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, 2017 through September 30, 2017
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Dynamic
Credit Fund
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Semiannual Report | September 30, 2017
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Ticker Symbols:
Class A RCRAX
Class C RCRCX
Class Y RCRYX
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 43
Notes to Financial Statements 50
Additional Information 68
Trustees, Officers and Service Providers 70
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 1
President's Letter
Robust, synchronized global economic growth and rising corporate profits have
continued to drive strong performance in both the credit and equity markets for
most of 2017. U.S. stocks, as measured by the Standard & Poor's 500 Index, have
returned 14.23% year-to-date through September 30, 2017. Fixed-income markets,
while not generating the same dazzling returns as equities, have held their own,
led by high-yield securities, which produced a year-to-date return of 7.05% in
the U.S., as measured by the Bank of America Merrill Lynch U.S. High Yield
Index. Meanwhile, the Bloomberg Barclays U.S. Aggregate Bond Index has returned
3.14% since the start of the calendar year.
Continued strong employment numbers and higher consumer confidence, together
with solid global economic growth and a depreciating U.S. dollar contributed to
better-than-expected U.S. gross domestic product (GDP) growth of 3.1% in the
second quarter. Outside the U.S., economic growth in the second quarter also
surprised to the upside across the Euro zone, China, and Japan. Meanwhile,
despite higher oil and commodities prices, inflation continued to be moderate,
both in the U.S. and globally, enabling major non-U.S. central banks to maintain
their easy monetary policies. As expected, however, the U.S. Federal Reserve
System (the Fed) recently announced that it would commence tapering its balance
sheet this October. The Fed also appears primed to raise interest rates one more
time before the end of this year, which would be the fourth rate increase since
December of 2016.
As we move into the final months of 2017, we believe the U.S. economy will
experience modest growth in the short term, depending on the mix of economic
policies enacted as the country moves away from monetary stimulus (driven by the
Fed) and toward fiscal stimulus (potentially including tax reform) as well as
lighter regulatory burdens. Meanwhile, corporate earnings remain solid and we
think they will improve even further, despite some pressure from wage increases.
In addition, as the economy continues to grow and we begin to see a modest
upturn in inflation, we believe the Fed will continue to raise interest rates.
While economic and market conditions appear solid, there are always risks to
consider that could dampen the outlook. Geopolitical concerns, such as increased
tensions with North Korea, and continued political gridlock in Washington are
just some of the risks that could lead to increased market volatility.
2 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
It is for those reasons that we at Amundi Pioneer continue to believe that
investors can benefit from the experience and tenure of our investment teams who
make active and informed decisions across our funds.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
September 30, 2017
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 3
Portfolio Management Discussion | 9/30/17
Steady economic growth and improving corporate profits supported the more
credit-sensitive sectors in the fixed-income market during the six-month period
ended September 30, 2017. In the following interview, Michael Temple and Kevin
Choy discuss the principal factors that affected the performance of the Pioneer
Dynamic Credit Fund during the six-month period. Mr. Temple, Director of
Corporate Credit Research, U.S., a senior vice president, and a portfolio
manager at Amundi Pioneer Asset Management, Inc. ("Amundi Pioneer"), and Mr.
Choy, a vice president and a portfolio manager at Amundi Pioneer, are
responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the six-month period ended September 30,
2017?
A Pioneer Dynamic Credit Fund's Class A shares returned 2.51% at net asset
value during the six-month period ended September 30, 2017, while the
Fund's benchmark, the Bank of America Merrill Lynch U.S. Dollar
3-Month LIBOR Index (the BofA ML Index), returned 0.59%. During the
same period, the average return of the 285 mutual funds in Lipper's
Alternative Credit Focus Funds category was 2.22%, and the average return
of the 359 mutual funds in Morningstar's Non-Traditional Bond Funds
category was 2.05%.
Q How would you describe the investment environment in the fixed-income
markets during the six-month period ended September 30, 2017?
A The backdrop in the global fixed-income markets during the six months
was benign. The domestic economy expanded persistently, with the most
recent reports on growth in U.S. gross domestic product (GDP), for
example, showing that the economy grew at a 3.1% annual pace in the
second quarter of 2017. Meanwhile, corporate earnings for the first quarter
were 14.9% higher than a year earlier.
Over the period, the U.S. Federal Reserve (the Fed) raised the Federal
Funds rate just once, in June 2017, after enacting two rate hikes in the
prior six months, with one more increase expected before the end of the
year. This was an indication that the Fed seemed committed to acting
with restraint in tightening monetary policy and moving toward a
less-accommodative stance. However, the Fed did announce late in the
period that it was prepared to begin reducing its balance sheet by shedding
some of the holdings it purchased during its multiple quantitative-easing
programs between 2008 and 2014.
4 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
Elsewhere around the globe, Asia's economy and the emerging markets
generally benefited from a major stimulus package by China's central
government in 2016. Japan's economy also improved and confidence started
rising, while the European economy proved stronger than earlier
expectations. All of those factors helped drive the global rally in riskier
assets during the period, including equities and credit-sensitive
fixed-income securities. A weakening U.S. dollar (USD) also aided
currencies and markets overseas.
In the U.S. fixed-income markets, lower-quality securities generally
outperformed higher-rated debt as the spreads between those credit tiers
narrowed. (Credit spreads are commonly defined as the differences in yield
between Treasuries and other types of fixed-income securities with similar
maturities.) Among corporate bonds, both high-yield and investment-grade
debt performed positively during the period, with high yield returning more
than 4% and investment grade returning roughly 2%.
Q What were the principal factors that affected the Fund's performance
during the six-month period ended September 30, 2017?
A The Fund performed well during the period, principally because of our
focus on the more credit-sensitive sectors of the market, including both
investment-grade and high-yield corporate debt. The Fund's duration
exposure also had a positive effect on performance. (Duration is a measure
of the sensitivity of the price, or the value of principal, of a
fixed-income investment to a change in interest rates, expressed as a
number of years. Short-duration portfolios tend to fare well when interest
rates rise and price risk increases, while longer-duration portfolios tend
to do better when interest rates decline and opportunities for price
appreciation increase.)
Solid performance from the portfolio's credit-sensitive holdings tended to
reach across all sectors, with no major themes influencing the Fund's
results. Individual corporate holdings in the portfolio that performed
well during the period included the bonds of Sprint, a wireless service
provider, and of International Game Technology, a company that designs and
produces gaming equipment and systems.
While overall performance was positive during the period, the Fund did
have some investments that disappointed, including the debt of CenturyLink,
a telecommunications operator, and of Pet Smart, which operates a chain of
retail stores selling pet products.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 5
Q Did you make any changes to the Fund's positioning during the six-month
period ended September 30, 2017?
A Over the six months, we slightly decreased the portfolio's overall level of
credit risk as credit spreads tightened. In terms of allocation shifts
during this timeframe, we reduced the Fund's investments in high-yield
corporate bonds and longer-duration investment-grade corporates, while
increasing exposure to bank loans. At this point of the business and credit
cycles, we are finding select opportunities in the bank-loan market, which
have floating interest rates and are typically of the senior secured
variety.
At the end of the six-month period, the Fund's largest allocations by
sector were to U.S. corporate bonds, at 36% of the Fund's total investment
portfolio, followed by senior secured loans (19%), U.S. government
securities (16%), and international corporate bonds (just under 15%).
As of September 30, 2017, the Fund's average effective duration was 3.93
years.
Q How did the Fund's exposure to derivative securities affect performance
over the six-month period ended September 30, 2017?
A The Fund had investments in several types of derivative securities during
the period. We purchased credit default swaps to manage the portfolio's
exposure to credit-linked securities, and the swaps tended to help
performance. We also invested in interest-rate futures to help manage the
Fund's duration risk, and some forward foreign currency contracts (currency
forwards) to manage the risks associated with the portfolio's exposures to
investments denominated in foreign currencies. Neither the interest-rate
futures nor the currency forwards had material effects on the Fund's
relative performance. However, the cost to the Fund of our investments in
options contracts did act as a drag on results. We invested in the options
to guard against the risk of a sharp sell-off in the credit markets.
However, the credit markets suffered no significant reversals during the
six-month period, and so the cost of the options contracts detracted from
the Fund's results.
Q Was there any change in the Fund's yield, or distributions to shareholders,
during the six-month period ended September 30, 2017?
A Yes, the Fund's yield declined during the period as overall yields in the
credit market fell.
6 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
Q What is your investment outlook?
A While economic fundamentals appear solid and corporate profit trends are
healthy, we find current valuations less compelling given that prices in the
credit markets have risen in the wake of a brisk rally that has lasted for
nearly 18 months. As we noted earlier, spreads between lower-quality and
higher-quality debt have compressed significantly.
Over the next 12 months, we expect to maintain a relatively stable roster of
holdings in the Fund's portfolio, although we think insurance-linked
securities, including so-called catastrophe bonds, may offer interesting
opportunities late in 2017. The asset class turned in negative performance
in September after three major hurricanes made landfall in the U.S. and
Caribbean, and two earthquakes struck Mexico over the final weeks of the
period. However, we believe the impending renewal season for insurance-
linked securities could create some attractive pricing opportunities within
that market for the upcoming year, and we continue to be constructive on the
diversifying* nature of the asset class, as the securities are not highly
correlated with the performance of other fixed-income assets. (Correlation
represents the degree to which assets or asset class prices have moved in
relation to one another. Correlation ranges from -1, where assets/asset
prices always move in opposite directions, through 0, where assets/asset
prices are absolutely independent, to 1, where assets/asset prices always
move together.)
Please refer to the Schedule of Investments on pages 17-42 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Pioneer Dynamic Credit Fund has the ability to invest in a wide variety of debt
securities.
The Fund may invest in underlying funds, including ETFs. In addition to the
Fund's operating expenses, you will indirectly bear the operating expenses of
investments in any underlying funds.
* Diversification does not assure a profit nor protect against loss.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 7
The Fund and some of the underlying funds utilize strategies that have a
leveraging effect on the Fund, which increases the volatility of investment
returns and subjects the Fund to magnified losses if the Fund's or an underlying
fund's investments decline in value.
The Fund and some of the underlying funds may use derivatives, such as options
and futures, which can be illiquid, may disproportionately increase losses, and
have a potentially large impact on Fund performance.
The Fund may invest in inflation-linked securities. As inflationary expectations
increase, inflation-linked securities may become more attractive, because they
protect future interest payments against inflation. Conversely, as inflationary
concerns decrease, inflation-linked securities will become less attractive and
less valuable.
The Fund may invest in credit default swaps, which may in some cases be
illiquid, and they increase credit risk since the Fund has exposure to both the
issuer of the referenced obligation and the counterparty to the credit default
swap.
The Fund may invest in floating-rate loans. The value of collateral, if any,
securing a floating-rate loan can decline or may be insufficient to meet the
issuer's obligations or may be difficult to liquidate.
The Fund may invest in event-linked bonds. The return of principal and the
payment of interest on event-linked bonds are contingent on the nonoccurrence of
a pre-defined "trigger" event, such as a hurricane or an earthquake of a
specific magnitude.
The Fund may invest in zero coupon bonds and payment-in-kind securities, which
may be more speculative and fluctuate more in value than other fixed income
securities. The accrual of income from these securities are payable as taxable
annual dividends to shareholders.
Investments in equity securities are subject to price fluctuation.
Investments in fixed-income securities involve interest rate, credit, inflation,
and reinvestment risks. As interest rates rise, the value of fixed-income
securities generally falls.
The Fund may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-
income securities. Mortgage-backed securities are also subject to pre-payments.
8 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
High-yield bonds possess greater price volatility, illiquidity, and possibility
of default.
There is no assurance that these and other strategies used by the Fund or
underlying funds will be successful.
The Fund is not intended to outperform stocks and bonds during strong market
rallies.
These risks may increase share price volatility.
Please see the prospectus for a more complete discussion of the Fund's risks.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc., for
a prospectus or summary prospectus containing this information. Read it
carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 9
Portfolio Summary | 9/30/17
Portfolio Diversification*
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 36.1%
Senior Secured Loans 19.2%
U.S. Government Securities 16.1%
International Corporate Bonds 14.6%
Collateralized Mortgage Obligations 5.2%
Asset Backed Securities 2.6%
Closed End Fund 2.6%
Foreign Government Bonds 1.6%
Convertible Preferred Stocks 1.0%
Convertible Corporate Bonds 0.5%
Temporary Cash Investment 0.5%
U.S. Common Stock 0.0%**
* Includes investments in insurance linked securities totaling 3.0% of total
investment portfolio.
** Amount rounds to less than 0.1%.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)***
1. U.S. Treasury Notes, 1.875%, 5/31/22 3.78%
--------------------------------------------------------------------------------
2. U.S. Treasury Bonds, 4.5%, 2/15/36 3.14
--------------------------------------------------------------------------------
3. U.S. Treasury Bills, 10/12/17 2.86
--------------------------------------------------------------------------------
4. Pioneer ILS Interval Fund 2.70
--------------------------------------------------------------------------------
5. U.S. Treasury Notes, 1.125%, 6/30/21 2.05
--------------------------------------------------------------------------------
6. U.S. Treasury Bills, 10/19/17 1.93
--------------------------------------------------------------------------------
7. HCA, Inc., 5.25%, 4/15/25 1.15
--------------------------------------------------------------------------------
8. CenturyLink, Inc., 5.8%, 3/15/22 1.12
--------------------------------------------------------------------------------
9. Centene Corp., 4.75%, 1/15/25 1.03
--------------------------------------------------------------------------------
10. Videotron, Ltd., 5.375%, 6/15/24 (144A) 0.96
--------------------------------------------------------------------------------
*** This list excludes temporary cash investments and derivative instruments.
The Fund is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
10 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
Prices and Distributions | 9/30/17
Net Asset Value per Share
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--------------------------------------------------------------------------------
Class 9/30/17 3/31/17
--------------------------------------------------------------------------------
A $9.42 $9.39
--------------------------------------------------------------------------------
C $9.39 $9.36
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Y $9.46 $9.42
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Distributions per Share: 4/1/17-9/30/17
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--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2050 $-- $--
--------------------------------------------------------------------------------
C $0.1703 $-- $--
--------------------------------------------------------------------------------
Y $0.2196 $-- $--
--------------------------------------------------------------------------------
The Bank of America Merrill Lynch U.S. Dollar 3-Month LIBOR Index is an
unmanaged index that tracks the performance of a synthetic asset paying the
London Interbank Offered Rate (LIBOR), with a constant 3-month average maturity.
The index is based on the assumed purchase at par value of a synthetic
instrument having exactly its stated maturity and with a coupon equal to that
day's 3-month LIBOR rate. Index returns assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees, expenses or sales charges. It is
not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 12-14.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 11
Performance Update | 9/30/17 Class A Shares
Investment Returns
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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 September 30, 2017)
--------------------------------------------------------------------------------
BofA ML
Net Public U.S. Dollar
Asset Offering 3-Month
Value Price LIBOR
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 3.76% 3.02% 0.45%
5 year 3.72 2.76 0.47
1 year 5.91 1.18 1.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2017)
--------------------------------------------------------------------------------
Gross
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1.22%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Dynamic BofA ML U.S. Dollar
Credit Fund 3-Month LIBOR Index
4/11 $9,550 $10,000
9/11 $9,122 $10,009
9/12 $10,086 $10,058
9/13 $10,483 $10,090
9/14 $10,957 $10,114
9/15 $10,665 $10,140
8/16 $11,392 $10,190
9/17 $12,107 $10,294
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 4.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
Performance Update | 9/30/17 Class C Shares
Investment Returns
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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 September 30, 2017)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 2.95% 2.95% 0.45%
5 year 2.93 2.93 0.47
1 year 5.12 5.12 1.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.98%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Dynamic BofA ML U.S. Dollar
Credit Fund 3-Month LIBOR Index
4/11 $10,000 $10,000
9/11 $ 9,517 $10,009
9/12 $10,434 $10,058
9/13 $10,753 $10,090
9/14 $11,156 $10,114
9/15 $10,778 $10,140
9/16 $11,466 $10,190
9/17 $12,054 $10,294
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 13
Performance Update | 9/30/17 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Dynamic Credit Fund during the
periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML)
U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2017)
--------------------------------------------------------------------------------
BofA ML
Net U.S. Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 4.14% 0.45%
5 year 4.06 0.47
1 year 6.23 1.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2017)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.99% 0.88%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Dynamic BofA ML U.S. Dollar
Credit Fund 3-Month LIBOR Index
4/11 $5,000,000 $5,000,000
9/11 $4,800,067 $5,004,742
9/12 $5,318,483 $5,028,849
9/13 $5,549,790 $5,044,939
9/14 $5,816,604 $5,057,112
9/15 $5,674,308 $5,069,978
9/16 $6,108,169 $5,095,071
9/17 $6,488,624 $5,147,121
Call 1-800-225-6292 or visit www.amundipioneer.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, 2018, for Class Y shares. There can be no assurance
that Amundi Pioneer will extend the expense limitation beyond such time. Please
see the prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
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 Dynamic Credit Fund
Based on actual returns from April 1, 2017, through September 30, 2017.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 4/1/17
--------------------------------------------------------------------------------
Ending Account Value $1,025.10 $1,021.50 $1,027.70
(after expenses) on 9/30/17
--------------------------------------------------------------------------------
Expenses Paid $ 5.69 $ 9.48 $ 4.32
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.12%,
1.87%, and 0.85% for Class A, Class C, and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
183/365 (to reflect the one-half year period).
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Dynamic Credit Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from April 1, 2017, through September 30, 2017.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 4/1/17
--------------------------------------------------------------------------------
Ending Account Value $1,019.45 $1,015.69 $1,020.81
(after expenses) on 9/30/17
--------------------------------------------------------------------------------
Expenses Paid $5.67 $ 9.45 $ 4.31
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.12%,
1.87%, and 0.85% for Class A, Class C, and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
183/365 (to reflect the one-half year period).
16 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
Schedule of Investments | 9/30/17 (unaudited)
-------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($)(j) Rate (a) Spread (b) Value
-------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 96.6%
CONVERTIBLE CORPORATE BOND -- 0.0%+
MATERIALS -- 0.0%+
Steel -- 0.0%+
EUR 79,012 New World Resources NV, 4.0%, 10/7/20
(144A) (4.0% cash, 8.0% PIK) (PIK) $ 9
-------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BOND
(Cost $70,205) $ 9
-------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS -- 1.0%
BANKS -- 1.0%
Diversified Banks -- 1.0%
900 Bank of America Corp., 7.25% (Perpetual) $ 1,171,323
1,530 Wells Fargo & Co., 7.5% (Perpetual) 2,011,950
-------------
$ 3,183,273
-------------
Total Banks $ 3,183,273
-------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $3,120,105) $ 3,183,273
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Shares
-------------------------------------------------------------------------------------------------------------
COMMON STOCK -- 0.0%+
CAPITAL GOODS -- 0.0%+
Industrial Machinery -- 0.0%+
3,071 Liberty Tire Recycling LLC (f)(g) $ 31
-------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost $31) $ 31
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Principal
Amount ($)(j)
-------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 2.7%
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
255,242 Westgate Resorts 2014-1 LLC, 5.5%,
12/20/26 (144A) $ 259,148
-------------
Total Consumer Services $ 259,148
-------------------------------------------------------------------------------------------------------------
BANKS -- 2.6%
Thrifts & Mortgage Finance -- 2.6%
1,200,000 Ascentium Equipment Receivables 2016-2
Trust, 6.79%, 10/10/24 (144A) $ 1,259,098
499,993 Axis Equipment Finance Receivables III
LLC, 5.27%, 5/20/20 (144A) 486,953
500,000 Conn Funding II LP, 5.11%, 2/15/20 (144A) 503,327
680,000 Engs Commercial Finance Trust 2016-1,
5.22%, 1/22/24 (144A) 669,093
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 17
Schedule of Investments | 9/30/17 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($)(j) Rate (a) Spread (b) Value
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,800,000 Four Seas LP, 5.927%, 8/28/27 (144A) $ 1,800,000
145,365 7.78 GE Mortgage Services LLC, Variable Rate
Note, 3/25/27 69,185
20,547 GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 20,239
175,000 InSite Issuer LLC Class C Series 16-1A,
7.5%, 11/15/46 179,714
710,500 Navitas Equipment Receivables LLC
2015-1, 5.75%, 7/15/21 (144A) 705,763
178,773 RASC Series 2003-KS5 Trust, 4.96%,
7/25/33 (Step) 181,023
24,735 6.55 Security National Mortgage Loan Trust
2007-1, Variable Rate Note,
4/25/37 (144A) 24,673
1,377,680 Solarcity Lmc Series VI LLC, 4.8%,
9/21/48 (144A) 1,394,024
998,564 VOLT XXV LLC, 4.5%, 6/26/45 (Step) (144A) 986,979
-------------
$ 8,280,071
-------------
Total Banks $ 8,280,071
-------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $8,534,750) $ 8,539,219
-------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 5.2%
BANKS -- 5.1%
Thrifts & Mortgage Finance -- 5.1%
69,954 3.26 Bear Stearns ALT-A Trust 2003-3, Variable
Rate Note, 10/25/33 $ 69,566
75,351 5.21 Bear Stearns Commercial Mortgage
Securities Trust 2005-PWR7, Variable
Rate Note, 2/11/41 75,289
1,600,000 5.28 Bear Stearns Commercial Mortgage
Securities Trust 2005-TOP20, Variable
Rate Note, 10/12/42 1,456,000
1,000,000 3.21 Citigroup Commercial Mortgage Trust
2014-GC23 REMICS, Variable Rate
Note, 7/12/47 (144A) 643,948
400,000 Citigroup Commercial Mortgage Trust
2016-SMPL, 4.509%, 9/10/31 408,353
715,000 6.05 COBALT CMBS Commercial Mortgage Trust
2007-C3, Variable Rate Note, 5/15/46 713,394
220,000 6.05 COBALT CMBS Commercial Mortgage Trust
2007-C3, Variable Rate Note, 5/15/46 155,793
343,313 5.10 Credit Suisse First Boston Mortgage
Securities Corp., Variable Rate
Note, 8/15/38 342,874
The accompanying notes are an integral part of these financial statements.
18 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
-------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($)(j) Rate (a) Spread (b) Value
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,050,000 5.10 Credit Suisse First Boston Mortgage
Securities Corp., Variable Rate Note, 8/15/38 $ 1,845,482
500,000 3.74 CSAIL 2015-C4 Commercial Mortgage
Trust REMICS, Variable Rate Note, 11/15/48 437,481
289,714 5.48 CSFB Mortgage-Backed Pass-Through
Certificates Series 2003-17, Variable
Rate Note, 6/25/33 3
240,708 Global Mortgage Securitization, Ltd.,
5.25%, 11/25/32 (144A) 111,315
89,897 Global Mortgage Securitization, Ltd.,
5.25%, 11/25/32 (144A) 8,728
370,569 Global Mortgage Securitization, Ltd.,
5.25%, 4/25/32 (144A) 351,597
75,568 Global Mortgage Securitization, Ltd.,
5.25%, 4/25/32 (144A) 21,493
570,000 5.00 GMAT 2013-1 Trust, Variable Rate
Note, 8/25/53 492,615
533,692 5.13 1M LIBOR+ GS Mortgage Securities Trust 2014-GSFL,
390bps Floating Rate Note, 7/15/31 (144A) 534,967
53,864 Homeowner Assistance Program Reverse
Mortgage Loan Trust 2013-RM1, 4.0%,
5/26/53 (144A) 53,568
1,850,000 7.46 1M LIBOR+ JP Morgan Chase Commercial Mortgage
622.45bps Securities Trust 2014-CBM MZ, Floating
Rate Note, 10/15/19 (144A) 1,855,863
300,000 3.22 JPMDB Commercial Mortgage Securities
Trust 2016-C4, Variable Rate Note,
12/15/49 (144A) 232,000
527,267 4.00 PNMR+ La Hipotecaria Panamanian Mortgage
-125bps Trust 2007-1, Floating Rate Note,
12/23/36 (144A) 516,722
163,024 Merrill Lynch Mortgage Investors Trust
Series 2006-AF1, 5.75%, 8/25/36 123,094
300,000 3.00 Morgan Stanley Capital I Trust 2016-BNK2,
Variable Rate Note, 11/15/49 (144A) 239,203
500,000 Morgan Stanley Capital I Trust 2016-UBS9,
3.0%, 3/15/49 (144A) 398,990
1,400,000 3.46 3M LIBOR+ Octagon Investment Partners XVII, Ltd.,
215bps Floating Rate Note, 10/25/25 (144A) 1,400,433
430,390 ORES 2014-LV3 LLC, 6.0%, 3/27/24 (144A) 430,390
1,525,000 N/A 1M LIBOR+ Starwood Waypoint Homes 2017-1 Trust,
260bps Floating Rate Note, 1/17/35 (144A) 1,510,513
1,000,000 Tricon American Homes 2017-SFR1 Trust,
5.151%, 9/17/34 (144A) 992,389
750,000 Wells Fargo Commercial Mortgage Trust
2016-BNK1, 3.0%, 8/15/49 (144A) 601,680
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 19
Schedule of Investments | 9/30/17 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($)(j) Rate (a) Spread (b) Value
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
200,000 4.49 WFRBS Commercial Mortgage Trust
2013-C12, Variable Rate Note,
3/15/48 (144A) $ 187,178
-------------
$ 16,210,921
-------------
Total Banks $ 16,210,921
-------------------------------------------------------------------------------------------------------------
Government -- 0.1%
377,805 5.63 1M LIBOR+ FREMF Mortgage Trust 2015-KLSF REMICS,
440bps Floating Rate Note, 11/25/22 (144A) $ 381,765
-------------
Total Government $ 381,765
-------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $17,396,009) $ 16,592,686
-------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 50.4%
ENERGY -- 8.5%
Oil & Gas Exploration & Production -- 1.2%
1,800,000 Whiting Petroleum Corp., 5.0%, 3/15/19 $ 1,800,540
565,000 WPX Energy, Inc., 5.25%, 9/15/24 566,412
1,216,000 WPX Energy, Inc., 7.5%, 8/1/20 1,322,400
-------------
$ 3,689,352
-------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.9%
2,940,000 EnLink Midstream Partners LP, 4.15%, 6/1/25 $ 2,963,724
-------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 6.4%
2,575,000 Boardwalk Pipelines LP, 4.95%, 12/15/24 $ 2,740,504
1,965,000 Cheniere Corpus Christi Holdings LLC,
5.875%, 3/31/25 2,114,831
2,150,000 Cheniere Energy Partners LP, 5.25%,
10/1/25 (144A) 2,198,375
2,690,000 Energy Transfer Equity LP, 5.5%, 6/1/27 2,831,225
1,400,000 Genesis Energy LP, 6.75%, 8/1/22 1,431,500
750,000 Kinder Morgan, Inc. Delaware, 5.3%, 12/1/34 783,020
1,755,000 Kinder Morgan, Inc. Delaware, 5.55%, 6/1/45 1,890,871
1,450,000 ONEOK, Inc., 6.875%, 9/30/28 1,687,481
2,200,000 Plains All American Pipeline LP,
4.65%, 10/15/25 2,265,607
2,150,000 Williams Partners LP, 6.3%, 4/15/40 2,574,935
-------------
$ 20,518,349
-------------
Total Energy $ 27,171,425
-------------------------------------------------------------------------------------------------------------
MATERIALS -- 1.6%
Paper Packaging -- 0.6%
1,675,000 Sealed Air Corp., 5.5%, 9/15/25 (144A) $ 1,842,500
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
-------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($)(j) Rate (a) Spread (b) Value
-------------------------------------------------------------------------------------------------------------
Steel -- 1.0%
2,010,000 ArcelorMittal, 6.0%, 3/1/21 $ 2,205,975
1,000,000 Commercial Metals Co., 4.875%, 5/15/23 1,045,000
-------------
$ 3,250,975
-------------
Total Materials $ 5,093,475
-------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 2.5%
Building Products -- 0.6%
1,845,000 Standard Industries, Inc., 5.375%,
11/15/24 (144A) $ 1,960,866
-------------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.7%
2,045,000 AECOM, 5.125%, 3/15/27 $ 2,114,019
-------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.6%
1,875,000 Cleaver-Brooks, Inc., 8.75%,
12/15/19 (144A) $ 1,921,875
-------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.6%
1,010,000 United Rentals North America, Inc.,
4.625%, 10/15/25 $ 1,022,625
1,010,000 United Rentals North America, Inc.,
4.875%, 1/15/28 1,015,050
-------------
$ 2,037,675
-------------
Total Capital Goods $ 8,034,435
-------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.7%
Diversified Support Services -- 0.7%
2,080,000 Ritchie Bros Auctioneers, Inc., 5.375%,
1/15/25 (144A) $ 2,199,600
-------------
Total Commercial Services & Supplies $ 2,199,600
-------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.5%
Tires & Rubber -- 0.5%
1,680,000 The Goodyear Tire & Rubber Co.,
4.875%, 3/15/27 $ 1,729,526
-------------
Total Automobiles & Components $ 1,729,526
-------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.2%
Homebuilding -- 1.2%
765,000 DR Horton, Inc., 5.75%, 8/15/23 $ 869,724
1,325,000 KB Home, 7.0%, 12/15/21 1,487,312
1,400,000 Taylor Morrison Communities, Inc.,
5.875%, 4/15/23 (144A) 1,484,000
-------------
$ 3,841,036
-------------
Total Consumer Durables & Apparel $ 3,841,036
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 21
Schedule of Investments | 9/30/17 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($)(j) Rate (a) Spread (b) Value
-------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.7%
Casinos & Gaming -- 0.7%
2,000,000 International Game Technology Plc,
6.5%, 2/15/25 (144A) $ 2,247,500
-------------
Total Consumer Services $ 2,247,500
-------------------------------------------------------------------------------------------------------------
MEDIA -- 4.8%
Broadcasting -- 0.9%
1,500,000 CCO Holdings LLC, 5.125%, 5/1/27 (144A) $ 1,520,625
1,275,000 CCO Holdings LLC, 5.5%, 5/1/26 (144A) 1,321,219
-------------
$ 2,841,844
-------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 3.9%
2,105,000 Altice US Finance I Corp., 5.5%,
5/15/26 (144A) $ 2,220,122
2,485,000 CSC Holdings LLC, 5.5%, 4/15/27 (144A) 2,584,400
2,255,000 Hughes Satellite Systems Corp.,
5.25%, 8/1/26 2,345,200
450,000 Sirius XM Radio, Inc., 5.0%, 8/1/27 (144A) 459,000
1,075,000 Sirius XM Radio, Inc., 5.375%,
7/15/26 (144A) 1,131,438
653,000 Time Warner Cable LLC, 4.125%, 2/15/21 678,044
2,800,000 Videotron, Ltd., 5.375%, 6/15/24 (144A) 3,038,000
-------------
$ 12,456,204
-------------
Total Media $ 15,298,048
-------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 2.4%
Brewers -- 0.7%
2,020,000 Anheuser-Busch InBev Finance, Inc.,
2.65%, 2/1/21 $ 2,052,806
-------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.2%
690,000 JBS USA LUX SA, 8.25%, 2/1/20 (144A) $ 696,900
1,295,000 Marfrig Holdings Europe BV, 6.875%,
6/24/19 (144A) 1,333,850
1,690,000 Post Holdings, Inc., 5.5%, 3/1/25 (144A) 1,753,375
-------------
$ 3,784,125
-------------------------------------------------------------------------------------------------------------
Tobacco -- 0.5%
1,515,000 Reynolds American, Inc., 4.85%, 9/15/23 $ 1,662,802
-------------
Total Food, Beverage & Tobacco $ 7,499,733
-------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 5.0%
Health Care Facilities -- 2.1%
3,340,000 HCA, Inc., 5.25%, 4/15/25 $ 3,611,375
1,740,000 Kindred Healthcare, Inc., 8.0%, 1/15/20 1,709,011
The accompanying notes are an integral part of these financial statements.
22 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
-------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($)(j) Rate (a) Spread (b) Value
-------------------------------------------------------------------------------------------------------------
Health Care Facilities -- (continued)
1,225,000 RegionalCare Hospital Partners Holdings,
Inc., 8.25%, 5/1/23 (144A) $ 1,287,781
-------------
$ 6,608,167
-------------------------------------------------------------------------------------------------------------
Managed Health Care -- 2.2%
3,140,000 Centene Corp., 4.75%, 1/15/25 $ 3,257,750
1,780,000 Molina Healthcare, Inc., 5.375%, 11/15/22 1,834,468
1,750,000 WellCare Health Plans, Inc., 5.25%, 4/1/25 1,841,875
-------------
$ 6,934,093
-------------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.7%
2,150,000 Quintiles IMS, Inc., 5.0%, 10/15/26 (144A) $ 2,279,000
-------------
Total Health Care Equipment & Services $ 15,821,260
-------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.6%
Pharmaceuticals -- 0.6%
605,000 Valeant Pharmaceuticals International,
Inc., 6.5%, 3/15/22 (144A) $ 639,788
1,250,000 Valeant Pharmaceuticals International,
Inc., 7.0%, 3/15/24 (144A) 1,334,488
-------------
$ 1,974,276
-------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 1,974,276
-------------------------------------------------------------------------------------------------------------
BANKS -- 6.9%
Diversified Banks -- 6.9%
EUR 1,000,000 8.88 Banco Bilbao Vizcaya Argentaria SA,
Variable Rate Note (Perpetual) $ 1,372,602
1,445,000 6.30 3M LIBOR+ Bank of America Corp., Floating Rate
455.3bps Note (Perpetual) 1,632,850
2,605,000 7.62 USSW5+ BNP Paribas SA, Floating Rate Note
631.4bps (Perpetual) (144A) 2,862,244
2,640,000 BPCE SA, 4.875%, 4/1/26 (144A) 2,803,540
EUR 1,200,000 6.62 Cooperatieve Rabobank UA, Variable
Rate Note (Perpetual) 1,598,637
833,000 6.12 Danske Bank AS, Variable Rate
Note (Perpetual) 893,956
1,780,000 6.00 USISDA05+ HSBC Holdings Plc, Floating Rate
374.6bps Note (Perpetual) 1,861,702
2,685,000 6.50 USSW5+ ING Groep NV, Floating Rate Note,
444.6bps 12/29/49 2,876,440
ARS 8,152,000 Letras Banco Central Argentina, 4/18/18 (c) 409,146
1,300,000 8.62 USSW5+ Royal Bank of Scotland Group Plc, Floating
759.8bps Rate Note (Perpetual) 1,441,375
1,200,000 7.38 USSW5+ Societe Generale SA, Floating Rate Note
623.8bps (Perpetual) (144A) 1,299,000
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 23
Schedule of Investments | 9/30/17 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($)(j) Rate (a) Spread (b) Value
-------------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
1,400,000 6.00 Swedbank AB, Variable Rate
Note (Perpetual) $ 1,485,554
EUR 1,055,000 9.25 UniCredit S.p.A., Variable Rate
Note (Perpetual) 1,447,539
-------------
$ 21,984,585
-------------
Total Banks $ 21,984,585
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.3%
Other Diversified Financial Services -- 0.4%
1,000,000 Fixed Income Trust Series 2013-A,
10/15/97 (Step) (144A) (c)(f)(g) $ 1,077,100
100,000 0.00 Tiers Trust, Variable Rate Note, 10/15/97
(144A) (f)(g) 128,968
-------------
$ 1,206,068
-------------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.0%
1,120,000 Nationstar Mortgage LLC, 6.5%, 6/1/22 $ 1,150,800
825,000 Nationstar Mortgage LLC, 6.5%, 7/1/21 841,500
1,330,000 Park Aerospace Holdings, Ltd., 5.25%,
8/15/22 (144A) 1,383,200
-------------
$ 3,375,500
-------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.4%
INR 80,340,000 International Finance Corp., 6.3%, 11/25/24 $ 1,251,638
-------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.8%
2,290,000 UBS AG, 7.625%, 8/17/22 $ 2,699,338
-------------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.7%
1,955,000 7.12 Credit Suisse Group AG, Variable Rate
Note (Perpetual) $ 2,108,956
-------------
Total Diversified Financials $ 10,641,500
-------------------------------------------------------------------------------------------------------------
INSURANCE -- 3.8%
Multi-line Insurance -- 0.8%
2,500,000 Liberty Mutual Group, Inc., 4.25%,
6/15/23 (144A) $ 2,670,260
-------------------------------------------------------------------------------------------------------------
Reinsurance -- 3.0%
500,000 Arlington Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 8/31/16 (d)(e)(f) $ 24,300
250,000 4.49 3M LIBOR+ Atlas IX Capital DAC, Floating Rate Note,
325bps 1/17/19 (Cat Bond) (144A) 253,500
500,000 Berwick Segregated Account (Artex SAC Ltd.),
Variable Rate Note, 1/22/16 (d)(e)(f) 15,000
500,000 Carnoustie 2016-N,Segregated Account
(Artex SAC Ltd.), Variable Rate Notes,
11/30/20 (d)(e)(f) 54,100
The accompanying notes are an integral part of these financial statements.
24 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
-------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($)(j) Rate (a) Spread (b) Value
-------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
500,000 Carnoustie Segregated Account (Artex
SAC Ltd.), Variable Rate Notes,
11/30/21 (d)(e)(f) $ 417,700
1,500,000 Carnoustie Segregated Account (Artex
SAC Ltd.), Variable Rate Notes,
2/19/16 (d)(e)(f) 30,600
250,000 Cypress 2017 Segregated Account
(Artex SAC Ltd.), Variable Rate Notes,
1/10/18 (d)(e)(f) 215,525
250,000 7.38 6M LIBOR+ Galilei Re, Ltd., Floating Rate Note,
625bps 1/8/20 (Cat Bond) (144A) 234,125
400,000 6.38 6M LIBOR+ Galilei Re, Ltd., Floating Rate Note,
525bps 1/8/20 (Cat Bond) (144A) 388,320
250,000 9.13 6M LIBOR+ Galilei Re, Ltd., Floating Rate Note,
800bps 1/8/20 (Cat Bond) (144A) 202,675
52,500 1.54 T-BILL 3M + Gator Re, Ltd., Floating Rate Note,
50bps 1/9/20 (Cat Bond) (144A) 1
250,000 3.31 T-BILL 3M + Golden State Re II, Ltd., Floating Rate
220bps Note, 1/8/19 (Cat Bond) (144A) 249,800
2,000,000 Gullane Segregated Account (Artex
SAC Ltd.), Variable Rate Notes,
11/30/21 (d)(e)(f) 1,960,400
250,000 11.15 6M LIBOR+ Kilimanjaro II Re, Ltd., Floating Rate Note,
1000bps 4/20/21 (Cat Bond) (144A) 149,600
350,000 5.51 T-BILL 3M+ Kilimanjaro Re, Ltd., Floating Rate Note,
450bps 4/30/18 (Cat Bond) (144A) 318,745
400,000 5.76 T-BILL 3M+ Kilimanjaro Re, Ltd., Floating Rate Note,
475bps 4/30/18 (Cat Bond) (144A) 399,000
250,000 0.00 Limestone Re, Ltd., Floating Rate Note
8/31/21 (Cat Bond) 221,775
250,000 Lorenz Re, Variable Rate Notes,
3/31/20 (d)(e)(f) 235,550
2,000,000 Pangaea Re, Series 2015-1, Principal at
Risk Notes, 2/1/19 (d)(e)(f) 9,000
2,000,000 Pangaea Re, Series 2015-2, Principal at
Risk Notes, 11/30/19 (d)(e)(f) 20,800
1,000,000 Pangaea Re, Variable Rate Notes,
2/1/20 (d)(e)(f) 66,100
1,000,000 Pangaea Re, Variable Rate Notes,
11/30/21 (d)(e)(f) 955,800
700,000 Prestwick Segregated Account (Artex
SAC Ltd.), Variable Rate Notes,
7/1/16 (d)(e)(f) 11,900
250,000 6.40 T-BILL 3M+ Residential Reinsurance 2016, Ltd., Floating
537bps Rate Note, 12/6/23 (Cat Bond) (144A) 246,850
250,000 Resilience Re, Ltd., Varible Rate Notes,
1/12/18 (d)(e)(f) 236,325
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 25
Schedule of Investments | 9/30/17 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($)(j) Rate (a) Spread (b) Value
-------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 4.50 Resilience Re, Ltd., Variable Rate Note,
1/9/19 (d)(e)(f) $ 250,000
AUD 300,000 Rw0009 Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 1/10/18 (d)(e)(f) 17,057
500,000 Silverton Re, Ltd., Variable Rate Notes,
9/18/18 (144A) (d)(e)(f) 14,000
1,200,000 St. Andrews Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 1/22/16 (d)(e)(f) 23,640
217,248 St. Andrews Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 6/1/19 (d)(e)(f) 199,347
250,000 Sunningdale Segregated Account (Artex
SAC Ltd.), Variable Rate Notes,
1/16/18 (d)(e)(f) 243,025
250,000 4.68 ZERO+ Ursa Re, Ltd., Floating Rate Note,
400bps 12/10/19 (Cat Bond) (144A) 251,200
1,250,000 Versutus 2016, Class A-1, Variable Rate
Notes, 11/30/20 (d)(e)(f) 53,250
1,500,000 Versutus, Variable Rate Notes,
11/30/21 (d)(e)(f) 1,485,300
-------------
$ 9,454,310
-------------
Total Insurance $ 12,124,570
-------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.5%
IT Consulting & Other Services -- 0.5%
1,500,000 Dell International LLC, 4.42%,
6/15/21 (144A) $ 1,574,873
-------------
Total Software & Services $ 1,574,873
-------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.4%
Communications Equipment -- 0.4%
1,700,000 Avaya, Inc., 4/1/19 (144A) (c) $ 1,436,500
-------------
Total Technology Hardware & Equipment $ 1,436,500
-------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.4%
Semiconductor Equipment -- 0.4%
1,250,000 Sensata Technologies BV, 5.0%,
10/1/25 (144A) $ 1,317,562
-------------
Total Semiconductors & Semiconductor
Equipment $ 1,317,562
-------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.1%
Integrated Telecommunication Services -- 2.4%
3,555,000 CenturyLink, Inc., 5.8%, 3/15/22 $ 3,543,268
1,400,000 Level 3 Financing, Inc., 5.375%, 5/1/25 1,439,375
1,335,000 Sprint Capital Corp., 6.875%, 11/15/28 1,495,200
The accompanying notes are an integral part of these financial statements.
26 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
-------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($)(j) Rate (a) Spread (b) Value
-------------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- (continued)
1,175,000 Verizon Communications, Inc.,
2.625%, 2/21/20 $ 1,194,347
-------------
$ 7,672,190
-------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.7%
1,400,000 T-Mobile USA, Inc., 6.625%, 4/1/23 $ 1,473,528
300,000 Unison Ground Lease Funding LLC,
5.78%, 3/16/43 (144A) 297,848
400,000 WCP Issuer llc, 6.657%, 8/15/20 (144A) 414,033
-------------
$ 2,185,409
-------------
Total Telecommunication Services $ 9,857,599
-------------------------------------------------------------------------------------------------------------
UTILITIES -- 3.5%
Electric Utilities -- 0.5%
1,190,000 8.13 USSW5+ Enel S.p.A., Floating Rate Note, 9/24/73
588bps (144A) $ 1,441,388
118,000 NextEra Energy Operating Partners LP, 4.5%,
9/15/27 (144A) 120,212
-------------
$ 1,561,600
-------------------------------------------------------------------------------------------------------------
Gas Utilities -- 1.4%
2,715,000 DCP Midstream Operating LP,
3.875%, 3/15/23 $ 2,660,700
300,000 DCP Midstream Operating LP,
5.6%, 4/1/44 279,750
1,500,000 Ferrellgas LP, 6.75%, 6/15/23 1,447,500
-------------
$ 4,387,950
-------------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 1.6%
2,145,000 Calpine Corp., 5.75%, 1/15/25 $ 2,024,344
1,085,000 Dynegy, Inc., 8.125%, 1/30/26 (144A) 1,117,550
1,910,000 NRG Energy, Inc., 6.625%, 1/15/27 2,000,725
-------------
$ 5,142,619
-------------
Total Utilities $ 11,092,169
-------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $155,008,709) $ 160,939,672
-------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 16.1%
9,025,000 U.S. Treasury Bills, 10/12/17 (c) $ 9,022,683
6,090,000 U.S. Treasury Bills, 10/19/17 (c) 6,087,358
2,045,000 U.S. Treasury Bills, 10/26/17 (c) 2,043,724
1,500,000 U.S. Treasury Bills, 10/5/17 (c) 1,499,909
2,790,000 U.S. Treasury Bills, 11/2/17 (c) 2,787,694
7,700,000 U.S. Treasury Bonds, 4.5%, 2/15/36 9,904,426
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 27
Schedule of Investments | 9/30/17 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($)(j) Rate (a) Spread (b) Value
-------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
1,665,000 1.22 USBMMY3M+ U.S. Treasury Note, Floating Rate
16.79bps Note, 10/31/17 $ 1,665,223
6,600,000 U.S. Treasury Notes, 1.125%, 6/30/21 6,447,375
11,900,000 U.S. Treasury Notes, 1.875%, 5/31/22 11,891,166
-------------
$ 51,349,558
-------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $51,363,989) $ 51,349,558
-------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 1.6%
ARS 10,040,000 Argentine Bonos del Tesoro, 15.5%, 10/17/26 $ 615,391
ARS 9,350,000 Argentine Bonos del Tesoro, 22.75%, 3/5/18 533,404
1,500,000 Ecuador Government International Bond,
7.95%, 6/20/24 1,483,125
EGP 21,400,000 Egypt Treasury Bills, 5/29/18 (c) 1,087,566
UYU 39,685,000 Uruguay Government International Bond,
9.875%, 6/20/22 (144A) 1,476,840
-------------
$ 5,196,326
-------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $5,119,331) $ 5,196,326
-------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 19.0%**
ENERGY -- 0.3%
Oil & Gas Exploration & Production -- 0.3%
800,000 8.81 LIBOR + Chesapeake Energy Corp., Class A Loan,
750 bps 8/17/21 $ 862,750
-------------
Total Energy $ 862,750
-------------------------------------------------------------------------------------------------------------
MATERIALS -- 1.6%
Diversified Chemicals -- 0.3%
332,558 0.00 LIBOR + Tronox Blocked Borrower LLC, Blocked Dollar
300 bps Term Loan (First Lien), 9/14/24 $ 334,195
767,442 0.00 LIBOR + Tronox Finance LLC, Initial Dollar Term Loan
300 bps (First Lien), 9/14/24 771,219
-------------
$ 1,105,414
-------------------------------------------------------------------------------------------------------------
Construction Materials -- 0.3%
1,000,000 4.46 CD&R Waterworks Merger Sub LLC, Initial
Term Loan, 7/21/24 $ 1,005,250
-------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.6%
746,124 5.58 LIBOR + Coveris Holdings SA (f.k.a. Exopack
425 bps Holdings SA), USD Term B-1
Loan, 6/29/22 $ 745,425
The accompanying notes are an integral part of these financial statements.
