UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21108
Pioneer Series Trust X
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: March 31
Date of reporting period: April 1, 2016 through March 31, 2017
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Dynamic
Credit Fund
--------------------------------------------------------------------------------
Annual Report | March 31, 2017
--------------------------------------------------------------------------------
Ticker Symbols:
Class A RCRAX
Class C RCRCX
Class Y RCRYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 37
Notes to Financial Statements 44
Report of Independent Registered Public Accounting Firm 64
Approval of New and Interim Management Agreements 66
Trustees, Officers and Service Providers 74
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 1
President's Letter
After an overall strong year for leading market indices in 2016, U.S. markets
continued to generate positive returns over the first calendar quarter of 2017,
with so-called "risk" assets, such as equities and credit-sensitive bonds,
posting solid gains. In the first quarter, U.S. equities, as measured by the
Standard & Poor's 500 Index, returned slightly more than 6%, while high-yield
securities dominated bond market performance.
The transfer of power in Washington, D.C. in January had little or no effect on
the markets in the first quarter, as the post-election momentum we witnessed
late in the fourth quarter of 2016 slowed only when oil prices slumped in March,
due to both higher-than-expected inventories and concerns over whether OPEC
(Organization of Petroleum Exporting Countries) would continue its supply cuts
in June. Not even the Federal Reserve System's (the Fed's) highly anticipated
rate hike during the month of March, its second in three months, nor Britain's
trigger of Article 50 to begin the "Brexit" process caused any dramatic sell-off
of risk assets.
While U.S. gross domestic product (GDP) did slow in the first quarter, the
expectation is for GDP to accelerate in the second quarter, with a strong
consumer leading the way. Pioneer believes the U.S. economy may lead all
developed nations in 2017, with GDP growth in excess of 2% for the year.
President Trump has proposed decidedly pro-business policies, such as lower
taxes, higher infrastructure spending, and less regulation, though we believe
the economy may realize the benefits of those policies, if enacted, more so in
2018 than in 2017. Conversely, the effects of the President's potentially
restrictive trade policies could offset some of the benefits of the pro-growth
fiscal policies.
Even so, we believe solid domestic employment figures should continue to support
consumption and the housing market, and that stronger corporate profits and
increased government spending may contribute to economic growth in 2018 and
beyond. Increasing global Purchasing Manager Indices (PMIs) suggest that growth
in global economies is also improving. (PMIs are used to measure the economic
health of the manufacturing sector.)
There are, as always, some risks to our outlook. First, the market already has
priced in a good deal of the Trump economic reform platform, and that could lead
to near-term disappointment if Congressional follow-through does not happen this
year. The future of the Affordable Care Act is another potential concern. The
first attempt to repeal/replace it failed, but any new proposed
2 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
legislation will undoubtedly have an effect on the health care sector, one of
the largest segments of the US economy. Geopolitical risks, of course, remain a
potential headwind, given ongoing strife in the Middle East and renewed tensions
on the Korean Peninsula.
While our current outlook is generally optimistic, conditions can and often do
change, and while passive investment strategies may have a place in one's
overall portfolio, it is our view that all investment decisions are active
choices.
Throughout Pioneer's history, we have believed in the importance of active
management. The active decisions to invest in equities or fixed-income
securities are made by a team of experienced investment professionals focusing
on identifying value across global markets using proprietary research, careful
risk management, and a long-term perspective. We believe our shareowners can
benefit from the experience and tenure of our investment teams as well as the
insights generated from our extensive research process.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
March 31, 2017
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 Dynamic Credit Fund | Annual Report | 3/31/17 3
Portfolio Management Discussion | 3/31/17
More credit-sensitive securities rallied over virtually the entire 12-month
period ended in March 31, 2017, while U.S. Treasuries and other higher-quality
debt underperformed as rising interest rates eroded prices. In the following
interview, Michael Temple and Kevin Choy discuss the principal factors that
affected the performance of the Pioneer Dynamic Credit Fund during the 12-month
period. Mr. Temple, a senior vice president, portfolio manager, and Director of
Fixed-Income Credit Research at Pioneer, is responsible for the day-to-day
management of the Fund, along with Mr. Choy, a vice president and portfolio
manager at Pioneer.
Q How did the Fund perform during the 12-month period ended March 31, 2017?
A Pioneer Dynamic Credit Fund's Class A shares returned 11.13% at net asset
value during the 12-month period ended March 31, 2017, while the Fund's
benchmark, the Bank of America Merrill Lynch U.S. Dollar 3-Month LIBOR Index
(the BofA ML Index), returned 0.74%. During the same period, the average
return of the 289 mutual funds in Lipper's Alternative Credit Focus Funds
category was 6.69%, and the average return of the 363 mutual funds in
Morningstar's Non-Traditional Bond Funds category was 6.47%.
Q How would you describe the investment environment during the 12-month
period ended March 31, 2017, and what were the principal factors that
affected the Fund's performance during the period?
A The Fund's focus on the more credit-sensitive sectors of the fixed-income
market, aided by an increased emphasis on owning below-investment-grade
debt, helped drive strong performance over the 12 months.
The rally in credit-sensitive debt was underway before the Fund's fiscal
year began in April 2016. Credit spreads already were tightening after
global oil prices had stabilized and then begun to increase in February
2016. (Credit spreads are commonly defined as the differences in yield
between Treasuries and other types of fixed-income securities with similar
maturities). This caused prices of high-yield corporate bonds and other
credit-sensitive debt to rise, as worries about a global economic slowdown
receded. Investors also gained confidence that the U.S. Federal Reserve (the
Fed) and other major central banks would leave interest rates at low levels,
thereby encouraging a continued economic recovery. In fact, the Fed, after
initially suggesting that it might raise rates a few times during 2016, soon
reversed course and signaled that it would put any rate increases on hold
until it had confidence that economic growth trends were sustainable.
4 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
In the second half of the Fund's fiscal year, the results of the U.S.
Presidential Election affected the credit markets, as credit spreads resumed
their rally while U.S. Treasuries sold off on the expectation of higher economic
growth and inflation under a Trump administration. Over the full 12-month period
ended March 31, 2017, the yield-to-worst of domestic high-yield corporate bonds
fell by 234 basis points (bps), from 818 bps to 584 bps. (Yield to worst is the
lowest potential yield that can be received on a bond without the issuer
defaulting. A basis point is equal to 1/100th of a percentage point.) The
yield-to-worst tightening was principally due to declines in credit spreads more
than offsetting an increase in U.S. Treasury interest rates. Over the 12-month
period, high-yield corporate bond credit spreads tightened by 273 bps, from 656
bps to 383 bps.
With regard to performance, we had already increased the Fund's emphasis on
credit-sensitive debt prior to the start of the fiscal year, moving from very
little portfolio exposure to higher-yielding corporates, to a large exposure. We
also emphasized investments in the midstream segment of the energy sector.
Significant investments in that area included pipeline companies such as
Williams Companies, Enbridge Energy Partners, and ONEOK, all three of which
performed well and made prominent contributions to the Fund's performance during
the 12-month period. The portfolio's increased exposure to credit-sensitive debt
helped to drive the Fund's performance as credit spreads tightened over the
course of period. The portfolio's energy names were supported by the rebound
and stabilization of energy/commodity prices. From the beginning to the end of
the 12-month period, and as credit spreads tightened, we reallocated the Fund's
exposure from high-yield debt into other sectors. For example, we moderately
increased the Fund's exposure to investment-grade debt, bank loans, and
insurance linked securities.
Also during the Fund's fiscal year, we shortened the duration of the portfolio
in an effort to reduce the risk of rising interest rates. (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.) At
the end of the period, on March 31, 2017, the Fund's duration was 3.6 years.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 5
Q What types of specific investments, or investment strategies, had the most
influence, positive or negative, on the Fund's benchmark-relative
performance during the 12-month period ended March 31, 2017?
A Sector positioning - specifically the Fund's exposure to high-yield and
investment-grade corporates - had a major positive impact on relative
returns, as did industry and security selection among the Fund's corporate
holdings. Positioning in energy industry midstream names also aided relative
performance significantly. Many of the investments were in pipeline
companies - such as Williams, Enbridge Energy, and ONEOK - as we mentioned
earlier.
Outside of the energy sector, one notable name that performed well for the
Fund was Sprint Corporation, a wireless and wireline communications
carrier. Improved subscriber metrics and a stronger balance-sheet liquidity
profile helped to improve the company's fundamentals and credit quality
over the 12-month period.
While almost any credit-sensitive security in the portfolio helped the
Fund's relative performance during the 12-month period, almost any holding
outside the credit-sensitive sectors tended to fare less well and detract
from the Fund's relative results.
Q Did the Fund invest in any derivative securities during the 12-month
period ended March 31, 2017?
A Yes, we invested in four types of derivatives during the period: U.S.
Treasury futures, credit default swaps, forward foreign currency contracts,
and options.
We invested in Treasury futures to manage the Fund's interest-rate duration.
The Treasury futures/duration strategy helped support the Fund's
performance during the period. We used credit default swaps (CDS) to
manage the Fund's exposure to high-yield debt. The CDS strategy also
supported performance as the swaps had a positive influence on results.
Because we wanted to guard against the risk of events shocking the markets
and causing a dramatic decline in the values of credit-sensitive securities,
we invested in the options contracts to hedge the portfolio against a sharp
market reversal. The cost of the options - which function as an attempt to
mitigate portfolio losses in a significant market sell-off - was a drag on
the Fund's relative performance. The result was to be expected, however,
given that we
6 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
did not have any notable declines in the market over the full 12 months. The
forward foreign currency contracts had no effect on the Fund's performance
during the period.
Q Did the Fund's income generation, or yield, change during the 12-month
period ended March 31, 2017?
A Yes. The current income generated by the Fund's investments fell during
the period as yield spreads tightened, and so the Fund's dividend*
distributions declined.
Q What is your investment outlook?
A Entering a new fiscal year for the Fund, we face a very different
investment environment than we did in March 2016, when short-term interest
rates remained low and credit-sensitive debt looked very attractive. Now,
credit spread levels are tighter, and thus, less compelling, while there is
potential for rising inflationary pressures and higher U.S. Treasury yields.
Looking ahead, we think key indicators should continue to show a reasonably
strong, growing economy, with gross domestic product (GDP) probably
expanding at a 2% to 2.5% annual rate, while inflation could continue to
creep higher. While we have a stable-to-positive view of the economic
environment and the fundamentals of the credit sectors, we do not foresee a
significant tightening of credit spreads in the near term. Given our view
that significant performance potential from the credit sectors has become
more limited, we have reduced the Fund's credit exposure to a more neutral
positioning.
Consistent with our investment discipline, we will continue to focus on
intensive credit research and try to take advantage of the best ideas our
analysts' research uncovers. We will continue to place an emphasis on the
investment themes in which we have the highest conviction, and that we
believe may have the potential to help the Fund generate solid risk-adjusted
returns.
* Dividends are not guaranteed.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 7
Please refer to the Schedule of Investments on pages 17-36 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, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Pioneer Dynamic Credit Fund has the ability to invest in a wide variety of debt
securities.
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.
The Fund and some of the underlying funds utilize strategies that have a
leveraging effect on the Fund, which increases the volatility of investment
returns and subjects the Fund to magnified losses if the Fund's or an underlying
fund's investments decline in value.
The Fund and some of the underlying funds 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 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 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.
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 event-linked bonds. The return of principal and the
payment of interest on event-linked bonds are contingent on the nonoccurrence of
a pre-defined "trigger" event, such as a hurricane or an earthquake of a
specific magnitude.
8 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
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 are payable as taxable
annual dividends to shareholders.
Investments in equity securities are subject to price fluctuation.
Investments in fixed-income securities involve interest rate, credit, inflation,
and reinvestment risks. As interest rates rise, the value of fixed-income
securities generally falls.
The Fund may invest in mortgage-backed securities, which during times of fluc-
tuating interest rates may increase or decrease more than other fixed-income
securities. Mortgage-backed securities are also subject to pre-payments.
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.
High-yield bonds possess greater price volatility, illiquidity, and possibility
of default.
There is no assurance that these and other strategies used by the Fund or
underlying funds will be successful.
The Fund is not intended to outperform stocks and bonds during strong market
rallies.
These risks may increase share price volatility.
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 Pioneer Investments 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.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 9
Portfolio Summary | 3/31/17
Portfolio Diversification*
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 51.0%
Senior Secured Loans 12.2%
International Corporate Bonds 11.6%
U.S. Government Securities 8.9%
Collateralized Mortgage Obligations 6.1%
Asset Backed Securities 3.3%
Closed End Fund 2.5%
Foreign Government Bonds 1.8%
Convertible Preferred Stocks 1.0%
Temporary Cash Investment 0.9%
U.S. Common Stocks 0.6%
Municipal Bonds 0.1%
Convertible Corporate Bonds 0.0%**
* Includes investments in Insurance-linked securities totaling 4.3% of total
investment portfolio.
** Amount rounds to less than 0.1%.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)***
1. Pioneer ILS Interval Fund (h) 2.52%
--------------------------------------------------------------------------------
2. U.S. Treasury Notes, 1.125%, 6/30/21 2.40
--------------------------------------------------------------------------------
3. U.S. Treasury Bills, 4/6/17 2.02
--------------------------------------------------------------------------------
4. Citigroup, Inc., Floating Rate Note, (Perpetual) 1.48
--------------------------------------------------------------------------------
5. U.S. Treasury Bills, 4/13/17 1.45
--------------------------------------------------------------------------------
6. CenturyLink, Inc., 5.8%, 3/15/22 1.37
--------------------------------------------------------------------------------
7. HCA, Inc., 5.25%, 4/15/25 1.33
--------------------------------------------------------------------------------
8. U.S. Treasury Bonds, 4.5%, 2/15/36 1.32
--------------------------------------------------------------------------------
9. EnLink Midstream Partners LP, 4.15%, 6/1/25 1.30
--------------------------------------------------------------------------------
10. Centene Corp., 4.75%, 1/15/25 1.18
--------------------------------------------------------------------------------
*** This list excludes temporary cash investments and derivative
instruments. The Fund is actively managed, and current holdings may be
different. The holdings listed should not be considered recommendations to
buy or sell any security listed.
(h) Affiliated funds managed by Pioneer Investment Management, Inc.
10 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
Prices and Distributions | 3/31/17
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/17 3/31/16
--------------------------------------------------------------------------------
A $9.39 $8.99
--------------------------------------------------------------------------------
C $9.36 $8.97
--------------------------------------------------------------------------------
Y $9.42 $9.03
--------------------------------------------------------------------------------
Distributions per Share: 4/1/16-3/31/17
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.5789 $ -- $ --
--------------------------------------------------------------------------------
C $0.5061 $ -- $ --
--------------------------------------------------------------------------------
Y $0.6111 $ -- $ --
--------------------------------------------------------------------------------
The Bank of America Merrill Lynch U.S. Dollar 3-Month LIBOR Index is an
unmanaged index that tracks the performance of a synthetic asset paying the
London Interbank Offered Rate (LIBOR), with a constant 3-month average maturity.
The index is based on the assumed purchase at par value of a synthetic
instrument having exactly its stated maturity and with a coupon equal to that
day's 3-month LIBOR rate. Index returns 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 index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 12-14.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 11
Performance Update | 3/31/17 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 Dynamic Credit Fund at public
offering price during the periods shown, compared to that of the Bank of
America (BofA) Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of March 31, 2017)
--------------------------------------------------------------------------------
BofA ML
Net Public U.S. Dollar
Asset Offering 3-Month
Value Price LIBOR
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 3.65% 2.85% 0.39%
5 Years 4.26 3.31 0.40
1 Year 11.13 6.17 0.74
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.19%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Dynamic BofA ML U.S. Dollar
Credit Fund 3-Month LIBOR Index
4/11 $ 9,550 $10,000
3/12 $ 9,587 $10,032
3/13 $10,569 $10,075
3/14 $10,880 $10,103
3/15 $10,803 $10,126
3/16 $10,627 $10,159
3/17 $11,810 $10,234
Call 1-800-225-6292 or visit us.pioneerinvestments.com 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. 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 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 refer to the financial highlights for a more current expense ratio.
12 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
Performance Update | 3/31/17 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 Dynamic Credit Fund during
the periods shown, compared to that of the Bank of America (BofA) Merrill
Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of March 31, 2017)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 2.83% 2.83% 0.39%
5 Years 3.46 3.46 0.40
1 Year 10.18 10.18 0.74
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.95%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Dynamic BofA ML U.S. Dollar
Credit Fund 3-Month LIBOR Index
4/11 $10,000 $10,000
3/12 $9,953 $10,032
3/13 $10,893 $10,075
3/14 $11,132 $10,103
3/15 $10,957 $10,126
3/16 $10,710 $10,159
3/17 $11,801 $10,234
Call 1-800-225-6292 or visit us.pioneerinvestments.com 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. 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.
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 refer to the financial highlights for a more current expense ratio.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 13
Performance Update | 3/31/17 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 Dynamic Credit Fund during
the periods shown, compared to that of the Bank of America (BofA)
Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of March 31, 2017)
--------------------------------------------------------------------------------
BofA ML
Net U.S. Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 4.02% 0.39%
5 Years 4.58 0.40
1 Year 11.35 0.74
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.96% 0.85%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Dynamic BofA ML U.S. Dollar
Credit Fund 3-Month LIBOR Index
4/11 $5,000,000 $5,000,000
3/12 $5,047,246 $5,016,143
3/13 $5,586,945 $5,037,507
3/14 $5,768,187 $5,051,252
3/15 $5,743,143 $5,063,025
3/16 $5,670,517 $5,079,487
3/17 $6,313,902 $5,116,913
Call 1-800-225-6292 or visit us.pioneerinvestments.com 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 August 1, 2017, for Class Y shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus for more information.
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 refer to the financial highlights for a more current expense ratio.
14 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
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 invest-
ment 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 (divided by) $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 Dynamic Credit Fund
Based on actual returns from October 1, 2016, through March 31, 2017.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 10/1/16
--------------------------------------------------------------------------------
Ending Account Value $1,033.19 $1,029.14 $1,033.70
(after expenses) on 3/31/17
--------------------------------------------------------------------------------
Expenses Paid $ 5.98 $ 9.81 $ 4.31
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.18%,
1.94% and 0.85% for Class A, Class C and Class Y Shares, respectively,
multiplied by the average account value over the period, multiplied by
182/365 (to reflect the one-half year period).
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 15
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 Dynamic Credit Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from October 1, 2016, through March 31, 2017.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 10/1/16
--------------------------------------------------------------------------------
Ending Account Value $1,019.05 $1,015.26 $1,020.69
(after expenses) on 3/31/17
--------------------------------------------------------------------------------
Expenses Paid $ 5.94 $ 9.75 $ 4.28
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.18%,
1.94% and 0.85% for Class A, Class C and Class Y Shares, respectively,
multiplied by the average account value over the period, multiplied by
182/365 (to reflect the one-half year period).
16 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
Schedule of Investments | 3/31/17
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($)(j) (unaudited) Value
--------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 0.0%+
MATERIALS -- 0.0%+
Steel -- 0.0%+
EUR 79,012 New World Resources NV, 4.0%, 10/7/20 (144A)
(4.0% cash, 8.0% PIK) (PIK) $ 8
---------------
Total Materials $ 8
--------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $64,421) $ 8
--------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS -- 1.1%
BANKS -- 1.1%
Diversified Banks -- 1.1%
900 Bank of America Corp., 7.25%, (Perpetual) $ 1,075,554
1,530 Wells Fargo & Co., 7.5% (Perpetual) 1,897,200
---------------
$ 2,972,754
---------------
Total Banks $ 2,972,754
--------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $3,120,105) $ 2,972,754
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.0%+
CAPITAL GOODS -- 0.0% +
Industrial Machinery -- 0.0%+
3,071 Liberty Tire Recycling LLC (d) $ 31
---------------
Total Capital Goods $ 31
--------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.0%+
Diversified Support Services -- 0.0%+
4 IAP Worldwide Services, Inc. $ 4,854
---------------
Total Commercial Services & Supplies $ 4,854
--------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $3,087) $ 4,885
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Principal
Amount ($)(j)
--------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 3.3%
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
323,297 Westgate Resorts 2014-1 LLC, 5.5%,
12/20/26 (144A) $ 323,330
---------------
Total Consumer Services $ 323,330
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 17
Schedule of Investments | 3/31/17 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($)(j) (unaudited) Value
--------------------------------------------------------------------------------------------------------
BANKS -- 3.2%
Thrifts & Mortgage Finance -- 3.2%
1,200,000 Ascentium Equipment Receivables 2016-2 Trust,
6.79%, 10/10/24 (144A) $ 1,260,545
499,993 Axis Equipment Finance Receivables III LLC, 5.27%,
5/20/20 (144A) 480,392
680,000 Engs Commercial Finance Trust 2016-1, 5.22%,
1/22/24 (144A) 665,309
164,042 7.78 GE Mortgage Services LLC, Floating Rate
Note, 3/25/27 98,930
111,977 GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 110,521
175,000 InSite Issuer LLC Class C Series 16-1A,
7.5%, 11/15/46 177,699
750,000 Leaf Receivables Funding 10 LLC, 5.21%,
7/15/21 (144A) 744,321
710,500 Navitas Equipment Receivables LLC 2015-1,
5.75%, 5/17/21 (144A) 702,886
600,000 5.48 NCF Dealer Floorplan Master Trust, Floating Rate
Note, 10/20/20 (144A) 595,980
194,075 RASC Series 2003-KS5 Trust, 4.96%,
7/25/33 (Step) 192,494
55,454 6.55 Security National Mortgage Loan Trust 2007-1,
Floating Rate Note, 4/25/37 (144A) 55,265
1,200,000 4.16 Silver Bay Realty 2014-1 Trust, Floating Rate Note,
9/18/31 (144A) 1,201,409
1,502,701 Solarcity Lmc Series VI LLC, 4.8%, 9/21/48 (144A) 1,510,754
999,013 VOLT XXV LLC, 4.5%, 6/26/45 (Step) (144A) 969,658
---------------
$ 8,766,163
---------------
Total Banks $ 8,766,163
--------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $9,120,974) $ 9,089,493
--------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 6.1%
BANKS -- 6.0%
Thrifts & Mortgage Finance -- 6.0%
71,644 3.09 Bear Stearns ALT-A Trust 2003-3, Floating Rate
Note, 10/25/33 $ 70,776
86,712 5.21 Bear Stearns Commercial Mortgage Securities
Trust 2005-PWR7, Floating Rate Note, 2/11/41 86,572
1,600,000 5.12 Bear Stearns Commercial Mortgage Securities
Trust 2005-TOP20, Floating Rate Note, 10/12/42 1,569,726
33,384 5.94 CHL Mortgage Pass-Through Trust 2002-32, Floating
Rate Note, 1/25/33 34,251
1,000,000 3.21 Citigroup Commercial Mortgage Trust 2014-GC23
REMICS, Floating Rate Note, 7/12/47 (144A) 640,475
400,000 Citigroup Commercial Mortgage Trust 2016-SMPL,
4.509%, 9/10/31 388,372
The accompanying notes are an integral part of these financial statements.
18 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($)(j) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
715,000 5.88 COBALT CMBS Commercial Mortgage Trust
2007-C3, Floating Rate Note, 5/15/46 $ 696,317
220,000 5.88 COBALT CMBS Commercial Mortgage Trust
2007-C3, Floating Rate Note, 5/15/46 156,200
1,000,000 5.81 COMM 2007-C9 Mortgage Trust, Floating Rate
Note, 12/10/49 (144A) 989,020
500,000 3.96 COMM 2014-UBS6 Mortgage Trust REMICS,
Floating Rate Note, 12/10/47 (144A) 414,295
303,157 5.47 Credit Suisse First Boston Mortgage Securities
Corp., Floating Rate Note, 6/25/33 3
1,126,099 5.10 Credit Suisse First Boston Mortgage Securities
Corp., Floating Rate Note, 8/15/38 1,130,416
2,050,000 5.10 Credit Suisse First Boston Mortgage Securities
Corp., Floating Rate Note, 8/15/38 1,726,089
500,000 3.58 CSAIL 2015-C4 Commercial Mortgage Trust
REMICS, Floating Rate Note, 11/15/48 423,196
275,234 5.60 EQTY 2014-MZ Mezzanine Trust, Floating Rate Note,
5/10/19 (144A) 269,910
270,168 Global Mortgage Securitization, Ltd., 5.25%,
11/25/32 (144A) 121,332
99,555 Global Mortgage Securitization, Ltd., 5.25%,
11/25/32 (144A) 19,184
428,259 Global Mortgage Securitization, Ltd., 5.25%,
4/25/32 (144A) 413,619
87,333 Global Mortgage Securitization, Ltd., 5.25%,
4/25/32 (144A) 52,114
570,000 5.00 GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 538,857
705,000 3.68 GS Mortgage Securities Trust 2014-GSFL, Floating
Rate Note, 7/15/31 (144A) 708,438
81,310 Homeowner Assistance Program Reverse Mortgage
Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 80,802
1,850,000 7.14 JP Morgan Chase Commercial Mortgage Securities Trust
2014-CBM MZ, Floating Rate Note, 10/15/19 (144A) 1,860,433
300,000 3.10 JPMDB Commercial Mortgage Securities Trust 2016-C4,
Floating Rate Note, 12/15/49 (144A) 218,410
573,364 4.00 La Hipotecaria Panamanian Mortgage Trust 2007-1,
Floating Rate Note, 12/23/36 (144A) 559,029
173,394 Merrill Lynch Mortgage Investors Trust Series 2006-AF1,
5.75%, 8/25/36 134,852
300,000 3.00 Morgan Stanley Capital I Trust 2016-BNK2, Floating
Rate Note, 11/15/49 (144A) 236,804
500,000 Morgan Stanley Capital I Trust 2016-UBS9, 3.0%,
3/15/49 (144A) 384,542
733,042 ORES 2014-LV3 LLC, 6.0%, 3/27/24 (144A) 730,828
830,456 2.16 RESI Finance LP 2003-D, Floating Rate Note,
12/10/35 (144A) 690,249
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 19
Schedule of Investments | 3/31/17 (continued)
-------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($)(j) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
750,000 Wells Fargo Commercial Mortgage Trust 2016-BNK1,
3.0%, 8/15/49 (144A) $ 620,813
200,000 4.35 WFRBS Commercial Mortgage Trust 2013-C12,
Floating Rate Note, 3/15/48 (144A) 182,353
---------------
$ 16,148,277
---------------
Total Banks $ 16,148,277
-------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.1%
Government -- 0.1%
377,805 2.59 FREMF Mortgage Trust 2015-KLSF REMICS,
Floating Rate Note, 11/25/22 (144A) $ 381,439
---------------
Total Government $ 381,439
-------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $17,355,067) $ 16,529,716
-------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 62.5%
ENERGY -- 11.2%
Oil & Gas Refining & Marketing -- 1.3%
3,505,000 EnLink Midstream Partners LP, 4.15%, 6/1/25 $ 3,462,831
-------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 9.9%
2,575,000 Boardwalk Pipelines LP, 4.95%, 12/15/24 $ 2,711,748
1,965,000 Cheniere Corpus Christi Holdings LLC, 5.875%,
3/31/25 (144A) 2,048,512
2,125,000 Enbridge Energy Partners LP, 7.375%, 10/15/45 2,591,397
2,690,000 Energy Transfer Equity LP, 5.5%, 6/1/27 2,811,050
780,000 Kinder Morgan, Inc. Delaware, 4.3%, 6/1/25 796,854
750,000 Kinder Morgan, Inc. Delaware, 5.3%, 12/1/34 752,680
1,360,000 Kinder Morgan, Inc. Delaware, 5.55%, 6/1/45 1,389,577
2,670,000 MPLX LP, 4.875%, 12/1/24 2,808,672
1,450,000 ONEOK, Inc., 6.875%, 9/30/28 1,573,250
925,000 ONEOK, Inc., 7.5%, 9/1/23 1,080,086
1,770,000 Plains All American Pipeline LP, 4.65%, 10/15/25 1,823,272
2,100,000 Sabine Pass Liquefaction LLC, 5.875%,
6/30/26 (144A) 2,315,433
2,000,000 Sabine Pass Liquefaction LLC, 6.25%, 3/15/22 2,219,560
1,800,000 Williams Partners LP, 6.3%, 4/15/40 2,017,267
---------------
$ 26,939,358
---------------
Total Energy $ 30,402,189
-------------------------------------------------------------------------------------------------------------
MATERIALS -- 2.7%
Metal & Glass Containers -- 0.7%
1,666,000 Ball Corp., 5.25%, 7/1/25 $ 1,763,878
-------------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.5%
1,300,000 Sealed Air Corp., 5.5%, 9/15/22 (144A) $ 1,378,000
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
-------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($)(j) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.3%
900,000 Vedanta Resources Plc, 6.375%, 7/30/22 (144A) $ 904,500
-------------------------------------------------------------------------------------------------------------
Steel -- 1.2%
2,010,000 ArcelorMittal, 6.0%, 3/1/21 $ 2,170,800
1,000,000 Commercial Metals Co., 4.875%, 5/15/23 1,020,000
EUR 38,709 0.00 New World Resources NV, Floating Rate Note,
10/7/20 (d) --
EUR 29,032 0.00 New World Resources NV, Floating Rate Note,
10/7/20 (d) --
---------------
$ 3,190,800
---------------
Total Materials $ 7,237,178
-------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 2.0%
Building Products -- 1.1%
1,480,000 Masco Corp., 4.45%, 4/1/25 $ 1,544,735
1,445,000 Standard Industries, Inc., 5.375%, 11/15/24 (144A) 1,463,958
---------------
$ 3,008,693
-------------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.4%
1,005,000 Amsted Industries, Inc., 5.0%, 3/15/22 (144A) $ 1,010,025
-------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.5%
1,445,000 Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A) $ 1,488,350
---------------
Total Capital Goods $ 5,507,068
-------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.8%
Diversified Support Services -- 0.8%
2,080,000 Ritchie Bros Auctioneers, Inc., 5.375%,
1/15/25 (144A) $ 2,126,800
---------------
Total Commercial Services & Supplies $ 2,126,800
-------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.1%
Tires & Rubber -- 0.6%
1,680,000 Goodyear Tire, 4.875%, 5/15/27 $ 1,680,000
-------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.5%
1,315,000 ZF North America Capital, Inc., 4.75%,
4/29/25 (144A) $ 1,361,025
---------------
Total Automobiles & Components $ 3,041,025
-------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.3%
Homebuilding -- 0.3%
765,000 DR Horton, Inc., 5.75%, 8/15/23 $ 858,129
---------------
Total Consumer Durables & Apparel $ 858,129
-------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.8%
Casinos & Gaming -- 0.8%
2,000,000 International Game Technology Plc, 6.5%,
2/15/25 (144A) $ 2,130,000
---------------
Total Consumer Services $ 2,130,000
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 21
Schedule of Investments | 3/31/17 (continued)
-------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($)(j) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
MEDIA -- 6.9%
Broadcasting -- 1.1%
1,500,000 CCO Holdings LLC, 5.125%, 5/1/27 (144A) $ 1,507,500
1,275,000 CCO Holdings LLC, 5.5%, 5/1/26 (144A) 1,319,625
---------------
$ 2,827,125
-------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 5.8%
2,105,000 Altice US Finance I Corp., 5.5%, 5/15/26 (144A) $ 2,162,888
1,985,000 CSC Holdings LLC, 5.5%, 4/15/27 (144A) 2,017,256
2,550,000 DISH DBS Corp., 5.875%, 7/15/22 2,679,081
2,255,000 Hughes Satellite Systems Corp., 5.25%, 8/1/26 (144A) 2,249,362
1,725,000 Sirius XM Radio, Inc., 5.375%, 7/15/26 (144A) 1,763,812
2,275,000 Time Warner Cable LLC, 4.5%, 9/15/42 2,061,796
2,800,000 Videotron, Ltd., 5.375%, 6/15/24 (144A) 2,908,500
---------------
$ 15,842,695
---------------
Total Media $ 18,669,820
-------------------------------------------------------------------------------------------------------------
RETAILING -- 0.5%
Internet Retail -- 0.5%
1,300,000 Expedia, Inc., 4.5%, 8/15/24 $ 1,360,808
---------------
Total Retailing $ 1,360,808
-------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 2.4%
Brewers -- 0.8%
2,020,000 Anheuser-Busch InBev Finance, Inc., 2.65%, 2/1/21 $ 2,035,190
-------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.0%
1,000,000 Dole Food Co., Inc., 7.25%, 5/1/19 (144A) $ 1,018,750
1,690,000 Post Holdings, Inc., 5.5%, 3/1/25 (144A) 1,698,450
---------------
$ 2,717,200
-------------------------------------------------------------------------------------------------------------
Tobacco -- 0.6%
1,515,000 Reynolds American, Inc., 4.85%, 9/15/23 $ 1,643,842
---------------
Total Food, Beverage & Tobacco $ 6,396,232
-------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 6.2%
Health Care Facilities -- 2.5%
3,340,000 HCA, Inc., 5.25%, 4/15/25 $ 3,548,750
1,740,000 Kindred Healthcare, Inc., 8.0%, 1/15/20 1,768,275
1,225,000 RegionalCare Hospital Partners Holdings, Inc.,
8.25%, 5/1/23 (144A) 1,307,075
---------------
$ 6,624,100
-------------------------------------------------------------------------------------------------------------
Managed Health Care -- 2.9%
3,140,000 Centene Corp., 4.75%, 1/15/25 $ 3,157,678
1,780,000 Molina Healthcare, Inc., 5.375%, 11/15/22 1,845,629
1,465,000 Well Care Health., 5.25%, 4/1/25 1,499,134
1,415,000 WellCare Health Plans, Inc., 5.75%, 11/15/20 1,456,035
---------------
$ 7,958,476
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
-------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($)(j) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.8%
2,150,000 Quintiles IMS, Inc., 5.0%, 10/15/26 (144A) $ 2,158,062
---------------
Total Health Care Equipment & Services $ 16,740,638
-------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.9%
Pharmaceuticals -- 0.9%
1,250,000 Endo, Ltd., 6.0%, 7/15/23 (144A) $ 1,093,750
540,000 Horizon Pharma, Inc., 6.625%, 5/1/23 529,200
245,000 Valeant Pharmaceuticals, 6.5%, 3/15/22 252,044
700,000 Valeant Pharmaceuticals, 7.0%, 3/15/24 718,375
---------------
$ 2,593,369
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 2,593,369
-------------------------------------------------------------------------------------------------------------
BANKS -- 5.5%
Diversified Banks -- 4.8%
1,445,000 6.30 Bank of America Corp., Floating Rate Note,
(Perpetual) $ 1,571,438
1,260,000 7.62 BNP Paribas SA, Floating Rate Note,
(Perpetual) (144A) 1,338,750
3,780,000 5.90 Citigroup, Inc., Floating Rate Note, (Perpetual) 3,945,375
2,730,000 8.12 Credit Agricole SA, Floating Rate Note,
(Perpetual) (144A) 2,907,450
1,500,000 7.70 Intesa Sanpaolo S.p.A., Floating Rate Note,
(Perpetual) (144A) 1,432,500
1,567,000 JPMorgan Chase & Co., 5.625%, 8/16/43 1,784,705
---------------
$ 12,980,218
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.7%
2,000,000 Provident Funding Associates LP, 6.75%,
6/15/21 (144A) $ 2,040,000
---------------
Total Banks $ 15,020,218
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.6%
Other Diversified Financial Services -- 1.4%
1,000,000 Fixed Income Trust Series 2013-A, 10/15/97
(Step) (144A) (c) (d) $ 954,758
2,533,000 6.75 JPMorgan Chase & Co., Floating Rate Note, (Perpetual) 2,792,632
100,000 7.70 Tiers Trust, Floating Rate Note, 10/15/97 (144A) (d) 108,864
---------------
$ 3,856,254
-------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.7%
1,120,000 Nationstar Mortgage LLC, 6.5%, 6/1/22 $ 1,120,000
825,000 Nationstar Mortgage LLC, 6.5%, 7/1/21 835,312
---------------
$ 1,955,312
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 23
Schedule of Investments | 3/31/17 (continued)
-------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($)(j) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.6%
1,565,000 General Motors Financial Co, Inc., 3.7%, 5/9/23 $ 1,570,900
---------------
$ 1,570,900
-------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.4%
950,000 JBS Investment Management, Ltd., 7.25%, 4/3/24 $ 983,250
-------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.0%
2,290,000 UBS AG, 7.625%, 8/17/22 $ 2,647,698
-------------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.5%
1,330,000 Park Aerospace Holdings, Ltd., 5.25%,
8/15/22 (144A) $ 1,383,200
---------------
Total Diversified Financials $ 12,396,614
-------------------------------------------------------------------------------------------------------------
INSURANCE -- 5.8%
Life & Health Insurance -- 0.6%
1,500,000 5.88 Prudential Financial, Inc., Floating Rate
Note, 9/15/42 $ 1,630,125
-------------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 1.0%
2,500,000 Liberty Mutual Group, Inc., 4.25%, 6/15/23 (144A) $ 2,625,538
-------------------------------------------------------------------------------------------------------------
Reinsurance -- 4.2%
500,000 Arlington Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 8/31/16 (f) (g) $ 24,300
250,000 4.19 Atlas IX Capital DAC, Floating Rate Note, 1/17/19
(Cat Bond) (144A) 253,850
500,000 Berwick Segregated Account (Artex SAC Ltd.), Variable
Rate Note, 1/22/16 (f) (g) 15,000
500,000 7.06 Caelus Re, Ltd., Floating Rate Note, 4/7/17
(Cat Bond) (144A) 499,600
500,000 Carnosutie 2017,Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 11/30/21 (f) (g) 505,300
500,000 Carnoustie 2016-N,Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 11/30/20 (f) (g) 54,100
1,500,000 Carnoustie Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 2/19/16 (f) (g) 30,600
250,000 5.35 Citrus Re, Ltd., Floating Rate Note, 4/18/17
(Cat Bond) (144A) 250,050
350,000 4.48 Citrus Re, Ltd., Floating Rate Note, 4/24/17
(Cat Bond) (144A) 350,175
250,000 Cypress Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 7/10/17 (f) (g) 221,325
400,000 6.23 Galilei Re, Ltd., Floating Rate Note, 1/8/20
(Cat Bond) (144A) 399,960
250,000 8.98 Galilei Re, Ltd., Floating Rate Note, 1/8/20
(Cat Bond) (144A) 248,575
250,000 7.23 Galilei Re, Ltd., Floating Rate Note, 1/8/20
(Cat Bond) (144A) 249,375
The accompanying notes are an integral part of these financial statements.
24 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
-------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($)(j) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
52,500 3.37 Gator Re, Ltd., Floating Rate Note, 1/9/20
(Cat Bond) (144A) $ 7,875
250,000 2.52 Golden State Re II, Ltd., Floating Rate Note,
1/8/19 (Cat Bond) (144A) 249,300
2,000,000 Gullane Segregated Account (Artex SAC Ltd.),
Variable Rate Note 11/30/21 (f) (g) 2,026,000
EUR 250,000 12.00 Horse Capital I DAC, Floating Rate Note, 6/15/20
(Cat Bond) (144A) 268,168
400,000 5.24 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 402,960
350,000 5.00 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 352,625
250,000 0.00 Limestone Re, Ltd., 8/31/21 (Cat Bond) 250,775
250,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (f) (g) 1,450
2,000,000 Pangaea Re, Series 2015-1, Principal at Risk Notes,
2/1/19 (f) (g) 9,000
2,000,000 Pangaea Re, Series 2015-2, Principal at Risk Notes,
11/30/19 (f) (g) 161,400
1,000,000 Pangaea Re., Variable Rate Notes, 11/30/21 (f) (g) 1,023,400
1,000,000 Pangaea Re., Variable Rate Notes, 2/1/20 (f) (g) 139,000
700,000 Prestwick Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 7/1/16 (f) (g) 20,440
250,000 5.03 Residential Reinsurance 2016, Ltd., Floating Rate
Note, 12/6/23 (Cat Bond) (144A) 249,600
250,000 0.00 Resilience Re, Ltd., 1/12/18 (Cat Bond) 236,175
250,000 4.50 Resilience Re, Ltd., Floating Rate Note, 1/9/19
(Cat Bond) 250,000
AUD 300,000 RW0009 Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 7/10/17 (f) (g) 216,976
500,000 3.97 Sanders Re, Ltd., Floating Rate Note, 6/7/17
(Cat Bond) (144A) 500,800
500,000 Silverton Re, Ltd., Variable Rate Notes, 9/18/18
(144A) (f) (g) 24,400
1,200,000 St. Andrews Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 1/22/16 (f) (g) 23,640
250,000 Sunningdale 2017 Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 1/16/18 (f) (g) 229,150
250,000 4.00 Ursa Re, Ltd., Floating Rate Note, 12/10/19
(Cat Bond) (144A) 252,325
1,250,000 Versutus 2016, Class A-1, Variable Rate Notes,
11/30/20 (f) (g) 51,000
1,500,000 Versutus Ltd., Series 2017-A, Variable Rate Notes,
11/30/2021 (f) (g) 1,530,600
---------------
$ 11,579,269
---------------
Total Insurance $ 15,834,932
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 25
Schedule of Investments | 3/31/17 (continued)
-------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($)(j) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.5%
Semiconductor Equipment -- 0.5%
1,250,000 Sensata Technologies BV, 5.0%, 10/1/25 (144A) $ 1,259,375
---------------
Total Semiconductors & Semiconductor Equipment $ 1,259,375
-------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 6.3%
Integrated Telecommunication Services -- 4.8%
3,555,000 CenturyLink, Inc., 5.8%, 3/15/22 $ 3,666,094
1,865,000 Frontier Communications Corp., 10.5%, 9/15/22 1,888,312
1,800,000 GCI, Inc., 6.75%, 6/1/21 1,845,000
1,400,000 Level 3 Financing, Inc., 5.375%, 5/1/25 1,424,500
1,970,000 Sprint Capital Corp., 6.875%, 11/15/28 2,080,812
2,000,000 Verizon Communications, Inc., 2.625%, 2/21/20 2,024,818
---------------
$ 12,929,536
-------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.5%
1,865,000 T-Mobile USA, Inc., 6.5%, 1/15/24 $ 2,014,200
1,400,000 T-Mobile USA, Inc., 6.625%, 4/1/23 1,494,052
300,000 Unison Ground Lease Funding LLC, 5.78%,
3/16/43 (144A) 296,487
400,000 WCP Issuer llc, 6.657%, 8/15/20 (144A) 412,544
---------------
$ 4,217,283
---------------
Total Telecommunication Services $ 17,146,819
-------------------------------------------------------------------------------------------------------------
UTILITIES -- 3.6%
Electric Utilities -- 0.5%
1,190,000 8.13 Enel S.p.A., Floating Rate Note, 9/24/73 (144A) $ 1,368,500
-------------------------------------------------------------------------------------------------------------
Gas Utilities -- 1.1%
1,400,000 DCP Midstream Operating LP, 3.875%, 3/15/23 $ 1,344,000
300,000 DCP Midstream Operating LP, 5.6%, 4/1/44 276,000
1,500,000 Ferrellgas LP, 6.75%, 6/15/23 1,410,000
---------------
$ 3,030,000
-------------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 2.0%
1,320,000 AES Corp. Virginia, 5.5%, 3/15/24 $ 1,339,800
2,145,000 Calpine Corp., 5.75%, 1/15/25 2,131,594
1,910,000 NRG Energy, Inc., 6.625%, 1/15/27 (144A) 1,905,225
---------------
$ 5,376,619
---------------
Total Utilities $ 9,775,119
-------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.4%
Specialized REIT -- 0.4%
1,000,000 DuPont Fabros Technology LP, 5.875%, 9/15/21 $ 1,040,000
---------------
Total Real Estate $ 1,040,000
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
-------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($)(j) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $163,182,748) $ 169,536,333
-------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 8.9%
3,860,000 U.S. Treasury Bills, 4/13/17 (c) $ 3,859,224
2,100,000 U.S. Treasury Bills, 4/20/17 (c) 2,099,278
1,350,000 U.S. Treasury Bills, 4/27/17 (c) 1,349,343
5,400,000 U.S. Treasury Bills, 4/6/17 (c) 5,399,725
2,780,000 U.S. Treasury Bonds, 4.5%, 2/15/36 3,525,604
1,665,000 0.93 U.S. Treasury Note, Floating Rate Note, 10/31/17 1,666,738
6,600,000 U.S. Treasury Notes, 1.125%, 6/30/21 6,408,963
-------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $24,335,131) $ 24,308,875
-------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 1.9%
ARS 10,040,000 Argentine Bonos del Tesoro, 15.5%, 10/17/26 $ 678,966
ARS 9,350,000 Argentine Bonos del Tesoro, 22.75%, 3/5/18 631,474
BRL 1,909,000 Brazilian Government International Bond,
10.25%, 1/10/28 619,577
1,500,000 Ecuador Government International Bond,
7.95%, 6/20/24 1,410,000
1,125,000 Oman Government Bond, 3.875%, 3/8/22 (144A) 1,137,488
560,000 Oman Government Bond, 6.5%, 3/8/47 (144A) 590,800
-------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $4,912,762) $ 5,068,305
-------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.2% (i)
Municipal Development -- 0.1%
250,000 0.88 Mississippi Business Finance Corp., Floating
Rate Note, 12/1/30 $ 250,000
-------------------------------------------------------------------------------------------------------------
Higher Municipal Education -- 0.1%
250,000 0.67 Connecticut State Health & Educational Facility
Authority, Floating Rate Note, 7/1/36 $ 250,000
-------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $500,000) $ 500,000
-------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 11.8%**
MATERIALS -- 0.4%
Paper Packaging -- 0.1%
200,000 6.65 Caraustar Industries, Inc., Term Loan (First
Lien), 3/9/22 $ 202,000
-------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.3%
916,689 3.75 Fortescue Metals Group Ltd., Bank Loan, 6/30/19 $ 922,762
---------------
Total Materials $ 1,124,762
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 27
Schedule of Investments | 3/31/17 (continued)
-------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($)(j) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.9%
Aerospace & Defense -- 0.4%
1,000,000 5.65 The SI Organization, Inc., Term Loan (First
Lien), 11/19/19 $ 1,015,938
-------------------------------------------------------------------------------------------------------------
Building Products -- 0.2%
653,188 4.00 Builders Firstsource Inc., Term Loan (First
Lien), 3/29/24 $ 653,678
-------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy
Trucks -- 0.3%
895,466 5.00 Navistar, Inc., Tranche B Term Loan, 8/7/20 $ 907,033
-------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.5%
1,314,690 5.23 NN, Inc., Tranche B Term Loan, 10/19/22 $ 1,316,950
-------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.5%
1,315,029 3.73 Univar USA, Inc., Term B-2 Loan, 7/1/22 $ 1,318,317
---------------
Total Capital Goods $ 5,211,916
-------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.8%
Environmental & Facilities Services -- 0.8%
1,872,605 5.15 Wheelabrator, Term B Loan, 10/15/21 $ 1,892,112
84,291 5.15 Wheelabrator, Term C Loan, 10/15/21 85,169
---------------
$ 1,977,281
-------------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.0%+
27,972 5.08 IAP Worldwide Services, Inc., Term Loan, 7/18/19 $ 26,573
-------------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.0%+
29,624 4.01 Garda World Security Corp., Term B Loan, 11/1/20 $ 29,741
21,585 4.01 Garda World Security Corp., Term B Loan, 11/8/20 21,670
---------------
$ 51,411
---------------
Total Commercial Services & Supplies $ 2,055,265
-------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.4%
Marine -- 0.4%
473,785 9.75 Commercial Barge Line Co., Initial Term
Loan, 11/6/20 $ 440,620
500,000 6.00 Navios Maritime Partners LP, Term Loan (First
Lien), 9/6/20 495,625
---------------
$ 936,245
---------------
Total Transportation $ 936,245
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
-------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($)(j) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.7%
Auto Parts & Equipment -- 0.7%
398,984 5.90 Electrical Components International, Inc.,
Loan, 4/17/21 $ 402,226
638,539 4.75 Federal-Mogul Corporation, Tranche C Term, 4/15/21 637,342
900,735 3.62 Tower Automotive Holdings USA, LLC, Term Loan
(First Lien), 3/6/24 900,172
---------------
$ 1,939,740
---------------
Total Automobiles & Components $ 1,939,740
-------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 2.1%
Casinos & Gaming -- 0.4%
1,000,000 4.85 Scientific Games International, Inc., Initial
Term B-3 Loan, 10/1/21 $ 1,013,646
-------------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.4%
1,155,583 6.00 L.A. Fitness International, LLC, Tranche B Term
Loan (First Lien), 4/25/20 $ 1,166,417
-------------------------------------------------------------------------------------------------------------
Education Services -- 1.3%
819,651 8.51 Laureate Education, Inc., Series 2021 Extended
Term Loan, 3/23/21 $ 828,488
1,836,125 5.00 McGraw-Hill Global Education Holdings LLC,
Term B Loan (First Lien), 5/2/22 1,819,677
895,396 4.55 Nord Anglia Education, Initial Term Loan, 3/31/21 905,190
---------------
$ 3,553,355
---------------
Total Consumer Services $ 5,733,418
-------------------------------------------------------------------------------------------------------------
MEDIA -- 0.6%
Advertising -- 0.4%
992,327 6.75 Affinion Group, Inc., Tranche B Term Loan, 4/30/18 $ 990,068
-------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
500,000 3.49 Rovi Solutions Corp., Term B Loan, 7/2/21 $ 502,396
---------------
Total Media $ 1,492,464
-------------------------------------------------------------------------------------------------------------
RETAILING -- 0.8%
Home Improvement Retail -- 0.5%
1,196,202 4.50 Apex Tool Group LLC, Term Loan, 2/1/20 $ 1,188,725
-------------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.3%
870,281 4.61 CWGS Group LLC, Term Loan, 11/3/23 $ 876,808
---------------
Total Retailing $ 2,065,533
-------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Food Retail -- 0.2%
622,792 4.30 Albertsons LLC, 2016-1 Term B-6 Loan, 6/23/23 $ 627,268
---------------
Total Food & Staples Retailing $ 627,268
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 29
Schedule of Investments | 3/31/17 (continued)
-------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($)(j) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.1%
Packaged Foods & Meats -- 0.1%
225,000 3.00 Dole Food Company, Inc., Term Loan (First
Lien), 3/23/24 $ 226,688
---------------
Total Food, Beverage & Tobacco $ 226,688
-------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.4%
Personal Products -- 0.4%
1,000,000 4.48 Revlon Consumer Products Corp., Initial Term B
Loan, 7/22/23 $ 1,002,083
---------------
Total Household & Personal Products $ 1,002,083
-------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.7%
Health Care Supplies -- 0.2%
1 4.59 Immucor, Inc., 8/19/18 $ 1
500,000 4.40 Sterigenics-Nordion Holdings LLC, Initial Term
Loan, 4/27/22 501,875
---------------
$ 501,876
-------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.3%
465,155 6.50 BioScrip, Inc., Initial Term B Loan, 7/31/20 $ 460,213
279,093 6.50 BioScrip, Inc., Term Loan, 7/31/20 276,128
---------------
$ 736,341
-------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.2%
550,000 4.06 Concentra, Inc., Tranche B Term Loan (First
Lien), 5/8/22 $ 553,781
20,250 4.50 Select Medical Corp., Term Loan (First Lien), 2/13/24 20,465
---------------
$ 574,246
-------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.0%+
19,151 10.25 MMM Holdings, Inc., Term Loan, 10/9/17 (e) $ 18,768
13,922 10.25 MSO of Puerto Rico, Inc., MSO Term Loan,
12/12/17 (e) 13,644
---------------
$ 32,412
---------------
Total Health Care Equipment & Services $ 1,844,875
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Other Diversified Financial Services -- 0.2%
639,249 3.79 Fly Funding II Sarl, Loan, 8/9/19 $ 642,712
-------------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.2%
500,000 3.18 Outfront Media Capital LLC, Term Loan (First
Lien), 3/10/24 $ 503,906
---------------
Total Diversified Financials $ 1,146,618
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
-------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($)(j) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.4%
Application Software -- 1.1%
1,000,000 7.65 Applied Systems, Inc., Initial Term Loan (Second
Lien), 1/23/22 $ 1,008,333
1,160,344 4.79 MA FinanceCo LLC, Initial Tranche B-2 Term
Loan, 11/20/21 1,171,015
745,869 6.40 STG-Fairway Acquisitions, Inc., Term Loan (First
Lien), 6/30/22 728,155
---------------
$ 2,907,503
-------------------------------------------------------------------------------------------------------------
Systems Software -- 0.3%
966,349 5.00 Sybil Software LLC, Initial Dollar Term Loan, 8/3/22 $ 974,427
---------------
Total Software & Services $ 3,881,930
-------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Integrated Telecommunication Services -- 0.1%
81,768 4.75 Securus Technologies Holdings, Inc., Initial Term
Loan (First Lien), 4/30/20 $ 81,921
300,000 2.75 SFR Group SA, Term Loan (First Lien), 6/22/25 299,325
---------------
$ 381,246
---------------
Total Telecommunication Services $ 381,246
-------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.8%
Electric Utilities -- 0.8%
1,000,000 5.00 TPF II Power, LLC, Term Loan, 10/2/21 $ 1,005,875
228,429 3.73 Vistra Operations Co LLC, Initial Term C Loan, 8/4/23 228,143
999,068 3.73 Vistra Operations Co LLC, Initial Term Loan, 8/4/23 997,819
---------------
$ 2,231,837
---------------
Total Utilities $ 2,231,837
-------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $31,521,846) $ 31,901,888
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Shares
-------------------------------------------------------------------------------------------------------------
CLOSED-END FUND -- 2.5%
INSURANCE -- 2.5%
Property & Casualty Insurance -- 2.5%
646,059 Pioneer ILS Interval Fund (h) $ 6,725,477
---------------
Total Insurance $ 6,725,477
-------------------------------------------------------------------------------------------------------------
TOTAL CLOSED-END FUND
(Cost $6,700,000) $ 6,725,477
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 31
Schedule of Investments | 3/31/17 (continued)
-------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($)(j) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.0%
Commercial Paper -- 0.3%
680,000 ONEOK Partners LP, Commercial Paper, 4/3/17 (c) $ 679,938
-------------------------------------------------------------------------------------------------------------
Certificate of Deposit -- 0.2%
665,000 1.26 Sumitomo Mitsui, Floating Rate Note, 11/1/16 $ 665,022
-------------------------------------------------------------------------------------------------------------
Repurchase Agreements -- 0.5%
1,350,000 $1,350,000 ScotiaBank, 0.81%,
dated 3/31/17 plus accrued interest on 4/3/17
collateralized by the following:
$1,365,484 Federal National Mortgage Association
(ARM), 2.38% - 3.047%, 6/1/40 - 10/1/46
$11,609 Federal National Mortgage Association,
3.0% - 4.0%, 2/1/42 - 12/1/46 $ 1,350,000
-------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $2,694,951) $ 2,694,960
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Price Date
-------------------------------------------------------------------------------------------------------------
PUT OPTIONS PURCHASED -- 0.1%
90 S & P 500 Index Citigroup Global Markets, Inc. $2,175 4/21/17 $ 10,800
110 S & P 500 Index Citigroup Global Markets, Inc. 2,250 6/16/17 195,800
90 S & P 500 Index Citigroup Global Markets, Inc. 2,250 5/19/17 96,300
---------------
$ 302,900
-------------------------------------------------------------------------------------------------------------
TOTAL PUT OPTIONS PURCHASED
(Premiums paid $679,770) $ 302,900
-------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.4%
(Cost $264,190,862) (a) $ 269,635,594
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Price Date
-------------------------------------------------------------------------------------------------------------
PUT OPTIONS WRITTEN -- (0.0)%
(90) S & P 500 Index Citigroup Global Markets, Inc. $2,025 4/21/17 $ (4,770)
(110) S & P 500 Index Citigroup Global Markets, Inc. 2,100 6/16/17 (74,250)
(90) S & P 500 Index Citigroup Global Markets, Inc. 2,100 5/19/17 (27,900)
---------------
$ (106,920)
-------------------------------------------------------------------------------------------------------------
TOTAL PUT OPTIONS WRITTEN
(Premiums received $(262,724)) $ (106,920)
-------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.6% $ 1,754,320
-------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 271,282,994
=============================================================================================================
+ Amount rounds to less than 0.1%.
REIT Real Estate Investment Trust.
(Step) Bond issued with an initial coupon rate which converts to a
higher rate at a later date.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
(Cat Bond) Catastrophe or event-linked bond. At March 31, 2017, the value of
these securities amounted to $5,272,188 or 1.9% of net assets.
(Perpetual) Security with no stated maturity date.
REMICS Real Estate Mortgage Investment Conduits.
(PIK) Represents a pay in kind security.
(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 March 31, 2017, the value of these
securities amounted to $80,916,920 or 29.8% of net assets.
** Senior 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
(London InterBank Offered Rate), (ii) the prime rate offered by
one or more major U.S. banks, (iii) the certificate of deposit or
(iv) other base lending rates used by commercial lenders. The
rate shown is the coupon rate at period end.
(a) At March 31, 2017, the net unrealized appreciation on
investments based on cost for federal income tax purposes of
$263,539,789 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 8,524,756
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (2,428,951)
-----------
Net unrealized appreciation $ 6,095,805
===========
(b) Debt obligation with a variable interest rate. Rate shown is
rate at period end.
(c) Security issued with a zero coupon. Income is earned through
accretion of discount.
(d) Security is valued using fair value methods (other than
prices supplied by independent pricing services or
broker-dealers). See Notes to Financial Statements -- Note 1A.
(e) Security is in default.
(f) Structured reinsurance investment. At March 31, 2017, the value of
these securities amounted to $6,307,081 or 2.3% of net assets.
See Notes to Financial Statements -- Note 1I.
(g) Rate to be determined.
(h) Affiliated funds managed by Pioneer Investment Management, Inc.
