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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, 2013 through March 31, 2014
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Dynamic
Credit Fund
(Formerly Pioneer Absolute Return Credit Fund.)*
--------------------------------------------------------------------------------
Annual Report | March 31, 2014
--------------------------------------------------------------------------------
Ticker Symbols:
Class A RCRAX
Class C RCRCX
Class Y RCRYX
Class Z ARCZX**
* Effective June 17, 2013, Pioneer Absolute Return Credit
Fund was renamed Pioneer Dynamic Credit Fund.
** Share class was first publicly offered on April 2, 2013.
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 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 78
Notes to Financial Statements 86
Report of Independent Registered Public Accounting Firm 98
Approval of Investment Advisory Agreement 100
Trustees, Officers and Service Providers 105
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 1
President's Letter
Dear Shareowner,
A few months into 2014, we still expect U.S. economic growth for the year to be
in the 2.5% to 3% range, despite some weaker economic data releases during the
winter months driven in large part by harsh weather across much of the
continental U.S. While unemployment remains high, employment has been rising
steadily. Consumer incomes, savings, wealth, and debt-servicing capacity have
been solid buttresses for the recovering housing and auto industries. Industrial
activity is growing only moderately, but current corporate profits are generally
solid and balance sheets appear able to support needed capital spending and
dividend* payouts. A modestly improving European economy and continuing economic
improvement in Japan appear likely to result in improving global growth in 2014,
further supporting the U.S. economy. In addition, we feel that continuing slack
in labor markets and capacity utilization offer the potential for continuing
growth without bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve System
(the Fed) has begun scaling back its QE (quantitative easing) program, but
short-term interest rates remain near zero, and while Fed Chair Janet Yellen has
suggested that rates may be raised roughly six months after the QE program is
fully tapered, that would still place the potential rate hike sometime in 2015.
There are certainly risks and uncertainties still facing the global economy as
2014 moves along. The European economy, while improving, remains weak, the
Japanese economy faced a tax hike this spring, and a number of emerging market
countries are experiencing difficulties. There are also geopolitical worries
abroad, such as Russia's aggressive move against the Ukraine, and more potential
political fights at home, especially during a mid-term election year. While most
of the widely recognized risks we have outlined may already be "priced into" the
market, we believe investors should continue to expect market volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
* Dividends are not guaranteed.
2 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in equity and bond markets, using in-depth research to identify undervalued
individual securities, and using thoughtful risk management to construct
portfolios which seek to balance potential risks and rewards in an ever-changing
world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
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 | 3/31/14 3
Portfolio Management Discussion | 3/31/14
High-yield corporate bonds and other credit-sensitive securities staged a brisk
comeback in the second half of the 12-month period ended March 31, 2014. As a
result, they ended up delivering healthy returns for the full period, overcoming
the effects of earlier worries about the Federal Reserve's (Fed's) monetary
policy and concerns about the durability of the domestic economic recovery. In
the following interview, Michael Temple, Andrew Feltus, and Chin Liu discuss the
factors that influenced the performance of Pioneer Dynamic Credit Fund (formerly
Pioneer Absolute Return Credit Fund)* during the 12-month period. Mr. Temple, a
senior vice president, portfolio manager, and Director of Fixed-Income Credit
Research at Pioneer, and Mr. Feltus, Director of High Yield and Bank Loans, a
senior vice president and a portfolio manager at Pioneer, are responsible for
the day-to-day implementation of the Fund's investment strategies. Mr. Liu, a
quantitative research analyst at Pioneer, provides investment management support
to Mr. Feltus and Mr. Temple in implementing the portfolio's hedging strategies.
Q How did the Fund perform during the 12-month period ended March 31, 2014?
A Pioneer Dynamic Credit Fund's Class A shares returned 2.95% during the
12-month period ended March 31, 2014, while the Fund's benchmark, the
Bank of America Merrill Lynch (BofA ML) U.S. Dollar 3-Month LIBOR Index,
returned 0.27%. During the same period, the average return of the 133
mutual funds in Lipper's Alternative Credit Focus Funds category was 1.13%,
and the average return of the 251 mutual funds in Morningstar's
Non-Traditional Bond Funds category was 0.34%.
Q How would you describe the investment environment for fixed-income
securities during the 12-month period ended March 31, 2014?
A While the environment for credit-sensitive securities was challenging
during the first half of the Fund's fiscal year (April 2013 through
September 2013), the backdrop improved noticeably in the second half. Early
in the period, the bond market became volatile in reaction to the May 2013
suggestion by then-Fed Chair Ben Bernanke that the Fed might begin tapering
its quantitative easing (QE) bond-buying program, thus withdrawing some
monetary stimulus from the economy. The suggestion raised fears of rising
interest rates, which became a self-fulfilling prophecy and led to a
sell-off of the fixed-income markets in the second calendar quarter of
2013. Investors also began to worry about the vitality of the
4 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
domestic economic recovery as new-job creation continued to be weak and
corporate profit gains appeared to slow. In that environment, fixed-income
investments in general produced lackluster returns, with credit-sensitive
securities particularly hard hit on worries about potentially slowing
economic growth.
The fears abated and the market for credit-sensitive securities recovered
in the second half of the 12-month period, as more evidence accumulated
that the U.S. economy was gathering strength. Improving employment and
housing trends were some of the encouraging economic signs, and inflation,
meanwhile, remained in check. Investors also began to anticipate that any
monetary tightening by the Fed - based on follow-up statements made by Mr.
Bernanke after his "tapering" comments in May 2013 - would be done
gradually and in response to new evidence of economic strengthening.
Moreover, the transition of leadership at the Fed in early 2014 from Mr.
Bernanke to new Chair Janet Yellen appeared to signal confirmation of a
gradual evolution of monetary policy rather than an abrupt change. The Fed
ended up delaying its official announcement regarding the tapering of QE
until December of 2013, and began reducing its monthly bond purchases in
2014, with the eventual goal being to fully draw down the QE program by the
end of the current calendar year.
On the political front, a late-2013 bipartisan agreement establishing
top-line Federal spending levels for the next two fiscal years seemed to,
temporarily at least, put an end to the constant bickering between
Democrats and Republicans in Washington over the nation's fiscal course,
and that news also buoyed market sentiment. In addition, investors were
encouraged that fiscal policy would be less of a factor holding back the
economy's growth potential, as spending cuts at the Federal level
("sequestration") were slated to be eased as part of the bipartisan budget
agreement. Also, the threat that American military forces might be drawn
into battle over control of Syria also declined as the period progressed,
although new worries emerged during the winter of 2014, late in the period,
as tensions over Russia's aggressive moves against the Ukraine escalated.
As the markets grew calmer, high-yield and investment-grade corporate bonds
as well as most other credit-sensitive securities tended to perform well,
while U.S. Treasuries and government agency debt came under pressure when
market interest rates for most maturities rose. Yield spreads (the
differences in yields between credit-sensitive debt and Treasuries of
similar maturity) also tightened as the credit sectors outperformed.
Outside the U.S., growth trends appeared to be improving both in Europe and
Japan, although China and the emerging markets clearly tailed off during
the period. The European economy responded well to monetary support from
the European Central Bank and the accompanying relaxation
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 5
of fiscal constraints that had helped to dampen growth. In Japan,
meanwhile, the loosening of both monetary and fiscal policy had helped
stimulate the country's economy, even in the face of disappointing
structural reforms and impending tax increases in 2014. The worries about
slowing growth in China had repercussions in many of the emerging markets,
mainly due to the effects of declining commodity prices. Currencies of
emerging markets economies dependent on the flow of capital from the United
States also became more volatile amid worries about looming monetary
tightening by the Fed.
During this period of changing sentiment in the bond market, the domestic
equity market generally performed well, with most stock market indices
recording total returns of 20% or more over the full 12-month period.
Q What were your principal strategies during the 12-month period ended March
31, 2014?
A We emphasized credit-sensitive securities in the Fund's investment
portfolio, while continuing to use hedging strategies to attempt to limit
portfolio risks. The focus on the credit sectors, combined with successful
allocation decisions across the different types of securities, helped the
Fund's performance relative to the BofA ML Index as well as the Lipper
competitive funds group. At the same time, we used derivatives as a way to
reduce volatility in the Fund, which was an important factor as market
sentiments and trends changed abruptly during the full fiscal year ended
March 31, 2014.
When investing the portfolio in the credit sectors, we favored lower-rated
groups, notably high-yield corporate bonds, bank loans, and convertible
bonds. At the end of the 12-month period, for example, more than 25% of the
Fund's assets were invested in high-yield corporates, while nearly 17% of
assets were allocated to floating-rate bank loans, and nearly 8% of assets
were invested in convertible bonds.
We also kept the portfolio's duration, which is a measure of
price-sensitivity to changes in interest rates, relatively short, which
helped performance during a period in which interest rates showed
volatility, with Treasury rates advancing over the full 12 months. At the
end of the period, the effective duration of the portfolio's investments
was 2.33 years.
Q How did the Fund's hedging strategies affect performance during the
12-month period ended March 31, 2014?
A We sought to hedge risks in the portfolio by employing derivative
securities, which particularly helped the Fund's performance when the
markets became volatile during the late spring and early summer of 2013 in
the wake of Mr. Bernanke's initial "tapering" comments. Normally, one of
our derivative
6 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
tactics is to invest the portfolio in U.S. Treasury futures to help hedge
against the risk of rising interest rates. However, because Treasury
securities were a source of volatility in the market over the period, we
instead decided to hedge portfolio positions in high-yield corporate bonds.
This proved a successful strategy when high-yield debt fell into disfavor
in mid-2013. We also invested in contracts that shorted the equity market.
This tactic is designed to provide protection when both stocks and
corporate bonds move down in price, as they did in mid-2013. Finally, we
used volatility contracts as another hedge in the portfolio. Such contracts
are based on investors' expectations about the direction and intensity of
stock market trends. While the shorting of the equity market and the use of
volatility contracts did help to dampen price fluctuations when the equity
market declined, they also carried costs which tended to hold back the
Fund's results.
Q Which types of investments had noteworthy effects on the Fund's performance
during the 12-month period ended March 31, 2014?
A The Fund's exposures to convertibles, high-yield corporate bonds and
catastrophe bonds all had significant positive effects on results during
the period. However, the Fund's large cash position did act as a drag on
potential performance. We kept the cash position in order to maintain the
ability to invest opportunistically as well as to reduce portfolio
volatility.
Among individual investments, one very good performer in the portfolio was
the debt of insurance broker Hub International. Also, even though the
portfolio's overweight in energy industry bonds was a slight performance
detractor, the Fund saw strong results from the bonds of several energy
companies, including: independent oil and natural gas producers Penn
Virginia and SandRidge; as well as Samson, an oil and natural gas
exploration company.
On the negative side, the bonds of James River Coal defaulted during the
period as the company was hurt by declining demand for coal.
Q What is your investment outlook?
A We foresee improved growth trends in the U.S. as well as globally, which
should bode well for credit-sensitive securities in general. We feel that
the continuing economic recovery should help sustain profit growth,
buttress corporate balance sheets and enable companies to meet their debt
obligations. We think default rates should remain low by historical
standards. In the future, however, we believe good portfolio performance is
likely to be even more dependent upon security selection, rather than on
broad asset allocation decisions. We think this may bode well for Pioneer's
investment style, as we rely heavily on fundamental analysis of individual
corporations and securities.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 7
Because of our concern about the potential for further interest-rate
increases, which could reduce bond prices, we expect to keep the Fund's
duration short to limit any possible negative effects.
While we remain cautious in our security selection for the portfolio, we
still believe that lower-rated credits have the potential to outperform
higher-quality securities.
* Note to Shareholders: Effective June 17, 2013, Pioneer Absolute Return
Credit Fund was renamed Pioneer Dynamic Credit Fund.
Please refer to the Schedule of Investments on pages 18-77 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 (ETFs and unit investment trusts). 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 employ leverage, which increases the
volatility of investment returns and subjects the Fund to magnified losses if an
underlying fund's investments decline in value.
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 | 3/31/14
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 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.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
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. These statements should
not be relied upon for any other purposes.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 9
Portfolio Summary | 3/31/14
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 32.1%
Senior Secured Loans 18.7%
International Corporate Bonds 18.3%
Collateralized Mortgage Obligations 11.0%
Convertible Corporate Bonds 7.5%
Asset Backed Securities 3.1%
U.S. Preferred Stocks 2.3%
U.S. Government Securities 2.2%
Municipal Bonds 2.0%
Convertible Preferred Stocks 1.2%
International Preferred Stocks 1.0%
Foreign Government Bonds 0.6%
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio; based on S&P ratings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
AAA 2.6%
AA 0.7%
A 2.4%
BBB 8.9%
BB 24.6%
B 34.4%
CCC 8.7%
Not Rated 8.8%
Cash Equivalents 8.9%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Fannie Mae Pool, 4.0%, 4/10/14 0.76%
--------------------------------------------------------------------------------------------
2. Fannie Mae, 3.5%, 5/12/14 0.55
--------------------------------------------------------------------------------------------
3. Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.273%, 12/11/38 0.45
--------------------------------------------------------------------------------------------
4. JBS Investment Management, Ltd., 7.25%, 4/3/24 0.44
--------------------------------------------------------------------------------------------
5. CD 2005-CD1 Commercial Mortgage Trust, Floating Rate Note, 7/15/44 0.43
--------------------------------------------------------------------------------------------
6. Altair Re, Floating Rate Note, 6/30/16 (Cat Bond) 0.42
--------------------------------------------------------------------------------------------
7. Volt LLC , Series 14-NPL1, Floating Rate Note, 10/27/53 0.42
--------------------------------------------------------------------------------------------
8. Griffon Corp., 5.25%, 3/1/22 (144A) 0.40
--------------------------------------------------------------------------------------------
9. UBS AG, 7.625%, 8/17/22 0.36
--------------------------------------------------------------------------------------------
10. Approach Resources, Inc., 7.0%, 6/15/21 0.35
--------------------------------------------------------------------------------------------
* 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 | 3/31/14
Prices and Distributions | 3/31/14
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/14 3/31/13
--------------------------------------------------------------------------------
A $9.94 $10.04
--------------------------------------------------------------------------------
C $9.92 $10.02
--------------------------------------------------------------------------------
Y $9.98 $10.08
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
3/31/14 4/1/13*
--------------------------------------------------------------------------------
Z $10.00 $10.04
--------------------------------------------------------------------------------
Distributions per Share: 4/1/13-3/31/14
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term Tax Return
Class Income Capital Gains Capital Gains of Capital
--------------------------------------------------------------------------------
A $0.3654 $ -- $ -- $0.0215
--------------------------------------------------------------------------------
C $0.2920 $ -- $ -- $0.0215
--------------------------------------------------------------------------------
Y $0.3951 $ -- $ -- $0.0215
--------------------------------------------------------------------------------
Z $0.3736 $ -- $ -- $0.0215
--------------------------------------------------------------------------------
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.
* Class Z shares commenced operations on April 2, 2013.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 11
Performance Update | 3/31/14 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, 2014)
--------------------------------------------------------------------------------
BofA ML
Net Public U.S. Dollar
Asset Offering 3-Month
Value Price LIBOR
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 4.56% 2.93% 0.35%
1 Year 2.95 -1.66 0.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.48% 1.20%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Dynamic BofA ML U.S.
Credit Fund Dollar 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
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 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 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 | 3/31/14
Performance Update | 3/31/14 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, 2014)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 3.74% 3.74% 0.35%
1 Year 2.19 2.19 0.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.23% 2.10%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Dynamic BofA ML U.S.
Credit Fund Dollar 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
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 net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2015, for Class C 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.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 13
Performance Update | 3/31/14 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, 2014)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 5.01% 5.01% 0.35%
1 Year 3.24 3.24 0.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.21% 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.
Credit Fund Dollar 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
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 | 3/31/14
Performance Update | 3/31/14 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, 2014)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 4.78% 4.78% 0.35%
1 Year 3.58 3.58 0.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.95%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Dynamic BofA ML U.S.
Credit Fund Dollar 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
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 2, 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 2, 2013, would have been higher than
that shown. For the period beginning April 2, 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 | 3/31/14 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, 2013, through March 31, 2014.
--------------------------------------------------------------------------------
Share Class A C Y Z
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 10/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,037.91 $1,035.15 $1,039.26 $1,012.02
(after expenses) on 3/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 6.05 $ 9.79 $ 4.32 $ 5.87
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.19%, 1.93%,
0.85% and 1.17% 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 | 3/31/14
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, 2013, through March 31, 2014.
--------------------------------------------------------------------------------
Share Class A C Y Z
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 10/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,019.00 $1,015.31 $1,020.69 $1,019.10
(after expenses) on 3/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 5.99 $ 9.70 $ 4.28 $ 5.89
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.19%, 1.93%,
0.85% and 1.17% 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 | 3/31/14 17
Schedule of Investments | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE
BONDS -- 6.7%
ENERGY -- 0.2%
Oil & Gas Storage &
Transportation -- 0.2%
1,400,000 NR/NR Golar LNG, Ltd., 3.75%, 3/7/17 $ 1,531,040
-------------
Total Energy $ 1,531,040
-------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.1%
Diversified Metals & Mining -- 0.1%
385,000 NR/NR RTI International Metals, Inc.,
1.625%, 10/15/19 $ 378,503
-------------------------------------------------------------------------------------------------------------
Steel -- 0.0%+
250,000 BB-/B1 United States Steel Corp., 2.75%, 4/1/19 $ 323,906
-------------
Total Materials $ 702,409
-------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.2%
Electrical Components &
Equipment -- 0.2%
1,342,000 B/B3 General Cable Corp., 4.5%,
11/15/29 (Step) $ 1,347,032
-------------
Total Capital Goods $ 1,347,032
-------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 0.6%
Homebuilding -- 0.4%
700,000 B/B2 KB Home, 1.375%, 2/1/19 $ 719,250
2,000,000 BB-/B1 The Ryland Group, Inc., 0.25%, 6/1/19 1,885,000
-------------
$ 2,604,250
-------------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.2%
1,290,000 BB-/NR Jarden Corp., 1.125%, 3/15/34 (144A) $ 1,281,131
-------------
Total Consumer Durables & Apparel $ 3,885,381
-------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Casinos & Gaming -- 0.1%
550,000 B+/B3 MGM Resorts International,
4.25%, 4/15/15 $ 800,594
-------------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.1%
425,000 NR/NR Carriage Services, Inc., 2.75%,
3/15/21 (144A) $ 446,516
-------------
Total Consumer Services $ 1,247,110
-------------------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Internet Retail -- 0.3%
1,915,000 NR/NR Shutterfly, Inc., 0.25%, 5/15/18 (144A) $ 1,889,866
-------------
Total Retailing $ 1,889,866
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.8%
Health Care Equipment -- 0.4%
1,350,000 B+/NR Hologic, Inc., 2.0%, 3/1/42 (Step) $ 1,379,531
1,300,000 NR/NR NuVasive, Inc., 2.75%, 7/1/17 1,543,750
-------------
$ 2,923,281
-------------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
545,000 NR/NR Cepheid, Inc., 1.25%, 2/1/21 (144A) $ 589,281
-------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.3%
1,100,000 NR/NR Molina Healthcare, Inc., 1.125%,
1/15/20 $ 1,232,688
300,000 A-/NR WellPoint, Inc., 2.75%, 10/15/42 438,562
-------------
$ 1,671,250
-------------
Total Health Care Equipment & Services $ 5,183,812
-------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 1.5%
Biotechnology -- 0.9%
200,000 NR/NR BioMarin Pharmaceutical, Inc., 0.75%,
10/15/18 $ 219,125
200,000 NR/NR BioMarin Pharmaceutical, Inc., 1.5%,
10/15/20 222,000
1,250,000 NR/NR Corsicanto, Ltd., 3.5%, 1/15/32 864,844
500,000 NR/NR Cubist Pharmaceuticals, Inc., 1.125%,
9/1/18 (144A) 588,750
750,000 NR/NR Cubist Pharmaceuticals, Inc., 1.875%,
9/1/20 (144A) 904,688
1,160,000 NR/NR Emergent Biosolutions, Inc., 2.875%,
1/15/21 (144A) 1,247,000
975,000 NR/NR PDL BioPharma, Inc., 4.0%, 2/1/18 1,026,188
500,000 NR/NR Theravance, Inc., 2.125%, 1/15/23 644,375
-------------
$ 5,716,970
-------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.4%
988,000 NR/NR Auxilium Pharmaceuticals, Inc.,
1.5%, 7/15/18 $ 1,305,395
95,000 NR/NR Pacira Pharmaceuticals, Inc. Delaware,
3.25%, 2/1/19 270,216
500,000 NR/NR Salix Pharmaceuticals, Ltd., 1.5%,
3/15/19 845,312
-------------
$ 2,420,923
-------------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.2%
1,080,000 NR/NR Albany Molecular Research, Inc.,
2.25%, 11/15/18 (144A) $ 1,463,400
-------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 9,601,293
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 19
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Consumer Finance -- 0.1%
815,000 B/NR DFC Global Corp., 3.25%, 4/15/17 $ 694,788
-------------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.2%
1,170,000 BBB/NR Ares Capital Corp., 4.375%,
1/15/19 (144A) $ 1,241,662
-------------
Total Diversified Financials $ 1,936,450
-------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Real Estate Operating Companies -- 0.2%
1,265,000 NR/NR Forest City Enterprises, Inc., 3.625%,
8/15/20 (144A) $ 1,299,788
-------------
Total Real Estate $ 1,299,788
-------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.0%
Internet Software & Services -- 0.3%
760,000 NR/NR Akamai Technologies, Inc., 2/15/19
(144A) (c) $ 752,400
1,300,000 NR/NR WebMD Health Corp., 1.5%, 12/1/20
(144A) 1,317,875
100,000 NR/NR WebMD Health Corp., 2.5%, 1/31/18 100,812
-------------
$ 2,171,087
-------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced
Services -- 0.2%
1,000,000 NR/NR Cardtronics, Inc., 1.0%, 12/1/20 (144A) $ 976,250
-------------------------------------------------------------------------------------------------------------
Application Software -- 0.3%
175,000 NR/NR Mentor Graphics Corp., 4.0%, 4/1/31 $ 217,656
700,000 BB-/NR Nuance Communications, Inc.,
2.75%, 11/1/31 701,312
1,245,000 NR/NR TIBCO Software, Inc., 2.25%, 5/1/32 1,249,669
-------------
$ 2,168,637
-------------------------------------------------------------------------------------------------------------
Systems Software -- 0.2%
980,000 NR/NR ServiceNow, Inc., 11/1/18 (144A) (c) $ 1,049,825
-------------
Total Software & Services $ 6,365,799
-------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.5%
Communications Equipment -- 0.2%
1,000,000 NR/NR Finisar Corp., 0.5%, 12/55/33 (144A) $ 1,150,000
-------------------------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.1%
460,000 BB/NR SanDisk Corp., 0.5%, 10/15/20 (144A) $ 506,575
-------------------------------------------------------------------------------------------------------------
Electronic Components -- 0.2%
1,480,000 BB+/NR Vishay Intertechnology, Inc., 2.25%,
5/15/41 (144A) $ 1,394,900
-------------
Total Technology Hardware & Equipment $ 3,051,475
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.7%
Semiconductor Equipment -- 0.2%
1,025,000 BBB/Baa1 Lam Research Corp., 1.25%, 5/15/18 $ 1,271,641
100,000 BBB/NR Novellus Systems, Inc., 2.625%, 5/15/41 170,688
-------------
$ 1,442,329
-------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.5%
300,000 A-/NR Intel Corp., 2.95%, 12/15/35 $ 353,062
50,000 NR/NR JinkoSolar Holding Co., Ltd., 4.0%,
5/15/16 (144A) 54,406
1,000,000 BB+/NR ON Semiconductor Corp., 2.625%,
12/15/26 1,220,000
150,000 NR/NR ReneSola, Ltd., 4.125%, 3/15/18 (144A) 118,406
1,115,000 NR/NR SunPower Corp., 0.75%, 6/1/18 (144A) 1,570,059
-------------
$ 3,315,933
-------------
Total Semiconductors &
Semiconductor Equipment $ 4,758,262
-------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Integrated Telecommunication
Services -- 0.1%
1,000,000 B/NR Ciena Corp., 0.875%, 6/15/17 $ 1,016,875
-------------
Total Telecommunication Services $ 1,016,875
-------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $40,614,075) $ 43,816,592
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Shares
-------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 2.6%
BANKS -- 0.6%
Diversified Banks -- 0.4%
1,500 6.75 BB/NR AgStar Financial Services ACA, Floating
Rate Note (Perpetual) (144A) $ 1,494,750
12,250 6.50 A-/Baa1 US Bancorp, Floating Rate Note
(Perpetual) 347,900
16,400 6.00 A-/Baa1 US Bancorp, Floating Rate Note
(Perpetual) 450,180
-------------
$ 2,292,830
-------------------------------------------------------------------------------------------------------------
Regional Banks -- 0.2%
5,000 6.25 A-/NR CoBank ACB, Floating Rate Note
(Perpetual) (144A) $ 508,438
37,400 6.62 BBB-/Ba1 Fifth Third Bancorp, Floating Rate
Note (Perpetual) 991,474
-------------
$ 1,499,912
-------------
Total Banks $ 3,792,742
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 21
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.0%
Other Diversified Financial
Services -- 0.6%
54,200 7.88 BB+/Ba2 Citigroup Capital XIII, Floating Rate
Note, 10/30/40 $ 1,503,508
63,000 7.12 BB+/B1 Citigroup, Inc., Floating Rate
Note (Perpetual) 1,663,200
27,750 8.12 B/B3 GMAC Capital Trust I, Floating Rate
Note, 2/15/40 757,575
-------------
$ 3,924,283
-------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.2%
1,600 B/B3 Ally Financial, Inc., 7.0% (Perpetual)
(144A) $ 1,588,300
-------------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.1%
29,300 5.90 BBB+/Baa2 State Street Corp., Floating Rate
Note, 12/31/73 $ 758,577
-------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.1%
18,000 7.12 BB+/Ba3 Morgan Stanley, Floating Rate
Note (Perpetual) $ 477,540
-------------
Total Diversified Financials $ 6,748,700
-------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.8%
Property & Casualty Insurance -- 0.2%
25,000 5.95 BBB-/Ba1 Aspen Insurance Holdings, Ltd., Floating
Rate Note (Perpetual) $ 620,250
40,000 BB/Ba1 The Hanover Insurance Group, Inc.,
6.35%, 3/30/53 923,200
-------------
$ 1,543,450
-------------------------------------------------------------------------------------------------------------
Reinsurance -- 0.6%
224,993 0.00 NR/NR Altair Re, Floating Rate Note, 4/30/16
(Cat Bond) $ 253,027
2,400,000 0.00 NR/NR Altair Re, Floating Rate Note, 6/30/16
(Cat Bond) 2,441,760
2,500 NR/NR Lorenzo Re, Ltd., (Cat Bond)
(Perpetual) (c)* 300,000
500,000 NR/NR Pangaea Re, 10/1/15 (Cat Bond) (c) 550,090
-------------
$ 3,544,877
-------------
Total Insurance $ 5,088,327
-------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Diversified REIT -- 0.1%
400 A-/A3 Firstar Realty LLC, 8.875% (Perpetual)
(144A) $ 496,750
-------------
Total Real Estate $ 496,750
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION
SERVICES -- 0.0%+
Integrated Telecommunication
Services -- 0.0%+
4,400 BBB-/Baa3 Qwest Corp., 7.375%, 6/1/51 $ 115,060
-------------
Total Telecommunication Services $ 115,060
-------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Electric Utilities -- 0.1%
25,000 BB+/Ba1 PPL Capital Funding, Inc., 5.9%, 4/30/73 $ 582,500
-------------
Total Utilities $ 582,500
-------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $16,510,765) $ 16,824,079
-------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED
STOCKS -- 1.1%
ENERGY -- 0.1%
Oil & Gas Exploration &
Production -- 0.1%
7,500 CCC/NR SandRidge Energy, Inc., 7.0% (Perpetual) $ 757,031
-------------
Total Energy $ 757,031
-------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 0.2%
Home Furnishings -- 0.2%
13,100 NR/NR Sealy Corp., 8.0%, 7/15/16 (PIK) $ 1,038,175
-------------
Total Consumer Durables & Apparel $ 1,038,175
-------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Packaged Foods & Meats -- 0.2%
11,800 NR/NR Post Holdings, Inc., 2.5% (Perpetual)
(144A) $ 1,305,375
-------------
Total Food, Beverage & Tobacco $ 1,305,375
-------------------------------------------------------------------------------------------------------------
BANKS -- 0.2%
Diversified Banks -- 0.2%
1,050 BBB+/Baa3 Wells Fargo & Co., 7.5% (Perpetual) $ 1,231,650
-------------
Total Banks $ 1,231,650
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Other Diversified Financial
Services -- 0.2%
1,340 BB+/Ba3 Bank of America Corp., 7.25% (Perpetual) $ 1,533,241
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 23
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.2%
18,000 BB+/NR AMG Capital Trust II, 5.15%, 10/15/37 $ 1,157,625
-------------
Total Diversified Financials $ 2,690,866
-------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $6,624,922) $ 7,023,097
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Principal
Amount ($)
-------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 2.8%
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
379,101 BB/NR Westgate Resorts 2012-2 LLC, 9.0%,
1/20/25 (144A) $ 389,409
-------------
Total Consumer Services $ 389,409
-------------------------------------------------------------------------------------------------------------
BANKS -- 2.1%
Thrifts & Mortgage Finance -- 2.1%
1,275,488 B+/B3 Accredited Mortgage Loan Trust 2003-3,
5.21%, 1/25/34 (Step) $ 1,237,389
596,109 1.35 A/Baa1 Bayview Commercial Asset Trust, Floating
Rate Note, 4/25/34 (144A) 533,735
377,596 0.46 AA+/Baa3 Bayview Commercial Asset Trust, Floating
Rate Note, 8/25/35 (144A) 325,821
111,548 B+/B1 Bayview Financial Mortgage Pass-Through
Trust 2007-B, 6.407%, 8/28/47 (Step) 111,332
750,000 NR/NR CAM Mortgage Trust 2014-1, 5.5%,
12/15/53 (Step) (144A) 747,422
100,000 BB/NR CarNow Auto Receivables Trust 2012-1,
6.9%, 11/15/16 (144A) 101,154
46,856 BB/B2 Citicorp Residential Mortgage Trust
Series 2006-1, 5.836%, 7/25/36 (Step) 46,674
93,181 BB-/B1 Citicorp Residential Mortgage Trust
Series 2006-1, 5.939%, 7/25/36 (Step) 94,930
189,000 CCC/C Citicorp Residential Mortgage Trust
Series 2006-2, 5.918%, 9/25/36 (Step) 171,770
1,900,000 CCC/C Citicorp Residential Mortgage Trust
Series 2006-2, 5.948%, 9/25/36 (Step) 979,735
100,155 B-/B2 Citicorp Residential Mortgage Trust
Series 2007-1, 5.892%, 3/25/37 (Step) 98,501
249,947 NR/Ba3 Conseco Financial Corp., 6.18%, 4/1/30 256,858
26,180 4.46 BB+/Ba1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 10/25/35 26,237
480,536 0.32 NR/Caa2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/36 (144A) 455,501
305,936 7.78 NR/Caa2 GE Mortgage Services LLC, Floating
Rate Note, 3/25/27 302,770
570,000 5.00 NR/NR GMAT 2013-1 Trust, Floating Rate
Note, 8/25/53 546,225
The accompanying notes are an integral part of these financial statements.
24 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,000,000 BBB-/NR GS Mortgage Securities Trust 14-NEW,
3.79%, 1/10/31 (144A) $ 932,817
400,000 BBB/NR HLSS Servicer Advance Receivables
Trust, 4.4584%, 1/15/48 (144A) 404,920
145,527 NR/Baa1 Leaf Receivables Funding 8 LLC, 5.5%,
9/15/20 (144A) 142,034
775,000 5.50 BBB/Baa1 MASTR Specialized Loan Trust, Floating
Rate Note, 11/25/34 (144A) 750,981
1,360,000 NR/Ba2 Nations Equipment Finance Funding I
LLC, 5.5%, 5/20/21 (144A) 1,326,816
332,512 0.91 BBB/Ba2 NovaStar Mortgage Funding Trust Series
2003-1, Floating Rate Note, 5/25/33 308,241
1,250,000 NR/NR Progreso Receivables Funding I LLC,
4.0%, 7/9/18 (144A) 1,253,125
1,062,034 A+/Baa2 RAMP Series 2004-RZ1 Trust, 4.82%,
3/25/34 (Step) 1,056,359
107,880 0.31 BB+/Ba1 RAMP Series 2006-RZ3 Trust, Floating
Rate Note, 8/25/36 103,899
284,315 CC/Caa2 RASC Series 2003-KS5 Trust, 4.46%,
7/25/33 (Step) 273,117
250,000 6.55 B-/NR Security National Mortgage Loan
Trust 2007-1, Floating Rate Note,
4/25/37 (144A) 245,427
450,000 BB/NR SNAAC Auto Receivables Trust 2013-1,
4.56%, 4/15/20 (144A) 455,412
196,913 A/NR STORE Master Funding LLC, 4.16%,
3/20/43 (144A) 198,188
150,000 BB/NR United Auto Credit Securitization
Trust 2013-1, 4.4%, 4/15/19 (144A) 150,926
-------------
$ 13,638,316
-------------
Total Banks $ 13,638,316
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.6%
Other Diversified Financial
Services -- 0.6%
399,955 NR/NR AXIS Equipment Finance Receivables II
LLC, 4.94%, 7/20/18 (144A) $ 399,127
249,972 NR/NR AXIS Equipment Finance Receivables II
LLC, 6.41%, 10/22/18 252,047
19,936 BBB/NR Mid-State Capital Trust 2010-1, 7.0%,
12/15/45 (144A) 20,721
750,000 NR/NR Navitas Equipment Receivables LLC
2013-1, 5.82%, 6/15/19 746,660
268,019 BB/NR Sierra Timeshare 2011-3 Receivables
Funding LLC, 9.31%, 7/20/28 (144A) 288,356
500,000 BB/NR Springleaf Funding Trust 2013-A,
5.0%, 9/15/21 (144A) 505,000
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 25
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
595,000 BBB/NR TAL Advantage V LLC, 4.1%, 2/22/39 $ 594,190
1,344,919 NR/NR TOPRE_13-LTR, 3.47%, 11/20/28
(144A) 1,345,546
-------------
$ 4,151,647
-------------
Total Diversified Financials $ 4,151,647
-------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $18,117,187) $ 18,179,372
-------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 9.9%
CONSUMER SERVICES -- 0.2%
Hotels, Resorts & Cruise Lines -- 0.2%
1,327,000 BB+/NR Motel 6 Trust, 4.2743%, 10/5/25 (144A) $ 1,300,489
-------------
Total Consumer Services $ 1,300,489
-------------------------------------------------------------------------------------------------------------
BANKS -- 8.5%
Thrifts & Mortgage Finance -- 8.5%
350,000 NR/NR A10 Securitization 2013-1 LLC, 4.7%,
11/15/25 (144A) $ 347,181
139,000 NR/NR A10 Securitization 2013-1 LLC, 6.41%,
11/15/25 (144A) 137,909
134,412 BBB-/B3 Alternative Loan Trust 2004-2CB, 5.75%,
3/25/34 135,911
53,890 2.33 BB/B2 American Home Mortgage Investment
Trust 2005-1, Floating Rate Note, 6/25/45 53,351
142,640 5.72 BBB/NR Banc of America Merrill Lynch Commercial
Mortgage, Inc., Floating Rate Note,
9/10/47 (144A) 146,599
88,543 CCC/NR Banc of America Mortgage Trust 2004-2,
5.5%, 3/25/34 83,929
134,048 2.10 A+/Ba1 Bear Stearns ALT-A Trust 2003-3, Floating
Rate Note, 10/25/33 124,523
500,000 5.34 BBB/NR Bear Stearns Commercial Mortgage
Securities Trust 2004-TOP16, Floating
Rate Note, 2/13/46 (144A) 474,141
100,000 5.21 NR/Ba1 Bear Stearns Commercial Mortgage
Securities Trust 2005-PWR7, Floating
Rate Note, 2/11/41 101,119
2,642,507 BB/NR Bear Stearns Commercial Mortgage
Securities Trust 2006-PWR14,
5.273%, 12/11/38 2,630,040
2,000,000 5.72 NR/B1 Bear Stearns Commercial Mortgage
Securities Trust 2007-PWR16, Floating
Rate Note, 6/11/40 2,011,766
2,500,000 5.22 BB+/Ba1 CD 2005-CD1 Commercial Mortgage
Trust, Floating Rate Note, 7/15/44 2,511,835
The accompanying notes are an integral part of these financial statements.
26 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
34,966 5.69 B-/NR CHL Mortgage Pass-Through Trust
2002-32, Floating Rate Note, 1/25/33 $ 35,604
300,000 5.78 NR/Baa3 Citigroup Commercial Mortgage Trust
2006-C4, Floating Rate Note, 3/15/49 310,691
62,411 NR/Baa1 Citigroup Mortgage Loan Trust, Inc.,
6.75%, 8/25/34 67,099
666,077 0.66 A/A2 CNL Commercial Mortgage Loan
Trust 2003-1, Floating Rate Note,
5/15/31 (144A) 603,713
1,200,000 5.57 NR/Ba3 COBALT Commercial Mortgage
Trust 2007-C2, Floating Rate Note,
4/15/47 (144A) 1,205,843
2,000,000 NR/B3 COMM 2006-C8 Mortgage Trust,
5.377%, 12/10/46 1,980,490
36,107 0.34 A+/A1 COMM 2007-FL14 Mortgage Trust,
Floating Rate Note, 6/15/22 (144A) 35,793
100,000 4.86 NR/Baa3 COMM 2012-CCRE2 Mortgage Trust,
Floating Rate Note, 8/15/45 (144A) 95,860
303,000 4.58 BBB-/Baa3 COMM 2012-CCRE4 Mortgage Trust,
Floating Rate Note, 10/15/45 (144A) 282,073
1,400,000 4.50 BB-/NR COMM 2013-FL3 Mortgage Trust,
Floating Rate Note, 10/13/28 1,402,188
1,600,000 6.03 B-/NR Commercial Mortgage Trust 2007-GG11,
Floating Rate Note, 12/10/49 1,613,486
1,500,000 BBB/B1 Credit Suisse First Boston Mortgage
Securities Corp., 4.877%, 4/15/37 1,513,611
358,816 NR/Caa3 Credit Suisse First Boston Mortgage
Securities Corp., 4.898%, 3/15/36 (144A) 352,075
1,511,230 CCC/Caa1 Credit Suisse First Boston Mortgage
Securities Corp., 5.5%, 12/25/35 1,422,707
100,000 5.14 CCC/B3 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
10/15/39 (144A) 89,417
2,000,000 3.26 BB-/NR CSMC Trust 2014-SURF, Floating Rate
Note, 2/15/29 2,003,998
152,083 NR/NR Extended Stay America Trust 2013-ESH
MZ, 7.625%, 12/5/19 (144A) 151,899
350,000 5.17 BBB-/NR GE Capital Commercial Mortgage Corp.,
Floating Rate Note, 7/10/45 (144A) 351,578
522,790 CCC/B3 Global Mortgage Securitization, Ltd.,
5.25%, 11/25/32 (144A) 458,922
250,289 CCC/Caa3 Global Mortgage Securitization, Ltd.,
5.25%, 11/25/32 (144A) 211,494
179,109 CCC/Caa3 Global Mortgage Securitization, Ltd.,
5.25%, 4/25/32 (144A) 141,561
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 27
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
200,000 5.99 BB+/Ba2 GS Mortgage Securities Corp. II
Commercial Mortgage Pass Through
Certificates Series 2004-GG2, Floating
Rate Note, 8/10/38 $ 199,862
950,000 3.76 NR/Ba2 GS Mortgage Securities Corp. II, Floating
Rate Note, 11/8/29 (144A) 964,625
1,475,000 5.58 BB-/NR GS Mortgage Securities Trust 2006-GG6,
Floating Rate Note, 4/10/38 1,505,294
110,000 5.64 NR/Baa3 GS Mortgage Securities Trust 2012-GC6,
Floating Rate Note, 1/10/45 (144A) 110,929
205,587 NR/NR Homeowner Assistance Program Reverse
Mortgage Loan Trust 2013-RM1, 4.0%,
5/26/53 (144A) 201,167
1,400,000 B/B3 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-CIBC16, 5.623%,
5/12/45 1,409,240
1,400,000 5.84 B+/Ba2 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-LDP7, Floating
Rate Note, 4/15/45 1,435,771
1,725,000 6.03 B-/NR JP Morgan Chase Commercial Mortgage
Securities Trust 2007-LDP12, Floating
Rate Note, 2/15/51 1,695,316
1,900,000 3.11 BB/NR JP Morgan Chase Commercial Mortgage
Securities Trust 2013-FL3, Floating
Rate Note, 4/15/28 (144A) 1,895,833
197,919 2.66 NR/Caa1 JP Morgan Mortgage Trust 2005-A7,
Floating Rate Note, 10/25/35 177,422
1,000,000 5.16 NR/B1 LB-UBS Commercial Mortgage Trust
2005-C2, Floating Rate Note, 4/15/40 1,012,743
1,963,990 5.28 BB/NR LB-UBS Commercial Mortgage Trust
2006-C1, Floating Rate Note, 2/15/41 2,000,367
509,535 0.35 BBB+/A3 Lehman Brothers Small Balance
Commercial Mortgage Trust 2006-3,
Floating Rate Note, 12/25/36 (144A) 446,357
604,919 2.40 BB+/Ba1 MASTR Adjustable Rate Mortgages Trust
2003-6, Floating Rate Note, 12/25/33 597,820
167,889 5.28 B-/B3 MASTR Adjustable Rate Mortgages Trust,
Floating Rate Note, 1/25/35 169,607
102,050 B-/NR MASTR Alternative Loan Trust 2004-6,
6.0%, 7/25/34 106,145
256,908 D/Caa3 Merrill Lynch Mortgage Investors Trust
Series 2006-AF1, 5.75%, 8/25/36 197,566
1,400,000 5.48 NR/Ba2 ML-CFC Commercial Mortgage Trust
2006-3, Floating Rate Note, 7/12/46 1,393,623
1,500,000 5.57 NR/B1 Morgan Stanley Capital I Trust 2007-TOP25,
Floating Rate Note, 11/12/49 1,517,475
The accompanying notes are an integral part of these financial statements.
28 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,000,000 BB/NR New Residential Advance Receivables Trust
Advance Receivables Backed 2014-VF1,
3/15/45 (c) $ 999,990
300,000 6.65 NR/NR New York Mortgage Securitization
Trust 2012-1, Floating Rate Note,
12/27/47 (144A) 300,000
300,000 4.41 BBB/Baa3 NorthStar 2012-1 Mortgage Trust, Floating
Rate Note, 8/25/29 (144A) 304,261
1,500,000 5.15 NR/Baa3 NorthStar 2013-1, Floating Rate Note,
8/25/29 (144A) 1,490,156
1,000,000 NR/NR ORES NPL LLC, 6.0%, 3/27/24 997,278
214,814 NR/Baa3 RCMC LLC, 5.62346%, 11/15/44 (144A) 220,162
718,627 1.45 B-/B2 RESI Finance LP 2003-D, Floating Rate
Note, 12/10/35 (144A) 618,230
479,370 1.55 B-/Ba3 RESI Finance LP, Floating Rate Note,
9/10/35 (144A) 421,125
200,000 5.30 BBB/NR Springleaf Mortgage Loan Trust 2012-3,
Floating Rate Note, 12/25/59 (144A) 207,084
250,000 5.58 BB/NR Springleaf Mortgage Loan Trust, Floating
Rate Note, 6/25/58 (144A) 249,950
72,867 2.45 A+/NR Structured Adjustable Rate Mortgage Loan
Trust, Floating Rate Note, 7/25/34 72,544
126,271 1.66 A+/Ba3 Structured Asset Mortgage Investments
Trust 2003-AR1, Floating Rate Note,
10/19/33 119,517
17,901 CC/Caa2 Structured Asset Securities Corp Trust
2005-15, 6.0%, 8/25/35 16,768
30,000 BB/B1 TimberStar Trust 1, 7.5296%, 10/15/36
(144A) 30,587
1,000,000 NR/NR Vericrest Opportunity Loan Transferee,
4.75%, 11/25/53 (Step) 987,188
2,500,000 4.75 NR/NR Volt LLC , Series 14-NPL1, Floating Rate
Note, 10/27/53 2,439,062
304,000 5.66 BB-/Ba3 Wachovia Bank Commercial Mortgage
Trust Series 2006-C24, Floating Rate
Note, 3/15/45 303,606
1,500,000 5.63 B+/B3 Wachovia Bank Commercial Mortgage
Trust Series 2006-C28, Floating Rate
Note, 10/15/48 1,505,193
1,813,000 5.93 B-/B1 Wachovia Bank Commercial Mortgage
Trust Series 2007-C34, Floating Rate
Note, 5/15/46 1,839,468
100,000 NR/Ba2 Wells Fargo Commercial Mortgage Trust,
4.0%, 11/15/43 (144A) 84,119
1,500,000 3.65 BB/NR Wells Fargo Commercial Mortgage Trust,
Floating Rate Note, 1/15/27 1,500,000
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 29
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
100,000 5.47 NR/Baa3 WF-RBS Commercial Mortgage
Trust 2011-C2, Floating Rate Note,
2/15/44 (144A) $ 103,375
50,000 5.25 NR/Baa1 WFRBS Commercial Mortgage
Trust 2011-C4, Floating Rate Note,
6/15/44 (144A) 52,334
200,000 4.36 BBB-/NR WFRBS Commercial Mortgage
Trust 2013-C12, Floating Rate Note,
3/15/48 (144A) 180,285
-------------
$ 55,167,850
-------------
Total Banks $ 55,167,850
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.0%
Other Diversified Financial
Services -- 1.0%
113,538 5.44 NR/A2 DBUBS 2011-LC2 Mortgage Trust,
Floating Rate Note, 7/10/44 (144A) $ 124,322
1,300,000 5.16 NR/NR Del Coronado Trust 2013-DEL MZ,
Floating Rate Note, 3/15/18 (144A) 1,303,640
1,900,000 2.91 BBB-/NR Hilton USA Trust 2013-HLF, Floating
Rate Note, 11/5/30 (144A) 1,903,580
30,610 7.35 B+/Baa3 Morgan Stanley Capital I, Inc., Floating
Rate Note, 7/15/32 (144A) 31,730
1,569,615 4.25 NR/NR TOPRE_13-LTR, Floating Rate Note,
11/20/28 (144A) 1,571,423
1,499,408 NR/NR VOLT XX LLC, 5.25%, 2/1/39
(Step) (144A) 1,485,161
-------------
$ 6,419,856
-------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%+
448,197 BB+/Baa2 Spirit Master Funding LLC, 5.74%,
3/20/25 (144A) $ 459,874
-------------
Total Diversified Financials $ 6,879,730
-------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.2%
Government -- 0.2%
175,000 4.04 NR/NR Federal Home Loan Mortgage Corp.,
Floating Rate Note, 5/25/45 (144A) $ 165,825
200,000 3.76 NR/NR FREMF Mortgage Trust 2012-K708,
Floating Rate Note, 2/25/45 (144A) 198,217
1,000,000 3.49 NR/NR FREMF Mortgage Trust 2013-K28,
Floating Rate Note, 6/25/46 (144A) 892,418
339,114 1.05 NR/NR Government National Mortgage
Association, Floating Rate Note, 3/16/53 25,813
-------------
$ 1,282,273
-------------
Total Government $ 1,282,273
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $64,004,812) $ 64,630,342
-------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 46.2%
ENERGY -- 7.8%
Oil & Gas Drilling -- 1.6%
900,000 BB/Ba3 Atwood Oceanics, Inc., 6.5%, 2/1/20 $ 967,500
845,000 B/B2 Drill Rigs Holdings, Inc., 6.5%,
10/1/17 (144A) 880,912
965,000 B/B3 Hercules Offshore, Inc., 6.75%,
4/1/22 (144A) 936,050
905,000 B/B3 Hercules Offshore, Inc., 8.75%,
7/15/21 (144A) 981,925
1,960,000 CCC+/Caa1 Ocean Rig UDW, Inc., 7.25%,
4/1/19 (144A) 1,957,550
600,000 B-/B3 Offshore Group Investment, Ltd.,
7.5%, 11/1/19 639,000
450,000 B+/B1 Pacific Drilling SA, 5.375%,
6/1/20 (144A) 446,625
500,000 B+/B2 Pioneer Energy Services Corp., 6.125%,
3/15/22 (144A) 508,750
1,215,000 B+/B1 Shelf Drilling Holdings, Ltd., 8.625%,
11/1/18 (144A) 1,315,238
1,030,000 B/B3 Summit Midstream Holdings LLC,
7.5%, 7/1/21 (144A) 1,102,100
550,000 BB-/B1 Unit Corp., 6.625%, 5/15/21 583,000
-------------
$ 10,318,650
-------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.2%
280,000 B+/B2 Basic Energy Services, Inc., 7.75%,
10/15/22 $ 303,800
385,000 BB-/B1 Calfrac Holdings LP, 7.5%, 12/1/20
(144A) 404,250
585,000 BB-/B1 Key Energy Services, Inc., 6.75%,
3/1/21 614,981
-------------
$ 1,323,031
-------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.4%
990,000 NR/NR American Energy -- Utica LLC, 3.5%,
3/1/21 (144A) (PIK) $ 999,900
900,000 BBB+/Baa1 Petroleos Mexicanos, 3.5%, 7/18/18 933,750
950,000 BBB+/Baa1 Petroleos Mexicanos, 6.375%,
1/23/45 (144A) 1,024,812
-------------
$ 2,958,462
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 31
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 4.3%
2,020,000 B-/B3 Approach Resources, Inc., 7.0%,
6/15/21 $ 2,080,600
470,000 CCC+/Caa1 Athlon Holdings LP, 7.375%,
4/15/21 (144A) 500,550
345,000 B-/B3 Bonanza Creek Energy, Inc., 6.75%,
4/15/21 368,288
650,000 B-/B3 Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 715,000
1,200,000 B-/B3 Comstock Resources, Inc., 7.75%, 4/1/19 1,278,000
375,000 BB+/Ba3 Concho Resources, Inc., 5.5%, 4/1/23 390,000
1,360,000 B+/B3 Energy XXI Gulf Coast, Inc., 7.5%,
12/15/21 (144A) 1,424,600
1,150,000 B-/B3 EV Energy Partners LP, 8.0%, 4/15/19 1,190,250
1,190,000 CCC+/B3 Gulfport Energy Corp., 7.75%, 11/1/20 1,294,125
570,000 CCC+/Caa1 Halcon Resources Corp., 8.875%, 5/15/21 591,375
1,050,000 CCC+/Caa1 Halcon Resources Corp., 9.75%, 7/15/20 1,131,375
1,265,000 B-/Caa1 Lightstream Resources, Ltd., 8.625%,
2/1/20 (144A) 1,265,000
900,000 B+/B1 Linn Energy LLC, 7.0%, 11/1/19 (144A) 938,250
370,000 B-/Caa1 Memorial Production Partners LP,
7.625%, 5/1/21 390,350
400,000 B-/Caa1 Memorial Production Partners LP,
7.625%, 5/1/21 (144A) 422,000
650,000 CCC+/Caa1 Midstates Petroleum Co., Inc., 10.75%,
10/1/20 718,250
800,000 CCC+/Caa1 Midstates Petroleum Co., Inc., 9.25%,
6/1/21 836,000
400,000 NR/NR National JSC Naftogaz of Ukraine,
9.5%, 9/30/14 378,000
880,000 B-/Caa1 Northern Oil and Gas, Inc., 8.0%, 6/1/20 935,000
500,000 B+/B2 Oasis Petroleum, Inc., 6.875%,
3/15/22 (144A) 541,250
600,000 B-/Caa1 Penn Virginia Corp., 7.25%, 4/15/19 637,500
430,000 B-/Caa1 Penn Virginia Corp., 8.5%, 5/1/20 478,375
500,000 B/Caa1 PetroQuest Energy, Inc., 10.0%, 9/1/17 532,500
640,000 B-/Caa1 QR Energy LP, 9.25%, 8/1/20 684,800
400,000 BB/Ba2 Range Resources Corp., 5.0%, 3/15/23 405,000
1,345,000 B-/B3 RKI Exploration & Production LLC,
8.5%, 8/1/21 (144A) 1,452,600
515,000 BB-/B2 Rosetta Resources, Inc., 5.625%, 5/1/21 526,588
390,000 CCC+/B3 Samson Investment Co., 10.5%,
2/15/20 (144A) 425,100
380,000 B-/B3 Sanchez Energy Corp., 7.75%,
6/15/21 (144A) 405,650
The accompanying notes are an integral part of these financial statements.
32 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- (continued)
700,000 B-/B2 SandRidge Energy, Inc., 7.5%, 2/15/23 $ 742,000
455,000 BB-/Ba3 SM Energy Co., 5.0%, 1/15/24 (144A) 442,488
150,000 B-/B3 Stone Energy Corp., 7.5%, 11/15/22 162,375
1,950,000 B+/B3 Swift Energy Co., 7.875%, 3/1/22 1,950,000
420,000 CCC+/Caa1 Talos Production LLC, 9.75%,
2/15/18 (144A) 439,950
CAD 820,000 B/NR Trilogy Energy Corp., 7.25%,
12/13/19 (144A) 779,432
680,000 BB/B2 Ultra Petroleum Corp., 5.75%,
12/15/18 (144A) 714,000
-------------
$ 28,166,621
-------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.2%
1,000,000 BB/Ba3 Murphy Oil USA, Inc., 6.0%,
8/15/23 (144A) $ 1,032,500
-------------------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- 0.9%
373,000 BBB/Baa2 Copano Energy LLC, 7.125%, 4/1/21 $ 423,888
1,550,000 5.85 BB/Baa3 DCP Midstream LLC, Floating Rate Note,
5/21/43 (144A) 1,457,000
805,000 BB/Ba3 Gibson Energy, Inc., 6.75%,
7/15/21 (144A) 863,362
NOK 2,000,000 6.84 NR/NR Golar LNG Partners LP, Floating Rate
Note, 10/12/17 348,231
425,000 BB/B2 Penn Virginia Resource Partners LP,
6.5%, 5/15/21 453,688
1,645,000 BB+/Ba3 Sabine Pass Liquefaction LLC,
5.625%, 2/1/21 1,696,406
740,000 BB/Ba3 Targa Resources Partners LP, 4.25%,
11/15/23 (144A) 686,350
100,000 BBB-/Baa3 The Williams Companies, Inc., 7.75%,
6/15/31 112,192
-------------
$ 6,041,117
-------------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.2%
250,000 CCC/Caa2 James River Coal Co., 7.875%,
4/1/19 (e) $ 32,500
650,000 B-/Caa1 Murray Energy Corp., 8.625%,
6/15/21 (144A) 684,125
EURO 300,000 CC/Ca New World Resources NV, 7.875%,
1/15/21 (144A) 69,229
300,000 BB-/B1 SunCoke Energy Partners LP, 7.375%,
2/1/20 (144A) 320,250
-------------
$ 1,106,104
-------------
Total Energy $ 50,946,485
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 33
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
MATERIALS -- 3.8%
Commodity Chemicals -- 0.7%
500,000 BB/Ba3 Axiall Corp., 4.875%, 5/15/23 (144A) $ 490,625
1,700,000 CCC+/B3 Hexion US Finance Corp., 8.875%, 2/1/18 1,768,000
1,050,000 BB-/B2 Rain CII Carbon LLC, 8.25%,
1/15/21 (144A) 1,081,500
1,270,000 BB-/B2 Tronox Finance LLC, 6.375%, 8/15/20 1,304,925
-------------
$ 4,645,050
-------------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural
Chemicals -- 0.0%+
200,000 NR/Baa3 Phosagro OAO via Phosagro Bond
Funding, Ltd., 4.204%, 2/13/18 (144A) $ 191,000
-------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.3%
930,000 BB-/B1 Chemtura Corp., 5.75%, 7/15/21 $ 964,875
600,000 B-/B3 INEOS Group Holdings SA,
5.875%, 2/15/19 612,750
190,000 B/B1 Rentech Nitrogen Partners LP, 6.5%,
4/15/21 (144A) 186,200
-------------
$ 1,763,825
-------------------------------------------------------------------------------------------------------------
Construction Materials -- 0.2%
200,000 NR/NR Cemex Finance LLC, 6.0%,
4/1/24 (144A) $ 200,500
550,000 B+/NR Cemex SAB de CV, 5.875%,
3/25/19 (144A) 569,938
300,000 B+/NR Cemex SAB de CV, 7.25%,
1/15/21 (144A) 327,750
-------------
$ 1,098,188
-------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.5%
485,000 B-/B3 AEP Industries, Inc., 8.25%, 4/15/19 $ 515,312
131,581 CCC+/Caa2 ARD Finance SA, 11.125%, 6/1/18
(144A) (PIK) 144,246
EURO 600,000 CCC+/Caa1 Ardagh Glass Finance Plc, 8.75%,
2/1/20 (144A) 888,616
200,000 CCC+/Caa1 Ardagh Packaging Finance Plc, 6.75%,
1/31/21 (144A) 209,000
EURO 150,000 B+/Ba3 Ardagh Packaging Finance Plc, 7.375%,
10/15/17 (144A) 219,571
200,000 CCC+/Caa2 Beverage Packaging Holdings
Luxembourg II SA, 5.625%,
12/15/16 (144A) 205,000
300,000 CCC+/Caa2 Beverage Packaging Holdings
Luxembourg II SA, 6.0%,
6/15/17 (144A) 310,500
425,000 CCC+/Caa2 Reynolds Group Issuer, Inc.,
8.25%, 2/15/21 463,781
The accompanying notes are an integral part of these financial statements.