28 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
-------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($)(j) Rate (a) Spread (b) Value
-------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- (continued)
997,449 4.81 LIBOR + Tekni-Plex, Inc., Tranche B-1 Term Loan
350 bps (First Lien), 4/15/22 $ 998,903
-------------
$ 1,744,328
-------------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.1%
199,000 6.83 LIBOR + Caraustar Industries, Inc., Refinancing Term
550 bps Loan, 3/9/22 $ 199,435
-------------------------------------------------------------------------------------------------------------
Steel -- 0.3%
994,987 4.07 LIBOR + Zekelman Industries, Inc., Term Loan,
275 bps 6/8/21 $ 999,962
-------------
Total Materials $ 5,054,389
-------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 3.0%
Aerospace & Defense -- 0.8%
925,000 2.75 LIBOR + MacDonald, Dettwiler and Associates, Ltd.,
275 bps Term Loan B, 7/5/24 $ 926,569
750,000 0.00 StandardAero Aviation Holdings, Inc.,
Term Loan, 7/7/22 755,759
992,074 6.08 LIBOR + The SI Organization, Inc., Term Loan (First
475 bps Lien), 11/19/19 1,007,109
-------------
$ 2,689,437
-------------------------------------------------------------------------------------------------------------
Building Products -- 0.3%
898,626 4.33 LIBOR + Builders FirstSource, Inc., Refinancing Term
300 bps Loan, 2/29/24 $ 901,903
-------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.6%
746,117 4.24 LIBOR + Filtration Group, Inc., Term Loan (First
300 bps Lien), 11/21/20 $ 752,568
995,000 4.58 LIBOR + Gates Global LLC, Initial B-1 Dollar Term
325 bps Loan, 3/30/24 1,000,428
-------------
$ 1,752,996
-------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy
Trucks -- 0.3%
890,932 5.24 LIBOR + Navistar, Inc., Tranche B Term Loan,
400 bps 8/7/20 $ 898,913
-------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.6%
577,058 4.31 LIBOR + Columbus Mckinnon Corp., Initial Term
300 bps Loan, 1/20/24 $ 580,838
1,307,718 5.48 LIBOR + NN, Inc., Tranche B Term Loan, 10/19/22
425 bps 1,310,170
-------------
$ 1,891,008
-------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.4%
1,308,438 3.98 LIBOR + Univar USA, Inc., Term B-2 Loan, 7/1/22
275 bps $ 1,314,674
-------------
Total Capital Goods $ 9,448,931
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 29
Schedule of Investments | 9/30/17 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($)(j) Rate (a) Spread (b) Value
-------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.7%
Environmental & Facilities Services -- 0.3%
1,000,000 4.58 LIBOR + Albany Molecular Research, Inc., Initial Term
325 bps Loan (First Lien), 7/28/24 $ 1,004,844
-------------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.4%
27,828 4.73 LIBOR + IAP Worldwide Services, Inc., Term Loan,
650 bps 7/18/19 $ 27,689
1,148,142 3.62 LIBOR + KAR Auction Services, Inc., Tranche B-4
225 bps Term Loan, 3/11/21 1,155,556
-------------
$ 1,183,245
-------------
Total Commercial Services & Supplies $ 2,188,089
-------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Marine -- 0.3%
461,317 9.98 LIBOR + Commercial Barge Line Co., Initial Term
875 bps Loan, 11/6/20 $ 368,246
487,500 6.32 LIBOR + Navios Maritime Partners LP (Navios
500 bps Partners Finance (US) Inc.), Initial Term
Loan, 9/14/20 486,891
-------------
$ 855,137
-------------
Total Transportation $ 855,137
-------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.5%
Auto Parts & Equipment -- 0.5%
393,468 6.08 LIBOR + Electrical Components International, Inc.,
475 bps Loan, 4/17/21 $ 396,542
372,281 4.98 LIBOR + Federal-Mogul Corporation, Tranche C
375 bps Term, 4/15/21 374,337
896,231 4.00 LIBOR + Tower Automotive Holdings USA LLC, Initial
275 bps Term Loan, 3/6/24 900,338
-------------
$ 1,671,217
-------------
Total Automobiles & Components $ 1,671,217
-------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.2%
Leisure Products -- 0.2%
497,487 4.24 LIBOR + BRP US, Inc., Term B Loan, 6/30/23
300 bps $ 501,130
-------------
Total Consumer Durables & Apparel $ 501,130
-------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 3.1%
Casinos & Gaming -- 0.5%
518,211 3.56 LIBOR + Eldorado Resorts, Inc., Term Loan,
225 bps 3/16/24 $ 518,319
997,500 4.51 LIBOR + Scientific Games International, Inc., Initial
325 bps Term B-4 Loan, 8/14/24 1,000,462
-------------
$ 1,518,781
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
-------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($)(j) Rate (a) Spread (b) Value
-------------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.4%
1,122,572 7.50 PRIME + L.A. Fitness International, LLC, Tranche B
325 bps Term Loan (First Lien), 4/25/20 $ 1,134,149
-------------------------------------------------------------------------------------------------------------
Education Services -- 0.8%
815,553 5.74 LIBOR + Laureate Education, Inc., Series 2024 Term
450 bps Loan, 4/21/24 $ 819,800
1,826,875 5.24 LIBOR + McGraw-Hill Global Education Holdings LLC,
400 bps Term B Loan (First Lien), 5/2/22 1,797,378
-------------
$ 2,617,178
-------------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 1.4%
1,994,937 5.78 LIBOR + Allied Universal Holdco LLC, Initial Term Loan
375 bps (First Lien), 7/28/22 $ 1,995,144
997,500 6.33 LIBOR + Constellis Holdings LLC, Term B Loan (First
500 bps Lien), 4/18/24 995,006
994,859 5.48 LIBOR + Genex Holdings, Inc., Term B Loan (First
425 bps Lien), 5/22/21 991,128
498,744 5.05 LIBOR + Kuehg Corp., Term B-2 Loan, 8/13/22
375 bps 499,617
-------------
$ 4,480,895
-------------
Total Consumer Services $ 9,751,003
-------------------------------------------------------------------------------------------------------------
MEDIA -- 0.5%
Broadcasting -- 0.2%
500,000 2.25 LIBOR + The E.W. Scripps Co., Term Loan B,
225 bps 8/16/24 $ 502,344
-------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
496,154 3.74 LIBOR + Rovi Solutions Corp., Term B Loan,
250 bps 7/2/21 $ 498,413
-------------------------------------------------------------------------------------------------------------
Publishing -- 0.2%
744,375 4.58 LIBOR + Trader Corp., 2017 Refinancing Term Loan
325 bps (First Lien), 9/28/23 $ 744,375
-------------
Total Media $ 1,745,132
-------------------------------------------------------------------------------------------------------------
RETAILING -- 1.1%
Department Stores -- 0.1%
493,631 5.57 LIBOR + JC Penney Corp., Inc., Term Loan (2016),
425 bps 6/10/23 $ 483,347
-------------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.4%
1,181,112 4.50 LIBOR + Apex Tool Group LLC, Term Loan, 2/1/20
325 bps $ 1,149,615
-------------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.3%
1,000,000 5.31 LIBOR + Staples, Inc., Closing Date Term Loan,
400 bps 8/15/24 $ 996,252
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 31
Schedule of Investments | 9/30/17 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($)(j) Rate (a) Spread (b) Value
-------------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.3%
865,918 4.98 LIBOR + CWGS Group LLC, Term Loan, 11/3/23
375 bps $ 871,438
-------------
Total Retailing $ 3,500,652
-------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Food Retail -- 0.2%
621,235 4.32 LIBOR + Albertson's LLC, 2017-1 Term B-6 Loan,
300 bps 6/22/23 $ 598,160
-------------
Total Food & Staples Retailing $ 598,160
-------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.8%
Packaged Foods & Meats -- 0.6%
968,906 4.01 LIBOR + Chobani, LLC (Chobani Idaho LLC), Closing
275 bps Date Term Loan (First Lien), 10/10/23 $ 973,347
1,000,000 5.48 LIBOR + Dole Food Co., Inc., Tranche B Term Loan,
425 bps 3/23/24 1,005,208
-------------
$ 1,978,555
-------------------------------------------------------------------------------------------------------------
Tobacco -- 0.2%
500,000 4.74 LIBOR + AI Aqua Zip Bidco Pty, Ltd., 2017 Incremental
350 bps Term Loan (First Lien), 12/13/23 $ 502,812
-------------
Total Food, Beverage & Tobacco $ 2,481,367
-------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.9%
Household Products -- 0.3%
1,000,000 3.50 LIBOR + Alphabet Holding Co, Inc., Initial Term Loan
350 bps (First Lien), 8/15/24 $ 992,396
-------------------------------------------------------------------------------------------------------------
Personal Products -- 0.6%
498,750 5.16 LIBOR + Albea Beauty Holdings SA, 1st Lien Term
200 bps Loan B, 4/12/24 $ 499,062
1,489,969 4.74 LIBOR + Revlon Consumer Products Corp., Initial
350 bps Term B Loan, 7/22/23 1,339,692
-------------
$ 1,838,754
-------------
Total Household & Personal Products $ 2,831,150
-------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.0%
Health Care Supplies -- 0.5%
1 4.59 Immucor, Inc., Term Loan, 8/19/18 $ 1
997,500 4.58 LIBOR + Kinetic Concepts, Inc., Dollar Term Loan,
325 bps 2/1/24 994,695
497,500 4.24 LIBOR + Sterigenics-Nordion Holdings LLC,
300 bps Incremental Term Loan, 5/15/22 498,122
-------------
$ 1,492,818
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
-------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($)(j) Rate (a) Spread (b) Value
-------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.5%
20,149 4.81 LIBOR + Acadia Healthcare Co, Inc., Tranche B-1
350 bps Term Loan, 2/6/22 $ 20,366
498,718 3.98 LIBOR + CHS, Incremental 2021 Term H Loan,
275 bps 1/27/21 502,926
511,134 4.32 LIBOR + Concentra, Inc., Tranche B Term Loan
300 bps (First Lien), 5/8/22 509,147
550,000 4.32 LIBOR + Select Medical Corp., Tranche B Term
300 bps Loan, 2/13/24 551,874
-------------
$ 1,584,313
-------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.0%+
18,817 10.25 LIBOR + MMM Holdings, Inc., Term Loan,
875 bps 10/9/17 (h) $ 18,441
13,680 10.25 LIBOR + MSO of Puerto Rico, Inc., MSO Term
875 bps Loan, 12/12/17 (h) 13,406
-------------
$ 31,847
-------------
Total Health Care Equipment & Services $ 3,108,978
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.0%
Other Diversified Financial Services -- 0.2%
623,268 3.56 LIBOR + Fly Funding II S.a.r.l., Term Loan, 8/9/19
225 bps $ 625,345
-------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
994,060 3.98 LIBOR + Vistra Operations Co., LLC, Initial Term C
275 bps Loan, 8/4/23 $ 997,255
228,429 3.98 LIBOR + Vistra Operations Co., LLC, Initial Term
275 bps Loan, 8/4/23 229,163
-------------
$ 1,226,418
-------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.3%
994,809 5.08 LIBOR + Duff & Phelps Corp., Initial Term Loan,
375 bps 4/23/20 $ 1,001,648
-------------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.1%
500,000 3.49 LIBOR + Outfront Media Capital LLC, Term Loan,
225 bps 3/10/24 $ 503,616
-------------
Total Diversified Financials $ 3,357,027
-------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.6%
Property & Casualty Insurance -- 0.6%
997,494 6.27 LIBOR + Acrisure LLC, Term B Loan (First Lien),
500 bps 11/3/23 $ 1,010,586
1,000,000 3.00 LIBOR + USI, Inc. New York, Term Loan B, 5/16/24
300 bps 998,125
-------------
$ 2,008,711
-------------
Total Insurance $ 2,008,711
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 33
Schedule of Investments | 9/30/17 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($)(j) Rate (a) Spread (b) Value
-------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.3%
Specialized REIT -- 0.3%
994,987 4.24 LIBOR + Uniti Group, Inc., Shortfall Term Loan,
300 bps 10/24/22 $ 921,601
-------------
Total Real Estate $ 921,601
-------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 2.2%
Internet Software & Services -- 0.3%
997,500 4.31 LIBOR + Rackspace Hosting, Inc., 2017 Refinancing
300 bps Term B Loan (First Lien), 11/3/23 $ 997,679
-------------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.3%
900,000 3.48 LIBOR + Booz Allen Hamilton, Inc., New Refinancing
225 bps Tranche B Term Loan, 6/30/23 $ 905,962
-------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.4%
1,268,318 3.98 LIBOR + WEX, Inc., Term B-2 Loan, 7/1/23
275 bps $ 1,281,794
-------------------------------------------------------------------------------------------------------------
Application Software -- 0.5%
1,000,000 0.00 LIBOR + Applied Systems, Inc., Initial Term Loan
325 bps (First Lien), 9/19/24 $ 1,010,833
745,869 6.58 LIBOR + STG-Fairway Acquisitions, Inc., Term Loan
525 bps (First Lien), 6/30/22 727,222
-------------
$ 1,738,055
-------------------------------------------------------------------------------------------------------------
Systems Software -- 0.7%
1,160,344 3.81 LIBOR + MA Financeco LLC, Tranche B-2 Term
275 bps Loan, 11/20/21 $ 1,161,915
942,190 4.58 LIBOR + Sybil Software LLC, Initial Refinancing
325 bps Dollar Term Loan, 9/30/23 947,743
-------------
$ 2,109,658
-------------
Total Software & Services $ 7,033,148
-------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Electronic Components -- 0.1%
497,449 6.08 LIBOR + Mirion Technologies Finance LLC, Initial Term
475 bps Loan (First Lien), 1/26/22 $ 498,796
-------------
Total Technology Hardware & Equipment $ 498,796
-------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Integrated Telecommunication Services -- 0.1%
81,768 4.75 LIBOR + Securus Technologies Holdings, Inc., Initial
350 bps Term Loan (First Lien), 4/30/20 $ 82,547
299,250 4.06 LIBOR + SFR Group SA, USD TLB-11 Term Loan,
275 bps 6/22/25 298,806
-------------
$ 381,353
-------------
Total Telecommunication Services $ 381,353
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
-------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($)(j) Rate (a) Spread (b) Value
-------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.5%
Electric Utilities -- 0.5%
686,396 6.34 LIBOR + APLP Holdings LP, Term Loan, 4/12/23
425 bps $ 693,547
981,515 4.99 LIBOR + TPF II Power, LLC, Term Loan, 10/2/21
375 bps 987,998
-------------
$ 1,681,545
-------------
Total Utilities $ 1,681,545
-------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $60,725,106) $ 60,480,266
-------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENT -- 0.5%
Repurchase Agreement -- 0.5%
1,660,000 $1,660,000 ScotiaBank, 1.05%, dated
9/29/17 plus accrued interest on 10/2/17
collateralized by the following:
$1,538 Freddie Mac Giant, 4.5%, 5/1/47
$386,862 Federal National Mortgage
Association, 3.0%, 12/1/40-7/1/47
$1,304,948 Government National Mortgage
Association, 3.0%, 8/20/47 $ 1,660,000
-------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENT
(Cost $1,660,000) $ 1,660,000
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Notional Price Date
-------------------------------------------------------------------------------------------------------------
PURCHASED OPTIONS -- 0.1%
PUT OPTIONS -- 0.1%
53 S&P 500 Index Citigroup Global
Markets, Inc. 116,759 $2,375 10/20/17 $ 9,010
1,329 Ishares IBOXX Citigroup Global
USD High Yield Markets, Inc. 87,714 86 10/20/17 13,290
1,700 Ishares IBOXX Citigroup Global
USD High Yield Markets, Inc. 96,900 85 11/17/17 27,200
61 S&P 500 Index Citigroup Global
Markets, Inc. 128,283 2,325 11/17/17 34,770
1,695 Ishares IBOXX Citigroup Global
USD High Yield Markets, Inc. 91,530 85 12/15/17 60,172
61 S&P 500 Index Citigroup Global
Markets, Inc. 108,763 2,350 12/15/17 79,300
-------------
$ 223,742
-------------------------------------------------------------------------------------------------------------
TOTAL PUT OPTIONS
(Premiums paid $629,949) $ 223,742
-------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN UNAFFILIATED ISSUERS -- 96.6%
(Cost $303,628,184) $ 308,164,782
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 35
Schedule of Investments | 9/30/17 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------
Change in
Net Net Unrealized
Realized Appreciation
Shares Income Gain (Loss) (Depreciation)
-------------------------------------------------------------------------------------------------------------
<s> <c> <c> <c> <c>
AFFILIATED ISSUERS -- 2.7%
CLOSED END FUND -- 2.7%
INSURANCE -- 2.7%
Property & Casualty Insurance -- 2.7%
875,286 Pioneer ILS Interval Fund (i) $-- $-- $609,729 $ 8,490,271
-------------------------------------------------------------------------------------------------------------
TOTAL CLOSED END FUND $ 8,490,271
-------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN AFFILIATED ISSUERS -- 2.7%
(Cost $9,100,000) $ 8,490,271
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Notional Price Date
-------------------------------------------------------------------------------------------------------------
WRITTEN OPTIONS -- (0.0)%+
PUT WRITTEN OPTIONS -- (0.0)+%
(61) S&P 500 Index Citigroup Global
Markets, Inc. (46,786) $ 2,200 12/15/17 $ (32,940)
(1,695) Ishares IBOXX Citigroup Global
USD High Yield Markets, Inc. (27,119) 81 12/15/17 (26,273)
(61) S&P 500 Index Citigroup Global
Markets, Inc. (51,666) 2,171 11/17/17 (12,810)
(1,700) Ishares IBOXX Citigroup Global
USD High Yield Markets, Inc. (28,899) 81 11/17/17 (12,750)
(1,329) Ishares IBOXX Citigroup Global
USD High Yield Markets, Inc. (14,619) 80 10/20/17 (5,316)
(53) S&P 500 Index Citigroup Global
Markets, Inc. (44,890) 2,225 10/20/17 (2,915)
-------------
$ (93,004)
-------------------------------------------------------------------------------------------------------------
TOTAL PUT WRITTEN OPTIONS
(Premiums received $(213,979)) $ (93,004)
-------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.7% $ 2,460,286
-------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $319,022,339
=============================================================================================================
BPS Basis Point.
LIBOR London-Interbank Offer Rate.
PNMR Panamanian Mortgage Reference Rate.
T-BILL 3M 3 Month Treasury Bill Rate.
USSW5 USD Swap Semi 30/360 5Yr.
USBMMY3M US Treasury 3 Month Bill Money Market Yield.
USISDA05 USD ICE Swap Rate 5Yr.
ZERO Zero Constant Index.
+ Amount rounds to less than 0.1% or (0.1)%.
REIT Real Estate Investment Trust.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
The accompanying notes are an integral part of these financial statements.
36 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
(Cat Bond) Catastrophe or event-linked bond. At September 30, 2017, the value
of these securities amounted to $2,915,591 or 0.9% of total net
assets. See Notes to Financial Statements -- Note 1I.
(Perpetual) Security with no stated maturity date.
REMICS Real Estate Mortgage Investment Conduits.
(PIK) Represents a pay in kind security.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At September 29, 2017, the value of these securities
amounted to $78,345,396 or 24.6% 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 U.S. banks, (iii) the certificate of deposit or
(iv) other base lending rates used by commercial lenders. The
rate shown is the coupon rate at period end.
(a) Debt obligation with a variable or floating interest rate. Rate
shown is rate at period end.
(b) Floating rate note. Reference index and spread shown at period
end.
(c) Security issued with a zero coupon. Income is earned through
accretion of discount.
(d) Structured reinsurance investment. At September 30, 2017, the
value of these securities amounted to $6,538,719 or 2.1% of total
net assets. See Notes to Financial Statements -- Note 1I.
(e) Rate to be determined.
(f) Securities that used significant unobservable inputs to determine
their value.
(g) Security is valued using fair value methods (other than
prices supplied by independent pricing services or
broker-dealers). See Notes to Financial Statements -- Note 1A.
(h) Security is in default.
(i) Affiliated fund managed by Amundi Pioneer Asset Management, Inc.
(j) Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
ARS Argentine Peso
AUD Australian Dollar
EGP Egyptian Pound
EUR Euro
INR Indian Rupee
UYU Uruguayan Peso
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended September 30, 2017 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government $ 19,687,034 $ 1,353,073
Other Long-Term Securities 111,354,875 92,006,570
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain Funds and accounts for which Amundi Pioneer Asset
Management, Inc., formerly Pioneer Investment Management, Inc. (the "Adviser")
serves as investment adviser, as set forth in Rule 17a-7 under the Investment
Company Act of 1940, pursuant to procedures adopted by the Board of Trustees.
Under these procedures, cross trades are effected at current market prices.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 37
Schedule of Investments | 9/30/17 (unaudited) (continued)
During the six months ended September 30, 2017, the Fund engaged in purchases
and sales pursuant to these procedures amounting to $4,155,481 and $2,204,292,
respectively, which resulted in a net realized loss of $13,395.
SWAP CONTRACTS
CREDIT DEFAULT SWAP AGREEMENTS -- BUY PROTECTION
OVER THE COUNTER (OTC)
-------------------------------------------------------------------------------------------------------------------------
Obligation Annual Unrealized
Notional Reference/ Pay/ Fixed Expiration Premiums Appreciation/ Market
Amount ($)(1) Counterparty Index Receive Rate Date (Received) (Depreciation) Value
-------------------------------------------------------------------------------------------------------------------------
(3,750,000) Goldman China Pay 1.00% 12/20/22 $ (77,408) $ 8,370 $ (69,038)
Sachs Government
International International
Bond
(7,625,000) Goldman Republic Pay 1.00% 12/20/22 (113,479) 15,958 (97,521)
Sachs of Korea
International
(3,775,000) Goldman Republic Pay 1.00% 12/20/22 (99,408) (16,263) (115,671)
Sachs of Japan
International
-------------------------------------------------------------------------------------------------------------------------
$(290,295) $ 8,065 $(282,230)
=========================================================================================================================
CREDIT DEFAULT SWAP AGREEMENTS -- SELL PROTECTION
OVER THE COUNTER (OTC)
-------------------------------------------------------------------------------------------------------------------------
Obligation Annual Premiums Unrealized
Notional Reference/ Pay/ Fixed Expiration Paid Appreciation/ Market
Amount ($)(1) Counterparty Index Receive Rate Date (Received) (Depreciation) Value
-------------------------------------------------------------------------------------------------------------------------
3,880,000 Goldman Markit CDX Receive 5.00% 12/20/17 $(454,688) $ 486,758 $ 32,070
Sachs North America
International Investment
Grade Index
1,450,000 JPMorgan Frontier Receive 5.00% 6/20/19 57,771 (141,882) (84,111)
Communi-
cations, Inc.
1,275,000 Barclays Windstream Receive 5.00% 6/20/18 (130,688) (44,596) (175,284)
Bank Plc Services,
Inc.
1,900,000 Goldman Ally Receive 5.00% 12/20/22 326,546 (2,696) 323,850
Sachs Financial,
International Inc.
-------------------------------------------------------------------------------------------------------------------------
$(201,059) $ 297,584 $ 96,525
=========================================================================================================================
(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.
The accompanying notes are an integral part of these financial statements.
38 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS -- SELL PROTECTION
---------------------------------------------------------------------------------------------------------------------------
Obligation Annual Unrealized
Notional Reference/ Pay/ Fixed Expiration Premiums Appreciation/ Market
Amount ($)(1) Exchange Index Receive Rate Date Paid (Depreciation) Value
---------------------------------------------------------------------------------------------------------------------------
9,250,000 Inter- Markit CDX Receive 5.00% 6/20/22 $1,195,509 $193,155 $ 1,388,664
continental ITRAXX
Exchange Crossover Index
5,850,000 Chicago Markit CDX Receive 5.00% 6/20/22 417,617 41,925 459,542
Mercantile North America
Exchange High Yield
Index
21,000,000 Inter- Markit CDX Receive 5.00% 12/20/22 2,918,835 29,868 2,948,703
continental ITRAXX
Exchange Europe Crossover
Index
15,925,000 Chicago Markit CDX Receive 5.00% 12/20/22 1,180,043 89,622 1,269,665
Mercantile North America
Exchange High Yield
Index
---------------------------------------------------------------------------------------------------------------------------
$5,712,004 $354,570 $ 6,066,574
===========================================================================================================================
TOTAL SWAP CONTRACTS (Premiums $5,220,650) $ 5,880,869
===========================================================================================================================
FUTURES CONTRACTS
INDEX FUTURES CONTRACTS
--------------------------------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Long Description Date Amount Value Depreciation
--------------------------------------------------------------------------------------------------------------
27 U.S. 2 Year Note 12/29/17 5,842,125 $ 5,823,984 $ (18,141)
224 U.S. 5 Year Note 12/29/17 26,554,611 26,320,000 (234,611)
26 U.S. 10 Year Note 12/29/17 3,534,203 3,492,531 (41,672)
--------------------------------------------------------------------------------------------------------------
Total 35,930,939 $35,636,515 $(294,424)
==============================================================================================================
--------------------------------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Short Description Date Amount Value Appreciation
--------------------------------------------------------------------------------------------------------------
17 U.S. Ultra Bond 12/19/17 2,807,125 $ 2,807,125 $ 70,125
--------------------------------------------------------------------------------------------------------------
Total Futures Contracts 33,123,814 $32,829,390 $(224,299)
==============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 39
Schedule of Investments | 9/30/17 (unaudited) (continued)
FORWARD CURRENCY CONTRACTS
--------------------------------------------------------------------------------------------------------------
as follows: Unrealized
Currency In Settlement Appreciation/
Purchased Exchange for Sold Deliver Counterparty Date Depreciation
--------------------------------------------------------------------------------------------------------------
RUB 86,315,065 USD (1,455,566) Bank Of America NA 12/1/17 $ 27,671
KRW 3,130,720,762 USD (2,732,583) Bank Of America NA 10/10/17 1,157
USD 2,757,494 KRW (3,130,720,762) Bank Of America NA 10/10/17 23,753
USD 759,962 GBP (565,000) Brown Brothers 11/2/17 1,700
Harriman And Co.
SEK 12,158,705 EUR (1,262,640) Citibank NA 10/10/17 716
New York NY
JPY 333,090,000 USD (2,956,151) Citibank NA 10/16/17 5,894
New York NY
USD 1,564,990 KRW (1,766,435,810) Citibank NA 12/21/17 21,018
New York NY
USD 3,123,059 KRW (3,519,718,597) Citibank NA 12/21/17 46,610
New York NY
PHP 67,009,690 USD (1,324,826) Goldman Sachs 11/3/17 (10,509)
International
USD 1,418,660 NZD (1,980,000) Goldman Sachs 10/5/17 (11,041)
International
EUR 1,276,349 USD (1,505,280) JPMorgan 10/10/17 3,364
Chase Bank NA
USD 1,556,399 GBP (1,149,569) JPMorgan 10/20/17 14,353
Chase Bank NA
IDR 39,795,398,862 THB (98,751,000) JPMorgan 11/27/17 (23,279)
Chase Bank NA
INR 91,085,433 USD (1,408,966) JPMorgan 12/5/17 (24,742)
Chase Bank NA
JPY 173,976,513 USD (1,569,669) JPMorgan 12/21/17 (17,310)
Chase Bank NA
USD 1,311,088 PHP (67,009,690) JPMorgan 11/3/17 (3,228)
Chase Bank NA
EUR 274,837 USD (331,024) State Street Bank 10/10/17 (6,166)
And Trust Co.
USD 301,019 EUR (264,300) State Street Bank 10/10/17 (11,384)
And Trust Co.
USD 4,451,177 EUR (3,784,715) State Street Bank 11/13/17 (30,688)
And Trust Co.
EUR 1,298,959 GBP (1,148,740) State Street Bank 10/20/17 (4,720)
And Trust Co.
JPY 345,832,318 USD (3,117,138) State Street Bank 12/21/17 (31,342)
And Trust Co.
USD 1,211,345 AUD (1,542,382) State Street Bank 11/3/17 2,596
And Trust Co.
--------------------------------------------------------------------------------------------------------------
TOTAL FORWARD CURRENCY CONTRACTS $(25,577)
==============================================================================================================
The accompanying notes are an integral part of these financial statements.
40 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
AUD Australian Dollar
EUR Euro
GBP Great British Pound
INR Indian Rupee
IDR Indonesian Rupiah
JPY Japanese Yen
NZD New Zealand Dollar
PHP Philippine Peso
RUB Russian Ruble
KRW South Korean Won
SEK Swedish Krona
THB Thai Baht
At September 30, 2017, the net unrealized appreciation on investments based on
cost for federal income tax purposes of $317,734,855 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 7,683,702
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (3,756,833)
-----------
Net unrealized appreciation $ 3,926,869
===========
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates,prepayment speeds, credit risk,
etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own assumptions
in determining fair value of investments) See Notes to Financial
Statements -- Note 1A.
The following is a summary of the inputs used as of September 30, 2017, in
valuing the Fund's investments:
----------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------------
Convertible Corporate Bond $ -- $ 9 $ -- $ 9
Convertible Preferred Stocks 3,183,273 -- -- 3,183,273
Common Stocks -- -- 31 31
Asset Backed Securities -- 8,539,219 -- 8,539,219
Collateralized Mortgage Obligations -- 16,592,686 -- 16,592,686
Corporate Bonds
Diversified Financials
Other Diversified
Financial Services -- -- 1,206,068 1,206,068
Insurance
Reinsurance -- 2,693,816 6,760,494 9,454,310
All Other Corporate Bonds -- 150,279,294 -- 150,279,294
U.S. Government and
Agency Obligations -- 51,349,558 -- 51,349,558
Foreign Government Bonds -- 5,196,326 -- 5,196,326
Senior Floating Rate Loan Interests -- 60,480,266 -- 60,480,266
Repurchase Agreement -- 1,660,000 -- 1,660,000
Put Options Purchased 223,742 -- -- 223,742
Closed-End Fund -- 8,490,271 -- 8,490,271
----------------------------------------------------------------------------------------------------------
Total $ 3,407,015 $305,281,445 $ 7,966,593 $ 316,655,053
==========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 41
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------------------
Other Financial Instruments
Net unrealized depreciation on
futures contracts $(224,299) $ -- $ -- $ (224,299)
Swap contracts, at value -- 5,880,869 -- 5,880,869
Net unrealized depreciation on
forward foreign currency
transactions -- (25,577) -- (25,577)
Put options written (93,004) -- -- (93,004)
--------------------------------------------------------------------------------------------------------
Total Other Financial Instruments $(317,303) $5,855,292 $ -- $5,537,989
========================================================================================================
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
--------------------------------------------------------------------------------------------------------
Common Corporate
Stocks Bonds Total
--------------------------------------------------------------------------------------------------------
Balance as of 3/31/17 $ 31 $8,107,653 $8,107,684
Realized gain (loss)(1) -- -- --
Change in unrealized appreciation (depreciation)(2) -- (608,339) (608,339)
Purchases -- 500,000 500,000
Sales -- (32,752) (32,752)
Transfers in to Level 3* -- -- --
Transfers out of Level 3* -- -- --
--------------------------------------------------------------------------------------------------------
Balance as of 9/30/17 $ 31 $7,966,562 $7,966,593
========================================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on the beginning of period values. During the six
months ended September 30, 2017, there were no transfers between Levels 1, 2
and 3.
Net change in unrealized appreciation (depreciation) of investments
still held as of 9/30/17 $(606,889)
=========
The accompanying notes are an integral part of these financial statements.
42 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
Statement of Assets and Liabilities | 9/30/17 (unaudited)
ASSETS:
Investment in securities of unaffiliated issuers, at value (cost $303,628,184) $ 308,164,782
Investment in securities of affiliated issuers, at value (cost $9,100,000) 8,490,271
Cash 726,244
Foreign currency, at value (cost $1,777) 63,633
Swap collateral 3,411,992
Futures collateral 237,000
Receivables --
Investment securities sold 1,052,544
Fund shares sold 7,609,927
Interest 2,629,592
Dividends 16,312
Due from broker for futures contracts 171,003
Variation margin on centrally cleared credit default swap contracts 109,620
Swap contracts, at value (net premiums paid $5,220,650) 5,880,869
Other assets 36,976
--------------------------------------------------------------------------------------------------------
Total assets $ 338,600,765
========================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 11,969,339
Fund shares repurchased 853,601
Distributions 174,435
Trustee fees 27
Net unrealized depreciation on open forward foreign currency contracts 25,577
Net unrealized depreciation on open futures contracts 224,299
Due to broker for swap contracts 6,012,530
Open put options written (net premiums received $(213,979)) 93,004
Variation margin on futures contracts 51,500
Due to affiliates 57,445
Accrued expenses 116,669
--------------------------------------------------------------------------------------------------------
Total liabilities $ 19,578,426
========================================================================================================
NET ASSETS:
Paid-in capital $ 364,832,626
Distributions in excess of net investment income (2,424,228)
Accumulated net realized loss on investments (47,902,997)
Net unrealized appreciation on investments 4,516,938
--------------------------------------------------------------------------------------------------------
Net assets $ 319,022,339
========================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $37,320,810/3,961,166 shares) $ 9.42
Class C (based on $38,297,643/4,079,217 shares) $ 9.39
Class Y (based on $243,403,886/25,740,622 shares) $ 9.46
MAXIMUM OFFERING PRICE:
Class A ($9.42 (divided by) 95.5%) $ 9.86
========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 43
Statement of Operations (unaudited)
For the Six Months Ended 9/30/17
INVESTMENT INCOME:
Interest from unaffiliated issuers $6,999,598
Dividends from unaffiliated issuers 90,000
----------------------------------------------------------------------------------------------------
Total investment income $ 7,089,598
----------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 934,330
Transfer agent fees
Class A 13,685
Class C 14,224
Class Y 83,383
Distribution fees
Class A 46,439
Class C 191,406
Shareholder communications expense 5,937
Administrative expense 48,904
Custodian fees 33,076
Registration fees 49,109
Professional fees 30,291
Printing expense 7,666
Fees and expenses of nonaffiliated Trustees 4,570
Miscellaneous 24,486
----------------------------------------------------------------------------------------------------
Total expenses $ 1,487,506
Less fees waived and expenses reimbursed by the Adviser (17,987)
----------------------------------------------------------------------------------------------------
Net expenses $ 1,469,519
----------------------------------------------------------------------------------------------------
Net investment income $ 5,620,079
----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments from unaffiliated issuers $1,947,635
Investments from affiliated issuers --
Swap contracts 1,892,403
Written options 461,836
Futures contracts (726,368)
Forward foreign currency contracts (207,991)
Other assets and liabilities denominated in foreign currencies (327,880) $ 3,039,635
----------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments from unaffiliated issuers $ (882,657)
Investments from affiliated issuers (635,206)
Swap contracts 11,582
Written options (34,829)
Futures contracts (141,555)
Forward foreign currency contracts 69,485
Other assets and liabilities denominated in foreign currencies 57,721 $(1,555,459)
----------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ 1,484,176
----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 7,104,255
====================================================================================================
The accompanying notes are an integral part of these financial statements.
44 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
Statements of Changes in Net Assets
----------------------------------------------------------------------------------------------------
Six Months
Ended
9/30/17 Year Ended
(unaudited) 3/31/17
----------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 5,620,079 $ 13,122,886
Net realized gain (loss) on investments 3,039,635 3,470,701
Change in net unrealized appreciation (depreciation)
on investments (1,555,459) 12,507,732
----------------------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations $ 7,104,255 $ 29,101,319
----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.21 and $0.58 per share, respectively) $ (803,552) $ (2,480,006)
Class C ($0.17 and $0.51 per share, respectively) (691,760) (2,238,521)
Class Y ($0.22 and $0.61 per share, respectively) (4,918,207) (12,489,189)
----------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (6,413,519) $ (17,207,716)
----------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 80,316,912 $ 86,714,586
Reinvestment of distributions 5,400,422 13,886,223
Cost of shares repurchased (38,668,725) (136,464,160)
----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ 47,048,609 $ (35,863,351)
----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 47,739,345 $ (23,969,748)
NET ASSETS:
Beginning of period 271,282,994 295,252,742
----------------------------------------------------------------------------------------------------
End of period $ 319,022,339 $ 271,282,994
----------------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (2,424,228) $ (1,630,788)
====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 45
Statements of Changes in Net Assets (continued)
-----------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
9/30/17 9/30/17 Year Ended Year Ended
Shares Amount 3/31/17 3/31/17
(unaudited) (unaudited) Shares Amount
-----------------------------------------------------------------------------------------------
Class A
Shares sold 966,896 $ 9,150,494 1,214,069 $ 11,415,582
Reinvestment of distributions 79,759 754,916 248,351 2,309,664
Less shares repurchased (853,516) (8,077,140) (2,956,245) (27,483,023)
-----------------------------------------------------------------------------------------------
Net increase (decrease) 193,139 $ 1,828,270 (1,493,825) $ (13,757,777)
===============================================================================================
Class C
Shares sold 497,444 $ 4,693,352 522,227 $ 4,883,417
Reinvestment of distributions 63,956 603,420 209,119 1,939,023
Less shares repurchased (490,337) (4,624,445) (1,654,198) (15,310,288)
-----------------------------------------------------------------------------------------------
Net increase (decrease) 71,063 $ 672,327 (922,852) $ (8,487,848)
===============================================================================================
Class Y
Shares sold 7,001,601 $ 66,473,066 7,500,358 $ 70,415,587
Reinvestment of distributions 425,288 4,042,086 1,031,639 9,637,536
Less shares repurchased (2,736,779) (25,967,140) (10,048,147) (93,670,849)
-----------------------------------------------------------------------------------------------
Net increase (decrease) 4,690,110 $ 44,548,012 (1,516,150) $ (13,617,726)
===============================================================================================
The accompanying notes are an integral part of these financial statements.
46 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/17 Ended Ended Ended Ended Ended
(unaudited) 3/30/17 3/30/16 3/30/15 3/30/14 3/30/13
-----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.39 $ 8.99 $ 9.54 $ 9.94 $ 10.04 $ 9.63
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.18(a) $ 0.44(a) $ 0.42(a) $ 0.40 $ 0.41 $ 0.51
Net realized and unrealized gain (loss) on investments 0.06 0.54 (0.58) (0.47) (0.12) 0.45
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.24 $ 0.98 $ (0.16) $ (0.07) $ 0.29 $ 0.96
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.21) $ (0.58) $ (0.39) $ (0.33) $ (0.37) $ (0.55)
Net realized gain -- -- -- -- (0.02) --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.21) $ (0.58) $ (0.39) $ (0.33) $ (0.39) $ (0.55)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.03 $ 0.40 $ (0.55) $ (0.40) $ (0.09) $ 0.41
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.42 $ 9.39 $ 8.99 $ 9.54 $ 9.94 $ 10.04
===================================================================================================================================
Total return* 2.51% 11.13% (1.62)% (0.71)% 2.95% 10.24%
Ratio of net expenses to average net assets 1.12%** 1.18% 1.19% 1.14% 1.19% 1.20%
Ratio of net investment income (loss) to average net assets 3.79%** 4.71% 4.52% 3.76% 3.89% 5.05%
Portfolio turnover rate 68%** 114% 56% 81% 95% 30%
Net assets, end of period (in thousands) $37,321 $35,375 $47,311 $92,376 $161,097 $47,233
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.12%** 1.19% 1.19% 1.14% 1.19% 1.48%
Net investment income (loss) to average net assets 3.79%** 4.70% 4.52% 3.76% 3.89% 4.77%
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 47
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/17 Ended Ended Ended Ended Ended
(unaudited) 3/30/17 3/30/16 3/30/15 3/30/14 3/30/13
-----------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.36 $ 8.97 $ 9.51 $ 9.92 $ 10.02 $ 9.61
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.14(a) $ 0.36(a) $ 0.36(a) $ 0.31 $ 0.34 $ 0.44
Net realized and unrealized gain (loss) on investments 0.06 0.54 (0.58) (0.46) (0.13) 0.45
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.20 $ 0.90 $ (0.22) $ (0.15) $ 0.21 $ 0.89
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.17) $ (0.51) $ (0.32) $ (0.26) $ (0.29) $ (0.48)
Net realized gain -- -- -- -- (0.02) --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.17) $ (0.51) $ (0.32) $ (0.26) $ (0.31) $ (0.48)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.03 $ 0.39 $ (0.54) $ (0.41) $ (0.10) $ 0.41
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.39 $ 9.36 $ 8.97 $ 9.51 $ 9.92 $ 10.02
===================================================================================================================================
Total return* 2.15% 10.18% (2.25)% (1.58)% 2.19% 9.44%
Ratio of net expenses to average net assets 1.87%** 1.94% 1.95% 1.90% 1.93% 1.95%
Ratio of net investment income (loss) to average net assets 3.05%** 3.94% 3.86% 3.04% 3.18% 4.29%
Portfolio turnover rate 68%** 114% 56% 81% 95% 30%
Net assets, end of period (in thousands) $38,298 $37,510 $44,207 $70,793 $91,491 $28,796
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.87%** 1.95% 1.95% 1.90% 1.93% 2.23%
Net investment income (loss) to average net assets 3.05%** 3.93% 3.86% 3.04% 3.18% 4.01%
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/17 Ended Ended Ended Ended Ended
(unaudited) 3/30/17 3/30/16 3/30/15 3/30/14 3/30/13
-----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.42 $ 9.03 $ 9.58 $ 9.98 $ 10.08 $ 9.66
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.19(a) $ 0.47(a) $ 0.46(a) $ 0.41 $ 0.44 $ 0.55
Net realized and unrealized gain (loss) on investments 0.07 0.53 (0.58) (0.45) (0.12) 0.45
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.26 $ 1.00 $ (0.12) $ (0.04) $ 0.32 $ 1.00
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.22) $ (0.61) $ (0.43) $ (0.36) $ (0.40) $ (0.58)
Net realized gain -- -- -- -- (0.02) --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.22) $ (0.61) $ (0.43) $ (0.36) $ (0.42) $ (0.58)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.04 $ 0.39 $ (0.55) $ (0.40) $ (0.10) $ 0.42
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.46 $ 9.42 $ 9.03 $ 9.58 $ 9.98 $ 10.08
===================================================================================================================================
Total return* 2.77% 11.35% (1.26)% (0.43)% 3.24% 10.69%
Ratio of net expenses to average net assets 0.85%** 0.85% 0.85% 0.85% 0.85% 0.85%
Ratio of net investment income (loss) to average net assets 4.07%** 5.01% 4.90% 4.10% 4.24% 5.52%
Portfolio turnover rate 68%** 114% 56% 81% 95% 30%
Net assets, end of period (in thousands) $243,404 $198,398 $203,736 $397,203 $395,245 $131,013
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.87%** 0.96% 0.96% 0.93% 0.97% 1.21%
Net investment income (loss) to average net assets 4.05%** 4.90% 4.79% 4.02% 4.12% 5.16%
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 49
Notes to Financial Statements |9/30/17 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Dynamic Credit Fund (the Fund) is one of three portfolios comprising
Pioneer Series Trust X, a Delaware statutory trust. The Fund is registered under
the Investment Company Act of 1940 as a diversified, open-end management
investment company. The investment objective of the Fund is to seek a high level
of current income. Capital appreciation is a secondary objective.
The Fund offers three classes of shares designated as Class A, Class C and Class
Y shares. Each class of shares represents an interest in the same portfolio of
investments of the Fund and has identical rights (based on relative net asset
values) to assets and liquidation proceeds. Share classes can bear different
rates of class-specific fees and expenses, such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board of Trustees the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
On July 3, 2017, Amundi acquired Pioneer Investments, a group of asset
management companies located throughout the world. Amundi, one of the world's
largest asset managers, is headquartered in Paris, France. As a result of the
transaction, Pioneer Investment Management, Inc., the Funds' investment adviser,
became an indirect wholly owned subsidiary of Amundi and Amundi's wholly owned
subsidiary, Amundi USA, Inc. Prior to July 3, 2017, Pioneer Investments was
owned by Pioneer Global Asset Management S.p.A., a wholly owned subsidiary of
UniCredit S.p.A.
In connection with the transaction, the names of the Funds' investment adviser
and principal underwriter changed. Effective July 3, 2017, the name of Pioneer
Investment Management, Inc. changed to Amundi Pioneer Asset Management, Inc.
(the Adviser) and the name of Pioneer Funds Distributor, Inc. changed to Amundi
Pioneer Distributor, Inc. (the Distributor).
50 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
In October 2016, the Securities and Exchange Commission (SEC) released its
Final Rule on Investment Company Reporting Modernization. In addition to
introducing two new regulatory reporting forms (Form N-PORT and Form
N-CEN), the Final Rule amends Regulation S-X, which impacts financial
statement presentation, particularly related to the presentation of derivative
investments. The Fund's financial statements were prepared in compliance with
the amendments to Regulation S-X.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) that require the management
of the Fund to make estimates and assumptions that affect the reported amounts
of assets and liabilities, the disclosure of contingent assets and liabilities
at the date of the financial statements, and the reported amounts of income,
expenses and gains and losses on investments during the reporting period. Actual
results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the
New York Stock Exchange (NYSE) is open, as of the close of regular trading
on the NYSE.
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed-income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to supply
prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the price
information is deemed to be unreliable, price information will be obtained
from an
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 51
alternative loan interest pricing service. If no reliable price quotes are
available from either the primary or alternative pricing service, broker
quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other insurance
linked securities (including sidecars, collateralized reinsurance and
industry loss warranties) may be valued at the bid price obtained from an
independent pricing service, or through a third party using a pricing
matrix, insurance industry valuation models, or other fair value methods or
techniques to provide an estimated value of the instrument.
The value of foreign securities is translated into U.S. dollars based on
foreign currency exchange rate quotations supplied by a third party pricing
source. Trading in non-U.S. equity securities is substantially completed
each day at various times prior to the close of the NYSE. The values of
such securities used in computing the net asset value of the Fund's shares
are determined as of such times. The Fund may use a fair value model
developed by an independent pricing service to value non-U.S. equity
securities.
Swap contracts, including interest rate swaps, caps and floors (other than
centrally cleared swap contracts) are valued at the dealer quotations
obtained from reputable International Swap Dealer Association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Option contracts are generally valued at the mean between the last bid and
ask prices on the principal exchange where they are traded.
Over-the-counter ("OTC") options and options on swaps ("swaptions") are
valued using prices supplied by independent pricing services, which
consider such factors as market prices, market events, quotations from one
or more brokers, Treasury spreads, yields, maturities and ratings, or may
use a pricing matrix or other fair value methods or techniques to provide
an estimated value of the security or instrument.
Forward foreign currency exchange contracts are valued daily using the
foreign exchange rate or, for longer term forward contract positions, the
spot currency rate and the forward points on a daily basis, in each case
provided by a third party pricing service. Contracts whose forward
settlement date falls between two quoted days are valued by interpolation.
Shares of open-end registered investment companies (including money
market mutual funds) are valued at such funds' net asset value. Repurchase
agreements are valued at par. Cash may include overnight time deposits at
approved financial institutions.
52 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
Shares of closed-end interval funds that offer their shares at net asset
value are valued at such funds' net asset value.
Securities or loan interests for which independent pricing services or
broker-dealers are unable to supply prices or for which market prices
and/or quotations are not readily available or are considered to be
unreliable are valued by a fair valuation team comprised of certain
personnel of the Adviser pursuant to procedures adopted by the Fund's Board
of Trustees. The Adviser's fair valuation team uses fair value methods
approved by the Valuation Committee of the Board of Trustees. The Adviser's
fair valuation team is responsible for monitoring developments that may
impact fair valued securities and for discussing and assessing fair values
on an ongoing basis, and at least quarterly, with the Valuation Committee
of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices and
such differences could be material.
At September 30, 2017, three securities were valued using fair value
methods (in addition to securities valued using prices supplied by
independent pricing services, broker-dealers or using a third party
insurance industry pricing model) representing 0.4% of net assets.
B. Investment Income and Transactions
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
respective securities, and such accretion/amortization is included in
interest income.
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 and net of income accrued on defaulted
securities. Interest and dividend income payable by delivery of additional
shares is reclassified as PIK (payment-in-kind) income upon receipt and is
included in interest and dividend income, respectively.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 53
Security transactions are recorded as of trade date. Gains and losses
on sales of investments are calculated on the identified cost method for
both financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the statement of operations from
the effects of changes in the market price of those securities but are
included with the net realized and unrealized appreciation or depreciation
on investments.
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized appreciation or depreciation
are recorded in the Fund's financial statements. The Fund records realized
gains and losses at the time a contract is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar.
At September 30, 2017, the Fund had entered into various forward foreign
currency contracts that obligate the Fund to deliver or take delivery of
currencies at specified future maturity dates. Alternatively, prior to the
settlement date of a forward foreign currency contract, the Fund may close
out such contract by entering into an offsetting contract. The average
value of contracts open during the six months ended September 30, 2017 was
$(2,300,423). Forward foreign currency contracts outstanding at September
30, 2017 are listed in the Schedule of Investments.
E. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no provision for federal income taxes is
required.
54 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
As of March 31, 2017, the Fund had not accrued any interest or penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years are subject to examination by
Federal and State tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary overdistributions for financial
statement purposes resulting from differences in the recognition or
classification of income or distributions for financial statement and tax
purposes. Capital accounts within the financial statements are adjusted for
permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences.
The tax character of distributions paid during the year ended March 31, 2017
was as follows:
---------------------------------------------------------------------------------------
2017
---------------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 17,207,716
---------------------------------------------------------------------------------------
Total $ 17,207,716
=======================================================================================
The following shows components of distributable earnings on a federal
income tax basis at March 31, 2017.
---------------------------------------------------------------------------------------
2017
---------------------------------------------------------------------------------------
Undistributed ordinary income $ 41,933
Capital loss carryforward (51,082,659)
Current year dividend payable (181,289)
Unrealized appreciation 4,720,992
---------------------------------------------------------------------------------------
Total $(46,501,023)
=======================================================================================
The difference between book-basis and tax-basis net unrealized
appreciation is attributable to the tax adjustments relating to catastrophe
bonds and credit default swaps, the mark-to-market of forward currency,
option, interest on defaulted bonds and futures contracts.
F. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor, earned $12,589 in underwriting commissions on the sale of
Class A shares during the six months ended September 30, 2017.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 55
G. Class Allocations
Income, common expenses, and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y shares do not pay distribution fees. All expenses and fees
paid to the Fund's transfer agent, for its services are allocated among the
classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class C and Class Y shares can
reflect different transfer agent and distribution expense rates.
H. Risks
The value of securities held by the fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real or
perceived adverse economic, political or regulatory conditions, inflation,
changes in interest rates, lack of liquidity in the bond markets or adverse
investor sentiment. In the past several years, financial markets have
experienced increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty. These conditions may continue, recur, worsen or
spread. When interest rates rise, the prices of fixed-income securities in
the Fund will generally fall. Conversely, when interest rates fall, the
prices of fixed-income securities in the Fund will generally rise. Interest
rates in the U.S. recently have been historically low, so the Fund faces a
heightened risk that interest rates may rise. A general rise in interest
rates may cause investors to move out of fixed income securities on a large
scale, which could adversely affect the price and liquidity of fixed income
securities and could also result in increased redemptions from the Fund.
Investments in the Fund are subject to possible loss due to the financial
failure of issuers of underlying securities and the issuers' inability to
meet their debt obligations. Certain securities in which the Fund invests,
including floating rate loans, once sold, may not settle for an extended
period (for example, several weeks or even longer). The Fund will not
receive its sale proceeds until that time, which may constrain the Fund's
ability to meet its obligations (including obligations to redeeming
56 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
shareholders). The Fund's prospectus contains unaudited information
regarding the Fund's principal risks. Please refer to that document when
considering the Fund's principal risks.
I. Insurance-Linked Securities (ILS)
The Fund invests in event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event occurs, as defined within the
terms of an event-linked bond, the Fund may lose a portion or all of its
accrued interest and/or principal invested in such event-linked bond. The
Fund is entitled to receive principal and interest payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, event-linked bonds
may expose the Fund to other risks, including but not limited to issuer
(credit) default, adverse regulatory or jurisdictional interpretations and
adverse tax consequences.
The Fund's investments in ILS may include special purpose vehicles ("SPVs")
or similar instruments structured to comprise a portion of a reinsurer's
catastrophe-oriented business, known as quota share instruments (sometimes
referred to as reinsurance sidecars), or to provide reinsurance relating to
specific risks to insurance or reinsurance companies through a
collateralized instrument, known as collateralized reinsurance. Structured
reinsurance investments also may include industry loss warranties ("ILWs").
A traditional ILW takes the form of a bilateral reinsurance contract, but
there are also products that take the form of derivatives, collateralized
structures, or exchange traded instruments.
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILWs, generally are subject to
the same risks as event-linked bonds. In addition, where the instruments
are based on the performance of underlying reinsurance contracts, the Fund
has limited transparency into the individual underlying contracts and
therefore must rely upon the risk assessment and sound underwriting
practices of the issuer. Accordingly, it may be more difficult for PIM to
fully evaluate the underlying risk profile of the Fund's structured
reinsurance investments and therefore the Fund's assets are placed at
greater risk of loss than if PIM had more complete information. Structured
reinsurance instruments generally will be considered illiquid securities by
the Fund. These securities may be difficult to purchase, sell or unwind.
Illiquid securities also may be difficult to value. If the Fund is forced
to sell an illiquid asset, the Fund may be forced to sell at a loss.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 57
J. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on
a futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
September 30, 2017 is recorded as "Futures Collateral" on the Statement of
Assets and Liabilities. Subsequent payments for futures contracts
("variation margin") are paid or received by the Fund, depending on the
daily fluctuation in the value of the contracts, and are recorded by the
Fund as unrealized appreciation or depreciation. 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 six months ended September 30, 2017 was $6,697,589. Open futures
contracts at September 30, 2017 are listed in the Schedule of Investments.
K. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve as
the Fund's collateral for the obligation of the counterparty to repurchase
the securities. The value of the collateral, including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. The Adviser is responsible for determining that the value of the
collateral remains at least equal to the repurchase price. In the event of
a default by the counterparty, the Fund is entitled to sell the securities,
but the Fund may not be able to sell them for the price at which they were
purchased, thus causing a loss to the Fund. Additionally, if the
counterparty becomes insolvent, there is some risk that the Fund will not
have a right to the securities, or the immediate right to sell the
securities. Open repurchase agreements as of September 30, 2017 are listed
at the end of the Fund's Schedule of Investments.
58 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
L. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event on an underlying
reference obligation, which may be a single security or a basket or index
of securities. The Fund may sell or buy credit default swap contracts to
seek to increase the 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 a component of
unrealized appreciation (depreciation) on open swap contracts 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.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 59
Certain swap contracts that are cleared through a central clearinghouse are
referred to as centrally cleared swaps. All payments made or received by
the Fund are pursuant to a centrally cleared swap contract with the central
clearing party rather than the original counterparty. Upon entering into a
centrally cleared swap contract, the Fund is required to make an initial
margin deposit, either in cash or in securities. The daily change in value
on open centrally cleared contracts is recorded as variation margin on
centrally cleared swaps on the Statement of Assets and Liabilities.
The amount of cash deposited with a broker as collateral at September 30,
2017 is recorded as "Swap Collateral" on the Statement of Assets and
Liabilities.
Open credit default swap contracts at September 30, 2017 are listed in the
Schedule of Investments. The average value of swap contracts open during
the six months ended September 30, 2017 was $4,580,399.
M. Purchased Options
The Fund may purchase put and call options to seek increase total return.
Purchased call and put options entitle the Fund to buy and sell a specified
number of shares or units of a particular security, currency or index at a
specified price at a specific date or within a specific period of time.
Upon the purchase of a call or put option, the premium paid by the Fund is
included in the Statement of Assets and Liabilities as an investment. All
premiums are marked-to-market daily, and any unrealized gains or losses are
recorded in the Fund's financial statements. As the purchaser of an index
option, the Fund has the right to receive a cash payment equal to any
depreciation in the value of the index below the strike price of the option
(in the case of a put) or equal to any appreciation in the value of the
index over the strike price of the option (in the case of a call) as of the
valuation date of the option. Premiums paid for purchased calls and put
options which have expired are treated as realized losses on investments in
the Statement of Operations. Upon the exercise or closing of a purchased
put option, the premium is offset against the proceeds on the sale of the
underlying security or financial instrument in order to determine the
realized gain or loss on investments. Upon the exercise or closing of a
purchased call option, the premium is added to the cost of the security or
financial instrument. The risk associated with purchasing options is
limited to the premium originally paid. The average value of purchased
options open for the six months ended September 30, 2017 was $293,508.
Purchased option contracts outstanding at period end are listed in the
Schedule of Investments.
60 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
N. Option Writing
The Fund may write put and covered call options to seek to increase total
return. When an option is written, the Fund receives a premium and becomes
obligated to purchase or sell the underlying security at a fixed price upon
the exercise of the option. When the Fund writes an option, an amount equal
to the premium received by the Fund is recorded as a liability and is
subsequently adjusted to the current value of the option written. Premiums
received from writing options that expire unexercised are treated by the
Fund on the expiration date as realized gains from investments. The
difference between the premium and the amount paid on effecting a closing
purchase transaction, including brokerage commissions, is also treated as a
realized gain or, if the premium is less than the amount paid for the
closing purchase transaction, as a realized loss. If a call option is
exercised, the premium is added to the proceeds from the sale of the
underlying security in determining whether the Fund has realized a gain or
loss. The Fund as writer of an option bears the market risk of an
unfavorable change in the price of the security underlying the written
option.
The average value of written option contracts open during the six months
ended September 30, 2017 was $(98,160). Written option contracts
outstanding at September 30, 2017 are listed in the Schedule of Investments.
The Fund held six written options that were open at September 30, 2017. If
the options were exercised at September 30, 2017, the maximum amount the
Fund would have been required to pay was $213,979.
2. Management Agreement
The Adviser 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 six months ended
September 30, 2017, the effective management fee (excluding waivers and/or
assumption of expenses and acquired fund fees and expenses) was equivalent to
0.65% of the Fund's average daily net assets.
The Adviser has contractually agreed to limit ordinary operating expenses
(ordinary operating expenses means all fund expenses other than extraordinary
expenses, such as litigation, taxes, brokerage commissions and acquired fund
fees and expenses) of the Fund to the extent required to reduce Fund expenses to
1.20% and 0.85% of the average daily net assets attributable to Class A and
Class Y shares. Fees waived and expenses reimbursed during the six months ended
September 30, 2017 are reflected on the Statement of Operations. These expense
limitations are in effect through August 1, 2019. There can be no assurance
that the Adviser will extend the expense limitation agreement for a class of
shares beyond the date referred to above.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 61
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
$47,009 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at September 30, 2017.
3. Transfer Agent
Boston Financial Data Services, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings and outgoing phone calls. For the six
months ended September 30, 2017, such out-of-pocket expenses by class of shares
were as follows:
-------------------------------------------------------------------------------
Shareholder Communications:
-------------------------------------------------------------------------------
Class A $1,655
Class C 2,201
Class Y 2,081
-------------------------------------------------------------------------------
Total $5,937
===============================================================================
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 the Distributor 0.25% of the average daily
net assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays the Distributor 1.00%
of the average daily net assets attributable to Class C shares. The fee for
Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid
as compensation for personal services and/or account maintenance services or
distribution services with regard to Class C shares. Included in "Due to
affiliates" reflected on the Statement of Assets and Liabilities is $10,436 in
distribution fees payable to the Distributor at September 30, 2017.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within
62 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
12 months of purchase are subject to a CDSC of 1.00%, based on the lower of cost
or market value of shares being redeemed. Shares purchased as part of an
exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class Y shares. Proceeds from the CDSCs are
paid to the Distributor. For the six months ended September 30, 2017, CDSCs in
the amount of $2,965 were paid to the Distributor.
5. Assets and Liabilities Offsetting
The Fund has entered into an International Swaps and Derivatives Association,
Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with
substantially all its derivative counterparties. An ISDA Master Agreement is a
bilateral agreement between the Fund and a counterparty that governs the trading
of certain OTC derivatives and typically contains, among other things, close-out
and set-off provisions which apply upon the occurrence of event of a default
and/or termination event as defined under the relevant ISDA Master Agreement.
The ISDA Master Agreement may also give a party the right to terminate all
transactions traded under such agreement if, among other things, there is
deterioration in the credit quality of the other party. Upon an event of default
or a termination of the ISDA Master Agreement, the non-defaulting party has the
right to close out all transactions under such agreement and to net amounts owed
under each transaction to determine one net amount payable by one party to the
other. The right to close out and net payments across all transactions under the
ISDA Master Agreement could result in a reduction of the Fund's credit risk to
its counterparty equal to any amounts payable by the Fund under the applicable
transactions, if any. However, the Fund's right to setoff may be restricted or
prohibited by the bankruptcy or insolvency laws of the particular jurisdiction
to which each specific ISDA of each counterparty is subject.
The collateral requirements for derivatives transactions under an ISDA Master
Agreement are governed by a credit support annex to the ISDA Master Agreement.
Collateral requirements are generally determined at the close of business each
day and are typically based on changes in market values for each transaction
under an ISDA Master Agreement and netted into one amount for such agreement.
Generally, the amount of collateral due from or to a counterparty is subject to
threshold (a "minimum transfer amount") before a transfer is required, which may
vary by counterparty. Collateral pledged for the benefit of the Fund and/or
counterparty is held in segregated accounts by the Fund's custodian and cannot
be sold, re-pledged, assigned or otherwise used while pledged. Cash that has
been segregated to cover the Fund's collateral obligations, if any, will be
reported separately in the Statement of Assets and Liabilities as "Futures and
Swap Collateral." Securities pledged by the Fund as collateral, if any, are
identified as such in the Schedule of Investments.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 63
Financial instruments subject to an enforceable master netting agreement such as
an ISDA Master Agreement have been offset on the Statement of Assets and
Liabilities. The following charts show gross assets and liabilities of the Fund
as of September 30, 2017.
------------------------------------------------------------------------------------------------------------
Derivative Assets Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Received (a) Received (a) Assets (b)
------------------------------------------------------------------------------------------------------------
Citibank NA
New York NY $ 74,238 $ -- $-- $-- $ 74,238
Barclays Bank Plc -- -- -- -- --
Brown Brothers
Harriman & Co. 1,700 -- -- -- 1,700
Goldman Sachs
International 511,086 (40,589) -- -- 470,497
JP Morgan
Chase Bank NA 17,717 (17,717) -- -- --
State Street Bank
And Trust Co. 2,596 (2,596) -- -- --
------------------------------------------------------------------------------------------------------------
Total $607,337 $(60,902) $-- $-- $ 546,435
============================================================================================================
------------------------------------------------------------------------------------------------------------
Derivative Liabilities Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Pledged (a) Pledged (a) Liabilities (c)
------------------------------------------------------------------------------------------------------------
Citibank NA
New York NY $ -- $ -- $-- $ -- $ --
Barclays Bank Plc 44,596 -- -- (44,596) --
Brown Brothers
Harriman & Co. -- -- -- -- --
Goldman Sachs
International 40,589 (40,589) -- -- --
JP Morgan Chase
Bank NA 210,441 (17,717) -- (192,724) --
State Street Bank
And Trust Co. 84,300 (2,596) -- -- 81,704
------------------------------------------------------------------------------------------------------------
Total $379,926 $(60,902) $-- $(237,320) $ 81,704
============================================================================================================
(a) The amount presented here may be less than the total amount of
collateral received/pledged as the net amount of derivative assets and
liabilities cannot be less than $0.
