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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, 2014 through March 31, 2015
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 Fundamental
Growth Fund
--------------------------------------------------------------------------------
Annual Report | March 31, 2015
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PIGFX
Class C FUNCX
Class K PFGKX
Class R PFGRX
Class Y FUNYX
Class Z PFGZX
[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 17
Schedule of Investments 19
Financial Statements 23
Notes to Financial Statements 33
Report of Independent Registered Public Accounting Firm 42
Trustees, Officers and Service Providers 44
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 1
President's Letter
Dear Shareowner,
As mid-year approaches, economic conditions and government policies around the
world are far from homogeneous, and we expect them to continue to diverge. In
the United States, an ongoing economic expansion has brought the unemployment
rate down to levels where wage growth is likely to accelerate. Economic growth
and fiscal austerity have dramatically reduced the Federal budget deficit, while
very accommodative Federal Reserve System policies have kept interest rates
exceptionally low. In Europe and Japan, cyclical economic recoveries/expansions
appear to be gaining traction, buttressed by aggressive quantitative easing
policies of central banks as well as cheaper currencies. China's ongoing
transition from an infrastructure investment-driven to a consumer-driven
economy and the dramatic decline in the price of oil -- largely a result of U.S.
"fracking" -- have benefited some countries while burdening others. On balance,
though, the global economic outlook has continued to improve, although economic
and geopolitical "storm clouds" remain.
Today's market environment presents numerous opportunities as well as challenges
for investors. While we believe that the capital markets may already have priced
in some recent trends, such as the U.S. dollar's appreciation against a basket
of global currencies, it is worth noting that investment risks and opportunities
are not always aligned with the economic outlook.
Since 1928, Pioneer's investment professionals have focused on identifying and
capitalizing on the investment opportunities that present themselves in a
variety of ever-changing economic and market conditions, including those we face
today, while seeking to limit the risk of the permanent impairment of our
clients' capital. Our ongoing goal is to deliver competitive returns consistent
with our strategies' stated style and objectives and consistent with our
shareholders' expectations over a range of market conditions. We believe our
shareowners benefit from the experience and tenure of our investment teams, the
insights generated from extensive research resources, and our commitment to
prudent risk management.
2 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
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, as we do when managing the assets
our clients have entrusted to us.
We greatly appreciate your trust in us in the past 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.
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. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 3
Portfolio Management Discussion | 3/31/15
The domestic equity markets generated healthy overall results during the
12-month period ended March 31, 2015, but the solid returns of the major market
benchmarks masked a series of significant and sometimes deep corrections in some
market sectors, most notably energy, over the final months of the period. 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, a senior vice president and a portfolio manager at Pioneer,
and Mr. Cloonan, a senior vice president and a portfolio manager at Pioneer, are
responsible for day-to-day management of the Fund.
Q How did the Fund perform during the 12-month period ended March 31, 2015?
A Pioneer Fundamental Growth Fund's Class A shares returned 17.60% at net
asset value during the 12-month period ended March 31, 2015, while the
Fund's benchmark, the Russell 1000 Growth Index (the Russell Index),
returned 16.09%. During the same period, the average return of the 702
mutual funds in Lipper's Large Cap Growth Funds category was 14.54%, and
the average return of the 1,714 mutual funds in Morningstar's Large Growth
Funds category was 13.30%.
Q How would you describe the investment environment for equities during the
12-month period ended March 31, 2015?
A U.S. equity markets produced broad gains in most stock groups, despite
periodic bouts with volatility that affected different sectors at different
times. The overall rally in stock prices was driven by growing investor
confidence in the general domestic economic backdrop, which featured
improving growth trends, increasing employment, a strengthening housing
industry, rising consumer spending and low levels of inflation. Some market
sectors, however, were buffeted by a series of rolling corrections over the
12-month period, most notably when energy stocks fell sharply late in 2014
and early in 2015 as global prices for crude oil plummeted. Earlier in the
period, some biotechnology, information technology and consumer
discretionary stocks were hit hard by corrections, which were followed by a
later sell-off in the industrials sector. Moreover, the general market
suffered
4 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
through a sharp, but short-lived correction between September and October
2014, possibly brought on by fears about the contagious effects of suddenly
lower oil prices and by the withdrawal of some monetary stimulus from the
U.S. economy with the end of the U.S. Federal Reserve System's (the Fed's)
quantitative easing program. By the end of the period, however, the market
had snapped back and share prices, by and large, had regained the ground
they had lost in the wake of the September/October correction.
Q Which of your investment decisions or individual portfolio holdings had the
greatest effects on the Fund's benchmark-relative performance during the
12-month period ended March 31, 2015
A Good sector allocation decisions, especially the portfolio's significant
overweight to health care, a sector which outperformed, and an underweight
to energy stocks, combined with successful security selection results,
helped the Fund to outperform relative to the Russell Index benchmark
during the period.
Security selection in the consumer discretionary sector was a particularly
strong contributor to the Fund's benchmark-relative performance during the
period, led by solid results from the portfolio's position in home-
improvement chain Home Depot. Home Depot is a particularly well-managed
company which is disciplined in its allocation of capital, and thus was
able to take advantage of the improvement in the housing industry over the
period. Another holding in the consumer discretionary sector which made a
solid contribution to the Fund's benchmark-relative returns was discount
retail chain Ross Stores. The company had strong comparable-store sales
trends and benefited from the uptick in consumer spending during the
period. Also in consumer discretionary, the Fund's positions in two media
firms were standout performers during the period: Disney and Time Warner.
Both companies successfully added revenue from expanded distribution of
their programming and their strong pricing power, while Disney also
benefited from its diversification, particularly its theme park business,
which produced strong results as the economy continued to improve and
travel and consumer spending increased.
The Fund also saw good benchmark-relative performance from holdings in
health care, a sector which we overweighted during the period. Two of the
top performers for the Fund in the sector were companies involved in
mergers: Covidien, a health care products company acquired by Medtronic;
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 5
and Allergan, a pharmaceutical firm acquired by Actavis. (Actavis currently
plans to change the name of the combined company back to Allergan.) Another
portfolio investment in health care that produced strong results for the
Fund during the period was Celgene, a pharmaceutical and biotechnology
company with improving prospects.
There were some disappointing security selection results, however, in the
information technology and industrials sectors during the period. In the
information technology sector, the Fund's positions in Xilinx, a
semiconductor company, and EMC, a specialist in storage technology,
underperformed. We sold the position in Xilinx, which had deteriorating
growth trends, but retained the investment in EMC, as we saw continuing
longer-term potential in the company despite recent sluggishness in
corporate technology investment spending. In the industrials sector, the
most notable detractors from the Fund's benchmark-relative returns during
the period were holdings of Precision Castparts and United Technologies.
Precision Castparts, which we continue to view as a well-managed,
disciplined company, recently had problems getting some key production
equipment back on line after scheduled maintenance. The company also was
affected by de-stocking decisions by one of its major customers. We still
think Precision Castpart's recent problems are temporary, however, and
continue to hold the position in the Fund's portfolio. United Technologies
had underperformed during the first part of the Fund's fiscal year, but its
stock had begun to regain value as of the end of the period following the
appointment of a new company chief executive, who has placed a new emphasis
on execution of the company's business plan while reviewing the value of
all company assets.
Q What changes did you make to the portfolio during the 12-month period ended
March 31, 2015?
A During the 12-month period we sold the Fund's shares of the following
companies: Procter & Gamble, the consumer products firm; tobacco company
Philip Morris International; W.W. Grainger, a distributor of maintenance
and operating supplies to the industrial market; Occidental Petroleum,
which we think will continue to be negatively affected by low oil prices;
and semiconductor company Xilinx, which we mentioned earlier.
6 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
Positions added to the Fund's portfolio during the period were:
International Flavors and Fragrances, a supplier to the food, personal care
and cosmetic industries; Johnson & Johnson, the diversified health care
company; tobacco company Lorillard; and auto parts supplier O'Reilly
Automotive.
Q Did the Fund have any exposure to derivative securities during the 12-month
period ended March 31, 2015?
A No, the Fund did not invest in any derivatives during the period.
Q What is your investment outlook?
A We continue to see a favorable growth outlook for the U.S. economy, helped
by relatively stable financial conditions, including little inflationary
pressure, which should allow the Fed to avoid tightening monetary policy
significantly. Our outlook for corporate earnings growth is more mixed,
however, as economic sluggishness in some key foreign markets and a strong
U.S. dollar has begun to affect the profits of domestic corporations with
significant exposures to overseas markets. Also, the collapse of crude oil
prices is having a substantial negative impact on the energy industry, even
though lower gasoline and fuel prices are benefiting consumer spending and
helping the profit margins of industries that are significant energy
consumers.
We believe we may see even more volatility in the U.S. equity market due to
the confluence of several factors. First, even as the Fed starts to tighten
monetary policy at home, many foreign central banks are becoming more
accommodative in their monetary policies. The result has been the continued
strengthening of the U.S. dollar, which is creating an imbalance in
currency markets. In addition, the commodities markets -- particularly the
oil and gas markets -- are becoming even more imbalanced and are creating
significant price volatility.
We believe the Fund is well positioned for a more volatile market
environment, especially because of our continued focus on investing in what
we believe are higher-quality, large-cap growth companies with strong
balance sheets and the ability to generate sustained, high returns on
incremental capital. We think those qualities can be especially timely
during periods of any economic or market stress.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 7
Please refer to the Schedule of Investments on pages 19-22 for a full listing of
Fund securities.
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 | 3/31/15
Portfolio Summary | 3/31/15
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 98%
International Common Stocks 2%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Information Technology 25.7%
Health Care 19.6%
Consumer Discretionary 17.3%
Consumer Staples 13.6%
Industrials 11.7%
Materials 5.3%
Energy 3.6%
Financials 3.2%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. Apple, Inc. 5.98%
--------------------------------------------------------------------------------
2. Microsoft Corp. 4.63
--------------------------------------------------------------------------------
3. MasterCard, Inc. 4.34
--------------------------------------------------------------------------------
4. CVS Health Corp. 4.14
--------------------------------------------------------------------------------
5. The Home Depot, Inc. 4.12
--------------------------------------------------------------------------------
6. The Walt Disney Co. 3.74
--------------------------------------------------------------------------------
7. Celgene Corp. 3.72
--------------------------------------------------------------------------------
8. Thermo Fisher Scientific, Inc. 3.65
--------------------------------------------------------------------------------
9. Gilead Sciences, Inc. 3.60
--------------------------------------------------------------------------------
10. 3M Co. 3.55
--------------------------------------------------------------------------------
* 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 securities listed.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 9
Prices and Distributions | 3/31/15
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/15 3/31/14
--------------------------------------------------------------------------------
A $19.06 $16.66
--------------------------------------------------------------------------------
C $17.81 $15.66
--------------------------------------------------------------------------------
K $19.05 $16.64
--------------------------------------------------------------------------------
R $18.86 $16.50
--------------------------------------------------------------------------------
Y $19.20 $16.77
--------------------------------------------------------------------------------
Z $19.03 $16.64
--------------------------------------------------------------------------------
Distributions per Share: 4/1/14-3/31/15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.0481 $0.0054 $0.4662
--------------------------------------------------------------------------------
C $ -- $0.0054 $0.4662
--------------------------------------------------------------------------------
K $0.1175 $0.0054 $0.4662
--------------------------------------------------------------------------------
R $ -- $0.0054 $0.4662
--------------------------------------------------------------------------------
Y $0.0998 $0.0054 $0.4662
--------------------------------------------------------------------------------
Z $0.0842 $0.0054 $0.4662
--------------------------------------------------------------------------------
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 11-16.
10 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
Performance Update | 3/31/15 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, 2015)
--------------------------------------------------------------------------------
Net Public Russell
Asset Offering 1000
Value Price Growth
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 Years 9.40% 8.75% 9.36%
5 Years 14.82 13.46 15.63
1 Year 17.60 10.81 16.09
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2014)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.13% 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
3/31/2005 $ 9,425 $10,000
3/31/2006 $10,470 $11,314
3/31/2007 $11,036 $12,113
3/31/2008 $11,299 $12,022
3/31/2009 $ 8,255 $ 7,901
3/31/2010 $11,598 $11,831
3/31/2011 $12,900 $13,991
3/31/2012 $14,815 $15,533
3/31/2013 $16,243 $17,100
3/31/2014 $19,680 $21,071
3/31/2015 $23,144 $24,461
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, 2015, 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.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 11
Performance Update | 3/31/15 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, 2015)
--------------------------------------------------------------------------------
Russell
1000
If If Growth
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
12/15/2005 8.29% 8.29% 9.36%
5 Years 13.96 13.96 15.63
1 Year 16.81 16.81 16.09
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.83%
--------------------------------------------------------------------------------
[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
12/31/2005 $10,000 $ 10,000
3/31/2006 $10,369 $ 10,309
3/31/2007 $10,836 $ 11,037
3/31/2008 $11,000 $ 10,954
3/31/2009 $ 7,974 $ 7,199
3/31/2010 $11,108 $ 10,780
3/31/2011 $12,255 $ 12,748
3/31/2012 $13,968 $ 14,154
3/31/2013 $15,193 $ 15,581
3/31/2014 $18,276 $ 19,199
3/31/2015 $21,348 $ 22,288
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.
12 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
Performance Update | 3/31/15 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
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, 2015)
--------------------------------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 9.50% 9.36%
5 Years 15.03 15.63
1 Year 18.11 16.09
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.71%
--------------------------------------------------------------------------------
[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
3/31/2005 $10,000 $10,000
3/31/2006 $11,110 $11,314
3/31/2007 $11,711 $12,113
3/31/2008 $11,991 $12,022
3/31/2009 $ 8,760 $ 7,901
3/31/2010 $12,307 $11,831
3/31/2011 $13,689 $13,991
3/31/2012 $15,721 $15,533
3/31/2013 $17,259 $17,100
3/31/2014 $20,989 $21,071
3/31/2015 $24,790 $24,461
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.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 13
Performance Update | 3/31/15 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, 2015)
--------------------------------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 9.31% 9.36%
5 Years 14.62 15.63
1 Year 17.23 16.09
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.39%
--------------------------------------------------------------------------------
[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
3/31/2005 $10,000 $10,000
3/31/2006 $11,110 $11,314
3/31/2007 $11,711 $12,113
3/31/2008 $11,991 $12,022
3/31/2009 $ 8,760 $ 7,901
3/31/2010 $12,307 $11,831
3/31/2011 $13,689 $13,991
3/31/2012 $15,721 $15,533
3/31/2013 $17,186 $17,100
3/31/2014 $20,767 $21,071
3/31/2015 $24,345 $24,461
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 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.
14 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
Performance Update | 3/31/15 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, 2015)
--------------------------------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 9.64% 9.36%
5 Years 15.23 15.63
1 Year 17.98 16.09
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.82%
--------------------------------------------------------------------------------
[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
3/31/2005 $ 5,000,000 $ 5,000,000
3/31/2006 $ 5,555,025 $ 5,657,150
3/31/2007 $ 5,855,502 $ 6,056,413
3/31/2008 $ 5,995,350 $ 6,011,095
3/31/2009 $ 4,379,849 $ 3,950,250
3/31/2010 $ 6,175,263 $ 5,915,555
3/31/2011 $ 6,906,168 $ 6,995,467
3/31/2012 $ 7,961,977 $ 7,766,676
3/31/2013 $ 8,757,477 $ 8,550,130
3/31/2014 $10,635,168 $10,535,364
3/31/2015 $12,547,583 $12,230,363
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.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 15
Performance Update | 3/31/15 Class Z Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class Z 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, 2015)
--------------------------------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 9.47% 9.36%
5 Years 14.96 15.63
1 Year 17.78 16.09
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2014)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.99% 0.90%
--------------------------------------------------------------------------------
[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
3/31/2005 $10,000 $10,000
3/31/2006 $11,110 $11,314
3/31/2007 $11,711 $12,113
3/31/2008 $11,991 $12,022
3/31/2009 $ 8,760 $ 7,901
3/31/2010 $12,307 $11,831
3/31/2011 $13,689 $13,991
3/31/2012 $15,721 $15,533
3/31/2013 $17,279 $17,100
3/31/2014 $20,979 $21,071
3/31/2015 $24,710 $24,461
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.
Performance shown for periods prior to the inception of Class Z shares on April
2, 2012, is the net asset value performance of the Fund's Class A shares. The
performance does not reflect differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares are generally higher
than those of Class Z shares, the performance for Class Z shares prior to their
inception on April 2, 2012, would have been higher than that shown. For the
period beginning April 2, 2012, the actual performance of Class Z shares is
reflected. Class Z 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, 2015, for Class Z 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.
16 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
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, 2014 through March 31, 2015.
---------------------------------------------------------------------------------------------
Share Class A C K R Y Z
---------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 10/1/14
---------------------------------------------------------------------------------------------
Ending Account $1,089.09 $1,085.59 $1,091.89 $1,087.28 $1,091.30 $1,090.05
Value (after expenses)
on 3/31/15
---------------------------------------------------------------------------------------------
Expenses Paid $ 5.68 $ 9.31 $ 3.60 $ 7.29 $ 4.17 $ 4.69
During Period*
---------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.09%,
1.79%, 0.69%, 1.40%, 0.80% and 0.90% for Class A, Class C, Class K, Class
R, Class Y, and Class Z 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 | 3/31/15 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, 2014 through March 31, 2015.
---------------------------------------------------------------------------------------------
Share Class A C K R Y Z
---------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 10/1/14
---------------------------------------------------------------------------------------------
Ending Account $1,019.50 $1,016.01 $1,021.49 $1,017.95 $1,020.94 $1,020.44
Value (after expenses)
on 3/31/15
---------------------------------------------------------------------------------------------
Expenses Paid $ 5.49 $ 9.00 $ 3.48 $ 7.04 $ 4.03 $ 4.53
During Period*
---------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.09%,
1.79%, 0.69%, 1.40%, 0.80% and 0.90% for Class A, Class C, Class K, Class
R, Class Y, and Class Z shares, respectively, multiplied by the average
account value over the period, multiplied by 182/365 (to reflect the
one-half year period).
18 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
Schedule of Investments | 3/31/15
-------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------
COMMON STOCKS -- 97.3%
ENERGY -- 3.5%
Oil & Gas Equipment & Services -- 2.4%
717,352 Schlumberger, Ltd. $ 59,855,851
-------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.1%
906,860 Cabot Oil & Gas Corp. $ 26,779,576
--------------
Total Energy $ 86,635,427
-------------------------------------------------------------------------------------
MATERIALS -- 5.2%
Fertilizers & Agricultural Chemicals -- 1.1%
249,020 Monsanto Co. $ 28,024,711
-------------------------------------------------------------------------------------
Industrial Gases -- 0.8%
158,343 Praxair, Inc. $ 19,118,334
-------------------------------------------------------------------------------------
Specialty Chemicals -- 3.3%
411,008 Ecolab, Inc. $ 47,011,095
278,622 International Flavors & Fragrances, Inc. 32,710,223
--------------
$ 79,721,318
--------------
Total Materials $ 126,864,363
-------------------------------------------------------------------------------------
CAPITAL GOODS -- 9.8%
Aerospace & Defense -- 5.0%
230,852 Precision Castparts Corp. $ 48,478,920
625,529 United Technologies Corp. 73,311,999
--------------
$ 121,790,919
-------------------------------------------------------------------------------------
Industrial Conglomerates -- 3.4%
511,087 3M Co. $ 84,303,801
-------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 1.4%
246,220 Cummins, Inc. $ 34,135,941
--------------
Total Capital Goods $ 240,230,661
-------------------------------------------------------------------------------------
TRANSPORTATION -- 1.6%
Air Freight & Logistics -- 1.6%
408,304 United Parcel Service, Inc. (Class B) $ 39,580,990
--------------
Total Transportation $ 39,580,990
-------------------------------------------------------------------------------------
CONSUMER SERVICES -- 3.3%
Restaurants -- 3.3%
840,764 Starbucks Corp. $ 79,620,351
--------------
Total Consumer Services $ 79,620,351
-------------------------------------------------------------------------------------
MEDIA -- 6.2%
Movies & Entertainment -- 6.2%
848,217 The Walt Disney Co. $ 88,969,481
730,966 Time Warner, Inc. 61,722,769
--------------
$ 150,692,250
--------------
Total Media $ 150,692,250
-------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 19
Schedule of Investments | 3/31/15 (continued)
-------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------
RETAILING -- 7.4%
Apparel Retail -- 2.9%
675,203 Ross Stores, Inc. $ 71,139,388
-------------------------------------------------------------------------------------
Home Improvement Retail -- 4.0%
861,845 The Home Depot, Inc. $ 97,914,210
-------------------------------------------------------------------------------------
Automotive Retail -- 0.5%
56,407 O'Reilly Automotive, Inc.* $ 12,197,450
--------------
Total Retailing $ 181,251,048
-------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 4.0%
Drug Retail -- 4.0%
954,902 CVS Health Corp. $ 98,555,435
--------------
Total Food & Staples Retailing $ 98,555,435
-------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 5.6%
Soft Drinks -- 2.9%
738,283 PepsiCo., Inc. $ 70,594,620
-------------------------------------------------------------------------------------
Tobacco -- 2.7%
1,012,687 Lorillard, Inc. $ 66,179,095
--------------
Total Food, Beverage & Tobacco $ 136,773,715
-------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 3.6%
Household Products -- 2.2%
777,101 Colgate-Palmolive Co. $ 53,884,183
-------------------------------------------------------------------------------------
Personal Products -- 1.4%
415,365 The Estee Lauder Companies, Inc. $ 34,541,753
--------------
Total Household & Personal Products $ 88,425,936
-------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 4.5%
Health Care Equipment -- 2.1%
668,390 Medtronic PLC $ 52,127,736
-------------------------------------------------------------------------------------
Health Care Services -- 2.4%
659,433 Express Scripts Holding Co.* $ 57,219,001
--------------
Total Health Care Equipment & Services $ 109,346,737
-------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 14.7%
Biotechnology -- 7.8%
767,031 Celgene Corp.* $ 88,423,335
872,574 Gilead Sciences, Inc.* 85,625,687
145,857 Vertex Pharmaceuticals, Inc.* 17,206,750
--------------
$ 191,255,772
-------------------------------------------------------------------------------------
Pharmaceuticals -- 3.3%
155,891 Actavis plc* $ 46,396,279
343,306 Johnson & Johnson 34,536,584
--------------
$ 80,932,863
-------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
-------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 3.6%
646,313 Thermo Fisher Scientific, Inc. $ 86,825,688
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 359,014,323
-------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.8%
Specialized Finance -- 2.8%
291,322 Intercontinental Exchange, Inc. $ 67,956,683
--------------
Total Diversified Financials $ 67,956,683
-------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 13.4%
Internet Software & Services -- 4.7%
107,078 Google, Inc. (Class A)* $ 59,396,167
99,908 Google, Inc. (Class C) 54,749,584
--------------
$ 114,145,751
-------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 4.2%
1,193,635 MasterCard, Inc. $ 103,118,128
-------------------------------------------------------------------------------------
Systems Software -- 4.5%
2,707,746 Microsoft Corp. $ 110,083,414
--------------
Total Software & Services $ 327,347,293
-------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 10.5%
Communications Equipment -- 2.6%
916,882 Qualcomm, Inc. $ 63,576,598
-------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 7.9%
1,142,666 Apple, Inc. $ 142,181,930
1,968,865 EMC Corp. 50,324,189
--------------
$ 192,506,119
--------------
Total Technology Hardware & Equipment $ 256,082,717
-------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.2%
Semiconductors -- 1.2%
470,033 Analog Devices, Inc. $ 29,612,079
--------------
Total Semiconductors & Semiconductor Equipment $ 29,612,079
-------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $1,744,001,574) $2,377,990,008
-------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 97.3%
(Cost $1,744,001,574) (a) $2,377,990,008
-------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 2.7% $ 66,744,271
-------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $2,444,734,279
=====================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 21
Schedule of Investments | 3/31/15 (continued)
* Non-income producing security.
(a) At March 31, 2015, the net unrealized appreciation on investments based on
cost for federal income tax purposes of $1,745,580,020 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $644,838,116
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (12,428,128)
------------
Net unrealized appreciation $632,409,988
============
Purchases and sales of securities (excluding temporary cash investments) for the
year ended March 31, 2015 aggregated $663,349,585 and $225,266,966,
respectively.
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.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services or broker-dealers)
as Level 3.
The following is a summary of the inputs used as of March 31, 2015, in valuing
the Fund's investments:
-------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------
Common Stocks $2,377,990,008 $ -- $ -- $2,377,990,008
-------------------------------------------------------------------------------------
Total $2,377,990,008 $ -- $ -- $2,377,990,008
=====================================================================================
During the year ended March 31, 2015, there were no transfers between Levels 1,
2 and 3.
The accompanying notes are an integral part of these financial statements.
22 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
Statement of Assets and Liabilities | 3/31/15
ASSETS:
Investment in securities (cost $1,744,001,574) $2,377,990,008
Cash 145,795,919
Receivables --
Fund shares sold 17,488,093
Dividends 1,350,755
Prepaid expenses 57,351
-------------------------------------------------------------------------------------------
Total assets $2,542,682,126
-------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 92,431,233
Fund shares repurchased 4,607,165
Due to affiliates 729,509
Accrued expenses 179,940
-------------------------------------------------------------------------------------------
Total liabilities $ 97,947,847
-------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $1,711,028,019
Undistributed net investment income 2,791,211
Accumulated net realized gain on investments 96,926,615
Net unrealized appreciation on investments 633,988,434
-------------------------------------------------------------------------------------------
Total net assets $2,444,734,279
===========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $796,688,884/41,801,930 shares) $ 19.06
Class C (based on $246,593,053/13,848,392 shares) $ 17.81
Class K (based on $97,062,588/5,095,375 shares) $ 19.05
Class R (based on $37,284,676/1,976,694 shares) $ 18.86
Class Y (based on $1,263,593,661/65,827,014 shares) $ 19.20
Class Z (based on $3,511,417/184,479 shares) $ 19.03
MAXIMUM OFFERING PRICE:
Class A ($19.06 (divided by) 94.25%) $ 20.22
===========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 23
Statement of Operations
For the Year Ended 3/31/15
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld $16) $29,191,656
Interest 17,277
-----------------------------------------------------------------------------------------------
Total investment income $ 29,208,933
===============================================================================================
EXPENSES:
Management fees $12,414,980
Transfer agent fees
Class A 228,760
Class B* 5,574
Class C 36,451
Class K 2,230
Class R 13,503
Class Y 7,048
Class Z 1,265
Distribution fees
Class A 1,740,860
Class B* 18,113
Class C 1,997,526
Class R 201,873
Shareholder communications expense 2,586,063
Administrative reimbursements 573,845
Custodian fees 25,603
Registration fees 215,688
Professional fees 100,279
Printing expense 51,717
Fees and expenses of nonaffiliated Trustees 81,303
Miscellaneous 72,690
-----------------------------------------------------------------------------------------------
Total operating expenses $ 20,375,371
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (292,219)
-----------------------------------------------------------------------------------------------
Net operating expenses $ 20,083,152
-----------------------------------------------------------------------------------------------
Net investment income $ 9,125,781
-----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments $125,298,386
Change in net unrealized appreciation on investments $181,601,642
-----------------------------------------------------------------------------------------------
Net gain on investments $306,900,028
-----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $316,025,809
===============================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------------
Year Ended Year Ended
3/31/15 3/31/14
-------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 9,125,781 $ 7,369,044
Net realized gain on investments 125,298,386 57,722,432
Change in net unrealized appreciation on investments 181,601,642 204,361,102
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 316,025,809 $ 269,452,578
-------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.05 and $0.06 per share, respectively) $ (1,878,797) $ (2,482,445)
Class K ($0.12 and $0.11 per share, respectively) (269,640) (146,526)
Class R ($0.00 and $0.08 per share, respectively) -- (173,280)
Class Y ($0.10 and $0.09 per share, respectively) (5,956,917) (3,986,805)
Class Z ($0.08 and $0.10 per share, respectively) (11,941) (8,022)
Net realized gain:
Class A ($0.47 and $0.62 per share, respectively) (17,853,702) (23,244,470)
Class B ($0.00 and $0.62 per share, respectively)* -- (129,871)
Class C ($0.47 and $0.62 per share, respectively) (5,512,482) (6,228,073)
Class K ($0.47 and $0.62 per share, respectively) (1,078,395) (113,809)
Class R ($0.47 and $0.62 per share, respectively) (835,064) (1,283,428)
Class Y ($0.47 and $0.62 per share, respectively) (26,141,183) (27,940,201)
Class Z ($0.47 and $0.62 per share, respectively) (65,055) (45,158)
-------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (59,603,176) $ (65,782,088)
-------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 991,290,489 $ 923,358,524
Reinvestment of distributions 52,453,024 57,739,778
Cost of shares repurchased (593,937,145) (536,288,335)
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 449,806,368 $ 444,809,967
-------------------------------------------------------------------------------------------------
Net increase in net assets $ 706,229,001 $ 648,480,457
NET ASSETS:
Beginning of year 1,738,505,278 1,090,024,821
-------------------------------------------------------------------------------------------------
End of year $2,444,734,279 $1,738,505,278
-------------------------------------------------------------------------------------------------
Undistributed net investment income $ 2,791,211 $ 1,782,725
=================================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 25
Statements of Changes in Net Assets (continued)
-----------------------------------------------------------------------------------------------
'15 Shares '15 Amount '14 Shares '14 Amount
-----------------------------------------------------------------------------------------------
Class A
Shares sold 15,036,362 $ 274,201,233 22,110,498 $ 346,917,913
Reinvestment of distributions 937,391 17,489,419 1,445,202 23,486,413
Less shares repurchased (12,861,620) (231,236,932) (15,339,964) (246,637,720)
-----------------------------------------------------------------------------------------------
Net increase 3,112,133 $ 60,453,720 8,215,736 $ 123,766,606
===============================================================================================
Class B*
Shares sold or exchanged 36,067 $ 587,911 56,558 $ 831,773
Reinvestment of distributions -- -- 7,658 115,401
Less shares repurchased (237,960) (4,042,482) (95,005) (1,394,313)
-----------------------------------------------------------------------------------------------
Net decrease (201,893) $ (3,454,571) (30,789) $ (447,139)
===============================================================================================
Class C
Shares sold 4,493,019 $ 77,274,336 5,540,882 $ 81,669,738
Reinvestment of distributions 246,472 4,293,542 316,242 4,816,358
Less shares repurchased (2,038,629) (34,334,848) (1,298,988) (19,542,874)
-----------------------------------------------------------------------------------------------
Net increase 2,700,862 $ 47,233,030 4,558,136 $ 66,943,222
===============================================================================================
Class K
Shares sold 3,621,619 $ 67,520,968 1,986,520 $ 32,284,562
Reinvestment of distributions 72,149 1,348,035 15,892 260,335
Less shares repurchased (491,338) (8,895,211) (110,215) (1,803,586)
-----------------------------------------------------------------------------------------------
Net increase 3,202,430 $ 59,973,792 1,892,197 $ 30,741,311
===============================================================================================
Class R
Shares sold 1,235,064 $ 22,131,079 2,505,292 $ 39,892,360
Reinvestment of distributions 38,654 712,401 81,110 1,308,812
Less shares repurchased (1,763,621) (31,500,220) (290,813) (4,679,817)
-----------------------------------------------------------------------------------------------
Net increase (decrease) (489,903) $ (8,656,740) 2,295,589 $ 36,521,355
===============================================================================================
Class Y
Shares sold 29,577,154 $ 547,481,140 26,560,882 $ 420,549,032
Reinvestment of distributions 1,516,299 28,532,632 1,691,243 27,699,278
Less shares repurchased (15,515,618) (283,571,107) (16,761,997) (262,173,534)
-----------------------------------------------------------------------------------------------
Net increase 15,577,835 $ 292,442,665 11,490,128 $ 186,074,776
===============================================================================================
Class Z
Shares sold 115,242 $ 2,093,822 78,674 $ 1,213,146
Reinvestment of distributions 4,127 76,995 3,266 53,181
Less shares repurchased (19,275) (356,345) (3,510) (56,491)
-----------------------------------------------------------------------------------------------
Net increase 100,094 $ 1,814,472 78,430 $ 1,209,836
===============================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
26 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
Financial Highlights
-------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/15 3/31/14 3/31/13 3/31/12 3/31/11
-------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 16.66 $ 14.33 $ 13.23 $ 11.86 $ 10.96
-------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.06 $ 0.06 $ 0.07 $ 0.02 $ 0.03
Net realized and unrealized gain (loss) on investments 2.86 2.95 1.20 1.68 1.17
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.92 $ 3.01 $ 1.27 $ 1.70 $ 1.20
-------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.05) $ (0.06) $ (0.06) $ (0.03) $ (0.02)
Net realized gain (0.47) (0.62) (0.11) (0.30) (0.28)
-------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.52) $ (0.68) $ (0.17) $ (0.33) $ (0.30)
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.40 $ 2.33 $ 1.10 $ 1.37 $ 0.90
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.06 $ 16.66 $ 14.33 $ 13.23 $ 11.86
===============================================================================================================================
Total return* 17.60% 21.16% 9.64% 14.84% 11.23%
Ratio of net expenses plus interest expense to average net assets 1.09% 1.08% 1.09% 1.19% 1.25%
Ratio of net investment income (loss) to average net assets 0.38% 0.46% 0.54% 0.28% 0.25%
Portfolio turnover rate 12% 21% 28% 16% 18%
Net assets, end of period (in thousands) $796,689 $644,527 $436,682 $346,987 $123,305
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses plus interest expense to average net assets 1.13% 1.13% 1.20% 1.19% 1.28%
Net investment income (loss) to average net assets 0.34% 0.41% 0.43% 0.28% 0.22%
===============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 27
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/15 3/31/14 3/31/13 3/31/12 3/31/11
-----------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 15.66 $ 13.55 $ 12.57 $ 11.34 $ 10.56
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.03) $ (0.04) $ (0.02)(a) $ (0.04) $ (0.05)(a)
Net realized and unrealized gain (loss) on investments 2.65 2.77 1.12 1.57 1.11
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.62 $ 2.73 $ 1.10 $ 1.53 $ 1.06
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ -- $ -- $ (0.01) $ -- $ --
Net realized gain (0.47) (0.62) (0.11) (0.30) (0.28)
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.47) $ (0.62) $ (0.12) $ (0.30) $ (0.28)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.15 $ 2.11 $ 0.98 $ 1.23 $ 0.78
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 17.81 $ 15.66 $ 13.55 $ 12.57 $ 11.34
===================================================================================================================================
Total return* 16.81% 20.29% 8.77% 13.98% 10.33%
Ratio of net expenses plus interest expense to average net assets 1.79% 1.83% 1.91% 1.96% 2.03%
Ratio of net investment income (loss) to average net assets (0.32)% (0.28)% (0.23)% (0.50)% (0.52)%
Portfolio turnover rate 12% 21% 28% 16% 18%
Net assets, end of period (in thousands) $246,593 $174,565 $89,299 $33,880 $15,149
===================================================================================================================================
(a) The amount shown for a share outstanding does not correspond with the
aggregate gain on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating fair values of the
investments of the Fund.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
--------------------------------------------------------------------------------------------
Year Year
Ended Ended 12/20/12 to
3/31/15 3/31/14 3/31/13
--------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 16.64 $ 14.30 $13.37
--------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.16 $ 0.06 $ 0.03
Net realized and unrealized gain (loss)
on investments 2.84 3.01 1.00
--------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ 3.00 $ 3.07 $ 1.03
--------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.12) $ (0.11) $(0.10)
Net realized gain (0.47) (0.62) --
--------------------------------------------------------------------------------------------
Total distributions $ (0.59) $ (0.73) $(0.10)
--------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.41 $ 2.34 $ 0.93
--------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.05 $ 16.64 $14.30
============================================================================================
Total return* 18.11% 21.61% 7.77%(a)(b)
Ratio of net expenses plus interest expense
to average net assets 0.69% 0.71% 0.77%**
Ratio of net investment income (loss) to
average net assets 0.81% 0.85% 0.77%**
Portfolio turnover rate 12% 21% 28%
Net assets, end of period (in thousands) $97,063 $31,501 $ 11
============================================================================================
(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.
* 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 29
Financial Highlights (continued)
-----------------------------------------------------------------------------------------
Year Year
Ended Ended 4/2/12 to
3/31/15 3/31/14 3/31/13
-----------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 16.50 $ 14.25 $13.34
-----------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.00)(a) $ 0.01 $ 0.06
Net realized and unrealized gain (loss)
on investments 2.83 2.94 1.05
-----------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ 2.83 $ 2.95 $ 1.11
-----------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ -- $ (0.08) $(0.09)
Net realized gain (0.47) (0.62) (0.11)
-----------------------------------------------------------------------------------------
Total distributions $ (0.47) $ (0.70) $(0.20)
-----------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.36 $ 2.25 $ 0.91
-----------------------------------------------------------------------------------------
Net asset value, end of period $ 18.86 $ 16.50 $14.25
=========================================================================================
Total return* 17.23% 20.84% 8.42%(b)(c)
Ratio of net expenses plus interest expense
to average net assets 1.40% 1.39% 1.40%**
Ratio of net investment income (loss) to
average net assets 0.05% 0.18% 0.27%**
Portfolio turnover rate 12% 21% 28%
Net assets, end of period (in thousands) $37,285 $40,703 $2,437
Ratios with no waiver of fees and assumption
of expenses by the Adviser and no reduction
for fees paid indirectly:
Total expenses plus interest expense to
average net assets 1.52% 1.39% 1.45%**
Net investment income (loss) to average
net assets (0.07)% 0.18% 0.21%**
=========================================================================================
(a) Amount rounds to less than $0.01 or $(0.01) per share.
(b) 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%.
(c) Not annualized.
* 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.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/15 3/31/14 3/31/13 3/31/12 3/31/11
------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 16.77 $ 14.41 $ 13.30 $ 11.91 $ 10.99
------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10 $ 0.10 $ 0.10 $ 0.07 $ 0.08
Net realized and unrealized gain (loss) on investments 2.90 2.97 1.22 1.69 1.19
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 3.00 $ 3.07 $ 1.32 $ 1.76 $ 1.27
------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.10) $ (0.09) $ (0.10) $ (0.07) $ (0.07)
Net realized gain (0.47) (0.62) (0.11) (0.30) (0.28)
------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.57) $ (0.71) $ (0.21) $ (0.37) $ (0.35)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.43 $ 2.36 $ 1.11 $ 1.39 $ 0.92
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.20 $ 16.77 $ 14.41 $ 13.30 $ 11.91
==============================================================================================================================
Total return* 17.98% 21.44% 9.99%(a) 15.29% 11.84%
Ratio of net expenses plus interest expense to average net assets 0.80% 0.82% 0.81% 0.78% 0.78%
Ratio of net investment income (loss) to average net assets 0.68% 0.72% 0.85% 0.67% 0.72%
Portfolio turnover rate 12% 21% 28% 16% 18%
Net assets, end of period (in thousands) $1,263,594 $842,680 $558,383 $403,490 $226,409
==============================================================================================================================
(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%.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 31
Financial Highlights (continued)
--------------------------------------------------------------------------------------------
Year Year
Ended Ended 4/2/12 to
3/31/15 3/31/14 3/31/13
--------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $16.64 $14.32 $13.34
--------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.11 $ 0.06 $ 0.05
Net realized and unrealized gain (loss)
on investments 2.83 2.98 1.14
--------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ 2.94 $ 3.04 $ 1.19
--------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $(0.08) $(0.10) $(0.10)
Net realized gain (0.47) (0.62) (0.11)
--------------------------------------------------------------------------------------------
Total distributions $(0.55) $(0.72) $(0.21)
--------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.39 $ 2.32 $ 0.98
--------------------------------------------------------------------------------------------
Net asset value, end of period $19.03 $16.64 $14.32
============================================================================================
Total return* 17.78% 21.41% 9.00%(a)(b)
Ratio of net expenses plus interest expense to
average net assets 0.90% 0.90% 0.90%**
Ratio of net investment income (loss) to
average net assets 0.58% 0.68% 0.73%**
Portfolio turnover rate 12% 21% 28%
Net assets, end of period (in thousands) $3,511 $1,404 $ 85
Ratios with no waiver of fees and assumption
of expenses by the Adviser and no reduction
for fees paid indirectly:
Total expenses plus interest expense to
average net assets 0.95% 0.99% 1.04%**
Net investment income (loss) to average
net assets 0.53% 0.59% 0.59%**
============================================================================================
(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
8.99%.
(b) Not annualized.
* 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.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
Notes to Financial Statements | 3/31/15
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 six classes of shares designated as Class A, Class C, Class K,
Class R, Class Y and Class Z shares. Class Y shares were first publicly offered
on April 7, 2009. Class R and Class Z shares were first publicly offered on
April 2, 2012. Class K shares were first publicly offered on December 20, 2012.
The Fund ceased to offer Class B shares on November 10, 2014. Class B shares
were converted to Class A shares as of the close of business on November 10,
2014. 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 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, Class Y or Class Z shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, 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 following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 33
A. Security Valuation
Security transactions are recorded as of trade date. 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. In
computing the net asset value, securities that have traded on an exchange
are valued at the last sale price on the principal exchange where they are
traded. Securities that have not traded on the date of valuation, or
securities for which sale prices are not available, generally are valued at
the mean between the last bid and asked prices. Shares of money market
mutual funds are valued at such funds' net asset value. Cash may include
overnight time deposits at approved financial institutions.
Trading in foreign 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.
Securities for which independent pricing services 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, pursuant to procedures adopted by the
Fund's Board of Trustees. PIM's fair valuation team uses fair valued
methods approved by 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. 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.
At March 31, 2015, there were no securities that were valued using fair
value methods (other than securities that were valued using prices supplied
by independent pricing services or broker-dealers).
34 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
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.
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 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, 2015, 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.
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. generally accepted accounting principles.
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.
The tax character of distributions paid during the year ended March 31,
2015 and March 31, 2014 were as follows:
---------------------------------------------------------------------------
2015 2014
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 8,706,828 $ 6,910,930
Long-term capital gain 50,896,348 58,871,158
---------------------------------------------------------------------------
Total $59,603,176 $65,782,088
===========================================================================
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 35
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2015:
---------------------------------------------------------------------------
2015
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 4,329,640
Undistributed long-term capital gain 96,966,632
Net unrealized appreciation 632,409,988
---------------------------------------------------------------------------
Total $733,706,260
===========================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD) is the principal underwriter for the
Fund and a wholly-owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $173,105 in underwriting commissions on the sale of
Class A shares during the year ended March 31, 2015.
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 Y and Class Z shares do not pay
distribution fees. All expenses and fees paid to the transfer agent,
Pioneer Investment Management Shareholder Services, Inc. (PIMSS), 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 R, Class Y and Class
Z shares can reflect different transfer agent and distribution expense
rates.
36 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
F. Risks
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
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (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. During the year ended March
31, 2015, the Fund had no open repurchase agreements.
2. Management Agreement
PIM, a wholly-owned indirect subsidiary of UniCredit, 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, 2015, the effective management fee
(excluding waivers and/or assumption of expenses) was equivalent to 0.63% of the
Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.09%, 2.15%, 1.40%, 0.83% and 0.90% of the
average daily net assets attributable to Class A, Class C, Class R, Class Y and
Class Z shares, respectively. Class K shares do not have an expense limitation.
Fees waived and expenses reimbursed during the year ended March 31, 2015 are
reflected on the Statement of Operations. These expense limitations are in
effect through August 1, 2016, except for Class C shares, which is in effect
through August 1, 2015. 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 $171,599 in management fees, administrative costs and certain
other reimbursements payable to PIM at March 31, 2015.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 37
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended March 31, 2015, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $1,129,849
Class B 3,628
Class C 180,044
Class K 1,570
Class R 122,823
Class Y 1,143,377
Class Z 4,772
--------------------------------------------------------------------------------
Total $2,586,063
================================================================================
Included in "Due from affiliates" reflected on the Statement of Assets and
Liabilities is $507,022 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at March 31, 2015.
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. 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 $50,888 in distribution
fees payable to PFD at March 31, 2015.
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
38 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
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, Class Y and Class Z 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, Class Y or Class Z shares. Proceeds from the CDSCs are
paid to PFD. For the year ended March 31, 2015, CDSCs in the amount of $48,274
were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended March 31, 2015, the Fund's expenses were
not reduced under such arrangements.
6. 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 effect until February 12, 2014 was in the amount of $215
million. As of February 11, 2015, the facility is in the amount of $215 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% (0.85% as of
February 12, 2014) 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 Euro dollar rate on the borrowing date. The
Funds pay an annual commitment fee to participate in the 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, 2015
the Fund had no borrowings under the credit facility.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 39
7. Change in Independent Registered Public Accounting Firm
The Board of Trustees of the Fund, with the approval and recommendation of the
Audit Committee, has appointed Deloitte & Touche LLP to serve as the Fund's
independent registered public accounting firm for the fiscal year ending March
31, 2015. Deloitte & Touche LLP replaces Ernst & Young LLP, which resigned as
the Fund's independent registered public accounting firm, effective upon
completion of the audit of the Fund's financial statements for the fiscal year
ended March 31, 2014.
During the periods that Ernst & Young LLP served as the Fund's independent
registered public accounting firm, including the Fund's fiscal years ending
March 31, 2014 and March 31, 2013, Ernst & Young LLP's reports on the financial
statements of the Fund 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 Ernst &
Young 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 Ernst & Young LLP would have caused Ernst & Young 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.
8. Conversion of Class B Shares
As of the close of business on November 10, 2014 (the "Conversion Date"), all
outstanding Class B shares of the Pioneer funds were converted to Class A
shares.
9. Subsequent Events
PIM, the Trust's investment adviser, is currently an indirect, wholly-owned
subsidiary of UniCredit. On April 23, 2015, UniCredit announced that it signed a
preliminary and exclusive agreement with Banco Santander and affiliates of
Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to
Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
Pursuant to the preliminary agreement, the Transaction will entail the
establishment of a holding company, with the name Pioneer Investments, to be
owned by UniCredit (50%) and the Private Equity Firms (50% between them). The
holding company will control Pioneer's U.S. operations, including the Adviser.
The holding company also will own 66.7% of Pioneer's and SAM's
40 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
combined operations outside the U.S., while Banco Santander will own directly
the remaining 33.3% stake. The completion of the Transaction is subject to the
signing of a definitive agreement, as well as certain regulatory and corporate
approvals, and other conditions.
Under the Investment Company Act of 1940, completion of the Transaction will
cause the Trust's investment advisory agreement with the Adviser to terminate.
In connection with the Transaction, the Trust's Board of Trustees will be asked
to approve a new investment advisory agreement for the Trust. If approved by the
Board, the Trust's new investment advisory agreement will be submitted to the
shareholders of the Trust for their approval.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 41
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 portfolios constituting Pioneer Series Trust X), as of March 31,
2015, and the related statements of operations, changes in net assets, and the
financial highlights for the year then ended. These financial statements and
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 audit. The statement of changes in net assets
of the Fund for the year ended March 31, 2014, and the financial highlights for
the years ended March 31, 2014, 2013, 2012, and 2011 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 audit 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 audit 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, 2015, 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 audit
provides 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, 2015, the results of its
operations, changes in its net assets and financial highlights for the year then
ended, in conformity with accounting principles generally accepted in the United
States of America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
May 22, 2015
42 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
ADDITIONAL INFORMATION (unaudited)
For the year ended March 31, 2015, 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 2014 form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 100%.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 43
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
Pioneer Investment Management Shareholder 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 52 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.
44 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
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 (64) Trustee since 2006. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board Serves until a present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
and Trustee successor trustee is Executive Officer (2008 - 2012), Quadriserv, communications and securities
elected or earlier Inc. (technology products for securities processing provider for
retirement or lending industry); and Senior Executive Vice financial services industry)
removal. President, The Bank of New York (financial and (2009 - present); Director,
securities services) (1986 - 2004) Quadriserv, Inc. (2005 - 2013);
and Commissioner, New Jersey
State Civil Service Commission
(2011 - present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (71) Trustee since 2005. Managing Partner, Federal City Capital Advisors Director of New York Mortgage
Trustee Serves until a (corporate advisory services company) (1997 - Trust (publicly-traded mortgage
successor trustee is 2004 and 2008 - present); Interim Chief REIT) 2004 - 2009, 2012 -
elected or earlier Executive Officer, Oxford Analytica, Inc. present); Director (of The
retirement or (privately-held research and consulting Swiss Helvetia Fund, Inc.
removal. company) (2010); Executive Vice President and (closed-end fund) (2010 -
Chief Financial Officer, I-trax, Inc. (publicly present); Director of Oxford
traded health care services company) (2004 - Analytica, Inc. (2008 -
2007); and Executive Vice President and Chief present); and Director of
Financial Officer, Pedestal Inc. (internet-based Enterprise Community
mortgage trading company) (2000 - 2002); Investment, Inc.
Private consultant (1995 - 1997), Managing (privately-held affordable
Director, Lehman Brothers (investment banking housing finance company) (1985 -
firm) (1992 - 1995); and Executive, The World 2010)
Bank (1979 - 1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (70) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
successor trustee is Mellon Institutional Funds
elected or earlier Master Portfolio (oversaw 17
retirement or portfolios in fund complex)
removal. (1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 45
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 (67) Trustee since 2002. Founding Director, Vice President and Corporate None
Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting
successor trustee is firm) (1982 - present); Desautels Faculty of
elected or earlier Management, McGill University (1999 - present);
retirement or and Manager of Research Operations and
removal. Organizational Learning, Xerox PARC, Xerox's
advance research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (66) Trustee since 2002. President and Chief Executive Officer, Newbury, Director of New America High
Trustee Serves until a Piret & Company, Inc. (investment banking firm) Income Fund, Inc. (closed-end
successor trustee is (1981 - present) investment company) (2004 -
elected or earlier present); and Member, Board of
retirement or Governors, Investment Company
removal. Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (68) Trustee since 2014. Consultant (investment company services) (2012 None
Trustee Serves until a - present); Executive Vice President, BNY
successor trustee is Mellon (financial and investment company
elected or earlier services) (1969 - 2012); Director, BNY
retirement or International Financing Corp. (financial
removal. services) (2002 - 2012); and Director, Mellon
Overseas Investment Corp. (financial services)
(2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
46 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
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 (56)* Trustee since 2014. Director and Executive Vice President (since None
Trustee Serves until a 2008) and Chief Investment Officer, U.S. (since
successor trustee 2010) of PIM-USA; Executive Vice President of
is elected or Pioneer (since 2008); Executive Vice President
earlier retirement of Pioneer Institutional Asset Management, Inc.
or removal. (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 Fundamental Growth Fund | Annual Report | 3/31/15 47
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 (58)** Advisory Trustee Chief Investment Officer, 1199 SEIU Funds None
Advisory Trustee since 2014. (healthcare workers union pension funds) (2001
- present); Vice President - International
Investments Group, American International
Group, Inc. (insurance company) (1993 - 2001);
Vice President Corporate Finance and Treasury
Group, Citibank, N.A.(1980 - 1986 and 1990 -
1993); Vice President - Asset/Liability
Management Group, Federal Farm Funding
Corporation (government-sponsored issuer of
debt securities) (1988 - 1990); Mortgage
Strategies Group, Shearson Lehman Hutton, Inc.
(investment bank) (1987 - 1988); and Mortgage
Strategies Group, Drexel Burnham Lambert, Ltd.
(investment bank) (1986 - 1987)
------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee.
48 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
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 (53) Since 2014. Serves Chair, Director, CEO and President of Pioneer None
President and Chief at the discretion of Investment Management-USA (since September
Executive Officer the Board. 2014); Chair, Director, CEO and President of
Pioneer Investment Management, Inc. (since
September 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 (50) Since 2003. Serves Vice President and Associate General Counsel of None
Secretary and Chief at the discretion of Pioneer since January 2008; Secretary and Chief
Legal Officer the Board. 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 (54) Since 2010. Serves Fund Governance Director of Pioneer since None
Assistant Secretary at the discretion of December 2006 and Assistant Secretary of all
the Board. 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 (52) Since 2010. Serves Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary at the discretion of Assistant Secretary of all the Pioneer Funds
the Board. since June 2010; and Counsel of Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (55) Since 2008. Serves Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief at the discretion of Treasurer of all of the Pioneer Funds since
Financial and the Board. March 2008; Deputy Treasurer of Pioneer from
Accounting Officer March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 49
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 (49) Since 2002. Serves Director - Fund Treasury of Pioneer; and None
Assistant Treasurer at the discretion of Assistant Treasurer of all of the Pioneer
the Board. Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (56) Since 2002. Serves Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer at the discretion of Pioneer; and Assistant Treasurer of all of the
the Board. Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (35) Since 2009. Serves Fund Administration Manager - Fund Treasury of None
Assistant Treasurer at the discretion of Pioneer since November 2008; Assistant
the Board. 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 (62) Since 2010. Serves Chief Compliance Officer of Pioneer and of all None
Chief Compliance Officer at the discretion of the Pioneer Funds since March 2010; Chief
the Board. 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 (44) Since 2006. Serves Director - Transfer Agency Compliance of None
Anti-Money Laundering at the discretion of Pioneer and Anti-Money Laundering Officer of
Officer the Board. all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
50 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
This page for your notes.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 51
This page for your notes.
52 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
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:
--------------------------------------------------------------------------------
PIMSS, Inc.
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) 2015 Pioneer Investments 19341-09-0515
Pioneer Dynamic
Credit Fund
--------------------------------------------------------------------------------
Annual Report | March 31, 2015
--------------------------------------------------------------------------------
Ticker Symbols:
Class A RCRAX
Class C RCRCX
Class Y RCRYX
Class Z ARCZX
[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 16
Schedule of Investments 18
Financial Statements 65
Notes to Financial Statements 73
Report of Independent Registered Public Accounting Firm 87
Trustees, Officers and Service Providers 89
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 1
President's Letter
Dear Shareowner,
As mid-year approaches, economic conditions and government policies around the
world are far from homogeneous, and we expect them to continue to diverge. In
the United States, an ongoing economic expansion has brought the unemployment
rate down to levels where wage growth is likely to accelerate. Economic growth
and fiscal austerity have dramatically reduced the Federal budget deficit, while
very accommodative Federal Reserve System policies have kept interest rates
exceptionally low. In Europe and Japan, cyclical economic recoveries/expansions
appear to be gaining traction, buttressed by aggressive quantitative easing
policies of central banks as well as cheaper currencies. China's ongoing
transition from an infrastructure investment-driven to a consumer-driven
economy and the dramatic decline in the price of oil -- largely a result of U.S.
"fracking" -- have benefited some countries while burdening others. On balance,
though, the global economic outlook has continued to improve, although economic
and geopolitical "storm clouds" remain.
Today's market environment presents numerous opportunities as well as challenges
for investors. While we believe that the capital markets may already have priced
in some recent trends, such as the U.S. dollar's appreciation against a basket
of global currencies, it is worth noting that investment risks and opportunities
are not always aligned with the economic outlook.
Since 1928, Pioneer's investment professionals have focused on identifying and
capitalizing on the investment opportunities that present themselves in a
variety of ever-changing economic and market conditions, including those we face
today, while seeking to limit the risk of the permanent impairment of our
clients' capital. Our ongoing goal is to deliver competitive returns consistent
with our strategies' stated style and objectives and consistent with our
shareholders' expectations over a range of market conditions. We believe our
shareowners benefit from the experience and tenure of our investment teams, the
insights generated from extensive research resources, and our commitment to
prudent risk management.
2 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
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, as we do when managing the assets
our clients have entrusted to us.
We greatly appreciate your trust in us in the past 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.
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. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 3
Portfolio Management Discussion | 3/31/15
Although overall evidence pointed to a strengthening domestic economy during the
12-month period ended March 31, 2015, securities exposed to credit risk reacted
negatively to a sharp decline in oil prices, reports of economic slowing
overseas, and disappointing U.S. economic data in the first quarter of 2015. In
the following interview, Michael Temple, Andrew Feltus, and Chin Liu discuss the
factors that influenced the performance of Pioneer Dynamic Credit Fund during
the 12-month period ended March 31, 2015. Mr. Temple, a senior vice president,
portfolio manager, and Director of Fixed-Income Credit Research at Pioneer, Mr.