(i) Consists of Revenue Bonds unless otherwise indicated.
(j) Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
AUD Australian Dollar
ARS Argentine Peso
BRL Brazilian Real
EUR Euro
Purchases and sales of securities (excluding temporary cash investments) for the
year ended March 31, 2017 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government $ 47,720,976 $ 35,727,703
Other Long-Term Securities 240,483,485 268,639,654
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 33
Schedule of Investments | 3/31/17 (continued)
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain Funds and accounts for which Pioneer Investment
Management, Inc. (PIM), 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 March 31, 2017, the Fund engaged in purchases and sales
pursuant to these procedures amounting to $1,870,758 and $27,697,888,
respectively, which resulted in a net realized gain of $5,305.
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENT - SELL PROTECTION
----------------------------------------------------------------------------------------------------------------
Premiums
Notional Obligation Credit Expiration Received Unrealized
Principal ($)(1) Counterparty Entity/Index Coupon Rating(2) Date (Paid) Appreciation
----------------------------------------------------------------------------------------------------------------
30,000,000 Chicago Markit CDX 5.00% B+ 6/20/22 $2,161,470 $48,530
Mercantile North America
Exchange High Yield Index
----------------------------------------------------------------------------------------------------------------
$2,161,470 $48,530
================================================================================================================
CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION
----------------------------------------------------------------------------------------------------------------
Premiums Unrealized
Notional Obligation Credit Expiration Received Appreciation
Principal ($)(1) Counterparty Entity/Index Coupon Rating(2) Date (Paid) (Depreciation)
----------------------------------------------------------------------------------------------------------------
3,880,000 Goldman Markit CDX 5.00% BBB+ 12/20/17 $(454,688) $532,252
Sachs North America
International Investment
Grade Index
1,150,000 JPMorgan Chesapeake 5.00% B- 6/20/17 (46,000) 58,879
Chase Energy Corp
Bank NA
4,835,000 Goldman Ally Financial 5.00% BB+ 6/20/22 623,277 8,976
Sachs Inc.
International
----------------------------------------------------------------------------------------------------------------
$ 122,589 $600,107
================================================================================================================
(1) The notional amount is the maximum amount that a seller of credit
protection would be obligated to pay upon occurrence of a credit event.
(2) Based on Standard & Poor's rating of the issuer or the weighted
average of all the underlying securities in the index.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed 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
risk, 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.
34 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
The following is a summary of the inputs used as of March 31, 2017, in valuing
the Fund's investments:
----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 8 $ -- $ 8
Convertible Preferred Stocks 2,972,754 -- -- 2,972,754
Common Stocks
Capital Goods
Industrial Machinery -- -- 31 31
Commercial Services & Supplies
Diversified Support Services -- 4,854 -- 4,854
Asset Backed Securities -- 9,089,493 -- 9,089,493
Collateralized Mortgage Obligations -- 16,529,716 -- 16,529,716
Corporate Bonds
Materials
Steel -- 3,190,800 --* 3,190,800
Diversified Financials
Other Diversified
Financial Services -- 2,792,632 1,063,622 3,856,254
Insurance
Reinsurance -- 4,535,238 7,044,031 11,579,269
All Other Corporate Bonds -- 150,910,010 -- 150,910,010
U.S. Government and
Agency Obligations -- 24,308,875 -- 24,308,875
Foreign Government Bonds -- 5,068,305 -- 5,068,305
Municipal Bonds -- 500,000 -- 500,000
Senior Floating Rate Loan Interests -- 31,901,888 -- 31,901,888
Closed-End Fund -- 6,725,477 -- 6,725,477
Commercial Paper -- 679,938 -- 679,938
Certificate of Deposit -- 665,022 -- 665,022
Repurchase Agreement -- 1,350,000 -- 1,350,000
Put Options Purchased 302,900 -- -- 302,900
----------------------------------------------------------------------------------------------------
Total $ 3,275,654 $ 258,252,256 $ 8,107,684 $ 269,635,594
====================================================================================================
Other Financial Instruments
Unrealized appreciation on
credit default swaps $ -- $ 600,107 $ -- $ 600,107
Unrealized appreciation on
centrally cleared credit
default swaps -- 48,530 -- 48,530
Unrealized appreciation on
futures contracts 67,312 -- -- 67,312
Unrealized depreciation on
futures contracts (150,056) -- -- (150,056)
Unrealized appreciation on
forward foreign
currency contracts -- 199,169 -- 199,169
Unrealized depreciation on
forward foreign
currency contracts -- (294,231) -- (294,231)
Put options written (106,920) -- -- (106,920)
----------------------------------------------------------------------------------------------------
Total $ (189,664) $ 553,575 $ -- $ 363,911
====================================================================================================
* Securities valued at $0
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 35
Schedule of Investments | 3/31/17 (continued)
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
--------------------------------------------------------------------------------------------------------
Convertible
Corporate Preferred Common Corporate
Bonds Stocks Stocks Bonds Total
--------------------------------------------------------------------------------------------------------
Balance as of 3/31/16 $ 12,499 $ 6,250 $ 531 $ 9,602,199 $ 9,621,479
Realized gain (loss)(1) -- -- 24,471 (17,535) 6,936
Change in unrealized
appreciation (depreciation)(2) -- -- 7,767 945,263 953,030
Purchases -- -- -- 6,357,254 6,357,254
Sales -- -- (32,738) (8,785,778) (8,818,516)
Transfers in to Level 3* -- -- -- -- --
Transfers out of Level 3* (12,499) -- -- -- (12,499)
Transfers in and out of
Level 3 categories** -- (6,250) -- 6,250 --
--------------------------------------------------------------------------------------------------------
Balance as of 3/31/17 $ -- $ -- $ 31 $ 8,107,653 $ 8,107,684
========================================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
** Transfers are calculated on the beginning of period values. The change in
the level designation within the fair value hierarchy was due to a change in
classification from a Catastrophe Bond to a Sidecar.
* During the year ended March 31, 2017, an investment having a value of
$12,499 was transferred from Level 3 to Level 2. The change in the level
designation within the fair value hierarchy was due to valuing the security
using observable inputs. There were no other transfers between levels 1, 2
and 3.
Net change in unrealized appreciation (depreciation) of investments
still held as of 3/31/17 $481,369
========
The accompanying notes are an integral part of these financial statements.
36 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
Statement of Assets and Liabilities | 3/31/17
ASSETS:
Investment in securities of unaffiliated issuers, at value (cost $257,490,862) $ 262,910,117
Investment in securities of affiliated issuers, at value (cost $6,700,000) 6,725,477
------------------------------------------------------------------------------------------------------
Total investment in securities, at value (cost $264,190,862) 269,635,594
Cash 1,342,607
Foreign currencies, at value (cost $74,947) 75,182
Restricted cash* 4,209,236
Receivables --
Investment securities sold 2,651,710
Fund shares sold 1,543,690
Interest 2,470,060
Dividends 16,313
Swap contracts, premiums paid 623,277
Unrealized appreciation on forward foreign currency contracts 199,169
Unrealized appreciation on swap contracts 600,107
Due from Pioneer Investment Management, Inc. 119,635
Other assets 40,385
------------------------------------------------------------------------------------------------------
Total assets $ 283,526,965
======================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 9,163,393
Fund shares repurchased 950,245
Distributions 181,289
Trustee fees 40
Unrealized depreciation on forward foreign currency contracts 294,231
Swap contracts, premiums paid 500,688
Due to broker 810,000
Written options (premiums received $262,724) 106,920
Variation margin on futures contracts 3,403
Variation margin on centrally cleared swap contract 5,039
Due to affiliates 43,315
Accrued expenses 185,408
------------------------------------------------------------------------------------------------------
Total liabilities $ 12,243,971
======================================================================================================
NET ASSETS:
Paid-in capital $ 317,784,017
Distributions in excess of net investment income (1,630,788)
Accumulated net realized loss on investments, foreign currency
transactions, written options, swap contracts and futures contracts (50,942,632)
Net unrealized appreciation on investments 5,444,732
Net unrealized depreciation on futures contracts (82,744)
Net unrealized appreciation on written options 155,804
Net unrealized depreciation on forward foreign currency contracts
and other assets and liabilities denominated in foreign currencies (94,032)
Unrealized appreciation on swap contracts 648,637
------------------------------------------------------------------------------------------------------
Net assets $ 271,282,994
======================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $35,375,313/3,768,027 shares) $ 9.39
Class C (based on $37,510,112/4,008,154 shares) $ 9.36
Class Y (based on $198,397,569/21,050,512 shares) $ 9.42
MAXIMUM OFFERING PRICE:
Class A ($9.39 (divided by) 95.5%) $ 9.83
======================================================================================================
* Represents restricted cash deposited at the custodian and/or counterparty
for derivative contracts.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 37
Statement of Operations
For the Year Ended 3/31/17
INVESTMENT INCOME:
Interest $ 15,570,206
Dividends (including from affiliated issuer of $188,918) 453,153
-----------------------------------------------------------------------------------------------------
Total investment income $ 16,023,359
-----------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,866,281
Transfer agent fees
Class A 28,122
Class C 33,639
Class Y 188,831
Distribution fees
Class A 100,755
Class C 411,223
Shareholder communications expense 7,417
Administrative expense 108,689
Custodian fees 58,170
Registration fees 116,233
Professional fees 79,098
Printing expense 37,034
Fees and expenses of nonaffiliated Trustees 7,964
Miscellaneous 78,476
-----------------------------------------------------------------------------------------------------
Total expenses $ 3,121,932
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (221,459)
-----------------------------------------------------------------------------------------------------
Net expenses $ 2,900,473
-----------------------------------------------------------------------------------------------------
Net investment income $ 13,122,886
-----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
SWAP CONTRACTS, WRITTEN OPTIONS, FUTURES CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $(11,828,112)
Swap contracts 7,897,163
Written options 8,017,472
Futures contracts 843,096
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (1,458,918) $ 3,470,701
-----------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments (including from affiliated issuer of $25,477) $ 16,838,917
Swap contracts (2,123,084)
Written options (3,400,117)
Futures contracts (53,126)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 1,245,142 $ 12,507,732
-----------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, swap
contracts, written options, futures contracts and foreign
currency transactions $ 15,978,433
-----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 29,101,319
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
38 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------------
Year Ended Year Ended
3/31/17 3/31/16
-------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 13,122,886 $ 20,410,503
Net realized gain (loss) on investments, swap
contracts, written options, futures contracts
and foreign currency transactions 3,470,701 (29,219,798)
Change in net unrealized appreciation (depreciation) on
investments, swap contracts, written options, futures
contracts, and foreign currency transactions 12,507,732 81,040
-------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 29,101,319 $ (8,728,255)
-------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.58 and $0.39 per share, respectively) $ (2,480,006) $ (2,618,684)
Class C ($0.51 and $0.32 per share, respectively) (2,238,521) (1,878,294)
Class Y ($0.61 and $0.43 per share, respectively) (12,489,189) (13,331,860)
Class Z* ($0.00 and $0.09 per share, respectively) -- (1,754)
-------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (17,207,716) $ (17,830,592)
-------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 86,714,586 $ 72,835,334
Reinvestment of distributions 13,886,223 14,313,443
Cost of shares repurchased (136,464,160) (325,894,551)
-------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (35,863,351) $(238,745,774)
-------------------------------------------------------------------------------------------------
Net decrease in net assets $ (23,969,748) $(265,304,621)
NET ASSETS:
Beginning of year 295,252,742 560,557,363
-------------------------------------------------------------------------------------------------
End of year $ 271,282,994 $ 295,252,742
-------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of)
net investment income $ (1,630,788) $ 1,219,897
=================================================================================================
* Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 39
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
3/31/17 3/31/17 3/31/16 3/31/16
Shares Amount Shares Amount
------------------------------------------------------------------------------------------------------
Class A
Shares sold 1,214,069 $ 11,415,582 1,244,960 $ 11,593,608
Reinvestment of distributions 248,351 2,309,664 264,559 2,423,099
Less shares repurchased (2,956,245) (27,483,023) (5,935,740) (55,248,307)
------------------------------------------------------------------------------------------------------
Net decrease (1,493,825) $(13,757,777) (4,426,221) $ (41,231,600)
======================================================================================================
Class C
Shares sold 522,227 $ 4,883,417 438,954 $ 4,062,878
Reinvestment of distributions 209,119 1,939,023 179,912 1,634,242
Less shares repurchased (1,654,198) (15,310,288) (3,132,815) (28,907,096)
------------------------------------------------------------------------------------------------------
Net decrease (922,852) $ (8,487,848) (2,513,949) $ (23,209,976)
======================================================================================================
Class Y
Shares sold 7,500,358 $ 70,415,587 6,124,396 $ 57,175,301
Reinvestment of distributions 1,031,639 9,637,536 1,114,428 10,254,516
Less shares repurchased (10,048,147) (93,670,849) (26,154,979) (241,550,847)
------------------------------------------------------------------------------------------------------
Net decrease (1,516,150) $(13,617,726) (18,916,155) $(174,121,030)
======================================================================================================
Class Z*
Shares sold or exchanged -- $ -- 375 $ 3,547
Reinvestment of distributions -- -- 168 1,586
Less shares repurchased -- -- (20,094) (188,301)
------------------------------------------------------------------------------------------------------
Net decrease -- $ -- (19,551) $ (183,168)
======================================================================================================
* Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
40 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
Financial Highlights
--------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/17 3/31/16 3/31/15 3/31/14 3/31/13
--------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 8.99 $ 9.54 $ 9.94 $ 10.04 $ 9.63
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.44(a) $ 0.42(a) $ 0.40 $ 0.41 $ 0.51
Net realized and unrealized gain (loss) on investments 0.54 (0.58) (0.47) (0.12) 0.45
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.98 $ (0.16) $ (0.07) $ 0.29 $ 0.96
--------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.58) $ (0.39) $ (0.33) $ (0.37) $ (0.55)
Net realized gain -- -- -- (0.02) --
--------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.58) $ (0.39) $ (0.33) $ (0.39) $ (0.55)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.40 $ (0.55) $ (0.40) $ (0.09) $ 0.41
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.39 $ 8.99 $ 9.54 $ 9.94 $ 10.04
==========================================================================================================================
Total return* 11.13% (1.62)% (0.71)% 2.95% 10.24%
Ratio of net expenses to average net assets 1.18% 1.19% 1.14% 1.19% 1.20%
Ratio of net investment income (loss) to average net assets 4.71% 4.52% 3.76% 3.89% 5.05%
Portfolio turnover rate 114% 56% 81% 95% 30%
Net assets, end of period (in thousands) $35,375 $47,311 $92,376 $161,097 $47,233
Ratios with no waiver of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets 1.19% 1.19% 1.14% 1.19% 1.48%
Net investment income (loss) to average net assets 4.70% 4.52% 3.76% 3.89% 4.77%
==========================================================================================================================
* 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.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 41
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/17 3/31/16 3/31/15 3/31/14 3/31/13
--------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 8.97 $ 9.51 $ 9.92 $ 10.02 $ 9.61
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.36(a) $ 0.36(a) $ 0.31 $ 0.34 $ 0.44
Net realized and unrealized gain (loss) on investments 0.54 (0.58) (0.46) (0.13) 0.45
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.90 $ (0.22) $ (0.15) $ 0.21 $ 0.89
--------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.51) $ (0.32) $ (0.26) $ (0.29) $ (0.48)
Net realized gain -- -- -- (0.02) --
--------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.51) $ (0.32) $ (0.26) $ (0.31) $ (0.48)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.39 $ (0.54) $ (0.41) $ (0.10) $ 0.41
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.36 $ 8.97 $ 9.51 $ 9.92 $ 10.02
==========================================================================================================================
Total return* 10.18% (2.25)% (1.58)% 2.19% 9.44%
Ratio of net expenses to average net assets 1.94% 1.95% 1.90% 1.93% 1.95%
Ratio of net investment income (loss) to average net assets 3.94% 3.86% 3.04% 3.18% 4.29%
Portfolio turnover rate 114% 56% 81% 95% 30%
Net assets, end of period (in thousands) $37,510 $44,207 $70,793 $91,491 $28,796
Ratios with no waiver of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets 1.95% 1.95% 1.90% 1.93% 2.23%
Net investment income (loss) to average net assets 3.93% 3.86% 3.04% 3.18% 4.01%
==========================================================================================================================
* 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.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
42 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
--------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/17 3/31/16 3/31/15 3/31/14 3/31/13
--------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.03 $ 9.58 $ 9.98 $ 10.08 $ 9.66
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.47(a) $ 0.46(a) $ 0.41 $ 0.44 $ 0.55
Net realized and unrealized gain (loss) on investments 0.53 (0.58) (0.45) (0.12) 0.45
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.00 $ (0.12) $ (0.04) $ 0.32 $ 1.00
--------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.61) $ (0.43) $ (0.36) $ (0.40) $ (0.58)
Net realized gain -- -- -- (0.02) --
--------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.61) $ (0.43) $ (0.36) $ (0.42) $ (0.58)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.39 $ (0.55) $ (0.40) $ (0.10) $ 0.42
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.42 $ 9.03 $ 9.58 $ 9.98 $ 10.08
==========================================================================================================================
Total return* 11.35% (1.26)% (0.43)% 3.24% 10.69%
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 5.01% 4.90% 4.10% 4.24% 5.52%
Portfolio turnover rate 114% 56% 81% 95% 30%
Net assets, end of period (in thousands) $198,398 $203,736 $397,203 $395,245 $131,013
Ratios with no waiver of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets 0.96% 0.96% 0.93% 0.97% 1.21%
Net investment income (loss) to average net assets 4.90% 4.79% 4.02% 4.12% 5.16%
==========================================================================================================================
* 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.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 43
Notes to Financial Statements |3/31/17
1. Organization and Significant Accounting Policies
Pioneer Dynamic Credit Fund (the Fund) is one of three portfolios comprising
Pioneer Series Trust X, 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. Capital appreciation is a secondary
objective.
The Fund offers three classes of shares designated as Class A, Class C and
Class Y shares. Class Z shares were converted to Class Y shares on August 7,
2015. 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 shareholder approval.
Under per-share voting, each share of a class of the Fund is entitled to one
vote. Under dollar-weighted voting, a shareholder'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 Y
shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) that require 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 gains and losses on investments
during the reporting period. Actual results could differ from those
estimates.
The Fund is an investment company and follows investment company accounting
and reporting guidance under U.S. GAAP. The following is a summary of
significant accounting policies followed by the Fund in the preparation of
its financial statements:
44 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
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.
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.
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 or catastrophe bonds are valued at the bid price obtained
from an independent third party pricing service. Other insurance linked
securities (including 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.
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.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 45
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 Dealer Association members.
Centrally cleared swaps are valued at the daily settlement price provided by
the central clearing counterparty.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Option 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.
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such funds' net asset value. Repurchase
agreements are valued at par. Cash may include overnight time deposits at
approved financial institutions.
Shares of closed-end interval funds that offer their shares at net asset
value are valued at such funds' net asset value.
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 Pioneer Investment Management, Inc. (PIM), the Fund's
investment adviser and a wholly owned indirect subsidiary of UniCredit
S.p.A. (UniCredit), pursuant to procedures adopted by the Fund's Board of
Trustees. PIM's fair valuation team uses fair value methods approved by the
Valuation Committee of the Board of Trustees. PIM'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
46 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
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 March 31, 2017, five securities were valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model) representing 0.4% of net assets.
B. Investment Income and Transactions
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. 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, net of unrecoverable foreign taxes withheld at the applicable
country rates.
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 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 in the statement of operations from the
effects of changes in the market price of those securities but are included
with the net realized and unrealized appreciation or depreciation on
investments.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 47
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency 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
are 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 5).
E. 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 March 31, 2017, the Fund had not accrued any interest or penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years are 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 overdistributions 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 March 31, 2017, the Fund reclassified
$1,234,145 to decrease distributions in excess of net investment income and
$1,234,145 to increase accumulated net realized loss on investments, foreign
currency transactions, written options, swap contracts and futures contracts
to reflect permanent book/tax differences. These adjustments have no impact
on net assets or the results of operations.
At March 31, 2017, the Fund was permitted to carry forward indefinitely
$19,765,650 of short-term losses and $31,317,009 of long-term losses under
the Regulated Investment Company Modernization Act of 2010 without
limitation.
48 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
The tax character of distributions paid during the years ended March 31,
2017 and March 31, 2016 was as follows:
----------------------------------------------------------------------------
2017 2016
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $17,207,716 $17,830,592
----------------------------------------------------------------------------
Total $17,207,716 $17,830,592
============================================================================
The following shows components of distributable earnings on a federal income
tax basis at March 31, 2017.
----------------------------------------------------------------------------
2017
----------------------------------------------------------------------------
Undistributed ordinary income $ 41,933
Capital loss carryforward (51,082,659)
Current year dividend payable (181,289)
Unrealized appreciation 4,720,992
----------------------------------------------------------------------------
Total $(46,501,023)
============================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax adjustments relating to catastrophe bonds and
credit default swaps, the mark-to-market of forward currency, option,
interest on defaulted bonds and futures contracts.
F. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit, earned $7,780 in
underwriting commissions on the sale of Class A shares during the year ended
March 31, 2017.
G. 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 and Class C shares of the Fund, respectively (see
Note 4). 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
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 49
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 and Class Y shares can reflect different transfer agent and
distribution expense rates.
H. 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, 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. 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. Interest
rates in the U.S. recently have been historically low, so the Fund faces a
heightened risk that interest rates may rise. A general rise in interest
rates may cause investors to move out of fixed income securities on a large
scale, which could adversely affect the price and liquidity of fixed income
securities and could also result in increased redemptions from the Fund.
Investments in the Fund are subject to possible loss due to the financial
failure of issuers of underlying securities and the issuers' inability to
meet their debt obligations. Certain securities in which the Fund invests,
including floating rate loans, once sold, may not settle for an extended
period (for example, several weeks or even longer). The Fund will not
receive its sale proceeds until that time, which may constrain the Fund's
ability to meet its obligations (including obligations to redeeming
shareholders). 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.
I. Insurance-Linked Securities (ILS)
The Fund invests in event-linked bonds. Event-linked bonds are floating rate
debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event occurs, as defined within the
terms of an event-linked bond, the Fund may lose a portion or all of its
accrued interest and/or principal invested in such event-linked bond. The
Fund is entitled to receive principal and interest payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the
50 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
specified trigger events, event-linked bonds 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 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.
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILWs, generally are subject to
the same risks as event-linked bonds. In addition, where the instruments 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 PIM 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 PIM
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.
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
March 31, 2017 was $537,000 and is recorded within "Restricted Cash" 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. When the contract is
closed, the Fund realizes a
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 51
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. The average value of contracts open during the year
ended March 31, 2017 was $10,207,837.
At March 31, 2017, open futures contracts were as follows:
------------------------------------------------------------------------------------------
Contracts Settlement Unrealized
Long/ Month/ Appreciation/
Description Counterparty (Short) Year Value (Depreciation)
------------------------------------------------------------------------------------------
U.S. 2 Yr Note Citibank NA 79 6/17 $ 17,099,797 $ (12,344)
U.S. 5 Yr Note Citibank NA 159 6/17 18,718,524 (30,070)
U.S. Ultra Bond Citibank NA (35) 6/17 (5,621,875) 45,554
U.S. 10 Yr Note Citibank NA (21) 6/17 (2,615,813) 5,896
U.S. 10 Yr
Ultra Bond Citibank NA (56) 6/17 (7,497,875) 15,862
EURO-BOBL Bond Citibank NA (164) 6/17 (23,093,679) (107,642)
------------------------------------------------------------------------------------------
Total $ (3,010,921) $ (82,744)
==========================================================================================
K. 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 subcustodian of the Fund. PIM 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 as of March 31, 2017 are listed at the end of the Fund's Schedule
of Investments.
L. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event on an underlying
reference obligation, which may be a single security or a basket or index of
securities. The Fund may sell or buy credit default swap contracts to seek
to increase the
52 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
Fund's income, or to attempt to hedge the risk of default on portfolio
securities. A credit default swap index is used to hedge risk or take a
position on a basket of credit entities or indices. As a seller of
protection, the Fund would be required to pay the notional (or other
agreed-upon) value of the referenced debt obligation to the counterparty in
the event of a default by a U.S. or foreign corporate issuer of a debt
obligation, which would likely result in a loss to the Fund. In return, the
Fund would receive from the counterparty a periodic stream of payments
during the term of the contract provided that no event of default occurred.
The maximum exposure of loss to the seller would be the notional value of
the credit default swaps outstanding. If no default occurs, the Fund would
keep the stream of payments and would have no payment obligation. The Fund
may also buy credit default swap contracts in order to hedge against the
risk of default of debt securities, in which case the Fund would function as
the counterparty referenced above.
When the Fund enters into a credit default swap contract, the protection
buyer makes an upfront or periodic payment to the protection seller in
exchange for the right to receive a contingent payment. An upfront payment
made by the Fund, as the protection buyer, is recorded as an asset in the
Statement of Assets and Liabilities. Periodic payments received or paid by
the Fund are recorded as realized gains or losses in the Statement of
Operations.
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is recorded
as unrealized appreciation or depreciation in the Statement of Assets and
Liabilities. Payments received or made as a result of a credit event or upon
termination of the contract are recognized, net of the appropriate amount of
the upfront payment, as realized gains or losses in the Statement of
Operations.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund.
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 contract 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
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 53
margin deposit, either in cash or in securities. The daily change in value
on open centrally cleared contracts is recorded as variation margin on
centrally cleared swaps on the Statement of Assets and Liabilities.
The amount of cash deposited with a broker as collateral at March 31, 2017
was $2,858,747 and is recorded within "Restricted Cash" on the Statement of
Assets and Liabilities.
Open credit default swap contracts at March 31, 2017 are listed in the
Schedule of Investments. The average value of swap contracts open during the
year ended March 31, 2017 was $1,753,908.
M. Purchased Options
The Fund may purchase put and call options to seek 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 in the Statement of Assets and Liabilities as an investment. All
premiums are marked-to-market daily, and any unrealized gains or losses are
recorded in the Fund's financial statements. 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 calls and put
options which have expired are treated as realized losses on investments in
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 value of purchased options open
for the year ended March 31, 2017 was $742,918. Purchased option contracts
outstanding at period end are listed in the Schedule of Investments.
N. 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 a liability and is
subsequently adjusted to the current value of the option written. Premiums
54 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
received from writing options that expire unexercised are treated by the
Fund on the expiration date as realized gains from investments. 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 or, if the premium is less than the amount paid for the
closing purchase transaction, as a realized loss. 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 value of written option contracts open during the year ended
March 31, 2017 was $(354,214). Written option contracts outstanding at March
31, 2017 are listed in the Schedule of Investments.
The Fund held three written options that were open at March 31, 2017. If the
options were exercised at March 31, 2017, the maximum amount the Fund would
have been required to pay was $262,724.
Transactions in written options for the year ended March 31, 2017 are
summarized as follows:
------------------------------------------------------------------------------------
Number of Premiums
Contracts Received
------------------------------------------------------------------------------------
Options open at beginning of period (3,164) $(3,744,961)
Options opened (10,804) (6,238,108)
Options exercised 9,864 5,469,082
Options closed -- --
Options expired 3,814 4,251,263
------------------------------------------------------------------------------------
Options open at end of period (290) $ (262,724)
====================================================================================
2. Management Agreement
PIM manages the Fund's portfolio. Management fees are calculated daily at the
annual rate equal to 0.70% of the Fund's average daily net assets up to $1
billion and 0.65% on assets over $1 billion. For the year ended March 31, 2017,
the effective management fee (excluding waivers and/or assumption of expenses
and acquired fund fees and expenses) was equivalent to 0.68% of the Fund's
average daily net assets.
PIM 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 1.20%
and 0.85% of the average daily net assets attributable to Class A and Class Y
shares. Fees waived and expenses reimbursed during the year ended March 31, 2017
are reflected on the Statement of Operations. These expense
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 55
limitations are in effect through August 1, 2018. There can be no assurance that
PIM 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 $40,787 in management fees, administrative costs and certain
other reimbursements payable to PIM at March 31, 2017.
3. Transfer Agent
Boston Financial Data Services, 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 shareholder
communications activities such as proxy and statement mailings and outgoing
phone calls. For the year ended March 31, 2017, such out-of-pocket expenses
by class of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $4,316
Class C 2,775
Class Y 326
--------------------------------------------------------------------------------
Total $7,417
================================================================================
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 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 PFD 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. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $2,528 in distribution fees payable to
PFD at March 31, 2017.
56 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
In addition, redemptions of each class of shares (except Class Y 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 Y shares. Proceeds from the CDSCs are paid to PFD. For the
year ended March 31, 2017, CDSCs in the amount of $1,254 were paid to PFD.
5. Forward Foreign Currency Contracts
At March 31, 2017, the Fund had entered into various forward foreign currency
contracts that obligate 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 contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of contracts open during
the year ended March 31, 2017 was $(5,883,795).
As of March 31, 2017, outstanding forward foreign currency contracts were as
follows:
----------------------------------------------------------------------------------------------------
Currency Currency In Settlement Unrealized
Sold Deliver Purchased Exchange for Counterparty Date Appreciation
----------------------------------------------------------------------------------------------------
USD (3,971,648) GBP 3,167,259 State Street Bank 5/10/2017 $ 1,560
And Trust Co.
USD (676,293) CLP 450,404,333 Bank of 6/9/2017 3,883
America NA
EUR (574,069) USD 618,720 State Street Bank 4/26/2017 4,785
And Trust Co.
USD (1,350,775) INR 91,085,433 JP Morgan Chase 6/6/2017 41,363
Bank NA
CAD (5,377,921) USD 4,097,765 State Street Bank 4/25/2017 49,367
And Trust Co.
CLP (450,404,333) USD 680,215 State Street Bank 6/9/2017 39
And Trust Co.
EUR (2,435,893) USD 2,626,821 State Street Bank 4/28/2017 21,530
And Trust Co.
NZD (2,891,760) USD 2,027,349 State Street Bank 6/30/2017 4,220
And Trust Co.
AUD (1,782,613) USD 1,367,216 State Street Bank 4/24/2017 4,542
And Trust Co.
USD (1,449,119) RUB 86,315,065 JP Morgan Chase 6/5/2017 62,171
Bank NA
USD (653,072) PLN 2,598,145 Brown Brothers 4/18/2017 2,727
Harriman & Co.
USD (1,419,071) IDR 19,083,949,745 Bank of 6/6/2017 2,982
America NA
----------------------------------------------------------------------------------------------------
Total $199,169
====================================================================================================
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 57
------------------------------------------------------------------------------------------------------------
Currency Currency In Settlement Unrealized
Sold Deliver Purchased Exchange for Counterparty Date Depreciation
------------------------------------------------------------------------------------------------------------
USD (2,773,774) JPY 306,731,990 State Street Bank 6/06/2017 $ (11,227)
And Trust Co.
JPY (157,484,166) USD 1,363,204 JP Morgan Chase 4/10/2017 (52,020)
Bank NA
USD (2,116,573) KRW 2,355,619,238 JP Morgan Chase 5/15/2017 (5,523)
Bank NA
USD (2,541,752) EUR 2,346,734 State Street Bank 4/28/2017 (31,820)
And Trust Co.
USD (2,012,532) CAD 2,672,881 State Street Bank 4/25/2017 (437)
And Trust Co.
GBP (3,167,390) USD 3,972,864 State Street Bank 5/10/2017 (509)
And Trust Co.
USD (432,306) EUR 399,742 Bank of New 4/26/2017 (4,803)
York Mellon
KRW (5,486,340,000) USD 4,776,545 State Street Bank 5/15/2017 (140,183)
And Trust Co.
PLN (2,598,145) USD 638,420 State Street Bank 4/18/2017 (17,379)
And Trust Co.
JPY (149,322,960) USD 1,314,531 State Street Bank 6/6/2017 (30,330)
And Trust Co.
------------------------------------------------------------------------------------------------------------
Total $(294,231)
============================================================================================================
AUD Australian Dollar
CAD Canadian Dollar
CLP Chilean Peso
EUR Euro
GBP British Pounds
IDR Indonesian Rupiah
INR Indian Rupee
JPY Japanese Yen
KRW South Korean Won
NZD New Zealand Dollar
PLN Polish Zloty
RUB Russian Ruble
6. Assets and Liabilities Offsetting
The Fund has entered into an International Swaps and Derivatives Association,
Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with
substantially all its derivative counterparties. An ISDA Master Agreement is a
bilateral agreement between the Fund and a counterparty that governs the trading
of certain OTC derivatives and typically contains, among other things, close-out
and set-off provisions which apply upon the occurrence of event of a default
and/or termination event as defined under the relevant ISDA Master 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
58 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
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 setoff may be restricted or prohibited by the bankruptcy or
insolvency laws of the particular jurisdiction to which each specific ISDA 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 in the Statement of Assets and Liabilities as "Restricted
cash." 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 March 31, 2017.
-----------------------------------------------------------------------------------------------
Derivative Assets Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Received (a) Received (a) Assets (b)
-----------------------------------------------------------------------------------------------
Bank of
America NA $ 6,865 $ -- $ -- $ -- $ 6,865
Bank of New
York Mellon -- -- -- -- --
Brown Brothers
Harriman & Co. 2,727 -- -- -- 2,727
Goldman Sachs
International 541,228 -- -- 810,000 1,351,228
JP Morgan Chase
Bank NA 162,413 (57,543) -- -- 104,870
State Street Bank
And Trust Co. 86,043 (86,043) -- -- --
-----------------------------------------------------------------------------------------------
Total $ 799,276 $ (143,586) $ -- $ 810,000 $ 1,465,690
===============================================================================================
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 59
---------------------------------------------------------------------------------------------------------------
Derivative Liabilities Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Pledged (a) Pledged (a) Liabilities (c)
---------------------------------------------------------------------------------------------------------------
Bank of
America NA $ -- $ -- $-- $-- $ --
Bank of New
York Mellon 4,803 -- -- -- 4,803
Brown Brothers
Harriman & Co. -- -- -- -- --
Goldman Sachs
International -- -- -- -- --
JP Morgan Chase
Bank NA 57,543 (57,543) -- -- --
State Street Bank
And Trust Co. 231,885 (86,043) -- -- 145,842
---------------------------------------------------------------------------------------------------------------
Total $ 294,231 $ (143,586) $-- $-- $150,645
===============================================================================================================
(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.
7. Additional Disclosures about Derivative Instruments and Hedging
Activities:
The Fund's use of derivatives may subject it 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 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.
60 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at March 31,
2017 was as follows:
-------------------------------------------------------------------------------------------------------
Foreign
Statement of Assets and Interest Credit Exchange Equity Commodity
Liabilities Rate Risk Risk Rate Risk Risk
-------------------------------------------------------------------------------------------------------
Assets
Unrealized appreciation
of forward foreign
currency contracts $ -- $ -- $199,169 $-- $--
Unrealized appreciation
on futures contracts* 67,312 -- -- -- --
Unrealized appreciation
of swap contracts -- 600,107 -- -- --
Unrealized appreciation
of centrally cleared
swap contract -- 48,530 -- -- --
-------------------------------------------------------------------------------------------------------
Total Value $ 67,312 $648,637 $199,169 $-- $--
=======================================================================================================
* Reflects unrealized appreciation/depreciation of futures contracts (see
Note 1J). The current day's variation margin is disclosed on the Statement
of Assets and Liabilities.
-------------------------------------------------------------------------------------------------------
Foreign
Statement of Assets and Interest Credit Exchange Equity Commodity
Liabilities Rate Risk Risk Rate Risk Risk
-------------------------------------------------------------------------------------------------------
Liabilities
Unrealized depreciation
of forward foreign
currency contracts $ -- $-- $294,231 $ -- $--
Unrealized depreciation
on futures contracts* 150,056 -- -- -- --
Written options -- -- -- 106,920 --
-------------------------------------------------------------------------------------------------------
Total Value $150,056 $-- $294,231 $106,920 $--
=======================================================================================================
* Reflects unrealized appreciation/depreciation of futures contracts (see
Note 1J). The current day's variation margin is disclosed on the Statement
of Assets and Liabilities.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 61
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at March 31, 2017 was as follows:
------------------------------------------------------------------------------------------------------
Foreign
Interest Credit Exchange Equity Commodity
Statement of Operations Rate Risk Risk Rate Risk Risk Risk
------------------------------------------------------------------------------------------------------
Net realized gain (loss) on
Swap contracts $ -- $ 7,897,163 $ -- $ -- $--
Futures contracts 843,096 -- -- -- --
Written options -- -- -- 8,017,472 --
Forward foreign
currency contracts** -- -- (1,369,904) -- --
------------------------------------------------------------------------------------------------------
Total Value $ 843,096 $ 7,897,163 $(1,369,904) $ 8,017,472 $--
======================================================================================================
Change in net unrealized
appreciation
(depreciation) on
Swap contracts $ -- $(2,123,084) $ -- $ -- $--
Futures contracts (53,126) -- -- -- --
Written options -- -- -- (3,400,117) --
Forward foreign
currency contracts** -- -- 1,268,336 -- --
------------------------------------------------------------------------------------------------------
Total Value $ (53,126) $(2,123,084) $ 1,268,336 $(3,400,117) $--
======================================================================================================
** Included in the amount shown on the Statement of Operations as forward
foreign currency contracts and other assets and liabilities denominated in
foreign currencies.
8. 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
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. The
credit facility in which the Fund participated until February 9, 2016 was in the
amount of $240 million. The credit facility in which the Fund participated until
February 7, 2017, was in the amount of $220 million. Effective February 8,
2017, the Fund participated in a facility that is in the amount of $25 million.
Under such facility, depending on the type of loan, interest on borrowings is
payable at the London Interbank Offered Rate (LIBOR) plus 0.90% on an annualized
basis, or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay 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 March 31, 2017, the Fund had no borrowings under
the credit facility.
62 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
9. Unfunded Loan Commitments
The Fund may enter into unfunded loan commitments. Unfunded loan commitments may
be partially or wholly unfunded. During the contractual period, the Fund is
obligated to provide funding to the borrower upon demand. A fee is earned by the
Fund on the unfunded commitment and is recorded as interest income in the
Statement of Operations.
As of March 31, 2017, the Fund had the following unfunded loan commitments
outstanding:
-----------------------------------------------------------------------------------------
Unrealized
Appreciation/
Loan Shares Cost Value Depreciation
-----------------------------------------------------------------------------------------
AMC Entertainment Inc.,
Bridge Loan 1,250,000 $1,250,000 $1,250,000 $--
-----------------------------------------------------------------------------------------
Total $1,250,000 $1,250,000 $--
=========================================================================================
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 63
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust X and the Shareowners of
Pioneer Dynamic Credit Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Dynamic Credit Fund (the "Fund") (one of
the funds constituting Pioneer Series Trust X), as of March 31, 2017, 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 and the
financial highlights for each of the three years in the period then ended. These
financial statements and the financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits. The financial
highlights for the years ended March 31, 2014, and 2013, were audited by other
auditors. Those auditors expressed an unqualified opinion on those financial
statements and financial highlights in their report dated May 22, 2014.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Fund
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, 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. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of March 31, 2017, by correspondence with the custodian,
brokers and agent banks; where replies were not received from brokers and agent
banks, we performed other auditing procedures. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Dynamic Credit Fund as of March 31, 2017, 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 the financial highlights for each of the three
years in the period then ended, in conformity with accounting principles
generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
May 26, 2017
64 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
ADDITIONAL INFORMATION (unaudited)
The percentages of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest
income was 88.39%.
Pioneer Investment Management, Inc. (the "Adviser"), the Fund's investment
adviser, is currently an indirect, wholly owned subsidiary of UniCredit S.p.A.
("UniCredit"). On December 12, 2016, UniCredit announced that it has entered
into a binding agreement for the sale of its Pioneer Investments business,
which includes the Adviser, to Amundi (the "Transaction"). Amundi is
headquartered in Paris, France, and, as of September 30, 2016, had more than
$1.1 trillion in assets under management worldwide. The closing of the
Transaction is expected to happen in 2017, subject to certain regulatory and
antitrust approvals, and other conditions.
Under the Investment Company Act of 1940, the closing of the Transaction will
cause the Fund's current investment advisory agreement with the Adviser to
terminate. Accordingly, the Fund's Board of Trustees has approved a new
investment advisory agreement for the Fund, which will be submitted to the
shareholders of the Fund for their approval.
Change in Independent Registered Public Accounting Firm
Deloitte & Touche LLP, the Fund's independent registered public accounting firm,
has informed the Board that it will no longer be independent with respect to the
Fund upon the completion of the Transaction and, accordingly, that it intends to
resign as the Fund's independent registered public accounting firm upon the
completion of the Transaction. The Board will engage a new independent
registered public accounting firm for the Fund upon the completion of the
Transaction.
During the periods that Deloitte & Touche LLP has served as the Fund's inde-
pendent registered public accounting firm, including the Fund's two most recent
fiscal years, Deloitte & Touche LLP's reports on the Fund's financial statements
have not contained an adverse opinion or disclaimer of opinion and have not been
qualified or modified as to uncertainty, audit scope or accounting principles.
Further, there have been no disagreements with Deloitte & Touche LLP on any
matter of accounting principles or practices, financial statement disclosure, or
auditing scope or procedure, which, if not resolved to the satisfaction of
Deloitte & Touche LLP, would have caused Deloitte & Touche LLP to make reference
to the subject matter of the disagreement in connection with its report on the
financial statements. In addition, there have been no reportable events of the
kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities
Exchange Act of 1934.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 65
Approval of New and Interim Management Agreements
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Dynamic Credit Fund (the Fund) pursuant to an investment management
agreement between PIM and the Fund.
PIM is the principal U.S. asset management business of Pioneer Investments, a
group of companies owned by Pioneer Global Asset Management S.p.A. ("PGAM").
PGAM is a wholly-owned subsidiary of UniCredit S.p.A. ("UniCredit"). UniCredit
and PGAM have entered into a binding agreement to sell Pioneer Investments,
including PIM, to Amundi (the "Transaction"). Upon the consummation of the
transaction, PIM will become an indirect wholly-owned subsidiary of Amundi and
Amundi's wholly-owned subsidiary, Amundi USA, Inc. The closing of the
Transaction is expected to happen in 2017.
Under the Investment Company Act of 1940, the Fund's current investment
management agreement (the "Current Management Agreement") will terminate
automatically upon the consummation of the Transaction. In order for PIM to
continue to manage the Fund after the consummation of the Transaction, the
Trustees and shareholders of the Fund must approve a new investment management
agreement for the Fund (the "New Management Agreement"). As discussed below, the
Board of Trustees of the Fund approved the New Management Agreement at a meeting
held on March 6-7, 2017. The New Management Agreement has been submitted to the
shareholders of the Fund for their approval at a meeting to be held on June
13, 2017. If the shareholders of the Fund do not approve the New Management
Agreement and the Transaction is completed, an interim investment management
agreement between PIM and the Fund (the "Interim Management Agreement") will
take effect upon the closing of the Transaction. The Board of Trustees of the
Fund also approved the Interim Management Agreement at the March 6-7, 2017
meeting.
Board Evaluation of the New and Interim Management Agreements
The Board evaluated the Transaction and the New Management Agreement and Interim
Management Agreement for the Fund. In connection with their evaluation of the
Transaction and the New Management Agreement for the Fund, the Trustees
requested such information as they deemed reasonably necessary, including: (a)
the structure of the Transaction and the strategy underlying the Transaction;
(b) the anticipated benefits of the Transaction to the Fund and its
shareholders; (c) the post-Transaction plans for PIM, including Amundi's plans
for integration of Pioneer Investments and PIM with its existing asset
management businesses and plans for the future development of PIM; (d) the
effect of the Transaction on the ongoing services provided to the Fund,
including the need to select a new independent registered public
66 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
accounting firm for the Fund, and any plans to modify the operations of the
Fund; (e) the stability and continuity of PIM's management and key employees,
including compensation and benefits to PIM's key employees, and retention plans
and incentive plan structure; (f) the post-Transaction indebtedness and
financial resources of PIM; (g) Amundi's legal and operational structure, its
principal shareholders and senior management, its investment management, risk
management, administrative, legal and compliance functions; (h) certain
regulatory matters relating to Amundi's affiliates; and (i) Amundi's commit-
ment to the United States, including the role of PIM in the larger Amundi
business.
The Trustees also requested and obtained the following information in connec-
tion with their evaluation of the Transaction and the New Management Agreement
for the Fund: (i) memoranda provided by Fund counsel that summarized the legal
standards and other considerations that are relevant to the Trustees in their
deliberations regarding the New Management Agreement; (ii) the qualifications of
the investment management teams for the Fund, as well as the level of investment
by the Fund's portfolio managers in the Fund; (iii) the Fund's management fees
and total expense ratios, the financial statements of PIM and its pre- and
post-Transaction parent companies, profitability analyses from PIM, and analyses
from PIM as to possible economies of scale; (iv) the profitability of the
institutional business of PIM and PIM's affiliate, Pioneer Institutional Asset
Management, Inc. ("PIAM") as compared to that of PIM's fund management business;
and (v) the differences between the fees and expenses of the Fund and the fees
and expenses of PIM's and PIAM's institutional accounts, as well as the
different services provided by Adviser to the Fund and by PIM and PIAM to the
institutional accounts. In addition, the Trustees considered the information
provided at regularly scheduled meetings throughout the year regarding the
Fund's performance and risk attributes, including through meetings with
investment management personnel, and took into account other information related
to the Fund provided to the Trustees at regularly scheduled meetings. The
Trustees also considered information they had received in their review of the
continuance of the Current Management Agreement for the Fund in September 2016.
At meetings held on January 9, 2017 and January 10, 2017, the Trustees met with
representatives of Amundi and PGAM, including separate meetings of the Trustees
who are not "interested persons" of the Fund Complex ("Independent Trustees")
and counsel with representatives of Amundi and PGAM, and subsequently with
representatives of Amundi. In those meetings, they received an extensive
presentation from the representatives of Amundi, including the chief executive
officer of Amundi, describing Amundi's background and history, its global
asset management activities, the growth of its business, and its status as the
largest asset management firm in Europe and one of the largest globally; its
capital structure and financial resources, including
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 67
information as to the financing of the Transaction; its principal investors,
including its majority investor Credit Agricole S.A., and Credit Agricole's
long-term commitment to the asset management business; the philosophy and
strategy underlying the Transaction and the complementarity of Amundi's and
Pioneer Investments' respective asset management businesses; Amundi's various
operating and investment committees and how they would likely interact with PIM;
the proposed integration process, including the progress to date and the
establishment of various integration work streams; Amundi's plans for management
of PIM; Amundi's philosophy as to compensation of key employees and its
general intentions with respect to incentive plans for key employees of PIM;
Amundi's preliminary plans to achieve cost and other synergies; and
opportunities to further develop the business of PIM and PIAM, including in the
area of institutional asset management, and how that would benefit share-
holders of the Pioneer Funds.
In those meetings, the representatives of Amundi confirmed their intention that
the Chief Executive Officer and Chief Investment Officer of PIM would remain in
their current positions, and confirmed that they do not currently foresee major
changes in the day-to-day investment management operations of PIM with respect
to the Fund as a direct result of the Transaction. They discussed incentive
arrangements for key personnel that would continue after the closing of the
Transaction and their plans to establish a new long-term incentive plan
following the closing. They also generally discussed ways in which PIM could
potentially draw on the expanded global resources of Amundi post-Transaction. At
those meetings, the Independent Trustees identified certain areas to which
they requested further information, including as to trading and execution of
securities transactions, research and portfolio management and potential changes
in investment process, particularly where asset classes managed by PIM would
overlap with asset classes managed by Amundi, the continued availability of
resources currently at Pioneer Investments or elsewhere within Amundi to assist
in management of certain Funds, and any anticipated significant changes in
operations. The Independent Trustees considered the uncertainty as to whether
the Fund's independent registered public accounting firm could continue to act
in that capacity after the closing of the Transaction. The Independent Trustees
also met with counsel to review the information they had received to date and to
discuss next steps.
Subsequently, the Trustees received further information from Amundi, including
written responses to questions raised by the Independent Trustees, and received
from PIM the information requested of it. The Independent Trustees reviewed the
information provided with counsel at telephonic meetings held on February 16,
2017 and February 27, 2017. The Trustees held a special in-person Board meeting
on March 6-7, 2017 for further consideration of the
68 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
New Management Agreements, the Interim Management Agreements and the
Transaction. The Trustees met again with senior executives of Amundi at the
March 6-7, 2017 meeting.
At the March 6-7, 2017 meeting, based on their evaluation of the information
provided by PIM and Amundi, the Trustees including the Independent Trustees
voting separately, approved the New Management Agreement and the Interim
Management Agreement for the Fund. In considering the New Management Agreement
for the Fund, the Trustees considered various factors that they determined were
relevant, including the factors described below. The Trustees did not identify
any single factor as the controlling factor in their determinations. The
Trustees considered the same factors with respect to the Interim Management
Agreement for the Fund.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund and that are expected to be provided by PIM to
the Fund following the consummation of the Transaction. The Trustees reviewed
the terms of the New Management Agreement, and noted that such terms are
substantially similar to the terms of the Current Management Agreement, except
for different execution dates, effective dates and termination dates. The
Trustees reviewed PIM's investment approach for the Fund and its research
process. The Trustees considered the resources of PIM and the personnel of PIM
who provide investment management services to the Fund. They also reviewed the
amount of non-investment resources and personnel of PIM that are involved in
PIM's services to the Fund, including PIM's compliance and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by PIM's senior management to the Pioneer Fund complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations and that PIM would continue to provide those
investment management and research services and resources to the Fund following
the consummation of the Transaction. The Trustees also considered that, as
administrator, PIM would continue to be responsible for the administration of
the Fund's business and other affairs. The Trustees considered the fees to be
paid to PIM for the provision of administration services.
The Trustees considered that Deloitte & Touche LLP has informed the Board that
it will no longer be independent with respect to the Fund upon the completion of
the Transaction and, accordingly, that it will be necessary for the Board to
engage a new independent registered public accounting firm for the Fund.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 69
The Trustees considered that the Transaction is not expected to have a material
adverse impact on the nature, scope and overall quality of services provided to
the Fund and its shareholders, including investment management, risk management,
administrative, compliance, legal and other services, as a result of the
Transaction.
In that regard, the Trustees considered that Amundi is one of the largest asset
managers globally, and that PIM may have access to additional research and
portfolio management capabilities as a result of the Transaction and that PIM,
as part of Amundi, is expected to have an enhanced global presence that may
contribute to an increase in the overall scale and resources of PIM.
Furthermore, in considering whether the Transaction would be expected to have a
material adverse impact on the nature, scope and overall quality of services
provided to the Fund and its shareholders, the Trustees considered the
statements by representatives of Amundi that they expect the Chief Executive
Officer and Chief Investment Officer of PIM to remain in their current posi-
tions and that they do not currently foresee major changes in the day-to-day
investment management operations of PIM as a direct result of the Transaction,
or the risk management, legal or compliance services provided by PIM, with
respect to the Fund. They further considered the current incentive arrangements
for key personnel of PIM that would continue after the closing of the
Transaction. They also noted Amundi's stated intention to establish a new
long-term incentive plan following the closing.
The Trustees also took into account their experience in evaluating the proposed
combination of Pioneer Investments and Santander Asset Management, which was
announced in September, 2014 and abandoned in July, 2016. In light of, among
other things, this experience, the Trustees determined that they were not able
to identify any realistic alternatives to approving the New Management Agreement
that would provide the level of services to the Fund and its shareholders that
are expected to be provided by PIM after the closing of the Transaction.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that PIM would continue to provide to the Fund under
the New Management Agreement would be satisfactory and consistent with
the terms of the New Management Agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly reviewed and
discussed throughout the year data prepared by PIM and information comparing
the Fund's performance with the performance of its peer group of funds, as
classified by each of Morningstar, Inc. (Morningstar) and Lipper, and the
performance of the Fund's benchmark index. They also discussed the Fund's
performance with PIM on a regular basis.
70 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
The Trustees' regular reviews and discussions were factored into the Trustees'
deliberations concerning the approval of the New Management Agreement.
Management Fee and Expenses
The Trustees noted that the stated management fees to be paid by the Fund are
identical under the Current Management Agreement and the New Management
Agreement. The Trustees considered information showing the fees and expenses of
the Fund in comparison to the management fees and expense ratios of its peer
group of funds as classified by Morningstar and also to the expense ratios of a
peer group of funds selected on the basis of criteria determined by the
Independent Trustees for this purpose using data provided by Strategic Insight
Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent
third party. In all quintile rankings referred to below, first quintile is most
favorable to the Fund's shareowners. To the extent applicable, the Trustees
also considered the impact of transfer agency, sub-transfer agency, and other
non-management fee expenses on the expense ratios of the Fund. The Trustees
noted that they separately review the Fund's transfer agency, sub-transfer
agency and intermediary arrangements and that the results of the most recent
such review were considered in the consideration of the Fund's expense ratio.
The Trustees considered that the Fund's management fee as of September 30, 2016
was in the third quintile relative to the management fees paid by other funds in
its Morningstar category for the comparable period. The Trustees also considered
the breakpoint in the management fee schedule and the reduced fee rate above a
certain asset level. The Trustees considered that the expense ratio of the
Fund's Class A shares as of September 30, 2016 was in the third quintile
relative to its Morningstar category and in the fourth quintile relative to its
Strategic Insight peer group, in each case for the comparable period. The
Trustees considered that the expense ratio of the Fund's Class Y shares as of
September 30, 2016 was in the third quintile relative to its Morningstar
category and in the third quintile relative to its Strategic Insight peer group,
in each case for the comparable period. The Trustees noted that PIM had agreed
to waive fees and/or reimburse expenses in order to limit the ordinary operating
expenses of the Fund.
The Trustees reviewed management fees charged by PIM and PIAM to institutional
and other clients, including publicly offered European funds sponsored by PIM's
affiliates, unaffiliated U.S. registered investment companies (in a sub-
advisory capacity), and unaffiliated foreign and domestic separate accounts.
The Trustees also considered PIM's costs in providing services to the Fund and
PIM's and PIAM's costs in providing services to the other clients and consid-
ered the differences in management fees and profit margins for fund and
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 71
non-fund services. In evaluating the fees associated with PIM's and PIAM's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and other client accounts.
The Trustees noted that in some instances the fee rates for those clients were
lower than the management fee for the Fund and considered that, under both the
Current Management Agreement and the New Management Agreement, PIM would perform
additional services for the Fund that it does not provide to those other clients
or services that are broader in scope, including oversight of the Fund's other
service providers and activities related to compliance and the extensive
regulatory and tax regimes to which the Fund is subject. The Trustees also
considered the different risks associated with PIM's management of the Fund and
PIM's and PIAM's management of the other client accounts.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services to be provided
by PIM.
Profitability
The Trustees considered information provided by PIM regarding the prof-
itability of PIM with respect to the advisory services provided by PIM to the
Fund, including the methodology used by PIM in allocating certain of its costs
to the management of the Fund. The Trustees also considered PIM's profit margin
in connection with the overall operation of the Fund. They further reviewed the
financial results, including the profit margins, realized by PIM and PIAM from
non-fund businesses. The Trustees considered PIM's profit margins with respect
to the Fund in comparison to the limited industry data available and noted that
the profitability of any adviser was affected by numerous factors, including
its organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connec-
tion with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with the Fund and Fund shareholders. The Trustees
recognize that economies of scale are difficult to identify and quantify, and
that, among other factors that may be relevant, are the following: fee levels,
expense subsidization, investment by PIM in research and analytical capabili-
ties and PIM's commitment and resource allocation to the Fund. The Trustees
noted that profitability also may be an indicator of the availability of any
economies of scale, although profitability may vary for other reasons including
due to reductions in expenses. The Trustees concluded that economies of scale,
if any, were being appropriately shared with the Fund.
72 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
Other Benefits
The Trustees considered the other benefits that PIM enjoys from its relation-
ship with the Fund. The Trustees considered the character and amount of fees
paid or to be paid by the Fund, other than under the Current Management
Agreement or the New Management Agreement, for services provided by PIM and its
affiliates. The Trustees further considered the revenues and profitability of
PIM's businesses other than the Fund business. To the extent applicable, the
Trustees also considered the benefits to the Fund and to PIM and its affiliates
from the use of "soft" commission dollars generated by the Fund to pay for
research and brokerage services.
The Trustees considered that following the completion of the Transaction, PIM
will be the principal U.S. asset management business of Amundi, and that
Amundi's worldwide asset management business will manage over $1.38 trillion in
assets (including the Pioneer Funds). This may create opportunities for PIM,
PIAM and Amundi that derive from PIM's relationships with the Fund, including
Amundi's ability to market the services of PIM globally. The Trustees noted that
PIM may have access to additional research capabilities as a result of the
Transaction and Amundi's enhanced global presence that may contribute to an
increase of the overall scale of PIM. The Trustees considered that PIM and the
Fund are expected to receive reciprocal intangible benefits from the
relationship, including mutual brand recognition and, for the Fund, direct and
indirect access to the resources of a large global asset manager. The Trustees
concluded that any such benefits received by PIM as a result of its relationship
with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including the Independent Trustees, concluded that the New Management
Agreement and the Interim Management Agreement for the Fund, including the fees
payable thereunder, were fair and reasonable and voted to approve the New
Management Agreement and the Interim Management Agreement, and to recommend that
shareholders approve the New Management Agreement.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 73
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, 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 us.pioneerinvestments.com. 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 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 46 U.S. registered investment portfolios for which 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.