(b) Represents the net amount due from the counterparty in the event of default.
(c) Represents the net amount payable to the counterparty in the event of
default.
6. Additional Disclosures about Derivative Instruments and Hedging
Activities:
The Fund's use of derivatives may subject it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
64 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at September
30, 2017 was as follows:
-----------------------------------------------------------------------------------------
Foreign
Statement of Assets Interest Credit Exchange Equity Commodity
and Liabilities Rate Risk Risk Rate Risk Risk
-----------------------------------------------------------------------------------------
Assets
Swaps contracts,
at value $-- $5,880,869 $-- $-- $--
-----------------------------------------------------------------------------------------
Total Value $-- $5,880,869 $-- $-- $--
=========================================================================================
-----------------------------------------------------------------------------------------
Foreign
Statement of Assets Interest Credit Exchange Equity Commodity
and Liabilities Rate Risk Risk Rate Risk Risk
-----------------------------------------------------------------------------------------
Liabilities
Net unrealized
depreciation of
forward foreign
currency contracts $ -- $-- $25,577 $ -- $--
Unrealized depreciation
on futures contracts 224,299 -- -- -- --
Written options -- -- -- 93,004 --
-----------------------------------------------------------------------------------------
Total Value $224,299 $-- $25,577 $93,004 $--
=========================================================================================
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 65
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at September 30, 2017 was as follows:
-----------------------------------------------------------------------------------------------------
Foreign
Interest Credit Exchange Equity Commodity
Statement of Operations Rate Risk Risk Rate Risk Risk Risk
-----------------------------------------------------------------------------------------------------
Net realized gain (loss) on
Swap contracts $ -- $1,892,403 $ -- $ -- $--
Futures contracts (726,368) -- -- -- --
Written options -- -- -- 461,836 --
Forward foreign
currency contracts** -- -- (207,992) -- --
-----------------------------------------------------------------------------------------------------
Total Value $(726,368) $1,892,403 $(207,992) $ 461,836 $--
=====================================================================================================
Change in net unrealized
appreciation
(depreciation) on
Swap contracts $ -- $ 11,582 $ -- $ -- $--
Futures contracts (141,555) -- -- -- --
Written options -- -- -- (34,829) --
Forward foreign
currency contracts** -- -- 69,485 -- --
-----------------------------------------------------------------------------------------------------
Total Value $(141,555) $ 11,582 $ 69,485 $ (34,829) $--
=====================================================================================================
** Included in the amount shown on the Statement of Operations as forward
foreign currency contracts and other assets and liabilities denominated in
foreign currencies.
7. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in which the Fund participated until February 9, 2016 was in the
amount of $240 million. The credit facility in which the Fund participated until
February 7, 2017, was in the amount of $220 million. Effective February 8, 2017,
the Fund participates in a facility that is in the amount of $25 million. Under
such facility, depending on the type of loan, interest on borrowings is payable
at the London Interbank Offered Rate (LIBOR) plus 0.90% on an annualized basis,
or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date or (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the six months ended September 30, 2017, the Fund had no
borrowings under the credit facility.
66 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
8. Unfunded Loan Commitments
The Fund may enter into unfunded loan commitments. Unfunded loan commitments may
be partially or wholly unfunded. During the contractual period, the Fund is
obligated to provide funding to the borrower upon demand. A fee is earned by the
Fund on the unfunded commitment and is recorded as interest income in the
Statement of Operations.
As of September 30, 2017, the Fund had the following unfunded loan commitments
outstanding:
----------------------------------------------------------------------------------------------------
Unrealized
Appreciation/
Loan Shares Cost Value Depreciation
----------------------------------------------------------------------------------------------------
Beacon Roofing Supply
Inc., Bridge Loan 695,000 $695,000 $695,000 $--
----------------------------------------------------------------------------------------------------
Total $695,000 $695,000 $--
====================================================================================================
9. Shareholder Meeting Results
At a special meeting held on June 13, 2017, shareholders of the Fund were asked
to consider the proposals described below. A report of the total votes cast by
the Fund's shareholders (or, with respect to Proposal 2, by shareholders of
Pioneer Series Trust X, as noted below) follows:
-------------------------------------------------------------------------------------------------------
For Against Abstain Broker Non-Votes
-------------------------------------------------------------------------------------------------------
Proposal 1 - To approve 14,778,510.845 134,540.888 197,188.888 3,345,682.500
a New Management
Agreement with
the Adviser
-------------------------------------------------------------------------------------------------
For Withhold
-------------------------------------------------------------------------------------------------
Proposal 2 - To elect Trustees*
-------------------------------------------------------------------------------------------------
David R. Bock 343,352,480.124 5,326,068.613
-------------------------------------------------------------------------------------------------
Benjamin M. Friedman 343,252,747.228 5,425,801.509
-------------------------------------------------------------------------------------------------
Margaret B.W. Graham 343,431,726.450 5,246,822.287
-------------------------------------------------------------------------------------------------
Lisa M. Jones 343,414,583.887 5,263,964.850
-------------------------------------------------------------------------------------------------
Lorraine H. Monchak 339,444,451.562 9,234,097.175
-------------------------------------------------------------------------------------------------
Thomas J. Perna 343,393,493.010 5,285,055.727
-------------------------------------------------------------------------------------------------
Marguerite A. Piret 343,442,072.938 5,236,475.799
-------------------------------------------------------------------------------------------------
Fred J. Ricciardi 343,367,033.730 5,311,515.007
-------------------------------------------------------------------------------------------------
Kenneth J. Taubes 343,361,588.526 5,316,960.211
-------------------------------------------------------------------------------------------------
* Proposal 2 was voted on and approved by all series of Pioneer Series
Trust X. Results reported above reflect the combined votes of all series of
the Trust.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 67
ADDITIONAL INFORMATION
Change in Independent Registered Public Accounting Firm
Prior to July 3, 2017, Pioneer Investment Management, Inc. (the "Adviser"), the
Fund's investment adviser, was an indirect, wholly owned subsidiary of UniCredit
S.p.A. ("UniCredit"). On that date, UniCredit completed the sale of its Pioneer
Investments business, which includes the Adviser, to Amundi (the "Transaction").
As a result of the Transaction, the Adviser became an indirect, wholly-owned
subsidiary of Amundi. Amundi is controlled by Credit Agricole S.A. Amundi is
headquartered in Paris, France, and, as of September 30, 2016, had more than
$1.1 trillion in assets under management worldwide.
Deloitte & Touche LLP ("D&T"), the Fund's previous independent registered public
accounting firm, informed the Audit Committee and the Board that it would no
longer be independent with respect to the Fund upon the completion of the
Transaction as a result of certain services being provided to Amundi and Credit
Agricole, and, accordingly, that it intended to resign as the Fund's independent
registered public accounting firm upon the completion of the Transaction. D&T's
resignation was effective on July 3, 2017, when the Transaction was completed.
During the periods as to which D&T has served as the Fund's independent
registered public accounting firm, including the Fund's two most recent fiscal
years preceding the fiscal year ended March 31, 2017, D&T's reports on the
Fund's financial statements have not contained an adverse opinion or disclaimer
of opinion and have not been qualified or modified as to uncertainty, audit
scope or accounting principles. Further, there have been no disagreements with
D&T on any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which, if not resolved to the
satisfaction of D&T, would have caused D&T to make reference to the subject
matter of the disagreement in connection with its report on the financial
statements. In addition, there have been no reportable events of the kind
described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange
Act of 1934.
Effective immediately following the completion of the Transaction on July 3,
2017, the Board, acting upon the recommendation of the Audit Committee, engaged
a new independent registered public accounting firm, Ernst & Young LLP ("EY"),
for the Fund's fiscal year ended March 31, 2018.
68 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
Prior to its engagement, EY had advised the Fund's Audit Committee that EY had
identified the following matters, in each case relating to services rendered by
other member firms of Ernst & Young Global Limited, all of which are located
outside the United States, to UniCredit and certain of its subsidiaries during
the period commencing July 1, 2016, that it determined to be inconsistent with
the auditor independence rules set forth by the Securities and Exchange
Commission ("SEC"): (a) project management support services to UniCredit in the
Czech Republic, Germany, Italy, Serbia and Slovenia in relation to twenty-two
projects, that were determined to be inconsistent with Rule 2-01(c)(4)(vi) of
Regulation S-X (management functions); (b) two engagements for UniCredit in
Italy where fees were contingent/success based and that were determined to be
inconsistent with Rule 2-01(c)(5) of Regulation S-X (contingent fees); (c) four
engagements where legal and expert services were provided to UniCredit in the
Czech Republic and Germany, and twenty engagements where the legal advisory
services were provided to UniCredit in Austria, Czech Republic, Italy and
Poland, that were determined to be inconsistent with Rule 2-01(c)(4)(ix) and (x)
of Regulation S-X (legal and expert services); and (d) two engagements for
UniCredit in Italy involving assistance in the sale of certain assets, that were
determined to be inconsistent with Rule 2-01(c)(4)(viii) of Regulation S-X
(broker-dealer, investment advisor or investment banking services). None of the
foregoing services involved the Fund, any of the other funds in the Pioneer
Family of Funds or any other Pioneer entity sold by UniCredit in the
Transaction.
EY advised the Audit Committee that it had considered the matters described
above and had concluded that such matters would not impair EY's ability to
exercise objective and impartial judgment in connection with the audits of the
financial statements of the Fund under the SEC and Public Company Accounting
Oversight Board independence rules, and that a reasonable investor with
knowledge of all relevant facts and circumstances would reach the same
conclusion. Management and the Audit Committee considered these matters and
discussed the matters with EY and, based upon EY's description of the matters
and statements made by EY, Management and the Audit Committee believe that EY
will be capable of exercising objective and impartial judgment in connection
with the audits of the financial statements of the Fund, and Management further
believes that a reasonable investor with knowledge of all relevant facts and
circumstances would reach the same conclusion.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 69
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and Chief
David R. Bock Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial Officer
Lisa M. Jones Christopher J. Kelley, Secretary and
Lorraine H. Monchak Chief Legal Officer
Marguerite A. Piret
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at www.amundipioneer.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
70 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
This page is for your notes.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 71
This page is for your notes.
72 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
This page is for your notes.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 73
This page is for your notes.
74 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
This page is for your notes.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17 75
This page is for your notes.
76 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/17
How to Contact Amundi Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
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:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.amundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.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] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2017 Amundi Pioneer Asset Management 25266-06-1117
Pioneer Fundamental
Growth Fund
--------------------------------------------------------------------------------
Semiannual Report | September 30, 2017
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PIGFX
Class C FUNCX
Class K PFGKX
Class R PFGRX
Class Y FUNYX
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 17
Schedule of Investments 19
Financial Statements 24
Notes to Financial Statements 33
Additional Information 42
Trustees, Officers and Service Providers 44
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 1
President's Letter
Robust, synchronized global economic growth and rising corporate profits have
continued to drive strong performance in both the credit and equity markets for
most of 2017. U.S. stocks, as measured by the Standard & Poor's 500 Index, have
returned 14.23% year-to-date through September 30, 2017. Fixed-income markets,
while not generating the same dazzling returns as equities, have held their own,
led by high-yield securities, which produced a year-to-date return of 7.05% in
the U.S., as measured by the Bank of America Merrill Lynch U.S. High Yield
Index. Meanwhile, the Bloomberg Barclays U.S. Aggregate Bond Index has returned
3.14% since the start of the calendar year.
Continued strong employment numbers and higher consumer confidence, together
with solid global economic growth and a depreciating U.S. dollar contributed to
better-than-expected U.S. gross domestic product (GDP) growth of 3.1% in the
second quarter. Outside the U.S., economic growth in the second quarter also
surprised to the upside across the Euro zone, China, and Japan. Meanwhile,
despite higher oil and commodities prices, inflation continued to be moderate,
both in the U.S. and globally, enabling major non-U.S. central banks to maintain
their easy monetary policies. As expected, however, the U.S. Federal Reserve
System (the Fed) recently announced that it would commence tapering its balance
sheet this October. The Fed also appears primed to raise interest rates one more
time before the end of this year, which would be the fourth rate increase since
December of 2016.
As we move into the final months of 2017, we believe the U.S. economy will
experience modest growth in the short term, depending on the mix of economic
policies enacted as the country moves away from monetary stimulus (driven by the
Fed) and toward fiscal stimulus (potentially including tax reform) as well as
lighter regulatory burdens. Meanwhile, corporate earnings remain solid and we
think they will improve even further, despite some pressure from wage increases.
In addition, as the economy continues to grow and we begin to see a modest
upturn in inflation, we believe the Fed will continue to raise interest rates.
While economic and market conditions appear solid, there are always risks to
consider that could dampen the outlook. Geopolitical concerns, such as increased
tensions with North Korea, and continued political gridlock in Washington are
just some of the risks that could lead to increased market volatility.
2 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
It is for those reasons that we at Amundi Pioneer continue to believe that
investors can benefit from the experience and tenure of our investment teams who
make active and informed decisions across our funds.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
September 30, 2017
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 3
Portfolio Management Discussion | 9/30/17
The U.S. stock market generated solid results over the six-month period ended
September 30, 2017, sustaining a persistent rally that began in late 2016. In
the following interview, Andrew Acheson and Paul Cloonan discuss the factors
that affected the performance of Pioneer Fundamental Growth Fund during the
period. Mr. Acheson and Mr. Cloonan, both senior vice presidents and portfolio
managers at Amundi Pioneer Asset Management, Inc. ("Amundi Pioneer"), are
responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the six-month period ended
September 30, 2017?
A Pioneer Fundamental Growth Fund's Class A shares returned 8.61% at net
asset value during the six-month period ended September 30, 2017, while the
Fund's benchmark, the Russell 1000 Growth Index (the Russell Index),
returned 10.84%. During the same period, the average return of the 700
mutual funds in Lipper's Large Cap Growth Funds category was 11.28%, and
the average return of the 1,450 mutual funds in Morningstar's Large Growth
Funds category was 10.44%.
Q How would you describe the investment environment for domestic equities
during the six-month period ended September 30, 2017?
A Domestic equities kept gaining ground over the period in a rally
characterized by little market volatility and few interruptions, even in
the face of some global geopolitical and domestic political concerns.
Propelling the market's upward momentum, in part, were strong corporate
earnings reports for the first quarter of 2017 as well as continued
strength in the energy sector, which had struggled early in the year.
Another noteworthy factor sustaining the rally was the expectation that
President Trump's new Republican administration, combined with Republican
control of Congress, would lead to an era of deregulation in the markets, a
development considered particularly important to the financials sector and
the small business community. Hopes for a tax reform package featuring
reductions in corporate and personal tax rates also drove the market's
optimism.
Over the six months, the U.S. Federal Reserve (the Fed) appeared to
slow its pace of interest-rate hikes. After raising the influential federal
funds rate twice in the previous six-month period, the Fed hiked rates just
once in June 2017, and seemed to back away from its earlier stance of
multiple, additional rate increases over the balance of the calendar year,
as inflationary pressures remained relatively benign. Near the end of the
period, however, the Fed did indicate that it would begin reducing its
4 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
balance sheet by shedding some of the securities it purchased during its
multiple quantitative-easing programs between 2008 and 2014. In addition, a
December 2017 federal funds rate hike, which would be the fourth increase
dating back to December 2016, seemed likely.
During the six-month period, there was a sustained rally in the prices
of large-cap growth stocks, in particular, led by high-valuation equities
and more cyclical industries and sectors, including semiconductors,
technology, and financials. Health care stocks, after lagging behind market
trends in the previous 18 months, staged a strong rebound as well. In
contrast, the consumer staples sector - often viewed as a more defensive
area - tended to underperform.
Q What were the primary reasons for the Fund's underperformance of its
benchmark, the Russell Index, during the six-month period ended September
30, 2017?
A The Fund produced healthy absolute returns during the period, but lagged
the return of the benchmark Russell Index, as we maintained our longer-
term approach of emphasizing investments in fundamentally strong companies
with high returns on growth capital, strong cash flow and earnings records,
and reasonable stock prices. That resulted in our avoiding, or at least
de-emphasizing, many of the better-performing, but very high-priced stocks
that were the market's leaders over the six months. Some of those companies
are in the outperforming industries and sectors we mentioned earlier, such
as information technology and semiconductors. We also de-emphasized
ownership of stocks of highly cyclical industrial companies, which
nevertheless appreciated to price levels that seemed, to us, to reflect
highly optimistic expectations for a strong re-acceleration of economic
growth trends.
Q Which individual investments had the largest effects on the Fund's
benchmark-relative performance during the six-month period ended September
30, 2017, either from a positive or negative standpoint?
A The most significant individual detractor from the Fund's benchmark-
relative performance during the six-month period was a position in auto
parts retailer O'Reilly Automotive. O'Reilly felt the effects of
industry-wide sluggishness in sales, which we believe was the consequence
of mild weather, particularly over the winter. However, we think O'Reilly
has the potential to continue to expand market share against competitors,
and we have maintained the Fund's position. We also retained the Fund's
investment in Starbucks, another underperforming consumer discretionary
company. Starbucks' growth appeared to slow during the period as the
company struggled to fill customer orders during peak-demand times. We
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 5
think the well-managed company will solve those problems, however, as
they actually are a consequence of the popularity of Starbucks' brand and
products. We did sell the Fund's shares of another consumer discretionary
stock that had disappointing performance during the period, Walt Disney.
We think the iconic entertainment-and-theme park company's prospects are
under threat from secular changes in the media industry, which have led to
increased fragmentation and competition.
Stock selection results in health care also tended to hold back the
Fund's benchmark-relative returns during the period. Positions in the
sector that detracted significantly from relative performance included
specialty pharmaceutical company Allergan and medical device manufacturer
Medtronic. Allergan underperformed due to market worries about the
reliability of future profits from Restasis, a drug used in the treatment
of dry eyes. We have maintained the Fund's Allergan investment, however,
because of the company's market leadership in aesthetic and dermatology
products as well as its promising drug pipeline. We also retained the
position in Medtronic, which declined during the period because of
lower-than-expected second-quarter results related to supply constraints
on a sensor used in treating diabetes. We expect the supply issue to be
resolved over the forthcoming quarters.
Despite the Fund's benchmark-relative underperformance during the
period, in what was a positive six months for large-cap stocks overall,
several of the portfolio's holdings produced strong results, including
positions in the financials, information technology, and industrials
sectors. Among the top contributors to the Fund's benchmark-relative
returns was financial-transaction processer Mastercard, which delivered
strong results as it continued to expand in the global electronics
processing business. Mastercard has continued to benefit from long-term
secular changes as electronic payments replace cash and check transactions.
Another strong contributor to the Fund's relative performance was a
position in technology giant Alphabet, parent of Google. Alphabet sustained
its growth trajectory from its internet search engine, while creating new
opportunities in online video streaming, mapping, and the recently launched
YouTube TV. In industrials, shares of Raytheon and Thermo Fisher Scientific
were two standout performers for the Fund. Defense company Raytheon turned
in strong earnings reports, while the outlook for global defense spending
improved. Thermo Fisher also delivered impressive earnings results, while
the company's acquisition strategy continued to contribute to its growth.
In addition, even though some of the Fund's holdings within health care
disappointed, as we noted earlier, shares of biotechnology company Vertex
Pharmaceuticals outperformed during the period as the market recognized the
potential of Vertex's developing products for the treatment of cystic
fibrosis.
6 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
Q What were some of the notable changes you made to the Fund's portfolio
during the six-month period ended September 30, 2017?
A We added investments in several companies to the portfolio during the six
months, including Cooper Industries, PayPal, Accenture, and Charles Schwab.
Cooper Industries, which we believe we acquired at an attractive price, is
a leading global manufacturer of contact lenses, with a particularly strong
market position in specialty lenses, including multi-focal lenses. We think
the company's recent investments in product development and manufacturing
have positioned it to generate attractive growth and returns on capital.
PayPal, meanwhile, has grown to a leadership position in online payments,
taking advantage of some of the same secular trends that have benefited
Mastercard. Accenture is a leading provider of management consulting,
business process outsourcing, and technology services, whose experience
throughout the world has given it a competitive advantage. Charles Schwab,
meanwhile, has successfully expanded its asset management, brokerage, and
banking businesses with a strong brand and significant scale and cost
advantages, which have enhanced its competitive position.
Sales from the portfolio during the period included shares of Kimberly
Clark, Schlumberger, Nike, Reynolds American, and Walt Disney, which we
discussed earlier. While Kimberly Clark has a prominent brand and is an
efficiently managed company, its growth prospects have been affected by
increased competition in the personal care industry, which is experiencing
greater price pressures as companies fight for market share. We think those
industry trends potentially could translate into lower returns on capital.
We sold Nike, too, because of our concerns about increased competition. In
addition, the company faces slowing growth in the global athletic footwear
and apparel business, including in the United States. We liquidated the
Fund's investment in oilfield-services firm Schlumberger because of our
concerns over management's capital allocation decisions. Finally, we sold
the Fund's position in tobacco company Reynolds American during its
acquisition by British American Tobacco.
Q Did the Fund have any investments in derivative securities during the
six-month period ended September 30, 2017?
A No, the Fund had no investments in any derivatives during the six-month
period.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 7
Q What is your investment outlook?
A Consistent with our investment discipline, we have kept the Fund's
portfolio positioned conservatively and continue to avoid many of the very
high-valuation stocks. At period-end, the Fund is overweight in health
care relative to the Russell Index, as we think stocks in the sector are
attractively valued. We also have overweighted the financial services
sector with positions in companies we believe can benefit from global
growth trends.
We have become more cautious about the equity market, even in the face
of recent improvements in corporate earnings and the potential that pro-
growth government fiscal policies, if enacted, could help sustain earnings
growth in the coming year. Although current stock prices reflect a
generally optimistic view that economic growth will improve further, there
are significant risks. The risks include the possibility that the Fed might
become more aggressive in tightening monetary policy should inflationary
pressures finally begin to rise, that political gridlock in Washington
could result in no fiscal stimulus, or that restrictive immigration and
trade policies could negatively affect the economy. Moreover, geopolitical
issues - most notably tensions with North Korea and Russia - could have
negative effects on the markets.
In addition, stock prices are high by historical comparisons. If one
measures by trailing price-to-earnings ratios or by expected, future
earnings, current equity prices seem to reflect a best-case scenario. In
our view, however, the potential exists that more difficult times could lie
ahead.
We believe this is a good time to prepare for the possibility of more
challenging market conditions ahead, and to maintain a portfolio that is
conservatively positioned, with the potential to have lower downside
volatility should current market trends reverse.
8 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
Please refer to the Schedule of Investments on pages 19-23 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
The Fund invests in a limited number of securities and, as a result, the Fund's
performance may be more volatile than the performance of other funds holding
more securities.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc., for
a prospectus or summary prospectus containing this information. Read it
carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 9
Portfolio Summary | 9/30/17
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 90.7%
International Common Stocks 6.3%
U.S. Government Securities 2.5%
Temporary Cash Investment 0.5%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Information Technology 37.1%
Health Care 18.0%
Consumer Discretionary 15.0%
Financials 10.2%
Consumer Staples 9.0%
Industrials 6.1%
Materials 2.7%
Energy 1.9%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. Apple, Inc. 6.69%
--------------------------------------------------------------------------------
2. Microsoft Corp. 6.67
--------------------------------------------------------------------------------
3. Alphabet, Inc. 6.40
--------------------------------------------------------------------------------
4. Mastercard, Inc. 4.91
--------------------------------------------------------------------------------
5. The Home Depot, Inc. 4.53
--------------------------------------------------------------------------------
6. Thermo Fisher Scientific, Inc. 3.74
--------------------------------------------------------------------------------
7. Intercontinental Exchange, Inc. 3.36
--------------------------------------------------------------------------------
8. CVS Health Corp. 3.23
--------------------------------------------------------------------------------
9. Amazon.com, Inc. 3.22
--------------------------------------------------------------------------------
10. Time Warner, Inc. 3.12
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The Fund is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
securities listed.
10 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
Prices and Distributions | 9/30/17
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 9/30/17 3/31/17
--------------------------------------------------------------------------------
A $22.57 $20.78
--------------------------------------------------------------------------------
C $20.76 $19.17
--------------------------------------------------------------------------------
K $22.64 $20.79
--------------------------------------------------------------------------------
R $22.23 $20.49
--------------------------------------------------------------------------------
Y $22.80 $20.95
--------------------------------------------------------------------------------
Distributions per Share: 4/1/17-9/30/17
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ -- $ -- $ --
--------------------------------------------------------------------------------
C $ -- $ -- $ --
--------------------------------------------------------------------------------
K $ -- $ -- $ --
--------------------------------------------------------------------------------
R $ -- $ -- $ --
--------------------------------------------------------------------------------
Y $ -- $ -- $ --
--------------------------------------------------------------------------------
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 12-16.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 11
Performance Update | 9/30/17 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Fundamental Growth Fund at public
offering price during the periods shown, compared to that of the Russell 1000
Growth Index.
Average Annual Total Returns
(As of September 30, 2017)
--------------------------------------------------------------------------------
Net Public Russell
Asset Offering 1000
Value Price Growth
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 years 9.13% 8.48% 9.08%
5 years 13.87 12.53 15.26
1 year 17.63 10.85 21.94
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
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
9/07 $ 9,425 $10,000
9/08 $ 7,949 $ 7,912
9/09 $ 7,999 $ 7,766
9/10 $ 8,680 $ 8,748
9/11 $ 9,149 $ 9,079
9/12 $11,789 $11,728
9/13 $13,728 $13,989
9/14 $16,414 $16,668
9/15 $17,285 $17,197
9/16 $19,187 $19,103
9/17 $22,569 $23,855
Call 1-800-225-6292 or visit www.amundipioneer.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 performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
Performance Update | 9/30/17 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Fundamental Growth Fund during the
periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of September 30, 2017)
--------------------------------------------------------------------------------
Russell
1000
If If Growth
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 years 8.30% 8.30% 9.08%
5 years 13.08 13.08 15.26
1 year 16.87 16.87 21.94
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.77%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer
Fundamental Russell 1000
Growth Fund Growth Index
9/07 $10,000 $10,000
9/08 $ 8,360 $ 7,912
9/09 $ 8,347 $ 7,766
9/10 $ 8,980 $ 8,748
9/11 $ 9,398 $ 9,079
9/12 $12,010 $11,728
9/13 $13,884 $13,989
9/14 $16,475 $16,668
9/15 $17,232 $17,197
9/16 $18,997 $19,103
9/17 $22,203 $23,855
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 13
Performance Update | 9/30/17 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class K shares of Pioneer Fundamental Growth Fund during the
periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of September 30, 2017)
--------------------------------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 years 9.35% 9.08%
5 years 14.33 15.26
1 year 18.18 21.94
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.67%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer
Fundamental Russell 1000
Growth Fund Growth Index
9/07 $ 5,000,000 $ 5,000,000
9/08 $ 4,216,982 $ 3,956,080
9/09 $ 4,243,463 $ 3,882,773
9/10 $ 4,604,803 $ 4,374,010
9/11 $ 4,853,730 $ 4,539,278
9/12 $ 6,254,134 $ 5,864,209
9/13 $ 7,307,446 $ 6,994,516
9/14 $ 8,766,999 $ 8,333,796
9/15 $ 9,275,956 $ 8,598,261
9/16 $10,338,055 $ 9,781,437
9/17 $12,217,747 $11,927,552
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on December 20, 2012, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. For the period
beginning December 20, 2012, the actual performance of Class K shares is
reflected. Class K shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
Performance Update | 9/30/17 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Fundamental Growth Fund during the
periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of September 30, 2017)
--------------------------------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 years 8.95% 9.08%
5 years 13.54 15.26
1 year 17.30 21.94
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2017)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.41% 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
9/07 $10,000 $10,000
9/08 $ 8,434 $ 7,912
9/09 $ 8,487 $ 7,766
9/10 $ 9,210 $ 8,748
9/11 $ 9,707 $ 9,079
9/12 $12,490 $11,728
9/13 $14,502 $13,989
9/14 $17,292 $16,668
9/15 $18,153 $17,197
9/16 $20,089 $19,103
9/17 $23,565 $23,855
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class R shares for the period prior to the
commencement of operations of Class R shares on April 2, 2012, is based on the
performance of Class A shares, reduced to reflect the higher distribution and
service fees of Class R shares. For the period beginning April 2, 2012, the
actual performance of Class R shares is reflected. Class R shares are not
subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2018, for Class R shares. There can be no assurance
that Amundi Pioneer will extend the expense limitation beyond such time. Please
see the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 15
Performance Update | 9/30/17 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Fundamental Growth Fund during the
periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of September 30, 2017)
--------------------------------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 years 9.45% 9.08%
5 years 14.22 15.26
1 year 18.01 21.94
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.77%
--------------------------------------------------------------------------------
[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
9/07 $ 5,000,000 $ 5,000,000
9/08 $ 4,216,982 $ 3,956,080
9/09 $ 4,255,763 $ 3,882,773
9/10 $ 4,630,172 $ 4,374,010
9/11 $ 4,908,071 $ 4,539,278
9/12 $ 6,343,053 $ 5,864,209
9/13 $ 7,406,226 $ 6,994,516
9/14 $ 8,879,408 $ 8,333,796
9/15 $ 9,382,383 $ 8,598,261
9/16 $10,449,504 $ 9,781,437
9/17 $12,331,234 $11,927,552
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class Y shares for the period prior to the
commencement of operations of Class Y shares on April 8, 2009, is the net asset
value performance of the Fund's Class A shares, which has not been restated to
reflect any differences in expenses, including Rule 12b-1 fees applicable to
Class A shares. Since fees for Class A shares generally are higher than those of
Class Y shares, the performance of Class Y shares prior to their inception would
have been higher than the performance shown. For the period beginning April 8,
2009, the actual performance of Class Y shares is reflected. Class Y shares are
not subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
16 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
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 Fundamental Growth Fund
Based on actual returns from April 1, 2017, through September 30, 2017.
--------------------------------------------------------------------------------
Share Class A C K R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 4/1/17
--------------------------------------------------------------------------------
Ending Account $1,086.10 $1,082.90 $1,089.00 $1,084.90 $1,088.30
Value (after expenses)
on 9/30/17
--------------------------------------------------------------------------------
Expenses Paid $ 5.70 $ 9.14 $ 3.46 $ 7.26 $ 4.08
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.09%,
1.75%, 0.66% 1.39% and 0.78% for Class A, Class C, Class K, Class R and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 183/365 (to reflect the partial year period).
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 17
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Fundamental Growth Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from April 1, 2017, through September 30, 2017.
--------------------------------------------------------------------------------
Share Class A C K R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 4/1/17
--------------------------------------------------------------------------------
Ending Account $1,019.60 $1,016.29 $1,021.76 $1,018.10 $1,021.16
Value (after expenses)
on 9/30/17
--------------------------------------------------------------------------------
Expenses Paid $ 5.52 $ 8.85 $ 3.35 $ 7.03 $ 3.95
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.09%,
1.75%, 0.66% 1.39% and 0.78% for Class A, Class C, Class K, Class R and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 183/365 (to reflect the partial year period).
18 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
Schedule of Investments | 9/30/17 (unaudited)
----------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 100.3%
COMMON STOCKS -- 97.5%
ENERGY -- 1.4%
Oil & Gas Exploration & Production -- 1.4%
3,222,975 Cabot Oil & Gas Corp. $ 86,214,581
--------------
Total Energy $ 86,214,581
----------------------------------------------------------------------------------------
MATERIALS -- 2.8%
Specialty Chemicals -- 2.8%
748,491 Ecolab, Inc. $ 96,263,428
524,380 International Flavors & Fragrances, Inc. 74,939,146
--------------
$ 171,202,574
--------------
Total Materials $ 171,202,574
----------------------------------------------------------------------------------------
CAPITAL GOODS -- 6.2%
Aerospace & Defense -- 4.5%
1,016,775 Raytheon Co. $ 189,709,880
747,771 United Technologies Corp. 86,801,258
--------------
$ 276,511,138
----------------------------------------------------------------------------------------
Building Products -- 1.7%
2,592,205 Masco Corp. $ 101,121,917
--------------
Total Capital Goods $ 377,633,055
----------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.7%
Restaurants -- 1.7%
1,965,973 Starbucks Corp. $ 105,592,410
--------------
Total Consumer Services $ 105,592,410
----------------------------------------------------------------------------------------
MEDIA -- 3.1%
Movies & Entertainment -- 3.1%
1,859,621 Time Warner, Inc. $ 190,518,171
--------------
Total Media $ 190,518,171
----------------------------------------------------------------------------------------
RETAILING -- 10.3%
Internet Retail -- 3.2%
204,643 Amazon.com, Inc. * $ 196,733,548
----------------------------------------------------------------------------------------
Apparel Retail -- 1.7%
1,571,418 Ross Stores, Inc. $ 101,466,460
----------------------------------------------------------------------------------------
Home Improvement Retail -- 4.5%
1,694,393 The Home Depot, Inc. $ 277,134,919
----------------------------------------------------------------------------------------
Automotive Retail -- 0.9%
236,512 O'Reilly Automotive, Inc. * $ 50,937,589
--------------
Total Retailing $ 626,272,516
----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 19
Schedule of Investments | 9/30/17 (unaudited) (continued)
----------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 3.2%
Drug Retail -- 3.2%
2,425,598 CVS Health Corp. $ 197,249,629
--------------
Total Food & Staples Retailing $ 197,249,629
----------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 4.4%
Soft Drinks -- 3.0%
1,613,573 PepsiCo., Inc. $ 179,800,439
----------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.4%
800,757 The Hershey Co. $ 87,418,642
--------------
Total Food, Beverage & Tobacco $ 267,219,081
----------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 1.5%
Household Products -- 1.5%
1,239,480 Colgate-Palmolive Co. $ 90,296,118
--------------
Total Household & Personal Products $ 90,296,118
----------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 4.6%
Health Care Equipment -- 2.6%
377,262 Edwards Lifesciences Corp. * $ 41,238,509
1,497,910 Medtronic PLC 116,492,461
--------------
$ 157,730,970
----------------------------------------------------------------------------------------
Health Care Supplies -- 2.0%
506,441 The Cooper Companies, Inc. $ 120,082,226
--------------
Total Health Care Equipment & Services $ 277,813,196
----------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 13.5%
Biotechnology -- 5.0%
847,834 Celgene Corp. * $ 123,631,154
1,490,837 Gilead Sciences, Inc. * 120,787,614
406,619 Vertex Pharmaceuticals, Inc. * 61,822,353
--------------
$ 306,241,121
----------------------------------------------------------------------------------------
Pharmaceuticals -- 4.8%
728,843 Allergan Plc $ 149,376,373
1,097,314 Johnson & Johnson 142,661,793
--------------
$ 292,038,166
----------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 3.7%
1,208,281 Thermo Fisher Scientific, Inc. $ 228,606,765
--------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 826,886,052
----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
----------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.7%
Investment Banking & Brokerage -- 1.3%
1,898,596 The Charles Schwab Corp. $ 83,044,589
----------------------------------------------------------------------------------------
Specialized Finance -- 3.4%
2,991,895 Intercontinental Exchange, Inc. $ 205,543,186
--------------
Total Diversified Financials $ 288,587,775
----------------------------------------------------------------------------------------
INSURANCE -- 3.0%
Insurance Brokers -- 3.0%
2,178,063 Marsh & McLennan Companies, Inc. $ 182,543,460
--------------
Total Insurance $ 182,543,460
----------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 26.0%
Internet Software & Services -- 6.4%
408,017 Alphabet, Inc. (Class C) $ 391,333,185
----------------------------------------------------------------------------------------
IT Consulting & Other Services -- 3.0%
557,819 Accenture Plc $ 75,344,612
1,511,900 Cognizant Technology Solutions Corp. * 109,673,226
--------------
$ 185,017,838
----------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 7.5%
2,124,394 Mastercard, Inc. $ 299,964,433
2,503,713 PayPal Holdings, Inc. 160,312,743
--------------
$ 460,277,176
----------------------------------------------------------------------------------------
Application Software -- 2.4%
977,980 Adobe Systems, Inc. * $ 145,895,056
----------------------------------------------------------------------------------------
Systems Software -- 6.7%
5,476,821 Microsoft Corp. $ 407,968,396
--------------
Total Software & Services $1,590,491,651
----------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 8.4%
Computer Storage & Peripherals -- 6.7%
2,655,676 Apple, Inc. $ 409,292,786
----------------------------------------------------------------------------------------
Electronic Components -- 1.7%
1,261,077 Amphenol Corp. $ 106,737,557
--------------
Total Technology Hardware & Equipment $ 516,030,343
----------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 2.7%
Semiconductors -- 2.7%
685,685 Broadcom, Ltd. $ 166,306,040
--------------
Total Semiconductors & Semiconductor Equipment $ 166,306,040
----------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $4,507,289,745) $5,960,856,652
----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 21
Schedule of Investments | 9/30/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------
Principal
Amount ($) Value
-----------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 2.5%
88,670,000 U.S. Treasury Bills, 10/19/17 (a) $ 88,631,531
65,115,000 U.S. Treasury Bills, 10/26/17 (a) 65,074,357
---------------
$ 153,705,888
-----------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $153,700,580) $ 153,705,888
-----------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENT -- 0.3%
Repurchase Agreement -- 0.3%
19,645,000 $19,645,000 ScotiaBank, 1.05%, dated 9/29/17 plus
accrued interest on 10/2/17 collateralized by $20,039,654
Federal National Mortgage Association, 4.0%, 9/1/47 $ 19,645,000
-----------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENT
(Cost $19,645,000) $ 19,645,000
-----------------------------------------------------------------------------------------
TOTAL INVESTMENT IN UNAFFILIATED ISSUERS -- 100.3%
(Cost $4,680,635,325) $6,134,207,540
-----------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- (0.3)% $ (15,954,060)
-----------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $6,118,253,480
=========================================================================================
* Non-income producing security.
(a) Security issued with a zero coupon. Income is earned through
accretion of discount.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended September 30, 2017, aggregated $979,106,887 and $876,177,939,
respectively.
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain Funds and accounts for which Amundi Pioneer Asset
Management, Inc., formerly Pioneer Investment Management, Inc. (the "Adviser")
serves as investment adviser, as set forth in Rule 17a-7 under the Investment
Company Act of 1940, pursuant to procedures adopted by the Board of Trustees.
Under these procedures, cross trades are effected at current market prices.
During the six months ended September 30, 2017, the Fund did not engage in any
cross trade activity.
At September 30, 2017, the net unrealized appreciation on investments based on
cost for federal income tax purposes of $4,688,949,441 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $1,493,747,487
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (48,489,388)
--------------
Net unrealized appreciation $1,445,258,099
==============
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See
Notes to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
22 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
The following is a summary of the inputs used as of September 30, 2017, in
valuing the Fund's investments:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Common Stocks $5,960,856,652 $ -- $ -- $5,960,856,652
U.S. Government and
Agency Obligations -- 153,705,888 -- 153,705,888
Repurchase Agreement -- 19,645,000 -- 19,645,000
--------------------------------------------------------------------------------
Total $5,960,856,652 $173,350,888 $ -- $6,134,207,540
================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 23
Statement of Assets and Liabilities | 9/30/17 (unaudited)
ASSETS:
Investment in unaffiliated issuers, at value (cost $4,680,635,325) $6,134,207,540
Cash 5,416,637
Receivables --
Fund shares sold 11,714,576
Dividends 2,082,954
Interest 1,146
Due from the Adviser 4,196
Other assets 110,612
------------------------------------------------------------------------------------
Total assets $6,153,537,661
------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 21,015,983
Fund shares repurchased 11,791,336
Trustee fees 6,734
Due to affiliates 1,022,469
Accrued expenses 1,447,659
------------------------------------------------------------------------------------
Total liabilities $ 35,284,181
------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $4,468,121,371
Undistributed net investment income 17,257,991
Accumulated net realized gain on investments 179,301,903
Net unrealized appreciation on investments 1,453,572,215
------------------------------------------------------------------------------------
Net assets $6,118,253,480
------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,258,344,326/55,746,857 shares) $ 22.57
Class C (based on $472,610,926/22,767,620 shares) $ 20.76
Class K (based on $515,564,802/22,775,653 shares) $ 22.64
Class R (based on $149,976,343/6,746,242 shares) $ 22.23
Class Y (based on $3,721,757,083/163,244,888 shares) $ 22.80
MAXIMUM OFFERING PRICE:
Class A ($22.57 (divided by) 94.25%) $ 23.95
====================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
Statement of Operations (unaudited)
For the Six Months Ended 9/30/17
INVESTMENT INCOME:
Interest from unaffiliated issuers $ 550,982
Dividends from unaffiliated issuers 38,714,080
------------------------------------------------------------------------------------
Total investment income $ 39,265,062
====================================================================================
EXPENSES:
Management fees $17,935,893
Transfer agent fees
Class A 1,244,475
Class C 206,826
Class K 1,572
Class R 162,191
Class Y 2,111,344
Distribution fees
Class A 1,570,824
Class C 2,373,564
Class R 355,479
Shareholder communications expense 145,752
Administrative expense 857,313
Custodian fees 38,476
Registration fees 123,021
Professional fees 82,206
Printing expense 28,222
Fees and expenses of nonaffiliated Trustees 145,273
Miscellaneous 48,940
------------------------------------------------------------------------------------
Total expenses $ 27,431,371
------------------------------------------------------------------------------------
Less fees waived and expenses reimbursed the Adviser (116,763)
Net expenses $ 27,314,608
------------------------------------------------------------------------------------
Net investment income $ 11,950,454
------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments from unaffiliated issuers $124,099,361
Change in net unrealized appreciation (depreciation) on:
Investments from unaffiliated issuers $350,400,730
------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $474,500,091
------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $486,450,545
====================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 25
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------------
Six Months
Ended
9/30/17 Year Ended
(unaudited) 3/31/17
---------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 11,950,454 $ 23,782,066
Net realized gain (loss) on investments 124,099,361 156,719,815
Change in net unrealized appreciation (depreciation)
on investments 350,400,730 367,209,601
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 486,450,545 $ 547,711,482
---------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.00 and $0.06 per share, respectively) $ -- $ (3,454,370)
Class K ($0.00 and $0.13 per share, respectively) -- (1,872,933)
Class R ($0.00 and $0.01 per share, respectively) -- (67,393)
Class Y ($0.00 and $0.11 per share, respectively) -- (17,013,709)
Net realized gain:
Class A ($0.00 and $0.37 per share, respectively) -- (21,901,386)
Class C ($0.00 and $0.37 per share, respectively) -- (8,702,792)
Class K ($0.00 and $0.37 per share, respectively) -- (5,095,362)
Class R ($0.00 and $0.37 per share, respectively) -- (1,980,050)
Class Y ($0.00 and $0.37 per share, respectively) -- (52,838,090)
---------------------------------------------------------------------------------------------
Total distributions to shareowners $ -- $ (112,926,085)
---------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $1,074,761,417 $2,907,428,317
Reinvestment of distributions -- 95,432,134
Cost of shares repurchased (807,127,908) (1,635,411,826)
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 267,633,509 $1,367,448,625
---------------------------------------------------------------------------------------------
Net increase in net assets $ 754,084,054 $1,802,234,022
NET ASSETS:
Beginning of period 5,364,169,426 3,561,935,404
---------------------------------------------------------------------------------------------
End of period $6,118,253,480 $5,364,169,426
---------------------------------------------------------------------------------------------
Undistributed net investment income $ 17,257,991 $ 5,307,537
=============================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
-----------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
9/30/17 9/30/17 Year Ended Year Ended
Shares Amount 3/31/17 3/31/17
(unaudited) (unaudited) Shares Amount
-----------------------------------------------------------------------------------------------
Class A
Shares sold 8,583,566 $ 186,751,963 28,290,513 $ 548,519,293
Reinvestment of distributions -- 1,134,495 21,758,157
Less shares repurchased (10,835,033) (236,983,949) (23,684,612) (464,790,618)
-----------------------------------------------------------------------------------------------
Net increase (decrease) (2,251,467) $ (50,231,986) 5,740,396 $ 105,486,832
===============================================================================================
Class C
Shares sold 2,109,387 $ 42,248,723 8,891,081 $ 159,283,437
Reinvestment of distributions -- -- 407,641 7,194,885
Less shares repurchased (3,624,443) (72,726,003) (5,248,783) (94,992,423)
-----------------------------------------------------------------------------------------------
Net increase (decrease) (1,515,056) $ (30,477,280) 4,049,939 $ 71,485,899
===============================================================================================
Class K
Shares sold 6,286,865 $ 136,325,706 14,720,842 $ 287,184,419
Reinvestment of distributions -- -- 322,783 6,217,263
Less shares repurchased (1,629,137) (35,751,050) (3,862,478) (75,263,475)
-----------------------------------------------------------------------------------------------
Net increase 4,657,728 $ 100,574,656 11,181,147 $ 218,138,207
===============================================================================================
Class R
Shares sold 1,888,095 $ 40,078,641 2,975,998 $ 56,835,178
Reinvestment of distributions -- -- 62,318 1,175,352
Less shares repurchased (896,261) (19,366,207) (1,522,340) (29,269,528)
-----------------------------------------------------------------------------------------------
Net increase 991,834 $ 20,712,434 1,515,976 $ 28,741,002
===============================================================================================
Class Y
Shares sold 30,612,989 $ 669,356,384 94,425,176 $1,855,605,990
Reinvestment of distributions -- -- 3,046,171 59,086,477
Less shares repurchased (20,031,709) (442,300,699) (49,292,166) (971,095,782)
-----------------------------------------------------------------------------------------------
Net increase 10,581,280 $ 227,055,685 48,179,181 $ 943,596,685
===============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 27
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/17 Ended Ended Ended Ended Ended
(unaudited) 3/31/17 3/31/16 3/31/15 3/31/14 3/31/13
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 20.78 $ 19.00 $ 19.06 $ 16.66 $ 14.33 $ 13.23
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.03(a) $ 0.08(a) $ 0.07(a) $ 0.06 $ 0.06 $ 0.07
Net realized and unrealized gain (loss) on investments 1.76 2.13 0.70 2.86 2.95 1.20
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.79 $ 2.21 $ 0.77 $ 2.92 $ 3.01 $ 1.27
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ -- $ (0.06) $ (0.05) $ (0.05) $ (0.06) $ (0.06)
Net realized gain -- (0.37) (0.78) (0.47) (0.62) (0.11)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (0.43) $ (0.83) $ (0.52) $ (0.68) $ (0.17)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.79 $ 1.78 $ (0.06) $ 2.40 $ 2.33 $ 1.10
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 22.57 $ 20.78 $ 19.00 $ 19.06 $ 16.66 $ 14.33
====================================================================================================================================
Total return* 8.61% 11.78% 4.00% 17.60% 21.16% 9.64%
Ratio of net expenses to average net assets 1.09%** 1.09% 1.09% 1.09% 1.08% 1.09%
Ratio of net investment income (loss) to average net
assets 0.24%** 0.39% 0.38% 0.38% 0.46% 0.54%
Portfolio turnover rate 30%** 23% 13% 12% 21% 28%
Net assets, end of period (in thousands) $ 1,258,344 $1,205,124 $992,927 $796,689 $644,527 $436,682
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid
indirectly:
Total expenses to average net assets 1.11%** 1.09% 1.11% 1.13% 1.13% 1.20%
Net investment income (loss) to average net assets 0.22%** 0.39% 0.36% 0.34% 0.41% 0.43%
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/17 Ended Ended Ended Ended Ended
(unaudited) 3/31/17 3/31/16 3/31/15 3/31/14 3/31/13
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 19.17 $ 17.63 $ 17.81 $ 15.66 $ 13.55 $ 12.57
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.04)(a)(b) $ (0.05)(a)(b) $ (0.05)(a)(b) $ (0.03) $ (0.04) $ (0.02)(a)
Net realized and unrealized gain (loss) on
investments 1.63 1.96 0.65 2.65 2.77 1.12
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.59 $ 1.91 $ 0.60 $ 2.62 $ 2.73 $ 1.10
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ -- $ -- $ -- $ -- $ -- $ (0.01)
Net realized gain -- (0.37) (0.78) (0.47) (0.62) (0.11)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (0.37) $ (0.78) $ (0.47) $ (0.62) $ (0.12)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.59 $ 1.54 $ (0.18) $ 2.15 $ 2.11 $ 0.98
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.76 $ 19.17 $ 17.63 $ 17.81 $ 15.66 $ 13.55
====================================================================================================================================
Total return* 8.29% 10.98% 3.29% 16.81% 20.29% 8.77%
Ratio of net expenses to average net assets 1.75%** 1.77% 1.77% 1.79% 1.83% 1.91%
Ratio of net investment income (loss) to average
net assets (0.42)%** (0.30)% (0.29)% (0.32)% (0.28)% (0.23)%
Portfolio turnover rate 30%** 23% 13% 12% 21% 28.00%
Net assets, end of period (in thousands) $472,611 $465,545 $356,675 $246,593 $174,565 $89,299
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) The amount shown for a share outstanding does not correspond with net
investment income on the Statement of Operations for the period due to
timing of the sales and repurchase of shares.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 29
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year
9/30/17 Ended Ended Ended Ended 12/20/12 to
(unaudited) 3/31/17 3/31/16 3/31/15 3/31/14 3/31/13
------------------------------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 20.79 $ 19.00 $ 19.05 $ 16.64 $ 14.30 $ 13.37
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.07(c) $ 0.16(c) $ 0.15(c) $ 0.16 $ 0.06 $ 0.03
Net realized and unrealized gain (loss) on investments 1.78 2.13 0.70 2.84 3.01 1.00
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.85 $ 2.29 $ 0.85 $ 3.00 $ 3.07 $ 1.03
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ -- $ (0.13) $ (0.12) $ (0.12) $ (0.11) $ (0.10)
Net realized gain -- (0.37) (0.78) (0.47) (0.62) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (0.50) $ (0.90) $ (0.59) $ (0.73) $ (0.10)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.85 $ 1.79 $ (0.05) $ 2.41 $ 2.34 $ 0.93
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 22.64 $ 20.79 $ 19.00 $ 19.05 $ 16.64 $ 14.30
====================================================================================================================================
Total return* 8.90% 12.24% 4.43% 18.11% 21.61% 7.77%(a)(b)
Ratio of net expenses to average net assets 0.66%** 0.67% 0.67% 0.69% 0.71% 0.77%**
Ratio of net investment income (loss) to average net assets 0.68%** 0.81% 0.80% 0.81% 0.85% 0.77%**
Portfolio turnover rate 30%** 23% 13% 12% 21% 28%
Net assets, end of period (in thousands) $ 515,565 $376,708 $131,813 $97,063 $31,501 $ 11
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
(a) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended March 31, 2013, the total return would have been
7.74%.
(b) Not annualized.
(c) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year
9/30/17 Ended Ended Ended Ended 4/2/12 to
(unaudited) 3/31/17 3/31/16 3/31/15 3/31/14 3/31/13
------------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 20.49 $ 18.76 $ 18.86 $ 16.50 $ 14.25 $ 13.34
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.01)(d)(e) $ 0.01(d) $ 0.02(d) $ (0.00)(c) $ 0.01 $ 0.06
Net realized and unrealized gain (loss) on
investments 1.75 2.10 0.69 2.83 2.94 1.05
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.74 $ 2.11 $ 0.71 $ 2.83 $ 2.95 $ 1.11
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ -- $ (0.01) $ (0.03) $ -- $ (0.08) $ (0.09)
Net realized gain -- (0.37) (0.78) (0.47) (0.62) (0.11)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (0.38) $ (0.81) $ (0.47) $ (0.70) $ (0.20)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.74 $ 1.73 $ (0.10) $ 2.36 $ 2.25 $ 0.91
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 22.23 $ 20.49 $ 18.76 $ 18.86 $ 16.50 $ 14.25
====================================================================================================================================
Total return* 8.49% 11.41% 3.70% 17.23% 20.84% 8.42%(a)(b)
Ratio of net expenses to average net assets 1.39%** 1.40% 1.40% 1.40% 1.39% 1.40%**
Ratio of net investment income (loss) to average net
assets (0.05)%**(e) 0.08% 0.10% 0.05% 0.18% 0.27%**
Portfolio turnover rate 30%** 23% 13% 12% 21% 28%
Net assets, end of period (in thousands) $ 149,976 $117,931 $79,519 $ 37,285 $40,703 $ 2,437
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reduction for fees
paid indirectly:
Total expenses to average net assets 1.39%** 1.41% 1.43% 1.52% 1.39% 1.45%**
Net investment income (loss) to average net assets (0.05)%**(e) 0.07% 0.07% (0.07)% 0.18% 0.21%**
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
(a) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended March 31, 2013, the total return would have been
8.41%.
(b) Not annualized.
(c) Amount rounds to less than $0.01 or $(0.01) per share.
(d) The per-share data presented above is based on the average shares
outstanding for the period presented.
(e) The amount shown for a share outstanding does not correspond with net
investment income on the Statement of Operations for the period due to
timing of the sales and repurchase of shares.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 31
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/17 Ended Ended Ended Ended Ended
(unaudited) 3/31/17 3/31/16 3/31/15 3/31/14 3/31/13
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 20.95 $ 19.15 $ 19.20 $ 16.77 $ 14.41 $ 13.30
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.06(b) $ 0.14(b) $ 0.13(b) $ 0.10 $ 0.10 $ 0.10
Net realized and unrealized gain (loss) on
investments 1.79 2.14 0.71 2.90 2.97 1.22
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.85 $ 2.28 $ 0.84 $ 3.00 $ 3.07 $ 1.32
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ -- $ (0.11) $ (0.11) $ (0.10) $ (0.09) $ (0.10)
Net realized gain -- (0.37) (0.78) (0.47) (0.62) (0.11)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (0.48) $ (0.89) $ (0.57) $ (0.71) $ (0.21)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.85 $ 1.80 $ (0.05) $ 2.43 $ 2.36 $ 1.11
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 22.80 $ 20.95 $ 19.15 $ 19.20 $ 16.77 $ 14.41
====================================================================================================================================
Total return* 8.83% 12.11% 4.29% 17.98% 21.44% 9.99%(a)
Ratio of net expenses to average net assets 0.78%** 0.77% 0.79% 0.80% 0.82% 0.81%
Ratio of net investment income (loss) to average
net assets 0.56%** 0.71% 0.70% 0.68% 0.72% 0.85%
Portfolio turnover rate 30%** 23% 13% 12% 21% 28%
Net assets, end of period (in thousands) $3,721,757 $3,198,861 $2,001,002 $1,263,594 $842,680 $558,383
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
(a) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended March 31, 2013, the total return would have been
9.96%.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
Notes to Financial Statements | 9/30/17 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Fundamental Growth Fund (the Fund) is a series of Pioneer Series Trust
X, a Delaware statutory trust. The Fund is registered under the Investment
Company Act of 1940 as a diversified, open-end management investment company.