34 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- (continued)
330,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 9.875%,
8/15/19 $ 368,775
-------------
$ 3,324,801
-------------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.0%+
340,000 B/B3 Packaging Dynamics Corp., 8.75%,
2/1/16 (144A) $ 348,925
-------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.8%
1,130,000 BB/Ba3 Amsted Industries, Inc., 5.0%,
3/15/22 (144A) $ 1,135,650
400,000 BB-/Ba3 Ausdrill Finance Pty, Ltd., 6.875%,
11/1/19 (144A) 364,000
500,000 B/B3 Global Brass & Copper, Inc., 9.5%,
6/1/19 577,500
400,000 BB+/Ba1 Gold Fields Orogen Holding BVI, Ltd.,
4.875%, 10/7/20 (144A) 346,000
325,000 BB-/B1 KGHM International, Ltd., 7.75%,
6/15/19 (144A) 342,875
100,000 D/NR Midwest Vanadium Pty, Ltd., 11.5%,
2/15/18 (144A) (e) 55,000
45,000 NR/NR Mirabela Nickel, Ltd., 3.5%, 6/30/14
(144A) (PIK) (d) 43,875
400,000 D/NR Mirabela Nickel, Ltd., 8.75%, 4/15/18
(144A) (e) 96,000
500,000 BBB-/Baa2 MMC Norilsk Nickel OJSC via MMC
Finance, Ltd., 5.55%, 10/28/20 (144A) 491,250
50,000 CCC+/B3 Molycorp, Inc., 10.0%, 6/1/20 49,500
265,000 B/Caa1 Prince Mineral Holding Corp., 11.5%,
12/15/19 (144A) 297,462
650,000 BB/Ba3 Vedanta Resources Plc, 6.0%,
1/31/19 (144A) 650,000
900,000 BB/Ba3 Vedanta Resources Plc, 8.25%,
6/7/21 (144A) 954,000
-------------
$ 5,403,112
-------------------------------------------------------------------------------------------------------------
Gold -- 0.0%+
380,000 BB-/B1 IAMGOLD Corp., 6.75%, 10/1/20 (144A) $ 338,200
-------------------------------------------------------------------------------------------------------------
Steel -- 0.8%
730,000 BB/Ba3 BlueScope Steel Finance, Ltd., 7.125%,
5/1/18 (144A) $ 771,975
500,000 CCC+/Caa1 Ferrexpo Finance Plc, 7.875%,
4/7/16 (144A) 480,000
200,000 BBB/Baa2 Glencore Funding LLC, 4.125%,
5/30/23 (144A) 191,017
620,000 B-/Caa1 JMC Steel Group, Inc., 8.25%,
3/15/18 (144A) 633,950
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 35
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Steel -- (continued)
400,000 BB/Ba2 Metalloinvest Finance, Ltd., 5.625%,
4/17/20 (144A) $ 376,000
1,100,000 NR/Caa1 Metinvest BV, 8.75%, 2/14/18 (144A) 1,006,500
490,000 BBB/Baa3 Reliance Steel & Aluminum Co., 4.5%,
4/15/23 490,555
1,000,000 BB+/Ba2 Steel Dynamics, Inc., 5.25%, 4/15/23 1,017,500
-------------
$ 4,967,497
-------------------------------------------------------------------------------------------------------------
Paper Products -- 0.5%
365,000 BB/Ba3 Neenah Paper, Inc., 5.25%,
5/15/21 (144A) $ 363,175
1,610,000 BB-/Ba3 Resolute Forest Products, Inc., 5.875%,
5/15/23 (144A) 1,569,750
400,000 BB/Ba2 Sappi Papier Holding GmbH, 6.625%,
4/15/21 (144A) 415,000
630,000 B-/Caa1 Unifrax I LLC, 7.5%, 2/15/19 (144A) 667,800
-------------
$ 3,015,725
-------------
Total Materials $ 25,096,323
-------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 3.5%
Aerospace & Defense -- 0.7%
825,000 BB-/Ba3 Bombardier, Inc., 4.75%, 4/15/19 $ 825,000
1,950,000 BB-/Ba3 Bombardier, Inc., 6.0%, 10/15/22 1,950,000
865,000 BB/B1 DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 854,188
650,000 B+/Ba3 Spirit AeroSystems, Inc., 5.25%,
3/15/22 (144A) 653,250
-------------
$ 4,282,438
-------------------------------------------------------------------------------------------------------------
Building Products -- 0.6%
1,000,000 BB-/NR Gibraltar Industries, Inc., 6.25%, 2/1/21 $ 1,066,250
2,375,000 BB-/B1 Griffon Corp., 5.25%, 3/1/22 (144A) 2,351,250
135,000 BBB-/Ba3 Masco Corp., 7.125%, 3/15/20 155,925
600,000 5.75 BBB+/Baa2 Stanley Black & Decker, Inc., Floating
Rate Note, 12/15/53 643,500
-------------
$ 4,216,925
-------------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.4%
900,000 B/B2 Abengoa Finance SAU, 8.875%,
11/1/17 (144A) $ 1,010,250
150,000 B/B2 Empresas ICA SAB de CV, 8.375%,
7/24/17 (144A) 150,000
500,000 B/B2 Empresas ICA SAB de CV, 8.9%,
2/4/21 (144A) 499,125
800,000 BB-/B1 OAS Investments GmbH, 8.25%,
10/19/19 (144A) 804,000
-------------
$ 2,463,375
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Electrical Components &
Equipment -- 0.0%+
100,000 B-/B3 WireCo WorldGroup, Inc., 9.5%, 5/15/17 $ 103,000
-------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.3%
475,000 B/B3 Constellation Enterprises LLC, 10.625%,
2/1/16 (144A) $ 413,250
500,000 B+/B2 JB Poindexter & Co., Inc., 9.0%,
4/1/22 (144A) 535,000
450,000 BB/NR Magnesita Finance, Ltd., 8.625%
(Perpetual) (144A) 429,188
400,000 BB+/Ba1 Turkiye Sise ve Cam Fabrikalari AS,
4.25%, 5/9/20 (144A) 367,000
-------------
$ 1,744,438
-------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.3%
400,000 B/B2 Commercial Vehicle Group, Inc.,
7.875%, 4/15/19 $ 410,500
350,000 A/A3 Cummins, Inc., 5.65%, 3/1/98 362,943
1,075,000 CCC-/B3 Navistar International Corp., 8.25%,
11/1/21 1,096,500
-------------
$ 1,869,943
-------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.7%
400,000 B-/Caa1 BC Mountain LLC, 7.0%, 2/1/21 (144A) $ 396,000
220,000 B/B2 Boart Longyear Management Pty, Ltd.,
10.0%, 10/1/18 (144A) 228,800
1,670,000 CCC+/Caa2 Boart Longyear Management Pty, Ltd.,
7.0%, 4/1/21 (144A) 1,269,200
275,000 B/B2 Cleaver-Brooks, Inc., 8.75%, 12/15/19
(144A) 303,875
855,000 B-/Caa1 Gardner Denver, Inc., 6.875%, 8/15/21
(144A) 880,650
400,000 B/Caa1 Mueller Water Products, Inc., 7.375%,
6/1/17 409,000
798,000 B/B3 Xerium Technologies, Inc., 8.875%,
6/15/18 851,865
-------------
$ 4,339,390
-------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.5%
200,000 BB+/Ba3 Aircastle, Ltd., 6.25%, 12/1/19 $ 216,000
1,345,000 BB-/B1 Ashtead Capital, Inc., 6.5%,
7/15/22 (144A) 1,462,688
200,000 BB+/NR Aviation Capital Group Corp., 6.75%,
4/6/21 (144A) 220,650
220,000 B/B2 Avis Budget Car Rental LLC, 5.5%, 4/1/23 221,650
EURO 150,000 B/B2 Avis Budget Finance Plc, 6.0%,
3/1/21 (144A) 218,554
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 37
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Trading Companies &
Distributors -- (continued)
590,000 BB/B3 Fly Leasing, Ltd., 6.75%, 12/15/20 $ 616,550
600,000 BB/Ba3 Rexel SA, 5.25%, 6/15/20 (144A) 613,500
-------------
$ 3,569,592
-------------
Total Capital Goods $ 22,589,101
-------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 0.7%
Environmental & Facilities
Services -- 0.3%
695,000 B/Ba3 Covanta Holding Corp., 5.875%, 3/1/24 $ 705,971
100,000 B-/Caa2 Liberty Tire Recycling LLC, 11.0%,
10/1/16 (144A) 97,500
1,365,000 B/B3 Safway Group Holding LLC, 7.0%,
5/15/18 (144A) 1,453,725
-------------
$ 2,257,196
-------------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.2%
415,000 B/B1 Iron Mountain, Inc., 5.75%, 8/15/24 $ 404,106
1,025,000 B/Caa2 NANA Development Corp., 9.5%,
3/15/19 (144A) 1,050,625
-------------
$ 1,454,731
-------------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.2%
930,000 BB+/Ba2 Allegion US Holding Co, Inc., 5.75%,
10/1/21 (144A) $ 978,825
-------------
Total Commercial Services & Supplies $ 4,690,752
-------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.2%
Airlines -- 0.8%
500,000 A/Baa2 Air Canada 2013-1 Class A Pass Through
Trust, 4.125%, 11/15/26 (144A) $ 501,250
500,000 B+/B2 Air Canada 2013-1 Class C Pass Through
Trust, 6.625%, 5/15/18 (144A) 512,490
11,883 BB+/Ba2 Continental Airlines 1997-4 Class B Pass
Through Trust, 6.9%, 1/2/17 12,261
49,861 BB-/Ba1 Continental Airlines 2001-1 Class B Pass
Through Trust, 7.373%, 12/15/15 53,102
400,000 BBB/Ba2 Delta Air Lines 2010-1 Class B Pass
Through Trust, 6.375%, 1/2/16 (144A) 431,000
900,000 BBB-/Ba3 Delta Air Lines 2010-2 Class B Pass
Through Trust, 6.75%, 11/23/15 (144A) 972,000
540,000 BBB-/NR Guanay Finance, Ltd., 6.0%, 12/15/20
(144A) 564,325
105,000 BBB+/Ba1 Hawaiian Airlines 2013-1 Class A Pass
Through Certificates, 3.9%, 1/15/26 101,456
825,000 NR/NR Intrepid Aviation Group Holdings LLC,
6.875%, 2/15/19 (144A) 853,875
The accompanying notes are an integral part of these financial statements.
38 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Airlines -- (continued)
400,000 BB+/NR United Airlines 2014-1 Class B Pass
Through Trust, 4.75%, 4/11/22 $ 402,000
475,000 B/B2 United Continental Holdings, Inc.,
6.0%, 7/15/26 448,875
400,000 A-/Baa1 US Airways 2013-1 Class A Pass
Through Trust, 3.95%, 5/15/27 403,000
200,000 BB/Ba2 US Airways 2013-1 Class B Pass
Through Trust, 5.375%, 11/15/21 202,500
-------------
$ 5,458,134
-------------------------------------------------------------------------------------------------------------
Marine -- 0.1%
560,000 B+/B3 Navios South American Logistics, Inc.,
9.25%, 4/15/19 $ 599,200
-------------------------------------------------------------------------------------------------------------
Railroads -- 0.1%
350,000 BB-/NR Far East Capital, Ltd. SA, 8.0%,
5/2/18 (144A) $ 285,250
-------------------------------------------------------------------------------------------------------------
Trucking -- 0.2%
1,000,000 B-/B2 Jack Cooper Holdings Corp., 9.25%,
6/1/20 (144A) $ 1,090,000
325,000 BBB/A3 Transnet SOC, Ltd., 4.0%,
7/26/22 (144A) 298,841
-------------
$ 1,388,841
-------------------------------------------------------------------------------------------------------------
Airport Services -- 0.0%+
180,960 CCC+/Caa1 Aeropuertos Argentina 2000 SA,
10.75%, 12/1/20 (144A) $ 179,603
-------------
Total Transportation $ 7,911,028
-------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.1%
Auto Parts & Equipment -- 1.0%
830,000 BB+/B2 Dana Holding Corp., 6.0%, 9/15/23 $ 864,238
1,215,000 BB/B1 Gestamp Funding Luxembourg SA,
5.625%, 5/31/20 (144A) 1,260,562
400,000 B/Caa1 International Automotive Components
Group SA, 9.125%, 6/1/18 (144A) 422,000
250,000 BB-/Ba3 LKQ Corp., 4.75%, 5/15/23 (144A) 236,875
400,000 B-/B3 Meritor, Inc., 6.75%, 6/15/21 423,000
535,000 B/B3 Pittsburgh Glass Works LLC, 8.0%,
11/15/18 (144A) 581,812
1,000,000 BB-/Ba2 Schaeffler Finance BV, 4.75%,
5/15/21 (144A) 1,022,500
520,000 B/B1 Schaeffler Holding Finance BV, 6.875%,
8/15/18 (144A) (PIK) 553,150
1,050,000 B+/B2 Stackpole International Intermediate,
7.75%, 10/15/21 (144A) 1,124,812
-------------
$ 6,488,949
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 39
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.1%
200,000 BB-/B2 Cooper Tire & Rubber Co., 8.0%,
12/15/19 $ 225,000
210,000 B+/B1 The Goodyear Tire & Rubber Co.,
7.0%, 5/15/22 233,100
-------------
$ 458,100
-------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.0%+
100,000 B/B1 Chrysler Group LLC, 8.25%, 6/15/21 $ 113,125
-------------
Total Automobiles & Components $ 7,060,174
-------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 1.3%
Home Furnishings -- 0.1%
400,000 B/B2 SIWF Merger Sub, Inc., 6.25%,
6/1/21 (144A) $ 416,000
-------------------------------------------------------------------------------------------------------------
Homebuilding -- 1.1%
280,000 BB-/B2 Brookfield Residential Properties, Inc.,
6.125%, 7/1/22 (144A) $ 289,100
500,000 BB-/B2 Brookfield Residential Properties, Inc.,
6.5%, 12/15/20 (144A) 532,500
905,000 BB/Ba1 DR Horton, Inc., 5.75%, 8/15/23 957,038
1,400,000 B/B2 KB Home, 7.0%, 12/15/21 1,506,750
200,000 B/B2 KB Home, Inc., 8.0%, 3/15/20 227,000
1,175,000 BB-/Ba3 Lennar Corp., 4.5%, 6/15/19 1,195,562
450,000 BB-/Ba3 Lennar Corp., 4.75%, 11/15/22 437,625
1,150,000 BB+/Baa3 MDC Holdings, Inc., 5.5%, 1/15/24 1,174,822
1,000,000 B+/B2 Standard Pacific Corp., 6.25%, 12/15/21 1,065,000
95,000 BB-/B1 The Ryland Group, Inc., 5.375%, 10/1/22 94,288
200,000 NR/Ca Urbi Desarrollos Urbanos SAB de CV,
1/21/20 (144A) (c) (e) 22,000
-------------
$ 7,501,685
-------------------------------------------------------------------------------------------------------------
Household Appliances -- 0.1%
400,000 BB+/NR Arcelik AS, 5.0%, 4/3/23 (144A) $ 350,000
-------------------------------------------------------------------------------------------------------------
Leisure Products -- 0.0%+
EURO 100,000 CCC+/Caa2 Heckler & Koch GmbH, 9.5%,
5/15/18 (144A) $ 144,675
-------------
Total Consumer Durables & Apparel $ 8,412,360
-------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.8%
Casinos & Gaming -- 0.3%
EURO 750,000 B+/B3 Cirsa Funding Luxembourg SA, 8.75%,
5/15/18 (144A) $ 1,079,772
EURO 300,000 8.25 BB/Ba2 Gtech Spa, Floating Rate Note,
3/31/66 (144A) 448,235
The accompanying notes are an integral part of these financial statements.
40 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Casinos & Gaming -- (continued)
250,000 B+/B3 MGM Resorts International, Inc.,
6.75%, 10/1/20 $ 277,188
100,000 B/B2 Scientific Games International, Inc.,
9.25%, 6/15/19 106,000
205,000 BBB-/NR Wynn Las Vegas LLC, 4.25%,
5/30/23 (144A) 197,312
-------------
$ 2,108,507
-------------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.1%
200,000 B-/B2 Seven Seas Cruises S de RL LLC,
9.125%, 5/15/19 $ 220,000
210,000 B+/B3 Viking Cruises, Ltd., 8.5%,
10/15/22 (144A) 238,350
-------------
$ 458,350
-------------------------------------------------------------------------------------------------------------
Restaurants -- 0.2%
EURO 900,000 BB-/B3 Elior Finance & Co SCA, 6.5%,
5/1/20 (144A) $ 1,357,723
-------------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.2%
1,135,000 BB-/Ba3 Sotheby's, 5.25%, 10/1/22 (144A) $ 1,109,462
375,000 B-/B3 StoneMor Partners LP, 7.875%,
6/1/21 (144A) 385,312
-------------
$ 1,494,774
-------------
Total Consumer Services $ 5,419,354
-------------------------------------------------------------------------------------------------------------
MEDIA -- 1.5%
Advertising -- 0.2%
600,000 BB-/Ba2 Lamar Media Corp., 5.375%, 1/15/24 $ 615,000
445,000 B-/B3 MDC Partners, Inc., 6.75%,
4/1/20 (144A) 468,362
-------------
$ 1,083,362
-------------------------------------------------------------------------------------------------------------
Broadcasting -- 0.4%
450,000 CCC+/Caa1 Cumulus Media Holdings, Inc.,
7.75%, 5/1/19 $ 479,250
EURO 100,000 B+/B1 Nara Cable Funding II, Ltd., 8.5%,
3/1/20 (144A) 166,013
1,325,000 B+/B2 Quebecor Media, Inc., 5.75%, 1/15/23 1,328,312
750,000 B+/B2 Univision Communications, Inc.,
5.125%, 5/15/23 (144A) 766,875
-------------
$ 2,740,450
-------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.4%
475,000 BB-/B1 CCO Holdings LLC, 5.75%, 9/1/23 $ 471,438
100,000 BB-/B1 CCO Holdings LLC, 6.5%, 4/30/21 106,000
850,000 B-/Caa1 Intelsat Jackson Holdings SA, 6.625%,
12/15/22 (144A) 884,000
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 41
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Cable & Satellite -- (continued)
250,000 B+/B3 Intelsat Jackson Holdings SA,
7.25%, 4/1/19 $ 268,750
150,000 B+/B3 Intelsat Jackson Holdings SA,
7.5%, 4/1/21 164,625
350,000 B-/Caa2 Intelsat Luxembourg SA, 7.75%,
6/1/21 (144A) 368,375
370,000 BB/B1 Sirius XM Holdings, Inc., 4.625%,
5/15/23 (144A) 348,725
200,000 BB/B1 Sirius XM Holdings, Inc., 5.25%,
8/15/22 (144A) 206,000
-------------
$ 2,817,913
-------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
100,000 CCC+/Caa1 Production Resource Group, Inc.,
8.875%, 5/1/19 $ 79,500
675,000 B-/B3 Regal Entertainment Group, 5.75%,
3/15/22 695,250
470,000 B-/B3 Regal Entertainment Group, Inc.,
5.75%, 2/1/25 459,425
171,000 B+/B1 WMG Acquisition Corp., 6.0%,
1/15/21 (144A) 178,268
-------------
$ 1,412,443
-------------------------------------------------------------------------------------------------------------
Publishing -- 0.3%
1,620,000 BB/Ba1 Gannett Co., Inc., 6.375%,
10/15/23 (144A) $ 1,719,225
100,000 B-/B3 MPL 2 Acquisition Canco, Inc., 9.875%,
8/15/18 (144A) 106,000
-------------
$ 1,825,225
-------------
Total Media $ 9,879,393
-------------------------------------------------------------------------------------------------------------
RETAILING -- 1.0%
Department Stores -- 0.3%
775,000 B/NR Grupo Famsa SAB de CV, 7.25%,
6/1/20 (144A) $ 784,688
625,000 CCC+/Caa2 Neiman Marcus Group, Ltd. LLC,
8.0%, 10/15/21 (144A) 686,719
500,000 CCC+/Caa2 Neiman Marcus Group, Ltd. LLC,
8.75%, 10/15/21 (144A) (PIK) 552,500
-------------
$ 2,023,907
-------------------------------------------------------------------------------------------------------------
Apparel Retail -- 0.1%
750,000 B+/B3 Brown Shoe Co., Inc., 7.125%, 5/15/19 $ 793,125
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.4%
435,000 BB-/Ba3 Outerwall, Inc., 6.0%, 3/15/19 $ 454,575
1,000,000 CCC+/Caa1 Petco Holdings, Inc., 8.5%,
10/15/17 (144A) (PIK) 1,018,770
600,000 B/B3 Radio Systems Corp., 8.375%,
11/1/19 (144A) 664,500
-------------
$ 2,137,845
-------------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.2%
1,325,000 BB-/Ba3 CST Brands, Inc., 5.0%, 5/1/23 $ 1,301,812
-------------
Total Retailing $ 6,256,689
-------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.7%
Distillers & Vintners -- 0.2%
470,000 BB+/Ba1 Constellation Brands, Inc., 3.75%, 5/1/21 $ 459,425
485,000 BB+/Ba1 Constellation Brands, Inc., 4.25%, 5/1/23 474,088
-------------
$ 933,513
-------------------------------------------------------------------------------------------------------------
Soft Drinks -- 0.0%+
195,000 BB/Ba2 Central American Bottling Corp.,
6.75%, 2/9/22 (144A) $ 204,750
-------------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.4%
240,000 BB/Ba2 Cosan Luxembourg SA, 5.0%,
3/14/23 (144A) $ 225,600
1,060,000 BB+/B1 Darling International, Inc., 5.375%,
1/15/22 (144A) 1,089,150
800,000 B/B2 Southern States Cooperative, Inc.,
10.0%, 8/15/21 (144A) 803,000
750,000 B/NR Tonon Bioenergia SA, 9.25%,
1/24/20 (144A) 678,750
-------------
$ 2,796,500
-------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.9%
75,000 B/B2 Agrokor dd, 8.875%, 2/1/20 (144A) $ 81,675
400,000 BB-/B1 B&G Foods, Inc., 4.625%, 6/1/21 395,500
300,000 BB+/Ba1 Barry Callebaut Services NV, 5.5%,
6/15/23 (144A) 312,342
250,000 BBB-/Baa3 BRF SA, 3.95%, 5/22/23 (144A) 223,125
928,000 B/B1 Chiquita Brands International, Inc.,
7.875%, 2/1/21 1,035,880
430,000 CCC+/Caa2 Diamond Foods, Inc., 7.0%,
3/15/19 (144A) 445,050
400,000 CCC+/Caa1 Dole Food Co., Inc., 7.25%,
5/1/19 (144A) 402,000
300,000 B/B3 FAGE Dairy Industry SA, 9.875%,
2/1/20 (144A) 318,750
700,000 B/B2 Marfrig Holding Europe BV, 11.25%,
9/20/21 (144A) 750,750
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 43
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- (continued)
200,000 B/B2 Marfrig Holding Europe BV, 8.375%,
5/9/18 (144A) $ 199,600
200,000 B/B2 Marfrig Holding Europe BV, 9.875%,
7/24/17 (144A) 208,750
100,000 B/B2 Marfrig Overseas, Ltd., 9.5%,
5/4/20 (144A) 100,375
500,000 CCC/NR MHP SA, 8.25%, 4/2/20 (144A) 430,000
400,000 BB-/B1 Minerva Luxembourg SA, 7.75%,
1/31/23 (144A) 409,600
200,000 B/B1 Post Holdings, Inc., 7.375%, 2/15/22 215,000
-------------
$ 5,528,397
-------------------------------------------------------------------------------------------------------------
Tobacco -- 0.2%
1,300,000 B-/Caa1 Alliance One International, Inc.,
9.875%, 7/15/21 $ 1,329,250
175,000 BBB-/Baa2 Lorillard Tobacco Co., 3.75%, 5/20/23 164,948
-------------
$ 1,494,198
-------------
Total Food, Beverage & Tobacco $ 10,957,358
-------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.3%
Personal Products -- 0.3%
255,000 B+/B2 Albea Beauty Holdings SA, 8.375%,
11/1/19 (144A) $ 276,675
650,000 BBB-/Baa3 Avon Products, Inc., 5.0%, 3/15/23 651,173
785,000 CCC+/Caa1 Monitronics International, Inc.,
9.125%, 4/1/20 839,950
-------------
$ 1,767,798
-------------
Total Household & Personal Products $ 1,767,798
-------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 1.2%
Health Care Equipment -- 0.0%+
142,000 B+/B2 Physio-Control International, Inc.,
9.875%, 1/15/19 (144A) $ 159,395
-------------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
100,000 B/B3 ConvaTec Healthcare E SA, 10.5%,
12/15/18 (144A) $ 111,250
100,000 B-/Caa2 Immucor, Inc., 11.125%, 8/15/19 113,000
-------------
$ 224,250
-------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
1,050,000 CCC+/Caa2 BioScrip, Inc., 8.875%, 2/15/21 (144A) $ 1,094,625
400,000 CCC+/Caa2 Gentiva Health Services, Inc.,
11.5%, 9/1/18 422,500
-------------
$ 1,517,125
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.6%
200,000 B/B3 Capella Healthcare, Inc., 9.25%, 7/1/17 $ 212,500
340,000 B-/B3 CHS, 6.875%, 2/1/22 (144A) 355,300
165,000 B-/B3 CHS, Inc., 7.125%, 7/15/20 179,025
1,075,000 B-/B3 CHS, Inc., 8.0%, 11/15/19 1,181,156
400,000 B-/B3 Kindred Healthcare, Inc., 6.375%,
4/15/22 (144A) 401,000
400,000 B-/B3 Kindred Healthcare, Inc., 8.25%, 6/1/19 428,500
980,000 B+/Ba3 Tenet Healthcare Corp., 4.375%, 10/1/21 945,700
-------------
$ 3,703,181
-------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.2%
1,365,000 BB/Ba2 WellCare Health Plans, Inc., 5.75%,
11/15/20 $ 1,433,250
-------------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
200,000 CCC+/Caa1 Emdeon, Inc., 11.0%, 12/31/19 $ 231,750
170,000 B/B3 IMS Health, Inc., 6.0%, 11/1/20 (144A) 178,925
175,000 B/B3 MedAssets, Inc., 8.0%, 11/15/18 187,250
-------------
$ 597,925
-------------
Total Health Care Equipment & Services $ 7,635,126
-------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.8%
Biotechnology -- 0.1%
600,000 B-/Caa2 Lantheus Medical Imaging, Inc.,
9.75%, 5/15/17 $ 597,000
-------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.7%
375,000 B/B1 Endo Finance LLC, 5.75%,
1/15/22 (144A) $ 384,375
645,000 B+/B1 Grifols Worldwide Operations, Ltd.,
5.25%, 4/1/22 (144A) 659,512
705,000 CCC+/Caa2 JLL, 7.5%, 2/1/22 (144A) 726,150
610,000 CCC+/Caa1 Par Pharmaceutical Companies, Inc.,
7.375%, 10/15/20 660,325
1,855,000 B/B2 Salix Pharmaceuticals, Ltd., 6.0%,
1/15/21 (144A) 1,980,212
510,000 B/B1 Valeant Pharmaceuticals International,
6.375%, 10/15/20 (144A) 550,800
-------------
$ 4,961,374
-------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 5,558,374
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 45
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
BANKS -- 1.7%
Diversified Banks -- 0.8%
500,000 NR/Baa3 Banco de Bogota SA, 5.375%,
2/19/23 (144A) $ 498,125
250,000 BBB+/NR BBVA Banco Continental SA, 5.0%,
8/26/22 (144A) 253,438
400,000 NR/Baa2 BBVA Bancomer SA Texas, 6.5%,
3/10/21 (144A) 432,500
700,000 BB-/B1 CorpGroup Banking SA, 6.75%,
3/15/23 (144A) 684,250
525,000 BBB/Baa2 Intesa Sanpaolo S.p.A., 6.5%,
2/24/21 (144A) 592,082
500,000 BBB/Baa2 Macquarie Bank, Ltd., 6.625%,
4/7/21 (144A) 565,704
250,000 A/Baa1 Nordea Bank AB, 4.25%, 9/21/22 (144A) 252,222
1,350,000 NR/NR Russian Agricultural Bank OJSC Via
RSHB Capital SA, 8.5%, 10/16/23 (144A) 1,302,750
300,000 BBB-/Ba1 VTB Bank OJSC Via VTB Capital SA,
6.95%, 10/17/22 (144A) 298,503
400,000 7.98 BBB+/Baa3 Wells Fargo & Co., Floating Rate
Note (Perpetual) 454,500
-------------
$ 5,334,074
-------------------------------------------------------------------------------------------------------------
Regional Banks -- 0.7%
250,000 A/A2 HSBC Bank USA NA New York NY,
6.0%, 8/9/17 $ 282,076
1,430,000 6.45 BBB/Baa3 M&T Bank Corp., Floating Rate Note
(Perpetual) 1,478,262
1,200,000 4.45 BBB/Baa3 The PNC Financial Services Group, Inc.,
Floating Rate Note (Perpetual) 1,203,600
1,150,000 6.75 BBB/Baa3 The PNC Financial Services Group, Inc.,
Floating Rate Note (Perpetual) 1,253,500
325,000 4.85 BBB/Baa3 The PNC Financial Services Group, Inc.,
Floating Rate Note (Perpetual) 304,688
-------------
$ 4,522,126
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.2%
100,000 BBB-/Baa2 Astoria Financial Corp., 5.0%, 6/19/17 $ 107,760
1,425,000 B+/Ba3 Provident Funding Associates LP,
6.75%, 6/15/21 (144A) 1,425,000
-------------
$ 1,532,760
-------------
Total Banks $ 11,388,960
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.2%
Other Diversified Financial
Services -- 1.5%
300,000 5.20 BB+/Ba3 Bank of America Corp., Floating Rate
Note (Perpetual) $ 282,000
750,000 A-/NR Carlyle Holdings II Finance LLC,
5.625%, 3/30/43 (144A) 800,262
350,000 5.35 BB+/Ba3 Citigroup, Inc., Floating Rate Note
(Perpetual) 324,625
500,000 5.95 BB+/Ba3 Citigroup, Inc., Floating Rate Note
(Perpetual) 488,750
650,000 7.88 NR/NR Credit Suisse Group Guernsey I, Ltd.,
Floating Rate Note, 2/24/41 705,250
1,000,000 BBB/NR Fixed Income Trust Series 2013-A,
10/15/97 (Step) (144A) (c) (d) 582,678
200,000 7.12 AA-/Baa1 General Electric Capital Corp., Floating
Rate Note (Perpetual) 228,000
1,000,000 5.25 AA-/Baa1 General Electric Capital Corp., Floating
Rate Note (Perpetual) 972,700
200,000 A/A3 JPMorgan Chase & Co., 4.35%, 8/15/21 214,379
1,525,000 5.15 BBB/Ba1 JPMorgan Chase & Co., Floating Rate
Note (Perpetual) 1,429,688
1,835,000 6.75 BBB/Ba1 JPMorgan Chase & Co., Floating Rate
Note, 8/29/49 1,931,338
1,150,000 A/NR KKR Group Finance Co. II LLC, 5.5%,
2/1/43 (144A) 1,199,700
100,000 0.00 BBB/NR Tiers Trust, Floating Rate Note,
10/15/97 (144A) (d) 70,055
615,000 5.65 BB/Ba1 Voya Financial, Inc., Floating Rate Note,
5/15/53 611,310
-------------
$ 9,840,735
-------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.7%
900,000 BBB+/Baa1 BM&FBovespa SA, 5.5%,
7/16/20 (144A) $ 956,250
500,000 BBB-/NR Cantor Fitzgerald LP, 7.875%,
10/15/19 (144A) 528,600
200,000 B-/Caa1 Igloo Holdings Corp., 8.25%,
12/15/17 (144A) (PIK) 204,750
1,220,000 B+/B2 Nationstar Mortgage LLC, 6.5%, 6/1/22 1,131,550
825,000 B+/B2 Nationstar Mortgage LLC, 6.5%, 7/1/21 777,562
355,000 B+/B2 Nationstar Mortgage LLC, 6.5%, 8/1/18 356,775
700,000 B/B1 Oxford Finance LLC, 7.25%,
1/15/18 (144A) 742,000
-------------
$ 4,697,487
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 47
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.2%
125,000 BB-/Ba2 General Motors Financial Co, Inc.,
4.25%, 5/15/23 $ 123,438
100,000 NR/NR Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 97,997
1,035,000 B+/B3 TMX Finance LLC, 8.5%, 9/15/18 (144A) 1,133,325
-------------
$ 1,354,760
-------------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 1.0%
915,000 BBB/NR Affiliated Managers Group, Inc.,
4.25%, 2/15/24 $ 920,503
250,000 A+/NR Blackstone Holdings Finance Co. LLC,
4.75%, 2/15/23 (144A) 265,320
750,000 A+/NR Blackstone Holdings Finance Co. LLC,
6.25%, 8/15/42 (144A) 884,086
2,600,000 BB/NR JBS Investment Management, Ltd.,
7.25%, 4/3/24 2,600,000
500,000 BBB/Baa1 Legg Mason, Inc., 5.625%, 1/15/44 513,076
100,000 BB+/Ba1 Neuberger Berman Group LLC, 5.625%,
3/15/20 (144A) 105,000
1,250,000 4.50 BBB/Baa2 The Bank of New York Mellon Corp.,
Floating Rate Note (Perpetual) 1,137,500
-------------
$ 6,425,485
-------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.7%
625,000 BBB+/Baa3 Bank of America Corp., 6.11%, 1/29/37 $ 698,985
200,000 BBB+/Baa3 Merrill Lynch & Co., Inc., 7.75%, 5/14/38 263,724
750,000 BBB+/Baa3 Morgan Stanley, 4.1%, 5/22/23 742,397
250,000 BBB+/Baa3 Morgan Stanley, 4.875%, 11/1/22 262,696
300,000 BBB+/Baa2 The Goldman Sachs Group, Inc.,
6.45%, 5/1/36 333,040
225,000 BBB+/Baa2 The Goldman Sachs Group, Inc.,
6.75%, 10/1/37 257,742
1,800,000 BBB-/NR UBS AG, 7.625%, 8/17/22 2,111,195
-------------
$ 4,669,779
-------------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.1%
200,000 7.50 BB-/NR Credit Suisse Group AG, Floating Rate
Note (Perpetual) (144A) $ 217,250
-------------
Total Diversified Financials $ 27,205,496
-------------------------------------------------------------------------------------------------------------
INSURANCE -- 6.3%
Insurance Brokers -- 0.2%
700,000 BBB-/Baa3 Ironshore Holdings US, Inc., 8.5%,
5/15/20 (144A) $ 816,082
GBP 100,000 NR/B1 Towergate Finance Plc, 8.5%,
2/15/18 (144A) 177,145
The accompanying notes are an integral part of these financial statements.
48 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Insurance Brokers -- (continued)
500,000 CCC+/Caa2 USI, Inc. New York, 7.75%,
1/15/21 (144A) $ 521,250
-------------
$ 1,514,477
-------------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.3%
650,000 BB/Ba2 CNO Financial Group, Inc., 6.375%,
10/1/20 (144A) $ 692,250
500,000 BB-/B1 Fidelity & Guaranty Life Holdings, Inc.,
6.375%, 4/1/21 (144A) 532,500
300,000 BBB/Baa2 MetLife, Inc., 6.4%, 12/15/66 316,500
400,000 5.88 BBB+/Baa2 Prudential Financial, Inc., Floating
Rate Note, 9/15/42 417,500
-------------
$ 1,958,750
-------------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.0%+
250,000 BBB/A3 AXA SA, 8.6%, 12/15/30 $ 322,500
-------------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.5%
GBP 850,000 6.62 NR/NR Brit Insurance Holdings BV, Floating
Rate Note, 12/9/30 $ 1,415,037
250,000 BBB-/Baa3 Fidelity National Financial, Inc., 5.5%,
9/1/22 266,175
200,000 NR/Baa3 First American Financial Corp., 4.3%,
2/1/23 196,040
1,000,000 BBB-/Baa2 OneBeacon US Holdings, Inc., 4.6%,
11/9/22 1,000,353
200,000 A-/Baa2 QBE Insurance Group, Ltd., 2.4%,
5/1/18 (144A) 195,563
-------------
$ 3,073,168
-------------------------------------------------------------------------------------------------------------
Reinsurance -- 5.3%
1,500,000 6.38 NR/NR Aquarius + Investments Plc for Swiss
Reinsurance Co., Ltd., Floating Rate
Note, 9/1/24 $ 1,590,000
721,000 4.25 BB+/NR Armor Re, Ltd., Floating Rate Note,
5/14/14 (Cat Bond) (144A) 723,235
250,000 3.44 BB/NR Atlas IX Capital, Ltd., Floating Rate
Note, 1/17/19 (Cat Bond) (144A) 255,800
1,000,000 4.30 BB+/NR Blue Danube II, Ltd., Floating Rate
Note, 5/23/16 (Cat Bond) (144A) 1,016,800
250,000 2.55 BB+/NR Bosphorus 1 Re, Ltd., Floating Rate
Note, 5/3/16 (Cat Bond) (144A) 250,125
500,000 5.31 BB-/NR Caelus Re, Ltd., Floating Rate Note,
3/7/16 (Cat Bond) (144A) 508,050
1,500,000 6.91 NR/NR Caelus Re, Ltd., Floating Rate Note,
4/7/17 (Cat Bond) (144A) 1,572,600
250,000 10.31 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 256,875
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 49
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 11.31 B+/NR Compass Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) $ 257,925
250,000 9.05 BB/NR East Lane Re V, Ltd., Floating Rate
Note, 3/16/16 (Cat Bond) (144A) 269,650
250,000 6.70 BB/NR East Lane Re, Ltd., Floating Rate
Note, 3/13/15 (Cat Bond) (144A) 257,450
250,000 7.39 BB-/NR Embarcadero Reinsurance, Ltd., Floating
Rate Note, 2/13/15 (Cat Bond) (144A) 256,575
250,000 6.68 BB-/NR Embarcadero Reinsurance, Ltd., Floating
Rate Note, 2/4/16 (Cat Bond) (144A) 252,500
350,000 5.03 BB+/NR Foundation Re III, Ltd., Floating Rate
Note, 2/25/15 (Cat Bond) (144A) 356,090
1,000,000 7.44 NR/NR Galileo Re, Ltd., Floating Rate Note,
1/9/19 (Cat Bond) (144A) 1,039,900
600,000 0.00 NR/NR Gator Re, Ltd., Floating Rate Note,
1/9/17 (Cat Bond) (144A) 603,180
750,000 4.05 BB+/NR Ibis Re II, Ltd., Floating Rate Note,
6/28/16 (Cat Bond) (144A) 765,150
1,875,000 6.94 BB-/NR Johnston Re, Ltd., Floating Rate Note,
5/8/14 (Cat Bond) (144A) 1,880,438
250,000 7.64 BB-/NR Johnston Re, Ltd., Floating Rate Note,
5/8/14 (Cat Bond) (144A) 250,900
1,503,871 0.00 NR/NR Kane SAC Ltd., PI4, Floating Rate Note,
7/7/16 1,503,871
1,505,000 NR/NR Kane SAC Ltd., PI4, Floating Rate Note,
7/18/16 (c) 1,532,240
500,000 9.75 NR/NR Loma Reinsurance, Ltd. Bermuda, Floating
Rate Note, 1/8/18 (Cat Bond) (144A) 520,000
500,000 4.05 BB/NR Longpoint Re, Ltd. III, Floating Rate Note,
5/18/16 (Cat Bond) (144A) 509,500
500,000 0.00 NR/NR Merna Reinsurance V, Ltd., Floating Rate
Note, 4/7/17 (Cat Bond) (144A) 499,850
500,000 BBB/NR Montpelier Re Holdings, Ltd., 4.7%,
10/15/22 507,212
500,000 12.06 B/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 530,550
250,000 9.06 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 260,400
250,000 8.24 NR/Ba3 Mythen Re, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 264,300
1,000,000 8.55 B+/NR Mythen Re, Ltd., Series 2012-2 Class A,
Floating Rate Note, 1/5/17 (Cat
Bond) (144A) 1,064,400
500,000 11.78 B-/NR Mythen Re, Ltd., Series 2012-2 Class A,
Floating Rate Note, 11/10/16 (Cat
Bond) (144A) 535,650
The accompanying notes are an integral part of these financial statements.
50 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 8.04 NR/NR Mythen Re, Ltd., Series 2013-1 Class B,
Floating Rate Note, 7/9/15 (Cat
Bond) (144A) $ 258,875
500,000 7.31 BB-/NR Northshore Re, Ltd., Floating Rate Note,
7/5/16 (Cat Bond) (144A) 518,800
750,000 7.56 BB-/NR Queen Street IV Capital, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond) (144A) 773,550
1,000,000 8.56 BB-/NR Queen Street V Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 1,038,200
1,000,000 8.65 B/NR Queen Street VII Re, Ltd., Floating Rate
Note, 4/8/16 (Cat Bond) (144A) 1,057,500
600,000 8.80 B+/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 634,800
1,250,000 9.06 BB-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 (Cat
Bond) (144A) 1,315,000
250,000 8.96 NR/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/17 (Cat
Bond) (144A) 261,650
250,000 5.80 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 260,550
800,000 4.55 BB+/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 828,720
250,000 12.80 NR/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 272,650
250,000 8.05 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat
Bond) (144A) 275,725
500,000 10.05 BB-/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat
Bond) (144A) 553,900
250,000 20.05 NR/NR Residential Reinsurance 2013, Ltd.,
Floating Rate Note, 12/6/17 (Cat
Bond) (144A) 249,175
250,000 9.30 B-/NR Residential Reinsurance 2013, Ltd.,
Floating Rate Note, 6/6/17 (Cat
Bond) (144A) 260,925
1,250,000 4.06 BB/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 1,265,125
1,000,000 3.56 BB+/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 1,009,600
250,000 NR/NR Sector Re V, Ltd., 12/1/18 (Cat
Bond) (144A) (c) 255,775
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 51
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
272 NR/NR Sector Re V, Ltd., 3/1/18 (Cat
Bond) (144A) (c) $ 68,798
400,000 NR/NR Silverton Re, Ltd., 9/16/16 (Cat
Bond) (144A) (c) 415,360
110,000 7.51 BB+/Ba2 Sirius International Group, Ltd., Floating
Rate Note (Perpetual) (144A) 115,481
500,000 16.30 NR/NR Successor X, Ltd., Floating Rate Note,
11/10/15 (Cat Bond) (144A) 517,350
250,000 11.28 B-/NR Successor X, Ltd., Floating Rate Note,
11/10/15 (Cat Bond) (144A) 267,975
500,000 8.53 B+/NR Tar Heel Re, Ltd., Floating Rate Note,
5/9/16 (Cat Bond) (144A) 538,750
250,000 6.25 NR/NR Tradewynd Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) 251,325
200,000 BBB+/Baa2 Validus Holdings, Ltd., 8.875%, 1/26/40 278,132
250,000 0.04 BBB-/NR Vita Capital V, Ltd., Floating Rate
Note, 1/15/17 (Cat Bond) (144A) 254,150
250,000 2.50 BB+/NR Vitality Re V, Ltd., Floating Rate Note,
1/7/19 (Cat Bond) (144A) 252,800
165,000 5.88 NR/NR Wilton Re Finance LLC, Floating Rate
Note, 3/30/33 (144A) 164,175
-------------
$ 34,306,032
-------------
Total Insurance $ 41,174,927
-------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.7%
Diversified REIT -- 0.2%
600,000 B/Ba3 CNL Lifestyle Properties, Inc., 7.25%,
4/15/19 $ 630,000
250,000 BBB/Baa2 Goodman Funding Pty, Ltd., 6.375%,
4/15/21 (144A) 282,579
400,000 NR/Baa2 Trust F, 5.25%, 12/15/24 (144A) 399,000
-------------
$ 1,311,579
-------------------------------------------------------------------------------------------------------------
Mortgage REIT -- 0.2%
170,000 B+/B3 iStar Financial, Inc., 4.875%, 7/1/18 $ 174,250
1,400,000 NR/NR NorthStar Realty Finance Corp.,
3.0%, 9/30/14 1,397,480
-------------
$ 1,571,730
-------------------------------------------------------------------------------------------------------------
Office REIT -- 0.0%+
225,000 BBB-/Baa3 Corporate Office Properties LP,
3.6%, 5/15/23 $ 208,004
-------------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.2%
900,000 BBB-/Baa2 Hospitality Properties Trust,
5.0%, 8/15/22 $ 935,874
150,000 BBB+/Baa1 Ventas Realty LP, 4.75%, 6/1/21 161,666
-------------
$ 1,097,540
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
52 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 0.1%
340,000 B+/B1 Alam Synergy Pte, Ltd., 9.0%,
1/29/19 (144A) $ 351,050
-------------
Total Real Estate $ 4,539,903
-------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.8%
Internet Software & Services -- 0.4%
1,150,000 BB-/B2 Bankrate, Inc., 6.125%, 8/15/18 (144A) $ 1,219,000
50,000 BB/Ba3 Equinix, Inc., 7.0%, 7/15/21 55,750
705,000 BB/B1 j2 Global, Inc., 8.0%, 8/1/20 768,450
335,000 BB/Baa3 VeriSign, Inc., 4.625%, 5/1/23 321,600
-------------
$ 2,364,800
-------------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.1%
800,000 BB-/B3 Entegris, Inc., 6.0%, 4/1/22 (144A) $ 818,000
-------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced
Services -- 0.1%
100,000 B-/Caa1 First Data Corp., 8.25%, 1/15/21 (144A) $ 108,500
400,000 BB/Ba3 WEX, Inc., 4.75%, 2/1/23 (144A) 376,000
-------------
$ 484,500
-------------------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.2%
1,400,000 BB+/Ba2 Activision Blizzard, Inc., 6.125%,
9/15/23 (144A) $ 1,524,250
-------------
Total Software & Services $ 5,191,550
-------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 1.2%
Communications Equipment -- 0.4%
915,000 BB+/Ba3 Brocade Communications Systems, Inc.,
4.625%, 1/15/23 (144A) $ 873,825
650,000 B/B3 CommScope Holding Co., Inc., 6.625%,
6/1/20 (144A) (PIK) 687,375
191,000 B+/B2 CommScope, Inc., 8.25%,
1/15/19 (144A) 206,758
765,000 NR/NR Emulex Corp., 1.75%, 11/15/18 (144A) 767,869
100,000 B-/B2 ViaSat, Inc., 6.875%, 6/15/20 107,250
-------------
$ 2,643,077
-------------------------------------------------------------------------------------------------------------
Computer Hardware -- 0.1%
185,000 BB/Ba3 NCR Corp., 5.0%, 7/15/22 $ 185,231
660,000 BB/Ba3 NCR Corp., 6.375%, 12/15/23 (144A) 701,250
-------------
$ 886,481
-------------------------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.2%
885,000 BBB-/Ba1 Seagate HDD Cayman, 4.75%,
6/1/23 (144A) $ 873,938
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 53
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Computer Storage &
Peripherals -- (continued)
200,000 BBB-/Ba1 Seagate HDD Cayman, 7.0%, 11/1/21 $ 223,750
-------------
$ 1,097,688
-------------------------------------------------------------------------------------------------------------
Electronic Equipment
Manufacturers -- 0.1%
550,000 B+/B1 Viasystems, Inc., 7.875%, 5/1/19 (144A) $ 592,625
-------------------------------------------------------------------------------------------------------------
Electronic Components -- 0.4%
EURO 300,000 B+/Ba2 Belden, Inc., 5.5%, 4/15/23 (144A) $ 423,023
1,860,000 B+/Ba2 Belden, Inc., 5.5%, 9/1/22 (144A) 1,883,250
-------------
$ 2,306,273
-------------------------------------------------------------------------------------------------------------
Electronic Manufacturing
Services -- 0.0%+
85,000 BB+/Ba1 Flextronics International, Ltd.,
4.625%, 2/15/20 $ 85,744
145,000 BB+/Ba1 Flextronics International, Ltd.,
5.0%, 2/15/23 146,088
-------------
$ 231,832
-------------
Total Technology Hardware & Equipment $ 7,757,976
-------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.4%
Semiconductor Equipment -- 0.0%+
285,000 BB/B2 Amkor Technology, Inc., 6.375%, 10/1/22 $ 295,331
-------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.4%
1,095,000 B/B2 Advanced Micro Devices, Inc., 6.75%,
3/1/19 (144A) $ 1,099,106
445,000 B/B2 Advanced Micro Devices, Inc., 7.5%,
8/15/22 440,550
750,000 BB-/Ba3 Micron Technology, Inc., 5.875%,
2/15/22 (144A) 785,625
-------------
$ 2,325,281
-------------
Total Semiconductors & Semiconductor
Equipment $ 2,620,612
-------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 2.2%
Integrated Telecommunication
Services -- 1.5%
500,000 BB/Ba2 CenturyLink, Inc., 6.45%, 6/15/21 $ 537,500
150,000 BB/Ba2 CenturyLink, Inc., 7.6%, 9/15/39 142,688
800,000 BB/Ba2 CenturyLink, Inc., 7.65%, 3/15/42 755,000
1,105,000 B/B3 Cincinnati Bell, Inc., 8.375%, 10/15/20 1,209,975
250,000 BB-/Ba2 Frontier Communications Corp.,
7.625%, 4/15/24 261,250
The accompanying notes are an integral part of these financial statements.
54 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Integrated Telecommunication
Services -- (continued)
500,000 BB-/Ba2 Frontier Communications Corp.,
8.75%, 4/15/22 $ 570,625
200,000 BB-/Ba2 Frontier Communications Corp.,
9.0%, 8/15/31 204,500
458,000 B+/B3 GCI, Inc., 8.625%, 11/15/19 490,060
500,000 NR/Ba3 GTP Acquisition Partners I LLC,
7.628%, 6/15/16 (144A) 533,138
150,000 BB-/Ba3 MasTec, Inc., 4.875%, 3/15/23 147,000
200,000 A-/A2 Ooredoo International Finance, Ltd.,
3.875%, 1/31/28 (144A) 181,500
EURO 200,000 B+/B1 Telenet Finance III Luxembourg SCA,
6.625%, 2/15/21 (144A) 298,548
100,000 BB-/B1 tw telecom holdings inc, 5.375%, 10/1/22 102,000
1,030,000 BBB+/Baa1 Verizon Communications, Inc., 6.55%,
9/15/43 1,253,443
500,000 BB-/Ba3 Virgin Media Secured Finance Plc,
5.375%, 4/15/21 (144A) 516,250
1,305,000 B/B1 Windstream Corp., 7.5%, 6/1/22 1,376,775
850,000 B/B1 Windstream Corp., 8.125%, 9/1/18 903,125
-------------
$ 9,483,377
-------------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.7%
600,000 BB-/B1 Altice Financing SA, 6.5%,
1/15/22 (144A) $ 633,000
100,000 BB/Ba3 MetroPCS Wireless, Inc., 7.875%, 9/1/18 106,250
1,725,000 BB-/B1 Sprint Corp., 7.125%, 6/15/24 (144A) 1,811,250
490,000 BB/Ba3 T-Mobile USA, Inc., 6.542%, 4/28/20 527,362
555,000 BB/Ba3 T-Mobile USA, Inc., 6.633%, 4/28/21 596,625
300,000 NR/NR Unison Ground Lease Funding LLC,
5.78%, 3/15/20 (144A) 286,985
200,000 BB/Ba3 VimpelCom Holdings BV, 7.5043%,
3/1/22 (144A) 202,720
400,000 NR/NR WCP Issuer llc, 6.657%, 8/15/20 (144A) 420,031
-------------
$ 4,584,223
-------------
Total Telecommunication Services $ 14,067,600
-------------------------------------------------------------------------------------------------------------
UTILITIES -- 1.9%
Electric Utilities -- 0.6%
1,500,000 5.25 BBB+/A3 Electricite de France SA, Floating Rate
Note (Perpetual) (144A) $ 1,502,250
150,000 BBB/Baa2 Enel Finance International NV,
5.125%, 10/7/19 (144A) 164,456
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 55
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Electric Utilities -- (continued)
1,190,000 8.75 BB+/Ba1 Enel S.p.A., Floating Rate Note,
9/24/73 (144A) $ 1,335,299
900,000 BB+/Baa3 Israel Electric Corp, Ltd., 5.625%,
6/21/18 (144A) 949,500
75,000 6.25 BBB-/Baa1 Southern California Edison Co., Floating
Rate Note (Perpetual) 79,875
-------------
$ 4,031,380
-------------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.4%
165,000 NR/Ba2 AmeriGas Finance LLC, 7.0%, 5/20/22 $ 180,262
220,000 B/B3 LBC Tank Terminals Holding
Netherlands BV, 6.875%, 5/15/23 (144A) 234,850
1,450,000 BB+/Baa3 ONEOK, Inc., 6.875%, 9/30/28 1,612,813
300,000 BBB/Baa2 Transportadora de Gas del Peru SA,
4.25%, 4/30/28 (144A) 273,000
-------------
$ 2,300,925
-------------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.1%
500,000 NR/Caa1 DTEK Finance Plc, 7.875%,
4/4/18 (144A) $ 425,000
-------------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.8%
995,000 BB-/Ba3 AES Corp. Virginia, 4.875%, 5/15/23 $ 950,225
500,000 BB-/Ba3 AES Corp. Virginia, 5.5%, 3/15/24 496,250
100,000 BB/Ba3 Inkia Energy, Ltd., 8.375%, 4/4/21 (144A) 108,000
1,000,000 NR/Baa3 Instituto Costarricense de Electricidad,
6.375%, 5/15/43 (144A) 853,750
1,050,000 B+/B1 InterGen NV, 7.0%, 6/30/23 (144A) 1,102,500
400,000 B-/B3 Jones Energy Holdings LLC, 6.75%,
4/1/22 (144A) 407,500
250,000 BB-/B1 NRG Energy, Inc., 6.25%, 7/15/22 (144A) 257,500
900,000 BB-/B1 NRG Energy, Inc., 7.625%, 1/15/18 1,010,250
79,000 BB-/B1 NRG Energy, Inc., 7.625%, 5/15/19 82,456
200,000 BB-/B1 NRG Energy, Inc., 8.25%, 9/1/20 219,500
-------------
$ 5,487,931
-------------
Total Utilities $ 12,245,236
-------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.1%
Government -- 0.1%
500,000 BBB-/NR Brazil Minas SPE via State of Minas
Gerais, 5.333%, 2/15/28 (144A) $ 483,750
-------------
Total Government $ 483,750
-------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $294,868,465) $ 300,856,325
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
56 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- 2.0%
4,300,000 NR/NR Fannie Mae Pool, 4.0%, 4/10/14 $ 4,469,312
3,200,000 NR/NR Fannie Mae, 3.5%, 5/12/14 3,208,000
1,513,939 NR/NR Fannie Mae, 4.5%, 8/1/40 1,615,413
1,354,162 NR/NR Fannie Mae, 4.5%, 9/1/39 1,444,931
961,389 NR/NR Fannie Mae, 4.5%, 9/1/40 1,026,325
1,062,299 NR/NR Federal Home Loan Mortgage Corp.,
4.5%, 6/1/41 1,133,279
-------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $12,904,770) $ 12,897,260
-------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT
BONDS -- 0.6%
1,700,000 NR/Baa1 Commonwealth of the Bahamas,
5.75%, 1/16/24 (144A) $ 1,709,350
100,000 CCC+/Caa2 Provincia de Buenos Aires Argentina,
10.875%, 1/26/21 (144A) 87,500
1,100,000 B/B1 Republic of Ghana, 7.875%,
8/7/23 (144A) 1,009,250
750,000 B+/B1 Sri Lanka Government International
Bond, 6.0%, 1/14/19 (144A) 784,688
200,000 CCC/Caa2 Ukraine Government International
Bond, 7.5%, 4/17/23 (144A) 185,000
200,000 CCC/Caa2 Ukraine Government International
Bond, 7.8%, 11/28/22 (144A) 185,250
-------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $4,011,896) $ 3,961,038
-------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 1.8%
Municipal Airport -- 0.2%
1,250,000 NR/NR City of Charlotte North Carolina,
5.6%, 7/1/27 $ 1,249,938
-------------------------------------------------------------------------------------------------------------
Municipal General -- 0.2%
500,000 AA/A2 JobsOhio Beverage System,
3.985%, 1/1/29 $ 480,815
75,000 AA/A2 JobsOhio Beverage System,
4.532%, 1/1/35 73,032
1,000,000 AAA/Aaa Virginia Resources Authority,
5.0%, 11/1/42 1,081,830
-------------
$ 1,635,677
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 57
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 0.3%
1,000,000 AAA/Aaa New York State Dormitory Authority,
5.0%, 10/1/41 $ 1,085,950
1,000,000 AA/Aa2 Private Colleges & Universities Authority,
5.0%, 10/1/43 1,088,290
-------------
$ 2,174,240
-------------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.2%
1,000,000 A+/A1 Maine Health & Higher Educational
Facilities Authority, 5.0%, 7/1/43 $ 1,046,670
100,000 AA-/A1 Massachusetts Development Finance
Agency, 5.25%, 4/1/37 106,561
150,000 A/NR New Hampshire Health and Education
Facilities Authority Act, 6.5%, 1/1/41 164,541
-------------
$ 1,317,772
-------------------------------------------------------------------------------------------------------------
Municipal Utility District -- 0.1%
1,000,000 A/A1 Grays Harbor County Public Utility
District No 1, 5.0%, 7/1/43 $ 1,040,500
-------------------------------------------------------------------------------------------------------------
Municipal Pollution -- 0.0%+
100,000 BB-/B1 County of York South Carolina,
5.7%, 1/1/24 $ 100,022
-------------------------------------------------------------------------------------------------------------
Municipal School District -- 0.2%
1,000,000 AAA/Aaa Gwinnett County School District,
5.0%, 2/1/36 $ 1,115,500
-------------------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.2%
1,000,000 AA-/Aa3 Maine Turnpike Authority, 5.0%, 7/1/42 $ 1,072,530
-------------------------------------------------------------------------------------------------------------
Municipal Water -- 0.2%
1,000,000 AA+/Aa1 Massachusetts Water Resources
Authority, 5.0%, 8/1/37 $ 1,090,950
-------------------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.2%
1,000,000 AA+/Aa1 State of Washington, 5.0%, 6/1/41 $ 1,073,320
-------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $11,539,957) $ 11,870,449
-------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 16.3%**
ENERGY -- 1.3%
Oil & Gas Drilling -- 0.3%
995,000 6.00 B+/B1 Drillships Financing Holding, Inc.,
Tranche B-1 Term Loan, 3/31/21 $ 1,017,594
396,000 5.75 B-/B3 Offshore Group Investment, Ltd., Term
Loan, 3/28/19 399,795
545,875 4.50 B+/B1 Pacific Drilling SA, Term Loan, 6/3/18 548,809
-------------
$ 1,966,198
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
58 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.3%
1,150,000 5.25 BB-/Ba3 ExGen Renewables I LLC, Term
Loan, 2/5/21 $ 1,168,688
43,520 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term Loan,
5/2/16 43,846
847,875 4.00 BB-/Ba3 Seadrill Operating LP, Initial Term Loan,
2/14/21 846,891
-------------
$ 2,059,425
-------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 0.5%
400,000 5.75 BB-/Ba3 Chesapeake Energy Corp., Term
Loan, 12/2/17 $ 409,625
176,667 3.50 B+/Ba3 EP Energy LLC, Tranche B-3 Loan,
5/24/18 177,025
1,518,000 8.12 B-/B2 Fieldwood Energy LLC, Closing Date
Loan (Second Lien), 9/30/20 1,582,922
249,374 3.88 BB-/Ba2 Fieldwood Energy LLC, Closing Date
Loan, 9/25/18 250,153
1,000,000 5.00 B-/B1 Samson Investment Co., Tranche 1 Term
Loan (Second Lien), 9/25/18 1,010,375
-------------
$ 3,430,100
-------------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.2%
995,000 5.50 B+/Ba3 Foresight Energy LLC, Term Loan, 8/21/20 $ 1,003,913
-------------
Total Energy $ 8,459,636
-------------------------------------------------------------------------------------------------------------
MATERIALS -- 1.5%
Commodity Chemicals -- 0.1%
748,125 5.00 NR/NR Nexeo Solutions LLC, Term Loan B3,
9/9/17 $ 749,995
-------------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.1%
248,125 3.75 BB/Ba3 Tata Chemicals North America, Inc.,
Term Loan, 8/7/20 $ 249,521
267,897 5.00 B+/B2 Univar, Term B Loan, 2/14/17 267,514
-------------
$ 517,035
-------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.4%
843,625 4.00 BB-/B1 MacDermid, Inc., Tranche B Term Loan
(First Lien), 6/7/20 $ 847,668
691,250 4.00 NR/NR PQ Corp., 2014 Term Loan, 8/7/17 693,735
343,778 3.25 BB-/NR Taminco Global Chemical Corp., Initial
Tranche B-3 Dollar Term Loan, 2/15/19 344,208
172,782 1.00 BBB-/Ba2 WR Grace & Co., Delayed Draw Term
Loan, 1/23/21 172,818
483,791 3.00 BBB-/Ba2 WR Grace & Co., U.S. Term Loan,
1/23/21 483,892
-------------
$ 2,542,321
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 59
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.2%
742,362 4.50 B/B1 BWAY Holding Co., Initial Term Loan,
8/31/17 $ 747,581
741,336 4.25 B/B1 Tank Holding Corp., Initial Term Loan,
7/9/19 742,077
-------------
$ 1,489,658
-------------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.1%
204,468 7.50 B+/B2 Caraustar Industries, Inc., Term Loan,
5/1/19 $ 208,216
182,407 4.75 B/Ba3 Kleopatra Acquisition Corp., Term B-1
Loan, 12/21/16 184,611
250,000 0.00 NR/NR Multi Packaging Solutions, Inc., Initial
Dollar Tranche B Term, 9/30/20 251,250
200,000 4.25 NR/NR Multi Packaging Solutions, Inc., Term
Loan B, 9/30/20 202,750
-------------
$ 846,827
-------------------------------------------------------------------------------------------------------------
Aluminum -- 0.1%
548,625 5.50 B/B2 TurboCombustor Technology, Inc., Initial
Term Loan, 10/18/20 $ 555,483
-------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
295,885 4.25 BBB-/NR Fortescue Metals Group Ltd., Bank
Loan, 6/30/19 $ 298,520
152,675 0.00 D/Caa3 Preferred Sands Holding Co. LLC, Term B
Loan, 12/15/16 (e) 121,186
-------------
$ 419,706
-------------------------------------------------------------------------------------------------------------
Steel -- 0.2%
900,000 0.00 NR/NR Atkore International, Inc., Term Loan
(First Lien), 3/27/21 $ 900,282
123,125 9.25 B/B1 Essar Steel Algoma, Inc., Term Loan,
9/19/14 123,606
395,059 4.75 BB-/B2 JMC Steel Group, Inc., Term Loan, 4/1/17 399,010
137,636 4.00 BB+/Ba1 SunCoke Energy, Inc., Tranche B Term
Loan, 7/26/18 137,980
-------------
$ 1,560,878
-------------------------------------------------------------------------------------------------------------
Paper Products -- 0.2%
992,500 5.83 B+/Ba2 Appvion, Inc., Term Commitment, 6/28/19 $ 1,003,045
29,925 5.25 B/B1 Exopack Holdings SA, USD Term Loan,
4/14/19 30,374
-------------
$ 1,033,419
-------------
Total Materials $ 9,715,322
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
60 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.6%
Aerospace & Defense -- 0.5%
726,165 4.00 B+/B1 Accudyne Industries Borrower SCA,
Refinancing Term Loan, 12/13/19 $ 726,959
697,704 3.75 BBB-/Ba2 DigitalGlobe, Inc., Term Loan, 1/25/20 699,013
92,160 6.25 BB-/WR DynCorp International, Inc., Term Loan,
7/7/16 92,966
150,245 3.49 B-/Caa1 Hunter Defense Technologies, Inc., Term
Loan, 8/22/14 135,220
740,625 5.25 B/B2 Sequa Corp., Initial Term Loan, 6/19/17 726,275
243,147 5.50 B+/B1 The SI Organization, Inc., New Tranche B
Term Loan, 11/22/16 238,791
297,739 3.75 B/Ba3 TransDigm, Inc., Tranche C Term Loan,
2/28/20 298,297
-------------
$ 2,917,521
-------------------------------------------------------------------------------------------------------------
Building Products -- 0.3%
498,750 5.50 B/B2 Armacell International GmbH, Term
Loan B (First Lien), 7/2/20 $ 500,620
400,000 4.00 B/B2 Interline Brands, Inc., Term Loan (First
Lien), 3/12/21 400,500
496,233 4.25 BB-/B2 NCI Building Systems, Inc., Tranche B
Term Loan, 6/24/19 498,013
199,500 5.25 BB-/B2 Norcraft Cos. Inc., Initial Loan, 11/12/20 200,996
278,600 4.00 B+/B1 The Quikrete Companies, Inc., Initial
Loan (First Lien), 9/26/20 279,610
320,313 4.25 B+/B1 Unifrax Corp., New Term B Loan, 12/31/19 322,393
-------------
$ 2,202,132
-------------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.1%
686,313 6.75 B+/B2 International Equipment Solutions LLC,
Initial Loan, 8/16/19 $ 690,173
-------------------------------------------------------------------------------------------------------------
Electrical Components &
Equipment -- 0.1%
442,125 7.25 NR/NR Pelican Products, Inc., Repriced Term
Loan (First Lien), 6/9/18 $ 445,441
49,250 6.00 B+/Ba2 WireCo WorldGroup, Inc., Term Loan,
2/15/17 49,712
-------------
$ 495,153
-------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.3%
986,323 0.00 B/B1 Milacron LLC, Term Loan, 3/12/20 $ 988,789
868,300 4.50 B+/B2 Pro Mach, Inc., Term Loan, 7/6/17 873,184
-------------
$ 1,861,973
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 61
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.1%
120,000 5.75 B/Ba3 Navistar, Inc., Tranche B Term Loan,
8/17/17 $ 121,800
111,336 3.50 BBB-/Ba1 Terex Corp., Term Loan, 4/28/17 111,963
608,499 4.01 B+/B2 Waupaca Foundry, Inc., Term Loan,
6/29/17 610,781
-------------
$ 844,544
-------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.2%
647,373 4.25 B/B1 Gardner Denver, Inc., Initial Dollar Term
Loan, 7/30/20 $ 647,900
475,000 4.25 B+/Ba3 Schaeffler AG, Facility C (USD), 1/27/17 477,840
-------------
$ 1,125,740
-------------------------------------------------------------------------------------------------------------
Trading Companies &
Distributors -- 0.0%+
165,030 3.75 BB/Ba3 WESCO Distribution, Inc., Tranche B-1
Loan, 12/12/19 $ 165,649
-------------
Total Capital Goods $ 10,302,885
-------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 0.7%
Commercial Printing -- 0.0%+
121,556 6.25 B+/B2 Cenveo Corp., Term B Loan, 2/13/17 $ 123,379
-------------------------------------------------------------------------------------------------------------
Diversified Commercial & Prof Svc -- 0.1%
465,362 3.75 NR/NR Seven Seas Cruises S de RL LLC,
Term B2 Loan, 12/21/18 $ 466,525
-------------------------------------------------------------------------------------------------------------
Environmental & Facilities
Services -- 0.2%
446,608 3.00 BBB-/Ba1 Progressive Waste Solutions, Ltd., Term B
Loan, 10/31/19 $ 447,166
496,250 5.50 B+/B3 Wastequip LLC, Term Loan, 8/9/19 498,731
697,797 4.00 B+/B1 WCA Waste Corp., Term Loan, 3/23/18 699,891
-------------
$ 1,645,788
-------------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.0%+
110,049 0.00 NR/NR IAP Worldwide Services, Inc., Term Loan
(First Lien), 12/31/15 (e) $ 34,482
-------------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.1%
52,806 4.00 NR/NR Garda World Security Corp., Term B
Delayed Draw Loan, 11/8/20 $ 52,938
206,425 4.00 NR/NR Garda World Security Corp., Term B
Loan, 11/1/20 206,941
559,936 4.25 B/Ba3 Monitronics International, Inc., Term B
Loan, 3/23/18 561,162
-------------
$ 821,041
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
62 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Human Resource & Employment
Services -- 0.1%
367,182 3.50 BB-/Ba2 On Assignment, Inc., Initial Term B Loan,
5/15/20 $ 367,029
-------------------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.2%
657,091 3.25 NR/NR Crown Castle International Corp.,
Tranche B-2 Term Loan (First Lien),
1/31/21 $ 655,818
496,250 5.25 NR/B1 Sourcehov LLC, Term Loan, 4/30/18 500,592
-------------
$ 1,156,410
-------------
Total Commercial Services & Supplies $ 4,614,654
-------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.5%
Air Freight & Logistics -- 0.1%
249,480 5.00 B/B2 Air Medical Group Holdings, Inc., B-1
Term Loan, 6/30/18 $ 250,571
173,688 6.75 B-/B2 Ozburn-Hessey Holding Co LLC, Term
Loan, 5/23/19 175,316
-------------
$ 425,887
-------------------------------------------------------------------------------------------------------------
Airlines -- 0.3%
347,375 3.75 BB-/Ba2 American Airlines, Inc., Class B Term
Loan, 6/27/19 $ 348,967
172,813 3.50 BB/NR Delta Air Lines, Inc., 2014 Term B-1
Loan, 10/18/18 173,137
247,500 3.50 BB-/Ba2 United Airlines, Inc., Class B Term
Loan, 4/1/19 248,242
618,750 3.50 BB-/Ba2 US Airways, Inc., Tranche B-1 Term
Loan (Consenting), 5/23/19 618,944
531,250 3.00 BB-/Ba2 US Airways, Inc., Tranche B-2 Term
Loan (Consenting), 11/23/16 532,777
-------------
$ 1,922,067
-------------------------------------------------------------------------------------------------------------
Marine -- 0.0%+
398,000 5.25 BB/Ba3 Navios Maritime Partners LP, Term
Loan, 6/27/18 $ 404,841
-------------------------------------------------------------------------------------------------------------
Trucking -- 0.1%
225,000 5.50 NR/NR Aegis Toxicology Corp., Tranche B Term
Loan (First Lien), 2/20/21 $ 225,562
249,258 4.00 BB/Ba1 Swift Transportation Co. LLC, Tranche B-2
Term Loan (2013), 12/21/17 251,875
-------------
$ 477,437
-------------
Total Transportation $ 3,230,232
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 63
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.5%
Auto Parts & Equipment -- 0.5%
560,793 3.75 B+/Ba3 Allison Transmission, Inc., Term B-3
Loan, 8/23/19 $ 562,195
396,241 5.00 B+/B2 HHI Holdings LLC, Additional Term
Loan, 10/5/18 399,378
595,112 4.25 NR/NR Metaldyne LLC, Tranche B Term Loan,
12/18/18 598,274
127,735 5.50 NR/NR TI Group Automotive Systems LLC,
Additional Term Loan, 3/27/19 128,813
471,323 3.75 BB/Ba2 Tomkins LLC, Term B-2 Loan, 9/29/16 472,735
932,962 4.00 BB-/B1 Tower Automotive Holdings USA LLC,
Refinancing Term Loan, 4/23/20 932,962
-------------
$ 3,094,357
-------------
Total Automobiles & Components $ 3,094,357
-------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 0.2%
Home Furnishings -- 0.0%+
124,588 3.50 BB/Ba3 Tempur Sealy International, Inc., New
Term B Loan, 3/18/20 $ 124,599
-------------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.1%
312,878 3.75 BB/Ba2 Prestige Brands, Inc., Term B-1
Loan, 1/31/19 $ 314,755
187,541 5.50 B/B1 World Kitchen LLC, U.S. Term Loan, 3/4/19 190,120
-------------
$ 504,875
-------------------------------------------------------------------------------------------------------------
Leisure Products -- 0.1%
400,857 4.00 B+/B1 Bombardier Recreational Products, Inc.,
Term B Loan, 1/30/19 $ 402,861
-------------------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury
Goods -- 0.0%+
397,870 5.75 B/B2 Renfro Corp., Tranche B Term Loan,
1/23/19 $ 398,368
-------------
Total Consumer Durables & Apparel $ 1,430,703
-------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.6%
Casinos & Gaming -- 0.0%+
266,625 3.50 BB/Ba2 MGM Resorts International, Term B
Loan, 12/20/19 $ 266,570
-------------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.0%+
199,495 4.25 B/B1 Sabre GLBL, Inc., Term B Loan, 2/19/19 $ 199,806
-------------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.0%+
248,116 3.50 BB+/Ba2 Six Flags Theme Parks, Inc., Tranche B
Term Loan, 12/20/18 $ 249,548
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
64 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Restaurants -- 0.3%
76,830 3.75 BB/Ba3 Burger King Corp., Tranche B Term
Loan (2012), 9/28/19 $ 77,352
518,321 4.00 BB-/Ba3 Landry's, Inc., B Term Loan, 4/24/18 522,273
566,245 4.00 B/Ba3 NPC International, Inc., 12/28/18 570,138
752,630 3.25 BB-/B1 Wendy's International, Inc., Term B
Loan, 5/15/19 751,958
-------------
$ 1,921,721
-------------------------------------------------------------------------------------------------------------
Education Services -- 0.2%
493,750 4.00 B+/B1 Bright Horizons Family Solutions, Inc.,
Term B Loan, 1/14/20 $ 495,679
546,324 5.00 B/B1 Laureate Education, Inc., New Series
2018 Extended Term Loan, 6/16/18 541,032
-------------
$ 1,036,711
-------------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.1%
480,000 0.00 B/B1 Allied Security Holdings LLC, Delayed
Draw Term Loan (First Lien), 2/12/21 $ 479,200
-------------
Total Consumer Services $ 4,153,556
-------------------------------------------------------------------------------------------------------------
MEDIA -- 2.1%
Advertising -- 0.3%
691,751 4.25 B+/B1 Advantage Sales & Marketing, Inc.,
2013 Term Loan (First Lien), 12/18/17 $ 695,642
971,364 6.75 B-/B1 Affinion Group, Inc., Tranche B Term
Loan, 10/9/16 959,087
197,624 4.50 B/B1 Crossmark Holdings, Inc., Term Loan
(First Lien), 12/20/19 197,130
-------------
$ 1,851,859
-------------------------------------------------------------------------------------------------------------
Broadcasting -- 0.3%
275,000 4.50 BB/Ba3 Gray Television, Inc., Initial Term Loan,
10/11/19 $ 276,925
448,000 4.25 B/B2 NEP, Amendment No. 3 Incremental
Term Loan (First Lien), 1/22/20 450,427
237,287 3.25 BB-/B1 Quebecor Media, Inc., Facility B-1
Tranche, 8/17/20 235,507
474,274 3.50 B+/Ba3 TWCC Holding Corp., Term Loan, 2/13/17 466,567
519,625 4.00 B+/NR Univision Communications, Inc.,
Replacement First-Lien Term Loan, 3/1/20 520,112
-------------
$ 1,949,538
-------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.7%
395,960 3.50 BB-/Ba2 Cequel Communications LLC, Term
Loan, 2/14/19 $ 396,701
496,250 3.00 BB+/Baa3 Charter Communications Operating LLC,
Term F Loan, 1/1/21 492,776
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 65
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Cable & Satellite -- (continued)
289,851 3.75 BB/Ba3 Intelsat Jackson Holdings SA,
Tranche B-2 Term Loan, 6/30/19 $ 290,937
609,196 3.50 BB/Ba3 Telesat Canada, U.S. Term B Loan,
3/28/19 610,149
790,000 3.50 NR/Ba3 Virgin Media Investment Holdings, Ltd.,
New Term B Loan, 2/6/20 789,111
617,324 4.75 B/Ba3 WideOpenWest Finance LLC, Term B
Loan, 4/1/19 619,749
587,872 0.00 NR/NR Ziggo BV, (USD) Tranche B-3 Term
Loan, 1/15/22 583,142
554,681 0.00 NR/NR Ziggo BV, Tranche B-1 Term Loan (First
Lien), 1/15/22 550,217
357,447 0.00 NR/NR Ziggo BV, Tranche B-2 Term Loan (First
Lien), 1/15/22 354,570
-------------
$ 4,687,352
-------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.4%
425,000 6.50 B/B2 Deluxe Entertainment Services Group.,
Inc., Tranche B Term Loan (First Lien),
2/26/20 $ 427,125
425,860 3.50 BB/Ba3 Live Nation Entertainment, Inc.,
Term B-1 Loan, 8/17/20 427,191
308,080 3.50 BB-/Ba2 Rovi Solutions Corp., Tranche B-3 Term
Loan, 3/29/19 308,265
297,750 3.50 BB+/Ba1 Seminole Hard Rock Entertainment, Inc.,
New Term Loan B, 5/14/20 297,983
496,250 4.00 B+/B1 US Finco LLC, Term B Loan, 5/30/20 497,026
681,575 3.75 B+/B1 WMG Acquisition Corp., Tranche B
Refinancing Term Loan, 7/1/20 679,339
-------------
$ 2,636,929
-------------------------------------------------------------------------------------------------------------
Publishing -- 0.4%
147,000 4.25 NR/B1 Houghton Mifflin Harcourt Publishing
Co., Term Loan, 5/22/18 $ 147,919
115,679 3.75 BB-/Ba3 Interactive Data Corp., Refinanced
Term Loan, 2/11/18 115,867
1,895,250 6.25 NR/NR McGraw-Hill School Education
Holdings llc, Term B Loan, 12/18/19 1,910,886
-------------
$ 2,174,672
-------------
Total Media $ 13,300,350
-------------------------------------------------------------------------------------------------------------
RETAILING -- 0.8%
Department Stores -- 0.1%
364,088 4.25 B/B2 Neiman Marcus Group, Ltd. LLC, Other
Term Loan, 10/25/20 $ 365,936
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
66 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Computer & Electronics Retail -- 0.0%+
92,263 11.00 B/Caa1 Targus Group International, Inc., Term
Loan, 5/24/16 $ 77,501
-------------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.1%
643,872 4.50 B/B2 Apex Tool Group LLC, Term Loan, 2/1/20 $ 639,043
220,995 3.98 B+/WR The Hillman Companies, Inc., Term
Loan, 5/28/17 222,560
-------------
$ 861,603
-------------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.0%+
248,125 3.75 BB-/Ba3 Michaels Stores, Inc., Term B Loan,
1/28/20 $ 248,812
-------------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.6%
543,125 6.25 B+/B1 Arc Automotive Group, Inc., Term
Loan, 11/15/18 $ 547,538
2,025,000 3.25 BB+/Ba1 Chrysler Group LLC, Tranche B Term
Loan, 12/29/18 2,019,034
1,440,938 5.75 B+/B2 CWGS Group LLC, Term Loan, 2/20/20 1,451,745
-------------
$ 4,018,317
-------------
Total Retailing $ 5,572,169
-------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.4%
Food Distributors -- 0.2%
590,000 8.25 CCC+/Caa1 Del Monte Foods Consumer Products,
Term Loan (Second Lien), 5/26/21 $ 588,525
871,125 4.75 B+/B1 Mill US Acquisition LLC, Term Loan (First
Lien), 7/3/20 877,387
-------------
$ 1,465,912
-------------------------------------------------------------------------------------------------------------
Food Retail -- 0.2%
548,618 4.25 BB-/NR Albertsons llc, Term B-1 Loan, 3/21/16 $ 552,458
347,877 4.75 BB-/NR Albertsons LLC, Term B-2 Loan, 3/21/19 350,921
316,303 3.50 B+/B1 Big Heart Pet Brands, Initial Term
Loan, 2/24/20 314,869
-------------
$ 1,218,248
-------------
Total Food & Staples Retailing $ 2,684,160
-------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.5%
Agricultural Products -- 0.2%
1,272,544 4.50 B/B1 Arysta Lifescience SPC LLC, Initial Term
Loan (First Lien), 5/29/20 $ 1,278,907
-------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.3%
475,000 4.25 B-/B2 Diamond Foods, Inc., Loan, 8/12/18 $ 477,173
243,085 6.50 NR/NR Hearthside Food Solutions LLC, Term
Loan A, 6/7/18 243,693
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 67
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- (continued)
397,000 3.50 BB/Ba2 HJ Heinz Co., Term B2 Loan, 3/27/20 $ 399,705
680,000 6.75 B-/NR Hostess Brands, Inc., Term B Loan,
2/25/20 708,050
198,000 3.25 BB-/Ba3 Pinnacle Foods Finance LLC, New Term
Loan G, 4/29/20 197,346
-------------
$ 2,025,967
-------------
Total Food, Beverage & Tobacco $ 3,304,874
-------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.4%
Household Products -- 0.0%+
250,000 4.50 B/B1 Polarpak, Inc., USD Term Loan (U.S.