74 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
Independent Trustees
-----------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (66) Trustee since 2011. Private investor (2004 - 2008 and 2013 - Director, Broadridge
Chairman of the Board Serves until a successor present); Chairman (2008 - 2013) and Chief Financial Solutions, Inc.
and Trustee trustee is elected or earlier Executive Officer (2008 - 2012), Quadriserv, (investor communications
retirement or removal. Inc. (technology products for securities and securities processing
lending industry); and Senior Executive Vice provider for financial
President, The Bank of New York (financial services industry) (2009
and securities services) (1986 - 2004) - present); Director,
Quadriserv, Inc. (2005 -
2013); and Commissioner,
New Jersey State Civil
Service Commission (2011
- 2015)
-----------------------------------------------------------------------------------------------------------------------------------
David R. Bock (73) Trustee since 2011. Managing Partner, Federal City Capital Director of New York
Trustee Serves until a successor Advisors (corporate advisory services Mortgage Trust
trustee is elected or earlier company) (1997 - 2004 and 2008 - present); (publicly-traded mortgage
retirement or removal. Interim Chief Executive Officer, Oxford REIT) (2004 - 2009, 2012
Analytica, Inc. (privately-held research and - present); Director of
consulting company) (2010); Executive Vice The Swiss Helvetia Fund,
President and Chief Financial Officer, Inc. (closed-end fund)
I-trax, Inc. (publicly traded health care (2010 - present);
services company) (2004 - 2007); and Director of Oxford
Executive Vice President and Chief Financial Analytica, Inc. (2008 -
Officer, Pedestal Inc. (internet-based present); and Director of
mortgage trading company) (2000 - 2002); Enterprise Community
Private consultant (1995-1997), Managing Investment, Inc.
Director, Lehman Brothers (investment (privately-held
banking firm) (1992-1995); and Executive, The affordable housing finance
World Bank (1979-1992) company) (1985 - 2010)
-----------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (72) Trustee since 2011. William Joseph Maier Professor of Political Trustee, Mellon
Trustee Serves until a successor Economy, Harvard University (1972 - present) Institutional Funds
trustee is elected or earlier Investment Trust and
retirement or removal. Mellon Institutional
Funds Master Portfolio
(oversaw 17 portfolios in
fund complex) (1989-2008)
-----------------------------------------------------------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 75
Independent Trustees continued
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (69) Trustee since 2011. Founding Director, Vice President and None
Trustee Serves until a successor Corporate Secretary, The Winthrop Group,
trustee is elected or earlier Inc. (consulting firm) (1982 - present);
retirement or removal. Desautels Faculty of Management, McGill
University (1999 - present); and Manager of
Research Operations and Organizational
Learning, Xerox PARC, Xerox's advance
research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (68) Trustee since 2011. President and Chief Executive Officer, Director of New America
Trustee Serves until a successor Newbury Piret Company (investment banking High Income Fund, Inc.
trustee is elected or earlier firm) (1981 - present) (closed-end investment
retirement or removal. company) (2004 -
present); and Member,
Board of Governors,
Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (70) Trustee since 2014. Consultant (investment company services) None
Trustee Serves until a successor (2012 - present); Executive Vice President,
trustee is elected or earlier BNY Mellon (financial and investment company
retirement or removal. services) (1969 - 2012); Director, BNY
International Financing Corp. (financial
services) (2002 - 2012); and Director,
Mellon Overseas Investment Corp. (financial
services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
76 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
Interested Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (58)* Trustee since 2014. Director and Executive Vice President (since None
Trustee Serves until a successor 2008) and Chief Investment Officer, U.S.
trustee is elected or earlier (since 2010) of Pioneer Investment
retirement or removal. Management-USA (PIM-USA); Executive Vice
President of Pioneer (since 2008); Executive
Vice President of Pioneer Institutional
Asset Management, Inc. (since 2009); and
Portfolio Manager of Pioneer (since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's
investment adviser and certain of its affiliates.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 77
Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lorraine Monchak (60)** Advisory Trustee since 2014. Chief Investment Officer, 1199 SEIU Funds Trustee of Pioneer
Advisory Trustee (healthcare workers union pension funds) closed-end investment
(2001 - present); Vice President - companies (5 portfolios)
International Investments Group, American (Sept. 2015 - present)
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)
------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee.
78 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (55) Since 2014. Serves at Chair, Director, CEO and President of Trustee of Pioneer
President and Chief the discretion of the Board. PIM-USA (since September 2014); Chair, closed-end investment
Executive Officer Director, CEO and President of Pioneer companies (5 portfolios)
Investment Management, Inc. (since September (Sept. 2015 - present)
2014); Chair, Director, CEO and President of
Pioneer Funds Distributor, Inc. (since
September 2014); Chair, Director, CEO and
President of Pioneer Institutional Asset
Management, Inc. (since September 2014); and
Chair, Director, and CEO of Pioneer
Investment Management Shareholder Services,
Inc. (since September 2014); Managing
Director, Morgan Stanley Investment
Management (2010 - 2013); and Director of
Institutional Business, CEO of
International, Eaton Vance Management (2005
- 2010)
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (52) Since 2011. Serves at Vice President and Associate General Counsel None
Secretary and the discretion of the Board. of Pioneer since January 2008; Secretary and
Chief Legal Officer 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 Pioneer from July 2002 to
December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (56) Since 2011. Serves at Fund Governance Director of Pioneer since None
Assistant Secretary the discretion of the Board. December 2006 and Assistant Secretary of all
the Pioneer Funds since June 2010; Manager -
Fund Governance of Pioneer from December
2003 to November 2006; and Senior Paralegal
of Pioneer from January 2000 to November
2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (54) Since 2011. Serves at Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary the discretion of the Board. Assistant Secretary of all the Pioneer Funds
since June 2010; and Counsel of Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (57) Since 2011. Serves at Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief the discretion of the Board. Treasurer of all of the Pioneer Funds since
Financial March 2008; Deputy Treasurer of Pioneer from
and Accounting Officer March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 79
Fund Officers continued
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (51) Since 2011. Serves at Director - Fund Treasury of Pioneer; and None
Assistant Treasurer the discretion of the Board. Assistant Treasurer of all of the Pioneer
Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (58) Since 2011. Serves at Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Board. Pioneer; and Assistant Treasurer of all of
the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (37) Since 2011. Serves at Fund Administration Manager - Fund Treasury None
Assistant Treasurer the discretion of the Board. of Pioneer since November 2008; Assistant
Treasurer of all of the Pioneer Funds since
January 2009; and Client Service Manager -
Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (64) Since 2011. Serves at Chief Compliance Officer of Pioneer and of None
Chief Compliance Officer the discretion of the Board. all the Pioneer Funds since March 2010;
Chief Compliance Officer of Pioneer
Institutional Asset Management, Inc. since
January 2012; Chief Compliance Officer of
Vanderbilt Capital Advisors, LLC since July
2012: Director of Adviser and Portfolio
Compliance at Pioneer since October 2005;
and Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003
to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (46) Since 2011. Serves at Director - Transfer Agency Compliance of None
Anti-Money the discretion of the Board. Pioneer and Anti-Money Laundering Officer of
Laundering Officer all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
80 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
This page is for your notes.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 81
This page is for your notes.
82 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
This page is for your notes.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/17 83
This page is for your notes.
84 Pioneer Dynamic Credit Fund | Annual Report | 3/31/17
How to Contact 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
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Pioneer Funds
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2017 Pioneer Investments 25667-05-0517
Pioneer Fundamental
Growth Fund
--------------------------------------------------------------------------------
Annual Report | March 31, 2017
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PIGFX
Class C FUNCX
Class K PFGKX
Class R PFGRX
Class Y FUNYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 24
Notes to Financial Statements 33
Report of Independent Registered Public Accounting Firm 41
Approval of New and Interim Management Agreements 44
Trustees, Officers and Service Providers 53
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 1
President's Letter
After an overall strong year for leading market indices in 2016, U.S. markets
continued to generate positive returns over the first calendar quarter of 2017,
with so-called "risk" assets, such as equities and credit-sensitive bonds,
posting solid gains. In the first quarter, U.S. equities, as measured by the
Standard & Poor's 500 Index, returned slightly more than 6%, while high-yield
securities dominated bond market performance.
The transfer of power in Washington, D.C. in January had little or no effect on
the markets in the first quarter, as the post-election momentum we witnessed
late in the fourth quarter of 2016 slowed only when oil prices slumped in
March, due to both higher-than-expected inventories and concerns over
whether OPEC (Organization of Petroleum Exporting Countries) would
continue its supply cuts in June. Not even the Federal Reserve System's (the
Fed's) highly anticipated rate hike during the month of March, its second in
three months, nor Britain's trigger of Article 50 to begin the "Brexit" process
caused any dramatic sell-off of risk assets.
While U.S. gross domestic product (GDP) did slow in the first quarter, the
expectation is for GDP to accelerate in the second quarter, with a strong
consumer leading the way. Pioneer believes the U.S. economy may lead all
developed nations in 2017, with GDP growth in excess of 2% for the year.
President Trump has proposed decidedly pro-business policies, such as lower
taxes, higher infrastructure spending, and less regulation, though we believe
the economy may realize the benefits of those policies, if enacted, more so in
2018 than in 2017. Conversely, the effects of the President's potentially
restrictive trade policies could offset some of the benefits of the pro-growth
fiscal policies.
Even so, we believe solid domestic employment figures should continue to
support consumption and the housing market, and that stronger corporate
profits and increased government spending may contribute to economic
growth in 2018 and beyond. Increasing global Purchasing Manager Indices
(PMIs) suggest that growth in global economies is also improving. (PMIs are
used to measure the economic health of the manufacturing sector.)
There are, as always, some risks to our outlook. First, the market already has
priced in a good deal of the Trump economic reform platform, and that could
lead to near-term disappointment if Congressional follow-through does not
happen this year. The future of the Affordable Care Act is another potential
concern. The first attempt to repeal/replace it failed, but any new proposed
2 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
legislation will undoubtedly have an effect on the health care sector, one of
the largest segments of the US economy. Geopolitical risks, of course, remain a
potential headwind, given ongoing strife in the Middle East and renewed tensions
on the Korean Peninsula.
While our current outlook is generally optimistic, conditions can and often do
change, and while passive investment strategies may have a place in one's
overall portfolio, it is our view that all investment decisions are active
choices.
Throughout Pioneer's history, we have believed in the importance of active
management. The active decisions to invest in equities or fixed-income
securities are made by a team of experienced investment professionals focusing
on identifying value across global markets using proprietary research, careful
risk management, and a long-term perspective. We believe our shareowners
can benefit from the experience and tenure of our investment teams as well as
the insights generated from our extensive research process.
As always, and particularly during times of market uncertainty, we encourage
you to work with your financial advisor to develop an overall investment plan
that addresses both your short- and long-term goals, and to implement such a
plan in a disciplined manner.
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
President and CEO
Pioneer Investment Management USA Inc.
March 31, 2017
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 Fundamental Growth Fund | Annual Report | 3/31/17 3
Portfolio Management Discussion | 3/31/17
Equities produced healthy, positive results over the 12-month period ended March
31, 2017, led by shares of more economically cyclical companies. In the
following interview, Andrew Acheson and Paul Cloonan discuss the factors that
affected the performance of Pioneer Fundamental Growth Fund during the 12-month
period. Mr. Acheson and Mr. Cloonan, both senior vice presidents and portfolio
managers at Pioneer, are responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the 12-month period ended March 31, 2017?
A Pioneer Fundamental Growth Fund's Class A shares returned 11.78% at net
asset value during the 12-month period ended March 31, 2017, while the
Fund's benchmark, the Russell 1000 Growth Index (the Russell Index),
returned 15.76%. During the same period, the average return of the 665
mutual funds in Lipper's Large Cap Growth Funds category was 14.55%, and
the average return of the 1,454 mutual funds in Morningstar's Large Growth
Funds category was 14.85%.
Q How would you describe the investment environment for domestic stocks
during the 12-month period ended March 31, 2017?
A Domestic stocks generated relatively modest gains during the first half of
the Fund's fiscal year -- from April through September of 2016. Then, a
rebound in the energy sector and expectations that short-term interest
rates in major industrial nations were likely to remain low combined to
drive equity performance, and that environment appeared to continue into
October and early November 2016, until the somewhat surprising victory of
Republican Donald Trump in the U.S. presidential election.
Combined with Republicans' success in maintaining control of Congress, the
Trump victory, almost overnight, appeared to trigger a sharp rally in
stocks. Investors seemed to anticipate that a new Trump administration and
the Republican-controlled Congress would push for more business-friendly
policies, including greater infrastructure investment, reductions in
corporate and individual tax rates, and the deregulation of the economy.
Stocks of highly cyclical, often financially leveraged companies,
particularly in the financials, materials, and industrials sectors, led the
market surge, which continued through the end of 2016. The new market
momentum was in large part driven by the premise that inflationary
pressures were increasing, a sign of an accelerating economy with rising
interest rates, all conditions that would benefit certain types of
companies. In this "reflation trade" environment, lower-priced value stocks
performed particularly well, while stocks of better-financed, stable growth
companies underperformed. The main beneficiaries of this environment were
energy companies, banks
4 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
and financial institutions, metals and mining corporations, and producers
of industrial machinery and semiconductors. The more defensive parts of the
market, such as the consumer staples and health care sectors, lagged over
the 12-month period.
In global markets, optimism improved as the effects of the early-2016
decision by the Chinese government to facilitate more growth and increase
corporate lending appeared to take effect, easing earlier fears that more
austere policies in China could slow economic growth throughout the world.
Elsewhere, the European economy appeared to perform better than expected,
despite the "Brexit" referendum result in the United Kingdom in June 2016,
when the country's citizens voted to leave the European Union.
While the equity market's upward momentum persisted over the first three
months of 2017, market leadership moved away from stocks of cyclical
companies and toward shares of better-financed, quality corporations with
histories of more stable profitability and the ability to grow earnings
under different types of economic climates.
Q What were the most significant factors that led to the Fund's underperfor-
mance of the benchmark Russell Index during the 12-month period ended March
31, 2017?
A Our emphasis in the portfolio on owning shares of higher-quality companies
with solid balance sheets and records of stable growth proved to be a
handicap during the period, as the "reflation" trade alluded to earlier
produced the strongest results in the more cyclical, value-oriented areas
of the market, which we tended to de-emphasize. At the same time, the more
defensive, stable growth areas of the market, such as health care and
consumer staples, underperformed.
More specifically, the Fund's overweights relative to the Russell Index in
health care and consumer staples detracted from benchmark-relative returns
during the period, as did a portfolio underweight to the strong-performing
information technology sector. In addition, stock selection results in
health care detracted the most from the Fund's benchmark-relative returns
during the period, while stock selection within information technology was
also negative relative to the Russell Index.
With regard to individual positions, the three most significant detractors
from the Fund's benchmark-relative results during the period were all
health care-related: CVS Health, Gilead Sciences, and Allergan. CVS, a
retail pharmacy chain and institutional pharmacy benefits manager, was the
single-largest detractor from the Fund's relative performance, as the
company's shares declined after it lost network pharmacy contracts to a
rival pharmacy. The Fund's position in biotechnology corporation Gilead
Sciences also detracted from benchmark-relative performance when the sales
of its
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 5
hepatitis C drugs failed to meet expectations. Meanwhile, drug company
Allergan's stock price dropped after its proposed merger with Pfizer fell
through. The performance of both Gilead and Allergan also felt the effects
of market worries about possible increased government scrutiny and
regulation over drug pricing. Finally, in information technology, the
Fund's position in Cognizant Technology Solutions detracted from
benchmark-relative returns after the company unexpectedly announced a
management change in September 2016. Since the original announcement,
however, the share price of Cognizant has partially recovered.
On the positive side, the Fund's most successful investment during the
period was a position in media-and-production company Time Warner, owner of
HBO and other premium cable channels, and a producer of movies and
television programs. Time Warner's share price rose following news of its
pending acquisition by AT&T. We think the deal recognizes the value of Time
Warner's ability to create and produce interesting content for media
distribution. Another top performer in the portfolio during the period was
Analog Devices, a semiconductor company that appears to have improved its
position even further with the announcement of its pending acquisition of
Linear Technology. However, we became concerned about Analog's high stock
valuation, and so we sold the holding and redeployed profits to acquire
another semiconductor company, Broadcom, which we believed had a more
attractive valuation. The Fund's position in IntercontinentaExchange (ICE),
which operates several capital market exchanges around the world, including
the New York Stock Exchange, was another positive contributor to
benchmark-relative performance during the 12-month period. ICE is a
well-managed company that has been able to integrate its various
acquisitions earlier than planned, while also shifting strategy to place
greater emphasis on recurring revenue sources, such as selling
subscriptions for its financial data, and having less dependence on more
volatile trading volumes. ICE also has been paying down its debt ahead of
schedule.
Q Could you discuss some of the changes you made in the Fund's portfolio
during the 12-month period ended March 31, 2017?
A Recent additions to the portfolio include technology companies Amphenol,
Adobe Systems, and Broadcom. Amphenol specializes in the design and
manufacture of connectors used in a wide range of applications, including
cable television, cellular communications, data communications, and in
aerospace and automotive markets. Adobe Systems dominates the market for
creative software and has built up a competitive position that we think is
sustainable because of strong network effects and high switching costs.
Adobe has shown an ability to produce high returns on its capital; the
company also has strong growth prospects and an attractive valuation.
Semiconductor firm Broadcom has shown an ability to generate high returns
on its investments, and has made it through a series of mergers
6 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
while enhancing its competitive advantages. We think Broadcom's stock is
attractively valued and that the company has the potential to increase
returns on its growth capital.
Outside of information technology, new Fund positions include consulting
and professional services firm Marsh & McLennan, and building products
company Masco. Marsh & McLennan is a global professional services firm that
provides insurance brokerage, risk management and consulting, and human
resources consulting services. The tightly managed company has shown stable
profitability and high returns on growth capital, while building up a
strong, loyal customer base that provides a high degree of recurring
revenue. Masco manufactures building and home-improvement products,
including Delta faucets, the largest-selling faucet brand in the world, and
Behr paints.
We also recently eliminated the Fund's holdings in several companies,
including industrial company 3M, which has shown signs of struggling to
sustain its growth, and UPS, which we believe has been slow to adapt as the
e-commerce economy shifts to more business-to-consumer deliveries. We also
think newer entrants to the delivery services market could threaten UPS's
position. Earlier in the period, we sold the Fund's positions in technology
company EMC after its acquisition by Dell, and cosmetic company Estee
Lauder, which we believe to be vulnerable in the changing competitive
environment.
Q Did the Fund have any investments in derivative securities during the
12-month period ended March 31, 2017?
A No, we did not invest the portfolio in any derivatives during the period.
Q What is your investment outlook?
A Given the equity market's strong recent performance and the currently high
stock valuations, we have become rather cautious about near-term
opportunities. We think many of the gains in recent months are the result
of investors' hopes -- hopes which may or may not be fulfilled.
In 2017 thus far, we have seen continued evidence of dysfunction in
Washington, despite Republican control of both the White House and the
Congress. As of the end of March, the new Trump administration had been
unable to win congressional support for any major legislation. At the same
time, geopolitical risks -- from North Korea to Syria to Russia -- have
increased. In addition, the markets are watching closely the results of
2017 national elections in Europe, including those in France, Germany, and
the United Kingdom.
The United States remains highly competitive among world economies, and we
believe the strength of the already healthy housing and consumer sectors
should help sustain current growth trends. Looking ahead, we think there is
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 7
potential for an acceleration in corporate earnings growth in the U.S.
Should the Trump administration win passage of a major tax cut or
infrastructure investment legislation, and push further economic
deregulation, then economic growth could expand significantly. If major
legislative initiatives fail, however - as was the case with health care
early in the year - then we believe investor confidence could further
deteriorate.
Interest rates, despite recent monetary tightening by the U.S. Federal
Reserve (the Fed), remain low by historical standards, and we think we have
begun to see some tentative signs of rising inflationary pressures. That
could lead the Fed to tighten monetary policy more aggressively, which
could put a brake on the economy. For example, we already have seen
evidence of rising wage levels, and any further restrictions on immigration
could tighten the labor market and contribute to further wage inflation.
While we are generally positive about equities, we think high current stock
valuations and the heightened geopolitical risks justify a measure of
caution. Even though equity markets can show renewed strength at this late
point in the growth cycle, we think current conditions may warrant a more
conservative positioning in the portfolio, due to the number of risks that
hover over the markets.
Please refer to the Schedule of Investments on pages 18-23 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, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
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 a limited number of securities and, as a result, the Fund's
performance may be more volatile than the performance of other funds holding
more securities.
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.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments 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.
8 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
Portfolio Summary | 3/31/17
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 91.4%
International Common Stocks 5.1%
U.S. Government Securities 2.2%
Temporary Cash Investment 1.0%
Municipal Bonds 0.3%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Information Technology 30.1%
Consumer Discretionary 22.1%
Health Care 17.2%
Consumer Staples 13.0%
Financials 7.0%
Industrials 5.4%
Materials 2.9%
Energy 1.9%
Government 0.4%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. Apple, Inc. 7.03%
--------------------------------------------------------------------------------
2. Alphabet, Inc. 5.67
--------------------------------------------------------------------------------
3. Microsoft Corp. 5.43
--------------------------------------------------------------------------------
4. Amazon.com, Inc. 4.99
--------------------------------------------------------------------------------
5. Mastercard, Inc. 4.55
--------------------------------------------------------------------------------
6. The Home Depot, Inc. 4.43
--------------------------------------------------------------------------------
7. Celgene Corp. 3.83
--------------------------------------------------------------------------------
8. Time Warner, Inc. 3.78
--------------------------------------------------------------------------------
9. Thermo Fisher Scientific, Inc. 3.41
--------------------------------------------------------------------------------
10. CVS Health Corp. 3.35
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
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 listed.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 9
Prices and Distributions |3/31/17
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/17 3/31/16
--------------------------------------------------------------------------------
A $20.78 $19.00
--------------------------------------------------------------------------------
C $19.17 $17.63
--------------------------------------------------------------------------------
K $20.79 $19.00
--------------------------------------------------------------------------------
R $20.49 $18.76
--------------------------------------------------------------------------------
Y $20.95 $19.15
--------------------------------------------------------------------------------
Distributions per Share: 4/1/16-3/31/17
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.0564 $-- $0.3650
--------------------------------------------------------------------------------
C $ -- $-- $0.3650
--------------------------------------------------------------------------------
K $0.1283 $-- $0.3650
--------------------------------------------------------------------------------
R $0.0120 $-- $0.3650
--------------------------------------------------------------------------------
Y $0.1140 $-- $0.3650
--------------------------------------------------------------------------------
The Russell 1000 Growth Index is an unmanaged index that measures the
performance of large-cap U.S. growth stocks. Index returns 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 index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-15.
10 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
Performance Update | 3/31/17 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 Fundamental Growth Fund at public
offering price during the periods shown, compared to that of the Russell 1000
Growth Index.
Average Annual Total Returns
(As of March 31, 2017)
--------------------------------------------------------------------------------
Net Public Russell
Asset Offering 1000
Value Price Growth
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 Years 9.32% 8.67% 9.13%
5 Years 12.67 11.34 13.32
1 Year 11.78 5.35 15.76
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated February 3, 2017)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.11% 1.09%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
3/07 $9,425 $10,000
3/08 $9,648 $ 9,925
3/09 $7,048 $ 6,522
3/10 $9,902 $ 9,767
3/11 $11,014 $11,551
3/12 $12,649 $12,824
3/13 $13,869 $14,117
3/14 $16,803 $17,395
3/15 $19,760 $20,194
3/16 $20,550 $20,702
3/17 $22,970 $23,964
Call 1-800-225-6292 or visit us.pioneerinvestments.com 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. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% 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 August 1, 2018, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
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 refer to the financial highlights for a more current expense ratio.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 11
Performance Update | 3/31/17 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 Fundamental Growth Fund
during the periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of March 31, 2017)
--------------------------------------------------------------------------------
Russell
1000
If If Growth
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 8.49% 8.49% 9.13%
5 Years 11.87 11.87 13.32
1 Year 10.98 10.98 15.76
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated February 3, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.77%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
3/07 $10,000 $10,000
3/08 $10,151 $ 9,925
3/09 $ 7,359 $ 6,522
3/10 $10,251 $ 9,767
3/11 $11,309 $11,551
3/12 $12,890 $12,824
3/13 $14,021 $14,117
3/14 $16,866 $17,395
3/15 $19,701 $20,194
3/16 $20,349 $20,702
3/17 $22,584 $23,964
Call 1-800-225-6292 or visit us.pioneerinvestments.com 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. 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.
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 refer to the financial highlights for a more current expense ratio.
12 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
Performance Update | 3/31/17 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 Fundamental Growth Fund
during the periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of March 31, 2017)
--------------------------------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 9.51% 9.13%
5 Years 13.07 13.32
1 Year 12.24 15.76
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated February 3, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.67%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
3/07 $ 5,000,000 $ 5,000,000
3/08 $ 5,119,416 $ 4,962,588
3/09 $ 3,739,943 $ 3,261,213
3/10 $ 5,254,460 $ 4,883,712
3/11 $ 5,844,715 $ 5,775,258
3/12 $ 6,712,157 $ 6,411,945
3/13 $ 7,368,627 $ 7,058,743
3/14 $ 8,961,129 $ 8,697,694
3/15 $10,584,075 $10,097,036
3/16 $11,052,509 $10,351,174
3/17 $12,405,096 $11,982,185
Call 1-800-225-6292 or visit us.pioneerinvestments.com 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 20, 2012, 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 20, 2012, 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.
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 refer to the financial highlights for a more current expense ratio.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 13
Performance Update | 3/31/17 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 Fundamental Growth Fund
during the periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of March 31, 2017)
--------------------------------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 9.16% 9.13%
5 Years 12.34 13.32
1 Year 11.41 15.76
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated February 3, 2017)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.43% 1.40%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
3/07 $10,000 $10,000
3/08 $10,239 $ 9,925
3/09 $ 7,480 $ 6,522
3/10 $10,509 $ 9,767
3/11 $11,689 $11,551
3/12 $13,424 $12,824
3/13 $14,675 $14,117
3/14 $17,733 $17,395
3/15 $20,788 $20,194
3/16 $21,557 $20,702
3/17 $24,016 $23,964
Call 1-800-225-6292 or visit us.pioneerinvestments.com 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 April 2, 2012, 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 April 2, 2012, 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 August 1, 2018, for Class R shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
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 refer to the financial highlights for a more current expense ratio.
14 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
Performance Update | 3/31/17 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 Fundamental Growth Fund
during the periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of March 31, 2017)
--------------------------------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 9.62% 9.13%
5 Years 13.00 13.32
1 Year 12.11 15.76
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated February 3, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.79%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
3/07 $ 5,000,000 $ 5,000,000
3/08 $ 5,119,416 $ 4,962,588
3/09 $ 3,739,943 $ 3,261,213
3/10 $ 5,273,044 $ 4,883,712
3/11 $ 5,897,161 $ 5,775,258
3/12 $ 6,798,715 $ 6,411,945
3/13 $ 7,477,990 $ 7,058,743
3/14 $ 9,081,347 $ 8,697,694
3/15 $10,714,353 $10,097,036
3/16 $11,174,555 $10,351,174
3/17 $12,528,143 $11,982,185
Call 1-800-225-6292 or visit us.pioneerinvestments.com 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 Y shares for the period prior to the
commencement of operations of Class Y shares on April 8, 2009, 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 Y shares, the performance of Class Y shares prior to their inception would
have been higher than the performance shown. For the period beginning April 8,
2009, the actual performance of Class Y shares is reflected. 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 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 refer to the financial highlights for a more current expense ratio.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 15
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 (divided by) $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 Fundamental Growth Fund
Based on actual returns from October 1, 2016, through March 31, 2017.
--------------------------------------------------------------------------------
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 10/1/16
--------------------------------------------------------------------------------
Ending Account $1,083.03 $1,079.15 $1,085.28 $1,081.23 $1,084.34
Value (after expenses)
on 3/31/17
--------------------------------------------------------------------------------
Expenses Paid $ 5.66 $ 9.18 $ 3.48 $ 7.26 $ 4.00
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.09%,
1.77%, 0.67%, 1.40% and 0.77% for Class A, Class C, Class K, Class R, and
Class Y shares respectively, multiplied by the average account value over
the period, multiplied by 182/365 (to reflect the one-half year period).
16 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
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 Fundamental Growth Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from October 1, 2016, through March 31, 2017.
--------------------------------------------------------------------------------
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 10/1/16
--------------------------------------------------------------------------------
Ending Account $1,019.50 $1,016.11 $1,021.59 $1,017.95 $1,021.09
Value (after expenses)
on 3/31/17
--------------------------------------------------------------------------------
Expenses Paid $ 5.49 $ 8.90 $ 3.38 $ 7.04 $ 3.88
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.09%,
1.77%, 0.67%, 1.40% and 0.77% for Class A, Class C, Class K, Class R, and
Class Y shares respectively, multiplied by the average account value over
the period, multiplied by 182/365 (to reflect the one-half year period).
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 17
Schedule of Investments | 3/31/17
----------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------
COMMON STOCKS -- 97.8%
ENERGY -- 1.9%
Oil & Gas Equipment & Services -- 0.7%
473,159 Schlumberger, Ltd. $ 36,953,718
----------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.2%
2,758,417 Cabot Oil & Gas Corp. $ 65,953,750
--------------
Total Energy $ 102,907,468
----------------------------------------------------------------------------------------------
MATERIALS -- 2.9%
Specialty Chemicals -- 2.9%
715,019 Ecolab, Inc. $ 89,620,481
504,557 International Flavors & Fragrances, Inc. 66,868,939
--------------
$ 156,489,420
--------------
Total Materials $ 156,489,420
----------------------------------------------------------------------------------------------
CAPITAL GOODS -- 5.5%
Aerospace & Defense -- 4.0%
938,706 Raytheon Co. $ 143,152,665
645,048 United Technologies Corp. 72,380,836
--------------
$ 215,533,501
----------------------------------------------------------------------------------------------
Building Products -- 1.5%
2,255,025 Masco Corp. $ 76,648,300
--------------
Total Capital Goods $ 292,181,801
----------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.0%
Footwear -- 1.0%
997,326 NIKE, Inc. (Class B) $ 55,580,978
--------------
Total Consumer Durables & Apparel $ 55,580,978
----------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.9%
Restaurants -- 1.9%
1,758,637 Starbucks Corp. $ 102,686,814
--------------
Total Consumer Services $ 102,686,814
----------------------------------------------------------------------------------------------
MEDIA -- 6.7%
Movies & Entertainment -- 6.7%
1,382,179 The Walt Disney Co. $ 156,725,277
2,081,077 Time Warner, Inc. 203,342,034
--------------
$ 360,067,311
--------------
Total Media $ 360,067,311
----------------------------------------------------------------------------------------------
RETAILING -- 12.5%
Internet Retail -- 5.0%
302,303 Amazon.com, Inc.* $ 268,003,702
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
----------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------
Apparel Retail -- 1.7%
1,346,201 Ross Stores, Inc. $ 88,674,260
----------------------------------------------------------------------------------------------
Home Improvement Retail -- 4.4%
1,620,645 The Home Depot, Inc. $ 237,959,305
----------------------------------------------------------------------------------------------
Automotive Retail -- 1.4%
286,525 O'Reilly Automotive, Inc.* $ 77,315,906
--------------
Total Retailing $ 671,953,173
----------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 3.4%
Drug Retail -- 3.4%
2,293,556 CVS Health Corp. $ 180,044,146
--------------
Total Food & Staples Retailing $ 180,044,146
----------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 7.0%
Soft Drinks -- 3.1%
1,469,809 PepsiCo., Inc. $ 164,412,835
----------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.6%
778,345 The Hershey Co. $ 85,034,191
----------------------------------------------------------------------------------------------
Tobacco -- 2.3%
1,995,695 Reynolds American, Inc. $ 125,768,699
--------------
Total Food, Beverage & Tobacco $ 375,215,725
----------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 2.7%
Household Products -- 2.7%
807,610 Colgate-Palmolive Co. $ 59,108,976
646,192 Kimberly-Clark Corp. 85,058,253
--------------
$ 144,167,229
--------------
Total Household & Personal Products $ 144,167,229
----------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 2.8%
Health Care Equipment -- 2.8%
355,258 Edwards Lifesciences Corp.* $ 33,419,120
1,443,756 Medtronic Plc 116,308,983
--------------
$ 149,728,103
--------------
Total Health Care Equipment & Services $ 149,728,103
----------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 14.5%
Biotechnology -- 5.9%
1,655,163 Celgene Corp.* $ 205,951,932
965,506 Gilead Sciences, Inc.* 65,577,168
388,649 Vertex Pharmaceuticals, Inc.* 42,498,768
--------------
$ 314,027,868
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 19
Schedule of Investments | 3/31/17 (continued)
----------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------
Pharmaceuticals -- 5.2%
674,717 Allergan Plc $ 161,203,386
957,402 Johnson & Johnson 119,244,419
--------------
$ 280,447,805
----------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 3.4%
1,192,870 Thermo Fisher Scientific, Inc. $ 183,224,832
--------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 777,700,505
----------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.1%
Specialized Finance -- 3.1%
2,752,730 Intercontinental Exchange, Inc. $ 164,805,945
--------------
Total Diversified Financials $ 164,805,945
----------------------------------------------------------------------------------------------
INSURANCE -- 1.7%
Insurance Brokers -- 1.7%
1,234,664 Marsh & McLennan Companies, Inc. $ 91,229,323
--------------
Total Insurance $ 91,229,323
----------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 19.4%
Internet Software & Services -- 5.7%
367,187 Alphabet, Inc. (Class C) $ 304,603,648
----------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 1.6%
1,449,193 Cognizant Technology Solutions Corp.* $ 86,255,967
----------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 4.6%
2,174,372 Mastercard, Inc. $ 244,551,619
----------------------------------------------------------------------------------------------
Application Software -- 2.1%
856,697 Adobe Systems, Inc.* $ 111,481,981
----------------------------------------------------------------------------------------------
Systems Software -- 5.4%
4,428,506 Microsoft Corp. $ 291,661,405
--------------
Total Software & Services $1,038,554,620
----------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 8.6%
Computer Storage & Peripherals -- 7.0%
2,628,885 Apple, Inc. $ 377,665,619
----------------------------------------------------------------------------------------------
Electronic Components -- 1.6%
1,206,498 Amphenol Corp. $ 85,866,463
--------------
Total Technology Hardware & Equipment $ 463,532,082
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
----------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 2.2%
Semiconductors -- 2.2%
547,654 Broadcom, Ltd. $ 119,914,319
--------------
Total Semiconductors & Semiconductor Equipment $ 119,914,319
----------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $4,143,590,903) $5,246,758,962
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited)
----------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 2.3%
30,000,000 U.S. Treasury Bills, 4/13/17 (c) $ 29,993,970
52,000,000 U.S. Treasury Bills, 4/20/17 (c) 51,982,112
40,195,000 U.S. Treasury Bills, 4/27/17 (c) 40,175,425
--------------
$ 122,151,507
----------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $122,148,081) $ 122,151,507
----------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.1%
Higher Municipal Education -- 0.0%+
1,340,000 0.88 Maryland Health & Higher Educational Facilities
Authority, Floating Rate Note, 7/1/36 $ 1,340,000
----------------------------------------------------------------------------------------------
Municipal Medical -- 0.1%
4,680,000 0.96 Harris County Health Facilities Development
Corp., Floating Rate Note, 12/1/41 $ 4,680,000
----------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $6,020,000) $ 6,020,000
----------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.0%
Repurchase Agreements -- 1.0%
31,930,000 $31,930,000 ScotiaBank, 0.81%, dated 3/31/17
plus accrued interest on 4/3/17
collateralized by the following:
$6,740,630 Freddie Mac Giant, 3.0 - 3.5%,
3/1/32-11/1/46
$627,532 Federal National Mortgage Association
(ARM), 2.698% - 2.755%, 2/1/45-3/1/45
$17,171,062 Federal National Mortgage
Association, 2.5% - 5.8%, 7/1/23-2/1/47
$8,031,574 Government National Mortgage
Association, 2.0-4.0%, 3/20/42-11/20/45 $ 31,930,000
10,360,000 $10,360,000 TD Securities USA LLC, 0.80%,
dated 3/31/17 plus accrued interest on 4/3/17
collateralized by $10,567,201 Federal National
Mortgage Association, 4.0%, 2/1/47 10,360,000
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 21
Schedule of Investments | 3/31/17 (continued)
----------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------
Repurchase Agreements (continued)
12,145,000 $12,145,000 TD Securities USA LLC, 0.81%,
dated 3/31/17 plus accrued interest on 4/3/17
collateralized by $12,387,900 Federal National
Mortgage Association, 4.0%, 2/1/47 $ 12,145,000
--------------
$ 54,435,000
----------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $54,435,000) $ 54,435,000
----------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 101.2%
(Cost $4,326,193,984) (a) $5,429,365,469
----------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- (1.2)% $ (65,196,043)
----------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $5,364,169,426
==============================================================================================
* Non-income producing security.
+ Amount rounds to less than 0.1%.
(a) At March 31, 2017, the net unrealized appreciation on investments based on
cost for federal income tax purposes of $4,334,508,100 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 1,129,166,640
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (34,309,271)
---------------
Net unrealized appreciation $ 1,094,857,369
===============
(b) Debt obligation with a variable interest rate. Rate shown is rate at period
end.
(c) Security issued with a zero coupon. Income is earned through accretion of
discount.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended March 31, 2017, aggregated $2,392,171,615 and $1,006,803,841,
respectively.
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain Funds and accounts for which Pioneer Investment
Management, Inc. (PIM), 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 March 31, 2017, the
Fund did not engage in cross trade activity.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed 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
risk, 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.
22 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
The following is a summary of the inputs used as of March 31, 2017, in valuing
the Fund's investments:
----------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------
Common Stocks $5,246,758,962 $ -- $ -- $5,246,758,962
U.S. Government and
Agency Obligations -- 122,151,507 -- 122,151,507
Municipal Bonds -- 6,020,000 -- 6,020,000
Repurchase Agreements -- 54,435,000 -- 54,435,000
----------------------------------------------------------------------------------------------
Total $5,246,758,962 $ 182,606,507 $ -- $5,429,365,469
==============================================================================================
During the year ended March 31, 2017, there were no transfers between Levels 1,
2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 23
Statement of Assets and Liabilities | 3/31/17
ASSETS:
Investment in securities (cost $4,326,193,984) $5,429,365,469
Cash 9,872,499
Receivables --
Fund shares sold 17,675,767
Dividends 3,385,153
Interest 4,546
Due from Pioneer Investment Management, Inc. 8,083
Other assets 144,363
--------------------------------------------------------------------------------
Total assets $5,460,455,880
================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 75,746,493
Fund shares repurchased 19,389,404
Due to affiliates 231,593
Accrued expenses 918,964
--------------------------------------------------------------------------------
Total liabilities $ 96,286,454
================================================================================
NET ASSETS:
Paid-in capital $4,200,487,862
Undistributed net investment income 5,307,537
Accumulated net realized gain on investments 55,202,542
Net unrealized appreciation on investments 1,103,171,485
--------------------------------------------------------------------------------
Net assets $5,364,169,426
================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,205,123,897/57,998,324 shares) $ 20.78
Class C (based on $465,544,933/24,282,676 shares) $ 19.17
Class K (based on $376,708,276/18,117,925 shares) $ 20.79
Class R (based on $117,931,025/5,754,408 shares) $ 20.49
Class Y (based on $3,198,861,295/152,663,608 shares) $ 20.95
MAXIMUM OFFERING PRICE:
Class A ($20.78 (divided by) 94.25%) $ 22.05
================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
Statement of Operations
For the Year Ended 3/31/17
INVESTMENT INCOME:
Interest $ 407,907
Dividends 66,643,519
----------------------------------------------------------------------------------------------
Total investment income $ 67,051,426
----------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 27,760,888
Transfer agent fees
Class A 1,532,069
Class C 390,016
Class K 24
Class R 229,049
Class Y 2,178,659
Distribution fees
Class A 2,876,200
Class C 4,194,312
Class R 501,485
Shareholder communications expense 1,204,415
Administrative expense 1,441,789
Custodian fees 58,956
Registration fees 331,451
Professional fees 156,597
Printing expense 59,398
Fees and expenses of nonaffiliated Trustees 211,918
Miscellaneous 151,986
----------------------------------------------------------------------------------------------
Total expenses $ 43,279,212
----------------------------------------------------------------------------------------------
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (9,852)
----------------------------------------------------------------------------------------------
Net expenses $ 43,269,360
----------------------------------------------------------------------------------------------
Net investment income $ 23,782,066
----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments $156,719,815
Change in net unrealized appreciation (depreciation)
on investments $367,209,601
----------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $523,929,416
----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $547,711,482
==============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 25
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Year Ended Year Ended
3/31/17 3/31/16
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 23,782,066 $ 14,197,831
Net realized gain (loss) on investments 156,719,815 9,980,418
Change in net unrealized appreciation (depreciation)
on investments 367,209,601 101,973,450
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 547,711,482 $ 126,151,699
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.06 and $0.05 per share, respectively) $ (3,454,370) $ (2,669,945)
Class K ($0.13 and $0.12 per share, respectively) (1,872,933) (727,413)
Class R ($0.01 and $0.03 per share, respectively) (67,393) (104,862)
Class Y ($0.11 and $0.11 per share, respectively) (17,013,709) (9,253,189)
Net realized gain:
Class A ($0.37 and $0.78 per share, respectively) (21,901,386) (35,186,557)
Class C ($0.37 and $0.78 per share, respectively) (8,702,792) (12,456,231)
Class K ($0.37 and $0.78 per share, respectively) (5,095,362) (4,433,100)
Class R ($0.37 and $0.78 per share, respectively) (1,980,050) (2,395,330)
Class Y ($0.37 and $0.78 per share, respectively) (52,838,090) (63,735,165)
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (112,926,085) $ (130,961,792)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 2,907,428,317 $1,753,884,150
Reinvestment of distributions 95,432,134 115,858,316
Cost of shares repurchased (1,635,411,826) (747,731,248)
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 1,367,448,625 $1,122,011,218
--------------------------------------------------------------------------------------------------
Net increase in net assets $ 1,802,234,022 $1,117,201,125
NET ASSETS:
Beginning of year 3,561,935,404 2,444,734,279
--------------------------------------------------------------------------------------------------
End of year $ 5,364,169,426 $3,561,935,404
--------------------------------------------------------------------------------------------------
Undistributed net investment income $ 5,307,537 $ 3,952,570
==================================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
3/31/17 3/31/17 3/31/16 3/31/16
Shares Amount Shares Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 28,290,513 $ 548,519,293 23,003,470 $ 435,979,169
Reinvestment of distributions 1,134,495 21,758,157 1,750,351 33,835,338
Less shares repurchased (23,684,612) (464,790,618) (14,297,823) (271,236,947)
------------------------------------------------------------------------------------------------
Net increase 5,740,396 $ 105,486,832 10,455,998 $ 198,577,560
================================================================================================
Class C
Shares sold 8,891,081 $ 159,283,437 8,598,180 $ 151,496,282
Reinvestment of distributions 407,641 7,194,885 561,864 10,079,840
Less shares repurchased (5,248,783) (94,992,423) (2,775,699) (48,911,523)
------------------------------------------------------------------------------------------------
Net increase 4,049,939 $ 71,485,899 6,384,345 $ 112,664,599
================================================================================================
Class K
Shares sold 14,720,842 $ 287,184,419 3,072,202 $ 57,993,315
Reinvestment of distributions 322,783 6,217,263 181,277 3,506,305
Less shares repurchased (3,862,478) (75,263,475) (1,412,076) (27,182,315)
------------------------------------------------------------------------------------------------
Net increase 11,181,147 $ 218,138,207 1,841,403 $ 34,317,305
================================================================================================
Class R
Shares sold 2,975,998 $ 56,835,178 2,856,682 $ 53,709,457
Reinvestment of distributions 62,318 1,175,352 90,416 1,726,047
Less shares repurchased (1,522,340) (29,269,528) (685,360) (12,873,092)
------------------------------------------------------------------------------------------------
Net increase 1,515,976 $ 28,741,002 2,261,738 $ 42,562,412
================================================================================================
Class Y
Shares sold 94,425,176 $ 1,855,605,990 55,314,333 $1,052,078,724
Reinvestment of distributions 3,046,171 59,086,477 3,422,765 66,710,786
Less shares repurchased (49,292,166) (971,095,782) (20,079,685) (381,189,190)
------------------------------------------------------------------------------------------------
Net increase 48,179,181 $ 943,596,685 38,657,413 $ 737,600,320
================================================================================================
Class Z*
Shares sold or exchanged -- $ -- 136,232 $ 2,627,203
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- (320,712) (6,338,181)
------------------------------------------------------------------------------------------------
Net decrease -- $ -- (184,480) $ (3,710,978)
================================================================================================
* Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 27
Financial Highlights
---------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/17 3/31/16 3/31/15 3/31/14 3/31/13
---------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 19.00 $ 19.06 $ 16.66 $ 14.33 $ 13.23
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.08(a) $ 0.07(a) $ 0.06 $ 0.06 $ 0.07
Net realized and unrealized gain (loss) on investments 2.13 0.70 2.86 2.95 1.20
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.21 $ 0.77 $ 2.92 $ 3.01 $ 1.27
---------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.06) $ (0.05) $ (0.05) $ (0.06) $ (0.06)
Net realized gain (0.37) (0.78) (0.47) (0.62) (0.11)
---------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.43) $ (0.83) $ (0.52) $ (0.68) $ (0.17)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.78 $ (0.06) $ 2.40 $ 2.33 $ 1.10
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.78 $ 19.00 $ 19.06 $ 16.66 $ 14.33
===========================================================================================================================
Total return* 11.78% 4.00% 17.60% 21.16% 9.64%
Ratio of net expenses to average net assets 1.09% 1.09% 1.09% 1.08% 1.09%
Ratio of net investment income (loss) to average net assets 0.39% 0.38% 0.38% 0.46% 0.54%
Portfolio turnover rate 23% 13% 12% 21% 28%
Net assets, end of period (in thousands) $1,205,124 $992,927 $796,689 $644,527 $436,682
Ratios with no waiver of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets 1.09% 1.11% 1.13% 1.13% 1.20%
Net investment income (loss) to average net assets 0.39% 0.36% 0.34% 0.41% 0.43%
===========================================================================================================================
* 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.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/17 3/31/16 3/31/15 3/31/14 3/31/13
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 17.63 $ 17.81 $ 15.66 $ 13.55 $ 12.57
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.05)(a)(b) $ (0.05)(a)(b) $ (0.03) $ (0.04) $ (0.02)(a)
Net realized and unrealized gain (loss) on investments 1.96 0.65 2.65 2.77 1.12
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.91 $ 0.60 $ 2.62 $ 2.73 $ 1.10
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ -- $ -- $ -- $ -- $ (0.01)
Net realized gain (0.37) (0.78) (0.47) (0.62) (0.11)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.37) $ (0.78) $ (0.47) $ (0.62) $ (0.12)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.54 $ (0.18) $ 2.15 $ 2.11 $ 0.98
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.17 $ 17.63 $ 17.81 $ 15.66 $ 13.55
====================================================================================================================================
Total return* 10.98% 3.29% 16.81% 20.29% 8.77%
Ratio of net expenses to average net assets 1.77% 1.77% 1.79% 1.83% 1.91%
Ratio of net investment income (loss) to average net assets (0.30)% (0.29)% (0.32)% (0.28)% (0.23)%
Portfolio turnover rate 23% 13% 12% 21% 28%
Net assets, end of period (in thousands) $ 465,545 $ 356,675 $ 246,593 $ 174,565 $89,299
====================================================================================================================================
* 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.
(a) The amount shown for a share outstanding does not correspond with net
investment income on the Statement of Operations for the period due to
timing of the sales and repurchase of shares.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 29
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended 12/20/12 to
3/31/17 3/31/16 3/31/15 3/31/14 3/31/13
-------------------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 19.00 $ 19.05 $ 16.64 $ 14.30 $ 13.37
-------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.16(c) $ 0.15(c) $ 0.16 $ 0.06 $ 0.03
Net realized and unrealized gain (loss) on investments 2.13 0.70 2.84 3.01 1.00
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.29 $ 0.85 $ 3.00 $ 3.07 $ 1.03
-------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.13) $ (0.12) $ (0.12) $ (0.11) $ (0.10)
Net realized gain (0.37) (0.78) (0.47) (0.62) --
-------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.50) $ (0.90) $ (0.59) $ (0.73) $ (0.10)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.79 $ (0.05) $ 2.41 $ 2.34 $ 0.93
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.79 $ 19.00 $ 19.05 $ 16.64 $ 14.30
=========================================================================================================================
Total return* 12.24% 4.43% 18.11% 21.61% 7.77%(a)(b)
Ratio of net expenses to average net assets 0.67% 0.67% 0.69% 0.71% 0.77%**
Ratio of net investment income (loss) to average net assets 0.81% 0.80% 0.81% 0.85% 0.77%**
Portfolio turnover rate 23% 13% 12% 21% 28%
Net assets, end of period (in thousands) $376,708 $131,813 $97,063 $31,501 $ 11
=========================================================================================================================
* 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.
** Annualized.
(a) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended March 31, 2013, the total return would have been
7.74%.
(b) Not annualized.
(c) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended 4/2/12 to
3/31/17 3/31/16 3/31/15 3/31/14 3/31/13
----------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 18.76 $ 18.86 $ 16.50 $ 14.25 $ 13.34
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.01(d) $ 0.02(d) $ (0.00)(c) $ 0.01 $ 0.06
Net realized and unrealized gain (loss) on investments 2.10 0.69 2.83 2.94 1.05
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.11 $ 0.71 $ 2.83 $ 2.95 $ 1.11
----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.01) $ (0.03) $ -- $ (0.08) $ (0.09)
Net realized gain (0.37) (0.78) (0.47) (0.62) (0.11)
----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.38) $ (0.81) $ (0.47) $ (0.70) $ (0.20)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.73 $ (0.10) $ 2.36 $ 2.25 $ 0.91
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.49 $ 18.76 $ 18.86 $ 16.50 $ 14.25
============================================================================================================================
Total return* 11.41% 3.70% 17.23% 20.84% 8.42%(a)(b)
Ratio of net expenses to average net assets 1.40% 1.40% 1.40% 1.39% 1.40%**
Ratio of net investment income (loss) to average net assets 0.08% 0.10% 0.05% 0.18% 0.27%**
Portfolio turnover rate 23% 13% 12% 21% 28%
Net assets, end of period (in thousands) $117,931 $79,519 $ 37,285 $40,703 $ 2,437
Ratios with no waiver of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets 1.41% 1.43% 1.52% 1.39% 1.45%**
Net investment income (loss) to average net assets 0.07% 0.07% (0.07)% 0.18% 0.21%**
============================================================================================================================
* 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.
** Annualized.
(a) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended March 31, 2013, the total return would have been
8.41%.
(b) Not annualized.
(c) Amount rounds to less than $0.01 or $(0.01) per share.
(d) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 31
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/17 3/31/16 3/31/15 3/31/14 3/31/13
-------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 19.15 $ 19.20 $ 16.77 $ 14.41 $ 13.30
-------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.14(b) $ 0.13(b) $ 0.10 $ 0.10 $ 0.10
Net realized and unrealized gain (loss) on investments 2.14 0.71 2.90 2.97 1.22
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.28 $ 0.84 $ 3.00 $ 3.07 $ 1.32
-------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.11) $ (0.11) $ (0.10) $ (0.09) $ (0.10)
Net realized gain (0.37) (0.78) (0.47) (0.62) (0.11)
-------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.48) $ (0.89) $ (0.57) $ (0.71) $ (0.21)
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.80 $ (0.05) $ 2.43 $ 2.36 $ 1.11
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.95 $ 19.15 $ 19.20 $ 16.77 $ 14.41
===============================================================================================================================
Total return* 12.11% 4.29% 17.98% 21.44% 9.99%(a)
Ratio of net expenses to average net assets 0.77% 0.79% 0.80% 0.82% 0.81%
Ratio of net investment income (loss) to average net assets 0.71% 0.70% 0.68% 0.72% 0.85%
Portfolio turnover rate 23% 13% 12% 21% 28%
Net assets, end of period (in thousands) $3,198,861 $2,001,002 $1,263,594 $842,680 $558,383
===============================================================================================================================
* 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.
(a) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended March 31, 2013, the total return would have been
9.96%.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
Notes to Financial Statements | 3/31/17
1. Organization and Significant Accounting Policies
Pioneer Fundamental Growth Fund (the Fund) is a series of Pioneer Series
Trust X, 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 long-term
capital growth.
The Fund offers five classes of shares designated as Class A, Class C, Class K,
Class R and Class Y shares. Class Z shares were converted to Class Y shares as
of the close of business on August 7, 2015. 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 shareholder approval. Under per share voting,
each share of a class of the Fund is entitled to one vote. Under dollar-weighted
voting, a shareholder'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 or Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) that require 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 gains and losses on investments during the reporting period. Actual
results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 33
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
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 market quotations are considered to be unreliable,
the value of that security may be determined using quotations from one or
more broker-dealers.
Securities 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 Pioneer Investment
Management, Inc. (PIM), the Fund's investment adviser and a wholly owned
indirect subsidiary of UniCredit S.p.A. (UniCredit), pursuant to procedures
adopted by the Board of Trustees. PIM's fair valuation team uses fair value
34 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
methods approved by the Valuation Committee of the Board of Trustees. PIM'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 March 31, 2017, there were no securities that were valued using fair
value methods (other than securities valued using prices supplied by
independent pricing services).
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.
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. 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 March 31, 2017, 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 in the Statement of Operations.
Tax returns filed within the prior three years remain subject to
examination by federal and state tax authorities.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 35
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 overdistributions 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 March 31, 2017, the Fund
reclassified $18,694 to decrease undistributed net investment income and
$18,694 to increase accumulated net realized gain on investments to reflect
permanent book/tax differences. These adjustments have no impact on net
assets or the results of operations.
The tax character of distributions during the years ended March 31, 2017
and March 31, 2016 were as follows:
---------------------------------------------------------------------------
2017 2016
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 22,408,405 $ 14,574,901
Long-term capital gain 90,517,680 116,386,891
---------------------------------------------------------------------------
Total $112,926,085 $130,961,792
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2017:
---------------------------------------------------------------------------
2017
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 13,497,760
Undistributed long-term capital gain 55,326,435
Unrealized appreciation 1,094,857,369
---------------------------------------------------------------------------
Total $1,163,681,564
===========================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales and tax basis
adjustments on common stock.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit, earned $358,299
in underwriting commissions on the sale of Class A shares during the year
ended March 31, 2017.
36 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
E. 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).
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.
F. 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, 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 prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
G. 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
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 37
held in safekeeping in the customer-only account of the Fund's custodian or
a subcustodian of the Fund. PIM 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.
2. Management Agreement
PIM manages the Fund's portfolio. Management fees are calculated daily at the
annual rate of 0.65% of the Fund's average daily net assets up to $1 billion and
0.60% on assets over $1 billion. For the year ended March 31, 2017, the
effective management fee (excluding waivers and/or assumption of expenses)
was equivalent to 0.61% of the Fund's average daily net assets.
PIM 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 1.09%,
1.40% and 0.83% of the average daily net assets attributable to Class A, Class
R, and Class Y shares, respectively. Class C and Class K shares do not have an
expense limitation. Fees waived and expenses reimbursed during the year ended
March 31, 2017 are reflected on the Statement of Operations. These expense
limitations are in effect through August 1, 2018. There can be no assurance that
PIM 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
$186,268 in management fees, administrative costs and certain other
reimbursements payable to PIM at March 31, 2017.
3. Transfer Agent
Boston Financial Data Services, 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 shareholder
communications activities such as proxy and statement mailings and outgoing
38 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
phone calls. For the year ended March 31, 2017, such out-of-pocket expenses
by class of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 474,909
Class C 76,255
Class K 5,785
Class R 17,461
Class Y 630,005
--------------------------------------------------------------------------------
Total $1,204,415
================================================================================
4. Distribution and Service Plans
The Fund has adopted a distribution 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 (the Plan). Pursuant to the Plan, the Fund pays PFD 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 PFD 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 PFD 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 $45,325 in distribution
fees payable to PFD at March 31, 2017.
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 each class of shares (except Class K, Class R and
Class Y 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 CDSCs are paid to PFD. For the year ended March 31, 2017, CDSCs in the
amount of $136,628 were paid to PFD.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 39
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
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. The
credit facility in which the Fund participated until February 9, 2016 was in the
amount of $240 million. The credit facility in which the fund participated until
February 7, 2017 was in the amount of $220 million. Effective February 8, 2017,
the Fund participated in a facility that is in the amount of $195 million. Under
such facility, depending on the type of loan, interest on borrowings is payable
at the London Interbank Offered Rate (LIBOR) plus 0.85% on an annualized basis,
or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay 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 March 31, 2017, the Fund had no borrowings under
the credit facility.
40 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust X and
the Shareowners of Pioneer Fundamental Growth Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Fundamental Growth Fund (the "Fund")
(one of the funds constituting Pioneer Series Trust X), as of March 31, 2017,
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 and
the financial highlights for each of the three years in the period then ended.
These financial statements and the financial highlights are the responsibility
of the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits. The financial
highlights for the years ended March 31, 2014, and 2013, were audited by other
auditors. Those auditors expressed an unqualified opinion on those financial
statements and financial highlights in their report dated May 22, 2014.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Fund
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, 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. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of March 31, 2017, by correspondence with the custodian
and brokers; where replies were not received from brokers, we performed other
auditing procedures. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Fundamental Growth Fund as of March 31, 2017, 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 the financial highlights for each of
the three years in the period then ended, in conformity with accounting
principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
May 26, 2017
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 41
Additional Information (unaudited)
For the year ended March 31, 2017, certain dividends paid by the Fund may be
subject to a maximum tax rate of 15%, 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 15%. Complete information will be computed and reported in
conjunction with your 2015 form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 100.00%.
Pioneer Investment Management, Inc. (the "Adviser"), the Fund's investment
adviser, is currently an indirect, wholly owned subsidiary of UniCredit S.p.A.
