | |
| auditors for tax services not | |
| denoted as pre-approved, or to | |
add a specific service subcategory as | |
| “pre-approved” | |
SECTION III - POLICY DETAIL, CONTINUED
| |
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE |
| | | SUBCATEGORIES |
IV. OTHER SERVICES | Services which are not | o Business Risk Management support |
| | prohibited by the Rule, | o Other control and regulatory |
A. SYNERGISTIC, | if an officer of the Fund | compliance projects |
UNIQUE QUALIFICATIONS | determines that using the | |
| | Fund’s auditor to provide | |
| | these services creates | |
| | significant synergy in | |
| | the form of efficiency, | |
| | minimized disruption, | |
| | the ability to maintain a | |
| | desired level of | |
| | confidentiality, or where | |
| | the Fund’s auditors | |
| | posses unique or superior | |
| | qualifications to provide | |
| | these services, resulting | |
| | in superior value and | |
| | results for the Fund. | |
| | |
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
o “One-time” pre-approval | o A summary of |
| for the fund fiscal year within | all such services and |
| a specified dollar limit | related fees |
| | (including comparison |
| | to specified dollar |
| | limits) reported |
| | quarterly. |
o Specific approval is | |
| needed to exceed the | |
| pre-approved dollar limits for | |
| these services (see general | |
| Audit Committee approval policy | |
| below for details on obtaining | |
| specific approvals) | |
| |
o Specific approval is | |
| needed to use the Fund’s | |
| auditors for “Synergistic” or | |
| “Unique Qualifications” Other | |
| Services not denoted as | |
| pre-approved to the left, or to | |
| add a specific service | |
| subcategory as “pre-approved” | |
SECTION III - POLICY DETAIL, CONTINUED
| |
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PROHIBITED SERVICE |
| | | SUBCATEGORIES |
PROHIBITED SERVICES | Services which result | 1. Bookkeeping or other services |
| | in the auditors losing | related to the accounting records or |
| | independence status | financial statements of the audit |
| | under the Rule. | client* |
| | | 2. Financial information systems design |
| | | and implementation* |
| | | 3. Appraisal or valuation services, |
| | | fairness* opinions, or |
| | | contribution-in-kind reports |
| | | 4. Actuarial services (i.e., setting |
| | | actuarial reserves versus actuarial |
| | | audit work)* |
| | | 5. Internal audit outsourcing services* |
| | | 6. Management functions or human |
| | | resources |
| | | 7. Broker or dealer, investment |
| | | advisor, or investment banking services |
| | | 8. Legal services and expert services |
| | | unrelated to the audit |
| | | 9. Any other service that the Public |
| | | Company Accounting Oversight Board |
| | | determines, by regulation, is |
| | | impermissible |
| | |
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
o These services are not to be | o A summary of all |
| performed with the exception of the(*) | services and related |
| services that may be permitted | fees reported at each |
| if they would not be subject to audit | regularly scheduled |
| procedures at the audit client (as | Audit Committee meeting |
| defined in rule 2-01(f)(4)) level | will serve as continual |
| the firm providing the service. | confirmation that has |
| | not provided any |
| | restricted services. |
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund’s auditors will each make an assessment to determine that any proposed projects will not impair independence.
o Potential services will be classified into the four non-restricted service categories and the “Approval of Audit, Audit-Related, Tax and Other Services” Policy above will be applied. Any services outside the specific pre-approved service subcategories set forth above must be specifically approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the services by service category, including fees, provided by the Audit firm as set forth in the above policy.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered into on or after May 6, 2003, the effective date of the new SEC pre-approval rules, the Trust's audit committee is required to pre-approve services to affiliates defined by SEC rules to the extent that the services are determined to have a direct impact on the operations or financial reporting of the Trust. For the years ended July 31 2020 and 2019, there were no services provided to an affiliate that required the Trust's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountants engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
The aggregate non-audit fees for the Trust were $16,378 payable to Ernst & Young LLP for the year ended July 31, 2020 and $16,056 for the year ended July 31, 2019.
(h) Disclose whether the registrants audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrants investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
The Fund’s audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Affiliates (as defined) that were not pre- approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in 210.1212 of Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.
N/A
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR, provide the following information:
(1) State the name, title, and length of service of the person or persons employed by or associated with the registrant or an investment adviser of the registrant who are primarily responsible for the day-to-day management of the registrant’s portfolio (“Portfolio Manager”). Also state each Portfolio Manager’s business experience during the past 5 years.
N/A
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company, in the following tabular format, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any affiliated purchaser, as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).
N/A
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors since the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A) in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant’s principal executive and principal financials officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are effective based on the evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occured during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) If the registrant is a closed-end management investment company, provide the following dollar amounts of income and compensation related to the securities lending activities of the registrant during its most recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities lending activities and related services: any share of revenue generated by the securities lending program paid to the securities lending agent(s) (revenue split); fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split; administrative fees that are not included in the revenue split; fees for indemnification that are not included in the revenue split; rebates paid to borrowers; and any other fees relating to the securities lending program that are not included in the revenue split, including a description of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe the services provided to the registrant by the securities lending agent in the registrants most recent fiscal year.
N/A
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust IV
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date October 9, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date October 9, 2020
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date October 9, 2020
* Print the name and title of each signing officer under his or her signature.