Borrower Portion), 6/7/20 $ 250,625
-------------------------------------------------------------------------------------------------------------
Personal Products -- 0.4%
600,000 4.25 NR/NR Atrium Innovations, Inc., Term Loan,
1/29/21 $ 599,063
750,000 3.50 BB-/Ba3 NBTY, Inc., Term B-2 Loan, 10/1/17 753,094
934,658 4.00 NR/NR Party City Holdings, Inc., 2014
Replacement Term Loan, 7/27/19 937,106
-------------
$ 2,289,263
-------------
Total Household & Personal Products $ 2,539,888
-------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 1.4%
Health Care Equipment -- 0.2%
925,000 0.00 NR/NR Accellent, Inc., Initial Term Loan (First
Lien), 2/21/21 $ 925,000
339,937 3.25 BBB-/Ba2 Hologic, Inc., Refinancing Tranche B
Term Loan, 8/1/19 339,087
394,156 4.00 BB-/Ba3 Kinetic Concepts, Inc., Term DTL-E1
loan, 5/4/18 395,808
-------------
$ 1,659,895
-------------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
444,870 5.00 BB-/B1 Immucor, Inc., Term B-2 Loan, 8/19/18 $ 447,650
-------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.6%
292,369 7.25 NR/B1 BioScrip, Inc., Delayed Draw Term
Loan, 7/31/20 $ 294,744
487,281 7.25 BB-/B1 BioScrip, Inc., Initial Term B Loan, 7/31/20 491,240
98,750 4.00 BB-/Ba2 DaVita, Inc., Tranche B2 Term Loan, 8/1/19 99,473
296,191 4.00 B+/B1 Envision Healthcare Corp., Initial Term
Loan, 5/25/18 296,885
1,246,875 6.50 B/B2 Gentiva Health Services, Inc., Initial
Term B Loan, 10/10/19 1,236,485
The accompanying notes are an integral part of these financial statements.
68 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Health Care Services -- (continued)
133,642 7.50 B-/B2 inVentiv Health, Inc., Consolidated Term
Loan, 8/4/16 $ 134,088
133,714 7.75 B-/B2 inVentiv Health, Inc., Term B-3
Loan, 5/15/18 133,296
85,610 8.00 NR/WR Rural, Term Loan, 6/30/18 81,115
545,875 4.25 B/B2 Surgical Care Affiliates LLC, Class C
Incremental Term Loan, 6/29/18 548,263
647,373 4.25 NR/Ba3 US Renal Care, Inc., Tranche B-2 Term
Loan (First Lien), 7/3/19 647,778
-------------
$ 3,963,367
-------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.3%
347,233 4.25 BB/Ba2 CHS, 2021 Term D Loan, 1/27/21 $ 350,595
194,044 4.50 B/Ba3 IASIS Healthcare LLC, Term B-2
Loan, 5/3/18 195,044
492,513 4.25 B+/Ba3 Kindred Healthcare, Inc., Term B-1
Loan, 6/1/18 493,744
346,629 7.00 B/B3 RegionalCare Hospital Partners, Inc.,
Term Loan (First Lien 2013), 11/4/18 344,896
21,259 3.75 NR/NR Select Medical Corp., Series E Tranche B
Term Loan, 6/1/18 21,445
496,250 6.75 B-/B2 Steward Health Care System LLC, Term
Loan, 4/10/20 495,940
-------------
$ 1,901,664
-------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.0%+
34,916 9.75 B+/B2 MMM Holdings, Inc., Term Loan, 10/9/17 $ 35,177
25,385 9.75 B+/B2 MSO of Puerto Rico, Inc., MSO Term
Loan, 12/12/17 25,480
-------------
$ 60,657
-------------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.2%
96,960 4.00 B+/Ba3 ConvaTec, Inc., Dollar Term Loan,
12/22/16 $ 97,263
779,106 3.75 BB-/Ba3 Emdeon, Inc., Term B-2 Loan, 11/2/18 780,648
334,959 4.00 BB+/Ba3 MedAssets, Inc., Term B Loan, 12/13/19 336,701
-------------
$ 1,214,612
-------------
Total Health Care Equipment & Services $ 9,247,845
-------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.7%
Biotechnology -- 0.1%
693,222 3.50 BB+/Ba3 Alkermes, Inc., 2019 Term Loan, 9/25/19 $ 694,955
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 69
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.6%
894,833 5.00 B/NR Generic Drug Holdings, Inc., Closing
Date Term Loan, 8/16/20 $ 904,340
100,000 0.00 NR/NR Grifols Worldwide Operations USA, Inc.,
U.S. Tranche B Term Loam, 4/1/21 100,062
339,756 3.25 NR/NR Jazz Pharmaceuticals, Inc., Tranche 2
Term Loan, 6/12/18 340,500
450,000 0.00 NR/NR JLL, Initial Dollar Term Loan, 1/23/21 448,406
886,107 0.00 B/B1 Par Pharmaceutical Companies, Inc.,
Term B-2 Loan, 9/28/19 888,636
172,813 4.25 BB/Ba1 Salix Pharmaceuticals, Inc., Term Loan,
12/17/19 174,595
344,750 3.75 BB/Ba1 Valeant Pharmaceuticals International,
Inc., Series C-2 Tranche B Term Loan,
12/11/19 346,474
841,407 3.75 BB/Ba1 Valeant Pharmaceuticals International,
Inc., Series E1 Tranche B Term Loan,
8/5/20 846,445
-------------
$ 4,049,458
-------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 4,744,413
-------------------------------------------------------------------------------------------------------------
BANKS -- 0.1%
Thrifts & Mortgage Finance -- 0.1%
768,491 5.00 B+/B1 Ocwen Financial Corp., Initial Term
Loan, 1/15/18 $ 772,967
-------------
Total Banks $ 772,967
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.8%
Other Diversified Financial
Services -- 0.4%
753,741 4.50 BBB-/B1 Fly Funding II Sarl, Term Loan, 8/9/18 $ 762,692
327,938 6.00 B+/B1 Harland Clarke Holdings Corp.,
Tranche B-4 Term Loan, 8/17/19 330,329
719,563 5.00 B/B1 Livingston International, Inc., Initial
Term B-1 Loan (First Lien), 4/18/19 720,462
450,000 0.00 NR/NR SBP Holdings, Ltd., Term Loan (First
Lien), 3/24/21 450,000
98,939 5.25 BB/Ba3 WorldPay, Facility B2A Term Loan, 8/6/17 100,077
-------------
$ 2,363,560
-------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
923,376 4.25 B/B1 Mirror BidCo Corp., New Incremental
Term Loan, 12/18/19 $ 925,107
-------------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.1%
724,227 5.25 B/B2 National Financial Partners Corp., Term B
Loan, 7/1/20 $ 731,469
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
70 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.2%
625,277 4.50 B/B2 Duff & Phelps LLC, Initial Term Loan,
4/23/20 $ 628,697
447,750 4.25 NR/NR Guggenheim Partners Investment
Management Holdings LLC, Initial Term
Loan, 7/22/20 450,968
-------------
$ 1,079,665
-------------
Total Diversified Financials $ 5,099,801
-------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.2%
Insurance Brokers -- 0.0%+
197,508 4.25 NR/B1 USI Insurance Services LLC, Term B
Loan, 12/30/19 $ 198,495
-------------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.0%+
92,720 3.75 BB/Ba2 CNO Financial Group, Inc., Tranche B2
Term Loan, 9/4/18 $ 93,068
-------------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.1%
492,808 4.25 B/B1 Alliant Holdings I, Inc., Initial Term
Loan, 12/20/19 $ 495,420
-------------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.1%
293,144 5.75 B-/B2 Confie seguros Holding II Co., Term B
Loan (First Lien), 11/9/18 $ 293,510
-------------
Total Insurance $ 1,080,493
-------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Diversified Real Estate Activities -- 0.0%+
249,375 5.00 B+/B3 CityCenter Holdings LLC, Term B Loan,
10/16/20 $ 251,739
-------------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.1%
642,518 4.50 NR/B1 Altisource Solutions Sarl, Term B
Loan, 12/9/20 $ 645,329
-------------
Total Real Estate $ 897,068
-------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.8%
IT Consulting & Other Services -- 0.1%
148,867 3.75 BB/Ba3 Booz Allen Hamilton, Inc., Refinance
Tranche B, 7/31/19 $ 149,518
246,821 4.50 B-/B1 Kronos, Inc., Incremental Term Loan
(First Lien), 10/30/19 249,251
115,000 4.50 B+/B1 PSAV Presentation Services, Tranche B
Term Loan (First Lien), 1/24/21 115,862
-------------
$ 514,631
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 71
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced
Services -- 0.1%
500,000 4.15 B+/B1 First Data Corp., 2018 Dollar Term
Loan, 3/23/18 $ 501,918
322,442 3.50 BBB-/Ba1 Genpact International, Inc., Term
Loan, 8/30/19 323,972
-------------
$ 825,890
-------------------------------------------------------------------------------------------------------------
Application Software -- 0.5%
222,620 4.25 B+/B1 Applied Systems, Inc., Initial Term
Loan (First Lien), 1/15/21 $ 224,011
597,000 4.25 BB-/B1 Epiq Systems, Inc., Term Loan, 8/27/20 598,492
223,259 8.50 B-/B1 Expert Global Solutions, Inc., Term B
Advance (First Lien), 4/3/18 218,514
221,468 3.75 B+/Ba3 Infor., Tranche B-5 Term Loan (First
Lien), 6/3/20 221,136
510,000 3.75 B/B1 Sedgwick, Inc., Initial Term Loan (First
Lien), 2/11/21 505,538
450,000 4.15 B+/B1 Serena Software, Inc., 2016 Term Loan
(Extended), 3/10/16 449,719
846,500 3.50 BB-/B1 Verint Systems, Inc., Tranche B-2 Term
Loan (First Lien), 9/6/19 847,452
95,443 4.25 B+/B1 Vertafore, Inc., Term Loan (2013), 10/3/19 95,950
-------------
$ 3,160,812
-------------------------------------------------------------------------------------------------------------
Systems Software -- 0.1%
937,000 5.50 NR/NR SafeNet, Inc., Tranche B Term
Loan, 2/28/20 $ 941,685
-------------
Total Software & Services $ 5,443,018
-------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.3%
Communications Equipment -- 0.1%
105,530 2.73 BB+/Ba2 Commscope, Inc., Tranche 3 Term
Loan, 1/21/17 $ 105,926
158,295 3.25 BB+/Ba2 Commscope, Inc., Tranche 4 Term
Loan, 1/14/18 159,235
-------------
$ 265,161
-------------------------------------------------------------------------------------------------------------
Electronic Equipment
Manufacturers -- 0.0%+
244,953 4.75 B-/B2 Sensus USA, Inc., Term Loan (First
Lien), 5/9/17 $ 245,769
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
72 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Electronic Components -- 0.2%
420,000 6.25 NR/NR FCI -- Fidji Luxembourg Bc4 Sarl , Term
Loan, 12/19/20 $ 423,150
716,400 3.50 BB-/B1 Generac Power Systems, Inc., Term
Loan B, 5/31/20 718,191
-------------
$ 1,141,341
-------------
Total Technology Hardware & Equipment $ 1,652,271
-------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.0%+
Semiconductor Equipment -- 0.%+
126,184 4.50 NR/B1 Aeroflex, Inc., Tranche B-1 Term Loan,
11/9/19 $ 127,509
-------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%+
175,289 3.25 BB+/NR Microsemi Corp., Term Loan (First
Lien), 3/14/21 $ 175,180
-------------
Total Semiconductors & Semiconductor
Equipment $ 302,689
-------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.3%
Integrated Telecommunication
Services -- 0.2%
497,999 4.75 B/B2 Securus Technologies Holdings, Inc.,
Initial Term Loan (First Lien), 4/30/20 $ 497,376
416,842 3.25 BB/B1 West Corp., B-10 Term Loan (First
Lien), 6/30/18 415,051
197,995 3.50 BB+/Ba2 Windstream Corp., Tranche B-4 Term
Loan, 1/8/20 198,036
-------------
$ 1,110,463
-------------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.1%
239,957 4.00 BB-/B1 Syniverse Holdings, Inc., Initial Term
Loan, 4/23/19 $ 240,556
484,761 4.00 BB-/B1 Syniverse Holdings, Inc., Tranche B
Term Loan, 4/23/19 486,175
-------------
$ 726,731
-------------
Total Telecommunication Services $ 1,837,194
-------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.5%
Electric Utilities -- 0.3%
1,200,000 4.75 NR/NR Atlantic Power LP, Term Loan, 2/20/21 $ 1,204,500
530,988 3.00 BB/Ba3 Calpine Construction Finance Co. LP,
Term B-1 Loan, 5/3/20 522,928
247,500 4.25 BB-/Ba3 Star West Generation LLC, Term B
Advance, 3/13/20 248,351
-------------
$ 1,975,779
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 73
Schedule of Investments | 3/31/14 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.2%
443,744 4.00 BB-/B1 Calpine Corp., Term Loan, 9/27/19 $ 445,685
305,385 4.00 BB-/B1 Dynegy, Inc., Tranche B-2 Term Loan,
4/23/20 306,966
223,348 3.75 BB+/Ba1 NSG Holdings LLC, New Term Loan,
12/11/19 224,185
275,243 3.50 BB+/Ba2 Ruby Western Pipeline Holdings LLC,
Term Loan, 3/27/20 275,329
-------------
$ 1,252,165
-------------
Total Utilities $ 3,227,944
-------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $106,180,722) $ 106,708,489
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Shares
-------------------------------------------------------------------------------------------------------------
PURCHASED CALL OPTION -- 0.0%+
450 Chicago Board Options Exchange Market
Volatility Index @ 15.00, 5/21/14 $ 79,875
1,350 Chicago Board Options Exchange Market
Volatility Index @ 16.00, 5/21/14 199,125
-------------
$ 279,000
-------------------------------------------------------------------------------------------------------------
TOTAL PURCHASED CALL OPTIONS
(Cost $338,193) $ 279,000
-------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 90.0%
(Cost $575,715,764) (a) $ 587,046,043
-------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 10.0% $ 64,946,868
-------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 651,992,911
=============================================================================================================
* Non-income producing security.
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
+ 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.
PIK Represents a pay in kind security.
The accompanying notes are an integral part of these financial statements.
74 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
(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, 2014, the value of these securities
amounted to $235,125,230 or 36.1% 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, 2014, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $576,635,591 was as
follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $ 16,319,504
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (5,909,052)
-------------
Net unrealized appreciation $ 10,410,452
=============
(b) Debt obligation with a variable interest rate. Rate shown is rate at
end of period.
(c) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(d) Security is valued using fair value methods (other than prices
supplied by independent pricing services or broker dealers). See
Notes to Financial Statement -- Note 1A.
(e) Security is in default and is non-income producing.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended March 31, 2014 aggregated $862,955,796 and $376,286,019,
respectively.
Principal amounts are denominated in U.S. Dollars unless otherwise noted:
CAD Canadian Dollar.
EURO Euro.
GBP British Pound Sterling.
NOK Norwegian Krone.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 75
Schedule of Investments | 3/31/14 (continued)
CREDIT DEFAULT SWAP AGREEMENTS - BUY PROTECTION
-------------------------------------------------------------------------------------------------------------
Net
Premiums Unrealized
Notional Obligation Expiration Received Appreciation
Principal ($) Counterparty Entity/Index Coupon Date (Paid) (Depreciation)
-------------------------------------------------------------------------------------------------------------
(80,000,000) J.P. Morgan CDX.NA.HY.21.CME 5.00% 12/20/18 (5,169,562) $ (1,303,513)
Securities LLC
-------------------------------------------------------------------------------------------------------------
CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION
-------------------------------------------------------------------------------------------------------------
Net
Premiums Unrealized
Notional Obligation Expiration Received Appreciation
Principal ($)(1) Counterparty Entity/Index Coupon Date (Paid) (Depreciation)
-------------------------------------------------------------------------------------------------------------
250,000 J.P. Morgan American Axle & 5.00% 12/20/17 $ (7,500) $ 36,407
Securities LLC Manufacturing Co.,
=============================================================================================================
(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.
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) as Level 3. See
Notes to Financial Statements -- Notes 1A.
The accompanying notes are an integral part of these financial statements.
76 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
The following is a summary of the inputs used as of March 31, 2014, in valuing
the Fund's investments:
------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 43,816,592 $ -- $ 43,816,592
Preferred Stock 9,190,964 4,088,238 3,544,877 16,824,079
Convertible Preferred Stock 2,764,891 4,258,206 -- 7,023,097
Asset Backed Securities -- 18,179,372 -- 18,179,372
Collateralized Mortgage
Obligations -- 64,630,342 -- 64,630,342
Corporate Bonds -- 296,383,673 4,472,652 300,856,325
U.S. Government and
Agency Obligations 12,897,260 -- 12,897,260
Foreign Government Bonds -- 3,961,038 -- 3,961,038
Municipal Bonds -- 11,870,449 -- 11,870,449
Senior Floating Rate
Loan Interests -- 106,708,489 -- 106,708,489
Purchased Call Options 279,000 -- -- 279,000
------------------------------------------------------------------------------------------------
Total $ 12,234,855 $566,793,659 $ 8,017,529 $587,046,043
================================================================================================
Other Financial Instruments
Net unrealized depreciation
on credit default swaps $ -- $ (1,150,856) $ -- $ (1,150,856)
Net unrealized gain on futures
contracts 1,179,516 -- -- 1,179,516
Net unrealized depreciation
on forward foreign
currency contracts -- 6,497 -- 6,497
------------------------------------------------------------------------------------------------
Total $ 1,179,516 $ (1,144,359) $ -- $ 35,157
================================================================================================
During the year ended March 31, 2014, there were no transfers between Levels 1
and 2.
On April 1, 2013, both Sector Re V, Ltd. and Lorenz Re transfered from level 2
to level 3.
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
------------------------------------------------------------------------------------------------
Corporate
Bonds
------------------------------------------------------------------------------------------------
Balance as of 3/31/13 $ 656,374
Realized gain (loss)1 22,400
Change in unrealized appreciation (depreciation)2 290,570
Purchases 6,845,471
Sales (547,286)
Transfers in and out of Level 3* 750,000
------------------------------------------------------------------------------------------------
Balance as of 3/31/14 $8,017,529
================================================================================================
(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 gain (loss) on investments in the Statement of
Operations.
* Transfers are calculated on the beginning of period values.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 77
Statement of Assets and Liabilities | 3/31/14
ASSETS:
Investment in securities (cost $575,715,764) $587,046,043
Cash 82,368,044
Foreign currencies, at value (cost $87,330) 88,726
Futures collateral 2,550,819
Receivables --
Investment securities sold 2,300,751
Fund shares sold 7,125,550
Interest 5,811,214
Dividends 72,127
Due from Pioneer Investment Management, Inc. 132,402
Unrealized appreciation on forward foreign currency contracts 6,497
Variation margin 1,270,351
Prepaid expenses 52,898
---------------------------------------------------------------------------------------------------
Total assets $688,825,422
---------------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 27,198,529
Fund shares repurchased 2,498,541
Dividends 382,063
Net Unrealized depreciation on credit default swaps 1,267,106
Swap premiums paid 5,177,062
Due to affiliates 159,899
Accrued expenses 149,311
---------------------------------------------------------------------------------------------------
Total liabilities $ 36,832,511
---------------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $648,788,442
Distributions in excess of net investment income (155,961)
Accumulated net realized loss on investments, foreign currency
transactions, credit default swaps and futures contracts (7,891,100)
Net unrealized appreciation on investments 11,330,279
Net unrealized appreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies 8,840
Net unrealized depreciation on credit default swaps (1,267,106)
Net unrealized appreciation on futures contracts 1,179,517
---------------------------------------------------------------------------------------------------
Total net assets $651,992,911
===================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $161,095,042/16,198,598 shares) $ 9.94
Class C (based on $91,491,214/9,225,357 shares) $ 9.92
Class Y (based on $395,245,191/39,587,533 shares) $ 9.98
Class Z (based on $4,161,464/416,126 shares) $ 10.00
MAXIMUM OFFERING PRICE:
Class A ($9.95 (divided by) 95.50) $ 10.42
===================================================================================================
The accompanying notes are an integral part of these financial statements.
78 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
Statement of Operations
For the Year Ended 3/31/14
INVESTMENT INCOME:
Interest $21,704,510
Dividends 858,056
---------------------------------------------------------------------------------------------------
Total investment income $ 22,562,566
---------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 3,102,650
Transfer agent fees and expenses
Class A 8,711
Class C 6,974
Class Y 1,871
Class Z 6,493
Distribution fees
Class A 249,935
Class C 703,059
Shareholder communications expense 462,618
Administrative reimbursement 147,396
Custodian fees 71,825
Registration fees 155,610
Professional fees 107,493
Printing expense 44,747
Fees and expenses of nonaffiliated Trustees 12,609
Miscellaneous 99,242
---------------------------------------------------------------------------------------------------
Total expenses $ 5,181,233
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. $ (313,276)
---------------------------------------------------------------------------------------------------
Net expenses $ 4,867,957
---------------------------------------------------------------------------------------------------
Net investment income $ 17,694,609
---------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS, CREDIT DEFAULT SWAPS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 1,179,019
Credit default swaps (6,019,354)
Futures contracts (3,966,967)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (276,679) $ (9,083,981)
---------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 7,197,600
Futures contracts 1,184,927
Credit default swaps (1,295,709)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (143,638) $ 6,943,180
---------------------------------------------------------------------------------------------------
Net loss on investments and futures contracts and foreign
currency transactions $ (2,140,801)
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 15,553,808
===================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 79
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------------------
Year Ended Year Ended
3/31/14 3/31/13
---------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 17,694,609 $ 4,659,955
Net realized gain (loss) on investments, futures contracts,
credit default swaps and foreign currency transactions (9,083,981) (108,889)
Change in net unrealized appreciation (depreciation)
on investments, futures contracts, credit default swaps
and foreign currency transactions 6,943,180 4,242,628
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 15,553,808 $ 8,793,694
---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.37 and $0.55 per share, respectively) $ (3,450,197) $ (1,017,674)
Class C ($0.29 and $0.48 per share, respectively) (1,949,895) (409,985)
Class Y ($0.40 and $0.58 per share, respectively) (10,168,409) (3,641,812)
Class Z ($0.37 and $0.00 per share, respectively) (74,879) --
Tax return of capital:
Class A ($0.02 and $0.00 per share, respectively) $ (305,551) --
Class C ($0.02 and $0.00 per share, respectively) (190,382) --
Class Y ($0.02 and $0.00 per share, respectively) (781,222) --
Class Z ($0.02 and $0.00 per share, respectively) (8,734) --
---------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (16,929,269) $ (5,069,471)
---------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 627,290,109 $160,436,580
Reinvestment of distributions 13,444,737 3,437,827
Cost of shares repurchased (194,409,128) (14,027,546)
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 446,325,718 $149,846,861
---------------------------------------------------------------------------------------------------
Net increase in net assets $ 444,950,257 $153,571,084
NET ASSETS:
Beginning of period 207,042,654 53,471,570
---------------------------------------------------------------------------------------------------
End of period $ 651,992,911 $207,042,654
---------------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (155,961) $ (431,839)
===================================================================================================
The accompanying notes are an integral part of these financial statements.
80 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
---------------------------------------------------------------------------------------------------
'14 Shares '14 Amount '13 Shares '13 Amount
---------------------------------------------------------------------------------------------------
Class A
Shares sold 16,335,778 $ 161,889,972 4,220,656 $ 41,903,055
Reinvestment of
distributions 354,467 3,501,961 72,754 721,812
Less shares repurchased (5,195,274) (51,276,481) (354,800) (3,530,342)
---------------------------------------------------------------------------------------------------
Net increase 11,494,971 $ 114,115,452 3,938,610 $ 39,094,525
===================================================================================================
Class C
Shares sold 8,324,431 $ 82,614,669 2,487,554 $ 24,762,530
Reinvestment of
distributions 188,284 1,853,554 22,101 219,048
Less shares repurchased (2,161,739) (21,337,903) (103,731) (1,017,622)
---------------------------------------------------------------------------------------------------
Net increase 6,350,976 $ 63,130,320 2,405,924 $ 23,963,956
===================================================================================================
Class Y
Shares sold 38,058,425 $ 378,604,997 9,398,336 $ 93,770,995
Reinvestment of
distributions 807,578 8,006,201 252,272 2,496,967
Less shares repurchased (12,281,130) (121,615,457) (956,482) (9,479,582)
---------------------------------------------------------------------------------------------------
Net increase 26,584,873 $ 264,995,741 8,694,126 $ 86,788,380
===================================================================================================
Class Z*
Shares sold 425,812 $ 4,180,471 -- $ --
Reinvestment of
distributions 8,369 83,021 -- --
Less shares repurchased (18,055) (179,287) -- --
---------------------------------------------------------------------------------------------------
Net increase 416,126 $ 4,084,205 -- $ --
===================================================================================================
* Class Z shares were first publicly offered on April 2, 2013.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 81
Financial Highlights
---------------------------------------------------------------------------------------------------
Year Year
Ended Ended 5/2/11
3/31/14 3/31/13 to 3/31/12 (a)
---------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.04 $ 9.63 $ 10.00
---------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.41 $ 0.51 $ 0.39
Net realized and unrealized gain (loss)
on investments (0.12) 0.45 (0.36)
---------------------------------------------------------------------------------------------------
Net increase in net assets from
investment operations $ 0.29 $ 0.96 $ 0.03
---------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.37) $ (0.55) $ (0.40)
Tax return of capital $ (0.02) -- --
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.09) $ 0.41 $ (0.37)
---------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.94 $ 10.04 $ 9.63
===================================================================================================
Total return* 2.95% 10.24% 0.38%(b)
Ratio of net expenses to average net assets 1.19% 1.20% 1.20%**
Ratio of net investment income to average
net assets 3.89% 5.05% 4.87%**
Portfolio turnover rate 95% 30% 17%
Net assets, end of period (in thousands) $161,097 $47,233 $ 7,365
Ratios with no waiver of fees and assumption
of expenses by the Adviser:
Total expenses 1.19% 1.48% 1.66%**
Net investment income 3.89% 4.77% 4.41%**
===================================================================================================
(a) Class A shares were first publicly offered on May 2, 2011.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of the 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.
82 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
---------------------------------------------------------------------------------------------------
Year Year
Ended Ended 5/2/11
3/31/14 3/31/13 to 3/31/12 (a)
---------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.02 $ 9.61 $ 10.00
---------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.34 $ 0.44 $ 0.34
Net realized and unrealized gain (loss)
on investments (0.13) 0.45 (0.40)
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from investment operations $ 0.21 $ 0.89 $ (0.06)
---------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.29) $ (0.48) $ (0.33)
Tax return of capital $ (0.02) -- --
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.10) $ 0.41 $ (0.39)
---------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.92 $ 10.02 $ 9.61
===================================================================================================
Total return* 2.19% 9.44% (0.47)%(b)
Ratio of net expenses to average net assets 1.93% 1.95% 1.98%**
Ratio of net investment income to average
net assets 3.18% 4.29% 4.07%**
Portfolio turnover rate 95% 30% 17%
Net assets, end of period (in thousands) $91,491 $28,796 $ 4,501
Ratios with no waiver of fees and assumption
of expenses by the Adviser:
Total expenses 1.93% 2.23% 2.46%**
Net investment income 3.18% 4.01% 3.59%**
===================================================================================================
(a) Class C shares were first publicly offered on May 2, 2011.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the 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 Dynamic Credit Fund | Annual Report | 3/31/14 83
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------
Year Year
Ended Ended 5/2/11
3/31/14 3/31/13 to 3/31/12 (a)
---------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.08 $ 9.66 $ 10.00
---------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.44 $ 0.55 $ 0.42
Net realized and unrealized gain (loss)
on investments (0.12) 0.45 (0.34)
---------------------------------------------------------------------------------------------------
Net increase in net assets from
investment operations $ 0.32 $ 1.00 $ 0.08
---------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.40) $ (0.58) $ (0.42)
Tax return of capital $ (0.02) -- --
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.10) $ 0.42 $ (0.34)
---------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.98 $ 10.08 $ 9.66
---------------------------------------------------------------------------------------------------
Total return* 3.24% 10.69% 0.95%(b)
Ratio of net expenses to average net assets 0.85% 0.85% 0.85%**
Ratio of net investment income to average
net assets 4.24% 5.52% 5.48%**
Portfolio turnover rate 95% 30% 17%
Net assets, end of period (in thousands) $395,245 $131,013 $41,606
Ratios with no waiver of fees and assumption
of expenses by the Adviser:
Total expenses 0.97% 1.21% 1.30%**
Net investment income 4.12% 5.16% 5.03%**
===================================================================================================
(a) Class Y shares were first publicly offered on May 2, 2011.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
84 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
---------------------------------------------------------------------------------------------------
4/2/13 (a)
to 3/31/14
---------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 10.04
---------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.42
Net realized and unrealized gain (loss) on investments (0.07)
---------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.35
---------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.37)
Tax return of capital $ (0.02)
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.04)
---------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.00
===================================================================================================
Total return* 3.69%(b)
Ratio of net expenses to average net assets 1.17%**
Ratio of net investment income to average net assets 3.95%**
Portfolio turnover rate 95%
Net assets, end of period (in thousands) $ 4,161
Ratios with no waiver of fees and assumption of expenses
by the Adviser:
Total expenses 1.17%**
Net investment income 3.95%**
===================================================================================================
(a) Class Z shares were first publicly offered on April 2, 2013.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 85
Notes to Financial Statements | 3/31/14
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 were first publicly
offered on May 2, 2011. Class Z shares are offered effective April 2, 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:
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
86 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
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 with
remaining maturity of more than sixty days 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. Short-term fixed income securities with
remaining maturities of sixty days or less generally are valued at
amortized cost. Shares of money market mutual funds are valued at such
funds' net asset value.
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 advisor, 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.
At March 31, 2014, there were three securities that were valued using fair
value methods (in addition to securities valued using prices supplied by
independent pricing services or broker dealers) representing 0.1% of net
assets. The value of these three fair valued securities is $696,608.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 87
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 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.
B. 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.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized appreciation or depreciation
are recorded in the Fund's financial statements. The Fund records realized
gains and losses at the time a contract is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 6).
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
88 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
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, 2014, 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, 2014, the Fund reclassified $1,775,351 to decrease undistributed
net investment income and $1,775,351 to decrease 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, 2014, the Fund was permitted to carry forward indefinitely
$1,908,588 of long-term losses and $4,801,425 of short-term losses under
the Regulated Investment Company Modernization Act of 2010 without
limitation.
The tax character of distributions paid during the year ended March 31,
2014 and March 31, 2013 was as follows:
---------------------------------------------------------------------------
2014 2013
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $15,643,380 $5,069,471
Long-term capital gain -- --
Return of capital 1,285,889 --
---------------------------------------------------------------------------
Total $16,929,269 $5,069,471
===========================================================================
The following shows components of distributable earnings on a federal
income tax basis at March 31, 2014
---------------------------------------------------------------------------
2014
---------------------------------------------------------------------------
Capital loss carryforward $ (6,710,013)
Dividend Payable (382,063)
Unrealized appreciation 10,296,545
---------------------------------------------------------------------------
Total $ 3,204,469
===========================================================================
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 89
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax adjustments relating to catastrophe bonds and
credit default swaps, the mark-to-market of forward currency and futures
contracts, and interest accruals on preferred stock.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $37,272 in underwriting commissions on the sale of
Class A shares during the year ended March 31, 2014.
F. Class Allocations
Income, common expenses, and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A 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.
G. 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.
90 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
H. 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, 2014 was $2,674,525. 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, 2014 was $85,454,964.
At March 31, 2014, open futures contracts were as follows:
---------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation
Type Long/(Short) Month Value (Depreciation)
---------------------------------------------------------------------------
U.S. Ultra Bond (CBT) 41 6/14 $ 5,923,219 $ 42,281
CBOE VIX Future (180) 6/14 (2,952,000) 72,000
S&P 500 EMINI Future (76) 6/14 (7,085,480) (48,303)
U.S. 5 Year Note (CBT) (437) 6/14 (51,982,516) 372,133
U.S. 10 Year Note (CBT) (691) 6/14 (85,338,500) 669,406
CBOE VIX Future (180) 7/14 (3,051,000) 72,000
---------------------------------------------------------------------------
Total $ 1,179,517
---------------------------------------------------------------------------
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.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 91
J. 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.
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.
92 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
Open credit default swap contracts at March 31, 2014 are listed in the
Schedule of Investments. The average value of swap contracts open during
the year ended March 31, 2014 was $33,564,972.
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, 2014, 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 1.20%, 2.10% and 0.85% of the average daily
net assets attributable to Class A, Class C and Class Y shares, respectively.
Fees waived and expenses reimbursed during the year ended March 31, 2014 are
reflected on the Statement of Operations. These expense limitations are in
effect through August 1, 2014 for Class A and Class C shares and August 1, 2015
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
$55,273 in management fees, administrative costs and certain other
reimbursements payable to PIM at March 31, 2014.
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, 2014, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 81,387
Class C 53,218
Class Y 327,276
Class Z 737
--------------------------------------------------------------------------------
Total $462,618
================================================================================
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 93
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $92,860 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at March 31, 2014.
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 $14,366 in distribution fees payable to
PFD at March 31, 2014.
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, 2014, CDSCs in the amount of
$39,494 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, 2014, the Fund's expenses were
not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At March 31, 2014, 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, 2014 was $6,005,401.
94 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
As of March 31, 2014, outstanding forward foreign currency contracts were as
follows:
-----------------------------------------------------------------------------------------------
Net
Net In Unrealized
Contracts Exchange Settlement Appreciation
Currency to Deliver For Date Value (Depreciation)
-----------------------------------------------------------------------------------------------
GBP (British Pound) (848,140) $ 1,413,840 4/23/14 $1,384,635 $(29,205)
CAD (Canadian Dollar) (826,865) 747,375 6/5/14 750,990 3,615
EUR (Euro Dollar) (3,618,668) 4,984,899 6/11/14 5,016,986 32,087
-----------------------------------------------------------------------------------------------
$ 6,497
===============================================================================================
7. Bridge Loan Commitments
As of March 31, 2014, the Fund had no outstanding unfunded loan commitments. The
Fund had the following bridge loan commitments outstanding as of March 31, 2014:
-----------------------------------------------------------------------------------------------
Net
Unrealized
Loan Shares Cost Value Appreciation
-----------------------------------------------------------------------------------------------
Entegris Inc., Bridge Loan 905,000 $ 905,000 $ 905,000 $ --
Industrial Packaging Corp.,
Bridge Loan 1,785,000 1,785,000 1,785,000 --
-----------------------------------------------------------------------------------------------
Total $ --
===============================================================================================
8. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of March 31, 2014 were as follows:
-----------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments Asset Derivatives 2014 Liabilities Derivatives 2014
Under Accounting ------------------------------------------------------------------
Standards Codification Balance Sheet Balance Sheet
(ASC) 815 Location Value Location Value
-----------------------------------------------------------------------------------------------
Forward foreign currency Net unrealized $ 6,497 Net unrealized $ --
contracts* appreciation on depreciation on
forward foreign forward foreign
currency contracts currency contracts
Futures contracts** Net unrealized 1,179,517 Net unrealized --
appreciation on depreciation on
futures contracts futures contracts
Credit default swaps Net unrealized $ -- Net unrealized 1,267,106
appreciation on depreciation on
credit default credit default
swaps swaps
-----------------------------------------------------------------------------------------------
Total $ 1,186,014 $ 1,267,106
===============================================================================================
* Foreign exchange contracts are shown as net unrealized depreciation on
forward foreign currency contracts on the Statement of Assets and
Liabilities.
** Reflects the unrealized depreciation on futures contracts (see Note 1H).
The current day's variation margin is disclosed on the Statement of Assets
and Liabilities.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 95
The effect of derivative instruments on the Statement of Operations for the year
ended March 31, 2014 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 loss on forward $ (276,679)
Exchange Contracts foreign currency contracts and
other assets and liabilities
denominated in foreign currencies
Forward Foreign Change in unrealized appreciation $ (143,638)
Exchange Contracts (depreciation) on forward foreign
currency contracts and other assets
and liabilities denominated in
foreign currencies
Futures Contracts Net realized gain on futures contracts $(3,966,967)
Futures Contracts Change in unrealized depreciation
on futures contracts $ 1,184,927
Credit Default Swaps Net realized loss on credit $(6,020,187)
default swaps
Credit Default Swaps Change in unrealized depreciation $(1,295,709)
on credit default swaps
9. 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, 2014.
---------------------------------------------------------------------------------------------------------
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
---------------------------------------------------------------------------------------------------------
Forward foreign
currency
contracts $ 35,702 $ (29,205) $ 6,497 $ -- $ -- $ 6,497
Futures contracts 1,442,360 (172,009) 1,270,351 -- -- 1,270,351
Credit default
swaps 36,407 (36,407) -- -- -- --
---------------------------------------------------------------------------------------------------------
$1,514,469 $(237,621) $ 1,276,848 $ -- $ -- $ 1,276,848
---------------------------------------------------------------------------------------------------------
96 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
---------------------------------------------------------------------------------------------------------
Liabilities:
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
---------------------------------------------------------------------------------------------------------
Forward foreign
currency
contracts $ 29,205 $ (29,205) $ -- $ -- $ -- $ --
Futures contracts 48,303 (48,303) -- -- -- --
Credit default
swaps 1,303,513 (36,407) 1,267,106 -- -- 1,267,106
---------------------------------------------------------------------------------------------------------
$1,381,021 $(113,915) $ 1,267,106 $ -- $ -- $ 1,267,106
=========================================================================================================
10. 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 12, 2014, the facility is in the amount of $240 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, 2014,
the Fund had no borrowings under the credit facility.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 97
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 (Formerly Pioneer
Absolute Return Credit Fund) (the "Fund") (one of the portfolios constituting
Pioneer Series Trust X) as of March 31, 2014, and the related statement of
operations for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended and the financial highlights for
each of the periods indicated therein. 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 audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of March 31, 2014, by correspondence with the custodian and
brokers or by other appropriate auditing procedures where replies from brokers
were not received. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Dynamic Credit Fund (formerly Pioneer Absolute Return Credit Fund) at
March 31, 2014, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period then ended,
and the financial highlights for each of the periods indicated therein, in
conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
May 22, 2014
98 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
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 67.17%.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 99
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Dynamic Credit Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in March 2013 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2013, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2013 and September 2013. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, and November, 2013 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at regularly scheduled meetings.
At a meeting held on November 12, 2013, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. In all quintile rankings referred to throughout this
disclosure, first quintile is most favorable to the Fund's shareowners. Thus,
highest relative performance would be first quintile and lowest relative
expenses would also be first quintile. The Trustees did not identify any single
factor as the controlling factor in determining to approve the renewal of the
agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund and its research process. The Trustees considered the resources of PIM and
the personnel of PIM who provide investment management services to the Fund.
They also reviewed the amount of
100 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
non-Fund assets managed by the portfolio managers of the Fund. The Trustees
considered the non-investment resources and personnel of PIM involved in
PIM's services to the Fund, including PIM's compliance and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by PIM's senior management to the Pioneer fund complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees review the Fund's performance on a regular basis, based on analysis
and data prepared by PIM for this purpose and discuss performance issues with
PIM on an ongoing basis. For purposes of their contract renewal deliberations,
the Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the first quintile of its Morningstar
category for the one year period ended June 30, 2013. The Trustees also
considered that the Fund's yield (for the twelve months ended June 30, 2013)
exceeded the yield of the Fund's benchmark index for the same period. The
Trustees noted the discussions held throughout the year regarding the Fund's
performance and confirmed that those discussions were factored into the
Trustees' deliberations concerning the renewal of the advisory agreement. The
Trustees concluded that the investment performance of the Fund was satisfactory.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 101
Independent Trustees for this purpose using data provided by Strategic Insight
Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent
third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2013 was in the third quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoint in the management fee schedule and the
reduced fee rate above a certain asset level.
The Trustees considered that the expense ratio of the Fund's Class A shares for
the twelve months ended June 30, 2013 was in the fourth quintile relative to
both its Morningstar peer group and its Strategic Insight peer group, in each
case for the comparable period, and that the expense ratio of the Fund's Class Y
shares for the twelve months ended June 30, 2013 was in the second quintile
relative to its Morningstar peer group and in the third quintile relative to its
Strategic Insight peer group, in each case for the comparable period. The
Trustees noted that the expense ratio of the Fund's Class A shares was
approximately three basis points higher than each median expense ratio of its
Morningstar peer group and its Strategic Insight peer group. They also noted
that the expense ratio of the Fund's Class Y shares was approximately two basis
points lower than the median expense ratio of its Morningstar peer group and
approximately the same as the median expense ratio of its Strategic Insight peer
group. The Trustees noted that PIM was waiving fees and/or reimbursing expenses
in order to limit the ordinary operating expenses of the Fund. The Trustees
considered the impact of transfer agency, sub-transfer agency, and other
non-management fee expenses on the expense ratios of the Fund, and noted the
impact of expenses relating to small accounts and omnibus accounts on transfer
and sub-transfer agency expenses generally. The Trustees noted that they
separately review the Fund's transfer agency, sub-transfer agency and
intermediary arrangements.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that, in some instances, the fee rates for those
102 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
clients were lower than the management fee for the Fund and considered that,
under the investment advisory agreement with the Fund, PIM performs
additional services for the Fund that it does not provide to those other clients
or services that are broader in scope, including oversight of the Fund's other
service providers and activities related to compliance and the extensive
regulatory and tax regimes to which the Fund is subject. The Trustees also
considered the different entrepreneurial risks associated with PIM's
management of the Fund and Pioneer's management of the other client
accounts. The Trustees concluded that the management fee payable by the
Fund to PIM was reasonable in relation to the nature and quality of the services
provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoint in the management fee schedule. The Trustees recognize that
economies of scale are difficult to identify and quantify, rarely identifiable
on a fund-by-fund basis, and that, among other factors that may be relevant, are
the following: fee levels, expense subsidization, investment by PIM in research
and analytical capabilities and PIM's commitment and resource allocation to the
Fund. The Trustees noted that profitability also may be an indicator of the
availability of any economies of scale, although profitability may vary for
other reasons particularly, for example during the recent difficult periods for
financial markets, as the level of services was maintained notwithstanding a
significant decline in PIM's fee revenues from the Fund. Accordingly, the
Trustees concluded that economies of scale, if any, were being appropriately
shared with the Fund.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 103
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with the
Fund and the other Pioneer funds. The Trustees concluded that the receipt of
these benefits was reasonable in the context of the overall relationship between
PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
104 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen 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, except Mr. West,
serves as a Trustee of each of the 55 U.S. registered investment portfolios for
which Pioneer serves as investment adviser (the "Pioneer Funds"). Mr. West
serves as Trustee of 50 U.S. registered investment portfolios for which Pioneer
serves as investment adviser. 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 | 3/31/14 105
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 (63) Trustee since 2011. Private investor (2004-2008 and Director, Broadridge
Chairman of the Board Serves until a successor 2013-present); Chairman (2008 - 2013) Financial Solutions,
and Trustee trustee is elected or and Chief Executive Officer (2008 - Inc. (investor
earlier 2012), Quadriserv, Inc. (technology communications and
retirement or removal. products for securities lending securities processing
industry); and Senior Executive Vice provider for financial
President, The Bank of New York services industry) (2009
(financial and securities services) - present); Director,
(1986 - 2004) Quadriserv, Inc. (2005 -
2013); and Commissioner,
New Jersey State Civil
Service Commission (2011
- present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (70) Trustee since 2011. Managing Partner, Federal City Capital Director of Enterprise
Trustee Serves until a successor Advisors (corporate advisory services Community Investment,
trustee is elected or company) (1997 - 2004 and 2008 - Inc. (privately held
earlier present); Interim Chief Executive affordable housing
retirement or removal. Officer, Oxford Analytica, Inc. finance company) (1985 -
(privately held research and consulting 2010); Director of
company) (2010); Executive Vice Oxford Analytica, Inc.