("UniCredit"). On December 12, 2016, UniCredit announced that it has entered
into a binding agreement for the sale of its Pioneer Investments business, which
includes the Adviser, to Amundi (the "Transaction"). Amundi is headquartered in
Paris, France, and, as of September 30, 2016, had more than $1.1 trillion in
assets under management worldwide. The closing of the Transaction is expected to
happen in 2017, subject to certain regulatory and antitrust approvals, and other
conditions.
Under the Investment Company Act of 1940, the closing of the Transaction will
cause the Fund's current investment advisory agreement with the Adviser to
terminate. Accordingly, the Fund's Board of Trustees has approved a new
investment advisory agreement for the Fund, which will be submitted to the
shareholders of the Fund for their approval.
Change in Independent Registered Public Accounting Firm
Deloitte & Touche LLP, the Fund's independent registered public accounting firm,
has informed the Board that it will no longer be independent with respect to the
Fund upon the completion of the Transaction and, accordingly, that it intends to
resign as the Fund's independent registered public accounting firm upon the
completion of the Transaction. The Board will engage a new independent
registered public accounting firm for the Fund upon the completion of the
Transaction.
During the periods that Deloitte & Touche LLP has served as the Fund's
independent registered public accounting firm, including the Fund's two most
recent fiscal years, Deloitte & Touche LLP's reports on the Fund's financial
statements have not contained an adverse opinion or disclaimer of opinion and
have not been qualified or modified as to uncertainty, audit scope or
42 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
accounting principles. Further, there have been no disagreements with Deloitte &
Touche LLP on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which, if not resolved to
the satisfaction of Deloitte & Touche LLP, would have caused Deloitte & Touche
LLP to make reference to the subject matter of the disagreement in connection
with its report on the financial statements. In addition, there have been no
reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K
under the Securities Exchange Act of 1934.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 43
Approval of New and Interim Management Agreements
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Fundamental Growth Fund (the Fund) pursuant to an investment management
agreement between PIM and the Fund.
PIM is the principal U.S. asset management business of Pioneer Investments, a
group of companies owned by Pioneer Global Asset Management S.p.A. ("PGAM").
PGAM is a wholly-owned subsidiary of UniCredit S.p.A. ("UniCredit"). UniCredit
and PGAM have entered into a binding agreement to sell Pioneer Investments,
including PIM, to Amundi (the "Transaction"). Upon the consummation of the
transaction, PIM will become an indirect wholly-owned subsidiary of Amundi and
Amundi's wholly-owned subsidiary, Amundi USA, Inc. The closing of the
Transaction is expected to happen in 2017.
Under the Investment Company Act of 1940, the Fund's current investment
management agreement (the "Current Management Agreement") will terminate
automatically upon the consummation of the Transaction. In order for PIM to
continue to manage the Fund after the consummation of the Transaction, the
Trustees and shareholders of the Fund must approve a new investment management
agreement for the Fund (the "New Management Agreement"). As discussed below, the
Board of Trustees of the Fund approved the New Management Agreement at a meeting
held on March 6-7, 2017. The New Management Agreement has been submitted to the
shareholders of the Fund for their approval at a meeting to be held on June 13,
2017. If the shareholders of the Fund do not approve the New Management
Agreement and the Transaction is completed, an interim investment management
agreement between PIM and the Fund (the "Interim Management Agreement") will
take effect upon the closing of the Transaction. The Board of Trustees of the
Fund also approved the Interim Management Agreement at the March 6-7, 2017
meeting.
Board Evaluation of the New and Interim Management Agreements
The Board evaluated the Transaction and the New Management Agreement and Interim
Management Agreement for the Fund. In connection with their evaluation of the
Transaction and the New Management Agreement for the Fund, the Trustees
requested such information as they deemed reasonably necessary, including: (a)
the structure of the Transaction and the strategy underlying the Transaction;
(b) the anticipated benefits of the Transaction to the Fund and its
shareholders; (c) the post-Transaction plans for PIM, including Amundi's plans
for integration of Pioneer Investments and PIM with
44 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
its existing asset management businesses and plans for the future development of
PIM; (d) the effect of the Transaction on the ongoing services provided to the
Fund, including the need to select a new independent registered public
accounting firm for the Fund, and any plans to modify the operations of the
Fund; (e) the stability and continuity of PIM's management and key employees,
including compensation and benefits to PIM's key employees, and retention plans
and incentive plan structure; (f) the post-Transaction indebtedness and
financial resources of PIM; (g) Amundi's legal and operational structure, its
principal shareholders and senior management, its investment management, risk
management, administrative, legal and compliance functions; (h) certain
regulatory matters relating to Amundi's affiliates; and (i) Amundi's commitment
to the United States, including the role of PIM in the larger Amundi business.
The Trustees also requested and obtained the following information in connection
with their evaluation of the Transaction and the New Management Agreement for
the Fund: (i) memoranda provided by Fund counsel that summarized the legal
standards and other considerations that are relevant to the Trustees in their
deliberations regarding the New Management Agreement; (ii) the qualifications of
the investment management teams for the Fund, as well as the level of investment
by the Fund's portfolio managers in the Fund; (iii) the Fund's management fees
and total expense ratios, the financial statements of PIM and its pre- and
post-Transaction parent companies, profitability analyses from PIM, and analyses
from PIM as to possible economies of scale; (iv) the profitability of the
institutional business of PIM and PIM's affiliate, Pioneer Institutional Asset
Management, Inc. ("PIAM") as compared to that of PIM's fund management business;
and (v) the differences between the fees and expenses of the Fund and the fees
and expenses of PIM's and PIAM's institutional accounts, as well as the
different services provided by Adviser to the Fund and by PIM and PIAM to the
institutional accounts. In addition, the Trustees considered the information
provided at regularly scheduled meetings throughout the year regarding the
Fund's performance and risk attributes, including through meetings with
investment management personnel, and took into account other information related
to the Fund provided to the Trustees at regularly scheduled meetings. The
Trustees also considered information they had received in their review of the
continuance of the Current Management Agreement for the Fund in September 2016.
At meetings held on January 9, 2017 and January 10, 2017, the Trustees met with
representatives of Amundi and PGAM, including separate meetings of the Trustees
who are not "interested persons" of the Fund Complex ("Independent Trustees")
and counsel with representatives of Amundi and PGAM, and subsequently with
representatives of Amundi. In those meetings,
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 45
they received an extensive presentation from the representatives of Amundi,
including the chief executive officer of Amundi, describing Amundi's background
and history, its global asset management activities, the growth of its business,
and its status as the largest asset management firm in Europe and one of the
largest globally; its capital structure and financial resources, including
information as to the financing of the Transaction; its principal investors,
including its majority investor Credit Agricole S.A., and Credit Agricole's
long-term commitment to the asset management business; the philosophy and
strategy underlying the Transaction and the complementarity of Amundi's and
Pioneer Investments' respective asset management businesses; Amundi's various
operating and investment committees and how they would likely interact with PIM;
the proposed integration process, including the progress to date and the
establishment of various integration work streams; Amundi's plans for management
of PIM; Amundi's philosophy as to compensation of key employees and its general
intentions with respect to incentive plans for key employees of PIM; Amundi's
preliminary plans to achieve cost and other synergies; and opportunities to
further develop the business of PIM and PIAM, including in the area of
institutional asset management, and how that would benefit shareholders of the
Pioneer Funds.
In those meetings, the representatives of Amundi confirmed their intention that
the Chief Executive Officer and Chief Investment Officer of PIM would remain in
their current positions, and confirmed that they do not currently foresee major
changes in the day-to-day investment management operations of PIM with respect
to the Fund as a direct result of the Transaction. They discussed incentive
arrangements for key personnel that would continue after the closing of the
Transaction and their plans to establish a new long-term incentive plan
following the closing. They also generally discussed ways in which PIM could
potentially draw on the expanded global resources of Amundi post-Transaction. At
those meetings, the Independent Trustees identified certain areas to which they
requested further information, including as to trading and execution of
securities transactions, research and portfolio management and potential changes
in investment process, particularly where asset classes managed by PIM would
overlap with asset classes managed by Amundi, the continued availability of
resources currently at Pioneer Investments or elsewhere within Amundi to assist
in management of certain Funds, and any anticipated significant changes in
operations. The Independent Trustees considered the uncertainty as to whether
the Fund's independent registered public accounting firm could continue to act
in that capacity after the closing of the Transaction. The Independent Trustees
also met with counsel to review the information they had received to date and to
discuss next steps.
46 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
Subsequently, the Trustees received further information from Amundi, including
written responses to questions raised by the Independent Trustees, and received
from PIM the information requested of it. The Independent Trustees reviewed the
information provided with counsel at telephonic meetings held on February 16,
2017 and February 27, 2017. The Trustees held a special in-person Board meeting
on March 6-7, 2017 for further consideration of the New Management Agreements,
the Interim Management Agreements and the Transaction. The Trustees met again
with senior executives of Amundi at the March 6-7, 2017 meeting.
At the March 6-7, 2017 meeting, based on their evaluation of the information
provided by PIM and Amundi, the Trustees including the Independent Trustees
voting separately, approved the New Management Agreement and the Interim
Management Agreement for the Fund. In considering the New Management Agreement
for the Fund, the Trustees considered various factors that they determined were
relevant, including the factors described below. The Trustees did not identify
any single factor as the controlling factor in their determinations. The
Trustees considered the same factors with respect to the Interim Management
Agreement for the Fund.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund and that are expected to be provided by PIM to
the Fund following the consummation of the Transaction. The Trustees reviewed
the terms of the New Management Agreement, and noted that such terms are
substantially similar to the terms of the Current Management Agreement, except
for different execution dates, effective dates and termination dates. The
Trustees reviewed PIM's investment approach for the Fund and its research
process. The Trustees considered the resources of PIM and the personnel of PIM
who provide investment management services to the Fund. They also reviewed the
amount of non-investment resources and personnel of PIM that are involved in
PIM's services to the Fund, including PIM's compliance and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by PIM's senior management to the Pioneer Fund complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations and that PIM would continue to provide those
investment management and research services and resources to the Fund following
the consummation of the Transaction. The Trustees also considered that, as
administrator, PIM would continue to be responsible for the
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 47
administration of the Fund's business and other affairs. The Trustees considered
the fees to be paid to PIM for the provision of administration services.
The Trustees considered that Deloitte & Touche LLP has informed the Board that
it will no longer be independent with respect to the Fund upon the completion of
the Transaction and, accordingly, that it will be necessary for the Board to
engage a new independent registered public accounting firm for the Fund.
The Trustees considered that the Transaction is not expected to have a material
adverse impact on the nature, scope and overall quality of services provided to
the Fund and its shareholders, including investment management, risk management,
administrative, compliance, legal and other services, as a result of the
Transaction.
In that regard, the Trustees considered that Amundi is one of the largest asset
managers globally, and that PIM may have access to additional research and
portfolio management capabilities as a result of the Transaction and that PIM,
as part of Amundi, is expected to have an enhanced global presence that may
contribute to an increase in the overall scale and resources of PIM.
Furthermore, in considering whether the Transaction would be expected to have a
material adverse impact on the nature, scope and overall quality of services
provided to the Fund and its shareholders, the Trustees considered the
statements by representatives of Amundi that they expect the Chief Executive
Officer and Chief Investment Officer of PIM to remain in their current positions
and that they do not currently foresee major changes in the day-to-day
investment management operations of PIM as a direct result of the Transaction,
or the risk management, legal or compliance services provided by PIM, with
respect to the Fund. They further considered the current incentive arrangements
for key personnel of PIM that would continue after the closing of the
Transaction. They also noted Amundi's stated intention to establish a new
long-term incentive plan following the closing.
The Trustees also took into account their experience in evaluating the proposed
combination of Pioneer Investments and Santander Asset Management, which was
announced in September, 2014 and abandoned in July, 2016. In light of, among
other things, this experience, the Trustees determined that they were not able
to identify any realistic alternatives to approving the New Management Agreement
that would provide the level of services to the Fund and its shareholders that
are expected to be provided by PIM after the closing of the Transaction.
48 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that PIM would continue to provide to the Fund under the
New Management Agreement would be satisfactory and consistent with the terms of
the New Management Agreement.
Performance of the Fund.
In considering the Fund's performance, the Trustees regularly reviewed and
discussed throughout the year data prepared by PIM and information comparing the
Fund's performance with the performance of its peer group of funds, as
classified by each of Morningstar, Inc. (Morningstar) and Lipper, and the
performance of the Fund's benchmark index. They also discussed the Fund's
performance with PIM on a regular basis.
The Trustees' regular reviews and discussions were factored into the Trustees'
deliberations concerning the approval of the New Management Agreement.
Management Fee and Expenses
The Trustees noted that the stated management fees to be paid by the Fund are
identical under the Current Management Agreement and the New Management
Agreement. The Trustees considered information showing the fees and expenses of
the Fund in comparison to the management fees and expense ratios of its peer
group of funds as classified by Morningstar and also to the expense ratios of a
peer group of funds selected on the basis of criteria determined by the
Independent Trustees for this purpose using data provided by Strategic Insight
Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent
third party. In all quintile rankings referred to below, first quintile is most
favorable to the Fund's shareowners. To the extent applicable, the Trustees also
considered the impact of transfer agency, sub-transfer agency, and other
non-management fee expenses on the expense ratios of the Fund. The Trustees
noted that they separately review the Fund's transfer agency, sub-transfer
agency and intermediary arrangements and that the results of the most recent
such review were considered in the consideration of the Fund's expense ratio.
The Trustees considered that the Fund's management fee as of September 30, 2016
was in the second quintile relative to the management fees paid by other funds
in its Morningstar category for the comparable period. The Trustees also
considered the breakpoint in the management fee schedule and the reduced fee
rate above a certain asset level. The Trustees considered that the expense ratio
of the Fund's Class A shares as of September 30, 2016 was in the second quintile
relative to its Morningstar category and in the fourth quintile relative to its
Strategic Insight peer group, in each case for the comparable period. The
Trustees considered that the expense ratio of the Fund's Class Y shares as of
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 49
September 30, 2016 was in the third quintile relative to its Morningstar
category and in the third quintile relative to its Strategic Insight peer group,
in each case for the comparable period. The Trustees noted that PIM had agreed
to waive fees and/or reimburse expenses in order to limit the ordinary operating
expenses of the Fund.
The Trustees reviewed management fees charged by PIM and PIAM to institutional
and other clients, including publicly offered European funds sponsored by PIM's
affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory
capacity), and unaffiliated foreign and domestic separate accounts. The Trustees
also considered PIM's costs in providing services to the Fund and PIM's and
PIAM's costs in providing services to the other clients and considered the
differences in management fees and profit margins for fund and non-fund
services. In evaluating the fees associated with PIM's and PIAM's client
accounts, the Trustees took into account the respective demands, resources and
complexity associated with the Fund and other client accounts. The Trustees
noted that in some instances the fee rates for those clients were lower than the
management fee for the Fund and considered that, under both the Current
Management Agreement and the New Management Agreement, PIM would perform
additional services for the Fund that it does not provide to those other clients
or services that are broader in scope, including oversight of the Fund's other
service providers and activities related to compliance and the extensive
regulatory and tax regimes to which the Fund is subject. The Trustees also
considered the different risks associated with PIM's management of the Fund and
PIM's and PIAM's management of the other client accounts.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services to be provided
by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results, including the profit margins, realized by PIM and PIAM from
non-fund businesses. The Trustees considered PIM's profit margins with respect
to the Fund in comparison to the limited industry data available and noted that
the profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
50 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with the Fund and Fund shareholders. The Trustees
recognize that economies of scale are difficult to identify and quantify, and
that, among other factors that may be relevant, are the following: fee levels,
expense subsidization, investment by PIM in research and analytical capabilities
and PIM's commitment and resource allocation to the Fund. The Trustees noted
that profitability also may be an indicator of the availability of any economies
of scale, although profitability may vary for other reasons including due to
reductions in expenses. The Trustees concluded that economies of scale, if any,
were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits that PIM enjoys from its relationship
with the Fund. The Trustees considered the character and amount of fees paid or
to be paid by the Fund, other than under the Current Management Agreement or the
New Management Agreement, for services provided by PIM and its affiliates. The
Trustees further considered the revenues and profitability of PIM's businesses
other than the Fund business. To the extent applicable, the Trustees also
considered the benefits to the Fund and to PIM and its affiliates from the use
of "soft" commission dollars generated by the Fund to pay for research and
brokerage services.
The Trustees considered that following the completion of the Transaction, PIM
will be the principal U.S. asset management business of Amundi, and that
Amundi's worldwide asset management business will manage over $1.38 trillion in
assets (including the Pioneer Funds). This may create opportunities for PIM,
PIAM and Amundi that derive from PIM's relationships with the Fund, including
Amundi's ability to market the services of PIM globally. The Trustees noted that
PIM may have access to additional research capabilities as a result of the
Transaction and Amundi's enhanced global presence that may contribute to an
increase of the overall scale of PIM. The Trustees considered that PIM and the
Fund are expected to receive reciprocal intangible benefits from the
relationship, including mutual brand recognition and, for the Fund, direct and
indirect access to the resources of a large global asset manager. The Trustees
concluded that any such benefits received by PIM as a result of its relationship
with the Fund were reasonable.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 51
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including the Independent Trustees, concluded that the New Management
Agreement and the Interim Management Agreement for the Fund, including the fees
payable thereunder, were fair and reasonable and voted to approve the New
Management Agreement and the Interim Management Agreement, and to recommend that
shareholders approve the New Management Agreement.
52 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, 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 us.pioneerinvestments.com. 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 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 46 U.S. registered investment portfolios for which 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 Fundamental Growth Fund | Annual Report | 3/31/17 53
Independent Trustees
-----------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (66) Trustee since 2006. Private investor (2004 - 2008 and 2013 - Director, Broadridge
Chairman of the Board Serves until a successor present); Chairman (2008 - 2013) and Chief Financial Solutions, Inc.
and Trustee trustee is elected or earlier Executive Officer (2008 - 2012), Quadriserv, (investor communications
retirement or removal. Inc. (technology products for securities and securities processing
lending industry); and Senior Executive Vice provider for financial
President, The Bank of New York (financial services industry) (2009
and securities services) (1986 - 2004) - present); Director,
Quadriserv, Inc. (2005 -
2013); and Commissioner,
New Jersey State Civil
Service Commission (2011
- 2015)
-----------------------------------------------------------------------------------------------------------------------------------
David R. Bock (73) Trustee since 2005. Managing Partner, Federal City Capital Director of New York
Trustee Serves until a successor Advisors (corporate advisory services Mortgage Trust
trustee is elected or earlier company) (1997 - 2004 and 2008 - present); (publicly-traded mortgage
retirement or removal. Interim Chief Executive Officer, Oxford REIT) (2004 - 2009, 2012
Analytica, Inc. (privately-held research and - present); Director of
consulting company) (2010); Executive Vice The Swiss Helvetia Fund,
President and Chief Financial Officer, Inc. (closed-end fund)
I-trax, Inc. (publicly traded health care (2010 - present);
services company) (2004 - 2007); and Director of Oxford
Executive Vice President and Chief Financial Analytica, Inc. (2008 -
Officer, Pedestal Inc. (internet-based present); and Director of
mortgage trading company) (2000 - 2002); Enterprise Community
Private consultant (1995-1997), Managing Investment, Inc.
Director, Lehman Brothers (investment (privately-held
banking firm) (1992-1995); and Executive, The affordable housing finance
World Bank (1979-1992) company) (1985 - 2010)
-----------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (72) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon
Trustee Serves until a successor Economy, Harvard University (1972 - present) Institutional Funds
trustee is elected or earlier Investment Trust and
retirement or removal. Mellon Institutional
Funds Master Portfolio
(oversaw 17 portfolios in
fund complex) (1989-2008)
-----------------------------------------------------------------------------------------------------------------------------------
54 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (69) Trustee since 2002. Founding Director, Vice President and None
Trustee Serves until a successor Corporate Secretary, The Winthrop Group,
trustee is elected or earlier Inc. (consulting firm) (1982 - present);
retirement or removal. Desautels Faculty of Management, McGill
University (1999 - present); and Manager of
Research Operations and Organizational
Learning, Xerox PARC, Xerox's advance
research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (68) Trustee since 2002. President and Chief Executive Officer, Director of New America
Trustee Serves until a successor Newbury Piret Company (investment banking High Income Fund, Inc.
trustee is elected or earlier firm) (1981 - present) (closed-end investment
retirement or removal. company) (2004 -
present); and Member,
Board of Governors,
Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (70) Trustee since 2014. Consultant (investment company services) None
Trustee Serves until a successor (2012 - present); Executive Vice President,
trustee is elected or earlier BNY Mellon (financial and investment company
retirement or removal. services) (1969 - 2012); Director, BNY
International Financing Corp. (financial
services) (2002 - 2012); and Director,
Mellon Overseas Investment Corp. (financial
services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 55
Interested Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (58)* Trustee since 2014. Director and Executive Vice President (since None
Trustee Serves until a successor 2008) and Chief Investment Officer, U.S.
trustee is elected or earlier (since 2010) of Pioneer Investment
retirement or removal. Management-USA (PIM-USA); Executive Vice
President of Pioneer (since 2008); Executive
Vice President of Pioneer Institutional
Asset Management, Inc. (since 2009); and
Portfolio Manager of Pioneer (since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's
investment adviser and certain of its affiliates.
56 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lorraine Monchak (60)** Advisory Trustee since 2014. Chief Investment Officer, 1199 SEIU Funds Trustee of Pioneer
Advisory Trustee (healthcare workers union pension funds) closed-end investment
(2001 - present); Vice President - companies (5 portfolios)
International Investments Group, American (Sept. 2015 - present)
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)
------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 57
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (55) Since 2014. Serves at Chair, Director, CEO and President of Trustee of Pioneer
President and Chief the discretion of the Board. PIM-USA (since September 2014); Chair, closed-end investment
Executive Officer Director, CEO and President of Pioneer companies (5 portfolios)
Investment Management, Inc. (since September (Sept. 2015 - present)
2014); Chair, Director, CEO and President of
Pioneer Funds Distributor, Inc. (since
September 2014); Chair, Director, CEO and
President of Pioneer Institutional Asset
Management, Inc. (since September 2014); and
Chair, Director, and CEO of Pioneer
Investment Management Shareholder Services,
Inc. (since September 2014); Managing
Director, Morgan Stanley Investment
Management (2010 - 2013); and Director of
Institutional Business, CEO of
International, Eaton Vance Management (2005
- 2010)
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (52) Since 2003. Serves at Vice President and Associate General Counsel None
Secretary and the discretion of the Board. of Pioneer since January 2008; Secretary and
Chief Legal Officer 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 Pioneer from July 2002 to
December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (56) Since 2010. Serves at Fund Governance Director of Pioneer since None
Assistant Secretary the discretion of the Board. December 2006 and Assistant Secretary of all
the Pioneer Funds since June 2010; Manager -
Fund Governance of Pioneer from December
2003 to November 2006; and Senior Paralegal
of Pioneer from January 2000 to November
2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (54) Since 2010. Serves at Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary the discretion of the Board. Assistant Secretary of all the Pioneer Funds
since June 2010; and Counsel of Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (57) Since 2008. Serves at Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief the discretion of the Board. Treasurer of all of the Pioneer Funds since
Financial March 2008; Deputy Treasurer of Pioneer from
and Accounting Officer March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
58 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (51) Since 2002. Serves at Director - Fund Treasury of Pioneer; and None
Assistant Treasurer the discretion of the Board. Assistant Treasurer of all of the Pioneer
Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (58) Since 2002. Serves at Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Board. Pioneer; and Assistant Treasurer of all of
the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (37) Since 2009. Serves at Fund Administration Manager - Fund Treasury None
Assistant Treasurer the discretion of the Board. of Pioneer since November 2008; Assistant
Treasurer of all of the Pioneer Funds since
January 2009; and Client Service Manager -
Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (64) Since 2010. Serves at Chief Compliance Officer of Pioneer and of None
Chief Compliance Officer the discretion of the Board. all the Pioneer Funds since March 2010;
Chief Compliance Officer of Pioneer
Institutional Asset Management, Inc. since
January 2012; Chief Compliance Officer of
Vanderbilt Capital Advisors, LLC since July
2012: Director of Adviser and Portfolio
Compliance at Pioneer since October 2005;
and Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003
to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (46) Since 2006. Serves at Director - Transfer Agency Compliance of None
Anti-Money the discretion of the Board. Pioneer and Anti-Money Laundering Officer of
Laundering Officer all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund | Annual Report | 3/31/17 59
This page is for your notes.
60 Pioneer Fundamental Growth Fund | Annual Report | 3/31/17
How to Contact 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
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Pioneer Funds
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2017 Pioneer Investments 19341-11-0517
Pioneer Multi-Asset
Ultrashort Income Fund
--------------------------------------------------------------------------------
Annual Report | March 31, 2017
--------------------------------------------------------------------------------
Ticker Symbols:
Class A MAFRX
Class C MCFRX
Class C2 MAUCX
Class K MAUKX
Class Y MYFRX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 12
Prices and Distributions 13
Performance Update 14
Comparing Ongoing Fund Expenses 19
Schedule of Investments 21
Financial Statements 94
Notes to Financial Statements 103
Report of Independent Registered Public Accounting Firm 113
Approval of New and Interim Management Agreements 115
Trustees, Officers and Service Providers 124
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 1
President's Letter
After an overall strong year for leading market indices in 2016, U.S. markets
continued to generate positive returns over the first calendar quarter of 2017,
with so-called "risk" assets, such as equities and credit-sensitive bonds,
posting solid gains. In the first quarter, U.S. equities, as measured by the
Standard & Poor's 500 Index, returned slightly more than 6%, while high-yield
securities dominated bond market performance.
The transfer of power in Washington, D.C. in January had little or no effect on
the markets in the first quarter, as the post-election momentum we witnessed
late in the fourth quarter of 2016 slowed only when oil prices slumped in March,
due to both higher-than-expected inventories and concerns over whether OPEC
(Organization of Petroleum Exporting Countries) would continue its supply cuts
in June. Not even the Federal Reserve System's (the Fed's) highly anticipated
rate hike during the month of March, its second in three months, nor Britain's
trigger of Article 50 to begin the "Brexit" process caused any dramatic sell-off
of risk assets.
While U.S. gross domestic product (GDP) did slow in the first quarter, the
expectation is for GDP to accelerate in the second quarter, with a strong
consumer leading the way. Pioneer believes the U.S. economy may lead all
developed nations in 2017, with GDP growth in excess of 2% for the year.
President Trump has proposed decidedly pro-business policies, such as lower
taxes, higher infrastructure spending, and less regulation, though we believe
the economy may realize the benefits of those policies, if enacted, more so in
2018 than in 2017. Conversely, the effects of the President's potentially
restrictive trade policies could offset some of the benefits of the pro-growth
fiscal policies.
Even so, we believe solid domestic employment figures should continue to support
consumption and the housing market, and that stronger corporate profits and
increased government spending may contribute to economic growth in 2018 and
beyond. Increasing global Purchasing Manager Indices (PMIs) suggest that growth
in global economies is also improving. (PMIs are used to measure the economic
health of the manufacturing sector.)
There are, as always, some risks to our outlook. First, the market already has
priced in a good deal of the Trump economic reform platform, and that could lead
to near-term disappointment if Congressional follow-through does not happen this
year. The future of the Affordable Care Act is another potential concern. The
first attempt to repeal/replace it failed, but any new proposed
2 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
legislation will undoubtedly have an effect on the health care sector, one of
the largest segments of the US economy. Geopolitical risks, of course, remain a
potential headwind, given ongoing strife in the Middle East and renewed tensions
on the Korean Peninsula.
While our current outlook is generally optimistic, conditions can and often do
change, and while passive investment strategies may have a place in one's
overall portfolio, it is our view that all investment decisions are active
choices.
Throughout Pioneer's history, we have believed in the importance of active
management. The active decisions to invest in equities or fixed-income
securities are made by a team of experienced investment professionals focusing
on identifying value across global markets using proprietary research, careful
risk management, and a long-term perspective. We believe our shareowners can
benefit from the experience and tenure of our investment teams as well as the
insights generated from our extensive research process.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
March 31, 2017
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 Ultrashort Income Fund | Annual Report | 3/31/17 3
Portfolio Management Discussion | 3/31/17
In the following interview, portfolio managers Charles Melchreit, Seth Roman,
and Jonathan Sharkey discuss the factors that influenced Pioneer Multi-Asset
Ultrashort Income Fund's performance during the 12-month period ended March 31,
2017. Mr. Melchreit, Director of Investment-Grade Management, a senior vice
president and a portfolio manager at Pioneer, Mr. Roman, a vice president and a
portfolio manager at Pioneer, and Mr. Sharkey, a senior vice president and a
portfolio manager at Pioneer, are responsible for the day-to-day management of
the Fund.
Q How did the Fund perform during the 12-month period ended March 31, 2017?
A Pioneer Multi-Asset Ultrashort Income Fund's Class A shares returned 2.33%
at net asset value during the 12-month period ended March 31, 2017, while
the Fund's benchmark, the Bank of America Merrill Lynch 3-Month U.S. Dollar
LIBOR Index (the BofA ML Index), returned 0.74%. During the same period,
the average return of the 125 mutual funds in Lipper's Ultrashort
Obligations Funds category was 1.35%, and the average return of the 157
mutual funds in Morningstar's Ultrashort Bond category was 1.61%.
Q How would you describe the market environment for fixed-income investors
over the 12-month period ended March 31, 2017?
A The period began in April 2016 against a backdrop of disappointing global
economic growth. In the U.S., credit markets received support from the
domestic economy's continued, modest progress, and from expectations that
the U.S. Federal Reserve (the Fed), after increasing interest rates in
December 2015 for the first time in several years, would follow a more
elongated trajectory than originally anticipated with respect to rate
normalization. U.S. interest rates, in fact, began the period near
historical lows and traded within a relatively narrow band over most of the
period's first three months.
In June 2016, the result of a referendum in the United Kingdom, in which
citizens voted to exit the European Union, caught the markets off guard.
The uncertainty about the ultimate implications of the so-called "Brexit"
vote spurred a brief flight-to-safety trade and drove U.S. Treasury yields
down even further, while temporarily shaking up the credit-sensitive areas
of the market. Markets recovered in a matter of days, however, as investors
4 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
began to put the likely impact of Brexit on global economic growth into
perspective. The supportive actions taken by global central banks, as
exemplified by moves to negative interest rates in both Europe and Japan,
also provided investors with a reason to look past Brexit and re-enter the
"risk" trade. In addition, July 2016 saw oil prices stabilize into a range
substantially higher than the lows seen at the beginning of 2016,
reflecting in part improved sentiment about the Chinese economy and the
global demand backdrop. In December 2016, the Fed once again raised the
benchmark overnight lending (Federal funds) rate by 25 basis points (bps),
to the 0.50% - 0.75% range. (A basis point is equal to 1/100th of a
percentage point.) The market had a muted response to the rate hike,
though, having anticipated the Fed's move long in advance.
Credit sentiment and interest rates rose notably after the November 8,
2016, U.S. elections. Investors appeared to anticipate higher levels of
both economic growth and inflation going forward in the wake of the
election results, which put the Republicans in control of the White House
and both houses of Congress. Moreover, the victor in the Presidential race,
Donald Trump, had campaigned on a pro-growth economic platform featuring
proposals to cut corporate and individual tax rates, increase
infrastructure spending, and ease regulatory oversight on the business
community. U.S. Treasury yields trended higher across the maturity
spectrum over November and December, and economically sensitive,
credit-oriented segments of the bond market outperformed. Those trends held
up well into 2017, before a dip in oil prices and inflation expectations in
March led to a decline in Treasury yields. In addition, the failure of
President Trump and the Republican-controlled Congress to pass a plan to
replace the Affordable Care Act brought into question the outlook for
passage of the rest of the administration's pro-growth economic platform.
March 2017 also saw the Fed implement another 25 bps hike in the Federal
funds rate, increasing it to the 0.75% - 1.00% target range. The rate
increase initially caught the markets off guard, but ultimately came to be
seen as the Fed's verifying the favorable economic growth outlook.
U.S. Treasury rates rose notably over the 12-month period ended March 31,
2017. To illustrate, the two-year Treasury yield rose from 0.73% to 1.27%,
the five-year yield rose from 1.21% to 1.93%, and the 10-year yield rose
from 1.78% to 2.40%. Over the same period, the three-month London Interbank
Offered Rate (LIBOR), a commonly used baseline for loans and securities
globally, rose from 0.63% to 1.15%.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 5
Q Can you review your principal strategies in managing the Fund during the
12-month period ended March 31, 2017, and their effects on performance?
A During the period, we continued to maintain a portfolio of investments that
seeks to provide income, while also striving to protect shareholders'
principal against a rise in market interest rates. Our strategy entailed
investing the portfolio in a wide range of mostly high-quality
floating-rate securities, and fixed-rate instruments with very short
remaining maturities. At period end, well over 90% of the Fund's total
investment portfolio was allocated either to floating-rate issues with
interest rates tied to a short-term reference rate such as LIBOR, or to
fixed-rate issues with less than one-year duration. (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.)
Unlike many other floating-rate vehicles, we typically invest the Fund's
assets with a primary focus on investment-grade asset classes. At the same
time, we did seek to have the Fund's performance benefit from credit
spreads during the period. In doing so, we sought at all times to maintain
the portfolio's broadly diversified* exposure to a number of different
spread sectors. (Spread sectors represent non-governmental fixed-income
investments with higher yields - at greater risk - than governmental
investments.)
The Fund's net asset value (NAV) rose from $9.92 to $9.99 over the period,
supported by a strengthening in prices within the credit-sensitive sectors.
During the 12-month period, the Fund's outperformance relative to its
benchmark, the BofA ML 3-Month U.S. Dollar LIBOR Index, received support
from the portfolio's allocations to credit-based areas of the fixed-income
market. More specifically, the leading contributor to the Fund's
benchmark-relative performance during the period was the portfolio's
allocation to floating-rate commercial mortgage-backed securities (CMBS),
as improvements in the employment backdrop and consumer sentiment, as well
as declining airfares, bolstered the fundamentals for hotels and other
leisure properties.
While the Fund mainly focuses on the investment-grade sectors, we also
include below-investment-grade assets in the portfolio in areas where we
believe the incremental income available provides an attractive tradeoff
between risk and reward. In that vein, the portfolio's allocation to
* Diversification does not assure a profit nor protect against loss.
6 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
floating-rate, leveraged bank loans was another leading contributor to
positive benchmark-relative returns, as credit spreads narrowed over the 12
months and the recovery and stabilization in oil prices aided that segment
of the market. We reduced the Fund's loan positions as the period
progressed, as new loan issuance is unfavorable from a quality perspective,
in our opinion. In addition, many higher-rated loans are trading above par
(face value), without call protection. That said, with the recent rise in
LIBOR rates, most loans have reset to at least their floor rates, meaning
that yields and valuations in the loan market are poised to benefit from
any further interest-rate increases. (LIBOR floors ensure that investors in
the loans receive some minimum base level of compensation in addition to
the credit spread the loan pays.)
Another positive contributor to the Fund's benchmark-relative returns
during the period was a portfolio allocation to event-linked securities
("catastrophe," or cat bonds), which are used by property/casualty insurers
and reinsurers looking to mitigate the risk of having to pay claims after a
natural disaster. In addition to providing the Fund with incremental
income, cat bonds have a very low correlation to other areas of the bond
market; therefore, we view the issues as a valuable source of portfolio
diversification. (Correlation represents the degree to which assets or
asset class prices have moved in relation to one another.) We are careful
to extensively diversify the Fund's holdings within the cat bond sector by
both the type of peril (for example, hurricanes, floods, and earthquakes),
and geographic region. The performance of the cat bonds benefited the
Fund's returns as the period saw relatively modest claims activity.
The portfolio held no positions that detracted materially from the Fund's
benchmark-relative performance during the period. While we manage the Fund
with a focus on total return, we are mindful that many investors also view
the Fund as a source of liquidity in their portfolios. As such, we make
sure to maintain significant portfolio liquidity in an effort to help
reduce fluctuations in the Fund's NAV.
Q Can you discuss the factors that affected the Fund's income-generation, or
yield, during the 12-month period ended March 31, 2017?
A The Fund's income benefited over the period from the increase in short-term
LIBOR rates. As noted earlier, throughout the period the bulk of the Fund's
investments were in floating-rate issues with interest rates tied to LIBOR,
or another short-term reference rate.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 7
U.S. regulators, increasingly focused on the "shadow banking system," set
October 14, 2016, as a deadline for non-government money market funds to
meet new guidelines regarding floating net asset values and redemption
gates. The impending change caused many money market fund complexes to
transform prime money market funds into government funds. That activity
sparked an increase in LIBOR rates beginning in mid-June 2016, thus
benefiting holders of floating-rate securities, given that the payouts for
a majority of floating-rate instruments have benchmarks to the one-month or
three-month LIBOR. LIBOR rates also rose over the course of the period due
to anticipation of the Fed ramping-up its monetary tightening process by
increasing the overnight lending rate.
Q Did you use any derivative strategies in managing the Fund during the
12-month period ended March 31, 2017?
A No. The Fund had no exposure to derivatives during the period.
Q What is your assessment of the current investment climate for the Fund, and
how have you positioned the Fund's portfolio based on that view?
A We believe that conditions remain supportive of credit-sector fundamentals,
as reflected in strong economic data releases around such areas as
manufacturing and employment. Measures of business and consumer confidence
have moved higher as well. The Fund's fiscal year ended amidst significant
uncertainty regarding the prospects for the implementation of some aspects
of President Trump's pro-growth agenda. However, in our view, the ongoing
environment of moderate growth and contained inflation underpinned the
recent rally in risk assets as much or more than the market's anticipation
of the new administration's economic proposals.
Of course, there are reasons for caution with respect to the credit market
outlook. Upcoming elections in Europe, most imminently in France, feature
populist parties running on anti-globalization, anti-trade platforms. The
degree to which these parties achieve electoral success would represent a
threat to the stability of the world's largest trading block, and to
sentiment among global risk investors. Geopolitics aside, market valuations
are notably higher and spreads notably tighter following the extended
period of outperformance by credit-oriented assets.
8 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
Given current conditions, we have increased the Fund's liquidity and are
maintaining relatively low exposure to changing spreads within the
portfolio's core, credit-oriented allocation.
As always, we are taking care not to assume any risk for which the Fund is
not seeking adequate compensation. While the portfolio's sector allocations
will shift around the margins to reflect our view of relative risk and
reward, the Fund's portfolio continues to be broadly diversified with
respect to its allocation across asset categories.
In all investment environments, however, we will continue to seek to
provide shareholders with higher income than cash vehicles, albeit with
additional risk, while striving to provide protection against any future
rise in market interest rates. (Please note that the Fund is not a money
market fund.)
Please refer to the Schedule of Investments on pages 21-93 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, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Pioneer Multi-Asset Ultrashort Income Fund ("The Fund") has the ability to
invest in a wide variety of debt securities.
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.
The Fund and some of the underlying funds may utilize strategies that have a
leveraging effect on the Fund, which increases the volatility of investment
returns and subjects the Fund to magnified losses if the Fund's or an underlying
fund's investments decline in value.
The Fund and some of the underlying funds 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 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.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 9
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.
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.
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 event-linked bonds. The return of principal and the
payment of interest on event-linked bonds 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 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 are payable as taxable
annual dividends to shareholders.
Investments in equity securities are subject to price fluctuation.
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.
Investments in fixed-income securities involve interest rate, credit, inflation,
and reinvestment risks. As interest rates rise, the value of fixed income
securities generally falls.
The Fund may invest in mortgage-backed securities, which during times of fluctu-
ating interest rates may increase or decrease more than other fixed-income
securities. Mortgage-backed securities are also subject to pre-payments.
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.
High yield bonds possess greater price volatility, illiquidity, and possibility
of default.
10 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
There may be insufficient or illiquid collateral securing the floating rate
loans held within the Fund. This may reduce the future redemption or recovery
value of such loans.
The Fund may have disadvantaged access to confidential information that could be
used to assess a loan issuer, as Pioneer normally seeks to avoid receiving
material, non-public information.
Pioneer Multi-Asset Ultrashort Income Fund is not a money market fund.
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 Pioneer Investments 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.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 11
Portfolio Summary | 3/31/17
Portfolio Diversification*
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Asset Backed Securities 27.8%
Collateralized Mortgage Obligations 24.5%
U.S. Corporate Bonds 19.2%
U.S. Government Securities 9.2%
International Corporate Bonds 9.1%
Senior Secured Loans 5.0%
Temporary Cash Investments 4.8%
Municipal Bonds 0.4%
* Includes investments in Insurance Linked Securities totaling 5.6% of total
investment portfolio.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)**
1. U.S. Treasury Notes, Floating Rate Note, 10/31/17 1.54%
-----------------------------------------------------------------------------------------
2. U.S. Treasury Notes, Floating Rate Note, 1/31/19 1.51
-----------------------------------------------------------------------------------------
3. U.S. Treasury Notes, Floating Rate Note, 7/31/18 1.48
-----------------------------------------------------------------------------------------
4. U.S. Treasury Notes, Floating Rate Note, 10/31/18 1.47
-----------------------------------------------------------------------------------------
5. U.S. Treasury Notes, Floating Rate Note, 1/31/18 1.47
-----------------------------------------------------------------------------------------
6. U.S. Treasury Notes, Floating Rate Note, 4/30/18 1.46
-----------------------------------------------------------------------------------------
7. Everglades Re, Ltd., Floating Rate Note, 4/28/17 (Cat Bond) (144A) 0.57
-----------------------------------------------------------------------------------------
8. U.S. Treasury Bill, 4/13/17 0.50
-----------------------------------------------------------------------------------------
9. Government National Mortgage Association REMICS, Floating Rate Note, 1/20/47 0.45
-----------------------------------------------------------------------------------------
10. Federal National Mortgage Association, Floating Rate Note, 2/25/38 0.33
-----------------------------------------------------------------------------------------
** This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
12 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
Prices and Distributions | 3/31/17
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/17 3/31/16
--------------------------------------------------------------------------------
A $9.99 $9.92
--------------------------------------------------------------------------------
C $9.97 $9.91
--------------------------------------------------------------------------------
C2 $9.97 $9.91
--------------------------------------------------------------------------------
K $9.99 $9.93
--------------------------------------------------------------------------------
Y $9.99 $9.93
--------------------------------------------------------------------------------
Distributions per Share: 4/1/16-3/31/17
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1699 $ -- $ --
--------------------------------------------------------------------------------
C $0.1379 $ -- $ --
--------------------------------------------------------------------------------
C2 $0.1376 $ -- $ --
--------------------------------------------------------------------------------
K $0.1913 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1821 $ -- $ --
--------------------------------------------------------------------------------
The Bank of America Merrill Lynch U.S. Dollar 3-Month LIBOR Index is an
unmanaged index that tracks the performance of a synthetic asset paying the
London Interbank Offered Rate (LIBOR), with a constant 3-month average maturity.
The index is based on the assumed purchase at par value of a synthetic
instrument having exactly its stated maturity and with a coupon equal to that
day's 3-month LIBOR rate. Index returns 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 index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 14-18.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 13
Performance Update | 3/31/17 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 Ultrashort Income Fund
at public offering price during the periods shown, compared to that of the Bank
of America (BofA) Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of March 31, 2017)
--------------------------------------------------------------------------------
BofA ML
Net Public U.S. Dollar
Asset Offering 3-Month
Value Price LIBOR
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.34% 0.90% 0.39%
5 Years 1.29 0.77 0.40
1 Year 2.43 (0.08) 0.74
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.63%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset BofA ML U.S.
Ultrashort Income Dollar 3-Month
Fund LIBOR Index
4/11 $ 9,750 $10,000
3/12 $ 9,891 $10,032
3/13 $10,103 $10,075
3/14 $10,196 $10,103
3/15 $10,252 $10,126
3/16 $10,294 $10,159
3/17 $10,544 $10,234
Call 1-800-225-6292 or visit us.pioneerinvestments.com 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. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 2.50% 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 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 refer to the financial highlights for a more current expense ratio.
14 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
Performance Update | 3/31/17 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 Ultrashort Income Fund
during the periods shown, compared to that of the Bank of America (BofA) Merrill
Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of March 31, 2017)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 0.91% 0.91% 0.39%
5 Years 0.92 0.92 0.40
1 Year 2.00 2.00 0.74
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.94%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset BofA ML U.S.
Ultrashort Income Dollar 3-Month
Fund LIBOR Index
4/11 $10,000 $10,000
3/12 $10,082 $10,032
3/13 $10,243 $10,075
3/14 $10,298 $10,103
3/15 $10,333 $10,126
3/16 $10,345 $10,159
3/17 $10,552 $10,234
Call 1-800-225-6292 or visit us.pioneerinvestments.com 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.
"If Held" results represent the percent change in net asset value per share.
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.
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 refer to the financial highlights for a more current expense ratio.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 15
Performance Update | 3/31/17 Class C2 Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C2 shares of Pioneer Multi-Asset Ultrashort Income Fund
during the periods shown, compared to that of the Bank of America (BofA) Merrill
Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of March 31, 2017)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Fund
(4/29/11) 0.91% 0.91% 0.39%
5 Years 0.91 0.91 0.40
1 Year 2.00 2.00 0.74
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.94%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset BofA ML U.S.
Ultrashort Income Dollar 3-Month
Fund LIBOR Index
4/11 $10,000 $10,000
3/12 $10,082 $10,032
3/13 $10,243 $10,075
3/14 $10,297 $10,103
3/15 $10,331 $10,126
3/16 $10,342 $10,159
3/17 $10,549 $10,234
Call 1-800-225-6292 or visit us.pioneerinvestments.com 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 C2 shares held for less than 1 year are subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percentage change
in net asset value per share. 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.
The performance shown for periods prior to the commencement of operations of
Class C2 shares on August 1, 2013, is the net asset value performance of the
Fund's Class C shares, which has not been restated to reflect any differences in
expenses. For the period beginning August 1, 2013, the actual performance of
Class C2 shares is reflected.
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 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 refer to the financial highlights for a more current expense ratio.
16 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
Performance Update | 3/31/17 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 Ultrashort Income Fund
during the periods shown, compared to that of the Bank of America (BofA) Merrill
Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of March 31, 2017)
--------------------------------------------------------------------------------
BofA ML
Net U.S. Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
--------------------------------------------------------------------------------
Life-of-Fund
(4/29/11) 1.50% 0.39%
5 Years 1.47 0.40
1 Year 2.55 0.74
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.42%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Multi-Asset BofA ML U.S.
Ultrashort Income Dollar 3-Month
Fund LIBOR Index
4/11 $5,000,000 $5,000,000
3/12 $5,074,193 $5,016,143
3/13 $5,185,973 $5,037,507
3/14 $5,246,391 $5,051,252
3/15 $5,290,155 $5,063,025
3/16 $5,323,885 $5,079,487
3/17 $5,459,537 $5,116,913
Call 1-800-225-6292 or visit us.pioneerinvestments.com 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 20, 2012, 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 on December 20, 2012, 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.
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 refer to the financial highlights for a more current expense ratio.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 17
Performance Update | 3/31/17 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 Ultrashort Income Fund
during the periods shown, compared to that of the Bank of America (BofA) Merrill
Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of March 31, 2017)
--------------------------------------------------------------------------------
BofA ML
Net U.S. Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.50% 0.39%
5 Years 1.42 0.40
1 Year 2.46 0.74
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.51%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Multi-Asset BofA ML U.S.
Ultrashort Income Dollar 3-Month
Fund LIBOR Index
4/11 $5,000,000 $5,000,000
3/12 $5,089,498 $5,016,143
3/13 $5,208,889 $5,037,507
3/14 $5,260,398 $5,051,252
3/15 $5,302,158 $5,063,025
3/16 $5,331,017 $5,079,487
3/17 $5,461,860 $5,116,913
Call 1-800-225-6292 or visit us.pioneerinvestments.com 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 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 refer to the financial highlights for a more current expense ratio.
18 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
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 (divided by) $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 Ultrashort Income
Fund
Based on actual returns from October 1, 2016, through March 31, 2017.
----------------------------------------------------------------------------------------
Share Class A C C2 K Y
----------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 10/1/16
----------------------------------------------------------------------------------------
Ending Account Value $1,010.36 $1,007.71 $1,007.71 $1,010.44 $1,009.86
(after expenses)
on 3/31/17
----------------------------------------------------------------------------------------
Expenses Paid $ 3.06 $ 4.66 $ 4.66 $ 2.11 $ 2.51
During Period*
----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.61%, 0.93%,
0.93%, 0.42% and 0.50% for Class A, Class C, Class C2, Class K, and Class Y
respectively, multiplied by the average account value over the period,
multiplied by 182/365 (to reflect the one-half year period).
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 19
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 Ultrashort Income
Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from October 1, 2016, through March 31, 2017.
----------------------------------------------------------------------------------------
Share Class A C C2 K Y
----------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 10/1/16
----------------------------------------------------------------------------------------
Ending Account Value $1,021.89 $1,020.29 $1,020.29 $1,022.84 $1,022.44
(after expenses)
on 3/31/17
----------------------------------------------------------------------------------------
Expenses Paid $ 3.07 $ 4.68 $ 4.68 $ 2.12 $ 2.52
During Period*
----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.61%, 0.93%,
0.93%, 0.42% and 0.50% for Class A, Class C, Class C2, Class K, and Class Y
respectively, multiplied by the average account value over the period,
multiplied by 182/365 (to reflect the one-half year period).