The Fund's investment objective is to seek long-term capital growth.
The Fund offers five classes of shares designated as Class A, Class C, Class K,
Class R and Class Y shares. Each class of shares represents an interest in the
same portfolio of investments of the Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes can
bear different rates of class-specific fees and expenses such as transfer agent
and distribution fees. Differences in class-specific fees and expenses will
result in differences in net investment income and, therefore, the payment of
different dividends from net investment income earned by each class. The Amended
and Restated Declaration of Trust of the Fund gives the Board of Trustees the
flexibility to specify either per share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class K or Class Y shares.
On July 3, 2017, Amundi acquired Pioneer Investments, a group of asset
management companies located throughout the world. Amundi, one of the world's
largest asset managers, is headquartered in Paris, France. As a result of the
transaction, Pioneer Investment Management, Inc., the Funds' investment adviser,
became an indirect wholly owned subsidiary of Amundi and Amundi's wholly owned
subsidiary, Amundi USA, Inc. Prior to July 3, 2017, Pioneer Investments was
owned by Pioneer Global Asset Management S.p.A., a wholly owned subsidiary of
UniCredit S.p.A.
In connection with the transaction, the names of the Funds' investment adviser
and principal underwriter changed. Effective July 3, 2017, the name of Pioneer
Investment Management, Inc. changed to Amundi Pioneer Asset Management, Inc.
(the Adviser) and the name of Pioneer Funds Distributor, Inc. changed to Amundi
Pioneer Distributor, Inc. (the Distributor).
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 33
In October 2016, the Securities and Exchange Commission (SEC) released its Final
Rule on Investment Company Reporting Modernization. In addition to introducing
two new regulatory reporting forms (Form N-PORT and Form N-CEN), the Final Rule
amends Regulation S-X, which impacts financial statement presentation,
particularly related to the presentation of derivative investments. The Fund's
financial statements were prepared in compliance with the amendments to
Regulation S-X.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) that require the management
of the Fund to make estimates and assumptions that affect the reported amounts
of assets and liabilities, the disclosure of contingent assets and liabilities
at the date of the financial statements, and the reported amounts of income,
expenses and gains and losses on investments during the reporting period. Actual
results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New
York Stock Exchange (NYSE) is open, as of the close of regular trading on
the NYSE.
Equity securities that have traded on an exchange are valued by using
the last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices or, if both last bid and asked prices
are not available, at the last quoted bid price. Last sale and bid and
asked prices are provided by independent third party pricing services. In
the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
The value of foreign securities is translated into U.S. dollars based
on foreign currency exchange rate quotations supplied by a third party
pricing source. Trading in non-U.S. equity securities is substantially
completed each day at various times prior to the close of the NYSE. The
values of such securities used in computing the net asset value of the
Fund's shares are determined as of such times. The Fund may use a fair
value model developed by an independent pricing service to value non-U.S.
equity securities.
34 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
Fixed-income securities are valued by using prices supplied by
independent pricing services, which consider such factors as market prices,
market events, quotations from one or more brokers, Treasury spreads,
yields, maturities and ratings, or may use a pricing matrix or other fair
value methods or techniques to provide an estimated value of the security
or instrument. A pricing matrix is a means of valuing a debt security on
the basis of current market prices for other debt securities, historical
trading patterns in the market for Fixed-income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to supply
prices, or when prices market quotations are considered to be unreliable,
the value of that security may be determined using quotations from one or
more broker-dealers.
Securities for which independent pricing services or broker-dealers are
unable to supply prices or for which market prices and/or quotations are
not readily available or are considered to be unreliable are valued by a
fair valuation team comprised of certain personnel of the Adviser pursuant
to procedures adopted by the Fund's Board of Trustees. The Adviser's fair
valuation team uses fair value methods approved by the Valuation Committee
of the Board of Trustees. The Adviser's fair valuation team is responsible
for monitoring developments that may impact fair valued securities and for
discussing and assessing fair values on an ongoing basis, and at least
quarterly, with the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices, and
such differences could be material.
At September 30, 2017, there were no securities that were valued using
fair value methods (other than securities valued using prices supplied by
independent pricing services).
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 35
Interest income, including interest on income-bearing cash accounts,
is recorded on the accrual basis. Dividend and interest income are reported
net of unrecoverable foreign taxes withheld at the applicable country rates
and net of income accrued on defaulted securities. Interest and dividend
income payable by delivery of additional shares is reclassified as PIK
(payment-in-kind) income upon receipt and is included in interest and
dividend income, respectively.
Security transactions are recorded as of trade date. Gains and losses
on sales of investments are calculated on the identified cost method for
both financial reporting and federal income tax purposes.
C. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its net taxable income and net realized capital gains, if
any, to its shareowners. Therefore, no provision for federal income taxes
is required. As of March 31, 2017, the Fund did not accrue any interest or
penalties with respect to uncertain tax positions, which, if applicable,
would be recorded as an income tax expense in the Statement of Operations.
Tax returns filed within the prior three years remain subject to
examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary overdistributions for financial
statement purposes resulting from differences in the recognition or
classification of income or distributions for financial statement and tax
purposes. Capital accounts within the financial statements are adjusted for
permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences.
The tax character of current year distributions payable will be
determined at the end of the fiscal year. The tax character of
distributions during the year ended March 31, 2017 was as follows:
---------------------------------------------------------------------------
2017
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 22,408,405
Long-term capital gain 90,517,680
---------------------------------------------------------------------------
Total $112,926,085
===========================================================================
36 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2017:
---------------------------------------------------------------------------
2017
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 13,497,760
Undistributed long-term capital gain 55,326,435
Unrealized appreciation 1,094,857,369
---------------------------------------------------------------------------
Total $1,163,681,564
---------------------------------------------------------------------------
The difference between book-basis and tax-basis net unrealized
appreciation is attributable to the tax deferral of losses on wash sales
and tax basis adjustments on common stock.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
The Distributor earned $155,400 in underwriting commissions on the sale of
Class A shares during the six months ended September 30, 2017.
E. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day. Distribution fees are calculated based on the average daily
net asset value attributable to Class A, Class C and Class R shares of the
Fund, respectively (see Note 4). Class K and Class Y shares do not pay
distribution fees. All expenses and fees paid to the Fund's transfer agent
for its services are allocated among the classes of shares based on the
number of accounts in each class and the ratable allocation of related
out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class K, Class R and Class
Y shares can reflect different transfer agent and distribution expense
rates.
F. Risks
The value of securities held by the fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real or
perceived adverse economic, political or regulatory conditions, inflation,
changes in interest rates, lack of liquidity in the bond markets or adverse
investor sentiment. In the past several years, financial markets have
experienced increased volatility, depressed valuations, decreased liquidity
and
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 37
heightened uncertainty. These conditions may continue, recur, worsen
or spread. At times, the Fund's investments may represent industries or
industry sectors that are interrelated or have common risks, making the
Fund more susceptible to any economic, political, or regulatory
developments or other risks affecting those industries and sectors. The
Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
G. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve as
the Fund's collateral for the obligation of the counterparty to repurchase
the securities. The value of the collateral, including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. The Adviser is responsible for determining that the value of the
collateral remains at least equal to the repurchase price. In the event of
a default by the counterparty, the Fund is entitled to sell the securities,
but the Fund may not be able to sell them for the price at which they were
purchased, thus causing a loss to the Fund. Additionally, if the
counterparty becomes insolvent, there is some risk that the Fund will not
have a right to the securities, or the immediate right to sell the
securities. Open repurchase agreements at September 30, 2017 are listed at
the end of the Schedule of Investments.
2. Management Agreement
The Adviser 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 six months ended September
30, 2017, the effective management fee (excluding waivers and/or assumption of
expenses) was equivalent to 0.61% of the Fund's average daily net assets.
The Adviser has contractually agreed to limit ordinary operating expenses
(ordinary operating expenses means all fund expenses other than extraordinary
expenses, such as litigation, taxes, brokerage commissions and acquired fund
fees and expenses) of the Fund to the extent required to reduce Fund expenses to
1.09%, 1.40% and 0.83% of the average daily net assets attributable to Class A,
Class R, and Class Y shares, respectively. Class C and Class K shares do not
have an expense limitation. Fees waived and expenses reimbursed during the six
38 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
months ended September 30, 2017 are reflected on the Statement of Operations.
These expense limitations are in effect through August 1, 2019. There can be no
assurance that the Adviser will extend the expense limitation agreement for a
class of shares beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$834,468 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at September 30, 2017.
3. Transfer Agent
Boston Financial Data Services, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings and outgoing phone calls. For the six
months ended September 30, 2017, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 47,292
Class C 26,413
Class K 3,730
Class R 1,963
Class Y 66,354
--------------------------------------------------------------------------------
Total $145,752
================================================================================
4. Distribution and Service Plans
The Fund has adopted a distribution plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class C and Class R
shares (the Plan). Pursuant to the Plan, the Fund pays the Distributor 0.25% of
the average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays the
Distributor 1.00% of the average daily net assets attributable to Class C
shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 39
services and/or account maintenance services or distribution services with
regard to Class C shares. Pursuant to the Plan, the Fund further pays the
Distributor 0.50% of the average daily net assets attributable to Class R shares
for distribution services. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $188,001 in distribution fees payable to
the Distributor at September 30, 2017.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class K, Class R and
Class Y shares) may be subject to a contingent deferred sales charge (CDSC). A
CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases
of Class A shares within 12 months of purchase. Redemptions of Class C shares
within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower
of cost or market value of shares being redeemed. Shares purchased as part of an
exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class K, Class R or Class Y shares. Proceeds
from the CDSCs are paid to the Distributor. For the six months ended September
30, 2017, CDSCs in the amount of $79,270 were paid to the Distributor.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in which the Fund participated until February 9, 2016 was in the
amount of $240 million. The credit facility in which the fund participated until
February 7, 2017 was in the amount of $220 million. Effective February 8, 2017,
the Fund participates in a facility that is in the amount of $195 million.
Under such facility, depending on the type of loan, interest on borrowings is
payable at the London Interbank Offered Rate (LIBOR) plus 0.85% on an annualized
basis, or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date or (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in a credit facility. The commitment fee is
40 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
allocated among participating Funds based on an allocation schedule set forth in
the credit agreement. For the six months ended September 30, 2017, the Fund had
no borrowings under the credit facility.
6. Shareholder Meeting Results
At a special meeting held on June 13, 2017, shareholders of the Fund were asked
to consider the proposals described below. A report of the total votes cast by
the Fund's shareholders (or, with respect to Proposal 2, by shareholders of
Pioneer Series Trust X, as noted below) follows:
---------------------------------------------------------------------------------------------------
For Against Abstain Broker Non-Votes
---------------------------------------------------------------------------------------------------
Proposal 1 - To approve 95,986,541.168 1,771,972.782 2,863,460.674 34,672,082.955
a New Management
Agreement with
the Adviser
---------------------------------------------------------------------------------------------------
For Withhold
---------------------------------------------------------------------------------------------------
Proposal 2 - To elect Trustees*
---------------------------------------------------------------------------------------------------
David R. Bock 343,352,480.124 5,326,068.613
---------------------------------------------------------------------------------------------------
Benjamin M. Friedman 343,252,747.228 5,425,801.509
---------------------------------------------------------------------------------------------------
Margaret B.W. Graham 343,431,726.450 5,246,822.287
---------------------------------------------------------------------------------------------------
Lisa M. Jones 343,414,583.887 5,263,964.850
---------------------------------------------------------------------------------------------------
Lorraine H. Monchak 339,444,451.562 9,234,097.175
---------------------------------------------------------------------------------------------------
Thomas J. Perna 343,393,493.010 5,285,055.727
---------------------------------------------------------------------------------------------------
Marguerite A. Piret 343,442,072.938 5,236,475.799
---------------------------------------------------------------------------------------------------
Fred J. Ricciardi 343,367,033.730 5,311,515.007
---------------------------------------------------------------------------------------------------
Kenneth J. Taubes 343,361,588.526 5,316,960.211
---------------------------------------------------------------------------------------------------
* Proposal 2 was voted on and approved by all series of Pioneer Series
Trust X. Results reported above reflect the combined votes of all series of
the Trust.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 41
Additional Information
Change in Independent Registered Public Accounting Firm
Prior to July 3, 2017, Pioneer Investment Management, Inc. (the "Adviser"), the
Fund's investment adviser, was an indirect, wholly owned subsidiary of UniCredit
S.p.A. ("UniCredit"). On that date, UniCredit completed the sale of its Pioneer
Investments business, which includes the Adviser, to Amundi (the "Transaction").
As a result of the Transaction, the Adviser became an indirect, wholly-owned
subsidiary of Amundi. Amundi is controlled by Credit Agricole S.A. Amundi is
headquartered in Paris, France, and, as of September 30, 2016, had more than
$1.1 trillion in assets under management worldwide.
Deloitte & Touche LLP ("D&T"), the Fund's previous independent registered public
accounting firm, informed the Audit Committee and the Board that it would no
longer be independent with respect to the Fund upon the completion of the
Transaction as a result of certain services being provided to Amundi and Credit
Agricole, and, accordingly, that it intended to resign as the Fund's independent
registered public accounting firm upon the completion of the Transaction. D&T's
resignation was effective on July 3, 2017, when the Transaction was completed.
During the periods as to which D&T has served as the Fund's independent
registered public accounting firm, including the Fund's two most recent fiscal
years preceding the fiscal year ended March 31, 2017, D&T's reports on the
Fund's financial statements have not contained an adverse opinion or disclaimer
of opinion and have not been qualified or modified as to uncertainty, audit
scope or accounting principles. Further, there have been no disagreements with
D&T on any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which, if not resolved to the
satisfaction of D&T, would have caused D&T to make reference to the subject
matter of the disagreement in connection with its report on the financial
statements. In addition, there have been no reportable events of the kind
described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange
Act of 1934.
Effective immediately following the completion of the Transaction on July 3,
2017, the Board, acting upon the recommendation of the Audit Committee, engaged
a new independent registered public accounting firm, Ernst & Young LLP ("EY"),
for the Fund's fiscal year ended March 31, 2018.
42 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
Prior to its engagement, EY had advised the Fund's Audit Committee that EY had
identified the following matters, in each case relating to services rendered by
other member firms of Ernst & Young Global Limited, all of which are located
outside the United States, to UniCredit and certain of its subsidiaries during
the period commencing July 1, 2016, that it determined to be inconsistent with
the auditor independence rules set forth by the Securities and Exchange
Commission ("SEC"): (a) project management support services to UniCredit in the
Czech Republic, Germany, Italy, Serbia and Slovenia in relation to twenty-two
projects, that were determined to be inconsistent with Rule 2-01(c)(4)(vi) of
Regulation S-X (management functions); (b) two engagements for UniCredit in
Italy where fees were contingent/success based and that were determined to be
inconsistent with Rule 2-01(c)(5) of Regulation S-X (contingent fees); (c) four
engagements where legal and expert services were provided to UniCredit in the
Czech Republic and Germany, and twenty engagements where the legal advisory
services were provided to UniCredit in Austria, Czech Republic, Italy and
Poland, that were determined to be inconsistent with Rule 2-01(c)(4)(ix) and (x)
of Regulation S-X (legal and expert services); and (d) two engagements for
UniCredit in Italy involving assistance in the sale of certain assets, that were
determined to be inconsistent with Rule 2-01(c)(4)(viii) of Regulation S-X
(broker-dealer, investment advisor or investment banking services). None of the
foregoing services involved the Fund, any of the other funds in the Pioneer
Family of Funds or any other Pioneer entity sold by UniCredit in the
Transaction.
EY advised the Audit Committee that it had considered the matters described
above and had concluded that such matters would not impair EY's ability to
exercise objective and impartial judgment in connection with the audits of the
financial statements of the Fund under the SEC and Public Company Accounting
Oversight Board independence rules, and that a reasonable investor with
knowledge of all relevant facts and circumstances would reach the same
conclusion. Management and the Audit Committee considered these matters and
discussed the matters with EY and, based upon EY's description of the matters
and statements made by EY, Management and the Audit Committee believe that EY
will be capable of exercising objective and impartial judgment in connection
with the audits of the financial statements of the Fund, and Management further
believes that a reasonable investor with knowledge of all relevant facts and
circumstances would reach the same conclusion.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17 43
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and Chief
David R. Bock Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial Officer
Lisa M. Jones Christopher J. Kelley, Secretary and
Lorraine H. Monchak Chief Legal Officer
Marguerite A. Piret
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at www.amundipioneer.com. This information is also available on the Securities
and Exchange Commission's web site at www.sec.gov.
44 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/17
How to Contact Amundi Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
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:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.amundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.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] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2017 Amundi Pioneer Asset Management 19434-11-1117
Pioneer Multi-Asset
Ultrashort Income Fund
--------------------------------------------------------------------------------
Semiannual Report | September 30, 2017
--------------------------------------------------------------------------------
Ticker Symbols:
Class A MAFRX
Class C MCFRX
Class C2 MAUCX
Class K MAUKX
Class Y MYFRX
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 17
Schedule of Investments 19
Financial Statements 101
Notes to Financial Statements 110
Additional Information 121
Trustees, Officers and Service Providers 123
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 1
President's Letter
Robust, synchronized global economic growth and rising corporate profits have
continued to drive strong performance in both the credit and equity markets for
most of 2017. U.S. stocks, as measured by the Standard & Poor's 500 Index, have
returned 14.23% year-to-date through September 30, 2017. Fixed-income markets,
while not generating the same dazzling returns as equities, have held their own,
led by high-yield securities, which produced a year-to-date return of 7.05% in
the U.S., as measured by the Bank of America Merrill Lynch U.S. High Yield
Index. Meanwhile, the Bloomberg Barclays U.S. Aggregate Bond Index has returned
3.14% since the start of the calendar year.
Continued strong employment numbers and higher consumer confidence, together
with solid global economic growth and a depreciating U.S. dollar contributed to
better-than-expected U.S. gross domestic product (GDP) growth of 3.1% in the
second quarter. Outside the U.S., economic growth in the second quarter also
surprised to the upside across the Euro zone, China, and Japan. Meanwhile,
despite higher oil and commodities prices, inflation continued to be moderate,
both in the U.S. and globally, enabling major non-U.S. central banks to maintain
their easy monetary policies. As expected, however, the U.S. Federal Reserve
System (the Fed) recently announced that it would commence tapering its balance
sheet this October. The Fed also appears primed to raise interest rates one more
time before the end of this year, which would be the fourth rate increase since
December of 2016.
As we move into the final months of 2017, we believe the U.S. economy will
experience modest growth in the short term, depending on the mix of economic
policies enacted as the country moves away from monetary stimulus (driven by the
Fed) and toward fiscal stimulus (potentially including tax reform) as well as
lighter regulatory burdens. Meanwhile, corporate earnings remain solid and we
think they will improve even further, despite some pressure from wage increases.
In addition, as the economy continues to grow and we begin to see a modest
upturn in inflation, we believe the Fed will continue to raise interest rates.
While economic and market conditions appear solid, there are always risks to
consider that could dampen the outlook. Geopolitical concerns, such as increased
tensions with North Korea, and continued political gridlock in Washington are
just some of the risks that could lead to increased market volatility.
2 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
It is for those reasons that we at Amundi Pioneer continue to believe that
investors can benefit from the experience and tenure of our investment teams who
make active and informed decisions across our funds.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
September 30, 2017
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 3
Portfolio Management Discussion | 9/30/17
In the following interview, portfolio managers Charles Melchreit, Seth Roman,
and Jonathan Sharkey discuss the factors that influenced the performance of
Pioneer Multi-Asset Ultrashort Income Fund during the six-month period ended
September 30, 2017. Mr. Melchreit, Deputy Head of Fixed Income, U.S., Director
of Multi-Sector Fixed Income, a senior vice president, and a portfolio manager
at Amundi Pioneer Asset Management, Inc. ("Amundi Pioneer"); Mr. Roman, a vice
president and a portfolio manager at Amundi Pioneer; and Mr. Sharkey, a senior
vice president and a portfolio manager at Amundi Pioneer, are responsible for
the day-to-day management of the Fund.
Q How did the Fund perform during the six-month period ended September
30, 2017?
A Pioneer Multi-Asset Ultrashort Income Fund's Class A shares returned 0.78%
at net asset value (NAV) during the six-month period ended September
30, 2017, while the Fund's benchmark, the Bank of America Merrill Lynch
3-Month U.S. Dollar LIBOR Index (the BofA ML Index), returned 0.59%. During
the same period, the average return of the 139 mutual funds in Lipper's
Ultrashort Obligations Funds category was 0.68%, and the average return of
the 178 mutual funds in Morningstar's Ultrashort Bond category was 0.74%.
Q How would you describe the market environment for fixed-income investors
over the six-month period ended September 30, 2017?
A During the period, investor sentiment with respect to credit-oriented areas
of the bond market continued to receive support from generally positive
economic data. Despite indications that inflation was running below its 2%
target, the Federal Reserve (the Fed) implemented its second rate hike of
the year in June, increasing the federal funds target range by 25 basis
points (bps), or 0.25%, to between 1.00% and 1.25%. With few signs of
inflationary pressure despite improvements in the labor market, the Fed
remained on hold over the rest of the period with respect to its benchmark
short-term lending rate. However, in September the Fed announced plans to
begin gradually reducing its balance sheet in October by shedding some of
the securities it had purchased during its multiple quantitative-easing
programs between 2008 and 2014. The market had long anticipated the Fed's
tapering plans, however, and so the announcement of a concrete timeframe
for its commencement generated a muted reaction.
4 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
The U.S. Treasury curve flattened over the six-month period, as short-term
yields rose while yields declined on Treasuries with longer maturities. To
illustrate, the two-year Treasury yield rose from 1.27% to 1.47% during the
period, the five-year Treasury yield went from 1.93% to 1.92%, and the
10-year Treasury yield dropped from 2.40% to 2.33%. Over the same period,
the three-month London Interbank Offered Rate (LIBOR), a commonly used
baseline for loans and securities, rose from 1.15% to 1.36%. In addition,
credit spreads generally narrowed over the six months. (Credit spreads are
commonly defined as the differences in yield between Treasuries and other
types of fixed-income securities with similar maturities.)
Q Can you review your principal strategies in managing the Fund during the
six-month period ended September 30, 2017, and their effects on
performance?
A During the period, we continued to maintain a portfolio of investments that
seeks to provide income, while also striving to protect shareholders'
principal against a rise in market interest rates. Our strategy entailed
investing the portfolio in a wide range of mostly high-quality
floating-rate securities as well as fixed-rate instruments with very short
remaining maturities. At period end, well over 90% of the Fund's total
investment portfolio was allocated either to floating-rate issues with
interest rates tied to a short-term reference rate, such as LIBOR, or to
fixed-rate issues with less than one-year duration. (Duration is a measure
of the sensitivity of the price, or the value of principal, of a
fixed-income investment to a change in interest rates, expressed as a
number of years.)
Unlike many other floating-rate vehicles, we typically invest the Fund's
assets with a primary focus on investment-grade asset classes. At the same
time, we did seek to have the Fund's performance benefit from credit
spreads during the period. In doing so, we sought at all times to maintain
the portfolio's broadly diversified* exposure to a number of different
spread sectors. (Spread sectors represent non-governmental fixed-income
investments with higher yields - at greater risk - than governmental
investments.)
The portfolio's allocations to credit-sensitive areas of the fixed-income
market supported the Fund's outperformance relative to the BofA ML Index
during the six-month period. The leading contributor to the Fund's relative
returns was an allocation to securitized assets, such as asset-backed
securities (ABS), commercial mortgage-backed securities (CMBS), and
* Diversification does not assure a profit nor protect against loss.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 5
collateralized mortgage obligations (CMOs). Within that allocation, the
biggest contributions came from the Fund's highly diversified ABS position,
as the asset class continued to benefit from improvements in both the U.S.
employment backdrop and consumer balance sheets.
The Fund's allocation to investment-grade corporate bonds also aided
benchmark-relative performance during the period. Within investment-grade
corporates, the Fund has a heavy tilt toward financial issues, most notably
U.S. banks, with diversified holdings across both money center and regional
banks. We view those issuers as attractive, due in part to the more
stringent regulations concerning the use of leverage that has been applied
to the domestic banking sector since the financial crisis. The Fund also
has modest exposure to banks in Japan as well as select European markets.
While our investment focus for the Fund is on the investment-grade sectors,
we also include below-investment-grade asset categories in the portfolio,
in areas where we believe the incremental income available provides an
attractive tradeoff between risk and reward. In that vein, the Fund's
modest position in leveraged bank loans made a small positive contribution
to relative performance during the period as credit spreads narrowed. We
have a cautious stance with respect to the loan market overall, as many
higher-rated loans currently trade above par (face) value without call
protection.
On the negative side, the Fund's position in insurance-linked securities,
including so-called "catastrophe" bonds, which are issued by insurance
companies looking to offload some of the risk of having to pay claims after
a natural disaster, slightly detracted from benchmark-relative returns.
Catastrophe ("cat") bonds traded lower towards the end of the period in the
wake of Hurricanes Harvey and Irma making landfall. We like to maintain an
allocation to cat bonds in the portfolio, given the incremental income they
provide as well as their very low correlation to other securities markets.
(Correlation represents the degree to which assets or asset class prices
have moved in relation to one another. Correlation ranges from -1, where
assets/asset prices always move in opposite directions, through 0, where
assets/asset prices are absolutely independent, to 1, where assets/asset
prices always move together.) Despite the recent underperformance, we
anticipate that yields on new insurance-linked bond issues in coming years
will be attractive relative to recent history, as insurers seek to mitigate
payment risk further after 2017's severe hurricane season.
While we manage the Fund with a focus on total return, we are mindful that
many investors also view the Fund as a source of liquidity in their
portfolios. As such, we make sure to maintain significant portfolio
liquidity in an effort to help reduce fluctuations in the Fund's NAV.
6 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
Q Can you discuss the factors that affected the Fund's income-generation (or
yield), from either a positive or negative standpoint during the six-month
period ended September 30, 2017?
A As we noted earlier, throughout the period, floating-rate issues with
interest rates tied to LIBOR or other short-term reference rates made up
the bulk of the Fund's total investment portfolio. The Fund's income
benefited from that positioning over the six months as short-term LIBOR
rates rose in anticipation of the Fed's increasing its overnight lending
rate at least one more time in 2017.
Q Did you use any derivative strategies in managing the Fund during the
six-month period ended September 30, 2017?
A No, we did not utilize derivatives in managing the Fund during the period.
Q What is your assessment of the current investment climate for the Fund, and
how have you positioned the Fund's portfolio based on that view?
A We believe that conditions remain supportive of fundamentals in the
credit-sensitive sectors of the market, as reflected in strong corporate
earnings and low unemployment. While the outlook for progress on the Trump
administration's pro-growth fiscal agenda remains clouded, sentiment in the
spread sectors would receive further support should tax reform become a
reality. The Fed appears poised to raise rates again as soon as December,
but we do not anticipate an acceleration in the pace of rate hikes that
would unsettle credit markets. Increases in the federal funds rate would
put upward pressure on LIBOR and therefore help the Fund's income
generation. Credit spreads, meanwhile, are generally the tightest they have
been at any point since the financial crisis of 2008.
As always, we are taking care not to assume any risk for which the Fund is
not seeking adequate compensation. In that vein, we are being careful not
to reach for yield, and are maintaining the portfolio's spread duration, or
sensitivity to changes in credit spreads, at current levels. We also
continue to emphasize significant liquidity within the portfolio.
While the portfolio's sector allocations will shift around the margins to
reflect our view of relative risk and reward, we continue to diversify
Fund's portfolio broadly with respect to its allocation across asset
categories.
In all investment environments, however, we will continue to seek to
provide shareholders with higher income than cash vehicles, albeit with
additional risk, while striving to provide protection against any future
rise in market interest rates. (Please note that the Fund is not a money
market fund.)
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 7
Please refer to the Schedule of Investments on pages 19-100 for a full listing
of Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Pioneer Multi-Asset Ultrashort Income Fund ("The Fund") has the ability to
invest in a wide variety of debt securities.
The Fund may invest in underlying funds (including ETFs). In addition to the
Fund's operating expenses, you will indirectly bear the operating expenses of
investments in any underlying funds.
The Fund and some of the underlying funds may utilize strategies that have a
leveraging effect on the Fund, which increases the volatility of investment
returns and subjects the Fund to magnified losses if the Fund's or an underlying
fund's investments decline in value.
The Fund and some of the underlying funds may use derivatives, such as options
and futures, which can be illiquid, may disproportionately increase losses, and
have a potentially large impact on Fund performance.
The Fund may invest in inflation-linked securities. As inflationary expectations
increase, inflation-linked securities may become more attractive, because they
protect future interest payments against inflation. Conversely, as inflationary
concerns decrease, inflation-linked securities will become less attractive and
less valuable.
The Fund may invest in credit default swaps, which may in some cases be
illiquid, and they increase credit risk since the Fund has exposure to both the
issuer of the referenced obligation and the counterparty to the credit default
swap.
The Fund may invest in subordinated securities which may be disproportionately
adversely affected by a default or even a perceived decline in creditworthiness
of the issuer.
The Fund may invest in floating-rate loans. The value of collateral, if any,
securing a floating-rate loan can decline or may be insufficient to meet the
issuer's obligations or may be difficult to liquidate.
The Fund may invest in event-linked bonds. The return of principal and the
payment of interest on event-linked bonds are contingent on the non-occurrence
of a pre-defined "trigger" event, such as a hurricane or an earthquake of a
specific magnitude.
The Fund may invest in zero-coupon bonds and payment-in-kind securities, which
may be more speculative and fluctuate more in value than other fixed income
securities. The accrual of income from these securities are payable as taxable
annual dividends to shareholders.
8 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
Investments in equity securities are subject to price fluctuation.
International investments are subject to special risks including currency
fluctuations, social, economic and political uncertainties, which could
increase volatility. These risks are magnified in emerging markets.
Investments in fixed-income securities involve interest rate, credit, inflation,
and reinvestment risks. As interest rates rise, the value of fixed income
securities generally falls.
The Fund may invest in mortgage-backed securities, which during times of fluctu-
ating interest rates may increase or decrease more than other fixed-income
securities. Mortgage-backed securities are also subject to pre-payments.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
High yield bonds possess greater price volatility, illiquidity, and possibility
of default.
There may be insufficient or illiquid collateral securing the floating rate
loans held within the Fund. This may reduce the future redemption or recovery
value of such loans.
The Fund may have disadvantaged access to confidential information that could be
used to assess a loan issuer, as Amundi Pioneer normally seeks to avoid
receiving material, non-public information.
Pioneer Multi-Asset Ultrashort Income Fund is not a money market fund.
These risks may increase share price volatility.
There is no assurance that these and other strategies used by the Fund or
underlying funds will be successful.
Please see the prospectus for a more complete discussion of the Fund's risks.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc., for
a prospectus or summary prospectus containing this information. Read it
carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 9
Portfolio Summary | 9/30/17
Portfolio Diversification*
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Asset Backed Securities 28.9%
Collateralized Mortgage Obligations 24.2%
U.S. Corporate Bonds 20.3%
U.S. Government Securities 9.5%
International Corporate Bonds 7.4%
Temporary Cash Investments 4.9%
Senior Secured Loans 4.8%
Municipal Bond 0.0%+
+ Amount rounds to less than 0.1%.
* Includes investments in Insurance Linked Securities totaling 3.9% of total
investment portfolio.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)**
1. U.S. Treasury Note, Floating Rate Note, 10/31/17 1.29%
--------------------------------------------------------------------------------
2. U.S. Treasury Note, Floating Rate Note, 4/30/19 1.28
--------------------------------------------------------------------------------
3. U.S. Treasury Note, Floating Rate Note, 1/31/19 1.27
--------------------------------------------------------------------------------
4. U.S. Treasury Note, Floating Rate Note, 7/31/18 1.24
--------------------------------------------------------------------------------
5. U.S. Treasury Note, Floating Rate Note, 10/31/18 1.24
--------------------------------------------------------------------------------
6. U.S. Treasury Note, Floating Rate Note, 1/31/18 1.23
--------------------------------------------------------------------------------
7. U.S. Treasury Note, Floating Rate Note, 4/30/18 1.22
--------------------------------------------------------------------------------
8. U.S. Treasury Note, Floating Rate Note, 7/31/19 0.78
--------------------------------------------------------------------------------
9. AbbVie, Inc., 1.8%, 5/14/18 0.36
--------------------------------------------------------------------------------
10. Aetna, Inc., Floating Rate Note, 12/8/17 0.35
--------------------------------------------------------------------------------
** This list excludes temporary cash investments. 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 | Semiannual Report | 9/30/17
Prices and Distributions | 9/30/17
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 9/30/17 3/31/17
--------------------------------------------------------------------------------
A $9.98 $9.99
--------------------------------------------------------------------------------
C $9.96 $9.97
--------------------------------------------------------------------------------
C2 $9.96 $9.97
--------------------------------------------------------------------------------
K $9.99 $9.99
--------------------------------------------------------------------------------
Y $9.98 $9.99
--------------------------------------------------------------------------------
Distributions per Share: 4/1/17-9/30/17
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.0880 $ -- $ --
--------------------------------------------------------------------------------
C $0.0717 $ -- $ --
--------------------------------------------------------------------------------
C2 $0.0715 $ -- $ --
--------------------------------------------------------------------------------
K $0.0989 $ -- $ --
--------------------------------------------------------------------------------
Y $0.0948 $ -- $ --
--------------------------------------------------------------------------------
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 12-16.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 11
Performance Update | 9/30/17 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Multi-Asset Ultrashort Income Fund
at public offering price during the periods shown, compared to that of the Bank
of America (BofA) Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2017)
--------------------------------------------------------------------------------
BofA ML
Net Public U.S. Dollar
Asset Offering 3-Month
Value Price LIBOR
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.36% 0.95% 0.45%
5 year 1.15 0.64 0.47
1 year 1.83 -0.75 1.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.61%
--------------------------------------------------------------------------------
[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
4/11 $ 9,750 $10,000
9/11 $ 9,756 $10,009
9/12 $10,037 $10,058
9/13 $10,124 $10,090
9/14 $10,228 $10,114
9/15 $10,282 $10,140
9/16 $10,436 $10,190
9/17 $10,627 $10,294
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 2.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
Performance Update | 9/30/17 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Multi-Asset Ultrashort Income Fund
during the periods shown, compared to that of the Bank of America (BofA) Merrill
Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2017)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 0.94% 0.94% 0.45%
5 year 0.82 0.82 0.47
1 year 1.40 1.40 1.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.93%
--------------------------------------------------------------------------------
[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
4/11 $10,000 $10,000
9/11 $ 9,975 $10,009
9/12 $10,191 $10,058
9/13 $10,252 $10,090
9/14 $10,325 $10,114
9/15 $10,349 $10,140
9/16 $10,471 $10,190
9/17 $10,618 $10,294
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 13
Performance Update | 9/30/17 Class C2 Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C2 shares of Pioneer Multi-Asset Ultrashort Income Fund
during the periods shown, compared to that of the Bank of America (BofA) Merrill
Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2017)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 0.93% 0.93% 0.45%
5 year 0.82 0.82 0.47
1 year 1.40 1.40 1.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.93%
--------------------------------------------------------------------------------
[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
4/11 $10,000 $10,000
9/11 $ 9,975 $10,009
9/12 $10,191 $10,058
9/13 $10,250 $10,090
9/14 $10,324 $10,114
9/15 $10,336 $10,140
9/16 $10,468 $10,190
9/17 $10,615 $10,294
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C2 shares held for less than 1 year are subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percentage change
in net asset value per share. Returns would have been lower had sales charges
been reflected. All results are historical and assume the reinvestment of
dividends and capital gains. Other share classes are available for which
performance and expenses will differ.
The performance shown for periods prior to the commencement of operations of
Class C2 shares on August 1, 2013, is the net asset value performance of the
Fund's Class C shares, which has not been restated to reflect any differences in
expenses. For the period beginning August 1, 2013, the actual performance of
Class C2 shares is reflected.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
Performance Update | 9/30/17 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class K shares of Pioneer Multi-Asset Ultrashort Income Fund
during the periods shown, compared to that of the Bank of America (BofA) Merrill
Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2017)
--------------------------------------------------------------------------------
BofA ML
Net U.S. Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.53% 0.45%
5 year 1.38 0.47
1 year 2.05 1.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.42%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Multi-Asset BofA ML U.S. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/11 $5,000,000 $5,000,000
9/11 $5,004,864 $5,004,742
9/12 $5,148,808 $5,028,849
9/13 $5,208,133 $5,044,939
9/14 $5,273,102 $5,057,112
9/15 $5,312,089 $5,069,978
9/16 $5,403,049 $5,095,071
9/17 $5,513,754 $5,147,121
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on December 20, 2012, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. For the period
beginning on December 20, 2012, the actual performance of Class K shares is
reflected. Class K shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 15
Performance Update | 9/30/17 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Multi-Asset Ultrashort Income Fund
during the periods shown, compared to that of the Bank of America (BofA) Merrill
Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2017)
--------------------------------------------------------------------------------
BofA ML
Net U.S. Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.52% 0.45%
5 year 1.28 0.47
1 year 1.84 1.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.50%
--------------------------------------------------------------------------------
[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
4/11 $5,000,000 $5,000,000
9/11 $5,008,825 $5,004,742
9/12 $5,169,696 $5,028,849
9/13 $5,224,861 $5,044,939
9/14 $5,286,365 $5,057,112
9/15 $5,316,328 $5,069,978
9/16 $5,408,608 $5,095,071
9/17 $5,508,360 $5,147,121
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
16 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
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 April 1, 2017, through September 30, 2017.
--------------------------------------------------------------------------------
Share Class A C C2 K Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 4/1/17
--------------------------------------------------------------------------------
Ending Account Value $1,007.80 $1,006.20 $1,006.20 $1,009.90 $1,008.50
(after expenses)
on 9/30/17
--------------------------------------------------------------------------------
Expenses Paid $ 3.02 $ 4.63 $ 4.58 $ 1.91 $ 2.32
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.60%,
0.92%, 0.91%, 0.38% and 0.46% for Class A, Class C, Class C2, Class K, and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 183/365 (to reflect the one-half year period).
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 17
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Ultrashort
Income Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from April 1, 2017, through September 30, 2017.
--------------------------------------------------------------------------------
Share Class A C C2 K Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 4/1/17
--------------------------------------------------------------------------------
Ending Account Value $1,022.06 $1,020.46 $1,020.51 $1,023.16 $1,022.76
(after expenses)
on 9/30/17
--------------------------------------------------------------------------------
Expenses Paid $ 3.04 $ 4.66 $ 4.61 $ 1.93 $ 2.33
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.60%,
0.92%, 0.91%, 0.38% and 0.46% for Class A, Class C, Class C2, Class K, and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 183/365 (to reflect the one-half year period).
18 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
Schedule of Investments | 9/30/17 (unaudited)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 99.4%
ASSET BACKED SECURITIES -- 28.8%
ENERGY -- 0.6%
Oil & Gas Exploration & Production -- 0.6%
3,409,049 AXIS Equipment Finance Receivables IV
LLC, 2.21%, 11/20/21 (144A) $ 3,399,331
7,000,000 1.38 1M LIBOR+ GM Financial Consumer Automobile
15bps Receivables Trust 2017-2, Floating Rate
Note, 5/18/20 (144A) 7,001,231
6,800,000 1.98 1M LIBOR+ Master Credit Card Trust II Series 2016-1,
75bps Floating Rate Note, 9/23/19 (144A) 6,824,924
2,618,626 PRPM 2016-1 LLC, 4.0%, 9/27/21
(Step) (144A) 2,614,480
2,100,000 Wheels SPV 2 LLC, 1.88%, 4/20/26
(144A) 2,098,066
1,953,496 WVUE 2015-1, 4.5%, 9/25/20
(Step) (144A) 1,958,852
--------------
$ 23,896,884
--------------
Total Energy $ 23,896,884
--------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.5%
Steel -- 0.5%
2,481,628 2.14 1M LIBOR+ Aegis Asset Backed Securities Trust
90bps Mortgage Pass- Through Ctfs Series
2004-3, Floating Rate Note, 9/25/34 $ 2,499,710
1,464,926 1.96 1M LIBOR+ First NLC Trust 2005-2, Floating Rate
48bps Note, 9/25/35 1,471,966
5,096,020 1.72 1M LIBOR+ Home Equity Asset Trust 2005-6,
49bps Floating Rate Note, 12/25/35 5,113,793
205,000 1.69 1M LIBOR+ Home Equity Asset Trust 2005-7,
45bps Floating Rate Note, 1/25/36 205,221
134,657 1.96 1M LIBOR+ Mastr Asset Backed Securities Trust
72bps 2005-WMC1, Floating Rate Note,
3/25/35 134,946
517,120 1.91 1M LIBOR+ New Century Home Equity Loan Trust
67.5bps 2005-2, Floating Rate Note, 6/25/35 517,345
889,596 1.90 1M LIBOR+ Option One Mortgage Loan Trust 2005-1,
66bps Floating Rate Note, 2/25/35 887,062
3,640,916 1.68 1M LIBOR+ Option One Mortgage Loan Trust 2005-4
44bps Asset-Backed Certificates Series 2005-4,
Floating Rate Note, 11/25/35 3,634,154
86,038 1.48 1M LIBOR+ RASC Series 2005-AHL3 Trust, Floating
24bps Rate Note, 9/25/35 86,031
4,301,835 1.93 1M LIBOR+ Wells Fargo Home Equity Asset-Backed
69bps Securities 2005-2 Trust, Floating Rate
Note, 11/25/35 4,309,982
--------------
$ 18,860,210
--------------
Total Materials $ 18,860,210
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 19
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.01%
Trucking -- 0.1%
12,592 1.64 1M LIBOR+ Hertz Fleet Lease Funding LP, Floating
40bps Rate Note, 4/10/28 (144A) $ 12,592
3,600,000 4.58 1M LIBOR+ Hertz Fleet Lease Funding LP, Floating
335bps Rate Note, 4/10/30 (144A) 3,701,317
--------------
$ 3,713,909
--------------
Total Transportation $ 3,713,909
--------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
843,893 Westgate Resorts 2014-1 LLC, 2.15%,
12/20/26 (144A) $ 841,717
1,005,334 Westgate Resorts 2014-1 LLC, 5.5%,
12/20/26 (144A) 1,020,721
1,219,957 Westgate Resorts 2015-1 LLC, 2.75%,
5/20/27 (144A) 1,222,955
--------------
$ 3,085,393
--------------
Total Consumer Services $ 3,085,393
--------------------------------------------------------------------------------------------------------------
RETAILING -- 0.0%+
Automotive Retail -- 0.0%+
850,000 2.74 1M LIBOR+ Hertz Fleet Lease Funding LP, Floating
150bps Rate Note, 4/10/28 (144A) $ 849,856
--------------
Total Retailing $ 849,856
--------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Pharmaceuticals -- 0.1%
4,059,726 Drug Royalty III LP Series 2017-1A
Class A1, 4/15/27 $ 4,059,670
--------------
Total Health Care Equipment & Services $ 4,059,670
--------------------------------------------------------------------------------------------------------------
BANKS -- 26.0%
Thrifts & Mortgage Finance -- 26.0%
3,813,012 1.46 1M LIBOR+ 321 Henderson Receivables I LLC,
23bps Floating Rate Note, 11/15/40 (144A) $ 3,628,582
3,311,702 1.43 1M LIBOR+ 321 Henderson Receivables I LLC,
20bps Floating Rate Note, 12/15/41 (144A) 3,232,025
732,372 1.43 1M LIBOR+ 321 Henderson Receivables I LLC,
20bps Floating Rate Note, 3/15/41 (144A) 714,380
480,062 1.58 1M LIBOR+ 321 Henderson Receivables I LLC,
35bps Floating Rate Note, 9/15/45 (144A) 466,440
1,904,932 1.43 1M LIBOR+ 321 Henderson Receivables II LLC,
20bps Floating Rate Note, 9/15/41 (144A) 1,800,846
409,625 1.99 1M LIBOR+ ABFC 2005-HE2 Trust, Floating Rate
75bps Note, 6/25/35 411,868
26,972 1.86 1M LIBOR+ ABFC 2005-WF1 Trust, Floating Rate
62bps Note, 12/25/34 26,979
The accompanying notes are an integral part of these financial statements.