President and Chief Financial Officer, (2008 - present);
I-trax, Inc. (publicly traded health Director of The Swiss
care services company) (2004 - 2007); Helvetia Fund, Inc.
and Executive Vice President and Chief (closed-end fund) (2010
Financial Officer, Pedestal Inc. - present); and Director
(internet-based mortgage trading of New York Mortgage
company) (2000 - 2002) Trust (publicly traded
mortgage REIT) (2004 -
2009, 2012 - present)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (69) Trustee since 2011. William Joseph Maier Professor of Trustee, Mellon
Trustee Serves until a successor Political Economy, Harvard University Institutional Funds
trustee is elected or (1972 - present) Investment Trust and
earlier Mellon Institutional
retirement or removal. Funds Master Portfolio
(oversaw 17 portfolios
in fund complex)
(1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
106 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------------------------------
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 (66) Trustee since 2011. Founding Director, Vice President and None
Trustee Serves until a successor Corporate Secretary, The Winthrop Group,
trustee is elected or earlier Inc. (consulting firm) (1982 - present);
retirement or removal. Desautels Faculty of Management, McGill
University (1999 - present); and Manager
of Research Operations and
Organizational Learning, Xerox PARC,
Xerox's advance research center
(1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marc O. Mayer (56)+ Trustee since 2014. Founding Partner and Chief Executive Trustee, Alliance
Trustee Serves until a successor Officer, Alignment Financial Services Bernstein Mutual Funds
trustee is elected or earlier (investment management) (2013- present); (oversaw 92 funds in
retirement or removal. Chief Executive Officer and Director, GMO fund complex)
LLC (investment management) (2009-2011); (2003-2008); Board of
Executive Vice President, Alliance Overseers, Columbia
Bernstein LP (investment management) Business School
(2000-2009); and Executive Vice (2010-present); and
President and Director, Sanford C. Director, Alpha Parity
Bernstein & Co., LLC (investment LLC (hedge fund)
management) (1989-2000) (2013-present)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (65) Trustee since 2011. President and Chief Executive Officer, Director of New America
Trustee Serves until a successor Newbury, Piret & Company, Inc. High Income Fund, Inc.
trustee is elected or earlier (investment banking firm) (1981 - (closed-end investment
retirement or removal. present) company) (2004 -
present); and member,
Board of Governors,
Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (85) Trustee since 2011. Senior Counsel, Sullivan & Cromwell LLP Director, The Swiss
Trustee Serves until a successor (law firm) (1998 - present); and Partner, Helvetia Fund, Inc.
trustee is elected or earlier Sullivan & Cromwell LLP (prior to 1998) (closed-end investment
retirement or removal. company) (1995 - 2012);
and Director, Invesco,
Ltd. (formerly AMVESCAP,
PLC) (investment
manager) (1997-2005)
------------------------------------------------------------------------------------------------------------------------------------
+ Mr. Mayer resigned as a Trustee of the Pioneer Funds effective May 6, 2014.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 107
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (55)* Trustee since 2011. Chairman (2013 - present), Director, CEO None
Trustee, President and Serves until a successor and President of PIM-USA (since February
Chief Executive Officer trustee is elected or 2007); Chairman (2013 - present),
of the Fund earlier retirement or Director and President of Pioneer and
removal. Pioneer Institutional Asset Management,
Inc. (since February 2007); Executive
Vice President of all of the Pioneer
Funds (2007 - 2013); Director of PGAM
(2007 - 2010); Head of New Europe
Division, PGAM (2000 - 2005); and Head
of New Markets Division, PGAM (2005 -
2007)
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (55)* Trustee since 2014. Director and Executive Vice President None
Trustee Serves until a successor (since 2008) and Chief Investment
trustee is elected or earlier Officer, U.S. (since 2010), of PIM-USA;
retirement or removal. Executive Vice President of Pioneer
(since 2008); Executive Vice President
of Pioneer Institutional Asset
Management, Inc. (since 2009); Portfolio
Manager of Pioneer (since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Kingsbury and Mr. Taubes are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
108 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Mark D. Goodwin (49) Since 2014. Serves Executive Vice President and Chief None
Executive Vice President at the discretion of Operating Officer of Pioneer since 2005
the Board. and Executive Vice President of all the
Pioneer funds since 2014
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (49) Since 2011. Serves Vice President and Associate General None
Secretary and Chief at the discretion of Counsel of Pioneer since January 2008;
Legal Officer the Board. 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 (53) Since 2011. Serves Fund Governance Director of Pioneer None
Assistant Secretary at the discretion of since December 2006 and Assistant
the 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 (51) Since 2011. Serves Senior Counsel of Pioneer since May 2013 None
Assistant Secretary at the discretion of and Assistant Secretary of all the
the Board. Pioneer Funds since June 2010; Counsel
of Pioneer from June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (54) Since 2011. Serves Vice President - Fund Treasury of None
Treasurer and Chief at the discretion of Pioneer; Treasurer of all of the Pioneer
Financial and Accounting the Board. Funds since March 2008; Deputy Treasurer
Officer of the Fund of Pioneer from March 2004 to February
2008; and Assistant Treasurer of all of
the Pioneer Funds from March 2004 to
February 2008
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 109
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 (48) Since 2011. Serves Director - Fund Treasury of Pioneer; and None
Assistant Treasurer at the discretion of Assistant Treasurer of all of the
the Board. Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (55) Since 2011. Serves Fund Accounting Manager - Fund Treasury None
Assistant Treasurer at the discretion of of Pioneer; and Assistant Treasurer of
the Board. all of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (34) Since 2011. Serves Fund Administration Manager - Fund None
Assistant Treasurer at the discretion of Treasury of Pioneer since November 2008;
the Board. 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 (61) Since 2011. Serves Chief Compliance Officer of Pioneer and None
Chief Compliance Officer at the discretion of of all the Pioneer Funds since March
the Board. 2010; 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 (43) Since 2011. Serves Director - Transfer Agency Compliance of None
Anti-Money Laundering Officer at the discretion of Pioneer and Anti-Money Laundering Officer
the Board. of all the Pioneer funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
110 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
This page for your notes.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 111
This page for your notes.
112 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
This page for your notes.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 113
This page for your notes.
114 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
This page for your notes.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 115
This page for your notes.
116 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
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) 2014 Pioneer Investments 25667-02-0514
Pioneer Fundamental
Growth Fund
--------------------------------------------------------------------------------
Annual Report | March 31, 2014
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PIGFX
Class B FUNBX
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
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 19
Schedule of Investments 21
Financial Statements 25
Notes to Financial Statements 36
Report of Independent Registered Public Accounting Firm 43
Approval of Investment Advisory Agreement 44
Trustees, Officers and Service Providers 48
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 1
President's Letter
Dear Shareowner,
A few months into 2014, we still expect U.S. economic growth for the year to be
in the 2.5% to 3% range, despite some weaker economic data releases during the
winter months driven in large part by harsh weather across much of the
continental U.S. While unemployment remains high, employment has been rising
steadily. Consumer incomes, savings, wealth, and debt-servicing capacity have
been solid buttresses for the recovering housing and auto industries. Industrial
activity is growing only moderately, but current corporate profits are generally
solid and balance sheets appear able to support needed capital spending and
dividend* payouts. A modestly improving European economy and continuing economic
improvement in Japan appear likely to result in improving global growth in 2014,
further supporting the U.S. economy. In addition, we feel that continuing slack
in labor markets and capacity utilization offer the potential for continuing
growth without bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve System
(the Fed) has begun scaling back its QE (quantitative easing) program, but
short-term interest rates remain near zero, and while Fed Chair Janet Yellen has
suggested that rates may be raised roughly six months after the QE program is
fully tapered, that would still place the potential rate hike sometime in 2015.
There are certainly risks and uncertainties still facing the global economy as
2014 moves along. The European economy, while improving, remains weak, the
Japanese economy faced a tax hike this spring, and a number of emerging market
countries are experiencing difficulties. There are also geopolitical worries
abroad, such as Russia's aggressive move against the Ukraine, and more potential
political fights at home, especially during a mid-term election year. While most
of the widely recognized risks we have outlined may already be "priced into" the
market, we believe investors should continue to expect market volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
* Dividends are not guaranteed.
2 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in equity and bond markets, using in-depth research to identify undervalued
individual securities, and using thoughtful risk management to construct
portfolios which seek to balance potential risks and rewards in an ever-changing
world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
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 | 3/31/14 3
Portfolio Management Discussion | 3/31/14
A strong market pushed stock prices higher for most of the 12-month period ended
March 31, 2014, despite worries early in the period about the withdrawal of
economic stimulus from the Federal Reserve (the Fed) and later concerns about
high valuations among some groups of stocks. 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, and Co-Head of Equity Research,
U.S., at Pioneer, are responsible for day-to-day management of the Fund.
Q How did the Fund perform during the 12 months ended March 31, 2014?
A Pioneer Fundamental Growth Fund's Class A shares returned 21.16% at net
asset value during the 12-month period ended March 31, 2014, while the
Fund's benchmark, the Russell 1000 Growth Index (the Russell Index),
returned 23.22%. During the same period, the average return of the 724
mutual funds in Lipper's Large Cap Growth Fund's category was 23.49%, and
the average return of the 1,713 mutual funds in Morningstar's Large Growth
Funds category was 23.59%.
Q How would you describe the investment environment for equities during the
12-month period ended March 31, 2014?
A The overall market temperament during the 12-month period was positive and
most domestic stock indices posted handsome gains of 20% or more.
The equity market surged higher for virtually the entire 12-month period as
the domestic economy continued to expand, corporate profits grew, and
investors felt confident that the economic recovery would continue and even
accelerate. In general, corporate balance sheets remained solid and many
companies offered shareholders stock-buybacks and dividend* increases to
sweeten the benefits of stock ownership. Early in the 12-month period, in
the late spring and early summer of 2013, the market rally was interrupted
due to rising concerns that the Fed might soon begin tapering its
quantitative easing (QE) bond-buying program. The Fed eventually pushed its
QE tapering decision out to the end of the calendar year, while continuing
to suggest that short-term interest rates would remain at very low levels
through at least the end of 2014.
The stock market rally accelerated again late in 2013 and in the early
weeks of 2014, with some higher-priced groups in technology-related
industries, such as social media, performing exceptionally well. Late in
the 12-month
* Dividends are not guaranteed.
4 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
period, however, the market grew volatile amid worries about the higher
valuations of some groups of stocks and about the political and economic
effects of geopolitical crises ranging from Syria to Ukraine. Some of the
areas most affected by the volatility included groups such as social media
and biotechnology, stocks that had led the market gains over the previous
12 months.
Q What were the principal factors that held back the Fund's
benchmark-relative performance during the 12-month period ended March 31,
2014?
A The Fund performed well during the 12-month period, but underperformed the
Russell Index. Stock selection, particularly in health care and consumer
staples, was the main drag on benchmark-relative performance during the
period, although underweighting consumer discretionary and overweighting
consumer staples also were modest performance detractors.
In health care, although the portfolio's overweight in the sector was a
positive for relative performance, the Fund's results were held back by
some of our security selection decisions. Within the sector, the Fund's
lack of exposure to biotechnology company Gilead Sciences for most of the
12-month period hurt relative performance. Gilead, which is a leader in the
anti-HIV field, also introduced a new Hepatitis C drug in 2013 that met
with strong demand. We initiated a position in the company late in 2013,
based on our belief that Gilead had strong earnings-growth potential going
forward. While the position has helped the Fund's performance since we
purchased it, the Fund's lack of exposure earlier in 2013 was a heavy
detractor from relative performance. Also holding back results in health
care was the Fund's position in Allergan, a pharmaceutical company with a
number of Botox-related products used in cosmetic applications as well as
several eye care products. The stock exhibited a great deal of volatility
during the year, in part because of concerns (ultimately allayed) over the
company's patent protection for Restasis, an eye care drug.
While the Fund's overweight in consumer staples held back relative
performance for the fiscal year, we did reduce the portfolio's exposure to
the sector as the 12-month period progressed because of our concerns about
higher valuations. The reduced exposure helped to soften the negative
effects of the Fund's overweighting. Stock selection within consumer
staples also detracted from relative performance during the period, with
Fund's position in Philip Morris International, which markets and
distributes tobacco products outside the United States, a major drag on
returns as the company's stock price declined. Philip Morris was hurt by a
variety of
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 5
factors during the period, including a significant tobacco tax increase in
the Philippines, declines in demand for cigarettes in Europe, and
volatility in the world currency markets.
Overall stock selection in information technology was a positive for the
Fund's performance, but the portfolio did own one notable disappointment:
enterprise software company Oracle. Although the company has made some
successful acquisitions, its competitive position has been hurt by the view
that it has been behind the market in the development of products for
cloud-based computing. We have largely avoided investments in many social
media companies-which were extremely popular in the market for most of the
period-because of their very high stock valuations in relation to their
earnings records. Not owning some big internet names such as Facebook and
Amazon.com hurt the Fund's relative returns, as the stocks of those
companies were among the market leaders over the 12-month period. Despite
their strong performance over the last 12 months, however, we have not been
able to justify investing the Fund at those companies' high current stock
prices.
Q What were some of your individual investments or allocation decisions that
aided the Fund's performance relative to the Russell Index during the
12-month period ended March 31, 2014?
A Sector allocation decisions made a largely positive impact on the Fund's
benchmark-relative returns during the period, particularly an overweight in
health care - the strongest market sector in the Russell Index during the
period - and underweights in the underperforming financials and telecom
services sectors. Health care stocks in general performed very well over
the 12-month period as pharmaceutical companies and health care equipment
firms enjoyed strong demand for new and existing products. The top-
performing individual position in the Fund during the period was from the
health care sector: Thermo Fisher Scientific. The company is both a
manufacturer of a variety of scientific instruments and consumable
products, and is a provider of services to the health care industry. Thermo
Fisher's prospects also were enhanced through its acquisition of Life
Technologies, a developer of gene-sequencing tools and other technologies.
Stock selection in the information technology sector made a particularly
strong contribution to the Fund's benchmark-relative results during the
period. Within that group, the top-performing holding in the portfolio was
electronics payment processor MasterCard, which continued to execute its
business plan, producing healthy earnings gains and generating enough cash
flow to fund a dividend increase as well as stock repurchases during the
period. Other standout performers in the technology area included
Microsoft, Xilinx and Google. Software giant Microsoft generated good
6 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
earnings growth, while a new chief executive began initiating programs
aimed at improving future earnings prospects. Xilinx, a semiconductor
company, benefited from increased investments in communications equipment,
including for wireless communications transmissions. Google continued to
perform well during the period, realizing healthy returns from both its
traditional and newer businesses. In particular, Google enjoyed rising
advertising revenues both in its core business of internet searching as
well as in its YouTube division.
Other individual holdings that fared well for the Fund during the period
included entertainment company Disney, which enjoyed strong growth in
several businesses, including theme parks and television and motion picture
production, and pharmacy and prescription benefit service provider and
retailer CVS Caremark, which produced solid earnings growth.
Q Did you make any notable changes to the Fund's portfolio during the
12-month period ended March 31, 2014?
A We made several changes to the Fund's holdings in the information
technology sector during the period. In addition to selling the
aforementioned Oracle, which disappointed during the period, we also
liquidated the Fund's investment in Maxim Integrated Products, a developer
and manufacturer of integrated circuits. We thought Maxim's risk profile
had increased due to its large dependence on one customer (Samsung
Electronics). Meanwhile, we added a position in another technology company,
EMC, a leader in storage technology. We believe that EMC is well positioned
to benefit as companies make further investments in cloud-based products.
At the same time, we think EMC's 80% ownership of VMware, a prominent
leader in virtualization technology, should have the potential to
accelerate the company's revenues and earnings gains.
We also established a position in cosmetics firm Estee Lauder, a company
with a strong balance sheet and healthy earnings growth which has
established itself as a leader in product innovation.
As mentioned earlier, we reduced the Fund's exposure to consumer staples
stocks during the period, selling positions in Coca-Cola on concerns about
weakening demand for carbonated beverages, and selling Mexican soft drink
and beer distributor FEMSA (Fomento Economico de Mexico), to take profits.
While we have established a position in Gilead Sciences, noted earlier, we
eliminated an investment in another health care company, DaVita Healthcare
Partners. The company operates a successful network of dialysis centers;
however, its acquisition of a network of physicians' offices has produced
disappointing results.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 7
Q What is your investment outlook?
A We are reasonably optimistic about opportunities in the domestic equity
market. While U.S. stocks registered strong gains over the past year, we
still have been able to identify companies that we feel are reasonably
valued and have good earnings growth potential. At the same time, we have
maintained our conservative portfolio bias in favor of strongly capitalized
companies with consistent growth records. As a consequence, we have tended
to avoid owning many companies in popular areas such as social media and
biotechnology, where we think some stock prices are excessively high in
relation to company earnings.
We think the domestic economic expansion is likely to accelerate in 2014,
even as the Fed pulls back from some of its more aggressive monetary
stimulus policies, such as QE. Given the economic momentum that has been
established, we think it is reasonable to believe that U.S. corporations in
the aggregate could grow earnings by high-single-digit percentages during
2014, a development that should help sustain the upward momentum of the
stock market.
Certainly, reasons for caution do remain. In addition to finding some areas
of the market very highly valued, we continue to see geopolitical risks
that could have economic effects. We think the continued presence of these
risks makes a strong case for taking a highly disciplined approach to stock
investing, focusing on companies with strong leadership, solid balance
sheets and the ability to improve their earnings as the environment around
them changes. We also think it is important to remain vigilant and to be
watchful for unexpected events that may affect the global economy and could
change corporate profit potential.
8 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
Please refer to the Schedule of Investments on pages 21-24 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.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
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. These opinions should not
be relied upon for any other purposes.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 9
Portfolio Summary | 3/31/14
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 97.1%
International Common Stocks 2.9%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Information Technology 26.8%
Health Care 18.4%
Consumer Discretionary 15.1%
Industrials 14.0%
Consumer Staples 13.2%
Materials 5.0%
Energy 4.7%
Financials 2.8%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. Microsoft Corp. 5.18%
--------------------------------------------------------------------------------
2. Google, Inc. 4.85
--------------------------------------------------------------------------------
3. Apple, Inc. 4.60
--------------------------------------------------------------------------------
4. MasterCard, Inc. 4.31
--------------------------------------------------------------------------------
5. United Technologies Corp. 4.20
--------------------------------------------------------------------------------
6. Thermo Fisher Scientific, Inc. 4.10
--------------------------------------------------------------------------------
7. CVS Caremark Corp. 3.75
--------------------------------------------------------------------------------
8. Ross Stores, Inc. 3.51
--------------------------------------------------------------------------------
9. Starbucks Corp. 3.42
--------------------------------------------------------------------------------
10. 3M Co. 3.37
--------------------------------------------------------------------------------
* 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.
10 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
Prices and Distributions | 3/31/14
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/14 3/31/13
--------------------------------------------------------------------------------
A $16.66 $14.33
--------------------------------------------------------------------------------
B $15.48 $13.45
--------------------------------------------------------------------------------
C $15.66 $13.55
--------------------------------------------------------------------------------
K $16.64 $14.30
--------------------------------------------------------------------------------
R $16.50 $14.25
--------------------------------------------------------------------------------
Y $16.77 $14.41
--------------------------------------------------------------------------------
Z $16.64 $14.32
--------------------------------------------------------------------------------
Distributions per Share: 4/1/13-3/31/14
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.0608 $0.0012 $0.6205
--------------------------------------------------------------------------------
B $ -- $0.0012 $0.6205
--------------------------------------------------------------------------------
C $ -- $0.0012 $0.6205
--------------------------------------------------------------------------------
K $0.1077 $0.0012 $0.6205
--------------------------------------------------------------------------------
R $0.0786 $0.0012 $0.6205
--------------------------------------------------------------------------------
Y $0.0876 $0.0012 $0.6205
--------------------------------------------------------------------------------
Z $0.1045 $0.0012 $0.6205
--------------------------------------------------------------------------------
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 12-18.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 11
Performance Update | 3/31/14 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, 2014)
--------------------------------------------------------------------------------
Net Public Russell
Asset Offering 1000
Value Price Growth
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 Years 8.22% 7.58% 7.86%
5 Years 18.98 17.59 21.68
1 Year 21.16 14.22 23.22
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.20% 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
3/31/2004 $ 9,425 $ 10,000
3/31/2005 $ 9,941 $ 10,116
3/31/2006 $ 11,045 $ 11,446
3/31/2007 $ 11,642 $ 12,254
3/31/2008 $ 11,921 $ 12,162
3/31/2009 $ 8,708 $ 7,992
3/31/2010 $ 12,235 $ 11,969
3/31/2011 $ 13,609 $ 14,153
3/31/2012 $ 15,629 $ 15,714
3/31/2013 $ 17,136 $ 17,299
3/31/2014 $ 20,762 $ 21,316
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.
12 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
Performance Update | 3/31/14 Class B Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class B 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, 2014)
--------------------------------------------------------------------------------
Russell
1000
If If Growth
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
12/15/2005 7.15% 7.15% 7.92%
5 Years 17.80 17.80 21.68
1 Year 19.84 15.84 23.22
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.26% 2.15%
--------------------------------------------------------------------------------
[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 $ 10,379 $ 10,309
3/31/2007 $ 10,846 $ 11,037
3/31/2008 $ 11,010 $ 10,954
3/31/2009 $ 7,972 $ 7,199
3/31/2010 $ 11,088 $ 10,780
3/31/2011 $ 12,226 $ 12,748
3/31/2012 $ 13,909 $ 14,154
3/31/2013 $ 15,093 $ 15,581
3/31/2014 $ 18,087 $ 19,199
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). The maximum CDSC for Class B shares is 4% and declines over five years.
For more complete information, please see the prospectus.
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 B 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 taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 13
Performance Update | 3/31/14 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, 2014)
--------------------------------------------------------------------------------
Russell
1000
If If Growth
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
12/15/2005 7.30% 7.30% 7.92%
5 Years 18.04 18.04 21.68
1 Year 20.29 20.29 23.22
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.91%
--------------------------------------------------------------------------------
[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
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.
14 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
Performance Update | 3/31/14 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, 2014)
--------------------------------------------------------------------------------
Russell
1000
If If Growth
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 8.27% 8.27% 7.86%
5 Years 19.10 19.10 21.68
1 Year 21.61 21.61 23.22
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.77%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
3/31/2004 $ 10,000 $ 10,000
3/31/2005 $ 10,550 $ 10,116
3/31/2006 $ 11,721 $ 11,446
3/31/2007 $ 12,355 $ 12,254
3/31/2008 $ 12,650 $ 12,162
3/31/2009 $ 9,241 $ 7,992
3/31/2010 $ 12,984 $ 11,969
3/31/2011 $ 14,442 $ 14,153
3/31/2012 $ 16,586 $ 15,714
3/31/2013 $ 18,208 $ 17,299
3/31/2014 $ 22,143 $ 21,316
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 | 3/31/14 15
Performance Update | 3/31/14 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, 2014)
--------------------------------------------------------------------------------
Russell
1000
If If Growth
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 8.16% 8.16% 7.86%
5 Years 18.84 18.84 21.68
1 Year 20.84 20.84 23.22
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.45% 1.40%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
3/31/2004 $ 10,000 $ 10,000
3/31/2005 $ 10,550 $ 10,116
3/31/2006 $ 11,721 $ 11,446
3/31/2007 $ 12,355 $ 12,254
3/31/2008 $ 12,650 $ 12,162
3/31/2009 $ 9,241 $ 7,992
3/31/2010 $ 12,984 $ 11,969
3/31/2011 $ 14,442 $ 14,153
3/31/2012 $ 16,586 $ 15,714
3/31/2013 $ 18,131 $ 17,299
3/31/2014 $ 21,909 $ 21,316
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class R shares for the period prior to the
commencement of operations of Class R shares on April 2, 2012, is based on the
performance of Class A shares, reduced to reflect the higher distribution and
service fees of Class R shares. For the period beginning April 2, 2012, the
actual performance of Class R shares is reflected. Class R shares are not
subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2015, for Class R shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
16 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
Performance Update | 3/31/14 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, 2014)
--------------------------------------------------------------------------------
Russell
1000
If If Growth
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 8.42% 8.42% 7.86%
5 Years 19.41 19.41 21.68
1 Year 21.44 21.44 23.22
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.81%
--------------------------------------------------------------------------------
[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
3/31/2004 $ 5,000,000 $ 5,000,000
3/31/2005 $ 5,274,904 $ 5,058,093
3/31/2006 $ 5,860,445 $ 5,722,878
3/31/2007 $ 6,177,442 $ 6,126,781
3/31/2008 $ 6,324,979 $ 6,080,937
3/31/2009 $ 4,620,656 $ 3,996,147
3/31/2010 $ 6,514,784 $ 5,984,286
3/31/2011 $ 7,285,874 $ 7,076,746
3/31/2012 $ 8,399,733 $ 7,856,915
3/31/2013 $ 9,238,970 $ 8,649,471
3/31/2014 $11,219,898 $ 10,657,768
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 | 3/31/14 17
Performance Update | 3/31/14 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, 2014)
--------------------------------------------------------------------------------
Russell
1000
If If Growth
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 8.27% 8.27% 7.86%
5 Years 19.09 19.09 21.68
1 Year 21.41 21.41 23.22
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.04% 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
3/31/2004 $ 10,000 $ 10,000
3/31/2005 $ 10,550 $ 10,116
3/31/2006 $ 11,721 $ 11,446
3/31/2007 $ 12,355 $ 12,254
3/31/2008 $ 12,650 $ 12,162
3/31/2009 $ 9,241 $ 7,992
3/31/2010 $ 12,984 $ 11,969
3/31/2011 $ 14,442 $ 14,153
3/31/2012 $ 16,586 $ 15,714
3/31/2013 $ 18,229 $ 17,299
3/31/2014 $ 22,132 $ 21,316
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.
18 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an invest-
ment of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses.You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Fundamental Growth Fund
Based on actual returns from October 1, 2013 through March 31, 2014.
-----------------------------------------------------------------------------------------------------------------------
Share Class A B 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 $1,000.00
Value on 10/1/13
-----------------------------------------------------------------------------------------------------------------------
Ending Account $1,107.29 $1,101.77 $1,102.77 $1,109.07 $1,105.99 $1,108.94 $1,108.06
Value (after expenses)
on 3/31/14
-----------------------------------------------------------------------------------------------------------------------
Expenses Paid $ 5.67 $ 11.27 $ 9.59 $ 3.73 $ 7.30 $ 4.31 $ 4.73
During Period*
-----------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.08%,
2.15%, 1.83%, 0.71% 1.39%, 0.82% and 0.90% multiplied by the average
account value over the period, multiplied by 182/365 (to reflect the
partial year period).
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 19
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Fundamental Growth Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from October 1, 2013 through March 31, 2014.
------------------------------------------------------------------------------------------------------------------------
Share Class A B 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 $1,000.00
Value on 10/1/13
------------------------------------------------------------------------------------------------------------------------
Ending Account $1,019.55 $1,014.21 $1,015.81 $1,021.39 $1,018.00 $1,020.84 $1,020.44
Value (after expenses)
on 3/31/14
------------------------------------------------------------------------------------------------------------------------
Expenses Paid $ 5.44 $ 10.80 $ 9.20 $ 3.58 $ 6.99 $ 4.13 $ 4.53
During Period*
------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.08%,
2.15%, 1.83%, 0.71% 1.39%, 0.82% and 0.90% multiplied by the average
account value over the period, multiplied by 182/365 (to reflect the
partial year period).
20 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
Schedule of Investments | 3/31/14
-----------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------
COMMON STOCKS -- 98.2%
ENERGY -- 4.7%
Oil & Gas Equipment & Services -- 2.6%
453,993 Schlumberger, Ltd. $ 44,264,318
-----------------------------------------------------------------------------------
Integrated Oil & Gas -- 1.0%
188,351 Occidental Petroleum Corp. $ 17,947,967
-----------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.1%
553,321 Cabot Oil & Gas Corp. $ 18,746,515
--------------
Total Energy $ 80,958,800
-----------------------------------------------------------------------------------
MATERIALS -- 4.9%
Fertilizers & Agricultural Chemicals -- 1.3%
206,058 Monsanto Co. $ 23,443,219
-----------------------------------------------------------------------------------
Industrial Gases -- 1.4%
185,119 Praxair, Inc. $ 24,245,035
-----------------------------------------------------------------------------------
Specialty Chemicals -- 2.2%
350,790 Ecolab, Inc. $ 37,881,812
--------------
Total Materials $ 85,570,066
-----------------------------------------------------------------------------------
CAPITAL GOODS -- 12.4%
Aerospace & Defense -- 6.2%
141,492 Precision Castparts Corp. $ 35,763,518
613,039 United Technologies Corp. 71,627,477
--------------
$ 107,390,995
-----------------------------------------------------------------------------------
Industrial Conglomerates -- 3.3%
424,295 3M Co. $ 57,559,860
-----------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 1.6%
194,780 Cummins, Inc. $ 29,020,272
-----------------------------------------------------------------------------------
Trading Companies & Distributors -- 1.3%
89,171 WW Grainger, Inc. $ 22,529,945
--------------
Total Capital Goods $ 216,501,072
-----------------------------------------------------------------------------------
TRANSPORTATION -- 1.3%
Air Freight & Logistics -- 1.3%
233,398 United Parcel Service, Inc. (Class B) $ 22,728,297
--------------
Total Transportation $ 22,728,297
-----------------------------------------------------------------------------------
CONSUMER SERVICES -- 3.4%
Restaurants -- 3.4%
795,469 Starbucks Corp. $ 58,371,515
--------------
Total Consumer Services $ 58,371,515
-----------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 21
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------
MEDIA -- 4.8%
Movies & Entertainment -- 4.8%
649,560 The Walt Disney Co. $ 52,010,269
469,834 Time Warner, Inc. 30,694,255
--------------
$ 82,704,524
--------------
Total Media $ 82,704,524
-----------------------------------------------------------------------------------
RETAILING -- 6.7%
Apparel Retail -- 3.4%
838,278 Ross Stores, Inc. $ 59,978,791
-----------------------------------------------------------------------------------
Home Improvement Retail -- 3.3%
722,078 The Home Depot, Inc. $ 57,138,032
--------------
Total Retailing $ 117,116,823
-----------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 3.7%
Drug Retail -- 3.7%
854,073 CVS Caremark Corp. $ 63,935,905
--------------
Total Food & Staples Retailing $ 63,935,905
-----------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 4.6%
Soft Drinks -- 2.0%
423,243 PepsiCo., Inc. $ 35,340,790
-----------------------------------------------------------------------------------
Tobacco -- 2.6%
541,810 Philip Morris International, Inc. $ 44,357,985
--------------
Total Food, Beverage & Tobacco $ 79,698,775
-----------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 4.8%
Household Products -- 3.5%
555,306 Colgate-Palmolive Co. $ 36,022,700
297,326 The Procter & Gamble Co. 23,964,476
--------------
$ 59,987,176
-----------------------------------------------------------------------------------
Personal Products -- 1.3%
347,545 The Estee Lauder Companies, Inc. $ 23,243,810
--------------
Total Household & Personal Products $ 83,230,986
-----------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 5.2%
Health Care Equipment -- 2.8%
661,283 Covidien Plc $ 48,710,106
-----------------------------------------------------------------------------------
Health Care Services -- 2.4%
547,465 Express Scripts Holding Co.* $ 41,109,147
--------------
Total Health Care Equipment & Services $ 89,819,253
-----------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 13.0%
Biotechnology -- 6.1%
330,299 Celgene Corp.* $ 46,109,740
647,646 Gilead Sciences, Inc.* 45,892,196
195,430 Vertex Pharmaceuticals, Inc.* 13,820,810
--------------
$ 105,822,746
-----------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------
Pharmaceuticals -- 2.9%
398,572 Allergan, Inc. $ 49,462,785
-----------------------------------------------------------------------------------
Life Sciences Tools & Services -- 4.0%
582,151 Thermo Fisher Scientific, Inc. $ 69,997,836
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 225,283,367
-----------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.5%
Specialized Finance -- 2.5%
217,321 IntercontinentalExchange Group, Inc. $ 42,992,613
--------------
Total Diversified Financials $ 42,992,613
-----------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 14.1%
Internet Software & Services -- 4.8%
74,302 Google, Inc.* $ 82,810,322
-----------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 4.2%
984,925 MasterCard, Inc. $ 73,573,898
-----------------------------------------------------------------------------------
Systems Software -- 5.1%
2,155,039 Microsoft Corp. $ 88,335,049
--------------
Total Software & Services $ 244,719,269
-----------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 9.0%
Communications Equipment -- 3.2%
701,913 Qualcomm, Inc. $ 55,352,859
-----------------------------------------------------------------------------------
Computer Hardware -- 4.5%
146,217 Apple, Inc. $ 78,480,513
-----------------------------------------------------------------------------------
Computer Storage & Peripherals -- 1.3%
858,289 EMC Corp. $ 23,525,701
--------------
Total Technology Hardware & Equipment $ 157,359,073
-----------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 3.2%
Semiconductors -- 3.2%
390,216 Analog Devices, Inc. $ 20,736,078
640,249 Xilinx, Inc. 34,746,313
--------------
$ 55,482,391
--------------
Total Semiconductors & Semiconductor Equipment $ 55,482,391
-----------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $1,254,085,937) $1,706,472,729
-----------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 98.2%
(Cost $1,254,085,937) (a) $1,706,472,729
-----------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 1.8% $ 32,032,549
-----------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,738,505,278
===================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 23
Schedule of Investments | 3/31/14 (continued)
* Non-income producing security.
(a) At March 31, 2014, the net unrealized appreciation on investments based on
cost for federal income tax purposes of $1,256,437,400 was as follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $455,729,011
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (5,693,682)
------------
Net unrealized appreciation $450,035,329
============
Purchases and sales of securities (excluding temporary cash investments) for the
year ended March 31, 2014 aggregated $673,969,566 and $300,463,921,
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) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of March 31, 2014, in valuing
the Fund's investments:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Common Stocks $1,706,472,729 $ -- $ -- $1,706,472,729
--------------------------------------------------------------------------------
Total $1,706,472,729 $ -- $ -- $1,706,472,729
================================================================================
During the year ended March 31, 2014, there were no transfers between Levels 1,
2 and 3.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
Statement of Assets and Liabilities | 3/31/14
ASSETS:
Investment in securities (cost $1,254,085,937) $1,706,472,729
Cash 26,498,841
Receivables --
Fund shares sold 6,623,889
Dividends 1,095,013
Due from Pioneer Investment Management, Inc. 122,995
Prepaid expenses 73,532
---------------------------------------------------------------------------------
Total assets $1,740,886,999
---------------------------------------------------------------------------------
LIABILITIES:
Payables --
Fund shares repurchased $ 1,777,356
Due to affiliates 540,460
Accrued expenses 63,905
---------------------------------------------------------------------------------
Total liabilities $ 2,381,721
---------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $1,261,221,651
Undistributed net investment income 1,782,725
Accumulated net realized gain on investments 23,114,110
Net unrealized appreciation on investments 452,386,792
---------------------------------------------------------------------------------
Total net assets $1,738,505,278
=================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $644,526,916/38,689,797 shares) $ 16.66
Class B (based on $3,124,948/201,893 shares) $ 15.48
Class C (based on $174,564,708/11,147,530 shares) $ 15.66
Class K (based on $31,500,963/1,892,945 shares) $ 16.64
Class R (based on $40,703,422/2,466,597 shares) $ 16.50
Class Y (based on $842,679,867/50,249,179 shares) $ 16.77
Class Z (based on $1,404,454/84,385 shares) $ 16.64
MAXIMUM OFFERING PRICE:
Class A ($16.66 (divided by) 94.25%) $ 17.68
=================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 25
Statement of Operations
For the Year Ended 3/31/14
INVESTMENT INCOME:
Dividends $22,250,368
Interest 16,696
-----------------------------------------------------------------------------------------------
Total investment income $ 22,267,064
===============================================================================================
EXPENSES:
Management fees $ 9,162,820
Transfer agent fees
Class A 208,103
Class B 10,101
Class C 37,453
Class K 209
Class R 10,148
Class Y 7,286
Class Z 675
Distribution fees
Class A 1,456,081
Class B 31,623
Class C 1,370,632
Class R 100,191
Shareholder communications expense 1,926,079
Administrative reimbursements 439,771
Custodian fees 24,215
Registration fees 185,941
Professional fees 93,230
Printing expense 35,300
Fees and expenses of nonaffiliated Trustees 51,353
Miscellaneous 36,017
-----------------------------------------------------------------------------------------------
Total expenses $ 15,187,228
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (289,208)
-----------------------------------------------------------------------------------------------
Net expenses $ 14,898,020
-----------------------------------------------------------------------------------------------
Net investment income $ 7,369,044
-----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments $ 57,722,432
Change in net unrealized appreciation on investments $204,361,102
-----------------------------------------------------------------------------------------------
Net gain on investments $262,083,534
-----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $269,452,578
===============================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------
Year Ended Year Ended
3/31/14 3/31/13
------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 7,369,044 $ 6,247,366
Net realized gain on investments and class actions 57,722,432 25,575,410
Change in net unrealized appreciation on investments 204,361,102 70,664,284
------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 269,452,578 $ 102,487,060
------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.06 and $0.06 per share, respectively) $ (2,482,445) $ (1,650,780)
Class C ($0.00 and $0.01 per share, respectively) -- (41,357)
Class K ($0.11 and $0.10 per share, respectively) (146,526) (75)
Class R ($0.08 and $0.09 per share, respectively) (173,280) (5,884)
Class Y ($0.09 and $0.10 per share, respectively) (3,986,805) (3,985,154)
Class Z ($0.10 and $0.10 per share, respectively) (8,022) (556)
Net realized gain:
Class A ($0.62 and $0.11 per share, respectively) (23,244,470) (2,968,572)
Class B ($0.62 and $0.11 per share, respectively) (129,871) (24,208)
Class C ($0.62 and $0.11 per share, respectively) (6,228,073) (532,125)
Class K ($0.62 and $0.00 per share, respectively) (113,809) --
Class R ($0.62 and $0.11 per share, respectively) (1,283,428) (1,919)
Class Y ($0.62 and $0.11 per share, respectively) (27,940,201) (4,331,818)
Class Z ($0.62 and $0.11 per share, respectively) (45,158) (154)
------------------------------------------------------------------------------------------
Total distributions to shareowners $ (65,782,088) $ (13,542,602)
==========================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 923,358,524 $ 598,340,916
Reinvestment of distributions 57,739,778 12,336,661
Cost of shares repurchased (536,288,335) (397,360,188)
------------------------------------------------------------------------------------------
Net increase in net assets resulting
from Fund share transactions $ 444,809,967 $ 213,317,389
------------------------------------------------------------------------------------------
Net increase in net assets $ 648,480,457 $ 302,261,847
NET ASSETS:
Beginning of year 1,090,024,821 787,762,974
------------------------------------------------------------------------------------------
End of year $1,738,505,278 $1,090,024,821
------------------------------------------------------------------------------------------
Undistributed net investment income $ 1,782,725 $ 1,210,759
==========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 27
-----------------------------------------------------------------------------------------------
'14 Shares '14 Amount '13 Shares '13 Amount
-----------------------------------------------------------------------------------------------
Class A
Shares sold 22,110,498 $ 346,917,913 17,626,103 $ 234,747,570
Reinvestment of distributions 1,445,202 23,486,413 336,370 4,440,108
Less shares repurchased (15,339,964) (246,637,720) (13,717,812) (181,951,822)
-----------------------------------------------------------------------------------------------
Net increase 8,215,736 $ 123,766,606 4,244,661 $ 57,235,856
===============================================================================================
Class B
Shares sold or exchanged 56,558 $ 831,773 76,913 $ 971,467
Reinvestment of distributions 7,658 115,401 1,784 22,092
Less shares repurchased (95,005) (1,394,313) (118,631) (1,480,233)
-----------------------------------------------------------------------------------------------
Net decrease (30,789) $ (447,139) (39,934) $ (486,674)
===============================================================================================
Class C
Shares sold 5,540,882 $ 81,669,738 4,626,989 $ 58,688,461
Reinvestment of distributions 316,242 4,816,358 37,216 464,180
Less shares repurchased (1,298,988) (19,542,874) (769,831) (9,743,291)
-----------------------------------------------------------------------------------------------
Net increase 4,558,136 $ 66,943,222 3,894,374 $ 49,409,350
===============================================================================================
Class K
Shares sold 1,986,520 $ 32,284,562 748 $ 10,000
Reinvestment of distributions 15,892 260,335 -- --
Less shares repurchased (110,215) (1,803,586) -- --
-----------------------------------------------------------------------------------------------
Net increase 1,892,197 $ 30,741,311 748 $ 10,000
===============================================================================================
Class R
Shares sold 2,505,292 $ 39,892,360 181,346 $ 2,466,995
Reinvestment of distributions 81,110 1,308,812 473 6,220
Less shares repurchased (290,813) (4,679,817) (10,811) (151,184)
-----------------------------------------------------------------------------------------------
Net increase 2,295,589 $ 36,521,355 171,008 $ 2,322,031
===============================================================================================
Class Y
Shares sold 26,560,882 $ 420,549,032 22,663,768 $ 301,376,832
Reinvestment of distributions 1,691,243 27,699,278 557,257 7,403,503
Less shares repurchased (16,761,997) (262,173,534) (14,798,807) (204,032,532)
-----------------------------------------------------------------------------------------------
Net increase 11,490,128 $ 186,074,776 8,422,218 $ 104,747,803
===============================================================================================
Class Z
Shares sold 78,674 $ 1,213,146 5,992 $ 79,591
Reinvestment of distributions 3,266 53,181 42 558
Less shares repurchased (3,510) (56,491) (79) (1,126)
-----------------------------------------------------------------------------------------------
Net increase 78,430 $ 1,209,836 5,955 $ 79,023
===============================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/14 3/31/13 3/31/12 3/31/11 3/31/10
-----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 14.33 $ 13.23 $ 11.86 $ 10.96 $ 8.25
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.06 $ 0.07 $ 0.02 $ 0.03 $ 0.02
Net realized and unrealized gain on investments 2.95 1.20 1.68 1.17 3.29
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 3.01 $ 1.27 $ 1.70 $ 1.20 $ 3.31
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.06) $ (0.06) $ (0.03) $ (0.02) $ (0.02)
Net realized gain (0.62) (0.11) (0.30) (0.28) (0.58)
-----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.68) $ (0.17) $ (0.33) $ (0.30) $ (0.60)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.33 $ 1.10 $ 1.37 $ 0.90 $ 2.71
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 16.66 $ 14.33 $ 13.23 $ 11.86 $ 10.96
=============================================================================================================================
Total return* 21.16% 9.64% 14.84% 11.23% 40.50%
Ratio of net expenses to average net assets 1.08% 1.09% 1.19% 1.25% 1.25%
Ratio of net investment income to average net assets 0.46% 0.54% 0.28% 0.25% 0.14%
Portfolio turnover rate 21% 28% 16% 18% 45%
Net assets, end of period (in thousands) $644,527 $436,682 $346,987 $123,305 $117,218
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reductions for fees paid indirectly:
Total expenses 1.13% 1.20% 1.19% 1.28% 1.47%
Net investment income (loss) 0.41% 0.43% 0.28% 0.22% (0.07)%
=============================================================================================================================
* 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 | 3/31/14 29
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/14 3/31/13 3/31/12 3/31/11 3/31/10
-----------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 13.45 $ 12.50 $ 11.30 $ 10.53 $ 8.01
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment loss $ (0.09) $ (0.07)(a) $ (0.09) $ (0.07)(a) $ (0.05)(a)
Net realized and unrealized gain on investments 2.74 1.13 1.59 1.12 3.15
-----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 2.65 $ 1.06 $ 1.50 $ 1.05 $ 3.10
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net realized gain $ (0.62) $ (0.11) $ (0.30) $ (0.28) $ (0.58)
-----------------------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 2.03 $ 0.95 $ 1.20 $ 0.77 $ 2.52
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 15.48 $ 13.45 $ 12.50 $ 11.30 $ 10.53
=============================================================================================================================
Total return* 19.84% 8.51%(b) 13.77% 10.26% 39.09%
Ratio of net expenses to average net assets 2.15% 2.15% 2.15% 2.15% 2.15%
Ratio of net investment loss to average net assets (0.62)% (0.53)% (0.71)% (0.65)% (0.71)%
Portfolio turnover rate 21% 28% 16% 18% 45%
Net assets, end of period (in thousands) $ 3,125 $ 3,128 $ 3,407 $ 4,029 $ 4,114
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reductions for fees paid indirectly:
Total expenses 2.18% 2.26% 2.29% 1.28% 2.53%
Net investment loss (0.65)% (0.64)% (0.85)% (0.73)% (1.09)%
=============================================================================================================================
(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.
(b) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended March 31, 2013, the total return would have
been 8.47%.
* 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.
30 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/14 3/31/13 3/31/12 3/31/11 3/31/10
-----------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 13.55 $ 12.57 $ 11.34 $ 10.56 $ 8.02
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment loss $ (0.04) $ (0.02)(a) $ (0.04) $ (0.05)(a) $ (0.04)(a)
Net realized and unrealized gain on investments 2.77 1.12 1.57 1.11 3.16
-----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 2.73 $ 1.10 $ 1.53 $ 1.06 $ 3.12
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ (0.01) $ -- $ -- $ --
Net realized gain (0.62) (0.11) (0.30) (0.28) (0.58)
-----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.62) $ (0.12) $ (0.30) $ (0.28) $ (0.58)
-----------------------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 2.11 $ 0.98 $ 1.23 $ 0.78 $ 2.54
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 15.66 $ 13.55 $ 12.57 $ 11.34 $ 10.56
=============================================================================================================================
Total return* 20.29% 8.77% 13.98% 10.33% 39.29%
Ratio of net expenses to average net assets 1.83% 1.91% 1.96% 2.03% 2.15%
Ratio of net investment loss to average net assets (0.28)% (0.23)% (0.50)% (0.52)% (0.72)%
Portfolio turnover rate 21% 28% 16% 18% 45%
Net assets, end of period (in thousands) $ 174,565 $89,299 $ 33,880 $ 15,149 $ 11,331
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reductions for fees paid indirectly:
Total expenses 1.83% 1.91% 1.96% 2.03% 2.31%
Net investment loss (0.28)% (0.23)% (0.50)% (0.52)% (0.88)%
=============================================================================================================================
(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.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 31
Financial Highlights (continued)
---------------------------------------------------------------------------------------------
Year
Ended 12/20/12(a) to
3/31/14 3/31/13
---------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 14.30 $ 13.37
---------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.06 $ 0.03
Net realized and unrealized gain on investments 3.01 1.00
---------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 3.07 $ 1.03
---------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.11) $ (0.10)
Net realized gain (0.62) --
---------------------------------------------------------------------------------------------
Total Distributions $ (0.73) $ (0.10)
---------------------------------------------------------------------------------------------
Net increase in net asset value $ 2.34 $ 0.93
---------------------------------------------------------------------------------------------
Net asset value, end of period $ 16.64 $ 14.30
=============================================================================================
Total return* 21.61% 7.77%(b)(c)
Ratio of net expenses to average net assets 0.71% 0.77%**
Ratio of net investment income to average net assets 0.85% 0.77%**
Portfolio turnover rate 21% 28%
Net assets, end of period (in thousands) $31,501 $ 11
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reductions for fees paid indirectly:
Total expenses 0.71% 0.77%**
Net investment income 0.85% 0.77%**
=============================================================================================
(a) Class K shares were first publicly offered on December 20, 2012.
(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 7.74%.
(c) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
---------------------------------------------------------------------------------------------
Year
Ended 4/12/12(a) to
3/31/14 3/31/13
---------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 14.25 $ 13.34
---------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.01 $ 0.06
Net realized and unrealized gain on investments 2.94 1.05
---------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 2.95 $ 1.11
---------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.08) $ (0.09)
Net realized gain (0.62) (0.11)
---------------------------------------------------------------------------------------------
Total distributions $ (0.70) $ (0.20)
---------------------------------------------------------------------------------------------
Net increase in net asset value $ 2.25 $ 0.91
---------------------------------------------------------------------------------------------
Net asset value, end of period $ 16.50 $ 14.25
=============================================================================================
Total return* 20.84% 8.42%(b)(c)
Ratio of net expenses to average net assets 1.39% 1.40%**
Ratio of net investment income to average net assets 0.18% 0.27%**
Portfolio turnover rate 21% 28%
Net assets, end of period (in thousands) $40,703 $ 2,437
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reductions for fees paid indirectly:
Total expenses 1.39% 1.45%**
Net investment income 0.18% 0.21%**
=============================================================================================
(a) Class R shares were first publicly offered on April 2, 2012.
(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 and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 33
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year 4/8/09 (a)
Ended Ended Ended Ended to
3/31/14 3/31/13 3/31/12 3/31/11 3/31/10
-----------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 14.41 $ 13.30 $ 11.91 $ 10.99 $ 8.40
-----------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.10 $ 0.10 $ 0.07 $ 0.08 $ 0.03
Net realized and unrealized gain on investments 2.97 1.22 1.69 1.19 3.17
-----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 3.07 $ 1.32 $ 1.76 $ 1.27 $ 3.20
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.09) $ (0.10) $ (0.07) $ (0.07) $ (0.03)
Net realized gain (0.62) (0.11) (0.30) (0.28) (0.58)
-----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.71) $ (0.21) $ (0.37) $ (0.35) $ (0.61)
-----------------------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 2.36 $ 1.11 $ 1.39 $ 0.92 $ 2.59
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 16.77 $ 14.41 $ 13.30 $ 11.91 $ 10.99
=============================================================================================================================
Total return* 21.44% 9.99%(c) 15.29% 11.84% 38.49%(b)
Ratio of net expenses to average net assets 0.82% 0.81% 0.78% 0.78% 0.89%**
Ratio of net investment income to average net assets 0.72% 0.85% 0.67% 0.72% 0.46%**
Portfolio turnover rate 21% 28% 16% 18% 45%
Net assets, end of period (in thousands) $842,680 $558,383 $403,490 $226,409 $238,017
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reductions for fees paid indirectly:
Total expenses 0.82% 0.81% 0.78% 0.78% 0.97%**
Net investment income 0.72% 0.85% 0.67% 0.72% 0.38%**
=============================================================================================================================
(a) Class Y shares were first publicly offered on April 8, 2009.
(b) Not annualized.
(c) 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 and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
---------------------------------------------------------------------------------------------
Year
Ended 4/2/12(a) to
3/31/14 3/31/13
---------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 14.32 $ 13.34
---------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.06 $ 0.05
Net realized and unrealized gain on investments 2.98 1.14
---------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 3.04 $ 1.19
---------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.10) $ (0.10)
Net realized gain (0.62) (0.11)
---------------------------------------------------------------------------------------------
Total distributions $ (0.72) $ (0.21)
---------------------------------------------------------------------------------------------
Net increase in net asset value $ 2.32 $ 0.98
---------------------------------------------------------------------------------------------
Net asset value, end of period $ 16.64 $ 14.32
=============================================================================================
Total return* 21.41% 9.00%(b)(c)
Ratio of net expenses to average net assets 0.90% 0.90%**
Ratio of net investment income to average net assets 0.68% 0.73%**
Portfolio turnover rate 21% 28%
Net assets, end of period (in thousands) $ 1,404 $ 85
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reductions for fees paid indirectly:
Net expenses 0.99% 1.04%**
Net investment income 0.59% 0.59%**
=============================================================================================
(a) Class Z shares were first publicly offered on April 2, 2012.
(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
8.99%.
(c) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 35
Notes to Financial Statements | 3/31/14
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 seven classes of shares designated as Class A, Class B, Class C,
Class K, Class R, Class Y and Class Z shares. Class Y shares were first publicly
offered on April 8, 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. Effective as of the close of business on December 31, 2009, Class B shares
are no longer offered to new or existing shareholders, except that dividends
and/or capital gain distributions may continue to be reinvested in Class B
shares, and shareholders may exchange their Class B shares for Class B shares of
other Pioneer funds, as permitted by existing exchange privileges. 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. Class B shares convert to Class A shares approximately eight years after
the date of purchase.
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.
36 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
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. 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. Short-term fixed income
securities with remaining maturities of sixty days or less generally are
valued at amortized cost. Shares of money market mutual funds are valued at
such funds' net asset value.
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, 2014, there were no securities that were valued using fair
value methods (other than securities that were valued using prices supplied
by independent pricing services).
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 37
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.
B. 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, 2014, 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,
2014 and March 31, 2013 was as follows:
---------------------------------------------------------------------------
2014 2013
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 6,910,930 $ 5,683,806
Long-term capital gain 58,871,158 7,858,796
---------------------------------------------------------------------------
Total $65,782,088 $13,542,602
===========================================================================
38 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2014:
---------------------------------------------------------------------------
2014
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,987,925
Undistributed long-term gain 25,260,373
Net unrealized appreciation 450,035,329
---------------------------------------------------------------------------
Total $477,283,627
===========================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales.
C. 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 $131,284 in underwriting commissions on the sale of
Class A shares during the year ended March 31, 2014.
D. 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 B, 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 B, Class C, Class R, Class Y
and Class Z shares can reflect different transfer agent and distribution
expense rates.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 39
E. 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.
F. 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 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, 2014, 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%, 2.15%, 1.40% and 0.90% of the
average daily net assets attributable to Class A, Class B, Class C, Class R and
Class Z shares, respectively. Class K and Class Y shares do not have an expense
limitation. Fees waived and expenses reimbursed during the year ended March 31,
2014 are reflected on the Statement of Operations. These expense limitations are
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
$135,874 in management fees, administrative costs and certain other
reimbursements payable to PIM at March 31, 2014.
40 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
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, 2014, such out-of-pocket expenses by class of shares
were as follows:
-------------------------------------------------------------------------------
Shareholder Communications:
-------------------------------------------------------------------------------
Class A $ 880,628
Class B 5,312
Class C 142,311
Class K 27
Class R 29,702
Class Y 866,193
Class Z 1,906
-------------------------------------------------------------------------------
Total $1,926,079
===============================================================================
Included in "Due from affiliates" reflected on the Statement of Assets and
Liabilities is $365,660 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at March 31, 2014.
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 B, 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 B and Class C shares. The fee
for Class B and 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 B and 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 $38,926 in distribution fees payable to PFD at March 31, 2014.
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
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 41
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. Class B shares that
are redeemed within five years of purchase are subject to a CDSC at declining
rates beginning at 4.00%, based on the lower of cost or market value of shares
being redeemed. 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, 2014, CDSCs in the amount of $81,782 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, 2014, 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 12, 2014, the facility is in the amount of $240 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, 2014
the Fund had no borrowings under the credit facility.
42 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
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,
2014, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the periods indicated therein.
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 audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of March 31, 2014, by correspondence with the custodian and
brokers or by other appropriate auditing procedures where replies from brokers
were not received. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Fundamental Growth Fund at March 31, 2014, the results of its operations
for the year then ended, the changes in its net assets for each of the two years
in the period then ended, and the financial highlights for each of the periods
indicated therein, in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
May 22, 2014
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 43
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Fundamental Growth Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in March 2013 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2013, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2013 and September 2013. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, and November, 2013 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at regularly scheduled meetings.
At a meeting held on November 12, 2013, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. In all quintile rankings referred to throughout this
disclosure, first quintile is most favorable to the Fund's shareowners. Thus,
highest relative performance would be first quintile and lowest relative
expenses would also be first quintile. The Trustees did not identify any single
factor as the controlling factor in determining to approve the renewal of the
agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund and its research process. The Trustees considered the resources of PIM and
the personnel of PIM who provide investment management services to the Fund.
They also reviewed the amount of non-Fund assets managed by the portfolio
managers of the Fund. The Trustees considered the non-investment resources and
personnel of PIM involved in
44 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
PIM's services to the Fund, including PIM's compliance and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by PIM's senior management to the Pioneer fund complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees review the Fund's performance on a regular basis, based on analysis
and data prepared by PIM for this purpose and discuss performance issues with
PIM on an ongoing basis. For purposes of their contract renewal deliberations,
the Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fourth quintile of its Morningstar
category for the one year period ended June 30, 2013, in the second quintile of
its Morningstar category for the three and ten year periods ended June 30, 2013,
and in the first quintile of its Morningstar category for the five year period
ended June 30, 2013. The Trustees noted the discussions held throughout the year
regarding the Fund's performance and confirmed that those discussions were
factored into the Trustees' deliberations concerning the renewal of the advisory
agreement. They indicated that they were satisfied with the discussions with PIM
with respect to the Fund's performance.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Fund Research
and Consulting, LLC (Strategic Insight), an independent third party.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 45
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2013 was in the second quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoint in the management fee schedule and the
reduced fee rate above a certain asset level.
The Trustees considered that the expense ratio of the Fund's Class A shares for
the twelve months ended June 30, 2013 was in the second quintile relative to its
Morningstar peer group and in the first quintile relative to its Strategic
Insight peer group, in each case for the comparable period. The Trustees also
considered that the expense ratio of the Fund's Class Y shares for the twelve
months ended June 30, 2013 was in the second quintile relative to both its
Morningstar peer group and its Strategic Insight peer group, in each case for
the comparable period. The Trustees noted that PIM was waiving fees and/or
reimbursing expenses in order to limit the ordinary operating expenses of the
Fund.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that, in some instances, the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Fund's other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Fund is subject. The Trustees also considered the different
entrepreneurial risks associated with PIM's management of the Fund and Pioneer's
management of the other client accounts. The Trustees concluded that the
management fee payable by the Fund to PIM was reasonable in relation to the
nature and quality of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's
46 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
profit margin in connection with the overall operation of the Fund. They
further reviewed the financial results realized by PIM and its affiliates from
non-fund businesses. The Trustees considered PIM's profit margins with
respect to the Fund in comparison to the limited industry data available and
noted that the profitability of any adviser was affected by numerous factors,
including its organizational structure and method for allocating expenses. The
Trustees concluded that PIM's profitability with respect to the management of
the Fund was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoint in the management fee schedule. The Trustees recognize that
economies of scale are difficult to identify and quantify, rarely identifiable
on a fund-by-fund basis, and that, among other factors that may be relevant, are
the following: fee levels, expense subsidization, investment by PIM in research
and analytical capabilities and PIM's commitment and resource allocation to the
Fund. The Trustees noted that profitability also may be an indicator of the
availability of any economies of scale, although profitability may vary for
other reasons particularly, for example during the recent difficult periods for
financial markets, as the level of services was maintained notwithstanding a
significant decline in PIM's fee revenues from the Fund. Accordingly, the
Trustees concluded that economies of scale, if any, were being appropriately
shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with the
Fund and the other Pioneer funds. The Trustees concluded that the receipt of
these benefits was reasonable in the context of the overall relationship between
PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 47
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen 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, except Mr. West,
serves as a Trustee of each of the 55 U.S. registered investment portfolios for
which Pioneer serves as investment adviser (the "Pioneer Funds"). Mr. West
serves as Trustee of 50 U.S. registered investment portfolios for which Pioneer
serves as investment adviser. 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.
48 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
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 (63) Trustee since 2006. Private investor (2004-2008 and Director, Broadridge
Chairman of the Board Serves until a successor 2013-present); Chairman (2008 - 2013) Financial Solutions,
and Trustee trustee is elected or and Chief Executive Officer (2008 - Inc. (investor
earlier 2012), Quadriserv, Inc. (technology communications and
retirement or removal. products for securities lending securities processing
industry); and Senior Executive Vice provider for financial
President, The Bank of New York services industry) (2009
(financial and securities services) (1986 - present); Director,
- 2004) Quadriserv, Inc. (2005 -
2013); and Commissioner,
New Jersey State Civil
Service Commission (2011
- present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (70) Trustee since 2005. Managing Partner, Federal City Capital Director of Enterprise
Trustee Serves until a successor Advisors (corporate advisory services Community Investment,
trustee is elected or company) (1997 - 2004 and 2008 - Inc. (privately held
earlier present); Interim Chief Executive affordable housing
retirement or removal. Officer, Oxford Analytica, Inc. finance company) (1985 -
(privately held research and consulting 2010); Director of
company) (2010); Executive Vice Oxford Analytica, Inc.
President and Chief Financial Officer, (2008 - present);
I-trax, Inc. (publicly traded health Director of The Swiss
care services company) (2004 - 2007); Helvetia Fund, Inc.
and Executive Vice President and Chief (closed-end fund) (2010
Financial Officer, Pedestal Inc. - present); and Director
(internet-based mortgage trading of New York Mortgage
company) (2000 - 2002) Trust (publicly traded
mortgage REIT) (2004 -
2009, 2012 - present)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (69) Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon
Trustee Serves until a successor Political Economy, Harvard University Institutional Funds
trustee is elected or (1972 - present) Investment Trust and
earlier Mellon Institutional
retirement or removal. Funds Master Portfolio
(oversaw 17 portfolios
in fund complex)
(1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 49
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 (66) Trustee since 2002. Founding Director, Vice President and None
Trustee Serves until a successor Corporate Secretary, The Winthrop Group,
trustee is elected or earlier Inc. (consulting firm) (1982 - present);
retirement or removal. Desautels Faculty of Management, McGill
University (1999 - present); and Manager
of Research Operations and
Organizational Learning, Xerox PARC,
Xerox's advance research center
(1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marc O. Mayer (56)+ Trustee since 2014. Founding Partner and Chief Executive Trustee, Alliance
Trustee Serves until a successor Officer, Alignment Financial Services Bernstein Mutual Funds
trustee is elected or earlier (investment management) (2013- present); (oversaw 92 funds in
retirement or removal. Chief Executive Officer and Director, GMO fund complex)
LLC (investment management) (2009-2011); (2003-2008); Board of
Executive Vice President, Alliance Overseers, Columbia
Bernstein LP (investment management) Business School
(2000-2009); and Executive Vice (2010-present); and
President and Director, Sanford C. Director, Alpha Parity
Bernstein & Co., LLC (investment LLC (hedge fund)
management) (1989-2000) (2013-present)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (65) Trustee since 2002. President and Chief Executive Officer, Director of New America
Trustee Serves until a successor Newbury, Piret & Company, Inc. High Income Fund, Inc.
trustee is elected or earlier (investment banking firm) (1981 - (closed-end investment
retirement or removal. present) company) (2004 -
present); and member,
Board of Governors,
Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (85) Trustee since 2002. Senior Counsel, Sullivan & Cromwell LLP Director, The Swiss
Trustee Serves until a successor (law firm) (1998 - present); and Partner, Helvetia Fund, Inc.
trustee is elected or earlier Sullivan & Cromwell LLP (prior to 1998) (closed-end investment
retirement or removal. company) (1995 - 2012);
and Director, Invesco,
Ltd. (formerly AMVESCAP,
PLC) (investment
manager) (1997-2005)
------------------------------------------------------------------------------------------------------------------------------------
+ Mr. Mayer resigned as a Trustee of the Pioneer Funds effective May 6, 2014.