20 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
Schedule of Investments | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 28.4%
ENERGY -- 0.7%
Oil & Gas Exploration & Production -- 0.7%
4,543,471 AXIS Equipment Finance Receivables IV LLC,
2.21%, 11/20/21 (144A) $ 4,517,972
686,700 DT Auto Owner Trust 2016-2, 1.73%, 8/15/19 (144A) 686,908
2,737,424 GCAT 2015-2, 3.75%, 7/25/20 (Step) (144A) 2,739,157
6,800,000 1.73 Master Credit Card Trust II Series 2016-1, Floating
Rate Note, 9/23/19 (144A) 6,825,876
3,000,000 2.48 NCF Dealer Floorplan Master Trust, Floating Rate
Note, 10/20/20 (144A) 2,974,760
3,088,437 PRPM 2016-1 LLC, 4.0%, 9/27/21 (Step) (144A) 3,074,803
2,551,666 WVUE 2015-1, 4.5%, 9/25/20 (Step) (144A) 2,561,803
-------------
$ 23,381,279
-------------
Total Energy $ 23,381,279
-----------------------------------------------------------------------------------------------------------
MATERIALS -- 0.6%
Steel -- 0.6%
1,662,889 1.70 First NLC Trust 2005-2, Floating Rate Note, 9/25/35 $ 1,631,317
6,000,000 1.27 Home Equity Asset Trust 2005-6, Floating Rate
Note, 12/25/35 5,902,770
195,396 1.70 Mastr Asset Backed Securities Trust 2005-WMC1,
Floating Rate Note, 3/25/35 191,869
124,298 1.63 New Century Home Equity Loan Trust 2005-2
REMICS, Floating Rate Note, 6/25/35 124,202
575,000 1.66 New Century Home Equity Loan Trust 2005-2
Series 2005-2 Cl M2, Floating Rate Note, 6/25/35 564,136
889,596 1.64 Option One Mortgage Loan Trust 2005-1, Floating
Rate Note, 2/25/35 880,641
3,946,000 1.42 Option One Mortgage Loan Trust 2005-4
Asset-Backed Certificates Series 2005-4,
Floating Rate Note, 11/25/35 3,874,832
603,449 1.22 RASC Series 2005-AHL3 Trust, Floating Rate
Note, 9/25/35 601,164
5,100,000 1.44 Wells Fargo Home Equity Asset-Backed Securities
2005-2 Trust, Floating Rate Note, 11/25/35 5,089,183
-------------
$ 18,860,114
-------------
Total Materials $ 18,860,114
-----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Trucking -- 0.1%
231,664 1.26 Hertz Fleet Lease Funding LP, Floating Rate Note,
4/10/28 (144A) $ 231,625
3,600,000 4.21 Hertz Fleet Lease Funding LP, Floating Rate Note,
4/10/30 (144A) 3,735,061
-------------
$ 3,966,686
-------------
Total Transportation $ 3,966,686
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 21
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
1,068,902 Westgate Resorts 2014-1 LLC, 2.15%,
12/20/26 (144A) $ 1,058,426
-------------
Total Consumer Services $ 1,058,426
-----------------------------------------------------------------------------------------------------------
RETAILING -- 0.0%+
Automotive Retail -- 0.0%+
550,000 2.36 Hertz Fleet Lease Funding LP Series 2014-1 Cl D,
Floating Rate Note, 4/10/28 (144A) $ 549,257
-------------
Total Retailing $ 549,257
-----------------------------------------------------------------------------------------------------------
BANKS -- 24.5%
Diversified Banks -- 0.0%+
5,143 1.34 KeyCorp Student Loan Trust 2004-A, Floating Rate
Note, 10/28/41 $ 5,138
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 24.5%
4,241,270 1.14 321 Henderson Receivables I LLC, Floating Rate
Note, 11/15/40 (144A) $ 4,027,235
3,884,033 1.11 321 Henderson Receivables I LLC, Floating Rate
Note, 12/15/41 (144A) 3,783,139
744,810 1.11 321 Henderson Receivables I LLC, Floating Rate
Note, 3/15/41 (144A) 724,056
555,638 1.26 321 Henderson Receivables I LLC, Floating Rate
Note, 9/15/45 (144A) 539,257
2,333,378 1.11 321 Henderson Receivables II LLC, Floating Rate
Note, 9/15/41 (144A) 2,197,982
706,952 1.73 ABFC 2005-HE2 Trust, Floating Rate Note, 6/25/35 702,641
169,498 1.60 ABFC 2005-WF1 Trust, Floating Rate Note, 12/25/34 169,504
2,289,223 1.66 ABFC 2005-WMC1 Trust, Floating Rate Note, 6/25/35 2,235,753
63,789 1.38 Accredited Mortgage Loan Trust 2005-2, Floating
Rate Note, 7/25/35 63,736
2,265,041 1.18 ACE Securities Corp Home Equity Loan Trust Series
2006-ASAP2, Floating Rate Note, 3/25/36 2,220,222
395,574 1.45 Aegis Asset Backed Securities Trust 2005-3, Floating
Rate Note, 8/25/35 392,155
136,164 2.08 Aegis Asset Backed Securities Trust Mortgage
Pass- Through Certificates Series 2004-3, Floating
Rate Note, 9/25/34 136,085
597,355 2.08 Aegis Asset Backed Securities Trust Mortgage
Pass-Through Certificates Series 2004-4, Floating
Rate Note, 10/25/34 594,606
112,657 1.35 Aegis Asset Backed Securities Trust Mortgage
Pass-Through Certificates Series 2005-4, Floating
Rate Note, 10/25/35 111,912
4,600,000 1.31 Ally Master Owner Trust, Floating Rate Note, 2/15/21 4,609,492
1,463,418 3.20 Alterna Funding II LLC, Series 2015-1A Class B,
Floating Rate Note, 2/15/24 (144A) 1,452,442
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
553,839 American Credit Acceptance Receivables Trust
2015-3, 1.95%, 9/12/19 (144A) $ 553,870
365,358 American Credit Acceptance Receivables Trust
2016-1A, 2.37%, 5/12/20 (144A) 365,661
4,100,000 American Credit Acceptance Receivables Trust
2017-1, 2.39%, 2/16/21 (144A) 4,099,391
235,000 2.17 American Express Credit Account Master Trust Series
2008-2 Class A, Floating Rate Note, 9/15/20 237,422
2,600,000 1.20 American Express Credit Account Master Trust,
Floating Rate Note, 1/15/20 2,601,362
475,000 1.01 American Express Credit Account Secured Note
Trust 2012-4, Floating Rate Note, 5/15/20 475,446
2,000,000 2.26 American Homes 4 Rent 2014-SFR1, Floating Rate
Note, 6/17/31 1,995,896
812,810 1.60 AmeriCredit Automobile Receivables 2015-4,
Floating Rate Note, 4/8/19 813,326
2,204,832 1.60 AmeriCredit Automobile Receivables 2016-1,
Floating Rate Note, 6/10/19 2,207,772
1,575,454 1.41 Americredit Automobile Receivables Trust 2016-3
Series 2016-3 Class A2B, Floating Rate Note, 11/8/19 1,578,217
2,700,000 1.28 AmeriCredit Automobile Receivables Trust, Floating
Rate Note, 5/18/20 2,700,544
1,147,042 1.47 Ameriquest Mortgage Securities, Inc., Asset-Backed
Pass-Through Ctfs Ser 2005-R5, Floating Rate Note,
7/25/35 1,144,167
237,562 1.31 Ameriquest Mortgage Securities, Inc., Asset Backed
Pass-Through Ctfs Series 2005-R11, Floating Rate
Note, 1/25/36 235,254
8,866 4.73 Ameriquest Mortgage Securities, Inc., Asset-Backed
Pass-Through Ctfs Series 03-AR3, Floating Rate Note,
6/25/33 8,865
220,163 1.59 Ameriquest Mortgage Securities, Inc., Asset-Backed
Pass-Through Ctfs Series 2004-R11, Floating Rate
Note, 11/25/34 220,083
183,925 1.66 Ameriquest Mortgage Securities, Inc., Asset-Backed
Pass-Through Ctfs Series 2005-R1, Floating Rate
Note, 3/25/35 184,025
305,711 1.32 Argent Securities Inc Asset-Backed Pass-Through
Certificates Series 2005-W3, Floating Rate Note,
11/25/35 299,109
36,269 ARI Fleet Lease Trust 2014-A, 0.81%,
11/15/22 (144A) 36,259
410,000 Ascentium Equipment Receivables 2015-1 LLC,
5.92%, 6/12/23 (144A) 422,573
2,818,000 Ascentium Equipment Receivables 2016-2 Trust,
1.46%, 4/10/19 (144A) 2,813,551
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 23
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
30,082 1.69 Asset Backed Securities Corp., Home Equity Loan
Trust Series 2005-HE3, Floating Rate Note, 4/25/35 $ 30,054
559,903 1.18 Asset Backed Securities Corp., Home Equity Loan
Trust Series AEG 2006-HE1, Floating Rate Note,
1/25/36 549,400
1,274,330 1.93 Asset Backed Securities Corp., Home Equity Loan
Trust Series NC 2005-HE4, Floating Rate Note, 5/25/35 1,249,126
1,254,863 1.41 Asset Backed Securities Corp., Home Equity Loan Trust
Series NC 2005-HE8, Floating Rate Note, 11/25/35 1,238,947
309,513 1.75 Asset Backed Securities Corp., Home Equity Loan Trust
Series OOMC 2005-HE6, Floating Rate Note, 7/25/35 310,017
72,222 1.67 Asset-Backed Pass-Through Certificates Series
2004-R2, Floating Rate Note, 4/25/34 71,443
664,110 1.60 Asset-Backed Pass-Through Certificates Series
2004-R2, Floating Rate Note, 4/25/34 656,100
270,000 1.30 BA Credit Card Trust, Floating Rate Note, 10/15/21 271,766
1,800,000 1.11 Barclays Dryrock Issuance Trust, Floating Rate Note,
3/16/20 1,800,496
30,154 Bayview Financial Acquisition Trust, 6.205%,
5/28/37 (Step) 31,096
327,539 1.96 Bayview Financial Acquisition Trust, Floating Rate
Note, 5/28/44 327,765
239,221 1.99 Bayview Financial Acquisition Trust, Floating Rate
Note, 8/28/44 239,050
1,167,025 1.73 Bayview Financial Mortgage Pass-Through Trust
2005-C, Floating Rate Note, 6/28/44 1,163,693
73,394 1.28 Bayview Financial Mortgage Pass-Through Trust
2006-B, Floating Rate Note, 4/28/36 73,247
57,379 1.25 Bayview Financial Mortgage Pass-Through Trust
2006-B, Floating Rate Note, 4/28/36 57,263
111,462 2.22 Bcc Funding Corp., X Series 2015-1 Class A2,
Floating Rate Note, 10/20/20 (144A) 111,372
1,544,123 1.73 Bear Stearns Asset Backed Securities I Trust
2005-FR1, Floating Rate Note, 6/25/35 1,535,392
226,721 1.46 Bear Stearns Asset Backed Securities I Trust
2005-HE12, Floating Rate Note, 12/25/35 223,220
1,751,533 1.44 Bear Stearns Asset Backed Securities I Trust
2005-TC1, Floating Rate Note, 5/25/35 1,729,521
2,887,334 1.38 Bear Stearns Asset Backed Securities I Trust
2006-EC2, Floating Rate Note, 2/25/36 2,788,857
252,298 2.18 Bear Stearns Asset Backed Securities Trust
2004-2, Floating Rate Note, 8/25/34 252,656
212,683 1.55 Bear Stearns Asset Backed Securities Trust
2004-SD3, Floating Rate Note, 9/25/34 210,865
22,283 1.38 Bear Stearns Asset Backed Securities Trust
2005-SD1, Floating Rate Note, 8/25/43 22,132
493,418 1.45 Bear Stearns Asset Backed Securities Trust
2005-SD2, Floating Rate Note, 3/25/35 491,545
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
507,360 1.38 Bear Stearns Asset Backed Securities Trust
2005-SD2, Floating Rate Note, 3/25/35 $ 505,144
981,164 1.35 Bear Stearns Asset Backed Securities Trust
2006-SD1, Floating Rate Note, 4/25/36 956,014
2,429,731 1.36 Bear Stearns Asset Backed Securities Trust
2006-SD2, Floating Rate Note, 6/25/36 2,384,620
391,048 1.47 Bear Stearns Asset Backed Securities Trust
2006-SD2, Floating Rate Note, 6/25/36 384,336
402,087 1.98 Bear Stearns Structured Products Trust 2007-EMX1,
Floating Rate Note, 3/25/37 (144A) 399,274
2,895,000 1.25 Cabela's Credit Card Master Note Trust, Floating
Rate Note, 6/15/20 (144A) 2,896,463
2,700,000 1.62 Cabela's Credit Card Master Note Trust, Floating
Rate Note, 6/15/22 2,732,278
2,289,293 California Republic Auto Receivables Trust 2016-2,
1.34%, 3/15/19 2,288,562
1,050,000 California Republic Auto Receivables Trust 2016-2,
1.56%, 7/15/20 1,047,923
2,100,000 California Republic Auto Receivables Trust 2017-1,
1.55%, 11/15/19 2,097,172
4,157,907 CAM Mortgage Trust 2016-2, 3.25%, 6/15/57 (Step)
(144A) 4,127,304
1,095,015 1.68 Capital Auto Receivables Asset Trust 2016-1,
Floating Rate Note, 11/20/18 1,096,430
19,000 CarMax Auto Owner Trust 2013-1, 1.99%, 8/15/19 19,001
750,757 1.51 CarMax Auto Owner Trust 2015-4, Floating Rate
Note, 4/15/19 751,429
1,054,764 1.44 CarMax Auto Owner Trust 2016-1, Floating Rate
Note, 4/15/19 1,056,215
2,185,422 1.16 Carrington Mortgage Loan Trust Series 2006-OPT1,
Floating Rate Note, 12/26/35 2,145,728
926,453 Cazenovia Creek Funding I LLC, 2.0%, 12/10/23 (144A) 920,084
564,990 Cazenovia Creek Funding I LLC, 2.773%, 12/10/23
(144A) 558,815
1,058,997 CCG Receivables Trust 2014-1, 1.06%, 11/15/21
(144A) 1,058,516
2,006,602 CCG Receivables Trust 2016-1, 1.69%, 9/14/22
(144A) 2,004,995
5,028,456 2.14 Cent CLO, Floating Rate Note, 8/1/24 (144A) 5,020,712
280,579 3.65 Centex Home Equity Loan Trust 2003-A, Floating
Rate Note, 3/25/33 280,040
2,700,000 1.08 Chase Issuance Trust, Floating Rate Note, 1/18/22 2,706,751
200,000 1.17 Chase Issuance Trust, Floating Rate Note, 12/16/19 200,288
2,420,000 1.19 Chase Issuance Trust, Floating Rate Note, 4/15/20 2,424,326
7,750,000 1.02 Chase Issuance Trust, Floating Rate Note, 5/15/19 7,751,613
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 25
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
4,500,000 1.29 Chase Issuance Trust, Series 2017-A2 Class A,
Floating Rate Note, 3/15/24 $ 4,510,899
2,401,593 2.06 Chesapeake Funding II LLC, Floating Rate Note,
3/15/28 (144A) 2,413,585
2,600,000 1.91 Chesapeake Funding II LLC, Floating Rate Note,
6/15/28 (144A) 2,612,970
1,250,000 Citibank Credit Card Issuance Trust, 1.23%, 4/24/19 1,250,074
4,700,000 1.19 Citibank Credit Card Issuance Trust, Floating Rate
Note, 1/19/21 4,705,912
7,984,000 2.13 Citibank Credit Card Issuance Trust, Floating Rate
Note, 1/23/20 8,053,177
4,050,000 2.35 Citibank Credit Card Issuance Trust, Floating Rate
Note, 5/20/20 4,109,219
2,980,000 1.26 Citibank Credit Card Issuance Trust, Floating Rate
Note, 5/26/20 2,985,959
1,050,000 1.29 Citibank Credit Card Issuance Trust, Floating Rate
Note, 9/10/20 1,054,291
1,673,076 Citicorp Residential Mortgage Trust Series 2006-1,
5.54836%, 7/25/36 (Step) 1,690,152
211,944 1.18 Citigroup Mortgage Loan Trust 2006-SHL1, Floating
Rate Note, 11/27/45 (144A) 211,644
37,122 1.16 Citigroup Mortgage Loan Trust 2007-WFHE2, Floating
Rate Note, 3/25/37 37,091
744,983 1.66 Citigroup Mortgage Loan Trust Series 2005-Opt3
Asset B Series 2005-Opt3 Class M2, Floating Rate
Note, 5/25/35 741,144
176,825 2.00 Citigroup Mortgage Loan Trust, Inc., Floating Rate
Note, 11/25/34 171,553
1,181,100 1.73 Citigroup Mortgage Loan Trust, Inc., Floating Rate
Note, 5/25/35 (144A) 1,177,348
583,704 CNH Equipment Trust 2013-B, 0.99%, 11/15/18 583,549
3,700,000 2.76 Colony American Homes 2014-1, Floating Rate
Note, 5/19/31 (144A) 3,699,995
2,000,000 4.11 Colony American Homes 2014-2 REMICS, Floating
Rate Note, 7/17/31 (144A) 1,999,994
1,150,000 3.56 Colony Starwood Homes 2016-1 Trust, Floating Rate
Note, 7/17/33 (144A) 1,172,372
829,203 2.43 Commonbond Student Loan Trust 2016-B, Floating
Rate Note, 10/25/40 (144A) 839,342
204,119 Conn's Receivables Funding 2016-A LLC, 4.68%,
4/16/18 (144A) 204,339
1,996,393 Conn's Receivables Funding 2016-B LLC, 3.73%,
10/15/18 (144A) 2,001,939
314,224 3.27 Conseco Finance Home Equity Loan Trust 2002-B,
Floating Rate Note, 6/15/32 305,311
158,562 2.27 Conseco Finance Home Equity Loan Trust 2002-C,
Floating Rate Note, 4/15/32 155,577
328 Conseco Financial Corp., 7.05%, 1/15/19 328
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
18,198 Consumer Credit Origination Loan Trust 2015-1,
2.82%, 3/15/21 (144A) $ 18,198
616,997 1.04 Countrywide Asset-Backed Certificates Series 2006-4
Class 1A1M, Floating Rate Note, 7/25/36 608,312
41,464 1.72 Countrywide Asset-Backed Certificates, Floating Rate
Note, 12/25/35 41,478
1,656,429 1.88 Countrywide Asset-Backed Certificates, Floating Rate
Note, 3/25/35 1,642,088
156,863 1.66 Countrywide Asset-Backed Certificates, Floating Rate
Note, 6/25/33 (144A) 153,094
33,536 1.88 Countrywide Asset-Backed Certificates, Floating Rate
Note, 6/25/33 (144A) 32,663
578,764 CPS Auto Receivables Trust 2015-B, 1.65%,
11/15/19 (144A) 578,669
1,247,170 CPS Auto Receivables Trust 2016-A, 2.25%,
10/15/19 (144A) 1,251,206
400,000 CPS Auto Receivables Trust 2016-C, 2.48%,
9/15/20 (144A) 399,817
1,893,933 CPS Auto Trust, 1.5%, 6/15/20 (144A) 1,889,697
1,962,679 CPS Auto Trust, 1.68%, 8/17/20 (144A) 1,960,354
1,312,302 1.63 Credit Suisse First Boston Mortgage Securities Corp.,
Floating Rate Note, 2/25/32 1,284,574
1,084,959 1.05 Credit Suisse Mortgage Capital Certificates, Floating
Rate Note, 10/27/36 (144A) 1,076,774
204,533 1.09 Credit-Based Asset Servicing & Securitization LLC,
Floating Rate Note, 10/25/36 202,263
83,627 1.25 Credit-Based Asset Servicing & Securitization LLC,
Floating Rate Note, 5/25/36 (144A) 83,293
235,197 1.64 Credit-Based Asset Servicing & Securitization LLC,
Floating Rate Note, 7/25/34 234,722
848,815 1.08 Credit-Based Asset Servicing & Securitization LLC,
Floating Rate Note, 7/25/36 849,487
58,181 1.99 CWABS Asset-Backed Certificates Trust 2004-10,
Floating Rate Note, 1/25/35 58,301
3,360,458 2.03 CWABS Asset-Backed Certificates Trust 2004-7,
Floating Rate Note, 12/25/34 3,358,735
5,898,788 1.21 CWABS Asset-Backed Certificates Trust 2005-14,
Floating Rate Note, 4/25/36 5,861,462
7,104 1.33 CWABS Asset-Backed Certificates Trust 2005-14,
Floating Rate Note, 4/25/36 7,105
498,093 1.88 Dell Equipment Finance Trust 2015-2, Floating Rate
Note, 12/22/17 (144A) 498,514
277 Delta Funding Home Equity Loan Trust 1997-2,
7.04%, 6/25/27 275
5,915,000 1.12 Discover Card Execution Note Trust, Floating Rate
Note, 8/17/20 5,928,047
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 27
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,796,270 2.78 DRB Prime Student Loan Trust 2016-B, Floating
Rate Note, 6/25/40 (144A) $ 2,854,760
1,306,945 Drive Auto Receivables Trust 2015-D, 2.59%,
12/16/19 (144A) 1,309,788
2,998,706 Drive Auto Receivables Trust 2016-C, 1.41%,
1/15/19 (144A) 2,998,809
2,800,000 Drive Auto Receivables Trust 2017-A, 1.48%,
3/15/19 (144A) 2,799,130
2,000,000 2.20 Drive Auto Receivables Trust, 2017-B Series 2017-Ba
Class B, Floating Rate Note, 5/15/20 (144A) 1,999,795
2,027,918 3.87 Drug Royalty II LP 2, Floating Rate Note, 7/15/23
(144A) 2,040,759
133,663 DT Auto Owner Trust 2015-3, 1.66%, 3/15/19 (144A) 133,662
259,774 DT Auto Owner Trust 2016-1, 2.0%, 9/16/19 (144A) 259,940
4,500,000 DT Auto Owner Trust 2017-1, 2.26%, 2/15/21 (144A) 4,493,110
2,469,351 2.83 Earnest Student Loan Program 2016-C LLC, Floating
Rate Note, 10/27/36 (144A) 2,506,169
2,069,700 2.38 Earnest Student Loan Program 2016-D LLC, Floating
Rate Note, 1/25/41 (144A) 2,103,665
348,199 1.88 Ellington Loan Acquisition Trust 2007-1, Floating Rate
Note, 5/26/37 (144A) 348,073
88,836 Engs Commercial Finance Trust 2016-1, 1.25%,
11/22/17 (144A) 88,738
5,700,000 Engs Commercial Finance Trust 2016-1, 2.63%,
2/22/22 (144A) 5,688,114
1,464,867 Enterprise Fleet Financing LLC, 1.59%, 2/22/21 (144A) 1,464,924
2,000,000 Enterprise Fleet Financing LLC, 1.74%, 2/22/22 (144A) 1,995,702
3,550,000 1.41 Evergreen Credit Card Trust Series 2016-3, Floating
Rate Note, 11/16/20 (144A) 3,563,802
615,832 Exeter Automobile Receivables Trust 2015-1, 1.6%,
6/17/19 (144A) 615,701
482,601 Exeter Automobile Receivables Trust 2015-2, 1.54%,
11/15/19 (144A) 482,352
3,437,643 Exeter Automobile Receivables Trust 2017-1, 1.96%,
3/15/21 (144A) 3,434,477
5,963,058 1.50 FBR Securitization Trust, Floating Rate Note, 10/25/35 5,796,124
296,426 1.72 FBR Securitization Trust, Floating Rate Note, 11/25/35 294,193
1,608,513 1.50 FFMLT Trust 2005-FF2, Floating Rate Note, 3/25/35 1,599,418
173,458 2.71 Fieldstone Mortgage Investment Trust Series 2004-5,
Floating Rate Note, 2/25/35 172,795
5,852,105 1.23 Fieldstone Mortgage Investment Trust Series 2005-3,
Floating Rate Note, 2/25/36 5,752,069
109,169 2.28 First Franklin Mortgage Loan Trust 2003-FFC, Floating
Rate Note, 11/25/32 107,727
631,862 1.81 First Franklin Mortgage Loan Trust 2004-FF8, Floating
Rate Note, 10/25/34 630,754
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
211,905 2.26 First Franklin Mortgage Loan Trust 2004-FFH4,
Floating Rate Note, 1/25/35 $ 211,872
925,537 1.59 First Franklin Mortgage Loan Trust 2005-FFH2,
Floating Rate Note, 4/25/35 (144A) 884,544
152,403 1.75 First Franklin Mortgage Loan Trust 2005-FFH3,
Floating Rate Note, 9/25/35 152,381
3,382,320 1.20 First Franklin Mortgage Loan Trust 2006-FF1,
Floating Rate Note, 1/25/36 3,359,470
685,748 1.22 First Franklin Mortgage Loan Trust 2006-FF1,
Floating Rate Note, 1/25/36 682,761
625,265 1.24 First Franklin Mortgage Loan Trust Series 2005-FF12,
Floating Rate Note, 11/25/36 620,956
1,733,404 First Investors Auto Owner Trust 2017-1, 1.69%,
4/15/21 (144A) 1,732,304
1,950,000 Flagship Credit Auto Trust 2013-1, 5.38%,
7/15/20 (144A) 1,966,322
1,375,224 Flagship Credit Auto Trust 2015-2, 1.98%,
10/15/20 (144A) 1,377,440
1,612,264 Flagship Credit Auto Trust 2015-3, 2.38%,
10/15/20 (144A) 1,615,519
967,328 Flagship Credit Auto Trust 2016-3, 1.61%,
12/15/19 (144A) 966,627
3,658,566 Flagship Credit Auto Trust 2017-1, 1.93%,
12/15/21 (144A) 3,657,827
1,124,400 FNA 2015-1 Trust, 3.24%, 12/10/23 (144A) 1,117,654
563,639 1.31 Ford Credit Auto Owner Trust 2016-A, Floating Rate
Note, 12/15/18 564,000
1,862,767 1.22 Ford Credit Auto Owner Trust 2016-B, Floating Rate
Note, 3/15/19 1,863,132
3,700,000 1.03 Ford Credit Auto Owner Trust 2017-A, Floating Rate
Note, 12/15/19 3,701,432
4,900,000 1.37 Ford Credit Floorplan Master Owner Trust A, Floating
Rate Note, 11/15/21 4,925,601
4,000,000 1.81 Ford Credit Floorplan Master Owner Trust A, Floating
Rate Note, 2/15/21 4,042,422
3,500,000 1.53 Ford Credit Floorplan Master Owner Trust, A Series
2016-3 Class A2, Floating Rate Note, 7/15/21 3,528,778
553,000 2.88 Four Corners CLO II, Ltd., Floating Rate Note,
1/26/20 (144A) 550,627
3,048,683 Foursight Capital Automobile Receivables Trust 2016-1,
2.87%, 10/15/21 (144A) 3,057,776
538,919 1.50 Fremont Home Loan Trust 2005-2, Floating Rate
Note, 6/25/35 530,179
7,612,540 1.21 Fremont Home Loan Trust 2005-E, Floating Rate
Note, 1/25/36 7,519,340
10,709 1.26 Gale Force 3 CLO, Ltd., Floating Rate Note, 4/19/21
(144A) 10,693
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 29
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
939,712 GCAT 2015-1 LLC, 3.625%, 5/26/20 (Step) (144A) $ 939,807
6,400,000 3.38 Gcat Series 17-1 Class A1, Floating Rate Note,
3/25/47 (144A) 6,390,400
7,642,633 1.21 Ge-Wmc Asset-Backed Pass-Through Certificates, Series
2005-2 Class A1, Floating Rate Note, 12/25/35 7,578,782
238,884 GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 235,778
1,253,568 GLS Auto Receivables Trust 2016-1, 2.73%,
10/15/20 (144A) 1,255,030
444,324 1.56 GM Financial Automobile Leasing Trust 2015-3,
Floating Rate Note, 6/20/18 444,874
853,864 4.54 GMACM Home Equity Loan Trust 2002-He4 Series
2002-He4 Class A2, Floating Rate Note, 10/25/32 850,244
1,589,207 GMAT 2013-1 Trust, 6.9669%, 8/25/53 (Step) 1,591,523
2,696,488 GMAT 2015-1 Trust, 4.25%, 9/25/20 (Step) (144A) 2,696,714
4,700,000 1.48 GMF Floorplan Owner Revolving Trust, Floating Rate
Note, 1/18/22 (144A) 4,715,401
1,300,000 1.41 GMF Floorplan Owner Revolving Trust, Floating Rate
Note, 5/15/20 (144A) 1,303,606
2,100,000 1.62 GMF Floorplan Owner Revolving Trust, Floating Rate
Note, 5/17/21 (144A) 2,120,569
321,576 GO Financial Auto Securitization Trust 2015-2, 3.27%,
11/15/18 (144A) 321,772
4,000,000 1.37 Golden Credit Card Trust, Floating Rate Note, 1/15/20
(144A) 4,008,229
150,000 1.21 Golden Credit Card Trust, Floating Rate Note, 2/15/20
(144A) 150,212
590,000 1.22 Golden Credit Card Trust, Floating Rate Note, 3/15/21
(144A) 591,459
5,000,000 Green Tree Agency Advance Funding Trust I, 3.1216%,
10/15/48 (144A) 4,960,850
1,202,033 1.68 Green Tree Mortgage Loan Trust 2005-HE1, Floating
Rate Note, 12/25/32 (144A) 1,182,824
356,126 1.44 GSAA Home Equity Trust 2004-11, Floating Rate
Note, 12/25/34 355,947
1,147,568 1.60 GSAA Trust, Floating Rate Note, 6/25/35 1,124,161
3,035,958 1.75 GSAMP Trust 2004-HE2, Floating Rate Note, 9/25/34 2,966,147
945,918 1.75 GSAMP Trust 2004-SEA2, Floating Rate Note, 3/25/34 946,227
848,968 1.73 GSAMP Trust 2005-HE1, Floating Rate Note, 12/25/34 845,220
1,843,364 1.16 GSAMP Trust 2006-HE2, Floating Rate Note, 3/25/46 1,832,742
486 1.28 GSAMP Trust 2006-SEA1, Floating Rate Note,
5/25/36 (144A) 486
812,720 2.33 GSRPM Mortgage Loan Trust 2003-2, Floating Rate
Note, 6/25/33 787,866
634,821 1.28 GSRPM Mortgage Loan Trust 2006-1, Floating Rate
Note, 3/25/35 (144A) 625,052
1,293,098 1.28 GSRPM Mortgage Loan Trust 2006-2, Floating Rate
Note, 9/25/36 (144A) 1,279,445
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,570,000 1.35 Hasc 2006-Opt2 M1, Floating Rate Note, 1/25/36 $ 1,549,794
1,115,317 Hero Residual Funding 2016-1R, 4.5%, 9/21/42
(144A) 1,105,210
3,200,000 2.36 Hertz Fleet Lease Funding LP, Floating Rate Note,
7/10/29 (144A) 3,214,361
2,600,000 3.16 Hertz Fleet Lease Funding LP, Floating Rate Note,
7/10/29 (144A) 2,587,081
180,320 1.25 Home Equity Asset Trust 2005-6, Floating Rate Note,
12/25/35 180,372
699,499 1.36 Home Equity Asset Trust 2005-7, Floating Rate Note,
1/25/36 699,184
42,272 1.15 Home Equity Asset Trust 2006-4, Floating Rate Note,
8/25/36 42,152
4,176,623 1.35 Home Equity Mortgage Loan Asset-Backed Trust
Series INABS 2005-C, Floating Rate Note, 10/25/35 4,124,218
234,522 2.88 Home Equity Mortgage Trust, Floating Rate Note,
10/25/34 230,036
5,099,470 2.56 Home Partners of America 2016-1 Trust, Floating
Rate Note, 3/17/33 (144A) 5,137,897
1,799,000 4.21 Home Partners of America 2016-1 Trust, Floating
Rate Note, 3/18/33 (144A) 1,815,412
1,250,000 3.31 Home Partners of America 2016-2 Trust, Floating
Rate Note, 10/17/33 (144A) 1,255,246
1,856,031 1.52 HomeBanc Mortgage Trust 2004-2, Floating Rate
Note, 12/25/34 1,798,801
2,063,765 Honor Automobile Trust Securitization 2016-1A,
2.94%, 11/15/19 (144A) 2,070,900
1,757,007 1.18 HSBC Home Equity Loan Trust USA 2007-1, Floating
Rate Note, 3/20/36 1,755,058
244,098 1.28 HSBC Home Equity Loan Trust USA 2007-2, Floating
Rate Note, 7/20/36 243,168
3,031,560 1.17 HSBC Home Equity Loan Trust USA 2007-2, Floating
Rate Note, 7/20/36 3,017,119
1,193,346 1.46 Hyundai Auto Lease Securitization Trust 2016-A,
Floating Rate Note, 7/16/18 (144A) 1,195,231
1,612,966 1.84 Impac Secured Assets CMN Owner Trust, Floating
Rate Note, 2/25/35 1,615,001
1,448,581 3.01 Invitation Homes 2014-SFR1 Trust REMICS, Floating
Rate Note, 6/19/31 (144A) 1,448,578
6,600,000 2.51 Invitation Homes 2014-SFR2 Trust, Floating Rate
Note, 9/19/31 (144A) 6,606,565
1,955,085 2.11 Invitation Homes 2014-SFR3 Trust, Floating Rate
Note, 12/17/31 (144A) 1,955,781
2,887,000 2.91 Invitation Homes 2015-SFR2 Trust, Floating Rate
Note, 6/17/32 (144A) 2,895,876
3,500,000 2.66 Invitation Homes 2015-SFR3 Trust, Floating Rate
Note, 8/17/32 (144A) 3,511,332
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 31
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,400,000 Invitation Homes Trust 2014-SFR3 Class D, 3.51%,
12/17/31 $ 1,399,996
509,354 2.48 Irwin Whole Loan Home Equity Trust 2003-C, Floating
Rate Note, 6/25/28 504,459
986,150 1.48 Irwin Whole Loan Home Equity Trust 2005-B, Floating
Rate Note, 12/25/29 978,209
638 1.56 IXIS Real Estate Capital Trust 2005-HE1, Floating
Rate Note, 6/25/35 648
13,971 1.46 IXIS Real Estate Capital Trust 2005-HE4, Floating
Rate Note, 2/25/36 13,958
1,570,704 1.76 JP Morgan Mortgage Acquisition Corp., 2005-FLD1,
Floating Rate Note, 7/25/35 1,560,936
466,389 1.20 JP Morgan Mortgage Acquisition Corp., 2005-FRE1,
Floating Rate Note, 10/25/35 463,745
262,775 1.13 JP Morgan Mortgage Acquisition Trust 2006-ACC1,
Floating Rate Note, 5/25/36 262,704
7,490,073 1.68 Lake Country Mortgage Loan Trust 2006-HE1,
Floating Rate Note, 7/25/34 (144A) 7,383,413
38,098 1.36 Lehman ABS Manufactured Housing Contract Trust
2002-A, Floating Rate Note, 6/15/33 37,691
2,029,476 1.78 Lehman XS Trust Series 2005-4, Floating Rate Note,
10/25/35 1,972,124
6,199,362 1.21 Long Beach Mortgage Loan Trust, 2006-Wl1 Series
2006-Wl1 Class 1A1, Floating Rate Note, 1/25/46 6,099,451
253,100 2.12 MASTR Adjustable Rate Mortgages Trust 2004-11,
Floating Rate Note, 11/25/34 253,198
5,850,000 1.03 MBNA Credit Card Master Note Trust, Floating Rate
Note, 8/16/21 5,862,590
2,500,000 1.23 Mercedes-Benz Master Owner Trust 2015-A, Floating
Rate Note, 4/15/19 (144A) 2,500,202
4,122,416 1.20 Merrill Lynch Mortgage Investors Trust Series 2006-FF1,
Floating Rate Note, 8/25/36 4,107,259
1,834,755 1.78 Morgan Stanley ABS Capital I Inc Trust 2005-HE3,
Floating Rate Note, 7/25/35 1,825,476
1,380,766 1.72 Morgan Stanley ABS Capital I Inc Trust 2005-WMC1,
Floating Rate Note, 1/25/35 1,359,966
15,476 1.69 Morgan Stanley ABS Capital I Inc Trust 2005-WMC3,
Floating Rate Note, 3/25/35 15,432
64,293 1.73 Morgan Stanley ABS Capital I Inc Trust 2005-WMC6,
Floating Rate Note, 7/25/35 64,209
350,320 1.41 Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2,
Floating Rate Note, 3/25/35 350,003
221,092 1.76 Morgan Stanley Home Equity Loan Trust 2005-1,
Floating Rate Note, 12/25/34 218,507
1,046,178 1.26 Morgan Stanley Home Equity Loan Trust 2006-2,
Floating Rate Note, 2/25/36 991,067
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
13,123 1.06 Morgan Stanley Structured Trust, Floating Rate Note,
6/25/37 $ 13,291
490,000 1.17 Morgan Stanley Structured Trust, Floating Rate Note,
6/25/37 480,203
966,781 1.38 MOTOR 2015-1 Plc, Floating Rate Note, 6/27/22
(144A) 966,979
216,563 Nations Equipment Finance Funding II LLC, 1.558%,
7/20/18 (144A) 216,353
759,212 Nations Equipment Finance Funding II LLC, 3.276%,
1/22/19 (144A) 759,929
1,089,239 Nations Equipment Finance Funding III LLC, 3.61%,
2/22/21 (144A) 1,095,137
592,281 1.26 Nationstar Home Equity Loan Trust 2006-B REMICS,
Floating Rate Note, 9/25/36 574,893
2,771,503 1.13 Nationstar Home Equity Loan Trust 2007-A, Floating
Rate Note, 3/25/37 2,769,412
2,750,000 Navitas Equipment Receivables LLC 2016-1, 2.2%,
6/15/21 (144A) 2,746,633
4,600,000 3.22 Navitas Equipment Receivables LLC, 2016-1 Series
2016-1 Class B, Floating Rate Note, 10/15/21 (144A) 4,608,758
2,750,000 4.23 NCF Dealer Floorplan Master Trust, Floating Rate
Note, 3/21/22 (144A) 2,732,380
500,000 6.48 NCF Dealer Floorplan Master Trust, Floating Rate
Note, 3/21/22 (144A) 490,564
777,805 1.48 New Century Home Equity Loan Trust 2005-1,
Floating Rate Note, 3/25/35 774,339
594,677 1.47 New Century Home Equity Loan Trust 2005-3 REMICS,
Floating Rate Note, 7/25/35 586,870
200,000 New Residential Advance Receivables Trust Advance
Receivables Backed Notes, 2.5751%, 10/15/49 (144A) 197,875
4,300,000 2.61 NextGear Floorplan Master Owner Trust, Floating Rate
Note, 4/15/21 (144A) 4,380,112
2,600,000 2.52 NextGear Floorplan Master Owner Trust, Floating Rate
Note, 7/15/19 (144A) 2,600,772
5,000,000 2.01 NextGear Floorplan Master Owner Trust, Floating Rate
Note, 9/15/21 (144A) 5,005,348
571,705 1.26 Nissan Auto Receivables 2015-C Owner Trust, Floating
Rate Note, 11/15/18 572,112
1,642,126 1.26 Nissan Auto Receivables 2016-A Owner Trust, Floating
Rate Note, 2/15/19 1,643,812
1,082,896 1.21 Nissan Auto Receivables 2016-B Owner Trust, Floating
Rate Note, 4/15/19 1,084,222
2,700,000 1.04 Nissan Auto Receivables, 2017-A Owner Trust Series
2017-A Class A2B, Floating Rate Note, 1/15/20 2,700,000
280,031 1.76 NovaStar Mortgage Funding Trust Series 2003-1,
Floating Rate Note, 5/25/33 262,509
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 33
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
981,694 2.43 NovaStar Mortgage Funding Trust Series 2004-4,
Floating Rate Note, 3/25/35 $ 976,836
72,390 1.72 NovaStar Mortgage Funding Trust Series 2005-3,
Floating Rate Note, 1/25/36 72,265
7,200,000 1.66 NovaStar Mortgage Funding Trust Series 2005-3,
Floating Rate Note, 1/25/36 7,125,646
8,582,464 1.14 Novastar Mortgage Funding Trust, Series 2006-1
Series 2006-1 Class A1A, Floating Rate Note, 5/25/36 8,288,945
1,290,725 NYCTL 2016-A Trust, 1.47%, 11/10/29 (144A) 1,281,763
4,452,000 Ocwen Master Advance Receivables Trust, 2.5207%,
8/17/48 (144A) 4,431,158
1,659,778 OneMain Financial Issuance Trust 2014-2, 2.47%,
9/18/24 (144A) 1,662,454
3,000,000 Oportun Funding III LLC, 3.69%, 7/8/21 (144A) 3,006,502
613,678 1.75 Opteum Mortgage Acceptance Corp., Asset Backed
Pass-Through Certificates 2005-1, Floating Rate
Note, 2/25/35 614,120
1,222,526 1.78 Option One Mortgage Loan Trust 2005-1, Floating
Rate Note, 2/25/35 1,220,115
31,529 Option One Mortgage Loan Trust 2007-FXD2, 5.9%,
3/25/37 (Step) 29,033
111,806 Orange Lake Timeshare Trust 2012-A, 4.87%,
3/10/27 (144A) 113,693
5,908,783 OSAT 2016-NPL1 Trust, 3.75%, 7/25/56 (Step) (144A) 5,928,456
3,731,724 Oscar US Funding Trust II, 1.86%, 10/15/19 (144A) 3,709,699
2,824,635 Oscar US Funding Trust IV, 2.53%, 7/15/20 (144A) 2,821,274
1,329,240 2.47 Oscar US Funding Trust IV, Floating Rate Note,
7/15/20 (144A) 1,329,828
4,150,000 Oscar US Funding Trust V, 2.31%, 11/15/19 (144A) 4,145,369
3,300,000 1.80 Oscar US Funding Trust, Vi LLC Series 2017-1A
Class A2B, Floating Rate Note, 5/11/20 (144A) 3,300,000
57,955 1.24 Park Place Securities Inc Asset-Backed Pass-Through
Certificates Series 2005-WHQ4, Floating Rate
Note, 9/25/35 57,834
498,420 1.35 Park Place Securities, Inc. Asset-Backed Pass-Through
Certificates Series 2005-WHQ4, Floating Rate
Note, 9/25/35 497,025
652,344 1.88 People's Choice Home Loan Securities Trust Series
2004-2, Floating Rate Note, 10/25/34 650,271
2,290,000 1.37 PFS Financing Corp., Floating Rate Note,
10/15/19 (144A) 2,287,979
1,700,000 1.62 PFS Financing Corp., Floating Rate Note,
10/15/19 (144A) 1,697,749
4,000,000 2.11 PFS Financing Corp., Floating Rate Note,
2/18/20 (144A) 4,017,309
1,250,000 2.66 PFS Financing Corp., Floating Rate Note,
2/18/20 (144A) 1,257,696
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,250,000 1.39 PFS Financing Corp., Floating Rate Note,
4/15/20 (144A) $ 1,249,610
1,962,912 1.43 Popular ABS Mortgage Pass-Through Trust 2005-C,
Floating Rate Note, 11/25/35 1,943,361
205,644 1.30 Popular ABS Mortgage Pass-Through Trust 2006-A,
Floating Rate Note, 2/25/36 203,337
1,500,000 Prestige Auto Receivables Trust 2013-1, 3.04%,
7/15/20 (144A) 1,503,771
2,300,000 Prestige Auto Receivables Trust 2016-2, 1.46%,
7/15/20 (144A) 2,294,133
2,492,007 Pretium Mortgage Credit Partners I 2016-NPL1,
4.375%, 2/27/31 (Step) (144A) 2,516,661
1,540,417 Pretium Mortgage Credit Partners I 2016-NPL4 LLC,
4.0%, 7/25/31 (Step) (144A) 1,542,783
3,286,290 Pretium Mortgage Credit Partners I 2016-NPL6 LLC,
3.5%, 10/27/31 (Step) (144A) 3,295,381
1,700,000 Progreso Receivables Funding IV LLC, 3.0%, 7/8/20
(144A) 1,699,707
1,944,000 3.41 Progress Residential 2016-SFR1 Trust, Floating Rate
Note, 9/17/33 (144A) 1,968,132
6,030,169 PRPM 2017-1 LLC, 4.25%, 1/25/22 (Step) (144A) 6,047,497
262,858 Purchasing Power Funding 2015-A LLC, 3.5%,
12/15/19 (144A) 263,022
1,493,806 1.64 Quest Trust REMICS, Floating Rate Note, 3/25/34
(144A) 1,467,071
144,813 1.93 RAAC Series 2005-RP1 Trust, Floating Rate Note,
7/25/37 (144A) 144,452
575,395 1.78 RAAC Series 2005-RP3 Trust, Floating Rate Note,
5/25/39 (144A) 564,013
1,201,644 1.23 RAAC Series 2006-RP2 Trust, Floating Rate Note,
2/25/37 (144A) 1,193,777
174,095 1.71 RAMP Series 2004-RS11 Trust, Floating Rate Note,
11/25/34 174,211
538,325 1.14 RAMP Series 2006-Efc2 Trust Series 2006-Efc2
Class A3, Floating Rate Note, 12/25/36 526,339
41,896 0.94 RAMP Series 2006-RZ3 Trust, Floating Rate Note,
10/25/35 41,870
2,687,275 1.44 RASC Series 2001-Ks3 Trust, Series 2001-Ks3
Class AII, Floating Rate Note, 9/25/31 2,578,709
2,711,028 1.19 RASC Series 2005-KS10 Trust, Floating Rate Note,
11/25/35 2,689,652
900,000 1.38 RASC Series 2005-KS11 Trust, Floating Rate Note,
12/25/35 887,455
1,349,119 1.63 RASC Series 2005-Ks2 Trust Series 2005-Ks2
Class M1, Floating Rate Note, 3/25/35 1,320,413
361,872 1.41 RASC Series 2005-KS9 Trust, Floating Rate Note,
10/25/35 360,043
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 35
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,005,102 RBSHD 2013-1 Trust, 7.6853%, 10/25/47
(Step) (144A) $ 1,004,988
3,057,695 2.25 Resimac Premier Series 2016-1, Floating Rate
Note, 10/10/47 (144A) 3,059,618
70,338 1.88 Salomon Mortgage Loan Trust Series 2001-CB4,
Floating Rate Note, 11/25/33 68,924
625,000 Santander Drive Auto Receivables Trust 2015-3,
2.74%, 1/15/21 631,636
561,769 1.60 SASCO Mortgage Loan Trust 2005-GEL1, Floating
Rate Note, 12/25/34 551,849
994,205 1.44 Saxon Asset Securities Trust 2005-3, Floating Rate
Note, 11/25/35 988,736
1,182,183 1.14 Saxon Asset Securities Trust 2006-1, Floating Rate
Note, 3/25/36 1,168,020
4,967,069 SCF Equipment Trust 2016-1 LLC, 3.62%,
11/20/21 (144A) 4,952,173
171,683 1.26 Securitized Asset Backed Receivables LLC Trust Series
2006-Wm1 Class A1B, Floating Rate Note, 12/25/35 169,679
3,600,000 1.33 Securitized Term Auto Receivables Trust 2016-1,
Floating Rate Note, 11/26/18 (144A) 3,601,534
5,600,000 1.28 Securitized Term Auto Receivables Trust 2017-1,
Floating Rate Note, 4/25/19 (144A) 5,600,174
1,082,379 Sierra Auto Receivables Securitization Trust 2016-1,
2.85%, 1/18/22 (144A) 1,083,542
3,778,000 2.96 Silver Bay Realty 2014-1 Trust, Floating Rate Note,
9/18/31 (144A) 3,773,485
2,700,000 Skopos Auto Receivables Trust 2015-1, 5.43%,
12/15/23 (144A) 2,715,516
667,864 Skopos Auto Receivables Trust 2015-2, 3.55%,
2/17/20 (144A) 668,730
740,237 1.64 SMART ABS Series 2015-3US Trust, Floating Rate
Note, 4/16/18 742,525
1,577,626 SNAAC Auto Receivables Trust 2013-1, 4.56%,
4/15/20 (144A) 1,579,055
2,816,051 Sofi Consumer Loan Program 2017-1 LLC, 3.28%,
1/26/26 (144A) 2,829,509
2,230,020 2.23 SoFi Professional Loan Program 2014-B LLC, Floating
Rate Note, 8/25/32 (144A) 2,261,142
3,466,179 1.83 SoFi Professional Loan Program 2015-B LLC, Floating
Rate Note, 4/25/35 (144A) 3,503,958
1,336,425 2.53 Sofi Professional Loan Program 2016-A LLC, Floating
Rate Note, 8/25/36 (144A) 1,381,453
1,264,176 1.98 Sofi Professional Loan Program 2016-B LLC, Floating
Rate Note, 6/25/33 (144A) 1,283,328
617,469 1.88 SoFi Professional Loan Program 2016-C LLC, Floating
Rate Note, 10/25/36 (144A) 625,328
The accompanying notes are an integral part of these financial statements.
36 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,629,969 1.73 SoFi Professional Loan Program 2016-D LLC,
Floating Rate Note, 1/25/39 (144A) $ 3,658,030
1,836,774 1.63 Sofi Professional Loan Program 2016-E LLC,
Floating Rate Note, 7/25/39 (144A) 1,845,343
2,750,000 1.48 SoFi Professional Loan Program 2017-A LLC,
Floating Rate Note, 3/26/40 (144A) 2,751,367
3,000,000 1.83 Sofi Professional Loan Program, 2017-B LLC Series
2017-B Class A1 Fx, Floating Rate Note,
5/25/40 (144A) 2,999,773
336,987 1.50 Soundview Home Loan Trust 2005-DO1, Floating
Rate Note, 5/25/35 336,322
291,734 1.24 Soundview Home Loan Trust 2005-OPT4, Floating
Rate Note, 12/25/35 290,183
46,318 1.37 Specialty Underwriting & Residential Finance Trust
Series 2005-AB2, Floating Rate Note, 6/25/36 46,321
76,336 1.31 Specialty Underwriting & Residential Finance Trust
Series 2005-AB2, Floating Rate Note, 6/25/36 76,336
3,418,205 1.28 Specialty Underwriting & Residential Finance Trust
Series 2006-BC1, Floating Rate Note, 12/25/36 3,381,438
4,250,000 SPS Servicer Advance Receivables Trust Advance
Receivables Backed Notes 2015-T3, 3.41%,
7/15/47 (144A) 4,261,892
4,700,000 SPS Servicer Advance Receivables Trust Advance
Receivables Backed Notes 2016-T1, 2.53%,
11/16/48 (144A) 4,684,632
1,285,000 SPS Servicer Advance Receivables Trust Advance
Receivables Backed Notes 2016-T1, 3.32%,
11/16/48 (144A) 1,279,837
420,319 1.84 Structured Asset Investment Loan Trust 2004-10,
Floating Rate Note, 11/25/34 416,843
362,407 1.68 Structured Asset Investment Loan Trust 2004-11,
Floating Rate Note, 1/25/35 359,437
2,228,126 2.02 Structured Asset Investment Loan Trust 2004-BNC2,
Floating Rate Note, 12/25/34 2,222,566
1,096,241 1.70 Structured Asset Investment Loan Trust 2005-6,
Floating Rate Note, 7/25/35 1,094,026
853,533 1.48 Structured Asset Investment Loan Trust 2005-HE1,
Floating Rate Note, 7/25/35 839,194
663,449 1.18 Structured Asset Investment Loan Trust 2006-1,
Floating Rate Note, 1/25/36 658,309
3,870,882 1.74 Structured Asset Investment Loan Trust, 2003-Bc1
Series 2003-Bc1 Class A1, Floating Rate Note, 1/25/33 3,795,633
849,907 1.44 Structured Asset Securities Corp., 2005-WF1, Floating
Rate Note, 2/25/35 834,713
1,235,591 1.13 Structured Asset Securities Corp., Mortgage Loan Trust
2006-EQ1, Floating Rate Note, 7/25/36 (144A) 1,215,102
1,173,957 1.12 Structured Asset Securities Corp., Mortgage Loan Trust
2007-BC3, Floating Rate Note, 5/25/47 1,156,363
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 37
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
4,508,550 1.08 Structured Asset Securities Corp., Mortgage Loan Trust
2007-TC1, Floating Rate Note, 4/25/31 (144A) $ 4,316,686
1,078,462 2.48 Structured Asset Securities Corp., Mortgage Pass-Through
Ctfs Ser 2003-BC2, Floating Rate Note, 3/25/33 1,069,599
435,668 Sunset Mortgage Loan Co., 2014-NPL2 LLC, 3.721%,
11/16/44 (Step) (144A) 435,611
1,760,862 Sunset Mortgage Loan Co., 2015-NPL1 LLC, 4.4586%,
9/16/45 (Step) (144A) 1,762,238
216,846 SVO 2012-A VOI Mortgage LLC, 2.0%, 9/20/29 (144A) 214,633
4,459,941 2.21 SWAY Residential 2014-1 Trust, Floating Rate Note,
1/20/32 (144A) 4,469,677
1,770,550 Tax Ease Funding LLC Series 16-1A, 3.13%, 6/15/28 1,771,691
4,252,955 TCF Auto Receivables Owner Trust 2016-PT1, 1.93%,
6/15/22 (144A) 4,247,446
386,346 2.56 Terwin Mortgage Trust 2005-1SL, Floating Rate Note,
2/25/35 (144A) 379,659
1,088,290 1.36 Terwin Mortgage Trust 2006-1, Floating Rate Note,
1/25/37 (144A) 1,078,380
4,758,005 1.21 Terwin Mortgage Trust 2006-3, Floating Rate Note,
4/25/37 (144A) 4,688,159
661,096 1.29 Terwin Mortgage Trust Series TMTS 2005-12ALT,
Floating Rate Note, 7/25/36 655,321
630,375 Tidewater Auto Receivables Trust 2016-A, 2.3%,
9/15/19 (144A) 630,186
2,150,000 0.84 Toyota Auto Receivables, 2017-A Owner Trust Series
2017-A Class A2B, Floating Rate Note, 9/16/19 2,150,000
2,000,000 5.16 Trade MAPS 1, Ltd., Floating Rate Note, 12/10/18
(144A) 2,000,000
5,423,000 1.86 Trafigura Securitisation Finance Plc., 2014-1, Floating
Rate Note, 4/16/18 (144A) 5,414,583
1,750,000 3.02 Trafigura Securitisation Finance Plc., 2014-1, Floating
Rate Note, 4/16/18 (144A) 1,748,123
4,150,000 2.56 Tricon American Homes 2015-SFR1 Trust REMICS,
Floating Rate Note, 5/19/32 (144A) 4,149,995
8,000,000 1.70 Trillium Credit Card Trust II, Floating Rate Note,
5/26/21 (144A) 8,037,253
861,578 2.68 Truman Capital Mortgage Loan Trust, Floating Rate
Note, 1/25/34 849,820
745,559 1.04 Truman Capital Mortgage Loan Trust, Floating Rate
Note, 3/25/36 (144A) 686,438
763,488 United Auto Credit Securitization Trust 2016-2,
1.67%, 9/10/18 (144A) 763,972
5,000,000 United Auto Credit Securitization Trust 2016-2,
2.2%, 5/10/19 (144A) 5,000,754
5,038,593 3.47 US Residential Opportunity Fund, IV Trust 2 Series
2016-1IV Class A, Floating Rate Note, 7/27/36 (144A) 5,051,843
7,217,000 VOLT LIV LLC, 3.5%, 2/25/47 (Step) (144A) 7,191,676
The accompanying notes are an integral part of these financial statements.
38 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
138,612 VOLT XIX LLC, 3.875%, 4/26/55 (Step) (144A) $ 138,835
6,200,321 VOLT XLVII LLC, 3.75%, 6/25/46 (Step) (144A) 6,192,983
2,688,245 VOLT XLVIII LLC, 3.5%, 7/25/46 (Step) (144A) 2,702,761
3,636,188 VOLT XXV LLC, 3.5%, 6/26/45 (Step) (144A) 3,649,526
1,208,686 VOLT XXXI LLC, 3.375%, 2/25/55 (Step) (144A) 1,204,864
1,246,060 VOLT XXXIII LLC, 3.5%, 3/25/55 (Step) (144A) 1,250,701
4,397,188 VOLT XXXIX LLC, 4.125%, 10/25/45 (Step) (144A) 4,406,742
5,276,380 VOLT XXXV, 3.5%, 9/25/46 (Step) (144A) 5,275,181
1,643,491 VOLT XXXVI LLC, 3.625%, 7/25/45 (Step) (144A) 1,647,465
2,044,639 VOLT XXXVII LLC, 3.625%, 7/25/45 (Step) (144A) 2,053,807
2,616,801 VOLT XXXVIII LLC, 3.875%, 9/25/45 (Step) (144A) 2,635,233
1,517,758 1.23 Wells Fargo Home Equity Asset-Backed Securities
2006-1 Trust REMICS, Floating Rate Note, 7/25/36 1,488,238
484,654 Westgate Resorts 2016-1 LLC, 3.5%, 12/20/28 (144A) 487,009
8,600,000 3.05 Westgate Resorts 2017-1 LLC, Series 2017-1A
Class A, 12/20/30 (144A) 8,589,250
2,500,000 Westlake Automobile Receivables Trust 2014-2,
2.86%, 7/15/21 2,510,651
223,945 1.66 Westlake Automobile Receivables Trust 2015-2,
Floating Rate Note, 7/16/18 (144A) 223,975
2,456,993 1.84 Westlake Automobile Receivables Trust 2015-3,
Floating Rate Note, 5/17/21 (144A) 2,459,322
2,699,485 1.96 Westlake Automobile Receivables Trust 2016-1,
Floating Rate Note, 1/15/19 (144A) 2,706,174
2,550,000 Westlake Automobile Receivables Trust 2016-3,
1.42%, 10/15/19 (144A) 2,547,653
4,770,000 4.55 Westlake Automobile Receivables Trust, 2016-1 Series
2016-1A Class D, Floating Rate Note, 9/15/21 (144A) 4,877,830
3,550,000 1.78 Westlake Automobile Receivables Trust, 2017-1
Series 2017-1A Class A2, Floating Rate Note,
4/15/20 (144A) 3,552,145
8,738 Wheels SPV 2 LLC, 0.84%, 3/20/23 (144A) 8,736
21,361 1.26 Wilshire Mortgage Loan Trust, Floating Rate Note,
5/25/28 21,065
3,000,000 World Financial Network Credit Card Master Trust,
1.26%, 3/15/21 2,999,922
1,725,000 1.39 World Financial Network Credit Card Master Trust,
Floating Rate Note, 2/15/22 1,729,990
1,011,634 1.31 World Omni Auto Receivables Trust 2015-B, Floating
Rate Note, 7/15/19 1,012,332
-------------
$ 781,309,765
-------------
Total Banks $ 781,314,903
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 39
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.3%
Other Diversified Financial Services -- 0.6%
1,699,750 1.11 321 Henderson Receivables I LLC, Floating Rate Note,
6/15/41 (144A) $ 1,656,298
1,300,000 American Credit Acceptance Receivables Trust 2014-1,
5.2%, 4/12/21 (144A) 1,308,562
3,400,000 American Credit Acceptance Receivables Trust 2014-2,
4.96%, 5/10/21 (144A) 3,426,087
543,680 BCC Funding VIII LLC, 1.794%, 6/22/20 (144A) 543,000
2,000,000 3.06 Colony American Homes 2014-1 REMICS, Floating
Rate Note, 5/17/31 (144A) 1,999,997
2,100,000 2.81 Colony American Homes 2014-2, Floating Rate Note,
7/19/31 (144A) 2,099,997
2,303,047 1.76 Countrywide Asset-Backed Certificates, Floating Rate
Note, 5/25/36 2,300,272
1,300,000 1.62 Gracechurch Card Funding Plc, Floating Rate Note,
5/15/19 (144A) 1,300,546
272,490 1.21 Mastr Asset Backed Securities Trust 2006-AB1
REMICS, Floating Rate Note, 2/25/36 272,065
2,051,310 1.28 Mastr Specialized Loan Trust, Floating Rate Note,
1/25/36 (144A) 2,017,089
1,112,630 PFS Tax Lien Trust 2014-1, 1.44%, 5/15/29 (144A) 1,105,497
980,736 Sierra Timeshare 2013-1 Receivables Funding LLC,
2.39%, 11/20/29 (144A) 980,853
387,540 TAL Advantage V LLC, 1.7%, 5/20/39 (144A) 384,037
-------------
$ 19,394,300
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.3%
2,600,000 1.31 Ally Master Owner Trust, Floating Rate Note, 6/17/19 $ 2,601,508
453,556 Alterna Funding I LLC, 1.639%, 2/15/21 (144A) 444,485
48,424 2.12 Conseco Finance Corp., Floating Rate Note, 11/17/31 48,197
3,255,000 1.43 Wells Fargo Dealer Floorplan Master Note Trust,
Floating Rate Note, 10/21/19 3,257,192
2,670,000 1.36 Wells Fargo Dealer Floorplan Master Note Trust,
Floating Rate Note, 7/22/19 2,674,196
-------------
$ 9,025,578
-----------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.2%
3,600,000 American Credit Acceptance Receivables Trust 2013-1,
4.94%, 6/15/20 (144A) $ 3,603,717
350,000 1.04 American Express Credit Account Master Trust,
Floating Rate Note, 1/15/20 350,155
3,300,000 1.06 American Express Credit Account Master Trust,
Floating Rate Note, 5/15/20 3,304,246
2,770,000 1.33 American Express Credit Account Master Trust,
Floating Rate Note, 5/17/21 2,782,035
2,100,000 1.57 American Express Credit Account Secured Note
Trust 2012-4, Floating Rate Note, 5/15/20 (144A) 2,105,201
The accompanying notes are an integral part of these financial statements.
40 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
7,250,000 1.06 BA Credit Card Trust, Floating Rate Note, 1/15/20 $ 7,256,660
6,400,000 1.04 BA Credit Card Trust, Floating Rate Note, 9/16/19 6,399,999
2,822 California Republic Auto Receivables Trust 2013-1,
1.41%, 9/17/18 (144A) 2,821
883,061 1.36 CarMax Auto Owner Trust 2015-3, Floating Rate
Note, 11/15/18 883,443
2,510,000 Chase Issuance Trust, 1.26%, 7/15/19 2,510,721
169,826 CPS Auto Receivables Trust 2013-B, 1.82%,
9/15/20 (144A) 169,821
235,670 CPS Auto Receivables Trust 2014-C, 1.31%,
2/15/19 (144A) 235,549
95,238 CPS Auto Trust, 1.48%, 3/16/20 (144A) 95,220
4,175,000 First Investors Auto Owner Trust 2013-1, 2.53%,
1/15/20 (144A) 4,176,009
4,400,000 1.54 First National Master Note Trust 2015-1, Floating
Rate Note, 9/15/20 4,409,291
-------------
$ 38,284,888
-----------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.0%+
786,168 Engs Commercial Finance Trust 2015-1, 2.31%,
10/22/21 (144A) $ 784,421
1,472,548 RMAT 2015-1 LLC, 4.09%, 7/27/20 (Step) (144A) 1,480,843
-------------
$ 2,265,264
-----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.2%
1,906,844 1.33 Chesapeake Funding LLC, Floating Rate Note,
2/8/27 (144A) $ 1,905,769
1,750,000 2.58 Chesapeake Funding LLC, Floating Rate Note,
2/8/27 (144A) 1,719,022
2,014,486 1.25 Chesapeake Funding LLC, Floating Rate Note,
3/9/26 (144A) 2,012,354
-------------
$ 5,637,145
-------------
Total Diversified Financials $ 74,607,175
-----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Residential REIT -- 0.1%
2,500,000 2.66 American Homes 4 Rent 2014-SFR1 REMICS,
Floating Rate Note, 6/17/31 (144A) $ 2,497,295
-----------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.0%+
162,932 1.17 HSI Asset Securitization Corp., Trust 2006-OPT1,
Floating Rate Note, 12/25/35 $ 162,386
-------------
Total Real Estate $ 2,659,681
-----------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $905,434,662) $ 906,397,521
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 41
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 24.9%
ENERGY -- 0.1%
Oil & Gas Exploration & Production -- 0.1%
2,100,000 2.61 Arbor Realty Commercial Real Estate Notes 2016-FL1,
Ltd., Floating Rate Note, 9/15/26 (144A) $ 2,134,938
-------------
Total Energy $ 2,134,938
-----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.1%
Construction & Engineering -- 0.0%+
1,104,079 3.43 Velocity Commercial Capital Loan Trust 2016-1,
Floating Rate Note, 4/25/46 (144A) $ 1,117,259
-----------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
3,600,000 3.95 Vsd 2017-Plt1 LLC, Floating Rate Note, 12/25/43
(144A) $ 3,590,899
-------------
Total Capital Goods $ 4,708,158
-----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.0%+
Trucking -- 0.0%+
44,459 1.41 Hertz Fleet Lease Funding LP, Floating Rate Note,
12/10/27 (144A) $ 44,458
500,000 1.91 Hertz Fleet Lease Funding LP, Floating Rate Note,
12/10/27 (144A) 500,090
-------------
$ 544,548
-------------
Total Transportation $ 544,548
-----------------------------------------------------------------------------------------------------------
BANKS -- 18.1%
Diversified Banks -- 0.2%
1,750,000 3.66 Bancorp Commercial Mortgage 2016-CRE1 Trust,
Floating Rate Note, 11/15/33 (144A) $ 1,746,680
2,697,399 5.89 CD 2007-CD5 Mortgage Trust REMICS, Floating Rate
Note, 11/15/44 2,714,850
1,100,000 3.42 Primus Clo II, Ltd., Floating Rate Note, 7/15/21 (144A) 1,089,242
-------------
$ 5,550,772
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 17.9%
241,397 1.76 Adjustable Rate Mortgage Trust 2005-2, Floating
Rate Note, 6/25/35 $ 239,832
624,008 1.54 Adjustable Rate Mortgage Trust 2005-5, Floating
Rate Note, 9/25/35 611,894
1,194,582 1.56 Alternative Loan Trust 2004-6CB, Floating Rate Note,
4/25/34 1,185,817
810,555 1.88 Alternative Loan Trust 2004-J13, Floating Rate Note,
2/25/35 796,594
3,300,000 3.16 AMSR 2016-SFR1 Trust, Floating Rate Note,
11/17/33 (144A) 3,322,637
2,382,343 2.32 Apidos CLO IX, Floating Rate Note, 7/17/23 (144A) 2,385,538
The accompanying notes are an integral part of these financial statements.