20 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,920,819 1.91 1M LIBOR+ ABFC 2005-WMC1 Trust, Floating Rate
67.5bps Note, 6/25/35 $ 1,926,382
1,149,741 1.44 1M LIBOR+ ACE Securities Corp Home Equity Loan
20bps Trust Series 2006-ASAP2, Floating Rate
Note, 3/25/36 1,149,321
271,775 1.71 1M LIBOR+ Aegis Asset Backed Securities Trust
47bps 2005-3, Floating Rate Note, 8/25/35 271,709
44,796 2.34 1M LIBOR+ Aegis Asset Backed Securities Trust
90bps Mortgage Pass-Through Ctfs Series
2004-3, Floating Rate Note, 9/25/34 44,849
467,050 2.34 1M LIBOR+ Aegis Asset Backed Securities Trust
110bps Mortgage Pass- Through Certificates Series
2004-4, Floating Rate Note, 10/25/34 470,528
45,832 1.61 1M LIBOR+ Aegis Asset Backed Securities Trust
37bps Mortgage Pass-Through Ctfs Ser 2005-4,
Floating Rate Note, 10/25/35 45,843
300,000 Ally Auto Receivables Trust 2014-2,
2.99%, 6/15/21 303,030
4,600,000 1.63 1M LIBOR+ Ally Master Owner Trust, Floating Rate
40bps Note, 2/15/21 4,608,568
7,000,000 1.57 1M LIBOR+ Ally Master Owner Trust, Floating Rate
34bps Note, 6/15/21 7,009,097
1,237,773 Alterna Funding II LLC, 3.2%, 2/15/24
(144A) 1,230,811
59,555 American Credit Acceptance Receivables
Trust 2016-1A, 2.37%, 5/12/20 (144A) 59,575
7,500,000 American Credit Acceptance Receivables
Trust 2016-4, 2.11%, 2/12/21 (144A) 7,505,252
4,100,000 American Credit Acceptance Receivables
Trust 2017-1, 2.39%, 2/16/21 (144A) 4,101,474
5,188,331 American Credit Acceptance Receivables
Trust 2017-2, 1.84%, 7/13/20 (144A) 5,189,969
4,650,000 American Credit Acceptance Receivables
Trust 2017-3, 1.82%, 3/10/20 (144A) 4,650,837
2,200,000 American Credit Acceptance Receivables
Trust 2017-3, 2.25%, 1/11/21 (144A) 2,196,312
235,000 2.49 1M LIBOR+ American Express Credit Account Master
126bps Trust, Floating Rate Note, 9/15/20 236,074
475,000 1.47 1M LIBOR+ American Express Credit Account Secured
24bps Note Trust 2012-4, Floating Rate Note,
5/15/20 475,052
204,110 1.98 1M LIBOR+ AmeriCredit Automobile Receivables
75bps 2016-1, Floating Rate Note, 6/10/19 204,147
699,254 1.79 1M LIBOR+ AmeriCredit Automobile Receivables
56bps Trust 2016-3, Floating Rate Note, 11/8/19 699,816
2,367,517 1.53 1M LIBOR+ AmeriCredit Automobile Receivables
30bps Trust 2017-1, Floating Rate Note, 5/18/20 2,367,923
3,000,000 1.48 1M LIBOR+ AmeriCredit Automobile Receivables
25bps Trust 2017-2, Floating Rate Note, 9/18/20 2,999,886
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 21
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
907,149 1.92 1M LIBOR+ Ameriquest Mortgage Securities Inc
69bps Asset-Backed Pass-Through Ctfs Ser
2005-R5, Floating Rate Note, 7/25/35 $ 909,565
188,126 1.57 1M LIBOR+ Ameriquest Mortgage Securities, Inc.,
33bps Asset Backed Pass-Through Ctfs Series
2005-R11, Floating Rate Note, 1/25/36 187,975
116,297 2.27 1M LIBOR+ Amortizing Residential Collateral Trust
103.5bps 2002-BC5, Floating Rate Note, 7/25/32 115,163
261,342 1.58 1M LIBOR+ Argent Securities Inc Asset-Backed Pass-
34bps Through Certificates Series 2005-W3,
Floating Rate Note, 11/25/35 260,937
3,400,000 ARI Fleet Lease Trust 2017-A, 1.91%,
4/15/26 (144A) 3,402,075
410,000 Ascentium Equipment Receivables
2015-1 LLC, 5.92%, 6/12/23 (144A) 414,432
2,042,190 Ascentium Equipment Receivables
2016-2 Trust, 1.46%, 4/10/19 (144A) 2,040,452
3,500,000 Ascentium Equipment Receivables
2017-1 Trust, 1.87%, 7/10/19 (144A) 3,500,668
486,303 1.44 1M LIBOR+ Asset Backed Securities Corp Home Equity
20bps Loan Trust Series AEG 2006-HE1, Floating
Rate Note, 1/25/36 482,468
1,274,330 2.18 1M LIBOR+ Asset Backed Securities Corp Home Equity
94.5bps Loan Trust Series NC 2005-HE4, Floating
Rate Note, 5/25/35 1,282,813
871,233 1.67 1M LIBOR+ Asset Backed Securities Corp Home Equity
43bps Loan Trust Series NC 2005-HE8, Floating
Rate Note, 11/25/35 871,373
62,572 1.92 1M LIBOR+ Asset-Backed Pass-Through Certificates
69bps Series 2004-R2, Floating Rate Note,
4/25/34 62,784
575,373 1.85 1M LIBOR+ Asset-Backed Pass-Through Certificates
62bps Series 2004-R2, Floating Rate Note,
4/25/34 576,649
7,020,000 1.62 1M LIBOR+ BA Credit Card Trust, Floating Rate Note,
39bps 10/15/21 7,050,135
6,975,000 1.52 1M LIBOR+ Barclays Dryrock Issuance Trust, Floating
30bps Rate Note, 5/15/23 6,984,803
25,318 1M LIBOR+ Bayview Financial Acquisition Trust, 6.205%,
112.5bps 5/28/37 (Step) 26,212
1,407,121 2.36 1M LIBOR+ Bayview Financial Acquisition Trust, Floating
112.5bps Rate Note, 5/28/44 1,407,968
3,258 2.24 1M LIBOR+ Bayview Financial Mortgage Pass-Through
100.5bps Certificates Series 2004-D, Floating Rate
Note, 8/28/44 3,258
671,584 1.98 1M LIBOR+ Bayview Financial Mortgage Pass-Through
50bps Trust 2005-C, Floating Rate Note, 6/28/44 670,320
57,287 BCC Funding Corp X, 2.224%, 10/20/20
(144A) 57,232
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,600,000 BCC Funding Corp X, 4.544%, 12/21/20
(144A) $ 2,632,344
1,281,207 1.99 1M LIBOR+ Bear Stearns Asset Backed Securities I
75bps Trust 2005-FR1, Floating Rate Note,
6/25/35 1,283,806
164,222 1.72 1M LIBOR+ Bear Stearns Asset Backed Securities I
48bps Trust 2005-HE12, Floating Rate Note,
12/25/35 164,591
1,442,018 1.89 1M LIBOR+ Bear Stearns Asset Backed Securities I
66bps Trust 2005-TC1, Floating Rate Note,
5/25/35 1,445,832
2,435,145 1.64 1M LIBOR+ Bear Stearns Asset Backed Securities I
40bps Trust 2006-EC2, Floating Rate Note,
2/25/36 2,437,813
150,410 2.44 1M LIBOR+ Bear Stearns Asset Backed Securities Trust
120bps 2004-2, Floating Rate Note, 8/25/34 150,580
208,323 2.38 1M LIBOR+ Bear Stearns Asset Backed Securities Trust
57bps 2004-SD3, Floating Rate Note, 9/25/34 208,350
3,601 2.04 1M LIBOR+ Bear Stearns Asset Backed Securities Trust
80bps 2005-SD1, Floating Rate Note, 8/25/43 3,601
277,891 1.71 1M LIBOR+ Bear Stearns Asset Backed Securities Trust
47bps 2005-SD2, Floating Rate Note, 3/25/35 277,427
285,743 1.64 1M LIBOR+ Bear Stearns Asset Backed Securities Trust
40bps 2005-SD2, Floating Rate Note, 3/25/35 285,210
785,020 1.61 Bear Stearns Asset Backed Securities Trust
2006-SD1, Variable Rate Note, 4/25/36 767,996
1,866,539 1.62 1M LIBOR+ Bear Stearns Asset Backed Securities Trust
38bps 2006-SD2, Floating Rate Note, 6/25/36 1,837,307
300,406 1.73 1M LIBOR+ Bear Stearns Asset Backed Securities Trust
49bps 2006-SD2, Floating Rate Note, 6/25/36 296,069
306,607 2.24 1M LIBOR+ Bear Stearns Structured Products Trust
100bps 2007-EMX1, Floating Rate Note, 3/25/37
(144A) 307,782
2,700,000 2.08 1M LIBOR+ Cabela's Credit Card Master Note Trust,
85bps Floating Rate Note, 6/15/22 2,724,240
2,200,000 1.68 1M LIBOR+ Cabela's Credit Card Master Note Trust,
45bps Floating Rate Note, 7/15/22 2,208,694
493,080 California Republic Auto Receivables Trust
2016-2, 1.34%, 3/15/19 493,020
1,050,000 California Republic Auto Receivables Trust
2016-2, 1.56%, 7/15/20 1,049,411
1,839,810 California Republic Auto Receivables Trust
2017-1, 1.55%, 11/15/19 1,839,454
2,696,958 CAM Mortgage Trust 2016-2, 3.25%,
6/15/57 (Step) (144A) 2,700,181
550,000 CarMax Auto Owner Trust 2015-2, 2.39%,
3/15/21 552,651
289,378 1.76 1M LIBOR+ CarMax Auto Owner Trust 2016-1, Floating
53bps Rate Note, 4/15/19 289,522
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 23
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,050,000 1.41 1M LIBOR+ CarMax Auto Owner Trust 2017-3, Floating
18bps Rate Note, 9/15/20 $ 3,051,195
1,842,267 1.42 1M LIBOR+ Carrington Mortgage Loan Trust Series
18bps 2006-OPT1, Floating Rate Note, 12/26/35 1,835,566
519,217 Cazenovia Creek Funding I LLC, 2.0%,
12/10/23 (144A) 516,945
316,640 Cazenovia Creek Funding I LLC, 2.773%,
12/10/23 (144A) 314,859
1,424,047 CCG Receivables Trust 2016-1, 1.69%,
9/14/22 (144A) 1,423,663
2,515,892 CCG Receivables Trust 2017-1, 1.35%,
6/14/18 (144A) 2,515,914
218,498 3.65 Centex Home Equity Loan Trust 2003-A,
Floating Rate Note, 3/25/33 218,097
10,645,000 1.53 1M LIBOR+ Chase Issuance Trust, Floating Rate Note,
30bps 1/18/22 10,685,362
200,000 1.49 1M LIBOR+ Chase Issuance Trust, Floating Rate Note,
26bps 12/16/19 200,067
4,645,000 1.63 1M LIBOR+ Chase Issuance Trust, Floating Rate Note,
40bps 3/15/24 4,660,769
2,420,000 1.51 1M LIBOR+ Chase Issuance Trust, Floating Rate Note,
28bps 4/15/20 2,423,137
1,845,590 2.38 1M LIBOR+ Chesapeake Funding II LLC, Floating Rate
115bps Note, 3/15/28 (144A) 1,852,497
2,201,167 2.23 1M LIBOR+ Chesapeake Funding II LLC, Floating Rate
100bps Note, 6/15/28 (144A) 2,214,705
6,570,000 1.68 1M LIBOR+ Chesapeake Funding II LLC, Floating Rate
45bps Note, 7/15/29 (144A) 6,586,221
11,000,000 1.57 1M LIBOR+ Chesapeake Funding II LLC, Floating Rate
34bps Note, 8/15/29 (144A) 11,012,854
4,700,000 1.48 1M LIBOR+ Citibank Credit Card Issuance Trust, Floating
25bps Rate Note, 1/19/21 4,709,571
7,984,000 2.39 1M LIBOR+ Citibank Credit Card Issuance Trust, Floating
115bps Rate Note, 1/23/20 8,012,255
4,500,000 1.45 1M LIBOR+ Citibank Credit Card Issuance Trust, Floating
22bps Rate Note, 4/7/22 4,511,149
4,050,000 2.61 1M LIBOR+ Citibank Credit Card Issuance Trust, Floating
137.5bps Rate Note, 5/20/20 4,084,505
2,980,000 1.52 1M LIBOR+ Citibank Credit Card Issuance Trust, Floating
28bps Rate Note, 5/26/20 2,984,709
2,580,000 1.66 1M LIBOR+ Citibank Credit Card Issuance Trust, Floating
42bps Rate Note, 7/24/20 2,587,639
8,200,000 1.60 1M LIBOR+ Citibank Credit Card Issuance Trust, Floating
37bps Rate Note, 8/8/24 8,229,522
4,771,000 1.66 1M LIBOR+ Citibank Credit Card Issuance Trust, Floating
43bps Rate Note, 9/10/20 4,789,129
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
784,879 Citicorp Residential Mortgage Trust Series
2006-1, 5.40402%, 7/25/36 (Step) $ 787,238
457,943 1.91 1M LIBOR+ Citigroup Mortgage Loan Trust Series
67.5bps 2005-OPT3 Asset Backed Pass-Through
Certifi, Floating Rate Note, 5/25/35 458,680
164,780 2.26 1M LIBOR+ Citigroup Mortgage Loan Trust, Inc.,
102bps Floating Rate Note, 11/25/34 166,080
561,648 1.99 1M LIBOR+ Citigroup Mortgage Loan Trust, Inc.,
75bps Floating Rate Note, 5/25/35 (144A) 560,973
5,800,000 1.46 1M LIBOR+ Citigroup Mortgage Loan Trust, Inc.,
22bps Floating Rate Note, 8/25/36 5,736,362
2,850,000 1.37 1M LIBOR+ CNH Equipment Trust 2017-B, Floating
14bps Rate Note, 11/16/20 2,850,791
691,429 2.69 1M LIBOR+ Commonbond Student Loan Trust 2016-B,
145bps Floating Rate Note, 10/25/40 (144A) 699,879
7,016,073 2.08 1M LIBOR+ Commonbond Student Loan Trust
85bps 2017-A-GS, Floating Rate Note,
5/25/41 (144A) 7,060,969
1,775,356 Conn Funding II LP, 2.73%, 7/15/19
(144A) 1,776,368
1,800,000 Conn Funding II LP, 5.11%, 2/15/20
(144A) 1,811,977
326,144 Conn's Receivables Funding 2016-B LLC,
3.73%, 10/15/18 (144A) 326,382
500,000 Conn's Receivables Funding 2016-B LLC,
7.34%, 3/15/19 (144A) 509,327
314,224 3.73 1M LIBOR+ Conseco Finance Home Equity Loan
250bps Trust 2002-B, Floating Rate Note, 6/15/32 306,885
325,268 2.73 1M LIBOR+ Conseco Finance Home Equity Loan
150bps Trust 2002-C, Floating Rate Note, 4/15/32 323,817
378,384 2.29 1M LIBOR+ Countrywide Asset-Backed Certificates,
105bps Floating Rate Note, 1/25/35 380,409
1,656,429 2.14 1M LIBOR+ Countrywide Asset-Backed Certificates,
90bps Floating Rate Note, 3/25/35 1,655,812
8,274,473 1.47 1M LIBOR+ Countrywide Asset-Backed Certificates,
23bps Floating Rate Note, 4/25/36 8,262,514
124,747 1.92 1M LIBOR+ Countrywide Asset-Backed Certificates,
68bps Floating Rate Note, 6/25/33 (144A) 123,874
26,670 2.14 1M LIBOR+ Countrywide Asset-Backed Certificates,
90bps Floating Rate Note, 6/25/33 (144A) 26,572
511,234 1.50 1M LIBOR+ Countrywide Asset-Backed Certificates,
26bps Floating Rate Note, 7/25/36 509,677
1,915,000 CPS Auto Receivables Trust 2015-A,
4.0%, 2/16/21 (144A) 1,951,625
316,128 CPS Auto Receivables Trust 2015-B,
1.65%, 11/15/19 (144A) 316,130
575,711 CPS Auto Receivables Trust 2016-A,
2.25%, 10/15/19 (144A) 576,442
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 25
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
400,000 CPS Auto Receivables Trust 2016-C,
2.48%, 9/15/20 (144A) $ 401,056
2,707,759 CPS Auto Receivables Trust 2017-C,
1.78%, 9/15/20 (144A) 2,706,437
1,302,255 CPS Auto Trust, 1.5%, 6/15/20 (144A) 1,299,816
1,435,205 CPS Auto Trust, 1.68%, 8/17/20 (144A) 1,433,511
2,441,779 1.48 1M LIBOR+ Credit Suisse Seasoned Loan Trust
24bps 2006-1, Floating Rate Note, 10/25/34
(144A) 2,427,830
144,440 1.35 1M LIBOR+ Credit-Based Asset Servicing &
24bps Securitization LLC, Floating Rate Note,
10/25/36 144,225
131,153 1.90 1M LIBOR+ Credit-Based Asset Servicing &
66bps Securitization LLC, Floating Rate Note,
7/25/34 131,331
1,312,302 1.89 1M LIBOR+ CSFB Mortgage-Backed Pass-Through
65bps Certificates Series 2005-AGE1, Floating
Rate Note, 2/25/32 1,300,164
833,968 1.51 1M LIBOR+ CSMC Trust 2006-CF3, Floating Rate
54bps Note, 10/27/36 (144A) 830,791
5,970,760 2.36 1M LIBOR+ CWABS Asset-Backed Certificates Trust
112.5bps 2004-10, Floating Rate Note, 12/25/34 6,070,177
1,854,841 2.29 1M LIBOR+ CWABS Asset-Backed Certificates Trust
105bps 2004-7, Floating Rate Note, 12/25/34 1,860,969
3,176,371 1.47 1M LIBOR+ CWABS Asset-Backed Certificates Trust
23bps 2005-14, Floating Rate Note, 4/25/36 3,174,389
1,300,000 Dell Equipment Finance Trust 2017-1,
1.86%, 6/24/19 (144A) 1,300,700
221 Delta Funding Home Equity Loan Trust
1997-2, 7.04%, 6/25/27 213
5,915,000 1.58 1M LIBOR+ Discover Card Execution Note Trust,
35bps Floating Rate Note, 8/17/20 5,920,831
2,457,677 2.94 1M LIBOR+ DRB Prime Student Loan Trust 2015-D,
170bps Floating Rate Note, 1/25/40 (144A) 2,519,350
2,112,319 3.04 1M LIBOR+ DRB Prime Student Loan Trust 2016-B,
180bps Floating Rate Note, 6/25/40 (144A) 2,175,581
5,016,147 2.09 1M LIBOR+ DRB Prime Student Loan Trust 2017-A,
85bps Floating Rate Note, 5/27/42 (144A) 5,051,060
3,750,000 Drive Auto Receivables Trust 2017-1,
2.36%, 3/15/21 3,756,514
3,500,000 1.57 Drive Auto Receivables Trust 2017-1,
Floating Rate Note, 5/15/19 3,500,483
700,000 Drive Auto Receivables Trust 2017-2,
2.25%, 6/15/21 700,479
2,600,000 1.51 1M LIBOR+ Drive Auto Receivables Trust 2017-2,
28bps Floating Rate Note, 8/15/19 2,599,999
513,421 Drive Auto Receivables Trust 2017-A,
1.48%, 3/15/19 (144A) 513,420
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,000,000 Drive Auto Receivables Trust 2017-B,
2.2%, 5/15/20 (144A) $ 2,004,145
1,653,175 4.15 3M LIBOR+ Drug Royalty II LP 2, Floating Rate Note,
285bps 7/15/23 (144A) 1,669,080
54,324 DT Auto Owner Trust 2016-3, 1.75%,
11/15/19 (144A) 54,332
4,500,000 DT Auto Owner Trust 2017-1, 2.26%,
2/15/21 (144A) 4,497,457
1,780,798 DT Auto Owner Trust 2017-2, 1.72%,
5/15/20 (144A) 1,780,964
1,700,000 DT Auto Owner Trust 2017-2, 2.44%,
2/15/21 (144A) 1,703,228
1,812,981 3.09 1M LIBOR+ Earnest Student Loan Program 2016-C
185bps LLC, Floating Rate Note, 10/27/36 (144A) 1,860,952
1,590,871 2.64 1M LIBOR+ Earnest Student Loan Program 2016-D
140bps LLC, Floating Rate Note, 1/25/41 (144A) 1,616,725
6,240,126 2.23 1M LIBOR+ Earnest Student Loan Program 2017-A
100bps LLC, Floating Rate Note, 1/25/41 (144A) 6,240,025
5,053,485 Engs Commercial Finance Trust 2016-1,
2.63%, 2/22/22 (144A) 5,042,464
882,150 Enterprise Fleet Financing LLC, 1.59%,
2/22/21 (144A) 881,882
1,650,484 Enterprise Fleet Financing LLC, 1.74%,
2/22/22 (144A) 1,649,176
3,550,000 1.73 1M LIBOR+ Evergreen Credit Card Trust Series
50bps 2016-3, Floating Rate Note, 11/16/20
(144A) 3,564,280
36,725 Exeter Automobile Receivables Trust
2015-2, 1.54%, 11/15/19 (144A) 36,720
2,219,678 Exeter Automobile Receivables Trust
2017-1, 1.96%, 3/15/21 (144A) 2,215,259
7,255,304 Exeter Automobile Receivables Trust
2017-2, 2.11%, 6/15/21 (144A) 7,265,209
3,000,000 Exeter Automobile Receivables Trust
2017-3, 2.05%, 12/15/21 (144A) 2,997,702
4,743,364 1.76 1M LIBOR+ FBR Securitization Trust, Floating Rate
52bps Note, 10/25/35 4,745,741
195,203 1.98 1M LIBOR+ FBR Securitization Trust, Floating Rate
74bps Note, 11/25/35 194,970
783,862 1.95 1M LIBOR+ FFMLT Trust 2005-FF2, Floating Rate
72bps Note, 3/25/35 785,014
5,065,391 1.48 1M LIBOR+ Fieldstone Mortgage Investment Trust
49bps Series 2005-3, Floating Rate Note,
2/25/36 4,994,292
2,700,000 1.39 1M LIBOR+ Fifth Third Auto Trust 2017-1, Floating
15bps Rate Note, 4/15/20 2,700,488
57,044 2.54 1M LIBOR+ First Franklin Mortgage Loan Trust
130bps 2003-FFC, Floating Rate Note, 11/25/32 56,942
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 27
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
97,551 2.09 1M LIBOR+ First Franklin Mortgage Loan Trust
85.5bps 2004-FF4, Floating Rate Note, 6/25/34 $ 96,793
287,258 2.06 1M LIBOR+ First Franklin Mortgage Loan Trust
82.5bps 2004-FF8, Floating Rate Note, 10/25/34 288,601
740,401 2.04 1M LIBOR+ First Franklin Mortgage Loan Trust
81bps 2005-FFH2, Floating Rate Note, 4/25/35
(144A) 743,774
2,065,288 1.46 1M LIBOR+ First Franklin Mortgage Loan Trust
24bps 2006-FF1, Floating Rate Note, 1/25/36 2,063,677
34,125 1.48 1M LIBOR+ First Franklin Mortgage Loan Trust
22bps 2006-FF1, Floating Rate Note, 1/25/36 34,123
409,310 1.50 1M LIBOR+ First Franklin Mortgage Loan Trust Series
26bps 2005-FF12, Floating Rate Note, 11/25/36 409,211
1,229,807 First Investors Auto Owner Trust 2017-1,
1.69%, 4/15/21 (144A) 1,228,061
4,222,853 First Investors Auto Owner Trust 2017-2,
1.86%, 10/15/21 (144A) 4,220,176
2,200,000 1.63 1M LIBOR+ First National Master Note Trust 2017-1,
40bps Floating Rate Note, 4/18/22 2,203,805
2,275,548 Flagship Credit Auto Trust 2015-2, 1.98%,
10/15/20 (144A) (e) 2,278,038
1,062,773 Flagship Credit Auto Trust 2015-3, 2.38%,
10/15/20 (144A) 1,066,278
474,601 Flagship Credit Auto Trust 2016-3, 1.61%,
12/15/19 (144A) 474,478
2,630,276 Flagship Credit Auto Trust 2017-1, 1.93%,
12/15/21 (144A) 2,631,564
7,046,769 Flagship Credit Auto Trust 2017-2, 1.85%,
7/15/21 (144A) 7,043,104
748,750 FNA 2015-1 Trust, 3.24%, 12/10/23 (144A) 745,350
73,925 1.63 1M LIBOR+ Ford Credit Auto Owner Trust 2016-A,
40bps Floating Rate Note, 12/15/18 73,936
749,655 1.54 1M LIBOR+ Ford Credit Auto Owner Trust 2016-B,
31bps Floating Rate Note, 3/15/19 749,949
3,323,046 1.35 1M LIBOR+ Ford Credit Auto Owner Trust 2017-A,
12bps Floating Rate Note, 12/15/19 3,324,549
7,500,000 1.30 1M LIBOR+ Ford Credit Auto Owner Trust 2017-B,
7bps Floating Rate Note, 5/15/20 7,503,752
4,900,000 1.69 1M LIBOR+ Ford Credit Floorplan Master Owner Trust A,
46bps Floating Rate Note, 11/15/21 4,916,580
4,000,000 2.13 1M LIBOR+ Ford Credit Floorplan Master Owner Trust A,
90bps Floating Rate Note, 2/15/21 4,033,486
3,500,000 1.85 1M LIBOR+ Ford Credit Floorplan Master Owner Trust A,
62bps Floating Rate Note, 7/15/21 3,521,724
5,362,017 Foursight Capital Automobile Receivables
Trust 2016-1, 2.87%, 10/15/21 (144A) 5,382,597
7,047,216 Foursight Capital Automobile Receivables
Trust 2017-1, 2.37%, 4/15/22 (144A) 7,035,626
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
409,150 1.95 1M LIBOR+ Fremont Home Loan Trust 2005-2,
72bps Floating Rate Note, 6/25/35 $ 410,243
8,069,572 1.47 1M LIBOR+ Fremont Home Loan Trust 2005-E,
23bps Floating Rate Note, 1/25/36 8,011,907
5,818,591 GCAT 2017-1 LLC, 3.375%, 3/25/47
(Step) (144A) 5,795,135
3,865,031 GCAT 2017-4 LLC, 3.2282%, 5/25/22
(Step) (144A) 3,877,397
6,259,473 1.46 1M LIBOR+ GE-WMC Asset-Backed Pass-Through
22.5bps Certificates Series 2005-2, Floating Rate
Note, 12/25/35 6,245,553
43,834 GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 43,177
743,298 GLS Auto Receivables Trust 2016-1,
2.73%, 10/15/20 (144A) 743,183
8,600,000 GLS Auto Receivables Trust 2017-1,
2.67%, 4/15/21 (144A) 8,594,263
2,600,000 1.35 1M LIBOR+ GM Financial Consumer Automobile
12bps 2017-1, Floating Rate Note, 3/16/20
(144A) 2,601,096
306,731 4.54 GMACM Home Equity Loan Trust 2002-HE4,
Variable Rate Note, 10/25/32 305,578
1,005,221 GMAT 2013-1 Trust, 6.9669%, 8/25/53
(Step) 1,006,770
2,133,365 GMAT 2015-1 Trust, 4.25%, 9/25/20
(Step) (144A) 2,133,365
4,700,000 1.80 1M LIBOR+ GMF Floorplan Owner Revolving Trust,
57bps Floating Rate Note, 1/18/22 (144A) 4,726,790
8,725,000 1.73 1M LIBOR+ GMF Floorplan Owner Revolving Trust,
50bps Floating Rate Note, 5/15/20 (144A) 8,744,341
2,100,000 2.08 1M LIBOR+ GMF Floorplan Owner Revolving Trust,
85bps Floating Rate Note, 5/17/21 (144A) 2,120,370
4,000,000 1.83 1M LIBOR+ Golden Credit Card Trust, Floating Rate
60bps Note, 1/15/20 (144A) 4,003,024
150,000 1.67 1M LIBOR+ Golden Credit Card Trust, Floating Rate
44bps Note, 2/15/20 (144A) 150,190
2,200,000 1.63 1M LIBOR+ Golden Credit Card Trust, Floating Rate
40bps Note, 2/15/21 (144A) 2,207,891
590,000 1.68 1M LIBOR+ Golden Credit Card Trust, Floating Rate
45bps Note, 3/15/21 (144A) 592,406
5,000,000 Green Tree Agency Advance Funding Trust I,
3.1216%, 10/15/48 (144A) 4,971,300
906,356 2.29 1M LIBOR+ Green Tree Mortgage Loan Trust 2005-HE1,
70bps Floating Rate Note, 12/25/32 (144A) 905,122
248,242 1.89 1M LIBOR+ GSAA Home Equity Trust 2004-11,
66bps Floating Rate Note, 12/25/34 250,356
669,782 2.06 1M LIBOR+ GSAA Trust, Floating Rate Note,
55bps 6/25/35 665,562
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 29
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,778,233 2.21 1M LIBOR+ GSAMP Trust 2004-HE2, Floating Rate
97.5bps Note, 9/25/34 $ 2,806,286
599,503 2.21 1M LIBOR+ GSAMP Trust 2004-SEA2, Floating Rate
65bps Note, 3/25/34 599,818
129,229 1.99 1M LIBOR+ GSAMP Trust 2005-HE1, Floating Rate
75bps Note, 12/25/34 129,282
571,662 1.42 1M LIBOR+ GSAMP Trust 2006-HE2, Floating Rate
18bps Note, 3/25/46 571,453
788,523 2.59 1M LIBOR+ GSRPM Mortgage Loan Trust 2003-2,
135bps Floating Rate Note, 6/25/33 785,379
1,941,149 1.54 1M LIBOR+ GSRPM Mortgage Loan Trust 2006-1,
30bps Floating Rate Note, 3/25/35 (144A) 1,922,748
928,215 1.54 1M LIBOR+ GSRPM Mortgage Loan Trust 2006-2,
30bps Floating Rate Note, 9/25/36 (144A) 926,942
944,586 Hero Residual Funding 2016-1R, 4.5%,
9/21/42 (144A) 939,863
4,400,000 1.88 1M LIBOR+ Hertz Fleet Lease Funding LP, Floating
65bps Rate Note, 4/10/31 (144A) 4,404,843
3,200,000 2.74 1M LIBOR+ Hertz Fleet Lease Funding LP, Floating
150bps Rate Note, 7/10/29 (144A) 3,201,687
2,600,000 3.53 1M LIBOR+ Hertz Fleet Lease Funding LP, Floating
230bps Rate Note, 7/10/29 (144A) 2,589,065
116,585 1.62 1M LIBOR+ Home Equity Asset Trust 2005-7, Floating
45bps Rate Note, 1/25/36 116,641
3,196,361 1.61 1M LIBOR+ Home Equity Mortgage Loan Asset-Backed
37bps Trust Series INABS 2005-C, Floating
Rate Note, 10/25/35 3,195,355
143,379 3.14 1M LIBOR+ Home Equity Mortgage Trust, Floating Rate
190bps Note, 10/25/34 141,405
1,283,318 Honor Automobile Trust Securitization
2016-1A, 2.94%, 11/15/19 (144A) 1,288,007
1,570,000 1.61 1M LIBOR+ HSI Asset Securitization Corp Trust
37bps 2006-OPT2, Floating Rate Note, 1/25/36 1,561,040
191,368 1.78 1M LIBOR+ Hyundai Auto Lease Securitization Trust
55bps 2016-A, Floating Rate Note, 7/16/18
(144A) 191,417
274,811 Invitation Homes Trust 2014-SFR3 Class D,
3.51%, 12/17/31 274,810
310,925 2.74 1M LIBOR+ Irwin Whole Loan Home Equity Trust
100bps 2003-C, Floating Rate Note, 6/25/28 308,534
300,685 1.97 1M LIBOR+ IXIS Real Estate Capital Trust 2005-HE3,
73.5bps Floating Rate Note, 12/25/35 301,182
2,600,000 1.34 1M LIBOR+ John Deere Owner Trust 2017-B, Floating
11bps Rate Note, 4/15/20 2,601,317
1,011,275 2.02 1M LIBOR+ JP Morgan Mortgage Acquisition Corp
78bps 2005-FLD1, Floating Rate Note, 7/25/35 1,013,701
4,500,000 2.21 JP Morgan Mortgage Acquisition Corp
2005-FLD1, Floating Rate Note, 7/25/35 4,537,876
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
233,612 1.46 1M LIBOR+ JP Morgan Mortgage Acquisition Corp
22bps 2005-FRE1, Floating Rate Note,
10/25/35 $ 233,474
78,920 1.41 1M LIBOR+ JP Morgan Mortgage Acquisition Trust
17bps 2006-NC1, Floating Rate Note, 4/25/36 78,738
10,745,000 1.94 1M LIBOR+ Lake Country Mortgage Loan Trust
70bps 2006-HE1, Floating Rate Note, 7/25/34
(144A) 10,661,086
3,054,092 Laurel Road Prime Student Loan Trust
2017-B, 1.63%, 8/25/42 (144A) 3,053,772
3,505,350 Leaf Receivables Funding 12 LLC,
1.72%, 5/15/19 (144A) 3,505,134
1,763,719 2.04 1M LIBOR+ Lehman XS Trust Series 2005-4, Floating
80bps Rate Note, 10/25/35 1,741,176
4,773,668 1.69 1M LIBOR+ Long Beach Mortgage Loan Trust
23bps 2006-WL1, Floating Rate Note, 1/25/46 4,774,184
5,850,000 1.49 1M LIBOR+ MBNA Credit Card Master Note Trust,
26bps Floating Rate Note, 8/16/21 5,860,373
612,716 2.10 1M LIBOR+ Merrill Lynch Mortgage Investors Trust
86bps Series 2004-OPT1, Floating Rate Note,
6/25/35 595,732
1,557,815 1.46 1M LIBOR+ Merrill Lynch Mortgage Investors Trust
22bps Series 2006-FF1, Floating Rate Note,
8/25/36 1,557,354
1,309,787 2.03 1M LIBOR+ Morgan Stanley ABS Capital I Inc Trust
79.5bps 2005-HE3, Floating Rate Note, 7/25/35 1,313,045
210,426 1.82 1M LIBOR+ Morgan Stanley ABS Capital I Inc Trust
39bps 2005-HE6, Floating Rate Note, 11/25/35 209,946
1,629,385 1.97 1M LIBOR+ Morgan Stanley ABS Capital I Inc Trust
73.5bps 2005-WMC1, Floating Rate Note, 1/25/35 1,634,859
3,108 1.94 1M LIBOR+ Morgan Stanley ABS Capital I Inc Trust
70.5bps 2005-WMC3, Floating Rate Note, 3/25/35 3,109
26,680 1.86 Morgan Stanley ABS Capital I, Inc. Trust
2005-NC2, Floating Rate Note, 3/25/35 26,685
183,440 2.02 1M LIBOR+ Morgan Stanley Home Equity Loan Trust
78bps 2005-1, Floating Rate Note, 12/25/34 184,157
953,569 1.52 1M LIBOR+ Morgan Stanley Home Equity Loan Trust
28bps 2006-2, Floating Rate Note, 2/25/36 946,986
327,852 1.43 1M LIBOR+ Morgan Stanley Structured Trust, Floating
19bps Rate Note, 6/25/37 327,462
277,193 1.84 1M LIBOR+ MOTOR 2015-1 Plc, Floating Rate Note,
60bps 6/27/22 (144A) 277,287
3,500,000 1.77 1M LIBOR+ Motor 2017-1 Plc, Floating Rate Note,
53bps 10/25/24 (144A) 3,502,720
85,428 Nations Equipment Finance Funding II
LLC, 1.558%, 7/20/18 (144A) 85,393
759,212 Nations Equipment Finance Funding II
LLC, 3.276%, 1/22/19 (144A) 759,393
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 31
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,354,105 Nations Equipment Finance Funding III
LLC, 3.61%, 2/22/21 (144A) $ 3,364,520
900,000 3.60 Nationstar HECM Loan Trust 2016-2,
Variable Rate Note, 6/25/26 (144A) 921,921
4,450,065 Nationstar HECM Loan Trust 2017-1,
1.9679%, 5/25/27 (144A) 4,450,999
4,400,000 2.04 Nationstar HECM Loan Trust 2017-2,
Floating Rate Note, 9/25/27 (144A) 4,400,000
871,195 1.52 Nationstar Home Equity Loan Trust
2006-B REMICS, Floating Rate Note,
9/25/36 865,985
1,225,000 Navitas Equipment Receivables LLC
2015-1, 4.5%, 6/17/19 (144A) 1,237,024
2,277,325 Navitas Equipment Receivables LLC
2016-1, 2.2%, 6/15/21 (144A) 2,276,776
4,600,000 Navitas Equipment Receivables LLC
2016-1, 3.22%, 10/15/21 (144A) 4,610,599
571,974 1.93 1M LIBOR+ New Century Home Equity Loan Trust
70bps 2005-1, Floating Rate Note, 3/25/35 572,801
418,057 1.73 1M LIBOR+ New Century Home Equity Loan Trust
49bps 2005-3 REMICS, Floating Rate Note,
7/25/35 418,764
200,000 New Residential Advance Receivables
Trust Advance Receivables Backed Notes,
2.5751%, 10/15/49 (144A) 198,515
7,250,000 2.93 1M LIBOR+ NextGear Floorplan Master Owner Trust,
170bps Floating Rate Note, 4/15/21 (144A) 7,391,358
5,000,000 2.33 1M LIBOR+ NextGear Floorplan Master Owner Trust,
110bps Floating Rate Note, 9/15/21 (144A) 5,007,243
53,327 1.58 1M LIBOR+ Nissan Auto Receivables 2015-C Owner
35bps Trust, Floating Rate Note, 11/15/18 53,333
604,186 1.58 1M LIBOR+ Nissan Auto Receivables 2016-A Owner
35bps Trust, Floating Rate Note, 2/15/19 604,495
522,244 1.53 1M LIBOR+ Nissan Auto Receivables 2016-B Owner
30bps Trust, Floating Rate Note, 4/15/19 522,559
2,700,000 1.29 1M LIBOR+ Nissan Auto Receivables 2017-A Owner
6bps Trust, Floating Rate Note, 1/15/20 2,699,999
6,059,000 1.54 1M LIBOR+ Nissan Master Owner Trust Receivables,
31bps Floating Rate Note, 4/15/21 6,068,221
223,319 2.02 1M LIBOR+ NovaStar Mortgage Funding Trust Series
39bps 2003-1, Floating Rate Note, 5/25/33 217,043
222,634 2.89 1M LIBOR+ NovaStar Mortgage Funding Trust Series
165bps 2004-4, Floating Rate Note, 3/25/35 222,989
11,070,819 1.91 1M LIBOR+ NovaStar Mortgage Funding Trust Series
67.5 bps 2005-3, Floating Rate Note, 1/25/36 11,049,531
3,843,666 1.70 1M LIBOR+ NovaStar Mortgage Funding Trust Series
23bps 2005-4, Floating Rate Note, 1/25/36 3,840,976
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
8,008,102 1.40 1M LIBOR+ NovaStar Mortgage Funding Trust Series
16bps 2006-1, Floating Rate Note, 5/25/36 $ 7,928,931
593,348 NYCTL 2016-A Trust, 1.47%, 11/10/29
(144A) 589,415
5,816,000 NYCTL 2017-A Trust, 1.87%, 11/10/30
(144A) 5,816,000
3,250,000 Ocwen Master Advance Receivables Trust,
2.4989%, 9/15/48 (144A) 3,251,631
4,452,000 Ocwen Master Advance Receivables Trust,
2.5207%, 8/17/48 (144A) 4,433,001
2,700,000 Ocwen Master Advance Receivables Trust,
3.1413%, 9/15/48 (144A) 2,701,351
521,588 OneMain Financial Issuance Trust 2014-2,
2.47%, 9/18/24 (144A) 522,183
6,650,000 2.04 1M LIBOR+ OneMain Financial Issuance Trust 2017-1,
80bps Floating Rate Note, 9/14/32 (144A) 6,662,230
3,000,000 Oportun Funding III LLC, 3.69%, 7/8/21
(144A) 3,028,402
960,555 2.04 1M LIBOR+ Option One Mortgage Loan Trust 2005-1,
66bps Floating Rate Note, 2/25/35 958,381
8,000,000 1.97 1M LIBOR+ Option One Mortgage Loan Trust 2005-3,
73.5bps Floating Rate Note, 8/25/35 7,996,602
29,594 Option One Mortgage Loan Trust
2007-FXD2, 5.9%, 3/25/37 (Step) 27,227
84,003 Orange Lake Timeshare Trust 2012-A,
4.87%, 3/10/27 (144A) 84,760
4,753,953 OSAT 2016-NPL1 Trust, 3.75%, 7/25/56
(Step) (144A) 4,790,930
2,261,439 Oscar US Funding Trust II, 1.86%,
10/15/19 (144A) 2,256,394
1,746,240 Oscar US Funding Trust IV, 2.53%,
7/15/20 (144A) 1,746,422
821,760 2.93 1M LIBOR+ Oscar US Funding Trust IV, Floating Rate
170bps Note, 7/15/20 (144A) 823,799
6,077,617 OSCAR US Funding Trust V, 2.31%,
11/15/19 (144A) 6,078,207
4,908,845 2.63 OSCAR US Funding Trust V, Floating Rate
Note, 11/15/19 (144A) 4,927,258
483,310 OSCAR US Funding Trust VI LLC, 2.3%,
5/11/20 (144A) 483,116
3,189,846 2.03 1M LIBOR+ OSCAR US Funding Trust VI LLC, Floating
80bps Rate Note, 5/11/20 (144A) 3,192,037
2,700,000 1.89 1M LIBOR+ OSCAR US Funding Trust VII LLC, Floating
65bps Rate Note, 11/10/20 (144A) 2,699,997
856 1.76 1M LIBOR+ Park Place Securities Inc Asset-Backed
26bps Pass-Through Ctfs Ser 2005-WHQ4,
Floating Rate Note, 9/25/35 856
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 33
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
227,672 1.98 1M LIBOR+ Park Place Securities, Inc. Asset-Backed
37bps Pass-Through Certificates Series 2005-
WHQ4, Floating Rate Note, 9/25/35 $ 227,762
454,303 2.14 1M LIBOR+ People's Choice Home Loan Securities
90bps Trust Series 2004-2, Floating Rate Note,
10/25/34 455,722
2,290,000 1.83 1M LIBOR+ PFS Financing Corp., Floating Rate Note,
60bps 10/15/19 (144A) 2,287,572
1,700,000 2.08 1M LIBOR+ PFS Financing Corp., Floating Rate Note,
85bps 10/15/19 (144A) 1,699,999
4,000,000 2.43 1M LIBOR+ PFS Financing Corp., Floating Rate Note,
175bps 2/18/20 (144A) 4,014,770
1,250,000 2.98 1M LIBOR+ PFS Financing Corp., Floating Rate Note,
120bps 2/18/20 (144A) 1,252,615
2,600,000 1.81 1M LIBOR+ PFS Financing Corp., Floating Rate Note,
58bps 3/15/21 (144A) 2,604,419
2,000,000 2.18 1M LIBOR+ PFS Financing Corp., Floating Rate Note,
95bps 3/15/21 (144A) 2,001,446
1,350,000 1.85 1M LIBOR+ PFS Financing Corp., Floating Rate Note,
62bps 4/15/20 (144A) 1,352,659
6,700,000 1.83 1M LIBOR+ PFS Financing Corp., Floating Rate Note,
60bps 7/15/22 (144A) 6,699,330
946,493 1.91 1M LIBOR+ Popular ABS Mortgage Pass-Through Trust
45bps 2005-C, Floating Rate Note, 11/25/35 948,445
165,453 1.56 1M LIBOR+ Popular ABS Mortgage Pass-Through Trust
32bps 2006-A, Floating Rate Note, 2/25/36 165,282
1,618,549 Prestige Auto Receivables Trust 2016-2,
1.46%, 7/15/20 (144A) 1,615,681
2,872,103 Pretium Mortgage Credit Partners I
2016-NPL6 LLC, 3.5%, 10/27/31
(Step) (144A) 2,885,114
4,481,282 Pretium Mortgage Credit Partners I
2017-NPL3 LLC, 3.25%, 6/27/32
(Step) (144A) 4,475,911
8,123,584 Pretium Mortgage Credit Partners I
2017-NPL4 LLC, 3.25%, 8/27/32
(Step) (144A) 8,103,224
4,490,981 PRPM 2017-1 LLC, 4.25%, 1/25/22
(Step) (144A) 4,503,952
114,454 Purchasing Power Funding 2015-A LLC,
3.5%, 12/15/19 (144A) 114,457
1,086,253 1.90 1M LIBOR+ Quest Trust REMICS, Floating Rate Note,
66bps 3/25/34 (144A) 1,076,521
348,829 2.04 1M LIBOR+ RAAC Series 2005-RP3 Trust, Floating
80bps Rate Note, 5/25/39 (144A) 344,406
901,797 1.49 1M LIBOR+ RAAC Series 2006-RP2 Trust, Floating
25bps Rate Note, 2/25/37 (144A) 897,399
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,300,000 1.88 1M LIBOR+ RAMP Series 2005-EFC6 Trust, Floating
43bps Rate Note, 11/25/35 $ 1,299,034
7,350,000 1.74 1M LIBOR+ RAMP Series 2005-RS7 Trust, Floating
50bps Rate Note, 7/25/35 7,269,542
419,760 1.40 1M LIBOR+ RAMP Series 2006-EFC2 Trust, Floating
16bps Rate Note, 12/25/36 418,455
2,424,345 1.70 1M LIBOR+ RASC Series 2001-KS3 Trust, Floating
46bps Rate Note, 9/25/31 2,374,672
2,849,626 1.89 1M LIBOR+ RASC Series 2005-EMX4 Trust, Floating
66bps Rate Note, 11/25/35 2,858,988
3,792,166 1.85 1M LIBOR+ RASC Series 2005-KS10 Trust, Floating
41bps Rate Note, 11/25/35 3,792,386
817,816 1.64 1M LIBOR+ RASC Series 2005-KS11 Trust, Floating
40bps Rate Note, 12/25/35 817,916
1,169,181 1.88 1M LIBOR+ RASC Series 2005-KS2 Trust, Floating
64.5bps Rate Note, 3/25/35 1,169,744
265,949 1.67 1M LIBOR+ RASC Series 2005-KS9 Trust, Floating
43bps Rate Note, 10/25/35 265,958
905,614 RBSHD 2013-1 Trust, 7.6853%,
10/25/47 (Step) (144A) 907,580
5,196,687 RCO Mortgage LLC 2017-1, 3.375%,
8/25/22 (Step) (144A) 5,203,475
58,538 2.14 1M LIBOR+ Salomon Mortgage Loan Trust Series
90bps 2001-CB4, Floating Rate Note, 11/25/33 58,202
625,000 Santander Drive Auto Receivables Trust
2015-3, 2.74%, 1/15/21 629,517
507,025 2.06 1M LIBOR+ SASCO Mortgage Loan Trust 2005-GEL1,
82.5bps Floating Rate Note, 12/25/34 507,276
468,415 1.70 1M LIBOR+ Saxon Asset Securities Trust 2005-3,
46bps Floating Rate Note, 11/25/35 468,505
795,043 1.40 1M LIBOR+ Saxon Asset Securities Trust 2006-1,
32bps Floating Rate Note, 3/25/36 792,965
3,658,361 SCF Equipment Trust 2016-1 LLC, 3.62%,
11/20/21 (144A) 3,670,556
126,301 1.80 1M LIBOR+ Securitized Asset Backed Receivables
28bps LLC Trust 2006-WM1, Floating Rate
Note, 12/25/35 126,404
1,503,798 1.59 1M LIBOR+ Securitized Term Auto Receivables Trust
35bps 2016-1, Floating Rate Note, 11/26/18
(144A) 1,504,399
4,605,748 1.54 1M LIBOR+ Securitized Term Auto Receivables Trust
30bps 2017-1, Floating Rate Note, 4/25/19
(144A) 4,606,151
7,500,000 1.64 1M LIBOR+ Securitized Term Auto Receivables Trust
20bps 2017-2, Floating Rate Note, 1/27/20
(144A) 7,500,000
658,782 Sierra Auto Receivables Securitization
Trust 2016-1, 2.85%, 1/18/22 (144A) 660,477
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 35
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
181,524 2.05 Sierra Timeshare 2014-2 Receivables
Funding LLC, Floating Rate Note,
6/20/31 (144A) $ 181,217
1,276,902 Skopos Auto Receivables Trust 2015-1,
3.1%, 12/15/23 (144A) 1,277,345
2,700,000 Skopos Auto Receivables Trust 2015-1,
5.43%, 12/15/23 (144A) 2,720,521
147,405 Skopos Auto Receivables Trust 2015-2,
3.55%, 2/17/20 (144A) 147,436
4,702,474 Sofi Consumer Loan Program 2017-1 LLC,
3.28%, 1/26/26 (144A) 4,764,998
1,744,430 2.49 1M LIBOR+ SoFi Professional Loan Program 2014-B
125bps LLC, Floating Rate Note, 8/25/32 (144A) 1,765,041
2,756,020 2.28 1M LIBOR+ SoFi Professional Loan Program 2015-B
105bps LLC, Floating Rate Note, 4/25/35 (144A) 2,791,637
2,963,990 2.29 1M LIBOR+ SoFi Professional Loan Program 2015-C
105bps LLC, Floating Rate Note, 8/27/35 (144A) 2,988,844
1,102,582 2.98 1M LIBOR+ Sofi Professional Loan Program 2016-A
175bps LLC, Floating Rate Note, 8/25/36 (144A) 1,140,620
1,034,746 2.43 1M LIBOR+ Sofi Professional Loan Program 2016-B
120bps LLC, Floating Rate Note, 6/25/33 (144A) 1,051,295
486,425 2.33 1M LIBOR+ SoFi Professional Loan Program 2016-C
110bps LLC, Floating Rate Note, 10/25/36 (144A) 493,568
2,845,506 2.19 1M LIBOR+ SoFi Professional Loan Program 2016-D
95bps LLC, Floating Rate Note, 1/25/39 (144A) 2,873,577
10,158,665 2.08 1M LIBOR+ Sofi Professional Loan Program 2016-E
85bps LLC, Floating Rate Note, 7/25/39 (144A) 10,243,994
2,242,974 1.94 1M LIBOR+ SoFi Professional Loan Program 2017-A
70bps LLC, Floating Rate Note, 3/26/40 (144A) 2,255,399
2,410,607 Sofi Professional Loan Program 2017-B
LLC, 1.83%, 5/25/40 (144A) 2,411,297
2,539,996 1.84 1M LIBOR+ Sofi Professional Loan Program 2017-C
60bps LLC, Floating Rate Note, 7/25/40 (144A) 2,542,262
4,127,330 SoFi Professional Loan Program 2017-D
LLC, 1.72%, 9/25/40 (144A) 4,123,081
88 1.95 1M LIBOR+ Soundview Home Loan Trust 2005-DO1,
72bps Floating Rate Note, 5/25/35 88
170,562 1.50 1M LIBOR+ Soundview Home Loan Trust 2005-OPT4,
26bps Floating Rate Note, 12/25/35 170,468
2,706,347 1.54 1M LIBOR+ Specialty Underwriting & Residential
30bps Finance Trust Series 2006-BC1, Floating
Rate Note, 12/25/36 2,705,619
4,700,000 SPS Servicer Advance Receivables Trust
Advance Receivables Backed Notes
2016-T1, 2.53%, 11/16/48 (144A) 4,662,099
1,285,000 SPS Servicer Advance Receivables Trust
Advance Receivables Backed Notes
2016-T1, 3.32%, 11/16/48 (144A) 1,278,037
The accompanying notes are an integral part of these financial statements.
36 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,381,470 2.00 1M LIBOR+ Structured Asset Investment Loan Trust
76bps 2003-BC1, Floating Rate Note, 1/25/33 $ 3,341,629
347,382 2.29 1M LIBOR+ Structured Asset Investment Loan Trust
106bps 2004-10, Floating Rate Note, 11/25/34 350,406
206,428 2.13 1M LIBOR+ Structured Asset Investment Loan Trust
90bps 2004-11, Floating Rate Note, 1/25/35 206,877
1,236,398 2.28 1M LIBOR+ Structured Asset Investment Loan Trust
104bps 2004-BNC2, Floating Rate Note, 12/25/34 1,238,942
508,396 1.95 1M LIBOR+ Structured Asset Investment Loan Trust
70.5bps 2005-6, Floating Rate Note, 7/25/35 508,970
717,012 1.94 1M LIBOR+ Structured Asset Investment Loan Trust
72bps 2005-HE1, Floating Rate Note, 7/25/35 718,154
5,572,511 1.96 1M LIBOR+ Structured Asset Investment Loan Trust
20bps 2005-HE3, Floating Rate Note, 9/25/35 5,555,764
325,002 1.44 1M LIBOR+ Structured Asset Investment Loan Trust
66bps 2006-1, Floating Rate Note, 1/25/36 324,734
649,751 1.89 1M LIBOR+ Structured Asset Securities Corp 2005-WF1,
15bps Floating Rate Note, 2/25/35 651,161
830,187 1.39 1M LIBOR+ Structured Asset Securities Corp Mortgage
18bps Loan Trust 2006-EQ1, Floating Rate Note,
7/25/36 (144A) 828,537
6,063,351 1.42 1M LIBOR+ Structured Asset Securities Corp Mortgage
14bps Loan Trust 2006-OPT1, Floating Rate Note,
4/25/36 5,955,917
705,762 1.38 1M LIBOR+ Structured Asset Securities Corp Mortgage
30bps Loan Trust 2007-BC3, Floating Rate Note,
5/25/47 705,198
4,023,386 1.53 1M LIBOR+ Structured Asset Securities Corp Mortgage
150bps Loan Trust 2007-TC1, Floating Rate Note,
4/25/31 (144A) 3,884,340
927,357 2.74 1M LIBOR+ Structured Asset Securities Corp Mortgage
43bps Pass-Through Ctfs Ser 2003-BC2, Floating
Rate Note, 3/25/33 919,675
157,679 1.67 1M LIBOR+ Structured Asset Securities Corp Trust
43bps 2005-AR1, Floating Rate Note, 9/25/35 157,943
1,172,220 Sunset Mortgage Loan Co 2015-NPL1
LLC, 4.4586%, 9/16/45 (Step) (144A) 1,174,208
182,879 SVO 2012-A VOI Mortgage LLC, 2.0%,
9/20/29 (144A) 180,861
700,000 Synchrony Credit Card Master Note Trust,
1.69%, 3/15/21 699,266
1,446,072 Tax Ease Funding LLC Series 16-1A, 3.13%,
6/15/28 1,454,845
4,108,103 TCF Auto Receivables Owner Trust 2016-PT1,
1.93%, 6/15/22 (144A) 4,106,941
205,083 2.81 1M LIBOR+ Terwin Mortgage Trust 2005-1SL, Floating
157.5bps Rate Note, 2/25/35 (144A) 202,748
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 37
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,070,302 1.62 1M LIBOR+ Terwin Mortgage Trust 2006-1, Floating
38bps Rate Note, 1/25/37 (144A) $ 3,078,346
4,295,784 1.47 1M LIBOR+ Terwin Mortgage Trust 2006-3, Floating
23bps Rate Note, 4/25/37 (144A) 4,277,358
112,936 Tidewater Auto Receivables Trust 2016-A,
2.3%, 9/15/19 (144A) 112,915
3,000,000 Tidewater Sales Finance Master Trust
Series 2017-A, 4.55%, 5/15/21 (144A) 2,998,076
2,150,000 1.30 1M LIBOR+ Toyota Auto Receivables 2017-A Owner
7bps Trust, Floating Rate Note, 9/16/19 2,150,398
6,670,000 1.31 Toyota Auto Receivables 2017-C Owner
Trust, Floating Rate Note, 7/15/20 6,670,098
5,423,000 2.18 1M LIBOR+ Trafigura Securitisation Finance Plc 2014-1,
95bps Floating Rate Note, 4/16/18 (144A) 5,423,824
1,750,000 3.48 1M LIBOR+ Trafigura Securitisation Finance Plc 2014-1,
225bps Floating Rate Note, 4/16/18 (144A) 1,750,598
8,000,000 2.08 1M LIBOR+ Trafigura Securitisation Finance Plc 2017-1,
85bps Floating Rate Note, 12/15/20 (144A) 8,022,584
2,000,000 2.93 1M LIBOR+ Trafigura Securitisation Finance Plc 2017-1,
170bps Floating Rate Note, 12/15/20 (144A) 2,011,168
8,000,000 1.95 1M LIBOR+ Trillium Credit Card Trust II, Floating Rate
72bps Note, 5/26/21 (144A) 8,030,326
801,461 2.94 1M LIBOR+ Truman Capital Mortgage Loan Trust,
170bps Floating Rate Note, 1/25/34 799,836
695,252 1.49 1M LIBOR+ Truman Capital Mortgage Loan Trust,
26bps Floating Rate Note, 3/25/36 (144A) 670,700
4,500,000 United Auto Credit Securitization Trust
2016-1, 7.1%, 5/16/22 (144A) 4,640,316
141,490 United Auto Credit Securitization Trust
2016-2, 1.67%, 9/10/18 (144A) 141,493
5,000,000 United Auto Credit Securitization Trust
2016-2, 2.2%, 5/10/19 (144A) 4,999,317
6,400,000 United Auto Credit Securitization Trust
2017-1, 2.4%, 11/12/19 (144A) 6,391,427
4,260,000 United Auto Credit Securitization Trust
2017-1, 2.71%, 1/10/22 (144A) 4,251,854
2,728,186 Upstart Securitization Trust 2017-1,
2.639%, 6/20/24 (144A) 2,726,787
4,145,964 US Residential Opportunity Fund IV Trust
2016-1, 3.4747%, 7/27/36 (Step) (144A) 4,156,003
6,113,121 VOLT LIV LLC, 3.5%, 2/25/47 (Step) (144A) 6,150,691
3,867,059 VOLT LVIII LLC, 3.375%, 5/28/47
(Step) (144A) 3,891,225
3,348,601 VOLT LX LLC, 3.25%, 4/25/59 (Step)
(144A) 3,361,457
85,903 VOLT XIX LLC, 3.875%, 4/26/55 (Step)
(144A) 85,934
The accompanying notes are an integral part of these financial statements.
38 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,322,463 VOLT XXV LLC, 3.5%, 6/26/45 (Step)
(144A) $ 3,328,532
3,548,147 VOLT XXXVIII LLC, 3.875%, 9/25/45 (Step)
(144A) 3,561,591
973,000 1.74 1M LIBOR+ Wells Fargo Dealer Floorplan Master Note
50bps Trust, Floating Rate Note, 1/20/20 974,047
1,231,328 1.49 Wells Fargo Home Equity Asset-Backed
Securities 2006-1 Trust REMICS, Floating
Rate Note, 7/25/36 1,227,355
420,565 Westgate Resorts 2016-1 LLC, 3.5%,
12/20/28 (144A) 424,226
7,615,320 Westgate Resorts 2017-1 LLC, 3.05%,
12/20/30 (144A) 7,635,763
1,400,000 Westlake Automobile Receivables Trust
2015-3, 3.05%, 5/17/21 (144A) 1,407,332
8,455,000 Westlake Automobile Receivables Trust
2016-1, 4.55%, 9/15/21 (144A) 8,610,794
438,231 2.28 Westlake Automobile Receivables Trust
2016-1, Floating Rate Note, 1/15/19
(144A) 438,591
1,529,921 Westlake Automobile Receivables Trust
2016-3, 1.42%, 10/15/19 (144A) 1,529,126
4,400,000 Westlake Automobile Receivables Trust
2017-1, 1.78%, 4/15/20 (144A) 4,402,375
6,200,000 1.58 1M LIBOR+ Westlake Automobile Receivables Trust
35bps 2017-2, Floating Rate Note, 7/15/20
(144A) 6,200,076
19,438 1.51 1M LIBOR+ Wilshire Mortgage Loan Trust, Floating
28bps Rate Note, 5/25/28 19,199
3,454,000 1.71 1M LIBOR+ World Financial Network Credit Card
48bps Master Trust, Floating Rate Note, 2/15/22 3,459,977
108,870 1.63 1M LIBOR+ World Omni Auto Receivables Trust 2015-B,
40bps Floating Rate Note, 7/15/19 108,889
7,400,000 1.37 1M LIBOR+ World Omni Auto Receivables Trust 2017-A,
14bps Floating Rate Note, 8/17/20 7,401,459
8,200,000 1.33 1M LIBOR+ World Omni Auto Receivables Trust 2017-B,
10bps Floating Rate Note, 2/16/21 8,199,357
--------------
$1,012,281,839
--------------
Total Banks $1,012,281,839
--------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.3%
Other Diversified Financial Services -- 0.1%
1,520,826 1.43 1M LIBOR+ 321 Henderson Receivables I LLC, Floating
20bps Rate Note, 6/15/41 (144A) $ 1,483,184
1,038,608 2.02 1M LIBOR+ Countrywide Asset-Backed Certificates,
78bps Floating Rate Note, 5/25/36 1,040,089
1,394,977 1.54 1M LIBOR+ Mastr Specialized Loan Trust, Floating
30bps Rate Note, 1/25/36 (144A) 1,376,891
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 39
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
792,117 Sierra Timeshare 2013-1 Receivables
Funding LLC, 2.39%, 11/20/29 (144A) $ 792,052
208,871 TAL Advantage V LLC, 1.7%, 5/20/39
(144A) 208,513
--------------
$ 4,900,729
--------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
3,305,000 1.69 1M LIBOR+ Wells Fargo Dealer Floorplan Master Note
45bps Trust, Floating Rate Note, 10/21/19 $ 3,305,661
--------------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.1%
3,300,000 1.52 1M LIBOR+ American Express Credit Account Master
29bps Trust, Floating Rate Note, 5/15/20 $ 3,300,398
2,770,000 1.65 1M LIBOR+ American Express Credit Account Master
42bps Trust, Floating Rate Note, 5/17/21 2,780,802
2,100,000 2.03 1M LIBOR+ American Express Credit Account Secured
80bps Note Trust 2012-4, Floating Rate Note,
5/15/20 (144A) 2,100,587
6,600,000 1.68 1M LIBOR+ Capital One Multi-Asset Execution Trust,
45bps Floating Rate Note, 2/15/22 6,634,900
12,000,000 Chase Issuance Trust, 1.38%, 11/15/19 12,000,865
4,045,000 1.60 1M LIBOR+ Chase Issuance Trust, Floating Rate
37bps Note, 4/15/21 4,062,796
7,740,000 1.64 1M LIBOR+ Chase Issuance Trust, Floating Rate
41bps Note, 5/17/21 7,780,181
124,259 CPS Auto Receivables Trust 2013-B,
1.82%, 9/15/20 (144A) 124,183
1,450,000 First Investors Auto Owner Trust 2015-1,
3.59%, 1/18/22 (144A) 1,462,860
--------------
$ 40,247,572
--------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.0%+
505,964 Engs Commercial Finance Trust 2015-1,
2.31%, 10/22/21 (144A) $ 504,771
--------------
Total Diversified Financials $ 48,958,733
--------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Diversified Real Estate Activities -- 0.1%
3,790,000 1.54 1M LIBOR+ HSI Asset Securitization Corp Trust
30bps 2006-OPT1, Floating Rate Note,
12/25/35 $ 3,772,103
13,222 1.43 1M LIBOR+ HSI Asset Securitization Corp. Trust
19bps 2006-OPT1, Floating Rate Note,
12/25/35 13,221
--------------
$ 3,785,324
--------------
Total Real Estate $ 3,785,324
--------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $1,116,586,752) $1,119,491,818
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 24.1%
ENERGY -- 0.3%
Oil & Gas Exploration & Production -- 0.3%
2,750,000 2.93 1M LIBOR+ Arbor Realty Commercial Real Estate
170bps Notes 2016-FL1, Ltd., Floating Rate Note,
9/15/26 (144A) $ 2,771,621
3,800,100 3.48 1M LIBOR+ Oaktown Re, Ltd., Floating Rate Note,
225bps 4/25/27 (144A) 3,934,274
4,719,677 2.19 1M LIBOR+ RAIT 2017-FL7 Trust, Floating Rate Note,
95bps 6/15/37 (144A) 4,721,639
--------------
$ 11,427,534
--------------
Total Energy $ 11,427,534
--------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.1%
Construction & Engineering -- 0.0%+
867,674 3.68 1M LIBOR+ Velocity Commercial Capital Loan Trust
245bps 2016-1, Floating Rate Note, 4/25/46
(144A) $ 879,604
--------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
2,965,634 VSD 2017-Plt1 LLC, 3.6%, 12/25/43
(144A) $ 2,967,320
--------------
Total Capital Goods $ 3,846,924
--------------------------------------------------------------------------------------------------------------
BANKS -- 19.3%
Diversified Banks -- 0.0%+
1,750,000 3.98 1M LIBOR+ Bancorp Commercial Mortgage
275bps 2016-CRE1 Trust, Floating Rate Note,
11/15/33 (144A) $ 1,749,167
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 19.3%
11,500,000 N/A 1M LIBOR+ 280 Park Avenue 2017-280P Mortgage
125bps Trust, Floating Rate Note, 9/15/34 (144A) $ 11,524,863
11,500,000 2.08 1M LIBOR+ A10 Term Asset Financing 2017-1 LLC,
85bps Floating Rate Note, 3/15/36 (144A) 11,500,000
6,534 2.02 1M LIBOR+ Adjustable Rate Mortgage Trust 2005-2,
78bps Floating Rate Note, 6/25/35 6,532
499,675 1.80 1M LIBOR+ Adjustable Rate Mortgage Trust 2005-5,
28bps Floating Rate Note, 9/25/35 497,311
1,471,339 3.00 Agate Bay Mortgage Trust 2014-3, Variable
Rate Note, 11/25/44 (144A) 1,483,294
965,849 1.82 1M LIBOR+ Alternative Loan Trust 2004-6CB, Floating
58bps Rate Note, 4/25/34 970,483
545,478 2.14 1M LIBOR+ Alternative Loan Trust 2004-J13, Floating
90bps Rate Note, 2/25/35 540,405
3,300,000 3.48 1M LIBOR+ AMSR 2016-SFR1 Trust, Floating Rate
225bps Note, 11/17/33 (144A) 3,357,769
2,700,000 2.53 1M LIBOR+ Arbor Realty Commercial Real Estate
130bps Notes 2017-FL1, Ltd., Floating Rate Note,
4/15/27 (144A) 2,725,419
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 41
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,550,503 3.51 ASG Resecuritization Trust 2012-1,
Variable Rate Note, 4/28/36 (144A) $ 1,548,967
8,213,000 3.43 1M LIBOR+ BAMLL Commercial Mortgage Securities
220bps Trust 2014-FL1, Floating Rate Note,
12/17/31 (144A) 8,227,169
4,320,000 2.34 1M LIBOR+ BAMLL Commercial Mortgage Securities
110bps Trust 2014-ICTS, Floating Rate Note,
6/15/28 (144A) (e) 4,322,551
5,500,000 4.23 1M LIBOR+ BAMLL Commercial Mortgage Securities
300bps Trust 2016-ASHF, Floating Rate Note,
3/15/28 (144A) 5,590,914
1,460,266 0.00 BAMLL Re-REMIC Trust 2014-FRR5,
Variable Rate Note, 3/29/45 (144A) 1,456,605
2,617,382 5.88 Banc of America Commercial Mortgage
Trust 2006-1, Variable Rate Note, 9/10/45 2,615,981
1,559,575 6.47 Banc of America Commercial Mortgage
Trust 2008-1, Variable Rate Note, 2/10/51 1,562,336
438,476 1.86 1M LIBOR+ Banc of America Funding 2005-A Trust,
31bps Floating Rate Note, 2/20/35 439,960
172,463 3.29 Banc of America Mortgage 2004-I Trust,
Variable Rate Note, 10/25/34 171,760
2,200,000 2.08 1M LIBOR+ Bancorp Commercial Mortgage 2017-CRE2
85bps Trust, Floating Rate Note, 8/15/32 (144A) 2,199,998
3,345,246 3.23 1M LIBOR+ Bayview Opportunity Master Fund IIIb Trust
200bps 2017-CRT2, Floating Rate Note, 11/25/27
(144A) 3,344,705
3,758,793 2.98 1M LIBOR+ Bayview Opportunity Master Fund IVb Trust
175bps 2016-CRT1, Floating Rate Note, 10/27/27
(144A) 3,758,666
3,037,314 3.39 1M LIBOR+ Bayview Opportunity Master Fund IVb Trust
215bps 2017-CRT1, Floating Rate Note, 10/25/28
(144A) 3,041,731
3,150,000 3.24 1M LIBOR+ BBCMS Trust 2015-SLP, Floating Rate Note,
200bps 2/15/28 (144A) 3,150,877
2,967,197 1.46 1M LIBOR+ BCAP LLC 2012-RR4 Trust, Floating Rate
23bps Note, 6/26/47 (144A) 2,938,941
383,307 2.08 Bear Stearns ALT-A Trust 2004-11, Floating
Rate Note, 11/25/34 380,954
1,031,262 1.94 Bear Stearns ALT-A Trust 2004-12, Floating
Rate Note, 1/25/35 1,010,881
2,313,848 2.08 1M LIBOR+ Bear Stearns ALT-A Trust 2004-12, Floating
84bps Rate Note, 1/25/35 2,281,832
1,468,824 2.08 1M LIBOR+ Bear Stearns ALT-A Trust 2004-12, Floating
84bps Rate Note, 1/25/35 1,453,457
879,731 1.98 Bear Stearns ALT-A Trust 2004-13, Floating
Rate Note, 11/25/34 879,831
1,881,984 1.84 1M LIBOR+ Bear Stearns ALT-A Trust 2004-4, Floating
60bps Rate Note, 6/25/34 1,877,887
The accompanying notes are an integral part of these financial statements.