Feltus, Director of High Yield and Bank Loans, a senior vice president and a
portfolio manager at Pioneer, and Mr. Liu, a 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 months ended March 31, 2015?
A Pioneer Dynamic Credit Fund's Class A shares returned -0.71% at net asset
value during the 12 months ended March 31, 2015, while the Fund's benchmark,
the Bank of America Merrill Lynch (BofA ML) U.S. Dollar 3-Month LIBOR Index
(the BofA ML Index), returned 0.23%. During the same period, the average
return of the 209 mutual funds in Lipper's Alternative Credit Focus Funds
category was 0.59%, and the average return of the 378 mutual funds in
Morningstar's Non-Traditional Bond Funds category was 0.91%.
Q How would you describe the investment environment in the fixed-income
markets during the 12-month period ended March 31, 2015?
A The market for more credit-sensitive fixed-income investments weakened and
became more volatile as the period progressed. Credit-sensitive debt,
including U.S. high-yield corporate bonds, performed relatively well early
in the period, which began in April 2014. During that time, investors'
confidence in the underlying strength of the U.S. economy was increasing as
employment numbers steadily improved and corporate profits grew strongly.
Later in the Fund's fiscal year, however, a series of events - including the
dramatic drop in world oil prices, slowing economic growth overseas and a
decline in market interest rates domestically - subsequently led to falling
confidence in more credit-sensitive debt.
4 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
Declining intermediate- to longer-term rates, meanwhile, gave solid support
to the performance of higher-quality, more interest-rate sensitive
securities. Longer-maturity U.S. Treasuries and government bonds performed
particularly well, outperforming nearly all other asset classes in the
fixed-income market for the 12-month period.
While many studies pointed to a strengthening domestic economy over most of
the period, some economic reports that tracked trends in the first calendar
quarter of 2015, the final three months of the 12-month period, seemed to
suggest that the economy might not be growing as fast as had been expected.
In fact, after period end, reported U.S. gross domestic product (GDP) for
the first quarter of the year came in basically flat. While some observers
believed the disappointing data early in 2015 might be the result of a
severe winter, many other investors feared the U.S. economy was becoming
more sluggish and subsequently moderated their expectations of an early
interest-rate hike by the Federal Reserve System (the Fed). Longer-term
interest rates continued to fall, leading to further price appreciation
among longer-maturity, higher-quality bonds in particular. The strength of
the U.S. dollar in world currency markets also encouraged foreign investors
to invest in the United States, putting further downward pressure on
domestic interest rates.
Meanwhile, higher-yielding, credit-sensitive debt faced new challenges.
Economic weakness in Europe and Japan and slowing growth in China raised
questions about the "contagion effect" that such problems overseas could
have on the U.S. economy. Political volatility in the Middle East and
Eastern Europe only added to investors' uncertainties about allocating money
to risky asset classes.
The final factor unsettling the capital markets in general and the U.S.
high-yield markets in particular during the period was the precipitous
decline in the price of crude oil. The West Texas Intermediate crude price
peaked at $107.26/barrel in June 2014, at which point it began a long
descent to a low of $43.46/barrel in mid-March 2015, before ending the
Fund's fiscal year at $47.50/barrel on March 31, 2015 - an overall decline
of 56%. While many of the end results of plummeting oil prices - including
lower home heating costs and automobile gasoline prices - were beneficial
for consumers, the effects on many companies in the energy industry were
quite negative. Because debt securities of energy companies typically
account for roughly 16% of the value of all high-yield corporate bonds
issued in the United States, the performance of the high-yield bond market
was significantly affected by the oil-price decline.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 5
Q Which of your investment decisions had the greatest effects, either positive
or negative, on the Fund's performance during the 12-month period ended
March 31, 2015?
A The Fund's positions in investment-grade corporate bonds and event-linked
("catastrophe") bonds issued by property-and-casualty insurers both had
positive effects on benchmark-relative results; however, the Fund
underperformed the BofA ML Index over the 12-month period primarily because
of the portfolio's relatively heavy exposure to higher-yielding securities
in the energy sector, which turned in poor performance as a result of the
drop in crude oil prices. The Fund's relatively short duration also
detracted from results during a period that featured declining interest
rates. (Duration is a measure of the sensitivity of the price - the value of
principal - of a fixed-income investment to a change in interest rates,
expressed as a number of years.) Using U.S. Treasury futures, we kept the
portfolio's effective duration within the two- to three-year range for much
of the 12-month period, ending at 2.82 years on March 31, 2015.
In response to the market developments, we did upgrade the overall quality
of the portfolio's securities during the period, but we did not lengthen
duration as we continued to believe the time was approaching when interest
rates would start rising, which would penalize longer-duration investments.
Q How did the Fund's hedging strategy and the use of derivative securities
affect performance during the 12-month period ended March 31, 2015?
A In a market environment that was highly volatile, the Fund's dynamic hedging
strategy held back results. The Fund's positions in Standard & Poor's 500
futures contracts (which are used to gauge the strength of the domestic
equity market), in volatility contracts (which are based on investors'
expectations for the direction and intensity of equity market trends), and
credit derivatives (which allow investors to go long or short the credit
markets), all detracted from performance. The contracts work most
effectively when equity and credit markets demonstrate obvious trends,
either positive or negative. Near the end of the 12-month period, however,
neither equity nor credit markets, while volatile, moved on a clear trend
line, thus hampering the effectiveness of our dynamic hedging strategies.
The use of Treasury futures to maintain the Fund's relatively short duration
also tended to detract from results during a period in which interest rates
declined and bond prices, by and large, appreciated.
Q What were some of the portfolio's individual investments that influenced the
Fund's performance during the 12-month period ended March 31, 2015?
A In managing the Pioneer Dynamic Credit Fund, we typically place high
premiums on risk management as well as bottom-up security analysis and
selection. The Fund saw good results during the period from investments in
6 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
convertible bonds, which accounted for roughly 3% of invested assets as of
March 31, 2015. Two convertible securities that performed particularly well
for the Fund were bonds of Salix Pharmaceuticals, a specialty drug company,
and Cubist, a biotechnology company. Other strong performers for the Fund
during the period included catastrophe bonds issued by Residential
Re-Insurance.
On the other hand, as we mentioned earlier, the Fund's holdings of bonds in
the energy sector - which were hit hard by the sharp declines in world oil
prices - were among the worst performers over the period. Two particularly
disappointing positions in energy were the bonds of exploration-and-
production companies Energy XXI and Swift Energy.
Q What factors affected the Fund's income-generation, or yield, for share-
holders during the 12-month period ended March 31, 2015?
A The Fund's yield remained relatively stable during the 12 months, though it
did decrease slightly over the full period. The risk-averse nature of our
investment strategy in managing the Fund's portfolio did have the effect of
holding back income earned over the fiscal year ended March 31, 2015, as we
were reluctant to increase either credit risk or interest-rate risk as a way
to reach for more yield. Specifically, the Fund's relatively short duration,
especially in a low-interest environment, limited income earned, as did our
decision to upgrade the overall credit quality of the portfolio's
investments.
Q What is your investment outlook?
A The fundamentals of domestic corporations remain solid, and the overall
quality of credit-sensitive securities - including high-yield corporate
bonds - appears to be good. Furthermore, in a strengthening domestic
economy, we expect corporate profits to continue to be healthy, at least in
the short- to medium-term, as overall cash flows of U.S. corporations have
continued to be strong. While disappointing economic growth trends overseas
and rising political risks in some parts of the world are a source of
concern, we think the U.S. economy is strong enough to continue to grow,
despite the weaker GDP data in the first quarter of this year. We think the
Fed is likely to begin to raise short-term interest rates sometime during
2015, but we think that announcement is likely to come later in the year.
While the backdrop for investing in credit-sensitive sectors remains benign,
valuations in the credit sectors have tightened as their yield advantages
over higher-quality debt have diminished. As a result, investors are being
paid less than they were a year ago to take on credit risk. Consequently, we
have upgraded the overall quality of the Fund's investments and reduced
exposure to riskier credits, including high-yield corporates, as we have
become more cautious with security selection.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 7
As of March 31, 2015, U.S. corporate bonds, most of which were in the
high-yield category (though the number of high-yield issues was down from
six months ago), represented the largest allocation in the Fund's portfolio,
while senior, secured loans represented the second-largest allocation.
Collateralized mortgage obligations and international corporate bonds were
also among the larger allocations in the Fund's portfolio at period end.
Please refer to the Schedule of Investments on pages 18-64 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
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.
8 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
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.
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 | 3/31/15 9
Portfolio Summary | 3/31/15
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 36.1%
Senior Secured Loans 19.9%
Collateralized Mortgage Obligations 14.3%
International Corporate Bonds 13.8%
U.S. Government Securities 5.3%
Asset Backed Securities 3.9%
Convertible Corporate Bonds 2.8%
U.S. Preferred Stocks 1.9%
Convertible Preferred Stocks 0.9%
Temporary Cash Investment 0.6%
Foreign Government Bonds 0.4%
International Preferred Stocks 0.1%
Municipal Bonds 0.0%*
International Common Stocks 0.0%*
U.S. Common Stocks 0.0%*
* Amount rounds to less than 0.1%.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. U.S. Treasury Inflation Indexed Bonds, 0.125%, 7/15/24 3.22%
---------------------------------------------------------------------------------------------
2. Fannie Mae, 3.5%, 5/1/44 1.22
---------------------------------------------------------------------------------------------
3. Ensco Plc, 5.75%, 10/1/44 0.76
---------------------------------------------------------------------------------------------
4. AT&T, Inc., 3.9%, 3/11/24 0.72
---------------------------------------------------------------------------------------------
5. Amgen, Inc., 5.375%, 5/15/43 0.59
---------------------------------------------------------------------------------------------
6. Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.273%, 12/11/38 0.53
---------------------------------------------------------------------------------------------
7. Verizon Communications, Inc., 4.15%, 3/15/24 0.53
---------------------------------------------------------------------------------------------
8. JPMorgan Chase & Co., Floating Rate Note, 8/29/49 0.51
---------------------------------------------------------------------------------------------
9. CD 2005-CD1 Commercial Mortgage Trust, Floating Rate Note, 7/15/44 0.50
---------------------------------------------------------------------------------------------
10. Morgan Stanley, Floating Rate Note (Perpetual) 0.49
---------------------------------------------------------------------------------------------
* 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.
10 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
Prices and Distributions | 3/31/15
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/15 3/31/14
--------------------------------------------------------------------------------
A $9.54 $ 9.94
--------------------------------------------------------------------------------
C $9.51 $ 9.92
--------------------------------------------------------------------------------
Y $9.58 $ 9.98
--------------------------------------------------------------------------------
Z $9.47 $10.00
--------------------------------------------------------------------------------
Distributions per Share: 4/1/14-3/31/15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.3307 $ -- $ --
--------------------------------------------------------------------------------
C $0.2552 $ -- $ --
--------------------------------------------------------------------------------
Y $0.3576 $ -- $ --
--------------------------------------------------------------------------------
Z $0.3333 $ -- $ --
--------------------------------------------------------------------------------
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 12-15.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 11
Performance Update | 3/31/15 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, 2015)
--------------------------------------------------------------------------------
BofA ML
Net Public U.S. Dollar
Asset Offering 3-Month
Value Price LIBOR
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 3.19% 1.99% 0.32%
1 Year -0.71 -5.19 0.23
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2014)
--------------------------------------------------------------------------------
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
4/30/2011 $ 9,550 $10,000
3/31/2012 $ 9,587 $10,032
3/31/2013 $10,569 $10,075
3/31/2014 $10,880 $10,103
3/31/2015 $10,803 $10,126
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.
12 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
Performance Update | 3/31/15 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, 2015)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 2.36% 2.36% 0.32%
1 Year -1.58 -1.58 0.23
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.93%
--------------------------------------------------------------------------------
[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
4/30/2011 $10,000 $10,000
3/31/2012 $ 9,953 $10,032
3/31/2013 $10,893 $10,075
3/31/2014 $11,132 $10,103
3/31/2015 $10,957 $10,126
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.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 13
Performance Update | 3/31/15 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, 2015)
--------------------------------------------------------------------------------
BofA ML
Net U.S. Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 3.60% 0.32%
1 Year -0.43 0.23
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2014)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.97% 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
4/30/2011 $5,000,000 $5,000,000
3/31/2012 $5,047,246 $5,016,143
3/31/2013 $5,586,945 $5,037,507
3/31/2014 $5,768,187 $5,051,252
3/31/2015 $5,743,143 $5,063,025
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, 2015, 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.
14 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
Performance Update | 3/31/15 Class Z Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class Z 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, 2015)
--------------------------------------------------------------------------------
BofA ML
Net U.S. Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 3.03% 0.32%
1 Year -2.00 0.23
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.17%
--------------------------------------------------------------------------------
[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
4/30/2011 $10,000 $10,000
3/31/2012 $10,038 $10,032
3/31/2013 $11,065 $10,075
3/31/2014 $11,462 $10,103
3/31/2015 $11,243 $10,126
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.
Performance shown for periods prior to the commencement of operations of Class Z
shares on April 1, 2013, is the net asset value performance of the Fund's Class
A shares. The performance does not reflect differences in expenses, including
the Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares
are generally higher than those of Class Z shares, the performance for Class Z
shares prior to their inception on April 1, 2013, would have been higher than
that shown. For the period beginning April 1, 2013, the actual performance of
Class Z shares is reflected.
Class Z 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.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 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 Dynamic Credit Fund
Based on actual returns from October 1, 2014, through March 31, 2015.
-----------------------------------------------------------------------------------
Share Class A C Y Z
-----------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 10/1/14
-----------------------------------------------------------------------------------
Ending Account Value $ 985.90 $ 982.04 $ 987.41 $ 972.13
(after expenses) on 3/31/15
-----------------------------------------------------------------------------------
Expenses Paid $ 5.64 $ 9.39 $ 4.21 $ 5.70
During Period*
-----------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.14%,
1.90%, 0.85% and 1.16% for Class A, Class C, Class Y and Class Z 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 | 3/31/15
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, 2014, through March 31, 2015.
-----------------------------------------------------------------------------------
Share Class A C Y Z
-----------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 10/1/14
-----------------------------------------------------------------------------------
Ending Account Value $1,019.25 $1,015.46 $1,020.69 $1,019.15
(after expenses) on 3/31/15
-----------------------------------------------------------------------------------
Expenses Paid $ 5.74 $ 9.55 $ 4.28 $ 5.84
During Period*
-----------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.14%,
1.90%, 0.85% and 1.16% for Class A, Class C, Class Y and Class Z 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 | 3/31/15 17
Schedule of Investments | 3/31/15
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE
BONDS -- 2.6%
ENERGY -- 0.2%
Oil & Gas Exploration &
Production -- 0.2%
1,520,000 Energy & Exploration Partners, Inc., 8.0%,
7/1/19 (144A) $ 562,400
845,000 Energy XXI, Ltd., 3.0%, 12/15/18 240,859
---------------
$ 803,259
---------------
Total Energy $ 803,259
--------------------------------------------------------------------------------------------------
MATERIALS -- 0.1%
Diversified Metals & Mining -- 0.1%
117,320 Mirabela Nickel, Ltd., 9.5%, 6/24/19
(144A) (0.0% cash, 9.5% PIK) (PIK) $ 83,297
385,000 RTI International Metals, Inc., 1.625%,
10/15/19 442,750
---------------
$ 526,047
--------------------------------------------------------------------------------------------------
Steel -- 0.0%+
EURO 67,741 New World Resources NV, 4.0%,
10/7/20 (144A) (4.0% cash, 8.0%
PIK) (PIK) (d) $ 18,194
---------------
Total Materials $ 544,241
--------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.4%
Electrical Components & Equipment -- 0.4%
1,342,000 General Cable Corp., 4.5%, 11/15/29 (Step) $ 1,064,374
1,345,000 SolarCity Corp., 1.625%, 11/1/19 (144A) 1,190,325
---------------
$ 2,254,699
---------------
Total Capital Goods $ 2,254,699
--------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 0.3%
Homebuilding -- 0.3%
700,000 KB Home, 1.375%, 2/1/19 $ 669,375
1,000,000 The Ryland Group, Inc., 0.25%, 6/1/19 973,750
---------------
$ 1,643,125
---------------
Total Consumer Durables & Apparel $ 1,643,125
--------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.1%
Health Care Equipment -- 0.1%
622,000 NuVasive, Inc., 2.75%, 7/1/17 $ 776,722
---------------
Total Health Care Equipment & Services $ 776,722
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.5%
Biotechnology -- 0.5%
545,000 Cepheid, 1.25%, 2/1/21 $ 605,291
750,000 Corsicanto, Ltd., 3.5%, 1/15/32 798,750
670,000 Emergent Biosolutions, Inc., 2.875%, 1/15/21 774,269
593,000 PDL BioPharma, Inc., 4.0%, 2/1/18 567,427
---------------
$ 2,745,737
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 2,745,737
--------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Data Processing &
Outsourced Services -- 0.2%
1,000,000 Cardtronics, Inc., 1.0%, 12/1/20 $ 989,375
---------------
Total Software & Services $ 989,375
--------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.2%
Communications Equipment -- 0.2%
1,265,000 Finisar Corp., 0.5%, 12/15/33 $ 1,296,625
---------------
Total Technology Hardware & Equipment $ 1,296,625
--------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.2%
Semiconductors -- 0.2%
1,455,000 JinkoSolar Holding Co., Ltd., 4.0%,
2/1/19 (144A) $ 1,355,878
---------------
Total Semiconductors &
Semiconductor Equipment $ 1,355,878
--------------------------------------------------------------------------------------------------
UTILITIES -- 0.4%
Independent Power Producers &
Energy Traders -- 0.4%
2,000,000 SunPower Corp., 0.875%, 6/1/21 (144A) $ 1,932,500
---------------
Total Utilities $ 1,932,500
--------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $16,346,719) $ 14,342,161
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 2.3%
BANKS -- 0.6%
Diversified Banks -- 0.5%
41,128 7.88 Citigroup Capital XIII, Floating Rate Note,
10/30/40 $ 1,090,715
63,000 7.12 Citigroup, Inc., Floating Rate Note (Perpetual) 1,741,320
9,700 6.00 US Bancorp, Floating Rate Note (Perpetual) 264,907
---------------
$ 3,096,942
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 19
Schedule of Investments | 3/31/15 (continued)
--------------------------------------------------------------------------------------------------
Floating
Rate (b)
Shares (unaudited) Value
--------------------------------------------------------------------------------------------------
Regional Banks -- 0.1%
14,900 6.62 Fifth Third Bancorp, Floating Rate
Note (Perpetual) $ 420,925
---------------
Total Banks $ 3,517,867
--------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.8%
Consumer Finance -- 0.3%
800 Ally Financial, Inc., 7.0% (Perpetual) (144A) $ 821,125
27,750 8.12 GMAC Capital Trust I, Floating Rate Note,
2/15/40 728,438
---------------
$ 1,549,563
--------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.5%
18,000 7.12 Morgan Stanley, Floating Rate Note (Perpetual) $ 512,460
96,200 6.38 Morgan Stanley, Floating Rate Note (Perpetual) 2,505,048
---------------
$ 3,017,508
---------------
Total Diversified Financials $ 4,567,071
--------------------------------------------------------------------------------------------------
INSURANCE -- 0.7%
Property & Casualty Insurance -- 0.3%
25,000 5.95 Aspen Insurance Holdings, Ltd.,
Floating Rate Note (Perpetual) $ 642,000
30,000 The Hanover Insurance Group, Inc.,
6.35%, 3/30/53 753,900
---------------
$ 1,395,900
--------------------------------------------------------------------------------------------------
Reinsurance -- 0.4%
2,500 Lorenz Re, Ltd., (Perpetual)* (c) (g) $ 314,500
2,000,000 Pangaea Re, 7/1/18 (c) (g) 2,180,400
---------------
$ 2,494,900
---------------
Total Insurance $ 3,890,800
--------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Diversified REIT -- 0.1%
400 Firstar Realty LLC, 8.875% (Perpetual) (144A) $ 507,875
---------------
Total Real Estate $ 507,875
--------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.0%+
Integrated Telecommunication
Services -- 0.0%+
4,400 Qwest Corp., 7.375%, 6/1/51 $ 115,632
---------------
Total Telecommunication Services $ 115,632
--------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Electric Utilities -- 0.1%
25,000 PPL Capital Funding, Inc., 5.9%, 4/30/73 $ 638,500
---------------
Total Utilities $ 638,500
--------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $12,611,526) $ 13,237,745
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
--------------------------------------------------------------------------------------------------
Floating
Rate (b)
Shares (unaudited) Value
--------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED
STOCKS -- 0.8%
ENERGY -- 0.2%
Oil & Gas Exploration &
Production -- 0.2%
14,300 Penn Virginia Corp., 6.0% (Perpetual) (144A) $ 870,727
7,500 SandRidge Energy, Inc., 7.0% (Perpetual) 289,688
---------------
$ 1,160,415
---------------
Total Energy $ 1,160,415
--------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.2%
Home Furnishings -- 0.2%
13,100 Sealy Corp., 8.0%, 7/15/16
(4.0% cash, 4.0% PIK) (PIK) $ 1,112,452
---------------
Total Consumer Durables & Apparel $ 1,112,452
--------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Packaged Foods & Meats -- 0.2%
11,800 Post Holdings, Inc., 2.5% (Perpetual) (144A) $ 1,098,875
---------------
Total Food, Beverage & Tobacco $ 1,098,875
--------------------------------------------------------------------------------------------------
BANKS -- 0.2%
Diversified Banks -- 0.2%
1,050 Wells Fargo & Co., 7.5% (Perpetual) $ 1,284,150
---------------
Total Banks $ 1,284,150
--------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED
STOCKS
(Cost $5,482,938) $ 4,655,892
--------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.0%+
MATERIALS -- 0.0%+
Diversified Metals & Mining -- 0.0%+
922,916 Mirabela Nickel, Ltd.* $ 98,353
---------------
Total Materials $ 98,353
--------------------------------------------------------------------------------------------------
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.* $ 2,696
---------------
Total Commercial Services & Supplies $ 2,696
--------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $25,698) $ 101,080
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 21
Schedule of Investments | 3/31/15 (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 3.7%
CONSUMER SERVICES -- 0.2%
Hotels, Resorts & Cruise Lines -- 0.2%
252,250 Westgate Resorts 2012-2 LLC, 9.0%,
1/21/25 (144A) $ 255,933
669,313 Westgate Resorts 2014-1 LLC, 5.5%,
12/20/26 (144A) 670,197
---------------
$ 926,130
---------------
Total Consumer Services $ 926,130
--------------------------------------------------------------------------------------------------
BANKS -- 3.1%
Thrifts & Mortgage Finance -- 3.1%
500,000 0.98 ACA CLO 2006-2, Ltd., Floating Rate
Note, 1/20/21 (144A) $ 492,399
459,123 1.97 Bayview Commercial Asset Trust 2004-1,
Floating Rate Note, 4/25/34 (144A) 416,382
54,375 Bayview Financial Mortgage Pass-Through
Trust 2007-B, 6.407%, 8/28/37 (Step) 54,158
356,804 3.72 Bayview Opportunity Master Fund IIa Trust
2014-20NPL, Floating Rate Note,
8/28/44 (144A) 357,035
1,564,156 3.72 Bayview Opportunity Master Fund Trust
2014-15RPL, Floating Rate Note,
10/28/19 (144A) 1,562,407
254,428 Bayview Opportunity Master Fund Trust IIIa
2014-12RPL, 3.6225%, 7/28/19
(Step) (144A) 253,588
303,080 CAM Mortgage Trust 2014-1, 5.5%,
12/15/53 (Step) (144A) 303,280
278,259 0.34 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/34 (144A) 269,269
7,155 4.46 CWABS Asset-Backed Certificates Trust
2005-4, Floating Rate Note, 9/27/32 7,146
702,174 3.10 Drug Royalty II LP 2, Floating Rate Note,
7/15/23 (144A) 713,052
700,000 Flagship Credit Auto Trust 2013-1,
5.38%, 7/15/20 (144A) 727,105
251,504 7.78 GE Mortgage Services LLC, Floating Rate
Note, 3/25/27 249,345
1,077,658 GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 1,073,078
400,000 HLSS Servicer Advance Receivables
Trust, 4.4584%, 1/15/48 (144A) 394,879
221,654 Icon Brand Holdings LLC, 4.352%,
1/25/43 (144A) 225,200
358,317 Leaf Receivables Funding 8 LLC, 5.5%,
9/15/20 (144A) 362,831
613,186 1.67 MortgageIT Trust 2005-1, Floating Rate
Note, 2/25/35 547,047
The accompanying notes are an integral part of these financial statements.
22 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
394,497 1.97 MortgageIT Trust 2005-1, Floating Rate
Note, 2/25/35 $ 335,197
1,360,000 Nations Equipment Finance Funding I LLC,
5.5%, 5/20/21 (144A) 1,376,184
1,422,573 Nations Equipment Finance Funding II LLC,
5.227%, 9/20/19 (144A) 1,433,863
750,000 Navitas Equipment Receivables LLC 2013-1,
5.82%, 6/15/19 754,032
710,500 Navitas Equipment Receivables LLC 2015-1,
5.75%, 5/17/21 (144A) 710,494
600,000 4.68 NCF Dealer Floorplan Master Trust, Floating
Rate Note, 10/20/20 (144A) 589,363
257,295 Orange Lake Timeshare Trust 2012-A,
4.87%, 3/10/27 (144A) 268,443
1,250,000 Progreso Receivables Funding I LLC, 4.0%,
7/9/18 (144A) 1,257,812
500,000 Progreso Receivables Funding II LLC, 6.0%,
7/8/19 (144A) 507,500
254,104 RASC Series 2003-KS5 Trust, 4.46%,
7/25/33 (Step) 251,738
228,094 6.55 Security National Mortgage Loan Trust
2007-1, Floating Rate Note, 4/25/37 (144A) 230,842
1,200,000 3.42 Silver Bay Realty 2014-1 Trust, Floating
Rate Note, 9/18/31 (144A) 1,199,014
450,000 SNAAC Auto Receivables Trust 2013-1,
4.56%, 4/15/20 (144A) 464,584
193,679 STORE Master Funding LLC, 4.16%,
3/20/43 (144A) 199,591
150,000 United Auto Credit Securitization Trust
2013-1, 4.4%, 4/15/19 (144A) 151,145
---------------
$ 17,738,003
---------------
Total Banks $ 17,738,003
--------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Other Diversified Financial Services -- 0.4%
1,099,877 AXIS Equipment Finance Receivables II LLC,
4.94%, 7/20/18 (144A) $ 1,112,877
249,972 AXIS Equipment Finance Receivables II LLC,
6.41%, 10/22/18 (144A) 254,017
18,021 Mid-State Capital Trust 2010-1, 7.0%,
12/15/45 (144A) 19,382
174,406 Sierra Timeshare 2011-3 Receivables
Funding LLC, 9.31%, 7/20/28 (144A) 187,073
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 23
Schedule of Investments | 3/31/15 (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
500,000 Springleaf Funding Trust 2013-A, 5.0%,
9/15/21 (144A) $ 500,158
---------------
$ 2,073,507
---------------
Total Diversified Financials $ 2,073,507
--------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $20,633,295) $ 20,737,640
--------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 12.9%
MATERIALS -- 0.0%+
Forest Products -- 0.0%+
30,000 TimberStar Trust I, 7.5296%, 10/15/36 (144A) $ 30,915
---------------
Total Materials $ 30,915
--------------------------------------------------------------------------------------------------
BANKS -- 11.8%
Thrifts & Mortgage Finance -- 11.8%
350,000 A10 Securitization 2013-1 LLC, 4.7%,
11/17/25 (144A) $ 350,259
139,000 A10 Securitization 2013-1 LLC, 6.41%,
11/17/25 (144A) 139,079
1,400,000 3.57 ACRE Commercial Mortgage Trust 2014-FL2,
Floating Rate Note, 8/15/31 (144A) 1,388,681
1,250,000 5.99 Banc of America Commercial Mortgage
Trust 2007-5, Floating Rate Note, 2/10/51 1,277,834
139,760 5.72 Banc of America Merrill Lynch Commercial
Mortgage, Inc., REMICS, Floating Rate Note,
9/10/47 (144A) 140,816
71,632 Banc of America Mortgage Trust 2004-2,
5.5%, 3/25/34 58,413
1,178,731 1.17 Bayview Commercial Asset Trust 2004-3,
Floating Rate Note, 1/25/35 (144A) 1,084,718
156,389 2.06 Bear Stearns ALT-A Trust 2003-3, Floating
Rate Note, 10/25/33 144,024
500,000 5.22 Bear Stearns Commercial Mortgage
Securities Trust 2004-TOP16, Floating
Rate Note, 2/13/46 (144A) 523,214
100,000 5.21 Bear Stearns Commercial Mortgage
Securities Trust 2005-PWR7, Floating
Rate Note, 2/11/41 100,017
1,500,000 5.14 Bear Stearns Commercial Mortgage
Securities Trust 2005-TOP20, Floating
Rate Note, 10/12/42 1,502,007
2,642,507 Bear Stearns Commercial Mortgage
Securities Trust 2006-PWR14,
5.273%, 12/11/38 2,692,366
The accompanying notes are an integral part of these financial statements.
24 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
2,000,000 5.71 Bear Stearns Commercial Mortgage
Securities Trust 2007-PWR16, Floating
Rate Note, 6/11/40 $ 2,053,876
400,000 4.45 CAM Mortgage Trust 2014-2, Floating
Rate Note, 5/15/48 (144A) 401,396
500,000 2.76 Carefree Portfolio Trust 2014-CARE,
Floating Rate Note, 11/15/29 (144A) 462,465
2,500,000 5.23 CD 2005-CD1 Commercial Mortgage
Trust, Floating Rate Note, 7/15/44 2,510,180
53,774 5.74 CHL Mortgage Pass-Through Trust
2002-32, Floating Rate Note, 1/25/33 55,004
300,000 5.77 Citigroup Commercial Mortgage Trust
2006-C4, Floating Rate Note, 3/17/49 310,563
53,352 Citigroup Mortgage Loan Trust, Inc.,
6.75%, 9/25/34 58,648
494,947 0.67 CNL Commercial Mortgage Loan Trust
2003-1, Floating Rate Note, 5/15/31
(144A) 450,287
715,000 5.76 COBALT CMBS Commercial Mortgage
Trust 2007-C3, Floating Rate Note,
5/15/46 679,416
220,000 5.76 COBALT CMBS Commercial Mortgage
Trust 2007-C3, Floating Rate Note,
5/15/46 195,907
1,200,000 5.57 COBALT Commercial Mortgage Trust
2007-C2, Floating Rate Note, 4/15/47
(144A) 1,227,162
2,000,000 COMM 2006-C8 Mortgage Trust,
5.377%, 12/10/46 2,038,162
100,000 4.86 COMM 2012-CCRE2 Mortgage Trust,
Floating Rate Note, 8/17/45 (144A) 102,205
303,000 4.58 COMM 2012-CCRE4 Mortgage Trust,
Floating Rate Note, 10/17/45 (144A) 304,633
1,400,000 4.50 COMM 2013-FL3 Mortgage Trust,
Floating Rate Note, 10/13/28 1,400,602
1,400,000 3.68 COMM 2014-KYO Mortgage Trust,
Floating Rate Note, 6/11/27 (144A) 1,396,525
1,600,000 6.06 Commercial Mortgage Trust 2007-GG11,
Floating Rate Note, 12/10/49 1,695,811
100,000 5.14 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
10/15/39 (144A) 103,390
421,161 5.45 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
6/25/33 322,994
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 25
Schedule of Investments | 3/31/15 (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,150,000 5.10 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
8/15/38 $ 1,157,467
1,400,000 5.10 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
8/15/38 1,297,527
2,000,000 3.27 CSMC Trust 2014-SURF, Floating Rate
Note, 2/15/29 (144A) 1,997,664
113,538 5.46 DBUBS 2011-LC2 Mortgage Trust,
Floating Rate Note, 7/12/44 (144A) 128,011
530,000 3.62 EQTY 2014-INNS Mortgage Trust,
Floating Rate Note, 5/8/31 (144A) 528,696
277,838 4.92 EQTY 2014-MZ Mezzanine Trust, Floating
Rate Note, 5/9/19 (144A) 276,051
820,000 GAHR Commericial Mortgage Trust
2015-NRF, 3.38216%, 12/15/19 (144A) 783,093
350,000 5.15 GE Capital Commercial Mortgage Corp.,
Floating Rate Note, 7/10/45 (144A) 351,817
402,259 Global Mortgage Securitization, Ltd.,
5.25%, 11/25/32 (144A) 374,009
192,584 Global Mortgage Securitization, Ltd.,
5.25%, 11/25/32 (144A) 156,715
720,656 Global Mortgage Securitization, Ltd.,
5.25%, 4/25/32 (144A) 687,185
146,960 Global Mortgage Securitization, Ltd.,
5.25%, 4/25/32 (144A) 112,305
570,000 5.00 GMAT 2013-1 Trust, Floating Rate Note,
8/25/53 543,432
890,000 4.94 GS Mortgage Securities Corp., II Series
2005-GG4, Floating Rate Note, 7/10/39 882,326
1,000,000 GS Mortgage Securities Trust 14-NEW,
3.79%, 1/10/31 (144A) 979,130
700,000 5.52 GS Mortgage Securities Trust 2006-GG6,
Floating Rate Note, 4/10/38 715,494
1,000,000 5.55 GS Mortgage Securities Trust 2006-GG6,
Floating Rate Note, 4/10/38 1,003,603
705,000 3.18 GS Mortgage Securities Trust 2014-GSFL,
Floating Rate Note, 7/15/31 (144A) 702,772
173,236 Homeowner Assistance Program Reverse
Mortgage Loan Trust 2013-RM1, 4.0%,
5/26/53 (144A) 170,049
1,400,000 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-CIBC16, 5.623%,
5/12/45 1,428,857
1,400,000 5.84 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-LDP7 REMICS,
Floating Rate Note, 4/15/45 1,402,514
The accompanying notes are an integral part of these financial statements.
26 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,725,000 6.01 JP Morgan Chase Commercial Mortgage
Securities Trust 2007-LDP12, Floating
Rate Note, 2/15/51 $ 1,761,623
1,850,000 6.40 JP Morgan Chase Commercial Mortgage
Securities Trust 2014-CBM MZ, Floating
Rate Note, 10/15/19 (144A) 1,853,300
1,100,000 3.67 JP Morgan Chase Commercial Mortgage
Securities Trust 2014-FBLU REMICS,
Floating Rate Note, 12/15/28 (144A) 1,100,040
1,530,000 3.77 JP Morgan Chase Commercial Mortgage
Securities Trust 2014-INN, Floating Rate
Note, 6/15/29 (144A) 1,528,156
160,119 2.55 JP Morgan Mortgage Trust 2005-A7,
Floating Rate Note, 7/25/35 147,269
835,465 4.25 La Hipotecaria Panamanian Mortgage
Trust 2007-1, Floating Rate Note,
12/23/36 (144A) 818,756
103,119 3.16 MASTR Adjustable Rate Mortgages Trust,
Floating Rate Note, 1/25/35 99,161
94,621 MASTR Alternative Loan Trust 2004-6,
6.0%, 7/25/34 96,309
227,171 Merrill Lynch Mortgage Investors Trust
Series 2006-AF1, 5.75%, 8/25/36 176,903
1,400,000 5.48 ML-CFC Commercial Mortgage Trust
2006-3, Floating Rate Note, 7/12/46 1,431,604
2,000,000 ML-CFC Commercial Mortgage Trust
2006-4, 5.239%, 12/12/49 2,019,860
1,800,000 5.57 Morgan Stanley Capital I Trust
2007-TOP25, Floating Rate Note,
11/12/49 1,852,585
7,463 7.26 Morgan Stanley Capital I, Inc., Floating
Rate Note, 7/15/32 (144A) 7,539
1,500,000 5.17 NorthStar 2013-1, Floating Rate Note,
8/27/29 (144A) 1,515,000
1,000,000 ORES 2014-LV3 LLC, 6.0%, 3/27/24 1,000,000
115,981 RCMC LLC, 5.62346%, 12/17/18 (144A) 118,947
1,330,358 1.48 RESI Finance LP 2003-D, Floating Rate
Note, 12/10/35 (144A) 1,116,829
200,000 5.30 Springleaf Mortgage Loan Trust 2012-3,
Floating Rate Note, 12/26/59 (144A) 206,007
250,000 5.58 Springleaf Mortgage Loan Trust 2013-1,
Floating Rate Note, 6/25/58 (144A) 257,912
61,084 2.47 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note, 7/25/34 60,988
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 27
Schedule of Investments | 3/31/15 (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
120,109 1.68 Structured Asset Mortgage Investments
Trust 2003-AR1, Floating Rate Note,
10/19/33 $ 110,971
747,099 Vericrest Opportunity Loan Transferee
2014-NPL4 LLC, 4.0%, 4/27/54 (Step)
(144A) 740,599
1,600,000 5.36 Wachovia Bank Commercial Mortgage
Trust Series 2005-C22, Floating Rate
Note, 12/15/44 1,616,269
304,000 5.66 Wachovia Bank Commercial Mortgage
Trust Series 2006-C24, Floating Rate
Note, 3/15/45 309,195
1,500,000 5.63 Wachovia Bank Commercial Mortgage
Trust Series 2006-C28, Floating Rate
Note, 10/15/48 1,539,032
1,813,000 5.95 Wachovia Bank Commercial Mortgage
Trust Series 2007-C34, Floating Rate
Note, 5/15/46 1,911,295
100,000 Wells Fargo Commercial Mortgage Trust
2010-C1, 4.0%, 11/18/43 (144A) 95,119
1,500,000 3.67 Wells Fargo Commercial Mortgage Trust
2014-TISH, Floating Rate Note,
1/15/27 (144A) 1,481,836
50,000 5.25 WFRBS Commercial Mortgage Trust
2011-C4, Floating Rate Note, 6/17/44
(144A) 54,493
200,000 4.36 WFRBS Commercial Mortgage Trust
2013-C12, Floating Rate Note, 3/17/48
(144A) 197,391
---------------
$ 66,074,359
---------------
Total Banks $ 66,074,359
--------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.9%
Other Diversified Financial Services -- 0.9%
1,300,000 5.17 Del Coronado Trust 2013-DEL MZ,
Floating Rate Note, 3/15/18 (144A) $ 1,303,250
614,448 0.87 GE Business Loan Trust 2005-1, Floating
Rate Note, 6/15/33 (144A) 576,849
1,872,384 2.92 Hilton USA Trust 2013-HLF, Floating Rate
Note, 11/5/30 (144A) 1,876,134
712,025 Monty Parent Issuer 1 LLC, 4.25%,
11/20/28 (144A) 711,977
257,239 Rialto Capital Management LLC, 2.85%,
5/15/24 (144A) 257,319
---------------
$ 4,725,529
---------------
Total Diversified Financials $ 4,725,529
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.2%
175,000 4.04 Federal Home Loan Mortgage Corp.,
Floating Rate Note, 5/25/45 (144A) $ 179,891
1,000,000 3.49 FREMF Mortgage Trust 2013-K28,
Floating Rate Note, 6/25/46 (144A) 987,387
---------------
$ 1,167,278
---------------
Total Government $ 1,167,278
--------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $70,954,912) $ 71,998,081
--------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 44.8%
ENERGY -- 5.2%
Oil & Gas Drilling -- 0.9%
3,950,000 Ensco Plc, 5.75%, 10/1/44 $ 3,825,650
1,960,000 Ocean Rig UDW, Inc., 7.25%, 4/1/19 (144A) 1,136,800
---------------
$ 4,962,450
--------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.1%
330,000 Calfrac Holdings LP, 7.5%, 12/1/20 (144A) $ 292,875
355,000 Key Energy Services, Inc., 6.75%, 3/1/21 228,975
---------------
$ 521,850
--------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.1%
470,000 American Energy-Permian Basin LLC,
7.375%, 11/1/21 (144A) $ 357,200
--------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 2.1%
1,000,000 Approach Resources, Inc., 7.0%, 6/15/21 $ 895,000
980,000 Bonanza Creek Energy, Inc., 5.75%, 2/1/23 901,600
345,000 Bonanza Creek Energy, Inc., 6.75%, 4/15/21 335,512
1,200,000 Comstock Resources, Inc., 7.75%, 4/1/19 504,000
910,000 Denbury Resources, Inc., 4.625%, 7/15/23 780,325
1,190,000 Gulfport Energy Corp., 7.75%, 11/1/20 1,219,750
595,000 Halcon Resources Corp., 8.875%, 5/15/21 413,525
1,300,000 Legacy Reserves LP, 6.625%, 12/1/21 1,027,000
1,090,000 Memorial Production Partners LP,
6.875%, 8/1/22 (144A) 964,650
770,000 Memorial Production Partners LP,
7.625%, 5/1/21 700,700
18,000 Oasis Petroleum, Inc., 6.875%, 3/15/22 17,550
600,000 Penn Virginia Corp., 7.25%, 4/15/19 543,000
430,000 Penn Virginia Corp., 8.5%, 5/1/20 404,200
515,000 Rosetta Resources, Inc., 5.625%, 5/1/21 484,100
665,000 Rosetta Resources, Inc., 5.875%, 6/1/22 626,762
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 29
Schedule of Investments | 3/31/15 (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- (continued)
1,075,000 RSP Permian, Inc., 6.625%, 10/1/22
(144A) $ 1,080,375
1,435,000 Swift Energy Co., 7.875%, 3/1/22 574,000
420,000 Talos Production LLC, 9.75%, 2/15/18
(144A) 294,000
---------------
$ 11,766,049
--------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.2%
1,000,000 Murphy Oil USA, Inc., 6.0%, 8/15/23 $ 1,072,500
--------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- 1.7%
1,750,000 Buckeye Partners LP, 4.15%, 7/1/23 $ 1,730,757
373,000 Copano Energy LLC, 7.125%, 4/1/21 402,654
1,550,000 5.85 DCP Midstream LLC, Floating Rate Note,
5/21/43 (144A) 1,116,000
1,005,000 Gibson Energy, Inc., 6.75%, 7/15/21
(144A) 1,025,100
NOK 2,000,000 6.63 Golar LNG Partners LP, Floating Rate
Note, 10/12/17 253,193
1,450,000 ONEOK, Inc., 6.875%, 9/30/28 1,672,285
425,000 Penn Virginia Resource Partners LP,
6.5%, 5/15/21 447,312
1,000,000 Sabine Pass Liquefaction LLC, 5.625%,
2/1/21 1,006,560
1,500,000 Sunoco Logistics Partners Operations LP,
3.45%, 1/15/23 1,475,878
555,000 Targa Resources Partners LP, 4.25%,
11/15/23 534,188
---------------
$ 9,663,927
--------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.1%
250,000 James River Coal Co., 7.875%, 4/1/19 (e) $ 625
650,000 Murray Energy Corp., 8.625%,
6/15/21 (144A) 679,250
---------------
$ 679,875
---------------
Total Energy $ 29,023,851
--------------------------------------------------------------------------------------------------
MATERIALS -- 2.1%
Commodity Chemicals -- 0.5%
1,405,000 Axiall Corp., 4.875%, 5/15/23 $ 1,394,462
700,000 Hexion, Inc., 8.875%, 2/1/18 617,750
550,000 Rain CII Carbon LLC, 8.25%, 1/15/21
(144A) 512,875
---------------
$ 2,525,087
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
600,000 INEOS Group Holdings SA, 5.875%,
2/15/19 (144A) $ 593,250
--------------------------------------------------------------------------------------------------
Construction Materials -- 0.0%+
860,000 OAS Finance, Ltd., 8.0%, 7/2/21
(144A) (e) $ 122,550
--------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.4%
678,498 Ardagh Finance Holdings SA, 8.625%,
(0.00% Cash, 8.625% PIK) 6/15/19
(144A) (PIK) $ 706,914
200,000 Beverage Packaging Holdings Luxembourg
II SA, 5.625%, 12/15/16 (144A) 200,750
300,000 Beverage Packaging Holdings Luxembourg
II SA, 6.0%, 6/15/17 (144A) 300,750
425,000 Reynolds Group Issuer, Inc., 8.25%,
2/15/21 454,750
330,000 Reynolds Group Issuer, Inc., 9.875%,
8/15/19 353,100
---------------
$ 2,016,264
--------------------------------------------------------------------------------------------------
Paper Packaging -- 0.1%
485,000 AEP Industries, Inc., 8.25%, 4/15/19 $ 498,338
--------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
400,000 Ausdrill Finance Pty, Ltd., 6.875%,
11/1/19 (144A) $ 302,000
500,000 MMC Norilsk Nickel OJSC via MMC
Finance, Ltd., 5.55%, 10/28/20 (144A) 478,815
---------------
$ 780,815
--------------------------------------------------------------------------------------------------
Steel -- 0.6%
200,000 Glencore Funding LLC, 4.125%, 5/30/23
(144A) $ 203,679
400,000 Metalloinvest Finance, Ltd., 5.625%,
4/17/20 (144A) 358,800
EURO 38,709 0.00 New World Resources NV, Floating Rate
Note, 10/7/20 (f) 16,219
EURO 29,032 0.00 New World Resources NV, Floating Rate
Note, 10/7/20 (f) 4,990
1,940,000 Reliance Steel & Aluminum Co., 4.5%,
4/15/23 1,959,823
930,000 Steel Dynamics, Inc., 5.125%, 10/1/21
(144A) 935,812
---------------
$ 3,479,323
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 31
Schedule of Investments | 3/31/15 (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Paper Products -- 0.3%
1,110,000 Resolute Forest Products, Inc., 5.875%,
5/15/23 $ 1,066,710
630,000 Unifrax I LLC, 7.5%, 2/15/19 (144A) 633,150
---------------
$ 1,699,860
---------------
Total Materials $ 11,715,487
--------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 2.3%
Building Products -- 0.4%
1,000,000 Gibraltar Industries, Inc., 6.25%, 2/1/21 $ 1,015,000
1,375,000 Griffon Corp., 5.25%, 3/1/22 1,356,575
---------------
$ 2,371,575
--------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.6%
635,000 AECOM, 5.75%, 10/15/22 (144A) $ 657,225
635,000 AECOM, 5.875%, 10/15/24 (144A) 666,750
1,205,000 Amsted Industries, Inc., 5.0%, 3/15/22
(144A) 1,212,531
500,000 Empresas ICA SAB de CV, 8.9%,
2/4/21 (144A) 433,750
800,000 OAS Investments GmbH, 8.25%,
10/19/19 (144A) (e) 118,000
---------------
$ 3,088,256
--------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.2%
475,000 Constellation Enterprises LLC, 10.625%,
2/1/16 (144A) $ 427,500
450,000 Magnesita Finance, Ltd., 8.625%
(Perpetual) (144A) 351,000
400,000 Turkiye Sise ve Cam Fabrikalari AS, 4.25%,
5/9/20 (144A) 388,000
---------------
$ 1,166,500
--------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.3%
400,000 Commercial Vehicle Group, Inc., 7.875%,
4/15/19 $ 415,000
350,000 Cummins, Inc., 5.65%, 3/1/98 411,312
575,000 Navistar International Corp., 8.25%,
11/1/21 559,188
---------------
$ 1,385,500
--------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.5%
750,000 Cleaver-Brooks, Inc., 8.75%, 12/15/19
(144A) $ 765,000
1,235,000 EnPro Industries, Inc., 5.875%, 9/15/22
(144A) 1,287,488
79,000 Liberty Tire Recycling LLC, 11.0%, 3/31/21
(144A) (11.0% cash, 0.0% PIK) (PIK) (d) 71,890
The accompanying notes are an integral part of these financial statements.
32 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Industrial Machinery -- (continued)
798,000 Xerium Technologies, Inc., 8.875%, 6/15/18 $ 823,935
---------------
$ 2,948,313
--------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.3%
600,000 Aircastle, Ltd., 6.25%, 12/1/19 $ 659,628
1,220,000 Avis Budget Car Rental LLC, 5.5%, 4/1/23 1,255,075
---------------
$ 1,914,703
---------------
Total Capital Goods $ 12,874,847
--------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 0.9%
Commercial Printing -- 0.2%
1,210,000 Cenveo Corp., 6.0%, 8/1/19 (144A) $ 1,134,375
--------------------------------------------------------------------------------------------------
Environmental & Facilities
Services -- 0.4%
1,130,000 Covanta Holding Corp., 5.875%, 3/1/24 $ 1,169,550
865,000 Safway Group Holding LLC, 7.0%,
5/15/18 (144A) 856,350
---------------
$ 2,025,900
--------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.3%
930,000 Allegion US Holding Co., Inc., 5.75%,
10/1/21 $ 971,850
805,000 Transfield Services, Ltd., 8.375%,
5/15/20 (144A) 857,325
---------------
$ 1,829,175
---------------
Total Commercial Services & Supplies $ 4,989,450
--------------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.0%
Airlines -- 1.4%
476,153 Air Canada 2013-1 Class A Pass Through
Trust, 4.125%, 11/15/26 (144A) $ 501,151
500,000 Air Canada 2013-1 Class C Pass Through
Trust, 6.625%, 5/15/18 (144A) 523,475
1,550,000 American Airlines 2014-1 Class B Pass
Through Trust, 4.375%, 10/1/22 1,602,312
7,919 Continental Airlines 1997-4 Class B
Pass Through Trust, 6.9%, 1/2/17 8,221
49,861 Continental Airlines 2001-1 Class B
Pass Through Trust, 7.373%, 12/15/15 51,322
400,000 Delta Air Lines 2010-1 Class B Pass
Through Trust, 6.375%, 1/2/16 (144A) 412,240
900,000 Delta Air Lines 2010-2 Class B Pass
Through Trust, 6.75%, 11/23/15 (144A) 927,270
540,000 Guanay Finance, Ltd., 6.0%, 12/15/20
(144A) 565,650
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 33
Schedule of Investments | 3/31/15 (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Airlines -- (continued)
101,609 Hawaiian Airlines 2013-1 Class A Pass
Through Certificates, 3.9%, 1/15/26 $ 103,388
1,350,000 Intrepid Aviation Group Holdings LLC,
6.875%, 2/15/19 (144A) 1,235,250
1,475,000 United Continental Holdings, Inc., 6.0%,
7/15/26 1,475,000
388,352 US Airways 2013-1 Class A Pass Through
Trust, 3.95%, 5/15/27 402,915
197,831 US Airways 2013-1 Class B Pass Through
Trust, 5.375%, 11/15/21 206,239
---------------
$ 8,014,433
--------------------------------------------------------------------------------------------------
Marine -- 0.1%
600,000 Navios South American Logistics, Inc.,
7.25%, 5/1/22 (144A) $ 582,000
--------------------------------------------------------------------------------------------------
Railroads -- 0.2%
350,000 Far East Capital, Ltd., SA, 8.0%, 5/2/18
(144A) $ 126,000
1,070,000 Florida East Coast Holdings Corp., 6.75%,
5/1/19 (144A) 1,078,025
---------------
$ 1,204,025
--------------------------------------------------------------------------------------------------
Trucking -- 0.3%
1,000,000 Jack Cooper Holdings Corp., 9.25%,
6/1/20 (144A) $ 1,032,500
325,000 Transnet SOC, Ltd., 4.0%, 7/26/22 (144A) 316,296
---------------
$ 1,348,796
--------------------------------------------------------------------------------------------------
Airport Services -- 0.0%+
167,440 Aeropuertos Argentina 2000 SA, 10.75%,
12/1/20 (144A) $ 175,645
---------------
Total Transportation $ 11,324,899
--------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.7%
Auto Parts & Equipment -- 0.5%
1,215,000 Gestamp Funding Luxembourg SA,
5.625%, 5/31/20 (144A) $ 1,254,488
400,000 International Automotive Components
Group SA, 9.125%, 6/1/18 (144A) 406,500
481,000 Pittsburgh Glass Works LLC, 8.0%,
11/15/18 (144A) 508,658
950,000 Stackpole International Intermediate,
7.75%, 10/15/21 (144A) 940,500
---------------
$ 3,110,146
--------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.2%
950,000 Geely Automobile Holdings, Ltd., 5.25%,
10/6/19 (144A) $ 979,450
---------------
Total Automobiles & Components $ 4,089,596
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 1.0%
Homebuilding -- 0.8%
765,000 DR Horton, Inc., 5.75%, 8/15/23 $ 828,112
500,000 KB Home, Inc., 7.0%, 12/15/21 508,750
200,000 KB Home, Inc., 8.0%, 3/15/20 216,000
1,175,000 Lennar Corp., 4.5%, 6/15/19 1,213,188
890,000 MDC Holdings, Inc., 5.5%, 1/15/24 867,750
1,000,000 Standard Pacific Corp., 6.25%, 12/15/21 1,060,000
95,000 The Ryland Group, Inc., 5.375%, 10/1/22 94,762
---------------
$ 4,788,562
--------------------------------------------------------------------------------------------------
Household Appliances -- 0.1%
400,000 Arcelik AS, 5.0%, 4/3/23 (144A) $ 381,800
--------------------------------------------------------------------------------------------------
Textiles -- 0.1%
400,000 Springs Industries, Inc., 6.25%, 6/1/21 $ 395,000
---------------
Total Consumer Durables & Apparel $ 5,565,362
--------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.3%
Casinos & Gaming -- 0.1%
800,000 Scientific Games International, Inc.,
10.0%, 12/1/22 (144A) $ 748,000
--------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.2%
1,135,000 Sotheby's, 5.25%, 10/1/22 (144A) $ 1,115,138
---------------
Total Consumer Services $ 1,863,138
--------------------------------------------------------------------------------------------------
MEDIA -- 0.9%
Broadcasting -- 0.3%
600,000 CCO Holdings LLC, 6.625%, 1/31/22 $ 641,250
825,000 Quebecor Media, Inc., 5.75%, 1/15/23 849,750
---------------
$ 1,491,000
--------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.4%
475,000 CCO Holdings LLC, 5.75%, 9/1/23 $ 496,375
250,000 Intelsat Jackson Holdings SA, 7.25%,
4/1/19 259,125
850,000 Numericable-SFR SAS, 6.0%, 5/15/22
(144A) 860,625
830,000 Sirius XM Radio, Inc., 4.625%, 5/15/23
(144A) 798,875
---------------
$ 2,415,000
--------------------------------------------------------------------------------------------------
Publishing -- 0.2%
1,120,000 Gannett Co., Inc., 6.375%, 10/15/23 $ 1,215,200
100,000 MPL 2 Acquisition Canco, Inc., 9.875%,
8/15/18 (144A) 106,375
---------------
$ 1,321,575
---------------
Total Media $ 5,227,575
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 35
Schedule of Investments | 3/31/15 (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
RETAILING -- 1.0%
Distributors -- 0.0%+
250,000 LKQ Corp., 4.75%, 5/15/23 $ 245,000
--------------------------------------------------------------------------------------------------
Department Stores -- 0.1%
525,000 Grupo Famsa SAB de CV, 7.25%, 6/1/20
(144A) $ 480,270
--------------------------------------------------------------------------------------------------
Apparel Retail -- 0.1%
750,000 Brown Shoe Co., Inc., 7.125%, 5/15/19 $ 779,062
--------------------------------------------------------------------------------------------------
Computer & Electronics Retail -- 0.2%
930,000 Rent-A-Center, Inc., 6.625%, 11/15/20 $ 874,200
--------------------------------------------------------------------------------------------------
Specialty Stores -- 0.4%
985,000 Outerwall, Inc., 5.875%, 6/15/21 (144A) $ 888,962
435,000 Outerwall, Inc., 6.0%, 3/15/19 421,950
600,000 Radio Systems Corp., 8.375%, 11/1/19
(144A) 646,500
---------------
$ 1,957,412
--------------------------------------------------------------------------------------------------
Automotive Retail -- 0.2%
1,325,000 CST Brands, Inc., 5.0%, 5/1/23 $ 1,351,500
---------------
$ 1,351,500
---------------
Total Retailing $ 5,687,444
--------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.4%
Food Retail -- 0.4%
1,150,000 C&S Group Enterprises LLC, 5.375%,
7/15/22 (144A) $ 1,124,125
1,060,000 Darling Ingredients, Inc., 5.375%, 1/15/22 1,067,950
---------------
$ 2,192,075
---------------
Total Food & Staples Retailing $ 2,192,075
--------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.1%
Distillers & Vintners -- 0.1%
470,000 Constellation Brands, Inc., 3.75%, 5/1/21 $ 480,575
--------------------------------------------------------------------------------------------------
Agricultural Products -- 0.1%
800,000 Southern States Cooperative, Inc., 10.0%,
8/15/21 (144A) $ 756,000
--------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.8%
75,000 Agrokor dd, 8.875%, 2/1/20 (144A) $ 81,916
400,000 B&G Foods, Inc., 4.625%, 6/1/21 399,500
428,000 Chiquita Brands International, Inc.,
7.875%, 2/1/21 468,660
400,000 Dole Food Co., Inc., 7.25%, 5/1/19
(144A) 406,000
The accompanying notes are an integral part of these financial statements.