42 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
5,000,000 2.52 Arbor Realty Collateralized Loan Obligation 2015-FL1,
Ltd., Floating Rate Note, 3/17/25 (144A) $ 4,950,402
2,700,000 0.00 Arbor Realty Commercial Real Estate Notes, 20 Series
2017-Fl1 Class A, Floating Rate Note, 4/15/27 (144A) 2,700,000
2,000,000 1.67 Ares Iiir/Ivr Classo, Ltd., Series 2007-3Ra Class C,
Floating Rate Note, 4/16/21 (144A) 1,996,220
2,966,868 3.44 Asg Resecuritization Trust, 2012-1 Series 2012-1
Class A64, Floating Rate Note, 4/28/36 (144A) 2,954,424
3,613,000 3.11 BAMLL Commercial Mortgage Securities Trust 2014-FL1,
Floating Rate Note, 12/17/31 (144A) 3,624,773
1,920,000 2.01 BAMLL Commercial Mortgage Securities Trust 2014-ICTS,
Floating Rate Note, 6/15/28 (144A) 1,886,264
3,490,000 3.51 BAMLL Commercial Mortgage Securities Trust 2014-INLD
REMICS, Floating Rate Note, 12/17/29 (144A) 3,534,014
5,500,000 3.77 BAMLL Commercial Mortgage Securities Trust 2016-ASHF,
Floating Rate Note, 3/15/28 (144A) 5,587,813
4,700,000 1.22 BAMLL Re-REMIC Trust 2014-FRR5, Floating Rate Note,
3/29/45 (144A) 4,628,678
3,822,922 3.04 BAMLL Re-REMIC Trust 2014-FRR7, Floating Rate Note,
10/26/44 (144A) 3,821,008
3,400,000 5.63 Bank of America Commercial Mortgage Trust 2006-1,
Floating Rate Note, 9/10/45 3,394,455
2,739,480 6.19 Bank of America Commercial Mortgage Trust 2008-1,
Floating Rate Note, 2/10/51 2,788,056
944,895 1.60 Bank of America Funding 2005-A Trust, Floating Rate
Note, 2/20/35 921,271
72,984 3.86 Bank of America Mortgage 2003-A Trust, Floating Rate
Note, 2/25/33 71,875
176,164 3.23 Bank of America Mortgage 2004-I Trust, Floating Rate
Note, 10/25/34 173,171
4,239,220 2.73 Bayview Opportunity Master Fund IVb Trust 2016-CRT1,
Floating Rate Note, 10/27/27 (144A) 4,238,678
3,152,748 3.13 Bayview Opportunity Master Fund IVb Trust 2017-CRT1,
Floating Rate Note, 10/25/28 (144A) 3,155,382
3,150,000 2.91 BBCMS Trust 2015-SLP, Floating Rate Note, 2/15/28
(144A) 3,114,133
356,087 3.44 BCAP LLC 2009-RR13-I Trust, Floating Rate Note,
9/26/35 (144A) 357,725
4,800,000 1.01 BCAP LLC, 2012-Rr4 Trust, Series 2012-Rr4 Class 8A4,
Floating Rate Note, 6/26/47 (144A) 4,521,415
542,638 1.82 Bear Stearns ALT-A Trust 2004-11, Floating Rate Note,
11/25/34 530,728
1,251,494 1.68 Bear Stearns ALT-A Trust 2004-12, Floating Rate Note,
1/25/35 1,214,871
2,807,985 1.82 Bear Stearns ALT-A Trust 2004-12, Floating Rate Note,
1/25/35 2,663,380
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 43
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,851,706 1.82 Bear Stearns ALT-A Trust 2004-12, Floating Rate Note,
1/25/35 $ 1,782,778
939,346 1.72 Bear Stearns ALT-A Trust 2004-13, Floating Rate Note,
11/25/34 920,586
2,270,294 1.58 Bear Stearns ALT-A Trust 2004-4, Floating Rate Note,
6/25/34 2,233,936
501,684 1.48 Bear Stearns ALT-A Trust 2005-2, Floating Rate Note,
3/25/35 492,282
691,216 3.11 Bear Stearns ARM Trust 2003-3, Floating Rate Note,
5/25/33 689,274
244,968 3.34 Bear Stearns ARM Trust 2004-3, Floating Rate Note,
7/25/34 237,307
4,965,461 5.71 Bear Stearns Commercial Mortgage Securities Trust
2007-TOP28, Floating Rate Note, 9/11/42 5,038,228
230,360 3.39 Bear Stearns Mortgage Securities, Inc., Floating Rate
Note, 6/25/30 233,104
1,725,448 5.48 Bellemeade Re II, Ltd., Floating Rate Note, 4/25/26
(144A) 1,730,373
4,100,000 2.74 BHMS 2014-ATLS Mortgage Trust REMICS, Floating Rate
Note, 7/8/33 (144A) 4,036,673
4,976,381 1.43 Black Diamond CLO 2006-1 Luxembourg SA, Floating
Rate Note, 4/29/19 (144A) 4,971,597
4,750,000 2.39 Black Diamond CLO 2006-1 Luxembourg SA, Floating
Rate Note, 4/29/19 (144A) 4,750,499
2,490,000 2.26 BLCP Hotel Trust, Floating Rate Note, 8/15/29 (144A) 2,478,396
3,823,000 3.76 BXHTL 2015-JWRZ Mortgage Trust, Floating Rate Note,
5/15/29 (144A) 3,840,990
1,102,335 1.30 Callidus Debt Partners Clo Fund VI, Ltd., Floating Rate
Note, 10/23/21 (144A) 1,101,992
880,000 2.32 Cathedral Lake CLO 2015-3, Ltd., Floating Rate Note,
1/15/26 (144A) 879,857
6,445,000 3.41 CDGJ Commercial Mortgage Trust 2014-BXCH, Floating
Rate Note, 12/15/27 (144A) 6,472,153
3,500,000 1.72 Cent CDO 14, Ltd., Floating Rate Note, 4/15/21 (144A) 3,288,854
7,200,000 3.06 CFCRE 2015-RUM Mortgage Trust, Floating Rate Note,
7/15/30 (144A) 7,083,207
1,000,000 5.51 CFCRE 2015-RUM Mortgage Trust, Floating Rate Note,
7/15/30 (144A) 977,527
4,270,629 1.86 CG-CCRE Commercial Mortgage Trust 2014-FL1,
Floating Rate Note, 6/16/31 (144A) 4,269,760
2,000,000 4.01 CGWF Commercial Mortgage Trust 2013-RKWH REMICS,
Floating Rate Note, 11/15/30 (144A) 1,995,182
94,216 1.31 Chevy Chase Funding LLC Mortgage-Backed Certificates
Series 2004-1, Floating Rate Note, 1/25/35 (144A) 85,295
39,617 1.28 Chevy Chase Funding LLC Mortgage-Backed Certificates
Series 2004-3, Floating Rate Note, 8/25/35 (144A) 36,861
The accompanying notes are an integral part of these financial statements.
44 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
289,357 1.48 CHL Mortgage Pass-Through Trust 2003-15 REMICS,
Floating Rate Note, 6/25/18 $ 284,084
2,049,689 2.78 CIM Trust 2015-4AG, Floating Rate Note, 11/25/57
(144A) 2,036,227
4,257 Citicorp Mortgage Securities REMIC Pass-Through
Certificates Trust Series 2005-4, 5.0%, 7/25/20 4,368
250,191 Citicorp Mortgage Securities REMIC Pass-Through
Certificates Trust Series 2005-7, 5.0%, 10/25/35 251,434
1,661,611 6.04 Citigroup Commercial Mortgage Trust 2008-C7,
Floating Rate Note, 12/10/49 1,679,118
1,500,000 4.21 Citigroup Commercial Mortgage Trust 2015-SHP2,
Floating Rate Note, 7/15/27 (144A) 1,509,582
5,400,000 3.01 Citigroup Commercial Mortgage Trust 2015-SSHP
REMICS, Floating Rate Note, 9/15/27 (144A) 5,358,839
465,463 Citigroup Mortgage Loan Trust 2010-4 REMICS, 5.0%,
10/25/35 (144A) 471,126
1,700,000 3.26 Colony American Homes 2014-2 REMICS, Floating
Rate Note, 7/17/31 (144A) 1,705,320
1,247,958 2.78 Colony Mortgage Capital Series 2015-FL3, Ltd.,
Floating Rate Note, 9/5/32 (144A) 1,247,583
4,840,000 2.66 Colony Starwood Homes 2016-2 Trust, Floating Rate
Note, 12/19/33 (144A) 4,855,324
6,400,000 1.71 Comm 2014-BBG Mortgage Trust REMICS, Floating
Rate Note, 3/15/29 (144A) 6,404,001
5,600,000 3.36 COMM 2014-FL4 Mortgage Trust REMICS, Floating
Rate Note, 7/15/31 (144A) 5,476,210
5,470,000 3.06 COMM 2014-FL5 Mortgage Trust, Floating Rate Note,
10/15/31 (144A) 5,433,695
6,980,000 1.71 COMM 2014-PAT Mortgage Trust REMICS, Floating
Rate Note, 8/13/27 (144A) 6,977,812
2,722,000 2.51 COMM 2014-PAT Mortgage Trust, Floating Rate Note,
8/13/27 (144A) 2,674,165
7,340,000 2.48 COMM 2014-TWC Mortgage Trust, Floating Rate Note,
2/13/32 (144A) 7,376,795
4,500,000 3.21 COMM 2016-SAVA Mortgage Trust, Floating Rate Note,
10/15/34 (144A) 4,523,946
4,000,000 3.56 Cosmopolitan Hotel Trust 2016-COSMO, Floating Rate
Note, 11/15/33 (144A) 4,054,930
321,182 1.72 Credit Suisse First Boston Mortgage Securities Corp.,
Floating Rate Note, 6/25/34 309,926
1,283,908 2.56 Crown Point CLO, Ltd., Floating Rate Note, 11/21/22
(144A) 1,287,901
2,300,000 3.16 CSMC 2015-TWNI Trust, Floating Rate Note, 3/15/28
(144A) 2,297,825
3,946,668 2.50 CSMC Series 2013-14R REMICS, Floating Rate Note,
10/27/37 (144A) 4,042,722
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 45
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,887,589 3.00 CSMC Trust 2014-OAK1, Floating Rate Note,
11/25/44 (144A) $ 3,876,411
1,965,847 4.00 CSMC Trust 2014-Saf1, Series 2014-Saf1 Class A12,
Floating Rate Note, 3/25/44 (144A) 1,995,102
3,500,000 2.76 CSMC Trust 2015-DEAL, Floating Rate Note, 4/16/29
(144A) 3,506,557
3,750,000 3.76 CSMC Trust 2015-SAND, Floating Rate Note, 8/15/30
(144A) 3,758,165
6,681,463 3.00 CSMC Trust, Series 2014-Win2 Class A5, Floating Rate
Note, 10/25/44 (144A) 6,677,160
1,650,000 4.46 Eaton Vance CDO VIII, Ltd., Floating Rate Note,
8/15/22 (144A) 1,641,861
1,850,000 2.45 EQTY 2014-INNS Mortgage Trust REMICS, Floating Rate
Note, 5/8/31 (144A) 1,840,766
3,530,000 2.05 EQTY 2014-INNS Mortgage Trust, Floating Rate Note,
5/8/31 (144A) 3,521,190
3,498,606 3.00 FirstKey Mortgage Trust 2014-1 REMICS, Floating Rate
Note, 11/25/44 (144A) 3,496,421
6,078,969 2.28 FORT CRE 2016-1 LLC, Floating Rate Note, 5/21/36
(144A) 6,081,400
356,026 2.21 GAHR Commercial Mortgage Trust 2015-NRF, Floating
Rate Note, 12/15/34 (144A) 357,431
4,450,000 2.42 Gale Force 3 Clo, Ltd., Floating Rate Note, 4/19/21
(144A) 4,374,079
461,033 Global Mortgage Securitization, Ltd., 5.25%, 4/25/32
(144A) 451,065
189,583 1.30 Global Mortgage Securitization, Ltd., Floating Rate Note,
11/25/32 (144A) 175,493
2,009,623 1.25 Global Mortgage Securitization, Ltd., Floating Rate Note,
4/25/32 (144A) 1,902,751
1,773,542 1.74 Gosforth Funding 2016-1 Plc, Floating Rate Note,
2/15/58 (144A) 1,777,914
3,350,000 2.21 GP Portfolio Trust 2014-GGP, Floating Rate Note,
2/15/27 (144A) 3,354,619
3,500,000 4.16 GS Mortgage Securities Corp Trust 2016-ICE2, Floating
Rate Note, 2/15/33 (144A) 3,550,198
3,200,000 6.66 GS Mortgage Securities Corp Trust 2016-ICE2, Floating
Rate Note, 2/15/33 (144A) 3,302,131
2,811,090 5.95 GS Mortgage Securities Trust 2007-GG10 REMICS,
Floating Rate Note, 8/10/45 2,808,184
2,885,000 2.52 GS Mortgage Securities Trust 2014-GSFL, Floating Rate
Note, 7/15/31 (144A) 2,857,186
2,000,000 3.68 GS Mortgage Securities Trust 2014-GSFL, Floating Rate
Note, 7/15/31 (144A) 2,009,752
316,289 1.76 GSAA Home Equity Trust 2004-6, Floating Rate Note,
6/25/34 317,129
The accompanying notes are an integral part of these financial statements.
46 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
382,187 1.72 GSAA Home Equity Trust 2004-8, Floating Rate Note,
9/25/34 $ 377,297
208,611 1.91 HarborView Mortgage Loan Trust 2004-4, Floating Rate
Note, 6/19/34 200,341
6,846,298 1.22 HomeBanc Mortgage Trust 2005-3, Floating Rate Note,
7/25/35 6,748,237
1,151,675 2.08 Homestar Mortgage Acceptance Corp. REMICS, Floating
Rate Note, 9/25/34 1,127,272
4,469,109 1.62 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 3/25/34 4,273,299
555,622 1.68 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 6/25/34 548,457
875,940 1.88 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 7/25/34 866,642
903,358 2.14 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 7/25/34 897,044
3,500,000 2.41 Hudsons Bay Simon JV Trust 2015-HBS, Floating Rate
Note, 8/7/34 (144A) 3,503,365
2,480,000 2.61 Hyatt Hotel Portfolio Trust 2015-HYT, Floating Rate
Note, 11/15/29 (144A) 2,486,203
641,563 1.68 Impac CMB Trust Series 2003-8, Floating Rate Note,
10/25/33 614,452
457,385 1.62 Impac CMB Trust Series 2004-5, Floating Rate Note,
8/25/34 445,179
208,958 3.40 Impac CMB Trust Series 2004-8, Floating Rate Note,
8/25/34 200,353
8,150,000 1.88 Impac Secured Assets Cmn Owner Trust, Series 2004-3
Class M1, Floating Rate Note, 11/25/34 7,982,374
1,007,067 4.16 Invitation Homes 2014-SFR1 Trust REMICS, Floating
Rate Note, 6/17/31 (144A) 1,007,064
7,900,000 2.41 JP Morgan Chase Commercial Mortgage Securities
Trust 2016-ASH, Floating Rate Note, 10/15/34 (144A) 7,925,201
3,600,000 3.01 JP Morgan Chase Commercial Mortgage Securities
Trust 2016-WPT, Floating Rate Note, 10/15/33 (144A) 3,631,466
4,400,000 2.26 JP Morgan Chase Commercial Mortgage Securities
Trust 2016-WSP, Floating Rate Note, 8/15/33 (144A) 4,403,564
24,584 6.45 JP Morgan Chase Commercial Mortgage Securities
Corp., Pass-Through Certificates Series 2002 CIBC4,
Floating Rate Note, 5/12/34 24,787
219,555 4.84 JP Morgan Chase Commercial Mortgage Securities
Trust 2004-LN2, Floating Rate Note, 7/15/41 (144A) 219,061
60,170 1.07 JP Morgan Chase Commercial Mortgage Securities
Trust 2006-LDP9, Floating Rate Note, 5/15/47 59,779
2,270,752 5.79 JP Morgan Chase Commercial Mortgage Securities
Trust 2007-CIBC20, Floating Rate Note, 2/12/51 2,288,527
6,722,731 5.88 JP Morgan Chase Commercial Mortgage Securities
Trust 2007-LDP12, Floating Rate Note, 2/15/51 6,756,777
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 47
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,448,190 3.50 JP Morgan Chase Commercial Mortgage Securities
Trust 2013-A5, Floating Rate Note, 7/25/20 $ 2,474,011
5,600,000 2.16 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-BXH, Floating Rate Note, 4/15/27 (144A) 5,553,191
4,280,000 2.31 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-CBM, Floating Rate Note, 10/15/29 (144A) 4,290,688
3,470,000 2.86 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-CBM, Floating Rate Note, 10/15/29 (144A) 3,487,325
1,250,000 3.11 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL4 REMICS, Floating Rate Note, 12/16/30
(144A) 1,238,537
450,476 2.66 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL4, Floating Rate Note, 12/16/30 (144A) 450,616
2,500,000 3.01 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL5 REMICS, Floating Rate Note, 7/15/31
(144A) 2,472,313
400,000 2.26 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL5, Floating Rate Note, 7/15/31 (144A) 401,439
3,436,661 2.31 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL6, Floating Rate Note, 11/17/31 (144A) 3,442,050
3,750,000 1.83 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-INN, Floating Rate Note, 6/15/29 (144A) 3,754,672
3,500,000 2.61 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-INN, Floating Rate Note, 6/15/29 (144A) 3,500,003
3,770,000 2.51 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-PHH, Floating Rate Note, 8/16/27 (144A) 3,778,261
989,837 2.16 JP Morgan Chase Commercial Mortgage Securities
Trust 2015-FL7 REMICS, Floating Rate Note, 5/15/28
(144A) 988,033
3,600,000 2.71 JP Morgan Chase Commercial Mortgage Securities
Trust 2015-FL7, Floating Rate Note, 5/15/28 (144A) 3,579,008
4,500,000 3.66 JP Morgan Chase Commercial Mortgage Securities
Trust 2015-SGP, Floating Rate Note, 7/15/36 (144A) 4,528,094
1,758,748 5.86 LB-UBS Commercial Mortgage Trust 2007-C6, Floating
Rate Note, 7/15/40 1,762,876
3,247,537 5.87 LB-UBS Commercial Mortgage Trust 2007-C7 REMICS,
Floating Rate Note, 9/15/45 3,296,251
191,424 1.20 Lehman Brothers Small Balance Commercial Mortgage
Trust 2006-1, Floating Rate Note, 4/25/31 (144A) 184,190
373,445 1.21 Lehman Brothers Small Balance Commercial Mortgage
Trust 2006-1, Floating Rate Note, 4/25/31 (144A) 360,787
155,890 1.93 Lehman Brothers Small Balance Commercial Mortgage
Trust 2007-3 Class 1A4, Floating Rate Note,
10/25/37 (144A) 153,941
235,133 2.03 Lehman Brothers Small Balance Commercial Mortgage
Trust 2007-3, Floating Rate Note, 10/25/37 (144A) 233,928
1,269,753 1.48 Lehman XS Trust Series 2005-2, Floating Rate Note,
8/25/35 1,219,370
The accompanying notes are an integral part of these financial statements.
48 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
7,861,418 2.78 LSTAR Commercial Mortgage Trust 2016-7, Floating
Rate Note, 12/1/21 (144A) $ 7,792,630
6,115,293 2.78 LSTAR Securities Investment Trust 2016-5, Floating
Rate Note, 11/1/21 (144A) 6,097,726
267,148 2.78 LSTAR Securities Investment, Ltd., 2015-10, Floating
Rate Note, 11/1/20 (144A) 267,065
2,724,966 2.78 LSTAR Securities Investment, Ltd., 2015-7, Floating
Rate Note, 7/1/17 (144A) 2,717,303
1,525,266 2.78 LSTAR Securities Investment, Ltd., 2015-8, Floating
Rate Note, 8/3/20 (144A) 1,527,113
4,172,921 2.78 LSTAR Securities Investment, Ltd., 2015-9, Floating
Rate Note, 10/1/20 (144A) 4,157,272
2,241,582 2.78 LSTAR Securities Investment, Ltd., 2016-1, Floating
Rate Note, 1/1/21 (144A) 2,214,353
3,766,067 2.78 LSTAR Securities Investment, Ltd., 2016-2 REMICS,
Floating Rate Note, 3/1/21 (144A) 3,766,067
4,144,237 2.78 LSTAR Securities Investment, Ltd., 2016-3, Floating
Rate Note, 9/1/21 (144A) 4,115,746
4,748,530 2.78 LSTAR Securities Investment, Ltd., 2016-4, Floating
Rate Note, 10/1/21 (144A) 4,716,589
6,438,181 2.78 LSTAR Securities Investment, Ltd., 2017-1, Floating
Rate Note, 1/1/22 (144A) 6,422,085
4,926,159 2.78 LSTAR Securities Investment, Ltd., 2017-2, Floating
Rate Note, 2/1/22 (144A) 4,871,232
1,961,194 4.50 Marketplace Loan Trust, 2016-Bs1 Series 2016-Bs1
Class A, Floating Rate Note, 1/15/21 (144A) 1,971,000
293,808 1.33 MASTR Alternative Loan Trust 2005-1, Floating Rate
Note, 2/25/35 291,717
1,202,864 1.35 Mellon Residential Funding Corp., Mortgage Pass-Through
Trust Series 2000-TBC3, Floating Rate Note, 12/15/30 1,147,136
817,142 2.18 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-A, Floating Rate Note, 3/25/28 763,687
1,744,173 1.64 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-C REMICS, Floating Rate Note, 6/25/28 1,657,954
1,887,715 2.02 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-C, Floating Rate Note, 6/25/28 1,858,275
562,942 1.62 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-G, Floating Rate Note, 1/25/29 538,106
143,504 2.67 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-G, Floating Rate Note, 1/25/29 141,961
1,093,651 1.62 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-H, Floating Rate Note, 1/25/29 1,072,364
276,012 1.82 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-B, Floating Rate Note, 5/25/29 271,520
1,637,768 1.54 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-C, Floating Rate Note, 7/25/29 1,521,305
83,067 2.32 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-C, Floating Rate Note, 7/25/29 79,761
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 49
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
304,620 2.96 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-D, Floating Rate Note, 9/25/29 $ 302,957
1,765,582 2.15 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-E, Floating Rate Note, 11/25/29 1,706,106
1,713,142 1.54 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-G, Floating Rate Note, 1/25/30 1,615,392
573,689 1.92 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-G, Floating Rate Note, 1/25/30 553,577
1,551,702 1.44 Merrill Lynch Mortgage Investors Trust Series MLCC
2005-A, Floating Rate Note, 3/25/30 1,502,358
523,345 5.52 ML-CFC Commercial Mortgage Trust 2006-3, Floating
Rate Note, 7/12/46 522,719
8,036,023 Morgan Stanley Capital I Trust 2007-HQ13, 5.569%,
12/15/44 8,116,891
2,639,002 5.57 Morgan Stanley Capital I Trust 2007-TOP25, Floating
Rate Note, 11/12/49 2,675,262
3,860,000 2.66 Morgan Stanley Capital I Trust 2015-XLF1, Floating
Rate Note, 8/14/31 (144A) 3,864,215
2,870,000 3.11 Morgan Stanley Capital I Trust 2015-XLF1, Floating
Rate Note, 8/14/31 (144A) 2,874,127
3,000,000 3.66 Morgan Stanley Capital I Trust 2015-XLF1, Floating
Rate Note, 8/17/26 (144A) 3,000,000
3,500,000 2.26 Morgan Stanley Capital I Trust 2017-PRME, Floating
Rate Note, 2/15/34 (144A) 3,478,222
1,861,680 1.52 Morgan Stanley Mortgage Loan Trust 2005-5AR,
Floating Rate Note, 9/25/35 1,860,616
1,389,218 1.26 Morgan Stanley Mortgage Loan Trust 2005-6AR,
Floating Rate Note, 11/25/35 1,362,312
26,005 1.25 Morgan Stanley Mortgage Loan Trust 2005-6AR,
Floating Rate Note, 11/25/35 25,986
2,527,459 1.76 MortgageIT Trust 2004-1, Floating Rate Note, 11/25/34 2,464,035
2,250,000 2.00 Nelder Grove CLO, Ltd., Floating Rate Note, 8/28/26
(144A) 2,249,667
2,645,434 2.93 Newstar Trust, Floating Rate Note, 1/20/23 (144A) 2,645,285
890,498 0.93 Nomura Resecuritization Trust 2014-1R, Floating Rate
Note, 10/26/36 (144A) 873,093
7,942,260 2.37 NorthStar 2016-1, Floating Rate Note, 9/25/31 (144A) 7,928,441
3,351,502 1.37 Opteum Mortgage Acceptance Corp., Asset Backed
Pass-Through Certificates 2005-4, Floating Rate Note,
11/25/35 3,183,847
3,223,241 2.39 Palmer Square Loan Funding 2016-2, Ltd., Floating
Rate Note, 6/21/24 (144A) 3,223,073
500,000 3.14 Palmer Square Loan Funding 2016-2, Ltd., Floating
Rate Note, 6/21/24 (144A) 499,972
3,500,000 1.59 Pepper Residential Securities Trust No 14, Floating
Rate Note, 6/13/17 3,501,424
The accompanying notes are an integral part of these financial statements.
50 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,811,647 2.89 Pepper Residential Securities Trust, Floating Rate
Note, 3/10/58 (144A) $ 2,812,459
3,500,000 0.00 Pepper Residential Securities Trust, No. 16 Series 16A
Class A1U2, Floating Rate Note, 3/13/18 3,500,000
8,000,000 1.95 Pepper Residential Securities Trust, Series 18A
Class A1Ua, Floating Rate Note, 8/12/58 8,000,000
2,564,134 2.36 PFP 2015-2, Ltd., Floating Rate Note, 7/14/34 (144A) 2,562,880
2,600,000 1.83 Pfp 2017-3, Ltd., Series 2017-3 Class A, Floating
Rate Note, 1/14/35 (144A) 2,606,214
2,998,945 3.50 Pmt Loan Trust, 2013-J1 Series 2013-J1 Class A6,
Floating Rate Note, 9/25/43 (144A) 3,002,485
4,089,468 Pretium Mortgage Credit Partners I 2016-NPL5 LLC,
3.875%, 9/27/31 (Step) (144A) 4,089,538
1,700,000 2.31 Progress Residential 2016-SFR2 Trust, Floating Rate
Note, 1/17/34 (144A) 1,715,375
2,400,000 2.66 Progress Residential 2016-SFR2 Trust, Floating Rate
Note, 1/17/34 (144A) 2,402,140
3,374,658 2.33 RAIT 2016-FL6 Trust, Floating Rate Note, 11/13/31
(144A) 3,374,658
11,058 1.33 RALI Series 2002-QS16 Trust, Floating Rate Note,
10/25/17 11,009
181,295 1.23 RALI Series 2003-QS5 Trust, Floating Rate Note, 3/25/18 179,655
1,873,625 1.38 RALI Series 2005-QA1 Trust, Floating Rate Note, 1/25/35 1,851,750
2,495,904 Readycap Mortgage Trust 2016-3, 2.93997%,
11/20/38 (144A) 2,472,399
3,864,052 2.31 RESI Finance LP 2003-CB1, Floating Rate Note, 7/9/35 3,670,850
1,399,080 1.82 RESI MAC, 2014-1A, Floating Rate Note, 6/12/19 1,390,088
364,693 1.23 Residential Asset Securitization Trust 2003-A15,
Floating Rate Note, 2/25/34 329,071
1,246,851 1.99 Resource Capital Corp., 2014-CRE2, Ltd., Floating Rate
Note, 4/15/32 (144A) 1,246,434
840,617 2.17 Resource Capital Corp., 2015-CRE4, Ltd., Floating Rate
Note, 8/15/32 (144A) 837,171
337,731 RREF 2015-LT7 LLC, 3.0%, 12/27/32 (144A) 337,805
368,623 1.94 Sequoia Mortgage Trust 2003-2, Floating Rate Note,
6/20/33 358,058
141,060 1.62 Sequoia Mortgage Trust 2003-8, Floating Rate Note,
1/20/34 134,294
207,472 2.65 Sequoia Mortgage Trust 2004-7, Floating Rate Note,
8/20/34 208,616
2,300,194 1.91 Silver Bay Realty 2014-1 Trust, Floating Rate Note,
9/17/31 (144A) 2,301,635
438,090 1.78 Springleaf Mortgage Loan Trust 2013-2, Floating Rate
Note, 12/28/65 (144A) 438,460
2,000,000 2.37 Stone Tower CLO VI, Ltd., Floating Rate Note, 4/17/21
(144A) 1,999,909
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 51
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,262,590 3.29 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 3/25/34 $ 1,264,538
1,173,026 1.88 Structured Asset Mortgage Investments Trust
2002-AR5, Floating Rate Note, 5/19/33 1,150,515
251,865 1.92 Structured Asset Securities Corp., Mortgage
Pass-Through Certificates Series 1998-8, Floating
Rate Note, 8/25/28 250,596
40,395 1.48 Structured Asset Securities Corp., Mortgage
Pass-Through Certificates Series 2003-35, Floating
Rate Note, 12/25/33 40,315
241,605 1.08 Structured Asset Securities Corp., Trust 2005-14,
Floating Rate Note, 7/25/35 191,538
4,500,000 2.51 Symphony CLO VIII LP, Floating Rate Note,
1/9/23 (144A) 4,502,286
467,180 2.74 Thornburg Mortgage Securities Trust 2004-4,
Floating Rate Note, 12/25/44 461,015
961,479 2.98 Velocity Commercial Capital Loan Trust 2014-1,
Floating Rate Note, 9/25/44 (144A) 967,489
5,001,594 VOLT LI LLC, 3.5%, 10/25/46 (Step) (144A) 5,038,307
660,580 VOLT NPL X LLC, 3.375%, 10/26/54 (Step) (144A) 662,242
2,929,590 2.34 Voya CLO 2012-3, Ltd., Floating Rate Note,
10/15/22 (144A) 2,929,993
574,195 6.05 Wachovia Bank Commercial Mortgage Trust Series
2007-C33 REMICS, Floating Rate Note, 2/15/51 573,550
2,600,000 5.82 Wachovia Bank Commercial Mortgage Trust Series
2007-C34 REMICS, Floating Rate Note, 5/15/46 2,641,946
2,500,000 2.76 Wells Fargo Commercial Mortgage Trust 2014-TISH
REMICS, Floating Rate Note, 2/15/27 (144A) 2,501,097
1,500,000 4.41 Wells Fargo Commercial Mortgage Trust 2014-TISH,
Floating Rate Note, 1/15/27 (144A) 1,452,942
1,211,076 3.73 Wells Fargo Credit Risk Transfer Securities Trust 2015,
Floating Rate Note, 11/25/25 (144A) 1,216,847
1,162,882 3.83 Wells Fargo Credit Risk Transfer Securities Trust 2015,
Floating Rate Note, 11/25/25 (144A) 1,168,689
1,664,897 3.06 Wells Fargo Mortgage Backed Securities 2005-AR13
Trust, Floating Rate Note, 5/25/35 1,667,879
31,223 1.26 Westwood CDO II, Ltd., Floating Rate Note,
4/25/22 (144A) 31,211
-------------
$ 573,185,474
-------------
Total Banks $ 578,736,246
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.8%
Other Diversified Financial Services -- 0.7%
3,600,000 5.76 Bank of America Commercial Mortgage Trust 2007-3,
Floating Rate Note, 6/10/49 $ 3,608,785
836,778 5.72 Credit Suisse Commercial Mortgage Trust Series
2007-C3, Floating Rate Note, 6/15/39 836,340
The accompanying notes are an integral part of these financial statements.
52 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
887,539 5.96 Credit Suisse Commercial Mortgage Trust Series
2007-C4 REMICS, Floating Rate Note, 9/15/39 $ 891,809
5,000,000 5.96 Credit Suisse Commercial Mortgage Trust Series
2007-C4, Floating Rate Note, 9/15/39 5,032,018
1,878,408 1.08 Crusade Global Trust No 1 of 2007, Floating Rate
Note, 4/19/38 1,868,310
1,857,631 5.79 Morgan Stanley Capital I Trust 2007-TOP27 REMICS,
Floating Rate Note, 6/11/42 1,860,023
7,074,919 6.30 Morgan Stanley Capital I Trust 2008-TOP29 REMICS,
Floating Rate Note, 1/11/43 7,248,155
-------------
$ 21,345,440
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
3,500,000 2.91 BAMLL Commercial Mortgage Securities Trust
2015-ASHF REMICS, Floating Rate Note, 1/15/28
(144A) $ 3,471,300
-------------
Total Diversified Financials $ 24,816,740
-----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Residential REIT -- 0.0%+
125,000 3.41 American Homes 4 Rent 2014-SFR1 REMICS,
Floating Rate Note, 6/17/31 (144A) $ 125,000
-------------
Total Real Estate $ 125,000
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- 5.8%
1,158,094 2.78 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 10/25/23 $ 1,170,478
834,957 2.38 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 4/25/28 836,997
1,947,693 2.28 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 4/25/29 1,957,599
1,312,179 1.73 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 5/25/24 1,317,265
5,548,893 1.98 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 7/25/24 5,562,915
4,156,433 2.08 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 7/25/29 4,176,502
1,899,763 2.73 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 8/25/28 1,922,535
1,744,818 2.93 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 9/25/28 1,768,591
3,480,000 2.13 Fannie Mae Connecticut Avenue Securities, Series
2017-C02 Class 2M1, Floating Rate Note, 9/15/29 3,483,290
2,616,128 1.13 Fannie Mae Trust 2003-W6, Floating Rate Note,
9/25/42 2,600,491
159,993 2.72 Fannie Mae Trust 2005-W4, Floating Rate Note,
6/26/45 170,685
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 53
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
1,286,597 1.04 Fannie Mae Whole Loan, Floating Rate Note,
11/25/46 $ 1,288,665
1,034,488 Fannie Mae, 2.5%, 6/25/24 1,043,560
953,474 Fannie Mae, 3.0%, 1/25/29 962,121
970,651 Fannie Mae, 3.0%, 11/25/18 977,919
175,616 Fannie Mae, 3.0%, 8/25/25 176,739
199,300 Fannie Mae, 3.5%, 10/25/23 199,758
525,444 Fannie Mae, 3.5%, 6/25/21 534,433
1,315,411 Fannie Mae, 4.5%, 9/25/18 1,335,559
308,199 Fannie Mae, 4.5%, 9/25/35 309,735
416,535 Federal Home Loan Banks, 2.9%, 4/20/17 416,920
705,711 1.17 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 1/15/33 706,027
180,521 1.07 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 1/15/36 180,110
1,747,005 1.07 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 1/15/37 1,738,278
29,145 0.92 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 10/15/20 29,119
48,187 1.72 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 10/15/31 48,941
712,080 1.35 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 10/15/37 717,208
281,006 1.39 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 10/15/37 284,981
70,253 1.37 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 11/15/31 71,343
162,613 1.77 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 11/15/33 166,795
114,054 1.12 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 11/15/35 113,772
527,324 1.12 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 11/15/36 526,435
284,344 1.12 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 11/15/36 283,766
198,108 1.17 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 11/15/40 198,234
69,858 1.17 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/20 70,188
309,313 1.22 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/28 310,033
97,808 1.12 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/32 97,709
18,020 1.27 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/32 18,095
224,092 1.17 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/32 224,870
The accompanying notes are an integral part of these financial statements.
54 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
240,469 1.17 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/32 $ 241,435
600,605 1.47 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/39 603,166
388,133 1.12 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/41 385,848
41,507 1.00 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/19 41,503
99,731 1.07 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/25 99,836
167,575 1.12 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/29 167,355
428,323 1.07 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/30 428,911
395,069 1.17 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/33 395,349
220,236 1.32 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/33 222,825
543,945 1.07 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/36 541,332
196,101 1.12 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/36 195,348
318,991 1.07 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/39 320,028
855,918 1.82 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 3/15/24 875,357
419,745 1.77 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 3/15/32 430,184
129,101 1.47 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 3/15/32 130,281
593,008 1.77 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 3/15/32 611,151
573,091 1.07 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 3/15/36 571,765
63,823 1.22 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 3/15/39 64,078
1,313,041 1.17 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 3/15/41 1,318,241
348,527 1.07 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 4/15/36 347,757
75,167 1.12 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 5/15/29 75,625
248,862 2.28 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 5/15/33 258,074
585,115 1.11 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 5/15/35 583,370
171,430 1.07 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 5/15/35 171,778
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 55
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
284,899 1.17 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 5/15/36 $ 284,408
133,846 1.11 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 5/15/37 133,221
75,502 2.02 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 5/15/37 76,510
59,679 1.12 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 5/15/41 59,425
20,702 1.22 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 6/15/23 20,740
320,565 1.17 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 6/15/33 320,910
350,468 1.19 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 6/15/36 350,378
1,265,825 1.08 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 6/15/36 1,261,065
25,887 1.16 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 7/15/21 25,935
319,578 1.17 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 7/15/23 321,009
356,684 1.01 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 7/15/34 353,498
690,164 1.27 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 7/15/36 692,255
29,162 1.17 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 7/15/36 29,149
274,735 0.97 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 7/15/36 274,883
293,028 1.12 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 7/15/40 292,111
255,167 0.97 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 8/15/26 255,177
456,611 1.02 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 8/15/35 456,494
255,620 1.02 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 8/15/35 254,424
443,051 1.02 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 8/15/36 440,005
490,509 1.07 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 9/15/26 491,476
91,055 1.37 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 9/15/32 92,322
237,776 1.19 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 9/15/36 237,936
161,707 1.17 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 9/15/36 161,624
1,549,934 Federal Home Loan Mortgage Corp., 3.0%, 12/15/24 1,561,425
The accompanying notes are an integral part of these financial statements.
56 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
443,554 1.02 Federal Home Loan Mortgage Corp., Floating Rate
Note, 1/15/35 $ 441,286
91,923 1.12 Federal Home Loan Mortgage Corp., Floating Rate
Note, 2/15/18 91,873
354,636 1.77 Federal Home Loan Mortgage Corp., Floating Rate
Note, 3/15/32 363,456
367,391 1.37 Federal Home Loan Mortgage Corp., Floating Rate
Note, 4/15/28 373,463
215,900 1.37 Federal Home Loan Mortgage Corp., Floating Rate
Note, 6/15/31 219,246
2,616,428 1.47 Federal Home Loan Mortgage Corp., Floating Rate
Note, 8/15/35 2,640,621
146,326 1.43 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/18/32 148,701
234,544 1.48 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/25/32 238,917
93,867 1.43 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/25/33 95,609
257,411 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/25/33 257,906
160,046 1.33 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/25/40 160,843
383,769 1.08 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/35 381,721
1,477,081 1.18 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/36 1,474,639
77,968 1.33 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/37 78,177
481,073 1.38 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/37 485,295
370,222 2.00 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/38 378,414
5,443 1.18 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/27/37 5,439
1,191,774 1.78 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/18/32 1,220,363
287,774 1.38 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/31 292,361
253,241 1.38 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/31 257,278
434,854 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/33 435,753
308,397 1.08 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/34 309,891
217,298 1.10 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/36 216,306
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 57
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
65,934 1.38 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/23 $ 66,083
192,259 1.78 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/23 194,377
63,057 1.33 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/30 64,107
538,860 1.68 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/31 546,337
238,008 1.38 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/32 239,382
134,872 1.02 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/36 133,930
286,183 1.40 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/37 287,026
95,562 1.18 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/38 95,812
210,119 1.53 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/33 214,351
497,561 1.13 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/33 501,417
529,672 1.09 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/35 527,695
369,290 1.03 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/37 366,546
287,882 0.98 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/37 285,980
138,670 1.48 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/38 140,385
47,079 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/23 47,088
345,856 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/24 349,658
174,427 1.16 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/28 175,224
944,850 1.18 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/34 944,915
79,427 1.08 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/36 78,397
118,345 1.78 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 121,693
560,656 1.03 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 556,481
273,332 1.03 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 271,580
1,213,329 1.20 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/45 1,182,901
113,822 1.08 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/25 113,770
The accompanying notes are an integral part of these financial statements.
58 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
1,287,710 1.68 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/32 $ 1,306,723
643,133 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/33 646,229
312,749 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/42 313,642
241,136 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/33 241,529
244,334 1.13 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/36 243,468
737,532 1.09 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/36 736,499
435,105 1.18 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/37 431,551
146,967 1.38 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/40 148,241
384,134 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/40 385,269
519,292 1.33 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/40 523,737
151,266 1.18 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/23 151,896
469,034 1.23 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/36 469,201
540,106 1.02 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 535,230
49,687 1.01 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 49,290
186,738 1.03 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 185,310
53,695 1.23 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 53,786
39,648 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/18/27 40,131
278,513 1.38 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/31 282,952
199,478 1.38 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/31 202,989
121,664 1.78 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/32 123,950
332,063 1.18 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/34 332,164
101,507 1.23 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/34 101,538
1,340,679 1.08 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/35 1,334,238
1,284,995 1.03 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/35 1,279,812
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 59
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
176,685 1.07 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/36 $ 175,889
174,867 1.18 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/37 174,937
126,668 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 8/25/31 127,216
54,032 1.38 Federal National Mortgage Association REMICS,
Floating Rate Note, 8/25/32 54,847
178,187 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 8/25/32 179,013
4,671 1.18 Federal National Mortgage Association REMICS,
Floating Rate Note, 8/25/33 4,685
129,158 1.33 Federal National Mortgage Association REMICS,
Floating Rate Note, 8/25/36 129,077
863 1.58 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/20 864
49,075 1.68 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/21 49,822
230,373 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/32 231,227
1,240,469 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/33 1,243,088
234,473 1.35 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/36 234,930
478,917 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 479,497
226,858 1.35 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 229,683
125,733 1.33 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 127,299
192,259 2.02 Federal National Mortgage Association, Floating
Rate Note, 12/25/23 195,893
4,541,240 1.08 Federal National Mortgage Association, Floating
Rate Note, 12/25/33 4,525,812
10,167,381 1.23 Federal National Mortgage Association, Floating
Rate Note, 2/25/38 10,188,676
322,440 1.08 Federal National Mortgage Association, Floating
Rate Note, 3/25/18 322,428
92,573 3.01 Federal National Mortgage Association, Floating
Rate Note, 4/25/35 95,228
320,734 1.12 Freddie Mac Strips, Floating Rate Note, 12/15/36 320,110
245,053 1.02 Freddie Mac Strips, Floating Rate Note, 8/15/36 243,884
1,059,370 1.07 Freddie Mac Strips, Floating Rate Note, 8/15/36 1,056,180
153,507 3.18 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 10/25/24 153,893
1,500,000 2.98 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 10/25/28 1,527,701
The accompanying notes are an integral part of these financial statements.
60 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
479,269 2.23 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 11/25/23 $ 481,054
942,390 1.98 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 11/25/28 945,961
1,689,706 1.78 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 2/25/24 1,690,965
750,000 2.08 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 3/25/29 752,185
1,209,987 1.58 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 4/25/29 1,211,504
1,444,143 2.23 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 7/25/28 1,450,721
300,000 3.68 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 7/25/28 312,569
128,286 3.18 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 8/25/24 128,861
3,974,302 2.13 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 8/25/29 3,988,389
1,452,569 2.53 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 9/25/28 1,461,758
5,291,965 2.08 Freddie Mac Structured Agency Credit Risk Debt
Notes, Series 2015-Hq2 Class M1, Floating Rate
Note, 5/25/35 5,304,933
584,233 Freddie Mac, 2.0%, 11/15/20 588,157
664,216 Freddie Mac, 2.0%, 8/15/20 667,440
2,035,628 Freddie Mac, 3.0%, 10/15/25 2,063,325
327,151 Freddie Mac, 3.0%, 4/15/24 328,328
1,481,825 Freddie Mac, 3.0%, 5/15/29 1,506,438
3,072,441 Freddie Mac, 3.1%, 2/15/25 3,104,790
1,028,726 Freddie Mac, 3.5%, 1/15/24 1,039,358
9,292,000 4.77 FREMF Mortgage Trust 2011-K702, Floating Rate
Note, 4/25/44 (144A) 9,498,694
250,000 4.88 FREMF Mortgage Trust 2011-K703, Floating Rate
Note, 7/25/44 (144A) 257,016
3,897,000 2.90 FREMF Mortgage Trust 2013-K502, Floating Rate
Note, 3/27/45 (144A) 3,895,646
1,487,874 3.00 FREMF Mortgage Trust 2014-KF04 REMICS, Floating
Rate Note, 6/25/21 (144A) 1,503,183
5,183,551 4.79 FREMF Mortgage Trust 2014-KF05 REMICS, Floating
Rate Note, 9/25/21 (144A) 5,030,678
4,186,920 3.36 FREMF Mortgage Trust 2014-KS02 REMICS, Floating
Rate Note, 8/25/23 (144A) 4,170,549
9,161,779 2.59 FREMF Mortgage Trust 2015-KLSF REMICS, Floating
Rate Note, 11/25/22 (144A) 9,249,894
13,905,688 1.13 Government National Mortgage Association REMICS,
Floating Rate Note, 1/20/47 13,946,903
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 61
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
503,112 Government National Mortgage Association,
3.0%, 2/16/24 $ 509,554
450,091 0.97 Government National Mortgage Association, Floating
Rate Note, 1/16/33 451,105
786,099 1.02 Government National Mortgage Association, Floating
Rate Note, 1/16/35 781,735
205,441 1.45 Government National Mortgage Association, Floating
Rate Note, 10/16/39 207,737
249,855 1.18 Government National Mortgage Association, Floating
Rate Note, 10/20/38 250,762
749,081 1.03 Government National Mortgage Association, Floating
Rate Note, 2/20/35 744,894
775,229 1.27 Government National Mortgage Association, Floating
Rate Note, 4/16/30 777,965
162,206 1.32 Government National Mortgage Association, Floating
Rate Note, 4/16/32 164,294
170,131 1.17 Government National Mortgage Association, Floating
Rate Note, 5/16/38 170,223
154,000 1.27 Government National Mortgage Association, Floating
Rate Note, 6/16/31 154,706
281,603 1.77 Government National Mortgage Association, Floating
Rate Note, 8/16/39 288,349
260,287 1.28 Government National Mortgage Association, Floating
Rate Note, 8/20/38 261,744
700,061 1.31 NCUA Guaranteed Notes Trust REMICS, Floating
Rate Note, 3/9/21 698,743
-------------
$ 185,830,695
-------------
Total Government $ 185,830,695
-----------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $797,578,446) $ 796,896,325
-----------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 28.8%
ENERGY -- 1.7%
Oil & Gas Equipment & Services -- 0.2%
5,985,000 Schlumberger Holdings Corp., 1.9%,
12/21/17 (144A) $ 5,995,546
-----------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 1.0%
1,848,000 1.54 Bp Capital Markets Plc, Floating Rate Note, 5/10/18 $ 1,854,389
1,585,000 Chevron Corp., 1.718%, 6/24/18 1,590,089
1,385,000 1.42 Chevron Corp., Floating Rate Note, 11/16/18 1,394,706
2,550,000 1.10 Chevron Corp., Floating Rate Note, 3/2/18 2,552,530
3,115,000 1.30 Chevron Corp., Floating Rate Note, 3/3/20 3,116,330
4,190,000 1.41 Chevron Corp., Floating Rate Note, 5/16/18 4,210,824
2,700,000 1.54 Exxon Mobil Corp., Floating Rate Note, 2/28/18 2,716,035
The accompanying notes are an integral part of these financial statements.
62 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- (continued)
5,590,000 1.46 Shell International Finance BV, Floating Rate
Note, 11/10/18 $ 5,629,611
1,390,000 1.20 Shell International Finance BV, Floating Rate
Note, 5/10/17 1,390,470
2,650,000 1.30 Shell International Finance BV, Floating Rate
Note, 9/12/19 2,659,726
3,280,000 1.09 Statoil ASA, Floating Rate Note, 11/9/17 3,284,061
2,555,000 1.33 Statoil ASA, Floating Rate Note, 5/15/18 2,559,114
-------------
$ 32,957,885
-----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.2%
3,120,000 Canadian Natural Resources, Ltd., 1.75%, 1/15/18 $ 3,119,348
3,800,000 Canadian Natural Resources, Ltd., 5.7%, 5/15/17 3,817,522
-------------
$ 6,936,870
-----------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.3%
2,650,000 Enterprise Products Operating LLC, 6.3%, 9/15/17 $ 2,704,465
3,190,000 Kinder Morgan Energy Partners LP, 5.95%, 2/15/18 3,298,805
1,280,000 Tennessee Gas Pipeline Co., LLC, 7.5%, 4/1/17 1,280,000
2,895,000 TransCanada PipeLines, Ltd., 1.625%, 11/9/17 2,895,156
-------------
$ 10,178,426
-------------
Total Energy $ 56,068,727
-----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.4%
Aerospace & Defense -- 0.2%
5,155,000 United Technologies Corp., 1.8%, 6/1/17 $ 5,160,036
2,650,000 1.24 United Technologies Corp., Floating Rate
Note, 11/1/19 2,667,175
-------------
$ 7,827,211
-----------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.2%
6,015,000 1.32 Honeywell International, Inc., Floating Rate
Note, 10/30/19 $ 6,053,568
-------------
Total Capital Goods $ 13,880,779
-----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Railroads -- 0.1%
2,600,000 Burlington Northern Santa Fe LLC, 5.65%, 5/1/17 $ 2,608,333
1,670,000 1.07 Canadian National Railway Co., Floating Rate
Note, 11/14/17 1,670,985
-------------
$ 4,279,318
-------------
Total Transportation $ 4,279,318
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 63
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.9%
Automobile Manufacturers -- 1.9%
2,650,000 1.66 Daimler Finance North America LLC, Floating Rate
Note, 10/30/19 (144A) $ 2,662,943
1,275,000 1.35 Daimler Finance North America LLC, Floating Rate
Note, 3/2/18 (144A) 1,277,128
5,555,000 1.50 Daimler Finance North America LLC, Floating Rate
Note, 5/18/18 (144A) 5,572,287
3,761,000 1.37 Daimler Finance North America LLC, Floating Rate
Note, 8/1/17 (144A) 3,764,517
3,215,000 1.74 Daimler Finance North America LLC, Floating Rate
Note, 8/3/17 (144A) 3,222,211
2,980,000 2.01 Ford Motor Credit Co LLC, Floating Rate Note, 1/9/20 3,011,844
2,600,000 1.82 Ford Motor Credit Co. LLC, Floating Rate Note, 1/9/18 2,609,815
4,360,000 1.47 Ford Motor Credit Co. LLC, Floating Rate Note, 9/8/17 4,362,947
4,795,000 1.95 Ford Motor Credit Co., LLC, Floating Rate Note
Series 1, 3/12/19 4,815,014
1,072,000 Nissan Motor Acceptance Corp., 1.95%,
9/12/17 (144A) 1,073,037
1,000,000 2.12 Nissan Motor Acceptance Corp., Floating Rate
Note, 3/8/19 (144A) 1,009,748
3,115,000 1.81 Nissan Motor Acceptance Corp., Floating Rate
Note, 4/6/18 (144A) 3,131,992
2,650,000 1.48 Nissan Motor Acceptance Corp., Floating Rate
Note, 9/13/19 (144A) 2,657,894
3,150,000 Toyota Motor Credit Corp., 1.25%, 10/5/17 3,148,850
2,802,000 Toyota Motor Credit Corp., 1.75%, 5/22/17 2,804,326
2,650,000 1.46 Toyota Motor Credit Corp., Floating Rate
Note, 10/18/19 2,661,427
4,400,000 1.73 Toyota Motor Credit Corp., Floating Rate
Note, 2/19/19 4,453,099
2,589,000 1.11 Toyota Motor Credit Corp., Floating Rate
Note, 5/16/17 2,589,831
2,501,000 1.48 Toyota Motor Credit Corp., Floating Rate
Note, 7/13/18 2,509,666
2,500,000 1.35 Volkswagen Group of America Finance LLC,
Floating Rate Note, 11/20/17 (144A) 2,501,588
-------------
$ 59,840,164
-------------
Total Automobiles & Components $ 59,840,164
-----------------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Broadcasting -- 0.2%
6,795,000 1.71 NBCUniversal Enterprise, Inc., Floating Rate
Note, 4/15/18 (144A) $ 6,836,490
-------------
Total Media $ 6,836,490
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
64 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Home Improvement Retail -- 0.1%
2,600,000 1.33 The Home Depot, Inc., Floating Rate Note, 9/15/17 $ 2,605,164
-------------
Total Retailing $ 2,605,164
-----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.4%
Brewers -- 0.1%
2,580,000 Anheuser-Busch InBev Worldwide, Inc.,
1.375%, 7/15/17 $ 2,577,405
-----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.1%
4,305,000 1.65 Mondelez International Holdings Netherlands BV,
Floating Rate Note, 10/28/19 (144A) $ 4,322,797
-----------------------------------------------------------------------------------------------------------
Tobacco -- 0.2%
4,532,000 Reynolds American, Inc., 2.3%, 8/21/17 $ 4,544,726
-------------
Total Food, Beverage & Tobacco $ 11,444,928
-----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.7%
Health Care Equipment -- 0.2%
2,945,000 Becton Dickinson and Co., 1.8%, 12/15/17 $ 2,947,197
2,680,000 1.76 Medtronic, Inc., Floating Rate Note, 3/15/20 2,728,106
-------------
$ 5,675,303
-----------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.5%
9,700,000 1.76 Aetna, Inc., Floating Rate Note, 12/8/17 $ 9,736,812
2,960,000 UnitedHealth Group, Inc., 1.4%, 12/15/17 2,960,024
3,950,000 UnitedHealth Group, Inc., 1.45%, 7/17/17 3,952,666
-------------
$ 16,649,502
-------------
Total Health Care Equipment & Services $ 22,324,805
-----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.9%
Biotechnology -- 0.8%
6,335,000 Abbvie, Inc., 1.8%, 5/14/18 $ 6,342,127
2,650,000 Amgen, Inc., 2.125%, 5/15/17 2,652,952
2,725,000 1.30 Amgen, Inc., Floating Rate Note, 5/22/17 2,726,313
3,484,000 1.65 Amgen, Inc., Floating Rate Note, 5/22/19 3,511,684
2,500,000 1.78 Baxalta, Inc., Floating Rate Note, 6/22/18 2,502,460
3,555,000 Biogen Idec, Inc., 6.875%, 3/1/18 3,721,687
2,650,000 Celgene Corp., 1.9%, 8/15/17 2,652,123
-------------
$ 24,109,346
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 65
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
1,400,000 1.14 Bayer US Finance LLC, Floating Rate Note,
10/6/17 (144A) $ 1,398,859
2,100,000 1.19 Pfizer, Inc., Floating Rate Note, 5/15/17 2,100,416
-------------
$ 3,499,275
-------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 27,608,621
-----------------------------------------------------------------------------------------------------------
BANKS -- 9.9%
Diversified Banks -- 7.2%
5,985,000 1.66 ABN AMRO Bank NV, Floating Rate Note,
1/18/19 (144A) $ 6,000,884
653,260 1.18 American Express Bank FSB, Floating Rate
Note, 6/12/17 653,426
3,115,000 Bank of America Corp., 2.0%, 1/11/18 3,122,962
1,350,000 2.06 Bank of America Corp., Floating Rate Note, 1/15/19 1,366,362
3,100,000 2.19 Bank of America Corp., Floating Rate Note, 1/20/23 3,143,028
2,875,000 2.07 Bank of America Corp., Floating Rate Note, 3/22/18 2,894,938
1,300,000 1.87 Bank of America Corp., Floating Rate Note, 4/1/19 1,311,371
3,060,000 1.43 Bank of America Corp., Floating Rate Note, 5/2/17 3,060,401
1,423,000 1.54 Bank of America Corp., Floating Rate Note, 8/25/17 1,425,500
5,135,000 1.39 Bank of America NA, Floating Rate Note, 6/5/17 5,138,677
2,300,000 1.13 Bank of Montreal, Floating Rate Note, 7/14/17 2,301,516
2,540,000 1.53 Bank of Montreal, Floating Rate Note, 7/18/19 2,556,670
2,665,000 1.50 Bank of Montreal, Floating Rate Note, 7/31/18 2,674,343
2,590,000 1.55 Caisse Centrale Desjardins, Floating Rate Note,
1/29/18 (144A) 2,597,664
2,610,000 1.47 Canadian Imperial Bank of Commerce, Floating Rate
Note, 9/6/19 2,620,959
3,915,000 1.63 Citigroup, Inc., Floating Rate Note, 11/24/17 3,927,927
7,015,000 1.58 Citigroup, Inc., Floating Rate Note, 4/27/18 7,045,031
4,691,000 2.74 Citigroup, Inc., Floating Rate Note, 5/15/18 4,761,534
1,500,000 2.03 Citigroup, Inc., Floating Rate Note, 6/1/19 1,513,902
3,140,000 1.92 Citigroup, Inc., Floating Rate Note, 7/30/18 3,162,269
3,840,000 1.60 Citizens Bank NA, Floating Rate Note, 3/2/20 3,848,467
4,440,000 1.37 Cooperatieve Rabobank UA New York, Floating Rate
Note, 4/28/17 4,441,101
2,525,000 1.55 Cooperatieve Rabobank UA New York, Floating Rate
Note, 8/9/19 2,529,121
2,500,000 1.50 Credit Agricole SA London, Floating Rate Note,
6/12/17 (144A) 2,501,680
2,650,000 1.53 Danske Bank AS, Floating Rate Note, 9/6/19 (144A) 2,656,792
4,680,000 Discover Bank, 2.0%, 2/21/18 4,683,941
3,195,000 HSBC USA, Inc., 1.7%, 3/5/18 3,196,601
The accompanying notes are an integral part of these financial statements.