42 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
328,097 1.74 Bear Stearns ALT-A Trust 2005-2, Floating
Rate Note, 3/25/35 $ 325,911
207,242 3.67 Bear Stearns Mortgage Securities, Inc.,
Floating Rate Note, 6/25/30 212,810
11,664 5.74 1M LIBOR+ Bellemeade Re II, Ltd., Floating Rate Note,
450bps 4/25/26 (144A) 11,737
4,100,000 3.19 1M LIBOR+ BHMS 2014-ATLS Mortgage Trust REMICS,
195bps Floating Rate Note, 7/8/33 (144A) 4,119,984
7,000,000 2.38 1M LIBOR+ BX Trust 2017-APPL, Floating Rate Note,
115bps 7/15/34 (144A) 7,004,325
7,900,000 2.43 1M LIBOR+ BX Trust 2017-SLCT, Floating Rate Note,
120bps 7/15/34 (144A) 7,897,452
3,823,000 4.08 1M LIBOR+ BXHTL 2015-JWRZ Mortgage Trust, Floating
285bps Rate Note, 5/15/29 (144A) 3,825,974
2,315,000 2.25 3M LIBOR+ Canyon Capital CLO 2014-2, Ltd., Floating
95bps Rate Note, 4/15/29 (144A) 2,315,000
1,650,000 2.11 3M LIBOR+ Canyon Capital CLO 2015-1, Ltd., Floating
95bps Rate Note, 4/15/27 (144A) 1,650,000
3,500,000 2.00 3M LIBOR+ Cent CDO 14, Ltd., Floating Rate Note,
70bps 4/15/21 (144A) 3,357,669
4,243,671 2.56 3M LIBOR+ Cent CLO, Floating Rate Note, 8/1/24
125bps (144A) 4,244,440
7,200,000 3.38 1M LIBOR+ CFCRE 2015-RUM Mortgage Trust, Floating
215bps Rate Note, 7/15/30 (144A) 7,077,172
1,000,000 5.83 1M LIBOR+ CFCRE 2015-RUM Mortgage Trust, Floating
460bps Rate Note, 7/15/30 (144A) 976,576
2,932,150 3.09 1M LIBOR+ CG-CCRE Commercial Mortgage Trust
185.4bps 2014-FL2 REMICS, Floating Rate Note,
11/15/31 (144A) 2,933,318
4,900,000 2.33 1M LIBOR+ CGDB Commercial Mortgage Trust
110bps 2017-BIO, Floating Rate Note, 5/15/30
(144A) 4,903,059
10,300,000 2.20 1M LIBOR+ CGDBB Commercial Mortgage Trust
97bps 2017-BIOC, Floating Rate Note, 7/15/28
(144A) (e) 10,299,992
5,700,000 N/A 1M LIBOR+ CGMS Commercial Mortgage Trust
130bps 2017-MDDR, Floating Rate Note,
7/15/30 (144A) 5,699,994
370,093 4.33 1M LIBOR+ CGWF Commercial Mortgage Trust
310bps 2013-RKWH REMICS, Floating Rate
Note, 11/15/30 (144A) 369,438
83,075 1.99 Chevy Chase Funding LLC Mortgage-Backed
Certificates Series 2004-1, Floating Rate
Note, 1/25/35 (144A) 79,438
33,219 1.54 Chevy Chase Funding LLC Mortgage-Backed
Certificates Series 2004-3, Floating Rate
Note, 8/25/35 (144A) 32,700
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 43
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
221,852 1.74 CHL Mortgage Pass-Through Trust 2003-15
REMICS, Floating Rate Note, 6/25/18 $ 220,184
3,062,500 N/A 3M LIBOR+ CIFC Funding 2013-I, Ltd., Floating Rate
85bps Note, 7/16/30 (144A) 3,062,019
1,812,811 3.24 1M LIBOR+ CIM Trust 2015-4AG, Floating Rate Note,
200bps 11/25/57 (144A) 1,813,389
3,296 Citicorp Mortgage Securities REMIC Pass-
Through Certificates Trust Series 2005-4,
5.0%, 7/25/20 3,366
319,711 6.34 Citigroup Commercial Mortgage Trust
2008-C7, Variable Rate Note, 12/10/49 319,588
1,500,000 4.53 1M LIBOR+ Citigroup Commercial Mortgage Trust
330bps 2015-SHP2, Floating Rate Note,
7/15/27 (144A) 1,516,912
5,400,000 3.33 1M LIBOR+ Citigroup Commercial Mortgage Trust
210bps 2015-SSHP REMICS, Floating Rate Note,
9/15/27 (144A) 5,367,287
305,156 Citigroup Mortgage Loan Trust 2010-4
REMICS, 5.0%, 10/25/35 (144A) 307,788
6,700,000 2.33 1M LIBOR+ CLNS Trust 2017-IKPR, Floating Rate Note,
110bps 6/11/32 (144A) 6,695,854
7,668,000 2.58 1M LIBOR+ Cold Storage Trust 2017-ICE3, Floating Rate
135bps Note, 4/15/24 (144A) 7,717,287
1,500,000 3.33 1M LIBOR+ Cold Storage Trust 2017-ICE3, Floating Rate
210bps Note, 4/15/24 (144A) 1,508,432
3,900,000 3.08 1M LIBOR+ Colony American Homes 2014-1, Floating
185bps Rate Note, 5/19/31 (144A) 3,914,299
1,385,566 3.58 1M LIBOR+ Colony American Homes 2014-2 REMICS,
235bps Floating Rate Note, 7/17/31 (144A) 1,390,504
1,630,078 4.43 1M LIBOR+ Colony American Homes 2014-2 REMICS,
320bps Floating Rate Note, 7/17/31 (144A) 1,635,792
639,834 3.18 1M LIBOR+ Colony Mortgage Capital Series 2015-FL3,
195bps Ltd., Floating Rate Note, 9/5/32 (144A) 639,829
1,150,000 3.88 1M LIBOR+ Colony Starwood Homes 2016-1 Trust,
265bps Floating Rate Note, 7/17/33 (144A) 1,186,552
4,840,000 2.98 1M LIBOR+ Colony Starwood Homes 2016-2 Trust,
175bps Floating Rate Note, 12/19/33 (144A) 4,845,755
5,600,000 3.68 1M LIBOR+ COMM 2014-FL4 Mortgage Trust REMICS,
245bps Floating Rate Note, 7/15/31 (144A) 5,552,672
5,470,000 3.38 1M LIBOR+ COMM 2014-FL5 Mortgage Trust, Floating
215bps Rate Note, 10/15/31 (144A) 5,432,914
6,980,000 2.04 1M LIBOR+ COMM 2014-PAT Mortgage Trust REMICS,
80bps Floating Rate Note, 8/13/27 (144A) 6,982,183
2,722,000 2.83 1M LIBOR+ COMM 2014-PAT Mortgage Trust, Floating
165bps Rate Note, 8/13/27 (144A) 2,685,848
7,340,000 2.84 1M LIBOR+ COMM 2014-TWC Mortgage Trust, Floating
160bps Rate Note, 2/13/32 (144A) 7,368,247
The accompanying notes are an integral part of these financial statements.
44 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
4,500,000 3.54 1M LIBOR+ COMM 2016-SAVA Mortgage Trust, Floating
230bps Rate Note, 10/15/34 (144A) $ 4,542,161
5,713,000 2.19 1M LIBOR+ COMM 2017-DLTA Mortgage Trust, Floating
94bps Rate Note, 8/13/32 5,677,294
4,000,000 3.88 1M LIBOR+ Cosmopolitan Hotel Trust 2016-COSMO,
265bps Floating Rate Note, 11/15/33 (144A) 4,017,474
439,864 2.82 3M LIBOR+ Crown Point CLO, Ltd., Floating Rate Note,
150bps 11/21/22 (144A) 439,905
234,727 1.98 1M LIBOR+ CSFB Mortgage-Backed Pass-Through
74bps Certificates Series 2004-AR5, Floating
Rate Note, 6/25/34 230,241
2,400,000 3.48 1M LIBOR+ CSMC 2015-TWNI Trust, Floating Rate
225bps Note, 3/15/28 (144A) 2,400,584
2,563,935 2.50 CSMC Series 2013-14R REMICS,
Variable Rate Note, 10/27/37 (144A) 2,617,353
3,126,852 3.00 CSMC Trust 2014-OAK1, Variable Rate
Note, 11/25/44 (144A) 3,158,121
1,576,967 4.00 CSMC Trust 2014-SAF1 REMICS, Variable
Rate Note, 3/25/44 (144A) 1,592,860
5,900,294 3.00 CSMC Trust 2014-WIN2, Variable Rate
Note, 10/25/44 (144A) 5,904,093
3,825,142 3.50 CSMC Trust 2015-3, Variable Rate Note,
3/25/45 (144A) 3,892,082
3,500,000 3.08 1M LIBOR+ CSMC Trust 2015-DEAL, Floating Rate
185bps Note, 4/16/29 (144A) 3,502,189
9,250,000 1.93 1M LIBOR+ DBCG 2017-BBG Mortgage Trust, Floating
70bps Rate Note, 6/15/34 (144A) 9,258,642
2,300,000 N/A 3M LIBOR+ Deer Creek Clo, Ltd. 2017-1, Floating Rate
100bps Note, 10/20/30 (144A) 2,300,000
3,928,131 1.78 1M LIBOR+ Fannie Mae Connecticut Avenue Securities,
55bps Floating Rate Note, 1/25/30 3,926,567
6,226,730 2.18 1M LIBOR+ Fannie Mae Connecticut Avenue Securities,
95bps Floating Rate Note, 10/25/29 6,256,839
3,452,291 2.08 1M LIBOR+ Fannie Mae Connecticut Avenue Securities,
85bps Floating Rate Note, 11/25/29 3,462,077
1,701,777 2.54 1M LIBOR+ Fannie Mae Connecticut Avenue Securities,
130bps Floating Rate Note, 4/25/29 1,710,084
4,024,545 2.53 1M LIBOR+ Fannie Mae Connecticut Avenue Securities,
130bps Floating Rate Note, 7/25/29 4,062,834
3,350,741 2.38 1M LIBOR+ Fannie Mae Connecticut Avenue Securities,
115bps Floating Rate Note, 9/25/29 3,374,479
2,793,224 3.00 FirstKey Mortgage Trust 2014-1 REMICS,
Variable Rate Note, 11/25/44 (144A) 2,804,136
2,930,131 2.73 1M LIBOR+ FORT CRE 2016-1 LLC, Floating Rate Note,
150bps 5/21/36 (144A) 2,933,414
39,352 3.89 1M LIBOR+ Freddie Mac Structured Agency Credit Risk
265bps Debt Notes, Floating Rate Note, 10/25/24 39,497
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 45
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
6,355,982 2.43 1M LIBOR+ Freddie Mac Structured Agency Credit Risk
120bps Debt Notes, Floating Rate Note,
10/25/29 $ 6,428,496
1,717,903 2.03 1M LIBOR+ Freddie Mac Structured Agency Credit Risk
80bps Debt Notes, Floating Rate Note, 12/25/29 1,721,682
1,060,117 2.03 1M LIBOR+ Freddie Mac Structured Agency Credit Risk
80bps Debt Notes, Floating Rate Note, 4/25/29 1,060,580
1,091,819 2.34 1M LIBOR+ Freddie Mac Structured Agency Credit Risk
110bps Debt Notes, Floating Rate Note, 5/25/25 1,092,338
3,822,754 2.44 1M LIBOR+ Freddie Mac Structured Agency Credit Risk
120bps Debt Notes, Floating Rate Note, 8/25/29 3,854,091
5,000,000 5.54 FREMF Mortgage Trust 2010-K6, Variable
Rate Note, 12/25/46 (144A) 5,312,272
7,645,000 3.68 FREMF Mortgage Trust 2012-K711,
Variable Rate Note, 8/25/45 (144A) 7,796,653
9,500,000 3.48 FREMF Mortgage Trust 2013-K712,
Variable Rate Note, 5/25/45 (144A) 9,665,263
333,301 2.53 1M LIBOR+ GAHR Commercial Mortgage Trust
130bps 2015-NRF, Floating Rate Note, 12/15/34
(144A) 332,907
398,928 Global Mortgage Securitization, Ltd.,
5.25%, 4/25/32 (144A) 393,957
157,767 1.56 1M LIBOR+ Global Mortgage Securitization, Ltd.,
32bps Floating Rate Note, 11/25/32 (144A) 149,612
2,431,092 1.51 1M LIBOR+ Global Mortgage Securitization, Ltd.,
27bps Floating Rate Note, 4/25/32 (144A) 2,342,203
1,391,650 2.02 3M LIBOR+ Gosforth Funding 2016-1 Plc, Floating
70bps Rate Note, 2/15/58 (144A) 1,395,572
1,873,371 1.58 1M LIBOR+ Government National Mortgage
35bps Association, Floating Rate Note, 2/16/33 1,879,802
3,350,000 2.78 1M LIBOR+ GP Portfolio Trust 2014-GGP, Floating
155bps Rate Note, 2/15/27 (144A) 3,355,252
9,750,000 2.56 1M LIBOR+ Great Wolf Trust 2017-WOLF, Floating Rate
132bps Note, 9/15/34 (144A) 9,756,122
8,500,000 2.13 1M LIBOR+ GS Mortgage Securities Corp Trust
90bps 2017-500K, Floating Rate Note,
7/15/32 (144A) 8,505,216
3,500,000 2.33 1M LIBOR+ GS Mortgage Securities Corp Trust
110bps 2017-STAY, Floating Rate Note,
7/15/32 (144A) 3,471,953
8,350,000 4.96 GS Mortgage Securities RE-Remic Trust
2015-Frr1, Variable Rate Note, 6/27/41 8,325,903
1,514,020 5.13 1M LIBOR+ GS Mortgage Securities Trust 2014-GSFL,
390bps Floating Rate Note, 7/15/31 (144A) 1,517,636
67,169 2.01 1M LIBOR+ GSAA Home Equity Trust 2004-6, Floating
78bps Rate Note, 6/25/34 67,735
292,124 1.98 1M LIBOR+ GSAA Home Equity Trust 2004-8, Floating
74bps Rate Note, 9/25/34 292,150
The accompanying notes are an integral part of these financial statements.
46 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
203,132 2.36 1M LIBOR+ HarborView Mortgage Loan Trust 2004-4,
112.5bps Floating Rate Note, 6/19/34 $ 196,851
4,765,655 2.88 1M LIBOR+ Home Partners of America 2016-1 Trust,
165bps Floating Rate Note, 3/17/33 (144A) 4,816,316
1,799,000 4.54 1M LIBOR+ Home Partners of America 2016-1 Trust,
330bps Floating Rate Note, 3/18/33 (144A) 1,834,071
1,250,000 3.64 1M LIBOR+ Home Partners of America 2016-2 Trust,
240bps Floating Rate Note, 10/17/33 (144A) 1,264,224
9,932,698 2.05 1M LIBOR+ Home Partners of America 2017-1 Trust,
81.7bps Floating Rate Note, 7/17/34 (144A) 9,923,776
6,200,000 2.58 1M LIBOR+ Home Partners of America 2017-1 Trust,
135bps Floating Rate Note, 7/17/34 (144A) 6,227,994
1,596,967 1.97 1M LIBOR+ HomeBanc Mortgage Trust 2004-2,
74bps Floating Rate Note, 12/25/34 1,575,875
5,558,225 1.48 1M LIBOR+ HomeBanc Mortgage Trust 2005-3,
24bps Floating Rate Note, 7/25/35 5,526,058
1,063,227 2.34 1M LIBOR+ Homestar Mortgage Acceptance Corp.
110bps REMICS, Floating Rate Note, 9/25/34 1,058,539
3,892,772 1.88 1M LIBOR+ Homestar Mortgage Acceptance Corp.,
64bps Floating Rate Note, 3/25/34 3,837,956
430,786 1.94 1M LIBOR+ Homestar Mortgage Acceptance Corp.,
70bps Floating Rate Note, 6/25/34 433,045
642,976 2.40 1M LIBOR+ Homestar Mortgage Acceptance Corp.,
58bps Floating Rate Note, 7/25/34 645,538
4,000,000 4.78 1M LIBOR+ Hospitality 2017-HIT Mortgage Trust,
355bps Floating Rate Note, 5/8/30 (144A) 4,002,408
3,500,000 2.81 1M LIBOR+ Hudsons Bay Simon JV Trust 2015-HBS,
158bps Floating Rate Note, 8/7/34 (144A) 3,519,428
8,000,000 2.23 Hunt CRE 2017-FL1, Ltd., Floating Rate
Note, 8/15/34 (144A) 8,004,826
476,895 2.13 1M LIBOR+ Impac CMB Trust Series 2003-8,
90bps Floating Rate Note, 10/25/33 472,567
331,776 2.07 1M LIBOR+ Impac CMB Trust Series 2004-5, Floating
84bps Rate Note, 8/25/34 328,305
334,877 3.86 1M LIBOR+ Impac CMB Trust Series 2004-8, Floating
175bps Rate Note, 8/25/34 321,126
8,380,000 2.14 1M LIBOR+ Impac Secured Assets Corp Series 2004-3,
90bps Floating Rate Note, 11/25/34 8,252,968
386,819 2.10 1M LIBOR+ Impac Secured Assets Corp Series 2004-4,
86bps Floating Rate Note, 2/25/35 387,124
8,300,000 N/A 1M LIBOR+ IMT Trust 2017-APTS, Floating Rate Note,
95bps 6/15/34 (144A) 8,299,993
6,600,000 2.84 1M LIBOR+ Invitation Homes 2014-SFR2 Trust,
160bps Floating Rate Note, 9/19/31 (144A) 6,599,991
370,465 2.44 1M LIBOR+ Invitation Homes 2014-SFR3 Trust,
120bps Floating Rate Note, 12/17/31 (144A) 370,580
389,794 2.58 1M LIBOR+ Invitation Homes 2015-SFR2 Trust REMICS,
135bps Floating Rate Note, 6/17/32 (144A) 392,575
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 47
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,987,000 3.24 1M LIBOR+ Invitation Homes 2015-SFR2 Trust, Floating
200bps Rate Note, 6/17/32 (144A) $ 2,997,503
3,500,000 2.98 1M LIBOR+ Invitation Homes 2015-SFR3 Trust, Floating
175bps Rate Note, 8/17/32 (144A) 3,512,882
7,900,000 2.74 1M LIBOR+ J.P. Morgan Chase Commercial Mortgage
150bps Securities Trust 2016-ASH, Floating Rate
Note, 10/15/34 (144A) 7,929,713
3,600,000 3.34 1M LIBOR+ J.P. Morgan Chase Commercial Mortgage
210bps Securities Trust 2016-WPT, Floating Rate
Note, 10/15/33 (144A) 3,613,504
4,400,000 2.58 1M LIBOR+ J.P. Morgan Chase Commercial Mortgage
135bps Securities Trust 2016-WSP, Floating Rate
Note, 8/15/33 (144A) 4,412,420
15,094 6.36 JP Morgan Chase Commercial Mortgage
Securities Corp. Pass-Through Certificates
Series 2002 CIBC4, Variable Rate Note,
5/12/34 15,191
215,151 4.84 JP Morgan Chase Commercial Mortgage
Securities Trust 2004-LN2, Variable Rate
Note, 7/15/41 (144A) 214,872
56,280 1.39 1M LIBOR+ JP Morgan Chase Commercial Mortgage
15.5bps Securities Trust 2006-LDP9, Floating Rate
Note, 5/15/47 56,131
2,088,501 3.50 JP Morgan Chase Commercial Mortgage
Securities Trust 2013-A5, Variable Rate
Note, 7/25/20 2,112,323
4,280,000 2.63 1M LIBOR+ JP Morgan Chase Commercial Mortgage
140bps Securities Trust 2014-CBM, Floating Rate
Note, 10/15/29 (144A) 4,280,003
3,470,000 3.18 1M LIBOR+ JP Morgan Chase Commercial Mortgage
195bps Securities Trust 2014-CBM, Floating Rate
Note, 10/15/29 (144A) 3,470,001
1,250,000 3.43 1M LIBOR+ JP Morgan Chase Commercial Mortgage
220bps Securities Trust 2014-FL4 REMICS,
Floating Rate Note, 12/16/30 (144A) 1,258,543
450,476 2.98 1M LIBOR+ JP Morgan Chase Commercial Mortgage
175bps Securities Trust 2014-FL4, Floating Rate
Note, 12/16/30 (144A) 450,591
2,600,000 3.34 1M LIBOR+ JP Morgan Chase Commercial Mortgage
210bps Securities Trust 2014-FL5 REMICS, Floating
Rate Note, 7/15/31 (144A) 2,575,066
1,000,000 2.58 1M LIBOR+ JP Morgan Chase Commercial Mortgage
135bps Securities Trust 2014-FL5, Floating Rate
Note, 7/15/31 (144A) 1,005,846
2,932,484 2.63 1M LIBOR+ JP Morgan Chase Commercial Mortgage
140bps Securities Trust 2014-FL6, Floating Rate
Note, 11/17/31 (144A) 2,941,052
3,770,000 3.08 1M LIBOR+ JP Morgan Chase Commercial Mortgage
185bps Securities Trust 2014-PHH, Floating Rate
Note, 8/16/27 (144A) 3,770,004
The accompanying notes are an integral part of these financial statements.
48 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
537,996 2.48 1M LIBOR+ JP Morgan Chase Commercial Mortgage
125bps Securities Trust 2015-FL7 REMICS,
Floating Rate Note, 5/15/28 (144A) $ 537,799
3,600,000 3.04 1M LIBOR+ JP Morgan Chase Commercial Mortgage
180bps Securities Trust 2015-FL7, Floating Rate
Note, 5/15/28 (144A) 3,589,707
4,500,000 3.98 1M LIBOR+ JP Morgan Chase Commercial Mortgage
275bps Securities Trust 2015-SGP, Floating Rate
Note, 7/15/36 (144A) 4,533,695
4,111,802 1.74 1M LIBOR JP Morgan Seasoned Mortgage Trust
2014-1, Floating Rate Note, 5/25/33
(144A) 4,077,829
7,727,146 2.00 JP Morgan Seasoned Mortgage Trust
2014-1, Variable Rate Note, 5/25/33
(144A) 7,662,091
103,903 1.46 1M LIBOR+ Lehman Brothers Small Balance
22bps Commercial Mortgage Trust 2006-1,
Floating Rate Note, 4/25/31 (144A) 103,242
213,540 1.47 1M LIBOR+ Lehman Brothers Small Balance
23bps Commercial Mortgage Trust 2006-1,
Floating Rate Note, 4/25/31 (144A) 212,510
940,605 1.93 1M LIBOR+ Lehman XS Trust Series 2005-2, Floating
70bps Rate Note, 8/25/35 921,391
10,000,000 2.99 1M LIBOR+ LMREC 2015-CRE1, Inc., Floating Rate
175bps Note, 2/24/32 (144A) 10,110,755
3,097,747 3.24 1M LIBOR+ LSTAR Securities Investment, Ltd. 2016-4,
200bps Floating Rate Note, 10/1/21 (144A) 3,092,792
3,673,473 3.24 1M LIBOR+ LSTAR Securities Investment, Ltd. 2016-5,
200bps Floating Rate Note, 11/1/21 (144A) 3,673,144
5,549,151 3.24 1M LIBOR+ LSTAR Securities Investment, Ltd. 2016-7,
200bps Floating Rate Note, 12/1/21 (144A) 5,549,151
3,666,012 3.24 1M LIBOR+ LSTAR Securities Investment, Ltd. 2017-2,
200bps Floating Rate Note, 2/1/22 (144A) 3,668,347
3,506,151 3.24 1M LIBOR+ LSTAR Securities Investment, Ltd. 2017-3,
200bps Floating Rate Note, 4/1/22 (144A) 3,518,725
8,000,000 0.00 1M LIBOR+ LSTAR Securities Investment, Ltd. 2017-6,
175bps Floating Rate Note, 9/1/22 (144A) 7,993,280
1,000,181 MarketPlace Loan Trust 2016-BS1,
4.5%, 1/15/21 (144A) 1,002,274
1,123,389 1.67 1M LIBOR+ Mellon Residential Funding Corp. Mortgage
44bps Pass-Through Trust Series 2000-TBC3,
Floating Rate Note, 12/15/30 1,087,771
1,776,610 1.90 1M LIBOR+ Merrill Lynch Mortgage Investors Trust
66bps Series MLCC 2003-C REMICS, Floating
Rate Note, 6/25/28 1,705,567
1,592,695 2.15 6M LIBOR+ Merrill Lynch Mortgage Investors Trust
70bps Series MLCC 2003-C, Floating Rate Note,
6/25/28 1,578,361
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 49
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
533,317 1.88 1M LIBOR+ Merrill Lynch Mortgage Investors Trust
64bps Series MLCC 2003-G, Floating Rate Note,
1/25/29 $ 514,180
143,504 2.79 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-G, Variable Rate Note,
1/25/29 142,638
983,199 1.88 1M LIBOR+ Merrill Lynch Mortgage Investors Trust
64bps Series MLCC 2003-H, Floating Rate Note,
1/25/29 971,172
266,019 1.95 6M LIBOR+ Merrill Lynch Mortgage Investors Trust
54bps Series MLCC 2004-B, Floating Rate Note,
5/25/29 263,301
78,493 2.45 6M LIBOR+ Merrill Lynch Mortgage Investors Trust
100bps Series MLCC 2004-C, Floating Rate Note,
7/25/29 76,001
289,993 3.09 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-D, Variable Rate Note,
9/25/29 288,802
330,187 2.05 6M LIBOR+ Merrill Lynch Mortgage Investors Trust
60bps Series MLCC 2004-G, Floating Rate Note,
1/25/30 322,960
1,421,806 1.70 1M LIBOR+ Merrill Lynch Mortgage Investors Trust
46bps Series MLCC 2005-A, Floating Rate Note,
3/25/30 1,375,218
2,888,861 Morgan Stanley Capital I Trust 2007-HQ13,
5.569%, 12/15/44 2,891,491
2,602,159 5.57 Morgan Stanley Capital I Trust 2007-TOP25,
Variable Rate Note, 11/12/49 2,633,905
3,542,482 2.98 1M LIBOR+ Morgan Stanley Capital I Trust 2015-XLF1,
175bps Floating Rate Note, 8/14/31 (144A) 3,553,829
2,970,000 3.43 1M LIBOR+ Morgan Stanley Capital I Trust 2015-XLF1,
220bps Floating Rate Note, 8/14/31 (144A) 2,981,756
3,000,000 3.98 1M LIBOR+ Morgan Stanley Capital I Trust 2015-XLF1,
275bps Floating Rate Note, 8/17/26 (144A) 2,994,601
3,500,000 2.58 1M LIBOR+ Morgan Stanley Capital I Trust 2017-PRME,
135bps Floating Rate Note, 2/15/34 (144A) 3,514,066
879,736 1.78 Morgan Stanley Mortgage Loan Trust
2005-5AR, Floating Rate Note, 9/25/35 879,828
1,053,287 1.52 1M LIBOR+ Morgan Stanley Mortgage Loan Trust
28bps 2005-6AR, Floating Rate Note, 11/25/35 1,057,636
2,191,457 2.02 1M LIBOR+ MortgageIT Trust 2004-1, Floating Rate
77.99 Note, 11/25/34 2,144,389
9,300,000 2.64 1M LIBOR+ Motel 6 Trust 2017-MTL6, Floating Rate
140bps Note, 8/15/34 (144A) 9,302,935
1,500,000 2.32 3M LIBOR+ Nelder Grove CLO, Ltd., Floating Rate
100bps Note, 8/28/26 (144A) 1,499,988
1,259,689 3.21 3M LIBOR+ Newstar Trust, Floating Rate Note,
190bps 1/20/23 (144A) 1,259,785
The accompanying notes are an integral part of these financial statements.
50 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
4,315,478 2.83 1M LIBOR+ NorthStar 2016-1, Floating Rate Note,
160bps 9/25/31 (144A) $ 4,325,102
5,100,000 2.31 3M LIBOR+ Octagon Investment Partners XVII, Ltd.,
100bps Floating Rate Note, 10/25/25 (144A) 5,104,621
2,733,756 1.63 1M LIBOR+ Opteum Mortgage Acceptance Corp
39bps Asset Backed Pass-Through Certificates
2005-4, Floating Rate Note, 11/25/35 2,684,306
2,018,927 2.28 3M LIBOR+ Palmer Square CLO 2013-1, Ltd.,
97bps Floating Rate Note, 5/15/25 (144A) 2,021,361
3,500,000 1.89 1M LIBOR+ Pepper Residential Securities Trust NO 16,
65bps Floating Rate Note, 3/13/18 (144A) 3,496,700
2,086,031 2.86 1M LIBOR+ Pepper Residential Securities Trust No 17,
110bps Floating Rate Note, 3/10/58 (144A) 2,089,164
6,415,182 2.19 1M LIBOR+ Pepper Residential Securities Trust NO 18,
95bps Floating Rate Note, 3/12/47 (144A) 6,425,592
1,944,498 2.68 1M LIBOR+ PFP 2015-2, Ltd., Floating Rate Note,
145bps 7/14/34 (144A) 1,943,432
2,572,442 2.28 1M LIBOR+ PFP 2017-3, Ltd., Floating Rate Note,
105bps 1/14/35 (144A) 2,576,455
1,593,388 3.50 PMT Loan Trust 2013-J1, Variable Rate
Note, 9/25/43 (144A) 1,597,239
3,750,867 Pretium Mortgage Credit Partners I
2016-NPL5 LLC, 9/27/31 (Step) (144A) 3,767,118
8,773,159 2.74 1M LIBOR+ Progress Residential 2016-SFR1 Trust,
150bps Floating Rate Note, 9/17/33 (144A) 8,906,474
1,944,000 3.74 1M LIBOR+ Progress Residential 2016-SFR1 Trust,
250bps Floating Rate Note, 9/17/33 (144A) 1,980,256
1,700,000 2.63 1M LIBOR+ Progress Residential 2016-SFR2 Trust,
140bps Floating Rate Note, 1/17/34 (144A) 1,724,398
2,400,000 2.98 1M LIBOR+ Progress Residential 2016-SFR2 Trust,
175bps Floating Rate Note, 1/17/34 (144A) 2,424,363
1,153,073 2.68 1M LIBOR+ RAIT 2016-FL6 Trust, Floating Rate Note,
145bps 11/13/31 (144A) 1,152,509
3,673 1.78 1M LIBOR+ RALI Series 2002-QS16 Trust, Floating
55bps Rate Note, 10/25/17 3,670
79,985 1.69 1M LIBOR+ RALI Series 2003-QS5 Trust, Floating
45bps Rate Note, 3/25/18 79,611
2,491,147 2.22 1M LIBOR+ ReadyCap Commercial Mortgage Trust
85bps 2017-1, Floating Rate Note, 5/25/34
(144A) 2,491,147
2,141,394 ReadyCap Mortgage Trust 2016-3,
2.93997%, 11/20/38 (144A) 2,152,051
3,313,199 2.68 1M LIBOR+ RESI Finance LP 2003-CB1, Floating
145bps Rate Note, 7/9/35 2,982,558
1,217,778 2.01 RESI MAC, 2014-1A, Floating Rate Note,
6/12/19 1,218,437
2,640,409 2.62 1M LIBOR+ Resimac Premier Series 2016-1, Floating
139bps Rate Note, 10/10/47 (144A) 2,657,437
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 51
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
6,979,120 2.18 1M LIBOR+ RESIMAC Premier Series 2017-1, Floating
95bps Rate Note, 9/11/48 (144A) $ 6,979,643
523,270 2.63 1M LIBOR+ Resource Capital Corp 2015-CRE4, Ltd.,
140bps Floating Rate Note, 8/15/32 (144A) (e) 522,395
5,700,000 2.03 1M LIBOR+ Resource Capital Corp 2017-CRE5, Ltd.,
80bps Floating Rate Note, 7/15/34 (144A) 5,712,449
179,870 2.76 Sequoia Mortgage Trust 2004-7, Variable
Rate Note, 8/20/34 180,643
750,000 2.16 3M LIBOR+ Silver Creek CLO, Ltd., Floating Rate Note,
85bps 7/20/30 (144A) 750,050
272,389 1.78 Springleaf Mortgage Loan Trust 2013-2,
Variable Rate Note, 12/28/65 (144A) 272,000
7,500,000 N/A 1M LIBOR+ Starwood Waypoint Homes 2017-1 Trust,
117bps Floating Rate Note, 1/17/35 (144A) 7,422,350
8,300,000 2.42 1M LIBOR+ Stonemont Portfolio Trust 2017-STONE,
110bps Floating Rate Note, 8/20/30 (144A) 8,312,765
163,606 2.18 1M LIBOR+ Structured Asset Securities Corp. Mortgage
94bps Pass-Through Certificates Series 1998-8,
Floating Rate Note, 8/25/28 164,926
36,264 1.74 1M LIBOR+ Structured Asset Securities Corp. Mortgage
50bps Pass-Through Certificates Series 2003-35,
Floating Rate Note, 12/25/33 36,232
222,534 1.53 1M LIBOR+ Structured Asset Securities Corp. Trust
30bps 2005-14, Floating Rate Note, 7/25/35 184,151
8,203,929 3.19 Sutherland Commercial Mortgage Loans
2017-SBC6, Floating Rate Note,
5/25/37 (144A) 8,205,094
6,420,000 2.97 Symphony CLO VIII LP, Floating Rate Note,
1/9/23 (144A) 6,438,515
2,450,000 N/A 3M LIBOR+ TCI-Symphony CLO 2017-1, Ltd., Floating
80bps Rate Note, 7/15/30 (144A) 2,449,951
389,301 2.64 Thornburg Mortgage Securities Trust
2004-4, Variable Rate Note, 12/25/44 391,013
1,053,446 3.06 Thornburg Mortgage Securities Trust
2005-1, Variable Rate Note, 4/25/45 1,055,816
4,612,321 3.50 Towd Point Mortgage Trust 2015-4 REMICS,
Variable Rate Note, 4/25/55 (144A) 4,702,116
4,150,000 2.88 1M LIBOR+ Tricon American Homes 2015-SFR1 Trust
165bps REMICS, Floating Rate Note, 5/19/32
(144A) 4,164,376
391,900 3.23 1M LIBOR+ Velocity Commercial Capital Loan Trust
200bps 2014-1, Floating Rate Note, 9/25/44
(144A) 392,094
909,077 5.82 Wachovia Bank Commercial Mortgage
Trust Series 2007-C34 REMICS, Variable
Rate Note, 5/15/46 908,826
4,477,000 2.19 WaMu Commercial Mortgage Securities
Trust 2006-SL1, Variable Rate Note,
11/23/43 (144A) 4,483,654
The accompanying notes are an integral part of these financial statements.
52 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
5,677,000 2.32 WaMu Commercial Mortgage Securities
Trust 2006-SL1, Variable Rate Note,
11/23/43 (144A) $ 5,464,637
2,500,000 3.08 1M LIBOR+ Wells Fargo Commercial Mortgage Trust
185bps 2014-TISH REMICS, Floating Rate Note,
2/15/27 (144A) 2,507,641
1,500,000 4.73 1M LIBOR+ Wells Fargo Commercial Mortgage Trust
350bps 2014-TISH, Floating Rate Note, 1/15/27
(144A) 1,499,009
642,201 3.99 1M LIBOR+ Wells Fargo Credit Risk Transfer Securities
275bps Trust 2015, Floating Rate Note, 11/25/25
(144A) 645,161
903,811 4.09 1M LIBOR+ Wells Fargo Credit Risk Transfer Securities
285bps Trust 2015, Floating Rate Note, 11/25/25
(144A) 913,229
4,758,143 3.00 WinWater Mortgage Loan Trust 2015-2,
Variable Rate Note, 2/20/45 (144A) 4,788,627
--------------
$ 748,732,145
--------------
Total Banks $ 750,481,312
--------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Other Diversified Financial Services -- 0.3%
2,161,673 5.88 Banc of America Commercial Mortgage
Trust 2007-3, Variable Rate Note,
6/10/49 $ 2,178,447
2,000,000 3.38 1M LIBOR+ Colony American Homes 2014-1 REMICS,
215bps Floating Rate Note, 5/17/31 (144A) 2,007,618
1,711,582 3.14 1M LIBOR+ Colony American Homes 2014-2, Floating
190bps Rate Note, 7/17/31 (144A) 1,720,822
4,333,841 6.50 Morgan Stanley Capital I Trust
2008-TOP29 REMICS, Variable Rate
Note, 1/11/43 4,360,388
--------------
$ 10,267,275
--------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
4,770,000 3.23 1M LIBOR+ BAMLL Commercial Mortgage Securities
200bps Trust 2015-ASHF REMICS, Floating Rate
Note, 1/15/28 (144A) $ 4,781,334
--------------
Total Diversified Financials $ 15,048,609
--------------------------------------------------------------------------------------------------------------
Government -- 4.0%
783,552 3.23 1M LIBOR+ Fannie Mae Connecticut Avenue
200bps Securities, Floating Rate Note, 10/25/23 $ 790,112
25,357 2.84 1M LIBOR+ Fannie Mae Connecticut Avenue
160bps Securities, Floating Rate Note, 4/25/28 25,364
966,809 2.18 1M LIBOR+ Fannie Mae Connecticut Avenue
95bps Securities, Floating Rate Note, 5/25/24 970,510
1,589,042 2.43 1M LIBOR+ Fannie Mae Connecticut Avenue
120bps Securities, Floating Rate Note, 7/25/24 1,590,851
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 53
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Government -- (continued)
1,333,097 3.19 1M LIBOR+ Fannie Mae Connecticut Avenue
195bps Securities, Floating Rate Note, 8/25/28 $ 1,344,924
1,335,730 3.39 1M LIBOR+ Fannie Mae Connecticut Avenue
215bps Securities, Floating Rate Note, 9/25/28 1,350,362
2,436,842 1.58 Fannie Mae Trust 2003-W6, Variable Rate
Note, 9/25/42 2,423,035
147,989 2.90 Fannie Mae Trust 2005-W4, Variable Rate
Note, 6/26/45 157,529
1,153,384 1.49 1M LIBOR+ Fannie Mae Whole Loan, Floating Rate
26bps Note, 11/25/46 1,155,499
713,998 Fannie Mae, 2.5%, 6/25/24 716,451
542,968 Fannie Mae, 3.0%, 1/25/29 544,669
491,409 Fannie Mae, 3.0%, 11/25/18 492,908
100,755 Fannie Mae, 3.0%, 8/25/25 101,030
343,760 Fannie Mae, 3.5%, 6/25/21 347,585
645,099 Fannie Mae, 4.5%, 9/25/18 650,324
42,484 Fannie Mae, 4.5%, 9/25/35 42,437
3,598,591 1.53 1M LIBOR+ Fannie Mae, Floating Rate Note, 12/25/33
30bps 3,587,501
1,566,579 1.68 1M LIBOR+ Fannie Mae, Floating Rate Note, 9/25/39
45bps 1,570,277
644,124 1.63 1M LIBOR+ Federal Home Loan Mortgage Corp.
40bps REMICS, Floating Rate Note, 1/15/33 644,529
155,136 1.53 1M LIBOR+ Federal Home Loan Mortgage Corp.
30bps REMICS, Floating Rate Note, 1/15/36 155,048
1,445,968 1.53 1M LIBOR+ Federal Home Loan Mortgage Corp.
30bps REMICS, Floating Rate Note, 1/15/37 1,438,917
15,401 1.38 1M LIBOR+ Federal Home Loan Mortgage Corp.
15bps REMICS, Floating Rate Note, 10/15/20 15,394
46,350 2.18 1M LIBOR+ Federal Home Loan Mortgage Corp.
58bps REMICS, Floating Rate Note, 10/15/31 47,049
655,606 1.81 1M LIBOR+ Federal Home Loan Mortgage Corp.
62bps REMICS, Floating Rate Note, 10/15/37 660,254
195,252 1.85 1M LIBOR+ Federal Home Loan Mortgage Corp.
60bps REMICS, Floating Rate Note, 10/15/37 197,944
64,962 1.83 1M LIBOR+ Federal Home Loan Mortgage Corp.
100bps REMICS, Floating Rate Note, 11/15/31 65,934
152,090 2.23 1M LIBOR+ Federal Home Loan Mortgage Corp.
35bps REMICS, Floating Rate Note, 11/15/33 155,832
103,461 1.58 1M LIBOR+ Federal Home Loan Mortgage Corp.
35bps REMICS, Floating Rate Note, 11/15/35 103,325
475,871 1.58 1M LIBOR+ Federal Home Loan Mortgage Corp.
35bps REMICS, Floating Rate Note, 11/15/36 475,665
247,199 1.58 1M LIBOR+ Federal Home Loan Mortgage Corp.
35bps REMICS, Floating Rate Note, 11/15/36 247,094
131,204 1.63 1M LIBOR+ Federal Home Loan Mortgage Corp.
40bps REMICS, Floating Rate Note, 11/15/40 131,358
The accompanying notes are an integral part of these financial statements.
54 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Government -- (continued)
53,346 1.63 1M LIBOR+ Federal Home Loan Mortgage Corp.
40bps REMICS, Floating Rate Note, 12/15/20 $ 53,559
277,044 1.68 1M LIBOR+ Federal Home Loan Mortgage Corp.
45bps REMICS, Floating Rate Note, 12/15/28 277,717
94,486 1.58 1M LIBOR+ Federal Home Loan Mortgage Corp.
35bps REMICS, Floating Rate Note, 12/15/32 94,413
15,559 1.73 1M LIBOR+ Federal Home Loan Mortgage Corp.
50bps REMICS, Floating Rate Note, 12/15/32 15,623
143,556 1.63 1M LIBOR+ Federal Home Loan Mortgage Corp.
40bps REMICS, Floating Rate Note, 12/15/32 143,902
107,636 1.63 1M LIBOR+ Federal Home Loan Mortgage Corp.
40bps REMICS, Floating Rate Note, 12/15/32 107,843
527,041 1.93 1M LIBOR+ Federal Home Loan Mortgage Corp.
70bps REMICS, Floating Rate Note, 12/15/39 534,490
323,175 1.58 1M LIBOR+ Federal Home Loan Mortgage Corp.
35bps REMICS, Floating Rate Note, 12/15/41 321,899
12,239 1.46 1M LIBOR+ Federal Home Loan Mortgage Corp.
23bps REMICS, Floating Rate Note, 2/15/19 12,238
43,984 1.53 1M LIBOR+ Federal Home Loan Mortgage Corp.
30bps REMICS, Floating Rate Note, 2/15/25 44,005
154,899 1.58 1M LIBOR+ Federal Home Loan Mortgage Corp.
35bps REMICS, Floating Rate Note, 2/15/29 154,741
359,572 1.53 1M LIBOR+ Federal Home Loan Mortgage Corp.
30bps REMICS, Floating Rate Note, 2/15/30 359,968
347,869 1.63 1M LIBOR+ Federal Home Loan Mortgage Corp.
40bps REMICS, Floating Rate Note, 2/15/33 348,174
197,698 1.78 1M LIBOR+ Federal Home Loan Mortgage Corp.
55bps REMICS, Floating Rate Note, 2/15/33 199,958
500,930 1.53 1M LIBOR+ Federal Home Loan Mortgage Corp.
30bps REMICS, Floating Rate Note, 2/15/36 501,810
169,689 1.58 1M LIBOR+ Federal Home Loan Mortgage Corp.
35bps REMICS, Floating Rate Note, 2/15/36 169,902
265,502 1.53 1M LIBOR+ Federal Home Loan Mortgage Corp.
30bps REMICS, Floating Rate Note, 2/15/39 266,357
747,498 2.28 1M LIBOR+ Federal Home Loan Mortgage Corp.
105bps REMICS, Floating Rate Note, 3/15/24 763,599
369,212 2.23 1M LIBOR+ Federal Home Loan Mortgage Corp.
100bps REMICS, Floating Rate Note, 3/15/32 378,031
117,413 1.93 1M LIBOR+ Federal Home Loan Mortgage Corp.
70bps REMICS, Floating Rate Note, 3/15/32 118,895
548,448 2.23 1M LIBOR+ Federal Home Loan Mortgage Corp.
100bps REMICS, Floating Rate Note, 3/15/32 564,523
494,816 1.53 1M LIBOR+ Federal Home Loan Mortgage Corp.
30bps REMICS, Floating Rate Note, 3/15/36 494,545
38,172 1.68 1M LIBOR+ Federal Home Loan Mortgage Corp.
45bps REMICS, Floating Rate Note, 3/15/39 38,256
1,126,090 1.63 1M LIBOR+ Federal Home Loan Mortgage Corp.
40bps REMICS, Floating Rate Note, 3/15/41 1,128,773
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 55
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Government -- (continued)
300,748 1.53 1M LIBOR+ Federal Home Loan Mortgage Corp.
30bps REMICS, Floating Rate Note, 4/15/36 $ 300,463
65,099 1.58 1M LIBOR+ Federal Home Loan Mortgage Corp.
35bps REMICS, Floating Rate Note, 5/15/29 65,497
222,827 2.74 1M LIBOR+ Federal Home Loan Mortgage Corp.
150bps REMICS, Floating Rate Note, 5/15/33 227,987
523,522 1.57 1M LIBOR+ Federal Home Loan Mortgage Corp.
34bps REMICS, Floating Rate Note, 5/15/35 523,713
104,813 1.53 1M LIBOR+ Federal Home Loan Mortgage Corp.
30bps REMICS, Floating Rate Note, 5/15/35 104,955
251,979 1.63 1M LIBOR+ Federal Home Loan Mortgage Corp.
40bps REMICS, Floating Rate Note, 5/15/36 252,481
89,724 1.57 1M LIBOR+ Federal Home Loan Mortgage Corp.
34bps REMICS, Floating Rate Note, 5/15/37 89,339
42,843 2.48 1M LIBOR+ Federal Home Loan Mortgage Corp.
125bps REMICS, Floating Rate Note, 5/15/37 44,269
52,698 1.58 1M LIBOR+ Federal Home Loan Mortgage Corp.
35bps REMICS, Floating Rate Note, 5/15/41 52,699
9,488 1.68 1M LIBOR+ Federal Home Loan Mortgage Corp.
45bps REMICS, Floating Rate Note, 6/15/23 9,497
293,068 1.63 1M LIBOR+ Federal Home Loan Mortgage Corp.
40bps REMICS, Floating Rate Note, 6/15/33 293,428
319,104 1.65 1M LIBOR+ Federal Home Loan Mortgage Corp.
42bps REMICS, Floating Rate Note, 6/15/36 319,811
1,083,068 1.54 1M LIBOR+ Federal Home Loan Mortgage Corp.
31bps REMICS, Floating Rate Note, 6/15/36 1,079,463
12,293 1.48 1M LIBOR+ Federal Home Loan Mortgage Corp.
25bps REMICS, Floating Rate Note, 7/15/21 12,315
267,341 1.63 1M LIBOR+ Federal Home Loan Mortgage Corp.
40bps REMICS, Floating Rate Note, 7/15/23 268,547
320,539 1.47 1M LIBOR+ Federal Home Loan Mortgage Corp.
24bps REMICS, Floating Rate Note, 7/15/34 317,837
593,965 1.73 1M LIBOR+ Federal Home Loan Mortgage Corp.
50bps REMICS, Floating Rate Note, 7/15/36 597,090
27,245 1.63 1M LIBOR+ Federal Home Loan Mortgage Corp.
40bps REMICS, Floating Rate Note, 7/15/36 27,238
191,466 1.43 1M LIBOR+ Federal Home Loan Mortgage Corp.
20bps REMICS, Floating Rate Note, 7/15/36 191,582
260,909 1.58 1M LIBOR+ Federal Home Loan Mortgage Corp.
35bps REMICS, Floating Rate Note, 7/15/40 260,907
217,807 1.43 1M LIBOR+ Federal Home Loan Mortgage Corp.
20bps REMICS, Floating Rate Note, 8/15/26 217,942
400,550 1.48 1M LIBOR+ Federal Home Loan Mortgage Corp.
25bps REMICS, Floating Rate Note, 8/15/35 400,634
228,758 1.48 1M LIBOR+ Federal Home Loan Mortgage Corp.
25bps REMICS, Floating Rate Note, 8/15/35 228,426
383,394 1.48 1M LIBOR+ Federal Home Loan Mortgage Corp.
25bps REMICS, Floating Rate Note, 8/15/36 382,233
The accompanying notes are an integral part of these financial statements.
56 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Government -- (continued)
436,351 1.53 1M LIBOR+ Federal Home Loan Mortgage Corp.
30bps REMICS, Floating Rate Note, 9/15/26 $ 437,498
86,490 1.83 1M LIBOR+ Federal Home Loan Mortgage Corp.
60bps REMICS, Floating Rate Note, 9/15/32 87,658
219,839 1.65 1M LIBOR+ Federal Home Loan Mortgage Corp.
42bps REMICS, Floating Rate Note, 9/15/36 220,630
140,196 1.63 1M LIBOR+ Federal Home Loan Mortgage Corp.