50 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (55)* Trustee since 2007. Chairman (2013 - present), Director, CEO None
Trustee, President and Serves until a successor and President of PIM-USA (since February
Chief Executive Officer trustee is elected or 2007); Chairman (2013 - present),
of the Fund earlier retirement or Director and President of Pioneer and
removal. Pioneer Institutional Asset Management,
Inc. (since February 2007); Executive
Vice President of all of the Pioneer
Funds (2007 - 2013); Director of PGAM
(2007 - 2010); Head of New Europe
Division, PGAM (2000 - 2005); and Head
of New Markets Division, PGAM (2005 -
2007)
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (55)* Trustee since 2014. Director and Executive Vice President None
Trustee Serves until a successor (since 2008) and Chief Investment
trustee is elected or earlier Officer, U.S. (since 2010), of PIM-USA;
retirement or removal. Executive Vice President of Pioneer
(since 2008); Executive Vice President
of Pioneer Institutional Asset
Management, Inc. (since 2009); Portfolio
Manager of Pioneer (since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Kingsbury and Mr. Taubes are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 51
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Mark D. Goodwin (49) Since 2014. Serves Executive Vice President and Chief None
Executive Vice President at the discretion of Operating Officer of Pioneer since 2005
the Board. and Executive Vice President of all the
Pioneer funds since 2014
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (49) Since 2003. Serves Vice President and Associate General None
Secretary and Chief at the discretion of Counsel of Pioneer since January 2008;
Legal Officer the Board. 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 (53) Since 2010. Serves Fund Governance Director of Pioneer None
Assistant Secretary at the discretion of since December 2006 and Assistant
the 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 (51) Since 2010. Serves Senior Counsel of Pioneer since May 2013 None
Assistant Secretary at the discretion of and Assistant Secretary of all the
the Board. Pioneer Funds since June 2010; Counsel
of Pioneer from June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (54) Since 2008. Serves Vice President - Fund Treasury of None
Treasurer and Chief at the discretion of Pioneer; Treasurer of all of the Pioneer
Financial and Accounting the Board. Funds since March 2008; Deputy Treasurer
Officer of the Fund of Pioneer from March 2004 to February
2008; and Assistant Treasurer of all of
the Pioneer Funds from March 2004 to
February 2008
------------------------------------------------------------------------------------------------------------------------------------
52 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------------------------------
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 (48) Since 2002. Serves Director - Fund Treasury of Pioneer; and None
Assistant Treasurer at the discretion of Assistant Treasurer of all of the
the Board. Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (55) Since 2002. Serves Fund Accounting Manager - Fund Treasury None
Assistant Treasurer at the discretion of of Pioneer; and Assistant Treasurer of
the Board. all of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (34) Since 2009. Serves Fund Administration Manager - Fund None
Assistant Treasurer at the discretion of Treasury of Pioneer since November 2008;
the Board. 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 (61) Since 2010. Serves Chief Compliance Officer of Pioneer and None
Chief Compliance Officer at the discretion of of all the Pioneer Funds since March
the Board. 2010; 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 (43) Since 2006. Serves Director - Transfer Agency Compliance of None
Anti-Money Laundering Officer at the discretion of Pioneer and Anti-Money Laundering Officer
the Board. of all the Pioneer funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 53
This page for your notes.
54 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
This page for your notes.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 55
This page for your notes.
56 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
This page for your notes.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 57
This page for your notes.
58 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
This page for your notes.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 59
This page for your notes.
60 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
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) 2014 Pioneer Investments 19341-08-0514
Pioneer Multi-Asset
Ultrashort Income Fund
--------------------------------------------------------------------------------
Annual Report | March 31, 2014
--------------------------------------------------------------------------------
Ticker Symbols:
Class A MAFRX
Class C MCFRX
Class C2 MAUCX*
Class K MAUKX
Class Y MYFRX
Class Z MAUZX**
*Share class was first publicly offered on August 2, 2013.
**Share class was first publicly offered on April 2, 2013.
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 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 100
Notes to Financial Statements 110
Report of Independent Registered Public Accounting Firm 118
Approval of Investment Advisory Agreement 120
Trustees, Officers and Service Providers 125
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 1
President's Letter
Dear Shareowner,
A few months into 2014, we still expect U.S. economic growth for the year to be
in the 2.5% to 3% range, despite some weaker economic data releases during the
winter months driven in large part by harsh weather across much of the
continental U.S. While unemployment remains high, employment has been rising
steadily. Consumer incomes, savings, wealth, and debt-servicing capacity have
been solid buttresses for the recovering housing and auto industries. Industrial
activity is growing only moderately, but current corporate profits are generally
solid and balance sheets appear able to support needed capital spending and
dividend* payouts. A modestly improving European economy and continuing economic
improvement in Japan appear likely to result in improving global growth in 2014,
further supporting the U.S. economy. In addition, we feel that continuing slack
in labor markets and capacity utilization offer the potential for continuing
growth without bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve System
(the Fed) has begun scaling back its QE (quantitative easing) program, but
short-term interest rates remain near zero, and while Fed Chair Janet Yellen has
suggested that rates may be raised roughly six months after the QE program is
fully tapered, that would still place the potential rate hike sometime in 2015.
There are certainly risks and uncertainties still facing the global economy as
2014 moves along. The European economy, while improving, remains weak, the
Japanese economy faced a tax hike this spring, and a number of emerging market
countries are experiencing difficulties. There are also geopolitical worries
abroad, such as Russia's aggressive move against the Ukraine, and more potential
political fights at home, especially during a mid-term election year. While most
of the widely recognized risks we have outlined may already be "priced into" the
market, we believe investors should continue to expect market volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
* Dividends are not guaranteed.
2 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in equity and bond markets, using in-depth research to identify undervalued
individual securities, and using thoughtful risk management to construct
portfolios which seek to balance potential risks and rewards in an ever-changing
world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
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 | 3/31/14 3
Portfolio Management Discussion | 3/31/14
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's performance during the 12-month period
ended March 31, 2014. Mr. Melcrheit, 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 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
during the 12-month period ended March 31, 2014?
A By and large, during the first several months of the period the
interest-rate backdrop was a negative factor for bond prices overall.
Market sentiment with respect to the U.S. economy continued to improve,
driven by strength in such key sectors as housing and autos. The stronger
economic performance helped fuel market speculation over the extent to
which the U.S. Federal Reserve (the Fed) would continue to employ its
extraordinary monetary stimulus measures, leading U.S. Treasury rates to
edge higher. The trend intensified after comments in May 2013 from then-Fed
Chairman Ben Bernanke to the effect that the economy may have stabilized
sufficiently to allow for a tapering of the Fed's long-term bond purchases
under its quantitative easing (QE) program. Mr. Bernanke's comments spurred
a significant rise in Treasury rates that extended into September 2013. In
mid-September, however, the Fed changed its tone and suggested that the
inevitable reduction in the pace of QE was not going to follow any set
calendar. Mr. Bernanke cited lowered economic growth forecasts and tighter
budgetary policies in Washington, and his announcement led Treasury rates
to ease somewhat.
October 2013 saw the nomination of Janet Yellen to succeed Mr. Bernanke as
Fed Chair, leading to some additional anxiety over the course of policy
going forward. The Fed would in fact announce in December its plans to
begin tapering the QE program in January of 2014, with the eventual goal of
fully drawing down QE by the end of the current calendar year. The response
was muted, however, as markets appeared to have gained confidence that the
inevitable Fed policy shift would be incremental and sensitive to economic
data releases. Long-term rates actually declined in the first quarter of
2014 on weaker-than-expected economic data, although extreme winter weather
in the Continental U.S. was assigned some of the blame for the sub-par
economic activity.
4 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
For the full 12-month period, rates rose along the length of the Treasury
yield curve. Specifically, the two-year Treasury yield went from 0.25% to
0.44%, the five-year Treasury yield rose from 0.77% to 1.73%, the 10-year
Treasury yield rose from 1.87% to 2.73%, and the 30-year Treasury yield
increased from 3.10% to 3.56%. Most credit spreads narrowed versus
Treasuries over the period (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 that environment during the 12-month period
ended March 31, 2013?
A Pioneer Multi-Asset Ultrashort Income Fund's Class A shares returned 0.92%
during the 12-month period ended March 31, 2014, while the Fund's
benchmark, the Bank of America Merrill Lynch (BofA ML) U.S. 3-Month LIBOR
Index (the BofA ML Index), returned 0.27%. During the same period, the
average return of the 108 mutual funds in Lipper's Ultra-Short Obligation
Funds category was 0.45%, and the average return of the 138 mutual funds in
Morningstar's Ultrashort Bond Funds category was 0.46%.
Q Can you review the Fund's principal investment strategies during the
12-month period ended March 31, 2014, and the effects those strategies had
on the Fund's performance?
A We continued to maintain a portfolio designed to generate higher levels of
income for shareholders than cash or money market accounts, while seeking
to provide significant protection to principal against any increase in
market interest rates. During the 12-month period, this entailed investing
the Fund in a wide range of mostly high-quality floating-rate securities as
well as fixed-rate instruments with very short remaining maturities. More
than 90% of the Fund's assets are either in 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 is primarily focused on
the investment-grade asset classes. At the same time, we do seek to have
the Fund benefit from credit spreads. In doing so, we seek at all times to
maintain broadly diversified* portfolio exposure to a number of different
spread sectors. The principal spread sectors represented in the Fund
include asset-backed securities (ABS), mortgage-backed securities (MBS),
and investment-grade corporate bonds. In making purchases of securities, we
seek to have the Fund benefit from attractive income opportunities while
seeking to minimize, portfolio exposure to price volatility by emphasizing
* Diversification does not assure a profit nor protect against loss in a
declining market.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 5
issues with shorter remaining maturities. The Fund's allocations will vary
moderately over time as we seek to identify sectors with more or less
attractive valuations in relation to the associated credit risk.
The Fund's credit exposures generally added to benchmark-relative
performance over the 12-month period. About half of the Fund's assets are
in the securitized sectors, including high-quality MBS. Within MBS, the
Fund's holdings of floating-rate bonds subject to an interest-rate cap
added value to relative performance, as their prices were supported by a
decline in market rates over the second half of the period. Exposure to the
CMBS (commercial MBS) sector also added to the Fund's returns. Within ABS,
the portfolio maintains exposure to home equity loans, where we have seen
reasonable valuations. Those holdings continued to benefit from a firming
in housing prices during the period.
While our focus in the portfolio typically is on investment-grade sectors,
we also include below-investment-grade asset categories if we believe the
incremental income available can provide an attractive tradeoff between
risk and reward. In that vein, one of the leading contributors to the
Fund's relative returns during the 12-month period was an allocation to
leveraged bank loans. Bank loans have continued to display low default
rates while providing attractive incremental income, and we have modestly
increased the Fund's weighting to the sector.
The Fund's performance relative to the benchmark was also helped during the
period by allocations to investment-grade corporates, as the sector
continues to be supported by generally strong corporate profitability and
cash-rich balance sheets. With concerns that interest rates may be headed
higher as the Fed tapers its monetary support, there was substantial new
corporate issuance over the period, and we sought to take advantage of
that. Our portfolio focus within investment-grade corporates has been
geared toward two-to-three year floating-rate issues within the industrials
and finance sectors. We also purchased fixed-rate issues with near-term
maturities, with a focus on bank issuers. We like bank issuers because of
their strengthened capital structures and lower earnings volatility in the
wake of reforms following the financial crisis of 2008.
While the Fund outperformed the benchmark during the period, some
allocations were less successful. Among the main underperformers in the
portfolio during the period were a handful of collateralized
mortgage-backed (CMO) holdings and a bank loan to Weight Watchers.
6 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
As always, we are mindful that many investors view the Fund as a source of
liquidity in their portfolios. As such, we continue to maintain significant
liquidity to allow us to meet any shareholder redemption requests without
forced selling. With short-term Treasury yields still at unattractive
levels, we have been focusing on agency bonds with floating-rate coupons to
gain the requisite liquidity and income.
Q What is your assessment of the current climate in the Fund's investment
universe?
A In our view, U.S. Treasury securities continue to be less attractive
investments relative to the spread sectors. With continued modest economic
growth and low inflation in the United States, and with Europe emerging
from recession, we continue to expect an economic backdrop that should be
sufficient to support credit sector fundamentals. Given this outlook, we
expect to maintain a portfolio tilt toward spread sectors.
That said, spread sectors have been in favor for a while now, and we are
ever more cognizant of valuation considerations. The spread narrowing that
has occurred across the credit sectors has made the process of identifying
high-quality securities that are trading at attractive valuations
particularly labor-intensive. We will continue to shift the Fund's sector
allocations around the margins to reflect our view of relative risk and
reward. We are focusing strongly on individual security selection and being
careful not to assume any risk in the portfolio for which the Fund may not
be adequately compensated.
We would not be surprised to see economic growth strengthen in 2014, to the
degree where the Fed feels under some pressure to raise its benchmark
short-term interest rate sooner rather than later, though Ms. Yellen has
indicated that won't happen until at least six months after the drawing
down of QE is complete.
We are pleased that the Fund's net asset value (NAV) was relatively stable
over the 12-month period, despite the significant rise in interest rates
experienced early in the period. The NAV ranged between $10.05 and $10.10
per share. In all market environments, we will continue to seek to provide
shareholders with higher levels of income than those generated by cash or
money market accounts, while seeking to provide significant protection to
principal against any increase in market interest rates.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 7
Please refer to the Schedule of Investments on pages 20-99 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 employ leverage, which increases the
volatility of investment returns and subjects the Fund to magnified losses if an
underlying fund's investments decline in value.
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.
Investments in equity securities are subject to price fluctuation.
8 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
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 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.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
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. These statements should
not be relied upon for any other purposes.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 9
Portfolio Summary | 3/31/14
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 32.0%
Asset Backed Securities 21.8%
U.S. Corporate Bonds 16.5%
International Corporate Bonds 9.7%
Senior Secured Loans 9.1%
U.S. Government Securities 5.3%
Municipal Bonds 3.5%
Temporary Cash Investment 1.6%
Foreign Government Bonds 0.5%
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio; based on S&P ratings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
AAA 22.9%
AA 22.7%
A 21.6%
BB 9.9%
BBB 9.8%
B 5.3%
Cash Equivalent 3.9%
Not Rated 3.7%
CCC 0.2%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Federal National Mortgage Association, Floating Rate Note, 2/25/38 0.86%
------------------------------------------------------------------------------------------------
2. Federal Home Loan Banks, Floating Rate Note, 6/11/14 0.80
------------------------------------------------------------------------------------------------
3. Harris County Health Facilities Development Corp., Floating Rate Note, 12/1/41 0.74
------------------------------------------------------------------------------------------------
4. The University of Texas System, Floating Rate Note, 8/1/34 0.60
------------------------------------------------------------------------------------------------
5. Permanent University Fund, Floating Rate Note, 7/1/37 0.59
------------------------------------------------------------------------------------------------
6. Citibank Credit Card Issuance Trust, Floating Rate Note, 2/7/18 0.50
------------------------------------------------------------------------------------------------
7. Citibank Credit Card Issuance Trust, Floating Rate Note, 4/24/17 0.48
------------------------------------------------------------------------------------------------
8. Federal National Mortgage Association, Floating Rate Note, 8/11/14 0.46
------------------------------------------------------------------------------------------------
9. Maryland Health & Higher Educational Facilities Authority, Floating Rate Note, 7/1/36 0.45
------------------------------------------------------------------------------------------------
10. American Express Credit Account Master Trust, Floating Rate Note, 3/15/18 0.45
------------------------------------------------------------------------------------------------
* 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 | 3/31/14
Prices and Distributions | 3/31/14
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/14 3/31/13
--------------------------------------------------------------------------------
A $10.07 $10.08
--------------------------------------------------------------------------------
C $10.05 $10.07
--------------------------------------------------------------------------------
K $10.07 $10.08
--------------------------------------------------------------------------------
Y $10.07 $10.09
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/14 8/1/13*
--------------------------------------------------------------------------------
C2 $10.05 $10.04
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/14 4/1/13**
--------------------------------------------------------------------------------
Z $10.05 $10.08
--------------------------------------------------------------------------------
Distributions per Share: 4/1/13-3/31/14
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1026 $ -- $ --
--------------------------------------------------------------------------------
C $0.0739 $ -- $ --
--------------------------------------------------------------------------------
C2 $0.0456 $ -- $ --
--------------------------------------------------------------------------------
K $0.1267 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1192 $ -- $ --
--------------------------------------------------------------------------------
Z $0.1303 $ -- $ --
--------------------------------------------------------------------------------
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.
* Class C2 shares commenced operations on August 1, 2013.
** Class Z shares commenced operations on April 1, 2013.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 11
Performance Update | 3/31/14 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, 2014)
--------------------------------------------------------------------------------
BofA ML
Net Public U.S. Dollar
Asset Offering 3-Month
Value Price LIBOR
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.55% 0.66% 0.35%
1 Year 0.92 -1.62 0.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.72%
--------------------------------------------------------------------------------
[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
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 | 3/31/14
Performance Update | 3/31/14 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, 2014)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.01% 1.01% 0.35%
1 Year 0.54 0.54 0.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.03%
--------------------------------------------------------------------------------
[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
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 | 3/31/14 13
Performance Update | 3/31/14 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, 2014)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.01% 1.01% 0.35%
1 Year 0.53 0.53 0.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.03%
--------------------------------------------------------------------------------
[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
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 | 3/31/14
Performance Update | 3/31/14 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, 2014)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.66% 1.66% 0.35%
1 Year 1.16 1.16 0.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.53%
--------------------------------------------------------------------------------
[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
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 | 3/31/14 15
Performance Update | 3/31/14 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, 2014)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.75% 1.75% 0.35%
1 Year 0.99 0.99 0.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.55%
--------------------------------------------------------------------------------
[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
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 | 3/31/14
Performance Update | 3/31/14 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, 2014)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.58% 1.58% 0.35%
1 Year 1.01 1.01 0.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.55%
--------------------------------------------------------------------------------
[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
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 | 3/31/14 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, 2013, through March 31, 2014.
------------------------------------------------------------------------------------------
Share Class A C C2 K Y Z
------------------------------------------------------------------------------------------
Beginning Account Value
on 10/1/13 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
------------------------------------------------------------------------------------------
Ending Account Value
(after expenses)
on 3/31/14 $1,007.09 $1,004.60 $1,004.70 $1,007.27 $1,006.78 $1,007.18
------------------------------------------------------------------------------------------
Expenses Paid During
Period* $ 3.30 $ 4.85 $ 4.95 $ 2.05 $ 2.70 $ 3.00
------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.66%, 0.97%,
0.99%, 0.41% 0.54%, and 0.60% for class A, C, C2, K, Y, and Z 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 | 3/31/14
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, 2013, through March 31, 2014.
-----------------------------------------------------------------------------------------
Share Class A C C2 K Y Z
-----------------------------------------------------------------------------------------
Beginning Account Value
on 10/1/13 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
-----------------------------------------------------------------------------------------
Ending Account Value
(after expenses)
on 3/31/14 $1,021.64 $1,020.09 $1,020.00 $1,022.89 $1,022.24 $1,021.94
-----------------------------------------------------------------------------------------
Expenses Paid During
Period* $ 3.33 $ 4.89 $ 4.99 $ 2.07 $ 2.72 $ 3.02
-----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.66%, 0.97%,
0.99%, 0.41% 0.54%, and 0.60% for class A, C, C2, K, Y, and Z 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 | 3/31/14 19
Schedule of Investments | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
ASSET BACKED
SECURITIES -- 21.0%
CAPITAL GOODS -- 0.0%+
Trading Companies &
Distributors -- 0.0%+
260,417 0.35 BBB/Baa2 TAL Advantage LLC, Floating Rate Note,
4/20/21 (144A) $ 257,401
--------------
Total Capital Goods $ 257,401
-----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Trucking -- 0.0%+
1,100,000 0.57 NR/Aaa Hertz Fleet Lease Funding LP, Floating
Rate Note, 4/10/28 (144A) $ 1,100,000
-----------------------------------------------------------------------------------------------------------
Marine Ports & Services -- 0.1%
1,511,257 A/NR Global Container Assets 2013-1, Ltd.,
2.2%, 11/5/28 (144A) $ 1,509,318
--------------
Total Transportation $ 2,609,318
-----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
505,468 A/NR Westgate Resorts 2012-2 LLC, 3.0%,
1/20/25 (144A) $ 508,314
1,018,176 NR/NR Westgate Resorts 2012-A LLC, 3.75%,
8/20/25 (144A) 1,026,233
206,952 A/NR Westgate Resorts LLC, 2.5%, 3/20/25
(144A) 207,469
--------------
$ 1,742,016
--------------
Total Consumer Services $ 1,742,016
-----------------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Automotive Retail -- 0.2%
191,667 NR/Aaa Avis Budget Rental Car Funding AESOP
LLC, 2.09%, 4/20/15 (144A) $ 191,817
97,421 AAA/NR CarMax Auto Owner Trust 2010-2,
2.04%, 10/15/15 97,743
256,591 NR/Aaa CarMax Auto Owner Trust 2011-3,
1.07%, 6/15/16 257,241
140,812 NR/Aaa Harley-Davidson Motorcycle Trust
2011-2, 1.11%, 9/15/16 141,099
2,219,531 AAA/Aaa Harley-Davidson Motorcycle Trust
2012-1, 0.68%, 4/15/17 2,222,349
--------------
$ 2,910,249
--------------
Total Retailing $ 2,910,249
-----------------------------------------------------------------------------------------------------------
BANKS -- 11.4%
Diversified Banks -- 0.0%+
145,840 0.54 AA/Aaa KeyCorp Student Loan Trust 2004-A,
Floating Rate Note, 10/28/41 $ 144,319
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 11.4%
79,408 2.93 BB+/B3 ABFC 2003-WMC1 Trust, Floating Rate
Note, 3/25/33 $ 75,569
811,652 0.46 AAA/Aa3 ABFC 2005-WF1 Trust, Floating Rate
Note, 12/25/34 789,998
1,110,000 0.55 CCC/A3 Accredited Mortgage Loan Trust
2005-2, Floating Rate Note, 7/25/35 1,065,540
1,438,998 1.95 BB+/Ba3 ACE Securities Corp. Home Equity Loan
Trust Series 2002-HE3, Floating Rate
Note, 10/25/32 1,399,198
54,574 0.62 AA+/A3 ACE Securities Corp. Home Equity Loan
Trust Series 2005-HE5, Floating Rate
Note, 8/25/35 54,558
245,479 6.50 BB+/Baa2 ACE Securities Corp. Manufactured
Housing Trust Series 2003-MH1,
Floating Rate Note, 8/15/30 (144A) 245,701
729,714 0.69 D/Baa3 Aegis Asset Backed Securities Trust
2004-6, Floating Rate Note, 3/25/35 728,702
716,099 1.25 AAA/Aaa Aegis Asset Backed Securities Trust
Mortgage Pass-Through Ctfs Series
2004-3, Floating Rate Note, 9/25/34 706,826
1,940,770 1.11 AAA/Aaa Aegis Asset Backed Securities Trust
Mortgage Pass-Through Certificates
Series 2004-2, Floating Rate Note,
6/25/34 1,920,887
1,023,510 0.70 AAA/Aa1 Aegis Asset Backed Securities Trust
Mortgage Pass-Through Certificates
Series 2004-4, Floating Rate Note,
10/25/34 1,010,286
251,263 0.37 AA+/A2 Ameriquest Mortgage Securities Inc
Asset-Backed Pass-Through Ctfs Ser
2005-R10, Floating Rate Note, 1/25/36 249,828
629,721 0.48 A+/A1 Ameriquest Mortgage Securities, Inc.,
Asset Backed Pass-Through Ctfs Series
2005-R11, Floating Rate Note, 1/25/36 616,067
509,642 3.90 A/Baa1 Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Ctfs Series
03-AR3, Floating Rate Note, 6/25/33 526,972
333,622 0.89 AA+/A2 Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Ctfs Series
2003-11, Floating Rate Note, 12/25/33 321,648
115,749 0.76 AA+/Aa1 Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Ctfs Series
2004-R11, Floating Rate Note, 11/25/34 114,706
1,810,272 0.60 AA+/A3 Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Ctfs Series
2005-R1, Floating Rate Note, 3/25/35 1,784,412
46,999 0.35 AA+/Aaa Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Ctfs Series
2005-R6, Floating Rate Note, 8/25/35 46,608
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 21
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
658,480 0.70 AAA/NR ARI Fleet Lease Trust 2012-A, Floating
Rate Note, 3/15/20 (144A) $ 659,657
409,655 0.46 AAA/NR ARI Fleet Lease Trust 2012-B, Floating
Rate Note, 1/15/21 (144A) 409,191
1,438,675 AAA/NR ARI Fleet Lease Trust 2013-A, 0.7%,
12/15/15 (144A) 1,439,131
1,428,629 1.90 A/NR ARL First LLC, Floating Rate Note,
12/15/42 (144A) 1,492,471
1,190,824 0.83 AA/A3 Asset Backed Securities Corp Home
Equity Loan Trust Series 2005-HE2,
Floating Rate Note, 2/25/35 1,184,265
653,537 0.86 BBB+/Baa3 Asset Backed Securities Corp Home
Equity Loan Trust Series 2005-HE3,
Floating Rate Note, 4/25/35 641,920
1,343,892 0.35 BB/Ba3 Asset Backed Securities Corp Home
Equity Loan Trust Series AEG 2006-HE1,
Floating Rate Note, 1/25/36 1,277,326
1,725,984 0.66 AA/A3 Asset Backed Securities Corp Home
Equity Loan Trust Series OOMC
2005-HE6, Floating Rate Note, 7/25/35 1,703,111
60,628 AA+/A3 Bayview Financial Acquisition Trust,
6.205%, 5/28/37 (Step) 64,603
1,836,011 0.83 AAA/Aa1 Bayview Financial Acquisition Trust,
Floating Rate Note, 2/28/44 1,816,344
676,787 0.78 AAA/Aaa Bayview Financial Acquisition Trust,
Floating Rate Note, 5/28/44 673,868
118,512 0.74 AAA/Aaa Bayview Financial Acquisition Trust,
Floating Rate Note, 8/28/44 118,251
345,223 0.56 AAA/Aa1 Bayview Financial Mortgage Pass-Through
Trust 2005-C, Floating Rate Note,
6/28/44 343,106
1,169,547 0.50 AAA/Aaa Bayview Financial Mortgage Pass-Through
Trust 2006-A, Floating Rate Note,
2/28/41 1,162,108
270,072 0.45 AAA/Aaa Bayview Financial Mortgage Pass-Through
Trust 2006-A, Floating Rate Note,
2/28/41 266,884
1,620,858 0.45 AA+/A1 Bayview Financial Mortgage Pass-Through
Trust 2006-B, Floating Rate Note,
4/28/36 1,562,472
804,031 0.42 AA+/A1 Bayview Financial Mortgage Pass-Through
Trust 2006-B, Floating Rate Note,
4/28/36 774,606
1,899,351 0.60 AA/Aa2 Bayview Financial Mortgage Pass-Through
Trust Series 2005-B, Floating Rate Note,
4/28/39 1,864,048
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
2,622,466 0.65 A+/Ba1 Bear Stearns Asset Backed Securities I
Trust 2005-FR1, Floating Rate Note,
6/25/35 $ 2,570,992
838,498 0.65 AA+/NR Bear Stearns Asset Backed Securities I
Trust 2005-HE8, Floating Rate Note,
8/25/35 836,239
6,226 1.15 AAA/NR Bear Stearns Asset Backed Securities
Trust 2004-2, Floating Rate Note,
8/25/34 6,071
301,969 1.35 AAA/NR Bear Stearns Asset Backed Securities
Trust 2004-2, Floating Rate Note,
8/25/34 295,223
158,940 0.72 AA+/A3 Bear Stearns Asset Backed Securities
Trust 2004-SD3, Floating Rate Note,
9/25/34 154,610
115,814 0.55 AAA/A1 Bear Stearns Asset Backed Securities
Trust 2005-SD1, Floating Rate Note,
8/25/43 114,254
714,333 0.62 AA+/NR Bear Stearns Asset Backed Securities
Trust 2005-SD2, Floating Rate Note,
3/25/35 706,743
151,804 0.55 AA+/NR Bear Stearns Asset Backed Securities
Trust 2005-SD2, Floating Rate Note,
3/25/35 150,049
767,724 0.28 CCC/Ba1 Bear Stearns Asset Backed Securities
Trust 2006-4, Floating Rate Note,
10/25/36 760,657
1,546,226 0.90 AAA/A3 Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 2/25/35 1,541,737
1,173,862 1.15 BBB/A1 Bear Stearns Structured Products Trust
2007-EMX1, Floating Rate Note, 3/25/37
(144A) 1,144,874
599,683 0.40 BB+/NR BNC Mortgage Loan Trust 2007-4,
Floating Rate Note, 11/25/37 593,815
1,765,724 NR/NR CAM Mortgage Trust 2014-1, 3.3515%,
12/15/53 (Step) (144A) 1,767,380
3,213,214 0.89 AA/Baa3 Carrington Mortgage Loan Trust Series
2005-NC1, Floating Rate Note, 2/25/35 3,209,104
68,318 0.55 AA+/A1 Carrington Mortgage Loan Trust Series
2005-NC4, Floating Rate Note, 9/25/35 67,296
2,337,281 0.33 BB+/Ba2 Carrington Mortgage Loan Trust Series
2006-OPT1, Floating Rate Note,
2/25/36 2,202,754
429,163 3.65 AA+/Aaa Centex Home Equity Loan Trust 2003-A,
Floating Rate Note, 3/25/33 428,628
26,337 0.42 AA+/A1 Citigroup Mortgage Loan Trust 2006-HE1,
Floating Rate Note, 1/25/36 26,180
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 23
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,799,790 0.35 A/Baa1 Citigroup Mortgage Loan Trust
2006-SHL1, Floating Rate Note,
11/25/45 (144A) $ 1,731,305
261,929 0.30 BB/Baa2 Citigroup Mortgage Loan Trust
2007-WFHE2, Floating Rate Note,
3/25/37 261,759
77,236 0.87 AAA/Aa2 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 10/25/34 77,216
258,879 1.17 BBB-/B1 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 11/25/34 237,694
22,705 0.55 AA+/NR Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 5/25/35 (144A) 22,509
8,117 NR/Baa3 Conseco Financial Corp., 7.05%, 1/15/19 8,360
32,223 0.52 AA+/A1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 1/25/36 31,663
2,218,876 0.99 AA/A3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 10/25/34 2,210,003
698,252 0.54 AAA/Aa3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/34 677,128
417,355 0.74 BBB/NR Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/35 (144A) 408,573
1,488,928 1.20 BBB-/Ba1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 12/25/34 1,478,521
239,838 0.64 BBB+/A3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 12/25/35 238,551
308,731 5.15 BB+/Ba2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 2/25/33 311,876
1,656,429 1.05 A+/A3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 5/25/35 1,638,929
571,173 0.97 A+/Baa1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 5/25/36 567,481
185,701 0.83 AAA/A1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/33 (144A) 178,447
45,431 1.05 AAA/A2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/33 (144A) 43,371
532,241 0.66 AA+/A3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/35 523,991
411,407 0.59 A+/A3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 7/25/35 411,056
212,337 0.42 A+/B2 Countrywide Home Equity Loan Trust,
Floating Rate Note, 6/15/29 209,170
2,000,000 AA/NR Credit Acceptance Auto Loan Trust
2012-2, 2.21%, 9/15/20 (144A) 2,026,614
202,145 0.42 A+/A3 Credit Suisse Mortgage Capital
Certificates, Floating Rate Note,
10/25/36 (144A) 198,054
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
356,280 BB+/Baa1 Credit-Based Asset Servicing and
Securitization LLC, 4.67661%,
4/25/37 (Step) $ 358,100
1,238 D/NR Delta Funding Home Equity Loan Trust
1997-2, 7.04%, 6/25/27 1,257
469,757 NR/NR Direct Capital Funding V LLC, 0.7%,
9/20/14 (144A) 470,148
313,146 AA/NR Direct Capital Funding V LLC, 1.673%,
12/20/17 (144A) 313,146
375,929 4.24 BBB/Baa2 Drug Royalty II LP 1, Floating Rate Note,
1/15/25 (144A) 384,575
2,353,274 1.05 B-/Caa3 Ellington Loan Acquisition Trust 2007-1,
Floating Rate Note, 5/28/37 (144A) 2,292,926
637,265 1.05 BB+/Ba2 Ellington Loan Acquisition Trust 2007-2,
Floating Rate Note, 5/25/37 (144A) 625,601
1,016,318 0.47 AA+/A1 Equity One Mortgage Pass-Through Trust
2004-3, Floating Rate Note, 7/25/34 864,803
29,966 A-/NR EquiVantage Home Equity Loan Trust
1997-1, 8.05%, 3/25/28 (Step) 29,745
47,148 AA/NR Exeter Automobile Receivables Trust
2012-1, 2.02%, 8/15/16 (144A) 47,244
345,778 AA/NR Exeter Automobile Receivables Trust
2012-2, 1.3%, 6/15/17 (144A) 346,373
1,000,000 BBB/NR Exeter Automobile Receivables Trust
2012-2, 3.06%, 7/16/18 (144A) 1,010,976
728,169 1.23 BB+/B1 Fieldstone Mortgage Investment Trust
Series 2005-1, Floating Rate Note,
3/25/35 706,050
58,727 1.23 AAA/NR First Franklin Mortgage Loan Trust
2004-FF10, Floating Rate Note,
9/25/34 58,612
1,862,766 0.66 NR/Baa1 First Franklin Mortgage Loan Trust
2005-FFH3, Floating Rate Note,
9/25/35 1,824,344
309,039 0.41 BBB+/Ba1 First Franklin Mortgage Loan Trust
Series 2005-FF12, Floating Rate Note,
11/25/36 299,519
199,060 0.55 AA+/Aa2 First NLC Trust 2005-2, Floating Rate
Note, 9/25/35 194,904
1,455,297 0.38 AA/A2 Flagstar Home Equity Loan Trust 2005-1,
Floating Rate Note, 6/25/18 (144A) 1,416,921
373,511 0.61 AA+/A3 Fremont Home Loan Trust 2005-2,
Floating Rate Note, 6/25/35 372,854
879,591 0.80 A+/A3 Fremont Home Loan Trust 2005-B,
Floating Rate Note, 4/25/35 875,567
800,000 NR/Aaa GE Equipment Small Ticket LLC Series
2013-1, 0.73%, 1/25/16 (144A) 801,514
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 25
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,520,000 NR/Aaa GE Equipment Transportation LLC Series
2013-2, 0.61%, 6/24/16 $ 1,521,155
1,893,116 NR/NR GMAT 2013-1 Trust, 3.9669%, 8/25/53
(Step) 1,839,788
1,175,488 0.83 A+/NR GreenPoint Mortgage Funding Trust
2005-HE1, Floating Rate Note, 9/25/34 1,156,809
869,060 0.59 A+/Ba3 GreenPoint Mortgage Funding Trust
2005-HE4, Floating Rate Note, 7/25/30 864,434
237,251 0.87 A+/Ba3 GreenPoint Mortgage Funding Trust
2005-HE4, Floating Rate Note, 7/25/30 236,143
346,074 0.48 AA+/A2 GSAA Home Equity Trust 2004-11,
Floating Rate Note, 12/25/34 335,704
1,065,768 0.40 B+/B3 GSAA Home Equity Trust 2005-11,
Floating Rate Note, 10/25/35 1,066,381
1,511,275 0.87 AAA/Aaa GSAMP Trust 2004-HE2, Floating Rate
Note, 9/25/34 1,435,718
3,898,600 0.80 BBB/A3 GSAMP Trust 2004-SEA2, Floating Rate
Note, 3/25/34 3,880,974
100,370 0.70 AAA/Aaa GSAMP Trust 2004-SEA2, Floating Rate
Note, 3/25/34 100,302
684,474 0.90 AA+/Ba1 GSAMP Trust 2005-HE1, Floating Rate
Note, 12/25/34 671,436
2,894,114 0.45 A/NR GSAMP Trust 2006-SEA1, Floating Rate
Note, 5/25/36 (144A) 2,833,873
1,247,124 1.50 BBB+/Baa3 GSRPM Mortgage Loan Trust 2003-2,
Floating Rate Note, 6/25/33 1,194,151
788,127 0.45 AA+/A3 GSRPM Mortgage Loan Trust 2006-1,
Floating Rate Note, 3/25/35 (144A) 765,062
974,935 0.45 A+/Baa1 GSRPM Mortgage Loan Trust 2006-2,
Floating Rate Note, 9/25/36 (144A) 915,761
4,240,000 AAA/NR HLSS Servicer Advance Receivables
Backed Notes Series 2013-T2, 1.1472%,
5/16/44 (144A) 4,225,584
3,360,000 AAA/NR HLSS Servicer Advance Receivables Trust,
1.4953%, 1/16/46 (144A) 3,353,280
3,404,000 0.62 A+/A3 Home Equity Asset Trust 2005-6, Floating
Rate Note, 12/25/35 3,351,796
2,356,773 0.53 A+/A2 Home Equity Asset Trust 2005-7, Floating
Rate Note, 1/25/36 2,274,083
431,054 0.32 BB+/A2 Home Equity Asset Trust 2006-4, Floating
Rate Note, 8/25/36 421,251
2,659,630 0.26 CCC/Ba1 Home Equity Asset Trust 2006-8,
Floating Rate Note, 3/25/37 2,605,937
171,561 0.42 A/A3 Home Equity Mortgage Loan
Asset-Backed Trust Series INABS
2005-C, Floating Rate Note, 10/25/35 170,725
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
2,193,041 0.57 NR/Baa1 HomeBanc Mortgage Trust 2005-2,
Floating Rate Note, 5/25/25 $ 2,148,827
1,888,871 0.61 AAA/Aaa Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 1/25/35 1,871,916
2,357,523 NR/A2 Horizon Funding Trust 2013-1, 3.0%,
5/15/18 (144A) 2,361,943
251,294 0.42 AAA/Aaa HSBC Home Equity Loan Trust 2005-3,
Floating Rate Note, 1/20/35 249,805
581,841 0.58 AA+/Aa1 HSBC Home Equity Loan Trust 2005-3,
Floating Rate Note, 1/20/35 577,859
4,674,000 0.40 AAA/Aa1 HSBC Home Equity Loan Trust USA
2006-3, Floating Rate Note, 3/20/36 4,542,189
80,666 1.31 AA+/Aaa HSBC Home Equity Loan Trust USA
2007-3, Floating Rate Note, 11/20/36 79,953
1,723,292 1.36 A+/Aa2 HSBC Home Equity Loan Trust USA
2007-3, Floating Rate Note, 11/20/36 1,710,709
1,800,000 2.00 NR/A2 Invitation Homes 2013-SFR1 Trust,
Floating Rate Note, 12/17/30 1,796,652
1,037,780 1.65 A+/A3 Irwin Whole Loan Home Equity Trust
2003-C, Floating Rate Note, 6/25/28 1,025,834
155,898 0.72 AAA/A1 Irwin Whole Loan Home Equity Trust
2005-C, Floating Rate Note, 4/25/30 155,784
835,833 0.49 BB/A2 IXIS Real Estate Capital Trust 2005-HE4,
Floating Rate Note, 2/25/36 812,155
1,488,018 0.37 BB+/Ba1 JP Morgan Mortgage Acquisition Corp
2005-FRE1, Floating Rate Note,
10/25/35 1,445,846
1,047,959 0.30 BB/Baa3 JP Morgan Mortgage Acquisition Trust
2006-ACC1, Floating Rate Note,
5/25/36 1,025,094
92,598 0.21 BB+/Baa3 JP Morgan Mortgage Acquisition Trust
2007-CH4, Floating Rate Note,
12/25/29 92,392
1,112,911 0.40 A+/Aa1 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
2/25/30 (144A) 990,047
321,940 2.40 A+/A3 Madison Avenue Manufactured Housing
Contract Trust 2002-A, Floating Rate Note,
3/25/32 321,689
720,077 0.89 A/Aa1 Merrill Lynch Mortgage Synthetic, Floating
Rate Note, 6/28/35 (144A) 702,075
2,223,211 0.61 AAA/Aa2 Morgan Stanley ABS Capital I Inc Trust
2004-SD3, Floating Rate Note, 6/25/34
(144A) 2,204,607
90,180 0.86 AA-/Ba2 Morgan Stanley ABS Capital I Inc Trust
2005-WMC3, Floating Rate Note,
3/25/35 89,731
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 27
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,564,252 0.78 AA/A3 Morgan Stanley ABS Capital I, Inc. Trust
2005-NC2, Floating Rate Note, 3/25/35 $ 1,545,916
259,731 0.23 CCC/Baa1 Morgan Stanley Structured Trust, Floating
Rate Note, 6/25/37 249,361
1,775,100 0.65 AAA/NR Motor 2013-1 Plc, Floating Rate Note,
2/25/21 (144A) 1,774,553
2,250,000 AAA/NR Nationstar Agency Advance Funding Trust
2013-T1A, 0.997%, 2/15/45 (144A) 2,244,690
773,817 0.30 B-/Caa2 Nationstar Home Equity Loan Trust
2007-A, Floating Rate Note, 3/25/37 731,451
908,000 AAA/NR Nationstar Mortgage Advance Receivables
Trust 2013-T2, 1.679%, 6/20/46 (144A) 903,741
803,247 0.85 AAA/Aaa New Century Home Equity Loan Trust
2005-1, Floating Rate Note, 3/25/35 784,917
199,875 0.41 NR/Aaa New Century Home Equity Loan Trust
2005-2, Floating Rate Note, 6/25/35 199,722
1,533,669 1.28 BBB+/Baa3 New Century Home Equity Loan Trust
Series 2003-4, Floating Rate Note,
10/25/33 1,484,099
147,602 0.62 A+/Aa3 Nomura Home Equity Loan Inc Home
Equity Loan Trust Series 2005-FM1,
Floating Rate Note, 5/25/35 146,205
215,202 0.36 A+/A1 Nomura Home Equity Loan Inc Home
Equity Loan Trust Series 2006-HE1,
Floating Rate Note, 2/25/36 214,224
495,428 0.93 BBB+/Ba3 NovaStar Mortgage Funding Trust Series
2003-1, Floating Rate Note, 5/25/33 483,200
2,443,000 1.80 AA/A1 NovaStar Mortgage Funding Trust Series
2004-4, Floating Rate Note, 3/25/35 2,404,037
214,801 0.95 AA+/NR Option One Mortgage Loan Trust 2005-1,
Floating Rate Note, 2/25/35 210,096
1,690,623 0.41 AA+/Aa3 Option One Mortgage Loan Trust 2005-4
Asset-Backed Certificates Series 2005-4,
Floating Rate Note, 11/25/35 1,660,300
46,064 AA/A2 Option One Mortgage Loan Trust
2007-FXD2, 5.9%, 3/25/37 (Step) 44,387
1,627,074 1.28 NR/Baa1 Option One Woodbridge Loan Trust
2002-1, Floating Rate Note, 9/25/14
(144A) 1,606,748
1,134,455 5.46 AAA/Aa3 Origen Manufactured Housing Contract
Trust 2004-B, Floating Rate Note,
11/15/35 1,170,605
679,411 NR/A2 Oxford Finance Funding Trust 2012-1,
3.9%, 3/15/17 (144A) 685,780
475,322 1.09 AA+/A3 Park Place Securities, Inc. Asset-Backed
Pass-Through Certificates Series
2004-MCW, Floating Rate Note, 10/25/34 472,360
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
149,353 1.20 AAA/A3 Park Place Securities, Inc. Asset-Backed
Pass-Through Certificates Series
2004-MHQ, Floating Rate Note, 12/25/34 $ 149,538
756,202 1.08 AA+/A3 Park Place Securities, Inc. Asset-Backed
Pass-Through Certificates Series
2004-WCW2, Floating Rate Note,
10/25/34 756,023
595,703 1.17 AA+/A3 Park Place Securities, Inc. Asset-Backed
Pass-Through Certificates Series
2004-WWF, Floating Rate Note,
12/25/34 594,507
1,961,193 0.52 BBB+/Baa2 Park Place Securities, Inc. Asset-Backed
Pass-Through Certificates Series
2005-WHQ4, Floating Rate Note,
9/25/35 1,941,183
2,185,723 0.86 AAA/Aaa PFS Financing Corp., Floating Rate Note,
10/17/16 (144A) 2,188,899
325,276 1.66 A/NR PFS Financing Corp., Floating Rate Note,
10/17/16 (144A) 326,335
2,340,000 0.70 AAA/Aaa PFS Financing Corp., Floating Rate Note,
2/15/18 (144A) 2,341,329
2,000,000 0.75 AAA/Aaa PFS Financing Corp., Floating Rate Note,
2/15/19 (144A) 1,999,998
1,800,000 NR/NR Progreso Receivables Funding I LLC,
4.0%, 7/9/18 (144A) 1,804,500
2,676,848 0.81 AA/A1 Quest Trust, Floating Rate Note,
3/25/34 (144A) 2,604,273
1,488,284 1.10 A+/A2 RAAC Series 2005-RP1 Trust, Floating
Rate Note, 7/25/37 (144A) 1,467,613
1,617,798 0.80 AA/Aa2 RAAC Series 2005-RP2 Trust, Floating
Rate Note, 6/25/35 (144A) 1,603,241
1,782,573 0.95 BBB+/Baa1 RAAC Series 2005-RP3 Trust, Floating
Rate Note, 5/25/39 (144A) 1,733,237
933,933 0.45 AA+/Aa3 RAAC Series 2006-RP1 Trust, Floating
Rate Note, 10/25/45 (144A) 923,377
3,219,058 0.40 B/Baa2 RAAC Series 2006-RP2 Trust, Floating
Rate Note, 2/25/37 (144A) 3,114,281
268,977 1.80 AA+/A2 RAMP Series 2004-RS11 Trust, Floating
Rate Note, 11/25/34 265,392
1,160,733 0.65 AA+/A1 RAMP Series 2005-RS6 Trust, Floating
Rate Note, 6/25/35 1,141,952
33,880 0.42 AA+/A1 RAMP Series 2005-RZ3 Trust, Floating
Rate Note, 9/25/35 33,860
735,136 0.41 AA+/A1 RAMP Series 2005-RZ4 Trust, Floating
Rate Note, 11/25/35 732,204
41,843 0.35 AA+/A1 RAMP Series 2006-EFC1 Trust, Floating
Rate Note, 2/25/36 41,620
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 29
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
395,164 0.34 B+/Ba3 RAMP Series 2006-NC1 Trust, Floating
Rate Note, 1/25/36 $ 385,714
3,246,882 0.31 BB+/Ba1 RAMP Series 2006-RZ3 Trust, Floating
Rate Note, 8/25/36 3,127,068
77,160 0.63 AA+/Aa3 RASC Series 2005-EMX2 Trust, Floating
Rate Note, 7/25/35 75,835
227,617 0.80 AA/A2 RASC Series 2005-KS3 Trust, Floating
Rate Note, 4/25/35 225,579
738,974 0.59 AA+/A1 RASC Series 2005-KS7 Trust, Floating
Rate Note, 8/25/35 732,654
627,207 0.37 BBB+/A3 RASC Series 2006-KS1 Trust, Floating
Rate Note, 2/25/36 621,613
609,635 0.33 CCC/B2 RASC Series 2007-KS3 Trust, Floating
Rate Note, 4/25/37 598,488
1,500,000 0.00 NR/NR Resimac MBS Trust, Floating Rate Note,
3/7/15 (144A) 1,500,026
1,621,986 1.65 NR/Aa2 RFSC Series 2003-RP2 Trust, Floating
Rate Note, 7/25/41 (144A) 1,600,195
110,570 0.63 AAA/NR Salomon Brothers Mortgage Securities
VII, Inc., Floating Rate Note, 3/25/28 108,268
149,420 1.05 BBB+/Ba3 Salomon Mortgage Loan Trust Series
2001-CB4, Floating Rate Note,
11/25/33 139,848
1,265,915 0.70 AA/A3 SASCO Mortgage Loan Trust 2005-GEL1,
Floating Rate Note, 12/25/34 1,239,489
678,432 0.43 AAA/Aa1 SASCO Mortgage Loan Trust 2005-GEL2,
Floating Rate Note, 4/25/35 665,897
768,216 2.63 A+/B2 SASCO Mortgage Pass-Through Certificates
Series 2004-S4, Floating Rate Note,
12/25/34 768,982
1,945,000 0.61 A+/A3 Saxon Asset Securities Trust 2005-3,
Floating Rate Note, 11/25/35 1,854,258
2,097,470 0.38 AA+/Aa1 Saxon Asset Securities Trust 2005-4,
Floating Rate Note, 11/25/37 2,046,478
131,804 0.26 BBB-/Ba3 Saxon Asset Securities Trust 2006-3,
Floating Rate Note, 10/25/46 131,558
1,059,408 0.50 A+/A2 SBI Home Equity Loan Trust 2006-1,
Floating Rate Note, 8/25/36 (144A) 1,025,644
650,000 NR/Aaa SMART Trust/Australia, 1.59%,
10/14/16 (144A) 654,716
2,500,000 0.59 NR/Aaa SMART Trust/Australia, Floating Rate
Note, 1/14/17 2,500,218
42,999 0.71 NR/Aaa SMART Trust/Australia, Floating Rate
Note, 3/14/15 (144A) 43,005
568,972 0.49 NR/Aaa SMART Trust/Australia, Floating Rate
Note, 6/14/15 569,034
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,500,000 0.46 NR/Aaa SMART Trust/Australia, Floating Rate
Note, 7/14/16 $ 1,500,018
1,785,000 0.61 NR/Aaa SMART Trust/Australia, Floating Rate
Note, 9/14/16 1,785,000
784,078 AA/NR SNAAC Auto Receivables Trust 2013-1,
1.14%, 7/16/18 (144A) 785,611
12,103 AA/NR SNAAC Auto Receivables Trust, 1.78%,
6/15/16 (144A) 12,108
1,800,000 BBB/NR SNAAC Auto Receivables Trust, 4.38%,
6/15/17 (144A) 1,828,490
543,465 0.60 AA/A3 Soundview Home Loan Trust 2005-DO1,
Floating Rate Note, 5/25/35 542,205
993,849 0.41 BB+/NR Soundview Home Loan Trust 2005-OPT4,
Floating Rate Note, 12/25/35 961,087
102,511 0.34 AA+/Aaa South Carolina Student Loan Corp.,
Floating Rate Note, 12/3/18 102,458
652,831 0.54 AA+/A2 Specialty Underwriting & Residential
Finance Trust Series 2005-AB2, Floating
Rate Note, 6/25/36 633,959
577,905 0.35 BBB+/Baa1 Specialty Underwriting & Residential
Finance Trust Series 2006-BC1, Floating
Rate Note, 12/25/36 569,853
3,640,376 0.45 BBB+/Ba2 Specialty Underwriting & Residential
Finance Trust Series 2006-BC1, Floating
Rate Note, 12/25/36 3,440,727
2,000,000 A/NR Springleaf Funding Trust 2013-A, 2.58%,
9/15/21 (144A) 2,012,040
327,356 NR/NR Stanwich Mortgage Loan Co. 2012-NPL4
LLC, 2.9814%, 9/15/42 (144A) 328,138
1,859,985 NR/NR Stanwich Mortgage Loan Trust, 2.9814%,
2/16/43 (144A) 1,876,996
192,528 0.75 AA+/Aa1 Structured Asset Investment Loan Trust
2005-4, Floating Rate Note, 5/25/35 192,468
2,600,000 0.87 A/A3 Structured Asset Investment Loan Trust
2005-6, Floating Rate Note, 7/25/35 2,558,351
1,359,428 0.35 CCC/Ba3 Structured Asset Investment Loan Trust
2006-1, Floating Rate Note, 1/25/36 1,316,586
2,315,838 0.45 A+/Caa2 Structured Asset Securities Corp
Mortgage Loan Trust 2005-S7, Floating
Rate Note, 12/25/35 (144A) 2,233,338
3,458,208 0.30 B-/B2 Structured Asset Securities Corp
Mortgage Loan Trust 2006-EQ1, Floating
Rate Note, 7/25/36 (144A) 3,359,847
2,747,494 0.37 B-/Baa3 Structured Asset Securities Corp
Mortgage Loan Trust 2006-GEL4, Floating
Rate Note, 10/25/36 (144A) 2,659,072
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 31
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
266,070 0.21 BB/A1 Structured Asset Securities Corp
Mortgage Loan Trust 2007-BC3, Floating
Rate Note, 5/25/47 $ 262,268
239,620 0.26 BBB+/A3 Structured Asset Securities Corp.
Mortgage Loan Trust 2006-BC4, Floating
Rate Note, 12/25/36 239,048
739,447 1.09 AA+/A1 Terwin Mortgage Trust Series TMTS
2003-8HE, Floating Rate Note,
12/25/34 721,508
655,951 0.60 AA+/A2 Terwin Mortgage Trust Series TMTS
2005-10HE, Floating Rate Note,
6/25/36 638,028
1,335,000 2.56 AAA/Aaa Trafigura Securitisation Finance Plc,
Floating Rate Note, 10/15/15 (144A) 1,349,418
34,851 AAA/NR United Auto Credit Securitization Trust
2012-1, 1.1%, 3/16/15 (144A) 34,856
1,500,000 AA+/NR United Auto Credit Securitization Trust
2012-1, 1.87%, 9/15/15 (144A) 1,503,369
1,645,000 AA-/NR United Auto Credit Securitization Trust
2012-1, 2.52%, 3/15/16 1,657,569
1,276,254 AAA/NR United Auto Credit Securitization Trust
2013-1, 0.95%, 9/15/15 (144A) 1,277,191
1,900,000 AA/NR United Auto Credit Securitization Trust
2013-1, 1.74%, 4/15/16 (144A) 1,909,783
142,050 0.56 AAA/A3 Wells Fargo Home Equity Asset-Backed
Securities 2005-2 Trust, Floating Rate
Note, 11/25/35 141,581
39,972 0.43 NR/Baa1 Wilshire Mortgage Loan Trust, Floating
Rate Note, 5/25/28 38,826
--------------
$ 235,766,496
--------------
Total Banks $ 235,910,815
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 9.0%
Other Diversified Financial
Services -- 2.2%
405,229 0.50 AA-/Aa3 321 Henderson Receivables I LLC,
Floating Rate Note, 9/15/45 (144A) $ 393,750
1,000,000 NR/Aaa Ascentium Equipment Receivables LLC,
1.04%, 1/10/17 999,892
539,795 NR/NR Ascentium Equipment Receivables LLC,
1.83%, 9/15/19 (144A) 539,483
864,194 NR/NR AXIS Equipment Finance Receivables II
LLC, 1.75%, 6/20/16 864,393
1,050,000 0.52 AAA/Aaa Barclays Dryrock Issuance Trust 2014-1,
Floating Rate Note, 12/16/19 1,050,609
3,000,000 0.56 AAA/NR BMW Floorplan Master Owner Trust,
Floating Rate Note, 9/15/17 (144A) 3,008,136
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
712,461 NR/Aaa BMW Vehicle Lease Trust 2013-1, 0.4%,
1/20/15 $ 712,424
510,486 NR/Aaa BMW Vehicle Owner Trust 2011-A, 0.76%,
8/25/15 511,084
1,032,292 AAA/Aaa Capital Auto Receivables Asset Trust/ Ally,
0.47%, 3/20/15 1,032,141
800,823 AAA/NR CCG Receivables Truste 2013-1, 1.05%,
4/14/20 (144A) 802,619
629,027 AAA/NR CNH Equipment Trust 2011-C, 1.19%,
12/15/16 631,055
1,275,000 0.76 NR/Aaa CNH Wholesale Master Note Trust,
Floating Rate Note, 8/15/19 (144A) 1,276,524
646,311 0.30 AAA/Aaa Crusade Global Trust, Floating Rate Note,
8/14/37 (d) 643,609
690,000 0.36 AAA/Aaa Discover Card Execution Note Trust,
Floating Rate Note, 1/16/18 690,451
800,000 0.36 AAA/Aaa Discover Card Execution Note Trust,
Floating Rate Note, 3/15/17 800,224
847,784 AA+/NR DT Auto Owner Trust 2012-2, 1.85%,
4/17/17 (144A) 848,614
417,873 AAA/NR DT Auto Owner Trust 2013-1, 0.75%,
5/16/16 (144A) 418,066
2,000,000 AAA/NR Enterprise Fleet Financing LLC, 0.87%,
9/20/19 1,999,982
100,000 AAA/Aaa Fifth Third Auto 2013-1, 0.59%, 3/15/16 100,094
1,021,616 0.44 AA/Aa2 GE Business Loan Trust 2004-1, Floating
Rate Note, 5/15/32 (144A) 976,190
3,187,121 0.34 A/Aa3 GE Business Loan Trust 2006-2, Floating
Rate Note, 11/15/34 (144A) 2,951,823
1,205,000 0.86 AAA/Aaa Gracechurch Card Funding Plc, Floating
Rate Note, 2/15/17 (144A) 1,209,953
1,300,000 1.00 AAA/Aaa Gracechurch Card Funding Plc, Floating
Rate Note, 5/15/19 (144A) 1,300,598
1,300,000 0.86 AAA/Aaa Gracechurch Card Funding Plc, Floating
Rate Note, 6/15/17 (144A) 1,306,028
409,137 NR/Aaa Honda Auto Receivables 2011-1 Owner
Trust, 1.8%, 4/17/17 409,821
950,000 AAA/Aaa Honda Auto Receivables 2011-2 Owner
Trust, 1.55%, 8/18/17 954,778
969,385 AAA/NR Honda Auto Receivables 2012-2 Owner
Trust, 0.7%, 2/16/16 971,169
594,860 AAA/NR Honda Auto Receivables 2013-1 Owner
Trust, 0.35%, 6/22/15 594,842
100,000 NR/Aaa John Deere Owner Trust 2013-B, 0.55%,
1/15/16 100,088
216,133 1.13 AA+/A3 MASTR Asset Backed Securities Trust
2004-HE1, Floating Rate Note, 9/25/34 215,807
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 33
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
121,692 0.40 AA+/Aa2 MASTR Asset Backed Securities Trust
2005-FRE1, Floating Rate Note,
10/25/35 $ 121,341
2,685,279 0.38 BB+/Baa2 MASTR Asset Backed Securities Trust
2006-AB1, Floating Rate Note, 2/25/36 2,629,245
4,156,671 0.34 B-/Ba3 MASTR Asset Backed Securities Trust
2006-NC1, Floating Rate Note, 1/25/36 4,066,334
2,109,514 0.45 A/NR MASTR Specialized Loan Trust, Floating
Rate Note, 1/25/36 (144A) 1,978,971
733,887 0.31 AA+/Aaa Nelnet Student Loan Trust 2005-1,
Floating Rate Note, 10/26/20 731,527
41,632 AAA/NR Prestige Auto Receivables Trust 2012-1,
1.23%, 12/15/15 (144A) 41,640
1,900,000 AAA/NR Prestige Auto Receivables Trust, 0.97%,
3/15/18 (144A) 1,899,749
998,351 0.91 A+/B2 SACO I Trust 2005-8, Floating Rate Note,
11/25/35 992,209
1,388,333 0.41 A-/Baa1 Textainer Marine Containers, Ltd., Floating
Rate Note, 5/15/20 (144A) 1,385,466
925,000 1.85 B/B2 Truman Capital Mortgage Loan Trust,
Floating Rate Note, 1/25/34 908,507
2,000,000 0.53 AAA/NR World Financial Network Credit Card
Master Trust, Floating Rate Note,
2/15/19 2,000,070
--------------
$ 45,069,306
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.5%
250,000 0.96 AAA/Aaa Ally Master Owner Trust, Floating Rate
Note, 2/15/17 $ 251,029
3,000,000 1.23 NR/Aaa Ally Master Owner Trust, Floating Rate
Note, 8/15/17 3,030,126
888,000 0.60 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 10/20/17 890,164
350,000 0.73 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 2/20/17 350,952
1,190,000 0.56 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 4/20/18 1,193,207
2,000,000 0.65 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 6/20/17 2,006,524
500,000 1.06 NR/Aa2 GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 6/20/17 498,766
1,200,000 0.76 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 7/20/16 1,201,380
197,315 NR/A2 Hercules Capital Funding Trust 2012-1,
3.32%, 12/16/17 (144A) 197,931
--------------
$ 9,620,079
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Consumer Finance -- 5.7%
255,907 AAA/NR Ally Auto Receivables Trust 2011-2,
1.98%, 4/15/16 $ 257,747
602,000 NR/Aaa Ally Auto Receivables Trust 2011-3,
1.61%, 5/16/16 605,503
90,912 AAA/Aaa Ally Auto Receivables Trust 2011-4,
0.79%, 9/15/15 90,949
6,292 AAA/Aaa Ally Auto Receivables Trust 2012-4,
0.48%, 5/15/15 6,292
77,376 AAA/NR Ally Auto Receivables Trust 2012-SN1,
0.51%, 12/22/14 77,381
1,500,000 0.41 NR/Aaa Ally Auto Receivables Trust 2013-2,
Floating Rate Note, 7/15/16 1,500,886
145,635 AA/NR American Credit Acceptance Receivables
Trust 2012-2, 1.89%, 7/15/16 (144A) 146,004
942,020 A+/NR American Credit Acceptance Receivables
Trust 2013-1, 1.45%, 4/16/18 (144A) 945,879
513,917 AA/NR American Credit Acceptance Receivables
Trust 2013-2, 1.32%, 2/15/17 (144A) 514,673
566,314 AA/NR American Credit Acceptance Receivables
Trust 2014-1, 1.14%, 3/12/18 (144A) 566,470
449,111 A+/NR American Credit Acceptance Receivables
Trust, 1.64%, 11/15/16 (144A) 450,216
50,000 0.42 NR/Aaa American Express Credit Account Master
Trust, Floating Rate Note, 1/15/20 50,048
250,000 1.36 AAA/Aaa American Express Credit Account Master
Trust, Floating Rate Note, 2/15/18 253,493
4,645,000 1.40 AAA/Aaa American Express Credit Account Master
Trust, Floating Rate Note, 3/15/17 4,666,023
8,890,000 0.30 AAA/NR American Express Credit Account Master
Trust, Floating Rate Note, 3/15/18 8,888,755
585 NR/Aaa AmeriCredit Automobile Receivables Trust
2011-3, 1.17%, 1/8/16 585
749,374 AAA/NR AmeriCredit Automobile Receivables Trust
2012-5, 0.51%, 1/8/16 749,421
875,240 AAA/NR AmeriCredit Automobile Receivables
Trust 2013-1, 0.49%, 6/8/16 875,386
1,417,646 AAA/Aaa AmeriCredit Automobile Receivables
Trust 2013-4, 0.74%, 11/8/16 1,419,445
6,150,000 0.22 AAA/Aaa BA Credit Card Trust, Floating Rate
Note, 12/15/16 6,149,822
2,392,000 1.60 AAA/NR Cabela's Master Credit Card Trust,
Floating Rate Note, 1/16/18 (144A) 2,414,746
150,000 0.68 AAA/NR Cabela's Master Credit Card Trust,
Floating Rate Note, 2/18/20 (144A) 151,165
900,000 0.53 AAA/NR Cabela's Master Credit Card Trust,
Floating Rate Note, 3/16/20 (144A) 900,075
1,500,000 0.76 AAA/NR Cabela's Master Credit Card Trust,
Floating Rate Note, 6/17/19 (144A) 1,510,212
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 35
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
518,005 NR/Aa2 California Republic Auto Receivables
Trust 2012-1, 1.18%, 8/15/17 (144A) $ 520,095
2,512,000 0.38 AAA/Aaa Capital One Multi-Asset Execution Trust,
Floating Rate Note, 3/15/17 2,512,219
6,045,000 0.24 AAA/Aaa Capital One Multi-Asset Execution Trust,
Floating Rate Note, 8/15/18 6,036,513
20,438 0.89 AAA/A1 Chase Funding Trust Series 2002-4,
Floating Rate Note, 10/25/32 19,201
2,700,000 0.30 AAA/NR Chase Issuance Trust, Floating Rate
Note, 10/16/17 2,700,589
3,380,000 0.26 AAA/NR Chase Issuance Trust, Floating Rate
Note, 2/15/17 3,379,091
4,355,000 0.26 AAA/NR Chase Issuance Trust, Floating Rate
Note, 5/16/16 4,354,943
5,880,000 0.28 AAA/NR Chase Issuance Trust, Floating Rate
Note, 8/15/17 5,878,848
200,000 AAA/Aaa Citibank Credit Card Issuance Trust,
4.9%, 12/12/16 206,244
3,500,000 0.30 AAA/Aaa Citibank Credit Card Issuance Trust,
Floating Rate Note, 11/25/16 3,500,924
3,070,000 0.30 AAA/Aaa Citibank Credit Card Issuance Trust,
Floating Rate Note, 12/12/16 3,070,648
9,931,000 0.40 AAA/Aaa Citibank Credit Card Issuance Trust,
Floating Rate Note, 2/7/18 9,943,136
9,450,000 0.25 AAA/Aaa Citibank Credit Card Issuance Trust,
Floating Rate Note, 4/24/17 9,445,927
1,900,000 1.36 AAA/Aaa Citibank Credit Card Issuance Trust,
Floating Rate Note, 5/22/17 1,922,295
1,610,267 0.41 AAA/Aaa Citibank Credit Card Issuance Trust,
Floating Rate Note, 6/7/16 1,610,579
515,938 AA-/A1 CPS Auto Receivables Trust 2013-B,
1.82%, 9/15/20 (144A) 517,006
700,000 AA-/Aa3 CPS Auto Trust, 1.38%, 8/15/18 699,939
505,691 AA-/A1 CPS Auto Trust, 1.82%, 12/16/19 (144A) 509,583
2,000,000 0.30 AAA/Aaa Dryrock Issuance Trust, Floating Rate
Note, 8/15/17 1,999,020
1,000,000 A+/NR First Investors Auto Owner Trust 2011-1,
7.17%, 2/15/18 (144A) 1,002,300
587,679 AAA/NR First Investors Auto Owner Trust 2013-2,
1.23%, 3/15/19 (144A) 589,390
1,222,804 NR/Aaa Ford Credit Auto Lease Trust 2013-A,
0.46%, 5/15/15 1,222,895
922,504 AAA/Aaa Ford Credit Auto Owner Trust 2011-A,
1.65%, 5/15/16 927,212
1,151,627 AAA/NR Ford Credit Auto Owner Trust 2013-C,
0.55%, 4/15/16 1,152,626
The accompanying notes are an integral part of these financial statements.