66 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
2,675,000 2.13 ING Bank NV, Floating Rate Note, 3/22/19 (144A) $ 2,711,503
3,190,000 1.82 ING Bank NV, Floating Rate Note, 8/17/18 (144A) 3,206,795
8,825,000 1.94 JPMorgan Chase & Co., Floating Rate Note, 1/25/18 8,878,074
3,800,000 1.44 JPMorgan Chase & Co., Floating Rate Note, 3/1/18 3,811,571
2,500,000 1.43 JPMorgan Chase & Co., Floating Rate Note, 4/25/18 2,510,332
2,875,000 1.44 JPMorgan Chase Bank NA, Floating Rate
Note, 9/21/18 2,883,858
1,548,000 1.49 Lloyds Bank Plc, Floating Rate Note, 3/16/18 1,551,964
6,720,000 1.59 Lloyds Bank Plc, Floating Rate Note, 5/14/18 6,740,758
3,750,000 1.69 Lloyds Bank Plc, Floating Rate Note, 8/17/18 3,765,480
4,941,000 1.67 Macquarie Bank, Ltd., Floating Rate Note,
10/27/17 (144A) 4,955,660
2,800,000 2.07 Mizuho Bank, Ltd., Floating Rate Note,
10/20/18 (144A) 2,827,770
1,670,000 1.64 Mizuho Bank, Ltd., Floating Rate Note,
3/26/18 (144A) 1,673,110
2,370,000 1.45 Mizuho Bank, Ltd., Floating Rate Note,
4/16/17 (144A) 2,370,246
513,000 1.60 Mizuho Bank, Ltd., Floating Rate Note, 9/25/17 513,410
2,425,000 1.46 MUFG Americas Holdings Corp., Floating Rate
Note, 2/9/18 2,426,159
275,000 Nordea Bank AB, 1.25%, 4/4/17 (144A) 275,000
3,875,000 1.36 Nordea Bank AB, Floating Rate Note, 4/4/17 3,875,000
3,600,000 1.83 Nordea Bank AB, Floating Rate Note, 9/17/18 (144A) 3,619,429
4,515,000 1.62 Nordea Bank AB, Floating Rate Note, 9/30/19 (144A) 4,534,189
1,300,000 Royal Bank of Canada, 1.25%, 6/16/17 1,299,886
2,500,000 1.14 Royal Bank of Canada, Floating Rate Note, 10/13/17 2,501,852
3,115,000 1.48 Royal Bank of Canada, Floating Rate Note, 3/2/20 3,115,595
2,200,000 1.21 Royal Bank of Canada, Floating Rate Note, 6/16/17 2,200,394
2,500,000 1.37 Royal Bank of Canada, Floating Rate Note, 7/29/19 2,507,602
1,325,000 1.43 Royal Bank of Canada, Floating Rate Note, 7/30/18 1,330,595
6,005,000 1.53 Skandinaviska Enskilda Banken AB, Floating Rate
Note, 9/13/19 (144A) 6,013,263
2,980,000 1.56 Sumitomo Mitsui Banking Corp., Floating Rate
Note, 1/11/19 2,982,059
2,975,000 1.46 Sumitomo Mitsui Banking Corp., Floating Rate
Note, 1/16/18 2,983,149
3,279,000 1.69 Sumitomo Mitsui Banking Corp., Floating Rate
Note, 10/19/18 3,287,932
3,115,000 1.61 Sumitomo Mitsui Trust Bank, Ltd., Floating Rate
Note, 3/6/19 (144A) 3,119,738
3,750,000 1.44 Svenska Handelsbanken AB, Floating Rate
Note, 9/6/19 3,759,401
4,493,000 1.19 The Bank of Nova Scotia, Floating Rate
Note, 4/11/17 4,493,297
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 67
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
2,525,000 1.26 The Bank of Tokyo-Mitsubishi UFJ, Ltd., Floating Rate
Note, 9/8/17 (144A) $ 2,524,795
2,000,000 1.31 The Huntington National Bank, Floating Rate
Note, 4/24/17 2,000,512
3,000,000 1.46 The Toronto-Dominion Bank, Floating Rate
Note, 1/18/19 3,005,856
4,645,000 1.12 The Toronto-Dominion Bank, Floating Rate
Note, 5/2/17 4,645,632
3,860,000 1.42 The Toronto-Dominion Bank, Floating Rate
Note, 7/23/18 3,875,915
2,600,000 1.55 The Toronto-Dominion Bank, Floating Rate
Note, 8/13/19 2,619,864
1,055,000 1.44 U.S. Bank NA Cincinnati, Floating Rate Note, 4/26/19 1,060,254
2,600,000 US Bancorp, 1.65%, 5/15/17 2,600,226
3,650,000 1.44 US Bancorp, Floating Rate Note, 4/25/19 3,658,957
2,600,000 Wells Fargo & Co., 1.15%, 6/2/17 2,599,340
3,125,000 2.15 Wells Fargo & Co., Floating Rate Note, 1/24/23 3,159,909
6,675,000 1.51 Wells Fargo & Co., Floating Rate Note, 4/23/18 6,706,199
2,000,000 1.38 Westpac Banking Corp., Floating Rate Note, 5/19/17 2,000,762
-------------
$ 228,320,359
-----------------------------------------------------------------------------------------------------------
Regional Banks -- 2.7%
3,065,000 1.74 BB&T Corp., Floating Rate Note, 1/15/20 $ 3,088,515
2,500,000 Branch Banking & Trust Co., 1.35%, 10/1/17 2,500,062
3,000,000 1.48 Branch Banking & Trust Co., Floating Rate
Note, 1/15/20 3,006,507
500,000 1.22 Branch Banking & Trust Co., Floating Rate
Note, 5/23/17 500,062
1,250,000 1.56 Capital One NA, Floating Rate Note, 2/5/18 1,253,694
4,000,000 2.06 Capital One NA, Floating Rate Note, 8/17/18 4,039,156
4,000,000 1.72 Capital One NA, Floating Rate Note, 9/13/19 4,025,732
2,600,000 Fifth Third Bank Cincinnati Ohio, 1.35%, 6/1/17 2,600,380
455,000 1.74 Fifth Third Bank, Floating Rate Note, 9/27/19 455,110
2,112,000 KeyBank NA Cleveland Ohio, 1.65%, 2/1/18 2,113,419
5,350,000 1.57 KeyBank NA Cleveland Ohio, Floating Rate
Note, 6/1/18 5,370,095
4,985,000 Manufacturers & Traders Trust Co., 1.4%, 7/25/17 4,981,835
1,725,000 Manufacturers & Traders Trust Co., 1.45%, 3/7/18 1,722,519
2,400,000 1.34 Manufacturers & Traders Trust Co., Floating Rate
Note, 7/25/17 2,401,783
5,825,000 1.50 PNC Bank NA, Floating Rate Note, 12/7/18 5,842,254
4,300,000 1.47 PNC Bank NA, Floating Rate Note, 6/1/18 4,313,098
2,500,000 1.33 PNC Bank NA, Floating Rate Note, 8/1/17 2,501,258
2,032,000 SunTrust Bank, 7.25%, 3/15/18 2,133,937
The accompanying notes are an integral part of these financial statements.
68 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
6,215,000 1.56 SunTrust Bank, Floating Rate Note, 1/31/20 $ 6,240,252
800,000 1.70 UBS AG, Floating Rate Note, 3/26/18 803,217
3,000,000 1.61 UBS AG, Floating Rate Note, 6/1/17 3,002,187
2,965,000 1.36 US Bank NA Cincinnati Ohio, Floating Rate
Note, 1/24/20 2,967,007
2,600,000 1.33 US Bank NA Cincinnati Ohio, Floating Rate
Note, 1/26/18 2,604,017
4,603,000 1.62 US Bank NA Cincinnati Ohio, Floating Rate
Note, 1/29/18 4,620,887
2,525,000 1.50 US Bank NA Cincinnati Ohio, Floating Rate
Note, 8/23/17 2,528,444
3,169,000 1.23 Wachovia Corp., Floating Rate Note, 6/15/17 3,170,188
550,000 1.36 Wells Fargo & Co., Floating Rate Note, 6/2/17 550,130
6,485,000 1.78 Wells Fargo Bank NA, Floating Rate Note, 1/22/18 6,518,022
450,000 1.65 Wells Fargo Bank NA, Floating Rate Note, 5/24/19 452,964
1,285,000 1.50 Wells Fargo Bank NA, Floating Rate Note, 9/7/17 1,287,709
-------------
$ 87,594,440
-------------
Total Banks $ 315,914,799
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.3%
Other Diversified Financial Services -- 0.3%
2,750,000 1.30 Bank of America NA, Floating Rate Note, 5/8/17 $ 2,751,196
3,795,000 General Electric Co., 2.3%, 4/27/17 3,797,414
4,600,000 1.32 General Electric Co., Floating Rate Note, 5/15/17 4,600,327
-------------
$ 11,148,937
-----------------------------------------------------------------------------------------------------------
Multi-Sector Holdings -- 0.3%
2,530,000 Berkshire Hathaway Finance Corp., 1.6%, 5/15/17 $ 2,530,536
2,500,000 1.16 Berkshire Hathaway Finance Corp., Floating Rate
Note, 8/14/17 2,501,668
3,315,000 1.18 Berkshire Hathaway, Inc., Floating Rate
Note, 8/6/18 3,317,844
-------------
$ 8,350,048
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
3,180,000 MassMutual Global Funding II, 2.0%, 4/5/17 (144A) $ 3,180,000
-----------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.3%
2,500,000 American Express Credit Corp., 1.125%, 6/5/17 $ 2,500,098
1,750,000 1.46 American Express Credit Corp., Floating Rate
Note, 10/30/19 1,753,787
3,115,000 1.52 American Express Credit Corp., Floating Rate
Note, 3/3/20 3,112,116
2,116,000 1.21 American Express Credit Corp., Floating Rate
Note, 6/5/17 2,116,548
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 69
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
2,700,000 1.30 American Express Credit Corp., Floating Rate
Note, 9/22/17 $ 2,702,740
2,953,000 American Honda Finance Corp., 1.55%, 12/11/17 2,957,994
2,570,000 1.26 American Honda Finance Corp., Floating Rate
Note, 12/11/17 2,574,693
4,004,000 1.45 American Honda Finance Corp., Floating Rate
Note, 9/20/17 4,013,413
2,600,000 Capital One Bank USA NA, 1.3%, 6/5/17 2,599,922
3,115,000 Capital One NA, 1.65%, 2/5/18 3,114,477
6,975,000 3.08 General Motors Financial Co., Inc., Floating Rate
Note, 1/15/19 7,152,263
2,500,000 2.37 General Motors Financial Co., Inc., Floating Rate
Note, 4/10/18 2,524,672
2,323,000 2.34 General Motors Financial Co., Inc., Floating Rate
Note, 5/9/19 2,362,533
1,290,000 1.14 PACCAR Financial Corp., Floating Rate Note, 6/6/17 1,290,472
-------------
$ 40,775,728
-----------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.5%
3,190,000 State Street Corp., 4.956%, 3/15/18 $ 3,280,277
3,000,000 1.95 State Street Corp., Floating Rate Note, 8/18/20 3,057,042
1,090,000 1.39 The Bank of New York Mellon Corp., Floating Rate
Note, 3/6/18 1,093,008
1,047,000 1.45 The Bank of New York Mellon Corp., Floating Rate
Note, 8/1/18 1,053,452
1,770,000 The Charles Schwab Corp., 1.5%, 3/10/18 1,769,648
4,460,000 1.72 The Goldman Sachs Group, Inc., Floating Rate
Note, 5/22/17 4,463,666
-------------
$ 14,717,093
-----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.8%
3,130,000 1.89 Morgan Stanley, Floating Rate Note, 1/24,19 $ 3,154,358
4,325,000 1.60 Morgan Stanley, Floating Rate Note, 1/5/18 4,339,567
7,360,000 2.26 Morgan Stanley, Floating Rate Note, 2/1/19 7,479,902
2,800,000 1.06 Svensk Exportkredit AB, Floating Rate Note, 11/10/17 2,801,596
1,000,000 The Charles Schwab Corp., 2.2%, 7/25/18 1,006,194
3,115,000 The Charles Schwab Corp., 6.375%, 9/1/17 3,176,901
970,000 1.76 The Goldman Sachs Group, Inc., Floating Rate
Note, 12/15/17 973,465
3,470,000 2.24 The Goldman Sachs Group, Inc., Floating Rate
Note, 4/30/18 3,500,710
-------------
$ 26,432,693
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
70 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%+
700,000 1.41 Moody's Corp., Floating Rate Note, 9/4/18 $ 701,213
-------------
Total Diversified Financials $ 105,305,712
-----------------------------------------------------------------------------------------------------------
INSURANCE -- 7.1%
Life & Health Insurance -- 0.7%
2,600,000 1.46 Jackson National Life Global Funding, Floating Rate
Note, 10/13/17 (144A) $ 2,605,444
2,940,000 1.42 Metropolitan Life Global Funding I, Floating Rate
Note, 12/19/18 (144A) 2,948,729
2,050,000 Pricoa Global Funding I, 1.35%, 8/18/17 (144A) 2,047,025
2,650,000 Principal Life Global Funding II, 1.5%, 9/11/17 (144A) 2,649,743
7,370,000 1.55 Principal Life Global Funding II, Floating Rate
Note, 12/1/17 (144A) 7,393,621
2,481,000 1.35 Principal Life Global Funding II, Floating Rate
Note, 5/21/18 (144A) 2,482,727
800,000 1.82 Prudential Financial, Inc., Floating Rate Note, 8/15/18 804,892
-------------
$ 20,932,181
-----------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.8%
3,210,000 American International Group, Inc., 5.85%, 1/16/18 $ 3,312,136
1,135,000 Metropolitan Life Global Funding I, 1.3%,
4/10/17 (144A) 1,135,020
6,015,000 1.26 Metropolitan Life Global Funding I, Floating Rate
Note, 4/10/17 (144A) 6,015,319
1,695,000 New York Life Global Funding, 1.3%, 10/30/17 (144A) 1,693,956
3,419,000 New York Life Global Funding, Floating Rate
Note, 10/24/19 (144A) 3,435,873
8,050,000 1.41 New York Life Global Funding, Floating Rate
Note, 12/15/17 (144A) 8,068,499
1,250,000 New York Life Global Funding, Floating Rate
Note, 7/6/18 (144A) 1,251,039
-------------
$ 24,911,842
-----------------------------------------------------------------------------------------------------------
Reinsurance -- 5.6%
5,000,000 7.13 Alamo Re, Ltd., Floating Rate Note, 6/7/17
(Cat Bond) (144A) $ 5,015,000
2,500,000 6.13 Alamo Re, Ltd., Floating Rate Note, 6/7/18
(Cat Bond) (144A) 2,580,500
500,000 3.36 Aozora Re, Ltd., Floating Rate Note, 4/7/23
(Cat Bond) (144A) 509,050
1,500,000 4.50 Aozora Re, Ltd., Floating Rate Note, 4/7/21
(Cat Bond) (144A) 1,500,000
500,000 Arlington Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 8/31/16 (d)(e) 24,300
750,000 Arlington Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 8/31/17 (d)(e) 836,250
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 71
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,500,000 4.19 Atlas IX Capital DAC, Floating Rate Note, 1/17/19
(Cat Bond) (144A) $ 1,523,100
1,250,000 Berwick 2016-1 Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 2/1/18 (d)(e) 59,375
1,250,000 Berwick 2016-1 Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 2/1/19 (d)(e) 1,277,375
750,000 14.35 Blue Halo Re, Ltd., Floating Rate Note, 6/21/19
(Cat Bond) (144A) 748,950
3,100,000 4.70 Bonanza Re, Ltd., Floating Rate Note, 12/31/19
(Cat Bond) (144A) 3,098,140
750,000 4.34 Bosphorus, Ltd., Floating Rate Note, 8/17/18
(Cat Bond) (144A) 762,450
2,250,000 5.50 Caelus Re IV, Ltd., Floating Rate Note, 3/6/20
(Cat Bond) (144A) 2,355,075
3,050,000 7.06 Caelus Re, Ltd., Floating Rate Note, 4/7/17
(Cat Bond) (144A) 3,047,560
750,000 Carnoustie 2016-N,Segregated Account (Artex
SAC Ltd.), Variable Rate Notes, 11/30/20 (d)(e) 81,150
2,000,000 Carnoustie Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 11/30/21 (d)(e) 2,021,200
7,500,000 5.35 Citrus Re, Ltd., Floating Rate Note, 4/18/17
(Cat Bond) (144A) 7,501,500
6,800,000 4.48 Citrus Re, Ltd., Floating Rate Note, 4/24/17
(Cat Bond) (144A) 6,803,400
1,000,000 4.02 Cranberry Re, Ltd., Floating Rate Note, 7/6/18
(Cat Bond) (144A) 1,019,400
1,000,000 Cypress Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 7/10/17 (d)(e) 885,300
2,480,000 Denning 2016 Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 7/7/17 (d)(e) 2,459,664
2,000,000 2.75 East Lane Re VI, Ltd., Floating Rate Note, 3/14/18
(Cat Bond) (144A) 2,001,800
1,274,130 0.00 Eden Re II, Ltd., Variable Rate Notes, 3/22/21
(Cat Bond) 1,302,288
1,750,000 0.00 Eden Re II, Ltd., Variable Rate Notes, 3/22/21
(Cat Bond) (144A) 1,788,325
1,131 Eden Re II, Variable Rate Notes, 4/23/19 (d)(e) 91,616
17,450,000 8.12 Everglades Re, Ltd., Floating Rate Note, 4/28/17
(Cat Bond) (144A) 17,493,625
1,250,000 0.00 Galilei Re, Ltd., Floating Rate Note, 1/8/21
(Cat Bond) (144A) 1,243,375
2,500,000 0.00 Galilei Re, Ltd., Floating Rate Note, 1/8/20
(Cat Bond) (144A) 2,499,750
1,900,000 0.00 Galilei Re, Ltd., Floating Rate Note, 1/8/20
(Cat Bond) (144A) 1,891,450
The accompanying notes are an integral part of these financial statements.
72 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,500,000 0.00 Galilei Re, Ltd., Floating Rate Note, 1/8/20
(Cat Bond) (144A) $ 1,496,250
2,000,000 0.00 Galilei Re, Ltd., Floating Rate Note, 1/8/21
(Cat Bond) (144A) 2,000,800
1,250,000 0.00 Galilei Re, Ltd., Floating Rate Note, 1/8/21
(Cat Bond) (144A) 1,247,250
175,000 3.37 Gator Re, Ltd., Floating Rate Note, 1/9/20
(Cat Bond) (144A) 26,250
1,300,000 Gleneagles Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 11/30/20 (d)(e) 218,660
2,650,000 2.52 Golden State Re II, Ltd., Floating Rate Note, 1/8/19
(Cat Bond) (144A) 2,642,580
2,600,000 Gullane Segregated Account (Artex SAC Ltd.),
Variable Rate Notes 11/30/20 (d)(e) 108,940
3,000,000 Gullane Segregated Account (Artex SAC Ltd.),
Variable Rate Notes 11/30/21 (d)(e) 3,039,000
2,350,000 4.24 Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19
(Cat Bond) (144A) 2,386,895
2,000,000 9.41 Kilimanjaro Re, Ltd., Floating Rate Note, 12/6/19
(Cat Bond) (144A) 2,041,800
2,500,000 6.75 Kilimanjaro Re, Ltd., Floating Rate Note, 12/6/19
(Cat Bond) (144A) 2,551,750
3,300,000 5.24 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 3,324,420
1,000,000 5.00 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 1,007,500
1,500,000 Kingsbarns Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 5/15/17 (d)(e) 1,490,100
1,800,000 2.80 Kizuna Re II, Ltd., Floating Rate Note, 4/6/18
(Cat Bond) (144A) 1,800,000
1,250,000 Lahinch Re, Variable Rate Notes, 5/10/21 (d)(e) 22,250
500,000 0.00 Limestone Re, Ltd., Floating Rate Note, 8/31/21
(Cat Bond) 501,550
850,000 0.00 Limestone Re, Ltd., Floating Rate Note, 8/31/21
(Cat Bond) 852,635
4,000,000 4.05 Long Point Re, III, Ltd., Floating Rate Note, 5/23/18
(Cat Bond) (144A) 4,037,200
750,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (d)(e) 4,350
2,500,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/19 (d)(e) 2,755,750
2,500,000 Madison Re, Variable Rate Notes, 3/31/19 (d)(e) 2,757,250
2,000,000 2.56 Merna Re V, Ltd., Floating Rate Note, 4/7/17
(Cat Bond) (144A) 1,998,000
2,500,000 3.07 Nakama Re, Ltd., Floating Rate Note, 10/13/21
(Cat Bond) (144A) 2,542,750
2,500,000 Pangaea Re, Series 2015-1, Principal at Risk
Notes, 2/1/19 (d)(e) 11,250
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 73
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
2,800,000 Pangaea Re, Series 2015-2, Principal at Risk
Notes, 11/30/19 (d)(e) $ 225,960
1,500,000 Pangaea Re, Series 2016-2, Principal at Risk
Notes, 11/30/20 (d)(e) 1,714,950
2,000,000 Pangaea Re, Series 2017-1, Principal at Risk
Notes, 11/30/21 (d)(e) 2,046,800
2,500,000 Pangaea Re, Variable Rate Notes, 2/1/20 (d)(e) 347,500
3,500,000 6.71 Pelican Re, Ltd., Floating Rate Note, 5/15/17
(Cat Bond) (144A) 3,511,200
3,500,000 4.81 PennUnion Re, Ltd., Floating Rate Note, 12/7/18
(Cat Bond) (144A) 3,512,600
3,000,000 Pinehurst Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 1/16/18 (d)(e) 2,871,000
1,500,000 Port Rush RE, Variable Rate Notes, 6/15/17 (d)(e) 342,450
1,500,000 5.75 Queen Street X Re, Ltd., Floating Rate Note, 6/8/18
(Cat Bond) (144A) 1,508,550
1,750,000 6.49 Queen Street XI Re Dac, Floating Rate Note, 6/7/19
(Cat Bond) (144A) 1,778,875
850,000 9.97 Residential Reinsurance 2013, Ltd., Floating Rate
Note, 6/6/17 (Cat Bond) (144A) 854,250
750,000 3.61 Residential Reinsurance 2014, Ltd., Floating Rate
Note, 6/6/18 (Cat Bond) (144A) 753,825
1,000,000 7.60 Residential Reinsurance 2015, Ltd., Floating Rate
Note, 12/6/19 (Cat Bond) (144A) 1,031,500
250,000 0.00 Residential Reinsurance 2016, Ltd., Floating Rate
Note, 12/6/20 (Cat Bond) (144A) 234,950
2,000,000 3.50 Residential Reinsurance 2016, Ltd., Floating Rate
Note, 12/6/23 (Cat Bond) (144A) 1,947,000
2,500,000 0.00 Resilience Re, Ltd., Floating Rate Note, 1/12/18
(Cat Bond) 2,361,750
1,500,000 0.00 Resilience Re, Ltd., Floating Rate Note, 1/8/19
(Cat Bond) 1,500,000
2,500,000 3.30 Resilience Re, Ltd., Floating Rate Note, 1/9/19
(Cat Bond) 2,500,000
2,500,000 0.00 Resilience Re, Ltd., Floating Rate Note, 4/7/17
(Cat Bond) 2,533,500
1,250,000 0.00 Resilience Re, Ltd., Floating Rate Note, 6/12/17
(Cat Bond) 1,250,500
3,000,000 3.50 Sanders Re, Ltd., Floating Rate Note, 5/25/18
(Cat Bond) (144A) 3,002,700
1,250,000 4.21 Sanders Re, Ltd., Floating Rate Note, 5/5/17
(Cat Bond) (144A) 1,249,875
2,500,000 4.00 Sanders Re, Ltd., Floating Rate Note, 5/5/17
(Cat Bond) (144A) 2,499,000
The accompanying notes are an integral part of these financial statements.
74 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
3,000,000 3.97 Sanders Re, Ltd., Floating Rate Note, 6/7/17
(Cat Bond) (144A) $ 3,004,800
500,000 Sector Re V, Ltd., Variable Rate Notes, 12/1/21
(144A) (d)(e) 508,000
1,250,000 Sector Re V, Ltd., Variable Rate Notes 3/1/21 (d)(e) 1,410,375
2,369 Sector Re V, Ltd., Variable Rate Notes, 12/1/20
(144A) (d)(e) 28,663
2,500,000 Shenandoah 2017-1 Segregated Account (Artex
SAC Ltd.), Variable Rate Notes, 7/7/17 (d)(e) 2,462,750
1,000,000 Silverton Re, Ltd., Variable Rate Notes, 9/18/19
(144A) (d)(e) 1,026,900
1,000,000 Silverton Re, Ltd., Variable Rate Notes, 9/18/18
(144A) (d)(e) 48,800
2,500,000 12.00 Skyline Re, Ltd., Floating Rate Note, 1/6/20
(Cat Bond) 2,490,625
1,250,000 St. Andrews Segregated Account (Artex SAC Ltd.),
Variable Rate Note, 2/1/19 (d)(e) 1,270,875
1,250,000 St. Andrews Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 2/1/18 (d)(e) 175,750
1,000,000 Sunningdale Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 1/16/18 (d)(e) 916,600
750,000 5.50 Tradewynd Re, Ltd., Floating Rate Note, 1/8/18
(Cat Bond) (144A) 752,550
250,000 9.94 Tramline Re II, Ltd., Floating Rate Note, 1/4/19
(Cat Bond) (144A) 255,425
1,750,000 3.74 Tramline Re II, Ltd., Floating Rate Note, 7/7/17
(Cat Bond) (144A) 1,747,200
1,800,000 4.00 Ursa Re, Ltd., Floating Rate Note, 12/10/19
(Cat Bond) (144A) 1,816,740
2,500,000 5.22 Ursa Re, Ltd., Floating Rate Note, 9/21/18
(Cat Bond) (144A) 2,544,250
2,700,000 Versutus 2016, Class A-1, Variable Rate
Notes, 11/30/20 (d)(e) 110,160
2,600,000 Versutus 2017, Class A-1, Variable Rate
Notes, 11/30/21 (d)(e) 2,653,040
3,800,000 2.01 Vitality Re V, Ltd., Floating Rate Note, 1/7/19
(Cat Bond) (144A) 3,783,660
2,000,000 2.47 Vitality Re VII, Ltd., Floating Rate Note, 1/7/20
(Cat Bond) (144A) 2,015,400
1,000,000 2.83 Vitality Re VII, Ltd., Floating Rate Note, 1/7/20
(Cat Bond) (144A) 1,017,900
-------------
$ 182,905,346
-------------
Total Insurance $ 228,749,369
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 75
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Diversified REIT -- 0.2%
5,960,000 Duke Realty LP, 6.5%, 1/15/18 $ 6,177,790
-------------
Total Real Estate $ 6,177,790
-----------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
Systems Software -- 0.1%
2,910,000 Oracle Corp., 1.2%, 10/15/17 $ 2,909,243
1,937,000 1.07 Oracle Corp., Floating Rate Note, 7/7/17 1,938,786
-------------
$ 4,848,029
-------------
Total Software & Services $ 4,848,029
-----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Computer Hardware Storage & Peripherals -- 0.1%
2,650,000 1.74 Apple, Inc., Floating Rate Note, 2/22/19 $ 2,690,148
-------------
Total Technology Hardware & Equipment $ 2,690,148
-----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.3%
Integrated Telecommunication Services -- 0.3%
2,400,000 1.79 AT&T, Inc., Floating Rate Note, 3/11/19 $ 2,413,841
2,560,000 AT&T, Inc., 1.4%, 12/1/17 2,557,916
2,550,000 1.85 AT&T, Inc., Floating Rate Note, 11/27/18 2,573,297
2,990,000 1.60 Deutsche Telekom International Finance BV,
Floating Rate Note, 1/17/20 (144A) 2,990,102
-------------
$ 10,535,156
-------------
Total Telecommunication Services $ 10,535,156
-----------------------------------------------------------------------------------------------------------
UTILITIES -- 1.4%
Electric Utilities -- 1.1%
1,840,000 American Electric Power Co., Inc., 1.65%, 12/15/17 $ 1,839,441
1,631,000 Commonwealth Edison Co., 5.8%, 3/15/18 1,695,734
1,147,000 Duke Energy Corp., 2.1%, 6/15/18 1,151,455
8,650,000 1.38 Duke Energy Corp., Floating Rate Note, 4/3/17 8,650,000
7,095,000 1.11 Duke Energy Progress LLC, Floating Rate
Note, 11/20/17 7,095,255
2,545,000 Exelon Corp., 1.55%, 6/9/17 2,545,076
2,650,000 NextEra Energy Capital Holdings, Inc., 1.586%, 6/1/17 2,650,705
517,000 NextEra Energy Capital Holdings, Inc., 2.056%, 9/1/17 518,666
6,145,000 PECO Energy Co., 5.35%, 3/1/18 6,354,219
1,440,000 Southern California Edison Co., 1.125%, 5/1/17 1,439,866
-------------
$ 33,940,417
-----------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.1%
3,754,000 Kinder Morgan Finance Co., LLC, 6.0%,
1/15/18 (144A) $ 3,871,275
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
76 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.2%
2,295,000 Dominion Resources, Inc., Virginia, 1.4%, 9/15/17 $ 2,292,753
1,750,000 Dominion Resources, Inc., Virginia, 1.6%, 8/15/19 1,728,099
2,030,000 Sempra Energy, 2.3%, 4/1/17 2,030,000
-------------
$ 6,050,852
-------------
Total Utilities $ 43,862,544
-----------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $919,493,490) $ 922,972,543
-----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 9.4%
629 Fannie Mae, 7.0%, 10/1/17 $ 631
14,411 3.15 Fannie Mae, Floating Rate Note, 1/1/48 15,196
8,657 2.99 Fannie Mae, Floating Rate Note, 10/1/32 8,848
3,808 2.63 Fannie Mae, Floating Rate Note, 11/1/23 3,933
21,580 2.92 Fannie Mae, Floating Rate Note, 2/1/34 21,726
14,896 2.67 Fannie Mae, Floating Rate Note, 9/1/32 15,749
2,645,000 1.00 Federal Farm Credit Banks, Floating Rate
Note, 10/17/17 2,649,026
4,196 2.84 Federal Home Loan Mortgage Corp., Floating Rate
Note, 10/1/23 4,297
13,150 3.50 Federal Home Loan Mortgage Corp., Floating Rate
Note, 11/1/33 13,651
5,642 3.12 Federal Home Loan Mortgage Corp., Floating Rate
Note, 6/1/35 5,649
6,561 2.00 Government National Mortgage Association II,
Floating Rate Note, 1/20/22 6,721
15,400,000 U.S. Treasury Bill, 4/13/17 (c) 15,396,905
47,480,000 0.93 U.S. Treasury Notes, Floating Rate Note, 10/31/17 47,529,551
2,550,000 U.S. Treasury Notes, 0.625%, 11/30/17 2,544,023
2,590,000 U.S. Treasury Notes, 0.875%, 5/15/17 2,590,609
45,275,000 1.05 U.S. Treasury Notes, Floating Rate Note, 1/31/18 45,376,869
46,790,000 0.92 U.S. Treasury Notes, Floating Rate Note, 1/31/19 46,824,391
45,510,000 0.95 U.S. Treasury Notes, Floating Rate Note, 10/31/18 45,575,534
45,075,000 0.97 U.S. Treasury Notes, Floating Rate Note, 4/30/18 45,149,915
45,595,000 0.96 U.S. Treasury Notes, Floating Rate Note, 7/31/18 45,671,873
-------------
$ 299,405,097
-----------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $299,193,213) $ 299,405,097
-----------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.1% (f)
Municipal Development -- 0.1%
2,095,000 0.91 Mississippi Business Finance Corp., Floating Rate
Note, 12/1/30 $ 2,095,000
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 77
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Municipal Student Loan -- 0.0%+
553,437 1.78 Louisiana Public Facilities Authority, Floating Rate
Note, 4/26/27 $ 554,865
-----------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $2,650,667) $ 2,649,865
-----------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 5.1%**
ENERGY -- 0.1%
Oil & Gas Refining & Marketing -- 0.0%+
220,369 5.25 Western Refining, Inc., Term Loan 2013, 11/12/20 $ 220,782
-----------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.1%
1,000,000 3.73 Energy Transfer Equity LP, Loan, 2/2/24 $ 998,929
915,400 6.25 Gulf Finance LLC, Tranche B Term Loan, 8/17/23 915,400
-------------
$ 1,914,329
-------------
Total Energy $ 2,135,111
-----------------------------------------------------------------------------------------------------------
MATERIALS -- 0.1%
Commodity Chemicals -- 0.0%+
375,603 4.65 Tronox Pigments Holland BV, New Term Loan, 3/19/20 $ 378,384
-----------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.0%+
472,106 6.00 Chemours Co., LLC, Term Loan (First Lien), 5/12/22 $ 473,139
-----------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
728,903 3.65 Axalta Coating Systems US Holdings, Inc., Term B-1
Dollar Loan, 2/1/20 $ 736,136
66,538 4.40 Kloeckner Pentaplast of America, Inc., Initial
German Borrower Dollar Term Loan, 4/28/20 67,307
155,699 4.40 Kloeckner Pentaplast of America, Inc., Initial U.S.
Dollar Term Loan, 4/28/20 157,499
246,877 3.13 PolyOne Corp., Term B-2 Loan, 11/12/22 249,345
408,072 5.29 PQ Corp., First Amendment Tranche B-1 Term
Loan, 11/4/22 412,881
473,757 3.03 WR Grace & Co-Conn, U.S. Term Loan, 1/23/21 475,830
-------------
$ 2,098,998
-----------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.0%+
132,197 4.25 Multi Packaging Solutions, Inc., Initial Dollar
Tranche B Term, 9/30/20 $ 132,941
-----------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
497,500 3.75 Fortescue Metals Group, Ltd., Bank Loan, 6/30/19 $ 165,341
164,253 5.25 Global Brass and Copper, Inc., Initial Term
Loan, 6/30/23 504,652
-------------
$ 669,993
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
78 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Steel -- 0.0%+
142,829 4.56 TMS International Corp., Term B Loan, 10/2/20 $ 144,168
496,256 4.91 Zekelman Industries, Inc., Term Loan, 6/8/21 503,700
-------------
$ 647,868
-------------
Total Materials $ 4,401,323
-----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.4%
Aerospace & Defense -- 0.2%
1,271,998 3.73 DigitalGlobe, Inc., Term Loan, 12/22/23 $ 1,277,828
698,250 3.25 Leidos Innovations Corp., B Term Loan, 6/9/23 706,454
1,214,586 5.65 The SI Organization, Inc., Term Loan (First
Lien), 11/19/19 1,233,944
1,260,885 4.12 TransDigm, Inc., Tranche C Term Loan, 2/28/20 1,262,303
1,231,664 3.65 Wesco Aircraft Hardare Corp., Tranche B Term
Loan (First Lien), 2/24/21 1,229,610
-------------
$ 5,710,139
-----------------------------------------------------------------------------------------------------------
Building Products -- 0.1%
955,350 3.80 Armstrong World Industries, Inc., Term Loan B, 2/23/23 $ 956,146
689,500 3.67 Beacon Roofing Supply, Inc., Initial Term Loan, 9/25/22 694,815
2,722 4.00 Builders Firstsource, Inc., 1st Lien Term Loan, 3/29/24 2,724
615,271 4.23 Quikrete Holdings, Inc., Initial Loan (First Lien), 11/3/23 622,450
350,000 4.25 Unifrax Corp., New Term B Loan, 12/31/19 765,595
765,834 0.00 Unifrax Holding Co., New Term Dollar Loan, 3/30/24 353,062
-------------
$ 3,394,792
-----------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
1,296,750 3.49 Dell International LLC, Term Loan, 9/7/23 $ 1,304,560
1,536,873 3.38 Southwire Co., Term Loan, 1/31/21 1,550,640
663,438 6.50 WireCo WorldGroup, Inc., Initial Term Loan (First
Lien), 7/22/23 670,625
-------------
$ 3,525,825
-----------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%+
451,862 3.00 Milacron LLC, Term B Loan, 9/25/23 $ 454,686
-----------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy
Trucks -- 0.0%+
302,591 3.54 Terex Corp., U.S. Term Loan (2017), 1/31/24 $ 304,167
-----------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.0%+
229,776 4.56 Gardner Denver, Inc., Initial Dollar Term Loan, 7/30/20 $ 229,596
738,583 5.23 NN, Inc., Tranche B Term Loan, 10/19/22 739,853
-------------
$ 969,449
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 79
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%+
236,330 4.22 WESCO Distribution, Inc., Tranche B-1
Loan, 12/12/19 $ 237,291
-------------
Total Capital Goods $ 14,596,349
-----------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Environmental & Facilities Services -- 0.1%
147,000 3.73 Waste Industries USA, Inc., Term B Loan, 2/27/20 $ 147,873
2,808,908 5.15 Wheelabrator, Term B Loan, 10/15/21 2,838,168
126,437 5.15 Wheelabrator, Term C Loan, 10/15/21 127,754
-------------
$ 3,113,795
-----------------------------------------------------------------------------------------------------------
Office Services & Supplies -- 0.0%+
461,518 3.54 West Corp., Refinanced Term B-12 Loan, 6/17/23 $ 463,191
-----------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.1%
1,219,998 4.01 Garda World Security Corp., Term B Loan, 11/1/20 $ 1,224,826
312,092 4.01 Garda World Security Corp., Term B Loan, 11/8/20 313,328
-------------
$ 1,538,154
-----------------------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.0%+
1,035,194 3.03 On Assignment, Inc., Tranche B-2 Term Loan, 6/5/22 $ 1,043,390
-------------
Total Commercial Services & Supplies $ 6,158,530
-----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Air Freight & Logistics -- 0.0%+
193,500 5.25 Syncreon Group BV, Term Loan, 9/26/20 $ 175,359
-----------------------------------------------------------------------------------------------------------
Airlines -- 0.1%
2,474,058 3.38 American Airlines, Inc., 2015 Term Loan, 10/10/21 $ 491,776
240,625 2.98 American Airlines, Inc., 2017 Replacement Term
Loan, 6/27/20 2,477,150
490,000 3.48 Delta Air Lines, Inc., Term Loan (First Lien), 8/24/22 298,501
295,500 3.35 Delta Air Lines, Inc., 2014 Term B-1 Loan, 10/18/18 723,904
718,125 0.00 United AirLines, Inc., Term Loan B, 4/1/24 241,753
-------------
$ 4,233,084
-------------
Total Transportation $ 4,408,443
-----------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.2%
Auto Parts & Equipment -- 0.2%
1,155,000 3.00 Allison Transmission, Inc., Term B-3 Loan, 8/23/19 $ 435,357
1,026,759 3.00 American Axle & Manufacturing, Inc., Term
Loan B, 3/9/24 1,158,369
430,818 6.00 BBB Industries US, Initial Term Loan, 10/15/21 990,778
982,500 3.75 MPG Holdco I, Inc., Tranche B-1 Term Loan
(2015), 10/20/21 1,226,342
The accompanying notes are an integral part of these financial statements.
80 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Auto Parts & Equipment -- (continued)
1,222,521 3.73 TI Group Automotive Systems LLC, Initial US Term
Loan, 6/25/22 $ 803,612
798,125 3.62 Tower Automotive Holdings USA LLC, Initial Term
Loan, 3/6/24 1,026,118
291,667 4.07 Visteon Corp., Tranche B Loan (First Lien), 4/8/21 293,307
-------------
$ 5,933,883
-----------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.0%+
266,667 2.86 The Goodyear Tire & Rubber Co., Term Loan
(Second Lien), 3/27/19 $ 268,000
-----------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.0%+
1,669,364 3.39 Chrysler Group LLC, Tranche B Term Loan, 12/29/18 $ 1,676,533
-------------
Total Automobiles & Components $ 7,878,416
-----------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Housewares & Specialties -- 0.1%
571,395 3.73 Prestige Brands, Inc., Term B-4 Loan, 1/20/24 $ 577,227
995,006 3.98 Reynolds Group Holdings, Inc., Incremental U.S.
Term Loan, 2/5/23 1,000,293
-------------
$ 1,577,520
-----------------------------------------------------------------------------------------------------------
Leisure Products -- 0.0%+
750,000 5.97 Bass Pro Group LLC, Initial Term Loan, 11/16/23 $ 724,375
-----------------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 0.0%+
374,853 3.48 Hanesbrands, Inc., New Term B Loan, 4/15/22 $ 378,365
-------------
Total Consumer Durables & Apparel $ 2,680,260
-----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.4%
Casinos & Gaming -- 0.0%+
12,167 4.15 Pinnacle Entertainment, Inc., Term B Facility
Loan, 3/30/23 $ 12,307
1,539,098 4.85 Scientific Games International, Inc., Initial
Term B-3 Loan, 10/1/21 1,560,101
-------------
$ 1,572,408
-----------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.1%
374,063 4.15 Four Seasons Holdings, Inc., Term Loan, 6/27/20 $ 378,772
1,286,908 2.98 Hilton Worldwide Finance LLC, Series B-2 Term
Loan, 10/25/23 1,298,527
275,289 3.73 Sabre GLBL, Inc., 2017 Incremental Term
Loan, 2/16/24 277,594
-------------
$ 1,954,893
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 81
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.0%+
95,930 3.48 Cedar Fair LP, U.S. Term Facility, 3/6/20 $ 96,574
432,370 6.00 L.A. Fitness International, LLC, Tranche B Term
Loan (First Lien), 4/25/20 436,424
986,278 3.24 Six Flags Theme Parks, Inc., Tranche B Term
Loan, 6/30/22 997,066
-------------
$ 1,530,064
-----------------------------------------------------------------------------------------------------------
Restaurants -- 0.1%
1,442,750 2.98 KFC Holding Co., Term B Loan, 6/2/23 $ 1,459,695
219,318 4.04 Landry's, Inc., B Term Loan, 9/22/23 221,492
152,000 4.75 NPC International, Inc., Term Loan, 12/28/18 153,235
817,411 4.53 PF Chang's China Bistro, Inc., Term Borrowing, 7/2/19 807,193
-------------
$ 2,641,615
-----------------------------------------------------------------------------------------------------------
Education Services -- 0.1%
1,920,856 3.74 Bright Horizons Family Solutions LLC (f.k.a.
Bright Horizons Family Solutions, Inc.), Effective
Date Incremental Term Loan, 11/3/23 $ 1,943,426
-----------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.1%
474,874 5.50 Allied Universal Holdco LLC, Incremental Term
Loan, 7/28/22 $ 478,288
598,500 4.50 Creative Artists Agency LLC, Term Loan B, 2/9/24 605,981
522,378 4.25 Prime Security Services Borrower LLC, 2016-2
Refinancing Term B-1 Loan (First Lien), 5/2/22 527,789
377,905 4.34 Weight Watchers International, Inc., Initial
Tranche B-2 Term Loan, 4/2/20 353,847
-------------
$ 1,965,905
-------------
Total Consumer Services $ 11,608,311
-----------------------------------------------------------------------------------------------------------
MEDIA -- 0.7%
Broadcasting -- 0.3%
647,534 4.50 CBS Radio, Inc., Term Loan, 10/7/23 $ 273,861
270,948 3.94 CSC Holdings LLC, 2016 Extended Term
Loan, 10/31/24 655,976
656,250 4.55 Entercom Radio LLC, Term B Loan, 11/1/23 214,590
213,124 3.48 Gray Television, Inc., Term B-2 Loan, 2/7/24 1,008,611
999,862 3.35 Nielsen Finance LLC, Class B-3 Term Loan, 9/28/23 503,045
498,750 3.54 Quebecor Media, Inc., Facility B-1 Tranche, 8/17/20 488,172
486,146 3.24 Sinclair Television Group, Inc., Tranche B Term
Loan, 1/31/24 2,298,296
2,287,099 3.49 The EW Scripps Co., Tranche B Term Loan, 11/26/20 520,707
514,490 4.60 Tribune Media Co., Term B Loan, 12/27/20 92,857
91,994 3.98 Tribune Media Co., Term C Loan, 1/18/24 1,160,241
The accompanying notes are an integral part of these financial statements.
82 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Broadcasting -- (continued)
1,149,465 3.75 Univision Communications, Inc., 2017 Replacement
Repriced First-Lien Term Loan, 3/15/24 $ 643,790
-------------
$ 7,860,146
-----------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.2%
2,450,000 2.99 Charter Communications Operating LLC, Term F-1
Loan, 1/3/21 $ 1,279,397
1,275,313 3.23 Charter Communications Operating LLC, Term I-1
Loan, 1/15/24 996,119
990,000 3.89 Intelsat Jackson Holdings SA, Tranche B-2 Term
Loan, 6/30/19 514,559
521,732 3.45 MCC Iowa LLC, Tranche H Term Loan, 1/29/21 249,926
248,067 3.20 Mediacom Illinois LLC, Tranche K Term Loan, 2/19/24 1,368,875
1,361,500 3.66 UPC Financing Partnership, Facility AP, 4/15/25 803,500
800,000 3.41 Ziggo, Secured Finance PartnershipTerm Loan E
Facility, 4/25/25 2,446,938
-------------
$ 7,659,314
-----------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
399,000 3.73 AMC Entertainment Holdings, Inc., 2016 Incremental
Term Loan, 12/15/23 $ 504,750
500,000 3.66 AMC Entertainment, Inc., Initial Term Loan, 4/30/20 1,442,712
1,428,427 3.63 Kasima LLC, Term Loan, 5/17/21 608,805
603,774 3.50 Live Nation Entertainment, Inc., Term B-2
Loan, 10/27/23 1,269,484
1,258,675 4.65 NVA Holdings, Inc., Term B-2 Loan (First Lien), 8/14/21 403,322
997,813 3.49 Rovi Solutions Corp., Term B Loan, 7/2/21 1,002,595
577,500 3.90 Seminole Hard Rock Entertainment, Inc., Term
Loan, 5/14/20 581,711
821,620 3.75 WMG Acquisition Corp., Tranche C Term Loan, 11/1/23 825,986
-------------
$ 6,639,365
-----------------------------------------------------------------------------------------------------------
Publishing -- 0.0%+
496,894 3.58 MTL Publishing LLC, Term B-4 Loan, 8/20/22 $ 499,864
694,976 0.00 Quincy Media, Inc., Term Loan B, 10/19/22 701,926
-------------
$ 1,201,790
-------------
Total Media $ 23,360,615
-----------------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Home Improvement Retail -- 0.1%
1,195,584 4.50 Apex Tool Group LLC, Term Loan, 2/1/20 $ 1,188,111
-----------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.0%+
962,193 3.75 Michaels Stores, Inc., 2016 New Replacement
Term B-1 Loan, 1/28/23 $ 960,189
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 83
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.1%
1,306,602 3.15 Avis Budget Car Rental LLC, Tranche B Term
Loan, 3/15/22 $ 1,310,849
199,679 3.90 Cooper-Standard Automotive, Inc., Additional
Term B-1 Loan, 10/28/23 201,926
1,059,414 4.61 CWGS Group LLC, Term Loan, 11/3/23 1,067,360
421,284 3.73 The Hertz Corp., Tranche B-1 Term Loan, 6/30/23 422,568
-------------
$ 3,002,703
-----------------------------------------------------------------------------------------------------------
Homefurnishing Retail -- 0.0%+
572,192 4.54 Serta Simmons Bedding LLC, Initial Term Loan
(First Lien), 10/21/23 $ 575,564
-------------
Total Retailing $ 5,726,567
-----------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Food Distributors -- 0.0%+
54,247 4.00 AdvancePierre Foods, Inc., Effective Date
Loan, 5/18/23 $ 54,931
-----------------------------------------------------------------------------------------------------------
Food Retail -- 0.1%
1,047,076 4.30 Albertsons LLC, 2016-1 Term B-6 Loan, 6/23/23 $ 1,054,602
496,259 4.40 Albertsons LLC, 2016-2 Term B-5 Loan, 12/23/22 499,749
-------------
$ 1,554,351
-------------
Total Food & Staples Retailing $ 1,609,282
-----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Agricultural Products -- 0.0%+
1,542,300 3.51 Darling International, Inc., Term B USD
Loan, 12/19/20 $ 1,563,005
-----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.2%
533,425 3.23 B&G Foods, Inc., Tranche B Term Loan, 11/2/22 $ 538,426
2,400,000 3.29 JBS USA Lux SA (f.k.a. JBS USA LLC), Initial Term
Loan, 10/30/22 2,408,750
2,153,436 2.81 Pinnacle Foods Finance LLC, Initial Term Loan, 1/30/24 2,165,934
-------------
$ 5,113,110
-------------
Total Food, Beverage & Tobacco $ 6,676,115
-----------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.0%+
543,262 3.40 Spectrum Brands, Inc., 2016 Replacement USD
Term Loan, 6/23/22 $ 547,846
-----------------------------------------------------------------------------------------------------------
Personal Products -- 0.1%
1,004,950 4.48 Revlon Consumer Products Corp., Initial Term B
Loan, 7/22/23 $ 1,007,043
235,719 4.65 The Nature's Bounty Co., Dollar Term B-1 Loan, 5/5/23 237,118
-------------
$ 1,244,161
-------------
Total Household & Personal Products $ 1,792,007
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
84 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.5%
Health Care Equipment -- 0.0%+
625,000 3.48 Cidron Healthcare, Ltd., (a..k.a ConvaTec, Inc.),
Term B Loan, 10/14/23 $ 631,250
-----------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
1,145,000 4.25 Kinetic Concepts, Inc., Term Loan B, 2/1/24 $ 1,145,597
985,000 4.40 Sterigenics-Nordion Holdings LLC, Initial Term
Loan, 4/27/22 988,694
-------------
$ 2,134,291
-----------------------------------------------------------------------------------------------------------
Health Care Services -- 0.1%
523,299 6.50 BioScrip, Inc., Initial Term B Loan, 7/31/20 $ 517,739
313,980 6.50 BioScrip, Inc., Term Loan, 7/31/20 310,644
593,611 4.00 BSN Medical GmbH & Co. KG, Facility B1A, 8/28/19 595,095
463,144 3.73 DaVita HealthCare Partners, Inc., Tranche B Loan
(First Lien), 6/19/21 469,139
1,223,367 4.15 Envision Healthcare Corp., Initial Term Loan, 11/17/23 1,237,130
489,899 4.40 National Mentor Holdings, Inc., Tranche B Term
Loan, 1/31/21 491,838
896,531 4.33 Pharmaceutical Product Development LLC, Initial
Term Loan, 8/6/22 900,566
-------------
$ 4,522,151
-----------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.2%
24,025 3.90 CHS, Incremental 2019 Term G Loan, 12/31/19 $ 23,917
44,205 4.05 CHS, Incremental 2021 Term H Loan, 1/27/21 43,630
1,951,967 4.03 HCA, Inc., Tranche B-9 Term Loan, 3/10/23 1,962,490
476,326 4.50 IASIS Healthcare LLC, Term B-2 Loan, 5/3/18 476,368
1,080,565 4.56 Kindred Healthcare, Inc., Tranche B Loan (First
Lien), 4/10/21 1,081,916
1,497,635 4.50 Select Medical Corp., Tranche B Term Loan, 2/13/24 1,513,547
439,926 5.00 Vizient, Inc., Term B-2 Loan, 2/11/23 444,692
-------------
$ 5,546,560
-----------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.0%+
744,375 7.12 Prospect Medical Holdings, Inc., Term Loan, 6/20/22 $ 755,075
-----------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
1,390,108 3.75 Change Healthcare Holdings, Inc. (f.k.a. Emdeon,
Inc.), Closing Date Term Loan, 2/3/24 $ 1,394,163
-------------
Total Health Care Equipment & Services $ 14,983,490
-----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.3%
Biotechnology -- 0.1%
1,099,693 3.58 Alkermes, Inc., 2021 Term Loan, 9/25/19 $ 1,110,690
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 85
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.2%
397,894 5.25 Concordia Healthcare Corp., Initial Dollar Term
Loan, 10/20/21 $ 280,515
296,613 4.25 DPx Holdings BV, 2015 Incremental Dollar Term
Loan, 1/23/21 297,434
1,085,582 4.00 Endo Luxembourg Finance I Co., Sarl, 2015
Incremental Term B Loan, 6/24/22 1,087,467
525,000 3.19 Grifols Worldwide Operations USA, Inc., Tranche B
Term Loan, 1/23/25 526,923
891,824 3.90 Mallinckrodt International Finance SA, 2017,
Term B Loan, 9/24/24 892,938
500,000 0.00 RPI Finance Trust, Initial Term Loan B-6, 3/17/23 502,098
1,308,866 3.65 RPI Finance Trust, Term B-5 Term Loan, 10/5/22 1,314,593
1,395,428 5.57 Valeant Pharmaceuticals, Series F-1, 3/11/22 1,402,564
-------------
$ 6,304,532
-----------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.0%+
496,222 6.01 Albany Molecular Research, Inc., Term Loan, 7/14/21 $ 501,184
-------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 7,916,406
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Other Diversified Financial Services -- 0.2%
717,463 4.50 Altisource Solutions Sarl, Term B Loan, 12/9/20 $ 692,351
303,549 3.78 AWAS Finance Luxembourg 2012 SA, Term
Loan, 7/16/18 305,257
1,292,032 3.40 Delos Finance Sarl, Loan, 10/6/23 1,305,625
1,909,107 3.79 Fly Funding II Sarl, Loan, 8/9/19 1,919,449
481,250 5.50 Livingston International, Inc., Initial Term B-1
Loan (First Lien), 4/18/19 477,340
241,938 6.00 Ocwen Loan Servicing LLC, Restatement Effective
Date Term Loan, 12/5/20 245,012
-------------
$ 4,945,034
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%
462,493 3.31 Restaurant Brands, Inc., 1st Lien Term Loan B, 2/7/24 $ 464,083
831,587 3.24 SBA Senior Finance II LLC, Incremental Tranche B-1
Term Loan, 3/31/21 835,151
-------------
$ 1,299,234
-----------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.1%
1,000,000 3.73 Avolon TLB Borrower 1 (U.S.) LLC, Initial Term B-2
Loan, 1/20/22 $ 1,015,139
The accompanying notes are an integral part of these financial statements.