36 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- (continued)
300,000 FAGE Dairy Industry SA, 9.875%,
2/1/20 (144A) $ 315,750
1,105,000 Marfrig Holding Europe BV, 6.875%,
6/24/19 (144A) 939,250
200,000 Marfrig Holding Europe BV, 8.375%,
5/9/18 (144A) 189,000
100,000 Marfrig Overseas, Ltd., 9.5%, 5/4/20
(144A) 94,500
500,000 MHP SA, 8.25%, 4/2/20 (144A) 326,950
400,000 Minerva Luxembourg SA, 7.75%,
1/31/23 (144A) 394,000
550,000 Post Holdings, Inc., 7.375%, 2/15/22 569,250
---------------
$ 4,184,776
--------------------------------------------------------------------------------------------------
Tobacco -- 0.1%
800,000 Alliance One International, Inc., 9.875%,
7/15/21 $ 704,000
---------------
Total Food, Beverage & Tobacco $ 6,125,351
--------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 2.4%
Health Care Equipment -- 0.0%+
142,000 Physio-Control International, Inc.,
9.875%, 1/15/19 (144A) $ 150,875
--------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.2%
100,000 ConvaTec Healthcare E SA, 10.5%,
12/15/18 (144A) $ 105,600
1,080,000 Halyard Health, Inc., 6.25%, 10/15/22
(144A) 1,131,300
100,000 Immucor, Inc., 11.125%, 8/15/19 107,375
---------------
$ 1,344,275
--------------------------------------------------------------------------------------------------
Health Care Distributors -- 0.3%
1,500,000 McKesson Corp., 4.883%, 3/15/44 $ 1,721,415
--------------------------------------------------------------------------------------------------
Health Care Services -- 0.5%
1,125,000 Catamaran Corp., 4.75%, 3/15/21 $ 1,250,156
1,360,000 DaVita HealthCare Partners, Inc.,
5.125%, 7/15/24 1,387,200
---------------
$ 2,637,356
--------------------------------------------------------------------------------------------------
Health Care Facilities -- 1.0%
545,000 Amsurg Corp., 5.625%, 7/15/22 $ 557,262
200,000 Capella Healthcare, Inc., 9.25%, 7/1/17 207,125
1,495,000 CHS, 6.875%, 2/1/22 1,597,781
1,075,000 CHS, Inc., 8.0%, 11/15/19 1,142,188
400,000 Kindred Healthcare Inc., 6.375%, 4/15/22 403,500
1,480,000 Tenet Healthcare Corp., 4.375%, 10/1/21 1,446,700
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 37
Schedule of Investments | 3/31/15 (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Health Care Facilities -- (continued)
265,000 Tenet Healthcare Corp., 4.5%, 4/1/21 $ 259,700
---------------
$ 5,614,256
--------------------------------------------------------------------------------------------------
Managed Health Care -- 0.4%
1,815,000 WellCare Health Plans, Inc., 5.75%, 11/15/20 $ 1,905,750
--------------------------------------------------------------------------------------------------
Health Care Technology -- 0.0%+
175,000 MedAssets, Inc., 8.0%, 11/15/18 $ 182,438
---------------
Total Health Care Equipment & Services $ 13,556,365
--------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 1.1%
Biotechnology -- 0.7%
2,500,000 Amgen, Inc., 5.375%, 5/15/43 $ 2,982,658
600,000 Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 588,000
---------------
$ 3,570,658
--------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.4%
875,000 Endo Finance LLC, 5.375%, 1/15/23 (144A) $ 872,812
705,000 JLL, 7.5%, 2/1/22 (144A) 733,200
755,000 Salix Pharmaceuticals, Ltd., 6.25%, 1/15/21
(144A) 837,106
---------------
$ 2,443,118
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 6,013,776
--------------------------------------------------------------------------------------------------
BANKS -- 2.9%
Diversified Banks -- 2.0%
800,000 6.38 Banco Santander SA, Floating Rate Note
(Perpetual) $ 789,802
625,000 Bank of America Corp., 6.11%, 1/29/37 761,057
575,000 6.50 Bank of America Corp., Floating Rate Note,
10/23/49 608,062
925,000 6.25 Bank of America Corp., Floating Rate Note,
9/29/49 942,344
640,000 5.95 Citigroup, Inc., Floating Rate Note (Perpetual) 648,000
1,500,000 5.90 Citigroup, Inc., Floating Rate Note (Perpetual) 1,511,250
700,000 CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 693,295
1,900,000 6.62 Credit Agricole SA, Floating Rate Note,
12/31/64 (144A) 1,904,750
525,000 Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A) 623,576
500,000 Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A) 589,424
200,000 Merrill Lynch & Co., Inc., 7.75%, 5/14/38 288,014
425,000 4.00 Oversea-Chinese Banking Corp., Ltd., Floating
Rate Note, 10/15/24 (144A) 442,960
The accompanying notes are an integral part of these financial statements.
38 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
300,000 VTB Bank OJSC Via VTB Capital SA, 6.95%,
10/17/22 (144A) $ 248,448
1,150,000 5.88 Wells Fargo & Co., Floating Rate Note
(Perpetual) 1,216,125
---------------
$ 11,267,107
--------------------------------------------------------------------------------------------------
Regional Banks -- 0.4%
250,000 HSBC Bank USA NA New York NY, 6.0%, 8/9/17 $ 274,365
1,200,000 4.48 The PNC Financial Services Group, Inc., Floating
Rate Note (Perpetual) 1,202,400
750,000 6.75 The PNC Financial Services Group, Inc., Floating
Rate Note (Perpetual) 834,375
---------------
$ 2,311,140
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.5%
1,450,000 Ocwen Financial Corp., 6.625%, 5/15/19
(144A) $ 1,254,250
1,425,000 Provident Funding Associates LP, 6.75%,
6/15/21 (144A) 1,357,312
---------------
$ 2,611,562
---------------
Total Banks $ 16,189,809
--------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.1%
Other Diversified Financial Services -- 1.5%
1,665,000 Carlyle Holdings II Finance LLC, 5.625%,
3/30/43 (144A) $ 1,886,900
1,000,000 Fixed Income Trust Series 2013-A, 10/15/97
(Step) (144A) (c)(d) 734,782
1,500,000 7.12 General Electric Capital Corp., Floating Rate
Note (Perpetual) 1,760,625
2,360,000 6.75 JPMorgan Chase & Co., Floating Rate Note,
8/29/49 2,560,600
500,000 SUAM Finance BV, 4.875%, 4/17/24 (144A) 517,500
1,030,000 Summit Midstream Holdings LLC, 7.5%, 7/1/21 1,071,200
100,000 0.00 Tiers Trust, Floating Rate Note, 10/15/97
(144A) (d) 92,555
---------------
$ 8,624,162
--------------------------------------------------------------------------------------------------
Multi-Sector Holdings -- 0.1%
250,000 Fidelity National Financial, Inc., 5.5%, 9/1/22 $ 272,822
--------------------------------------------------------------------------------------------------
Specialized Finance -- 0.7%
500,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) $ 543,790
1,375,000 Fly Leasing, Ltd., 6.375%, 10/15/21 1,361,250
720,000 Nationstar Mortgage LLC, 6.5%, 6/1/22 691,200
725,000 Nationstar Mortgage LLC, 6.5%, 7/1/21 703,250
700,000 Oxford Finance LLC, 7.25%, 1/15/18 (144A) 721,000
---------------
$ 4,020,490
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 39
Schedule of Investments | 3/31/15 (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Consumer Finance -- 0.2%
66,670 Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) $ 69,570
1,035,000 TMX Finance LLC, 8.5%, 9/15/18 (144A) 734,850
---------------
$ 804,420
--------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 1.1%
915,000 Affiliated Managers Group, Inc., 4.25%,
2/15/24 $ 976,971
300,000 Blackstone Holdings Finance Co., LLC, 5.0%,
6/15/44 (144A) 325,334
750,000 Blackstone Holdings Finance Co., LLC, 6.25%,
8/15/42 (144A) 958,325
500,000 JBS Investment Management, Ltd., 7.25%,
4/3/24 (144A) 510,000
1,500,000 KKR Group Finance Co., II LLC, 5.5%, 2/1/43
(144A) 1,602,030
1,250,000 Legg Mason, Inc., 3.95%, 7/15/24 1,304,326
500,000 Legg Mason, Inc., 5.625%, 1/15/44 592,191
100,000 Neuberger Berman Group LLC, 5.625%,
3/15/20 (144A) 104,250
---------------
$ 6,373,427
--------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.5%
750,000 Morgan Stanley, 4.1%, 5/22/23 $ 780,533
250,000 Morgan Stanley, 4.875%, 11/1/22 273,040
300,000 The Goldman Sachs Group, Inc., 6.45%, 5/1/36 375,141
225,000 The Goldman Sachs Group, Inc., 6.75%, 10/1/37 295,437
1,050,000 UBS AG, 7.625%, 8/17/22 1,273,521
---------------
$ 2,997,672
---------------
Total Diversified Financials $ 23,092,993
--------------------------------------------------------------------------------------------------
INSURANCE -- 8.0%
Insurance Brokers -- 0.3%
700,000 Ironshore Holdings US, Inc., 8.5%, 5/15/20
(144A) $ 850,051
GBP 340,000 Towergate Finance Plc, 8.5%, 2/15/18
(144A) (e) 492,145
---------------
$ 1,342,196
--------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.6%
650,000 CNO Financial Group, Inc., 6.375%, 10/1/20
(144A) $ 685,750
500,000 Fidelity & Guaranty Life Holdings, Inc., 6.375%,
4/1/21 (144A) 525,000
1,500,000 5.88 Prudential Financial, Inc., Floating Rate Note,
9/15/42 1,629,375
615,000 5.65 Voya Financial, Inc., Floating Rate Note, 5/15/53 642,675
---------------
$ 3,482,800
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Reinsurance -- 7.1%
2,501,147 Altair Re, Variable Rate Notes, 6/30/16 (g) $ 1,796,574
600,000 Altair Re, Variable Rate Notes, 6/30/17 (g) 608,880
600,000 Arlington Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 8/1/15 (g) 669,540
250,000 3.45 Atlas IX Capital, Ltd., Floating Rate Note,
1/17/19 (Cat Bond) (144A) 255,875
500,000 Bersick Segregated Account (Kane SAC Ltd.),
Variable Rate Note, 1/22/16 (g) 508,900
750,000 4.28 Blue Danube II, Ltd., Floating Rate Note,
5/23/18 (Cat Bond) (144A) 750,225
650,000 10.75 Blue Danube, Ltd., Floating Rate Note, 4/10/15
(Cat Bond) (144A) 650,065
1,000,000 6.87 Caelus Re, Ltd., Floating Rate Note, 4/7/17
(Cat Bond) (144A) 1,032,000
1,200,000 Carnoustie Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 2/19/16 (g) 1,256,760
250,000 4.28 Citrus Re, Ltd., Floating Rate Note, 4/18/17
(Cat Bond) (144A) 245,875
350,000 3.78 Citrus Re, Ltd., Floating Rate Note, 4/24/17
(Cat Bond) (144A) 343,175
713,104 Clarendon Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 7/14/15 (g) 701,837
250,000 9.01 East Lane Re V, Ltd., Floating Rate Note,
3/16/16 (Cat Bond) (144A) 260,650
1,000,000 5.01 Embarcadero Reinsurance, Ltd., Floating Rate
Note, 2/7/17 (Cat Bond) (144A) 1,003,500
1,050,525 Exeter Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/7/16 (g) 1,054,622
1,050,000 Fairfield Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 2/2/16 (g) 981,750
1,000,000 7.40 Galileo Re, Ltd., Floating Rate Note, 1/9/19
(Cat Bond) (144A) 1,024,700
600,000 6.70 Gator Re, Ltd., Floating Rate Note, 1/9/17 (Cat
Bond) (144A) 554,220
1,100,000 Gloucester Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 6/12/15 (g) 1,076,900
250,000 2.22 Golden State Re II, Ltd., Floating Rate Note,
1/8/19 (Cat Bond) (144A) 248,975
2,100,000 Gullane Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/22/17 (g) 2,177,280
294,350 Hereford Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/7/16 (g) 295,616
350,000 4.15 Kilimanjaro Re, Ltd., Floating Rate Note,
4/30/18 (Cat Bond) (144A) 351,470
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 41
Schedule of Investments | 3/31/15 (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
650,000 4.77 Kilimanjaro Re, Ltd., Floating Rate Note,
4/30/18 (Cat Bond) (144A) $ 657,930
250,000 Lorenz Re, Ltd., 3/31/18 (c) (g) 250,000
500,000 2.02 Merna Re V, Ltd., Floating Rate Note, 4/7/17
(Cat Bond) (144A) 498,100
533,600 Muirfield Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/12/16 (g) 535,147
500,000 11.83 Mythen Re, Ltd., Series 2012-2 Class A, Floating
Rate Note, 11/10/16 (Cat Bond) (144A) 520,950
2,000,000 Pangaea Re, Series 2015-1, Principal at Risk
Notes, 2/1/19 (g) 2,084,800
1,004,200 PI-1, Series E -- 2014 (Kane SAC Ltd.), Variable
Rate Notes, 6/12/15 (g) 1,051,598
1,503,871 PI-4, Series C -- 2014, (Kane SAC Ltd.), Variable
Rate Notes, 7/7/16 (g) 1,505,826
700,000 Prestwick Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 7/1/16 (g) 707,700
750,000 7.50 Queen Street IV Capital, Ltd., Floating Rate Note,
4/9/15 (Cat Bond) (144A) 748,125
1,000,000 8.50 Queen Street V Re, Ltd., Floating Rate Note,
4/9/15 (Cat Bond) (144A) 997,600
600,000 8.76 Residential Reinsurance 2011, Ltd., Floating
Rate Note, 12/6/16 (Cat Bond) (144A) 606,720
1,250,000 9.01 Residential Reinsurance 2011, Ltd., Floating
Rate Note, 6/6/15 (Cat Bond) (144A) 1,264,250
800,000 4.51 Residential Reinsurance 2012, Ltd., Floating
Rate Note, 12/6/16 (Cat Bond) (144A) 816,800
500,000 10.01 Residential Reinsurance 2012, Ltd., Floating
Rate Note, 6/6/16 (Cat Bond) (144A) 532,350
250,000 20.01 Residential Reinsurance 2013, Ltd., Floating
Rate Note, 12/6/19 (Cat Bond) (144A) 253,850
1,000,000 3.54 Sanders Re, Ltd., Floating Rate Note, 5/5/17
(Cat Bond) (144A) 992,400
1,433 Sector Re V, Ltd., 12/1/18 (144A) (c) (g) 17,304
500,000 Sector Re V, Ltd., 12/1/19 (144A) (c) (g) 512,150
700,000 Sector Re V, Ltd., 3/30/19 (144A) (c) (g) 873,390
400,000 Silverton Re, Ltd., 9/16/16 (144A) (c) (g) 25,520
800,000 Silverton Re, Ltd., 9/18/17 (144A) (c) (g) 841,280
1,335,000 7.51 Sirius International Group, Ltd., Floating Rate Note
(Perpetual) (144A) 1,406,756
1,200,000 St. Andrews Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/22/16 (g) 1,215,600
550,600 Troon Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/12/16 (g) 551,756
The accompanying notes are an integral part of these financial statements.
42 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
2,000,000 Versutus Ltd., Series 2015-A, Variable Rate Notes,
12/31/2017 (g) $ 2,052,000
250,000 2.76 Vita Capital V, Ltd., Floating Rate Note, 1/15/17
(Cat Bond) (144A) 254,150
250,000 2.52 Vitality Re V, Ltd., Floating Rate Note, 1/7/19
(Cat Bond) (144A) 253,950
---------------
$ 39,877,391
---------------
Total Insurance $ 44,702,387
----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.5%
Diversified REIT -- 0.1%
400,000 Trust F, 5.25%, 12/15/24 (144A) $ 430,000
----------------------------------------------------------------------------------------------------
Office REIT -- 0.2%
155,000 Corporate Office Properties LP, 3.6%, 5/15/23 $ 150,432
1,000,000 DuPont Fabros Technology LP, 5.875%, 9/15/21 1,032,500
---------------
$ 1,182,932
----------------------------------------------------------------------------------------------------
Specialized REIT -- 0.2%
1,129,903 AAF Holdings LLC, 12.0%, 7/1/19 (144A)
(12.0% cash, 0.0% PIK) (PIK) $ 1,062,109
---------------
Total Real Estate $ 2,675,041
----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.6%
Internet Software & Services -- 0.4%
1,150,000 Bankrate, Inc., 6.125%, 8/15/18 (144A) $ 1,135,625
705,000 j2 Global, Inc., 8.0%, 8/1/20 761,400
335,000 VeriSign, Inc., 4.625%, 5/1/23 334,162
---------------
$ 2,231,187
----------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.2%
1,000,000 Cardtronics, Inc., 5.125%, 8/1/22 (144A) $ 987,500
----------------------------------------------------------------------------------------------------
Application Software -- 0.0%+
200,000 Igloo Holdings Corp., 8.25%, 12/15/17 (8.25%
Cash, 9.00% PIK) (144A) (PIK) $ 202,000
---------------
Total Software & Services $ 3,420,687
----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.8%
Communications Equipment -- 0.2%
800,000 Brocade Communications Systems, Inc., 4.625%,
1/15/23 $ 798,000
----------------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.7%
685,000 NCR Corp., 5.0%, 7/15/22 $ 691,850
1,160,000 NCR Corp., 6.375%, 12/15/23 1,235,400
1,100,000 Seagate HDD Cayman, 4.75%, 1/1/25 (144A) 1,139,041
885,000 Seagate HDD Cayman, 4.75%, 6/1/23 930,166
---------------
$ 3,996,457
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 43
Schedule of Investments | 3/31/15 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.4%
950,000 Viasystems, Inc., 7.875%, 5/1/19 (144A) $ 999,875
1,105,000 Zebra Technologies Corp., 7.25%, 10/15/22
(144A) 1,190,638
---------------
$ 2,190,513
----------------------------------------------------------------------------------------------------
Electronic Components -- 0.3%
EURO 300,000 Belden, Inc., 5.5%, 4/15/23 (144A) $ 345,269
1,360,000 Belden, Inc., 5.5%, 9/1/22 (144A) 1,394,000
---------------
$ 1,739,269
----------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.2%
585,000 Flextronics International, Ltd., 4.625%, 2/15/20 $ 613,519
695,000 Flextronics International, Ltd., 5.0%, 2/15/23 728,012
---------------
$ 1,341,531
---------------
Total Technology Hardware & Equipment $ 10,065,770
----------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.4%
Semiconductor Equipment -- 0.2%
1,000,000 Entegris, Inc., 6.0%, 4/1/22 (144A) $ 1,042,500
----------------------------------------------------------------------------------------------------
Semiconductors -- 0.2%
595,000 Advanced Micro Devices, Inc., 6.75%, 3/1/19 $ 577,150
445,000 Advanced Micro Devices, Inc., 7.5%, 8/15/22 426,088
---------------
$ 1,003,238
---------------
Total Semiconductors &
Semiconductor Equipment $ 2,045,738
----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.4%
Integrated Telecommunication Services -- 2.3%
3,500,000 AT&T, Inc., 3.9%, 3/11/24 $ 3,662,820
150,000 CenturyLink, Inc., 7.6%, 9/15/39 153,656
1,300,000 CenturyLink, Inc., 7.65%, 3/15/42 1,329,250
200,000 Frontier Communications Corp., 6.25%, 9/15/21 200,500
250,000 Frontier Communications Corp., 7.625%,
4/15/24 260,312
500,000 Frontier Communications Corp., 8.75%, 4/15/22 555,000
200,000 Frontier Communications Corp., 9.0%, 8/15/31 214,000
500,000 GTP Acquisition Partners I LLC, 7.628%, 6/15/41
(144A) 506,250
200,000 Ooredoo International Finance, Ltd., 3.875%,
1/31/28 (144A) 197,019
2,500,000 Verizon Communications, Inc., 4.15%, 3/15/24 2,685,548
576,000 Verizon Communications, Inc., 5.012%, 8/21/54 597,652
576,000 Verizon Communications, Inc., 6.55%, 9/15/43 750,044
The accompanying notes are an integral part of these financial statements.
44 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Integrated Telecommunication
Services -- (continued)
450,000 Virgin Media Secured Finance Plc, 5.375%,
4/15/21 (144A) $ 471,938
1,305,000 Windstream Corp., 7.5%, 6/1/22 1,259,325
---------------
$ 12,843,314
----------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.1%
1,300,000 Altice Financing SA, 6.5%, 1/15/22 (144A) $ 1,334,125
1,225,000 Sprint Corp., 7.125%, 6/15/24 1,194,375
400,000 T-Mobile USA, Inc., 6.0%, 3/1/23 409,876
490,000 T-Mobile USA, Inc., 6.542%, 4/28/20 515,725
1,500,000 T-Mobile USA, Inc., 6.625%, 4/1/23 1,569,375
300,000 Unison Ground Lease Funding LLC, 5.78%,
3/16/43 (144A) 301,575
200,000 VimpelCom Holdings BV, 7.5043%, 3/1/22
(144A) 189,750
400,000 WCP Issuer LLC, 6.657%, 8/15/20 (144A) 425,592
---------------
$ 5,940,393
---------------
Total Telecommunication Services $ 18,783,707
----------------------------------------------------------------------------------------------------
UTILITIES -- 1.7%
Electric Utilities -- 1.0%
1,000,000 5.25 Electricite de France SA, Floating Rate Note
(Perpetual) (144A) $ 1,043,500
150,000 Enel Finance International NV, 5.125%,
10/7/19 (144A) 167,779
1,190,000 8.13 Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 1,432,134
900,000 Israel Electric Corp., Ltd., 5.625%, 6/21/18
(144A) 957,092
1,880,000 RJS Power Holdings LLC, 5.125%, 7/15/19
(144A) 1,851,800
75,000 6.25 Southern California Edison Co., Floating Rate
Note (Perpetual) 84,000
---------------
$ 5,536,305
----------------------------------------------------------------------------------------------------
Gas Utilities -- 0.0%+
300,000 Transportadora de Gas del Peru SA, 4.25%,
4/30/28 (144A) $ 298,410
----------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.7%
100,000 Inkia Energy, Ltd., 8.375%, 4/4/21 (144A) $ 103,250
1,000,000 Instituto Costarricense de Electricidad, 6.375%,
5/15/43 (144A) 843,750
1,050,000 InterGen NV, 7.0%, 6/30/23 (144A) 1,015,875
500,000 NRG Energy, Inc., 6.25%, 5/1/24 503,750
900,000 NRG Energy, Inc., 7.625%, 1/15/18 991,125
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 45
Schedule of Investments | 3/31/15 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- (continued)
200,000 NRG Energy, Inc., 8.25%, 9/1/20 $ 211,750
---------------
$ 3,669,500
---------------
Total Utilities $ 9,504,215
----------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $253,546,103) $ 250,729,563
----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 4.9%
5,855,613 Fannie Mae, 3.5%, 5/1/44 $ 6,156,351
1,195,956 Fannie Mae, 4.0%, 5/1/44 1,278,621
478,844 Fannie Mae, 4.0%, 9/1/43 517,887
1,097,067 Fannie Mae, 4.5%, 9/1/39 1,198,991
821,142 Fannie Mae, 4.5%, 9/1/40 899,524
814,219 Federal Home Loan Mortgage Corp., 4.5%,
6/1/41 890,025
16,338,550 U.S. Treasury Inflation Indexed Bonds, 0.125%,
7/15/24 16,332,169
---------------
$ 27,273,568
----------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $26,498,856) $ 27,273,568
----------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 0.4%
1,700,000 Commonwealth of the Bahamas, 5.75%,
1/16/24 (144A) $ 1,808,375
405,000 Kenya Government International Bond, 5.875%,
6/24/19 (144A) 416,846
---------------
$ 2,225,221
----------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $2,102,372) $ 2,225,221
----------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 18.0%**
ENERGY -- 1.1%
Oil & Gas Drilling -- 0.2%
709,423 6.00 Drillships Financing Holding, Inc., Tranche B-1
Term Loan, 3/31/21 $ 543,418
126,704 5.75 Offshore Group Investment, Ltd., Term Loan,
3/28/19 72,538
205,927 4.50 Pacific Drilling SA, Term Loan, 6/3/18 171,589
288,550 3.75 Paragon Offshore Finance, Term Loan, 7/16/21 196,249
---------------
$ 983,794
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.3%
1,846,407 8.38 Fieldwood Energy LLC, Closing Date Loan
(Second Lien), 9/30/20 $ 1,358,841
246,869 3.88 Fieldwood Energy LLC, Closing Date Loan,
9/25/18 231,440
---------------
$ 1,590,281
------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.3%
1,079,323 5.25 ExGen Renewables I LLC, Term Loan, 2/5/21 $ 1,090,116
22,861 4.50 Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 22,804
839,375 4.00 Seadrill Operating LP, Initial Term Loan, 2/14/21 669,177
---------------
$ 1,782,097
------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.0%+
176,667 3.50 EP Energy LLC, Tranche B-3 Loan, 5/24/18 $ 170,778
------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.3%
426,480 6.50 Green Plains Renewable Energy, Inc., Tranche B
Term Loan (First Lien), 6/3/20 $ 411,554
1,086,107 4.25 Pilot Travel Centers LLC, Initial Tranche B,
9/30/21 1,096,968
---------------
$ 1,508,522
------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.0%+
249,073 5.50 Foresight Energy LLC, Term Loan, 8/21/20 $ 246,271
---------------
Total Energy $ 6,281,743
------------------------------------------------------------------------------------------------------
MATERIALS -- 1.7%
Commodity Chemicals -- 0.3%
367,000 5.25 Citadel Plastics Holdings, Inc., Initial Loan (First
Lien), 11/4/20 $ 367,918
573,563 4.75 Eco Services Operations, Initial Term Loan,
10/8/21 577,147
740,625 5.00 Nexeo Solutions LLC, Term Loan B3, 9/9/17 722,572
---------------
$ 1,667,637
------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.1%
245,625 3.75 Tata Chemicals North America, Inc., Term Loan,
8/7/20 $ 245,471
265,133 5.00 Univar, Term B Loan, 2/14/17 265,195
---------------
$ 510,666
------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.5%
1,432,087 4.50 MacDermid, Inc., Tranche B Term Loan (First
Lien), 6/7/20 $ 1,439,886
684,250 4.00 PQ Corp., 2014 Term Loan, 8/7/17 682,617
172,350 2.75 WR Grace & Co-Conn, Delayed Draw Term
Loan, 1/23/21 172,612
478,953 2.75 WR Grace & Co-Conn, U.S. Term Loan, 1/23/21 479,680
---------------
$ 2,774,795
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 47
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.1%
648,375 4.00 Crown Americas LLC, Term Loan B, 10/22/21 $ 655,416
------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.1%
202,339 8.00 Caraustar Industries, Inc., Term Loan, 5/1/19 $ 202,086
29,625 5.25 Coveris Holdings SA, USD Term Loan, 4/14/19 29,829
179,907 4.75 Kleopatra Acquisition Corp., Term B-1 Loan,
12/21/16 181,068
247,500 4.25 Multi Packaging Solutions, Inc., Initial Dollar
Tranche B Term, 9/30/20 246,675
---------------
$ 659,658
------------------------------------------------------------------------------------------------------
Aluminum -- 0.1%
543,125 5.50 TurboCombustor Technology, Inc., Initial Term
Loan, 10/18/20 $ 544,483
------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
221,762 3.75 Fortescue Metals Group, Ltd., Bank Loan,
6/30/19 $ 201,091
------------------------------------------------------------------------------------------------------
Steel -- 0.1%
348,250 7.50 Essar Steel Algoma, Inc., Initial Term Loan,
8/9/19 $ 334,610
390,993 4.75 JMC Steel Group, Inc., Term Loan, 4/1/17 390,178
---------------
$ 724,788
------------------------------------------------------------------------------------------------------
Paper Products -- 0.4%
985,000 5.75 Appvion, Inc., Term Commitment, 6/28/19 $ 922,206
1,091,750 6.50 Wausau Paper, Inc., 1st Lien Term Loan B,
7/20/20 1,099,938
---------------
$ 2,022,144
---------------
Total Materials $ 9,760,678
------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.3%
Metal & Glass Containers -- 0.1%
329,489 5.50 Pro Mach Group, Inc., Dollar Term Loan,
10/22/21 $ 332,321
------------------------------------------------------------------------------------------------------
Aerospace & Defense -- 0.3%
687,677 4.00 Accudyne Industries Borrower SCA, Refinancing
Term Loan, 12/13/19 $ 654,153
690,657 3.75 DigitalGlobe, Inc., Term Loan, 1/25/20 692,553
65,805 6.25 DynCorp International, Inc., Term Loan, 7/7/16 65,476
210,871 5.75 The SI Organization, Inc., Term Loan (First Lien),
11/19/19 212,255
14,052 5.75 Vencore, Inc (The SI Organization, Inc.), Delayed
Draw, 11/23/19 14,144
---------------
$ 1,638,581
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Building Products -- 0.3%
493,750 5.50 Armacell International GmbH, Term Loan B (First
Lien), 7/2/20 $ 494,984
470,249 4.25 NCI Building Systems, Inc., Tranche B Term Loan,
6/24/19 470,249
197,500 5.25 Norcraft Cos. Inc., Initial Loan, 11/12/20 198,241
317,100 4.25 Unifrax Corp., New Term B Loan, 12/31/19 316,783
---------------
$ 1,480,257
------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.1%
419,415 6.75 International Equipment Solutions LLC, Initial
Loan, 8/16/19 $ 420,725
------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.0%+
205,097 5.25 Pelican Products, Inc., Term Loan (First Lien),
4/8/20 $ 204,649
48,288 6.00 WireCo WorldGroup, Inc., Term Loan, 2/15/17 48,288
---------------
$ 252,937
------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.0%+
120,000 5.75 Navistar, Inc., Tranche B Term Loan, 8/17/17 $ 120,725
110,501 3.50 Terex Corp., U.S. Term Loan, 8/13/21 110,847
---------------
$ 231,572
------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.5%
381,492 4.25 Gardner Denver, Inc., Initial Dollar Term Loan,
7/30/20 $ 362,823
1,362,500 6.00 NN, Inc., Term Loan, 8/27/21 1,368,461
475,000 4.25 Schaeffler AG, Facility B-USD, 5/15/20 478,933
660,961 5.25 Tank Holding Corp., Initial Term Loan, 7/9/19 664,266
---------------
$ 2,874,483
------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%+
165,030 3.75 WESCO Distribution, Inc., Tranche B-1 Loan,
12/12/19 $ 165,512
---------------
Total Capital Goods $ 7,396,388
------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 1.0%
Environmental & Facilities Services -- 0.7%
442,085 3.00 Progressive Waste Solutions, Ltd., Term B Loan,
10/31/19 $ 444,296
491,250 5.50 Wastequip LLC, Term Loan, 8/9/19 491,557
690,677 4.00 WCA Waste Corp., Term Loan, 3/23/18 686,648
1,910,920 5.00 Wheelabrator, Term B Loan, 10/15/21 1,934,806
84,291 5.00 Wheelabrator, Term C Loan, 10/15/21 85,345
---------------
$ 3,642,652
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 49
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.0%+
28,547 6.36 IAP Worldwide Services, Inc., Term Loan,
7/18/19 $ 26,549
------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.2%
52,277 4.00 Garda World Security Corp., Term B Delayed
Draw Loan, 11/8/20 $ 52,125
204,356 4.00 Garda World Security Corp., Term B Loan,
11/1/20 203,760
554,266 4.25 Monitronics International, Inc., Term B Loan,
3/23/18 555,565
494,915 4.25 Protection One, Inc., Term Loan (2012), 3/21/19 495,636
---------------
$ 1,307,086
------------------------------------------------------------------------------------------------------
Human Resource & Employment
Services -- 0.1%
367,182 3.50 On Assignment, Inc., Initial Term B Loan,
5/15/20 $ 367,335
---------------
Total Commercial Services & Supplies $ 5,343,622
------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.7%
Air Freight & Logistics -- 0.2%
247,399 5.00 Air Medical Group Holdings, Inc., B-1 Term
Loan, 6/30/18 $ 247,863
171,938 6.75 Ozburn-Hessey Holding Co., LLC, Term Loan,
5/23/19 172,797
694,724 5.25 Syncreon Group BV, Term Loan, 9/26/20 668,671
---------------
$ 1,089,331
------------------------------------------------------------------------------------------------------
Airlines -- 0.3%
343,875 3.75 American Airlines, Inc., Class B Term Loan,
6/27/19 $ 344,366
175,000 4.25 American Airlines, Inc., Class B Term, 10/10/21 176,458
171,063 3.25 Delta Air Lines, Inc., 2014 Term B-1 Loan,
10/18/18 171,246
245,000 3.50 United Airlines, Inc., Class B Term Loan, 4/1/19 244,388
612,563 3.50 US Airways, Inc., Tranche B-1 Term Loan
(Consenting), 5/23/19 611,907
525,937 3.00 US Airways, Inc., Tranche B-2 Term Loan
(Consenting), 11/23/16 525,499
---------------
$ 2,073,864
------------------------------------------------------------------------------------------------------
Marine -- 0.1%
216,581 6.00 Floatel International AB, Tranche B Term Loan
(First Lien), 5/22/20 $ 160,270
374,860 5.25 Navios Maritime Partners LP, Term Loan, 6/27/18 378,140
---------------
$ 538,410
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
50 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Trucking -- 0.1%
223,313 5.50 Aegis Toxicology Corp., Tranche B Term Loan
(First Lien), 2/20/21 $ 224,708
168,282 3.75 Swift Transportation Co., LLC, Tranche B Term
Loan (First Lien), 6/9/21 169,018
---------------
$ 393,726
---------------
Total Transportation $ 4,095,331
------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.5%
Auto Parts & Equipment -- 1.0%
554,669 3.50 Allison Transmission, Inc., Term B-3 Loan,
8/23/19 $ 555,593
645,125 4.00 Cooper Standard Intermediate Holdco 2 LLC,
Term Loan, 3/28/21 644,561
1,712,063 5.50 Henniges Automotive Holdings, Inc., Tranche B
Term Loan (First Lien), 6/11/21 1,729,183
1,738,064 4.25 MPG Holdco I, Inc., Initial Term Loan, 10/20/21 1,749,077
126,457 4.25 TI Group Automotive Systems LLC, Term Loan
Facility, 7/1/21 126,562
871,801 4.00 Tower Automotive Holdings USA LLC, Refinancing
Term Loan, 4/23/20 872,619
---------------
$ 5,677,595
------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.5%
2,004,750 3.25 Chrysler Group LLC, Tranche B Term Loan,
12/29/18 $ 2,004,333
572,125 6.00 Crown Group LLC, Term Loan (First Lien),
9/30/20 568,907
---------------
$ 2,573,240
---------------
Total Automobiles & Components $ 8,250,835
------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Home Furnishings -- 0.0%+
100,046 3.50 Tempur Sealy International, Inc., New Term B
Loan, 3/18/20 $ 100,275
------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.0%+
185,571 5.50 World Kitchen LLC, U.S. Term Loan, 3/4/19 $ 185,803
------------------------------------------------------------------------------------------------------
Leisure Products -- 0.1%
400,857 4.00 Bombardier Recreational Products, Inc., Term B
Loan, 1/30/19 $ 400,941
---------------
Total Consumer Durables & Apparel $ 687,019
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 51
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.1%
Casinos & Gaming -- 0.4%
227,316 4.25 CityCenter Holdings LLC, Term B Loan,
10/16/20 $ 228,500
263,925 3.50 MGM Resorts International, Term B Loan,
12/20/19 263,458
1,620,938 6.00 Scientific Games, Initial Term B-2, 10/1/21 1,626,791
---------------
$ 2,118,749
------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.1%
411,255 5.50 L.A. Fitness International, LLC, Tranche B Term
Loan (First Lien), 4/25/20 $ 384,524
245,603 3.50 Six Flags Theme Parks, Inc., Tranche B Term Loan,
12/20/18 247,036
---------------
$ 631,560
------------------------------------------------------------------------------------------------------
Restaurants -- 0.4%
361,777 4.50 Burger King Worldwide, Inc., Term Loan B,
9/24/21 $ 365,814
419,813 4.00 Landry's, Inc., B Term Loan, 4/24/18 421,125
560,467 4.00 NPC International, Inc., Term Loan, 12/28/18 552,761
745,047 3.25 Wendy's International, Inc., Term B Loan, 5/15/19 745,978
---------------
$ 2,085,678
------------------------------------------------------------------------------------------------------
Education Services -- 0.2%
787,223 4.00 Bright Horizons Family Solutions, Inc., Term B
Loan, 1/14/20 $ 790,012
540,740 5.00 Laureate Education, Inc., New Series 2018
Extended Term Loan, 6/16/18 510,999
---------------
$ 1,301,011
---------------
Total Consumer Services $ 6,136,998
------------------------------------------------------------------------------------------------------
MEDIA -- 1.7%
Advertising -- 0.2%
961,651 6.75 Affinion Group, Inc., Tranche B Term Loan,
4/30/18 $ 914,169
195,623 4.50 Crossmark Holdings, Inc., Term Loan (First Lien),
12/20/19 188,287
---------------
$ 1,102,456
------------------------------------------------------------------------------------------------------
Broadcasting -- 0.2%
498,306 3.75 Gray Television, Inc., Term Loan (First Lien),
6/10/21 $ 498,555
234,902 3.25 Quebecor Media, Inc., Facility B-1 Tranche,
8/17/20 232,333
500,000 4.00 Tribune Co., Tranche B Term Loan (First Lien),
11/20/20 501,062
---------------
$ 1,231,950
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
52 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.8%
371,467 3.50 Cequel Communications LLC, Term Loan,
2/14/19 $ 372,453
491,250 3.00 Charter Communications Operating LLC, Term F
Loan, 1/1/21 489,984
390,000 4.25 Charter Communications Operating LLC, Term G
Loan, 9/10/21 393,626
289,851 3.75 Intelsat Jackson Holdings SA, Tranche B-2 Term
Loan, 6/30/19 289,090
603,043 3.50 Telesat Canada, U.S. Term B Loan, 3/28/19 602,661
675,299 3.50 Virgin Media Investment Holdings, Ltd., New
Term B Loan, 2/6/20 675,346
587,872 3.50 Ziggo BV, (USD) Tranche B-3 Term Loan, 1/15/22 584,750
554,681 3.50 Ziggo BV, Tranche B-1 Term Loan (First Lien),
1/15/22 551,734
357,447 3.39 Ziggo BV, Tranche B-2 Term Loan (First Lien),
1/15/22 355,548
---------------
$ 4,315,192
------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
421,580 3.50 Live Nation Entertainment, Inc., Term B-1 Loan,
8/17/20 $ 420,614
202,743 3.75 Rovi Solutions Corp., Term B Loan, 7/2/21 202,236
294,750 3.50 Seminole Hard Rock Entertainment, Inc., New
Term Loan B, 5/14/20 293,829
---------------
$ 916,679
------------------------------------------------------------------------------------------------------
Publishing -- 0.3%
107,369 4.25 Houghton Mifflin Harcourt Publishers, Inc., Term
Loan, 5/22/18 $ 107,012
39,209 4.75 Interactive Data Corp., Tranche B Term Loan
(First Lien), 4/24/21 39,448
1,876,250 6.25 McGraw-Hill School Education Holdings llc,
Term B Loan, 12/18/19 1,883,873
---------------
$ 2,030,333
---------------
Total Media $ 9,596,610
------------------------------------------------------------------------------------------------------
RETAILING -- 0.4%
Computer & Electronics Retail -- 0.0%+
304 14.75 Targus Group International, Inc., Term Loan,
5/24/16 $ 246
------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.1%
637,368 4.50 Apex Tool Group LLC, Term Loan, 2/1/20 $ 626,812
------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.3%
1,395,625 5.75 CWGS Group LLC, Term Loan, 2/20/20 $ 1,409,146
---------------
Total Retailing $ 2,036,204
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 53
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Rate (b)
Shares (unaudited) Value
------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.3%
Food Distributors -- 0.1%
245,823 4.25 Del Monte Foods Consumer Products, Inc., Term
Loan (First Lien), 11/26/20 $ 234,351
------------------------------------------------------------------------------------------------------
Food Retail -- 0.2%
894,254 5.38 Albertsons LLC, Term B-2 Loan, 3/21/19 $ 900,821
398,000 4.75 New Albertson's, Inc., Term Loan (First Lien),
6/24/21 399,492
---------------
$ 1,300,313
---------------
Total Food & Staples Retailing $ 1,534,664
------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.4%
Packaged Foods & Meats -- 0.4%
262,050 3.25 HJ Heinz Co., Term B2 Loan, 3/27/20 $ 262,557
673,200 6.75 Hostess Brands, Inc., Term B Loan, 2/25/20 687,506
172,960 3.00 Pinnacle Foods Finance LLC, New Term Loan G,
4/29/20 172,512
945,250 4.50 Shearer's Foods, LLC, Term Loan (First Lien),
6/19/21 943,478
---------------
$ 2,066,053
---------------
Total Food, Beverage & Tobacco $ 2,066,053
------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.6%
Household Products -- 0.2%
232,502 4.50 Polarpak, Inc., USD Term Loan (U.S. Borrower
Portion), 6/7/20 $ 231,631
643,966 4.02 SRAM LLC, Term Loan (First Lien), 4/10/20 643,966
---------------
$ 875,597
------------------------------------------------------------------------------------------------------
Personal Products -- 0.4%
594,000 4.25 Atrium Innovations, Inc., Term Loan, 1/29/21 $ 584,348
750,000 3.50 NBTY, Inc., Term B-2 Loan, 10/1/17 741,328
236,699 4.12 Prestige Brands, Inc., Term B-1 Loan, 1/31/19 237,661
916,667 4.50 Prestige Brands, Inc., Term B-2 Loan, 8/18/21 921,479
---------------
$ 2,484,816
---------------
Total Household & Personal Products $ 3,360,413
------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.5%
Health Care Equipment -- 0.3%
915,750 4.50 Accellent, Inc., Initial Term Loan (First Lien),
2/21/21 $ 911,028
247,026 3.25 Hologic, Inc., Refinancing Tranche B Term Loan,
8/1/19 247,586
390,204 4.50 Kinetic Concepts, Inc., Term DTL-E1 loan,
` 5/4/18 392,155
---------------
$ 1,550,769
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
54 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.2%
498,750 4.00 Halyard Health, Inc., Term Loan, 11/1/21 $ 504,441
440,365 5.00 Immucor, Inc., Term B-2 Loan, 8/19/18 442,705
---------------
$ 947,146
------------------------------------------------------------------------------------------------------
Health Care Services -- 0.5%
292,369 6.50 BioScrip, Inc., Term Loan, 7/31/20 $ 290,541
487,281 6.50 BioScrip, Inc., Initial Term B Loan, 7/31/20 484,236
63,023 3.50 DaVita HealthCare Partners, Inc., Tranche B Loan
(First Lien), 6/19/21 63,253
293,143 4.00 Envision Healthcare Corp., Initial Term Loan,
5/25/18 294,472
132,691 7.75 inVentiv Health, Inc., Term B-3 Loan, 5/15/18 132,801
86,479 8.00 Rural-Metro Operating Co., Term Loan, 6/30/18 79,993
989,899 4.50 Truven Health Analytics, Inc., New Tranche B Term
Loan, 6/6/19 990,196
740,111 4.25 US Renal Care, Inc., Tranche B-2 Term Loan (First
Lien), 7/3/19 742,193
---------------
$ 3,077,685
------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.3%
343,752 4.25 CHS, 2021 Term D Loan, 1/27/21 $ 345,829
488,819 4.25 Kindred Healthcare, Inc., Tranche B Loan (First
Lien), 4/10/21 491,772
344,030 6.00 RegionalCare Hospital Partners, Inc., Term Loan
(First Lien), 4/21/19 345,750
20,527 3.75 Select Medical Corp., Series E Tranche B Term
Loan, 6/1/18 20,552
491,250 6.75 Steward Health Care System LLC, Term Loan,
4/10/20 490,476
---------------
$ 1,694,379
------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.0%+
24,833 9.75 MMM Holdings, Inc., Term Loan, 10/9/17 $ 22,039
18,053 9.75 MSO of Puerto Rico, Inc., MSO Term Loan,
12/12/17 16,022
---------------
$ 38,061
------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.2%
92,917 4.00 ConvaTec, Inc., Dollar Term Loan, 12/22/16 $ 93,322
773,937 3.75 Emdeon, Inc., Term B-2 Loan, 11/2/18 776,356
323,000 4.00 MedAssets, Inc., Term B Loan, 12/13/19 322,596
---------------
$ 1,192,274
---------------
Total Health Care Equipment & Services $ 8,500,314
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 55
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.7%
Biotechnology -- 0.1%
686,184 3.50 Alkermes, Inc., 2019 Term Loan, 9/25/19 $ 687,899
------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.6%
690,119 4.50 Akorn, Inc., Term Loan B, 11/13/20 $ 693,570
443,087 5.00 Generic Drug Holdings, Inc., Closing Date Term
Loan, 8/16/20 441,056
99,000 3.18 Grifols Worldwide Operations USA, Inc., U.S.
Tranche B Term Loam, 4/1/21 99,019
336,350 3.25 Jazz Pharmaceuticals, Inc., Tranche 2 Term Loan,
6/12/18 337,682
446,625 4.25 JLL, Initial Dollar Term Loan, 1/23/21 445,229
164,063 5.50 Salix Pharmaceuticals, Inc., Term Loan,
12/17/19 164,237
298,478 3.03 Valeant Pharmaceuticals International, Inc.,
Series C-2 Tranche B Term Loan, 12/11/19 298,685
728,520 3.50 Valeant Pharmaceuticals International, Inc.,
Series E1 Tranche B Term Loan, 8/5/20 729,203
---------------
$ 3,208,681
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 3,896,580
------------------------------------------------------------------------------------------------------
BANKS -- 0.1%
Thrifts & Mortgage Finance -- 0.1%
760,728 5.00 Ocwen Financial Corp., Initial Term Loan,
1/15/18 $ 742,503
---------------
Total Banks $ 742,503
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.5%
Other Diversified Financial Services -- 0.3%
715,577 4.50 Fly Funding II S.a.r.l., Term Loan, 8/9/18 $ 719,155
319,687 6.00 Harland Clarke Holdings Corp., Tranche B-4 Term
Loan, 8/17/19 321,286
712,313 5.00 Livingston International, Inc., Initial Term B-1
Loan (First Lien), 4/18/19 705,858
78,745 5.25 WorldPay, Facility B2A Term Loan, 8/6/17 79,254
---------------
$ 1,825,553
------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
914,119 4.25 Mirror BidCo Corp., New Incremental Term Loan,
12/18/19 $ 913,166
---------------
Total Diversified Financials $ 2,738,719
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
56 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
INSURANCE -- 0.2%
Life & Health Insurance -- 0.0%+
91,720 3.75 CNO Financial Group, Inc., Tranche B2 Term
Loan, 9/4/18 $ 92,004
------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.1%
488,540 5.00 Alliant Holdings I, Inc., Initial Term Loan,
12/20/19 $ 489,049
------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.1%
786,323 5.75 Confie Seguros Holding II Co., Term B Loan
(First Lien), 11/9/18 $ 784,685
---------------
Total Insurance $ 1,365,738
------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.4%
Retail REIT -- 0.3%
1,658,357 5.50 DTZ U.S. Borrower, LLC, Initial Term Loan,
10/28/21 $ 1,671,486
------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.1%
1,132,347 4.50 Altisource Solutions S.a.r.l., Term B Loan,
12/9/20 $ 832,275
---------------
Total Real Estate $ 2,503,761
------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.2%
Internet Software & Services -- 0.1%
327,113 3.75 Vantiv LLC, Term B Loan, 6/12/21 $ 328,950
------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.3%
124,031 3.75 Booz Allen Hamilton, Inc., Refinance Tranche B,
7/31/19 $ 124,780
1,273,600 5.75 Evergreen Skills Lux S.a.r.l., Initial Term Loan
(First Lien), 4/23/21 1,260,546
113,850 4.50 PSAV Presentation Services, Tranche B Term
Loan (First Lien), 1/24/21 113,850
---------------
$ 1,499,176
------------------------------------------------------------------------------------------------------
Data Processing & Outsourced
Services -- 0.2%
500,000 3.67 First Data Corp., 2018 New Dollar Term Loan,
3/24/18 $ 500,364
319,193 3.50 Genpact International, Inc., Term Loan, 8/30/19 320,231
---------------
$ 820,595
------------------------------------------------------------------------------------------------------
Application Software -- 0.3%
220,388 4.29 Applied Systems, Inc., Initial Term Loan (First
Lien), 1/15/21 $ 220,746
589,902 4.50 Epiq Systems, Inc., Term Loan, 8/27/20 591,377
76,767 8.50 Expert Global Solutions, Inc., Term B Advance
(First Lien), 4/3/18 76,839
214,995 3.75 Informatica, Tranche B-5 Term Loan (First
Lien), 6/3/20 213,402
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 57
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Application Software -- (continued)
282,750 7.50 Serena Software, Inc., Term Loan, 4/10/20 $ 283,869
368,872 3.50 Verint Systems, Inc., Tranche B-2 Term Loan
(First Lien), 9/6/19 369,103
94,831 4.25 Vertafore, Inc., Term Loan (2013), 10/3/19 94,979
---------------
$ 1,850,315
------------------------------------------------------------------------------------------------------
Systems Software -- 0.2%
1,246,875 5.75 AVG Technologies NV, Term Loan, 10/15/20 $ 1,246,096
------------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.1%
683,824 5.25 Micro Focus International, Term Loan B,
10/7/21 $ 685,675
---------------
Total Software & Services $ 6,430,807
------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3%
Communications Equipment -- 0.1%
104,470 2.83 Commscope, Inc., Tranche 3 Term Loan, 1/21/17 $ 104,339
156,705 3.25 Commscope, Inc., Tranche 4 Term Loan, 1/14/18 156,736
---------------
$ 261,075
------------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.0%+
242,434 4.50 Sensus USA, Inc., Term Loan (First Lien), 5/9/17 $ 242,738
------------------------------------------------------------------------------------------------------
Electronic Components -- 0.2%
399,000 6.25 FCI -- Fidji Luxembourg Bc4 S.a.r.l. , Term Loan,
12/19/20 $ 400,247
632,400 3.25 Generac Power Systems, Inc., Term Loan B,
5/31/20 631,741
---------------
$ 1,031,988
---------------
Total Technology Hardware & Equipment $ 1,535,801
------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.1%
Semiconductors -- 0.1%
259,055 3.75 Avago Technologies Ltd., Tranche B Term Loan
(First Lien), 4/16/21 $ 259,913
175,289 3.25 Microsemi Corp., Term Loan (First Lien), 3/14/21 175,377
---------------
$ 435,290
---------------
Total Semiconductors &
Semiconductor Equipment $ 435,290
------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.6%
Integrated Telecommunication Services -- 0.4%
1,000,000 4.50 Level 3 Financing, Inc., Tranche B 2022,
1/31/22 $ 1,006,518
492,995 4.75 Securus Technologies Holdings, Inc., Initial Term
Loan (First Lien), 4/30/20 487,448
The accompanying notes are an integral part of these financial statements.
58 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Integrated Telecommunication
Services -- (continued)
366,334 3.25 West Corp., B-10 Term Loan (First Lien),
6/30/18 $ 366,105
195,990 3.50 Windstream Corp., Tranche B-4 Term Loan,
1/8/20 196,112
---------------
$ 2,056,183
------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.2%
650,503 3.00 Crown Castle International Corp., Tranche B-2
Term Loan (First Lien), 1/31/21 $ 649,853
239,957 4.00 Syniverse Holdings, Inc., Initial Term Loan,
4/23/19 227,559
484,761 4.00 Syniverse Holdings, Inc., Tranche B Term Loan,
4/23/19 459,715
---------------
$ 1,337,127
---------------
Total Telecommunication Services $ 3,393,310
------------------------------------------------------------------------------------------------------
UTILITIES -- 0.5%
Electric Utilities -- 0.3%
1,416,712 4.75 Atlantic Power LP, Term Loan, 2/20/21 $ 1,425,566
525,638 3.00 Calpine Construction Finance Co. LP, Term B-1
Loan, 5/3/20 519,478
---------------
$ 1,945,044
------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.2%
439,239 4.00 Calpine Corp., Term Loan, 9/27/19 $ 441,003
302,308 4.00 Dynegy, Inc., Tranche B-2 Term Loan, 4/23/20 303,198
216,810 3.75 NSG Holdings LLC, New Term Loan, 12/11/19 216,539
---------------
$ 960,740
---------------
Total Utilities $ 2,905,784
------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $102,173,068) $ 100,995,165
------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENT -- 0.0%+
Commercial Paper -- 0.0%+
230,000 Prudential Funding LLC, 4/1/15 (c) $ 229,999
------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENT
(Cost $230,000) $ 229,999
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 59
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------------
Floating
Rate (b)
Shares (unaudited) Value
------------------------------------------------------------------------------------------------------
PURCHASED CALL OPTIONS -- 0.0%+
500 Chicago Board Options Exchange Market
Volatility Index @ 16.00, 4/15/15 $ 61,250
500 Chicago Board Options Exchange Market
Volatility Index @ 17.00, 4/15/15 45,000
------------------------------------------------------------------------------------------------------
TOTAL PURCHASED CALL OPTIONS
(Cost $145,550) $ 106,250
------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 90.4%
(Cost $510,751,037) (a) $ 506,632,365
------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 9.6% $ 53,924,998
------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 560,557,363
======================================================================================================
* Non-income producing security.
+ 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.
(Cat Bond) Catastrophe bond is a high-yield debt instrument that is usually
insurance linked and meant to raise money in case of a catastrophe.
(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, 2015, the value of these securities
amounted to $167,446,721 or 29.9% of total 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 United
States banks, (iii) the rate of a 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, 2015, the net unrealized depreciation on investments
based on cost for federal income tax purposes of $512,390,998 was
as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 11,521,280
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (17,279,913)
------------
Net unrealized depreciation $ (5,758,633)
============
(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.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
(d) Security is valued using fair value methods (other than prices
supplied by independent pricing services). See Notes to Financial
Statements -- Note 1A.
(e) Security is in default and is non-income producing.
(f) Rate to be determined.
(g) Security is valued based on a formula approved by the Valuation
Committee of the Board of Trustees. At March 31, 2015, the
aggregate value of these securities amounted to $25,847,630, or
4.6% of total net assets.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended March 31, 2015 aggregated $541,968,454 and $580,799,701,
respectively.
Principal amounts are denominated in U.S. Dollars unless otherwise noted:
EURO Euro.
GBP British Pound Sterling
NOK Norwegian Krone.
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS - BUY PROTECTION
------------------------------------------------------------------------------------------------------
Premiums Net
Notional Obligation Expiration Paid Unrealized
Principal ($) Counterparty Entity/Index Coupon Date (Received) Depreciation
------------------------------------------------------------------------------------------------------
(101,714,200) Chicago Markit CDX North 5.00% 12/20/19 $(6,315,680) $(2,083,874)
Mercentile America High
Exchange Yield Index
======================================================================================================
CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION
-------------------------------------------------------------------------------------------------------------------
Net
Premiums Unrealized
Notional Obligation Credit Expiration Paid Appreciation
Principal ($)(1) Counterparty Entity/Index Coupon Rating(2) Date (Received) (Depreciation)
-------------------------------------------------------------------------------------------------------------------
250,000 J.P. Morgan American Axle & 5.00% B+ 12/20/17 $ (7,500) $ 39,434
Securities LLC Manufacturing Co.,
2,000,000 Morgan Diamond Offshore 1.00% A- 12/20/19 (74,553) (111,667)
Stanley Capital Drilling Co.