40bps REMICS, Floating Rate Note, 9/15/36 140,130
625,726 Federal Home Loan Mortgage Corp.,
3.0%, 12/15/24 627,056
365,310 Federal Home Loan Mortgage Corp.,
3.5%, 10/15/24 369,893
391,218 1.48 1M LIBOR+ Federal Home Loan Mortgage Corp.,
25bps Floating Rate Note, 1/15/35 391,909
33,344 1.58 1M LIBOR+ Federal Home Loan Mortgage Corp.,
35bps Floating Rate Note, 2/15/18 33,349
311,942 2.23 1M LIBOR+ Federal Home Loan Mortgage Corp.,
100bps Floating Rate Note, 3/15/32 319,393
317,702 1.83 1M LIBOR+ Federal Home Loan Mortgage Corp.,
60bps Floating Rate Note, 4/15/28 322,757
188,067 1.83 1M LIBOR+ Federal Home Loan Mortgage Corp.,
60bps Floating Rate Note, 6/15/31 190,878
2,286,805 1.93 1M LIBOR+ Federal Home Loan Mortgage Corp.,
70bps Floating Rate Note, 8/15/35 2,307,488
131,031 1.88 1M LIBOR+ Federal National Mortgage Association
65bps REMICS, Floating Rate Note, 1/18/32 133,082
207,302 1.93 1M LIBOR+ Federal National Mortgage Association
70bps REMICS, Floating Rate Note, 1/25/32 211,031
89,210 1.88 1M LIBOR+ Federal National Mortgage Association
65bps REMICS, Floating Rate Note, 1/25/33 90,799
228,664 1.73 1M LIBOR+ Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 1/25/33 229,130
153,313 1.78 1M LIBOR+ Federal National Mortgage Association
55bps REMICS, Floating Rate Note, 1/25/40 154,070
342,289 1.53 1M LIBOR+ Federal National Mortgage Association
30bps REMICS, Floating Rate Note, 10/25/35 342,139
1,200,042 1.63 1M LIBOR+ Federal National Mortgage Association
40bps REMICS, Floating Rate Note, 10/25/36 1,198,106
67,634 1.78 1M LIBOR+ Federal National Mortgage Association
55bps REMICS, Floating Rate Note, 10/25/37 68,088
432,234 1.83 1M LIBOR+ Federal National Mortgage Association
60bps REMICS, Floating Rate Note, 10/25/37 436,733
324,074 2.45 1M LIBOR+ Federal National Mortgage Association
122bps REMICS, Floating Rate Note, 10/25/38 331,609
1,074,526 2.23 1M LIBOR+ Federal National Mortgage Association
100bps REMICS, Floating Rate Note, 11/18/32 1,099,308
258,543 1.83 1M LIBOR+ Federal National Mortgage Association
60bps REMICS, Floating Rate Note, 11/25/31 262,521
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 57
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Government -- (continued)
227,517 1.83 1M LIBOR+ Federal National Mortgage Association
60bps REMICS, Floating Rate Note, 11/25/31 $ 231,018
389,747 1.73 1M LIBOR+ Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 11/25/33 392,850
250,460 1.53 1M LIBOR+ Federal National Mortgage Association
30bps REMICS, Floating Rate Note, 11/25/34 251,638
196,882 1.55 1M LIBOR+ Federal National Mortgage Association
32bps REMICS, Floating Rate Note, 11/25/36 196,347
57,378 1.83 1M LIBOR+ Federal National Mortgage Association
60bps REMICS, Floating Rate Note, 12/25/23 57,525
171,124 2.23 1M LIBOR+ Federal National Mortgage Association
100bps REMICS, Floating Rate Note, 12/25/23 172,946
57,137 1.78 1M LIBOR+ Federal National Mortgage Association
55bps REMICS, Floating Rate Note, 12/25/30 58,054
424,680 2.13 1M LIBOR+ Federal National Mortgage Association
90bps REMICS, Floating Rate Note, 12/25/31 430,353
215,609 1.83 1M LIBOR+ Federal National Mortgage Association
60bps REMICS, Floating Rate Note, 12/25/32 217,243
107,164 1.47 1M LIBOR+ Federal National Mortgage Association
24bps REMICS, Floating Rate Note, 12/25/36 106,562
239,027 1.85 1M LIBOR+ Federal National Mortgage Association
62bps REMICS, Floating Rate Note, 12/25/37 239,756
70,252 1.63 1M LIBOR+ Federal National Mortgage Association
40bps REMICS, Floating Rate Note, 12/25/38 70,404
186,653 1.98 1M LIBOR+ Federal National Mortgage Association
75bps REMICS, Floating Rate Note, 2/25/33 190,272
459,157 1.58 1M LIBOR+ Federal National Mortgage Association
35bps REMICS, Floating Rate Note, 2/25/33 462,597
505,880 1.54 1M LIBOR+ Federal National Mortgage Association
31bps REMICS, Floating Rate Note, 2/25/35 504,208
272,662 1.48 1M LIBOR+ Federal National Mortgage Association
25bps REMICS, Floating Rate Note, 2/25/37 270,652
256,027 1.43 1M LIBOR+ Federal National Mortgage Association
20bps REMICS, Floating Rate Note, 2/25/37 254,347
125,255 1.93 1M LIBOR+ Federal National Mortgage Association
70bps REMICS, Floating Rate Note, 2/25/38 126,771
34,658 1.73 1M LIBOR+ Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 3/25/23 34,673
300,028 1.73 1M LIBOR+ Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 3/25/24 303,230
150,510 1.57 T1Y+35bps Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/28 151,168
891,105 1.63 1M LIBOR+ Federal National Mortgage Association
40bps REMICS, Floating Rate Note, 3/25/34 891,360
73,356 1.53 1M LIBOR+ Federal National Mortgage Association
30bps REMICS, Floating Rate Note, 3/25/36 72,464
90,443 2.23 1M LIBOR+ Federal National Mortgage Association
100bps REMICS, Floating Rate Note, 3/25/37 92,928
The accompanying notes are an integral part of these financial statements.
58 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Government -- (continued)
299,151 1.48 1M LIBOR+ Federal National Mortgage Association
25bps REMICS, Floating Rate Note, 3/25/37 $ 296,940
236,868 1.48 1M LIBOR+ Federal National Mortgage Association
25bps REMICS, Floating Rate Note, 3/25/37 236,142
1,068,498 1.45 1M LIBOR+ Federal National Mortgage Association
22bps REMICS, Floating Rate Note, 3/25/45 1,042,881
73,239 1.53 1M LIBOR+ Federal National Mortgage Association
30bps REMICS, Floating Rate Note, 4/25/25 73,239
1,160,740 2.13 1M LIBOR+ Federal National Mortgage Association
90bps REMICS, Floating Rate Note, 4/25/32 1,177,291
578,814 1.73 1M LIBOR+ Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 4/25/33 581,592
3,243,101 1.63 1M LIBOR+ Federal National Mortgage Association
40bps REMICS, Floating Rate Note, 4/25/34 3,263,044
286,379 1.73 1M LIBOR+ Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 4/25/42 287,249
225,197 1.73 1M LIBOR+ Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 5/25/33 225,599
211,052 1.58 1M LIBOR+ Federal National Mortgage Association
35bps REMICS, Floating Rate Note, 5/25/36 210,324
639,968 1.54 1M LIBOR+ Federal National Mortgage Association
31bps REMICS, Floating Rate Note, 5/25/36 639,145
375,237 1.63 1M LIBOR+ Federal National Mortgage Association
40bps REMICS, Floating Rate Note, 5/25/37 376,173
129,505 1.83 1M LIBOR+ Federal National Mortgage Association
60bps REMICS, Floating Rate Note, 5/25/40 130,795
262,515 1.73 1M LIBOR+ Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 5/25/40 263,533
450,365 1.78 1M LIBOR+ Federal National Mortgage Association
55bps REMICS, Floating Rate Note, 5/25/40 453,641
258,700 1.63 1M LIBOR+ Federal National Mortgage Association
40bps REMICS, Floating Rate Note, 6/25/23 259,711
413,435 1.68 1M LIBOR+ Federal National Mortgage Association
45bps REMICS, Floating Rate Note, 6/25/36 415,619
478,091 1.47 1M LIBOR+ Federal National Mortgage Association
45bps REMICS, Floating Rate Note, 6/25/37 476,108
44,085 1.46 1M LIBOR+ Federal National Mortgage Association
23bps REMICS, Floating Rate Note, 6/25/37 43,896
153,300 1.48 1M LIBOR+ Federal National Mortgage Association
45bps REMICS, Floating Rate Note, 6/25/37 152,188
47,053 1.68 1M LIBOR+ Federal National Mortgage Association
45bps REMICS, Floating Rate Note, 6/25/37 47,275
34,971 1.73 1M LIBOR+ Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 7/18/27 35,385
250,221 1.83 1M LIBOR+ Federal National Mortgage Association
60bps REMICS, Floating Rate Note, 7/25/31 254,072
166,114 1.83 1M LIBOR+ Federal National Mortgage Association
60bps REMICS, Floating Rate Note, 7/25/31 168,925
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 59
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Government -- (continued)
108,050 2.23 1M LIBOR+ Federal National Mortgage Association
100bps REMICS, Floating Rate Note, 7/25/32 $ 110,009
294,350 1.63 1M LIBOR+ Federal National Mortgage Association
40bps REMICS, Floating Rate Note, 7/25/34 294,498
91,476 1.68 1M LIBOR+ Federal National Mortgage Association
45bps REMICS, Floating Rate Note, 7/25/34 91,522
1,213,045 1.53 1M LIBOR+ Federal National Mortgage Association
30bps REMICS, Floating Rate Note, 7/25/35 1,211,370
1,099,766 1.48 1M LIBOR+ Federal National Mortgage Association
25bps REMICS, Floating Rate Note, 7/25/35 1,098,226
158,395 1.52 1M LIBOR+ Federal National Mortgage Association
29bps REMICS, Floating Rate Note, 7/25/36 158,129
153,454 1.63 1M LIBOR+ Federal National Mortgage Association
40bps REMICS, Floating Rate Note, 7/25/37 153,862
104,464 1.73 1M LIBOR+ Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 8/25/31 104,918
46,911 1.83 1M LIBOR+ Federal National Mortgage Association
60bps REMICS, Floating Rate Note, 8/25/32 47,594
159,324 1.73 1M LIBOR+ Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 8/25/32 160,061
2,374 1.63 1M LIBOR+ Federal National Mortgage Association
40bps REMICS, Floating Rate Note, 8/25/33 2,378
103,659 1.78 1M LIBOR+ Federal National Mortgage Association
55bps REMICS, Floating Rate Note, 8/25/36 103,597
43 2.03 1M LIBOR+ Federal National Mortgage Association
80bps REMICS, Floating Rate Note, 9/25/20 44
39,109 2.13 1M LIBOR+ Federal National Mortgage Association
90bps REMICS, Floating Rate Note, 9/25/21 39,650
207,709 1.73 1M LIBOR+ Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 9/25/32 208,483
1,069,728 1.73 1M LIBOR+ Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 9/25/33 1,072,057
194,717 1.80 1M LIBOR+ Federal National Mortgage Association
57bps REMICS, Floating Rate Note, 9/25/36 196,273
436,140 1.73 1M LIBOR+ Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 9/25/37 438,760
201,837 1.80 1M LIBOR+ Federal National Mortgage Association
57bps REMICS, Floating Rate Note, 9/25/37 204,360
111,272 1.78 1M LIBOR+ Federal National Mortgage Association
55bps REMICS, Floating Rate Note, 9/25/37 112,103
658,681 Federal National Mortgage Association,
2.5%, 4/25/36 659,272
171,124 2.11 D11COF+ Federal National Mortgage Association,
140bps Floating Rate Note, 12/25/23 170,781
4,126,561 1.53 1M LIBOR+ Federal National Mortgage Association,
30bps Floating Rate Note, 12/25/33 4,111,785
9,162,468 1.68 1M LIBOR+ Federal National Mortgage Association,
45bps Floating Rate Note, 2/25/38 9,182,283
The accompanying notes are an integral part of these financial statements.
60 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Government -- (continued)
103,999 1.53 1M LIBOR+ Federal National Mortgage Association,
30bps Floating Rate Note, 3/25/18 $ 103,996
85,735 3.21 Federal National Mortgage Association,
Variable Rate Note, 4/25/35 87,915
282,671 1.58 1M LIBOR+ Freddie Mac Strips, Floating Rate Note,
35bps 12/15/36 282,871
212,056 1.48 1M LIBOR+ Freddie Mac Strips, Floating Rate Note,
25bps 8/15/36 211,460
916,727 1.53 1M LIBOR+ Freddie Mac Strips, Floating Rate Note,
30bps 8/15/36 915,770
2,675,000 3.44 1M LIBOR+ Freddie Mac Structured Agency Credit Risk
220bps Debt Notes, Floating Rate Note, 10/25/28 2,718,589
204,037 2.68 1M LIBOR+ Freddie Mac Structured Agency Credit Risk
145bps Debt Notes, Floating Rate Note, 11/25/23 204,499
459,002 2.43 1M LIBOR+ Freddie Mac Structured Agency Credit Risk
120bps Debt Notes, Floating Rate Note, 11/25/28 459,521
750,000 2.53 1M LIBOR+ Freddie Mac Structured Agency Credit Risk
130bps Debt Notes, Floating Rate Note, 3/25/29 759,375
699,984 2.68 1M LIBOR+ Freddie Mac Structured Agency Credit Risk
145bps Debt Notes, Floating Rate Note, 7/25/28 702,000
300,000 4.13 1M LIBOR+ Freddie Mac Structured Agency Credit Risk
290bps Debt Notes, Floating Rate Note, 7/25/28 310,002
707,115 2.98 1M LIBOR+ Freddie Mac Structured Agency Credit Risk
175bps Debt Notes, Floating Rate Note, 9/25/28 709,468
454,492 Freddie Mac, 2.0%, 11/15/20 455,934
530,101 Freddie Mac, 2.0%, 8/15/20 530,850
1,456,978 Freddie Mac, 3.0%, 10/15/25 1,469,169
1,093,085 Freddie Mac, 3.0%, 5/15/29 1,103,928
1,698,180 Freddie Mac, 3.1%, 2/15/25 1,705,286
543,297 Freddie Mac, 3.5%, 1/15/24 545,867
1,146,300 Freddie Mac, 4.5%, 4/15/19 1,163,213
791,643 Freddie Mac, 4.5%, 6/15/23 810,971
9,292,000 4.93 FREMF Mortgage Trust 2011-K702,
Variable Rate Note, 4/25/44 (144A) 9,382,550
10,661,000 5.05 FREMF Mortgage Trust 2011-K703, Variable
Rate Note, 7/25/44 (144A) 10,819,483
963,380 4.48 1M LIBOR+ FREMF Mortgage Trust 2014-KF04 REMICS,
325bps Floating Rate Note, 6/25/21 (144A) 973,406
2,715,816 5.23 1M LIBOR+ FREMF Mortgage Trust 2014-KF05 REMICS,
400bps Floating Rate Note, 9/25/21 (144A) 2,797,745
3,939,752 6.23 1M LIBOR+ FREMF Mortgage Trust 2014-KS02 REMICS,
500bps Floating Rate Note, 8/25/23 (144A) 3,923,166
9,161,779 5.63 1M LIBOR+ FREMF Mortgage Trust 2015-KLSF REMICS,
440bps Floating Rate Note, 11/25/22 (144A) 9,257,802
11,684,936 1.59 1M LIBOR+ Government National Mortgage Association
35bps REMICS, Floating Rate Note, 1/20/47 11,720,437
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 61
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Government -- (continued)
341,115 Government National Mortgage
Association, 3.0%, 2/16/24 $ 343,690
649,209 Government National Mortgage
Association, 3.0%, 8/20/38 655,267
378,339 1.43 1M LIBOR+ Government National Mortgage
20bps Association, Floating Rate Note, 1/16/33 379,140
707,178 1.48 1M LIBOR+ Government National Mortgage
25bps Association, Floating Rate Note, 1/16/35 706,271
183,231 1.91 1M LIBOR+ Government National Mortgage
68bps Association, Floating Rate Note, 10/16/39 185,234
187,421 1.63 1M LIBOR+ Government National Mortgage
40bps Association, Floating Rate Note, 10/20/38 187,933
677,704 1.48 1M LIBOR+ Government National Mortgage
25bps Association, Floating Rate Note, 2/20/35 674,284
1,332,385 1.63 1M LIBOR+ Government National Mortgage
40bps Association, Floating Rate Note, 3/16/32 1,339,012
671,202 1.73 1M LIBOR+ Government National Mortgage
50bps Association, Floating Rate Note, 4/16/30 673,796
144,876 1.78 1M LIBOR+ Government National Mortgage
55bps Association, Floating Rate Note, 4/16/32 146,624
95,150 1.63 1M LIBOR+ Government National Mortgage
40bps Association, Floating Rate Note, 5/16/38 95,181
137,525 1.73 1M LIBOR+ Government National Mortgage
50bps Association, Floating Rate Note, 6/16/31 138,118
1,454,774 1.83 1M LIBOR+ Government National Mortgage
60bps Association, Floating Rate Note, 7/20/39 1,466,452
240,312 2.23 1M LIBOR+ Government National Mortgage
100bps Association, Floating Rate Note, 8/16/39 245,802
229,973 1.73 1M LIBOR+ Government National Mortgage
50bps Association, Floating Rate Note, 8/20/38 231,287
609,511 1.76 1M LIBOR+ NCUA Guaranteed Notes Trust REMICS,
53bps Floating Rate Note, 3/9/21 (e) 608,262
--------------
$ 154,590,314
--------------
Total Government $ 154,590,314
--------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $933,779,655) $ 935,394,693
--------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 27.6%
Energy -- 2.3%
Oil & Gas Equipment & Services -- 0.1%
5,985,000 Schlumberger Holdings Corp., 1.9%,
12/21/17 (144A) $ 5,990,478
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
62 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 1.1%
805,000 BP Capital Markets Plc, 1.674%,
2/13/18 $ 805,572
1,848,000 1.69 3M LIBOR+ BP Capital Markets Plc, Floating Rate
51bps Note, 5/10/18 1,852,959
1,013,000 1.72 3M LIBOR+ BP Capital Markets Plc, Floating Rate
54bps Note, 5/10/19 1,019,116
2,616,000 2.12 3M LIBOR+ BP Capital Markets Plc, Floating Rate
87bps Note, 9/16/21 2,658,528
1,585,000 Chevron Corp., 1.718%, 6/24/18 1,586,314
1,385,000 1.69 3M LIBOR+ Chevron Corp., Floating Rate Note,
51bps 11/16/18 1,392,586
1,195,000 1.54 3M LIBOR+ Chevron Corp., Floating Rate Note,
36bps 11/9/17 1,195,497
2,550,000 1.38 3M LIBOR+ Chevron Corp., Floating Rate Note,
17bps 3/2/18 2,551,642
3,115,000 1.43 3M LIBOR+ Chevron Corp., Floating Rate Note,
21bps 3/3/20 3,123,794
4,190,000 1.68 3M LIBOR+ Chevron Corp., Floating Rate Note,
50bps 5/16/18 4,202,892
3,611,000 1.80 3M LIBOR+ Exxon Mobil Corp., Floating Rate Note,
60bps 2/28/18 3,620,584
7,715,000 1.89 3M LIBOR+ Shell International Finance BV, Floating
58bps Rate Note, 11/10/18 7,759,044
3,132,000 1.66 3M LIBOR+ Shell International Finance BV, Floating
35bps Rate Note, 9/12/19 3,149,745
4,900,000 1.51 3M LIBOR+ Statoil ASA, Floating Rate Note, 11/9/17
20bps 4,901,150
2,555,000 1.60 3M LIBOR+ Statoil ASA, Floating Rate Note, 5/15/18
29bps 2,559,604
--------------
$ 42,379,027
--------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.2%
5,170,000 Canadian Natural Resources, Ltd.,
1.75%, 1/15/18 $ 5,173,664
900,000 XTO Energy, Inc., 5.5%, 6/15/18 926,142
--------------
$ 6,099,806
--------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.9%
5,065,000 Enbridge Energy Partners LP, 6.5%,
4/15/18 $ 5,190,734
1,435,000 Energy Transfer LP, 2.5%, 6/15/18 1,440,636
6,735,000 Enterprise Products Operating LLC,
1.65%, 5/7/18 6,732,605
7,390,000 Kinder Morgan Energy Partners LP,
5.95%, 2/15/18 7,498,822
2,895,000 TransCanada PipeLines, Ltd., 1.625%,
11/9/17 2,894,699
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 63
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- (continued)
3,975,000 TransCanada PipeLines, Ltd.,
1.875%, 1/12/18 $ 3,978,388
5,483,000 2.09 3M LIBOR+ TransCanada PipeLines, Ltd., Floating
79bps Rate Note, 1/12/18 5,493,126
--------------
$ 33,229,010
--------------
Total Energy $ 87,698,321
--------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.1%
Diversified Chemicals -- 0.1%
3,235,000 1.84 3M LIBOR+ EI du Pont de Nemours & Co., Floating
53bps Rate Note, 5/1/20 $ 3,262,285
--------------
Total Materials $ 3,262,285
--------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.5%
Aerospace & Defense -- 0.5%
6,410,000 Northrop Grumman Corp., 1.75%, 6/1/18 $ 6,417,736
3,850,000 United Technologies Corp., 1.778%,
5/4/18 (Step) 3,851,837
6,630,000 1.66 3M LIBOR+ United Technologies Corp., Floating Rate
35bps Note, 11/1/19 6,662,756
--------------
$ 16,932,329
--------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%+
780,000 2.10 3M LIBOR+ General Electric Co., Floating Rate Note,
80bps 4/15/20 $ 791,624
--------------
Total Capital Goods $ 17,723,953
--------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Railroads -- 0.2%
537,000 Burlington Northern Santa Fe LLC,
5.75%, 3/15/18 $ 547,129
1,670,000 1.35 3M LIBOR+ Canadian National Railway Co., Floating
17bps Rate Note, 11/14/17 1,670,382
1,989,000 Norfolk Southern Corp., 5.75%, 4/1/18 2,029,026
2,855,000 Union Pacific Corp., 5.7%, 8/15/18 2,953,096
--------------
$ 7,199,633
--------------------------------------------------------------------------------------------------------------
Highways & Railtracks -- 0.1%
6,550,000 ERAC USA Finance LLC, 6.375%,
10/15/17 (144A) $ 6,560,091
--------------
Total Transportation $ 13,759,724
--------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.5%
Automobile Manufacturers -- 1.5%
2,650,000 1.79 3M LIBOR+ Daimler Finance North America LLC,
62bps Floating Rate Note, 10/30/19 (144A) $ 2,663,290
1,275,000 1.63 3M LIBOR+ Daimler Finance North America LLC,
42bps Floating Rate Note, 3/2/18 (144A) 1,276,240
The accompanying notes are an integral part of these financial statements.
64 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- (continued)
5,555,000 1.63 3M LIBOR+ Daimler Finance North America LLC,
45bps Floating Rate Note, 5/18/18 (144A) $ 5,566,146
400,000 Ford Motor Credit Co LLC, 2.24%,
6/15/18 401,342
2,980,000 2.16 3M LIBOR+ Ford Motor Credit Co LLC, Floating Rate
100bps Note, 1/9/20 3,004,776
780,000 2.24 3M LIBOR+ Ford Motor Credit Co LLC, Floating Rate
93bps Note, 11/4/19 785,405
5,295,000 2.06 3M LIBOR+ Ford Motor Credit Co LLC, Floating Rate
83bps Note, 3/12/19 5,320,347
2,600,000 2.10 3M LIBOR+ Ford Motor Credit Co. LLC, Floating Rate
94bps Note, 1/9/18 2,604,799
1,000,000 2.23 3M LIBOR+ Nissan Motor Acceptance Corp., Floating
101bps Rate Note, 3/8/19 (144A) 1,011,066
3,115,000 1.95 3M LIBOR+ Nissan Motor Acceptance Corp., Floating
80bps Rate Note, 4/6/18 (144A) 3,124,952
3,530,000 1.69 3M LIBOR+ Nissan Motor Acceptance Corp., Floating
39bps Rate Note, 7/13/20 (144A) 3,532,083
2,650,000 1.76 3M LIBOR+ Nissan Motor Acceptance Corp., Floating
52bps Rate Note, 9/13/19 (144A) 2,662,752
1,970,000 1.72 3M LIBOR+ Nissan Motor Acceptance Corp., Floating
39bps Rate Note, 9/28/20 (144A) 1,973,526
3,890,000 Toyota Motor Credit Corp., 1.2%, 4/6/18 3,884,953
3,150,000 Toyota Motor Credit Corp., 1.25%, 10/5/17 3,149,982
3,063,000 1.60 3M LIBOR+ Toyota Motor Credit Corp., Floating Rate
44bps Note, 10/18/19 3,083,317
4,400,000 2.00 3M LIBOR+ Toyota Motor Credit Corp., Floating Rate
82bps Note, 2/19/19 4,446,665
3,000,000 1.60 3M LIBOR+ Toyota Motor Credit Corp., Floating Rate
37bps Note, 3/12/20 3,012,425
3,205,000 1.42 3M LIBOR+ Toyota Motor Credit Corp., Floating Rate
26bps Note, 4/17/20 3,214,599
2,501,000 1.62 3M LIBOR+ Toyota Motor Credit Corp., Floating Rate
46bps Note, 7/13/18 2,509,331
2,500,000 1.61 3M LIBOR+ Volkswagen Group of America Finance
44bps LLC, Floating Rate Note, 11/20/17 (144A) 2,501,035
--------------
$ 59,729,031
--------------
Total Automobiles & Components $ 59,729,031
--------------------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Broadcasting -- 0.2%
6,795,000 1.84 3M LIBOR+ NBCUniversal Enterprise, Inc., Floating
68.5bps Rate Note, 4/15/18 (144A) $ 6,817,833
--------------
Total Media $ 6,817,833
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 65
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.6%
Brewers -- 0.1%
3,569,000 1.57 3M LIBOR+ Anheuser-Busch InBev Finance, Inc.,
40bps Floating Rate Note, 2/1/19 $ 3,583,025
--------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.2%
9,480,000 1.92 3M LIBOR+ Mondelez International Holdings
61bps Netherlands BV, Floating Rate Note,
10/28/19 (144A) $ 9,519,718
900,000 1.87 3M LIBOR+ Tyson Foods, Inc., Floating Rate Note,
55bps 6/2/20 904,281
--------------
$ 10,423,999
--------------------------------------------------------------------------------------------------------------
Tobacco -- 0.3%
3,635,000 1.90 3M LIBOR+ BAT Capital Corp., Floating Rate Note,
59bps 8/14/20 (144A) $ 3,641,529
7,406,000 Reynolds American, Inc., 2.3%, 6/12/18 7,438,546
--------------
$ 11,080,075
--------------
Total Food, Beverage & Tobacco $ 25,087,099
--------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.8%
Health Care Equipment -- 0.2%
3,280,000 Medtronic, Inc., 1.375%, 4/1/18 $ 3,277,671
2,680,000 2.05 3M LIBOR+ Medtronic, Inc., Floating Rate Note,
80bps 3/15/20 2,722,486
--------------
$ 6,000,157
--------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.6%
12,910,000 1.87 3M LIBOR+ Aetna, Inc., Floating Rate Note, 12/8/17
65bps $ 12,923,787
2,960,000 UnitedHealth Group, Inc., 1.4%,
12/15/17 2,959,586
7,975,000 UnitedHealth Group, Inc., 1.9%,
7/16/18 7,996,027
--------------
$ 23,879,400
--------------
Total Health Care Equipment & Services $ 29,879,557
--------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 1.1%
Biotechnology -- 1.1%
13,253,000 AbbVie, Inc., 1.8%, 5/14/18 $ 13,271,416
3,265,000 1.50 3M LIBOR+ Amgen, Inc., Floating Rate Note,
32bps 5/10/19 3,275,646
3,305,000 1.63 3M LIBOR+ Amgen, Inc., Floating Rate Note,
45bps 5/11/20 3,321,911
3,484,000 1.77 3M LIBOR+ Amgen, Inc., Floating Rate Note,
60bps 5/22/19 3,508,499
5,900,000 2.07 3M LIBOR+ Baxalta, Inc., Floating Rate Note,
78bps 6/22/18 5,921,028
6,160,000 Biogen, Inc., 6.875%, 3/1/18 6,291,786
The accompanying notes are an integral part of these financial statements.
66 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Biotechnology -- (continued)
3,600,000 Celgene Corp., 2.125%, 8/15/18 $ 3,615,060
3,800,000 1.55 3M LIBOR+ Gilead Sciences, Inc., Floating Rate
22bps Note, 3/20/19 3,806,844
--------------
$ 43,012,190
--------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.0%+
1,400,000 1.43 3M LIBOR+ Bayer US Finance LLC, Floating Rate
28bps Note, 10/6/17 (144A) $ 1,400,028
--------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 44,412,218
--------------------------------------------------------------------------------------------------------------
BANKS -- 9.6%
Diversified Banks -- 7.0%
12,315,000 1.94 3M LIBOR+ ABN AMRO Bank NV, Floating Rate
64bps Note, 1/18/19 (144A) $ 12,369,900
4,505,000 1.62 3M LIBOR+ American Express Centurion Bank,
30bps Floating Rate Note, 6/15/18 4,507,942
3,115,000 Bank of America Corp., 2.0%, 1/11/18 3,118,440
3,835,000 Bank of America Corp., 6.875%, 4/25/18 3,945,387
1,715,000 2.34 3M LIBOR+ Bank of America Corp., Floating Rate
104bps Note, 1/15/19 1,731,853
3,100,000 2.47 3M LIBOR+ Bank of America Corp., Floating Rate
116bps Note, 1/20/23 3,149,922
3,897,000 2.39 3M LIBOR+ Bank of America Corp., Floating Rate
107bps Note, 3/22/18 3,913,560
6,142,000 2.17 3M LIBOR+ Bank of America Corp., Floating Rate
87bps Note, 4/1/19 6,197,247
1,525,000 1.69 3M LIBOR+ Bank of Montreal, Floating Rate Note,
44bps 6/15/20 1,528,469
2,540,000 1.81 3M LIBOR+ Bank of Montreal, Floating Rate Note,
65bps 7/18/19 2,559,193
2,665,000 1.78 3M LIBOR+ Bank of Montreal, Floating Rate Note,
61bps 7/31/18 2,676,368
3,930,000 1.80 3M LIBOR+ Banque Federative du Credit Mutuel
49bps SA, Floating Rate Note, 7/20/20 (144A) 3,937,662
3,665,000 BPCE SA, 1.625%, 1/26/18 3,664,146
2,590,000 1.84 3M LIBOR+ Caisse Centrale Desjardins, Floating
66.5bps Rate Note, 1/29/18 (144A) 2,595,113
2,610,000 1.74 3M LIBOR+ Canadian Imperial Bank of Commerce,
52bps Floating Rate Note, 9/6/19 2,621,839
3,800,000 1.58 3M LIBOR+ Citibank NA, Floating Rate Note,
26bps 9/18/19 3,802,877
1,720,000 Citigroup, Inc., 1.7%, 4/27/18 1,719,841
3,915,000 1.89 3M LIBOR+ Citigroup, Inc., Floating Rate Note,
70bps 11/24/17 3,918,407
7,015,000 1.86 3M LIBOR+ Citigroup, Inc., Floating Rate Note,
69bps 4/27/18 7,032,814
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 67
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
4,691,000 2.88 3M LIBOR+ Citigroup, Inc., Floating Rate Note,
170bps 5/15/18 $ 4,733,981
1,500,000 2.15 3M LIBOR+ Citigroup, Inc., Floating Rate Note,
93bps 6/7/19 1,514,919
3,140,000 2.19 3M LIBOR+ Citigroup, Inc., Floating Rate Note,
88bps 7/30/18 3,156,579
3,840,000 1.86 3M LIBOR+ Citizens Bank NA, Floating Rate Note,
54bps 3/2/20 3,841,804
3,340,000 1.77 3M LIBOR+ Citizens Bank NA, Floating Rate Note,
57bps 5/26/20 3,347,014
3,675,000 1.69 3M LIBOR+ Cooperatieve Rabobank UA New York,
51bps Floating Rate Note, 8/9/19 3,700,188
11,340,000 1.90 3M LIBOR+ Danske Bank AS, Floating Rate Note,
58bps 9/6/19 (144A) 11,397,555
4,680,000 Discover Bank, 2.0%, 2/21/18 4,686,973
3,325,000 Discover Bank, 2.6%, 11/13/18 3,346,634
3,800,000 1.70 3M LIBOR+ DNB Bank ASA, Floating Rate Note,
37bps 10/2/20 (144A) 3,802,202
4,255,000 HSBC USA, Inc., 1.625%, 1/16/18 4,256,589
4,755,000 HSBC USA, Inc., 1.7%, 3/5/18 4,758,896
2,740,000 ING Bank NV, 2.0%, 11/26/18 (144A) 2,741,497
2,675,000 2.45 3M LIBOR+ ING Bank NV, Floating Rate Note,
113bps 3/22/19 (144A) 2,707,334
100,000 1.92 3M LIBOR+ ING Bank NV, Floating Rate Note,
61bps 8/15/19 (144A) 100,528
3,190,000 2.09 3M LIBOR+ ING Bank NV, Floating Rate Note,
78bps 8/17/18 (144A) 3,207,609
700,000 2.28 3M LIBOR+ ING Bank NV, Floating Rate Note,
97bps 8/17/20 (144A) 709,717
8,825,000 2.21 3M LIBOR+ JPMorgan Chase & Co., Floating Rate
90bps Note, 1/25/18 8,847,270
3,800,000 1.83 3M LIBOR+ JPMorgan Chase & Co., Floating Rate
51bps Note, 3/1/18 3,806,345
2,500,000 1.86 3M LIBOR+ JPMorgan Chase & Co., Floating Rate
55bps Note, 4/25/18 2,506,498
2,875,000 1.78 3M LIBOR+ JPMorgan Chase Bank NA, Floating Rate
45bps Note, 9/21/18 2,882,382
1,548,000 1.84 3M LIBOR+ Lloyds Bank Plc, Floating Rate Note,
52bps 3/16/18 1,550,870
6,720,000 1.86 3M LIBOR+ Lloyds Bank Plc, Floating Rate Note,
55bps 5/14/18 6,737,849
3,750,000 2.09 3M LIBOR+ Lloyds Bank Plc, Floating Rate Note,
78bps 8/17/18 3,762,880
4,941,000 1.95 3M LIBOR+ Macquarie Bank, Ltd., Floating Rate Note,
63bps 10/27/17 (144A) 4,943,115
2,800,000 2.35 3M LIBOR+ Mizuho Bank, Ltd., Floating Rate Note,
119bps 10/20/18 (144A) 2,828,064
The accompanying notes are an integral part of these financial statements.
68 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
7,555,000 1.94 3M LIBOR+ Mizuho Bank, Ltd., Floating Rate Note,
64bps 3/26/18 (144A) $ 7,572,869
3,210,000 1.00 Mizuho Securities USA LLC, Floating Rate
Note, 10/11/17 3,209,991
2,425,000 1.75 3M LIBOR+ MUFG Americas Holdings Corp., Floating
57bps Rate Note, 2/9/18 2,428,145
3,350,000 1.79 3M LIBOR+ Nordea Bank AB, Floating Rate Note,
47bps 5/29/20 (144A) 3,362,507
3,600,000 2.11 3M LIBOR+ Nordea Bank AB, Floating Rate Note,
84bps 9/17/18 (144A) 3,624,548
4,515,000 1.92 3M LIBOR+ Nordea Bank AB, Floating Rate Note,
62bps 9/30/19 (144A) 4,549,047
2,500,000 1.42 3M LIBOR+ Royal Bank of Canada, Floating Rate
26bps Note, 10/13/17 2,500,166
3,115,000 1.70 3M LIBOR+ Royal Bank of Canada, Floating Rate
38bps Note, 3/2/20 3,118,978
2,500,000 1.65 3M LIBOR+ Royal Bank of Canada, Floating Rate
48bps Note, 7/29/19 2,511,578
1,325,000 1.71 3M LIBOR+ Royal Bank of Canada, Floating Rate
54bps Note, 7/30/18 1,329,701
3,500,000 1.56 3M LIBOR+ Royal Bank of Canada, Floating Rate
24bps Note, 8/29/19 3,500,933
6,005,000 1.81 3M LIBOR+ Skandinaviska Enskilda Banken AB,
57bps Floating Rate Note, 9/13/19 (144A) 6,036,523
2,980,000 1.70 3M LIBOR+ Sumitomo Mitsui Banking Corp., Floating
54bps Rate Note, 1/11/19 2,992,528
2,975,000 1.74 3M LIBOR+ Sumitomo Mitsui Banking Corp., Floating
58bps Rate Note, 1/16/18 2,979,046
3,279,000 1.83 3M LIBOR+ Sumitomo Mitsui Banking Corp., Floating
67bps Rate Note, 10/19/18 3,294,034
3,115,000 1.73 3M LIBOR+ Sumitomo Mitsui Trust Bank, Ltd., Floating
51bps Rate Note, 3/6/19 (144A) 3,122,142
3,750,000 1.71 3M LIBOR+ Svenska Handelsbanken AB, Floating Rate
49bps Note, 9/6/19 3,767,639
5,700,000 1.68 3M LIBOR+ Svenska Handelsbanken AB, Floating Rate
36bps Note, 9/8/20 5,710,317
1,471,000 The Bank of Nova Scotia, 1.45%, 4/25/18 1,470,507
761,000 The Bank of Nova Scotia, 1.7%, 6/11/18 761,621
4,145,000 1.58 3M LIBOR+ The Toronto-Dominion Bank, Floating Rate
42bps Note, 1/18/19 4,158,057
3,860,000 1.69 3M LIBOR+ The Toronto-Dominion Bank, Floating Rate
54bps Note, 7/23/18 3,874,511
2,600,000 1.83 3M LIBOR+ The Toronto-Dominion Bank, Floating Rate
65bps Note, 8/13/19 2,620,433
3,650,000 1.56 3M LIBOR+ US Bancorp, Floating Rate Note, 4/25/19
40bps 3,664,096
1,055,000 1.58 3M LIBOR+ US Bank NA Cincinnati Ohio, Floating Rate
41bps Note, 4/26/19 1,059,510
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 69
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
3,125,000 2.26 3M LIBOR+ Wells Fargo & Co., Floating Rate Note,
111bps 1/24/23 $ 3,178,915
3,795,000 1.99 3M LIBOR+ Wells Fargo & Co., Floating Rate Note,
68bps 1/30/20 3,834,673
6,675,000 1.78 3M LIBOR+ Wells Fargo & Co., Floating Rate Note,
63bps 4/23/18 6,696,339
--------------
$ 271,795,626
--------------------------------------------------------------------------------------------------------------
Regional Banks -- 2.6%
3,065,000 1.87 3M LIBOR+ BB&T Corp., Floating Rate Note,
71.5bps 1/15/20 $ 3,085,928
2,000,000 Branch Banking & Trust Co., 2.3%,
10/15/18 2,011,079
3,000,000 1.61 3M LIBOR+ Branch Banking & Trust Co.,
45bps Floating Rate Note, 1/15/20 3,010,315
1,520,000 Capital One NA, 1.5%, 3/22/18 1,519,039
4,000,000 2.33 3M LIBOR+ Capital One NA, Floating Rate
115bps Note, 8/17/18 4,030,055
4,000,000 2.00 3M LIBOR+ Capital One NA, Floating Rate
76.5bps Note, 9/13/19 4,026,298
3,288,000 Credit Suisse AG New York NY, 1.7%,
4/27/18 3,290,589
4,215,000 Credit Suisse AG New York NY, 1.75%,
1/29/18 4,218,302
5,260,000 Fifth Third Bancorp, 4.5%, 6/1/18 5,356,644
455,000 1.88 3M LIBOR+ Fifth Third Bank Cincinnati Ohio,
59bps Floating Rate Note, 9/27/19 457,128
3,532,000 KeyBank NA Cleveland Ohio, 1.65%,
2/1/18 3,533,148
5,350,000 1.72 3M LIBOR+ KeyBank NA Cleveland Ohio,
52bps Floating Rate Note, 6/1/18 5,366,404
5,165,000 Manufacturers & Traders Trust Co.,
1.45%, 3/7/18 5,164,068
1,820,000 PNC Bank NA, 1.5%, 2/23/18 1,820,135
2,730,000 PNC Bank NA, 1.6%, 6/1/18 2,731,651
3,540,000 PNC Bank NA, 1.85%, 7/20/18 3,545,555
7,630,000 1.62 3M LIBOR+ PNC Bank NA, Floating Rate
40bps Note, 12/7/18 7,654,948
4,300,000 1.62 3M LIBOR+ PNC Bank NA, Floating Rate
42bps Note, 6/1/18 4,311,739
2,032,000 SunTrust Bank, 7.25%, 3/15/18 2,081,648
6,215,000 1.70 3M LIBOR+ SunTrust Bank, Floating Rate
53bps Note, 1/31/20 6,251,835
1,105,000 UBS AG, 1.8%, 3/26/18 1,106,792
4,500,000 2.03 3M LIBOR+ UBS AG, Floating Rate
70bps Note, 3/26/18 4,513,104
The accompanying notes are an integral part of these financial statements.
70 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
2,965,000 1.47 3M LIBOR+ US Bank NA Cincinnati Ohio,
32bps Floating Rate Note, 1/24/20 $ 2,974,236
5,125,000 1.47 3M LIBOR+ US Bank NA Cincinnati Ohio,
30bps Floating Rate Note, 1/26/18 5,128,463
4,603,000 1.75 3M LIBOR+ US Bank NA Cincinnati Ohio,
58bps Floating Rate Note, 1/29/18 4,609,108
6,485,000 1.89 3M LIBOR+ Wells Fargo Bank NA,
74bps Floating Rate Note, 1/22/18 6,498,535
3,775,000 1.79 3M LIBOR+ Wells Fargo Bank NA,
60bps Floating Rate Note, 5/24/19 3,804,107
--------------
$ 102,100,853
--------------
Total Banks $ 373,896,479
--------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.8%
Multi-Sector Holdings -- 0.2%
3,600,000 1.58 3M LIBOR+ Berkshire Hathaway Finance Corp.,
26bps Floating Rate Note, 8/15/19 $ 3,611,000
3,315,000 1.46 3M LIBOR+ Berkshire Hathaway, Inc., Floating
15bps Rate Note, 8/6/18 3,319,077
--------------
$ 6,930,077
--------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
1,000,000 MassMutual Global Funding II, 2.1%,
8/2/18 (144A) $ 1,004,196
3,705,000 1.54 3M LIBOR+ Metropolitan Life Global Funding I,
22bps Floating Rate Note, 9/19/19 (144A) 3,707,742
--------------
$ 4,711,938
--------------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.1%
1,750,000 1.88 3M LIBOR+ American Express Credit Corp., Floating
57bps Rate Note, 10/30/19 $ 1,759,448
3,115,000 1.75 3M LIBOR+ American Express Credit Corp., Floating
43bps Rate Note, 3/3/20 3,122,121
3,235,000 1.64 3M LIBOR+ American Express Credit Corp., Floating
33bps Rate Note, 5/3/19 3,243,178
4,258,000 American Honda Finance Corp.,
1.55%, 12/11/17 4,259,510
1,810,000 1.46 3M LIBOR+ American Honda Finance Corp., Floating
15bps Rate Note, 1/22/19 1,811,951
2,570,000 1.54 3M LIBOR+ American Honda Finance Corp., Floating
31bps Rate Note, 12/11/17 2,571,351
2,000,000 1.65 3M LIBOR+ American Honda Finance Corp., Floating
34bps Rate Note, 2/14/20 2,009,445
2,187,000 Caterpillar Financial Services Corp.,
2.45%, 9/6/18 2,203,304
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 71
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
4,856,000 1.61 3M LIBOR+ Caterpillar Financial Services Corp.,
29bps Floating Rate Note, 9/4/20 $ 4,863,925
9,320,000 3.36 3M LIBOR+ General Motors Financial Co, Inc.,
206bps Floating Rate Note, 1/15/19 9,490,882
4,154,000 2.66 3M LIBOR+ General Motors Financial Co, Inc.,
136bps Floating Rate Note, 4/10/18 4,175,869
2,323,000 2.63 3M LIBOR+ General Motors Financial Co, Inc.,
145bps Floating Rate Note, 5/9/19 2,359,175
--------------
$ 41,870,159
--------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.6%
3,190,000 State Street Corp., 4.956%, 3/15/18 $ 3,234,806
3,000,000 2.22 3M LIBOR+ State Street Corp., Floating Rate
90bps Note, 8/18/20 3,061,063
3,405,000 The Bank of New York Mellon Corp.,
1.35%, 3/6/18 3,403,896
7,585,000 The Bank of New York Mellon Corp.,
1.6%, 5/22/18 7,591,328
1,090,000 1.66 3M LIBOR+ The Bank of New York Mellon Corp.,
44bps Floating Rate Note, 3/6/18 1,092,158
1,047,000 1.73 3M LIBOR+ The Bank of New York Mellon Corp.,
56bps Floating Rate Note, 8/1/18 1,051,761
3,415,000 The Charles Schwab Corp., 1.5%, 3/10/18 3,416,130
--------------
$ 22,851,142
--------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.8%
3,130,000 2.00 3M LIBOR+ Morgan Stanley, Floating Rate
85bps Note, 1/24/19 $ 3,151,483
4,325,000 2.04 3M LIBOR+ Morgan Stanley, Floating Rate
74bps Note, 1/5/18 4,331,434
7,360,000 2.54 3M LIBOR+ Morgan Stanley, Floating Rate Note, 2/1/19
137.5bps 7,464,812
2,800,000 1.36 3M LIBOR+ Svensk Exportkredit AB, Floating Rate
18bps Note, 11/10/17 2,800,718
2,836,000 The Charles Schwab Corp., 2.2%, 7/25/18 2,849,742
2,703,000 2.17 3M LIBOR+ The Goldman Sachs Group, Inc., Floating
102bps Rate Note, 10/23/19 2,736,285
3,325,000 2.42 3M LIBOR+ The Goldman Sachs Group, Inc., Floating
110bps Rate Note, 11/15/18 3,355,826
1,827,000 2.12 3M LIBOR+ The Goldman Sachs Group, Inc., Floating
80bps Rate Note, 12/15/17 1,829,353
3,470,000 2.51 3M LIBOR+ The Goldman Sachs Group, Inc., Floating
120bps Rate Note, 4/30/18 3,490,479
--------------
$ 32,010,132
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
72 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%+
700,000 1.57 3M LIBOR+ Moody's Corp., Floating Rate
35bps Note, 9/4/18 $ 701,235
--------------
Total Diversified Financials $ 109,074,683
--------------------------------------------------------------------------------------------------------------
INSURANCE -- 5.5%
Life & Health Insurance -- 0.9%
5,215,000 1.78 3M LIBOR+ AIG Global Funding, Floating Rate
48bps Note, 7/2/20 (144A) $ 5,223,180
2,065,000 Jackson National Life Global Funding,
4.7%, 6/1/18 (144A) 2,104,946
5,159,000 1.88 3M LIBOR+ Jackson National Life Global Funding,
58bps Floating Rate Note, 10/13/17 (144A) 5,159,548
2,940,000 1.70 3M LIBOR+ Metropolitan Life Global Funding I,
43bps Floating Rate Note, 12/19/18 (144A) 2,954,134
700,000 1.79 3M LIBOR+ Pricoa Global Funding I, Floating Rate
50bps Note, 6/27/18 (144A) 702,187
7,370,000 1.70 3M LIBOR+ Principal Life Global Funding II, Floating
50bps Rate Note, 12/1/17 (144A) 7,375,411
2,481,000 1.47 3M LIBOR+ Principal Life Global Funding II, Floating
30bps Rate Note, 5/21/18 (144A) 2,484,733
3,457,000 1.87 3M LIBOR+ Protective Life Global Funding, Floating
55bps Rate Note, 6/8/18 (144A) 3,468,072
5,450,000 2.10 3M LIBOR+ Prudential Financial, Inc., Floating Rate
78bps Note, 8/15/18 5,481,792
--------------
$ 34,954,003
--------------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.7%
5,688,000 American International Group, Inc.,
5.85%, 1/16/18 $ 5,752,879
5,090,000 1.64 3M LIBOR+ Metropolitan Life Global Funding I,
40bps Floating Rate Note, 6/12/20 (144A) 5,113,735
1,695,000 New York Life Global Funding, 1.3%,
10/30/17 (144A) 1,695,028
3,143,000 New York Life Global Funding, 1.45%,
12/15/17 (144A) 3,142,544
4,204,000 1.70 3M LIBOR+ New York Life Global Funding, Floating
39bps Rate Note, 10/24/19 (144A) 4,226,117
8,050,000 1.53 3M LIBOR+ New York Life Global Funding, Floating
28bps Rate Note, 12/15/17 (144A) 8,054,155
1,250,000 1.48 3M LIBOR+ New York Life Global Funding, Floating
18bps Rate Note, 7/6/18 (144A) 1,251,274
--------------
$ 29,235,732
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 73
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Reinsurance -- 3.9%
1,500,000 Ailsa Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 6/15/18 (d)(e)(f) $ 1,448,850
2,500,000 5.90 T-BILL 3MO+ Alamo Re, Ltd., Floating Rate Note,
481bps 6/7/18 (Cat Bond) (144A) 2,511,750
2,000,000 0.50 T-BILL 3MO+ Alamo Re, Ltd., Floating Rate Note,
375bps 6/8/20 (Cat Bond) (144A) 2,016,400
1,500,000 Aozora Re Ltd 2017-A, Floating Rate
Note, 4/7/21 (Cat Bond) (144A) 1,505,850
500,000 3.49 6M LIBOR+ Aozora Re, Ltd., Floating Rate Note,
200bps 4/7/23 (Cat Bond) (144A) 505,250
500,000 Arlington Segregated Account (Artex
SAC Ltd.), Variable Rate Notes,
8/31/16 (d)(e)(f) 24,300
750,000 Arlington Segregated Account (Artex
SAC Ltd.), Variable Rate Notes,
8/31/17 (d)(e)(f) 97,875
1,500,000 4.49 3M LIBOR+ Atlas IX Capital DAC, Floating Rate Note,
325bps 1/17/19 (Cat Bond) (144A) 1,521,000
1,250,000 Berwick 2016-1 Segregated Account
(Artex SAC Ltd.), Variable Rate Notes,
2/1/18 (d)(e)(f) 59,375
1,250,000 Berwick Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 2/1/19 (d)(e)(f) 1,192,125
2,650,000 4.86 6M LIBOR+ Bonanza Re, Ltd., Floating Rate Note,
375bps 12/31/19 (Cat Bond) (144A) 2,474,305
750,000 4.47 6M LIBOR+ Bosphorus, Ltd., Floating Rate Note,
325bps 8/17/18 (Cat Bond) (144A) 754,950
2,250,000 5.85 T-BILL 3MO+ Caelus Re IV, Ltd., Floating Rate Note,
549bps 3/6/20 (Cat Bond) (144A) 2,344,050
1,000,000 4.00 T-BILL 3MO+ Caelus Re V, Ltd., Floating Rate Note,
325bps 6/5/20 (Cat Bond) (144A) 1,006,600
1,250,000 5.46 T-BILL 3MO+ Caelus Re V, Ltd., Floating Rate Note,
450bps 6/5/20 (Cat Bond) (144A) 1,277,625
750,000 Carnoustie 2016-N,Segregated Account
(Artex SAC Ltd.), Variable Rate Notes,
11/30/20 (d)(e)(f) 81,150
2,000,000 Carnoustie Segregated Account (Artex
SAC Ltd.), Variable Rate Notes,
11/30/21 (d)(e)(f) 1,670,800
2,500,000 4.74 Casablanca Re, Variable Rate Notes,
6/4/20 (Cat Bond) 2,494,250
2,500,000 3.05 6M LIBOR+ Cranberry Re, Ltd., Floating Rate Note,
200bps 7/13/20 (Cat Bond) (144A) 2,511,250
1,000,000 3.80 T-BILL 3MO+ Cranberry Re, Ltd., Floating Rate Note,
390bps 7/6/18 (Cat Bond) (144A) 1,024,300
1,000,000 Cypress Segregated Account (Artex SAC
Ltd.), Variable Rate Notes,
1/10/18 (d)(e)(f) 862,100
The accompanying notes are an integral part of these financial statements.
74 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
2,500,000 Denning Segregated Account (Artex
SAC Ltd.), Variable Rate Notes,
7/13/18 (d)(e)(f) $ 2,476,000
2,000,000 3.69 T-BILL 3MO+ East Lane Re VI, Ltd., Floating Rate Note,
265bps 3/14/18 (Cat Bond) (144A) 2,009,000
1,274,130 Eden Re II, Ltd., Variable Rate Notes,
3/22/21 (d)(e)(f) 1,267,759
1,750,000 Eden Re II, Ltd., Variable Rate Notes,
3/22/21 (d)(e)(f) 1,741,250
1,131 Eden Re II, Variable Rate Notes,
4/23/19 (d)(e)(f) 90,664
500,000 4.80 6M LIBOR+ Fortius Re II, Ltd., Floating Rate Note,
375bps 7/7/21 (Cat Bond) (144A) 501,900
2,900,000 5.48 6M LIBOR+ Galilei Re, Ltd., Floating Rate Note,
450bps 1/8/20 (Cat Bond) (144A) 2,907,830
1,500,000 7.38 6M LIBOR+ Galilei Re, Ltd., Floating Rate Note,
625bps 1/8/20 (Cat Bond) (144A) 1,404,750
2,500,000 6.38 6M LIBOR+ Galilei Re, Ltd., Floating Rate Note,
525bps 1/8/20 (Cat Bond) (144A) 2,427,000
1,250,000 5.65 6M LIBOR+ Galilei Re, Ltd., Floating Rate Note,
450bps 1/8/21 (Cat Bond) (144A) 1,251,375
1,250,000 7.40 6M LIBOR+ Galilei Re, Ltd., Floating Rate Note,
625bps 1/8/21 (Cat Bond) (144A) 1,144,500
2,000,000 6.40 6M LIBOR+ Galilei Re, Ltd., Floating Rate Note,
525bps 1/8/21 (Cat Bond) (144A) 1,917,200
175,000 1.54 T-BILL 3MO+ Gator Re, Ltd., Floating Rate Note,
50bps 1/9/20 (Cat Bond) (144A) 2
1,300,000 Gleneagles Segregated Account (Artex
SAC Ltd), Variable Rate Notes,
11/30/20 (d)(e)(f) 152,360
2,650,000 3.31 T-BILL 3MO+ Golden State Re II, Ltd., Floating Rate
220bps Note, 1/8/19 (Cat Bond) (144A) 2,647,880
2,600,000 Gullane Segregated Account (Artex SAC
Ltd.), Variable Rate Note
11/30/20 (d)(e)(f) 56,680
3,000,000 Gullane Segregated Account (Artex SAC
Ltd.), Variable Rate Notes,
11/30/21 (d)(e)(f) 2,940,600
500,000 5.05 6M LIBOR+ Integrity Re, Ltd., Floating Rate Note,
400bps 6/10/20 (Cat Bond) (144A) 478,050
2,500,000 4.30 6M LIBOR+ Integrity Re, Ltd., Floating Rate Note,
325bps 6/10/20 (Cat Bond) (144A) 2,488,500
400,000 6.97 1M LIBOR+ International Bank for Reconstruction &
590bps Development, Floating Rate Note,
12/20/19 (Cat Bond) (144A) 399,988
1,250,000 7.86 International Bank for Reconstruction &
Development, Floating Rate Note,
7/15/20 (Cat Bond) (144A) 1,249,588
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 75
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,000,000 5.57 1M LIBOR+ International Bank for Reconstruction &
450bps Development, Floating Rate Note,
8/11/20 (Cat Bond) (144A) $ 30,900
3,000,000 7.15 6M LIBOR+ Kilimanjaro II Re, Ltd., Floating Rate
600bps Note, 4/20/21 (Cat Bond) (144A) 2,851,200
1,700,000 8.67 6M LIBOR+ Kilimanjaro II Re, Ltd., Floating Rate
750bps Note, 4/21/22 (Cat Bond) (144A) 1,476,110
2,350,000 4.76 T-BILL 3MO+ Kilimanjaro Re, Ltd., Floating Rate
375bps Note, 11/25/19 (Cat Bond) (144A) 2,376,790
2,500,000 7.25 T-BILL 3MO+ Kilimanjaro Re, Ltd., Floating Rate Note,
675bps 12/6/19 (Cat Bond) (144A) 2,521,500
2,000,000 9.95 T-BILL 3MO+ Kilimanjaro Re, Ltd., Floating Rate Note,
925bps 12/6/19 (Cat Bond) (144A) 1,947,000
3,300,000 5.76 T-BILL 3MO+ Kilimanjaro Re, Ltd., Floating Rate Note,
475bps 4/30/18 (Cat Bond) (144A) 3,291,750
1,000,000 5.51 T-BILL 3MO+ Kilimanjaro Re, Ltd., Floating Rate Note,
450bps 4/30/18 (Cat Bond) (144A) 910,700
1,500,000 Kingsbarn Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 5/15/18 (d)(e)(f) 1,463,400
1,800,000 3.25 T-BILL 3MO+ Kizuna Re II, Ltd., Floating Rate Note,
225bps 4/6/18 (Cat Bond) (144A) 1,797,300
1,600,000 Lahinch Re, Variable Rate Notes,
5/10/22 (d)(e)(f) 1,584,960
500,000 Limestone Re, Ltd., Variable Rate Notes,
8/31/21 (Cat Bond) (f) 443,550
850,000 Limestone Re, Ltd., Variable Rate Notes,
8/31/21 (Cat Bond) (f) 754,035
4,000,000 4.05 ZERO+ Long Point Re III, Ltd., Floating Rate Note,
350bps 5/23/18 (Cat Bond) (144A) 4,010,400
2,500,000 Lorenz Re, Ltd., Variable Rate Notes,
3/31/19 (d)(e)(f) 140,000
2,500,000 Lorenz Re, Variable Rate Notes,
3/31/20 (d)(e)(f) 2,355,500
2,000,000 Madison Re, Variable Rate Notes,
12/31/19 (d)(e)(f) 1,645,800
2,500,000 Madison Re, Variable Rate Notes,
3/31/19 (d)(e)(f) 158,750
2,600,000 4.81 T-BILL 3MO+ MetroCat Re, Ltd., Floating Rate Note,
370bps 5/8/20 (Cat Bond) (144A) 2,628,600
2,500,000 3.25 6M LIBOR+ Nakama Re, Ltd., Floating Rate Note,
220bps 10/13/21 (Cat Bond) (144A) 2,541,000
1,000,000 N/A T-BILL 3MO+ Northshore Re II, Ltd., Floating Rate
725bps Note, 7/6/20 (Cat Bond) (144A) 1,004,700
500,000 Oakmont Segregated Account (Artex SAC
Ltd.), Variable Rate Notes,
4/13/18 (d)(e)(f) 360,000
The accompanying notes are an integral part of these financial statements.