86 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- (continued)
1,594,274 3.18 Outfront Media Capital LLC (Outfront Media Capital
Corp.,), Term Loan, 3/10/24 $ 1,606,730
1,000,000 3.25 Restaurant Brands, Inc., 1st Lien Term Loan, 2/7/24 1,000,625
-------------
$ 3,622,494
-------------
Total Diversified Financials $ 9,866,762
-----------------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Insurance Brokers -- 0.0%+
793,077 4.25 USI Insurance Services LLC, Term B Loan, 12/30/19 $ 795,224
-----------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.0%+
740,839 6.79 Integro, Ltd., Initial Term Loan (First Lien), 10/9/22 $ 744,543
-----------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.0%+
71,219 4.39 Alliant Holdings Intermediate LLC, Initial Term
Loan, 7/28/22 $ 71,805
-----------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.1%
1,000,000 5.89 Acrisure LLC, Term B Loan (First Lien), 11/3/23 $ 1,016,563
576,385 5.75 Confie Seguros Holding II Co., Term B Loan, 4/13/22 579,411
-------------
$ 1,595,974
-------------
Total Insurance $ 3,207,546
-----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Hotel & Resort REIT -- 0.0%+
1,123,650 3.48 MGM Growth Properties Operating Partnership LP,
Term B Loan, 4/7/23 $ 1,130,954
-----------------------------------------------------------------------------------------------------------
Retail REIT -- 0.1%
1,676,354 4.30 DTZ US Borrower LLC, 2015-1 Additional Term
Loan (First Lien), 11/4/21 $ 1,688,927
-----------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.0%+
393,027 4.00 Uniti Group, Inc., Shortfall Term Loan, 10/24/22 $ 392,780
-------------
Total Real Estate $ 3,212,661
-----------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Internet Software & Services -- 0.1%
1,995,000 4.53 Rackspace Hosting, Inc., Term B Loan (First
Lien), 10/26/23 $ 2,012,664
997,500 3.41 Vantiv LLC, Term B Loan, 6/12/21 1,007,920
-------------
$ 3,020,584
-----------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.0%+
1,132,598 3.15 CDW LLC, Term Loan, 8/16/23 $ 1,140,385
390,000 5.75 Evergreen Skills Lux Sarl, Initial Term Loan (First
Lien), 4/23/21 359,531
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 87
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- (continued)
223,100 4.54 PSAV Presentation Services, Tranche B Term
Loan (First Lien), 1/24/21 $ 223,937
-------------
$ 1,723,853
-----------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.0%+
496,250 4.48 WEX, Inc., Term B Loan, 6/24/23 $ 502,852
-----------------------------------------------------------------------------------------------------------
Application Software -- 0.1%
497,500 6.29 DTI HoldCo, Inc., Term Loan (First Lien), 9/23/23 $ 490,659
201,799 4.79 MA FinanceCo LLC, Initial Tranche B-2 Term
Loan, 11/20/21 203,655
1,000,000 4.08 Synchronoss Technologies, Inc., Initial Term
Loan, 1/19/24 998,250
323,233 3.76 Verint Systems, Inc., Tranche B-2 Term Loan (First
Lien), 9/6/19 325,132
-------------
$ 2,017,696
-------------
Total Software & Services $ 7,264,985
-----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Communications Equipment -- 0.1%
1,216,730 3.48 Ciena Corp., Refinancing Term Loan, 2/25/22 $ 1,225,856
1,754,000 3.48 CommScope, Inc., Tranche 5 Term Loan
(2015), 12/29/22 1,767,141
-------------
$ 2,992,997
-----------------------------------------------------------------------------------------------------------
Computer Hardware -- 0.0%+
795,000 5.38 Diebold Nixdorf, Inc., Dollar Term B Loan, 3/18/23 $ 808,416
-----------------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.0%+
715,000 3.60 Zebra Technologies Corp., Refinancing Term
Loan, 12/27/21 $ 721,927
-------------
Total Technology Hardware & Equipment $ 4,523,340
-----------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.1%
1,968,692 3.40 Sensata Technologies BV, Sixth Amendment Term
Loan, 10/14/21 $ 1,984,226
-----------------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%+
643,856 3.86 M/A-COM Technology, Initial Term Loan, 5/7/21 $ 403,389
396,939 3.23 Microsemi Corp., Closing Date Term B Loan, 12/17/22 55,636
55,279 3.23 ON Semiconductor Corp., 2016 New Replacement
Term Loan, 3/31/23 646,718
-------------
$ 1,105,743
-------------
Total Semiconductors & Semiconductor Equipment $ 3,089,969
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
88 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.2%
Integrated Telecommunication Services -- 0.1%
1,000,000 4.00 Cincinnati Bell, Inc., Tranche B Term Loan, 9/10/20 $ 736,044
692,723 3.78 GCI Holdings, Inc., New Term B Loan (2016), 2/2/22 653,333
731,019 3.23 Level 3 Financing, Inc., Tranche B 2024 Term
Loan, 2/17/24 1,002,250
646,464 4.20 Windstream Services LLC (fka Windstream Corp.,),
Tranche B-7 Term Loan, 2/8/24 693,156
-------------
$ 3,084,783
-----------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
2,000,000 3.98 Altice US Finance I Corp., 2016 Refinancing Term
Loan, 10/25/24 $ 1,099,272
1,095,165 3.50 Sprint Communications, Inc., Initial Term Loan, 2/2/24 2,002,916
1,484,673 3.66 Virgin Media Bristol LLC, I Facility, 1/31/25 1,490,241
-------------
$ 4,592,429
-------------
Total Telecommunication Services $ 7,677,212
-----------------------------------------------------------------------------------------------------------
UTILITIES -- 0.3%
Electric Utilities -- 0.2%
1,496,250 6.15 APLP Holdings LP, Term Loan, 4/12/23 $ 2,082,525
2,065,315 3.03 Calpine Construction Finance Co. LP, Term B-1
Loan, 5/3/20 1,159,693
1,155,000 6.06 Talen Energy Supply LLC, Initial Term Loan, 10/18/23 1,521,499
-------------
498,750 4.24 The Dayton Power & Light Co., Loan, 8/18/22 502,175
-------------
$ 5,265,892
-----------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.1%
543,125 0.00 Calpine Corp., Term Loan (2015), 1/15/23 $ 546,293
284,925 3.90 Calpine Corp., Term Loan, 5/28/22 286,483
200,000 4.25 Dynegy, Inc., Tranche C-1 Term Loan, 2/27/24 201,038
1,639,351 3.23 NRG Energy, Inc., Term Loan, 6/30/23 1,647,958
918,428 5.65 TerraForm AP Acquisition Holdings LLC, Term
Loan, 6/26/22 927,612
-------------
$ 3,609,384
-------------
Total Utilities $ 8,875,276
-----------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $163,166,885) $ 163,648,976
-----------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 4.9%
Commercial Paper -- 2.9%
3,200,000 Agrium, Inc., Commercial Paper, 4/25/17 (c) $ 3,197,318
8,300,000 Amphenol Corp., Commercial Paper, 4/3/17 (c) 8,299,238
3,190,000 Autozone, Inc., Commercial Paper, 4/3/17 (c) 3,189,707
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 89
Schedule of Investments | 3/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Commercial Paper -- (continued)
3,175,000 Autozone, Inc., Commercial Paper, 4/6/17 (c) $ 3,174,410
3,070,000 Bell Canada, Commercial Paper, 5/16/17 (c) 3,065,422
3,170,000 Candian Natural Resources, Inc., Commercial
Paper, 4/13/17 (c) 3,168,509
6,500,000 CVS Corp., Commercial Paper, 4/3/17 (c) 6,499,403
3,100,000 Dominion Resources, Inc., Commercial Paper,
4/17/17 (c) 3,098,295
15,995,000 Federation, Commercial Paper, 4/3/17 (c) 15,993,893
3,150,000 ING U.S. Funding, Inc., Commercial Paper, 9/1/17 (c) 3,132,321
8,970,000 Mitsubishi Bank and Trust, Inc., Commercial Paper,
6/22/17 (c) 8,972,102
3,150,000 National Grid, Commercial Paper, 4/12/17 (c) 3,148,800
3,380,000 Oneok, Inc., Commercial Paper, 4/12/17 (c) 3,378,712
3,195,000 PPL Electric Co., Commercial Paper, 4/13/17 (c) 3,193,675
8,510,000 PPL Electric Corp., Commercial Paper, 4/6/17 (c) 8,508,419
7,920,000 Rockwell Colliers International, Inc., Commercial
Paper, 4/6/17 (c) 7,918,528
3,890,000 1.50 Sumitomo Mitsui Banking Corp., Commercial
Paper, 7/20/17 (c) 3,893,676
-------------
$ 91,832,428
-----------------------------------------------------------------------------------------------------------
Certificates of Deposit -- 0.8%
3,060,000 1.50 Bank of Montreal, Floating Rate Note, 12/11/17 $ 3,068,822
2,600,000 1.67 Bank of Montreal, Floating Rate Note, 3/16/18 2,599,366
2,500,000 1.46 Bank of Nova Scotia Houston, Floating Rate
Note, 5/2/17 2,500,050
151,000 BMO Harris Bank NA, 1.0%, 4/24/17 151,018
1,460,000 1.30 Credit Agricole Corp., Floating Rate Note, 7/12/17 1,460,718
1,492,000 2.25 Credit Suisse AG New York NY, Floating Rate
Note, 3/8/18 1,495,684
2,500,000 1.10 Mizuho Bank, Ltd., Floating Rate Note, 7/12/17 2,500,559
3,000,000 1.28 Nordea Bank AB New York NY, Floating Rate
Note, 4/26/17 3,001,035
1,715,000 1.25 Sumitomo Mitsui Banking Corp. New York, Floating
Rate Note, 5/2/17 1,715,592
2,695,000 1.26 Sumitomo Mitsui, Floating Rate Note, 11/1/16 2,695,089
2,480,000 1.36 Svenska Handelsbanken New York NY, Floating Rate
Note, 5/26/17 2,480,248
3,000,000 1.53 UBS AG, Floating Rate Note, 5/25/17 3,002,357
-------------
$ 26,670,538
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
90 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Repurchase Agreements -- 1.2%
7,995,000 $7,995,000 Scotia Bank, 0.81%, dated 3/31/17
plus accrued interest on 4/3/17
collateralized by the following:
$9,031 Freddie Mac Giant, 4.5%, 8/1/42
$12,387 Federal Home Loan Mortgage Corp.,
2.814%, 5/1/44
$27,931 Federal National Mortgage Association
(ARM), 2.557% - 3.026%, 1/1/39-5/1/44
$8,095,903 Federal National Mortgage
Association, 3.0% - 4.0%, 2/1/30-1/1/47
$10,200 Government National Mortgage
Association, 4.0%, 5/20/46 $ 7,995,000
14,870,000 $14,870,000 RBC Capital Markets LLC, 0.79%,
dated 3/31/17 plus accrued interest on 4/3/17
collateralized by the following:
$366,411 Federal National Mortgage Association
(ARM), 2.521-3.055%, 9/1/41-9/1/42
$13,613,273 Federal National Mortgage
Association, 2.5% - 4.0%, 2/1/29-3/1/47
$1,187,716 Government National Mortgage
Association, 3.0% - 4.0%, 3/20/46-2/20/47 14,870,000
7,995,000 $7,995,000 TD Securities USA LLC, 0.80%,
dated 3/31/17 plus accrued interest on 4/3/17
collateralized by $8,154,900 Federal National
Mortgage Association, 4.0%, 2/1/47 7,995,000
7,995,000 $7,995,000 TD Securities USA LLC, 0.81%,
dated 3/31/17 plus accrued interest on 4/3/17
collateralized by $8,154,900 Federal National
Mortgage Association, 4.0%, 2/1/47 7,995,000
----------------
$ 38,855,000
------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $157,360,959) $ 157,357,966
------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 101.6%
(Cost $3,244,878,322) (a) $ 3,249,328,293
------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- (1.6)% $ (51,030,775)
------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 3,198,297,518
============================================================================================================
+ Amount rounds to less than 0.1%.
(Cat Bond) Catastrophe or Event Linked Bond. At March 31, 2017, the value of
these securities amounted to $146,600,993, or 4.6% of net assets.
See Notes to Financial Statements -- Note 1H.
(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 March 31, 2017, the value of these securities
amounted to $1,300,680,496 or 40.7% of net assets.
REIT Real Estate Investment Trust.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 91
Schedule of Investments | 3/31/17 (continued)
REMICS Real Estate Mortgage Investment Conduits.
ARM Adjustable Rate Mortgage.
Strips Separate trading of registered interest and principal of
securities.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
** Senior 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 (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major United
States banks, (iii) the certificate of deposit rate or (iv) other
base lending rates used by commercial lenders. The rate shown is
the coupon rate at period end.
(a) At March 31, 2017, the net unrealized depreciation on investments
based on cost for federal income tax purposes of $3,250,453,180 was
as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 6,385,166
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (7,510,053)
-----------
Net unrealized depreciation $(1,124,887)
===========
(b) Debt obligation with a variable interest rate. Rate shown is rate
at end of period.
(c) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(d) Rate to be determined.
(e) Structured reinsurance investment. At March 31, 2017, the value of
these securities amounted to $36,304,353 or 1.1% of net assets. See
Notes to Financial Statements -- Note 1H.
(f) Consists of Revenue Bonds unless otherwise indicated.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended March 31, 2017 were as follows:
--------------------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------------------
Long-Term U.S. Government Securities $ 413,229,223 $ 224,702,606
Other Long-Term Securities $ 1,707,808,334 $ 1,632,992,919
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain Funds and accounts for which Pioneer Investment
Management, Inc. (PIM), 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 March 31, 2017, the Fund engaged in purchases and sales
pursuant to these procedures amounting to $21,346,150 and $8,208,644,
respectively, which resulted in a net realized loss of $321,179.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed 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 risk,
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.
92 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
The following is a summary of the inputs used as of March 31, 2017, in valuing
the Fund's assets:
----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 906,397,521 $ -- $ 906,397,521
Collateralized Mortgage
Obligations -- 796,896,325 -- 796,896,325
Corporate Bonds
Insurance
Reinsurance -- 132,010,445 50,894,901 182,905,346
All Other Corporate bonds -- 740,067,197 -- 740,067,197
U.S. Government and
Agency Obligations -- 299,405,097 -- 299,405,097
Municipal Bonds -- 2,649,865 -- 2,649,865
Senior Floating Rate
Loan Interests -- 163,648,976 -- 163,648,976
Repurchase Agreements -- 38,855,000 -- 38,855,000
Commercial Paper -- 91,832,428 -- 91,832,428
Certificates of Deposit -- 26,670,538 -- 26,670,538
----------------------------------------------------------------------------------------------------
Total $ -- $ 3,198,433,392 $ 50,894,901 $ 3,249,328,293
====================================================================================================
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
-----------------------------------------------------------------------------------------------------
Corporate
Bonds
-----------------------------------------------------------------------------------------------------
Balance as of 3/31/16 $ 25,387,932
Realized gain (loss)(1) 8,784
Change in unrealized appreciation (depreciation)(2) 2,355,391
Purchases 47,090,058
Sales (23,947,264)
Changes between Level 3* --
-----------------------------------------------------------------------------------------------------
Balance as of 3/31/17 $ 50,894,901
=====================================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on the beginning of period values. During the year
ended March 31, 2017, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments still
held as of 3/31/17 $ 2,936,442
--------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 93
Statement of Assets and Liabilities | 3/31/17
ASSETS:
Investment in securities (cost $3,244,878,322) $3,249,328,293
Cash 8,585,812
Receivables --
Investment securities sold 770,885
Fund shares sold 32,178,885
Interest 6,568,183
Other assets 180,129
----------------------------------------------------------------------------------------------------
Total assets $3,297,612,187
====================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 74,063,563
Fund shares repurchased 23,697,326
Distributions 493,008
Due to affiliates 83,657
Accrued expenses 977,115
----------------------------------------------------------------------------------------------------
Total liabilities $ 99,314,669
====================================================================================================
NET ASSETS:
Paid-in capital $3,219,925,902
Distributions in excess of net investment income (2,002,976)
Accumulated net realized loss on investments and
foreign currency transactions (24,075,379)
Net unrealized appreciation on investments 4,449,971
----------------------------------------------------------------------------------------------------
Net assets $3,198,297,518
====================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $759,455,322/76,057,565 shares) $ 9.99
Class C (based on $568,840,400/57,043,692 shares) $ 9.97
Class C2 (based on $9,834,058/986,402 shares) $ 9.97
Class K (based on $91,665,979/9,172,214 shares) $ 9.99
Class Y (based on $1,768,501,759/177,062,000 shares) $ 9.99
MAXIMUM OFFERING PRICE:
Class A ($9.99 (divided by) 97.5%) $ 10.25
====================================================================================================
The accompanying notes are an integral part of these financial statements.
94 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
Statement of Operations
For the Year Ended 3/31/17
INVESTMENT INCOME:
Interest $61,117,252
---------------------------------------------------------------------------------------------------
Total investment income $ 61,117,252
===================================================================================================
EXPENSES:
Management fees $ 8,818,723
Transfer agent fees
Class A 137,980
Class C 194,290
Class C2 3,883
Class K 6
Class Y 1,435,100
Distribution fees
Class A 1,360,123
Class C 2,668,303
Class C2 48,374
Shareholder communications expense 248,377
Administrative expense 868,557
Custodian fees 173,158
Registration fees 283,288
Professional fees 134,377
Printing expense 58,558
Fees and expenses of nonaffiliated Trustees 127,081
Miscellaneous 420,669
---------------------------------------------------------------------------------------------------
Total expenses $ 16,980,847
---------------------------------------------------------------------------------------------------
Net investment income $ 44,136,405
---------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $(1,773,190)
Other assets and liabilities denominated in
foreign currencies 8,996 $ (1,764,194)
---------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation)
on investments $ 20,985,712
---------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ 19,221,518
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 63,357,923
===================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 95
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------------------
Year Ended Year Ended
3/31/17 3/31/16
-----------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 44,136,405 $ 26,863,081
Net realized gain (loss) on investments and foreign
currency transactions (1,764,194) (2,690,112)
Change in net unrealized appreciation (depreciation)
on investments 20,985,712 (13,516,703)
-----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 63,357,923 $ 10,656,266
-----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.17 and $0.12 per share, respectively) $ (11,645,585) $ (8,586,311)
Class C ($0.14 and $0.09 per share, respectively) (7,377,025) (5,163,777)
Class C2 ($0.14 and $0.09 per share, respectively) (133,252) (101,540)
Class K ($0.19 and $0.14 per share, respectively) (314,128) (73,029)
Class Y ($0.18 and $0.13 per share, respectively) (28,545,808) (18,130,486)
Class Z* ($0.00 and $0.04 per share, respectively) -- (7,120)
-----------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (48,015,798) $ (32,062,263)
-----------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 2,635,780,672 $ 2,214,104,786
Reinvestment of distributions 42,037,618 28,171,903
Cost of shares repurchased (2,126,031,078) (2,084,487,736)
-----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 551,787,212 $ 157,788,953
-----------------------------------------------------------------------------------------------------
Net increase in net assets $ 567,129,337 $ 136,382,956
NET ASSETS:
Beginning of year $ 2,631,168,181 $ 2,494,785,225
-----------------------------------------------------------------------------------------------------
End of year $ 3,198,297,518 $ 2,631,168,181
-----------------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (2,002,976) $ (926,302)
=====================================================================================================
* Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
96 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
---------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
3/31/17 3/31/17 3/31/16 3/31/16
Shares Amount Shares Amount
---------------------------------------------------------------------------------------------------
Class A
Shares sold 54,032,493 $ 539,264,584 51,394,899 $ 512,589,367
Reinvestment of distributions 1,052,187 10,498,392 790,234 7,870,694
Less shares repurchased (46,879,123) (467,598,705) (53,732,161) (535,574,030)
---------------------------------------------------------------------------------------------------
Net increase
(decrease) 8,205,557 $ 82,164,271 (1,547,028) $ (15,113,969)
===================================================================================================
Class C
Shares sold 28,880,632 $ 287,826,009 26,952,712 $ 268,378,600
Reinvestment of distributions 731,519 7,288,620 512,978 5,102,845
Less shares repurchased (25,444,875) (253,536,832) (34,073,846) (339,162,010)
---------------------------------------------------------------------------------------------------
Net increase
(decrease) 4,167,276 $ 41,577,797 (6,608,156) $ (65,680,565)
===================================================================================================
Class C2
Shares sold 296,871 $ 2,958,188 480,794 $ 4,784,862
Reinvestment of distributions 6,343 63,187 5,430 54,011
Less shares repurchased (355,622) (3,541,422) (574,432) (5,713,727)
---------------------------------------------------------------------------------------------------
Net decrease (52,408) $ (520,047) (88,208) $ (874,854)
===================================================================================================
Class K
Shares sold 9,699,288 $ 96,908,050 55,702 $ 556,671
Reinvestment of distributions 31,438 314,013 7,329 73,038
Less shares repurchased (1,064,634) (10,642,480) (65,441) (652,957)
---------------------------------------------------------------------------------------------------
Net increase
(decrease) 8,666,092 $ 86,579,583 (2,410) $ (23,248)
===================================================================================================
Class Y
Shares sold 171,158,865 $ 1,708,823,841 143,234,574 $ 1,427,512,361
Reinvestment of distributions 2,391,859 23,873,406 1,512,571 15,066,282
Less shares repurchased (139,378,771) (1,390,711,639) (120,600,180) (1,201,274,155)
---------------------------------------------------------------------------------------------------
Net increase 34,171,953 $ 341,985,608 24,146,965 $ 241,304,488
===================================================================================================
Class Z*
Shares sold or exchanged -- $ -- 28,442 $ 282,925
Reinvestment of distributions -- -- 506 5,033
Less shares repurchased -- -- (212,381) (2,110,857)
---------------------------------------------------------------------------------------------------
Net decrease -- $ -- (183,433) $ (1,822,899)
===================================================================================================
* Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 97
Financial Highlights
----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/17 3/31/16 3/31/15 3/31/14 3/31/13
----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.92 $ 10.00 $ 10.07 $ 10.08 $ 10.02
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.16(a) $ 0.10(a) $ 0.10 $ 0.10 $ 0.13
Net realized and unrealized gain (loss) on investments 0.08 (0.06) (0.05) (0.01) 0.08
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.24 $ 0.04 $ 0.05 $ 0.09 $ 0.21
----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.17) $ (0.12) $ (0.12) $ (0.10) $ (0.15)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.07 $ (0.08) $ (0.07) $ (0.01) $ 0.06
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.99 $ 9.92 $ 10.00 $ 10.07 $ 10.08
============================================================================================================================
Total return* 2.43% 0.41% 0.54% 0.92% 2.14%
Ratio of net expenses to average net assets 0.61% 0.63% 0.63% 0.66% 0.72%
Ratio of net investment income (loss) to average net assets 1.59% 1.01% 0.95% 0.93% 0.94%
Portfolio turnover rate 69% 58% 45% 47% 101%
Net assets, end of period (in thousands) $759,455 $673,352 $694,221 $570,468 $381,267
============================================================================================================================
* 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.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
98 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/17 3/31/16 3/31/15 3/31/14 3/31/13
----------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.91 $ 9.99 $ 10.05 $ 10.07 $ 10.02
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.13(a) $ 0.07(a) $ 0.07 $ 0.08 $ 0.09
Net realized and unrealized gain (loss) on investments 0.07 (0.06) (0.04) (0.03) 0.07
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.20 $ 0.01 $ 0.03 $ 0.05 $ 0.16
----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.14) $ (0.09) $ (0.09) $ (0.07) $ (0.11)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.06 $ (0.08) $ (0.06) $ (0.02) $ 0.05
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.97 $ 9.91 $ 9.99 $ 10.05 $ 10.07
============================================================================================================================
Total return* 2.00% 0.11% 0.34% 0.54% 1.61%
Ratio of net expenses to average net assets 0.93% 0.94% 0.94% 0.97% 1.03%
Ratio of net investment income (loss) to average net assets 1.27% 0.70% 0.66% 0.62% 0.63%
Portfolio turnover rate 69% 58% 45% 47% 101%
Net assets, end of period (in thousands) $568,840 $524,030 $594,283 $575,457 $330,828
============================================================================================================================
* 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.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 99
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended 8/1/13
3/31/17 3/31/16 3/31/15 to 3/31/14
------------------------------------------------------------------------------------------------------------------
Class C2
Net asset value, beginning of period $ 9.91 $ 9.99 $ 10.05 $ 10.04
-------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.13(b) $ 0.07(b) $ 0.06 $ 0.07
Net realized and unrealized gain (loss) on investments 0.07 (0.06) (0.03) (0.01)
-------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.20 $ 0.01 $ 0.03 $ 0.06
-------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.14) $ (0.09) $ (0.09) $ (0.05)
-------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.06 $ (0.08) $ (0.06) $ 0.01
-------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.97 $ 9.91 $ 9.99 $ 10.05
===================================================================================================================
Total return* 2.00% 0.11% 0.33% 0.56%(a)
Ratio of net expenses to average net assets 0.93% 0.94% 0.95% 0.99%**
Ratio of net investment income (loss) to average net assets 1.27% 0.69% 0.66% 0.68%**
Portfolio turnover rate 69% 58% 45% 47%
Net assets, end of period (in thousands) $ 9,834 $10,292 $11,258 $ 3,699
===================================================================================================================
* 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.
** Annualized.
(a) Not Annualized.
(b) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
100 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended 12/20/12
3/31/17 3/31/16 3/31/15 3/31/14 to 3/31/13
-----------------------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.93 $10.01 $ 10.07 $10.08 $10.09
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.19(c) $ 0.12(c) $ 0.14 $ 0.12 $ 0.03
Net realized and unrealized gain (loss) on investments 0.06 (0.06) (0.06) (0.00)(a) 0.01
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.25 $ 0.06 $ 0.08 $ 0.12 $ 0.04
-----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.19) $(0.14) $ (0.14) $(0.13) $(0.05)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.06 $(0.08) $ (0.06) $(0.01) $(0.01)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.99 $ 9.93 $ 10.01 $10.07 $10.08
=============================================================================================================================
Total return* 2.55% 0.64% 0.83% 1.16% 0.43%(b)
Ratio of net expenses to average net assets 0.42% 0.42% 0.41% 0.41% 0.53%**
Ratio of net investment income (loss) to average net assets 1.92% 1.24% 1.28% 1.19% 1.25%**
Portfolio turnover rate 69% 58% 45% 47% 101%
Net assets, end of period (in thousands) $91,666 $5,026 $ 5,091 $ 10 $ 10
=============================================================================================================================
* 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.
** Annualized.
(a) Amount rounds to less than $0.01 or $(0.01) per share.
(b) Not Annualized.
(c) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 101
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/17 3/31/16 3/31/15 3/31/14 3/31/13
----------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.93 $ 10.01 $ 10.07 $ 10.09 $ 10.03
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.17(a) $ 0.11(a) $ 0.11 $ 0.12 $ 0.14
Net realized and unrealized gain (loss) on investments 0.07 (0.06) (0.03) (0.02) 0.09
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.24 $ 0.05 $ 0.08 $ 0.10 $ 0.23
----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.18) $ (0.13) $ (0.14) $ (0.12) $ (0.17)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.06 $ (0.08) $ (0.06) $ (0.02) $ 0.06
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.99 $ 9.93 $ 10.01 $ 10.07 $ 10.09
============================================================================================================================
Total return* 2.46% 0.54% 0.79% 0.99% 2.35%
Ratio of net expenses to average net assets 0.50% 0.51% 0.51% 0.54% 0.55%
Ratio of net investment income (loss) to average net assets 1.70% 1.15% 1.08% 1.05% 1.11%
Portfolio turnover rate 69% 58% 45% 47% 101%
Net assets, end of period (in thousands) $1,768,502 $1,418,468 $1,188,107 $912,810 $608,818
============================================================================================================================
* 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.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
102 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
Notes to Financial Statements | 3/31/17
1. Organization and Significant Accounting Policies
Pioneer Multi-Asset Ultrashort Income Fund (the Fund) is one of three portfolios
comprising Pioneer Series Trust X, 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 C2,
Class K and Class Y shares. Class Z shares were converted to Class Y shares as
of the close of business on August 7, 2015. 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 shareholder approval. Under per-share voting,
each share of a class of the Fund is entitled to one vote. Under
dollar-weighted voting, a shareholder'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 or Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) that require 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 gains and losses on investments during the reporting period. Actual
results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 103
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.
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.
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 or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other insurance
linked securities (including 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.
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.
104 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
Shares of open-end registered investment companies (including money market
mutual funds) 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 Pioneer Investment Management, Inc. (PIM), the Fund's
investment adviser and a wholly owned indirect subsidiary of UniCredit
S.p.A. (UniCredit), pursuant to procedures adopted by the Board of
Trustees. PIM's fair valuation team uses fair value methods approved by the
Valuation Committee of the Board of Trustees. PIM'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 March 31, 2017, 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
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. Interest income, including interest on income bearing cash
accounts, is recorded on the accrual basis, net of unrecoverable foreign
taxes withheld at the applicable country rates.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 105
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 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 in 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 appreciation or depreciation
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 March 31, 2017, the Fund had not accrued any interest or
penalties with respect to uncertain tax positions, which, if applicable,
would be recorded as an income tax expense in the Statement of Operations.
Tax returns filed within the prior three years are 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 overdistributions 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 March 31, 2017, the Fund
reclassified $2,802,719 to decrease distributions in excess of net
investment income and $2,802,719 to increase accumulated net realized loss
on investments and foreign currency transactions to reflect permanent
book/tax differences. These adjustments have no impact on net assets or
the results of operations.
106 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
At March 31, 2017, the Fund was permitted to carry forward indefinitely
$17,542,086 of short-term losses and $6,518,166 of long-term losses under
the Regulated Investment Company Modernization Act of 2010 without
limitation.
The tax character of distributions paid during the years ended March 31,
2017 and March 31, 2016 were as follows:
----------------------------------------------------------------------------
2017 2016
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $48,015,798 $32,062,263
----------------------------------------------------------------------------
Total $48,015,798 $32,062,263
============================================================================
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2017:
----------------------------------------------------------------------------
2017
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 4,049,763
Capital loss carryforward (24,060,252)
Current year dividend payable (493,008)
Unrealized depreciation (1,124,887)
----------------------------------------------------------------------------
Total $(21,628,384)
============================================================================
The difference between book-basis and tax-basis unrealized depreciation is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds and the tax treatment of premium and
amortization.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit, earned $7,621 in
underwriting commissions on the sale of Class A shares during the year
ended March 31, 2017.
F. Class Allocations
Income, common expenses, and realized and unrealized appreciation and
depreciation 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 C2 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
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 107
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 C2, Class K 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, 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. 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. Interest
rates in the U.S. recently have been historically low, so the Fund faces a
heightened risk that interest rates may rise. A general rise in interest
rates may cause investors to move out of fixed income securities on a large
scale, which could adversely affect the price and liquidity of fixed income
securities and could also result in increased redemptions from the Fund.
Investments in the Fund are subject to possible loss due to the financial
failure of issuers of underlying securities and the issuers' inability to
meet their debt obligations. Certain securities in which the Fund invests,
including floating rate loans, once sold, may not settle for an extended
period (for example, several weeks or even longer). The Fund will not
receive its sale proceeds until that time, which may constrain the Fund's
ability to meet its obligations (including obligations to redeeming
shareholders). 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 event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such
108 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
as a hurricane or an earthquake of a specific magnitude. The trigger
event's magnitude may be based on losses to a company or industry, industry
indexes or readings of scientific instruments, or may be based on specified
actual losses. If a trigger event, as defined within the terms of an
event-linked bond occurs, the Fund may lose a portion or all of its accrued
interest and/or principal invested in such event-linked bond. The Fund is
entitled to receive principal and interest payments so long as no trigger
event occurs of the description and magnitude specified by the instrument.
In addition to the specified trigger events, event-linked bonds 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 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.
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILWs, are generally subject to
the same risks as event-linked bonds. In addition, where the instruments
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 PIM 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 PIM 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 purchase
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 109
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 subcustodian of the
Fund. PIM 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 as of March 31, 2017 are disclosed
in the Fund's Schedule of Investments.
2. Management Agreement
PIM manages the Fund's portfolio. Management fees are calculated daily at the
annual rate equal to 0.35% of the Fund's average daily net assets up to $1
billion and 0.30% on assets over $1 billion. For the year ended March 31, 2017,
the effective management fee (excluding waivers and/or assumption of expenses)
was equivalent to 0.32% of the Fund's average daily net assets.
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
$59,416 in management fees, administrative costs and certain other
reimbursements payable to PIM at March 31, 2017.
3. Transfer Agent
Boston Financial Data Services, 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.
110 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings and outgoing phone calls. For the year
ended March 31, 2017, such out-of-pocket expenses by class of shares were as
follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 13,574
Class C 25,940
Class C2 222
Class K 228
Class Y 208,413
--------------------------------------------------------------------------------
Total $248,377
================================================================================
4. Distribution Plan
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 C2 shares. Pursuant to the Plan, the Fund pays PFD 0.20% 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 PFD 0.50% of
the average daily net assets attributable to Class C and Class C2 shares. The
fee for Class C and Class C2 shares consists of a 0.25% service fee and a 0.25%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class C and Class
C2 shares. Included in "Due to affiliates" reflected on the Statement of Assets
and Liabilities is $24,241 in distribution fees payable to PFD at March 31,
2017.
In addition, redemptions of each class of shares (except Class K and Class Y
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. For Class C2 shares redemptions of
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 and Class Y shares.
Proceeds from the CDSCs are paid to PFD. For the year ended March 31, 2017,
CDSCs of $71,185 were paid to PFD.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 111
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
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. The
credit facility in which the Fund participated until February 9, 2016 was in the
amount of $240 million. The credit facility in which the Fund participated until
February 7, 2017 was in the amount of $220 million. Effective February 8, 2017,
the Fund participated in a facility that is in the amount of $195 million.
Under such facility, depending on the type of loan, interest on borrowings is
payable at the London Interbank Offered Rate (LIBOR) plus 0.85% on an annualized
basis, or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay 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 March 31, 2017, the Fund had no borrowings under
the credit facility.
112 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust X and the Shareowners of
Pioneer Multi-Asset Ultrashort Income Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Multi-Asset Ultrashort Income Fund (the
"Fund") (one of the funds constituting Pioneer Series Trust X), as of March 31,
2017, 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 and the financial highlights for each of the three years in the period
then ended. These financial statements and the financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits. The financial highlights for the years ended March 31, 2014, and 2013,
were audited by other auditors. Those auditors expressed an unqualified opinion
on those financial statements and financial highlights in their report dated May
22, 2014.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Fund
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, 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. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of March 31, 2017, by correspondence with the custodian,
brokers and agent banks; where replies were not received from brokers and agent
banks, we performed other auditing procedures. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Multi-Asset Ultrashort Income Fund as of March 31, 2017, 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 the financial highlights for each
of the three years in the period then ended, in conformity with accounting
principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
May 26, 2017
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 113
ADDITIONAL INFORMATION (unaudited)
The percentages of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
was 74.07%.
Pioneer Investment Management, Inc. (the "Adviser"), the Fund's investment
adviser, is currently an indirect, wholly owned subsidiary of UniCredit S.p.A.
("UniCredit"). On December 12, 2016, UniCredit announced that it has entered
into a binding agreement for the sale of its Pioneer Investments business, which
includes the Adviser, to Amundi (the "Transaction"). Amundi is headquartered in
Paris, France, and, as of September 30, 2016, had more than $1.1 trillion in
assets under management worldwide. The closing of the Transaction is expected to
happen in 2017, subject to certain regulatory and antitrust approvals, and other
conditions.
Under the Investment Company Act of 1940, the closing of the Transaction will
cause the Fund's current investment advisory agreement with the Adviser to
terminate. Accordingly, the Fund's Board of Trustees has approved a new
investment advisory agreement for the Fund, which will be submitted to the
shareholders of the Fund for their approval.
Change in Independent Registered Public Accounting Firm
Deloitte & Touche LLP, the Fund's independent registered public accounting firm,
has informed the Board that it will no longer be independent with respect to the
Fund upon the completion of the Transaction and, accordingly, that it intends to
resign as the Fund's independent registered public accounting firm upon the
completion of the Transaction. The Board will engage a new independent
registered public accounting firm for the Fund upon the completion of the
Transaction.
During the periods that Deloitte & Touche LLP has served as the Fund's
independent registered public accounting firm, including the Fund's two most
recent fiscal years, Deloitte & Touche LLP's reports on the Fund's financial
statements have not contained an adverse opinion or disclaimer of opinion and
have not been qualified or modified as to uncertainty, audit scope or accounting
principles. Further, there have been no disagreements with Deloitte & Touche LLP
on any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which, if not resolved to the
satisfaction of Deloitte & Touche LLP, would have caused Deloitte & Touche LLP
to make reference to the subject matter of the disagreement in connection with
its report on the financial statements. In addition, there have been no
reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K
under the Securities Exchange Act of 1934.
114 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
Approval of New and Interim Management Agreements
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Multi-Asset Ultrashort Income Fund (the Fund) pursuant to an investment
management agreement between PIM and the Fund.
PIM is the principal U.S. asset management business of Pioneer Investments, a
group of companies owned by Pioneer Global Asset Management S.p.A. ("PGAM").
PGAM is a wholly-owned subsidiary of UniCredit S.p.A. ("UniCredit"). UniCredit
and PGAM have entered into a binding agreement to sell Pioneer Investments,
including PIM, to Amundi (the "Transaction"). Upon the consummation of the
transaction, PIM will become an indirect wholly-owned subsidiary of Amundi and
Amundi's wholly-owned subsidiary, Amundi USA, Inc. The closing of the
Transaction is expected to happen in 2017.
Under the Investment Company Act of 1940, the Fund's current investment
management agreement (the "Current Management Agreement") will terminate
automatically upon the consummation of the Transaction. In order for PIM to
continue to manage the Fund after the consummation of the Transaction, the
Trustees and shareholders of the Fund must approve a new investment management
agreement for the Fund (the "New Management Agreement"). As discussed below, the
Board of Trustees of the Fund approved the New Management Agreement at a meeting
held on March 6-7, 2017. The New Management Agreement has been submitted to the
shareholders of the Fund for their approval at a meeting to be held on June 13,
2017. If the shareholders of the Fund do not approve the New Management
Agreement and the Transaction is completed, an interim investment management
agreement between PIM and the Fund (the "Interim Management Agreement") will
take effect upon the closing of the Transaction. The Board of Trustees of the
Fund also approved the Interim Management Agreement at the March 6-7, 2017
meeting.
Board Evaluation of the New and Interim Management Agreements
The Board evaluated the Transaction and the New Management Agreement and Interim
Management Agreement for the Fund. In connection with their evaluation of the
Transaction and the New Management Agreement for the Fund, the Trustees
requested such information as they deemed reasonably necessary, including: (a)
the structure of the Transaction and the strategy underlying the Transaction;
(b) the anticipated benefits of the Transaction to the Fund and its
shareholders; (c) the post-Transaction plans for PIM, including Amundi's plans
for integration of Pioneer Investments and PIM with its existing asset
management businesses and plans for the future development
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 115
of PIM; (d) the effect of the Transaction on the ongoing services provided to
the Fund, including the need to select a new independent registered public
accounting firm for the Fund, and any plans to modify the operations of the
Fund; (e) the stability and continuity of PIM's management and key employees,
including compensation and benefits to PIM's key employees, and retention plans
and incentive plan structure; (f) the post-Transaction indebtedness and
financial resources of PIM; (g) Amundi's legal and operational structure, its
principal shareholders and senior management, its investment management, risk
management, administrative, legal and compliance functions; (h) certain
regulatory matters relating to Amundi's affiliates; and (i) Amundi's commitment
to the United States, including the role of PIM in the larger Amundi business.
The Trustees also requested and obtained the following information in connection
with their evaluation of the Transaction and the New Management Agreement for
the Fund: (i) memoranda provided by Fund counsel that summarized the legal
standards and other considerations that are relevant to the Trustees in their
deliberations regarding the New Management Agreement; (ii) the qualifications of
the investment management teams for the Fund, as well as the level of investment
by the Fund's portfolio managers in the Fund; (iii) the Fund's management fees
and total expense ratios, the financial statements of PIM and its pre- and
post-Transaction parent companies, profitability analyses from PIM, and analyses
from PIM as to possible economies of scale; (iv) the profitability of the
institutional business of PIM and PIM's affiliate, Pioneer Institutional Asset
Management, Inc. ("PIAM") as compared to that of PIM's fund management business;
and (v) the differences between the fees and expenses of the Fund and the fees
and expenses of PIM's and PIAM's institutional accounts, as well as the
different services provided by Adviser to the Fund and by PIM and PIAM to the
institutional accounts. In addition, the Trustees considered the information
provided at regularly scheduled meetings throughout the year regarding the
Fund's performance and risk attributes, including through meetings with
investment management personnel, and took into account other information related
to the Fund provided to the Trustees at regularly scheduled meetings. The
Trustees also considered information they had received in their review of the
continuance of the Current Management Agreement for the Fund in September 2016.
At meetings held on January 9, 2017 and January 10, 2017, the Trustees met with
representatives of Amundi and PGAM, including separate meetings of the Trustees
who are not "interested persons" of the Fund Complex ("Independent Trustees")
and counsel with representatives of Amundi and PGAM, and subsequently with
representatives of Amundi. In those meetings,
116 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
they received an extensive presentation from the representatives of Amundi,
including the chief executive officer of Amundi, describing Amundi's background
and history, its global asset management activities, the growth of its business,
and its status as the largest asset management firm in Europe and one of the
largest globally; its capital structure and financial resources, including
information as to the financing of the Transaction; its principal investors,
including its majority investor Credit Agricole S.A., and Credit Agricole's
long-term commitment to the asset management business; the philosophy and
strategy underlying the Transaction and the complementarity of Amundi's and
Pioneer Investments' respective asset management businesses; Amundi's various
operating and investment committees and how they would likely interact with PIM;
the proposed integration process, including the progress to date and the
establishment of various integration work streams; Amundi's plans for management
of PIM; Amundi's philosophy as to compensation of key employees and its general
intentions with respect to incentive plans for key employees of PIM; Amundi's
preliminary plans to achieve cost and other synergies; and opportunities to
further develop the business of PIM and PIAM, including in the area of
institutional asset management, and how that would benefit shareholders of the
Pioneer Funds.
In those meetings, the representatives of Amundi confirmed their intention that
the Chief Executive Officer and Chief Investment Officer of PIM would remain in
their current positions, and confirmed that they do not currently foresee major
changes in the day-to-day investment management operations of PIM with respect
to the Fund as a direct result of the Transaction. They discussed incentive
arrangements for key personnel that would continue after the closing of the
Transaction and their plans to establish a new long-term incentive plan
following the closing. They also generally discussed ways in which PIM could
potentially draw on the expanded global resources of Amundi post-Transaction. At
those meetings, the Independent Trustees identified certain areas to which they
requested further information, including as to trading and execution of
securities transactions, research and portfolio management and potential changes
in investment process, particularly where asset classes managed by PIM would
overlap with asset classes managed by Amundi, the continued availability of
resources currently at Pioneer Investments or elsewhere within Amundi to assist
in management of certain Funds, and any anticipated significant changes in
operations. The Independent Trustees considered the uncertainty as to whether
the Fund's independent registered public accounting firm could continue to act
in that capacity after the closing of the Transaction. The Independent Trustees
also met with counsel to review the information they had received to date and to
discuss next steps.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 117
Subsequently, the Trustees received further information from Amundi, including
written responses to questions raised by the Independent Trustees, and received
from PIM the information requested of it. The Independent Trustees reviewed the
information provided with counsel at telephonic meetings held on February 16,
2017 and February 27, 2017. The Trustees held a special in-person Board meeting
on March 6-7, 2017 for further consideration of the New Management Agreements,
the Interim Management Agreements and the Transaction. The Trustees met again
with senior executives of Amundi at the March 6-7, 2017 meeting.
At the March 6-7, 2017 meeting, based on their evaluation of the information
provided by PIM and Amundi, the Trustees including the Independent Trustees
voting separately, approved the New Management Agreement and the Interim
Management Agreement for the Fund. In considering the New Management Agreement
for the Fund, the Trustees considered various factors that they determined were
relevant, including the factors described below. The Trustees did not identify
any single factor as the controlling factor in their determinations. The
Trustees considered the same factors with respect to the Interim Management
Agreement for the Fund.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund and that are expected to be provided by PIM to
the Fund following the consummation of the Transaction. The Trustees reviewed
the terms of the New Management Agreement, and noted that such terms are
substantially similar to the terms of the Current Management Agreement, except
for different execution dates, effective dates and termination dates. The
Trustees reviewed PIM's investment approach for the Fund and its research
process. The Trustees considered the resources of PIM and the personnel of PIM
who provide investment management services to the Fund. They also reviewed the
amount of non-investment resources and personnel of PIM that are involved in
PIM's services to the Fund, including PIM's compliance and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by PIM's senior management to the Pioneer Fund complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations and that PIM would continue to provide those
investment management and research services and resources to the Fund following
the consummation of the Transaction. The Trustees also considered that, as
administrator, PIM would continue to be responsible for the
118 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
administration of the Fund's business and other affairs. The Trustees considered
the fees to be paid to PIM for the provision of administration services.
The Trustees considered that Deloitte & Touche LLP has informed the Board that
it will no longer be independent with respect to the Fund upon the completion of
the Transaction and, accordingly, that it will be necessary for the Board to
engage a new independent registered public accounting firm for the Fund.
The Trustees considered that the Transaction is not expected to have a material
adverse impact on the nature, scope and overall quality of services provided to
the Fund and its shareholders, including investment management, risk management,
administrative, compliance, legal and other services, as a result of the
Transaction.
In that regard, the Trustees considered that Amundi is one of the largest asset
managers globally, and that PIM may have access to additional research and
portfolio management capabilities as a result of the Transaction and that PIM,
as part of Amundi, is expected to have an enhanced global presence that may
contribute to an increase in the overall scale and resources of PIM.
Furthermore, in considering whether the Transaction would be expected to have a
material adverse impact on the nature, scope and overall quality of services
provided to the Fund and its shareholders, the Trustees considered the
statements by representatives of Amundi that they expect the Chief Executive
Officer and Chief Investment Officer of PIM to remain in their current positions
and that they do not currently foresee major changes in the day-to-day
investment management operations of PIM as a direct result of the Transaction,
or the risk management, legal or compliance services provided by PIM, with
respect to the Fund. They further considered the current incentive arrangements
for key personnel of PIM that would continue after the closing of the
Transaction. They also noted Amundi's stated intention to establish a new
long-term incentive plan following the closing.
The Trustees also took into account their experience in evaluating the proposed
combination of Pioneer Investments and Santander Asset Management, which was
announced in September, 2014 and abandoned in July, 2016. In light of, among
other things, this experience, the Trustees determined that they were not able
to identify any realistic alternatives to approving the New Management Agreement
that would provide the level of services to the Fund and its shareholders that
are expected to be provided by PIM after the closing of the Transaction.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 119
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that PIM would continue to provide to the Fund under the
New Management Agreement would be satisfactory and consistent with the terms of
the New Management Agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly reviewed and
discussed throughout the year data prepared by PIM and information comparing the
Fund's performance with the performance of its peer group of funds, as
classified by each of Morningstar, Inc. (Morningstar) and Lipper, and the
performance of the Fund's benchmark index. They also discussed the Fund's
performance with PIM on a regular basis.
The Trustees' regular reviews and discussions were factored into the Trustees'
deliberations concerning the approval of the New Management Agreement.
Management Fee and Expenses
The Trustees noted that the stated management fees to be paid by the Fund are
identical under the Current Management Agreement and the New Management
Agreement. The Trustees considered information showing the fees and expenses of
the Fund in comparison to the management fees and expense ratios of its peer
group of funds as classified by Morningstar and also to the expense ratios of a
peer group of funds selected on the basis of criteria determined by the
Independent Trustees for this purpose using data provided by Strategic Insight
Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent
third party. In all quintile rankings referred to below, first quintile is most
favorable to the Fund's shareowners. To the extent applicable, the Trustees also
considered the impact of transfer agency, sub-transfer agency, and other
non-management fee expenses on the expense ratios of the Fund. The Trustees
noted that they separately review the Fund's transfer agency, sub-transfer
agency and intermediary arrangements and that the results of the most recent
such review were considered in the consideration of the Fund's expense ratio.
The Trustees considered that the Fund's management fee as of September 30, 2016
was in the third quintile relative to the management fees paid by other funds in
its Morningstar category for the comparable period. The Trustees also considered
the breakpoint in the management fee schedule and the reduced fee rate above a
certain asset level. The Trustees considered that the expense ratio of the
Fund's Class A shares as of September 30, 2016 was in the second quintile
relative to its Morningstar category and in the fourth quintile relative
120 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
to its Strategic Insight peer group, in each case for the comparable period. The
Trustees considered that the expense ratio of the Fund's Class Y shares as of
September 30, 2016 was in the fifth quintile relative to its Morningstar
category and in the fifth quintile relative to its Strategic Insight peer group,
in each case for the comparable period. The Trustees noted the impact of
expenses relating to small accounts and omnibus accounts on transfer and
sub-transfer agency expenses generally. The Trustees also considered information
showing significant expense reimbursements by the sponsors of the other funds in
the peer groups.
The Trustees reviewed management fees charged by PIM and PIAM to institutional
and other clients, including publicly offered European funds sponsored by PIM's
affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory
capacity), and unaffiliated foreign and domestic separate accounts. The Trustees
also considered PIM's costs in providing services to the Fund and PIM's and
PIAM's costs in providing services to the other clients and considered the
differences in management fees and profit margins for fund and non-fund
services. In evaluating the fees associated with PIM's and PIAM's client
accounts, the Trustees took into account the respective demands, resources and
complexity associated with the Fund and other client accounts. The Trustees
noted that in some instances the fee rates for those clients were lower than the
management fee for the Fund and considered that, under both the Current
Management Agreement and the New Management Agreement, PIM would perform
additional services for the Fund that it does not provide to those other clients
or services that are broader in scope, including oversight of the Fund's other
service providers and activities related to compliance and the extensive
regulatory and tax regimes to which the Fund is subject. The Trustees also
considered the different risks associated with PIM's management of the Fund and
PIM's and PIAM's management of the other client accounts.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services to be provided
by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results, including the profit margins, realized by
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 121
PIM and PIAM from non-fund businesses. The Trustees considered PIM's profit
margins with respect to the Fund in comparison to the limited industry data
available and noted that the profitability of any adviser was affected by
numerous factors, including its organizational structure and method for
allocating expenses. The Trustees concluded that PIM's profitability with
respect to the management of the Fund was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with the Fund and Fund shareholders. The Trustees
recognize that economies of scale are difficult to identify and quantify, and
that, among other factors that may be relevant, are the following: fee levels,
expense subsidization, investment by PIM in research and analytical capabilities
and PIM's commitment and resource allocation to the Fund. The Trustees noted
that profitability also may be an indicator of the availability of any economies
of scale, although profitability may vary for other reasons including due to
reductions in expenses. The Trustees concluded that economies of scale, if any,
were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits that PIM enjoys from its relationship
with the Fund. The Trustees considered the character and amount of fees paid or
to be paid by the Fund, other than under the Current Management Agreement or the
New Management Agreement, for services provided by PIM and its affiliates. The
Trustees further considered the revenues and profitability of PIM's businesses
other than the Fund business. To the extent applicable, the Trustees also
considered the benefits to the Fund and to PIM and its affiliates from the use
of "soft" commission dollars generated by the Fund to pay for research and
brokerage services.
The Trustees considered that following the completion of the Transaction, PIM
will be the principal U.S. asset management business of Amundi, and that
Amundi's worldwide asset management business will manage over $1.38 trillion in
assets (including the Pioneer Funds). This may create opportunities for PIM,
PIAM and Amundi that derive from PIM's relationships with the Fund, including
Amundi's ability to market the services of PIM globally. The Trustees noted that
PIM may have access to additional research capabilities as a result of the
Transaction and Amundi's enhanced global presence that may contribute to an
increase of the overall scale of PIM.
122 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
The Trustees considered that PIM and the Fund are expected to receive reciprocal
intangible benefits from the relationship, including mutual brand recognition
and, for the Fund, direct and indirect access to the resources of a large global
asset manager. The Trustees concluded that any such benefits received by PIM as
a result of its relationship with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including the Independent Trustees, concluded that the New Management
Agreement and the Interim Management Agreement for the Fund, including the fees
payable thereunder, were fair and reasonable and voted to approve the New
Management Agreement and the Interim Management Agreement, and to recommend that
shareholders approve the New Management Agreement.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 123
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, 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 us.pioneerinvestments.com. 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 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 46 U.S. registered investment portfolios for which 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.
124 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
Independent Trustees
-----------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (66) Trustee since 2011. Private investor (2004 - 2008 and 2013 - Director, Broadridge
Chairman of the Board Serves until a successor present); Chairman (2008 - 2013) and Chief Financial Solutions, Inc.
and Trustee trustee is elected or earlier Executive Officer (2008 - 2012), Quadriserv, (investor communications
retirement or removal. Inc. (technology products for securities and securities processing
lending industry); and Senior Executive Vice provider for financial
President, The Bank of New York (financial services industry) (2009
and securities services) (1986 - 2004) - present); Director,
Quadriserv, Inc. (2005 -
2013); and Commissioner,
New Jersey State Civil
Service Commission (2011
- 2015)
-----------------------------------------------------------------------------------------------------------------------------------
David R. Bock (73) Trustee since 2011. Managing Partner, Federal City Capital Director of New York
Trustee Serves until a successor Advisors (corporate advisory services Mortgage Trust
trustee is elected or earlier company) (1997 - 2004 and 2008 - present); (publicly-traded mortgage
retirement or removal. Interim Chief Executive Officer, Oxford REIT) (2004 - 2009, 2012
Analytica, Inc. (privately-held research and - present); Director of
consulting company) (2010); Executive Vice The Swiss Helvetia Fund,
President and Chief Financial Officer, Inc. (closed-end fund)
I-trax, Inc. (publicly traded health care (2010 - present);
services company) (2004 - 2007); and Director of Oxford
Executive Vice President and Chief Financial Analytica, Inc. (2008 -
Officer, Pedestal Inc. (internet-based present); and Director of
mortgage trading company) (2000 - 2002); Enterprise Community
Private consultant (1995-1997), Managing Investment, Inc.
Director, Lehman Brothers (investment (privately-held
banking firm) (1992-1995); and Executive, The affordable housing finance
World Bank (1979-1992) company) (1985 - 2010)
-----------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (72) Trustee since 2011. William Joseph Maier Professor of Political Trustee, Mellon
Trustee Serves until a successor Economy, Harvard University (1972 - present) Institutional Funds
trustee is elected or earlier Investment Trust and
retirement or removal. Mellon Institutional
Funds Master Portfolio
(oversaw 17 portfolios in
fund complex) (1989-2008)
-----------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 125
Independent Trustees continued
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (69) Trustee since 2011. Founding Director, Vice President and None
Trustee Serves until a successor Corporate Secretary, The Winthrop Group,
trustee is elected or earlier Inc. (consulting firm) (1982 - present);
retirement or removal. Desautels Faculty of Management, McGill
University (1999 - present); and Manager of
Research Operations and Organizational
Learning, Xerox PARC, Xerox's advance
research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (68) Trustee since 2011. President and Chief Executive Officer, Director of New America
Trustee Serves until a successor Newbury Piret Company (investment banking High Income Fund, Inc.
trustee is elected or earlier firm) (1981 - present) (closed-end investment
retirement or removal. company) (2004 -
present); and Member,
Board of Governors,
Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (70) Trustee since 2014. Consultant (investment company services) None
Trustee Serves until a successor (2012 - present); Executive Vice President,
trustee is elected or earlier BNY Mellon (financial and investment company
retirement or removal. services) (1969 - 2012); Director, BNY
International Financing Corp. (financial
services) (2002 - 2012); and Director,
Mellon Overseas Investment Corp. (financial
services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
126 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
Interested Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (58)* Trustee since 2014. Director and Executive Vice President (since None
Trustee Serves until a successor 2008) and Chief Investment Officer, U.S.
trustee is elected or earlier (since 2010) of Pioneer Investment
retirement or removal. Management-USA (PIM-USA); Executive Vice
President of Pioneer (since 2008); Executive
Vice President of Pioneer Institutional
Asset Management, Inc. (since 2009); and
Portfolio Manager of Pioneer (since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's
investment adviser and certain of its affiliates.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 127
Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lorraine Monchak (60)** Advisory Trustee since 2014. Chief Investment Officer, 1199 SEIU Funds Trustee of Pioneer
Advisory Trustee (healthcare workers union pension funds) closed-end investment
(2001 - present); Vice President - companies (5 portfolios)
International Investments Group, American (Sept. 2015 - present)
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)
------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee.
128 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (55) Since 2014. Serves at Chair, Director, CEO and President of Trustee of Pioneer
President and Chief the discretion of the Board. PIM-USA (since September 2014); Chair, closed-end investment
Executive Officer Director, CEO and President of Pioneer companies (5 portfolios)
Investment Management, Inc. (since September (Sept. 2015 - present)
2014); Chair, Director, CEO and President of
Pioneer Funds Distributor, Inc. (since
September 2014); Chair, Director, CEO and
President of Pioneer Institutional Asset
Management, Inc. (since September 2014); and
Chair, Director, and CEO of Pioneer
Investment Management Shareholder Services,
Inc. (since September 2014); Managing
Director, Morgan Stanley Investment
Management (2010 - 2013); and Director of
Institutional Business, CEO of
International, Eaton Vance Management (2005
- 2010)
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (52) Since 2011. Serves at Vice President and Associate General Counsel None
Secretary and the discretion of the Board. of Pioneer since January 2008; Secretary and
Chief Legal Officer 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 Pioneer from July 2002 to
December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (56) Since 2011. Serves at Fund Governance Director of Pioneer since None
Assistant Secretary the discretion of the Board. December 2006 and Assistant Secretary of all
the Pioneer Funds since June 2010; Manager -
Fund Governance of Pioneer from December
2003 to November 2006; and Senior Paralegal
of Pioneer from January 2000 to November
2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (54) Since 2011. Serves at Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary the discretion of the Board. Assistant Secretary of all the Pioneer Funds
since June 2010; and Counsel of Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (57) Since 2011. Serves at Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief the discretion of the Board. Treasurer of all of the Pioneer Funds since
Financial March 2008; Deputy Treasurer of Pioneer from
and Accounting Officer March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 129
Fund Officers continued
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (51) Since 2011. Serves at Director - Fund Treasury of Pioneer; and None
Assistant Treasurer the discretion of the Board. Assistant Treasurer of all of the Pioneer
Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (58) Since 2011. Serves at Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Board. Pioneer; and Assistant Treasurer of all of
the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (37) Since 2011. Serves at Fund Administration Manager - Fund Treasury None
Assistant Treasurer the discretion of the Board. of Pioneer since November 2008; Assistant
Treasurer of all of the Pioneer Funds since
January 2009; and Client Service Manager -
Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (64) Since 2011. Serves at Chief Compliance Officer of Pioneer and of None
Chief Compliance Officer the discretion of the Board. all the Pioneer Funds since March 2010;
Chief Compliance Officer of Pioneer
Institutional Asset Management, Inc. since
January 2012; Chief Compliance Officer of
Vanderbilt Capital Advisors, LLC since July
2012: Director of Adviser and Portfolio
Compliance at Pioneer since October 2005;
and Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003
to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (46) Since 2011. Serves at Director - Transfer Agency Compliance of None
Anti-Money the discretion of the Board. Pioneer and Anti-Money Laundering Officer of
Laundering Officer all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
130 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
This page is for your notes.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17 131
This page is for your notes.
132 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/17
How to Contact 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
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Pioneer Funds
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2017 Pioneer Investments 25671-05-0517
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)).
Ms. Marguerite A. Piret, 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 $128,294
payable to Deloitte & Touche LLP for the year ended
March 31, 2017 and $122,474 for the year ended March 31, 2016.
(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.
Audit-Related Fees
There were no fees for audit-related or other services
provided to the Fund during the fiscal years ended
March 31, 2017 and 2016.
(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 $23,034
payable to Deloitte & Touche LLP for the year ended
March 31, 2017 and $22,950 for the year ended March 31, 2016.
(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.
Other Fees
There were no fees for audit-related or other services
provided to the Fund during the fiscal years ended
March 31, 2017 and 2016.
(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 Pioneer Investment Management, Inc ("PIM"), 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 SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES 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. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 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 SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
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 SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
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 SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
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 March 31 2017 and 2016, 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 Fund and
affiliates, as previously defined, totaled approximately
$23,034 in 2017 and $22,950 in 2016.
(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.
Not applicable to open-end management investment companies.
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.
Not applicable to open-end management investment companies.
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).
Not applicable to open-end management investment companies.
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.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
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 X
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date May 30, 2017
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 May 30, 2017
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date May 30, 2017
* Print the name and title of each signing officer under his or her signature.