Services LLC
-------------------------------------------------------------------------------------------------------------------
$(82,053) $ (72,233)
===================================================================================================================
(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 weighted average of all
the underlying securities of 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 -- Notes 1A.
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Notes 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services or broker-dealers)
as Level 3. See Notes to Financial Statements -- Notes 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 61
Schedule of Investments | 3/31/15 (continued)
The following is a summary of the inputs used as of March 31, 2015, in valuing
the Fund's investments:
------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------------------------
Convertible Corporate Bonds
Materials
Steel $ -- $ -- $ 18,194 $ 18,194
All Other Convertible
Corporate Bonds -- 14,323,967 -- 14,323,967
Preferred Stocks
Diversified Financials
Consumer Finance 728,438 821,125 -- 1,549,563
Insurance
Reinsurance -- -- 2,494,900 2,494,900
Real Estate
Diversified REIT -- 507,875 -- 507,875
All Other Preferred Stocks 8,685,407 -- -- 8,685,407
Convertible Preferred Stocks
Energy
Oil & Gas Exploration
& Production -- 1,160,415 -- 1,160,415
Consumer Durables & Apparel
Home Furnishings -- 1,112,452 -- 1,112,452
Food, Beverage & Tobacco
Packaged Foods & Meats -- 1,098,875 -- 1,098,875
All Other Convertible
Preferred Stocks 1,284,150 -- -- 1,284,150
Common Stocks
Capital Goods
Industrial Machinery -- -- 31 31
Commercial Services
& Supplies
Diversified Support Services -- 2,696 -- 2,696
All Other Common Stock 98,353 -- -- 98,353
Asset Backed Securities -- 20,737,640 -- 20,737,640
Collateralized Mortgage Obligations -- 71,998,081 -- 71,998,081
Corporate Bonds
Materials
Steel -- 3,458,114 21,209 3,479,323
Capital Goods
Industrial Machinery -- 2,876,423 71,890 2,948,313
Diversified Financials
Other Diversified
Financial Services -- 7,796,825 827,337 8,624,162
The accompanying notes are an integral part of these financial statements.
62 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------------------------
Insurance
Reinsurance $ -- $ 16,524,661 $23,352,730 $ 39,877,391
All Other Corporate Bonds -- 195,800,374 -- 195,800,374
U.S. Government and
Agency Obligations -- 27,273,568 -- 27,273,568
Foreign Government Bonds -- 2,225,221 -- 2,225,221
Senior Floating Rate
Loan Interests -- 100,995,165 -- 100,995,165
Purchased Call Options 106,250 -- -- 106,250
Commercial Paper -- 229,999 -- 229,999
------------------------------------------------------------------------------------------------------
Total $10,902,598 $468,943,476 $26,786,291 $506,632,365
======================================================================================================
Other Financial Instruments
Net unrealized depreciation
on swap contracts $ -- $ (2,156,107) $ -- $ (2,156,107)
Net unrealized depreciation
on futures contracts (349,068) -- -- (349,068)
Net unrealized appreciation
on forward foreign
currency contracts -- 107,784 -- 107,784
------------------------------------------------------------------------------------------------------
Total $ (349,068) $ (2,048,323) $ -- $ (2,397,391)
======================================================================================================
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
----------------------------------------------------------------------------------------------------------
Convertible
Corporate Preferred Common Corporate
Bonds Stocks Stocks Bonds Total
----------------------------------------------------------------------------------------------------------
Balance as of 3/31/14 $ -- $ -- $-- $ 8,017,529 $ 8,017,529
Realized gain (loss)(1) -- 50,915 -- 2,877 53,792
Change in unrealized
appreciation (depreciation)(2) (23,202) 6,729 -- 34,446 17,973
Purchases 41,396 3,594,400 31 21,908,987 25,544,814
Sales -- (2,274,761) -- (4,573,056) (6,847,817)
Transfers in and out of
Level 3* -- -- -- -- --
Transfers in and out of
Level 3 categories -- 1,117,617 -- (1,117,617) --
----------------------------------------------------------------------------------------------------------
Balance as of 3/31/15 $ 18,194 $ 2,494,900 $31 $24,273,166 $26,786,291
==========================================================================================================
(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, 2015, there were no transfers between Levels 1, 2 and
3.
Net change in unrealized appreciation (depreciation)
of investments still held as of 3/31/15 $17,973
=======
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 63
Schedule of Investments | 3/31/15 (continued)
The following table presents additional information about valuation techniques
and inputs used for investments categorized as Level 3 at March 31, 2015. These
amounts exclude valuations provided by a broker.
Fair Value Valuation Unobservable Value/
Asset Type 3/31/15 Technique(s) Input Range
================================================================================================================
Convertible Corporate Bonds $ 18,194 Market
Comparables Yield-to-Worst(2) 25-30%
----------------------------------------------------------------------------------------------------------------
Common Stocks $ 31 Market
Comparables EBITDA Multiples(1) 5.5x to 6.5x
----------------------------------------------------------------------------------------------------------------
Corporate Bonds $920,436 Market EBITDA Multiples(1) 5.5x to 6.5x
Comparables Yield Premium(2) 0.90%-1.05%
----------------------------------------------------------------------------------------------------------------
Discounted Present Value of
Cash Flow Contingent Cash Flows(1) 15-80%
----------------------------------------------------------------------------------------------------------------
(1) An increase in this unobservable input would result in a higher fair value
measurement, while a decrease would result in a lower fair value
measurement.
(2) An increase in this unobservable input would result in a lower fair value
measurement, while a decrease would result in a higher fair value
measurement.
The following is a summary of the fair valuation of certain Fund's assets and
liabilities as of March 31, 2015.
-----------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------
Assets:
Foreign currencies, at value $ -- $1,256,852 $ -- $1,256,852
Futures collateral -- 1,100,219 -- 1,100,219
Swap collateral -- 4,770,699 -- 4,770,699
Liabilities:
Variation margin for centrally
cleared swap contracts -- (117,522) -- (117,522)
Variation margin for
futures contracts (132,541) -- -- (132,541)
-----------------------------------------------------------------------------------------------
Total: $(132,541) $7,010,248 $ -- $6,877,707
===============================================================================================
The accompanying notes are an integral part of these financial statements.
64 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
Statement of Assets and Liabilities | 3/31/15
ASSETS:
Investment in securities (cost $510,751,037) $506,632,365
Cash 43,623,400
Foreign currencies, at value (cost $1,254,735) 1,256,852
Futures collateral 1,100,219
Swap collateral 4,770,699
Receivables --
Investment securities sold 9,149,845
Fund shares sold 1,385,055
Interest 4,621,937
Dividends 67,145
Due from Pioneer Investment Management, Inc. 69,944
Net unrealized appreciation on forward foreign currency contracts 107,784
Other assets 58,189
-----------------------------------------------------------------------------------------
Total assets $572,843,434
=========================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 337,293
Fund shares repurchased 2,084,288
Dividends 247,626
Variation margin on futures contracts 132,541
Variation margin on centrally cleared swap contracts 117,522
Net unrealized depreciation on futures contracts 349,068
Net unrealized depreciation on swap contracts 2,156,107
Swap contracts, premiums received 6,397,733
Due to affiliates 228,966
Accrued expenses 234,927
-----------------------------------------------------------------------------------------
Total liabilities $ 12,286,071
=========================================================================================
NET ASSETS:
Paid-in capital $592,393,142
Undistributed net investment income 162,978
Accumulated net realized loss on investments, foreign currency
transactions, swap contracts and futures contracts (25,482,382)
Net unrealized depreciation on investments (4,118,672)
Net unrealized appreciation on forward foreign currency contracts
and other assets and liabilities denominated in foreign currencies 107,472
Net unrealized depreciation on swap contracts (2,156,107)
Net unrealized depreciation on futures contracts (349,068)
-----------------------------------------------------------------------------------------
Total net assets $560,557,363
=========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $92,376,068/9,688,073 shares) $ 9.54
Class C (based on $70,792,768/7,444,955 shares) $ 9.51
Class Y (based on $397,203,395/41,482,817 shares) $ 9.58
Class Z (based on $185,132/19,551 shares) $ 9.47
MAXIMUM OFFERING PRICE:
Class A ($9.54 (divided by) 95.50%) $ 9.99
=========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 65
Statement of Operations
For the Year Ended 3/31/15
INVESTMENT INCOME:
Interest $ 34,025,358
Dividends 1,473,459
----------------------------------------------------------------------------------------------
Total investment income $ 35,498,817
----------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 5,030,423
Transfer agent fees and expenses
Class A 12,077
Class C 6,860
Class Y 2,877
Class Z 3,751
Distribution fees
Class A 374,939
Class C 897,393
Shareholder communications expense 732,094
Administrative reimbursement 218,174
Custodian fees 95,856
Registration fees 144,115
Professional fees 73,541
Printing expense 64,238
Fees and expenses of nonaffiliated Trustees 24,613
Pricing expense 18,990
Miscellaneous 195,483
----------------------------------------------------------------------------------------------
Total expenses $ 7,895,424
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (380,394)
----------------------------------------------------------------------------------------------
Net expenses $ 7,515,030
----------------------------------------------------------------------------------------------
Net investment income $ 27,983,787
----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS, SWAP CONTRACTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ (5,125,366)
Swap contracts (9,633,590)
Futures contracts (6,753,498)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 878,227 $(20,634,227)
----------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $(15,448,951)
Futures contracts (1,528,585)
Swap contracts (889,001)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 98,632 $(17,767,905)
----------------------------------------------------------------------------------------------
Net loss on investments, futures contracts, swap contracts
and foreign currency transactions $(38,402,132)
----------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $(10,418,345)
==============================================================================================
The accompanying notes are an integral part of these financial statements.
66 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Year Ended Year Ended
3/31/15 3/31/14
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 27,983,787 $ 17,694,609
Net realized loss on investments, futures contracts, swap
contracts and foreign currency transactions (20,634,227) (9,083,981)
Change in net unrealized appreciation (depreciation) on
investments, futures contracts, swap contracts, and
foreign currency transactions (17,767,905) 6,943,180
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ (10,418,345) $ 15,553,808
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.33 and $0.37 per share, respectively) $ (4,962,455) $ (3,450,197)
Class C ($0.26 and $0.29 per share, respectively) (2,322,800) (1,949,895)
Class Y ($0.36 and $0.40 per share, respectively) (17,280,907) (10,168,409)
Class Z ($0.33 and $0.37 per share, respectively) (55,741) (74,879)
Tax return of capital:
Class A ($0.00 and $0.02 per share, respectively) -- (305,551)
Class C ($0.00 and $0.02 per share, respectively) -- (190,382)
Class Y ($0.00 and $0.02 per share, respectively) -- (781,222)
Class Z ($0.00 and $0.02 per share, respectively) -- (8,734)
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (24,621,903) $ (16,929,269)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 479,298,606 $ 627,290,109
Reinvestment of distributions 20,074,632 13,444,737
Cost of shares repurchased (555,768,538) (194,409,128)
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ (56,395,300) $ 446,325,718
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (91,435,548) $ 444,950,257
NET ASSETS:
Beginning of year 651,992,911 207,042,654
--------------------------------------------------------------------------------------------------
End of year $ 560,557,363 $ 651,992,911
--------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net
investment income $ 162,978 $ (155,961)
==================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 67
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------
'15 Shares '15 Amount '14 Shares '14 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 10,733,797 $ 106,058,161 16,335,778 $ 161,889,972
Reinvestment of
distributions 469,156 4,575,600 354,467 3,501,961
Less shares repurchased (17,713,478) (172,921,032) (5,195,274) (51,276,481)
------------------------------------------------------------------------------------------------
Net increase
(decrease) (6,510,525) $ (62,287,271) 11,494,971 $ 114,115,452
================================================================================================
Class C
Shares sold 2,714,172 $ 26,737,821 8,324,431 $ 82,614,669
Reinvestment of
distributions 207,145 2,006,684 188,284 1,853,554
Less shares repurchased (4,701,719) (45,380,077) (2,161,739) (21,337,903)
------------------------------------------------------------------------------------------------
Net increase
(decrease) (1,780,402) $ (16,635,572) 6,350,976 $ 63,130,320
================================================================================================
Class Y
Shares sold 34,889,481 $ 345,939,487 38,058,425 $ 378,604,997
Reinvestment of
distributions 1,377,859 13,442,959 807,578 8,006,201
Less shares repurchased (34,372,056) (332,894,266) (12,281,130) (121,615,457)
------------------------------------------------------------------------------------------------
Net increase 1,895,284 $ 26,488,180 26,584,873 $ 264,995,741
================================================================================================
Class Z*
Shares sold 56,381 $ 563,137 425,812 $ 4,180,471
Reinvestment of
distributions 4,946 49,389 8,369 83,021
Less shares repurchased (457,902) (4,573,163) (18,055) (179,287)
------------------------------------------------------------------------------------------------
Net increase
(decrease) (396,575) $ (3,960,637) 416,126 $ 4,084,205
================================================================================================
* Class Z shares commenced operations on April 1, 2013.
The accompanying notes are an integral part of these financial statements.
68 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
Financial Highlights
--------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended 4/29/11
3/31/15 3/31/14 3/31/13 to 3/31/12
--------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.94 $ 10.04 $ 9.63 $10.00
--------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.40 $ 0.41 $ 0.51 $ 0.39
Net realized and unrealized gain (loss) on investments (0.47) (0.12) 0.45 (0.36)
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.07) $ 0.29 $ 0.96 $ 0.03
--------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.33) $ (0.37) $ (0.55) $(0.40)
Tax return of capital -- (0.02) -- --
--------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.33) $ (0.39) $ (0.55) $(0.40)
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.40) $ (0.09) $ 0.41 $(0.37)
--------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.54 $ 9.94 $ 10.04 $ 9.63
====================================================================================================================
Total return* (0.71)% 2.95% 10.24% 0.38%(a)
Ratio of net expenses plus interest expense to average net assets 1.14% 1.19% 1.20% 1.20%**
Ratio of net investment income (loss) to average net assets 3.76% 3.89% 5.05% 4.87%**
Portfolio turnover rate 81% 95% 30% 17%
Net assets, end of period (in thousands) $92,376 $161,097 $47,233 $7,365
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.14% 1.19% 1.48% 1.66%**
Net investment income (loss) to average net assets 3.76% 3.89% 4.77% 4.41%**
====================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 69
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended 4/29/11
3/31/15 3/31/14 3/31/13 to 3/31/12
-------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.92 $ 10.02 $ 9.61 $10.00
-------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.31 $ 0.34 $ 0.44 $ 0.34
Net realized and unrealized gain (loss) on investments (0.46) (0.13) 0.45 (0.40)
-------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.15) $ 0.21 $ 0.89 $(0.06)
-------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.26) $ (0.29) $ (0.48) $(0.33)
Tax return of capital -- (0.02) -- --
-------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.26) $ (0.31) $ (0.48) $(0.33)
-------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.41) $ (0.10) $ 0.41 $(0.39)
-------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.51 $ 9.92 $ 10.02 $ 9.61
===================================================================================================================
Total return* (1.58)% 2.19% 9.44% (0.47)%(a)
Ratio of net expenses plus interest expense to average net assets 1.90% 1.93% 1.95% 1.98%**
Ratio of net investment income (loss) to average net assets 3.04% 3.18% 4.29% 4.07%**
Portfolio turnover rate 81% 95% 30% 17%
Net assets, end of period (in thousands) $70,793 $91,491 $28,796 $4,501
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.90% 1.93% 2.23% 2.46%**
Net investment income (loss) to average net assets 3.04% 3.18% 4.01% 3.59%**
===================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
70 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
---------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended 4/29/11
3/31/15 3/31/14 3/31/13 to 3/31/12
---------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.98 $ 10.08 $ 9.66 $ 10.00
---------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.41 $ 0.44 $ 0.55 $ 0.42
Net realized and unrealized gain (loss) on investments (0.45) (0.12) 0.45 (0.34)
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.04) $ 0.32 $ 1.00 $ 0.08
---------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.36) $ (0.40) $ (0.58) $ (0.42)
Tax return of capital -- (0.02) -- --
---------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.36) $ (0.42) $ (0.58) $ (0.42)
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.40) $ (0.10) $ 0.42 $ (0.34)
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.58 $ 9.98 $ 10.08 $ 9.66
=====================================================================================================================
Total return* (0.43)% 3.24% 10.69% 0.95%(a)
Ratio of net expenses plus interest expense to average net assets 0.85% 0.85% 0.85% 0.85%**
Ratio of net investment income (loss) to average net assets 4.10% 4.24% 5.52% 5.48%**
Portfolio turnover rate 81% 95% 30% 17%
Net assets, end of period (in thousands) $397,203 $395,245 $131,013 $41,606
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.93% 0.97% 1.21% 1.30%**
Net investment income (loss) to average net assets 4.02% 4.12% 5.16% 5.03%**
=====================================================================================================================
* 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.
** Annualized.
(a) Not Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 71
Financial Highlights (continued)
--------------------------------------------------------------------------------------
Year Ended 4/1/13
3/31/15 to 3/31/14
--------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $10.00 $10.04
-------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 1.09 $ 0.42
Net realized and unrealized gain (loss) on investments (1.29) (0.07)
-------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.20) $ 0.35
-------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $(0.33) $(0.37)
Tax return of capital -- (0.02)
-------------------------------------------------------------------------------------
Total distributions $(0.33) $(0.39)
-------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.53) $(0.04)
-------------------------------------------------------------------------------------
Net asset value, end of period $ 9.47 $10.00
=====================================================================================
Total return* (2.00)% 3.69%(a)
Ratio of net expenses plus interest expense to
average net assets 1.16% 1.17%**
Ratio of net investment income (loss) to average
net assets 3.57% 3.95%**
Portfolio turnover rate 81% 95%
Net assets, end of period (in thousands) $ 185 $4,161
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.16% 1.17%**
Net investment income (loss) to average net assets 3.57% 3.95%**
=====================================================================================
* 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.
** Annualized.
(a) Not Annualized.
The accompanying notes are an integral part of these financial statements.
72 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
Notes to Financial Statements | 3/31/15
1. Organization and Significant Accounting Policies
Pioneer Dynamic Credit Fund (formerly known as Pioneer Absolute Return 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 four classes of shares designated as Class A, Class C, Class Y
and Class Z shares. Class A, Class C and Class Y shares commenced operations on
April 29, 2011. Class Z shares commenced operations on April 1, 2013. 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 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 that require the management of the Fund
to, among other things, 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 following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 73
A. Security Valuation
Security transactions are recorded as of trade date. 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. Senior
floating rate loan interests (senior loans) 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 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. Fixed income securities are valued
at 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. Valuations may be
supplemented by dealers and other sources, as required. Shares of money
market mutual funds are valued at such funds' net asset value. Cash may
include overnight time deposits at approved financial institutions.
Securities or senior loans interests for which independent pricing services
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, pursuant to procedures
adopted by the Fund's Board of Trustees. PIMs fair valuation team uses fair
value methods approved by 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. 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.
74 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
At March 31, 2015, there were seven securities that were valued using fair
value methods (in addition to securities valued using prices supplied by
independent pricing services or broker dealers) representing 0.2% of net
assets. The value of these four fair valued securities is $938,661.
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.
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.
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
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 75
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 6).
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 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, 2015, 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. generally accepted accounting principles. 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, 2015, the Fund reclassified $3,042,945 to increase undistributed
net investment income and $3,042,945 to decrease accumulated net realized
loss on investments, foreign currency transactions, 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, 2015, the Fund was permitted to carry forward indefinitely
$15,232,427 of short-term losses and $10,637,888 in 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, 2015
and March 31, 2014 were as follows:
--------------------------------------------------------------------------------
2015 2014
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $24,621,903 $15,643,380
Return of capital -- 1,285,889
--------------------------------------------------------------------------------
Total $24,621,903 $16,929,269
================================================================================
76 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
The following shows components of distributable earnings on a federal income
tax basis at March 31, 2015.
---------------------------------------------------------------------------------
2015
---------------------------------------------------------------------------------
Undistributed ordinary income $ 299,325
Capital loss carryforward (25,870,315)
Dividend Payable (247,626)
Unrealized depreciation (6,017,163)
---------------------------------------------------------------------------------
Total $(31,835,779)
=================================================================================
The difference between book-basis and tax-basis net unrealized depreciation
is attributable to the tax adjustments relating to catastrophe bonds and
credit default swaps, the mark-to-market of forward currency, option and
futures contracts, and adjustments relating to interest accruals on preferred
stock and defaulted bonds.
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 S.p.A. (UniCredit),
earned $25,096 in underwriting commissions on the sale of Class A shares
during the year ended March 31, 2015.
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 and Class Z shares do not pay distribution fees. All
expenses and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services are allocated among the
classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time except that net investment
income dividends to Class A, Class C, Class Y and Class Z shares can reflect
different transfer agent and distribution expense rates.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 77
H. Risks
When interest rates rise, the prices of fixed-income securities in the Fund
will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities in the Fund will generally rise. Investments in the
Fund are subject to possible loss due to the financial failure of issuers of
underlying securities and the issuers' inability to meet their debt
obligations. 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. 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, 2015 was
$1,100,219. 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 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, 2015 was
$140,491,289.
At March 31, 2015, open futures contracts were as follows:
----------------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation
Type Long/(Short) Month Value (Depreciation)
----------------------------------------------------------------------------------------
CBOE VIX Future (50) 5/15 $ (891,250) $ 111,250
CBOE VIX Future (50) 6/15 (916,250) (27,692)
S&P 500 EMINI Future (46) 6/15 (4,739,840) 12,765
U.S. 5 Year Note (CBT) (653) 6/15 (78,497,743) (540,023)
U.S. Ultra Bond (CBT) 86 6/15 14,609,250 140,422
U.S. 10 Year Note (CBT) (50) 6/15 (6,445,312) (45,790)
----------------------------------------------------------------------------------------
Total $(76,881,145) $(349,068)
----------------------------------------------------------------------------------------
CBOE Chicago Board Options Exchange
78 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
J. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (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. During the year ended March 31, 2015, the Fund
had no open repurchase agreement.
K. 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. The Fund may buy or
sell credit default swap contracts to seek to increase the 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.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 79
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
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.
Open credit default swap contracts at March 31, 2015 are listed in the
Schedule of Investments. The average value of swap contracts open during the
year ended March 31, 2015 was $7,836,357.
L. 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
80 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
purchasing options is limited to the premium originally paid. The average
value of purchased options open for the year ended March 31, 2015 was
$389,260. Purchase options outstanding at period end are listed at the end of
the Fund's Schedule of Investments.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, 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, 2015, the effective
management fee (excluding waivers and/or assumption of expenses) was equivalent
to 0.70% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 0.85% of the average daily net assets
attributable to Class Y shares. Fees waived and expenses reimbursed during the
year ended March 31, 2015 are reflected on the Statement of Operations. This
expense limitation is in effect through August 1, 2016 for Class Y shares. 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
$44,331 in management fees, administrative costs and certain other
reimbursements payable to PIM at March 31, 2015.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
For the year ended March 31, 2015, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $117,400
Class C 67,290
Class Y 543,971
Class Z 3,433
--------------------------------------------------------------------------------
Total $732,094
================================================================================
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 81
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $174,354 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at March 31, 2015.
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 $10,281 in distribution fees payable to
PFD at March 31, 2015.
In addition, redemptions of each class of shares (except Class Y and Class Z
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 and Class Z shares. Proceeds from the
CDSCs are paid to PFD. For the year ended March 31, 2015, CDSCs in the amount of
$112,400 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended March 31, 2015, the Fund's expenses were
not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At March 31, 2015, 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, 2015 was $6,084,505.
82 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
As of March 31, 2015, outstanding forward foreign currency contracts were as
follows:
--------------------------------------------------------------------------------------------------
Quantity/
Shares Net
Currency Purchased/ Settlement US $ Value Unrealized
Description Counterparty (Sold) Book Value Date at 3/31/15 Appreciation
--------------------------------------------------------------------------------------------------
EUR Bank of $ (718,448) $ (816,897) 4/20/15 (772,051) $ 44,846
(European New York
Euro)
GBP (British Citibank NA (1,046,366) (1,615,705) 6/3/15 (1,552,767) 62,938
Pound New York
Sterling)
--------------------------------------------------------------------------------------------------
Total $107,784
==================================================================================================
7. Assets and Liabilities Offsetting
Financial instruments subject to an enforceable master netting 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, 2015.
---------------------------------------------------------------------------------------------------------
Assets:
Gross Net
Amounts Amounts of Gross Amounts Not Offset
Offset Assets in the Statement of
in the Presented Assets and Liabilities
Gross Statement in the ---------------------------
Amounts of of Assets Statement of Cash
Recognized and Assets and Financial Collateral Net
Description Assets Liabilities Liabilities Instruments Received Amount
---------------------------------------------------------------------------------------------------------
Swap contracts $39,434 $(39,434) $ -- $ -- $ -- $ --
---------------------------------------------------------------------------------------------------------
$39,434 $(39,434) $ -- $ -- $ -- $ --
=========================================================================================================
---------------------------------------------------------------------------------------------------------
Liabilities:
Gross Net
Amounts Amounts of Gross Amounts Not Offset
Offset Liabilities in the Statement of
in the Presented Assets and Liabilities
Gross Statement in the ------------------------------
Amounts of of Assets Statement of Cash
Recognized and Assets and Financial Collateral Net
Description Liabilities Liabilities Liabilities Instruments Pledged* Amount
---------------------------------------------------------------------------------------------------------
Swap contracts $2,195,541 $(39,434) $2,156,107 $ -- $(2,156,107) $ --
---------------------------------------------------------------------------------------------------------
$2,195,541 $(39,434) $2,156,107 $ -- $(2,156,107) $ --
---------------------------------------------------------------------------------------------------------
* 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.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 83
8. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of March 31, 2015 were as follows:
--------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments Asset Derivatives 2015 Liabilities Derivatives 2015
Under Accounting ---------------------------------------------------------------
Standards Codification Balance Sheet Balance Sheet
(ASC) 815 Location Value Location Value
--------------------------------------------------------------------------------------------
Forward foreign currency Net unrealized $107,784 Net unrealized $ --
contracts appreciation on depreciation on
forward foreign forward foreign
currency contracts currency contracts
Futures contracts Net unrealized $ -- Net unrealized $ 349,068
appreciation on depreciation on
futures contracts futures contracts
Swap contracts Net unrealized $ -- Net unrealized $2,156,107
appreciation on depreciation on
swap contracts swap contracts
--------------------------------------------------------------------------------------------
Total $107,784 $2,505,175
============================================================================================
The effect of derivative instruments on the Statement of Operations for the year
ended March 31, 2015 was as follows:
-----------------------------------------------------------------------------------------------
Change in
Derivatives Not Unrealized
Accounted for as Realized Appreciation or
Hedging Instruments Location of Gain Gain (Loss) (Depreciation)
Under Accounting or (Loss) on on Derivatives on Derivatives
Standards Codification Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
-----------------------------------------------------------------------------------------------
Forward Foreign Net realized gain (loss) on forward $ 981,107
Exchange Contracts foreign currency contracts
Forward Foreign Change in unrealized appreciation $ 101,287
Exchange Contracts (depreciation) on forward foreign
currency contracts
Futures Contracts Net realized gain (loss) on $(6,753,498)
futures contracts
Futures Contracts Change in unrealized depreciation $(1,528,585)
on futures contracts
Swap contracts Net realized gain (loss) on swap $(9,633,590)
contracts
Swap contracts Change in unrealized appreciation $ (889,001)
(depreciation) on swap contracts
9. 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
84 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
limits set for borrowing by the Fund's prospectus and the 1940 Act. The credit
facility in effect as of February 11, 2015 is in the amount of $215 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% (0.85% as of
February 12, 2014) 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 the 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, 2015,
the Fund had no borrowings under the credit facility.
10. Change in Independent Registered Public Accounting Firm
The Board of Trustees of the Fund, with the approval and recommendation of the
Audit Committee, has appointed Deloitte & Touche LLP to serve as the Fund's
independent registered public accounting firm for the fiscal year ending March
31, 2015. Deloitte & Touche LLP replaces Ernst & Young LLP, which resigned as
the Fund's independent registered public accounting firm, effective upon
completion of the audit of the Fund's financial statements for the fiscal year
ended March 31, 2014.
During the periods that Ernst & Young LLP served as the Fund's independent
registered public accounting firm, including the Fund's fiscal years ended March
31, 2014 and March 31, 2013, Ernst & Young LLP's reports on the financial
statements of the Fund 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 Ernst &
Young 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 Ernst & Young LLP would have caused Ernst & Young 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.
11. Subsequent Events
PIM, the Fund's investment adviser, is currently an indirect, wholly-owned
subsidiary of UniCredit. On April 23, 2015, UniCredit announced that it signed a
preliminary and exclusive agreement with Banco Santander and affiliates of
Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to
Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 85
Pursuant to the preliminary agreement, the Transaction will entail the
establishment of a holding company, with the name Pioneer Investments, to be
owned by UniCredit (50%) and the Private Equity Firms (50% between them). The
holding company will control Pioneer's U.S. operations, including the Adviser.
The holding company also will own 66.7% of Pioneer's and SAM's combined
operations outside the U.S., while Banco Santander will own directly the
remaining 33.3% stake. The completion of the Transaction is subject to the
signing of a definitive agreement, as well as certain regulatory and corporate
approvals, and other conditions.
Under the Investment Company Act of 1940, completion of the Transaction will
cause the Fund's investment advisory agreement with the Adviser to terminate. In
connection with the Transaction, the Fund's Board of Trustees will be asked to
approve a new investment advisory agreement for the Fund. If approved by the
Board, the Fund's new investment advisory agreement will be submitted to the
shareholders of the Fund for their approval.
86 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
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 portfolios constituting Pioneer Series Trust X), as of March 31, 2015, and
the related statements of operations, changes in net assets, and the financial
highlights for the year then ended. These financial statements and 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 audit. The statement of changes in net assets of the Fund for the
year ended March 31, 2014, and the financial highlights for the years ended
March 31, 2014, 2013, 2012, and 2011 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 audit 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 audit 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, 2015, 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 audit
provides 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, 2015, the results of its operations,
changes in its net assets and financial highlights for the year then ended, in
conformity with accounting principles generally accepted in the United States of
America.
DELOITTE & TOUCHE LLP
/s/ DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 22, 2015
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 87
ADDITIONAL INFORMATION (unaudited)
The percentage of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
was 62.56%.
88 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
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
Pioneer Investment Management Shareholder 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 52 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 Dynamic Credit Fund | Annual Report | 3/31/15 89
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 (64) Trustee since 2011. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board Serves until a present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
and Trustee successor trustee is Executive Officer (2008 - 2012), Quadriserv, communications and securities
elected or earlier Inc. (technology products for securities processing provider for
retirement or lending industry); and Senior Executive Vice financial services industry)
removal. President, The Bank of New York (financial and (2009 - present); Director,
securities services) (1986 - 2004) Quadriserv, Inc. (2005 - 2013);
and Commissioner, New Jersey
State Civil Service Commission
(2011 - present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (71) Trustee since 2011. Managing Partner, Federal City Capital Advisors Director of New York Mortgage
Trustee Serves until a (corporate advisory services company) (1997 - Trust (publicly-traded mortgage
successor trustee is 2004 and 2008 - present); Interim Chief REIT) 2004 - 2009, 2012 -
elected or earlier Executive Officer, Oxford Analytica, Inc. present); Director (of The
retirement or (privately-held research and consulting Swiss Helvetia Fund, Inc.
removal. company) (2010); Executive Vice President and (closed-end fund) (2010 -
Chief Financial Officer, I-trax, Inc. (publicly present); Director of Oxford
traded health care services company) (2004 - Analytica, Inc. (2008 -
2007); and Executive Vice President and Chief present); and Director of
Financial Officer, Pedestal Inc. (internet-based Enterprise Community
mortgage trading company) (2000 - 2002); Investment, Inc.
Private consultant (1995 - 1997), Managing (privately-held affordable
Director, Lehman Brothers (investment banking housing finance company) (1985 -
firm) (1992 - 1995); and Executive, The World 2010)
Bank (1979 - 1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (70) Trustee since 2011. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
successor trustee is Mellon Institutional Funds
elected or earlier Master Portfolio (oversaw 17
retirement or portfolios in fund complex)
removal. (1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
90 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------------------------------------
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 (67) Trustee since 2011. Founding Director, Vice President and Corporate None
Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting
successor trustee is firm) (1982 - present); Desautels Faculty of
elected or earlier Management, McGill University (1999 - present);
retirement or and Manager of Research Operations and
removal. Organizational Learning, Xerox PARC, Xerox's
advance research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (66) Trustee since 2011. President and Chief Executive Officer, Newbury, Director of New America High
Trustee Serves until a Piret & Company, Inc. (investment banking firm) Income Fund, Inc. (closed-end
successor trustee is (1981 - present) investment company) (2004 -
elected or earlier present); and Member, Board of
retirement or Governors, Investment Company
removal. Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (68) Trustee since 2014. Consultant (investment company services) (2012 None
Trustee Serves until a - present); Executive Vice President, BNY
successor trustee is Mellon (financial and investment company
elected or earlier services) (1969 - 2012); Director, BNY
retirement or International Financing Corp. (financial
removal. services) (2002 - 2012); and Director, Mellon
Overseas Investment Corp. (financial services)
(2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 91
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 (56)* Trustee since 2014. Director and Executive Vice President (since None
Trustee Serves until a 2008) and Chief Investment Officer, U.S. (since
successor trustee 2010) of PIM-USA; Executive Vice President of
is elected or Pioneer (since 2008); Executive Vice President
earlier retirement of Pioneer Institutional Asset Management, Inc.
or removal. (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.
92 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
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 (58)** Advisory Trustee Chief Investment Officer, 1199 SEIU Funds None
Advisory Trustee since 2014. (healthcare workers union pension funds) (2001
- present); Vice President - International
Investments Group, American International
Group, Inc. (insurance company) (1993 - 2001);
Vice President Corporate Finance and Treasury
Group, Citibank, N.A.(1980 - 1986 and 1990 -
1993); Vice President - Asset/Liability
Management Group, Federal Farm Funding
Corporation (government-sponsored issuer of
debt securities) (1988 - 1990); Mortgage
Strategies Group, Shearson Lehman Hutton, Inc.
(investment bank) (1987 - 1988); and Mortgage
Strategies Group, Drexel Burnham Lambert, Ltd.
(investment bank) (1986 - 1987)
------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 93
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 (53) Since 2014. Serves Chair, Director, CEO and President of Pioneer None
President and Chief at the discretion of Investment Management-USA (since September
Executive Officer the Board. 2014); Chair, Director, CEO and President of
Pioneer Investment Management, Inc. (since
September 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 (50) Since 2011. Serves Vice President and Associate General Counsel of None
Secretary and Chief at the discretion of Pioneer since January 2008; Secretary and Chief
Legal Officer the Board. 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 (54) Since 2011. Serves Fund Governance Director of Pioneer since None
Assistant Secretary at the discretion of December 2006 and Assistant Secretary of all
the Board. 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 (52) Since 2011. Serves Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary at the discretion of Assistant Secretary of all the Pioneer Funds
the Board. since June 2010; and Counsel of Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (55) Since 2011. Serves Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief at the discretion of Treasurer of all of the Pioneer Funds since
Financial and the Board. March 2008; Deputy Treasurer of Pioneer from
Accounting Officer March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
94 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------------------------------------
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 (49) Since 2011. Serves Director - Fund Treasury of Pioneer; and None
Assistant Treasurer at the discretion of Assistant Treasurer of all of the Pioneer
the Board. Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (56) Since 2011. Serves Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer at the discretion of Pioneer; and Assistant Treasurer of all of the
the Board. Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (35) Since 2011. Serves Fund Administration Manager - Fund Treasury of None
Assistant Treasurer at the discretion of Pioneer since November 2008; Assistant
the Board. 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 (62) Since 2011. Serves Chief Compliance Officer of Pioneer and of all None
Chief Compliance Officer at the discretion of the Pioneer Funds since March 2010; Chief
the Board. 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 (44) Since 2011. Serves Director - Transfer Agency Compliance of None
Anti-Money Laundering Officer at the discretion of Pioneer and Anti-Money Laundering Officer of
the Board. all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 95
This page for your notes.
96 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
This page for your notes.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 97
This page for your notes.
98 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
This page for your notes.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 99
This page for your notes.
100 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
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:
--------------------------------------------------------------------------------
PIMSS, Inc.
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) 2015 Pioneer Investments 25667-03-0515
Pioneer Multi-Asset
Ultrashort Income Fund
--------------------------------------------------------------------------------
Annual Report | March 31, 2015
--------------------------------------------------------------------------------
Ticker Symbols:
Class A MAFRX
Class C MCFRX
Class C2 MAUCX
Class K MAUKX
Class Y MYFRX
Class Z MAUZX
[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 18
Schedule of Investments 20
Financial Statements 98
Notes to Financial Statements 108
Report of Independent Registered Public Accounting Firm 117
Trustees, Officers and Service Providers 119
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 1
President's Letter
Dear Shareowner,
As mid-year approaches, economic conditions and government policies around the
world are far from homogeneous, and we expect them to continue to diverge. In
the United States, an ongoing economic expansion has brought the unemployment
rate down to levels where wage growth is likely to accelerate. Economic growth
and fiscal austerity have dramatically reduced the Federal budget deficit, while
very accommodative Federal Reserve System policies have kept interest rates
exceptionally low. In Europe and Japan, cyclical economic recoveries/expansions
appear to be gaining traction, buttressed by aggressive quantitative easing
policies of central banks as well as cheaper currencies. China's ongoing
transition from an infrastructure investment-driven to a consumer-driven
economy and the dramatic decline in the price of oil -- largely a result of U.S.
"fracking" -- have benefited some countries while burdening others. On balance,
though, the global economic outlook has continued to improve, although economic
and geopolitical "storm clouds" remain.
Today's market environment presents numerous opportunities as well as challenges
for investors. While we believe that the capital markets may already have priced
in some recent trends, such as the U.S. dollar's appreciation against a basket
of global currencies, it is worth noting that investment risks and opportunities
are not always aligned with the economic outlook.
Since 1928, Pioneer's investment professionals have focused on identifying and
capitalizing on the investment opportunities that present themselves in a
variety of ever-changing economic and market conditions, including those we face
today, while seeking to limit the risk of the permanent impairment of our
clients' capital. Our ongoing goal is to deliver competitive returns consistent
with our strategies' stated style and objectives and consistent with our
shareholders' expectations over a range of market conditions. We believe our
shareowners benefit from the experience and tenure of our investment teams, the
insights generated from extensive research resources, and our commitment to
prudent risk management.
2 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
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, as we do when managing the assets
our clients have entrusted to us.
We greatly appreciate your trust in us in the past 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.
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. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 3
Portfolio Management Discussion | 3/31/15
In the following interview, portfolio managers Charles Melchreit, Seth Roman and
Jonathan Sharkey discuss the factors that influenced the performance of Pioneer
Multi-Asset Ultrashort Income Fund during the 12-month period ended March 31,
2015. 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 would you describe the market environment for fixed-income investors
over the 12-month period ended March 31, 2015?
A Harsh winters in both 2014 and 2015 created considerable distortion in the
early and latter parts of the period, but the trend over much of the 12
months was moving in the direction of incremental strengthening in the U.S.
economy. As a result, speculation over the timing and pacing of the Federal
Reserve System's (the Fed's) potential interest-rate tightening cycle was
an ongoing theme in the fixed-income markets.
After a very cold winter in 2014, the early part of the 12-month period
(spring 2014) saw interest rates hovering within a fairly narrow range as
markets attempted to assess the extent to which the winter weather
explained a weaker U.S. data flow for the first quarter of 2014. At the
same time, Russia's aggression against the Ukraine put investors on edge,
with the biggest effect felt in the emerging markets debt asset class.
As the period progressed, long-term interest rates began to drift downward,
reflecting in part a comfort level on the part of market participants that
the anticipated Fed interest-rate hikes would be gradual and measured in
view of continued below-target readouts on inflation. Concerns over growth
rates in key non-U.S. economies, including those of China, Europe and
Japan, contributed to a benign outlook for U.S. inflation. Heightened
geopolitical uncertainty stemming from the ongoing Russian-Ukrainian
conflict, the rise of the ISIS group in Iraq and Syria, and a flare-up of
Israeli-Palestinian tensions also helped keep U.S. rates low by
contributing to a preference on the part of international investors for
U.S. dollar-based assets.
Late 2014 saw a sharp decline in prices for energy and other commodities as
oil prices tumbled, further marginalizing inflation as a concern. While
lower energy costs and signs of resurgence in the employment situation
appeared to put the U.S. recovery on increasingly sound footing, Treasury
yields continued to trend lower as the 12-month period drew to a close.
Treasury yields declined substantially, in fact, over the 12 months ended
4 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
March 31, 2015, as rates on Treasuries with maturities of more than two
years fell along the yield curve. Specifically, the two-year yield went
from 0.44% to 0.56%, but the five-year yield went from 1.75% to 1.37%, the
10-year yield fell from 2.49% to 1.94%, and the 30-year yield tumbled from
3.20% to 2.54%. While the period saw some widening of credit spreads,
prices of shorter-maturity credits generally held up well, supported in
part by relatively light Treasury and agency issuance. (Credit spreads are
commonly defined as the differences in yield between Treasuries and other
types of fixed-income securities with similar maturities.)
Q How did the Fund perform in this environment?
A Pioneer Multi-Asset Ultrashort Income Fund's Class A shares returned 0.54%
at net asset value during the 12-month period ended March 31, 2015, while
the Fund's benchmark, the Bank of America Merrill Lynch 3-Month USD LIBOR
Index (the BofA ML Index), returned 0.23%. During the same period, the
average return of the 116 mutual funds in Lipper's Ultrashort Obligations
Funds category was 0.40%, and the average return of the 152 mutual funds in
Morningstar's Ultrashort Bond category was 0.33%.
Q Can you review your principal strategies in managing the Fund during the
12-month period ended March 31, 2015?
A During the period we continued to maintain a portfolio which seeks to
provide higher income than cash or money market accounts, while also
seeking to provide protection to shareholders' principal against a rise in
market interest rates. Our strategy entailed investing the Fund's assets in
a wide range of mostly high-quality, floating rate securities as well as
fixed-rate instruments with very short remaining maturities. At period
end, well over 90% of the Fund's invested assets were allocated either to
floating-rate issues with interest rates tied to a short-term reference
rate such as LIBOR (London InterBank Offered Rate), or fixed-rate issues
with less than one year remaining to maturity.
Unlike many other floating-rate vehicles, the Fund's investments are
typically focused primarily on investment-grade asset classes. At the same
time, we did seek to have the Fund's performance benefit from credit
spreads - or the incremental yield available from issues that trade at a
yield premium to Treasuries - 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.
During the period, our biggest increases in the portfolio's exposures were
to commercial mortgage-backed securities (CMBS), structured product credit
cards, and asset-backed securities (ABS). Meanwhile, we decreased the
Fund's exposures to agency mortgage-backed securities (MBS), short-term
* Diversification does not assure a profit nor protect against loss in a
declining market.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 5
municipals and agency mortgages. We also deployed more cash during the
period, primarily into the portfolio's middle-tier liquidity basket (mainly
CMBS and ABS).
Q How did your investment strategies affect the Fund's performance during the
12-month period ended March 31, 2015?
A The income generated by the Fund's credit exposures generally added to
benchmark-relative performance during the 12-month period. The portfolio's
weighting to securitized sectors, including CMBS and ABS, helped
performance, as fundamentals in those asset classes remained strong and the
securities provided the Fund with incremental income. Within ABS, we
emphasized owning credit card-backed receivables in the portfolio, as their
fundamentals have been supported by consumers' restraint in borrowing, and
de-emphasized subprime auto loans in light of some deterioration in
underwriting standards in that area of the ABS sector. The Fund's position
in event-linked, or "catastrophe" bonds, also added to the Fund's relative
returns during the period. These "cat" bonds are sponsored by insurance
companies looking to mitigate the risk of having to pay claims after a
natural disaster, and have a very low correlation to other areas of the
bond market.
The Fund's allocation to investment-grade corporates also added to
performance during the period, as the sector continued to be supported by
generally strong profitability and cash-rich balance sheets among U.S.
corporations. Our focus in the portfolio among investment-grade corporates
has been on two-to-three year floating-rate issues within the financials
sector. We have also purchased fixed-rate issues with maturities of 15
months or less, with a focus on U.S. bank issuers, which we have found
compelling because of their strengthened capital structures and lower
earnings volatility in the wake of reforms spurred by the financial crisis.
While our focus in the portfolio normally is on investment-grade sectors,
we also include below-investment-grade asset categories where we believe
the incremental income may provide an attractive tradeoff between risk and
reward for the Fund. In that vein, a modest position in floating-rate
leveraged bank loans was a leading contributor to the Fund's returns during
the period, based on the attractive coupon income offered by the asset
class.
The Fund's net asset value (NAV) remained relatively stable over the
12-month period, ranging between $10.07 and $10.01, but a modest decline in
the NAV in the second half of the Fund's fiscal year was due principally to
the effects of the sharp decline in oil prices on the energy sector. Those
effects led to some weakness in the Fund's bank loans position, even while
the overall allocation to bank loans aided performance.
6 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
As always, we are mindful that many investors view the Fund as a source of
liquidity in their portfolios. As such, we continued to maintain
significant liquidity in the portfolio during the period to help reduce
fluctuations in the Fund's NAV. With a relatively flat money market yield
curve, we have been focusing on purchasing very short-term issues with
maturities between one-day and one-week in order to maintain the requisite
liquidity in the Fund's portfolio.
Q Can you discuss the factors that affected the Fund's income-generation (or
yield), either positively or negatively, during the 12-month period ended
March 31, 2015?
A The Fund's distributions remained steady throughout the period and
increased slightly, on average, over the full 12 months. The Fund's
portfolio was invested principally in short-term, fixed-income instruments
across a broad range of spread sectors, which traded at a yield advantage
versus U.S. Treasuries.
Q Did you use any derivative strategies in managing the Fund during the
12-month period ended March 31, 2015?
A No. The Fund had no derivatives exposure during the period.
Q What is your assessment of the current investment climate for the Fund?
A With continued modest economic growth and low inflation in the United
States, we continue to expect a backdrop that should be sufficient to
support fundamentals in the credit-sensitive sectors of the fixed-income
market. While we have recently been through a lengthy market period where
credit sectors have been in favor, in recent quarters, spreads versus
Treasuries have become somewhat more attractive and we are seeking to
selectively add to the Fund's credit exposure. In all cases, we are being
careful not to assume any risk for which we believe the Fund is not
adequately compensated. The portfolio's sector allocations will shift
around the margins to reflect our view of relative risk and reward, and in
that vein, the Fund's investment-grade corporate and CMBS allocations
increased moderately as of period end, while the leveraged bank loan and
MBS exposures in the portfolio decreased slightly.
We will be watching closely to see if recently enacted money market fund
guidelines result in valuation opportunities within the short-term spread
sectors as certain money market funds shift into government-backed assets
in order to be able to provide shareholders with a constant $1.00 NAV. In
all investment environments, however, we will continue to seek to provide
shareholders with higher income than cash vehicles as well as significant
protection against any future rise in market interest rates. (Please note
that the Fund is not a money market fund.)
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 7
Please refer to the Schedule of Investments on pages 20-96 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
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.
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.
8 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
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.
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 | 3/31/15 9
Portfolio Summary | 3/31/15
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Collateralized Mortgage Obligations 31.7%
Asset Backed Securities 26.5%
U.S. Corporate Bonds 20.3%
International Corporate Bonds 9.7%
Senior Secured Loans 7.7%
U.S. Government Securities 2.9%
Temporary Cash Investment 0.7%
Foreign Government Bonds 0.5%
Preferred Stock 0.0%*
* Amount rounds to less than 0.1%.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. U.S. Treasury Notes, Floating Rate Note, Floating Rate Note, 10/31/16 0.80%
---------------------------------------------------------------------------------------------------
2. Citibank Credit Card Issuance Trust, Floating Rate Note, 4/24/17 0.70
---------------------------------------------------------------------------------------------------
3. Federal National Mortgage Association, Floating Rate Note, 2/25/38 0.58
---------------------------------------------------------------------------------------------------
4. U.S. Treasury Notes, Floating Rate Note, 7/31/16 0.54
---------------------------------------------------------------------------------------------------
5. World Financial Network Credit Card Master Trust, Floating Rate Note, 12/16/19 0.41
---------------------------------------------------------------------------------------------------
6. Federal Farm Credit Banks, Floating Rate Note, 6/20/16 0.40
---------------------------------------------------------------------------------------------------
7. Federal Home Loan Banks, Floating Rate Note, 10/1/15 0.40
---------------------------------------------------------------------------------------------------
8. Citibank Credit Card Issuance Trust, Floating Rate Note, 2/7/18 0.40
---------------------------------------------------------------------------------------------------
9. Chase Issuance Trust, Floating Rate Note, 8/15/17 0.37
---------------------------------------------------------------------------------------------------
10. American Express Credit Account Master Trust, Floating Rate Note, 3/15/18 0.36
---------------------------------------------------------------------------------------------------
* 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.
10 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
Prices and Distributions | 3/31/15
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/15 3/31/14
--------------------------------------------------------------------------------
A $10.00 $10.07
--------------------------------------------------------------------------------
C $ 9.99 $10.05
--------------------------------------------------------------------------------
C2 $ 9.99 $10.05
--------------------------------------------------------------------------------
K $10.01 $10.07
--------------------------------------------------------------------------------
Y $10.01 $10.07
--------------------------------------------------------------------------------
Z $ 9.95 $10.05
--------------------------------------------------------------------------------
Distributions per Share: 4/1/14-3/31/15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1247 $ -- $ --
--------------------------------------------------------------------------------
C $0.0937 $ -- $ --
--------------------------------------------------------------------------------
C2 $0.0929 $ -- $ --
--------------------------------------------------------------------------------
K $0.1435 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1395 $ -- $ --
--------------------------------------------------------------------------------
Z $0.1298 $ -- $ --
--------------------------------------------------------------------------------
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 12-17.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 11
Performance Update | 3/31/15 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, 2015)
--------------------------------------------------------------------------------
BofA ML
Net Public U.S. Dollar
Asset Offering 3-Month
Value Price LIBOR
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.30% 0.63% 0.32%
1 Year 0.54 -1.99 0.23
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.66%
--------------------------------------------------------------------------------
[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. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/30/2011 $ 9,750 $ 10,000
3/31/2012 $ 9,891 $ 10,032
3/31/2013 $ 10,103 $ 10,075
3/31/2014 $ 10,196 $ 10,103
3/31/2015 $ 10,252 $ 10,126
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.
12 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
Performance Update | 3/31/15 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, 2015)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 0.84% 0.84% 0.32%
1 Year 0.34 0.34 0.23
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.97%
--------------------------------------------------------------------------------
[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. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/30/2011 $ 10,000 $ 10,000
3/31/2012 $ 10,082 $ 10,032
3/31/2013 $ 10,243 $ 10,075
3/31/2014 $ 10,298 $ 10,103
3/31/2015 $ 10,333 $ 10,126
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 purchased prior to July 1, 2012, and 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.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 13
Performance Update | 3/31/15 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, 2015)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 0.83% 0.83% 0.32%
1 Year 0.33 0.33 0.23
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.99%
--------------------------------------------------------------------------------
[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. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/30/2011 $ 10,000 $ 10,000
3/31/2012 $ 10,082 $ 10,032
3/31/2013 $ 10,243 $ 10,075
3/31/2014 $ 10,297 $ 10,103
3/31/2015 $ 10,331 $ 10,126
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.
14 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
Performance Update | 3/31/15 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
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, 2015)
--------------------------------------------------------------------------------
BofA ML
Net U.S. Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.45% 0.32%
1 Year 0.83 0.23
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.41%
--------------------------------------------------------------------------------
[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. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/30/2011 $ 10,000 $ 10,000
3/31/2012 $ 10,148 $ 10,032
3/31/2013 $ 10,372 $ 10,075
3/31/2014 $ 10,493 $ 10,103
3/31/2015 $ 10,580 $ 10,126
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.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 15
Performance Update | 3/31/15 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, 2015)
--------------------------------------------------------------------------------
BofA ML
Net U.S. Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.51% 0.32%
1 Year 0.79 0.23
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.54%
--------------------------------------------------------------------------------
[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. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/30/2011 $ 5,000,000 $ 5,000,000
3/31/2012 $ 5,089,498 $ 5,016,143
3/31/2013 $ 5,208,889 $ 5,037,507
3/31/2014 $ 5,260,398 $ 5,051,252
3/31/2015 $ 5,302,158 $ 5,063,025
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.
16 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
Performance Update | 3/31/15 Class Z Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class Z 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, 2015)
--------------------------------------------------------------------------------
BofA ML
Net U.S. Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.25% 0.32%
1 Year 0.30 0.23
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.60%
--------------------------------------------------------------------------------
[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. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/30/2011 $ 10,000 $ 10,000
3/31/2012 $ 10,148 $ 10,032
3/31/2013 $ 10,365 $ 10,075
3/31/2014 $ 10,470 $ 10,103
3/31/2015 $ 10,501 $ 10,126
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.
Performance shown for periods prior to the commencement of operations of Class Z
shares on April 1, 2013, is the net asset value performance of the Fund's Class
A shares. The performance does not reflect differences in expenses, including
the Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares
are generally higher than those of Class Z shares, the performance for Class Z
shares prior to their inception on April 1, 2013, would have been higher than
that shown. For the period beginning April 1, 2013, the actual performance of
Class Z shares is reflected.
Class Z 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.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 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, 2014, through March 31, 2015.
----------------------------------------------------------------------------------------------------
Share Class A C C2 K Y Z
----------------------------------------------------------------------------------------------------
Beginning Account Value
on 10/1/14 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
----------------------------------------------------------------------------------------------------
Ending Account Value
(after expenses)
on 3/31/15 $1,002.19 $1,000.80 $1,000.70 $1,003.18 $1,002.99 $999.40
----------------------------------------------------------------------------------------------------
Expenses Paid During
Period* $3.14 $4.69 $4.74 $2.05 $2.55 $3.69
----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.63%,
0.94%, 0.95%, 0.41% 0.51%, and 0.74% for class A, Class C, Class C2, Class
K, Class Y, and Class Z shares respectively, multiplied by the average
account value over the period, multiplied by 182/365 (to reflect the
one-half year period).
18 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
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 Multi-Asset Ultrashort Income
Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from October 1, 2014, through March 31, 2015.
----------------------------------------------------------------------------------------------------
Share Class A C C2 K Y Z
----------------------------------------------------------------------------------------------------
Beginning Account Value
on 10/1/14 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
----------------------------------------------------------------------------------------------------
Ending Account Value
(after expenses)
on 3/31/15 $1,021.79 $1,020.24 $1,020.19 $1,022.89 $1,022.39 $1,021.24
----------------------------------------------------------------------------------------------------
Expenses Paid During
Period* $3.18 $4.73 $4.78 $2.07 $2.57 $3.73
----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.63%,
0.94%, 0.95%, 0.41% 0.51%, and 0.74% for class A, Class C, Class C2, Class
K, Class Y, and Class Z shares respectively, multiplied by the average
account value over the period, multiplied by 182/365 (to reflect the
one-half year period).