36 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
950,000 AAA/Aaa Ford Credit Auto Owner Trust 2014-A,
0.48%, 11/15/16 $ 950,206
900,000 0.55 AAA/Aaa Ford Credit Floorplan Master Owner Trust
A, Floating Rate Note, 2/15/19 900,032
2,075,000 0.50 AAA/Aaa Ford Credit Floorplan Master Owner Trust
A, Floating Rate Note, 9/15/16 2,076,897
829,779 AAA/Aaa Hyundai Auto Lease Securitization Trust
2012-A, 0.92%, 8/17/15 (144A) 831,085
847,910 AAA/Aaa Hyundai Auto Receivables Trust 2013-A,
0.4%, 12/15/15 848,208
1,127,031 1.16 AA-/NR Hyundai Capital Auto Funding VIII, Ltd.,
Floating Rate Note, 9/20/16 (144A) 1,120,833
1,000,000 0.42 NR/Aaa Mercedes-Benz Master Owner Trust,
Floating Rate Note, 11/15/16 (144A) 1,000,320
760,000 0.42 NR/Aaa Nissan Auto Lease Trust 2013-B, Floating
Rate Note, 1/15/16 760,720
742,721 NR/Aaa Nissan Auto Lease Trust, 0.98%, 5/15/15 743,320
957,625 0.26 NR/Aaa Nissan Auto Lease Trust, Floating Rate
Note, 6/15/15 957,538
602,646 NR/Aaa Nissan Auto Receivables 2013-A Owner
Trust, 0.37%, 9/15/15 602,640
570,000 0.62 NR/Aaa Nissan Master Owner Trust Receivables,
Floating Rate Note, 5/15/17 571,606
49,713 AAA/NR Santander Drive Auto Receivables Trust
2010-1, 1.84%, 11/17/14 49,743
59,171 AA+/NR Santander Drive Auto Receivables Trust
2011-S2, 2.06%, 6/15/17 (144A) 59,173
16,853 AA/NR Santander Drive Auto Receivables Trust
2011-S2, 2.86%, 6/15/17 (144A) 16,866
337,828 AAA/Aaa Santander Drive Auto Receivables Trust
2012-2, 1.22%, 12/15/15 338,084
1,580,643 AAA/Aaa Santander Drive Auto Receivables Trust
2012-5, 0.83%, 12/15/16 1,582,739
987,000 NR/Aaa Santander Drive Auto Receivables Trust,
0.62%, 7/15/16 987,373
998,735 AAA/NR Volkswagen Auto Lease Trust 2012-A,
0.87%, 7/20/15 1,000,655
1,807,186 0.41 AAA/Aaa Volkswagen Auto Lease Trust 2013-A,
Floating Rate Note, 12/21/15 1,808,055
1,500,000 0.37 AAA/Aaa Volkswagen Auto Lease Trust 2014-A,
Floating Rate Note, 10/20/16 1,500,074
1,453,618 AAA/Aaa Volvo Financial Equipment LLC Series
2013-1, 0.53%, 11/16/15 (144A) 1,453,871
1,700,000 AAA/Aaa Volvo Financial Equipment LLC, 0.54%,
11/15/16 (144A) 1,699,995
--------------
$ 118,772,432
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 37
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.1%
1,419,146 NR/A3 Navitas Equipment Receivables LLC
2013-1, 1.95%, 11/15/16 $ 1,419,491
147,469 0.29 BBB+/Baa2 Triton Container Finance LLC, Floating
Rate Note, 2/26/19 (144A) 146,878
--------------
$ 1,566,369
-----------------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 0.5%
2,412,539 0.91 AAA/Aaa Chesapeake Funding LLC, Floating Rate
Note, 11/7/23 (144A) $ 2,421,670
250,000 2.16 A/A1 Chesapeake Funding LLC, Floating Rate
Note, 11/7/23 (144A) 253,103
1,900,000 0.58 NR/Aaa Chesapeake Funding LLC, Floating Rate
Note, 3/7/26 1,900,023
1,680,066 1.41 AAA/Aaa Chesapeake Funding LLC, Floating Rate
Note, 4/7/24 (144A) 1,695,716
1,693,651 0.61 NR/Aaa Chesapeake Funding LLC, Floating Rate
Note, 5/7/24 (144A) 1,696,209
200,000 1.31 NR/Aa2 Chesapeake Funding LLC, Floating Rate
Note, 5/7/24 (144A) 201,687
1,590,184 0.34 BBB/Baa3 CLI Funding LLC, Floating Rate Note,
8/18/21 (144A) 1,576,429
--------------
$ 9,744,837
--------------
Total Diversified Financials $ 184,773,023
-----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Real Estate Services -- 0.0%+
537,448 0.34 BBB+/Ba2 HSI Asset Securitization Corp. Trust
2006-OPT1, Floating Rate Note,
12/25/35 $ 523,718
--------------
Total Real Estate $ 523,718
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.2%
Municipal Student Loan -- 0.0%+
1,201,652 1.14 AA+/NR Louisiana Public Facilities Authority,
Floating Rate Note, 4/26/27 $ 1,209,163
-----------------------------------------------------------------------------------------------------------
Government -- 0.2%
1,603,067 2.15 NR/NR Fannie Mae Connecticut Avenue
Securities, Floating Rate Note,
10/25/23 $ 1,632,868
2,110,661 1.60 NR/Baa1 Freddie Mac Structured Agency Credit
Risk Debt Notes, Floating Rate Note,
11/25/23 2,122,523
--------------
$ 3,755,391
--------------
Total Government $ 4,964,554
-----------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $432,428,555) $ 433,691,094
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 30.8%
TRANSPORTATION -- 0.1%
Trucking -- 0.1%
1,000,000 0.71 NR/Aaa Hertz Fleet Lease Funding LP, Floating
Rate Note, 12/10/27 (144A) $ 1,002,142
500,000 1.21 NR/Aa2 Hertz Fleet Lease Funding LP, Floating
Rate Note, 12/10/27 (144A) 501,620
--------------
$ 1,503,762
--------------
Total Transportation $ 1,503,762
-----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.0%+
Hotels, Resorts & Cruise Lines -- 0.0%+
935,118 AAA/NR Motel 6 Trust, 1.5%, 10/5/25 (144A) $ 928,784
--------------
Total Consumer Services $ 928,784
-----------------------------------------------------------------------------------------------------------
BANKS -- 18.7%
Thrifts & Mortgage Finance -- 18.7%
1,400,000 NR/NR A10 Securitization 2013-1 LLC, 2.4%,
11/15/25 (144A) $ 1,403,899
1,250,000 0.96 AA-/Aa1 ACA CLO 2006-2, Ltd., Floating Rate
Note, 1/20/21 (144A) 1,216,769
1,800,000 0.47 AA+/Aaa ACAS CLO 2007-1, Ltd., Floating Rate
Note, 4/20/21 1,773,436
524,825 2.45 AA+/Baa1 Adjustable Rate Mortgage Trust 2004-1,
Floating Rate Note, 1/25/35 524,619
1,266,865 0.93 AAA/A1 Adjustable Rate Mortgage Trust 2005-2,
Floating Rate Note, 6/25/35 1,242,865
1,407,622 0.43 A+/Baa2 Adjustable Rate Mortgage Trust 2005-5,
Floating Rate Note, 9/25/35 1,293,826
4,127 0.55 AA+/A3 Alternative Loan Trust 2002-18, Floating
Rate Note, 2/25/33 4,108
767,882 0.78 BB-/NR Alternative Loan Trust 2003-3T1,
Floating Rate Note, 5/25/33 758,354
216,581 BBB+/Baa1 Alternative Loan Trust 2004-18CB,
5.7%, 9/25/34 220,228
371,920 0.60 BBB+/Baa1 Alternative Loan Trust 2004-18CB,
Floating Rate Note, 9/25/34 374,670
198,360 BBB+/Ba1 Alternative Loan Trust 2004-2CB,
5.125%, 3/25/34 199,284
41,813 0.55 BBB+/Ba1 Alternative Loan Trust 2004-2CB,
Floating Rate Note, 3/25/34 41,563
1,005,245 BB+/Ba2 Alternative Loan Trust 2004-4CB,
4.25%, 4/25/34 1,030,424
1,363,147 0.44 BBB+/Baa2 Alternative Loan Trust 2004-6CB,
Floating Rate Note, 5/25/34 1,341,289
198,021 2.14 BBB+/A1 Ares VR CLO, Ltd., Floating Rate Note,
2/24/18 (144A) 196,402
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 39
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
2,732,100 0.42 AA/NR ASG Resecuritization Trust 2010-3,
Floating Rate Note, 12/28/45 (144A) $ 2,644,094
2,275,000 1.30 NR/Aaa BAMLL Commercial Mortgage Securities
Trust 2012-CLRN, Floating Rate Note,
8/15/29 (144A) 2,276,433
3,035,000 2.26 NR/A2 BAMLL Commercial Mortgage Securities
Trust 2012-CLRN, Floating Rate Note,
8/15/29 (144A) 3,039,398
1,852,971 0.52 AA+/Baa2 Banc of America Funding 2004-B Trust,
Floating Rate Note, 12/20/34 1,799,670
3,000,000 1.25 A-/Aaa Banc of America Large Loan Trust
2007-BMB1, Floating Rate Note,
8/15/29 (144A) 2,982,246
477,611 5.38 AAA/Aaa Banc of America Merrill Lynch
Commercial Mortgage, Inc., Floating Rate
Note, 6/10/39 477,512
1,973,227 4.86 AAA/Aaa Banc of America Merrill Lynch
Commercial Mortgage, Inc., Floating Rate
Note, 7/10/43 2,039,847
120,357 2.98 NR/NR Banc of America Mortgage 2003-A Trust,
Floating Rate Note, 2/25/33 120,273
300,595 2.77 A-/NR Banc of America Mortgage 2003-F Trust,
Floating Rate Note, 7/25/33 304,138
457,459 2.62 NR/B2 Banc of America Mortgage 2004-I Trust,
Floating Rate Note, 10/25/34 459,835
1,968,524 NR/NR Bayview Opportunity Master Fund IIA
Trust 2012-4NPL, 3.9496%, 1/28/34
(Step) 1,970,299
492,151 2.98 NR/NR Bayview Opportunity Master Fund Trust
IIB LP, Floating Rate Note, 1/28/33
(144A) 490,921
2,773,755 2.94 NR/NR BCAP LLC 2009-RR13-I Trust, Floating
Rate Note, 9/26/35 (144A) 2,866,520
917,314 2.35 NR/NR BCAP LLC 2013-RR3 Trust, Floating Rate
Note, 5/26/36 (144A) 937,964
71,884 2.62 A+/Baa3 Bear Stearns ALT-A Trust 2003-3,
Floating Rate Note, 10/25/33 71,938
1,412,170 0.99 AA+/Baa1 Bear Stearns ALT-A Trust 2004-11,
Floating Rate Note, 11/25/34 1,374,804
2,315,357 0.85 AA+/Baa1 Bear Stearns ALT-A Trust 2004-12,
Floating Rate Note, 1/25/35 2,226,306
3,826,872 0.99 AA+/Baa1 Bear Stearns ALT-A Trust 2004-12,
Floating Rate Note, 1/25/35 3,688,102
3,802,854 0.85 AAA/A3 Bear Stearns ALT-A Trust 2004-12,
Floating Rate Note, 1/25/35 3,683,543
557,979 0.89 AA+/Baa1 Bear Stearns ALT-A Trust 2004-13,
Floating Rate Note, 11/25/34 553,372
The accompanying notes are an integral part of these financial statements.
40 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
3,089,859 0.75 A+/Ba1 Bear Stearns ALT-A Trust 2004-4,
Floating Rate Note, 6/25/34 $ 2,937,999
1,142,636 0.85 A+/A3 Bear Stearns ALT-A Trust 2004-8,
Floating Rate Note, 9/25/34 1,103,744
157,793 0.65 AAA/Baa1 Bear Stearns ALT-A Trust 2005-2,
Floating Rate Note, 3/25/35 152,193
1,435,616 2.50 BBB+/Baa2 Bear Stearns ARM Trust 2003-3,
Floating Rate Note, 5/25/33 1,450,802
438,218 2.91 BBB+/B3 Bear Stearns ARM Trust 2004-3,
Floating Rate Note, 7/25/34 438,113
653,060 2.21 A+/Baa3 Bear Stearns ARM Trust 2005-5,
Floating Rate Note, 8/25/35 663,366
334,643 1.25 A+/Ba1 Bear Stearns Asset Backed Securities
Trust 2003-AC5, Floating Rate Note,
10/25/33 316,665
1,330,000 NR/A3 Bear Stearns Commercial Mortgage
Securities Trust 2005-PWR8, 4.75%,
6/11/41 1,372,903
3,751,000 4.99 BBB+/Baa2 Bear Stearns Commercial Mortgage
Securities Trust 2005-PWR9, Floating
Rate Note, 9/11/42 3,895,567
567,226 2.57 NR/A3 Bear Stearns Mortgage Securities, Inc.,
Floating Rate Note, 6/25/30 581,563
1,375,000 1.90 AA-/NR Boca Hotel Portfolio Trust 2013-BOCA,
Floating Rate Note, 8/15/26 (144A) 1,377,439
2,152,012 0.50 AAA/Aaa Castle Garden Funding, Floating Rate
Note, 10/27/20 (144A) 2,136,352
563,254 NR/B2 Chase Mortgage Finance Trust Series
2005-S1, 5.5%, 5/25/35 579,522
412,946 0.70 NR/A3 CHL Mortgage Pass-Through Trust
2003-11, Floating Rate Note, 5/25/33 402,859
818,560 0.65 A-/NR CHL Mortgage Pass-Through Trust
2003-15, Floating Rate Note, 6/25/18 807,438
80,405 0.55 A+/NR CHL Mortgage Pass-Through Trust
2003-J7, Floating Rate Note, 8/25/18 77,792
3,307,889 0.69 AA+/Baa1 CHL Mortgage Pass-Through Trust
2004-29, Floating Rate Note, 2/25/35 3,098,619
1,223,991 NR/Baa1 CHL Mortgage Pass-Through Trust
2004-9, 5.25%, 6/25/34 1,250,984
489,888 NR/Caa1 CHL Mortgage Pass-Through Trust
2005-19, 5.5%, 8/25/35 485,971
470,484 0.50 AA+/Aaa CIFC Funding 2007-I, Ltd., Floating Rate
Note, 5/10/21 462,777
21,421 NR/Baa3 Citicorp Mortgage Securities REMIC
Pass-Through Certificates Trust Series
2005-4, 5.0%, 7/25/20 22,365
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 41
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,867,098 NR/Ba2 Citicorp Mortgage Securities REMIC
Pass-Through Certificates Trust Series
2005-7, 5.0%, 10/25/35 $ 1,926,675
172,208 5.41 AAA/Aaa Citigroup Commercial Mortgage Trust
2004-C1, Floating Rate Note, 4/15/40 172,106
763,584 0.32 AA/Aaa Citigroup Commercial Mortgage Trust
2007-FL3, Floating Rate Note, 4/15/22
(144A) 757,020
1,982,362 0.36 A/Aa2 Citigroup Commercial Mortgage Trust
2007-FL3, Floating Rate Note, 4/15/22
(144A) 1,963,141
497,205 0.40 BBB/A2 Citigroup Commercial Mortgage Trust
2007-FL3, Floating Rate Note, 4/15/22
(144A) 492,334
1,105,112 0.46 BB/A3 Citigroup Commercial Mortgage Trust
2007-FL3, Floating Rate Note, 4/15/22
(144A) 1,091,524
1,864,917 1.15 AA+/NR Citigroup Mortgage Loan Trust 2010-7,
Floating Rate Note, 9/25/37 (144A) 1,864,835
16,302 AA+/NR Citigroup Mortgage Loan Trust, Inc., 6.5%,
6/25/16 16,535
950,000 4.65 AA-/A3 City Center Trust 2011-CCHP, Floating
Rate Note, 7/15/28 (144A) 955,032
1,534,429 0.75 AA+/Aaa CNL Commercial Mortgage Loan Trust
2002-1, Floating Rate Note, 10/25/28
(144A) 1,488,396
416,384 0.59 BBB+/A2 CNL Commercial Mortgage Loan Trust
2003-2, Floating Rate Note, 10/25/30
(144A) 355,980
212,829 5.47 AAA/Aaa COMM 2004-LNB3 Mortgage Trust,
Floating Rate Note, 7/10/37 213,144
2,690,216 0.28 AA-/A1 COMM 2006-FL12 Mortgage Trust,
Floating Rate Note, 12/15/20 (144A) 2,677,792
1,890,606 0.32 BBB/A1 COMM 2006-FL12 Mortgage Trust,
Floating Rate Note, 12/15/20 (144A) 1,881,709
1,005,304 0.34 A+/A1 COMM 2007-FL14 Mortgage Trust,
Floating Rate Note, 6/15/22 (144A) 996,558
2,905,500 0.46 BBB-/Baa2 COMM 2007-FL14 Mortgage Trust,
Floating Rate Note, 6/15/22 (144A) 2,822,257
161,457 4.81 NR/A2 COMM 2011-FL1 Mortgage Trust,
Floating Rate Note, 7/17/28 (144A) 161,506
1,597,000 1.67 AAA/NR COMM 2013-FL3 Mortgage Trust,
Floating Rate Note, 10/13/28 (144A) 1,606,687
2,760,000 1.76 NR/NR COMM 2014-TWC Mortgage Trust,
Floating Rate Note, 2/13/32 (144A) 2,760,508
2,098,374 2.10 AAA/NR Commercial Mortgage Pass Through
Certificates, Floating Rate Note,
11/17/26 (144A) 2,107,672
The accompanying notes are an integral part of these financial statements.
42 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,465,000 4.80 AAA/Aaa Commercial Mortgage Trust 2005-GG3,
Floating Rate Note, 8/10/42 $ 1,489,504
3,300,000 4.89 A+/A2 Commercial Mortgage Trust 2005-GG3,
Floating Rate Note, 8/10/42 3,378,520
2,785,000 AAA/Aaa Credit Suisse First Boston Mortgage
Securities Corp., 4.686%, 7/15/37 2,873,555
188,195 AAA/Aaa Credit Suisse First Boston Mortgage
Securities Corp., 4.691%, 10/15/39 189,234
625,198 AAA/Aaa Credit Suisse First Boston Mortgage
Securities Corp., 4.829%, 11/15/37 634,254
3,450,000 AAA/A1 Credit Suisse First Boston Mortgage
Securities Corp., 4.832%, 4/15/37 3,553,158
20,402 1.50 AA+/A3 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
12/25/33 20,404
2,248,013 5.01 NR/Aaa Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
2/15/38 2,296,366
352,836 0.89 AAA/Baa1 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
6/25/34 343,266
1,357,773 5.11 NR/Aaa Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
7/15/36 1,366,368
3,049,622 5.10 AAA/NR Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
8/15/38 3,170,735
3,741,883 0.32 AAA/A1 Credit Suisse Mortgage Capital
Certificates, Floating Rate Note,
10/15/21 (144A) 3,726,205
357,231 NR/Aaa DBRR 2012- EZ1 Trust, 0.946%,
9/25/45 (144A) 357,738
900,000 0.86 AAA/Aaa Extended Stay America Trust 2013-ESH,
Floating Rate Note, 12/5/31 (144A) 900,580
800,000 1.26 AA-/NR Extended Stay America Trust 2013-ESH,
Floating Rate Note, 12/5/31 (144A) 798,811
764,495 2.59 BBB+/NR First Horizon Mortgage Pass-Through Trust
2003-AR3, Floating Rate Note, 9/25/33 771,185
2,238,431 0.48 AAA/Aaa Foothill CLO, Ltd., Floating Rate Note,
2/22/21 (144A) 2,208,375
554,601 0.48 AA+/Aaa Fore CLO, Ltd., Floating Rate Note,
7/20/19 (144A) 550,015
553,000 2.09 BBB+/Baa2 Four Corners CLO II, Ltd., Floating Rate
Note, 1/26/20 (144A) 523,850
885,756 0.48 AA+/Aaa Gale Force 3 CLO, Ltd., Floating Rate
Note, 4/19/21 (144A) 875,516
4,205,000 4.77 AAA/NR GE Capital Commercial Mortgage Corp.,
Floating Rate Note, 6/10/48 4,305,882
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 43
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
856,812 BB/Caa3 Global Mortgage Securitization, Ltd.,
5.25%, 4/25/32 (144A) $ 841,785
2,735,633 0.42 BBB+/Ba2 Global Mortgage Securitization, Ltd.,
Floating Rate Note, 4/25/32 2,621,067
2,281,746 5.30 AAA/Aa3 GMAC Commercial Mortgage Securities,
Inc. Series 2004-C2 Trust, Floating Rate
Note, 8/10/38 2,305,353
3,547,000 AAA/NR GMAC Commercial Mortgage Securities,
Inc. Series 2005-C1 Trust, 4.697%,
5/10/43 3,651,686
3,350,000 N/A AA/NR GP Portfolio Trust 2014-GGP, Floating
Rate Note, 2/15/27 3,351,880
1,939,213 1.78 AAA/Aaa Gracechurch Mortgage Financing Plc,
Floating Rate Note, 11/20/56 (144A) 1,956,972
2,300,000 1.00 NR/Aaa GS Mortgage Securities Corp II, Floating
Rate Note, 11/8/29 (144A) 2,306,601
1,535,189 0.93 AA+/Baa1 GSAA Home Equity Trust 2004-6,
Floating Rate Note, 6/25/34 1,519,977
344,192 0.89 AAA/Aa2 GSAA Home Equity Trust 2004-8,
Floating Rate Note, 9/25/34 341,972
131,964 2.32 A+/NR GSR Mortgage Loan Trust 2003-9,
Floating Rate Note, 8/25/33 132,292
722,161 2.37 AA+/Ba1 HarborView Mortgage Loan Trust 2004-1,
Floating Rate Note, 4/19/34 719,676
265,093 1.28 AA+/Baa3 HarborView Mortgage Loan Trust 2004-4,
Floating Rate Note, 6/19/34 254,726
500,000 1.99 BBB-/Baa3 Harch CLO III, Ltd., Floating Rate Note,
4/17/20 (144A) 477,853
3,750,000 AAA/NR HLSS Servicer Advance Receivables
Trust, 1.2437%, 1/17/45 3,752,250
563,266 1.64 AAA/Aaa Holmes Master Issuer Plc, Floating Rate
Note, 10/15/54 (144A) 563,478
1,850,229 1.79 AAA/Aaa Holmes Master Issuer Plc, Floating Rate
Note, 10/15/54 (144A) 1,863,439
1,347,232 1.89 AAA/Aaa Holmes Master Issuer Plc, Floating Rate
Note, 10/15/54 (144A) 1,360,446
3,422,833 0.79 A+/A1 Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 3/25/34 3,265,954
1,263,892 0.50 AA+/Aa3 Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 6/25/34 1,242,200
2,086,746 0.60 AAA/Aa2 Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 7/25/34 2,056,566
377,331 1.05 NR/NR Impac CMB Trust Series 2003-8,
Floating Rate Note, 10/25/33 375,243
1,892,110 0.79 BB/Ba3 Impac CMB Trust Series 2004-4,
Floating Rate Note, 9/25/34 1,785,119
The accompanying notes are an integral part of these financial statements.
44 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
2,015,772 0.77 A-/Ba1 Impac CMB Trust Series 2004-4,
Floating Rate Note, 9/25/34 $ 1,888,113
1,839,269 0.87 BBB-/Baa2 Impac CMB Trust Series 2004-5,
Floating Rate Note, 10/25/34 1,772,991
763,345 0.99 NR/NR Impac CMB Trust Series 2004-5,
Floating Rate Note, 8/25/34 746,321
418,400 0.95 B-/Ba1 Impac CMB Trust Series 2004-6,
Floating Rate Note, 10/25/34 402,921
3,613,789 0.93 B-/Baa1 Impac CMB Trust Series 2004-6,
Floating Rate Note, 10/25/34 3,341,967
1,693,139 0.89 BBB+/A3 Impac CMB Trust Series 2004-7,
Floating Rate Note, 11/25/34 1,594,900
576,748 0.97 AAA/NR Impac CMB Trust Series 2004-8,
Floating Rate Note, 8/25/34 580,682
349,674 2.78 BB+/NR Impac CMB Trust Series 2004-8,
Floating Rate Note, 8/25/34 327,964
1,151,727 0.91 B/Ba3 Impac CMB Trust Series 2004-9,
Floating Rate Note, 1/25/35 1,028,070
903,237 0.95 AAA/Aaa Impac Secured Assets CMN Owner
Trust, Floating Rate Note, 11/25/34 882,573
2,469,803 0.50 AAA/Aaa Impac Secured Assets Trust 2006-1,
Floating Rate Note, 5/25/36 2,420,805
859,903 0.50 AAA/Aaa Impac Secured Assets Trust 2006-2,
Floating Rate Note, 8/25/36 841,457
751,887 0.35 BB+/Baa2 Impac Secured Assets Trust 2006-5,
Floating Rate Note, 12/25/36 691,616
1,512,173 0.46 AAA/Aaa Inwood Park CDO, Ltd., Floating Rate
Note, 1/20/21 (144A) 1,506,461
48,589 5.55 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp Commercial Mortgage
Pass-Thr, Floating Rate Note, 5/15/41 48,532
182,323 6.45 NR/Caa1 JP Morgan Chase Commercial Mortgage
Securities Corp. Pass-Through Certificates
Series 2002 CIBC4, Floating Rate Note,
5/12/34 189,883
3,500,000 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp., 4.878%, 1/15/42 3,564,582
2,350,000 2.02 AA/Aa2 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
10/15/25 (144A) 2,354,935
1,500,000 0.00 AA-/Aa3 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
12/15/30 (144A) 1,504,304
898,306 4.84 AAA/A1 JP Morgan Chase Commercial Mortgage
Securities Trust 2004-LN2, Floating Rate
Note, 7/15/41 (144A) 905,379
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 45
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,813,732 5.34 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2005-CIBC11, Floating
Rate Note, 8/12/37 $ 1,869,363
3,023,139 5.04 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2005-LDP1, Floating Rate
Note, 3/15/46 3,086,465
9,375 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2006-CIBC17, 5.45%,
12/12/43 9,360
1,265,709 0.28 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2006-FL2, Floating Rate
Note, 11/15/18 (144A) 1,251,397
696,105 0.36 NR/A2 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-FL2, Floating Rate
Note, 11/15/18 (144A) 679,470
267,733 0.38 NR/A3 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-FL2, Floating Rate
Note, 11/15/18 (144A) 255,980
167,333 0.52 NR/Ba1 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-FL2, Floating Rate
Note, 11/15/18 (144A) 158,900
86,007 0.31 AA/Aa3 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-LDP9, Floating Rate
Note, 5/15/47 85,674
293,527 5.70 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2007-CIBC19, Floating
Rate Note, 2/12/49 294,619
31,231 5.80 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2007-LDP11, Floating Rate
Note, 6/15/49 31,246
1,466,000 3.00 AA-/NR JP Morgan Chase Commercial Mortgage
Securities Trust 2013-ALC, Floating Rate
Note, 7/17/26 (144A) 1,478,773
1,200,000 1.96 A-/NR JP Morgan Chase Commercial Mortgage
Securities Trust 2013-FL3, Floating Rate
Note, 4/15/28 (144A) 1,202,886
2,445,000 2.75 NR/Aa3 JP Morgan Chase Commercial Mortgage
Securities Trust 2013-INN, Floating Rate
Note, 10/15/30 (144A) 2,447,949
4,975,000 0.94 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2013-JWRZ, Floating Rate
Note, 4/15/30 (144A) 4,940,757
2,910,000 2.15 A-/NR JP Morgan Chase Commercial Mortgage
Securities Trust 2014-FBLU, Floating Rate
Note, 12/15/28 2,914,004
1,495,655 2.03 A+/Baa1 JP Morgan Mortgage Trust 2003-A1,
Floating Rate Note, 10/25/33 1,492,158
The accompanying notes are an integral part of these financial statements.
46 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
911,653 2.25 AA+/Baa2 JP Morgan Mortgage Trust 2004-A5,
Floating Rate Note, 12/25/34 $ 916,894
12,840 2.67 A+/NR JP Morgan Mortgage Trust 2005-A3,
Floating Rate Note, 6/25/35 12,827
262,587 2.26 BBB+/Ba1 JP Morgan Mortgage Trust 2005-A4,
Floating Rate Note, 7/25/35 263,362
1,809,546 1.64 AAA/Aaa Lanark Master Issuer Plc, Floating Rate
Note, 12/22/54 (144A) 1,833,173
1,250,000 0.74 AAA/Aaa Lanark Master Issuer Plc, Floating Rate
Note, 12/22/54 (144A) 1,243,358
124,898 AAA/Aaa LB-UBS Commercial Mortgage Trust
2004-C1, 4.568%, 1/15/31 129,539
1,809,419 5.02 AAA/NR LB-UBS Commercial Mortgage Trust
2004-C6, Floating Rate Note, 8/15/29 1,822,432
2,935,000 5.20 NR/Baa2 LB-UBS Commercial Mortgage Trust
2005-C2, Floating Rate Note, 4/15/30 3,035,506
3,204,703 AAA/Aaa LB-UBS Commercial Mortgage Trust
2005-C3, 4.739%, 7/15/30 3,300,136
3,611,979 5.20 AAA/NR LB-UBS Commercial Mortgage Trust
2005-C7, Floating Rate Note, 11/15/30
(144A) 3,773,904
232,433 6.14 AAA/Aaa LB-UBS Commercial Mortgage Trust
2008-C1, Floating Rate Note, 4/15/41 243,037
1,500,000 NR/Aaa LEAF Receivables Funding 9 LLC, 0.88%,
11/15/15 (144A) 1,498,950
105,158 1.06 BBB+/Aa2 Lehman Brothers Floating Rate
Commercial Mortgage Trust 2007-LLF C5,
Floating Rate Note, 6/15/22 (144A) 105,102
1,313,315 1.10 A+/Aa1 Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3
Class 1A4, Floating Rate Note,
10/25/37 (144A) 1,303,773
2,138,687 1.20 A+/Aa1 Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3,
Floating Rate Note, 10/25/37 (144A) 2,101,260
1,423,126 0.37 A+/Aa1 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
4/25/31 (144A) 1,310,558
3,770,916 0.38 A+/Aa1 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
4/25/31 (144A) 3,400,371
2,007,668 0.40 A+/Aa1 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
9/25/30 (144A) 1,873,915
842,846 2.11 A+/Baa2 MASTR Adjustable Rate Mortgages Trust
2003-3, Floating Rate Note, 9/25/33 842,910
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 47
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
753,947 0.31 AA/A2 MASTR Adjustable Rate Mortgages Trust
2007-1, Floating Rate Note, 1/25/47 $ 735,453
2,450,928 0.50 BBB-/NR MASTR Alternative Loan Trust 2005-1,
Floating Rate Note, 2/25/35 2,388,682
303,500 0.55 AA+/NR MASTR Asset Securitization Trust 2003-6,
Floating Rate Note, 7/25/18 293,622
1,705,239 0.64 AA+/Baa1 Mellon Residential Funding Corp.
Mortgage Pass-Through Trust Series
2000 TBC2, Floating Rate Note, 6/15/30 1,670,537
782,400 0.60 AA+/Baa1 Mellon Residential Funding Corp.
Mortgage Pass-Through Trust Series
2000-TBC3, Floating Rate Note,
12/15/30 737,979
548,871 2.38 BBB/B1 Merrill Lynch Mortgage Investors Trust
Series 2005-2, Floating Rate Note,
10/25/35 557,086
2,080,500 1.15 BBB+/Baa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-A, Floating Rate Note,
3/25/28 2,081,447
1,878,967 0.81 BB/Baa1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-C, Floating Rate Note,
6/25/28 1,789,536
1,858,748 1.05 BB/Baa1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-C, Floating Rate Note,
6/25/28 1,858,159
2,367,165 0.77 BBB/Baa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-E, Floating Rate Note,
10/25/28 2,326,737
249,360 1.89 A+/Baa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-G, Floating Rate Note,
1/25/29 248,030
1,554,610 0.79 AA+/Baa2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-H, Floating Rate Note,
1/25/29 1,536,656
398,401 0.61 A+/Baa1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-A, Floating Rate Note,
4/25/29 378,947
530,209 0.89 AA+/Baa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-B, Floating Rate Note,
5/25/29 516,026
2,685,467 0.71 AA+/Ba1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-C, Floating Rate Note,
7/25/29 2,694,821
190,924 1.35 AA+/Ba3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-C, Floating Rate Note,
7/25/29 191,321
The accompanying notes are an integral part of these financial statements.
48 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
823,185 2.12 AA+/Baa2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-D, Floating Rate Note,
9/25/29 $ 823,177
3,447,519 0.81 A+/Ba2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-E, Floating Rate Note,
11/25/29 3,295,752
2,342,428 0.71 A+/Ba2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-G, Floating Rate Note,
1/25/30 2,237,705
1,231,828 0.95 A+/Ba2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-G, Floating Rate Note,
1/25/30 1,194,526
3,157,231 0.61 AA+/Ba3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2005-A, Floating Rate Note,
3/25/30 3,100,095
1,088,833 4.86 NR/Aaa Merrill Lynch Mortgage Trust 2004-KEY2,
Floating Rate Note, 8/12/39 1,097,025
1,519,492 4.95 NR/Aa3 Merrill Lynch Mortgage Trust 2004-KEY2,
Floating Rate Note, 8/12/39 1,540,625
2,966,614 0.42 AA+/A3 Morgan Stanley Mortgage Loan Trust
2005-5AR, Floating Rate Note, 9/25/35 2,908,682
2,682,925 0.43 A+/Baa2 Morgan Stanley Mortgage Loan Trust
2005-6AR, Floating Rate Note,
11/25/35 2,661,166
938,853 0.42 A+/A2 Morgan Stanley Mortgage Loan Trust
2005-6AR, Floating Rate Note,
11/25/35 925,505
628,645 0.49 A/NR Morgan Stanley Re-REMIC Trust 2010-R4,
Floating Rate Note, 7/26/36 (144A) 627,259
2,282,249 0.93 AA+/Baa1 MortgageIT Trust 2004-1, Floating Rate
Note, 11/25/34 2,197,019
1,838,507 0.41 A+/Baa2 MortgageIT Trust 2005-2, Floating Rate
Note, 5/25/35 1,762,503
981,393 0.72 NR/Aaa NCUA Guaranteed Notes Trust REMICS,
Floating Rate Note, 12/8/20 989,521
1,476,064 0.69 NR/Aaa NCUA Guaranteed Notes Trust REMICS,
Floating Rate Note, 3/9/21 1,483,127
1,062,032 0.61 AA+/Aaa NCUA Guaranteed Notes Trust, Floating
Rate Note, 10/7/20 1,068,274
2,932,215 0.53 AA+/Aaa NCUA Guaranteed Notes Trust, Floating
Rate Note, 11/6/17 2,938,663
301,800 0.72 NR/Aaa NCUA Guaranteed Notes Trust, Floating
Rate Note, 12/8/20 304,559
1,168,116 0.56 AA+/Aaa NCUA Guaranteed Notes Trust, Floating
Rate Note, 3/11/20 1,172,555
363,735 0.54 AA+/NR NCUA Guaranteed Notes Trust, Floating
Rate Note, 4/6/20 364,467
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 49
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,650,000 AAA/NR New Residential Advance Receivables
Trust Advance Receivables Backed
2014-T1, 3/13/45 (c) $ 1,650,112
1,400,496 0.47 AAA/Aaa NewStar Commercial Loan Trust 2007-1,
Floating Rate Note, 9/30/22 (144A) 1,381,779
3,900,000 0.35 NR/NR Nomura Resecuritization Trust 2011-3R,
Floating Rate Note, 7/26/37 (144A) 3,785,340
2,244,305 1.36 AAA/Aaa NorthStar 2012-1 Mortgage Trust,
Floating Rate Note, 8/25/29 (144A) 2,246,096
1,000,000 4.41 BBB/Baa3 NorthStar 2012-1 Mortgage Trust,
Floating Rate Note, 8/25/29 (144A) 1,014,203
2,783,980 2.00 NR/Aaa NorthStar 2013-1, Floating Rate Note,
8/25/29 (144A) 2,783,980
197,669 0.45 AAA/Aa2 Opteum Mortgage Acceptance Corp.
Asset Backed Pass-Through Certificates
2005-1, Floating Rate Note, 2/25/35 197,255
385,805 0.40 BB+/B2 Opteum Mortgage Acceptance Corp.
Asset Backed Pass-Through Certificates
2005-5, Floating Rate Note, 12/25/35 379,519
87,818 0.41 AA+/A1 Opteum Mortgage Acceptance Corp.
Asset Backed Pass-Through Certificates
Series 20, Floating Rate Note, 7/25/35 87,788
1,215,722 NR/NR ORES NPL 2013-LV2 LLC, 3.081%,
9/25/25 (144A) 1,215,756
2,250,000 NR/NR ORES NPL LLC, 3.0%, 3/27/24 (144A) 2,250,000
1,500,000 0.46 NR/NR Pepper Residential Securities Trust,
Floating Rate Note, 10/18/14 (144A) 1,500,270
1,000,000 0.50 NR/NR Pepper Residential Securities Trust,
Floating Rate Note, 7/24/14 (144A) 987,505
138,024 0.70 NR/Baa3 RALI Series 2002-QS16 Trust, Floating
Rate Note, 10/25/17 131,398
2,491,632 0.65 BB-/Ba1 RALI Series 2003-QS11 Trust, Floating
Rate Note, 6/25/33 2,376,598
1,028,259 0.60 BB/NR RALI Series 2003-QS22 Trust, Floating
Rate Note, 12/26/33 955,221
1,366,430 0.60 AA+/NR RALI Series 2003-QS5 Trust, Floating
Rate Note, 3/25/18 1,339,288
1,854,019 0.60 NR/Ba2 RALI Series 2003-QS9 Trust, Floating
Rate Note, 5/25/18 1,790,145
2,557,996 BBB-/Baa3 RALI Series 2004-QR1 Trust, 5.25%,
10/25/34 2,591,846
84,605 BBB+/Baa2 RALI Series 2004-QS1 Trust, 4.25%,
1/25/34 85,263
94,698 0.70 BBB+/Baa2 RALI Series 2004-QS1 Trust, Floating
Rate Note, 1/25/34 94,538
326,576 NR/B3 RALI Series 2004-QS16 Trust, 5.5%,
12/25/34 332,867
The accompanying notes are an integral part of these financial statements.
50 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
836,236 BB+/Ba3 RALI Series 2004-QS5 Trust, 4.75%,
4/25/34 $ 864,031
679,979 0.75 BB+/Ba3 RALI Series 2004-QS5 Trust, Floating
Rate Note, 4/25/34 667,276
3,058,673 0.65 NR/NR RBSSP Resecuritization Trust 2009-5,
Floating Rate Note, 8/26/37 (144A) 2,944,270
1,382,510 0.48 AA+/Aaa Regatta Funding, Ltd., Floating Rate
Note, 6/15/20 (144A) 1,363,056
2,385,281 1.55 B-/Ba3 RESI Finance LP, Floating Rate Note,
9/10/35 (144A) 2,095,462
733,419 0.60 BBB+/NR Residential Asset Securitization Trust
2003-A15, Floating Rate Note, 2/25/34 707,696
409,487 0.55 BBB+/NR Residential Asset Securitization Trust
2003-A2, Floating Rate Note, 5/25/33 377,727
1,750,000 0.44 NR/NR Resimac MBS Trust, Floating Rate Note,
6/7/14 1,742,341
1,347,979 NR/Baa3 RREF 2013 LT2 LLC, 2.8331%,
5/22/28 (144A) 1,345,628
144,738 0.92 AA+/Baa1 Sequoia Mortgage Trust 10, Floating Rate
Note, 10/20/27 136,463
601,268 1.04 AA+/Ba1 Sequoia Mortgage Trust 2003-2, Floating
Rate Note, 6/20/33 584,594
264,670 0.78 AA+/Baa3 Sequoia Mortgage Trust 2003-5, Floating
Rate Note, 9/20/33 264,233
331,058 0.80 A+/Baa1 Sequoia Mortgage Trust 2003-8, Floating
Rate Note, 1/20/34 315,765
444,405 0.48 A+/Baa3 Sequoia Mortgage Trust 2004-10, Floating
Rate Note, 11/20/34 418,551
4,886,720 0.42 A/Baa3 Sequoia Mortgage Trust 2004-12,
Floating Rate Note, 1/20/35 4,479,553
155,787 0.64 AA/Baa3 Sequoia Mortgage Trust 2004-12,
Floating Rate Note, 1/20/35 142,885
256,022 1.74 AA+/Ba1 Sequoia Mortgage Trust 2004-7,
Floating Rate Note, 8/20/34 259,595
3,771,985 0.39 AA+/Baa3 Sequoia Mortgage Trust 2005-1,
Floating Rate Note, 2/20/35 3,576,932
458,810 0.38 BBB+/Ba1 Sequoia Mortgage Trust 2005-2,
Floating Rate Note, 3/20/35 405,011
209,314 0.87 AA+/A2 Sequoia Mortgage Trust 4, Floating
Rate Note, 11/22/24 210,261
56,829 0.28 AAA/Aaa Series 2007-1G WST Trust, Floating Rate
Note, 5/21/38 (144A) 56,653
53,604 NR/Baa3 SMA Issuer I LLC, 3.5%, 8/20/25 (144A) 53,530
119,757 0.35 AAA/Aaa SMHL Global Fund 2007-1, Floating Rate
Note, 6/12/40 118,613
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 51
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
659,320 1.57 AAA/NR Springleaf Mortgage Loan Trust 2012-3,
Floating Rate Note, 12/25/59 (144A) $ 658,957
2,495,000 1.45 AAA/NR Starwood Property Mortgage Trust
2013-FV1, Floating Rate Note, 8/11/28
(144A) 2,495,374
591,825 2.86 BB/Ba2 Structured Adjustable Rate Mortgage
Loan Trust Class 1A1, Floating Rate Note,
3/25/34 600,815
418,469 5.16 BBB+/Ba2 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note, 11/25/34 411,862
656,133 2.37 A+/Baa1 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note, 3/25/34 665,252
77,766 0.55 AAA/A1 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note, 6/25/35 77,592
3,068,352 0.52 AA+/Ba1 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note, 7/25/34 2,882,815
1,052,933 0.86 AA+/Baa2 Structured Asset Mortgage Investments II
Trust 2004-AR1, Floating Rate Note,
3/19/34 1,025,901
1,220,564 0.82 AA+/Baa1 Structured Asset Mortgage Investments II
Trust 2004-AR5, Floating Rate Note,
10/19/34 1,162,179
2,208,851 1.06 AA+/Baa2 Structured Asset Mortgage Investments
Trust 2002-AR5, Floating Rate Note,
5/19/33 2,143,750
266,789 2.67 A+/Baa3 Structured Asset Securities Corp.
Mortgage Certificates Series 2003-31A,
Floating Rate Note, 10/25/33 268,936
518,426 1.09 AA/NR Structured Asset Securities Corp.
Mortgage Pass-Through Certificates
Series 1998-8, Floating Rate Note,
8/25/28 511,223
409,066 2.51 AA+/Baa3 Structured Asset Securities Corp.
Mortgage Pass-Through Certificates
Series 2003-22A, Floating Rate Note,
6/25/33 413,011
1,071,159 2.45 A+/Ba2 Structured Asset Securities Corp.
Mortgage Pass-Through Certificates
Series 2003-24A, Floating Rate Note,
7/25/33 1,075,163
184,040 0.65 A+/Baa3 Structured Asset Securities Corp.
Mortgage Pass-Through Certificates
Series 2003-35, Floating Rate Note,
12/25/33 181,363
607,815 0.45 B-/B2 Structured Asset Securities Corp. Trust
2005-14, Floating Rate Note, 7/25/35 555,586
The accompanying notes are an integral part of these financial statements.
52 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,978,649 1.63 AA+/Baa3 Thornburg Mortgage Securities Trust
Class II2A, Floating Rate Note, 3/25/44 $ 1,938,563
1,537,000 4.16 BBB/Baa2 Trafigura Securitisation Finance Plc,
Floating Rate Note, 10/15/15 (144A) 1,549,972
2,000,000 NR/NR Vericrest Opportunity Loan Transferee,
3.25%, 11/25/53 (Step) 2,000,000
1,430,000 4.85 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust Series 2005-C16, Floating Rate
Note, 10/15/41 1,454,267
2,019,494 5.08 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust Series 2005-C17, Floating Rate
Note, 3/15/42 2,069,173
44,344 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust Series 2005-C18, 4.79%, 4/15/42 44,309
4,722,637 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust Series 2005-C18, 4.935%,
4/15/42 4,851,480
1,680,625 5.24 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust Series 2005-C21, Floating Rate
Note, 10/15/44 1,768,597
803,056 0.24 A+/Aaa Wachovia Bank Commercial Mortgage
Trust Series 2007-WHALE 8, Floating
Rate Note, 6/15/20 (144A) 795,793
236,185 2.50 A+/Baa2 WaMu Mortgage Pass-Through
Certificates, Floating Rate Note, 1/25/33 239,902
545,934 2.40 BBB+/NR WaMu Mortgage Pass-Through
Certificates, Floating Rate Note, 1/25/35 548,437
512,135 2.46 A+/Ba2 WaMu Mortgage Pass-Through
Certificates, Floating Rate Note, 2/25/33 504,549
22,007 0.55 NR/A2 WaMu Mortgage Pass-Through
Certificates, Floating Rate Note, 3/25/34 22,025
2,220,000 1.18 AAA/NR Wells Fargo Commercial Mortgage Trust,
Floating Rate Note, 2/15/27 (144A) 2,221,388
169,723 BB+/Ba2 Wells Fargo Mortgage Backed Securities
2005-9 Trust, 5.5%, 10/25/35 169,623
52,057 4.99 NR/Ba2 Wells Fargo Mortgage Backed Securities
2005-AR6 Trust, Floating Rate Note,
4/25/35 52,993
1,005,362 4.92 BBB+/Ba3 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 8/25/34 1,029,915
1,865,016 0.46 AAA/Aaa Westwood CDO II, Ltd., Floating Rate
Note, 4/25/22 (144A) 1,828,180
--------------
$ 387,662,997
--------------
Total Banks $ 387,662,997
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 53
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.4%
Other Diversified Financial
Services -- 2.2%
132,514 0.48 AA+/Ba1 Chevy Chase Funding LLC
Mortgage-Backed Certificates Series
2004-1, Floating Rate Note, 1/25/35
(144A) $ 119,080
68,084 0.45 A+/Ba2 Chevy Chase Funding LLC
Mortgage-Backed Certificates Series
2004-3, Floating Rate Note, 8/25/35
(144A) 62,041
1,823,234 0.30 AAA/Aaa Crusade Global Trust, Floating Rate
Note, 11/15/37 1,797,036
2,012,656 0.30 AAA/Aaa Crusade Global Trust, Floating Rate
Note, 4/19/38 1,983,648
1,460,000 1.46 AA-/NR Del Coronado Trust 2013-DEL, Floating
Rate Note, 3/15/26 (144A) 1,457,614
1,151,946 0.58 A+/Aa2 GE Business Loan Trust 2003-1, Floating
Rate Note, 4/15/31 (144A) 1,094,349
1,540,440 0.38 AA-/Aa1 GE Business Loan Trust 2004-2, Floating
Rate Note, 12/15/32 (144A) 1,462,429
2,951,725 0.40 AA/Aa3 GE Business Loan Trust 2005-1, Floating
Rate Note, 6/15/33 (144A) 2,770,965
2,408,041 0.32 A/Aa3 GE Business Loan Trust 2007-1, Floating
Rate Note, 4/16/35 (144A) 2,179,347
2,475,000 1.66 AA-/NR Hilton USA Trust 2013-HLF, Floating Rate
Note, 11/5/30 (144A) 2,478,109
210,886 0.27 AAA/Aaa Medallion Trust Series 2007-1G, Floating
Rate Note, 2/27/39 210,470
1,526,459 AAA/NR Morgan Stanley Capital I Trust
2004-HQ4, 4.97%, 4/14/40 1,534,613
772,254 5.11 AAA/NR Morgan Stanley Capital I Trust
2004-IQ8, Floating Rate Note, 6/15/40 778,287
3,830,000 5.30 BBB+/NR Morgan Stanley Capital I Trust
2004-IQ8, Floating Rate Note, 6/15/40 3,882,594
3,750,000 AAA/NR Morgan Stanley Capital I Trust
2005-HQ6, 4.989%, 8/13/42 3,884,032
2,900,000 5.07 BBB-/NR Morgan Stanley Capital I Trust
2005-HQ6, Floating Rate Note, 8/13/42 3,007,416
2,628,659 5.23 AAA/Aaa Morgan Stanley Capital I Trust
2005-IQ10, Floating Rate Note, 9/15/42 2,742,971
1,600,145 AAA/NR Morgan Stanley Capital I Trust
2005-TOP17, 4.78%, 12/13/41 1,627,649
869,852 0.26 AA+/Aaa Morgan Stanley Capital I, Inc., Floating
Rate Note, 10/15/20 (144A) 868,015
3,025,000 0.28 A+/Aa1 Morgan Stanley Capital I, Inc., Floating
Rate Note, 10/15/20 (144A) 3,002,328
The accompanying notes are an integral part of these financial statements.
54 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
3,000,000 2.31 NR/NR Resource Capital Corp. CRE Notes 2013,
Ltd., Floating Rate Note, 6/15/16
(144A) $ 3,000,000
544,000 1.04 AA+/Aaa Stanfield Bristol CLO, Ltd., Floating Rate
Note, 10/15/19 (144A) 533,297
1,180,882 NR/NR VOLT XV LLC, 3.22162%, 5/27/53
(Step) (144A) 1,160,217
1,948,017 NR/NR VOLT XVI LLC, 4.25%, 8/25/58
(Step) (144A) 1,954,105
991,599 NR/NR VOLT XX LLC, 3.625%, 2/1/39 (Step)
(144A) 996,866
--------------
$ 44,587,478
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
927,729 1.64 AAA/Aaa Fosse Master Issuer Plc, Floating Rate
Note, 10/18/54 (144A) $ 930,397
871,271 1.64 AAA/Aaa Fosse Master Issuer Plc, Floating Rate
Note, 10/18/54 (144A) 881,347
650,000 1.69 AA+/Aaa KKR Financial CLO 2007-1, Ltd., Floating
Rate Note, 5/15/21 (144A) 631,114
179,132 2.35 AAA/Aaa Nomura Asset Acceptance Corp.
Alternative Loan Trust Series 2004-AR4,
Floating Rate Note, 12/25/34 180,790
100,049 BBB/B2 Nomura Asset Acceptance Corp.
Alternative Loan Trust Series 2005-WF1,
4.786%, 3/25/35 103,760
631,000 1.84 AAA/Aaa Permanent Master Issuer Plc, Floating
Rate Note, 7/15/42 (144A) 639,529
--------------
$ 3,366,937
-----------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.0%+
950,000 NR/Aaa Nissan Auto Receivables 2013-C Owner
Trust, 0.4%, 6/15/16 $ 950,026
--------------
Total Diversified Financials $ 48,904,441
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- 9.6%
Government -- 9.6%
916,516 0.50 NR/NR Fannie Mae Trust 2003-W6, Floating
Rate Note, 9/25/42 $ 907,252
254,846 2.22 NR/NR Fannie Mae Trust 2005-W4, Floating
Rate Note, 6/25/35 259,148
1,268,201 0.41 NR/NR Fannie Mae Whole Loan, Floating Rate
Note, 11/25/46 1,258,714
6,895 NR/NR Federal Home Loan Mortgage Corp.
REMICS, 3.5%, 11/15/22 6,914
989,285 NR/NR Federal Home Loan Mortgage Corp.
REMICS, 3.5%, 6/15/28 1,012,753
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 55
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Government -- (continued)
125,049 NR/NR Federal Home Loan Mortgage Corp.
REMICS, 4.0%, 1/15/24 $ 127,240
75,791 NR/NR Federal Home Loan Mortgage Corp.
REMICS, 4.0%, 11/15/23 77,569
181,866 NR/NR Federal Home Loan Mortgage Corp.
REMICS, 4.0%, 12/15/22 183,557
36,964 NR/NR Federal Home Loan Mortgage Corp.
REMICS, 5.0%, 12/15/32 37,197
244,901 NR/NR Federal Home Loan Mortgage Corp.
REMICS, 5.0%, 6/15/34 248,390
1,280 NR/NR Federal Home Loan Mortgage Corp.
REMICS, 5.0%, 7/15/32 1,279
3,055 NR/NR Federal Home Loan Mortgage Corp.
REMICS, 5.5%, 5/15/33 3,054
665,419 0.56 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 1/15/33 669,142
468,407 0.46 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 1/15/36 468,703
4,887,982 0.46 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 1/15/37 4,880,772
184,789 0.30 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 10/15/20 184,825
114,916 1.10 AAA/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 10/15/31 117,976
1,637,828 0.74 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 10/15/37 1,647,098
918,630 0.78 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 10/15/37 926,893
201,551 0.46 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 11/15/18 201,720
182,542 0.76 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 11/15/31 185,012
355,061 1.16 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 11/15/33 365,868
222,899 0.50 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 11/15/35 222,673
1,201,183 0.50 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 11/15/36 1,201,317
611,595 0.50 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 11/15/36 611,620
230,341 0.40 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 11/15/36 229,992
2,225,159 0.56 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 11/15/37 2,229,013
747,109 0.56 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 11/15/40 750,404
The accompanying notes are an integral part of these financial statements.
56 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Government -- (continued)
200,814 0.56 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 12/15/20 $ 202,159
557,857 0.60 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 12/15/28 562,789
292,670 0.50 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 12/15/32 294,550
18,041 0.60 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 12/15/32 18,076
38,902 0.66 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 12/15/32 39,131
945,639 0.56 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 12/15/32 948,696
433,878 0.56 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 12/15/32 435,072
701,941 0.46 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 12/15/34 700,202
1,741,285 0.44 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 12/15/36 1,737,152
1,078,174 0.86 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 12/15/39 1,092,566
772,900 0.50 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 12/15/41 771,375
471,957 0.38 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 2/15/19 472,629
592,006 0.46 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 2/15/25 594,278
315,300 0.50 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 2/15/29 316,724
1,084,382 0.46 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 2/15/30 1,083,429
812,797 0.56 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 2/15/33 817,518
534,439 0.70 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 2/15/33 539,514
931,259 0.46 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 2/15/36 928,566
510,275 0.50 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 2/15/36 509,936
1,797,624 0.46 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 2/15/37 1,792,389
764,233 0.46 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 2/15/39 764,301
1,797,734 1.20 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 3/15/24 1,842,185
905,246 1.16 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 3/15/32 930,649
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 57
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Government -- (continued)
207,832 0.86 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 3/15/32 $ 211,558
1,275,140 1.16 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 3/15/32 1,311,201
1,403,452 0.46 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 3/15/36 1,406,500
2,193,348 0.40 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 3/15/37 2,185,042
674,549 0.56 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 3/15/38 673,734
349,693 0.60 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 3/15/39 350,255
3,851,779 0.56 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 3/15/41 3,859,263
889,566 0.46 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 3/15/41 886,913
458,934 0.46 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 4/15/35 458,356
853,558 0.46 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 4/15/36 854,933
159,066 0.50 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 5/15/29 159,720
283,694 1.65 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 5/15/33 295,720
985,958 0.50 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 5/15/35 984,381
949,716 0.46 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 5/15/35 950,594
690,427 0.56 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 5/15/36 692,502
449,911 0.50 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 5/15/37 449,555
331,151 1.40 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 5/15/37 339,936
132,934 0.50 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 5/15/41 132,851
167,063 0.60 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 6/15/23 168,046
662,148 0.56 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 6/15/33 664,576
696,758 0.57 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 6/15/36 698,302
2,596,675 0.46 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 6/15/36 2,594,841
1,230,208 0.56 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 6/15/38 1,233,608
The accompanying notes are an integral part of these financial statements.