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 19
Schedule of Investments | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
PREFERRED STOCK -- 0.1%
INSURANCE -- 0.1%
Reinsurance -- 0.1%
2,300,000 Pangaea Re, 7/1/18 (c) (e) $ 2,507,460
------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost $2,305,611) $ 2,507,460
------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 27.1%
TRANSPORTATION -- 0.1%
Trucking -- 0.1%
1,100,000 0.57 Hertz Fleet Lease Funding LP, Floating
Rate Note, 4/10/28 (144A) $ 1,098,639
------------------------------------------------------------------------------------------------
Marine Ports & Services -- 0.0%+
964,762 Global Container Assets 2013-1, Ltd.,
2.2%, 11/5/28 (144A) $ 963,529
--------------
Total Transportation $ 2,062,168
------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%+
Homebuilding -- 0.0%+
1,079,939 1.05 Manufactured Housing Contract Trust
Pass-Through Certificates Series 2001-1,
Floating Rate Note, 4/20/32 $ 1,073,291
--------------
Total Consumer Durables & Apparel $ 1,073,291
------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
378,376 Westgate Resorts 2012-2 LLC, 9.0%,
1/21/25 (144A) $ 383,900
1,337,251 Westgate Resorts 2012-A LLC, 3.75%,
8/20/25 (144A) 1,345,561
117,409 Westgate Resorts LLC, 2.5%, 3/20/25 (144A) 117,492
1,494,552 Westgate Resorts LLC, 9.5%,
2/20/25 (144A) 1,533,694
--------------
$ 3,380,647
--------------
Total Consumer Services $ 3,380,647
------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.3%
Health Care Distributors -- 0.3%
3,000,000 1.68 NCF Dealer Floorplan Master Trust,
Floating Rate Note, 10/20/20 (144A) $ 2,999,997
2,500,000 Oscar US Funding Trust 2014-1,
1.0%, 8/15/17 (144A) 2,498,275
1,600,000 0.87 Oscar US Funding Trust II, Floating Rate
Note, 2/15/18 (144A) 1,600,000
--------------
$ 7,098,272
--------------
Total Health Care Equipment
& Services $ 7,098,272
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
BANKS -- 14.6%
Diversified Banks -- 0.0%+
93,206 0.56 KeyCorp Student Loan Trust 2004-A,
Floating Rate Note, 10/28/41 $ 89,596
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 14.6%
1,414,721 0.40 321 Henderson Receivables I LLC,
Floating Rate Note, 11/15/40 (144A) $ 1,378,839
3,726,221 0.37 321 Henderson Receivables I LLC,
Floating Rate Note, 12/15/41 (144A) 3,649,796
737,571 0.52 321 Henderson Receivables I LLC,
Floating Rate Note, 9/15/45 (144A) 729,247
3,800,096 0.37 321 Henderson Receivables II LLC,
Floating Rate Note, 9/15/41 (144A) 3,694,294
12,828 2.95 ABFC 2003-WMC1 Trust, Floating Rate
Note, 3/25/33 12,701
779,204 0.79 ABFC 2005-WF1 Trust, Floating Rate
Note, 12/25/34 776,073
3,250,000 0.98 ACA CLO 2006-2, Ltd., Floating Rate
Note, 1/20/21 (144A) 3,200,594
1,329,404 0.49 ACAS CLO 2007-1, Ltd., Floating Rate
Note, 4/20/21 1,320,008
1,110,000 0.57 Accredited Mortgage Loan Trust 2005-2,
Floating Rate Note, 7/25/35 1,089,459
103,681 6.50 ACE Securities Corp., Manufactured
Housing Trust Series 2003-MH1, Floating
Rate Note, 8/15/30 (144A) 104,201
1,500,000 1.25 ACIS CLO 2014-4, Ltd., Floating Rate
Note, 5/1/26 (144A) 1,498,128
80,826 0.71 Aegis Asset Backed Securities Trust
2004-6, Floating Rate Note, 3/25/35 80,805
549,954 1.27 Aegis Asset Backed Securities Trust Mortgage
Pass-Through Certificates Series 2004-3,
Floating Rate Note, 9/25/34 542,990
1,604,390 1.13 Aegis Asset Backed Securities Trust Mortgage
Pass-Through Certificates Series 2004-2,
Floating Rate Note, 6/25/34 1,589,910
851,055 1.27 Aegis Asset Backed Securities Trust Mortgage
Pass-Through Certificates Series 2004-4,
Floating Rate Note, 10/25/34 842,016
399,495 0.54 Aegis Asset Backed Securities Trust Mortgage
Pass-Through Certificates Series 2005-4,
Floating Rate Note, 10/25/35 393,093
578,037 0.39 Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Certificates
Series 2005-R10, Floating Rate Note, 12/25/35 576,509
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 21
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
67,945 0.60 Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Certificates
Series 2005-R5, Floating Rate Note, 7/25/35 $ 67,803
501,457 0.50 Ameriquest Mortgage Securities, Inc.,
Asset Backed Pass-Through Certificates
Series 2005-R11, Floating Rate Note, 1/25/36 491,670
338,742 3.92 Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Certificates
Series 03-AR3, Floating Rate Note, 6/25/33 346,931
2,967,038 0.78 Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Certificates
Series 2004-R11, Floating Rate Note, 11/25/34 2,952,239
1,268,631 0.85 Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Certificates
Series 2005-R1, Floating Rate Note, 3/25/35 1,263,532
1,000,000 1.70 Apidos Quattro CDO, Floating Rate Note,
1/20/19 (144A) 989,425
288,417 0.72 ARI Fleet Lease Trust 2012-A, Floating
Rate Note, 3/15/20 (144A) 288,362
266,047 0.47 ARI Fleet Lease Trust 2012-B, Floating
Rate Note, 1/15/21 (144A) 265,566
974,347 ARI Fleet Lease Trust 2013-A, 0.7%,
12/15/15 (144A) 974,485
600,000 ARI Fleet Lease Trust 2013-A, 0.92%,
7/15/21 (144A) 600,680
2,763,065 ARI Fleet Lease Trust 2014-A, 0.81%,
11/15/22 (144A) 2,762,452
512,099 0.85 Asset Backed Securities Corp., Home Equity Loan
Trust Series 2005-HE2, Floating Rate Note, 2/25/35 510,943
486,732 0.88 Asset Backed Securities Corp., Home Equity Loan
Trust Series 2005-HE3, Floating Rate Note, 4/25/35 480,433
1,095,441 0.37 Asset Backed Securities Corp., Home Equity Loan
Trust Series AEG 2006-HE1, Floating Rate
Note, 1/25/36 1,044,120
232,573 0.85 Asset Backed Securities Corp., Home
Equity Loan Trust Series NC 2005-HE4,
Floating Rate Note, 5/25/35 232,573
1,275,325 0.68 Asset Backed Securities Corp., Home
Equity Loan Trust Series OOMC
2005-HE6, Floating Rate Note, 7/25/35 1,266,028
1,235,212 0.79 Asset-Backed Pass-Through Certificates
Series 2004-R2, Floating Rate Note, 4/25/34 1,213,678
1,850,000 Bank of The West Auto Trust 2014-1,
0.69%, 7/17/17 (144A) 1,850,186
1,100,000 0.53 Barclays Dryrock Issuance Trust, Floating
Rate Note, 12/16/19 1,098,581
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,800,000 0.51 Barclays Dryrock Issuance Trust, Floating
Rate Note, 3/16/20 $ 1,797,971
200,000 0.51 Barclays Dryrock Issuance Trust, Floating
Rate Note, 7/16/18 200,065
51,461 Bayview Financial Acquisition Trust,
6.205%, 5/28/37 (Step) 54,306
206,993 0.80 Bayview Financial Acquisition Trust,
Floating Rate Note, 5/28/44 206,824
1,387,500 0.85 Bayview Financial Mortgage Pass-Through
Trust 2004-A, Floating Rate Note, 2/28/44 1,380,077
3,596,091 0.68 Bayview Financial Mortgage Pass-Through
Trust 2005-C, Floating Rate Note, 6/28/44 3,569,325
287,858 0.53 Bayview Financial Mortgage Pass-Through
Trust 2006-A, Floating Rate Note, 2/28/41 287,316
68,472 0.48 Bayview Financial Mortgage Pass-Through
Trust 2006-A, Floating Rate Note, 2/28/41 68,239
987,506 0.48 Bayview Financial Mortgage Pass-Through
Trust 2006-B, Floating Rate Note, 4/28/36 968,764
772,030 0.45 Bayview Financial Mortgage Pass-Through
Trust 2006-B, Floating Rate Note, 4/28/36 757,377
1,543,719 0.63 Bayview Financial Mortgage Pass-Through Trust
Series 2005-B, Floating Rate Note, 4/28/39 1,528,722
1,147,978 3.72 Bayview Opportunity Master Fund IIa
Trust 2014-20NPL, Floating Rate Note,
8/28/44 (144A) 1,148,721
1,246,699 Bayview Opportunity Master Fund Trust
IIIa 2014-12RPL, 3.6225%, 7/28/19
(Step) (144A) 1,242,580
704,200 1.06 Bear Stearns Asset Backed Securities I
Trust 2004-HE11, Floating Rate Note, 12/25/34 702,776
1,957,420 0.67 Bear Stearns Asset Backed Securities I
Trust 2005-FR1, Floating Rate Note, 6/25/35 1,945,542
1,101,018 0.94 Bear Stearns Asset Backed Securities I
Trust 2005-HE9, Floating Rate Note, 10/25/35 1,092,862
1,106,115 1.37 Bear Stearns Asset Backed Securities
Trust 2004-2, Floating Rate Note, 8/25/34 1,107,401
151,337 0.74 Bear Stearns Asset Backed Securities
Trust 2004-SD3, Floating Rate Note, 9/25/34 148,641
84,046 0.57 Bear Stearns Asset Backed Securities
Trust 2005-SD1, Floating Rate Note, 8/25/43 82,836
1,626,801 0.64 Bear Stearns Asset Backed Securities
Trust 2005-SD2, Floating Rate Note, 3/25/35 1,616,890
629,562 0.57 Bear Stearns Asset Backed Securities
Trust 2005-SD2, Floating Rate Note, 3/25/35 624,353
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 23
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
888,044 0.45 Bear Stearns Asset Backed Securities
Trust 2006-1, Floating Rate Note, 2/25/36 $ 885,278
213,914 0.92 Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 2/25/35 213,823
939,680 1.17 Bear Stearns Structured Products Trust
2007-EMX1, Floating Rate Note, 3/25/37 (144A) 919,847
2,017,714 1.97 Carlyle High Yield Partners VII, Ltd.,
Floating Rate Note, 9/30/19 (144A) 2,015,244
2,602,481 0.91 Carrington Mortgage Loan Trust Series
2005-NC1, Floating Rate Note, 2/26/35 2,601,312
39,673 0.57 Carrington Mortgage Loan Trust Series
2005-NC4, Floating Rate Note, 9/25/35 39,355
1,939,578 0.35 Carrington Mortgage Loan Trust Series 2006-OPT1,
Floating Rate Note, 12/25/35 1,877,921
1,744,917 CCG Receivables Trust 2014-1, 1.06%,
11/14/21 (144A) 1,745,257
328,847 CCG Receivables Truste 2013-1, 1.05%,
4/14/20 (144A) 329,244
3,250,000 1.48 Cent CLO 16 LP, Floating Rate Note,
8/1/24 (144A) 3,248,732
372,006 3.65 Centex Home Equity Loan Trust 2003-A,
Floating Rate Note, 3/25/33 371,438
2,500,000 CIT Equipment Collateral 2014-VT1,
0.86%, 5/22/17 (144A) 2,498,989
2,089,636 0.37 Citigroup Mortgage Loan Trust 2006-SHL1,
Floating Rate Note, 11/27/45 (144A) 2,020,741
1,724,666 1.00 Citigroup Mortgage Loan Trust Series
2004-OPT1 Asset Backed Pass-Through
Certifi, Floating Rate Note, 10/25/34 1,722,408
233,696 1.19 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 11/25/34 218,464
2,896,491 0.92 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 5/25/35 (144A) 2,815,920
5,419 Conseco Financial Corp., 7.05%, 1/15/19 5,544
2,386,157 Consumer Credit Origination Loan Trust
2015-1, 2.82%, 3/15/21 (144A) 2,386,125
2,218,876 1.01 Countrywide Asset-Backed Certificates,
Floating Rate Note, 10/25/34 2,212,180
260,209 0.76 Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/35 257,261
1,656,429 1.07 Countrywide Asset-Backed Certificates,
Floating Rate Note, 3/25/35 1,643,085
263,536 0.94 Countrywide Asset-Backed Certificates,
Floating Rate Note, 5/25/35 262,973
203,446 0.99 Countrywide Asset-Backed Certificates,
Floating Rate Note, 5/25/35 202,952
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
168,495 0.85 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/33 (144A) $ 162,383
37,632 1.07 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/33 (144A) 36,073
129,317 0.66 Countrywide Asset-Backed Certificates,
Floating Rate Note, 9/25/35 129,047
1,208,065 Credit Acceptance Auto Loan Trust
2012-2, 1.52%, 3/16/20 (144A) 1,210,767
2,000,000 Credit Acceptance Auto Loan Trust
2012-2, 2.21%, 9/15/20 (144A) 2,011,826
1,000,000 Credit Acceptance Auto Loan Trust
2013-1, 1.21%, 10/15/20 (144A) 1,000,657
156,169 0.44 Credit Suisse Mortgage Capital Certificates,
Floating Rate Note, 10/27/36 (144A) 153,458
613,918 0.83 Credit-Based Asset Servicing and Securitization LLC,
Floating Rate Note, 7/25/34 612,354
4,500,000 0.47 Credit-Based Asset Servicing and Securitization LLC,
Floating Rate Note, 7/25/36 4,436,100
1,070,565 1.22 CWABS Asset-Backed Certificates Trust
2004-7, Floating Rate Note, 12/25/34 1,064,499
109,499 5.15 CWABS Asset-Backed Certificates Trust
2005-1, Floating Rate Note, 2/25/33 109,916
5,274 0.43 CWABS Master Trust Series 2003-D
Subtrust, Floating Rate Note, 6/15/29 5,270
826 Delta Funding Home Equity Loan Trust
1997-2, 7.04%, 6/25/27 840
58,652 Direct Capital Funding V LLC, 1.673%,
12/20/17 (144A) 58,705
1,732,029 3.10 Drug Royalty II LP 2, Floating Rate Note,
7/15/23 (144A) 1,758,862
1,950,084 DT Auto Owner Trust 2015-1, 1.06%,
9/17/18 (144A) 1,948,947
1,947,452 1.07 Ellington Loan Acquisition Trust 2007-1,
Floating Rate Note, 5/26/37 (144A) 1,915,609
293,109 1.07 Ellington Loan Acquisition Trust 2007-2,
Floating Rate Note, 5/26/37 (144A) 291,073
659,334 0.64 Encore Credit Receivables Trust 2005-3,
Floating Rate Note, 10/25/35 658,372
26,450 EquiVantage Home Equity Loan Trust
1997-1, 8.05%, 3/25/28 (Step) 26,468
29,302 Exeter Automobile Receivables Trust
2012-2, 1.3%, 6/15/17 (144A) 29,310
1,000,000 Exeter Automobile Receivables Trust
2012-2, 3.06%, 7/16/18 (144A) 1,001,719
794,128 Exeter Automobile Receivables Trust
2014-2, 1.06%, 8/15/18 792,131
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 25
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,700,000 Exeter Automobile Receivables Trust
2015-1, 1.6%, 6/17/19 (144A) $ 1,697,979
534,676 1.90 Fieldstone Mortgage Investment Trust
Series 2004-5, Floating Rate Note, 2/25/35 527,903
474,480 1.25 Fieldstone Mortgage Investment Trust
Series 2005-1, Floating Rate Note, 3/25/35 474,750
1,851,122 0.68 First Franklin Mortgage Loan Trust
2005-FFH3, Floating Rate Note, 9/25/35 1,840,267
303,194 0.43 First Franklin Mortgage Loan Trust
Series 2005-FF12, Floating Rate Note, 11/25/36 298,855
72,805 0.57 First NLC Trust 2005-2, Floating Rate Note, 9/25/35 72,563
2,500,000 0.52 Firstmac Mortgage Funding Trust Series 1A-2014,
Floating Rate Note, 6/26/15 (144A) 2,499,878
807,222 0.63 Flagstar Home Equity Loan Trust 2005-1, Floating
Rate Note, 6/25/18 (144A) 803,703
979,672 0.51 Foothill CLO, Ltd., Floating Rate Note,
2/22/21 (144A) 974,399
267,414 0.50 Fore CLO, Ltd., Floating Rate Note, 7/20/19 (144A) 266,964
553,000 2.11 Four Corners CLO II, Ltd., Floating Rate
Note, 1/26/20 (144A) 534,231
718,791 0.50 Gale Force 3 CLO, Ltd., Floating Rate
Note, 4/19/21 (144A) 711,733
96,457 GE Equipment Small Ticket LLC Series
2013-1, 0.73%, 1/25/16 (144A) 96,470
1,776,047 GE Equipment Small Ticket LLC Series
2014-1, 0.59%, 8/24/16 1,775,942
470,373 GE Equipment Transportation LLC Series
2013-2, 0.61%, 6/24/16 470,440
2,299,005 GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 2,289,234
3,775,176 GMAT 2013-1 Trust, 3.9669%, 8/25/53 (Step) 3,775,244
261,008 0.85 GreenPoint Mortgage Funding Trust
2005-HE1, Floating Rate Note, 9/25/34 260,427
306,432 0.83 GSAA Home Equity Trust 2004-11,
Floating Rate Note, 12/25/34 300,467
266,913 0.42 GSAA Home Equity Trust 2005-11,
Floating Rate Note, 10/25/35 265,564
1,443,073 0.97 GSAA Trust, Floating Rate Note, 6/25/35 1,432,710
2,955,146 0.82 GSAMP Trust 2004-SEA2, Floating Rate
Note, 3/25/34 2,953,331
407,900 0.92 GSAMP Trust 2005-HE1, Floating Rate
Note, 12/25/34 398,970
127,171 0.53 GSAMP Trust 2005-HE6, Floating Rate
Note, 11/25/35 125,136
1,130,506 0.38 GSAMP Trust 2006-HE1, Floating Rate
Note, 12/26/45 1,109,616
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
343,259 0.63 GSAMP Trust 2006-SD1, Floating Rate
Note, 7/25/45 $ 342,886
1,692,805 0.47 GSAMP Trust 2006-SEA1, Floating Rate
Note, 5/25/36 (144A) 1,672,588
1,013,100 1.52 GSRPM Mortgage Loan Trust 2003-2,
Floating Rate Note, 6/25/33 975,066
1,031,740 0.47 GSRPM Mortgage Loan Trust 2006-1,
Floating Rate Note, 3/25/35 (144A) 1,012,359
725,945 0.47 GSRPM Mortgage Loan Trust 2006-2,
Floating Rate Note, 9/25/36 (144A) 688,882
500,000 2.00 Harch CLO III, Ltd., Floating Rate Note,
4/17/20 (144A) 488,692
1,000,000 2.51 Hewett's Island CDO, Ltd., Floating Rate
Note, 6/9/19 (144A) 1,000,042
4,240,000 HLSS Servicer Advance Receivables Backed Notes
Series 2013-T2, 1.1472%, 5/16/44 (144A) 4,234,064
5,600,000 HLSS Servicer Advance Receivables
Trust, 1.4953%, 1/16/46 (144A) 5,569,200
3,155,379 0.64 Home Equity Asset Trust 2005-6,
Floating Rate Note, 12/25/35 3,147,393
3,960,336 0.55 Home Equity Asset Trust 2005-7,
Floating Rate Note, 1/25/36 3,938,443
297,471 0.34 Home Equity Asset Trust 2006-4,
Floating Rate Note, 8/25/36 291,799
1,739,353 0.28 Home Equity Asset Trust 2006-8,
Floating Rate Note, 3/25/37 1,713,623
1,352,100 0.59 HomeBanc Mortgage Trust 2005-2,
Floating Rate Note, 5/25/25 1,346,821
974,222 0.63 Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 1/25/35 970,888
6,466,823 0.42 HSBC Home Equity Loan Trust USA
2006-3, Floating Rate Note, 3/20/36 6,416,550
748,479 0.41 HSBC Home Equity Loan Trust USA
2006-4, Floating Rate Note, 3/20/36 741,424
31,301 1.33 HSBC Home Equity Loan Trust USA
2007-3, Floating Rate Note, 11/20/36 31,338
2,998,880 1.38 HSBC Home Equity Loan Trust USA
2007-3, Floating Rate Note, 11/20/36 2,985,898
4,583,216 1.03 Impac Secured Assets CMN Owner Trust,
Floating Rate Note, 2/25/35 4,532,297
2,100,000 1.77 Invitation Homes 2014-SFR2 Trust,
Floating Rate Note, 9/18/31 (144A) 2,098,212
2,000,000 1.38 Invitation Homes 2014-SFR3 Trust,
Floating Rate Note, 12/17/31 (144A) 1,992,779
2,800,000 0.00 Invitation Homes 2015-SFR2 Trust,
Floating Rate Note, 6/17/32 (144A) (d) 2,800,000
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 27
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
999,049 0.48 Inwood Park CDO, Ltd., Floating Rate
Note, 1/20/21 (144A) $ 993,251
3,797,225 0.39 Irwin Home Equity Loan Trust 2005-1,
Floating Rate Note, 6/25/25 3,519,929
1,744,909 1.67 Irwin Whole Loan Home Equity Trust
2003-C, Floating Rate Note, 6/25/28 1,726,284
3,163,412 0.64 Irwin Whole Loan Home Equity Trust
2005-B, Floating Rate Note, 12/25/29 3,102,200
751,645 0.95 IXIS Real Estate Capital Trust 2005-HE1,
Floating Rate Note, 6/25/35 731,827
528,517 0.85 IXIS Real Estate Capital Trust
2005-HE4, Floating Rate Note, 2/25/36 519,838
1,041,804 0.39 JP Morgan Mortgage Acquisition Corp.,
2005-FRE1, Floating Rate Note, 10/25/35 1,025,868
755,125 0.32 JP Morgan Mortgage Acquisition Trust
2006-ACC1, Floating Rate Note, 5/25/36 749,458
1,250,000 1.71 KKR Financial CLO 2007-1, Ltd.,
Floating Rate Note, 5/15/21 (144A) 1,235,608
164,192 0.62 Lehman ABS Manufactured Housing Contract
Trust 2002-A, Floating Rate Note, 6/15/33 159,933
2,500,000 0.00 Lockwood Grove CLO, Ltd., Floating
Rate Note, 1/25/24 (144A) (d) 2,500,000
252,584 2.42 Madison Avenue Manufactured Housing Contract
Trust 2002-A, Floating Rate Note, 3/25/32 252,578
1,502,639 0.81 MASTR Adjustable Rate Mortgages Trust
2004-11, Floating Rate Note, 11/25/34 1,494,137
1,150,000 MMCA Auto Owner Trust 2012-A, 3.27%,
7/16/18 (144A) 1,167,902
1,377,318 0.63 Morgan Stanley ABS Capital I, Inc., Trust 2004-SD3,
Floating Rate Note, 6/25/34 (144A) 1,377,606
32,006 0.95 Morgan Stanley ABS Capital I, Inc., Trust
2005-HE3, Floating Rate Note, 7/25/35 31,973
54,213 0.49 Morgan Stanley ABS Capital I, Inc., Trust 2005-HE6,
Floating Rate Note, 11/25/35 53,080
63,326 0.88 Morgan Stanley ABS Capital I, Inc., Trust 2005-WMC3,
Floating Rate Note, 3/25/35 63,161
1,734,369 0.80 Morgan Stanley ABS Capital I, Inc., Trust
2005-NC2, Floating Rate Note, 3/25/35 1,718,739
245,116 0.25 Morgan Stanley Structured Trust, Floating
Rate Note, 6/25/37 242,249
392,800 0.67 Motor 2013-1 Plc, Floating Rate Note,
2/25/21 (144A) 393,087
2,600,000 0.81 MOTOR 2015-1 Plc, Floating Rate Note,
6/27/22 (144A) 2,602,621
1,386,238 Nations Equipment Finance Funding II
LLC, 1.558%, 7/20/18 (144A) 1,385,966
547,121 0.32 Nationstar Home Equity Loan Trust
2007-A, Floating Rate Note, 3/25/37 533,587
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
803,247 0.87 New Century Home Equity Loan Trust
2005-1, Floating Rate Note, 3/25/35 $ 803,065
98,545 0.38 Nomura Home Equity Loan Inc Home Equity Loan
Trust Series 2006-HE1, Floating Rate Note, 2/25/36 98,345
415,306 0.95 NovaStar Mortgage Funding Trust Series
2003-1, Floating Rate Note, 5/25/33 405,139
2,443,000 1.82 NovaStar Mortgage Funding Trust Series
2004-4, Floating Rate Note, 3/25/35 2,401,063
344,498 1.25 NovaStar Mortgage Funding Trust Series
2004-4, Floating Rate Note, 3/25/35 344,719
1,170,968 Oak Hill Advisors Residential Loan Trust
2014-NPL1, 2.8828%, 5/25/54 (Step) (144A) 1,173,206
3,343,096 OAK Hill Advisors Residential Loan Trust
2014-NPL2, 3.475%, 4/25/54 (Step) (144A) 3,349,217
2,857,147 0.97 Option One Mortgage Loan Trust 2005-1,
Floating Rate Note, 2/25/35 2,798,550
1,475,589 0.43 Option One Mortgage Loan Trust 2005-4
Asset-Backed Certificates Series
2005-4, Floating Rate Note, 11/25/35 1,458,049
41,392 Option One Mortgage Loan Trust
2007-FXD2, 5.9%, 3/25/37 (Step) 38,203
1,004,090 1.30 Option One Woodbridge Loan Trust 2002-1,
Floating Rate Note, 3/25/32 (144A) 993,032
959,775 5.46 Origen Manufactured Housing Contract Trust 2004-B,
Floating Rate Note, 11/15/35 979,856
606,384 0.46 Ownit Mortgage Loan Trust Series
2005-5, Floating Rate Note, 10/25/36 596,777
1,214,928 1.19 Park Place Securities, Inc., Asset-Backed
Pass-Through Certificates Series
2004-WCW, Floating Rate Note, 9/25/34 1,205,332
1,590,676 1.12 Park Place Securities, Inc., Asset-Backed
Pass-Through Certificates Series 2004-WHQ2,
Floating Rate Note, 1/25/35 1,585,533
288,081 0.43 Park Place Securities, Inc., Asset-Backed
Pass-Through Certificates Series 2005-WHQ4,
Floating Rate Note, 9/25/35 274,631
398,502 1.11 Park Place Securities, Inc., Asset-Backed
Pass-Through Certificates Series 2004-MCW,
Floating Rate Note, 10/25/34 396,905
2,206,627 0.54 Park Place Securities, Inc., Asset-Backed
Pass-Through Certificates Series 2005-WHQ4,
Floating Rate Note, 9/25/35 2,190,576
2,000,000 0.52 Pepper Residential Securities Trust,
Floating Rate Note, 4/10/15 (144A) 1,999,980
2,000,000 0.47 Pepper Residential Securities Trust,
Floating Rate Note, 7/24/15 (144A) 2,000,124
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 29
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,400,000 0.77 PFS Financing Corp., Floating Rate
Note, 10/15/19 (144A) $ 1,399,352
1,700,000 1.02 PFS Financing Corp., Floating Rate
Note, 10/15/19 (144A) 1,698,851
3,240,000 0.72 PFS Financing Corp., Floating Rate
Note, 2/15/18 (144A) 3,239,971
3,490,000 0.77 PFS Financing Corp., Floating Rate
Note, 2/15/19 (144A) 3,480,357
350,000 Prestige Auto Receivables Trust 2013-1,
1.33%, 5/15/19 (144A) 350,830
2,800,000 Progreso Receivables Funding I LLC,
4.0%, 7/9/18 (144A) 2,817,500
4,750,000 Progreso Receivables Funding II LLC,
3.5%, 7/8/19 (144A) 4,752,969
3,050,000 Progreso Receivables Funding III LLC,
3.625%, 1/30/25 (144A) 3,050,000
3,000,000 2.57 Progress Residential 2015-SFR1 Trust,
Floating Rate Note, 2/20/32 (144A) 3,030,128
3,522,690 0.83 Quest Trust REMICS, Floating Rate
Note, 3/25/34 (144A) 3,434,062
1,053,991 1.12 RAAC Series 2005-RP1 Trust, Floating
Rate Note, 7/25/37 (144A) 1,040,899
436,545 0.82 RAAC Series 2005-RP2 Trust, Floating
Rate Note, 6/25/35 (144A) 436,883
1,323,950 0.97 RAAC Series 2005-RP3 Trust, Floating
Rate Note, 5/25/39 (144A) 1,292,945
333,944 0.47 RAAC Series 2006-RP1 Trust, Floating
Rate Note, 10/25/45 (144A) 332,446
2,313,776 0.42 RAAC Series 2006-RP2 Trust, Floating
Rate Note, 2/25/37 (144A) 2,286,448
981,815 1.10 RAMP Series 2004-RS11 Trust, Floating
Rate Note, 11/25/34 967,303
1,605,208 0.65 RAMP Series 2004-RZ1 Trust, Floating
Rate Note, 3/25/34 1,592,373
281,651 0.58 RAMP Series 2005-EFC4 Trust, Floating
Rate Note, 9/25/35 281,183
626,289 0.67 RAMP Series 2005-RS6 Trust, Floating
Rate Note, 6/25/35 620,126
3,810,873 0.57 RAMP Series 2005-RZ4 Trust, Floating
Rate Note, 11/25/35 3,791,853
292,055 0.36 RAMP Series 2006-NC1 Trust, Floating
Rate Note, 12/25/35 290,468
2,155,218 0.33 RAMP Series 2006-RZ3 Trust, Floating
Rate Note, 10/25/35 2,129,310
2,266,086 0.95 RASC Series 2004-KS10 Trust, Floating
Rate Note, 11/25/34 2,264,414
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
6,743 0.65 RASC Series 2005-EMX2 Trust, Floating
Rate Note, 7/25/35 $ 6,739
174,806 0.82 RASC Series 2005-KS3 Trust, Floating
Rate Note, 4/25/35 174,890
602,876 0.89 RASC Series 2005-KS5 Trust, Floating
Rate Note, 6/25/35 602,922
382,167 1.67 RFSC Series 2003-RP2 Trust, Floating
Rate Note, 7/25/41 (144A) 380,888
64,779 0.65 Salomon Brothers Mortgage Securities
VII, Inc., Floating Rate Note, 3/25/28 64,112
118,266 1.07 Salomon Mortgage Loan Trust Series 2001-CB4,
Floating Rate Note, 11/25/33 117,039
1,059,940 0.72 SASCO Mortgage Loan Trust 2005-GEL1,
Floating Rate Note, 12/25/34 1,033,160
373,181 0.73 SASCO Mortgage Loan Trust 2005-GEL2,
Floating Rate Note, 4/25/35 369,572
236,441 2.65 SASCO Mortgage Pass-Through Certificates
Series 2004-S4, Floating Rate Note, 12/25/34 236,412
1,766,843 0.63 Saxon Asset Securities Trust 2005-3,
Floating Rate Note, 11/25/35 1,733,096
1,313,455 0.40 Saxon Asset Securities Trust 2005-4,
Floating Rate Note, 11/25/37 1,305,034
3,778,000 2.22 Silver Bay Realty 2014-1 Trust, Floating
Rate Note, 9/18/31 (144A) 3,786,123
858,243 Small Business Administration Participation
Certificates, 0.58%, 10/17/16 (144A) 858,219
2,250,000 0.60 SMART ABS Series 2015-1US Trust,
Floating Rate Note, 8/14/17 2,250,011
509,884 SMART Trust/Australia, 1.59%, 10/14/16 (144A) 511,573
1,782,338 0.60 SMART Trust/Australia, Floating Rate
Note, 1/17/17 1,781,809
1,357,709 0.47 SMART Trust/Australia, Floating Rate
Note, 8/15/16 1,357,741
880,610 0.62 SMART Trust/Australia, Floating Rate
Note, 9/14/16 880,490
38,409 SNAAC Auto Receivables Trust 2013-1,
1.14%, 7/16/18 (144A) 38,416
368,194 SNAAC Auto Receivables Trust 2014-1,
1.03%, 9/17/18 (144A) 368,042
648,714 SNAAC Auto Receivables Trust, 4.38%,
6/15/17 (144A) 649,585
1,824,888 0.89 Soundview Home Loan Trust 2005-DO1,
Floating Rate Note, 5/25/35 1,811,077
740,170 0.43 Soundview Home Loan Trust 2005-OPT4,
Floating Rate Note, 12/25/35 726,803
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 31
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
469,199 0.56 Specialty Underwriting & Residential Finance Trust
Series 2005-AB2, Floating Rate Note, 6/25/36 $ 466,471
773,284 0.50 Specialty Underwriting & Residential Finance Trust
Series 2005-AB2, Floating Rate Note, 6/25/36 768,588
328,400 0.37 Specialty Underwriting & Residential Finance Trust
Series 2006-BC1, Floating Rate Note, 12/25/36 325,937
3,640,376 0.47 Specialty Underwriting & Residential Finance Trust
Series 2006-BC1, Floating Rate Note, 12/25/36 3,525,781
1,809,715 Springleaf Funding Trust 2013-A, 2.58%,
9/15/21 (144A) 1,817,761
411,392 Stanwich Mortgage Loan Trust, 2.9814%,
2/16/43 (144A) 409,335
2,133,566 0.89 Structured Asset Investment Loan Trust
2005-6, Floating Rate Note, 7/25/35 2,131,484
1,017,927 0.37 Structured Asset Investment Loan Trust
2006-1, Floating Rate Note, 1/25/36 988,893
1,494,406 0.77 Structured Asset Securities Corp., Mortgage Loan
Trust 2005-S7, Floating Rate Note,
12/25/35 (144A) 1,454,654
2,676,028 0.32 Structured Asset Securities Corp., Mortgage Loan
Trust 2006-EQ1, Floating Rate Note, 7/25/36 2,606,106
1,769,004 0.39 Structured Asset Securities Corp., Mortgage Loan
Trust 2006-GEL4, Floating Rate Note,
10/25/36 (144A) 1,751,521
39,483 0.23 Structured Asset Securities Corp., Mortgage Loan
Trust 2007-BC3, Floating Rate Note, 6/25/37 39,432
1,021,655 0.47 Structured Asset Securities Corp., Mortgage Loan
Trust 2007-TC1, Floating Rate Note,
4/25/31 (144A) 976,049
2,686,924 Sunset Mortgage Loan Co., 2014-NPL2
LLC, 3.721%, 11/16/44 (Step) (144A) 2,696,156
2,874,768 1.47 SWAY Residential 2014-1 Trust, Floating
Rate Note, 1/20/32 (144A) 2,870,815
739,447 1.11 Terwin Mortgage Trust Series TMTS 2003-8HE,
Floating Rate Note, 12/25/34 719,040
3,315,870 0.62 Terwin Mortgage Trust Series TMTS 2005-10HE,
Floating Rate Note, 6/25/36 3,304,566
78,358 Toyota Auto Receivables 2013-B Owner
Trust, 0.48%, 2/15/16 78,358
1,770,000 Toyota Auto Receivables 2014-C Owner
Trust, 0.51%, 2/15/17 1,769,694
3,079,000 1.42 Trade MAPS 1, Ltd., Floating Rate
Note, 12/10/18 (144A) 3,079,914
1,556,000 2.57 Trafigura Securitisation Finance Plc,
Floating Rate Note, 10/15/15 (144A) 1,556,564
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,400,000 1.12 Trafigura Securitisation Finance Plc, 2014-1,
Floating Rate Note, 4/16/18 (144A) $ 1,400,605
825,319 1.87 Truman Capital Mortgage Loan Trust,
Floating Rate Note, 1/25/34 804,468
2,502,411 United Auto Credit Securitization Trust
2014-1, 0.74%, 6/15/16 (144A) 2,502,368
2,500,000 United Auto Credit Securitization Trust
2015-1, 1.68%, 9/15/17 (144A) 2,499,859
1,240,442 VOLT XIX LLC, 3.875%, 4/26/55 (Step) 1,245,113
2,959,641 VOLT XXXI LLC, 3.375%, 2/25/55 (Step) (144A) 2,959,641
2,500,000 VOLT XXXIII LLC, 3.5%, 3/25/55 (Step) (144A) 2,500,101
44,006 0.58 Wells Fargo Home Equity Asset-Backed Securities
2005-2 Trust, Floating Rate Note, 11/25/35 43,959
743,345 0.55 Wells Fargo Home Equity Asset-Backed Securities
2005-3 Trust, Floating Rate Note, 12/25/35 734,961
113,484 Westlake Automobile Receivables Trust
2013-1, 1.12%, 1/15/18 (144A) 113,538
978,153 Wheels SPV 2 LLC, 0.84%, 3/20/23 (144A) 977,943
30,272 0.45 Wilshire Mortgage Loan Trust, Floating
Rate Note, 5/25/28 29,388
350,000 World Financial Network Credit Card
Master Trust, 3.96%, 4/15/19 352,401
10,375,000 0.55 World Financial Network Credit Card Master Trust,
Floating Rate Note, 12/16/19 10,375,384
--------------
$ 363,740,893
--------------
Total Banks $ 363,830,489
------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 11.8%
Other Diversified Financial Services -- 4.3%
2,711,961 0.37 321 Henderson Receivables I LLC,
Floating Rate Note, 6/15/41 (144A) $ 2,647,566
19,689 Ascentium Equipment Receivables
2012-1 LLC, 1.83%, 9/15/19 (144A) 19,695
761,046 Ascentium Equipment Receivables
2014-1 LLC, 1.04%, 1/10/17 (144A) 760,622
1,700,000 Ascentium Equipment Receivables
2014-1 LLC, 1.58%, 10/10/18 (144A) 1,701,763
413,888 AXIS Equipment Finance Receivables II LLC,
1.75%, 6/20/16 413,876
1,108,938 BCC Funding VIII LLC, 1.794%, 6/22/20 (144A) 1,108,245
3,000,000 0.57 BMW Floorplan Master Owner Trust,
Floating Rate Note, 9/15/17 (144A) 3,006,354
249,944 BMW Vehicle Lease Trust 2013-1, 0.54%, 9/21/15 249,932
3,200,000 Capital Auto Receivables Asset Trust
2013-1, 1.74%, 10/22/18 3,211,830
200,000 Chase Issuance Trust, 0.47%, 5/15/17 200,012
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 33
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
1,001,000 Chase Issuance Trust, 0.54%, 10/16/17 $ 1,001,010
950,000 Chase Issuance Trust, 0.59%, 8/15/17 950,468
8,755,000 Chase Issuance Trust, 0.79%, 6/15/17 8,761,155
2,700,000 0.32 Chase Issuance Trust, Floating Rate Note, 10/16/17 2,698,950
2,500,000 0.42 Chase Issuance Trust, Floating Rate Note, 11/15/18 2,500,294
1,350,000 0.22 Chase Issuance Trust, Floating Rate Note, 4/15/19 1,343,457
150,000 0.42 Chase Issuance Trust, Floating Rate Note, 4/15/19 149,173
3,000,000 0.38 Chase Issuance Trust, Floating Rate Note, 4/16/18 2,998,461
5,102,000 0.27 Chase Issuance Trust, Floating Rate Note, 5/15/17 5,102,000
9,130,000 0.30 Chase Issuance Trust, Floating Rate Note, 8/15/17 9,129,297
2,310,000 CNH Equipment Trust 2012-A, 2.09%, 8/15/18 2,333,509
1,079,753 CNH Equipment Trust 2013-A, 0.69%, 6/15/18 1,080,098
301,812 CNH Equipment Trust 2013-C, 0.63%, 1/17/17 301,844
1,550,000 0.77 CNH Wholesale Master Note Trust,
Floating Rate Note, 8/15/19 (144A) 1,552,866
2,100,000 2.07 Colony American Homes 2014-2,
Floating Rate Note, 7/19/31 (144A) 2,097,516
3,125,000 Discover Card Execution Note Trust, 0.69%, 8/15/18 3,125,728
1,700,000 Discover Card Execution Note Trust,
0.86%, 11/15/17 1,700,891
1,345,000 0.37 Discover Card Execution Note Trust,
Floating Rate Note, 1/16/18 1,345,277
3,915,000 0.35 Discover Card Execution Note Trust,
Floating Rate Note, 10/15/18 3,913,677
6,550,000 0.75 Discover Card Execution Note Trust,
Floating Rate Note, 3/15/18 6,559,766
752,384 Enterprise Fleet Financing LLC, 0.72%,
4/20/18 (144A) 752,422
1,757,011 Enterprise Fleet Financing LLC, 0.87%, 9/20/19 1,757,031
1,800,000 Enterprise Fleet Financing LLC, 0.93%,
4/20/18 (144A) 1,801,256
1,700,000 0.40 Fifth Third Auto Trust 2014-3, Floating
Rate Note, 5/15/17 1,700,071
2,140,025 FNA 2014-1 Trust, 1.296%, 12/10/22 (144A) 2,139,357
893,714 0.54 GE Business Loan Trust 2003-2 REMICS,
Floating Rate Note, 11/15/31 (144A) 860,660
627,005 0.46 GE Business Loan Trust 2004-1,
Floating Rate Note, 5/15/32 (144A) 606,349
3,210,028 0.35 GE Business Loan Trust 2006-2,
Floating Rate Note, 11/15/34 (144A) 3,064,443
1,300,000 1.02 Gracechurch Card Funding Plc,
Floating Rate Note, 5/15/19 (144A) 1,310,232
2,200,000 0.87 Gracechurch Card Funding Plc,
Floating Rate Note, 6/15/17 (144A) 2,201,839
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
665,559 Kubota Credit Owner Trust 2014-1, 0.58%, 2/15/17 $ 665,132
1,996,681 0.40 Mastr Asset Backed Securities Trust 2006-AB1
REMICS, Floating Rate Note, 2/25/36 1,981,153
2,345,140 0.36 Mastr Asset Backed Securities Trust
2006-NC1, Floating Rate Note, 1/25/36 2,314,375
3,980,358 0.47 Mastr Specialized Loan Trust, Floating
Rate Note, 1/25/36 (144A) 3,867,491
397,473 0.33 Nelnet Student Loan Trust 2005-1,
Floating Rate Note, 10/26/20 396,782
947,077 PFS Tax Lien Trust 2014-1, 1.44%, 5/15/29 949,202
1,510,277 Prestige Auto Receivables Trust 2014-1,
0.97%, 3/15/18 (144A) 1,511,288
135,417 0.37 TAL Advantage I LLC, Floating Rate Note,
4/20/21 (144A) 134,587
1,102,218 TAL Advantage V LLC, 1.7%, 5/20/39 (144A) 1,094,951
10,176 World Omni Auto Receivables Trust
2013-B, 0.48%, 11/15/16 10,176
2,650,000 0.40 World Omni Auto Receivables Trust
2014-B, Floating Rate Note, 1/16/18 2,649,810
2,500,000 0.38 World Omni Automobile Lease Securitization
Trust 2014-A, Floating Rate Note, 3/15/17 2,496,908
--------------
$ 106,230,847
------------------------------------------------------------------------------------------------
Specialized Finance -- 0.9%
300,000 0.54 Ally Master Owner Trust, Floating Rate
Note, 1/16/18 $ 299,976
2,600,000 0.57 Ally Master Owner Trust, Floating Rate
Note, 6/17/19 2,596,935
3,000,000 1.24 Ally Master Owner Trust, Floating Rate
Note, 8/15/17 3,008,562
1,124,297 Alterna Funding I LLC, 1.639%,
2/15/21 (144A) 1,125,703
888,000 0.61 GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 10/20/17 888,175
2,700,000 0.62 GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 10/20/19 2,702,279
1,190,000 0.57 GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 4/20/18 1,190,382
2,000,000 0.66 GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 6/20/17 2,000,678
500,000 1.07 GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 6/20/17 500,194
2,670,000 0.56 GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 7/22/19 2,667,520
12,637 Hercules Capital Funding Trust 2012-1,
3.32%, 12/16/17 (144A) 12,637
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 35
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Specialized Finance -- (continued)
894,771 NYCTL 2014-A Trust, 1.03%,
11/10/27 (144A) $ 893,697
849,000 Synchrony Credit Card Master Note
Trust, 1.51%, 6/15/18 850,024
3,600,000 0.47 Synchrony Credit Card Master Note
Trust, Floating Rate Note, 6/15/18 3,599,939
--------------
$ 22,336,701
------------------------------------------------------------------------------------------------
Consumer Finance -- 6.1%
33,300 Ally Auto Receivables Trust 2011-3, 1.61%, 5/16/16 $ 33,313
240,962 0.40 Ally Auto Receivables Trust 2013-2,
Floating Rate Note, 7/15/16 240,934
1,084,232 0.38 Ally Auto Receivables Trust 2014-SN1,
Floating Rate Note, 10/20/16 1,083,601
1,900,000 0.56 Ally Auto Receivables Trust 2015-SN1,
Floating Rate Note, 10/20/16 1,900,000
3,000,000 Ally Master Owner Trust, 4.59%, 4/15/17 (144A) 3,004,212
1,050,125 American Credit Acceptance Receivables
Trust 2012-2, 4.05%, 2/15/18 (144A) 1,050,532
339,735 American Credit Acceptance Receivables
Trust 2013-1, 1.45%, 4/16/18 (144A) 339,862
75,867 American Credit Acceptance Receivables
Trust 2013-2, 1.32%, 2/15/17 (144A) 75,893
1,333,779 American Credit Acceptance Receivables
Trust 2014-1, 1.14%, 3/12/18 (144A) 1,334,228
1,262,117 American Credit Acceptance Receivables
Trust 2014-2, 0.99%, 10/10/17 (144A) 1,261,832
840,800 American Credit Acceptance Receivables
Trust 2014-3, 0.99%, 8/10/18 (144A) 840,296
957,028 American Credit Acceptance Receivables
Trust 2014-4, 1.23%, 7/10/18 (144A) 957,271
30,916 American Credit Acceptance Receivables
Trust, 1.64%, 11/15/16 (144A) 30,919
400,000 American Express Credit Account Master
Trust, 1.29%, 3/15/18 (144A) 400,371
350,000 0.44 American Express Credit Account Master
Trust, Floating Rate Note, 1/15/20 350,187
1,945,000 1.37 American Express Credit Account Master
Trust, Floating Rate Note, 2/15/18 1,950,607
8,890,000 0.32 American Express Credit Account Master
Trust, Floating Rate Note, 3/15/18 8,890,000
3,300,000 0.46 American Express Credit Account Master
Trust, Floating Rate Note, 5/15/20 3,299,916
74,417 AmeriCredit Automobile Receivables Trust
2011-5, 2.45%, 12/8/16 74,444
800,000 AmeriCredit Automobile Receivables Trust
2012-1, 2.67%, 1/8/18 807,134
The accompanying notes are an integral part of these financial statements.
36 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
431,076 AmeriCredit Automobile Receivables
Trust 2013-2, 0.65%, 12/8/17 $ 430,825
129,593 AmeriCredit Automobile Receivables
Trust 2013-4, 0.74%, 11/8/16 129,589
991,244 0.46 AmeriCredit Automobile Receivables Trust 2014-2,
Floating Rate Note, 10/10/17 990,709
2,000,000 0.46 BA Credit Card Trust, Floating Rate Note, 1/15/20 1,999,971
6,400,000 0.44 BA Credit Card Trust, Floating Rate Note, 9/16/19 6,401,325
2,150,000 0.70 Cabela's Credit Card Master Note Trust,
Floating Rate Note, 2/18/20 (144A) 2,156,291
1,100,000 0.52 Cabela's Credit Card Master Note Trust,
Floating Rate Note, 3/16/20 1,100,060
3,630,000 0.77 Cabela's Credit Card Master Note Trust,
Floating Rate Note, 6/17/19 (144A) 3,638,672
2,475,000 0.87 Cabela's Credit Card Master Note Trust,
Floating Rate Note, 9/17/18 (144A) 2,480,190
194,250 California Republic Auto Receivables
Trust 2012-1, 1.18%, 8/15/17 (144A) 194,567
234,916 California Republic Auto Receivables
Trust 2013-1, 1.41%, 9/17/18 (144A) 235,896
3,400,000 0.25 Capital One Multi-Asset Execution Trust,
Floating Rate Note, 12/16/19 3,387,315
1,950,000 0.35 Capital One Multi-Asset Execution Trust,
Floating Rate Note, 2/15/19 1,950,363
5,470,000 0.26 Capital One Multi-Asset Execution Trust,
Floating Rate Note, 6/17/19 5,457,600
6,945,000 0.26 Capital One Multi-Asset Execution Trust,
Floating Rate Note, 8/15/18 6,942,708
19,221 0.91 Chase Funding Trust Series 2002-4,
Floating Rate Note, 10/25/32 17,803
639,000 Citibank Credit Card Issuance Trust, 4.55%, 6/20/17 644,710
1,650,000 Citibank Credit Card Issuance Trust, 5.1%, 11/20/17 1,696,667
3,490,000 0.46 Citibank Credit Card Issuance Trust, Floating Rate
Note, 11/7/18 3,487,585
9,931,000 0.41 Citibank Credit Card Issuance Trust,
Floating Rate Note, 2/7/18 9,930,136
17,520,000 0.27 Citibank Credit Card Issuance Trust,
Floating Rate Note, 4/24/17 17,517,547
6,500,000 1.38 Citibank Credit Card Issuance Trust,
Floating Rate Note, 5/22/17 6,509,022
3,500,000 0.37 Citibank Credit Card Issuance Trust,
Floating Rate Note, 5/9/18 3,499,608
338,197 CPS Auto Receivables Trust 2013-B,
1.82%, 9/15/20 (144A) 336,714
430,345 CPS Auto Receivables Trust 2014-A,
1.21%, 8/15/18 428,740
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 37
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
1,825,596 CPS Auto Receivables Trust 2014-C,
1.31%, 2/15/19 (144A) $ 1,822,943
355,883 CPS Auto Trust, 1.48%, 3/16/20 (144A) 355,957
358,246 CPS Auto Trust, 1.82%, 12/16/19 (144A) 359,288
800,000 Dell Equipment Finance Trust 2014-1,
0.64%, 7/22/16 (144A) 800,218
15,840 First Investors Auto Owner Trust 2012-2,
1.47%, 5/15/18 (144A) 15,864
1,761,625 First Investors Auto Owner Trust 2013-2,
1.23%, 3/15/19 (144A) 1,764,378
53,125 First Investors Auto Owner Trust 2013-3,
0.89%, 9/15/17 (144A) 53,127
1,915,630 First Investors Auto Owner Trust 2014-2,
0.86%, 8/15/18 (144A) 1,913,708
2,000,000 First Investors Auto Owner Trust 2014-3,
1.06%, 11/15/18 (144A) 1,998,087
30,632 0.44 Ford Credit Auto Lease Trust 2013-B,
Floating Rate Note, 1/15/16 30,634
2,097,986 0.33 Ford Credit Auto Lease Trust 2014-B,
Floating Rate Note, 3/15/17 2,097,130
44,064 Ford Credit Auto Owner Trust 2011-B,
1.35%, 12/15/16 44,139
508,019 Ford Credit Auto Owner Trust 2014-A,
0.48%, 11/15/16 507,976
2,500,000 0.42 Ford Credit Auto Owner Trust 2015-A,
Floating Rate Note, 1/15/18 2,500,486
350,000 0.55 Ford Credit Floorplan Master Owner
Trust A, Floating Rate Note, 1/15/18 350,112
900,000 0.57 Ford Credit Floorplan Master Owner
Trust A, Floating Rate Note, 2/15/19 900,358
4,300,000 0.42 Golden Credit Card Trust, Floating Rate
Note, 2/15/18 (144A) 4,296,164
715,000 0.60 Golden Credit Card Trust, Floating Rate
Note, 9/15/18 (144A) 715,732
190,000 Harley-Davidson Motorcycle Trust
2011-1, 2.12%, 8/15/17 190,989
490,801 Harley-Davidson Motorcycle Trust
2012-1, 0.68%, 4/17/17 490,877
88,060 Honda Auto Receivables 2012-2
Owner Trust, 0.7%, 2/16/16 88,069
1,789,744 Honda Auto Receivables 2012-4
Owner Trust, 0.52%, 8/18/16 1,789,565
The accompanying notes are an integral part of these financial statements.
38 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
196,430 Honda Auto Receivables 2013-1
Owner Trust, 0.48%, 11/21/16 $ 196,431
744,612 Honda Auto Receivables 2013-2
Owner Trust, 0.53%, 2/16/17 744,488
1,709,829 Honda Auto Receivables 2014-1
Owner Trust, 0.41%, 9/21/16 1,708,957
2,102,739 Hyundai Auto Receivables Trust
2012-A, 0.95%, 12/15/16 2,104,953
68,325 Hyundai Auto Receivables Trust
2014-B, 0.44%, 2/15/17 68,322
1,825,000 0.60 Master Credit Card Trust II, Floating
Rate Note, 1/22/18 (144A) 1,826,788
1,236,892 0.35 Mercedes Benz Auto Lease Trust 2014-A,
Floating Rate Note, 6/15/16 1,236,679
242,194 0.44 Nissan Auto Lease Trust 2013-B, Floating
Rate Note, 1/15/16 242,200
5,784 Nissan Auto Receivables 2012-A
Owner Trust, 0.73%, 5/16/16 5,786
1,803,832 Nissan Auto Receivables 2013-A
Owner Trust, 0.5%, 5/15/17 1,803,969
3,395,000 0.64 Nissan Master Owner Trust Receivables,
Floating Rate Note, 5/15/17 3,395,934
2,209 Volkswagen Auto Lease Trust 2013-A,
0.63%, 12/21/15 2,209
2,888 0.43 Volkswagen Auto Lease Trust 2013-A,
Floating Rate Note, 12/21/15 2,888
3,396,357 Volkswagen Auto Lease Trust 2014-A,
0.52%, 10/20/16 3,395,318
879,885 0.39 Volkswagen Auto Lease Trust 2014-A,
Floating Rate Note, 10/20/16 879,442
295,000 Volvo Financial Equipment LLC Series
2012-1, 2.38%, 9/16/19 (144A) 296,468
1,127,819 Volvo Financial Equipment LLC Series
2013-1, 0.74%, 3/15/17 (144A) 1,127,832
1,245,524 Volvo Financial Equipment LLC Series
2014-1, 0.54%, 11/15/16 (144A) 1,244,956
--------------
$ 152,859,586
------------------------------------------------------------------------------------------------
Asset Management
& Custody Banks -- 0.1%
967,077 Horizon Funding Trust 2013-1, 3.0%,
5/15/18 (144A) $ 972,517
655,456 Navitas Equipment Receivables LLC
2013-1, 1.95%, 11/15/16 655,433
--------------
$ 1,627,950
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 39
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.4%
928,047 0.92 Chesapeake Funding LLC, Floating Rate
Note, 11/7/23 (144A) $ 928,664
250,000 2.17 Chesapeake Funding LLC, Floating Rate
Note, 11/7/23 (144A) 250,580
2,500,000 0.67 Chesapeake Funding LLC, Floating Rate
Note, 2/7/27 (144A) 2,500,105
1,000,000 1.92 Chesapeake Funding LLC, Floating Rate
Note, 2/7/27 (144A) 1,000,000
2,250,000 0.60 Chesapeake Funding LLC, Floating Rate
Note, 3/7/26 2,248,382
947,427 1.42 Chesapeake Funding LLC, Floating Rate
Note, 4/7/24 (144A) 950,980
1,146,527 0.62 Chesapeake Funding LLC, Floating Rate
Note, 5/7/24 (144A) 1,146,812
200,000 1.32 Chesapeake Funding LLC, Floating Rate
Note, 5/7/24 (144A) 200,738
932,177 0.36 CLI Funding LLC, Floating Rate Note,
8/18/21 (144A) 925,583
--------------
$ 10,151,844
--------------
Total Diversified Financials $ 293,206,928
------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Real Estate Services -- 0.0%+
501,835 0.36 HSI Asset Securitization Corp., Trust 2006-OPT1,
Floating Rate Note, 12/25/35 $ 491,512
--------------
Total Real Estate $ 491,512
------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.2%
3,238,621 2.17 Fannie Mae Connecticut Avenue Securities,
Floating Rate Note, 10/25/23 $ 3,280,937
705,340 Federal Home Loan Banks, 2.9%, 4/20/17 727,380
1,674,510 1.62 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 11/25/23 1,676,650
577,380 0.82 Fremont Home Loan Trust 2005-B,
Floating Rate Note, 4/25/35 576,281
--------------
$ 6,261,248
--------------
Total Government $ 6,261,248
------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $676,370,169) $ 677,404,555
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 31.2%
TRANSPORTATION -- 0.1%
Trucking -- 0.1%
854,408 0.72 Hertz Fleet Lease Funding LP, Floating
Rate Note, 12/10/27 (144A) $ 854,670
500,000 1.23 Hertz Fleet Lease Funding LP, Floating
Rate Note, 12/10/27 (144A) 501,314
--------------
$ 1,355,984
--------------
Total Transportation $ 1,355,984
------------------------------------------------------------------------------------------------
BANKS -- 23.8%
Thrifts & Mortgage Finance -- 23.8%
401,091 A10 Securitization 2013-1 LLC, 2.4%,
11/17/25 (144A) $ 402,420
2,500,000 1.62 ACRE Commercial Mortgage Trust 2014-FL2,
Floating Rate Note, 8/15/31 (144A) 2,495,069
4,114,212 1.17 ACRE Commercial Mortgage Trust 2014-FL2,
Floating Rate Note, 8/15/31 (144A) 4,108,028
1,228,077 0.45 Adjustable Rate Mortgage Trust
2005-5, Floating Rate Note, 9/25/35 1,147,685
551,450 0.80 Alternative Loan Trust 2003-3T1,
Floating Rate Note, 5/25/33 542,750
376,324 Alternative Loan Trust 2004-4CB, 4.25%, 4/25/34 380,839
2,255,082 0.75 Alternative Loan Trust 2004-6CB,
Floating Rate Note, 4/25/34 2,184,449
1,000,000 1.07 Alternative Loan Trust 2004-J13,
Floating Rate Note, 2/25/35 966,997
1,500,000 1.60 American Homes 4 Rent 2014-SFR1,
Floating Rate Note, 6/17/31 (144A) 1,486,260
3,000,000 0.00 Apidos CDO, Floating Rate Note, 7/15/23 (144A) (d) 3,000,000
3,800,000 1.90 Arbor Realty Collateralized Loan Obligation 2015-FL1,
Ltd., Floating Rate Note, 3/15/25 (144A) 3,800,000
2,011,237 1.66 Arran Residential Mortgages Funding 2010-1 Plc,
Floating Rate Note, 5/16/47 (144A) 2,021,686
2,211,382 0.43 ASG Resecuritization Trust 2010-3,
Floating Rate Note, 12/29/45 (144A) 2,127,856
3,613,000 2.37 BAMLL Commercial Mortgage Securities Trust
2014-FL1, Floating Rate Note, 12/17/31 (144A) 3,624,346
1,920,000 1.27 BAMLL Commercial Mortgage Securities Trust
2014-ICTS, Floating Rate Note, 6/15/28 (144A) (e) 1,912,752
5,040,000 5.37 Banc of America Commercial Mortgage Trust 2006-1,
Floating Rate Note, 9/10/45 5,113,529
3,590,000 5.46 Banc of America Commercial Mortgage Trust 2006-1,
Floating Rate Note, 9/10/45 3,679,782
1,476,395 0.54 Banc of America Funding 2004-B Trust,
Floating Rate Note, 12/20/34 1,440,748
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 41
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
4,050,577 Banc of America Merrill Lynch Commercial
Mortgage, Inc., 4.933%, 7/10/45 $ 4,067,520
6,072,854 5.12 Banc of America Merrill Lynch Commercial
Mortgage, Inc., Floating Rate Note, 10/10/45 6,103,224
5,057,395 5.18 Banc of America Merrill Lynch Commercial
Mortgage, Inc., Floating Rate Note, 9/10/47 5,115,115
102,464 3.13 Banc of America Mortgage 2003-A
Trust, Floating Rate Note, 2/25/33 101,470
368,493 2.62 Banc of America Mortgage 2003-F
Trust, Floating Rate Note, 7/25/33 369,976
1,732,303 2.67 Banc of America Mortgage 2004-D
Trust, Floating Rate Note, 5/25/34 1,734,852
413,601 2.50 Banc of America Mortgage 2004-I
Trust, Floating Rate Note, 10/25/34 402,395
3,184,089 1.17 Bayview Commercial Asset Trust 2008-1,
Floating Rate Note, 1/25/38 (144A) 3,171,489
3,150,000 0.00 BBCMS Trust 2015-SLP, Floating Rate
Note, 2/15/28 (144A) (d) 3,149,587
1,940,735 2.78 BCAP LLC 2009-RR13-I Trust, Floating
Rate Note, 9/26/35 (144A) 1,987,352
759,725 0.00 BCAP LLC 2013-RR3 Trust, Floating
Rate Note, 5/28/36 (144A) (d) 765,474
1,064,418 2.97 BCAP LLC 2013-RR7 Trust, Floating
Rate Note, 12/27/34 1,101,766
56,164 2.68 Bear Stearns ALT-A Trust 2003-3,
Floating Rate Note, 10/25/33 56,122
1,110,779 1.01 Bear Stearns ALT-A Trust 2004-11,
Floating Rate Note, 11/25/34 1,087,336
2,023,899 0.87 Bear Stearns ALT-A Trust 2004-12,
Floating Rate Note, 1/25/35 1,978,617
1,282,544 1.01 Bear Stearns ALT-A Trust 2004-12,
Floating Rate Note, 1/25/35 1,163,652
3,155,286 1.01 Bear Stearns ALT-A Trust 2004-12,
Floating Rate Note, 1/25/35 3,051,058
3,135,483 0.87 Bear Stearns ALT-A Trust 2004-12,
Floating Rate Note, 1/25/35 3,045,978
483,659 0.91 Bear Stearns ALT-A Trust 2004-13,
Floating Rate Note, 11/25/34 480,177
2,647,407 0.77 Bear Stearns ALT-A Trust 2004-4,
Floating Rate Note, 6/25/34 2,534,882
951,746 0.87 Bear Stearns ALT-A Trust 2004-8,
Floating Rate Note, 9/25/34 923,436
1,231,956 2.55 Bear Stearns ARM Trust 2003-3,
Floating Rate Note, 5/25/33 1,235,702
374,444 2.75 Bear Stearns ARM Trust 2004-3,
Floating Rate Note, 7/25/34 369,388
The accompanying notes are an integral part of these financial statements.
42 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
551,328 2.16 Bear Stearns ARM Trust 2005-5,
Floating Rate Note, 8/25/35 $ 556,258
281,560 1.27 Bear Stearns Asset Backed Securities Trust 2003-AC5,
Floating Rate Note, 10/25/33 260,383
3,274,895 5.40 Bear Stearns Commercial Mortgage Securities
Trust 2005-PWR10, Floating Rate Note, 12/11/40 3,327,126
1,330,000 Bear Stearns Commercial Mortgage Securities
Trust 2005-PWR8, 4.75%, 6/11/41 1,336,480
5,452,076 Bear Stearns Commercial Mortgage Securities
Trust 2005-PWR9, 4.871%, 9/11/42 5,478,126
3,751,000 4.99 Bear Stearns Commercial Mortgage Securities
Trust 2005-PWR9, Floating Rate Note, 9/11/42 3,806,151
8,183,297 5.14 Bear Stearns Commercial Mortgage Securities
Trust 2005-TOP20, Floating Rate Note, 10/12/42 8,253,976
712,136 Bear Stearns Commercial Mortgage Securities
Trust 2006-PWR14, 5.171%, 12/11/38 723,756
423,492 3.10 Bear Stearns Mortgage Securities, Inc.,
Floating Rate Note, 6/25/30 432,485
1,375,000 1.92 Boca Hotel Portfolio Trust 2013-BOCA,
Floating Rate Note, 8/17/26 (144A) 1,375,000
171,441 CAM Mortgage Trust 2014-2, 2.6%,
12/15/53 (Step) (144A) 171,427
3,300,000 2.02 Carefree Portfolio Trust 2014-CARE,
Floating Rate Note, 11/15/29 (144A) 3,304,731
1,028,911 0.52 Castle Garden Funding, Floating Rate
Note, 10/27/20 (144A) 1,028,041
2,959,373 5.23 CD 2005-CD1 Commercial Mortgage
Trust, Floating Rate Note, 7/15/44 2,973,507
4,860,000 2.67 CDGJ Commercial Mortgage Trust 2014-BXCH,
Floating Rate Note, 12/15/27 (144A) 4,866,799
1,050,000 1.37 CGBAM Commercial Mortgage Trust 2014-HD,
Floating Rate Note, 2/18/31 (144A) 1,047,549
5,670,000 1.12 CG-CCRE Commercial Mortgage Trust 2014-FL1,
Floating Rate Note, 6/16/31 (144A) 5,664,188
6,770,000 2.07 CGWF Commercial Mortgage Trust 2013-RKWH
REMICS, Floating Rate Note, 11/15/30 (144A) 6,776,432
266,781 Chase Mortgage Finance Trust Series
2005-S1, 5.5%, 5/25/35 270,555
117,072 0.50 Chevy Chase Funding LLC Mortgage-Backed
Certificates Series 2004-1, Floating Rate Note,
1/25/35 (144A) 106,026
55,283 0.47 Chevy Chase Funding LLC Mortgage-Backed
Certificates Series 2004-3, Floating Rate Note,
8/25/35 (144A) 50,803
270,909 0.72 CHL Mortgage Pass-Through Trust
2003-11, Floating Rate Note, 5/25/33 266,302
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 43
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
557,890 0.67 CHL Mortgage Pass-Through Trust 2003-15 REMICS,
Floating Rate Note, 6/25/18 $ 552,951
44,161 0.57 CHL Mortgage Pass-Through Trust
2003-J7, Floating Rate Note, 8/25/18 43,062
267,985 0.52 CIFC Funding 2007-I, Ltd., Floating
Rate Note, 5/10/21 (144A) 264,914
14,322 Citicorp Mortgage Securities REMICS Pass-Through
Certificates Trust Series 2005-4, 5.0%, 7/25/20 14,894
1,140,692 Citicorp Mortgage Securities REMICS Pass-Through
Certificates Trust Series 2005-7, 5.0%, 10/25/35 1,165,669
197,690 0.34 Citigroup Commercial Mortgage Trust 2007-FL3,
Floating Rate Note, 4/15/22 (144A) 197,638
1,982,362 0.38 Citigroup Commercial Mortgage Trust 2007-FL3,
Floating Rate Note, 4/15/22 (144A) 1,980,060
497,205 0.42 Citigroup Commercial Mortgage Trust 2007-FL3,
Floating Rate Note, 4/15/22 (144A) 496,584
1,105,112 0.47 Citigroup Commercial Mortgage Trust 2007-FL3,
Floating Rate Note, 4/15/22 (144A) 1,103,411
2,300,383 Citigroup Mortgage Loan Trust 2010-4
REMICS, 5.0%, 10/25/35 (144A) 2,402,145
768,292 1.17 Citigroup Mortgage Loan Trust 2010-7 REMICS,
Floating Rate Note, 9/25/37 (144A) 768,069
7,310 Citigroup Mortgage Loan Trust, Inc., 6.5%, 6/25/16 7,335
950,000 4.65 City Center Trust 2011-CCHP, Floating
Rate Note, 7/17/28 (144A) 954,226
1,352,655 0.78 CNL Commercial Mortgage Loan Trust 2002-1,
Floating Rate Note, 10/25/28 (144A) 1,298,549
342,895 0.62 CNL Commercial Mortgage Loan Trust 2003-2,
Floating Rate Note, 10/25/30 (144A) 297,034
2,300,000 2.10 Colony American Homes 2014-1,
Floating Rate Note, 5/19/31 (144A) 2,293,042
1,175,647 5.12 COMM 2005-C6 Mortgage Trust,
Floating Rate Note, 6/10/44 1,181,215
6,607,413 5.17 COMM 2005-C6 Mortgage Trust,
Floating Rate Note, 6/10/44 6,659,222
1,270,707 1.69 COMM 2013-FL3 Mortgage Trust,
Floating Rate Note, 10/13/28 (144A) 1,273,581
4,970,000 2.32 COMM 2014-FL5 Mortgage Trust,
Floating Rate Note, 10/15/31 (144A) 4,953,783
5,740,000 1.83 COMM 2014-KYO Mortgage Trust,
Floating Rate Note, 6/11/27 (144A) 5,727,848
2,722,000 1.77 COMM 2014-PAT Mortgage Trust,
Floating Rate Note, 8/13/27 (144A) 2,710,482
5,454,000 1.92 COMM 2014-SAVA Mortgage Trust,
Floating Rate Note, 6/15/34 (144A) 5,441,270
The accompanying notes are an integral part of these financial statements.
44 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
6,150,000 1.77 COMM 2014-TWC Mortgage Trust,
Floating Rate Note, 2/13/32 (144A) $ 6,150,400
838,163 2.11 Commercial Mortgage Pass Through Certificates,
Floating Rate Note, 11/19/26 (144A) 837,940
3,500,000 1.60 Commercial Mortgage Pass Through Certificates,
Floating Rate Note, 11/19/26 (144A) 3,499,072
461,260 4.89 Commercial Mortgage Trust 2005-GG3,
Floating Rate Note, 8/10/42 461,175
6,995,000 5.28 Commercial Mortgage Trust 2005-GG5,
Floating Rate Note, 4/10/37 7,100,457
5,671,584 5.47 Credit Suisse Commercial Mortgage Trust
Series 2006-C1, Floating Rate Note, 2/15/39 5,784,279
2,387,569 5.65 Credit Suisse Commercial Mortgage Trust
Series 2006-C2, Floating Rate Note, 3/15/39 2,461,853
6,197,132 5.23 Credit Suisse First Boston Mortgage Securities Corp.,
Floating Rate Note, 12/17/40 6,248,642
352,836 0.91 Credit Suisse First Boston Mortgage Securities Corp.,
Floating Rate Note, 6/25/34 343,097
4,682,633 5.10 Credit Suisse First Boston Mortgage Securities Corp.,
Floating Rate Note, 8/15/38 4,695,299
1,742,713 0.44 Credit Suisse First Boston Mortgage Securities, 05-6,
Floating Rate Note, 7/25/35 1,689,517
1,282,137 2.69 Credit Suisse Mortgage Capital Certificates REMICS,
Floating Rate Note, 7/27/36 (144A) 1,304,842
2,300,000 N/A Credit Suisse Mortgage Capital Certificates, Floating
Rate Note, 3/15/17 (144A) 2,299,857
6,470,000 1.37 CSMC Series 2014-ICE, Floating Rate
Note, 4/15/27 (144A) 6,442,593
2,400,000 1.97 CSMC Trust 2014-SURF REMICS, Floating
Rate Note, 2/15/29 (144A) 2,392,807
2,400,000 0.00 CSMC Trust 2014-SURF, Floating Rate
Note, 2/15/29 (144A) (d) 2,392,807
1,460,000 1.47 Del Coronado Trust 2013-DEL, Floating
Rate Note, 3/16/26 (144A) 1,457,944
2,500,000 0.91 Eaton Vance CDO IX, Ltd., Floating Rate
Note, 4/20/19 (144A) 2,467,945
1,850,000 1.77 EQTY 2014-INNS Mortgage Trust REMICS,
Floating Rate Note, 5/8/31 (144A) 1,832,399
3,530,000 1.37 EQTY 2014-INNS Mortgage Trust,
Floating Rate Note, 5/8/31 (144A) 3,490,044
900,000 0.87 Extended Stay America Trust 2013-ESH,
Floating Rate Note, 12/5/31 (144A) 896,298
800,000 1.27 Extended Stay America Trust 2013-ESH,
Floating Rate Note, 12/5/31 (144A) 797,997
875,553 2.59 First Horizon Mortgage Pass-Through Trust
2003-AR3, Floating Rate Note, 9/25/33 873,991
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 45
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,750,000 0.71 Fore CLO, Ltd., Floating Rate Note, 7/20/19 (144A) $ 1,729,644
1,700,000 4.97 GE Capital Commercial Mortgage Corp.,
Floating Rate Note, 7/10/45 1,702,176
775,807 Global Mortgage Securitization, Ltd.,
5.25%, 4/25/32 (144A) 749,383
461,803 0.49 Global Mortgage Securitization, Ltd.,
Floating Rate Note, 11/25/32 (144A) 447,751
2,579,888 0.44 Global Mortgage Securitization, Ltd.,
Floating Rate Note, 4/25/32 (144A) 2,476,352
5,020,885 5.23 GMAC Commercial Mortgage Securities, Inc.,
Series 2006-C1 Trust, Floating Rate Note, 11/10/45 5,107,746
37,762 5.30 GMAC Commercial Mortgage Securities, Inc.,
Series 2004-C2 Trust, Floating Rate Note, 8/10/38 37,797
3,350,000 1.47 GP Portfolio Trust 2014-GGP, Floating
Rate Note, 2/16/27 (144A) 3,348,992
3,550,000 5.55 GS Mortgage Securities Trust 2006-GG6
REMICS, Floating Rate Note, 4/10/38 3,607,535
1,690,000 1.92 GS Mortgage Securities Trust 2014-GSFL,
Floating Rate Note, 7/15/31 (144A) 1,693,363
1,319,874 0.95 GSAA Home Equity Trust 2004-6,
Floating Rate Note, 6/25/34 1,303,806
252,067 0.91 GSAA Home Equity Trust 2004-8,
Floating Rate Note, 9/25/34 251,579
91,037 2.37 GSR Mortgage Loan Trust 2003-9,
Floating Rate Note, 8/25/33 92,393
693,769 2.70 HarborView Mortgage Loan Trust
2004-1, Floating Rate Note, 4/19/34 689,085
253,779 1.30 HarborView Mortgage Loan Trust
2004-4, Floating Rate Note, 6/19/34 245,582
839,787 1.90 Holmes Master Issuer Plc, Floating
Rate Note, 10/15/54 (144A) 840,186
4,396,712 0.81 Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 3/25/34 4,216,139
971,953 0.52 Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 6/25/34 956,665
1,860,222 0.62 Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 7/25/34 1,844,683
1,800,000 1.88 Hyatt Hotel Portfolio Trust 2015-HYT,
Floating Rate Note, 11/15/29 (144A) 1,802,855
487,489 1.07 Impac CMB Trust Series 2003-8,
Floating Rate Note, 10/25/33 470,186
2,092,527 0.81 Impac CMB Trust Series 2004-4,
Floating Rate Note, 9/25/34 1,997,414
1,823,815 0.79 Impac CMB Trust Series 2004-4,
Floating Rate Note, 9/25/34 1,741,457
The accompanying notes are an integral part of these financial statements.
46 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
576,261 1.01 Impac CMB Trust Series 2004-5,
Floating Rate Note, 8/25/34 $ 565,044
477,639 0.97 Impac CMB Trust Series 2004-6,
Floating Rate Note, 10/25/34 454,361
2,289,503 0.91 Impac CMB Trust Series 2004-7,
Floating Rate Note, 11/25/34 2,171,914
1,750,936 0.99 Impac CMB Trust Series 2004-8,
Floating Rate Note, 8/25/34 1,688,310
255,360 2.80 Impac CMB Trust Series 2004-8,
Floating Rate Note, 8/25/34 239,312
727,504 0.97 Impac Secured Assets CMN Owner
Trust, Floating Rate Note, 11/25/34 721,585
2,132,610 0.52 Impac Secured Assets Trust 2006-1,
Floating Rate Note, 5/25/36 2,063,657
975,819 0.52 Impac Secured Assets Trust 2006-2,
Floating Rate Note, 8/25/36 959,399
801,240 0.37 Impac Secured Assets Trust 2006-5,
Floating Rate Note, 12/25/36 751,509
1,800,000 2.10 Invitation Homes 2013-SFR1 Trust,
Floating Rate Note, 12/19/30 (144A) 1,796,965
131,081 6.45 JP Morgan Chase Commercial Mortgage Securities
Corp., Pass-Through Certificates Series 2002 CIBC4,
Floating Rate Note, 5/12/34 135,704
223,543 4.84 JP Morgan Chase Commercial Mortgage Securities
Trust 2004-LN2, Floating Rate Note, 7/15/41 223,159
958,695 JP Morgan Chase Commercial Mortgage Securities
Trust 2005-LDP2 REMICS, 4.738%, 7/15/42 957,280
3,770,000 JP Morgan Chase Commercial Mortgage Securities
Trust 2005-LDP2, 4.78%, 7/15/42 3,775,621
6,608,305 4.94 JP Morgan Chase Commercial Mortgage Securities
Trust 2005-LDP3 REMICS, Floating Rate
Note, 8/15/42 6,628,381
2,670,000 5.01 JP Morgan Chase Commercial Mortgage Securities
Trust 2005-LDP3, Floating Rate Note, 8/15/42 2,698,598
3,950,000 5.04 JP Morgan Chase Commercial Mortgage Securities
Trust 2005-LDP4, Floating Rate Note, 10/15/42 3,979,242
5,864,492 5.23 JP Morgan Chase Commercial Mortgage Securities
Trust 2005-LDP5, Floating Rate Note, 12/15/44 5,928,597
1,677,103 0.45 JP Morgan Chase Commercial Mortgage Securities
Trust 2006-FL2, Floating Rate Note,
11/15/18 (144A) 1,660,044
167,333 0.53 JP Morgan Chase Commercial Mortgage Securities
Trust 2006-FL2, Floating Rate Note,
11/15/18 (144A) 161,468
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 47
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,712,000 5.56 JP Morgan Chase Commercial
Mortgage Securities Trust 2006-LDP6,
Floating Rate Note, 4/15/43 $ 2,789,916
74,132 0.33 JP Morgan Chase Commercial
Mortgage Securities Trust 2006-LDP9,
Floating Rate Note, 5/15/47 74,107
4,908 5.69 JP Morgan Chase Commercial
Mortgage Securities Trust 2007-CIBC19,
Floating Rate Note, 2/12/49 4,908
4,975,000 0.95 JP Morgan Chase Commercial
Mortgage Securities Trust 2013-JWRZ,
Floating Rate Note, 4/15/30 (144A) 4,973,940
5,600,000 1.42 JP Morgan Chase Commercial
Mortgage Securities Trust 2014-BXH,
Floating Rate Note, 4/15/27 (144A) 5,595,010
4,280,000 1.57 JP Morgan Chase Commercial
Mortgage Securities Trust 2014-CBM,
Floating Rate Note, 10/15/29 (144A) 4,261,096
3,510,000 1.67 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FBLU REMICS, Floating Rate Note,
12/15/28 (144A) 3,512,155
2,910,000 2.17 JP Morgan Chase Commercial
Mortgage Securities Trust 2014-FBLU,
Floating Rate Note, 12/15/28 (144A) 2,912,820
1,500,000 1.92 JP Morgan Chase Commercial
Mortgage Securities Trust 2014-FL4,
Floating Rate Note, 12/16/30 (144A) 1,501,197
4,240,000 1.57 JP Morgan Chase Commercial
Mortgage Securities Trust 2014-FL6,
Floating Rate Note, 11/17/31 (144A) 4,236,474
3,750,000 1.09 JP Morgan Chase Commercial
Mortgage Securities Trust 2014-INN,
Floating Rate Note, 6/15/29 (144A) 3,738,761
3,500,000 1.87 JP Morgan Chase Commercial
Mortgage Securities Trust 2014-INN,
Floating Rate Note, 6/15/29 (144A) 3,482,885
3,770,000 1.78 JP Morgan Chase Commercial
Mortgage Securities Trust 2014-PHH,
Floating Rate Note, 8/16/27 (144A) 3,768,722
4,000,000 2.43 JP Morgan Chase Commercial
Mortgage Securities Trust 2015-COSMO,
Floating Rate Note, 1/15/32 (144A) 4,001,263
1,432,133 2.05 JP Morgan Mortgage Trust 2003-A1,
Floating Rate Note, 10/25/33 1,428,031
The accompanying notes are an integral part of these financial statements.
48 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
4,126,918 1.66 Lanark Master Issuer Plc, Floating
Rate Note, 12/22/54 (144A) $ 4,168,339
1,132,197 0.76 Lanark Master Issuer Plc, Floating
Rate Note, 12/22/54 (144A) 1,133,216
107,390 LB-UBS Commercial Mortgage Trust
2004-C1, 4.568%, 1/15/31 109,249
255,175 LB-UBS Commercial Mortgage Trust
2005-C3, 4.739%, 7/15/30 255,445
2,392,355 LB-UBS Commercial Mortgage Trust
2005-C5, 4.954%, 9/15/30 2,393,721
4,433,896 5.20 LB-UBS Commercial Mortgage Trust 2005-C7
REMICS, Floating Rate Note, 11/15/30 4,454,912
5,267,861 LB-UBS Commercial Mortgage Trust
2006-C1 REMICS, 5.156%, 2/15/31 5,344,382
161,281 LEAF Receivables Funding 9 LLC, 0.88%,
11/15/15 (144A) 161,281
1,005,038 1.12 Lehman Brothers Small Balance Commercial
Mortgage Trust 2007-3 Class 1A4, Floating Rate
Note, 10/25/37 (144A) 999,148
1,515,921 1.22 Lehman Brothers Small Balance Commercial
Mortgage Trust 2007-3, Floating Rate Note,
10/25/37 (144A) 1,475,451
1,743,320 0.42 Lehman Brothers Small Balance Commercial,
Floating Rate Note, 2/25/30 (144A) 1,647,316
1,109,305 0.39 Lehman Brothers Small Balance Commercial,
Floating Rate Note, 4/25/31 (144A) 1,032,510
2,340,020 0.40 Lehman Brothers Small Balance Commercial,
Floating Rate Note, 4/25/31 (144A) 2,189,297
1,765,373 0.42 Lehman Brothers Small Balance Commercial,
Floating Rate Note, 9/25/30 (144A) 1,659,431
2,818,091 0.87 Lehman XS Trust Series 2005-2,
Floating Rate Note, 8/25/35 2,660,221
750,087 2.04 MASTR Adjustable Rate Mortgages Trust
2003-3, Floating Rate Note, 9/25/33 753,153
1,637,798 0.52 MASTR Alternative Loan Trust 2005-1,
Floating Rate Note, 2/25/35 1,602,785
191,679 0.57 MASTR Asset Securitization Trust
2003-6, Floating Rate Note, 7/25/18 185,492
1,983,009 0.65 Mellon Residential Funding Corp., Mortgage
Pass-Through Trust Series 2000 TBC2,
Floating Rate Note, 6/15/30 1,881,753
1,197,177 0.61 Mellon Residential Funding Corp., Mortgage
Pass-Through Trust Series 2000-TBC3, Floating Rate
Note, 12/15/30 1,141,184
610,822 2.35 Merrill Lynch Mortgage Investors Trust Series 2005-2,
Floating Rate Note, 10/25/35 616,316
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 49
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,612,364 1.20 Merrill Lynch Mortgage Investors Trust Series
MLCC 2003-A, Floating Rate Note, 3/25/28 $ 1,502,244
1,484,730 0.85 Merrill Lynch Mortgage Investors Trust Series
MLCC 2003-B, Floating Rate Note, 4/25/28 1,436,735
1,975,561 0.83 Merrill Lynch Mortgage Investors Trust Series
MLCC 2003-C REMICS, Floating Rate Note, 6/25/28 1,878,017
1,593,615 1.06 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-C, Floating Rate Note, 6/25/28 1,571,091
1,785,254 0.79 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-E, Floating Rate Note, 10/25/28 1,704,263
234,403 1.89 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-G, Floating Rate Note, 1/25/29 233,777
1,369,765 0.81 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-H, Floating Rate Note, 1/25/29 1,347,279
1,887,338 0.63 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-A REMICS, Floating Rate Note, 4/25/29 1,810,422
438,370 0.87 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-B, Floating Rate Note, 5/25/29 425,306
2,081,548 0.73 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-C, Floating Rate Note, 7/25/29 1,933,259
125,783 1.36 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-C, Floating Rate Note, 7/25/29 120,019
735,905 2.10 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-D, Floating Rate Note, 9/25/29 734,753
2,079,675 1.11 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-E, Floating Rate Note, 11/25/29 2,006,674
2,730,520 0.73 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-G, Floating Rate Note, 1/25/30 2,562,085
931,687 0.96 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-G, Floating Rate Note, 1/25/30 904,980
2,409,529 0.63 Merrill Lynch Mortgage Investors Trust Series MLCC
2005-A, Floating Rate Note, 3/25/30 2,337,603
1,587,903 5.05 Merrill Lynch Mortgage Trust 2005-CIP1,
Floating Rate Note, 7/12/38 1,592,883
5,752,151 5.28 Merrill Lynch Mortgage Trust 2005-CKI1,
Floating Rate Note, 11/12/37 5,800,049
5,400,238 5.29 Merrill Lynch Mortgage Trust 2005-LC1,
Floating Rate Note, 1/12/44 5,486,729
1,555,734 4.75 Merrill Lynch Mortgage Trust 2005-MCP1,
Floating Rate Note, 6/12/43 1,556,500
166,718 5.30 Morgan Stanley Capital I Trust 2004-IQ8,
Floating Rate Note, 6/15/40 166,626
2,900,000 5.07 Morgan Stanley Capital I Trust 2005-HQ6
REMICS, Floating Rate Note, 8/13/42 2,910,617
1,991,112 5.23 Morgan Stanley Capital I Trust 2005-IQ10,
Floating Rate Note, 9/15/42 1,997,019
The accompanying notes are an integral part of these financial statements.
50 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,389,526 Morgan Stanley Capital I Trust
2005-TOP19, 4.89%, 6/12/47 $ 3,392,939
3,200,000 5.79 Morgan Stanley Capital I Trust 2006-HQ9,
Floating Rate Note, 7/12/44 3,355,328
1,960,000 5.16 Morgan Stanley Capital I Trust 2006-TOP21,
Floating Rate Note, 10/12/52 1,986,842
2,204,781 5.88 Morgan Stanley Capital I Trust 2006-TOP23,
Floating Rate Note, 8/12/41 2,306,404
2,996,836 0.44 Morgan Stanley Mortgage Loan Trust
2005-5AR, Floating Rate Note, 9/25/35 2,972,816
2,048,329 0.45 Morgan Stanley Mortgage Loan Trust 2005-6AR,
Floating Rate Note, 11/25/35 1,973,673
624,699 0.44 Morgan Stanley Mortgage Loan Trust 2005-6AR,
Floating Rate Note, 11/25/35 620,715
40,356 0.52 Morgan Stanley Re-REMIC Trust 2010-R4,
Floating Rate Note, 7/26/36 (144A) 40,339
2,015,636 0.95 MortgageIT Trust 2004-1, Floating
Rate Note, 11/25/34 1,951,760
6,258,339 0.91 MortgageIT Trust 2004-2, Floating
Rate Note, 12/25/34 6,110,048
1,634,621 0.43 MortgageIT Trust 2005-2, Floating
Rate Note, 5/25/35 1,556,383
800,447 0.50 NewStar Commercial Loan Trust 2007-1,
Floating Rate Note, 9/30/22 (144A) 787,813
2,029,439 2.02 NorthStar 2013-1, Floating Rate Note,
8/27/29 (144A) 2,031,343
4,781,671 0.48 Opteum Mortgage Acceptance Corp Trust
2005-4, Floating Rate Note, 11/25/35 4,482,544
1,244,174 ORES 2014-LV3 LLC, 3.0%, 3/27/24 (144A) 1,244,174
527,545 ORES NPL 2013-LV2 LLC, 3.081%, 9/25/25 (144A) 527,381
5,200,000 2.32 RAIT 2014-FL2 Trust, Floating Rate Note,
5/15/31 (144A) 5,140,746
3,466,193 1.42 RAIT 2014-FL3 Trust, Floating Rate Note,
12/15/31 (144A) 3,491,324
79,795 0.72 RALI Series 2002-QS16 Trust, Floating
Rate Note, 10/25/17 77,021
716,779 0.57 RALI Series 2003-QS10 Trust, Floating
Rate Note, 5/25/33 708,296
2,042,879 0.67 RALI Series 2003-QS11 Trust, Floating
Rate Note, 6/25/33 1,905,602
908,421 0.62 RALI Series 2003-QS22 Trust, Floating
Rate Note, 12/26/33 838,855
851,587 0.62 RALI Series 2003-QS5 Trust, Floating
Rate Note, 3/25/18 830,700
1,173,274 0.62 RALI Series 2003-QS9 Trust, Floating
Rate Note, 5/25/18 1,144,490
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 51
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
633,775 RALI Series 2004-QR1 Trust, 5.25%, 10/25/34 $ 634,841
2,474 0.72 RALI Series 2004-QS1 Trust, Floating
Rate Note, 1/25/34 2,473
549,555 RALI Series 2004-QS5 Trust, 4.75%, 4/25/34 561,827
446,866 0.77 RALI Series 2004-QS5 Trust, Floating
Rate Note, 4/25/34 441,766
3,353,562 0.47 RALI Series 2005-QA1 Trust, Floating
Rate Note, 1/25/35 3,198,078
2,491,034 0.67 RBSSP Resecuritization Trust 2009-5,
Floating Rate Note, 8/25/37 (144A) 2,386,437
671,746 0.52 Regatta Funding, Ltd., Floating Rate
Note, 6/15/20 (144A) 668,313
2,008,962 1.62 RESI Finance LP 2003-CB1, Floating
Rate Note, 7/9/35 1,916,569
2,537,711 0.97 RESI MAC, 2014-1A, Floating Rate Note,
6/12/19 (144A) 2,539,767
612,374 0.62 Residential Asset Securitization Trust
2003-A15, Floating Rate Note, 2/25/34 564,037
379,175 0.57 Residential Asset Securitization Trust
2003-A2, Floating Rate Note, 5/25/33 347,830
4,920,000 1.23 Resource Capital Corp., 2014-CRE2, Ltd.,
Floating Rate Note, 4/15/32 (144A) 4,891,233
3,000,000 2.32 Resource Capital Corp., CRE Notes 2013, Ltd.,
Floating Rate Note, 6/15/16 (144A) 3,002,766
3,302,310 Selene Non-Performing Loans LLC,
2.9814%, 5/25/54 (Step) (144A) 3,269,429
116,557 0.94 Sequoia Mortgage Trust 10, Floating
Rate Note, 10/20/27 109,453
472,386 1.00 Sequoia Mortgage Trust 2003-2, Floating
Rate Note, 6/20/33 458,894
2,336,434 0.80 Sequoia Mortgage Trust 2003-5, Floating
Rate Note, 9/20/33 2,204,849
273,658 0.82 Sequoia Mortgage Trust 2003-8, Floating
Rate Note, 1/20/34 260,819
537,900 0.82 Sequoia Mortgage Trust 2004-10,
Floating Rate Note, 11/20/34 506,538
148,307 0.63 Sequoia Mortgage Trust 2004-12 REMICS,
Floating Rate Note, 1/20/35 136,189
357,928 1.78 Sequoia Mortgage Trust 2004-7, Floating
Rate Note, 8/20/34 360,670
3,098,809 0.41 Sequoia Mortgage Trust 2005-1, Floating
Rate Note, 2/20/35 2,908,260
998,859 0.61 Sequoia Mortgage Trust 2005-1, Floating
Rate Note, 2/20/35 944,413
536,295 0.40 Sequoia Mortgage Trust 2005-2, Floating
Rate Note, 3/20/35 477,370
The accompanying notes are an integral part of these financial statements.
52 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,170,579 0.89 Sequoia Mortgage Trust 4, Floating Rate
Note, 11/22/24 $ 1,167,743
417,444 1.57 Springleaf Mortgage Loan Trust 2012-3,
Floating Rate Note, 12/26/59 (144A) 418,483
2,333,576 1.48 Starwood Property Mortgage Trust 2013-FV1,
Floating Rate Note, 8/11/28 (144A) 2,334,838
430,840 2.86 Structured Adjustable Rate Mortgage Loan Trust
Class 1A1, Floating Rate Note, 3/25/34 429,524
530,509 2.45 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 11/25/34 522,454
3,278,150 1.03 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 11/25/34 2,994,429
548,124 2.40 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 3/25/34 552,720
2,336,177 0.54 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 6/25/34 2,249,046
37,325 0.57 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 6/25/35 37,357
820,365 0.88 Structured Asset Mortgage Investments II Trust
2004-AR1, Floating Rate Note, 3/19/34 781,828
4,249,359 0.86 Structured Asset Mortgage Investments II Trust
2004-AR8, Floating Rate Note, 5/19/35 4,128,830
1,795,458 1.08 Structured Asset Mortgage Investments Trust
2002-AR5, Floating Rate Note, 5/19/33 1,752,904
208,576 2.52 Structured Asset Securities Corp., Mortgage
Certificates Series 2003-31A, Floating Rate
Note, 10/25/33 206,813
368,786 1.11 Structured Asset Securities Corp., Mortgage
Pass-Through Certificates Series 1998-8, Floating Rate
Note, 8/25/28 364,517
953,338 2.44 Structured Asset Securities Corp., Mortgage
Pass-Through Certificates Series 2003-24A,
Floating Rate Note, 7/25/33 944,268
139,007 0.67 Structured Asset Securities Corp., Mortgage
Pass-Through Certificates Series 2003-35, Floating Rate
Note, 12/25/33 137,665
408,176 0.47 Structured Asset Securities Corp., Trust
2005-14, Floating Rate Note, 7/25/35 359,466
621,334 1.85 Thornburg Mortgage Securities Trust
2004-4, Floating Rate Note, 12/25/44 613,205
1,537,000 4.17 Trafigura Securitisation Finance Plc,
Floating Rate Note, 10/15/15 (144A) 1,537,442
2,856,369 2.17 Velocity Commercial Capital Loan Trust 2014-1,
Floating Rate Note, 9/25/44 (144A) 2,857,798
1,000,000 1.56 Venture XII CLO, Ltd., Floating Rate Note,
2/28/24 (144A) 996,495
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 53
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
4,386,116 Vericrest Opportunity Loan Transferee 2014-NPL4
LLC, 3.125%, 4/27/54 (Step) (144A) $ 4,371,304
2,011,637 VFC 2014-2 LLC, 2.75%, 7/20/30 (144A) 2,011,498
2,000,000 VFC 2015-3 LLC, 2.75%, 12/20/31 (144A) 1,996,789
3,805,594 VOLT NPL X LLC, 3.375%, 10/26/54 (Step) (144A) 3,805,616
779,033 VOLT XXIV LLC, 3.25%, 11/25/53 (Step) 779,156
2,231,887 VOLT XXX LLC, 3.625%, 10/25/57 (Step) 2,234,676
3,000,000 0.00 Voya CLO, Ltd., Floating Rate Note,
10/15/22 (144A) (d) 3,000,000
4,166,779 5.12 Wachovia Bank Commercial Mortgage Trust Series
2005-C20 REMICS, Floating Rate Note, 7/15/42 4,175,487
1,991,705 5.24 Wachovia Bank Commercial Mortgage Trust Series
2005-C21, Floating Rate Note, 10/17/44 2,006,089
5,061,300 5.27 Wachovia Bank Commercial Mortgage Trust Series
2005-C22 REMICS, Floating Rate Note, 12/15/44 5,123,504
4,297,758 5.42 Wachovia Bank Commercial Mortgage Trust Series
2006-C23 REMICS, Floating Rate Note, 1/15/45 4,369,578
3,438,152 5.72 Wachovia Bank Commercial Mortgage Trust Series
2006-C25, Floating Rate Note, 5/15/43 3,532,158
600,525 2.36 WaMu Mortgage Pass-Through Certificates Series
2005-AR7 Trust, Floating Rate Note, 8/25/35 599,901
322,640 2.51 WaMu Mortgage Pass-Through Certificates,
Floating Rate Note, 1/25/33 325,537
649,256 2.39 WaMu Mortgage Pass-Through Certificates,
Floating Rate Note, 2/25/33 639,927
2,220,000 1.20 Wells Fargo Commercial Mortgage Trust 2014-TISH,
Floating Rate Note, 2/16/27 (144A) 2,213,245
1,443,233 0.48 Westwood CDO II, Ltd., Floating Rate
Note, 4/25/22 (144A) 1,435,699
--------------
$ 593,572,186
--------------
Total Banks $ 593,572,186
------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.7%
Other Diversified Financial Services -- 0.6%
2,534,641 0.29 Crusade Global Trust No 1 of 2007,
Floating Rate Note, 4/19/38 $ 2,494,019
2,438,274 0.32 Crusade Global Trust, Floating Rate
Note, 11/15/37 2,406,921
135,481 0.32 Crusade Global Trust, Floating Rate
Note, 7/20/38 (144A) 135,064
862,436 0.60 GE Business Loan Trust 2003-1,
Floating Rate Note, 4/15/31 (144A) 830,731
1,322,747 0.39 GE Business Loan Trust 2004-2,
Floating Rate Note, 12/15/32 (144A) 1,289,954
3,187,398 0.42 GE Business Loan Trust 2005-1,
Floating Rate Note, 6/15/33 (144A) 3,089,536
The accompanying notes are an integral part of these financial statements.
54 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
2,199,687 0.34 GE Business Loan Trust 2007-1,
Floating Rate Note, 4/16/35 (144A) $ 2,082,565
2,439,026 1.67 Hilton USA Trust 2013-HLF, Floating
Rate Note, 11/5/30 (144A) 2,439,087
514,477 Rialto Capital Management LLC,
2.85%, 5/15/24 (144A) 514,639
--------------
$ 15,282,516
------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
638,218 1.66 Fosse Master Issuer Plc, Floating
Rate Note, 10/19/54 (144A) $ 641,764
115,620 2.29 Nomura Asset Acceptance Corp., Alternative Loan
Trust Series 2004-AR4, Floating Rate Note, 12/25/34 116,225
39,643 Nomura Asset Acceptance Corp., Alternative Loan
Trust Series 2005-WF1, 4.786%, 3/25/35 40,232
887,000 1.85 Permanent Master Issuer Plc, Floating
Rate Note, 7/15/42 (144A) 888,685
--------------
$ 1,686,906
------------------------------------------------------------------------------------------------
Consumer Finance -- 0.0%+
435,205 Nissan Auto Receivables 2013-C
Owner Trust, 0.4%, 6/15/16 $ 435,187
--------------
Total Diversified Financials $ 17,404,609
------------------------------------------------------------------------------------------------
GOVERNMENT -- 6.6%
3,056,936 1.12 Fannie Mae Connecticut Avenue
Securities, Floating Rate Note, 5/25/24 $ 3,048,926
4,574,479 1.37 Fannie Mae Connecticut Avenue
Securities, Floating Rate Note, 7/25/24 4,577,594
1,123,386 0.52 Fannie Mae Trust 2003-W6, Floating
Rate Note, 9/25/42 1,143,001
213,694 2.24 Fannie Mae Trust 2005-W4, Floating
Rate Note, 6/25/45 221,641
2,010,246 0.43 Fannie Mae Whole Loan, Floating
Rate Note, 11/25/46 2,014,228
483,311 Federal Home Loan Mortgage Corp.,
REMICS, 3.5%, 6/15/28 490,758
28,727 Federal Home Loan Mortgage Corp.,
REMICS, 4.0%, 1/15/24 28,854
44,139 Federal Home Loan Mortgage Corp.,
REMICS, 4.0%, 11/15/23 44,562
1,101,603 0.57 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 1/15/33 1,111,261
338,138 0.47 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 1/15/36 339,213
3,724,036 0.47 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 1/15/37 3,740,013
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 55
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Government -- (continued)
117,982 0.32 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 10/15/20 $ 118,188
100,588 1.12 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 10/15/31 103,680
1,191,956 0.75 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 10/15/37 1,204,977
611,245 0.79 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 10/15/37 619,187
7,385 0.47 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 11/15/18 7,386
119,490 0.77 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 11/15/31 121,545
313,570 1.17 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 11/15/33 322,073
178,148 0.52 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 11/15/35 178,713
922,594 0.52 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 11/15/36 927,255
450,349 0.52 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 11/15/36 452,149
551,220 0.57 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 11/15/40 553,878
145,733 0.57 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 12/15/20 146,666
459,361 0.62 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 12/15/28 464,821
230,884 0.52 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 12/15/32 233,048
1,345 0.62 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 12/15/32 1,345
30,869 0.67 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 12/15/32 31,169
665,665 0.57 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 12/15/32 668,824
800,595 0.57 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 12/15/32 804,358
898,116 0.87 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 12/15/39 916,142
626,896 0.52 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 12/15/41 629,163
279,090 0.40 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 2/15/19 279,247
412,710 0.47 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 2/15/25 413,823
254,991 0.52 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 2/15/29 256,936
The accompanying notes are an integral part of these financial statements.
56 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Government -- (continued)
888,083 0.47 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 2/15/30 $ 888,068
646,496 0.57 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 2/15/33 652,727
402,241 0.72 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 2/15/33 407,661
865,668 0.47 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 2/15/36 866,954
371,368 0.52 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 2/15/36 372,787
1,337,805 0.47 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 2/15/37 1,341,799
609,976 0.47 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 2/15/39 611,685
1,382,134 1.22 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 3/15/24 1,418,701
693,348 1.17 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 3/15/32 712,471
197,356 0.87 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 3/15/32 201,745
1,004,653 1.17 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 3/15/32 1,037,398
1,043,393 0.47 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 3/15/36 1,048,438
247,707 0.62 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 3/15/39 248,874
2,697,186 0.57 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 3/15/41 2,709,154
359,131 0.47 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 4/15/35 359,919
644,135 0.47 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 4/15/36 645,647
122,650 0.52 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 5/15/29 123,468
217,674 1.67 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 5/15/33 225,886
846,101 0.51 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 5/15/35 850,022
606,291 0.47 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 5/15/35 606,575
515,106 0.57 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 5/15/36 518,533
320,271 0.51 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 5/15/37 321,431
232,505 1.42 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 5/15/37 238,030
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 57
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Government -- (continued)
102,262 0.52 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 5/15/41 $ 102,622
97,902 0.62 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 6/15/23 98,369
526,130 0.57 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 6/15/33 530,316
540,726 0.59 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 6/15/36 543,825
2,179,249 0.48 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 6/15/36 2,184,266
757,684 0.57 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 6/15/38 760,450
223,879 0.42 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 7/15/21 224,435
589,039 0.57 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 7/15/23 591,509
599,358 0.41 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 7/15/34 599,238
1,110,951 0.67 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 7/15/36 1,122,177
48,064 0.57 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 7/15/36 48,416
868,236 0.37 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 7/15/36 868,839
524,402 0.52 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 7/15/40 526,386
450,272 0.37 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 8/15/26 452,332
832,653 0.42 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 8/15/35 834,499
415,472 0.42 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 8/15/35 416,974
839,001 0.42 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 8/15/36 839,087
799,592 0.47 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 9/15/26 801,120
211,204 0.77 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 9/15/32 215,041
362,340 0.59 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 9/15/36 365,793
306,632 0.57 Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 9/15/36 309,428
735,790 0.42 Federal Home Loan Mortgage Corp.,
Floating Rate Note, 1/15/35 739,692
585,799 1.17 Federal Home Loan Mortgage Corp.,
Floating Rate Note, 3/15/32 601,956
The accompanying notes are an integral part of these financial statements.
58 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Government -- (continued)
4,711,463 0.87 Federal Home Loan Mortgage Corp.,
Floating Rate Note, 8/15/35 $ 4,762,597
31,557 Federal National Mortgage Association
REMICS, 4.5%, 1/25/39 32,020
236,987 0.82 Federal National Mortgage Association
REMICS, Floating Rate Note, 1/18/32 241,554
379,831 0.87 Federal National Mortgage Association
REMICS, Floating Rate Note, 1/25/32 387,757
152,518 0.82 Federal National Mortgage Association
REMICS, Floating Rate Note, 1/25/33 155,548
427,524 0.67 Federal National Mortgage Association
REMICS, Floating Rate Note, 1/25/33 432,541
379,426 0.72 Federal National Mortgage Association
REMICS, Floating Rate Note, 1/25/40 384,736
611,116 0.47 Federal National Mortgage Association
REMICS, Floating Rate Note, 10/25/35 613,050
25,319 0.47 Federal National Mortgage Association
REMICS, Floating Rate Note, 10/25/35 25,386
2,594,810 0.57 Federal National Mortgage Association
REMICS, Floating Rate Note, 10/25/36 2,618,880
123,381 0.72 Federal National Mortgage Association
REMICS, Floating Rate Note, 10/25/37 124,990
629,737 0.77 Federal National Mortgage Association
REMICS, Floating Rate Note, 10/25/37 638,745
613,215 1.39 Federal National Mortgage Association
REMICS, Floating Rate Note, 10/25/38 635,354
2,368,654 0.37 Federal National Mortgage Association
REMICS, Floating Rate Note, 10/27/37 2,338,449
1,844,198 1.17 Federal National Mortgage Association
REMICS, Floating Rate Note, 11/18/32 1,896,846
430,065 0.77 Federal National Mortgage Association
REMICS, Floating Rate Note, 11/25/31 437,797
378,457 0.77 Federal National Mortgage Association
REMICS, Floating Rate Note, 11/25/31 385,261
734,276 0.67 Federal National Mortgage Association
REMICS, Floating Rate Note, 11/25/33 740,680
647,224 0.47 Federal National Mortgage Association
REMICS, Floating Rate Note, 11/25/34 650,955
329,968 0.49 Federal National Mortgage Association
REMICS, Floating Rate Note, 11/25/36 331,574
102,824 0.77 Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/23 104,352
328,551 1.17 Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/23 336,742
90,326 0.72 Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/30 91,854
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 59
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Government -- (continued)
959,044 1.07 Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/31 $ 982,869
386,968 0.77 Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/32 390,776
259,694 0.41 Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/36 260,499
634,258 0.79 Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/37 644,030
235,753 0.57 Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/38 236,377
252,983 0.72 Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/49 254,920
6,688 0.62 Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/17 6,706
348,977 0.92 Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/33 356,745
782,889 0.52 Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/33 789,152
768,873 0.48 Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/35 771,360
805,995 0.42 Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/37 806,808
476,484 0.37 Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/37 475,665
254,385 0.87 Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/38 257,019
513,184 0.62 Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/38 515,498
137,230 0.67 Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/23 138,228
526,282 0.67 Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/24 532,534
290,589 0.62 Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/28 292,126
1,245,546 0.57 Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/34 1,256,420
1,860,085 0.39 Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/35 1,861,821
108,970 0.47 Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/36 109,575
226,072 1.17 Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/37 232,007
996,076 0.42 Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/37 1,000,635
461,606 0.42 Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/37 461,835
The accompanying notes are an integral part of these financial statements.
60 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Government -- (continued)
84,588 0.47 Federal National Mortgage Association
REMICS, Floating Rate Note, 4/25/25 $ 84,732
1,921,731 1.07 Federal National Mortgage Association
REMICS, Floating Rate Note, 4/25/32 1,973,869
996,804 0.67 Federal National Mortgage Association
REMICS, Floating Rate Note, 4/25/33 1,007,621
446,988 0.67 Federal National Mortgage Association
REMICS, Floating Rate Note, 4/25/42 450,702
395,370 0.67 Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/33 400,191
682,140 0.52 Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/36 685,319
1,271,263 0.48 Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/36 1,272,159
1,052,982 0.57 Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/37 1,057,512
257,802 0.77 Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/40 261,027
1,119,246 0.67 Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/40 1,128,934
1,068,872 0.72 Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/40 1,077,199
220,438 0.57 Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/23 221,176
805,253 0.62 Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/36 811,465
895,011 0.41 Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/37 894,798
75,104 0.40 Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/37 75,243
307,847 0.42 Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/37 307,867
99,612 0.62 Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/37 100,441
37,247 0.67 Federal National Mortgage Association
REMICS, Floating Rate Note, 7/18/27 37,732
416,224 0.77 Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/31 423,708
292,185 0.77 Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/31 297,321
189,548 1.17 Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/32 193,459
477,697 0.57 Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/34 482,721
151,721 0.62 Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/34 153,626
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 61
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Government -- (continued)
1,905,356 0.47 Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/35 $ 1,907,965
2,506,412 0.42 Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/35 2,521,954
270,082 0.46 Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/36 271,341
272,648 0.57 Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/37 275,111
205,984 0.67 Federal National Mortgage Association
REMICS, Floating Rate Note, 8/25/31 208,909
84,519 0.77 Federal National Mortgage Association
REMICS, Floating Rate Note, 8/25/32 86,056
286,932 0.67 Federal National Mortgage Association
REMICS, Floating Rate Note, 8/25/32 290,662
15,927 0.57 Federal National Mortgage Association
REMICS, Floating Rate Note, 8/25/33 15,999
259,027 0.72 Federal National Mortgage Association
REMICS, Floating Rate Note, 8/25/36 262,222
26,088 0.97 Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/20 26,279
72,385 1.07 Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/21 73,770
356,489 0.67 Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/32 361,486
75,761 0.62 Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/32 75,814
1,988,408 0.67 Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/33 2,005,202
784,591 0.74 Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/36 791,640
702,124 0.67 Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/37 708,731
385,993 0.62 Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/37 390,397
383,555 0.74 Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/37 387,509
218,755 0.72 Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/37 221,100
7,146,606 0.47 Federal National Mortgage Association,
Floating Rate Note, 12/25/33 7,170,340
14,311,794 0.62 Federal National Mortgage Association,
Floating Rate Note, 2/25/38 14,451,391
777,526 0.47 Federal National Mortgage Association,
Floating Rate Note, 3/25/18 777,727
124,955 2.68 Federal National Mortgage Association,
Floating Rate Note, 4/25/35 133,398
The accompanying notes are an integral part of these financial statements.