58 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Government -- (continued)
1,085,506 0.46 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 6/15/40 $ 1,083,533
376,360 0.40 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 7/15/21 377,100
802,769 0.56 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 7/15/23 806,136
754,001 0.40 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 7/15/34 750,448
1,452,255 0.66 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 7/15/36 1,459,220
64,825 0.56 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 7/15/36 64,975
1,315,759 0.36 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 7/15/36 1,314,340
686,824 0.50 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 7/15/40 686,774
572,797 0.36 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 8/15/26 575,309
1,598,221 0.60 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 8/15/31 1,613,040
1,120,388 0.40 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 8/15/35 1,119,653
523,281 0.40 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 8/15/35 522,956
1,216,731 0.40 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 8/15/36 1,212,949
947,054 0.46 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 9/15/26 948,879
262,023 0.76 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 9/15/32 265,310
490,006 0.57 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 9/15/36 491,187
386,960 0.56 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 9/15/36 387,728
6,129,922 0.86 NR/NR Federal Home Loan Mortgage Corp.,
Floating Rate Note, 8/15/35 6,184,153
326,544 NR/NR Federal National Mortgage Association
REMICS, 4.0%, 6/25/37 329,233
69,195 NR/NR Federal National Mortgage Association
REMICS, 4.5%, 1/25/38 69,340
81,440 NR/NR Federal National Mortgage Association
REMICS, 4.5%, 1/25/39 84,220
44,224 NR/NR Federal National Mortgage Association
REMICS, 5.5%, 5/25/30 44,238
98,965 NR/NR Federal National Mortgage Association
REMICS, 6.0%, 3/25/35 101,850
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 59
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Government -- (continued)
299,884 0.81 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 1/18/32 $ 304,521
475,520 0.85 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 1/25/32 483,648
553,831 0.65 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 1/25/33 558,304
516,735 0.70 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 1/25/40 521,853
778,429 0.45 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 10/25/35 777,154
37,295 0.45 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 10/25/35 37,365
3,292,956 0.55 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 10/25/36 3,300,922
161,997 0.70 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 10/25/37 163,105
777,135 0.75 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 10/25/37 783,976
843,774 1.37 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 10/25/38 869,387
2,382,000 0.35 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 10/27/37 2,375,900
2,327,148 1.16 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 11/18/32 2,391,968
537,509 0.75 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 11/25/31 544,892
473,007 0.75 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 11/25/31 479,505
934,659 0.65 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 11/25/33 940,700
907,586 0.45 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 11/25/34 910,438
415,050 0.47 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 11/25/36 414,801
2,621,159 0.55 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 11/25/40 2,625,355
128,563 0.75 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/23 130,213
423,775 1.15 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/23 433,477
107,663 0.70 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/30 109,132
1,400,611 1.05 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/31 1,435,501
484,344 0.75 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/32 490,180
The accompanying notes are an integral part of these financial statements.
60 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Government -- (continued)
369,212 0.65 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/32 $ 372,544
464,993 0.45 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/35 464,903
342,540 0.39 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/36 342,070
889,132 0.77 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/37 898,484
293,393 0.55 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/38 293,820
354,613 0.70 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/49 356,678
20,676 0.60 AAA/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/17 20,757
433,970 0.90 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/33 441,719
1,080,949 0.50 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/33 1,086,831
930,010 0.46 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/35 928,962
1,205,931 0.40 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/37 1,201,445
658,014 0.35 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/37 654,656
389,769 0.85 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/38 394,585
747,349 0.60 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/38 750,139
212,415 0.65 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/23 213,810
658,329 0.65 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/24 664,811
369,114 0.46 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/28 370,257
1,417,099 0.55 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/34 1,420,808
1,566,731 0.45 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/35 1,562,104
131,186 0.45 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/36 131,298
297,605 1.15 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/37 304,057
941,425 0.40 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/37 939,339
596,391 0.40 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/37 594,209
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 61
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Government -- (continued)
125,252 0.45 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 4/25/25 $ 125,465
184,334 0.80 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 4/25/30 187,294
2,301,940 1.05 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 4/25/32 2,356,724
302,403 0.65 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 4/25/33 304,839
786,671 0.40 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 4/25/37 784,747
504,206 0.65 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 4/25/42 505,388
478,351 0.65 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/33 481,873
1,037,677 0.50 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/36 1,038,108
1,733,620 0.46 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/36 1,727,360
1,416,876 0.55 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/37 1,417,021
330,009 0.75 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/40 332,944
1,702,383 0.65 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/40 1,711,124
1,380,339 0.70 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/40 1,388,440
4,448,983 0.60 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/41 4,461,222
235,152 0.55 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/23 235,765
1,057,343 0.60 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/36 1,061,195
983,925 0.45 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/36 982,024
1,155,450 0.39 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/37 1,149,330
2,086,820 0.35 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/37 2,074,675
1,504,967 0.39 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/37 1,500,285
93,755 0.38 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/37 93,459
425,494 0.40 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/37 424,073
131,086 0.60 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/37 131,516
43,843 0.66 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 7/18/27 44,308
The accompanying notes are an integral part of these financial statements.
62 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Government -- (continued)
520,210 0.75 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/31 $ 527,355
371,398 0.75 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/31 376,594
237,863 1.15 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/32 244,560
567,191 0.55 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/34 570,743
168,721 0.60 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/34 170,065
2,280,547 0.45 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/35 2,274,524
905,285 0.40 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/35 905,341
331,523 0.44 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/36 331,619
1,204,620 0.63 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/36 1,210,597
340,637 0.55 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/37 342,367
253,747 0.65 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 8/25/31 256,299
105,597 0.75 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 8/25/32 106,967
24,314 0.55 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 8/25/33 24,397
309,783 0.70 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 8/25/36 311,538
46,095 0.95 AA+/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/20 46,509
87,659 1.05 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/21 89,215
449,846 0.65 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/32 453,952
346,366 0.60 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/32 347,003
2,629,933 0.65 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/33 2,645,397
1,109,864 0.72 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/36 1,115,414
133,561 0.40 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/36 133,601
1,163,482 0.65 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/37 1,169,447
446,908 0.60 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/37 448,830
492,473 0.72 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/37 495,851
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 63
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Government -- (continued)
287,471 0.70 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/37 $ 289,471
21,854 0.90 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/38 21,902
8,518,873 0.45 NR/NR Federal National Mortgage Association,
Floating Rate Note, 12/25/33 8,524,470
17,172,335 0.60 NR/NR Federal National Mortgage Association,
Floating Rate Note, 2/25/38 17,288,159
145,451 2.68 NR/NR Federal National Mortgage Association,
Floating Rate Note, 4/25/45 154,867
903,444 0.50 NR/NR Freddie Mac Strips, Floating Rate Note,
12/15/36 901,772
672,976 0.40 NR/NR Freddie Mac Strips, Floating Rate Note,
8/15/36 670,638
2,909,298 0.46 NR/NR Freddie Mac Strips, Floating Rate Note,
8/15/36 2,904,370
1,543,954 1.15 NR/A1 Freddie Mac Structured Agency Credit
Risk Debt Notes, Floating Rate Note,
2/25/24 1,549,178
89,487 NR/NR Government National Mortgage
Association, 4.5%, 11/20/34 91,334
44,067 NR/NR Government National Mortgage
Association, 4.5%, 5/20/33 44,097
323,114 NR/NR Government National Mortgage
Association, 5.75%, 8/20/36 324,022
1,200,012 0.36 NR/NR Government National Mortgage
Association, Floating Rate Note,
1/16/33 1,203,444
1,424,275 0.40 NR/NR Government National Mortgage
Association, Floating Rate Note,
1/16/35 1,415,221
234,102 0.41 NR/NR Government National Mortgage
Association, Floating Rate Note,
1/20/33 234,115
478,349 0.84 NR/NR Government National Mortgage
Association, Floating Rate Note,
10/16/39 485,482
865,264 0.56 NR/NR Government National Mortgage
Association, Floating Rate Note,
10/20/38 866,715
1,381,995 0.41 NR/NR Government National Mortgage
Association, Floating Rate Note,
2/20/35 1,375,509
634,094 0.46 NR/NR Government National Mortgage
Association, Floating Rate Note,
4/16/29 635,270
276,863 0.70 NR/NR Government National Mortgage
Association, Floating Rate Note,
4/16/32 279,098
The accompanying notes are an integral part of these financial statements.
64 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Government -- (continued)
971,263 0.56 NR/NR Government National Mortgage
Association, Floating Rate Note,
5/16/38 $ 972,824
277,463 0.66 NR/NR Government National Mortgage
Association, Floating Rate Note,
6/16/31 278,895
1,844,691 0.41 NR/NR Government National Mortgage
Association, Floating Rate Note,
7/20/41 1,838,480
624,275 1.16 NR/NR Government National Mortgage
Association, Floating Rate Note,
8/16/39 637,078
659,222 0.56 NR/NR Government National Mortgage
Association, Floating Rate Note,
8/20/35 660,060
567,586 0.66 NR/NR Government National Mortgage
Association, Floating Rate Note,
8/20/38 570,746
883,577 0.40 NR/NR Government National Mortgage
Association, Floating Rate Note,
9/16/31 886,892
--------------
$ 198,176,995
--------------
Total Government $ 198,176,995
-----------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $635,027,556) $ 637,176,979
-----------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 25.1%
ENERGY -- 0.8%
Integrated Oil & Gas -- 0.3%
1,980,000 0.27 NR/Aaa Exxon Mobil Corp., Floating Rate Note,
3/15/17 $ 1,980,568
1,500,000 0.45 AA/Aa1 Shell International Finance BV, Floating
Rate Note, 11/15/16 1,501,574
3,355,000 0.62 AA-/Aa1 Total Capital Canada, Ltd., Floating Rate
Note, 1/15/16 3,373,577
--------------
$ 6,855,719
-----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration
& Production -- 0.3%
1,330,000 BBB+/Baa1 Canadian Natural Resources, Ltd.,
1.45%, 11/14/14 $ 1,337,856
1,495,000 0.61 BBB+/Baa1 Canadian Natural Resources, Ltd.,
Floating Rate Note, 3/30/16 1,494,267
2,800,000 0.68 BBB+/Baa1 Devon Energy Corp., Floating Rate Note,
12/15/15 2,803,352
709,000 BBB/Baa1 Marathon Oil Corp., 0.9%, 11/1/15 710,330
--------------
$ 6,345,805
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 65
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Oil & Gas Storage
& Transportation -- 0.2%
1,650,000 0.90 A-/Baa1 Enbridge, Inc., Floating Rate Note,
10/1/16 $ 1,654,887
1,204,000 0.91 A-/A3 TransCanada PipeLines, Ltd., Floating
Rate Note, 6/30/16 1,212,574
--------------
$ 2,867,461
--------------
Total Energy $ 16,068,985
-----------------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Diversified Metals & Mining -- 0.1%
1,650,000 0.48 A+/A1 BHP Billiton Finance USA, Ltd., Floating
Rate Note, 9/30/16 $ 1,651,703
1,130,000 1.07 A-/A3 Rio Tinto Finance USA Plc, Floating Rate
Note, 6/17/16 1,139,727
--------------
$ 2,791,430
-----------------------------------------------------------------------------------------------------------
Steel -- 0.1%
1,800,000 1.39 BBB/Baa2 Glencore Funding LLC, Floating Rate
Note, 5/27/16 (144A) $ 1,802,358
--------------
Total Materials $ 4,593,788
-----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.6%
Aerospace & Defense -- 0.1%
1,965,000 0.74 A/A2 United Technologies Corp., Floating Rate
Note, 6/1/15 $ 1,975,540
-----------------------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- 0.5%
1,500,000 0.47 A/A2 Caterpillar Financial Services Corp.,
Floating Rate Note, 2/26/16 $ 1,503,249
2,000,000 0.59 A/A2 Caterpillar Financial Services Corp.,
Floating Rate Note, 2/9/15 2,005,550
1,500,000 0.53 A/A2 John Deere Capital Corp., Floating Rate
Note, 10/11/16 1,503,014
1,800,000 0.12 A/A2 John Deere Capital Corp., Floating Rate
Note, 12/10/15 1,801,537
2,000,000 0.34 A/A2 John Deere Capital Corp., Floating Rate
Note, 2/25/16 1,999,990
897,000 0.39 A/A2 John Deere Capital Corp., Floating Rate
Note, 4/25/14 897,190
--------------
$ 9,710,530
--------------
Total Capital Goods $ 11,686,070
-----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Railroads -- 0.1%
1,675,000 0.44 A/A3 Canadian National Railway Co., Floating
Rate Note, 11/6/15 $ 1,675,010
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
66 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Trucking -- 0.1%
2,400,000 BBB-/Baa3 Penske Truck Leasing Co. LP, 2.5%,
7/11/14 (144A) $ 2,411,513
--------------
Total Transportation $ 4,086,523
-----------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.7%
Automobile Manufacturers -- 0.7%
1,500,000 A-/A3 Daimler Finance North America LLC,
1.3%, 7/31/15 (144A) $ 1,510,455
1,500,000 0.59 A-/A3 Daimler Finance North America LLC,
Floating Rate Note, 3/10/17 (144A) 1,500,864
1,525,000 1.02 A-/A3 Daimler Finance North America LLC,
Floating Rate Note, 4/10/14 (144A) 1,525,278
1,500,000 0.92 A-/A3 Daimler Finance North America LLC,
Floating Rate Note, 8/1/16 (144A) 1,513,569
2,000,000 0.79 BBB+/A3 Nissan Motor Acceptance Corp.,
Floating Rate Note, 3/3/17 (144A) 2,003,484
1,500,000 0.94 BBB+/A3 Nissan Motor Acceptance Corp.,
Floating Rate Note, 9/26/16 (144A) 1,508,466
1,500,000 A-/A3 Volkswagen International Finance NV,
1.875%, 4/1/14 (144A) 1,500,000
1,750,000 0.68 A-/A3 Volkswagen International Finance NV,
Floating Rate Note, 11/18/16 (144A) 1,752,748
1,000,000 0.83 A-/A3 Volkswagen International Finance NV,
Floating Rate Note, 11/20/14 (144A) 1,003,517
--------------
$ 13,818,381
--------------
Total Automobiles & Components $ 13,818,381
-----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Education Services -- 0.1%
1,237,000 AAA/Aaa Yale University, 2.9%, 10/15/14 $ 1,253,233
--------------
Total Consumer Services $ 1,253,233
-----------------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Broadcasting -- 0.2%
2,694,000 0.78 A-/A3 NBCUniversal Enterprise, Inc., Floating
Rate Note, 4/15/16 (144A) $ 2,701,215
1,500,000 A-/A3 NBCUniversal Media LLC, 2.1%, 4/1/14 1,500,000
--------------
$ 4,201,215
--------------
Total Media $ 4,201,215
-----------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.0%+
Hypermarkets &
Super Centers -- 0.0%+
100,000 AA/Aa2 Wal-Mart Stores, Inc., 1.625%, 4/15/14 $ 100,044
--------------
Total Food & Staples Retailing $ 100,044
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 67
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.9%
Brewers -- 0.4%
691,000 A/A2 Anheuser-Busch Companies LLC, 5.0%,
1/15/15 $ 714,940
1,900,000 0.43 A/A2 Anheuser-Busch InBev Finance, Inc.,
Floating Rate Note, 1/27/17 1,897,883
2,300,000 A/A2 Anheuser-Busch InBev Worldwide, Inc.,
1.5%, 7/14/14 2,306,498
2,120,000 A/A2 Anheuser-Busch InBev Worldwide, Inc.,
4.125%, 1/15/15 2,179,313
2,000,000 0.60 A/A2 Anheuser-Busch InBev Worldwide, Inc.,
Floating Rate Note, 7/14/14 2,001,804
--------------
$ 9,100,438
-----------------------------------------------------------------------------------------------------------
Soft Drinks -- 0.1%
551,000 BBB/A3 Coca-Cola Enterprises, Inc., 2.125%,
9/15/15 $ 560,861
860,000 0.44 A-/A1 PepsiCo, Inc., Floating Rate Note, 2/26/16 861,009
850,000 0.22 AA-/Aa3 The Coca-Cola Co., Floating Rate Note,
3/5/15 849,677
--------------
$ 2,271,547
-----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.3%
3,225,000 0.54 BBB+/A2 Campbell Soup Co., Floating Rate Note,
8/1/14 $ 3,227,661
1,895,000 0.44 BBB+/A3 General Mills, Inc., Floating Rate Note,
1/28/16 1,893,980
--------------
$ 5,121,641
-----------------------------------------------------------------------------------------------------------
Tobacco -- 0.1%
1,500,000 0.28 A/A2 Philip Morris International, Inc., Floating
Rate Note, 2/26/15 $ 1,500,010
--------------
Total Food, Beverage & Tobacco $ 17,993,636
-----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT
& SERVICES -- 0.4%
Health Care Equipment -- 0.0%+
895,000 0.41 A-/A3 Baxter International, Inc., Floating Rate
Note, 12/11/14 $ 895,986
-----------------------------------------------------------------------------------------------------------
Health Care Distributors -- 0.0%+
625,000 0.64 BBB+/Baa2 McKesson Corp., Floating Rate Note,
9/10/15 $ 625,633
-----------------------------------------------------------------------------------------------------------
Health Care Services -- 0.4%
2,763,000 BBB+/Baa3 Express Scripts Holding Co., 2.1%,
2/12/15 $ 2,798,206
The accompanying notes are an integral part of these financial statements.
68 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Health Care Services -- (continued)
5,005,000 BBB+/Baa3 Express Scripts Holding Co., 2.75%,
11/21/14 $ 5,077,803
--------------
$ 7,876,009
--------------
Total Health Care Equipment
& Services $ 9,397,628
-----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.1%
Pharmaceuticals -- 0.1%
1,372,000 0.33 AAA/Aaa Johnson & Johnson, Floating Rate Note,
5/15/14 $ 1,372,172
--------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 1,372,172
-----------------------------------------------------------------------------------------------------------
BANKS -- 6.3%
Diversified Banks -- 2.8%
1,725,000 1.04 A/A2 ABN AMRO Bank NV, Floating Rate Note,
10/28/16 (144A) $ 1,734,970
1,000,000 0.49 A+/Aa2 Bank of Nova Scotia Houston, Floating
Rate Note, 10/23/15 1,001,244
2,505,000 1.28 A+/Aa2 Bank of Nova Scotia, Floating Rate
Note, 1/12/15 2,524,800
1,800,000 0.65 A+/Aa2 Bank of Nova Scotia, Floating Rate
Note, 12/13/16 1,805,317
2,000,000 0.63 A+/Aa2 Bank of Nova Scotia, Floating Rate
Note, 3/15/16 2,003,676
1,500,000 0.76 A+/Aa2 Bank of Nova Scotia, Floating Rate
Note, 7/15/16 1,506,824
821,000 0.81 A/A2 Barclays Bank Plc, Floating Rate
Note, 2/17/17 823,339
2,294,000 2.98 A+/A2 BNP Paribas SA, Floating Rate Note,
12/20/14 2,337,586
1,575,000 0.71 AA-/Aa2 Cooperatieve Centrale
Raiffeisen-Boerenleenbank BA New York,
Floating Rate Note, 3/18/16 1,583,658
1,000,000 NR/A2 HSBC Bank Middle East, Ltd., 3.0%,
10/21/15 1,024,500
1,950,000 0.60 AA-/Aa2 National Australia Bank, Ltd., Floating
Rate Note, 3/17/17 1,950,558
3,125,000 1.19 AA-/Aa2 National Australia Bank, Ltd., Floating
Rate Note, 7/25/14 (144A) 3,134,431
2,500,000 0.70 AA-/Aa3 Nordea Bank AB, Floating Rate Note,
5/13/16 (144A) 2,509,052
890,000 NR/NR Nordea Bank AB, Floating Rate Note,
4/4/17 (144A) (c) 890,000
1,875,000 0.57 AA-/Aa3 Royal Bank of Canada, Floating Rate
Note, 1/23/17 1,876,573
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 69
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
1,000,000 0.47 AA-/Aa3 Royal Bank of Canada, Floating Rate
Note, 1/6/15 $ 1,001,979
2,700,000 0.94 AA-/Aa3 Royal Bank of Canada, Floating Rate
Note, 10/30/14 2,711,437
1,800,000 0.45 AA-/Aa3 Royal Bank of Canada, Floating Rate
Note, 12/16/15 1,802,468
2,000,000 0.54 AA-/Aa3 Royal Bank of Canada, Floating Rate
Note, 4/17/14 2,000,414
2,000,000 0.70 AA-/Aa3 Royal Bank of Canada, Floating Rate
Note, 9/9/16 2,007,832
2,750,000 1.18 A+/A2 Standard Chartered Plc, Floating Rate
Note, 5/12/14 (144A) 2,753,435
1,500,000 0.91 A+/Aa3 Sumitomo Mitsui Banking Corp., Floating
Rate Note, 7/19/16 1,510,956
1,500,000 1.01 A+/A1 Sumitomo Mitsui Trust Bank, Ltd.,
Floating Rate Note, 9/16/16 (144A) 1,509,886
2,275,000 0.68 AA-/Aa3 Svenska Handelsbanken AB, Floating
Rate Note, 3/21/16 2,284,132
1,000,000 0.70 AA-/Aa3 Svenska Handelsbanken AB, Floating
Rate Note, 9/23/16 1,004,694
700,000 0.53 NR/Aa3 Svenska Handelsbanken New York NY,
Floating Rate Note, 1/16/15 701,620
1,000,000 0.65 A+/Aa3 The Bank of Tokyo-Mitsubishi UFJ, Ltd.,
Floating Rate Note, 3/10/17 (144A) 1,000,594
1,100,000 AA-/Aa1 The Toronto-Dominion Bank, 1.375%,
7/14/14 1,103,642
1,725,000 0.44 AA-/Aa1 The Toronto-Dominion Bank, Floating
Rate Note, 11/6/15 1,726,647
3,350,000 0.42 AA-/Aa1 The Toronto-Dominion Bank, Floating
Rate Note, 5/1/15 3,356,278
1,200,000 0.54 AA-/Aa1 The Toronto-Dominion Bank, Floating
Rate Note, 7/14/14 1,201,225
1,000,000 0.70 AA-/Aa1 The Toronto-Dominion Bank, Floating
Rate Note, 9/9/16 1,004,642
1,000,000 0.54 AA-/Aa2 Westpac Banking Corp., Floating Rate
Note, 10/28/14 1,000,063
500,000 1.04 NR/Aaa Westpac Banking Corp., Floating Rate
Note, 7/17/15 (144A) 504,436
--------------
$ 56,892,908
-----------------------------------------------------------------------------------------------------------
Regional Banks -- 3.3%
2,950,000 0.69 A-/A2 American Express Centurion Bank,
Floating Rate Note, 11/13/15 $ 2,963,517
2,200,000 A-/A2 BB&T Corp., 2.05%, 4/28/14 2,200,708
5,473,000 0.94 A-/A2 BB&T Corp., Floating Rate Note, 4/28/14 5,475,047
1,814,000 0.55 A-/A2 Branch Banking & Trust Co., Floating
Rate Note, 9/13/16 1,803,301
The accompanying notes are an integral part of these financial statements.
70 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
1,900,000 0.68 BBB+/A3 Capital One NA, Floating Rate Note,
3/22/16 $ 1,902,054
1,727,000 0.65 BBB/Baa2 Fifth Third Bancorp, Floating Rate Note,
12/20/16 1,711,576
2,000,000 BBB+/Baa1 Fifth Third Bank Cincinnati Ohio, 4.75%,
2/1/15 2,067,058
1,800,000 0.75 A-/A3 Fifth Third Bank Cincinnati Ohio,
Floating Rate Note, 11/18/16 1,806,750
3,330,000 0.64 A-/A3 Fifth Third Bank Cincinnati Ohio,
Floating Rate Note, 2/26/16 3,336,460
1,800,000 0.72 A-/A3 KeyBank NA Cleveland Ohio, Floating
Rate Note, 11/25/16 1,803,791
1,370,000 BBB+/Baa1 KeyCorp, 3.75%, 8/13/15 1,423,451
1,900,000 0.61 A/A2 Manufacturers & Traders Trust Co.,
Floating Rate Note, 1/30/17 1,901,879
1,000,000 0.39 A+/A1 Mellon Funding Corp., Floating Rate
Note, 5/15/14 1,000,143
2,850,000 0.58 A-/A3 National City Bank Cleveland Ohio,
Floating Rate Note, 12/15/16 2,831,338
2,750,000 A-/A3 National City Corp., 4.9%, 1/15/15 2,845,521
2,250,000 0.55 A/A2 PNC Bank NA, Floating Rate Note,
1/28/16 2,250,918
1,150,000 0.56 A/A2 PNC Bank NA, Floating Rate Note,
4/29/16 1,150,513
1,585,000 A-/A3 PNC Funding Corp., 5.4%, 6/10/14 1,599,867
2,500,000 0.68 BBB+/A3 SunTrust Bank, Floating Rate Note,
2/15/17 2,499,300
1,390,000 0.55 BBB/Baa1 SunTrust Bank, Floating Rate Note,
4/1/15 1,387,110
1,500,000 4.45 BBB/Baa3 The PNC Financial Services Group, Inc.,
Floating Rate Note (Perpetual) 1,504,500
1,500,000 0.99 A+/A2 Union Bank NA, Floating Rate Note,
9/26/16 1,514,824
4,148,000 A+/A1 US Bancorp, 4.2%, 5/15/14 4,166,815
2,025,000 0.59 AA-/Aa3 US Bank NA Cincinnati Ohio, Floating
Rate Note, 1/30/17 2,024,427
4,355,000 0.52 A+/A1 US Bank NA Cincinnati Ohio, Floating
Rate Note, 10/14/14 4,361,010
1,983,000 0.58 A/A3 Wachovia Corp., Floating Rate
Note, 10/28/15 1,983,373
224,000 A+/A2 Wells Fargo & Co., 3.75%, 10/1/14 227,819
1,000,000 A/A3 Wells Fargo & Co., 5.0%, 11/15/14 1,026,306
2,503,000 0.44 A+/A2 Wells Fargo & Co., Floating Rate Note,
10/28/15 2,503,906
3,175,000 1.16 A+/A2 Wells Fargo & Co., Floating Rate Note,
6/26/15 3,208,712
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 71
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
1,500,000 0.77 A+/A2 Wells Fargo & Co., Floating Rate Note,
7/20/16 $ 1,504,484
975,000 0.45 A+/A1 Wells Fargo Bank NA, Floating Rate
Note, 5/16/16 970,351
--------------
$ 68,956,829
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.2%
4,502,000 BBB/Baa2 Santander Holdings USA, Inc.
Pennsylvania, 3.0%, 9/24/15 $ 4,636,254
--------------
Total Banks $ 130,485,991
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 7.1%
Other Diversified
Financial Services -- 2.2%
4,980,000 A-/Baa2 Bank of America Corp., 5.45%, 7/15/14 $ 5,049,964
6,000,000 1.05 A-/Baa2 Bank of America Corp., Floating
Rate Note, 3/22/16 6,041,652
2,000,000 0.71 A/A2 Bank of America NA, Floating Rate
Note, 2/14/17 2,000,016
1,300,000 BBB+/Baa3 Citigroup, Inc., 5.0%, 9/15/14 1,325,174
1,700,000 0.92 A-/Baa2 Citigroup, Inc., Floating Rate Note,
11/15/16 1,708,400
2,692,000 0.52 A-/Baa2 Citigroup, Inc., Floating Rate Note,
11/5/14 2,692,724
1,325,000 1.04 A-/Baa2 Citigroup, Inc., Floating Rate Note,
4/1/16 1,334,062
1,500,000 1.20 A-/Baa2 Citigroup, Inc., Floating Rate Note,
7/25/16 1,518,934
1,800,000 0.45 NR/Aa2 Commonwealth Bank of Australia,
Floating Rate Note, 12/4/15 (144A) 1,800,954
2,000,000 0.59 AA-/Aa2 Commonwealth Bank of Australia,
Floating Rate Note, 3/13/17 (144A) 1,999,988
300,000 AA+/A1 General Electric Capital Corp., 5.9%,
5/13/14 301,875
1,865,000 0.47 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 1/14/16 1,866,326
2,300,000 0.84 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 1/8/16 2,315,776
2,420,000 0.94 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 4/24/14 2,420,782
1,967,000 0.87 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 4/7/14 1,967,151
1,000,000 0.43 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 5/11/16 998,618
690,000 0.62 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 7/10/15 692,715
500,000 1.28 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 7/2/15 505,410
The accompanying notes are an integral part of these financial statements.
72 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Other Diversified
Financial Services -- (continued)
500,000 1.38 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 8/1/17 $ 496,198
1,528,000 A/A3 JPMorgan Chase & Co., 1.1%, 10/15/15 1,534,271
2,000,000 0.90 A/A3 JPMorgan Chase & Co., Floating Rate
Note, 10/15/15 2,009,530
2,000,000 0.76 A/A3 JPMorgan Chase & Co., Floating Rate
Note, 2/15/17 2,001,718
1,800,000 0.85 A/A3 JPMorgan Chase & Co., Floating Rate
Note, 2/26/16 1,808,633
1,000,000 0.94 A-/Baa1 JPMorgan Chase & Co., Floating Rate
Note, 3/31/16 992,527
1,000,000 0.98 A/A3 JPMorgan Chase & Co., Floating Rate
Note, 5/2/14 1,000,556
--------------
$ 46,383,954
-----------------------------------------------------------------------------------------------------------
Multi-Sector Holdings -- 0.1%
1,855,000 0.39 AA/Aa2 Berkshire Hathaway Finance Corp.,
Floating Rate Note, 1/10/17 $ 1,856,024
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
2,516,000 AA+/Aa2 MassMutual Global Funding II, 2.875%,
4/21/14 (144A) $ 2,519,145
1,750,000 0.36 AA+/Aa2 MassMutual Global Funding II, Floating
Rate Note, 12/11/15 (144A) 1,751,204
1,870,000 A+/A1 National Rural Utilities Cooperative
Finance Corp., 1.0%, 2/2/15 1,880,085
1,800,000 0.54 A/A2 National Rural Utilities Cooperative
Finance Corp., Floating Rate Note,
11/23/16 1,801,877
--------------
$ 7,952,311
-----------------------------------------------------------------------------------------------------------
Consumer Finance -- 2.2%
1,500,000 1.33 A-/A2 American Express Credit Corp., Floating
Rate Note, 6/12/15 $ 1,517,247
4,700,000 1.08 A-/A2 American Express Credit Corp., Floating
Rate Note, 6/24/14 4,708,103
2,250,000 0.75 A-/A2 American Express Credit Corp., Floating
Rate Note, 7/29/16 2,265,109
600,000 A+/A1 American Honda Finance Corp., 1.85%,
9/19/14 (144A) 604,254
950,000 0.74 A+/A1 American Honda Finance Corp., Floating
Rate Note, 10/7/16 957,591
1,300,000 0.34 A+/A1 American Honda Finance Corp., Floating
Rate Note, 11/13/14 (144A) 1,300,848
1,500,000 0.36 A+/A1 American Honda Finance Corp., Floating
Rate Note, 4/8/14 (144A) 1,500,044
825,000 0.61 A+/A1 American Honda Finance Corp., Floating
Rate Note, 5/26/16 (144A) 828,663
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 73
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
1,275,000 0.69 A+/A1 American Honda Finance Corp., Floating
Rate Note, 5/8/14 (144A) $ 1,275,850
1,500,000 0.63 A+/A1 American Honda Finance Corp., Floating
Rate Note, 6/18/14 (144A) 1,502,020
4,440,000 BBB/Baa1 Capital One Financial Corp., 2.125%,
7/15/14 4,460,402
1,875,000 0.88 BBB/Baa1 Capital One Financial Corp., Floating
Rate Note, 11/6/15 1,880,766
3,244,000 1.39 BBB/Baa1 Capital One Financial Corp., Floating
Rate Note, 7/15/14 3,252,931
1,950,000 1.03 BBB+/Baa1 Hyundai Capital Services, Inc., Floating
Rate Note, 3/18/17 (144A) 1,952,258
2,000,000 0.37 A+/A1 PACCAR Financial Corp., Floating Rate
Note, 5/5/15 2,002,392
5,660,000 0.49 A+/A1 PACCAR Financial Corp., Floating Rate
Note, 6/5/14 5,662,790
1,000,000 AA-/Aa3 Toyota Motor Credit Corp., 0.75%,
3/5/17 (Step) 995,647
2,265,000 AA-/Aa3 Toyota Motor Credit Corp., 1.0%, 2/17/15 2,278,914
554,000 AA-/Aa3 Toyota Motor Credit Corp., 1.25%,
11/17/14 557,429
1,290,000 0.41 AA-/Aa3 Toyota Motor Credit Corp., Floating Rate
Note, 1/23/15 1,291,500
2,000,000 0.26 NR/NR Toyota Motor Credit Corp., Floating Rate
Note, 4/7/14 2,000,002
2,800,000 0.53 AA-/Aa3 Toyota Motor Credit Corp., Floating Rate
Note, 5/17/16 2,810,755
1,000,000 0.38 AA-/Aa3 Toyota Motor Credit Corp., Floating Rate
Note, 9/18/15 1,000,763
--------------
$ 46,606,278
-----------------------------------------------------------------------------------------------------------
Asset Management &
Custody Banks -- 0.9%
1,550,000 A+/A2 Northern Trust Corp., 4.625%, 5/1/14 $ 1,556,045
2,320,000 0.44 A+/A1 State Street Bank & Trust Co., Floating
Rate Note, 12/8/15 2,317,569
3,645,000 A+/A1 State Street Corp., 4.3%, 5/30/14 3,668,000
1,900,000 A+/A1 The Bank of New York Mellon Corp.,
1.7%, 11/24/14 1,914,803
670,000 A+/A1 The Bank of New York Mellon Corp.,
3.1%, 1/15/15 684,358
3,123,000 A+/A1 The Bank of New York Mellon Corp.,
4.3%, 5/15/14 3,137,890
1,468,000 0.47 A+/A1 The Bank of New York Mellon Corp.,
Floating Rate Note, 10/23/15 1,471,256
1,000,000 0.47 A+/A1 The Bank of New York Mellon Corp.,
Floating Rate Note, 3/4/16 1,000,575
The accompanying notes are an integral part of these financial statements.
74 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Asset Management &
Custody Banks -- (continued)
2,340,000 0.51 A+/A1 The Bank of New York Mellon Corp.,
Floating Rate Note, 7/28/14 $ 2,342,195
--------------
$ 18,092,691
-----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.3%
6,101,000 A/A1 Credit Suisse New York NY, 5.5%, 5/1/14 $ 6,125,935
2,940,000 A/A1 Credit Suisse USA, Inc., 4.875%, 1/15/15 3,040,883
4,350,000 1.48 A-/Baa2 Morgan Stanley, Floating Rate Note,
2/25/16 4,412,501
2,100,000 A/A3 TD Ameritrade Holding Corp., 4.15%,
12/1/14 2,151,440
400,000 0.96 A/A3 The Bear Stearns Companies LLC,
Floating Rate Note, 10/28/14 401,354
2,465,000 0.62 A/A3 The Bear Stearns Companies LLC,
Floating Rate Note, 11/21/16 2,455,389
1,862,000 A-/Baa1 The Goldman Sachs Group, Inc.,
5.0%, 10/1/14 1,903,705
1,000,000 1.23 A-/Baa1 The Goldman Sachs Group, Inc.,
Floating Rate Note, 11/21/14 1,004,783
3,000,000 0.68 A-/Baa1 The Goldman Sachs Group, Inc.,
Floating Rate Note, 3/22/16 2,991,552
2,000,000 0.83 A-/Baa1 The Goldman Sachs Group, Inc.,
Floating Rate Note, 9/29/14 2,003,660
--------------
$ 26,491,202
--------------
Total Diversified Financials $ 147,382,460
-----------------------------------------------------------------------------------------------------------
INSURANCE -- 6.3%
Life & Health Insurance -- 0.5%
1,500,000 0.41 BBB+/Baa2 Hartford Life Global Funding Trusts,
Floating Rate Note, 6/16/14 $ 1,500,033
2,000,000 0.58 AA/A1 Jackson National Life Global Funding,
Floating Rate Note, 9/30/15 (144A) 2,006,874
3,205,000 0.61 AA-/Aa3 MetLife Institutional Funding II, Floating
Rate Note, 1/6/15 (144A) 3,214,028
900,000 1.14 AA-/Aa3 MetLife Institutional Funding II, Floating
Rate Note, 4/4/14 (144A) 900,023
2,530,000 0.60 A+/A1 Principal Life Global Funding II, Floating
Rate Note, 5/27/16 (144A) 2,533,937
--------------
$ 10,154,895
-----------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.4%
720,000 AA-/Aa3 Metropolitan Life Global Funding I,
5.125%, 6/10/14 (144A) $ 726,565
1,500,000 0.77 AA-/Aa3 Metropolitan Life Global Funding I,
Floating Rate Note, 7/15/16 (144A) 1,509,892
1,000,000 AA+/Aaa New York Life Global Funding, 0.75%,
7/24/15 (144A) 1,001,559
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 75
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Multi-line Insurance -- (continued)
660,000 AA+/Aaa New York Life Global Funding, 1.3%,
1/12/15 (144A) $ 664,385
3,150,000 0.59 AA+/Aaa New York Life Global Funding, Floating
Rate Note, 5/23/16 (144A) 3,165,479
1,300,000 0.24 AA+/Aaa New York Life Global Funding, Floating
Rate Note, 7/30/14 (144A) 1,300,150
--------------
$ 8,368,030
-----------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.2%
3,467,000 A-/Baa2 XLIT, Ltd., 5.25%, 9/15/14 $ 3,538,507
-----------------------------------------------------------------------------------------------------------
Reinsurance -- 5.2%
6,800,000 4.25 BB+/NR Armor Re, Ltd., Floating Rate Note,
5/14/14 (Cat Bond) (144A) $ 6,821,080
1,500,000 3.44 BB/NR Atlas IX Capital, Ltd., Floating Rate Note,
1/17/19 (Cat Bond) (144A) 1,534,800
1,000,000 8.12 BB-/NR Atlas Reinsurance VII, Ltd., Floating Rate
Note, 1/7/16 (Cat Bond) (144A) 1,053,000
2,125,000 4.30 BB+/NR Blue Danube II, Ltd., Floating Rate Note,
5/23/16 (Cat Bond) (144A) 2,160,700
945,000 11.10 BB-/NR Blue Danube, Ltd., Floating Rate Note,
4/10/15 (Cat Bond) (144A) 995,746
600,000 6.24 BB+/NR Blue Danube, Ltd., Floating Rate Note,
4/10/15 (Cat Bond) (144A) 617,220
750,000 2.55 BB+/NR Bosphorus 1 Re, Ltd., Floating Rate Note,
5/3/16 (Cat Bond) (144A) 750,375
2,500,000 5.31 BB-/NR Caelus Re, Ltd., Floating Rate Note,
3/7/16 (Cat Bond) (144A) 2,540,250
2,300,000 6.91 NR/NR Caelus Re, Ltd., Floating Rate Note,
4/7/17 (Cat Bond) (144A) 2,411,320
2,000,000 10.24 NR/Ba2 Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) 2,107,400
2,970,000 4.74 NR/Baa1 Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) 3,026,727
1,000,000 10.31 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 1,027,500
250,000 9.06 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 255,175
250,000 11.31 B+/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 257,925
250,000 9.05 BB/NR East Lane Re V, Ltd., Floating Rate Note,
3/16/16 (Cat Bond) (144A) 269,650
2,000,000 N/A BB+/NR East Lane Re VI, Ltd., Floating Rate Note,
3/14/18 (144A) 2,002,200
2,100,000 6.70 BB/NR East Lane Re, Ltd., Floating Rate Note,
3/13/15 (Cat Bond) (144A) 2,162,580
1,320,000 6.68 BB-/NR Embarcadero Reinsurance, Ltd., Floating
Rate Note, 2/4/16 (Cat Bond) (144A) 1,333,200
The accompanying notes are an integral part of these financial statements.
76 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
525,000 5.24 BB+/NR Embarcadero Reinsurance, Ltd., Floating
Rate Note, 8/7/15 (Cat Bond) (144A) $ 540,488
6,000,000 17.77 B+/NR Everglades Re, Ltd., Floating Rate Note,
4/30/14 (Cat Bond) (144A) 6,073,200
1,550,000 5.03 BB+/NR Foundation Re III, Ltd., Floating Rate
Note, 2/25/15 (Cat Bond) (144A) 1,576,970
1,500,000 7.44 NR/NR Galileo Re, Ltd., Floating Rate Note,
1/9/19 (Cat Bond) (144A) 1,559,850
2,000,000 0.00 NR/NR Gator Re, Ltd., Floating Rate Note,
1/9/17 (Cat Bond) (144A) 2,010,600
750,000 3.79 BB+/NR Golden State Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) 760,650
300,000 8.40 BB-/NR Ibis Re II, Ltd., Floating Rate Note,
2/5/15 (Cat Bond) (144A) 307,110
2,250,000 4.05 BB+/NR Ibis Re II, Ltd., Floating Rate Note,
6/28/16 (Cat Bond) (144A) 2,295,450
2,000,000 6.94 BB-/NR Johnston Re, Ltd., Floating Rate Note,
5/8/14 (Cat Bond) (144A) 2,005,800
5,000,000 7.64 BB-/NR Johnston Re, Ltd., Floating Rate Note,
5/8/14 (Cat Bond) (144A) 5,018,000
1,800,000 0.00 NR/NR Kizuna II Re, Ltd., Floating Rate Note,
4/6/18 (Cat Bond) (144A) 1,810,260
1,000,000 9.75 NR/NR Loma Reinsurance, Ltd. Bermuda, Floating
Rate Note, 1/8/18 (Cat Bond) (144A) 1,040,000
2,000,000 4.05 BB/NR Longpoint Re, Ltd. III, Floating Rate Note,
5/18/16 (Cat Bond) (144A) 2,038,000
1,300,000 6.23 BB+/NR Longpoint Re, Ltd., Floating Rate Note,
6/12/15 (Cat Bond) (144A) 1,352,390
2,000,000 0.00 NR/NR Merna Reinsurance V, Ltd., Floating
Rate Note, 4/7/17 (Cat Bond) (144A) 1,999,400
1,500,000 4.53 BB-/NR MetroCat Re, Ltd., Floating Rate Note,
8/5/16 (Cat Bond) (144A) 1,541,100
1,000,000 9.06 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 1,041,600
1,500,000 12.06 B/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 1,591,650
1,250,000 8.74 NR/Ba3 Mythen Re, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 1,317,000
2,000,000 8.24 NR/Ba3 Mythen Re, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 2,114,400
2,750,000 8.55 B+/NR Mythen Re, Ltd., Series 2012-2
Class A, Floating Rate Note, 1/5/17
(Cat Bond) (144A) 2,927,100
500,000 11.78 B-/NR Mythen Re, Ltd., Series 2012-2
Class A, Floating Rate Note, 11/10/16
(Cat Bond) (144A) 535,650
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 77
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,500,000 8.04 NR/NR Mythen Re, Ltd., Series 2013-1
Class B, Floating Rate Note, 7/9/15
(Cat Bond) (144A) $ 1,553,250
2,250,000 7.31 BB-/NR Northshore Re, Ltd., Floating Rate Note,
7/5/16 (Cat Bond) (144A) 2,334,600
1,750,000 3.55 NR/NR Queen City Re, Floating Rate Note,
1/6/19 (Cat Bond) (144A) 1,749,125
1,500,000 7.56 CC/NR Queen Street II Capital, Ltd., Floating
Rate Note, 4/9/14 (Cat Bond) (144A) 1,501,050
2,250,000 7.56 BB-/NR Queen Street IV Capital, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond) (144A) 2,320,650
1,250,000 8.56 BB-/NR Queen Street V Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 1,297,750
250,000 10.58 B/NR Queen Street VI Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 263,500
1,750,000 8.65 B/NR Queen Street VII Re, Ltd., Floating Rate
Note, 4/8/16 (Cat Bond) (144A) 1,850,625
1,450,000 8.80 B+/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 12/6/16 (Cat Bond)
(144A) 1,534,100
1,750,000 9.06 BB-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 (Cat Bond)
(144A) 1,841,000
500,000 8.96 NR/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/17 (Cat Bond)
(144A) 523,300
750,000 5.80 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat Bond)
(144A) 781,650
2,900,000 4.55 BB+/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat Bond)
(144A) 3,004,110
750,000 8.05 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat Bond)
(144A) 827,175
1,150,000 10.05 BB-/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat Bond)
(144A) 1,273,970
1,100,000 9.30 B-/NR Residential Reinsurance 2013, Ltd.,
Floating Rate Note, 6/6/17 (Cat Bond)
(144A) 1,148,070
1,000,000 0.00 BB-/NR Riverfront Re, Ltd., Floating Rate Note,
1/6/17 (Cat Bond) (144A) 1,000,500
1,500,000 4.06 BB/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 1,518,150
2,500,000 3.56 BB+/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 2,524,000
The accompanying notes are an integral part of these financial statements.
78 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,500,000 8.53 B+/NR Tar Heel Re, Ltd., Floating Rate Note,
5/9/16 (Cat Bond) (144A) $ 1,616,250
250,000 6.25 NR/NR Tradewynd Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 251,325
400,000 2.94 BBB-/NR Vita Capital IV, Ltd., Floating Rate Note,
1/15/16 (Cat Bond) (144A) 405,680
1,500,000 0.04 BBB-/NR Vita Capital V, Ltd., Floating Rate Note,
1/15/17 (Cat Bond) (144A) 1,524,900
500,000 3.44 BB+/NR Vita Capital V, Ltd., Floating Rate Note,
1/15/17 (Cat Bond) (144A) 511,600
1,000,000 2.81 BBB+/NR Vitality Re IV, Ltd., Floating Rate Note,
1/9/17 (Cat Bond) (144A) 1,025,900
1,800,000 2.50 BBB+/NR Vitality Re V, Ltd., Floating Rate Note,
1/7/19 (Cat Bond) (144A) 1,800,000
--------------
$ 108,765,746
--------------
Total Insurance $ 130,827,178
-----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE
& EQUIPMENT -- 0.2%
Communications Equipment -- 0.1%
1,000,000 0.52 AA-/A1 Cisco Systems, Inc., Floating Rate Note,
3/3/17 $ 1,002,022
1,000,000 0.29 AA-/A1 Cisco Systems, Inc., Floating Rate Note,
9/3/15 999,571
--------------
$ 2,001,593
-----------------------------------------------------------------------------------------------------------
Computer Hardware -- 0.1%
1,500,000 0.29 AA+/Aa1 Apple, Inc., Floating Rate Note, 5/3/16 $ 1,499,734
--------------
Total Technology Hardware
& Equipment $ 3,501,327
-----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.4%
Integrated Telecommunication
Services -- 0.3%
1,850,000 A-/A3 AT&T, Inc., 0.875%, 2/13/15 $ 1,857,243
2,456,000 BBB+/Baa1 Deutsche Telekom International Finance
BV, 4.875%, 7/8/14 2,484,386
1,250,000 NR/Ba2 GTP Towers Issuer LLC, 8.112%,
2/15/15 (144A) 1,285,265
805,000 1.76 BBB+/Baa1 Verizon Communications, Inc., Floating
Rate Note, 9/15/16 828,090
--------------
$ 6,454,984
-----------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.1%
1,500,000 1.23 A-/A2 America Movil SAB de CV, Floating Rate
Note, 9/12/16 $ 1,516,722
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 79
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- (continued)
1,150,000 0.62 A-/A3 Vodafone Group Plc, Floating Rate
Note, 2/19/16 $ 1,150,627
--------------
$ 2,667,349
--------------
Total Telecommunication Services $ 9,122,333
-----------------------------------------------------------------------------------------------------------
UTILITIES -- 0.6%
Electric Utilities -- 0.6%
1,375,000 0.59 A/Aa3 Duke Energy Indiana, Inc., Floating Rate
Note, 7/11/16 $ 1,374,391
725,000 0.38 A/A2 Duke Energy Ohio, Inc., Floating Rate
Note, 3/6/15 725,637
1,275,000 0.44 A/Aa2 Duke Energy Progress, Inc., Floating Rate
Note, 3/6/17 1,273,905
1,865,000 0.70 A+/Aa3 Electricite de France, Floating Rate Note,
1/20/17 (144A) 1,870,856
1,090,000 0.55 A/A3 Georgia Power Co., Floating Rate Note,
3/15/16 1,089,046
1,000,000 0.64 A/A3 Georgia Power Co., Floating Rate Note,
8/15/16 1,000,736
1,400,000 A-/A2 NSTAR Electric Co., 4.875%, 4/15/14 1,402,062
1,013,000 0.48 A-/A2 NSTAR Electric Co., Floating Rate Note,
5/17/16 1,011,337
1,450,000 0.30 A/Aa3 Southern California Edison Co., Floating
Rate Note, 10/1/14 1,450,144
1,530,000 0.68 A/Aa3 Southern California Edison Co., Floating
Rate Note, 9/15/14 1,532,333
--------------
$ 12,730,447
--------------
Total Utilities $ 12,730,447
-----------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $515,994,182) $ 518,621,411
-----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- 5.1%
2,496 AAA/Aaa Fannie Mae, 6.5%, 1/1/15 $ 2,525
8,980 AAA/Aaa Fannie Mae, 7.0%, 10/1/17 9,496
24,469 2.30 AAA/Aaa Fannie Mae, Floating Rate Note, 1/1/48 25,959
28,044 2.54 AAA/Aaa Fannie Mae, Floating Rate Note, 10/1/32 29,995
12,004 2.27 AAA/Aaa Fannie Mae, Floating Rate Note, 11/1/23 12,469
31,807 2.30 AAA/Aaa Fannie Mae, Floating Rate Note, 2/1/34 32,300
2,526 2.82 AAA/Aaa Fannie Mae, Floating Rate Note, 4/1/15 2,491
22,599 2.24 AAA/Aaa Fannie Mae, Floating Rate Note, 9/1/32 24,070
1,490,000 0.25 AA+/Aaa Federal Farm Credit Banks, Floating Rate
Note, 1/20/15 1,492,000
3,500,000 0.16 AA+/Aaa Federal Farm Credit Banks, Floating Rate
Note, 10/23/14 3,501,712
The accompanying notes are an integral part of these financial statements.