62 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Government -- (continued)
618,546 0.52 Freddie Mac STRIPS, Floating Rate Note, 12/15/36 $ 620,478
464,053 0.42 Freddie Mac STRIPS, Floating Rate Note, 8/15/36 465,029
2,006,117 0.47 Freddie Mac STRIPS, Floating Rate Note, 8/15/36 2,013,140
2,394,273 1.57 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 10/25/24 2,399,022
1,411,475 1.17 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 2/25/24 1,412,405
3,905,286 1.52 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 8/25/24 3,912,055
3,500,000 3.44 FREMF Mortgage Trust Class C, Floating
Rate Note, 11/25/46 (144A) 3,579,331
918,776 Government National Mortgage
Association, 4.0%, 7/20/34 933,885
901,100 0.37 Government National Mortgage Association,
Floating Rate Note, 1/16/33 903,524
1,163,190 0.42 Government National Mortgage Association,
Floating Rate Note, 1/16/35 1,163,152
348,452 0.85 Government National Mortgage Association,
Floating Rate Note, 10/16/39 354,438
918,078 0.57 Government National Mortgage Association,
Floating Rate Note, 10/20/38 920,546
1,126,346 0.42 Government National Mortgage Association,
Floating Rate Note, 2/20/35 1,127,137
532,390 0.47 Government National Mortgage Association,
Floating Rate Note, 4/16/29 533,486
233,618 0.72 Government National Mortgage Association,
Floating Rate Note, 4/16/32 235,493
562,133 0.57 Government National Mortgage Association,
Floating Rate Note, 5/16/38 562,763
229,291 0.67 Government National Mortgage Association,
Floating Rate Note, 6/16/31 230,477
474,072 1.17 Government National Mortgage Association,
Floating Rate Note, 8/16/39 486,818
241,968 0.57 Government National Mortgage Association,
Floating Rate Note, 8/20/35 242,124
420,928 0.67 Government National Mortgage Association,
Floating Rate Note, 8/20/38 423,458
651,353 0.42 Government National Mortgage Association,
Floating Rate Note, 9/16/31 653,487
883,235 0.73 NCUA Guaranteed Notes Trust REMICS,
Floating Rate Note, 12/8/20 891,423
1,168,769 0.00 NCUA Guaranteed Notes Trust REMICS,
Floating Rate Note, 3/2/21 1,170,404
934,194 0.62 NCUA Guaranteed Notes Trust, Floating
Rate Note, 10/7/20 939,663
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 63
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Government -- (continued)
2,377,289 0.54 NCUA Guaranteed Notes Trust, Floating
Rate Note, 11/6/17 $ 2,383,499
274,439 0.73 NCUA Guaranteed Notes Trust, Floating
Rate Note, 12/8/20 277,001
979,919 0.57 NCUA Guaranteed Notes Trust, Floating
Rate Note, 3/11/20 983,643
1,146,799 0.55 NCUA Guaranteed Notes Trust, Floating
Rate Note, 4/6/20 1,148,824
--------------
$ 165,181,170
--------------
Total Government $ 165,181,170
------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $781,546,492) $ 777,513,949
------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 30.1%
ENERGY -- 1.7%
Integrated Oil & Gas -- 0.6%
2,640,000 0.33 Chevron Corp., Floating Rate Note, 11/9/16 $ 2,641,539
2,550,000 0.43 Chevron Corp., Floating Rate Note, 3/2/18 2,549,944
1,980,000 0.28 Exxon Mobil Corp., Floating Rate Note, 3/15/17 1,979,822
1,500,000 0.47 Shell International Finance BV,
Floating Rate Note, 11/15/16 1,502,830
2,140,000 0.46 Statoil ASA, Floating Rate Note, 11/9/17 2,132,763
3,355,000 0.63 Total Capital Canada, Ltd., Floating Rate
Note, 1/15/16 3,363,592
--------------
$ 14,170,490
------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.6%
4,114,000 0.63 Canadian Natural Resources, Ltd.,
Floating Rate Note, 3/30/16 $ 4,108,162
4,800,000 0.69 Devon Energy Corp., Floating Rate
Note, 12/15/15 4,792,728
6,604,000 Marathon Oil Corp., 0.9%, 11/1/15 6,605,374
--------------
$ 15,506,264
------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.5%
1,650,000 0.91 Enbridge, Inc., Floating Rate Note, 10/1/16 $ 1,643,205
3,355,000 Enterprise Products Operating LLC, 3.2%, 2/1/16 3,414,447
3,830,000 Enterprise Products Operating LLC, 3.7%, 6/1/15 3,846,948
3,544,000 0.94 TransCanada PipeLines, Ltd.,
Floating Rate Note, 6/30/16 3,554,869
--------------
$ 12,459,469
--------------
Total Energy $ 42,136,223
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
64 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Diversified Metals & Mining -- 0.1%
1,795,000 0.51 BHP Billiton Finance USA, Ltd.,
Floating Rate Note, 9/30/16 $ 1,795,165
1,130,000 1.08 Rio Tinto Finance USA Plc,
Floating Rate Note, 6/17/16 1,132,544
--------------
$ 2,927,709
------------------------------------------------------------------------------------------------
Steel -- 0.1%
1,800,000 1.40 Glencore Funding LLC,
Floating Rate Note, 5/27/16 (144A) $ 1,806,082
--------------
Total Materials $ 4,733,791
------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.5%
Aerospace & Defense -- 0.1%
1,965,000 0.73 United Technologies Corp.,
Floating Rate Note, 6/1/15 $ 1,966,727
------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
2,400,000 0.45 Tyco Electronics Group SA,
Floating Rate Note, 1/29/16 $ 2,399,794
------------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- 0.3%
2,500,000 0.41 Caterpillar Financial Services Corp.,
Floating Rate Note, 3/3/17 $ 2,498,518
1,500,000 0.52 John Deere Capital Corp., Floating Rate
Note, 10/11/16 1,504,068
1,800,000 0.36 John Deere Capital Corp., Floating Rate
Note, 12/10/15 1,801,348
2,883,000 0.33 John Deere Capital Corp., Floating Rate
Note, 2/25/16 2,884,836
--------------
$ 8,688,770
--------------
Total Capital Goods $ 13,055,291
------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Railroads -- 0.1%
1,670,000 0.40 Canadian National Railway Co.,
Floating Rate Note, 11/14/17 $ 1,667,620
--------------
Total Transportation $ 1,667,620
------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.6%
Automobile Manufacturers -- 1.6%
5,100,000 Daimler Finance North America LLC,
1.3%, 7/31/15 (144A) $ 5,113,566
2,131,000 Daimler Finance North America LLC,
1.65%, 4/10/15 (144A) 2,131,239
1,500,000 0.59 Daimler Finance North America LLC,
Floating Rate Note, 3/10/17 (144A) 1,501,320
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 65
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Automobile Manufacturers -- (continued)
1,275,000 0.68 Daimler Finance North America LLC,
Floating Rate Note, 3/2/18 (144A) $ 1,276,438
1,500,000 0.93 Daimler Finance North America LLC,
Floating Rate Note, 8/1/16 (144A) 1,508,866
2,061,000 0.59 Daimler Finance North America LLC,
Floating Rate Note, 8/1/17 (144A) 2,057,146
2,600,000 1.19 Ford Motor Credit Co., LLC, Floating
Rate Note, 1/9/18 2,607,049
1,715,000 0.68 Ford Motor Credit Co., LLC,
Floating Rate Note, 11/8/16 1,707,900
2,500,000 0.90 Ford Motor Credit Co., LLC,
Floating Rate Note, 3/27/17 2,499,000
500,000 0.78 Ford Motor Credit Co., LLC,
Floating Rate Note, 9/8/17 497,124
2,000,000 0.78 Nissan Motor Acceptance Corp.,
Floating Rate Note, 3/3/17 (144A) 2,005,654
1,500,000 0.95 Nissan Motor Acceptance Corp.,
Floating Rate Note, 9/26/16 (144A) 1,508,643
989,000 0.46 Toyota Motor Credit Corp.,
Floating Rate Note, 5/16/17 987,903
3,800,000 0.55 Toyota Motor Credit Corp.,
Floating Rate Note, 5/17/16 3,809,663
2,300,000 0.39 Toyota Motor Credit Corp.,
Floating Rate Note, 9/18/15 2,301,230
1,900,000 0.48 Volkswagen Group of America Finance LLC, Floating
Rate Note, 5/23/16 (144A) 1,897,726
4,990,000 Volkswagen International Finance NV,
1.15%, 11/20/15 (144A) 5,010,010
1,750,000 0.70 Volkswagen International Finance NV,
Floating Rate Note, 11/18/16 (144A) 1,753,302
--------------
$ 40,173,779
--------------
Total Automobiles & Components $ 40,173,779
------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Broadcasting -- 0.2%
2,694,000 0.77 NBCUniversal Enterprise, Inc.,
Floating Rate Note, 4/15/16 (144A) $ 2,701,953
1,300,000 0.94 NBCUniversal Enterprise, Inc.,
Floating Rate Note, 4/15/18 (144A) 1,309,551
--------------
$ 4,011,504
--------------
Total Media $ 4,011,504
------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Internet Retail -- 0.2%
5,450,000 Amazon.com, Inc., 0.65%, 11/27/15 $ 5,455,810
--------------
Total Retailing $ 5,455,810
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
66 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.6%
Brewers -- 0.3%
3,700,000 Anheuser-Busch InBev Finance, Inc.,
0.8%, 1/15/16 $ 3,713,546
1,900,000 0.42 Anheuser-Busch InBev Finance, Inc.,
Floating Rate Note, 1/27/17 1,896,206
1,285,000 Anheuser-Busch InBev Worldwide, Inc.,
3.625%, 4/15/15 1,286,083
--------------
$ 6,895,835
------------------------------------------------------------------------------------------------
Soft Drinks -- 0.2%
551,000 Coca-Cola Enterprises, Inc., 2.125%, 9/15/15 $ 554,378
3,460,000 0.47 PepsiCo, Inc., Floating Rate Note, 2/26/16 3,463,913
--------------
$ 4,018,291
------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.1%
1,895,000 0.43 General Mills, Inc., Floating Rate Note, 1/28/16 $ 1,893,276
1,765,000 0.53 General Mills, Inc., Floating Rate Note, 1/29/16 1,764,889
--------------
$ 3,658,165
------------------------------------------------------------------------------------------------
Tobacco -- 0.0%+
1,075,000 Altria Group, Inc., 4.125%, 9/11/15 $ 1,091,197
--------------
Total Food, Beverage & Tobacco $ 15,663,488
------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.1%
2,950,000 The Procter & Gamble Co., 1.8%, 11/15/15 $ 2,976,220
--------------
Total Household & Personal Products $ 2,976,220
------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.1%
Health Care Equipment -- 0.6%
2,700,000 0.72 Becton Dickinson and Co., Floating Rate
Note, 6/15/16 $ 2,703,297
7,665,000 Covidien International Finance SA, 1.35%, 5/29/15 7,675,654
3,280,000 Medtronic, Inc., 4.75%, 9/15/15 3,340,982
--------------
$ 13,719,933
------------------------------------------------------------------------------------------------
Health Care Distributors -- 0.3%
2,500,000 McKesson Corp., 3.25%, 3/1/16 $ 2,551,540
5,290,000 0.66 McKesson Corp., Floating Rate Note, 9/10/15 5,291,714
--------------
$ 7,843,254
------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
5,000,000 Medco Health Solutions, Inc., 2.75%, 9/15/15 $ 5,042,630
--------------
Total Health Care Equipment & Services $ 26,605,817
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/ 31/15 67
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.3%
Pharmaceuticals -- 0.3%
2,500,000 0.62 EMD Finance LLC, Floating Rate Note,
3/17/17 (144A) $ 2,499,992
2,500,000 0.38 Merck & Co., Inc., Floating Rate Note, 2/10/17 2,503,472
500,000 0.42 Merck & Co., Inc., Floating Rate Note, 5/18/16 500,772
2,100,000 0.38 Pfizer, Inc., Floating Rate Note, 5/15/17 2,099,876
--------------
$ 7,604,112
--------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 7,604,112
------------------------------------------------------------------------------------------------
BANKS -- 8.8%
Diversified Banks -- 5.2%
1,725,000 1.06 ABN AMRO Bank NV, Floating Rate
Note, 10/28/16 (144A) $ 1,736,506
2,515,000 Bank of America Corp., 4.5%, 4/1/15 2,515,000
6,000,000 1.07 Bank of America Corp., Floating Rate
Note, 3/22/16 6,021,318
1,423,000 0.87 Bank of America Corp., Floating Rate
Note, 8/25/17 1,423,248
2,600,000 Bank of Montreal, 0.8%, 11/6/15 2,606,659
2,300,000 0.50 Bank of Montreal, Floating Rate Note, 7/14/17 2,298,420
2,600,000 0.71 Bank of Montreal, Floating Rate Note, 9/11/15 2,605,736
2,600,000 0.51 Bank of Montreal, Floating Rate Note, 9/24/15 2,602,522
1,640,000 0.51 Bank of Nova Scotia Houston,
Floating Rate Note, 10/23/15 1,641,674
821,000 0.84 Barclays Bank Plc, Floating Rate Note, 2/17/17 822,484
2,590,000 0.92 Caisse Centrale Desjardins,
Floating Rate Note, 1/29/18 (144A) 2,589,609
1,900,000 0.94 Citigroup, Inc., Floating Rate Note, 11/15/16 1,903,454
2,630,000 0.96 Citigroup, Inc., Floating Rate Note, 11/24/17 2,633,942
1,325,000 1.05 Citigroup, Inc., Floating Rate Note, 4/1/16 1,328,528
2,500,000 0.51 Citigroup, Inc., Floating Rate Note, 6/9/16 2,484,870
3,700,000 1.22 Citigroup, Inc., Floating Rate Note, 7/25/16 3,719,606
1,800,000 0.44 Commonwealth Bank of Australia,
Floating Rate Note, 12/4/15 (144A) 1,801,823
2,000,000 0.60 Commonwealth Bank of Australia,
Floating Rate Note, 3/13/17 (144A) 2,000,990
1,575,000 1.04 Commonwealth Bank of Australia,
Floating Rate Note, 9/18/15 (144A) 1,580,706
2,500,000 0.39 Cooperatieve Centrale Raiffeisen-Boerenleenbank
BA New York, Floating Rate Note, 10/23/15 2,501,040
1,575,000 0.75 Cooperatieve Centrale Raiffeisen-Boerenleenbank
BA New York, Floating Rate Note, 3/18/16 1,580,602
The accompanying notes are an integral part of these financial statements.
68 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
1,000,000 HSBC Bank Middle East, Ltd., 3.0%, 10/21/15 $ 1,008,800
2,500,000 HSBC Bank Plc, 3.5%, 6/28/15 (144A) 2,518,150
1,528,000 JPMorgan Chase & Co., 1.1%, 10/15/15 1,531,858
1,325,000 JPMorgan Chase & Co., 3.4%, 6/24/15 1,333,575
2,000,000 0.89 JPMorgan Chase & Co., Floating Rate
Note, 10/15/15 2,004,852
2,000,000 0.75 JPMorgan Chase & Co., Floating Rate
Note, 2/15/17 2,002,502
1,800,000 0.85 JPMorgan Chase & Co., Floating Rate
Note, 2/26/16 1,804,664
2,500,000 0.77 JPMorgan Chase & Co., Floating Rate
Note, 3/1/18 2,500,545
1,670,000 0.91 Mizuho Bank, Ltd., Floating Rate Note,
3/26/18 (144A) 1,669,993
1,000,000 0.68 Mizuho Bank, Ltd., Floating Rate Note,
4/16/17 (144A) 997,176
2,425,000 0.83 MUFG Americas Holdings Corp., Floating
Rate Note, 2/9/18 2,428,346
1,950,000 0.61 National Australia Bank, Ltd., Floating
Rate Note, 3/17/17 (144A) 1,953,984
2,650,000 Nordea Bank AB, 0.875%, 5/13/16 (144A) 2,655,247
2,175,000 0.62 Nordea Bank AB, Floating Rate Note,
4/4/17 (144A) 2,177,155
2,700,000 0.72 Nordea Bank AB, Floating Rate Note,
5/13/16 (144A) 2,708,330
1,300,000 Royal Bank of Canada, 0.8%, 10/30/15 1,302,939
1,875,000 0.59 Royal Bank of Canada, Floating Rate
Note, 1/23/17 1,878,658
2,500,000 0.51 Royal Bank of Canada, Floating Rate
Note, 10/13/17 2,499,348
1,800,000 0.46 Royal Bank of Canada, Floating Rate
Note, 12/16/15 1,802,252
2,200,000 0.48 Royal Bank of Canada, Floating Rate
Note, 6/16/17 2,196,456
2,000,000 0.70 Royal Bank of Canada, Floating Rate
Note, 9/9/16 2,007,046
1,500,000 0.90 Sumitomo Mitsui Banking Corp.,
Floating Rate Note, 7/19/16 1,505,564
1,500,000 1.02 Sumitomo Mitsui Trust Bank, Ltd.,
Floating Rate Note, 9/16/16 (144A) 1,507,467
3,625,000 0.70 Svenska Handelsbanken AB, Floating
Rate Note, 3/21/16 3,638,565
3,650,000 0.72 Svenska Handelsbanken AB, Floating
Rate Note, 9/23/16 3,665,746
1,800,000 0.69 The Bank of Nova Scotia, Floating Rate
Note, 12/13/16 1,806,230
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 69
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
2,000,000 0.64 The Bank of Nova Scotia, Floating Rate
Note, 3/15/16 $ 2,006,226
1,500,000 0.77 The Bank of Nova Scotia, Floating Rate
Note, 7/15/16 1,506,861
1,000,000 0.65 The Bank of Tokyo-Mitsubishi UFJ, Ltd.,
Floating Rate Note, 3/10/17 (144A) 999,174
2,525,000 0.55 The Bank of Tokyo-Mitsubishi UFJ, Ltd.,
Floating Rate Note, 9/8/17 (144A) 2,516,329
2,000,000 0.68 The Huntington National Bank, Floating
Rate Note, 4/24/17 1,997,318
4,025,000 0.46 The Toronto-Dominion Bank, Floating
Rate Note, 11/6/15 4,028,864
5,695,000 0.41 The Toronto-Dominion Bank, Floating
Rate Note, 5/1/15 5,695,934
2,000,000 0.49 The Toronto-Dominion Bank, Floating
Rate Note, 5/2/17 1,999,524
1,320,000 0.44 The Toronto-Dominion Bank, Floating
Rate Note, 7/8/16 1,321,313
1,000,000 0.70 The Toronto-Dominion Bank, Floating
Rate Note, 9/9/16 1,003,808
2,620,000 US Bancorp, 2.45%, 7/27/15 2,636,909
2,000,000 0.56 Westpac Banking Corp., Floating Rate
Note, 5/19/17 2,000,310
500,000 1.03 Westpac Banking Corp., Floating Rate
Note, 7/17/15 (144A) 501,046
1,000,000 0.56 Westpac Banking Corp., Floating Rate
Note, 7/28/15 1,000,030
--------------
$ 130,717,831
------------------------------------------------------------------------------------------------
Regional Banks -- 3.6%
6,390,000 0.71 American Express Centurion Bank,
Floating Rate Note, 11/13/15 $ 6,401,387
500,000 0.56 Branch Banking & Trust Co., Floating
Rate Note, 5/23/17 496,600
3,064,000 0.59 Branch Banking & Trust Co., Floating
Rate Note, 9/13/16 3,052,841
1,900,000 0.70 Capital One NA, Floating Rate Note, 3/22/16 1,901,661
3,790,000 Fifth Third Bancorp, 3.625%, 1/25/16 3,871,512
1,727,000 0.67 Fifth Third Bancorp, Floating Rate Note, 12/20/16 1,716,635
1,800,000 0.77 Fifth Third Bank Cincinnati Ohio,
Floating Rate Note, 11/18/16 1,806,190
3,330,000 0.67 Fifth Third Bank Cincinnati Ohio,
Floating Rate Note, 2/26/16 3,334,406
4,500,000 0.75 KeyBank NA Cleveland Ohio,
Floating Rate Note, 11/25/16 4,512,231
5,350,000 KeyCorp, 3.75%, 8/13/15 5,408,379
The accompanying notes are an integral part of these financial statements.
70 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
1,900,000 0.63 Manufacturers & Traders Trust Co.,
Floating Rate Note, 1/30/17 $ 1,898,077
2,400,000 0.56 Manufacturers & Traders Trust Co.,
Floating Rate Note, 7/25/17 2,391,730
6,200,000 1.00 MUFG Union Bank NA, Floating Rate
Note, 9/26/16 6,232,339
2,850,000 0.59 National City Bank Cleveland Ohio,
Floating Rate Note, 12/15/16 2,839,595
2,225,000 0.45 Nordea Bank Finland Plc New York,
Floating Rate Note, 6/13/16 2,225,345
2,250,000 0.57 PNC Bank NA, Floating Rate Note, 1/28/16 2,252,585
3,268,000 0.57 PNC Bank NA, Floating Rate Note, 4/29/16 3,267,667
3,645,000 0.70 SunTrust Bank, Floating Rate Note, 2/15/17 3,640,907
5,390,000 0.56 SunTrust Bank, Floating Rate Note, 4/1/15 5,390,000
1,500,000 4.48 The PNC Financial Services Group,
Inc., Floating Rate Note (Perpetual) 1,503,000
2,600,000 0.56 US Bank NA Cincinnati Ohio, Floating
Rate Note, 1/26/18 2,605,031
2,025,000 0.48 US Bank NA Cincinnati Ohio, Floating
Rate Note, 1/30/17 2,025,640
2,000,000 0.38 US Bank NA Cincinnati Ohio, Floating
Rate Note, 4/22/16 1,999,948
1,983,000 0.57 Wachovia Corp., Floating Rate Note, 10/28/15 1,983,446
1,999,000 0.51 Wachovia Corp., Floating Rate Note, 6/15/17 1,994,242
2,600,000 Wells Fargo & Co., 1.5%, 7/1/15 2,606,838
2,503,000 0.43 Wells Fargo & Co., Floating Rate Note, 10/28/15 2,504,730
5,230,000 1.17 Wells Fargo & Co., Floating Rate Note, 6/26/15 5,242,029
3,105,000 0.76 Wells Fargo & Co., Floating Rate Note, 7/20/16 3,116,551
975,000 0.47 Wells Fargo Bank NA, Floating Rate
Note, 5/16/16 972,825
--------------
$ 89,194,367
--------------
Total Banks $ 219,912,198
------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 5.2%
Other Diversified Financial Services -- 0.7%
2,000,000 0.73 Bank of America NA, Floating Rate Note, 2/14/17 $ 1,998,824
1,000,000 General Electric Capital Corp., 1.625%, 7/2/15 1,003,034
1,865,000 0.46 General Electric Capital Corp.,
Floating Rate Note, 1/14/16 1,867,574
3,300,000 0.83 General Electric Capital Corp.,
Floating Rate Note, 1/8/16 3,314,447
1,000,000 0.43 General Electric Capital Corp.,
Floating Rate Note, 5/11/16 1,001,105
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 71
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
2,000,000 0.54 General Electric Capital Corp.,
Floating Rate Note, 5/15/17 $ 2,001,978
690,000 0.61 General Electric Capital Corp.,
Floating Rate Note, 7/10/15 690,593
1,001,000 0.88 General Electric Capital Corp.,
Floating Rate Note, 7/12/16 1,007,700
2,793,000 1.29 General Electric Capital Corp.,
Floating Rate Note, 7/2/15 2,799,533
500,000 1.38 General Electric Capital Corp.,
Floating Rate Note, 8/1/17 498,872
1,950,000 1.07 Hyundai Capital Services, Inc.,
Floating Rate Note, 3/18/17 (144A) 1,952,461
--------------
$ 18,136,121
------------------------------------------------------------------------------------------------
Multi-Sector Holdings -- 0.2%
1,855,000 0.38 Berkshire Hathaway Finance Corp.,
Floating Rate Note, 1/10/17 $ 1,855,319
2,500,000 0.36 Berkshire Hathaway Finance Corp.,
Floating Rate Note, 8/14/17 2,498,460
--------------
$ 4,353,779
------------------------------------------------------------------------------------------------
Specialized Finance -- 0.5%
4,100,000 Harley-Davidson Financial Services,
Inc., 1.15%, 9/15/15 (144A) $ 4,108,622
2,060,000 MassMutual Global Funding II,
3.125%, 4/14/16 (144A) 2,112,619
3,290,000 0.39 MassMutual Global Funding II,
Floating Rate Note, 12/11/15 (144A) 3,291,786
1,800,000 0.53 National Rural Utilities Cooperative Finance Corp.,
Floating Rate Note, 11/23/16 1,801,642
2,720,000 0.28 National Rural Utilities Cooperative Finance Corp.,
Floating Rate Note, 5/1/15 2,720,019
--------------
$ 14,034,688
------------------------------------------------------------------------------------------------
Consumer Finance -- 1.4%
3,000,000 American Express Credit Corp.,
1.75%, 6/12/15 $ 3,006,081
3,441,000 1.37 American Express Credit Corp.,
Floating Rate Note, 6/12/15 3,448,770
2,850,000 0.74 American Express Credit Corp.,
Floating Rate Note, 7/29/16 2,859,670
1,000,000 American Honda Finance Corp.,
1.0%, 8/11/15 (144A) 1,002,286
2,650,000 0.55 American Honda Finance Corp.,
Floating Rate Note, 1/11/16 2,649,783
2,285,000 0.75 American Honda Finance Corp.,
Floating Rate Note, 10/7/16 2,295,251
The accompanying notes are an integral part of these financial statements.
72 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
2,570,000 0.58 American Honda Finance Corp.,
Floating Rate Note, 12/11/17 $ 2,573,899
3,050,000 0.61 American Honda Finance Corp.,
Floating Rate Note, 5/26/16 (144A) 3,061,245
2,600,000 Capital One Financial Corp., 1.0%, 11/6/15 2,603,133
2,620,000 0.90 Capital One Financial Corp., Floating
Rate Note, 11/6/15 2,625,261
1,500,000 0.50 Caterpillar Financial Services Corp.,
Floating Rate Note, 2/26/16 1,502,697
2,000,000 0.38 PACCAR Financial Corp., Floating Rate
Note, 5/5/15 2,000,192
1,290,000 0.43 PACCAR Financial Corp., Floating Rate
Note, 6/6/17 1,289,906
2,250,000 Toyota Motor Credit Corp., 0.75%, 3/3/17 (Step) 2,250,441
1,200,000 Toyota Motor Credit Corp., 0.875%, 7/17/15 1,201,939
--------------
$ 34,370,554
------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 1.0%
1,310,000 BlackRock, Inc., 1.375%, 6/1/15 $ 1,311,948
2,150,000 Franklin Resources, Inc., 3.125%, 5/20/15 2,156,964
4,940,000 0.44 State Street Bank & Trust Co.,
Floating Rate Note, 12/8/15 4,936,586
3,750,000 State Street Corp., 2.875%, 3/7/16 3,830,689
2,000,000 The Bank of New York Mellon Corp., 0.7%, 3/4/16 2,003,164
835,000 The Bank of New York Mellon Corp., 2.5%, 1/15/16 847,821
2,400,000 The Bank of New York Mellon Corp., 2.95%, 6/18/15 2,413,195
3,533,000 0.49 The Bank of New York Mellon Corp.,
Floating Rate Note, 10/23/15 3,536,544
3,275,000 0.49 The Bank of New York Mellon Corp.,
Floating Rate Note, 3/4/16 3,280,001
--------------
$ 24,316,912
------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.4%
1,300,000 Morgan Stanley, 1.75%, 2/25/16 $ 1,308,476
2,700,000 0.97 Morgan Stanley, Floating Rate Note, 1/5/18 2,706,391
318,000 0.73 Morgan Stanley, Floating Rate Note, 10/15/15 318,450
4,350,000 1.51 Morgan Stanley, Floating Rate Note, 2/25/16 4,381,959
685,000 3.00 Morgan Stanley, Floating Rate Note, 8/30/15 690,588
7,409,000 Raymond James Financial, Inc., 4.25%, 4/15/16 7,693,083
2,465,000 0.62 The Bear Stearns Companies LLC,
Floating Rate Note, 11/21/16 2,462,106
4,055,000 The Charles Schwab Corp., 0.85%, 12/4/15 4,064,229
3,422,000 The Goldman Sachs Group, Inc., 1.6%, 11/23/15 3,441,902
2,400,000 The Goldman Sachs Group, Inc., 3.7%, 8/1/15 2,423,544
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 73
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- (continued)
4,300,000 0.70 The Goldman Sachs Group, Inc.,
Floating Rate Note, 3/22/16 $ 4,298,856
1,300,000 0.66 The Goldman Sachs Group, Inc.,
Floating Rate Note, 7/22/15 1,300,306
--------------
$ 35,089,890
--------------
Total Diversified Financials $ 130,301,944
------------------------------------------------------------------------------------------------
INSURANCE -- 6.8%
Life & Health Insurance -- 0.9%
2,600,000 0.50 Jackson National Life Global Funding,
Floating Rate Note, 7/29/16 (144A) $ 2,600,980
3,300,000 0.61 Jackson National Life Global Funding,
Floating Rate Note, 9/30/15 (144A) 3,304,198
5,015,000 MetLife Institutional Funding II,
1.625%, 4/2/15 (144A) 5,015,000
1,500,000 0.38 Pricoa Global Funding I, Floating Rate
Note, 5/16/16 (144A) 1,499,760
3,255,000 0.47 Pricoa Global Funding I, Floating Rate
Note, 6/24/16 (144A) 3,255,472
1,270,000 Principal Life Global Funding II, 1.0%,
12/11/15 (144A) 1,274,314
2,530,000 0.61 Principal Life Global Funding II,
Floating Rate Note, 5/27/16 (144A) 2,535,455
2,500,000 Prudential Financial, Inc., 3.0%, 5/12/16 2,556,532
--------------
$ 22,041,711
------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.7%
2,500,000 American International Group, Inc., 5.05%, 10/1/15 $ 2,553,140
690,000 Metropolitan Life Global Funding I,
3.125%, 1/11/16 (144A) 703,864
1,500,000 0.78 Metropolitan Life Global Funding I,
Floating Rate Note, 7/15/16 (144A) 1,507,434
3,550,000 New York Life Global Funding, 0.75%,
7/24/15 (144A) 3,554,203
6,650,000 0.55 New York Life Global Funding, Floating
Rate Note, 12/15/17 (144A) 6,646,269
3,150,000 0.61 New York Life Global Funding, Floating
Rate Note, 5/23/16 (144A) 3,158,858
--------------
$ 18,123,768
------------------------------------------------------------------------------------------------
Reinsurance -- 5.2%
1,000,000 6.36 Alamo Re, Ltd., Floating Rate Note,
6/7/17 (Cat Bond) (144A) $ 1,021,200
600,000 Altair Re, Variable Rate Notes,
6/30/17 (e) 608,880
100,000 Arlington Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 8/1/15 (e) 111,590
The accompanying notes are an integral part of these financial statements.
74 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,000,000 4.02 Armor Re, Ltd., Floating Rate Note,
12/15/16 (Cat Bond) (144A) $ 993,300
1,500,000 3.45 Atlas IX Capital, Ltd., Floating Rate Note,
1/17/19 (Cat Bond) (144A) 1,535,250
250,000 0.00 Atlas IX Capital, Ltd., Floating Rate Note,
1/7/19 (Cat Bond) (144A) (d) 250,000
1,000,000 8.13 Atlas Reinsurance VII, Ltd., Floating
Rate Note, 1/7/16 (Cat Bond) (144A) 1,015,200
2,575,000 4.28 Blue Danube II, Ltd., Floating Rate
Note, 5/23/18 (Cat Bond) (144A) 2,575,772
600,000 6.00 Blue Danube, Ltd., Floating Rate Note,
4/10/15 (Cat Bond) (144A) 599,700
1,945,000 10.75 Blue Danube, Ltd., Floating Rate Note,
4/10/15 (Cat Bond) (144A) 1,945,194
750,000 2.51 Bosphorus Re, Ltd., Floating Rate Note,
5/3/16 (Cat Bond) (144A) 748,275
2,250,000 5.27 Caelus Re, Ltd., Floating Rate Note,
3/7/16 (Cat Bond) (144A) 2,270,025
2,300,000 6.87 Caelus Re, Ltd., Floating Rate Note,
4/7/17 (Cat Bond) (144A) 2,373,600
250,000 4.28 Citrus Re, Ltd., Floating Rate Note,
4/18/17 (Cat Bond) (144A) 245,875
1,350,000 3.78 Citrus Re, Ltd., Floating Rate Note,
4/24/17 (Cat Bond) (144A) 1,323,675
1,528,080 Clarendon Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 7/14/15 (e) 1,503,936
250,000 9.01 East Lane Re V, Ltd., Floating Rate Note,
3/16/16 (Cat Bond) (144A) 260,650
1,450,000 0.00 East Lane Re VI, Ltd., Floating Rate
Note, 3/13/20 (Cat Bond) (144A) (d) 1,446,810
2,000,000 2.76 East Lane Re VI, Ltd., Floating Rate
Note, 3/14/18 (Cat Bond) (144A) 1,991,400
1,300,000 Eden Re II, Ltd., 4/19/18 (Cat Bond) (144A) (c) 1,314,300
1,025,000 5.01 Embarcadero Reinsurance, Ltd., Floating Rate
Note, 2/7/17 (Cat Bond) (144A) 1,028,588
2,375,100 Exeter Segregated Account (KANE
SAC Ltd.), Variable Rate Notes, 1/7/16 (e) 2,384,363
750,000 Fairfield Segregated Account (KANE
SAC Ltd.), Variable Rate Notes, 2/2/16 (e) 701,250
1,250,000 7.40 Galileo Re, Ltd., Floating Rate Note,
1/9/19 (Cat Bond) (144A) 1,280,875
2,000,000 6.70 Gator Re, Ltd., Floating Rate Note,
1/9/17 (Cat Bond) (144A) 1,847,400
2,000,000 Gloucester Segregated Account (Kane
SAC Ltd.), Variable Rate Notes, 6/12/15 (e) 1,958,000
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 75
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
2,650,000 2.22 Golden State Re II, Ltd., Floating Rate
Note, 1/8/19 (Cat Bond) (144A) $ 2,639,135
2,600,000 Gullane Segregated Account (KANE
SAC Ltd.), Variable Rate Notes, 1/22/17 (e) 2,695,680
420,500 Hereford Segregated Account (KANE
SAC Ltd.), Variable Rate Notes, 1/7/16 (e) 422,308
2,500,000 4.01 Ibis Re II, Ltd., Floating Rate Note,
6/28/16 (Cat Bond) (144A) 2,512,750
2,350,000 3.78 Kilimanjaro Re, Ltd., Floating Rate
Note, 11/25/19 (Cat Bond) (144A) 2,333,080
1,000,000 4.15 Kilimanjaro Re, Ltd., Floating Rate
Note, 4/30/18 (Cat Bond) (144A) 1,004,200
2,300,000 4.77 Kilimanjaro Re, Ltd., Floating Rate
Note, 4/30/18 (Cat Bond) (144A) 2,328,060
1,800,000 2.27 Kizuna Re II, Ltd., Floating Rate Note,
4/6/18 (Cat Bond) (144A) 1,805,220
2,610,000 3.98 Longpoint Re, Ltd., III, Floating Rate
Note, 5/18/16 (Cat Bond) (144A) 2,623,572
3,550,000 6.02 Longpoint Re, Ltd., Floating Rate Note,
6/12/15 (Cat Bond) (144A) 3,577,335
750,000 Lorenz Re, Ltd., 3/31/18 (c) (e) 750,000
2,000,000 2.02 Merna Re V, Ltd., Floating Rate Note,
4/7/17 (Cat Bond) (144A) 1,992,400
1,000,000 0.00 Merna Reinsurance, Ltd., Floating
Rate Note, 4/9/18 (Cat Bond) (144A) (d) 999,200
1,250,000 4.53 MetroCat Re, Ltd., Floating Rate Note,
8/5/16 (Cat Bond) (144A) 1,266,500
1,111,667 Muirfield Segregated Account (KANE
SAC Ltd.), Variable Rate Notes, 1/12/16 (e) 1,114,890
1,750,000 7.51 Multicat Mexico Re, Ltd., Floating Rate
Note, 12/4/15 (Cat Bond)(144A) 1,751,750
6,250,000 8.04 Mythen Re, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 6,268,750
4,250,000 8.51 Mythen Re, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 4,264,450
2,250,000 8.60 Mythen Re, Ltd., Series 2012-2 Class A, Floating
Rate Note, 1/5/17 (Cat Bond) (144A) 2,360,475
500,000 11.83 Mythen Re, Ltd., Series 2012-2 Class A, Floating
Rate Note, 11/10/16 (Cat Bond) (144A) 520,950
2,500,000 8.01 Mythen Re, Ltd., Series 2013-1 Class B, Floating
Rate Note, 7/9/15 (Cat Bond) (144A) 2,534,750
2,250,000 7.27 Northshore Re, Ltd., Floating Rate Note,
7/5/16 (Cat Bond) (144A) 2,311,650
2,500,000 Pangaea Re, Series 2015-1, Principal
at Risk Notes, 2/1/19 (e) 2,606,000
2,250,000 14.01 Pelican Re, Ltd., Floating Rate Note,
4/13/15 (Cat Bond) (144A) 2,254,500
The accompanying notes are an integral part of these financial statements.
76 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
2,008,000 PI-1, Series E -- 2014 (Kane SAC Ltd.),
Variable Rate Notes, 6/12/15 (e) $ 2,102,778
1,750,000 3.51 Queen City Re, Floating Rate Note,
1/6/19 (Cat Bond) (144A) 1,733,900
2,250,000 7.50 Queen Street IV Capital, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond) (144A) 2,244,375
1,750,000 8.50 Queen Street V Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 1,745,800
250,000 10.36 Queen Street VI Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 249,425
1,750,000 8.61 Queen Street VII Re, Ltd., Floating Rate
Note, 4/8/16 (Cat Bond) (144A) 1,796,375
1,000,000 0.00 Queen Street X RE, Ltd., Floating Rate
Note, 6/8/18 (Cat Bond) (144A) (d) 1,002,100
1,450,000 8.76 Residential Reinsurance 2011, Ltd., Floating Rate
Note, 12/6/16 (Cat Bond) (144A) 1,466,240
1,750,000 9.01 Residential Reinsurance 2011, Ltd., Floating Rate
Note, 6/6/15 (Cat Bond) (144A) 1,769,950
1,500,000 8.91 Residential Reinsurance 2011, Ltd., Floating Rate
Note, 6/6/17 (Cat Bond) (144A) 1,517,700
1,000,000 12.76 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 12/6/16 (Cat Bond) (144A) 1,068,100
2,900,000 4.51 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 12/6/16 (Cat Bond) (144A) 2,960,900
1,500,000 5.76 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 12/6/16 (Cat Bond) (144A) 1,539,900
750,000 8.01 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 6/6/16 (Cat Bond) (144A) 791,025
900,000 10.01 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 6/6/16 (Cat Bond) (144A) 958,230
850,000 9.27 Residential Reinsurance 2013, Ltd., Floating Rate
Note, 6/6/17 (Cat Bond) (144A) 894,030
750,000 3.51 Residential Reinsurance 2014, Ltd., Floating Rate
Note, 6/6/18 (Cat Bond) (144A) 755,325
1,000,000 4.02 Riverfront Re, Ltd., Floating Rate Note,
1/6/17 (Cat Bond) (144A) 994,500
1,000,000 3.02 Sanders Re, Ltd., Floating Rate Note,
5/25/18 (Cat Bond) (144A) 983,000
2,500,000 3.54 Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 2,481,000
1,250,000 4.03 Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 1,238,875
2,000,000 3.92 Sanders Re, Ltd., Floating Rate Note,
6/7/17 (Cat Bond) (144A) 2,000,600
500,000 Sector Re V, Ltd., 12/1/19 (144A) (c) (e) 512,150
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 77
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,500,000 8.51 Tar Heel Re, Ltd., Floating Rate Note,
5/9/16 (Cat Bond) (144A) $ 1,541,400
750,000 5.03 Tradewynd Re, Ltd., Floating Rate Note,
1/8/18 (Cat Bond) (144A) 751,125
250,000 0.00 Tramline Re II, Ltd., Floating Rate Note,
1/4/19 (Cat Bond) (144A) (d) 254,700
1,147,083 Troon Segregated Account (KANE SAC
Ltd.), Variable Rate Notes, 1/12/16 (e) 1,149,492
1,100,000 3.52 Ursa Re, Ltd., Floating Rate Note,
12/7/17 (Cat Bond) (144A) 1,100,440
2,500,000 Versutus Ltd., Series 2015-A, Variable
Rate Notes, 12/31/2017 (e) 2,565,000
1,500,000 2.76 Vita Capital V, Ltd., Floating Rate Note,
1/15/17 (Cat Bond) (144A) 1,524,900
500,000 3.46 Vita Capital V, Ltd., Floating Rate
Note, 1/15/17 (Cat Bond) (144A) 509,450
1,000,000 2.77 Vitality Re IV, Ltd., Floating Rate
Note, 1/9/17 (Cat Bond) (144A) 1,019,900
1,800,000 1.77 Vitality Re V, Ltd., Floating Rate Note,
1/7/19 (Cat Bond) (144A) 1,805,040
--------------
$ 131,300,438
--------------
Total Insurance $ 171,465,917
------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
Application Software -- 0.0%+
1,250,000 Igloo Holdings Corp., 8.25%, 12/15/17
(8.25% Cash, 9.00% PIK) (144A) (PIK) $ 1,262,500
------------------------------------------------------------------------------------------------
Systems Software -- 0.1%
1,937,000 0.43 Oracle Corp., Floating Rate Note, 7/7/17 $ 1,939,166
--------------
Total Software & Services $ 3,201,666
------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3%
Communications Equipment -- 0.2%
2,580,000 0.51 Cisco Systems, Inc., Floating Rate Note, 3/3/17 $ 2,588,155
3,600,000 0.28 Cisco Systems, Inc., Floating Rate Note, 9/3/15 3,600,482
--------------
$ 6,188,637
------------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.1%
1,500,000 0.28 Apple, Inc., Floating Rate Note,
5/3/16 $ 1,500,639
--------------
Total Technology Hardware & Equipment $ 7,689,276
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
78 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.0%
Integrated Telecommunication Services -- 0.8%
3,119,000 AT&T, Inc., 2.5%, 8/15/15 $ 3,140,006
7,229,000 British Telecommunications Plc, 2.0%, 6/22/15 7,251,822
3,300,000 Verizon Communications, Inc., 0.7%, 11/2/15 3,300,132
6,355,000 1.77 Verizon Communications, Inc., Floating
Rate Note, 9/15/16 6,457,417
--------------
$ 20,149,377
------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.2%
1,250,000 Altice Financing SA, 7.875%, 12/15/19 (144A) $ 1,325,000
1,500,000 1.24 America Movil SAB de CV, Floating
Rate Note, 9/12/16 1,505,859
1,150,000 0.62 Vodafone Group Plc, Floating Rate Note, 2/19/16 1,150,875
--------------
$ 3,981,734
--------------
Total Telecommunication Services $ 24,131,111
------------------------------------------------------------------------------------------------
UTILITIES -- 1.3%
Electric Utilities -- 1.1%
5,000,000 Appalachian Power Co., 3.4%, 5/24/15 $ 5,018,640
2,600,000 Duke Energy Corp., 3.35%, 4/1/15 2,600,000
1,740,000 0.61 Duke Energy Corp., Floating Rate Note, 4/3/17 1,743,788
2,285,000 0.60 Duke Energy Indiana, Inc., Floating Rate Note, 7/11/16 2,287,299
5,100,000 0.46 Duke Energy Progress, Inc., Floating Rate
Note, 11/20/17 5,095,742
1,275,000 0.44 Duke Energy Progress, Inc., Floating Rate Note, 3/6/17 1,274,442
1,865,000 0.72 Electricite de France SA, Floating Rate
Note, 1/20/17 (144A) 1,867,126
1,090,000 0.59 Georgia Power Co., Floating Rate Note, 3/15/16 1,089,398
1,000,000 0.66 Georgia Power Co., Floating Rate Note, 8/15/16 999,546
2,500,000 LG&E and KU Energy LLC, 2.125%, 11/15/15 2,516,315
1,013,000 0.50 NSTAR Electric Co., Floating Rate Note, 5/17/16 1,011,984
1,200,000 The Connecticut Light & Power Co., 5.0%, 4/1/15 1,200,000
--------------
$ 26,704,280
------------------------------------------------------------------------------------------------
Gas Utilities -- 0.0%+
1,000,000 DCP Midstream Operating LP, 3.25%, 10/1/15 $ 1,004,500
------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.1%
2,500,000 0.47 San Diego Gas & Electric Co.,
Floating Rate Note, 3/9/17 $ 2,497,560
------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 0.1%
1,250,000 NRG Energy, Inc., 8.25%, 9/1/20 $ 1,323,438
--------------
Total Utilities $ 31,529,778
------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $751,179,540) $ 752,315,545
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 79
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 3.0%
5,735 Fannie Mae, 7.0%, 10/1/17 $ 5,986
22,040 2.21 Fannie Mae, Floating Rate Note, 1/1/48 23,458
26,438 2.64 Fannie Mae, Floating Rate Note, 10/1/32 27,228
8,819 2.24 Fannie Mae, Floating Rate Note, 11/1/23 9,102
23,524 2.30 Fannie Mae, Floating Rate Note, 2/1/34 23,739
19,994 2.24 Fannie Mae, Floating Rate Note, 9/1/32 21,287
2,133,000 Federal Farm Credit Banks, 0.39%, 4/25/16 2,132,093
2,560,000 0.15 Federal Farm Credit Banks, Floating
Rate Note, 10/26/15 2,560,609
2,610,000 0.16 Federal Farm Credit Banks, Floating
Rate Note, 2/18/16 2,610,960
10,000,000 0.27 Federal Farm Credit Banks, Floating
Rate Note, 6/20/16 10,012,290
2,540,000 0.18 Federal Farm Credit Banks, Floating
Rate Note, 9/18/15 2,540,810
10,000,000 0.21 Federal Home Loan Banks, Floating
Rate Note, 10/1/15 10,005,330
2,640,000 0.22 Federal Home Loan Banks, Floating
Rate Note, 10/7/15 2,641,566
8,015 2.36 Federal Home Loan Mortgage Corp.,
Floating Rate Note, 10/1/23 8,294
14,338 2.61 Federal Home Loan Mortgage Corp.,
Floating Rate Note, 11/1/33 14,946
7,305 2.59 Federal Home Loan Mortgage Corp.,
Floating Rate Note, 6/1/35 7,387
2,000,000 0.16 Federal Home Loan Mortgage Corp.,
Floating Rate Note, 6/26/15 2,000,294
6,085,000 0.19 Federal National Mortgage Association,
Floating Rate Note, 8/26/16 6,088,785
11,460 1.62 Government National Mortgage Association II,
Floating Rate Note, 1/20/22 11,865
20,100,000 0.09 U.S. Treasury Notes, Floating Rate Note, 10/31/16 20,092,419
13,470,000 0.11 U.S. Treasury Notes, Floating Rate Note, 7/31/16 13,468,640
--------------
$ 74,307,088
------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $74,304,742) $ 74,307,088
------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BOND -- 0.1%
1,800,000 0.41 Province of Ontario Canada,
Floating Rate Note, 4/1/15 $ 1,800,000
------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BOND
(Cost $1,800,000) $ 1,800,000
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
80 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
MUNICIPAL BOND -- 0.0%+
Municipal Student Loan -- 0.0%+
948,267 1.16 Louisiana Public Facilities Authority,
Floating Rate Note, 4/26/27 $ 951,358
------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BOND
(Cost $952,909) $ 951,358
------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE
LOAN INTERESTS -- 7.8%**
ENERGY -- 0.4%
Oil & Gas Drilling -- 0.0%+
709,423 6.00 Drillships Financing Holding, Inc.,
Tranche B-1 Term Loan, 3/31/21 $ 543,418
158,380 5.75 Offshore Group Investment, Ltd.,
Term Loan, 3/28/19 90,672
870,625 3.75 Paragon Offshore Finance, Term Loan, 7/16/21 592,129
--------------
$ 1,226,219
------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.2%
1,442,750 3.75 77 Energy, Tranche B Loan (First Lien), 6/17/21 $ 1,268,177
2,661,864 3.88 Fieldwood Energy LLC, Closing Date Loan, 9/25/18 2,495,498
496,250 5.25 McDermott International, Inc., Tranche
B Loan (First Lien), 4/11/19 451,588
--------------
$ 4,215,263
------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.1%
19,879 4.50 Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 $ 19,830
2,715,625 4.00 Seadrill Operating LP, Initial Term Loan, 2/14/21 2,164,983
--------------
$ 2,184,813
------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.1%
74,541 4.25 Pilot Travel Centers LLC, Initial
Tranche B, 9/30/21 $ 75,287
795,000 2.43 Tesoro Corp., Initial Term Loan, 1/11/16 797,464
446,608 4.25 Western Refining, Inc., Term Loan
2013, 11/12/20 444,236
--------------
$ 1,316,987
------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.0%+
221,862 5.50 Foresight Energy LLC, Term Loan, 8/21/20 $ 219,366
--------------
Total Energy $ 9,162,648
------------------------------------------------------------------------------------------------
MATERIALS -- 0.5%
Commodity Chemicals -- 0.2%
1,855,848 4.52 AZ Chem US, Inc., Tranche B Term Loan
(First Lien), 6/9/21 $ 1,861,937
1,181,000 5.25 Citadel Plastics Holdings Inc., Initial
Loan (First Lien), 11/4/20 1,183,952
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 81
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Commodity Chemicals -- (continued)
1,396,500 4.75 Eco Services Operations, Initial Term Loan, 10/8/21 $ 1,405,228
383,408 4.00 Tronox Pigments BV, New Term Loan, 3/19/20 383,959
--------------
$ 4,835,076
------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.2%
1,021,485 3.75 Axalta Coating Systems US Holdings,
Inc., Refinanced Term B Loan, 2/1/20 $ 1,016,843
146,429 3.50 Chemtura Corp., New Term Loan, 8/29/16 146,825
997,500 3.75 Huntsman International LLC, 2014-1
Incremental Term Loan, 9/30/21 1,004,358
928,625 4.00 PQ Corp., 2014 Term Loan, 8/7/17 926,409
289,283 2.75 WR Grace & Co-Conn, Delayed Draw
Term Loan, 1/23/21 289,722
803,903 2.75 WR Grace & Co-Conn, U.S. Term Loan, 1/23/21 805,123
--------------
$ 4,189,280
------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.1%
677,160 4.00 Ardagh Holdings USA, Inc., Tranche
B-3 Term Loan (First Lien), 12/17/19 $ 680,263
1,246,875 4.00 Crown Americas LLC, Term Loan B, 10/22/21 1,260,415
--------------
$ 1,940,678
------------------------------------------------------------------------------------------------
Paper Packaging -- 0.0%+
684,096 4.75 Kleopatra Acquisition Corp., Term B-1
Loan, 12/21/16 $ 688,514
173,250 4.25 Multi Packaging Solutions, Inc., Initial
Dollar Tranche B Term, 9/30/20 172,673
--------------
$ 861,187
------------------------------------------------------------------------------------------------
Aluminum -- 0.0%+
116,400 5.75 Noranda Aluminum Acquisition Corp.,
Term B Loan, 2/28/19 $ 108,834
------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
1,110,204 3.75 Fortescue Metals Group, Ltd.,
Bank Loan, 6/30/19 $ 1,006,718
------------------------------------------------------------------------------------------------
Steel -- 0.0%+
356,618 4.75 JMC Steel Group, Inc., Term Loan, 4/1/17 $ 355,875
148,125 4.50 TMS International Corp., Term B Loan, 10/2/20 145,811
--------------
$ 501,686
--------------
Total Materials $ 13,443,459
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
82 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.6%
Aerospace & Defense -- 0.3%
1,496,250 4.00 B/E Aerospace, Inc., Term Loan, 11/19/21 $ 1,510,271
872,814 3.75 DigitalGlobe, Inc., Term Loan, 1/25/20 875,210
143,055 6.25 DynCorp International, Inc., Term Loan, 7/7/16 142,340
394,504 3.50 Orbital ATK, Inc., Term B Loan, 10/22/20 395,408
319,284 3.75 TransDigm, Inc., Tranche C Term Loan, 2/28/20 319,259
2,528,500 3.25 Wesco Aircraft Hardare Corp., Tranche B Term
Loan (First Lien), 2/24/21 2,502,821
--------------
$ 5,745,309
------------------------------------------------------------------------------------------------
Building Products -- 0.1%
1,078,246 3.50 Armstrong World Industries, Inc.,
Term Loan B, 3/15/20 $ 1,079,088
852,173 4.00 Quikrete Holdings, Inc., Initial Loan
(First Lien), 9/26/20 852,705
974,189 4.25 Unifrax Corp., New Term B Loan, 12/31/19 973,214
--------------
$ 2,905,007
------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.0%+
287,193 3.75 Aecom Technology, Term Loan B, 10/15/21 $ 289,945
------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
1,064,622 3.25 Southwire Co., Term Loan, 1/31/21 $ 1,054,641
869,192 6.00 WireCo WorldGroup, Inc., Term Loan, 2/15/17 869,192
--------------
$ 1,923,833
------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%+
686,070 4.00 Milacron LLC, Term Loan, 3/12/20 $ 680,067
------------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- 0.0%+
71,613 3.25 Manitowoc Co., Inc. (The), Term B Loan, 12/18/20 $ 71,634
308,009 3.50 Terex Corp., U.S. Term Loan, 8/13/21 308,971
--------------
$ 380,605
------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
234,538 4.25 Gardner Denver, Inc., Initial Dollar
Term Loan, 7/30/20 $ 223,060
1,216,518 6.00 NN, Inc., Term Loan, 8/27/21 1,221,840
1,683,943 4.25 Schaeffler AG, Facility B-USD, 5/15/20 1,697,888
78,601 5.75 Xerium Technologies, Inc., New Term
Loan, 5/17/19 79,583
--------------
$ 3,222,371
------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%+
318,295 3.75 WESCO Distribution, Inc., Tranche B-1
Loan, 12/12/19 $ 319,223
--------------
Total Capital Goods $ 15,466,360
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 83
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.4%
Environmental & Facilities Services -- 0.2%
131,667 3.25 Covanta Energy Corp., Term Loan, 3/28/19 $ 131,646
1,167,106 3.00 Progressive Waste Solutions, Ltd.,
Term B Loan, 10/31/19 1,172,941
150,000 4.25 Waste Industries U.S.A., Inc., 1st Lien
Term Loan, 2/20/20 150,656
2,866,379 5.00 Wheelabrator, Term B Loan, 10/15/21 2,902,209
126,437 5.00 Wheelabrator, Term C Loan, 10/15/21 128,017
--------------
$ 4,485,469
------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.0%+
839,887 6.26 Language Line LLC, Tranche B Term
Loan, 6/20/16 $ 837,132
------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.1%
512,124 4.25 Allied Security Holdings LLC, Closing
Date Term Loan (First Lien), 2/12/21 $ 513,005
318,544 4.00 Garda World Security Corp., Term B
Delayed Draw Loan, 11/8/20 317,615
1,245,217 4.00 Garda World Security Corp., Term B
Loan, 11/1/20 1,241,585
980,267 4.25 Monitronics International, Inc., Term B
Loan, 3/23/18 982,565
--------------
$ 3,054,770
------------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.1%
1,037,113 3.50 On Assignment, Inc., Initial Term B Loan, 5/15/20 $ 1,037,545
------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.0%+
196,360 5.00 Wyle, Tranche B Loan (First Lien), 5/22/21 $ 196,544
--------------
Total Commercial Services & Supplies $ 9,611,460
------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Air Freight & Logistics -- 0.0%+
197,500 5.25 Syncreon Group BV, Term Loan, 9/26/20 $ 190,094
------------------------------------------------------------------------------------------------
Airlines -- 0.2%
2,505,375 3.75 American Airlines, Inc., Class B Term
Loan, 6/27/19 $ 2,508,955
500,000 4.25 American Airlines, Inc., Class B Term, 10/10/21 504,166
733,125 3.25 Delta Air Lines, Inc., 2014 Term B-1 Loan, 10/18/18 733,910
293,893 3.25 Delta Air Lines, Inc., Term Loan, 4/20/17 294,214
995,000 3.75 United Airlines, Inc., Class B-1 Term Loan, 9/15/21 995,622
245,000 3.50 United Airlines, Inc., Class B Term Loan, 4/1/19 244,388
--------------
$ 5,281,255
------------------------------------------------------------------------------------------------
Marine -- 0.1%
1,405,726 5.25 Navios Maritime Partners LP, Term Loan, 6/27/18 $ 1,418,026
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
84 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Trucking -- 0.0%+
339,006 3.75 Swift Transportation Co., LLC, Tranche B Term
Loan (First Lien), 6/9/21 $ 340,489
--------------
Total Transportation $ 7,229,864
------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.3%
Auto Parts & Equipment -- 0.1%
771,279 3.50 Allison Transmission, Inc., Term B-3
Loan, 8/23/19 $ 772,565
1,000,000 6.00 BBB Industries US, Initial Term Loan, 10/15/21 1,003,750
1,549,174 4.25 MPG Holdco I, Inc., Initial Term Loan, 10/20/21 1,558,989
633,502 4.25 TI Group Automotive Systems LLC, Term
Loan Facility, 7/1/21 634,030
188,956 4.00 Tower Automotive Holdings USA LLC,
Refinancing Term Loan, 4/23/20 189,133
--------------
$ 4,158,467
------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.0%+
666,667 4.75 The Goodyear Tire & Rubber Co.,
Term Loan (Second Lien), 3/27/19 $ 673,437
------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.2%
373,062 3.50 Chrysler Group LLC, Term Loan B, 5/24/17 $ 373,294
2,871,000 3.25 Chrysler Group LLC, Tranche B Term
Loan, 12/29/18 2,870,403
497,500 6.00 Crown Group LLC, Term Loan (First Lien), 9/30/20 494,702
--------------
$ 3,738,399
------------------------------------------------------------------------------------------------
Personal Products -- 0.0%+
496,250 3.50 Visteon Corp., Tranche B Loan (First Lien), 4/8/21 $ 496,173
--------------
Total Automobiles & Components $ 9,066,476
------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.2%
Home Furnishings -- 0.0%+
330,711 4.25 Serta Simmons Holdings LLC, Term Loan, 10/1/19 $ 331,795
416,859 3.50 Tempur Sealy International, Inc.,
New Term B Loan, 3/18/20 417,814
--------------
$ 749,609
------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.1%
985,000 2.93 Jarden Corp., Tranche B1 Term Loan, 9/30/20 $ 992,511
765,417 4.50 Reynolds Group Holdings, Inc.,
Incremental U.S. Term Loan, 12/31/18 769,723
--------------
$ 1,762,234
------------------------------------------------------------------------------------------------
Leisure Products -- 0.0%+
188,571 4.00 Bombardier Recreational Products,
Inc., Term B Loan, 1/30/19 $ 188,611
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 85
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 0.1%
1,112,487 3.25 PVH Corp., Tranche B Term Loan, 12/19/19 $ 1,119,517
--------------
Total Consumer Durables & Apparel $ 3,819,971
------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.5%
Casinos & Gaming -- 0.2%
1,221,875 3.50 MGM Resorts International, Term B
Loan, 12/20/19 $ 1,219,711
181,125 3.75 Pinnacle Entertainment, Inc., Tranche
B-2 Term Loan, 8/13/20 181,370
1,995,000 6.00 Scientific Games, Initial Term B-2, 10/1/21 2,002,204
--------------
$ 3,403,285
------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.1%
489,865 3.50 Four Seasons Holdings, Inc., Term Loan, 6/27/20 $ 490,171
957,237 3.50 Hilton Worldwide Finance LLC, Initial
Term Loan, 9/23/20 959,545
997,500 4.00 NCL Corp., Ltd., Term B Loan, 11/5/21 1,007,774
--------------
$ 2,457,490
------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.0%+
96,885 3.25 Cedar Fair LP, U.S. Term Facility, 3/6/20 $ 97,414
727,904 3.50 Six Flags Theme Parks, Inc., Tranche B
Term Loan, 12/20/18 732,149
--------------
$ 829,563
------------------------------------------------------------------------------------------------
Restaurants -- 0.1%
614,526 4.50 Burger King Worldwide, Inc., Term
Loan B, 9/24/21 $ 621,382
379,853 4.00 Landry's, Inc., B Term Loan, 4/24/18 381,040
155,200 4.00 NPC International, Inc., Term Loan, 12/28/18 153,066
834,931 4.25 PF Chang's China Bistro, Inc., Term
Borrowing, 7/2/19 816,667
719,267 3.25 Wendy's International, Inc., Term B Loan, 5/15/19 720,166
--------------
$ 2,692,321
------------------------------------------------------------------------------------------------
Education Services -- 0.1%
595,305 4.00 Bright Horizons Family Solutions, Inc.,
Term B Loan, 1/14/20 $ 597,414
598,500 4.50 Bright Horizons Family Solutions, Inc.,
Term B-1 Loan, 1/30/20 602,241
--------------
$ 1,199,655
------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.0%+
871,867 4.00 Weight Watchers International, Inc.,
Initial Tranche B-2 Term Loan, 4/2/20 $ 469,446
--------------
Total Consumer Services $ 11,051,760
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
86 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
MEDIA -- 1.1%
Advertising -- 0.0%+
113,284 4.75 Getty Images, Inc., Initial Term Loan, 10/18/19 $ 95,810
--------------
$ 95,810
------------------------------------------------------------------------------------------------
Broadcasting -- 0.4%
1,629,423 3.00 CBS Outdoor Americas Capital llc, Tranche B Term
Loan (First Lien), 1/15/21 $ 1,622,905
343,664 4.00 Entercom Radio LLC, Term B-2 Loan, 11/23/18 344,523
1,002,368 3.75 Gray Television, Inc., Term Loan
(First Lien), 6/10/21 1,002,870
612,574 4.25 NEP, Amendment No. 3 Incremental
Term Loan (First Lien), 1/22/20 598,025
496,222 3.25 Quebecor Media, Inc., Facility B-1 Tranche, 8/17/20 490,794
1,331,562 3.00 Sinclair Television Group, Inc., New
Tranche B Term Loan, 4/19/20 1,324,688
1,000,000 3.50 Sinclair Television Group, Incremental Loan, 7/30/21 1,001,375
2,116,251 4.00 Tribune Co., Tranche B Term Loan
(First Lien), 11/20/20 2,120,748
661,438 4.00 Univision Communications, Inc., Replacement First-
Lien Term Loan, 3/1/20 661,128
--------------
$ 9,167,056
------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.5%
1,112,078 3.50 Cequel Communications LLC, Term
Loan, 2/14/19 $ 1,115,032
1,301,813 3.00 Charter Communications Operating LLC,
Term F Loan, 1/1/21 1,298,456
1,250,000 4.25 Charter Communications Operating
LLC, Term G Loan, 9/10/21 1,261,621
521,732 3.75 Intelsat Jackson Holdings SA, Tranche
B-2 Term Loan, 6/30/19 520,363
731,250 4.00 MCC Georgia LLC, Tranche G Term Loan, 2/8/20 732,164
1,386,000 2.65 Mediacom Illinois LLC, Tranche F Term
Loan, 3/31/18 1,369,830
658,744 3.50 Telesat Canada, U.S. Term B Loan, 3/28/19 658,327
1,884,855 3.50 Virgin Media Investment Holdings, Ltd.,
New Term B Loan, 2/6/20 1,884,985
238,082 4.75 WideOpenWest Finance LLC, Term B Loan, 4/1/19 238,762
1,136,553 3.50 Ziggo BV, (USD) Tranche B-3 Term Loan, 1/15/22 1,130,516
1,072,383 3.50 Ziggo BV, Tranche B-1 Term Loan
(First Lien), 1/15/22 1,066,686
691,064 3.39 Ziggo BV, Tranche B-2 Term Loan
(First Lien), 1/15/22 687,393
--------------
$ 11,964,135
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 87
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
1,453,927 3.50 AMC Entertainment, Inc., Initial Term
Loan, 4/30/20 $ 1,455,199
766,330 3.50 Live Nation Entertainment, Inc., Term
B-1 Loan, 8/17/20 764,574
1,018,334 3.75 Rovi Solutions Corp., Term B Loan, 7/2/21 1,015,788
589,500 3.50 Seminole Hard Rock Entertainment,
Inc., New Term Loan B, 5/14/20 587,658
1,083,500 3.75 WMG Acquisition Corp., Tranche B
Refinancing Term Loan, 7/1/20 1,059,663
--------------
$ 4,882,882
------------------------------------------------------------------------------------------------
Publishing -- 0.0%+
523,674 0.27 EW Scripps, Inc., Term Loan, 11/26/20 $ 525,638
212,433 4.75 Interactive Data Corp., Tranche B Term
Loan (First Lien), 4/24/21 213,727
--------------
$ 739,365
--------------
Total Media $ 26,849,248
------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Computer & Electronics Retail -- 0.1%
1,732,500 3.75 Rent-A-Center, Inc., Term Loan
(2014), 2/6/21 $ 1,697,850
------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.1%
1,225,000 4.50 Apex Tool Group LLC, Term Loan, 2/1/20 $ 1,204,712
------------------------------------------------------------------------------------------------
Specialty Stores -- 0.0%+
982,500 3.75 Michaels Stores, Inc., Term B Loan, 1/28/20 $ 983,377
------------------------------------------------------------------------------------------------
Automotive Retail -- 0.1%
1,276,336 3.00 Avis Budget Car Rental LLC, Tranche B
Term Loan, 3/15/19 $ 1,282,707
392,357 5.75 CWGS Group LLC, Term Loan, 2/20/20 396,158
733,125 4.00 The Hertz Corp., Tranche B1 Term Loan, 3/11/18 733,813
--------------
$ 2,412,678
--------------
Total Retailing $ 6,298,617
------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Food Distributors -- 0.0%+
184,983 5.75 AdvancePierre Foods, Inc., Term Loan
(First Lien), 7/10/17 $ 185,532
------------------------------------------------------------------------------------------------
Food Retail -- 0.1%
1,503,474 5.38 Albertsons LLC, Term B-2 Loan, 3/21/19 $ 1,514,516
497,500 4.75 New Albertson's, Inc., Term Loan
(First Lien), 6/24/21 499,366
--------------
$ 2,013,882
--------------
Total Food & Staples Retailing $ 2,199,414
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
88 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Agricultural Products -- 0.0%+
1,574,100 3.25 Darling International, Inc., Term B USD
Loan, 12/19/20 $ 1,572,447
------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.2%
1,048,202 3.25 HJ Heinz Co., Term B2 Loan, 3/27/20 $ 1,050,230
874,626 3.75 JBS USA LLC, Initial Term Loan, 5/25/18 876,266
1,158,833 3.00 Pinnacle Foods Finance LLC, New Term
Loan G, 4/29/20 1,155,833
992,500 3.75 Post Holdings, Inc., Tranche B Loan
(First Lien), 5/23/21 996,428
--------------
$ 4,078,757
--------------
Total Food, Beverage & Tobacco $ 5,651,204
------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.1%
Household Products -- 0.0%+
295,500 3.50 Spectrum Brands, Inc., Tranche C
Term Loan, 8/13/19 $ 295,980
------------------------------------------------------------------------------------------------
Personal Products -- 0.1%
400,000 3.50 NBTY, Inc., Term B-2 Loan, 10/1/17 $ 395,375
416,283 4.12 Prestige Brands, Inc., Term B-1 Loan, 1/31/19 417,974
550,000 4.50 Prestige Brands, Inc., Term B-2 Loan, 8/18/21 552,888
363,653 4.00 Revlon Consumer Products Corp.,
Acquisition Term Loan, 8/19/19 364,051
958,583 3.25 Revlon Consumer Products Corp.,
Replacement Term Loan, 11/19/17 957,534
--------------
$ 2,687,822
--------------
Total Household & Personal Products $ 2,983,802
------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.5%
Health Care Equipment -- 0.1%
668,423 3.25 Hologic, Inc., Refinancing Tranche B Term
Loan, 8/1/19 $ 669,937
585,306 4.50 Kinetic Concepts, Inc., Term DTL-E1 loan, 5/4/18 588,233
--------------
$ 1,258,170
------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.0%+
997,500 4.00 Halyard Health, Inc., Term Loan, 11/1/21 $ 1,008,881
217,197 5.00 Immucor, Inc., Term B-2 Loan, 8/19/18 218,350
--------------
$ 1,227,231
------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
328,915 6.50 BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 $ 326,859
548,191 6.50 BioScrip, Inc., Initial Term B Loan, 7/31/20 544,765
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 89
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Health Care Services -- (continued)
593,611 4.00 BSN Medical GmbH & Co. KG, Facility
B1A, 8/28/19 $ 592,375
472,669 3.50 DaVita HealthCare Partners, Inc.,
Tranche B Loan (First Lien), 6/19/21 474,400
1,245,860 4.00 Envision Healthcare Corp., Initial Term
Loan, 5/25/18 1,251,505
1,477,500 2.27 Fresenius US Finance I, Inc., Tranche B
Term Loan, 8/7/19 1,476,269
66,145 7.75 inVentiv Health, Inc., Term B-3 Loan, 5/15/18 66,201
340,427 4.50 Truven Health Analytics, Inc., New
Tranche B Term Loan, 6/6/19 340,530
--------------
$ 5,072,904
------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
71,466 4.25 CHS, 2021 Term D Loan, 1/27/21 $ 71,897
486,275 4.50 IASIS Healthcare LLC, Term B-2 Loan, 5/3/18 487,916
712,380 4.25 Kindred Healthcare, Inc., Tranche B
Loan (First Lien), 4/10/21 716,685
490,059 6.00 RegionalCare Hospital Partners, Inc.,
Term Loan (First Lien), 4/21/19 492,510
227,883 3.75 Select Medical Corp., Series E Tranche B
Term Loan, 6/1/18 228,168
982,500 6.75 Steward Health Care System LLC,
Term Loan, 4/10/20 980,953
--------------
$ 2,978,129
------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
796,876 4.00 ConvaTec, Inc., Dollar Term Loan, 12/22/16 $ 800,353
1,599,857 3.75 Emdeon, Inc., Term B-2 Loan, 11/2/18 1,604,856
--------------
$ 2,405,209
--------------
Total Health Care Equipment & Services $ 12,941,643
------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.4%
Biotechnology -- 0.1%
1,122,724 3.50 Alkermes, Inc., 2019 Term Loan, 9/25/19 $ 1,125,530
------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.3%
495,000 3.25 Endo Luxembourg Finance I Co., S.a.r.l.,
Tranche B Term Loan (First Lien), 11/5/20 $ 496,052
519,750 3.18 Grifols Worldwide Operations USA, Inc.,
U.S. Tranche B Term Loam, 4/1/21 519,848
302,713 4.25 JLL, Initial Dollar Term Loan, 1/23/21 301,767
965,250 3.25 Mallinckrodt International Finance SA,
Initial Term B Loan, 3/6/21 964,129
1,466,124 4.00 Par Pharmaceutical Companies, Inc.,
Term B-2 Loan, 9/28/19 1,466,124
The accompanying notes are an integral part of these financial statements.
90 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Pharmaceuticals -- (continued)
498,750 4.25 Par Pharmaceutical, Term B-3 Loan,
3.25%, 9/30/19 $ 500,932
255,300 4.25 PharMEDium Healthcare Corp., Initial
Term Loan (First Lien), 1/23/21 254,130
1,009,543 3.25 RPI Finance Trust, Term B-2 Term Loan, 5/9/18 1,013,329
620,776 3.25 RPI Finance Trust, Term B-3 Term Loan, 11/9/18 622,871
421,875 5.50 Salix Pharmaceuticals, Inc., Term Loan, 12/17/19 422,323
511,676 3.03 Valeant Pharmaceuticals International, Inc.,
Series C-2 Tranche B Term Loan, 12/11/19 512,031
213,198 3.50 Valeant Pharmaceuticals International,
Inc., Series D2 Term Loan B, 2/13/19 213,346
1,313,724 3.50 Valeant Pharmaceuticals International, Inc.,
Series E1 Tranche B Term Loan, 8/5/20 1,314,957
--------------
$ 8,601,839
--------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 9,727,369
------------------------------------------------------------------------------------------------
BANKS -- 0.1%
Thrifts & Mortgage Finance -- 0.1%
1,377,342 5.00 Ocwen Financial Corp., Initial Term
Loan, 1/15/18 $ 1,344,344
--------------
Total Banks $ 1,344,344
------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Other Diversified Financial Services -- 0.1%
386,589 3.50 AWAS Finance Luxembourg 2012 SA,
Term Loan, 7/16/18 $ 387,551
1,295,000 3.50 Delos Finance S.a.r.l., Tranche B
Term Loan, 2/27/21 1,298,561
1,546,307 4.50 Fly Funding II S.a.r.l., Term Loan, 8/9/18 1,554,038
491,250 5.00 Livingston International, Inc., Initial Term B-1
Loan (First Lien), 4/18/19 486,798
78,745 5.25 WorldPay, Facility B2A Term Loan, 8/6/17 79,254
--------------
$ 3,806,202
------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
1,003,913 4.25 Mirror BidCo Corp., New Incremental
Term Loan, 12/18/19 $ 1,002,866
595,500 3.25 SBA Senior Finance II LLC, Incremental
Tranche B-1 Term Loan, 3/31/21 593,214
--------------
$ 1,596,080
--------------
Total Diversified Financials $ 5,402,282
------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Insurance Brokers -- 0.0%+
1,085,150 4.25 USI Insurance Services LLC, Term B
Loan, 12/30/19 $ 1,079,724
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 91
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.0%+
458,599 3.75 CNO Financial Group, Inc., Tranche B2
Term Loan, 9/4/18 $ 460,021
------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.0%+
241,827 5.00 Alliant Holdings I, Inc., Initial Term Loan,
12/20/19 $ 242,079
------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.1%
492,389 5.75 Confie seguros Holding II Co., Term B
Loan (First Lien), 11/9/18 $ 491,363
962,813 5.75 Hyperion Insurance Group, Ltd., Term
Loan, 10/4/19 959,804
--------------
$ 1,451,167
--------------
Total Insurance $ 3,232,991
------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Mortgage REIT -- 0.1%
1,582,007 3.50 Starwood Property Trust, Inc., Term
Loan (First Lien), 4/17/20 $ 1,569,154
------------------------------------------------------------------------------------------------
Retail REIT -- 0.1%
1,710,500 5.50 DTZ U.S. Borrower, LLC, Initial Term
Loan, 10/28/21 $ 1,724,042
------------------------------------------------------------------------------------------------
Specialized REIT -- 0.0%+
984,969 3.25 The GEO Group, Inc., Term Loan, 4/3/20 $ 983,737
------------------------------------------------------------------------------------------------
Real Estate Services -- 0.0%+
985,084 4.50 Altisource Solutions S.a.r.l., Term B
Loan, 12/9/20 $ 724,037
--------------
Total Real Estate $ 5,000,970
------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.4%
Internet Software & Services -- 0.1%
954,022 3.25 Dealertrack Technologies, Inc.,
Term Loan, 2/27/21 $ 951,332
955,848 3.75 Vantiv LLC, Term B Loan, 6/12/21 961,217
--------------
$ 1,912,549
------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.1%
1,358,138 3.75 Booz Allen Hamilton, Inc., Refinance
Tranche B, 7/31/19 $ 1,366,344
294,724 4.50 Deltek, Inc., Term Loan (First Lien), 10/10/18 296,059
398,000 5.75 Evergreen Skills Lux S.a.r.l., Initial
Term Loan (First Lien), 4/23/21 393,920
227,700 4.50 PSAV Presentation Services, Tranche
B Term Loan (First Lien), 1/24/21 227,700
--------------
$ 2,284,023
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
92 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.1%
977,588 3.50 Genpact International, Inc., Term Loan, 8/30/19 $ 980,765
------------------------------------------------------------------------------------------------
Application Software -- 0.0%+
467,006 4.50 Epiq Systems, Inc., Term Loan, 8/27/20 $ 468,173
10,555 8.50 Expert Global Solutions, Inc., Term B
Advance (First Lien), 4/3/18 10,565
325,732 3.50 Verint Systems, Inc., Tranche B-2
Term Loan (First Lien), 9/6/19 325,936
--------------
$ 804,674
------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.1%
1,411,209 3.25 Activision Blizzard, Inc., Term Loan, 7/26/20 $ 1,419,147
1,455,882 5.25 Micro Focus International, Term Loan B, 10/7/21 1,459,825
--------------
$ 2,878,972
--------------
Total Software & Services $ 8,860,983
------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Communications Equipment -- 0.0%+
157,636 2.83 Commscope, Inc., Tranche 3 Term Loan, 1/21/17 $ 157,439
236,453 3.25 Commscope, Inc., Tranche 4 Term Loan, 1/14/18 236,501
--------------
$ 393,940
------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.0%+
977,273 4.75 Zebra Technologies, Term Loan B, 9/30/21 $ 989,896
------------------------------------------------------------------------------------------------
Electronic Components -- 0.1%
640,250 3.25 Belden Finance 2013 LP, Initial Term Loan, 9/9/20 $ 641,450
1,330,000 6.25 FCI -- Fidji Luxembourg Bc4 S.a.r.l.,
Term Loan, 12/19/20 1,334,156
--------------
$ 1,975,606
--------------
Total Technology Hardware & Equipment $ 3,359,442
------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.1%
1,492,500 3.50 Sensata Technologies BV, Third
Amendment, 10/8/21 $ 1,503,134
443,063 3.25 Sensata Technologies BV, Term Loan, 5/12/18 445,001
--------------
$ 1,948,135
------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%+
1,122,572 3.75 Avago Technologies Ltd., Tranche B
Term Loan (First Lien), 4/16/21 $ 1,126,291
131,461 3.25 Microsemi Corp., Term Loan (First Lien), 3/14/21 131,527
--------------
$ 1,257,818
--------------
Total Semiconductors &
Semiconductor Equipment $ 3,205,953
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 93
Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.3%
Integrated Telecommunication Services -- 0.2%
1,231,250 4.00 Cincinnati Bell, Inc., Tranche B
Term Loan, 9/10/20 $ 1,231,763
1,000,000 4.50 Level 3 Financing, Inc., Tranche B
2022, 1/31/22 1,006,518
1,004,821 3.25 West Corp., B-10 Term Loan (First Lien), 6/30/18 1,004,193
1,027,849 3.50 Windstream Corp., Tranche B-4 Term Loan, 1/8/20 1,028,491
706,988 3.50 Windstream Corp., Tranche B-5 Term Loan, 8/8/19 706,189
--------------
$ 4,977,154
------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
1,177,227 3.00 Crown Castle International Corp., Tranche B-2 Term
Loan (First Lien), 1/31/21 $ 1,176,049
660,000 4.75 GCI Holdings, Inc., Tranche B Term
Loan (First Lien), 12/22/21 663,300
267,407 4.50 Numericable U.S. LLC, Tranche B-1
Term Loan, 4/23/20 268,543
231,343 4.50 Numericable-SFR, Tranche B-2 Loan
(First Lien), 4/23/20 232,326
727,141 4.00 Syniverse Holdings, Inc., Tranche B
Term Loan, 4/23/19 689,572
--------------
$ 3,029,790
--------------
Total Telecommunication Services $ 8,006,944
------------------------------------------------------------------------------------------------
UTILITIES -- 0.4%
Electric Utilities -- 0.3%
2,730,906 4.75 Atlantic Power LP, Term Loan, 2/20/21 $ 2,747,974
1,179,000 3.00 Calpine Construction Finance Co., LP,
Term B-1 Loan, 5/3/20 1,165,183
1,350,000 5.25 Terra-Gen Finance Co., Term Loan, 11/26/21 1,358,438
1,595,935 3.75 Texas Competitive Electric Holdings Co., LLC, DIP
Delayed Draw Term Loan (2014), 5/5/16 1,606,109
--------------
$ 6,877,704
------------------------------------------------------------------------------------------------
Independent Power Producers
& Energy Traders -- 0.1%
756,297 4.00 Calpine Corp., Term Loan, 9/27/19 $ 759,343
453,462 4.00 Dynegy, Inc., Tranche B-2 Term Loan, 4/23/20 454,797
1,167,488 2.75 NRG Energy, Inc., Term Loan (2013), 7/1/18 1,163,678
1,545,425 3.75 NSG Holdings LLC, New Term Loan, 12/11/19 1,543,494
--------------
$ 3,921,312
--------------
Total Utilities $ 10,799,016
------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $196,077,767) $ 194,716,220
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
94 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 0.9%
Repurchase Agreements -- 0.4%
3,115,000 $3,115,000 Bank of Nova Scotia, 0.12%, dated
3/31/15 plus accrued interest on 4/1/15
collateralized by $3,177,313 Federal National
Mortgage Association, 2.5%, 11/1/27 $ 3,115,000
3,115,000 $3,115,000 RBC Capital Markets, Inc., 0.12%,
dated 3/31/15 plus accrued interest on 4/1/15
collateralized by the following:
$750,171 Federal National Mortgage
Association (ARM), 2.031-2.896%, 5/1/43-2/1/45
$2,427,130 Federal Home Loan
Mortgage Corp., 2.683%, 5/1/42 3,115,000
3,115,000 $3,115,000 TD Securities USA, Inc., 0.10%, dated
3/31/15 plus accrued interest on 4/1/15
collateralized by $3,177,300 Federal National
Mortgage Association, 4.0-5.0%, 7/1/37-12/1/44 3,115,000
--------------
$ 9,345,000
------------------------------------------------------------------------------------------------
Commercial Paper -- 0.5%
2,500,000 Dominion Resources, Inc.,
Commercial Paper, 4/20/15 (144A) (c) $ 2,499,670
2,500,000 0.60 Skandinaviska Enskilda Banken AB New York NY,
Floating Rate Note, 9/21/15 2,502,000
1,000,000 0.64 Sumitomo Mitsui Banking Corp.,
New York, Floating Rate Note, 4/1/15 1,000,000
1,715,000 0.00 Sumitomo Mitsui Banking Corp.,
New York, Floating Rate Note, 5/2/17 (d) 1,714,240
2,500,000 0.44 Svenska Handelsbanken New York NY,
Floating Rate Note, 8/17/16 2,500,950
--------------
$ 10,216,860
------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $19,559,843) $ 19,561,860
------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 100.3%
(Cost $2,504,097,073) (a) $2,501,078,035
------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- (0.3)% $ (6,292,810)
------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $2,494,785,225
================================================================================================
+ Rounds to less than 0.1%.
(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, 2015, the value of these securities
amounted to $773,995,614 or 31.0% of total net assets.
REIT Real Estate Investment Trust.
REMICS Real Estate Mortgage Investment Conduits.
(Cat Bond) Catastrophe bond is a high-yield debt instrument that is usually
insurance linked and meant to raise money in case of a catastrophe.
(PIK) Represents a pay-in kind security.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 95
Schedule of Investments | 3/31/15 (continued)
ARM Adjustable Rate Mortgage.
STRIPS Separate Trading of Registered Interest and Principal 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 rate of a 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, 2015, the net unrealized depreciation on investments
based on cost for federal income tax purposes of $2,508,807,367 was
as follows:
Aggregate gross unrealized appreciation for all
investments in which there is an excess of value over tax cost $ 7,773,793
Aggregate gross unrealized depreciation for all investments
in which there is an excess of tax cost over value (15,503,125)
------------
Net unrealized depreciation $ (7,729,332)
============
(b) Debt obligation with a variable interest rate. Rate shown is rate at
period end.
(c) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(d) Rate to be determined.
(e) Security is valued based on a formula approved by the Valuation
Committee of the Board of Trustees. At March 31, 2015, the aggregate
value of these securities amounted to $23,693,777, or 0.9% of total
net assets.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended March 31, 2015 aggregated $1,764,743,723 and $1,039,541,356,
respectively.
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 sit unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) 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.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services or broker-dealers)
as Level 3. See Notes to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
96 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
The following is a summary of the inputs used as of March 31, 2015, in valuing
the Fund's assets:
-----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------------
Preferred Stocks $ -- $ -- $ 2,507,460 $ 2,507,460
Asset Backed Securities -- 677,404,555 -- 677,404,555
Collateralized Mortgage
Obligations -- 777,513,949 -- 777,513,949
Corporate Bonds
Insurance
Reinsurance -- 110,114,121 21,186,317 131,300,438
All Other Corporate Bonds -- 621,015,107 -- 621,015,107
U.S. Government and
Agency Obligations -- 74,307,088 -- 74,307,088
Foreign Government Bonds -- 1,800,000 -- 1,800,000
Municipal Bonds -- 951,358 -- 951,358
Senior Floating Rate
Loan Interests -- 194,716,220 -- 194,716,220
Repurchase Agreements -- 9,345,000 -- 9,345,000
Commercial Paper -- 10,216,860 -- 10,216,860
-----------------------------------------------------------------------------------------------------
Total $ -- $2,477,384,258 $23,693,777 $2,501,078,035
=====================================================================================================
The following is a reconciliation of assets valued using significant observable
inputs (Level 3):
-----------------------------------------------------------------------------------------------------
Preferred Corporate
Stocks Bonds Total
-----------------------------------------------------------------------------------------------------
Balance as of 3/31/14 $ -- $ -- $ --
Realized gain (loss)(1) -- -- --
Change in unrealized appreciation
(depreciation)(2) 207,460 1,881,798 2,089,258
Purchases 2,300,000 22,610,519 24,910,519
Sales -- (3,306,000) (3,306,000)
Transfers in to Level 3* -- -- --
Transfers out of Level 3* -- -- --
-----------------------------------------------------------------------------------------------------
Balance as of 3/31/15 $2,507,460 $21,186,317 $23,693,777
=====================================================================================================
(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, 2015, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of
investments still held as of 3/31/15 $2,089,258
----------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 97
Statement of Assets and Liabilities | 3/31/15
ASSETS:
Investment in securities (cost $2,504,097,073) $2,501,078,035
Cash 2,884,457
Receivables --
Investment securities sold 1,677,297
Fund shares sold 14,992,491
Interest 4,520,252
Other assets 192,203
--------------------------------------------------------------------------------------------------
Total assets $2,525,344,735
==================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 17,535,986
Fund shares repurchased 11,879,716
Dividends 292,255
Due to affiliates 607,866
Accrued expenses 243,687
--------------------------------------------------------------------------------------------------
Total liabilities $ 30,559,510
==================================================================================================
NET ASSETS:
Paid-in capital $2,510,349,737
Distributions in excess of net investment income (4,409,447)
Accumulated net realized loss on investments (8,136,027)
Net unrealized depreciation on investments (3,019,038)
--------------------------------------------------------------------------------------------------
Total net assets $2,494,785,225
==================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $694,220,930/69,399,036 shares) $ 10.00
Class C (based on $594,282,838/59,484,572 shares) $ 9.99
Class C2 (based on $11,257,521/1,127,018 shares) $ 9.99
Class K (based on $5,090,608/508,532 shares) $ 10.01
Class Y (based on $1,188,107,358/118,743,083 shares) $ 10.01
Class Z (based on $1,825,970/183,433 shares) $ 9.95
MAXIMUM OFFERING PRICE:
Class A ($10.00/97.5%) $ 10.26
==================================================================================================
The accompanying notes are an integral part of these financial statements.
98 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
Statement of Operations
For the Year Ended 3/31/15
INVESTMENT INCOME:
Interest $39,120,420
-------------------------------------------------------------------------------------------------
Total investment income $39,120,420
-------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 7,880,789
Transfer agent fees and expenses
Class A 28,252
Class C 30,710
Class C2 228
Class Y 7,215
Class Z 304
Distribution fees
Class A 1,411,612
Class C 2,877,575
Class C2 39,188
Administrative reimbursement 703,208
Shareholder communication expense 1,648,427
Custodian fees 189,182
Registration fees 346,804
Professional fees 141,398
Printing expense 71,650
Fees and expenses of nonaffiliated Trustees 92,226
Pricing fees 65,171
Miscellaneous 349,129
-------------------------------------------------------------------------------------------------
Total expenses $15,883,068
-------------------------------------------------------------------------------------------------
Net investment income $23,237,352
-------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments $ (141,464)
Change in net unrealized depreciation on investments (9,437,084)
-------------------------------------------------------------------------------------------------
Net loss on investments $(9,578,548)
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $13,658,804
=================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 99
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Year Ended Year Ended
3/31/15 3/31/14
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 23,237,352 $ 15,145,546
Net realized gain (loss) on investments (141,464) 149,211
Change in net unrealized appreciation (depreciation)
on investments (9,437,084) (606,840)
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 13,658,804 $ 14,687,917
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.12 and $0.10 per share, respectively) $ (8,726,818) $ (4,647,335)
Class C ($0.09 and $0.07 per share, respectively) (5,456,629) (3,091,044)
Class C2 ($0.09 and $0.05 per share, respectively) (78,135) (8,210)
Class K ($0.14 and $0.13 per share, respectively) (29,911) (125)
Class Y ($0.14 and $0.12 per share, respectively) (16,320,776) (9,018,695)
Class Z ($0.13 and $0.13 per share, respectively) (68,790) (18,529)
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (30,681,059) $ (16,783,938)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 2,848,851,687 $ 2,307,738,408
Reinvestment of distributions 26,801,350 13,876,376
Cost of shares repurchased (2,430,043,835) (1,574,244,421)
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Fund
share transactions $ 445,609,202 $ 747,370,363
--------------------------------------------------------------------------------------------------
Net increase in net assets $ 428,586,947 $ 745,274,342
NET ASSETS:
Beginning of year 2,066,198,278 1,320,923,936
--------------------------------------------------------------------------------------------------
End of year $ 2,494,785,225 $ 2,066,198,278
--------------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (4,409,447) $ (3,720,388)
==================================================================================================
The accompanying notes are an integral part of these financial statements.
100 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
-----------------------------------------------------------------------------------------------
`15 Shares `15 Amount `14 Shares `14 Amount
-----------------------------------------------------------------------------------------------
Class A
Shares sold 83,933,411 $ 843,718,437 62,652,176 $ 630,767,493
Reinvestment of distributions 802,331 8,051,015 427,543 4,303,233
Less shares repurchased (72,000,258) (723,312,357) (44,233,206) (445,365,813)
-----------------------------------------------------------------------------------------------
Net increase 12,735,484 $ 128,457,095 18,846,513 $ 189,704,913
===============================================================================================
Class C
Shares sold 46,730,296 $ 468,963,898 56,870,669 $ 571,857,990
Reinvestment of distributions 537,145 5,379,841 303,017 3,046,361
Less shares repurchased (45,018,482) (451,628,403) (32,788,054) (329,711,220)
-----------------------------------------------------------------------------------------------
Net increase 2,248,959 $ 22,715,336 24,385,632 $ 245,193,131
===============================================================================================
Class C2*
Shares sold 977,969 $ 9,812,274 375,767 $ 3,776,660
Reinvestment of distributions 4,313 43,166 649 6,519
Less shares repurchased (223,142) (2,236,434) (8,538) (85,763)
-----------------------------------------------------------------------------------------------
Net increase 759,140 $ 7,619,006 367,878 $ 3,697,416
===============================================================================================
Class K
Shares sold 508,487 $ 5,104,776 -- $ --
Reinvestment of distributions 2,980 29,827 -- --
Less shares repurchased (3,926) (39,320) -- --
-----------------------------------------------------------------------------------------------
Net increase 507,541 $ 5,095,283 -- $ --
===============================================================================================
Class Y
Shares sold 150,302,046 $ 1,510,576,398 108,933,560 $1,097,365,036
Reinvestment of distributions 1,318,376 13,231,801 645,480 6,501,765
Less shares repurchased (123,502,586) (1,240,201,155) (79,299,296) (798,846,719)
-----------------------------------------------------------------------------------------------
Net increase 28,117,836 $ 283,607,044 30,279,744 $ 305,020,082
===============================================================================================
Class Z**
Shares sold 1,062,915 $ 10,675,904 395,076 $ 3,971,229
Reinvestment of distributions 6,556 65,700 1,840 18,498
Less shares repurchased (1,259,589) (12,626,166) (23,365) (234,906)
-----------------------------------------------------------------------------------------------
Net increase (decrease) (190,118) $ (1,884,562) 373,551 $ 3,754,821
===============================================================================================
* Class C2 shares commenced operations on August 1, 2013.
** Class Z shares commenced operations on April 1, 2013.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 101
Financial Highlights
---------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended 5/1/11
3/31/15 3/31/14 3/31/13 to 3/31/12
---------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.07 $ 10.08 $ 10.02 $ 10.00
---------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10 $ 0.10 $ 0.13 $ 0.12
Net realized and unrealized gain (loss) on investments (0.05) (0.01) 0.08 0.03
---------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.05 $ 0.09 $ 0.21 $ 0.15
---------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.12) $ (0.10) $ (0.15) $ (0.13)
---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.07) $ (0.01) $ 0.06 $ 0.02
----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.00 $ 10.07 $ 10.08 $ 10.02
==========================================================================================================
Total return* 0.54% 0.92% 2.14% 1.48%(a)
Ratio of net expenses to average net assets 0.63% 0.66% 0.72% 0.90%**
Ratio of net investment income (loss) to average net assets 0.95% 0.93% 0.94% 1.45%**
Portfolio turnover rate 45% 47% 101% 51%
Net assets, end of period (in thousands) $694,221 $570,468 $381,267 $48,160
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.63% 0.66% 0.72% 1.03%**
Net investment income (loss) to average net assets 0.95% 0.93% 0.94% 1.32%**
==========================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
102 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
----------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended 5/1/11
3/31/15 3/31/14 3/31/13 to 3/31/12
----------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.05 $ 10.07 $ 10.02 $ 10.00
----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.07 $ 0.08 $ 0.09 $ 0.05
Net realized and unrealized gain (loss) on investments (0.04) (0.03) 0.07 0.03
----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.03 $ 0.05 $ 0.16 $ 0.08
----------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.09) $ (0.07) $ (0.11) $ (0.06)
----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.06) $ (0.02) $ 0.05 $ 0.02
----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.99 $ 10.05 $ 10.07 $ 10.02
==========================================================================================================
Total return* 0.34% 0.54% 1.61% 0.82%(a)
Ratio of net expenses to average net assets 0.94% 0.97% 1.03% 1.75%**
Ratio of net investment income (loss) to average net assets 0.66% 0.62% 0.63% 0.52%**
Portfolio turnover rate 45% 47% 101% 51%
Net assets, end of period (in thousands) $594,283 $575,457 $330,828 $11,643
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.94% 0.97% 1.03% 1.87%**
Net investment income (loss) to average net assets 0.66% 0.62% 0.63% 0.40%**
==========================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 103
Financial Highlights (continued)
-----------------------------------------------------------------------------------
Year
Ended 8/1/13
3/31/15 to 3/31/14
-----------------------------------------------------------------------------------
Class C2
Net asset value, beginning of period $ 10.05 $10.04
-----------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.06 $ 0.07
Net realized and unrealized gain (loss) on investments (0.03) (0.01)
-----------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.03 $ 0.06
-----------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.09) $(0.05)
-----------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.06) $ 0.01
-----------------------------------------------------------------------------------
Net asset value, end of period $ 9.99 $10.05
===================================================================================
Total return* 0.33% 0.56%(a)
Ratio of net expenses to average net assets 0.95% 0.99%**
Ratio of net investment income (loss) to average
net assets 0.66% 0.68%**
Portfolio turnover rate 45% 47%
Net assets, end of period (in thousands) $11,258 $3,699
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.95% 0.99%**
Net investment income (loss) to average net assets 0.66% 0.68%**
===================================================================================
* 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.
** Annualized.
(a) Not Annualized.
The accompanying notes are an integral part of these financial statements.
104 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
---------------------------------------------------------------------------------
Year Year
Ended Ended 12/20/12
3/31/15 3/31/14 to 3/31/13
---------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $10.07 $10.08 $10.09
---------------------------------------------------------------------------------
Increase (decrease) from
investment operations:
Net investment income (loss) $ 0.14 $ 0.12 $ 0.03
Net realized and unrealized gain (loss)
on investments (0.06) (0.00)(a) 0.01
----------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ 0.08 $ 0.12 $ 0.04
---------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $(0.14) $(0.13) $(0.05)
---------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.06) $(0.01) $(0.01)
---------------------------------------------------------------------------------
Net asset value, end of period $10.01 $10.07 $10.08
=================================================================================
Total return* 0.83% 1.16% 0.43%(b)
Ratio of net expenses to average net assets 0.41% 0.41% 0.53%**
Ratio of net investment income (loss) to
average net assets 1.28% 1.19% 1.25%**
Portfolio turnover rate 45% 47% 101%
Net assets, end of period (in thousands) $5,091 $ 10 $ 10
Ratios with no waiver of fees and assumption
of expenses by the Adviser and no reduction
for fees paid indirectly:
Total expenses to average net assets 0.41% 0.41% 0.53%**
Net investment income (loss) to
average net assets 1.28% 1.19% 1.25%**
=================================================================================
* 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.
** Annualized.
(a) Amount rounds to less than $0.01 or $(0.01) per share.
(b) Not Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 105
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended 5/1/11
3/31/15 3/31/14 3/31/13 to 3/31/12
-----------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.07 $ 10.09 $ 10.03 $ 10.00
-----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.11 $ 0.12 $ 0.14 $ 0.14
Net realized and unrealized gain (loss) on investments (0.03) (0.02) 0.09 0.04
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.08 $ 0.10 $ 0.23 $ 0.18
-----------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.14) $ (0.12) $ (0.17) $ (0.15)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.06) $ (0.02) $ 0.06 $ 0.03
-----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.01 $ 10.07 $ 10.09 $ 10.03
===========================================================================================================
Total return* 0.79% 0.99% 2.35% 1.79%(a)
Ratio of net expenses to average net assets 0.51% 0.54% 0.55% 0.67%**
Ratio of net investment income (loss) to average net assets 1.08% 1.05% 1.11% 1.72%**
Portfolio turnover rate 45% 47% 101% 51%
Net assets, end of period (in thousands) $1,188,107 $912,810 $608,818 $99,533
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.51% 0.54% 0.55% 0.80%**
Net investment income (loss) to average net assets 1.08% 1.05% 1.11% 1.59%**
===========================================================================================================
* 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.
** Annualized.
(a) Not Annualized.
The accompanying notes are an integral part of these financial statements.
106 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
---------------------------------------------------------------------------------------
Year
Ended 4/1/13
3/31/15 to 3/31/14
---------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $10.05 $10.08
---------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.00(a) $ 0.14
Net realized and unrealized gain (loss) on investments 0.03 (0.04)
---------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.03 $ 0.10
---------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $(0.13) $(0.13)
---------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.10) $(0.03)
---------------------------------------------------------------------------------------
Net asset value, end of period $ 9.95 $10.05
=======================================================================================
Total return* 0.30% 1.00%(b)
Ratio of net expenses to average net assets 0.74% 0.60%**
Ratio of net investment income (loss) to average
net assets 0.81% 0.99%**
Portfolio turnover rate 45% 47%
Net assets, end of period (in thousands) $1,826 $3,754
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.74% 0.60%**
Net investment income (loss) to average net assets 0.81% 0.99%**
=======================================================================================
* 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.
** Annualized.
(a) Amount rounds to less than $0.01 or $(0.01) per share.
(b) Not Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 107
Notes to Financial Statements | 3/31/15
1. Organization and Significant Accounting Policies
Pioneer Multi-Asset Ultrashort Income Fund (formerly known as Pioneer
Multi-Asset Floating Rate 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. Prior to December 1, 2013, the investment objective of
the Fund was to seek a high level of current income. Capital appreciation was a
secondary objective.
The Fund offers six classes of shares designated as Class A, Class C, Class C2,
Class K, Class Y and Class Z shares. Class A, Class C and Class Y shares were
commenced operations on April 29, 2011. Class K shares commenced operations on
December 20, 2012. Class Z shares commenced operations on April 1, 2013. Class
C2 shares commenced operations on August 1, 2013. 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 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, Class Y, or Class Z
shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, 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.
108 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
The following is a summary of significant accounting policies followed by
the Fund in the preparation of its financial statements, which are
consistent with those policies generally accepted in the investment company
industry:
A. Security Valuation Security transactions are recorded as of trade date. 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. Senior floating rate loan interests (senior loans) 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 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. Fixed
income securities are valued at 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. Valuations may be supplemented by dealers and other sources,
as required. Shares of money market mutual funds are valued at such funds'
net asset value. Cash may include overnight time deposits at approved
financial institutions.
Securities or senior loans for which independent pricing services 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, pursuant to
procedures adopted by the Fund's Board of Trustees. PIMs 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.
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.
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.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 109
At March 31, 2015, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services or broker dealers).
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.
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. 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
gain and loss 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.
110 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
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 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, 2015, 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. generally accepted accounting principles.
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, 2015, the Fund reclassified $6,754,648 to decrease distributions
in excess of net investment income and $6,754,648 to increase accumulated
net realized loss on investments to reflect permanent book/tax differences.
These adjustments have no impact on net assets or the results of
operations.
At March 31, 2015, the Fund was permitted to carry forward indefinitely
$8,135,597 of short-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,
2015 and March 31, 2014 were as follows:
----------------------------------------------------------------------------
2015 2014
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $30,681,059 $16,783,938
----------------------------------------------------------------------------
Total $30,681,059 $16,783,938
============================================================================
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 111
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2015:
----------------------------------------------------------------------------
2015
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 592,672
Capital loss carryforward (8,135,597)
Dividends payable (292,255)
Unrealized depreciation (7,729,332)
----------------------------------------------------------------------------
Total $(15,564,512)
============================================================================
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.
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 S.p.A.
(UniCredit), earned $12,342 in underwriting commissions on the sale of
Class A shares during the year ended March 31, 2015.
G. 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, Class Y and Class Z shares do not pay
distribution fees. All expenses and fees paid to the transfer agent,
Pioneer Investment Management Shareholder Services, Inc. (PIMSS), for its
services are allocated among the classes of shares based on the number of
accounts in each class and the ratable allocation of related out-of-pocket
expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class C, Class C2, Class K, Class Y
and Class Z shares can reflect different transfer agent and distribution
expense rates.
112 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
H. Risks
When interest rates rise, the prices of fixed-income securities in the Fund
will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities in the Fund will generally rise. Investments in the
Fund are subject to possible loss due to the financial failure of issuers
of underlying securities and the issuers' inability to meet their debt
obligations. 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. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (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.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, 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. Prior to January 1, 2012, the Fund paid management fees
calculated at the annual rate of 0.40% of the Fund's average daily net assets up
to $1 billion and 0.35% on assets over $1 billion. For the year ended March 31,
2015, the effective management fee (excluding waivers and/or assumption of
expenses) was equivalent to 0.32% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.15% of the average daily net assets
attributable to Class C2 shares. Fees waived and expenses reimbursed during the
year ended March 31, 2015 are reflected on the Statement of Operations. The
expense limitation is in effect through August 1, 2015. 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
$93,246 in management fees, administrative costs and certain other
reimbursements payable to PIM at March 31, 2015.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 113
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended March 31, 2015, such out-of-pocket expenses by class of shares
were as follows:
---------------------------------------------------------------------------------
Shareholder Communications:
---------------------------------------------------------------------------------
Class A $ 201,057
Class C 172,500
Class C2 3,560
Class K 9
Class Y 1,252,000
Class Z 19,301
---------------------------------------------------------------------------------
Total $1,648,427
=================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $466,221 in transfer agent fees and out-of-pocket reimbursements
payable from PIMSS at March 31, 2015.
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, 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. Prior to July 1, 2012, the Fund paid PFD 0.25% of the average daily
net assets attributable to Class A shares and 1.00% of the average daily net
assets attributable to Class C shares. Included in "Due to affiliates" reflected
on the Statement of Assets and Liabilities is $48,399 in distribution fees
payable to PFD at March 31, 2015.
114 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
In addition, redemptions of each class of shares (except Class K, Class Y and
Class Z 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 C shares purchased
prior to July 1, 2012 and 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. For
Class C shares purchased on or after July 1, 2012, no contingent deferred sales
charge is charged. There is no CDSC for Class K, Class Y and Class Z shares.
Proceeds from the CDSCs are paid to PFD. For the year ended March 31, 2015,
CDSCs of $404,209 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS, which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended March 31, 2015, the Fund's expenses were
not reduced under such arrangements.
6. 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 effect As of February 11, 2015 is in the amount of $215
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%
(0.85% as of February 12, 2014) 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 the
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, 2015, the Fund had no borrowings under the credit facility.
7. Change in Independent Registered Public Accounting Firm
The Board of Trustees of the Fund, with the approval and recommendation of the
Audit Committee, has appointed Deloitte & Touche LLP to serve as the Fund's
independent registered public accounting firm for the fiscal year ending March
31, 2015. Deloitte & Touche LLP replaces Ernst & Young LLP, which
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 115
resigned as the Fund's independent registered public accounting firm, effective
upon completion of the audit of the Fund's financial statements for the fiscal
year ended March 31, 2014.
During the periods that Ernst & Young LLP served as the Fund's independent
registered public accounting firm, including the Fund's fiscal years ended March
31, 2014 and March 31, 2013, Ernst & Young LLP's reports on the financial
statements of the Fund 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 Ernst &
Young 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 Ernst & Young LLP would have caused Ernst & Young 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.
8. Subsequent Event
PIM, the Fund's investment adviser, is currently an indirect, wholly-owned
subsidiary of UniCredit. On April 23, 2015, UniCredit announced that it signed a
preliminary and exclusive agreement with Banco Santander and affiliates of
Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to
Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
Pursuant to the preliminary agreement, the Transaction will entail the
establishment of a holding company, with the name Pioneer Investments, to be
owned by UniCredit (50%) and the Private Equity Firms (50% between them). The
holding company will control Pioneer's U.S. operations, including the Adviser.
The holding company also will own 66.7% of Pioneer's and SAM's combined
operations outside the U.S., while Banco Santander will own directly the
remaining 33.3% stake. The completion of the Transaction is subject to the
signing of a definitive agreement, as well as certain regulatory and corporate
approvals, and other conditions.
Under the Investment Company Act of 1940, completion of the Transaction will
cause the Fund's investment advisory agreement with the Adviser to terminate. In
connection with the Transaction, the Fund's Board of Trustees will be asked to
approve a new investment advisory agreement for the Fund. If approved by the
Board, the Fund's new investment advisory agreement will be submitted to the
shareholders of the Fund for their approval.
116 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
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 portfolios constituting Pioneer Series Trust X), as of March
31, 2015, and the related statements of operations, changes in net assets, and
the financial highlights for the year then ended. These financial statements and
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 audit. The statement of changes in net assets
of the Fund for the year ended March 31, 2014, and the financial highlights for
the years ended March 31, 2014, 2013, 2012, and 2011 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 audit 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 audit 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, 2015, 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 audit
provides 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, 2015, the results of
its operations, changes in its net assets and financial highlights for the year
then ended, in conformity with accounting principles generally accepted in the
United States of America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
May 22, 2015
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 117
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 71.34%.
118 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
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
Pioneer Investment Management Shareholder 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 52 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 Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 119
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 (64) Trustee since 2011. Private investor (2004 - 2008 and Director, Broadridge Financial
Chairman of the Board and Serves until a successor 2013 - present); Chairman (2008 - Solutions, Inc. (investor
Trustee trustee is elected or 2013) and Chief Executive Officer communications and securities
earlier retirement or (2008 - 2012), Quadriserv, Inc. processing provider for financial
removal. (technology products for securities services industry) (2009 -
lending industry); and Senior present); Director, Quadriserv,
Executive Vice President, The Bank of Inc. (2005 - 2013); and
New York (financial and securities Commissioner, New Jersey State
services) (1986 - 2004) Civil Service Commission (2011 -
present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (71) Trustee since 2011. Managing Partner, Federal City Director of New York Mortgage
Trustee Serves until a successor Capital Advisors (corporate advisory Trust (publicly-traded mortgage
trustee is elected or services company) (1997 - 2004 and REIT) 2004 - 2009, 2012 - present);
earlier retirement or 2008 - present); Interim Chief Director (of The Swiss Helvetia
removal. Executive Officer, Oxford Analytica, Fund, Inc. (closed-end fund)
Inc. (privately-held research and (2010 - present); Director of
consulting company) (2010); Executive Oxford Analytica, Inc.
Vice President and Chief Financial (2008 - present); and Director of
Officer, I-trax, Inc. (publicly traded Enterprise Community Investment,
health care services company) (2004 - Inc. (privately-held affordable
2007); and Executive Vice President housing finance company)
and Chief Financial Officer, Pedestal (1985 - 2010)
Inc. (internet-based mortgage trading
company) (2000 - 2002); Private
consultant (1995 - 1997), Managing
Director, Lehman Brothers (investment
banking firm) (1992 - 1995); and
Executive, The World Bank (1979 -
1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (70) Trustee since 2011. William Joseph Maier Professor of Trustee, Mellon Institutional
Trustee Serves until a successor Political Economy, Harvard University Funds Investment Trust and
trustee is elected or (1972 - present) Mellon Institutional
earlier retirement or Funds Master Portfolio (oversaw
removal. 17 portfolios in fund complex)
(1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
20 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------------------------------------
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 (67) Trustee since 2011. Founding Director, Vice President and None
Trustee Serves until a successor Corporate Secretary, The Winthrop
trustee is elected or Group, Inc. (consulting firm) (1982 -
earlier retirement or present); Desautels Faculty of
removal. 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 (66) Trustee since 2011. President and Chief Executive Officer, Director of New America High
Trustee Serves until a successor Newbury, Piret & Company, Inc. Income Fund, Inc. (closed-end
trustee is elected or (investment banking firm) (1981 - investment company) (2004 -
earlier retirement or present) present); and Member,
removal. Board of Governors, Investment
Company Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (68) Trustee since 2014. Consultant (investment company None
Trustee Serves until a successor services) (2012 - present); Executive
trustee is elected or Vice President, BNY Mellon (financial
earlier retirement or and investment company services)
removal. (1969 - 2012); Director, BNY
International Financing Corp.
(financial services) (2002 - 2012);
and Director, Mellon Overseas
Investment Corp. (financial services)
(2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 121
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 (56)* Trustee since 2014. Director and Executive Vice President None
Trustee Serves until a (since 2008) and Chief Investment
successor trustee is Officer, U.S. (since 2010) of PIM-USA;
elected or earlier Executive Vice President of Pioneer
retirement or removal. (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.
122 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
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 (58)** Advisory Trustee Chief Investment Officer, 1199 SEIU None
Advisory Trustee since 2014. Funds (healthcare workers union
pension funds) (2001 - present); Vice
President - International Investments
Group, American International Group,
Inc. (insurance company) (1993 -
2001); Vice President Corporate
Finance and Treasury Group, Citibank,
N.A.(1980 - 1986 and 1990 - 1993);
Vice President - Asset/Liability
Management Group, Federal Farm
Funding Corporation
(government-sponsored issuer of debt
securities) (1988 - 1990); Mortgage
Strategies Group, Shearson Lehman
Hutton, Inc. (investment bank) (1987
- 1988); and Mortgage Strategies
Group, Drexel Burnham Lambert, Ltd.
(investment bank) (1986 - 1987)
------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 123
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 (53) Since 2014. Serves Chair, Director, CEO and President None
President and Chief at the discretion of of Pioneer Investment Management-USA
Executive Officer the Board. (since September 2014); Chair,
Director, CEO and President of
Pioneer Investment Management, Inc.
(since September 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 (50) Since 2011. Serves Vice President and Associate General None
Secretary and Chief at the discretion of Counsel of Pioneer since January
Legal Officer the Board. 2008; Secretary and Chief Legal
Officer of all of the Pioneer Funds
since June 2010; Assistant Secretary
of all of the Pioneer Funds from
September 2003 to May 2010; and Vice
President and Senior Counsel of
Pioneer from July 2002 to December
2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (54) Since 2011. Serves at Fund Governance Director of Pioneer None
Assistant Secretary the discretion of the since December 2006 and Assistant
Board. 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 (52) Since 2011. Serves at Senior Counsel of Pioneer since May None
Assistant Secretary the discretion of the 2013 and Assistant Secretary of all
Board. the Pioneer Funds since June 2010;
and Counsel of Pioneer from June
2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (55) Since 2011. Serves at Vice President - Fund Treasury of None
Treasurer and Chief the discretion of the Pioneer; Treasurer of all of the
Financial and Board. Pioneer Funds since March 2008;
Accounting Officer Deputy Treasurer of Pioneer from
March 2004 to February 2008; and
Assistant Treasurer of all of the
Pioneer Funds from March 2004 to
February 2008
------------------------------------------------------------------------------------------------------------------------------------
124 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------------------------------------
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 (49) Since 2011. Serves at Director - Fund Treasury of Pioneer; None
Assistant Treasurer the discretion of the and Assistant Treasurer of all of
Board. the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (56) Since 2011. Serves at Fund Accounting Manager - Fund None
Assistant Treasurer the discretion of the Treasury of Pioneer; and Assistant
Board. Treasurer of all of the Pioneer
Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (35) Since 2011. Serves at Fund Administration Manager - Fund None
Assistant Treasurer the discretion of the Treasury of Pioneer since November
Board. 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 (62) Since 2011. Serves at Chief Compliance Officer of Pioneer None
Chief Compliance Officer the discretion of the and of all the Pioneer Funds since
Board. 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 (44) Since 2011. Serves at Director - Transfer Agency None
Anti-Money Laundering the discretion of the Compliance of Pioneer and Anti-Money
Officer Board. Laundering Officer of all the
Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 125
This page for your notes.
126 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
This page for your notes.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 127
This page for your notes.
128 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
This page for your notes.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 129
This page for your notes.
130 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
This page for your notes.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 131
This page for your notes.
132 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
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:
--------------------------------------------------------------------------------
PIMSS, Inc.
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) 2015 Pioneer Investments 25671-03-0515
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.
Audit Fees
The audit services provided to the Trust were totaled
approximately $109,694 payable to Deloitte & Touche
LLP for the year ended March 31, 2015 and $91,847
were paid to the former auditor, Ernst & Young LLP
for the year ended March 31, 2014.
(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 and Other Fees
There were no audit related fees and other fees for
the Trust payable to Deloitte & Touche LLP for
the year ended March 31, 2015 and no audit related
fees and other fees were paid to the former auditor,
Ernst & Young LLP for the year ended March 31, 2014.
(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.
Tax Fees
Fees for tax compliance services, primarily for tax
returns, totaled approximately $22,950 payable to
Deloitte & Touche LLP for the year ended March 31,
2015 and $24,393 were paid to the former auditor,
Ernst & Young LLP for the year ended March 31, 2014.
(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.
Audit-Related Fees and Other Fees
There were no audit related fees and other fees for
the Trust payable to Deloitte & Touche LLP for
the year ended March 31, 2015 and no audit related
fees and other fees were paid to the former auditor,
Ernst & Young LLP for the year ended March 31, 2014.
(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, 2015
and 2014, there were no services provided to an affiliate
that required the Trust's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Trust were $22,950
payable to Deloitte & Touche LLP for the year ended
March 31, 2015 and $24,393 were paid to the former
auditor, Ernst & Young LLP for the year ended March 31,
2014.
The Trust'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.
(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 29, 2015
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 29, 2015
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date May 29, 2015
* Print the name and title of each signing officer under his or her signature.