80 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- (continued)
3,000,000 0.18 AA+/Aaa Federal Farm Credit Banks, Floating Rate
Note, 12/15/14 $ 3,001,500
1,360,000 0.22 AA+/Aaa Federal Farm Credit Banks, Floating Rate
Note, 3/4/15 1,361,670
1,925,000 0.22 AA+/Aaa Federal Farm Credit Banks, Floating Rate
Note, 4/21/14 1,925,092
1,000,000 0.22 AA+/Aaa Federal Farm Credit Banks, Floating Rate
Note, 4/25/14 1,000,103
4,000,000 0.25 AA+/Aaa Federal Farm Credit Banks, Floating Rate
Note, 5/21/14 4,000,916
4,500,000 0.36 AA+/Aaa Federal Farm Credit Banks, Floating Rate
Note, 5/29/14 4,502,128
5,529,000 0.22 AA+/Aaa Federal Farm Credit Banks, Floating Rate
Note, 7/16/14 5,530,421
2,440,000 0.21 AA+/Aaa Federal Farm Credit Banks, Floating Rate
Note, 9/24/14 2,440,837
2,305,000 AA+/Aaa Federal Home Loan Banks, 0.25%,
4/11/14 2,305,118
895,175 AA+/NR Federal Home Loan Banks, 2.9%,
4/20/17 923,902
7,890,000 0.30 AA+/Aaa Federal Home Loan Banks, Floating Rate
Note, 4/24/14 7,891,144
16,010,000 0.22 AA+/Aaa Federal Home Loan Banks, Floating Rate
Note, 6/11/14 16,014,915
464 AAA/Aaa Federal Home Loan Mortgage Corp.,
7.0%, 6/1/14 465
10,328 2.35 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 10/1/23 11,038
4,200,000 0.38 AA+/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 10/7/14 4,206,649
14,907 2.62 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 11/1/33 15,892
8,122 2.60 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 6/1/35 8,516
760,000 0.17 AA+/Aaa Federal National Mortgage Association,
Floating Rate Note, 1/20/15 760,372
2,135,000 0.35 AA+/Aaa Federal National Mortgage Association,
Floating Rate Note, 1/27/15 2,139,663
2,370,000 0.38 AA+/Aaa Federal National Mortgage Association,
Floating Rate Note, 10/27/14 2,374,131
1,650,000 0.47 AA+/Aaa Federal National Mortgage Association,
Floating Rate Note, 11/21/14 1,654,125
1,400,000 0.43 AA+/Aaa Federal National Mortgage Association,
Floating Rate Note, 12/15/14 1,403,451
4,829,000 0.14 AA+/Aaa Federal National Mortgage Association,
Floating Rate Note, 6/20/14 4,829,594
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 81
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- (continued)
6,700,000 0.36 AA+/Aaa Federal National Mortgage Association,
Floating Rate Note, 6/23/14 $ 6,704,114
9,065,000 0.34 AA+/Aaa Federal National Mortgage Association,
Floating Rate Note, 8/11/14 9,073,893
1,800,000 0.35 AA+/Aaa Federal National Mortgage Association,
Floating Rate Note, 8/25/14 1,802,020
15,043 1.62 AAA/Aaa Government National Mortgage Association
II, Floating Rate Note, 1/20/22 15,635
5,000,000 AA+/Aaa U.S. Treasury Notes, 0.25%, 4/30/14 5,000,585
10,000,000 0.10 NR/Aaa U.S. Treasury Notes, Floating Rate Note,
1/31/16 9,994,420
-----------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $106,015,325) $ 106,025,326
-----------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 0.1%
1,100,000 AAA/Aaa Export Development Canada, 3.125%,
4/24/14 $ 1,101,936
1,800,000 0.40 AA-/Aa2 Province of Ontario Canada, Floating
Rate Note, 4/1/15 1,802,507
-----------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $2,904,389) $ 2,904,443
-----------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 3.4%
Municipal Development -- 0.3%
4,140,000 0.05 AAA/Aaa Lower Neches Valley Authority Industrial
Development Corp., Floating Rate Note,
11/1/38 $ 4,140,000
2,100,000 0.07 AA/Aa1 Mississippi Business Finance Corp.,
Floating Rate Note, 11/1/35 2,100,000
--------------
$ 6,240,000
-----------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 1.8%
4,200,000 0.06 AAA/Aaa Connecticut State Health & Educational
Facility Authority, Floating Rate Note,
7/1/36 $ 4,200,000
8,890,000 0.06 AA/Aa2 Maryland Health & Higher Educational
Facilities Authority, Floating Rate Note,
7/1/36 8,890,000
11,670,000 0.06 AAA/Aaa Permanent University Fund, Floating Rate
Note, 7/1/37 11,670,000
11,970,000 0.06 AAA/Aaa The University of Texas System, Floating
Rate Note, 8/1/34 11,970,000
250,000 0.74 AA/Aa2 University of California, Floating Rate
Note, 7/1/41 250,000
--------------
$ 36,980,000
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
82 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Municipal Medical -- 1.2%
5,140,000 0.06 NR/NR Geisinger Authority, Floating Rate Note,
8/1/22 $ 5,140,000
14,840,000 0.08 AA/NR Harris County Health Facilities Development
Corp., Floating Rate Note, 12/1/41 14,840,000
4,945,000 0.06 AAA/Aaa Loudoun County Economic Development
Authority, Floating Rate Note, 2/15/38 4,945,000
--------------
$ 24,925,000
-----------------------------------------------------------------------------------------------------------
Municipal Power -- 0.0%+
670,000 1.03 NR/A1 South Carolina State Public Service
Authority, Floating Rate Note, 6/1/15 $ 672,801
-----------------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.1%
1,000,000 SP-1+/NR State of California, 2.0%, 5/28/14 $ 1,003,020
-----------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $69,817,791) $ 69,820,821
-----------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 8.9%**
ENERGY -- 0.5%
Oil & Gas Drilling -- 0.1%
995,000 6.00 B+/B1 Drillships Financing Holding, Inc., Tranche
B-1 Term Loan, 3/31/21 $ 1,017,594
495,000 5.75 B-/B3 Offshore Group Investment, Ltd., Term
Loan, 3/28/19 499,744
--------------
$ 1,517,338
-----------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.1%
37,843 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term Loan,
5/2/16 $ 38,127
2,743,125 4.00 BB-/Ba3 Seadrill Operating LP, Initial Term Loan,
2/14/21 2,739,940
--------------
$ 2,778,067
-----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration
& Production -- 0.2%
250,000 5.75 BB-/Ba3 Chesapeake Energy Corp., Term Loan,
12/2/17 $ 256,016
2,688,873 3.88 BB-/Ba2 Fieldwood Energy LLC, Closing Date Loan,
9/25/18 2,697,276
400,000 5.00 B-/B1 Samson Investment Co., Tranche 1 Term
Loan (Second Lien), 9/25/18 404,150
--------------
$ 3,357,442
-----------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.1%
98,500 3.75 BB/Ba2 Pilot Travel Centers LLC, Refinancing
Tranche B Term Loan, 3/30/18 $ 99,094
795,000 2.40 BBB-/Ba1 Tesoro Corp., Initial Term Loan, 1/11/16 800,962
--------------
$ 900,056
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 83
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.0%+
820,875 5.50 B+/Ba3 Foresight Energy LLC, Term Loan, 8/21/20 $ 828,228
--------------
Total Energy $ 9,381,131
-----------------------------------------------------------------------------------------------------------
MATERIALS -- 0.5%
Commodity Chemicals -- 0.0%+
387,961 4.50 NR/Ba2 Tronox Pigments BV, New Term Loan,
3/19/20 $ 390,844
-----------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.2%
1,434,660 4.00 BB-/B1 Axalta Coating Systems US Holdings, Inc.,
Refinanced Term B Loan, 2/1/20 $ 1,438,503
371,082 3.50 BB+/Ba1 Chemtura Corp., New Term Loan, 8/29/16 373,788
938,125 4.00 NR/NR PQ Corp., 2014 Term Loan, 8/7/17 941,498
690,499 3.25 BB-/NR Taminco Global Chemical Corp., Initial
Tranche B-3 Dollar Term Loan, 2/15/19 691,362
290,008 1.00 BBB-/Ba2 WR Grace & Co., Delayed Draw Term
Loan, 1/23/21 290,068
812,023 3.00 BBB-/Ba2 WR Grace & Co., U.S. Term Loan, 1/23/21 812,192
--------------
$ 4,547,411
-----------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.1%
684,000 0.00 B+/Ba3 Ardagh Holdings USA, Inc., Tranche B-3
Term Loan (First Lien), 12/17/19 $ 686,352
791,489 4.50 B/B1 BWAY Holding Co., Initial Term Loan,
8/31/17 797,054
--------------
$ 1,483,406
-----------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.1%
693,602 4.75 B/Ba3 Kleopatra Acquisition Corp., Term B-1
Loan, 12/21/16 $ 701,983
175,000 0.00 NR/NR Multi Packaging Solutions, Inc., Initial
Dollar Tranche B Term, 9/30/20 175,875
577,379 3.00 BB+/NR Sealed Air Corp., Replacement Term
Loan, 10/3/18 579,003
--------------
$ 1,456,861
-----------------------------------------------------------------------------------------------------------
Aluminum -- 0.0%+
117,600 5.75 B/B2 Noranda Aluminum Acquisition Corp.,
Term B Loan, 2/28/19 $ 112,847
-----------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
1,481,284 4.25 BBB-/NR Fortescue Metals Group Ltd., Bank Loan,
6/30/19 $ 1,494,477
533,509 0.00 D/Caa3 Preferred Sands Holding Co. LLC, Term B
Loan, 12/15/16 (d) 423,473
--------------
$ 1,917,950
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
84 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Steel -- 0.0%+
360,327 4.75 BB-/B2 JMC Steel Group, Inc., Term Loan, 4/1/17 $ 363,930
45,384 4.00 BB+/Ba1 SunCoke Energy, Inc., Tranche B Term
Loan, 7/26/18 45,498
--------------
$ 409,428
-----------------------------------------------------------------------------------------------------------
Paper Products -- 0.0%+
190,964 4.50 NR/NR Ranpak Corp., USD Term Loan, 4/10/19 $ 192,516
--------------
Total Materials $ 10,511,263
-----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.7%
Aerospace & Defense -- 0.3%
498,750 0.00 BBB-/Ba1 Alliant Techsystems, Inc., Term B Loan,
10/22/20 $ 500,776
881,720 3.75 BBB-/Ba2 DigitalGlobe, Inc., Term Loan, 1/25/20 883,374
200,347 6.25 BB-/WR DynCorp International, Inc., Term Loan,
7/7/16 202,100
419,688 5.25 B/B2 Sequa Corp., Initial Term Loan, 6/19/17 411,556
1,339,193 4.25 BB+/Ba1 Spirit AeroSystems, Inc., Term Loan B,
9/30/20 1,337,797
322,550 3.75 B/Ba3 TransDigm, Inc., Tranche C Term Loan,
2/28/20 323,155
2,600,000 3.25 BB-/Ba3 Wesco Aircraft Hardare Corp., Tranche B
Term Loan (First Lien), 2/24/21 2,593,500
--------------
$ 6,252,258
-----------------------------------------------------------------------------------------------------------
Building Products -- 0.1%
1,089,248 3.50 BB-/B1 Armstrong World Industries, Inc., Term
Loan B, 3/15/20 $ 1,091,965
557,200 4.00 B+/B1 The Quikrete Companies, Inc., Initial
Loan (First Lien), 9/26/20 559,220
984,060 4.25 B+/B1 Unifrax Corp., New Term B Loan, 12/31/19 990,452
--------------
$ 2,641,637
-----------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
925,000 3.25 BB+/Ba3 Southwire Co., Term Loan, 1/31/21 $ 924,918
886,500 6.00 B+/Ba2 WireCo WorldGroup, Inc., Term Loan,
2/15/17 894,811
--------------
$ 1,819,729
-----------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%+
693,000 0.00 B/B1 Milacron LLC, Term Loan, 3/12/20 $ 694,732
-----------------------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- 0.1%
85,000 3.25 BB+/Ba1 Manitowoc Co. Inc. (The), Term B Loan,
12/18/20 $ 85,184
310,336 3.50 BBB-/Ba1 Terex Corp., Term Loan, 4/28/17 312,082
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 85
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- (continued)
1,853,223 4.01 B+/B2 Waupaca Foundry, Inc., Term Loan,
6/29/17 $ 1,860,173
--------------
$ 2,257,439
-----------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
398,000 4.25 B/B1 Gardner Denver, Inc., Initial Dollar Term
Loan, 7/30/20 $ 398,324
683,943 4.25 B+/Ba3 Schaeffler AG, Facility C (USD), 1/27/17 688,033
79,400 5.75 BB-/Ba3 Xerium Technologies, Inc., New Term
Loan, 5/17/19 80,095
--------------
$ 1,166,452
-----------------------------------------------------------------------------------------------------------
Trading Companies
& Distributors -- 0.0%+
318,295 3.75 BB/Ba3 WESCO Distribution, Inc., Tranche B-1
Loan, 12/12/19 $ 319,488
--------------
Total Capital Goods $ 15,151,735
-----------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES
& SUPPLIES -- 0.5%
Environmental &
Facilities Services -- 0.1%
133,000 3.25 BB+/Baa3 Covanta Energy Corp., Term Loan, 3/28/19 $ 133,466
1,179,045 3.00 BBB-/Ba1 Progressive Waste Solutions, Ltd., Term B
Loan, 10/31/19 1,180,519
149,989 4.00 B+/B1 Waste Industries USA, Inc., Term B Loan,
3/17/17 150,425
--------------
$ 1,464,410
-----------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.0%+
918,177 6.25 B-/B1 Language Line LLC, Tranche B Term Loan,
6/20/16 $ 918,177
149,625 4.50 B+/Ba3 TMS International Corp., Term B Loan,
10/2/20 151,215
--------------
$ 1,069,392
-----------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.3%
2,294,250 3.00 BBB/NR Allegion US Holding Co, Inc., Tranche B
Term Loan, 12/26/20 $ 2,298,552
321,770 4.00 NR/NR Garda World Security Corp., Term B
Delayed Draw Loan, 11/8/20 322,574
1,257,827 4.00 NR/NR Garda World Security Corp., Term B Loan,
11/1/20 1,260,972
990,295 4.25 B/Ba3 Monitronics International, Inc., Term B
Loan, 3/23/18 992,462
994,994 3.25 BB/Ba3 The Geo Group, Inc., Term Loan, 4/3/20 995,616
--------------
$ 5,870,176
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
86 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Human Resource &
Employment Services -- 0.0%+
1,037,113 3.50 BB-/Ba2 On Assignment, Inc., Initial Term B Loan,
5/15/20 $ 1,036,680
-----------------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.1%
1,189,148 3.25 NR/NR Crown Castle International Corp., Tranche
B-2 Term Loan (First Lien), 1/31/21 $ 1,186,845
427,285 5.00 BB-/Ba3 Wyle Services Corp., Term Loan
(First Lien), 3/26/17 427,463
--------------
$ 1,614,308
--------------
Total Commercial Services & Supplies $ 11,054,966
-----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Air Freight & Logistics -- 0.0%+
199,500 5.25 B/Ba3 Syncreon Group BV, Term Loan, 9/26/20 $ 200,996
-----------------------------------------------------------------------------------------------------------
Airlines -- 0.2%
2,530,875 3.75 BB-/Ba2 American Airlines, Inc., Class B Term
Loan, 6/27/19 $ 2,542,474
740,625 3.50 BB/NR Delta Air Lines, Inc., 2014 Term B-1
Loan, 10/18/18 742,014
296,947 3.50 BB+/Ba1 Delta Air Lines, Inc., Term Loan, 4/20/17 297,981
247,500 3.50 BB-/Ba2 United Airlines, Inc., Class B Term Loan,
4/1/19 248,242
--------------
$ 3,830,711
-----------------------------------------------------------------------------------------------------------
Marine -- 0.1%
1,492,500 5.25 BB/Ba3 Navios Maritime Partners LP, Term Loan,
6/27/18 $ 1,518,153
-----------------------------------------------------------------------------------------------------------
Trucking -- 0.0%+
165,752 2.90 BB/Ba1 Swift Transportation Co. LLC, Tranche
B-1 Term Loan (2013), 12/21/16 $ 166,892
323,423 4.00 BB/Ba1 Swift Transportation Co. LLC, Tranche
B-2 Term Loan (2013), 12/21/17 326,819
--------------
$ 493,711
--------------
Total Transportation $ 6,043,571
-----------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.2%
Auto Parts & Equipment -- 0.2%
147,894 3.75 B+/Ba3 Allison Transmission, Inc., Term B-3 Loan,
8/23/19 $ 148,264
1,986,193 4.25 NR/NR Metaldyne LLC, Tranche B Term Loan,
12/18/18 1,996,746
639,905 5.50 NR/NR TI Group Automotive Systems LLC,
Additional Term Loan, 3/27/19 645,305
582,206 3.75 BB/Ba2 Tomkins LLC, Term B-2 Loan, 9/29/16 583,950
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 87
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Auto Parts & Equipment -- (continued)
202,212 4.00 BB-/B1 Tower Automotive Holdings USA LLC,
Refinancing Term Loan, 4/23/20 $ 202,212
--------------
$ 3,576,477
-----------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.0%+
600,000 4.75 BB/Ba1 The Goodyear Tire & Rubber Co., Term
Loan (Second Lien), 3/27/19 $ 603,368
--------------
Total Automobiles & Components $ 4,179,845
-----------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.3%
Home Furnishings -- 0.1%
350,000 4.25 B+/B1 Serta Simmons Holdings LLC, Term Loan,
10/1/19 $ 351,717
519,118 3.50 BB/Ba3 Tempur Sealy International, Inc., New
Term B Loan, 3/18/20 519,164
--------------
$ 870,881
-----------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.1%
995,000 2.90 BBB-/Ba1 Jarden Corp., Tranche B1 Term Loan,
9/30/20 $ 996,758
550,259 3.75 BB/Ba2 Prestige Brands, Inc., Term B-1 Loan,
1/31/19 553,560
791,258 4.00 B+/B1 Reynolds Group Holdings, Inc.,
Incremental U.S. Term Loan, 12/31/18 795,152
--------------
$ 2,345,470
-----------------------------------------------------------------------------------------------------------
Leisure Products -- 0.0%+
188,571 4.00 B+/B1 Bombardier Recreational Products, Inc.,
Term B Loan, 1/30/19 $ 189,514
-----------------------------------------------------------------------------------------------------------
Apparel, Accessories &
Luxury Goods -- 0.1%
1,578,700 3.25 BBB-/Ba1 PVH Corp., Tranche B Term Loan,
12/19/19 $ 1,583,998
--------------
Total Consumer Durables & Apparel $ 4,989,863
-----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.6%
Casinos & Gaming -- 0.2%
438,900 3.25 BBB-/Ba2 Las Vegas Sands llc, Tranche B-2 Term
Loan (First Lien), 12/19/20 $ 438,728
1,234,375 3.50 BB/Ba2 MGM Resorts International, Term B Loan,
12/20/19 1,234,118
538,650 3.25 BB+/Ba1 Penn National Gaming, Inc., Term B
Facility Loan, 10/25/20 538,734
272,938 3.75 BB+/Ba2 Pinnacle Entertainment, Inc., Tranche B-2
Term Loan, 8/13/20 274,089
1,395,000 3.00 BBB-/Baa3 Seminole Tribe of Florida, Inc., Initial Term
Loan, 4/29/20 1,393,693
--------------
$ 3,879,362
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
88 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.1%
497,500 3.50 NR/B1 Four Seasons Holdings Inc., Term Loan,
6/27/20 $ 499,988
1,144,737 3.75 BB/Ba3 Hilton Worldwide Finance LLC, Initial Term
Loan, 9/23/20 1,148,171
--------------
$ 1,648,159
-----------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.1%
98,476 3.25 BBB-/Ba1 Cedar Fair LP, U.S. Term Facility, 3/6/20 $ 98,883
735,350 3.50 BB+/Ba2 Six Flags Theme Parks, Inc., Tranche B
Term Loan, 12/20/18 739,597
--------------
$ 838,480
-----------------------------------------------------------------------------------------------------------
Restaurants -- 0.1%
243,295 3.75 BB/Ba3 Burger King Corp., Tranche B Term Loan
(2012), 9/28/19 $ 244,949
126,648 3.75 BB-/Ba2 DineEquity, Inc., Term B-2 Loan, 10/19/17 127,248
468,993 4.00 BB-/Ba3 Landry's, Inc., B Term Loan, 4/24/18 472,569
156,800 4.00 B/Ba3 NPC International, Inc., 12/28/18 157,878
843,691 4.25 B/Ba3 PF Chang's China Bistro, Inc., Term
Borrowing, 6/22/19 848,954
726,587 3.25 BB-/B1 Wendy's International, Inc., Term B Loan,
5/15/19 725,939
--------------
$ 2,577,537
-----------------------------------------------------------------------------------------------------------
Education Services -- 0.0%+
375,250 4.00 B+/B1 Bright Horizons Family Solutions, Inc.,
Term B Loan, 1/14/20 $ 376,716
-----------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.1%
517,045 4.25 B/B1 Allied Security Holdings LLC, Closing
Date Term Loan (First Lien), 2/12/21 $ 516,183
1,980,000 4.00 BB-/B1 Weight Watchers International, Inc.,
Initial Tranche B-2 Term Loan, 4/2/20 1,540,688
--------------
$ 2,056,871
--------------
Total Consumer Services $ 11,377,125
-----------------------------------------------------------------------------------------------------------
MEDIA -- 1.3%
Advertising -- 0.1%
844,506 4.25 B+/B1 Acosta, Inc., Term B Loan (2013), 3/2/18 $ 850,708
989,989 4.25 B+/B1 Advantage Sales & Marketing, Inc., 2013
Term Loan (First Lien), 12/18/17 995,558
114,443 4.75 B/B2 Getty Images, Inc., Initial Term Loan,
10/18/19 110,044
--------------
$ 1,956,310
-----------------------------------------------------------------------------------------------------------
Broadcasting -- 0.3%
1,629,423 3.00 BB+/Ba1 CBS Outdoor Americas Capital llc,
Tranche B Term Loan (First Lien), 1/15/21 $ 1,626,368
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 89
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Broadcasting -- (continued)
361,751 4.00 B+/Ba3 Entercom Radio llc, Term B-2 Loan,
11/23/18 $ 364,314
618,750 4.25 B/B2 NEP, Amendment No. 3 Incremental
Term Loan (First Lien), 1/22/20 622,102
1,345,123 3.00 NR/Ba1 Sinclair Television Group, Inc., New
Tranche B Term Loan, 4/19/20 1,334,362
2,289,263 4.00 BB+/Ba3 Tribune Co., Tranche B Term Loan
(First Lien), 11/20/20 2,292,696
95,333 3.50 B+/Ba3 TWCC Holding Corp., Term Loan, 2/13/17 93,783
668,263 4.00 B+/NR Univision Communications, Inc.,
Replacement First-Lien Term Loan, 3/1/20 668,889
--------------
$ 7,002,514
-----------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.6%
1,185,404 3.50 BB-/Ba2 Cequel Communications LLC, Term Loan,
2/14/19 $ 1,187,623
1,315,063 3.00 BB+/Baa3 Charter Communications Operating LLC,
Term F Loan, 1/1/21 1,305,857
521,732 3.75 BB/Ba3 Intelsat Jackson Holdings SA, Tranche
B-2 Term Loan, 6/30/19 523,686
738,750 4.00 BB-/Ba3 MCC Georgia LLC, Tranche G Term Loan,
2/8/20 740,443
1,400,000 2.63 BB+/Ba3 Mediacom Illinois LLC, Tranche F Term
Loan, 3/31/18 1,394,750
665,466 3.50 BB/Ba3 Telesat Canada, U.S. Term B Loan,
3/28/19 666,506
2,205,000 3.50 NR/Ba3 Virgin Media Investment Holdings, Ltd.,
New Term B Loan, 2/6/20 2,202,519
295,511 4.75 B/Ba3 WideOpenWest Finance LLC, Term B Loan,
4/1/19 296,672
1,136,553 0.00 NR/NR Ziggo BV, (USD) Tranche B-3 Term Loan,
1/15/22 1,127,407
1,072,383 0.00 NR/NR Ziggo BV, Tranche B-1 Term Loan
(First Lien), 1/15/22 1,063,754
691,064 0.00 NR/NR Ziggo BV, Tranche B-2 Term Loan
(First Lien), 1/15/22 685,503
--------------
$ 11,194,720
-----------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.3%
1,468,763 3.50 BB-/Ba2 AMC Entertainment, Inc., Initial Term
Loan, 4/30/20 $ 1,471,211
774,110 3.50 BB/Ba3 Live Nation Entertainment, Inc., Term
B-1 Loan, 8/17/20 776,529
1,547,422 3.50 BB-/Ba2 Rovi Solutions Corp., Tranche B-3 Term
Loan, 3/29/19 1,548,350
595,500 3.50 BB+/Ba1 Seminole Hard Rock Entertainment, Inc.,
New Term Loan B, 5/14/20 595,965
The accompanying notes are an integral part of these financial statements.
90 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Movies & Entertainment -- (continued)
1,094,500 3.75 B+/B1 WMG Acquisition Corp., Tranche B
Refinancing Term Loan, 7/1/20 $ 1,090,909
--------------
$ 5,482,964
-----------------------------------------------------------------------------------------------------------
Publishing -- 0.0%+
626,751 3.75 BB-/Ba3 Interactive Data Corp., Refinanced Term
Loan, 2/11/18 $ 627,770
--------------
Total Media $ 26,264,278
-----------------------------------------------------------------------------------------------------------
RETAILING -- 0.5%
Distributors -- 0.0%+
498,750 4.25 B/B2 Spin Holdco, Inc., Initial Term Loan
(First Lien), 11/14/19 $ 499,436
-----------------------------------------------------------------------------------------------------------
Computer & Electronics Retail -- 0.1%
1,750,000 3.75 NR/NR Rent-A-Center, Inc., Term Loan (2014),
2/6/21 $ 1,745,625
-----------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.1%
1,237,500 4.50 B/B2 Apex Tool Group LLC, Term Loan, 2/1/20 $ 1,228,219
-----------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.0%+
992,500 3.75 BB-/Ba3 Michaels Stores, Inc., Term B Loan,
1/28/20 $ 995,247
-----------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.3%
493,750 6.25 B+/B1 Arc Automotive Group, Inc., Term Loan,
11/15/18 $ 497,762
1,289,360 3.00 BB/Ba1 Avis Budget Car Rental LLC, Tranche B
Term Loan, 3/15/19 1,283,316
2,900,000 3.25 BB+/Ba1 Chrysler Group LLC, Tranche B Term
Loan, 12/29/18 2,891,457
740,625 3.75 BB/Ba1 The Hertz Corp., Tranche B1 Term Loan,
3/11/18 742,708
--------------
$ 5,415,243
--------------
Total Retailing $ 9,883,770
-----------------------------------------------------------------------------------------------------------
Food & Staples Retailing -- 0.1%
Food Distributors -- 0.0%+
246,875 5.75 B/B1 AdvancePierre Foods, Inc., Term Loan
(First Lien), 7/10/17 $ 248,031
-----------------------------------------------------------------------------------------------------------
Food Retail -- 0.1%
249,372 4.25 BB-/NR Albertsons llc, Term B-1 Loan, 3/21/16 $ 251,117
1,257,870 4.75 BB-/NR Albertsons LLC, Term B-2 Loan, 3/21/19 1,268,877
481,871 3.50 B+/B1 Big Heart Pet Brands, Initial Term Loan,
2/24/20 479,687
--------------
$ 1,999,681
--------------
Total Food & Staples Retailing $ 2,247,712
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 91
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.4%
Distillers & Vintners -- 0.0%+
992,500 2.75 BB+/NR Constellation Brands, Inc., European Term
B Loan, 4/29/20 $ 997,374
-----------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.2%
2,359,306 4.50 B/B1 Arysta Lifescience SPC LLC, Initial Term
Loan (First Lien), 5/29/20 $ 2,371,102
1,590,000 3.25 BBB-/Ba2 Darling International, Inc., Term B USD
Loan, 12/19/20 1,593,458
--------------
$ 3,964,560
-----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.2%
1,588,000 3.50 BB/Ba2 HJ Heinz Co., Term B2 Loan, 3/27/20 $ 1,598,819
874,626 3.75 BB/Ba2 JBS USA LLC, Initial Term Loan, 5/25/18 877,337
194,442 4.25 B+/Ba3 Michael Foods Group, Inc., Term B
Facility, 2/25/18 195,232
1,326,600 3.25 BB-/Ba3 Pinnacle Foods Finance LLC, New Term
Loan G, 4/29/20 1,322,217
$ 3,993,605
--------------
Total Food, Beverage & Tobacco $ 8,955,539
-----------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.1%
Household Products -- 0.0%+
298,500 3.50 BB/Ba3 Spectrum Brands, Inc., Tranche C Term
Loan, 8/13/19 $ 299,432
-----------------------------------------------------------------------------------------------------------
Personal Products -- 0.1%
400,000 3.50 BB-/Ba3 NBTY, Inc., Term B-2 Loan, 10/1/17 $ 401,650
374,063 4.00 B+/Ba2 Revlon Consumer Products Corp.,
Acquisition Term Loan, 8/19/19 375,231
976,136 3.25 NR/Ba2 Revlon Consumer Products Corp.,
Replacement Term Loan 2014, 11/19/17 976,848
$ 1,753,729
--------------
Total Household & Personal Products $ 2,053,161
-----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT
& SERVICES -- 0.6%
Health Care Equipment -- 0.1%
919,830 3.25 BBB-/Ba2 Hologic, Inc., Refinancing Tranche B Term
Loan, 8/1/19 $ 917,530
591,233 4.00 BB-/Ba3 Kinetic Concepts, Inc., Term DTL-E1
loan, 5/4/18 593,712
--------------
$ 1,511,242
-----------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.0%+
219,418 5.00 BB-/B1 Immucor, Inc., Term B-2 Loan, 8/19/18 $ 220,790
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
92 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
328,915 7.25 NR/B1 BioScrip, Inc., Delayed Draw Term Loan,
7/31/20 $ 331,587
548,191 7.25 BB-/B1 BioScrip, Inc., Initial Term B Loan,
7/31/20 552,645
600,000 4.00 B+/Ba3 BSN Medical GmbH & Co. KG, Facility
B1A, 8/28/19 604,750
740,625 4.00 BB-/Ba2 DaVita, Inc., Tranche B2 Term Loan, 8/1/19 746,047
1,258,811 4.00 B+/B1 Envision Healthcare Corp., Initial Term
Loan, 5/25/18 1,261,762
1,492,500 2.23 BBB-/Baa3 Fresenius US Finance I, Inc., Tranche B
Term Loan, 8/7/19 1,491,334
66,656 7.75 B-/B2 inVentiv Health, Inc., Term B-3 Loan,
5/15/18 66,447
343,901 4.50 B+/Ba3 Truven Health Analytics, Inc., New Tranche
B Term Loan, 6/6/19 341,322
--------------
$ 5,395,894
-----------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.2%
72,189 4.25 BB/Ba2 CHS, 2021 Term D Loan, 1/27/21 $ 72,888
491,250 4.50 B/Ba3 IASIS Healthcare LLC, Term B-2 Loan,
5/3/18 493,783
717,764 4.25 B+/Ba3 Kindred Healthcare, Inc., Term B-1 Loan,
6/1/18 719,558
342,404 2.66 BB-/Ba1 LifePoint Hospitals, Inc., Incremental Term
Loan B, 7/24/17 343,403
493,762 7.00 B/B3 RegionalCare Hospital Partners, Inc., Term
Loan (First Lien 2013), 11/4/18 491,294
236,016 3.75 NR/NR Select Medical Corp., Series E Tranche B
Term Loan, 6/1/18 238,075
992,500 6.75 B-/B2 Steward Health Care System LLC, Term
Loan, 4/10/20 991,880
--------------
$ 3,350,881
-----------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
727,198 4.00 B+/Ba3 ConvaTec, Inc., Dollar Term Loan,
12/22/16 $ 729,470
1,610,542 3.75 BB-/Ba3 Emdeon, Inc., Term B-2 Loan, 11/2/18 1,613,729
--------------
$ 2,343,199
--------------
Total Health Care Equipment
& Services $ 12,822,006
-----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.5%
Biotechnology -- 0.1%
1,134,239 3.50 BB+/Ba3 Alkermes, Inc., 2019 Term Loan, 9/25/19 $ 1,137,074
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 93
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.4%
500,000 3.25 NR/NR Endo Luxembourg Finance I Company Sarl,
Tranche B Term Loan (First Lien), 11/5/20 $ 499,271
525,000 0.00 NR/NR Grifols Worldwide Operations USA, Inc.,
U.S. Tranche B Term Loam, 4/1/21 525,328
305,000 0.00 NR/NR JLL, Initial Dollar Term Loan, 1/23/21 303,920
975,000 3.50 NR/NR Mallinckrodt International Finance SA,
Initial Term B Loan, 3/6/21 976,752
1,475,815 0.00 B/B1 Par Pharmaceutical Companies, Inc.,
Term B-2 Loan, 9/28/19 1,480,027
270,000 4.25 NR/NR PharMEDium Healthcare Corp., Initial
Term Loan (First Lien), 1/23/21 270,844
1,029,109 3.25 BBB-/Baa2 RPI Finance Trust, Term B-2 Term Loan,
5/9/18 1,034,254
632,807 3.25 BBB-/Baa2 RPI Finance Trust, Term B-3 Term Loan,
11/9/18 635,971
444,375 4.25 BB/Ba1 Salix Pharmaceuticals, Inc., Term Loan,
12/17/19 448,958
591,000 3.75 BB/Ba1 Valeant Pharmaceuticals International,
Inc., Series C-2 Tranche B Term Loan,
12/11/19 593,955
246,250 3.75 BB/Ba1 Valeant Pharmaceuticals International,
Inc., Series D2 Term Loan B, 2/13/19 247,481
1,517,291 3.75 BB/Ba1 Valeant Pharmaceuticals International,
Inc., Series E1 Tranche B Term Loan,
8/5/20 1,526,377
--------------
$ 8,543,138
--------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 9,680,212
-----------------------------------------------------------------------------------------------------------
BANKS -- 0.1%
Thrifts & Mortgage Finance -- 0.1%
1,391,397 5.00 B+/B1 Ocwen Financial Corp., Initial Term Loan,
1/15/18 $ 1,399,502
--------------
Total Banks $ 1,399,502
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Other Diversified
Financial Services -- 0.2%
460,557 3.50 BBB-/Ba2 AWAS Finance Luxembourg 2012 SA,
Term Loan, 7/16/18 $ 462,860
1,295,000 3.50 NR/NR Delos Finance SARL, Tranche B Term
Loan, 2/27/21 1,297,543
1,628,776 4.50 BBB-/B1 Fly Funding II Sarl, Term Loan, 8/9/18 1,648,118
496,250 5.00 B/B1 Livingston International, Inc., Initial Term
B-1 Loan (First Lien), 4/18/19 496,870
98,939 5.25 BB/Ba3 WorldPay, Facility B2A Term Loan, 8/6/17 100,077
--------------
$ 4,005,468
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
94 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
972,563 5.75 NR/B1 Hyperion Insurance Group, Ltd., Term
Loan, 10/4/19 $ 971,347
1,014,079 4.25 B/B1 Mirror BidCo Corp., New Incremental
Term Loan, 12/18/19 1,015,980
600,000 3.25 BB/Ba2 SBA Senior Finance II LLC, Incremental
Tranche B-1- A Term Loan, 3/31/21 598,875
--------------
$ 2,586,202
--------------
Total Diversified Financials $ 6,591,670
-----------------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Insurance Brokers -- 0.1%
1,096,167 4.25 NR/B1 USI Insurance Services LLC, Term B
Loan, 12/30/19 $ 1,101,647
-----------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.0%+
463,599 3.75 BB/Ba2 CNO Financial Group, Inc., Tranche B2
Term Loan, 9/4/18 $ 465,338
-----------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.0%+
243,940 4.25 B/B1 Alliant Holdings I, Inc., Initial Term
Loan, 12/20/19 $ 245,233
-----------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.0%+
497,461 5.75 B-/B2 Confie seguros Holding II Co., Term B
Loan (First Lien), 11/9/18 $ 498,083
--------------
Total Insurance $ 2,310,301
-----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Mortgage REIT -- 0.1%
1,598,150 3.50 BB+/Ba3 Starwood Property Trust, Inc., Term Loan
(First Lien), 4/17/20 $ 1,594,487
-----------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.0%+
493,769 4.50 NR/B1 Altisource Solutions Sarl, Term B Loan,
12/9/20 $ 495,929
--------------
Total Real Estate $ 2,090,416
-----------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.3%
Internet Software & Services -- 0.0%+
1,000,000 3.50 NR/NR Dealertrack Technologies, Inc., Term Loan,
2/27/21 $ 1,005,833
-----------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.1%
1,630,088 3.75 BB/Ba3 Booz Allen Hamilton, Inc., Refinance
Tranche B, 7/31/19 $ 1,637,220
297,739 4.50 NR/B1 Deltek, Inc., Term Loan (First Lien),
10/10/18 299,227
230,000 4.50 B+/B1 PSAV Presentation Services, Tranche B
Term Loan (First Lien), 1/24/21 231,725
--------------
$ 2,168,172
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 95
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Data Processing &
Outsourced Services -- 0.0%+
987,538 3.50 BBB-/Ba1 Genpact International, Inc., Term
Loan, 8/30/19 $ 992,223
-----------------------------------------------------------------------------------------------------------
Application Software -- 0.1%
472,625 4.25 BB-/B1 Epiq Systems, Inc., Term Loan, 8/27/20 $ 473,807
30,696 8.50 B-/B1 Expert Global Solutions, Inc., Term B
Advance (First Lien), 4/3/18 30,044
747,500 3.50 BB-/B1 Verint Systems, Inc., Tranche B-2 Term
Loan (First Lien), 9/6/19 748,341
--------------
$ 1,252,192
-----------------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.1%
1,350,000 0.00 BBB/Baa3 Activision Blizzard, Inc., Term Loan,
7/26/20 $ 1,351,894
--------------
Total Software & Services $ 6,770,314
-----------------------------------------------------------------------------------------------------------
Technology Hardware
& Equipment -- 0.1%
Communications Equipment -- 0.0%+
159,236 2.73 BB+/Ba2 Commscope, Inc., Tranche 3 Term Loan,
1/21/17 $ 159,833
238,854 3.25 BB+/Ba2 Commscope, Inc., Tranche 4 Term Loan,
1/14/18 240,272
--------------
$ 400,105
-----------------------------------------------------------------------------------------------------------
Electronic Components -- 0.1%
646,750 3.25 BB/Baa2 Belden Finance 2013 LP, Initial Term
Loan, 9/9/20 $ 648,262
1,400,000 6.25 NR/NR FCI -- Fidji Luxembourg Bc4 Sarl , Term
Loan, 12/19/20 1,410,500
--------------
$ 2,058,762
--------------
Total Technology Hardware
& Equipment $ 2,458,867
-----------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.0%+
Semiconductor Equipment -- 0.0%+
126,184 4.50 NR/B1 Aeroflex, Inc., Tranche B-1 Term Loan,
11/9/19 $ 127,509
531,443 3.25 BBB-/Baa2 Sensata Technologies BV, Term Loan,
5/12/18 534,051
--------------
$ 661,560
-----------------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%+
131,461 3.25 BB+/NR Microsemi Corp., Term Loan (First Lien),
3/14/21 $ 131,379
--------------
Total Semiconductors &
Semiconductor Equipment $ 792,939
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
96 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.3%
Integrated Telecommunication
Services -- 0.3%
1,243,750 4.00 BB-/Ba3 Cincinnati Bell, Inc., Tranche B Term Loan,
9/10/20 $ 1,245,927
1,002,425 2.66 BBB-/Baa3 tw telecom holdings, inc., Term Loan B
Loan, 4/17/20 1,005,976
1,143,359 3.25 BB/B1 West Corp., B-10 Term Loan (First Lien),
6/30/18 1,138,446
1,038,364 3.50 BB+/Ba2 Windstream Corp., Tranche B-4 Term
Loan, 1/8/20 1,038,580
714,148 3.50 BB+/Ba2 Windstream Corp., Tranche B-5 Term
Loan, 8/8/19 717,049
--------------
$ 5,145,978
-----------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.0%+
61,875 3.25 NR/NR Cellular South, Inc., Term Loan B, 5/23/20 $ 61,798
727,141 4.00 BB-/B1 Syniverse Holdings, Inc., Tranche B Term
Loan, 4/23/19 729,262
--------------
$ 791,060
--------------
Total Telecommunication Services $ 5,937,038
-----------------------------------------------------------------------------------------------------------
UTILITIES -- 0.5%
Electric Utilities -- 0.2%
3,150,000 4.75 NR/NR Atlantic Power LP, Term Loan, 2/20/21 $ 3,161,812
1,191,000 3.00 BB/Ba3 Calpine Construction Finance Co. LP, Term
B-1 Loan, 5/3/20 1,172,922
--------------
$ 4,334,734
-----------------------------------------------------------------------------------------------------------
Independent Power Producers
& Energy Traders -- 0.3%
764,146 3.75 BB+/Ba1 AES Corp. Virginia, 2013 Other Term
Loan, 6/1/18 $ 768,179
764,054 4.00 BB-/B1 Calpine Corp., Term Loan, 9/27/19 767,397
458,077 4.00 BB-/B1 Dynegy, Inc., Tranche B-2 Term Loan,
4/23/20 460,449
1,179,402 2.75 BB+/Baa3 NRG Energy, Inc., Term Loan (2013),
7/1/18 1,171,073
1,592,028 3.75 BB+/Ba1 NSG Holdings LLC, New Term Loan,
12/11/19 1,597,999
825,730 3.50 BB+/Ba2 Ruby Western Pipeline Holdings LLC,
Term Loan, 3/27/20 825,988
--------------
$ 5,591,085
--------------
Total Utilities $ 9,925,819
-----------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING
RATE LOAN INTERESTS
(Cost $182,506,157) $ 182,873,043
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 97
Schedule of Investments | 3/31/14 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.8%
Certificates of Deposit -- 1.8%
6,170,000 NR/NR Bank of Nova Scotia, Floating Rate Note,
4/17/14 (c) $ 6,169,754
10,000,000 0.10 NR/NR Bank of Tokyo-Mitsubishi UFJ, Floating
Rate Note, 4/3/14 9,999,942
5,140,000 NR/NR National Australia Bank, Ltd., Floating
Rate Note, 4/1/14 (c) 5,140,000
1,980,000 NR/NR National Rural Utilities Cooperative
Finance Corp., Floating Rate Note,
4/1/14 (c) 1,980,000
2,925,000 0.49 A/A2 National Rural Utilities Cooperative
Finance Corp., Floating Rate Note, 4/4/14 2,925,026
1,000,000 0.65 NR/Aa3 Sumitomo Mitsui Banking Corp. New York,
Floating Rate Note, 4/1/15 1,002,817
1,000,000 0.41 AA-/Aa3 Svenska Handelsbanken New York NY,
Floating Rate Note, 11/17/14 1,000,562
1,500,000 0.40 AA-/Aa3 Svenska Handelsbanken New York NY,
Floating Rate Note, 12/19/14 1,500,912
3,450,000 1.04 NR/NR Svenska Handelsbanken New York NY,
Floating Rate Note, 7/17/14 3,450,269
1,700,000 0.22 NR/NR The Toronto-Dominion Bank New York,
Floating Rate Note, 11/14/14 1,700,219
1,800,000 0.18 NR/NR Wells Fargo Bank NA, Floating Rate
Note, 6/16/14 1,800,086
--------------
$ 36,669,587
-----------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $36,670,703) $ 36,669,587
-----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 96.2%
(Cost $1,981,364,658) (a) $1,987,782,704
-----------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 3.8% $ 78,415,574
-----------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $2,066,198,278
===========================================================================================================
+ Rounds to less than 0.1%.
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
(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, 2014, the value of these securities
amounted to $487,990,737 or 23.6% of total net assets.
REIT Real Estate Investment Trust.
REMIC Real Estate Mortgage Investment Conduits.
The accompanying notes are an integral part of these financial statements.
98 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
(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.
(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, 2014, the net unrealized appreciation on
investments based on cost for federal income tax purposes of
$1,986,401,424 was as follows:
Aggregate gross unrealized appreciation for all investments
in which there is an excess of value over tax cost $ 4,976,002
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (3,594,722)
-----------
Net unrealized appreciation $ 1,381,280
===========
(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) Security is in default and is non-income producing.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended March 31, 2014 aggregated $1,538,647,125 and $747,155,696,
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. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of March 31, 2014, in valuing
the Fund's assets:
----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 433,691,094 $ -- $ 433,691,094
Collateralized Mortgage Obligations -- 637,175,591 -- 637,175,591
Corporate Bonds -- 518,621,411 -- 518,621,411
U.S. Government and
Agency Obligations -- 106,025,326 -- 106,025,326
Foreign Government Bonds -- 2,904,443 -- 2,904,443
Municipal Bonds -- 69,820,821 -- 69,820,821
Senior Floating Rate Loan Interests -- 182,873,043 -- 182,873,043
Certificates of Deposit -- 36,669,586 -- 36,669,586
----------------------------------------------------------------------------------------
Total $ -- $1,987,781,315 $ -- $1,987,781,315
========================================================================================
During the year ended March 31, 2014, there were no transfers between Levels 1,
2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 99
Statement of Assets and Liabilities | 3/31/14
ASSETS:
Investment in securities (cost $1,981,364,658) $1,987,782,704
Cash 76,508,660
Receivables --
Investment securities sold 8,020,419
Fund shares sold 26,099,731
Interest 3,468,132
Prepaid expenses 96,481
--------------------------------------------------------------------------------
Total assets $2,101,976,127
--------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 19,073,078
Fund shares repurchased 15,876,683
Dividends 257,907
Due to affiliates 374,859
Accrued expenses 195,322
--------------------------------------------------------------------------------
Total liabilities $ 35,777,849
--------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $2,064,740,535
Distributions in excess of net investment income (3,720,388)
Accumulated net realized loss on investments (1,239,915)
Net unrealized appreciation on investments 6,418,046
--------------------------------------------------------------------------------
Total net assets $2,066,198,278
================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $570,467,831/56,663,552 shares) $ 10.07
Class C (based on $575,456,997/57,235,613 shares) $ 10.05
Class C2 (based on $3,698,723/367,878 shares) $ 10.05
Class K (based on $9,981/991 shares) $ 10.07
Class Y (based on $912,810,407/90,625,247 shares) $ 10.07
Class Z (based on $3,754,339/373,551 shares) $ 10.05
MAXIMUM OFFERING PRICE:
Class A ($10.07 (divided by) 97.5%) $ 10.33
================================================================================
The accompanying notes are an integral part of these financial statements.
100 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
Statement of Operations
For the Year Ended 3/31/14
INVESTMENT INCOME:
Interest $26,580,861
---------------------------------------------------------------------------------------------
Total investment income $26,580,861
---------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 5,507,330
Transfer agent fees and expenses
Class A 29,650
Class C 25,828
Class C2 53
Class Y 6,722
Class Z 85
Distribution fees
Class A 923,813
Class C 2,148,403
Class C2 5,823
Shareholder communication expense 1,176,857
Administrative reimbursement 500,455
Custodian fees 167,660
Registration fees 364,940
Professional fees 113,786
Printing expense 45,559
Fees and expenses of nonaffiliated Trustees 59,322
Miscellaneous 359,029
---------------------------------------------------------------------------------------------
Total expenses $11,435,315
---------------------------------------------------------------------------------------------
Net investment income $15,145,546
---------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments $ 149,211
Change in net unrealized appreciation on investments $ (606,840)
---------------------------------------------------------------------------------------------
Net loss on investments $ (457,629)
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $14,687,917
=============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 101
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Year Ended Year Ended
3/31/14 3/31/13
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 15,145,546 $ 6,664,001
Net realized gain on investments 149,211 57,794
Change in net unrealized appreciation on investments (606,840) 6,603,179
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 14,687,917 $ 13,324,974
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.10 and $0.15 per share, respectively) $ (4,647,335) $ (2,922,161)
Class C ($0.07 and $0.11 per share, respectively) (3,091,044) (1,648,303)
Class C2 ($0.05 and $0.00 per share, respectively) (8,210) --
Class K ($0.13 and $0.05 per share, respectively) (125) (54)
Class Y ($0.12 and $0.17 per share, respectively) (9,018,695) (5,907,023)
Class Z ($0.13 and $0.00 per share, respectively) (18,529) --
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (16,783,938) $ (10,477,541)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 2,307,738,408 $1,778,506,536
Reinvestment of distributions 13,876,376 8,481,507
Cost of shares repurchased (1,574,244,421) (628,246,664)
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 747,370,363 $1,158,741,379
--------------------------------------------------------------------------------------------------
Net increase in net assets $ 745,274,342 $1,161,588,812
NET ASSETS:
Beginning of period 1,320,923,936 159,335,124
--------------------------------------------------------------------------------------------------
End of period $ 2,066,198,278 $1,320,923,936
--------------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (3,720,388) $ (2,855,856)
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
102 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------
`14 Shares `14 Amount `13 Shares `13 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 62,652,176 $ 630,767,493 51,554,654 $ 519,046,315
Reinvestment of distributions 427,543 4,303,233 267,063 2,690,174
Less shares repurchased (44,233,206) (445,365,813) (18,809,955) (189,556,502)
------------------------------------------------------------------------------------------------
Net increase 18,846,513 $ 189,704,913 33,011,762 $ 332,179,987
================================================================================================
Class C
Shares sold 56,870,669 $ 571,857,990 43,411,358 $ 436,864,772
Reinvestment of distributions 303,017 3,046,361 154,379 1,554,742
Less shares repurchased (32,788,054) (329,711,220) (11,878,112) (119,597,629)
------------------------------------------------------------------------------------------------
Net increase 24,385,632 $ 245,193,131 31,687,625 $ 318,821,885
================================================================================================
Class C2*
Shares sold 375,767 $ 3,776,660 -- $ --
Reinvestment of distributions 649 6,519 -- --
Less shares repurchased (8,538) (85,763) -- --
------------------------------------------------------------------------------------------------
Net increase 367,878 $ 3,697,416 -- $ --
================================================================================================
Class K
Shares sold -- $ -- 991 $ 10,000
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- -- --
------------------------------------------------------------------------------------------------
Net increase -- $ -- 991 $ 10,000
================================================================================================
Class Y
Shares sold 108,933,560 $ 1,097,365,036 81,639,780 $ 822,585,449
Reinvestment of distributions 645,480 6,501,765 420,137 4,236,591
Less shares repurchased (79,299,296) (798,846,719) (31,638,154) (319,092,533)
------------------------------------------------------------------------------------------------
Net increase 30,279,744 $ 305,020,082 50,421,763 $ 507,729,507
================================================================================================
Class Z**
Shares sold 395,076 $ 3,971,229 -- $ --
Reinvestment of distributions 1,840 18,498 -- --
Less shares repurchased (23,365) (234,906) -- --
------------------------------------------------------------------------------------------------
Net increase 373,551 $ 3,754,821 -- $ --
================================================================================================
* Class C2 shares were first publicly offered on August 2, 2013.
** Class Z shares were first publicly offered on April 2, 2013.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 103
Financial Highlights
--------------------------------------------------------------------------------------------------------------------------------
Year Year
Ended Ended 5/2/11
3/31/14 3/31/13 to 3/31/12 (a)
--------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.08 $ 10.02 $ 10.00
--------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.10 $ 0.13 $ 0.12
Net realized and unrealized gain (loss) on investments (0.01) 0.08 0.03
--------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.09 $ 0.21 $ 0.15
--------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.10) $ (0.15) $ (0.13)
--------------------------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ (0.01) $ 0.06 $ 0.02
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.07 $ 10.08 $ 10.02
================================================================================================================================
Total return* 0.92% 2.14% 1.48%(b)
Ratio of net expenses to average net assets 0.66% 0.72% 0.90%**
Ratio of net investment income to average net assets 0.93% 0.94% 1.45%**
Portfolio turnover rate 47% 101% 51%
Net assets, end of period (in thousands) $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 0.66% 0.72% 1.03%**
Net investment income 0.93% 0.94% 1.32%**
================================================================================================================================
(a) Class A shares were first publicly offered on May 2, 2011.
(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.
104 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
--------------------------------------------------------------------------------------------------------------------------------
Year Year
Ended Ended 5/2/11
3/31/14 3/31/13 to 3/31/12 (a)
--------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.07 $ 10.02 $ 10.00
--------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.08 $ 0.09 $ 0.05
Net realized and unrealized gain (loss) on investments (0.03) 0.07 0.03
--------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.05 $ 0.16 $ 0.08
--------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.07) $ (0.11) $ (0.06)
--------------------------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ (0.02) $ 0.05 $ 0.02
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.05 $ 10.07 $ 10.02
================================================================================================================================
Total return* 0.54% 1.61% 0.82%(b)
Ratio of net expenses to average net assets 0.97% 1.03% 1.75%**
Ratio of net investment income to average net assets 0.62% 0.63% 0.52%**
Portfolio turnover rate 47% 101% 51%
Net assets, end of period (in thousands) $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 0.97% 1.03% 1.87%**
Net investment income 0.62% 0.63% 0.40%**
================================================================================================================================
(a) Class C shares were first publicly offered on May 2, 2011.
(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 Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 105
Financial Highlights (continued)
-------------------------------------------------------------------------------------------
8/2/13 (a)
to 3/31/14
-------------------------------------------------------------------------------------------
Class C2
Net asset value, beginning of period $ 10.04
-------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.07
Net realized and unrealized gain (loss) on investments (0.01)
-------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.06
-------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.05)
-------------------------------------------------------------------------------------------
Net decrease in net asset value $ 0.01
-------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.05
===========================================================================================
Total return* 0.56%(b)
Ratio of net expenses to average net assets 0.99%**
Ratio of net investment income to average net assets 0.68%**
Portfolio turnover rate 47%
Net assets, end of period (in thousands) $ 3,699
Ratios with no waiver of fees and assumption of expenses by the Adviser and no
reduction for fees paid indirectly:
Total expenses 0.99%**
Net investment income 0.68%**
===========================================================================================
(a) Class C2 shares were first publicly offered on August 2, 2013.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
106 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-----------------------------------------------------------------------------------------------------------
Year
Ended 12/21/12
3/31/14 to 3/31/13 (a)
-----------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 10.08 $ 10.09
-----------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.12 $ 0.03
Net realized and unrealized gain (loss) on investments (0.00)(c) 0.01
-----------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.12 $ 0.04
-----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.13) $ (0.05)
-----------------------------------------------------------------------------------------------------------
Net decrease in net asset value $ (0.01) $ (0.01)
-----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.07 $ 10.08
===========================================================================================================
Total return* 1.16% 0.43%(b)
Ratio of net expenses to average net assets 0.41% 0.53%**
Ratio of net investment income to average net assets 1.19% 1.25%**
Portfolio turnover rate 47% 101%
Net assets, end of period (in thousands) $ 10 $ 10
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 0.41% 0.53%**
Net investment income 1.19% 1.25%**
===========================================================================================================
(a) Class K shares were first publicly offered on December 21, 2012.
(b) Not annualized.
(c) Amount rounds to less than 0.1 per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 107
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------
Year Year
Ended Ended 5/2/11
3/31/14 3/31/13 to 3/31/12 (a)
-----------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.09 $ 10.03 $ 10.00
-----------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.12 $ 0.14 $ 0.14
Net realized and unrealized gain (loss) on investments (0.02) 0.09 0.04
-----------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.10 $ 0.23 $ 0.18
-----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.12) $ (0.17) $ (0.15)
-----------------------------------------------------------------------------------------------------------
Net increase in net asset value $ (0.02) $ 0.06 $ 0.03
-----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.07 $ 10.09 $ 10.03
===========================================================================================================
Total return* 0.99% 2.35% 1.79%(b)
Ratio of net expenses to average net assets 0.54% 0.55% 0.67%**
Ratio of net investment income to average net assets 1.05% 1.11% 1.72%**
Portfolio turnover rate 47% 101% 51%
Net assets, end of period (in thousands) $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 0.54% 0.55% 0.80%**
Net investment income 1.05% 1.11% 1.59%**
===========================================================================================================
(a) Class Y shares were first publicly offered on May 2, 2011.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
108 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------
4/2/13 (a)
to 3/31/14
-------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 10.08
-------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.14
Net realized and unrealized gain (loss) on investments (0.04)
-------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.10
-------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.13)
-------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03)
-------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.05
===========================================================================================
Total return* 1.00%(b)
Ratio of net expenses to average net assets 0.60%**
Ratio of net investment income to average net assets 0.99%**
Portfolio turnover rate 47%
Net assets, end of period (in thousands) $ 3,754
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 0.60%**
Net investment income 0.99%**
===========================================================================================
(a) Class Z shares were first publicly offered on April 2, 2013.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 109
Notes to Financial Statements | 3/31/14
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, effective December 1, 2013.
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
first publicly offered on May 2, 2011. Class K shares were first publicly
offered on December 21, 2012. Class Z shares are offered effective April 2,
2013. Class C2 shares are offered effective August 2, 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.
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:
110 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
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 with
remaining maturity of more than sixty days 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. Short-term fixed income securities with
remaining maturities of sixty days or less generally are valued at
amortized cost. Shares of money market mutual funds are valued at such
funds' net asset value.
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 | 3/31/14 111
At March 31, 2014, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services or broker dealers).
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 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.
B. 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.
C. 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.
112 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its 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, 2014 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, 2014, the Fund reclassified $773,860 to decrease distributions in
excess of net investment income and $773,860 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, 2014, the Fund was permitted to carry forward indefinitely
$1,239,497 of short-term losses under the Regulated Investment Company
Modernization Act of 2010 without limitation.
The tax character of distributions paid during the year ended March 31,
2014 and March 31, 2013 was as follows:
-----------------------------------------------------------------------------
2014 2013
-----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $16,783,938 $10,477,541
-----------------------------------------------------------------------------
Total $16,783,938 $10,477,541
=============================================================================
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2014:
----------------------------------------------------------------------------
2014
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,573,867
Capital loss carryforward (1,239,497)
Dividends payable (257,907)
Unrealized appreciation 1,381,280
----------------------------------------------------------------------------
Total $ 1,457,743
============================================================================
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 113
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds and the tax treatment of premium and
amortization.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $17,470 in underwriting commissions on the sale of
Class A shares during the year ended March 31, 2014.
F. Class Allocations
Income, common expenses, and realized and unrealized appreciation and
depreciation are calculated at the Fund level and allocated daily to each
class of shares based on its respective percentage of adjusted net assets
at the beginning of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class C and Class C2 shares of the Fund,
respectively (see Note 4). Class K, 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.
G. 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.
114 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
H. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency 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. 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 fluctuations in foreign
currency exchange rates where applicable. The use of futures contracts
involves, to varying degrees, elements of market and counterparty risks and
interest rate risk and currency exchange rate risk, which may exceed the
amounts recognized by the Fund. Changes in value of the contracts may not
directly correlate to the changes in value of the underlying securities.
There were no open futures contracts for the year ended March 31, 2014.
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,
2014, the effective management fee (excluding waivers and/or assumption of
expenses) was equivalent to 0.33% 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%, 1.15%, 1.15% and 0.65% of the average
daily net assets attributable to Class A, Class C, Class C2 and Class Y shares,
respectively. Fees waived and expenses reimbursed during the year ended
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 115
March 31, 2014 are reflected on the Statement of Operations. These expense
limitations are in effect through August 1, 2014 for Class A, Class C and Class
Y shares and August 1, 2015 for Class C2 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
$90,869 in management fees, administrative costs and certain other
reimbursements payable to PIM at March 31, 2014.
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, 2014, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 145,375
Class C 148,426
Class C2 674
Class Y 879,881
Class Z 2,501
--------------------------------------------------------------------------------
Total: $1,176,857
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $239,865 in transfer agent fees and out-of-pocket reimbursements
payable from PIMSS at March 31, 2014.
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
116 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
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 $44,125
in distribution fees payable to PFD at March 31, 2014.
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, 2014,
CDSCs of $152,510 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, 2014, 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 12, 2014, the facility is in the amount of $240 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, 2014,
the Fund had no borrowings under the credit facility.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 117
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, 2014, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended and the financial highlights for each of the periods indicated therein.
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 audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of March 31, 2014, by correspondence with the custodian and
brokers or by other appropriate auditing procedures where replies from brokers
were not received. We believe that our audits 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 at March 31, 2014, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended and the financial highlights for each of
the periods indicated therein, in conformity with U.S. generally accepted
accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
May 22, 2014
118 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
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 60.81%.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 119
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Multi-Asset Ultrashort Income Fund (the Fund) pursuant to an investment
advisory agreement between PIM and the Fund. In order for PIM to remain the
investment adviser of the Fund, the Trustees of the Fund must determine annually
whether to renew the investment advisory agreement for the Fund.
The contract review process began in March 2013 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2013, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2013 and September 2013. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, and November, 2013 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at regularly scheduled meetings.
At a meeting held on November 12, 2013, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. In all quintile rankings referred to throughout this
disclosure, first quintile is most favorable to the Fund's shareowners. Thus,
highest relative performance would be first quintile and lowest relative
expenses would also be first quintile. The Trustees did not identify any single
factor as the controlling factor in determining to approve the renewal of the
agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund and its research process. The Trustees considered the resources of PIM and
the personnel of PIM who provide investment
120 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
management services to the Fund. They also reviewed the amount of non-
Fund assets managed by the portfolio managers of the Fund. The Trustees
considered the non-investment resources and personnel of PIM involved in PIM's
services to the Fund, including PIM's compliance and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by PIM's senior management to the Pioneer fund complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees review the Fund's performance on a regular basis, based on analysis
and data prepared by PIM for this purpose and discuss performance issues with
PIM on an ongoing basis. For purposes of their contract renewal deliberations,
the Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the first quintile of its Morningstar
category for the one year period ended June 30, 2013. The Trustees also
considered that the Fund's yield (for the twelve months ended June 30, 2013)
exceeded the yield of the Fund's benchmark index for the same period. The
Trustees noted the discussions held throughout the year regarding the Fund's
performance and confirmed that those discussions were factored into the
Trustees' deliberations concerning the renewal of the advisory agreement. The
Trustees concluded that the investment performance of the Fund was satisfactory.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 121
Independent Trustees for this purpose using data provided by Strategic Insight
Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent
third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2013 was in the third quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoint in the management fee schedule and the
reduced fee rate above a certain asset level.
The Trustees considered that the expense ratio of the Fund's Class A shares for
the twelve months ended June 30, 2013 was in the third quintile relative to both
its Morningstar peer group and its Strategic Insight peer group, in each case
for the comparable period. The Trustees also considered that the expense ratio
of the Fund's Class Y shares for the twelve months ended June 30, 2013 was in
the fourth quintile relative to both its Morningstar peer group and its
Strategic Insight peer group, in each case for the comparable period. The
Trustees considered the impact of transfer agency, sub-transfer agency, and
other non-management fee expenses on the expense ratios of the Fund, and noted
the impact of expenses relating to small accounts and omnibus accounts on
transfer and sub-transfer agency expenses generally. The Trustees noted that
they separately review the Fund's transfer agency, sub-transfer agency and
intermediary arrangements.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that, in some instances, the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Fund's other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Fund is subject. The Trustees also considered the different
entrepreneurial risks associated with PIM's management of the Fund
122 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
and Pioneer's management of the other client accounts. The Trustees concluded
that the management fee payable by the Fund to PIM was reasonable in relation
to the nature and quality of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoint in the management fee schedule. The Trustees recognize that
economies of scale are difficult to identify and quantify, rarely identifiable
on a fund-by-fund basis, and that, among other factors that may be relevant, are
the following: fee levels, expense subsidization, investment by PIM in research
and analytical capabilities and PIM's commitment and resource allocation to the
Fund. The Trustees noted that profitability also may be an indicator of the
availability of any economies of scale, although profitability may vary for
other reasons particularly, for example during the recent difficult periods for
financial markets, as the level of services was maintained notwithstanding a
significant decline in PIM's fee revenues from the Fund. Accordingly, the
Trustees concluded that economies of scale, if any, were being appropriately
shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 123
relationship with the Fund and the other Pioneer funds. The Trustees concluded
that the receipt of these benefits was reasonable in the context of the overall
relationship between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
124 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen 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, except Mr. West,
serves as a Trustee of each of the 55 U.S. registered investment portfolios for
which Pioneer serves as investment adviser (the "Pioneer Funds"). Mr. West
serves as Trustee of 50 U.S. registered investment portfolios for which Pioneer
serves as investment adviser. 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 | 3/31/14 125
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 (63) Trustee since 2011. Private investor (2004-2008 and Director, Broadridge
Chairman of the Board Serves until a successor 2013-present); Chairman (2008 - 2013) Financial Solutions,
and Trustee trustee is elected or and Chief Executive Officer (2008 - Inc. (investor
earlier 2012), Quadriserv, Inc. (technology communications and
retirement or removal. products for securities lending securities processing
industry); and Senior Executive Vice provider for financial
President, The Bank of New York services industry) (2009
(financial and securities services) (1986 - present); Director,
- 2004) Quadriserv, Inc. (2005 -
2013); and Commissioner,
New Jersey State Civil
Service Commission (2011
- present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (70) Trustee since 2011. Managing Partner, Federal City Capital Director of Enterprise
Trustee Serves until a successor Advisors (corporate advisory services Community Investment,
trustee is elected or company) (1997 - 2004 and 2008 - Inc. (privately held
earlier present); Interim Chief Executive affordable housing
retirement or removal. Officer, Oxford Analytica, Inc. finance company) (1985 -
(privately held research and consulting 2010); Director of
company) (2010); Executive Vice Oxford Analytica, Inc.
President and Chief Financial Officer, (2008 - present);
I-trax, Inc. (publicly traded health Director of The Swiss
care services company) (2004 - 2007); Helvetia Fund, Inc.
and Executive Vice President and Chief (closed-end fund) (2010
Financial Officer, Pedestal Inc. - present); and Director
(internet-based mortgage trading of New York Mortgage
company) (2000 - 2002) Trust (publicly traded
mortgage REIT) (2004 -
2009, 2012 - present)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (69) Trustee since 2011. William Joseph Maier Professor of Trustee, Mellon
Trustee Serves until a successor Political Economy, Harvard University Institutional Funds
trustee is elected or (1972 - present) Investment Trust and
earlier Mellon Institutional
retirement or removal. Funds Master Portfolio
(oversaw 17 portfolios
in fund complex)
(1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
126 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------------------------------
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 (66) Trustee since 2011. Founding Director, Vice President and None
Trustee Serves until a successor Corporate Secretary, The Winthrop Group,
trustee is elected or earlier Inc. (consulting firm) (1982 - present);
retirement or removal. Desautels Faculty of Management, McGill
University (1999 - present); and Manager
of Research Operations and
Organizational Learning, Xerox PARC,
Xerox's advance research center
(1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marc O. Mayer (56)+ Trustee since 2014. Founding Partner and Chief Executive Trustee, Alliance
Trustee Serves until a successor Officer, Alignment Financial Services Bernstein Mutual Funds
trustee is elected or earlier (investment management) (2013- present); (oversaw 92 funds in
retirement or removal. Chief Executive Officer and Director, GMO fund complex)
LLC (investment management) (2009-2011); (2003-2008); Board of
Executive Vice President, Alliance Overseers, Columbia
Bernstein LP (investment management) Business School
(2000-2009); and Executive Vice (2010-present); and
President and Director, Sanford C. Director, Alpha Parity
Bernstein & Co., LLC (investment LLC (hedge fund)
management) (1989-2000) (2013-present)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (65) Trustee since 2011. President and Chief Executive Officer, Director of New America
Trustee Serves until a successor Newbury, Piret & Company, Inc. High Income Fund, Inc.
trustee is elected or earlier (investment banking firm) (1981 - (closed-end investment
retirement or removal. present) company) (2004 -
present); and member,
Board of Governors,
Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (85) Trustee since 2011. Senior Counsel, Sullivan & Cromwell LLP Director, The Swiss
Trustee Serves until a successor (law firm) (1998 - present); and Partner, Helvetia Fund, Inc.
trustee is elected or earlier Sullivan & Cromwell LLP (prior to 1998) (closed-end investment
retirement or removal. company) (1995 - 2012);
and Director, Invesco,
Ltd. (formerly AMVESCAP,
PLC) (investment
manager) (1997-2005)
------------------------------------------------------------------------------------------------------------------------------------
+ Mr. Mayer resigned as a Trustee of the Pioneer Funds effective May 6, 2014.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 127
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (55)* Trustee since 2011. Chairman (2013 - present), Director, CEO None
Trustee, President and Serves until a successor and President of PIM-USA (since February
Chief Executive Officer trustee is elected or 2007); Chairman (2013 - present),
of the Fund earlier retirement or Director and President of Pioneer and
removal. Pioneer Institutional Asset Management,
Inc. (since February 2007); Executive
Vice President of all of the Pioneer
Funds (2007 - 2013); Director of PGAM
(2007 - 2010); Head of New Europe
Division, PGAM (2000 - 2005); and Head
of New Markets Division, PGAM (2005 -
2007)
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (55)* Trustee since 2014. Director and Executive Vice President None
Trustee Serves until a successor (since 2008) and Chief Investment
trustee is elected or earlier Officer, U.S. (since 2010), of PIM-USA;
retirement or removal. Executive Vice President of Pioneer
(since 2008); Executive Vice President
of Pioneer Institutional Asset
Management, Inc. (since 2009); Portfolio
Manager of Pioneer (since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Kingsbury and Mr. Taubes are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
128 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Mark D. Goodwin (49) Since 2014. Serves Executive Vice President and Chief None
Executive Vice President at the discretion of Operating Officer of Pioneer since 2005
the Board. and Executive Vice President of all the
Pioneer funds since 2014
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (49) Since 2011. Serves Vice President and Associate General None
Secretary and Chief at the discretion of Counsel of Pioneer since January 2008;
Legal Officer the Board. 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 (53) Since 2011. Serves Fund Governance Director of Pioneer None
Assistant Secretary at the discretion of since December 2006 and Assistant
the 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 (51) Since 2011. Serves Senior Counsel of Pioneer since May 2013 None
Assistant Secretary at the discretion of and Assistant Secretary of all the
the Board. Pioneer Funds since June 2010; Counsel
of Pioneer from June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (54) Since 2011. Serves Vice President - Fund Treasury of None
Treasurer and Chief at the discretion of Pioneer; Treasurer of all of the Pioneer
Financial and Accounting the Board. Funds since March 2008; Deputy Treasurer
Officer of the Fund of Pioneer from March 2004 to February
2008; and Assistant Treasurer of all of
the Pioneer Funds from March 2004 to
February 2008
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 129
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (48) Since 2011. Serves Director - Fund Treasury of Pioneer; and None
Assistant Treasurer at the discretion of Assistant Treasurer of all of the
the Board. Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (55) Since 2011. Serves Fund Accounting Manager - Fund Treasury None
Assistant Treasurer at the discretion of of Pioneer; and Assistant Treasurer of
the Board. all of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (34) Since 2011. Serves Fund Administration Manager - Fund None
Assistant Treasurer at the discretion of Treasury of Pioneer since November 2008;
the Board. 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 (61) Since 2011. Serves Chief Compliance Officer of Pioneer and None
Chief Compliance Officer at the discretion of of all the Pioneer Funds since March
the Board. 2010; 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 (43) Since 2011. Serves Director - Transfer Agency Compliance of None
Anti-Money Laundering Officer at the discretion of Pioneer and Anti-Money Laundering Officer
the Board. of all the Pioneer funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
130 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
This page for your notes.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 131
This page for your notes.
132 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
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) 2014 Pioneer Investments 25671-02-0514
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.
Pioneer Fundamental Growth Fund:
Audit Fees
Fees for audit services provided to the Fund, including
fees associated with the filings of its Form N-1A, totaled
approximately $27,679 in 2014 and approximately
$26,957 in 2013.
Pioneer Dynamic Credit Fund
(Formerly Pioneer Absolute Credit
Return Fund):
Audit Fees
Fees for audit services provided to the Fund, including
fees associated with the filings of its Form N-1A, totaled
approximately $32,084 in 2014 and $34,990 in 2013.
Pioneer Multi-Asset Ultrashort Income
Fund:
Audit Fees
Fees for audit services provided to the Fund, including
fees associated with the filings of its Form N-1A, totaled
approximately $32,084 in 2014 and $34,990 in 2013.
(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 fees for audit-related or other services
provided to the Funds during the fiscal years ended
March 31, 2014 and 2013.
(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.
Fees for tax compliance services, primarily for tax
returns, totaled $8,131 and $8,290 in 2014 and 2013,
respectively.
(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 fees for audit-related or other services
provided to the Funds during the fiscal years ended
March 31, 2014 and 2013.
(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 Fund'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 Fund. For the years ended March 31,
2014 and 2013, there were no services provided to an
affiliate that required the Fund'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.
Pioneer Fundamental Growth Fund:
The aggregate non-audit fees for the Fund and affiliates,
as previously defined, totaled approximately $8,131 in
2014 and $8,290 in 2013.
Pioneer Dynamic Credit Fund
(Formerly Pioneer Absolute Credit
Return Fund):
The aggregate non-audit fees for the Fund and affiliates,
as previously defined, totaled approximately $8,131 in
2014 and $8,290 in 2013.
Pioneer Multi-Asset Ultrashort Income
Fund:
The aggregate non-audit fees for the Fund and affiliates,
as previously defined, totaled approximately $8,131 in
2014 and $8,290 in 2013.
(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/ Daniel K. Kingsbury
Daniel K. Kingsbury, President
Date May 29, 2014
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/ Daniel K. Kingsbury
Daniel K. Kingsbury, President
Date May 29, 2014
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date May 29, 2014
* Print the name and title of each signing officer under his or her signature.