76 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
2,000,000 Pangaea 2017 Re, Variable Rate Notes,
11/30/21 (d)(e)(f) $ 1,911,600
1,500,000 Pangaea 2017 Re, Variable Rate Notes,
5/31/22 (d)(e)(f) 1,365,600
2,500,000 Pangaea Re, Series 2015-1, Principal at
Risk Notes, 2/1/19 (d)(e)(f) 11,250
2,800,000 Pangaea Re, Series 2015-2, Principal at
Risk Notes, 11/30/19 (d)(e)(f) 29,120
1,500,000 Pangaea Re, Series 2016-2, Principal at
Risk Notes, 11/30/20 (d)(e)(f) 98,700
2,500,000 Pangaea Re., Variable Rate Notes,
2/1/20 (d)(e)(f) 165,250
3,500,000 5.15 T-BILL 3MO+ PennUnion Re, Ltd., Floating Rate Note,
450bps 12/7/18 (Cat Bond) (144A) 3,505,600
3,000,000 Pinehurst Segregated Account (Artex SAC
Ltd.), Variable Rate Notes,
1/16/18 (d)(e)(f) 2,956,800
800,000 Portrush Segregated Account (Artex SAC
Ltd.), Variable Rate Notes,
6/15/18 (d)(e)(f) 601,280
1,500,000 6.73 T-BILL 3MO+ Queen Street X Re, Ltd., Floating Rate
575bps Note, 6/8/18 (Cat Bond) (144A) 1,507,800
1,750,000 7.13 T-BILL 3MO+ Queen Street XI Re Dac, Floating Rate
615bps Note, 6/7/19 (Cat Bond) (144A) 1,770,475
750,000 4.59 T-BILL 3MO+ Residential Reinsurance 2014, Ltd.,
356bps Floating Rate Note, 6/6/18 (Cat
Bond) (144A) 753,525
1,000,000 7.98 T-BILL 3MO+ Residential Reinsurance 2015, Ltd.,
695bps Floating Rate Note, 12/6/19 (Cat
Bond) (144A) 1,020,000
2,000,000 4.96 T-BILL 3MO+ Residential Reinsurance 2016, Ltd.,
393bps Floating Rate Note, 12/6/23 (Cat
Bond) (144A) 1,981,400
250,000 0.00 Residential Reinsurance 2016, Ltd.,
Variable Rate Notes, 12/6/20 (Cat
Bond) (144A) 241,725
2,100,000 4.03 T-BILL 3MO+ Residential Reinsurance 2017, Ltd.,
300bps Floating Rate Note, 6/6/21 (Cat
Bond) (144A) 2,086,560
2,500,000 0.00 Resilience Re, Ltd., Variable Rate Notes,
1/12/18 (d)(e)(f) 2,363,250
1,500,000 4.50 Resilience Re, Ltd., Variable Rate Notes,
1/9/19 (d)(e)(f) 1,500,000
2,500,000 3.30 Resilience Re, Ltd., Variable Rate Notes,
1/9/19 (d)(e)(f) 2,500,000
2,000,000 0.00 Resilience Re, Ltd., Variable Rate Notes,
4/7/18 (d)(e)(f) 1,766,200
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 77
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,500,000 0.00 Resilience Re, Ltd., Variable Rate Notes,
6/4/18 (d)(e)(f) $ 1,461,750
2,500,000 0.00 Resilience Re, Ltd., Variable Rate Notes,
9/30/17 (d)(e)(f) 53,750
3,000,000 4.01 QTRLY T-BILL+ Sanders Re, Ltd., Floating Rate Note,
296bps 5/25/18 (Cat Bond) (144A) 3,029,100
2,369 Sector Re V, Ltd., Variable Rate Notes,
12/1/20 (144A) (d)(e)(f) 14,588
500,000 Sector Re V, Ltd., Variable Rate Notes,
12/1/21 (144A) (d)(e)(f) 403,150
2,018 Sector Re V, Ltd., Variable Rate Notes,
3/1/21 (d)(e)(f) 102,848
1,250,000 Sector Re V, Ltd., Variable Rate Notes,
3/1/22 (144A) (d)(e)(f) 901,000
2,500,000 Shinnecock Segregated Account (Artex
SAC Ltd.), Variable Rate Notes,
6/15/18 (d)(e)(f) 2,150,000
1,000,000 Silverton Re, Ltd., Variable Rate Notes,
9/18/18 (144A) (d)(e)(f) 28,000
1,000,000 Silverton Re, Ltd., Variable Rate Notes,
9/18/19 (144A) (d)(e)(f) 910,600
2,500,000 3.03 Skyline Re, Ltd., Floating Rate Note,
1/6/20 (Cat Bond) (144A) 2,482,500
1,250,000 St Andrews Segregated Account (Artex
SAC Ltd.), Variable Rate Notes,
2/1/19 (d)(e)(f) 1,212,625
1,737,984 St. Andrews Segregated Account (Artex
SAC Ltd.), Variable Rate Notes,
6/1/19 (d)(e)(f) 1,594,774
1,250,000 St. Andrews Segregated Account (Artex
SAC Ltd.), Variance Rate Notes,
2/1/18 (d)(e)(f) 175,750
1,000,000 Sunningdale Segregated Account (Artex
SAC Ltd.), Variable Rate Notes,
1/16/18 (d)(e)(f) 972,100
750,000 6.01 ZERO+ Tradewynd Re, Ltd., Floating Rate Note,
540bps 1/8/18 (Cat Bond) (144A) 737,625
250,000 8.58 T-BILL 3MO+ Tramline Re II, Ltd., Floating Rate Note,
825bps 1/4/19 (Cat Bond) (144A) 247,300
1,800,000 4.68 ZERO+ Ursa Re, Ltd., Floating Rate Note,
400bps 12/10/19 (Cat Bond) (144A) 1,808,640
2,000,000 3.50 ZERO+ Ursa Re, Ltd., Floating Rate Note,
350bps 5/27/20 (Cat Bond) (144A) 2,001,200
2,700,000 Versutus 2016, Class A-1, Variable Rate
Notes, 11/30/20 (d)(e)(f) 115,020
2,600,000 Versutus 2017 Class A, Variable Rate
Notes, 11/30/21 (d)(e)(f) 2,574,520
The accompanying notes are an integral part of these financial statements.
78 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
3,800,000 2.01 T-BILL 3MO+ Vitality Re V, Ltd., Floating Rate Note,
175bps 1/7/19 (Cat Bond) (144A) $ 3,796,200
2,000,000 2.47 T-BILL 3MO+ Vitality Re VII, Ltd., Floating Rate Note,
215bps 1/7/20 (Cat Bond) (144A) 2,015,600
1,000,000 3.15 T-BILL 3MO+ Vitality Re VII, Ltd., Floating Rate Note,
265bps 1/7/20 (Cat Bond) (144A) 1,015,100
--------------
$ 151,170,851
--------------
Total Insurance $ 215,360,586
--------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Residential REIT -- 0.1%
5,685,000 UDR, Inc., 4.25%, 6/1/18 $ 5,774,040
--------------
Total Real Estate $ 5,774,040
--------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
Data Processing & Outsourced Services -- 0.0%+
1,245,000 Visa, Inc., 1.2%, 12/14/17 $ 1,245,429
--------------------------------------------------------------------------------------------------------------
Systems Software -- 0.1%
2,910,000 Oracle Corp., 1.2%, 10/15/17 $ 2,909,651
--------------
Total Software & Services $ 4,155,080
--------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Computer Hardware Storage & Peripherals -- 0.1%
2,650,000 2.13 3M LIBOR+ Apple, Inc., Floating Rate Note, 2/22/19
82bps $ 2,678,863
--------------
Total Technology Hardware &
Equipment $ 2,678,863
--------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductors -- 0.1%
1,845,000 Altera Corp., 2.5%, 11/15/18 $ 1,863,822
3,335,000 1.68 3M LIBOR+ QUALCOMM, Inc., Floating Rate Note,
36bps 5/20/19 3,347,819
--------------
$ 5,211,641
--------------
Total Semiconductors & Semiconductor
Equipment $ 5,211,641
--------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.3%
Integrated Telecommunication Services -- 0.3%
2,560,000 AT&T, Inc., 1.4%, 12/1/17 $ 2,559,642
2,550,000 2.11 3M LIBOR+ AT&T, Inc., Floating Rate Note, 11/27/18
91bps 2,570,273
2,400,000 1.90 3M LIBOR+ AT&T, Inc., Floating Rate Note, 3/11/19
67bps 2,411,816
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 79
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- (continued)
2,990,000 1.74 3M LIBOR+ Deutsche Telekom International Finance
58bps BV, Floating Rate Note, 1/17/20 (144A) $ 2,999,379
--------------
$ 10,541,110
--------------
Total Telecommunication Services $ 10,541,110
--------------------------------------------------------------------------------------------------------------
UTILITIES -- 1.5%
Electric Utilities -- 1.1%
2,655,000 American Electric Power Co., Inc.,
1.65%, 12/15/17 $ 2,655,145
1,631,000 Commonwealth Edison Co., 5.8%, 3/15/18 1,661,863
1,147,000 Duke Energy Corp., 2.1%, 6/15/18 1,150,383
7,095,000 1.37 3M LIBOR+ Duke Energy Progress LLC, Floating Rate
20bps Note, 11/20/17 7,097,263
4,967,000 1.50 3M LIBOR+ Duke Energy Progress LLC, Floating Rate
18bps Note, 9/8/20 4,969,901
4,163,000 Eversource Energy, 1.45%, 5/1/18 4,161,509
3,795,000 NextEra Energy Capital Holdings, Inc.,
1.649%, 9/1/18 3,793,344
2,335,000 Ohio Power Co., 6.05%, 5/1/18 2,393,793
6,145,000 PECO Energy Co., 5.35%, 3/1/18 6,241,077
9,201,000 PPL Capital Funding, Inc., 1.9%, 6/1/18 9,205,317
600,000 Southwestern Electric Power Co.,
5.875%, 3/1/18 610,333
--------------
$ 43,939,928
--------------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.1%
3,754,000 Kinder Morgan Finance Co LLC, 6.0%,
1/15/18 (144A) $ 3,795,729
1,501,000 Panhandle Eastern Pipe Line Co LP,
7.0%, 6/15/18 1,552,166
--------------
$ 5,347,895
--------------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.3%
1,750,000 Dominion Energy, Inc., 1.6%, 8/15/19 $ 1,738,726
2,500,000 Dominion Energy, Inc., 1.875%, 1/15/19 2,496,837
5,643,000 Dominion Energy, Inc., 1.9%, 6/15/18 5,652,182
--------------
$ 9,887,745
--------------
Total Utilities $ 59,175,568
--------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $1,076,417,432) $1,074,238,071
--------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 9.4%
10,000,000 Fannie Mae Discount Notes 10/2/17 (c) $ 10,000,000
14,276 3.33 US0012M+ Fannie Mae, Floating Rate Note, 1/1/48
168bps 15,072
The accompanying notes are an integral part of these financial statements.
80 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
8,408 2.99 H15T1Y+ Fannie Mae, Floating Rate Note, 10/1/32
219.1bps $ 8,599
2,975 2.69 H15T1Y+ Fannie Mae, Floating Rate Note, 11/1/23
200.2bps 3,075
21,103 2.92 H15T1Y+ Fannie Mae, Floating Rate Note, 2/1/34
217bps 21,247
12,867 3.30 H15T1Y+ Fannie Mae, Floating Rate Note, 9/1/32
211.3bps 13,477
2,645,000 1.29 USBMMY3M+ Federal Farm Credit Banks, Floating Rate
23bps Note, 10/17/17 2,645,322
3,149 3.18 H15T1Y+ Federal Home Loan Mortgage Corp.,
229.2bps Floating Rate Note, 10/1/23 3,227
12,864 3.50 Federal Home Loan Mortgage Corp.,
Floating Rate Note, 11/1/33 13,366
5,202 3.12 H15T3Y+ Federal Home Loan Mortgage Corp.,
212.1bps Floating Rate Note, 6/1/35 5,204
5,690 2.38 H15T1Y+ Government National Mortgage
150bps Association II, Floating Rate
Note, 1/20/22 5,814
45,275,000 1.32 USBMMY3M+ U.S. Treasury Note, Floating Rate Note,
27.2bps 1/31/18 45,317,216
46,790,000 1.19 USBMMY3M+ U.S. Treasury Note, Floating Rate Note,
14bps 1/31/19 46,865,069
45,510,000 1.22 USBMMY3M+ U.S. Treasury Note, Floating Rate Note,
17bps 10/31/18 45,581,520
45,075,000 1.24 USBMMY3M+ U.S. Treasury Note, Floating Rate Note,
19bps 4/30/18 45,126,445
47,285,000 1.12 USBMMY3M+ U.S. Treasury Note, Floating Rate Note,
7bps 4/30/19 47,312,059
45,595,000 1.22 USBMMY3M+ U.S. Treasury Note, Floating Rate Note,
17.4bps 7/31/18 45,662,960
28,890,000 1.11 USBMMY3M+ U.S. Treasury Note, Floating Rate Note,
6bps 7/31/19 28,891,270
47,480,000 1.22 USBMMY3M+ U.S. Treasury Note, Floating Rate Note,
16.8bps 10/31/17 47,486,356
2,550,000 U.S. Treasury Notes, 0.625%, 11/30/17 2,548,041
--------------
$ 367,525,339
--------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $367,403,477) $ 367,525,339
--------------------------------------------------------------------------------------------------------------
MUNICIPAL BOND -- 0.0%+
Municipal Student Loan -- 0.0%+
475,210 2.06 3M LIBOR+ Louisiana Public Facilities Authority,
74bps Floating Rate Note, 4/26/27 $ 474,811
--------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BOND
(Cost $477,125) $ 474,811
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 81
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN INTERESTS -- 4.7%**
ENERGY -- 0.0%+
Oil & Gas Storage & Transportation -- 0.0%+
1,000,000 3.98 LIBOR+ Energy Transfer Equity LP, Loan,
275bps 2/2/24 $ 1,005,536
897,278 6.59 LIBOR+ Gulf Finance LLC, Tranche B Term Loan,
525bps 8/17/23 848,489
--------------
$ 1,854,025
--------------
Total Energy $ 1,854,025
--------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Diversified Chemicals -- 0.1%
916,716 4.12 LIBOR+ Tata Chemicals North America, Inc., Term
275bps Loan, 8/7/20 $ 923,018
315,814 3.74 LIBOR+ The Chemours Co., Tranche B-1 US Term
250bps Loan, 5/12/22 317,985
385,465 0.00 LIBOR+ Tronox Blocked Borrower LLC, Blocked
300bps Dollar Term Loan (First Lien), 9/14/24 387,362
889,535 0.00 LIBOR+ Tronox Finance LLC, Initial Dollar Term
300bps Loan (First Lien), 9/14/24 893,913
--------------
$ 2,522,278
--------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
794,875 3.33 LIBOR+ Axalta Coating Systems US Holdings, Inc.,
200bps Term B-2 Dollar Loan, 6/30/24 $ 799,801
245,627 3.23 LIBOR+ PolyOne Corp., Term B-3 Loan, 11/12/22
200bps 247,315
406,021 4.56 LIBOR+ PQ Corp., Second Amendment Tranche B-1
325bps Term Loan, 11/4/22 410,299
473,757 3.31 LIBOR+ WR Grace & Co-Conn, U.S. Term Loan,
200bps 1/23/21 475,885
--------------
$ 1,933,300
--------------------------------------------------------------------------------------------------------------
Construction Materials -- 0.0%+
349,125 5.08 LIBOR+ Unifrax I LLC, Term Loan (First Lien),
375bps 3/30/24 $ 352,289
--------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
495,000 4.50 LIBOR+ Global Brass And Copper Inc., Initial Term
325bps Loan, 6/30/23 $ 499,331
--------------------------------------------------------------------------------------------------------------
Steel -- 0.0%+
493,769 4.07 LIBOR+ Zekelman Industries, Inc., Term Loan,
275bps 6/8/21 $ 496,238
--------------
Total Materials $ 5,803,436
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
82 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.4%
Aerospace & Defense -- 0.2%
2,500,000 0.00 LIBOR+ MacDonald, Dettwiler and Associates,
275bps Ltd., Term Loan B, 7/5/24 $ 2,504,240
1,407,550 3.98 LIBOR+ DigitalGlobe, Inc., Term Loan,
275bps 12/22/23 1,408,723
694,750 3.25 LIBOR+ Leidos Innovations Corp., B Term Loan,
200bps 6/9/23 698,050
1,208,150 6.08 LIBOR+ The SI Organization, Inc., Term Loan (First
475bps Lien), 11/19/19 1,226,461
748,106 4.27 LIBOR+ TransDigm, Inc., Tranche F Term Loan,
300bps 6/9/23 750,911
1,254,448 4.26 LIBOR+ TransDigm, Inc., Tranche G Term Loan,
300bps 8/16/24 1,258,108
--------------
$ 7,846,493
--------------------------------------------------------------------------------------------------------------
Building Products -- 0.1%
950,525 4.02 LIBOR+ Armstrong World Industries, Inc., Term
275bps Loan B, 2/23/23 $ 955,872
687,750 3.99 LIBOR+ Beacon Roofing Supply, Inc., Initial Term
275bps Loan, 9/25/22 691,117
612,187 3.98 LIBOR+ Quikrete Holdings, Inc., Initial Loan (First
275bps Lien), 11/3/23 612,187
--------------
$ 2,259,176
--------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
1,290,266 3.74 LIBOR+ Dell International LLC, New Term B Loan,
250bps 9/7/23 $ 1,295,967
472,625 4.00 LIBOR+ Diebold Nixdorf, Inc., New Dollar Term B
275bps Loan, 11/6/23 473,609
1,536,873 3.74 LIBOR+ Southwire Co., Term Loan, 1/31/21
250bps 1,545,198
660,104 6.82 LIBOR+ WireCo WorldGroup, Inc., Initial Term Loan
550bps (First Lien), 7/22/23 668,025
--------------
$ 3,982,799
--------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%+
222,542 4.79 LIBOR+ AVSC Holding Corp., New Term Loan (First
350bps Lien), 4/25/24 $ 222,542
449,597 4.24 LIBOR+ Milacron LLC, Term B Loan, 9/25/23
300bps 452,313
--------------
$ 674,855
--------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.0%+
199,000 4.08 LIBOR+ Clark Equipment Co., Tranche B Term
275bps Loan, 5/11/24 $ 200,389
301,078 3.58 LIBOR+ Terex Corp., Incremental U.S. Term Loan,
225bps 1/31/24 301,580
--------------
$ 501,969
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 83
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.0%+
195,089 4.08 LIBOR+ Gardner Denver, Inc., Tranche B-1 Dollar
275bps Term Loan, 7/30/24 $ 195,466
1,732,008 5.48 LIBOR+ NN, Inc., Tranche B Term Loan,
425bps 10/19/22 1,735,255
--------------
$ 1,930,721
--------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%+
181,687 4.34 LIBOR+ WESCO Distribution, Inc., Tranche B-1
250bps Loan, 12/12/19 $ 182,482
--------------
Total Capital Goods $ 17,378,495
--------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Commercial Printing -- 0.1%
2,000,000 0.00 LIBOR+ Multi-Color Corp., Term Loan B,
225bps 9/20/24 $ 2,010,000
--------------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.0%+
498,750 3.24 LIBOR+ Clean Harbors, Inc., Initial Term Loan,
200bps 6/28/24 $ 500,828
75,426 0.00 LIBOR+ Wrangler Buyer Corp., 9/20/24
300bps 75,850
--------------
$ 576,678
--------------------------------------------------------------------------------------------------------------
Office Services & Supplies -- 0.0%+
459,199 3.74 LIBOR+ West Corp., Refinanced Term B-12
250bps Loan, 6/17/23 $ 459,486
--------------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.1%
2,000,000 0.00 LIBOR+ Aristocrat International Pty, Ltd.,
200bps Term B-2 Loan, 9/19/24 $ 2,006,500
1,196,382 3.88 LIBOR+ KAR Auction Services, Inc., Tranche B-5
250bps Term Loan, 3/9/23 1,204,420
137,741 4.31 LIBOR+ TMS International Corp., Term B-1
300bps Loan, 8/9/24 138,170
--------------
$ 3,349,090
--------------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.0%+
1,281,483 5.32 LIBOR+ Garda World Security Corp., Term B
400bps Loan, 5/3/24 $ 1,294,699
--------------------------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.0%+
969,573 3.24 LIBOR+ On Assignment, Inc., Tranche B-3 Term
200bps Loan, 6/5/22 $ 975,633
--------------
Total Commercial Services & Supplies $ 8,665,586
--------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Airlines -- 0.1%
490,000 3.24 LIBOR+ American Airlines, Inc., 2017
200bps Replacement Term Loan (New),
10/10/21 $ 490,511
The accompanying notes are an integral part of these financial statements.
84 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Airlines -- (continued)
2,449,004 3.24 LIBOR+ American Airlines, Inc., 2017
200bps Replacement Term Loan, 6/27/20 $ 2,453,596
294,750 3.74 LIBOR+ Delta Air Lines Inc., Term Loan (First
250bps Lien), 8/24/22 297,328
714,375 3.74 LIBOR+ Delta Air Lines, Inc., 2014 Term B-1
250bps Loan, 10/18/18 719,063
239,422 3.56 LIBOR+ United Airlines Inc., Class B Term
225bps Loan, 4/1/24 240,589
--------------
$ 4,201,087
--------------
Total Transportation $ 4,201,087
--------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.2%
Auto Parts & Equipment -- 0.1%
428,653 3.24 LIBOR+ Allison Transmission, Inc., Term B-3
200bps Loan, 8/23/19 $ 430,919
1,140,563 3.49 LIBOR+ American Axle & Manufacturing, Inc.,
225bps Tranche B Term Loan, 3/9/24 1,140,444
957,650 5.74 LIBOR+ BBB Industries US, Initial Term Loan,
450bps 10/15/21 969,620
750,000 0.00 LIBOR+ Superior Industries International, Inc.,
450bps Closing Date Term Loan, 3/22/24 742,500
794,073 3.98 LIBOR+ TI Group Automotive Systems LLC, Initial
275bps US Term Loan, 6/25/22 796,803
1,021,626 4.00 LIBOR+ Tower Automotive Holdings USA LLC,
275bps Initial Term Loan, 3/6/24 1,026,308
291,667 3.58 LIBOR+ Visteon Corp., Tranche B Loan (First
225bps Lien), 4/8/21 293,125
--------------
$ 5,399,719
--------------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.0%+
266,667 3.24 LIBOR+ The Goodyear Tire & Rubber Co., Term
200bps Loan (Second Lien), 3/27/19 $ 267,555
--------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.1%
1,669,364 3.24 LIBOR+ Chrysler Group LLC, Tranche B Term
200bps Loan, 12/29/18 $ 1,677,085
--------------
Total Automobiles & Components $ 7,344,359
--------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Home Furnishings -- 0.0%+
569,331 4.80 LIBOR+ Serta Simmons Bedding LLC, Initial Term
350bps Loan (First Lien), 10/21/23 $ 553,912
--------------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.1%
527,982 3.98 LIBOR+ Prestige Brands, Inc., Term B-4 Loan,
275bps 1/20/24 $ 531,075
990,019 4.24 LIBOR+ Reynolds Group Holdings, Inc.,
300bps Incremental U.S. Term Loan, 2/5/23 995,157
--------------
$ 1,526,232
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 85
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Leisure Products -- 0.0%+
750,000 6.24 LIBOR+ Bass Pro Group LLC, Initial Term Loan,
500bps 11/16/23 $ 708,750
--------------------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 0.0%+
374,853 3.74 LIBOR+ Hanesbrands, Inc., New Term B Loan,
250bps 4/15/22 $ 378,272
--------------
Total Consumer Durables & Apparel $ 3,167,166
--------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.3%
Casinos & Gaming -- 0.1%
748,125 3.74 LIBOR+ CityCenter Holdings LLC, Term B Loan,
250bps 4/10/24 $ 751,924
220,227 4.49 LIBOR+ Golden Nugget, Inc., 10/4/23
325bps 221,658
1,535,250 4.51 LIBOR+ Scientific Games International, Inc.,
325bps Initial Term B-4 Loan, 8/14/24 1,539,808
--------------
$ 2,513,390
--------------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.0%+
372,188 3.74 LIBOR+ Four Seasons Holdings Inc., Term Loan,
250bps 6/27/20 $ 374,659
1,280,474 3.24 LIBOR+ Hilton Worldwide Finance LLC, Series B-2
200bps Term Loan, 10/25/23 1,287,009
273,912 3.48 LIBOR+ Sabre GLBL, Inc., 2017 B-1 Incremental
225bps Term Loan, 2/22/24 275,496
--------------
$ 1,937,164
--------------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.1%
882,000 3.48 LIBOR+ Cedar Fair LP, U.S. Term B Loan, 4/7/24
225bps $ 890,048
420,019 7.50 LIBOR+ L.A. Fitness International, LLC, Tranche B
425bps Term Loan (First Lien), 4/25/20 424,350
986,278 3.24 LIBOR+ Six Flags Theme Parks, Inc., Tranche B
200bps Term Loan, 6/30/22 991,826
--------------
$ 2,306,224
--------------------------------------------------------------------------------------------------------------
Restaurants -- 0.0%+
1,435,536 3.23 LIBOR+ KFC Holding Co., Term B Loan, 6/2/23
200bps $ 1,443,739
--------------------------------------------------------------------------------------------------------------
Education Services -- 0.0%+
1,916,041 3.48 LIBOR+ Bright Horizons Family Solutions Inc.,
225bps Term B Loan, 11/3/23 $ 1,928,816
--------------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.1%
473,672 5.08 LIBOR+ Allied Universal Holdco LLC, Initial Term
375bps Loan (First Lien), 7/28/22 $ 473,721
595,500 4.73 LIBOR+ Creative Artists Agency LLC, Refinancing
350bps Term Loan, 2/9/24 600,059
The accompanying notes are an integral part of these financial statements.
86 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- (continued)
521,072 3.98 LIBOR+ Prime Security Services Borrower LLC,
275bps 2016-2 Refinancing Term B-1 Loan (First
Lien), 5/2/22 $ 525,754
375,937 4.53 LIBOR+ Weight Watchers International, Inc., Initial
325bps Tranche B-2 Term Loan, 4/2/20 371,943
--------------
$ 1,971,477
--------------
Total Consumer Services $ 12,100,810
--------------------------------------------------------------------------------------------------------------
MEDIA -- 0.7%
Broadcasting -- 0.3%
269,448 4.74 LIBOR+ CBS Radio, Inc., Term B Loan, 10/7/23
350bps $ 271,722
654,609 3.48 LIBOR+ CSC Holdings LLC, March 2017
225bps Refinancing Term Loan, 7/17/25 651,273
213,124 4.74 LIBOR+ Entercom Radio LLC, Term B Loan, 11/1/23
350bps 213,924
994,850 3.74 LIBOR+ Gray Television, Inc., Term B-2 Loan, 2/7/24
250bps 1,002,001
496,256 3.24 LIBOR+ Nielsen Finance LLC, Class B-4 Term
200bps Loan, 10/4/23 497,750
483,627 3.56 LIBOR+ Quebecor Media, Inc., Facility B-1
225bps Tranche, 8/17/20 485,894
2,000,000 0.00 LIBOR+ Raycom TV Broadcasting LLC, Tranche B
275bps Term Loan, 8/18/24 2,010,000
2,275,634 3.49 LIBOR+ Sinclair Television Group, Inc., Tranche B
225bps Term Loan, 1/31/24 2,282,509
650,000 0.00 LIBOR+ The E.W. Scripps Co., Term Loan B, 8/16/24
225bps 653,047
87,222 4.24 LIBOR+ Tribune Media Co., Term B Loan, 12/27/20
300bps 87,549
1,087,108 4.24 LIBOR+ Tribune Media Co., Term C Loan, 1/18/24
300bps 1,091,185
644,051 3.98 LIBOR+ Univision Communications, Inc., 2017
275bps Replacement Repriced First-Lien Term
Loan, 3/15/24 639,075
--------------
$ 9,885,929
--------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.2%
1,000,000 3.49 LIBOR+ Unitymedia Hessen GmbH & Co. KG,
225bps Facility B, 9/30/25 $ 998,828
2,450,000 3.73 LIBOR+ Ziggo Secured Finance Partnership,Term
250bps Loan E Facility, 4/15/25 2,457,874
1,268,688 3.24 LIBOR+ Charter Communications Operating LLC,
200bps Term F-1 Loan, 1/3/21 1,273,621
985,000 3.49 LIBOR+ Charter Communications Operating LLC,
225bps Term I-1 Loan, 1/15/24 990,130
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 87
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Cable & Satellite -- (continued)
521,732 4.07 LIBOR+ Intelsat Jackson Holdings SA, Tranche B-2
275bps Term Loan, 6/30/19 $ 520,700
246,778 3.70 LIBOR+ MCC Iowa LLC, Tranche H Term Loan,
250bps 1/29/21 248,705
1,354,693 3.45 LIBOR+ Mediacom Illinois LLC, Tranche K Term
225bps Loan, 2/19/24 1,360,789
800,000 3.98 LIBOR+ UPC Financing Partnership, Facility AP,
275bps 4/15/25 803,786
--------------
$ 8,654,433
--------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
497,500 3.48 LIBOR+ AMC Entertainment Holdings, Inc., 2016
225bps Incremental Term Loan, 12/15/23 $ 496,318
1,421,195 3.48 LIBOR+ AMC Entertainment, Inc., Initial Term
225bps Loan, 4/30/20 1,420,769
415,094 3.83 LIBOR+ Kasima LLC, Term Loan, 5/17/21
250bps 418,381
1,252,382 3.50 LIBOR+ Live Nation Entertainment, Inc., Term B-3
225bps Loan, 10/27/23 1,258,487
397,000 4.83 LIBOR+ NVA Holdings, Inc., Term B-2 Loan (First
350bps Lien), 8/14/21 400,660
992,683 3.74 LIBOR+ Rovi Solutions Corp., Term B Loan, 7/2/21
250bps 997,204
574,500 4.08 LIBOR+ Seminole Hard Rock Entertainment, Inc.,
275bps Term Loan, 5/14/20 576,894
821,620 3.74 LIBOR+ WMG Acquisition Corp., Tranche D Term
250bps Loan, 11/1/23 824,701
--------------
$ 6,393,414
--------------------------------------------------------------------------------------------------------------
Publishing -- 0.0%+
472,955 3.73 LIBOR+ MTL Publishing LLC, Term B-5 Loan,
250bps 8/20/23 $ 474,819
671,326 4.51 LIBOR+ Quincy Media, Inc., Term Loan B, 10/19/22
325bps 674,683
--------------
$ 1,149,502
--------------
Total Media $ 26,083,278
--------------------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Home Improvement Retail -- 0.0%+
1,180,501 4.50 LIBOR+ Apex Tool Group LLC, Term Loan, 2/1/20
325bps $ 1,149,021
--------------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.1%
956,886 3.98 LIBOR+ Michaels Stores, Inc., 2016 New
275bps Replacement Term B-1 Loan, 1/28/23 $ 956,437
3,500,000 5.31 LIBOR+ Staples, Inc., Closing Date Term Loan,
400bps 8/15/24 3,486,882
--------------
$ 4,443,319
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
88 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.1%
1,300,053 3.34 LIBOR+ Avis Budget Car Rental LLC, Tranche B
200bps Term Loan, 3/15/22 $ 1,295,990
198,678 3.58 LIBOR+ Cooper-Standard Automotive, Inc.,
225bps Additional Term B-1 Loan, 10/28/23 199,494
1,054,104 4.98 LIBOR+ CWGS Group LLC, Term Loan, 11/3/23
375bps 1,060,824
--------------
$ 2,556,308
--------------
Total Retailing $ 8,148,648
--------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.0%+
Food Retail -- 0.0%+
495,019 4.33 LIBOR+ Albertson's LLC, 2017-1 Term B-5 Loan,
300bps 12/21/22 $ 477,500
1,044,458 4.32 LIBOR+ Albertson's LLC, 2017-1 Term B-6 Loan,
300bps 6/22/23 1,005,664
--------------
$ 1,483,164
--------------
Total Food & Staples Retailing $ 1,483,164
--------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Agricultural Products -- 0.0%+
1,424,375 3.78 LIBOR+ Darling International, Inc., Term B USD
250bps Loan, 12/19/20 $ 1,441,717
--------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.2%
533,425 3.48 LIBOR+ B&G Foods, Inc., Tranche B-2 Term
225bps Loan, 11/2/22 $ 537,045
2,388,000 3.80 LIBOR+ JBS USA LUX SA, Initial Term Loan,
250bps 10/30/22 2,361,434
2,142,642 3.23 LIBOR+ Pinnacle Foods Finance LLC, Initial Term
200bps Loan, 1/30/24 2,150,677
2,493,750 3.49 LIBOR+ Post Holdings, Inc., Series A Incremental
225bps Term Loan, 5/17/24 2,501,700
--------------
$ 7,550,856
--------------
Total Food, Beverage & Tobacco $ 8,992,573
--------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.0%+
1,000,000 0.00 LIBOR+ Alphabet Holding Co, Inc., Initial Term
350bps Loan (First Lien), 8/15/24 $ 992,396
540,545 3.31 LIBOR+ Spectrum Brands, Inc., 2017 Refinanced
200bps USD Term Loan, 6/23/22 544,059
--------------
$ 1,536,455
--------------------------------------------------------------------------------------------------------------
Personal Products -- 0.1%
299,250 5.16 LIBOR+ Albea Beauty Holdings SA, 1st Lien Term
375bps Loan B, 4/12/24 $ 299,437
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 89
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Personal Products -- (continued)
2,019,749 4.74 LIBOR+ Revlon Consumer Products Corp., Initial
350bps Term B Loan, 7/22/23 $ 1,816,039
--------------
$ 2,115,476
--------------
Total Household & Personal Products $ 3,651,931
--------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.4%
Health Care Equipment -- 0.0%+
621,875 3.58 LIBOR+ ConvaTec, Inc., Term B Loan, 10/14/23
225bps $ 625,762
--------------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
1,142,138 4.58 LIBOR+ Kinetic Concepts, Inc., Dollar Term
325bps Loan, 2/1/24 $ 1,138,926
980,075 4.24 LIBOR+ Sterigenics-Nordion Holdings LLC,
300bps Incremental Term Loan, 5/15/22 981,300
--------------
$ 2,120,226
--------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.1%
460,763 3.98 LIBOR+ DaVita HealthCare Partners, Inc.,
275bps Tranche B Loan (First Lien), 6/19/21 $ 464,341
1,739,603 4.24 LIBOR+ Envision Healthcare Corp., Initial Term
300bps Loan, 11/17/23 1,752,831
891,969 4.04 LIBOR+ Jaguar Holding Co., II, 2017 Term Loan,
275bps 8/18/22 897,442
487,374 4.33 LIBOR+ National Mentor Holdings, Inc., Tranche B
300bps Term Loan, 1/31/21 492,323
--------------
$ 3,606,937
--------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
299,242 4.80 LIBOR+ ATI Holdings Acquisition, Inc., Initial Term
350bps Loan (First Lien), 5/6/23 $ 302,796
15,295 4.07 LIBOR+ CHS, Incremental 2019 Term G Loan,
275bps 12/31/19 15,249
28,332 4.32 LIBOR+ CHS, Incremental 2021 Term H Loan,
300bps 1/27/21 28,221
1,942,207 3.24 LIBOR+ HCA, Inc., Tranche B-9 Term Loan,
200bps 3/10/23 1,950,839
1,075,014 4.81 LIBOR+ Kindred Healthcare, Inc., Tranche B Loan
350bps (First Lien), 4/10/21 1,076,694
1,490,147 4.81 LIBOR+ Select Medical Corp., Tranche B Term
350bps Loan, 2/13/24 1,506,203
430,123 4.74 LIBOR+ Vizient, Inc., Term B-3 Loan, 2/13/23
350bps 435,634
--------------
$ 5,315,636
--------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.0%+
740,625 7.50 LIBOR+ Prospect Medical Holdings, Inc., Term
600bps Loan, 6/20/22 $ 753,123
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
90 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
1,383,157 3.98 LIBOR+ Change Healthcare Holdings LLC, Closing
275bps Date Term Loan, 3/1/24 $ 1,387,826
2,000,000 0.00 LIBOR+ Quintiles IMS, Inc., Incremental Term B-2
200bps Dollar Loan, 1/18/25 2,012,500
--------------
$ 3,400,326
--------------
Total Health Care Equipment &
Services $ 15,822,010
--------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.2%
Biotechnology -- 0.0%+
1,093,936 4.07 LIBOR+ Alkermes, Inc., 2021 Term Loan,
275bps 9/25/19 $ 1,102,140
1,000,000 3.48 LIBOR+ INC Research Holdings, Inc., Initial Term B
225bps Loan, 6/26/24 1,004,375
--------------
$ 2,106,515
--------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.2%
1,072,313 5.50 LIBOR+ Endo Luxembourg Finance Co., Inc.,
425bps S.a. r.l., Initial Term Loan, 4/29/24 $ 1,084,376
522,375 3.45 LIBOR+ Grifols Worldwide Operations USA, Inc.,
225bps Tranche B Term Loan, 1/23/25 523,948
887,365 4.08 LIBOR+ Mallinckrodt International Finance SA,
275bps 2017 Term B Loan, 9/24/24 887,365
2,290,325 3.33 LIBOR+ RPI Finance Trust, Initial Term Loan B-6,
200bps 3/17/23 2,300,027
1,184,951 5.99 LIBOR+ Valeant Pharmaceuticals International,
475bps Inc., Series F Tranche B Term Loan, 4/1/22 1,207,317
--------------
$ 6,003,033
--------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 8,109,548
--------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Air Freight & Logistics -- 0.0%+
192,500 5.48 LIBOR+ Syncreon Group BV, Term Loan, 9/26/20
425bps $ 169,560
--------------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 0.1%
1,292,032 3.33 LIBOR+ Delos Finance S.a. r.l., New Loan,
200bps 10/6/23 $ 1,301,607
1,861,379 3.56 LIBOR+ Fly Funding II Sarl, Loan, 8/9/19
225bps 1,867,583
478,750 5.58 LIBOR+ Livingston International, Inc., Initial
425bps Term B-1 Loan (First Lien), 4/18/19 454,812
--------------
$ 3,624,002
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 91
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
1,453,095 3.52 LIBOR+ Restaurant Brands, 1st Lien, Term
200bps Loan B, 2/17/24 17Feb24 $ 1,453,246
900,000 3.24 LIBOR+ FleetCor Technologies Operating Co., LLC,
200bps Term B-3 Loan, 7/27/24 904,875
827,311 3.49 LIBOR+ SBA Senior Finance II LLC, Incremental
225bps Tranche B-1 Term Loan, 3/31/21 830,816
--------------
$ 3,188,937
--------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.0%+
425,000 2.75 LIBOR+ Fortress Investment Group LLC, Initial Term
275bps Loan, 6/12/22 $ 429,622
--------------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.1%
997,500 3.99 LIBOR+ Avolon TLB Borrower 1 US LLC, Initial
275bps Term B-2 Loan, 1/20/22 $ 1,000,617
1,594,274 3.49 LIBOR+ Outfront Media Capital LLC, Term Loan,
225bps 3/10/24 1,605,804
--------------
$ 2,606,421
--------------
Total Diversified Financials $ 10,018,542
--------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Life & Health Insurance -- 0.0%+
737,089 7.06 LIBOR+ Integro, Ltd., Initial Term Loan (First
575bps Lien), 10/9/22 $ 735,246
--------------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.0%+
70,857 4.56 LIBOR+ Alliant Holdings Intermediate LLC, Initial
325bps Term Loan, 7/28/22 $ 71,229
--------------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.1%
995,000 6.27 LIBOR+ Acrisure LLC, Term B Loan (First Lien),
500bps 11/3/23 $ 1,008,059
573,496 6.74 LIBOR+ Confie Seguros Holding II Co., Term B
550bps Loan, 4/13/22 567,618
350,000 4.31 LIBOR+ USI, Inc., New York, Initial Term Loan,
300bps 4/5/24 348,943
--------------
$ 1,924,620
--------------
Total Insurance $ 2,731,095
--------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Diversified REIT -- 0.0%+
500,000 0.00 LIBOR+ iStar, Inc. (f.k.a. iStar Financial, Inc.),
300bps Loan, 10/1/21 $ 502,812
--------------------------------------------------------------------------------------------------------------
Hotel & Resort REIT -- 0.0%+
1,117,975 3.48 LIBOR+ MGM Growth Properties Operating
225bps Partnership LP, Term B Loan, 4/7/23 $ 1,122,567
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
92 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Retail REITs -- 0.1%
1,667,823 4.57 LIBOR+ DTZ US Borrower LLC, 2015-1 Additional
325bps Term Loan (First Lien), 11/4/21 $ 1,673,730
--------------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.0%+
888,551 4.24 LIBOR+ Uniti Group, Inc., Shortfall Term Loan,
300bps 10/24/22 $ 823,015
--------------------------------------------------------------------------------------------------------------
Real Estate Development -- 0.0%+
1,000,000 0.00 LIBOR+ Hanjin International Corp. (a.k.a. Wilshire
250bps Grand Center), Term Loan B, 9/20/20 $ 1,002,500
--------------
Total Real Estate $ 5,124,624
--------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.3%
Internet Software & Services -- 0.1%
2,289,263 4.31 LIBOR+ Rackspace Hosting, Inc., 2017
300bps Refinancing Term B Loan (First
Lien), 11/3/23 $ 2,289,672
992,500 3.74 LIBOR+ Vantiv LLC (f.k.a. Fifth Third Processing
200bps Solutions LLC), Initial Term B
Loan, 10/14/23 996,932
1,561,710 0.00 LIBOR+ Vantiv LLC (f.k.a. Fifth Third Processing
200bps Solutions LLC), Term Loan B, 8/7/24 1,566,347
438,290 0.00 LIBOR+ Vantiv LLC (f.k.a. Fifth Third Processing
200bps Solutions LLC), Term Loan B1, 8/7/24 439,057
--------------
$ 5,292,008
--------------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.0%+
1,126,892 3.34 LIBOR+ CDW LLC, Term Loan, 8/16/23
200bps $ 1,133,935
57,079 5.98 LIBOR+ Evergreen Skills Lux Sarl, Initial Term Loan
475bps (First Lien), 4/23/21 54,028
--------------
$ 1,187,963
--------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.1%
1,200,000 3.49 LIBOR+ First Data Corp., 2022D New Dollar Term
225bps Loan, 7/10/22 $ 1,202,776
493,750 3.98 LIBOR+ WEX, Inc., Term B-2 Loan, 7/1/23
275bps 498,996
--------------
$ 1,701,772
--------------------------------------------------------------------------------------------------------------
Application Software -- 0.1%
495,000 6.56 LIBOR+ DTI HoldCo, Inc., Term Loan (First
525bps Lien), 9/23/23 $ 476,231
995,000 5.74 LIBOR+ Synchronoss Technologies, Inc., Initial Term
450bps Loan, 1/19/24 952,298
307,208 3.56 LIBOR+ Verint Systems, Inc., Initial Term Loan,
225bps 6/29/24 308,360
--------------
$ 1,736,889
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 93
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Systems Software -- 0.0%+
201,799 3.81 LIBOR+ MA Financeco LLC, Tranche B-2 Term
250bps Loan, 11/20/21 $ 202,072
--------------
Total Software & Services $ 10,120,704
--------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Communications Equipment -- 0.1%
1,210,646 3.74 LIBOR+ Ciena Corp., Refinancing Term Loan,
250bps 2/25/22 $ 1,216,700
1,714,000 3.24 LIBOR+ CommScope, Inc., Tranche 5 Term Loan
200bps (2015), 12/29/22 1,724,680
--------------
$ 2,941,380
--------------------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.0%+
620,672 3.31 LIBOR+ Zebra Technologies Corp., Tranche B Term
200bps Loan, 10/27/21 $ 622,535
--------------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.0%+
500,000 0.00 LIBOR+ TTM Technologies, Inc., Term Loan,
250bps 9/28/24 $ 502,188
--------------
Total Technology Hardware & Equipment $ 4,066,103
--------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.1%
1,968,692 3.49 LIBOR+ Sensata Technologies BV, Sixth Amendment
225bps Term Loan, 10/14/21 $ 1,983,866
--------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%+
395,918 3.49 LIBOR+ MACOM Technology Solutions Holdings,
225bps Inc., Initial Term Loan, 5/12/24 $ 395,423
52,007 3.55 LIBOR+ Microsemi Corp., Closing Date Term B
225bps Loan, 12/17/22 52,178
572,497 3.48 LIBOR+ ON Semiconductor Corp., 2017 New
225bps Replacement Term Loan, 3/31/23 575,211
--------------
$ 1,022,812
--------------
Total Semiconductors &
Semiconductor Equipment $ 3,006,678
--------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.3%
Integrated Telecommunication Services -- 0.2%
731,019 0.00 LIBOR+ Cincinnati Bell, Inc., Term Loan, 8/16/24
375bps $ 735,131
3,000,000 2.75 LIBOR+ CenturyLink Escrow LLC, Initial Term B
275bps Loan, 1/31/25 2,912,679
731,019 4.24 LIBOR+ Cincinnati Bell, Inc., Tranche B Term
300bps Loan, 9/10/20 735,130
643,021 0.00 LIBOR+ GCI Holdings, Inc., Term Loan B, 2/2/22
225bps 645,232
The accompanying notes are an integral part of these financial statements.
94 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- (continued)
1,000,000 3.49 LIBOR+ Level 3 Financing, Inc., Tranche B 2024
225bps Term Loan, 2/17/24 $ 1,000,893
689,251 4.49 LIBOR+ Windstream Services LLC, Tranche B-7
325bps Term Loan, 2/8/24 591,033
--------------
$ 6,620,098
--------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
1,092,427 3.48 LIBOR+ Altice US Finance I Corp., March 2017
225bps Refinancing Term Loan, 7/28/25 $ 1,093,281
1,990,000 3.75 LIBOR+ Sprint Communications, Inc., Initial Term
250bps Loan, 2/2/24 1,995,508
1,484,673 3.98 LIBOR+ Virgin Media Bristol LLC, I Facility,
275bps 1/31/25 1,491,981
--------------
$ 4,580,770
--------------
Total Telecommunication Services $ 11,200,868
--------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Electric Utilities -- 0.1%
1,890,166 5.48 LIBOR+ APLP Holdings LP, Term Loan, 4/12/23
425bps $ 1,909,856
1,149,000 3.49 LIBOR+ Calpine Construction Finance Co., LP,
225bps Term B-1 Loan, 5/3/20 1,150,436
496,250 4.49 LIBOR+ The Dayton Power & Light Co., Loan,
325bps 8/18/22 503,849
--------------
$ 3,564,141
--------------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 0.1%
540,375 4.09 LIBOR+ Calpine Corp., Term Loan (2015),
275bps 1/15/23 $ 540,206
283,475 4.09 LIBOR+
275bps Calpine Corp., Term Loan, 1/15/24 283,280
181,514 4.49 LIBOR+ Dynegy, Inc., Tranche C-1 Term Loan,
325bps 6/27/23 182,635
1,631,092 3.58 LIBOR+ NRG Energy, Inc., Term Loan, 6/30/23
225bps 1,634,273
488,769 5.24 LIBOR+ Talen Energy Supply LLC, Term B-1 Loan,
400bps 7/6/23 479,808
895,736 5.58 LIBOR+ TerraForm AP Acquisition Holdings LLC,
425bps Term Loan, 6/26/22 915,890
--------------
$ 4,036,092
--------------
Total Utilities $ 7,600,233
--------------------------------------------------------------------------------------------------------------
Real Estate -- 0.1%
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $186,049,523) $ 186,674,963
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 95
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 4.6%
Repurchase Agreements -- 1.0%
9,620,000 $9,620,000 ScotiaBank, 1.05%, dated
9/29/17 plus accrued interest on 10/2/17
collateralized by the following:
$61,755 Federal National Mortgage
Association, 4.0-4.5%, 8/1/44-9/1/47
$9,751,504 Government National
Mortgage Association, 3.0-4.0%,
7/20/42-6/20/47 $ 9,620,000
9,620,000 $15,085,000 RBC Capital Markets LLC,
1.04%, dated 9/29/17 plus accrued
interest on 10/2/17
collateralized by the following:
$601,379 Freddie Mac Giant, 3.5-4.0%,
8/1/45-1/1/47
$1,231,287 Federal National Mortgage
Association, 4.0%, 10/1/33-5/1/47
$7,979,734 Government National
Mortgage Association, 3.0-3.5%,
4/20/47-9/20/47 9,620,000
9,620,000 $9,620,000 TD Securities USA LLC,
1.04%, dated 9/29/17 plus accrued
interest on 10/2/17
collateralized by $9,813,383 Freddie
Mac, 1.5%, 1/17/20 9,620,000
9,620,000 $9,620,000 TD Securities USA LLC,
1.05%, dated 9/29/17 plus accrued
interest on 10/2/17
collateralized by the following:
$8,481,295 Freddie Mac, 1.5%, 1/17/20
$1,331,356 Federal National Mortgage
Association, 1.5%, 7/30/20 9,620,000
--------------
$ 38,480,000
--------------------------------------------------------------------------------------------------------------
Commercial Paper -- 2.4%
800,000 Agrium, Inc., Commercial Paper,
10/3/17 (c) $ 799,880
4,005,000 Agrium Inc., Commercial Paper,
11/13/17 (c) 3,997,991
4,570,000 Agrium, Inc., Commercial Paper,
11/3/17 (c) 4,566,311
5,061,000 Amphenol Corp., Commercial Paper,
10/2/17 (c) 5,060,431
3,800,000 Amphenol Corp., Commercial Paper,
10/23/17 (c) 3,796,489
9,620,000 Mondelez International, Inc., Commercial
Paper, 10/2/17 (c) 9,618,918
3,800,000 Autozone Inc., Commercial Paper,
10/4/17 (c) 3,799,285
The accompanying notes are an integral part of these financial statements.
96 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Commercial Paper -- (continued)
3,795,000 Autozone, Inc., Commercial Paper,
10/23/17 (c) $ 3,791,493
3,765,000 Bell Canada, Commercial Paper,
11/2/17 (c) 3,759,833
5,695,000 Bell Canada, Commercial Paper,
10/12/17 (c) 5,692,043
500,000 Bell Canada, Commercial Paper,
10/25/17 (c) 499,477
9,620,000 Federation, Commercial Paper, 10/2/17 (c) 9,619,066
3,745,000 Rockwell Collins, Commercial Paper,
10/12/17 (c) 3,743,141
700,000 Dominion Resources Commercial Paper,
10/13/17 (c) 699,625
990,000 Dominion Resources, Commercial Paper,
10/24/17 (c) 989,046
3,845,000 Electricite De France, Commercial Paper,
10/25/17 (c) 3,841,148
6,400,000 Southern California Edison, Commercial
Paper, 10/2/17 (c) 6,399,240
3,625,000 Mitsubishi Ufj, Commercial Paper,
11/16/17 (c) 3,618,968
4,805,000 Oneok, Inc., Commercial Paper,
10/2/17 (c) 4,804,349
4,495,000 Oneok, Inc., Commercial Paper,
10/17/17 (c) 4,491,310
9,620,000 Prudential Funding LLC, Commercial Paper,
10/2/17 (c) 9,619,082
--------------
$ 93,207,126
--------------------------------------------------------------------------------------------------------------
Certificate of Deposit -- 1.2%
3,060,000 1.78 3M LIBOR+ Bank of Montreal, Floating Rate Note,
55bps 12/11/17 $ 3,063,755
3,085,000 Natixis NY, 1.4%, 10/17/17 3,085,334
4,720,000 UBS AG Stamford Branch, 1.42%, 11/2/17 4,720,666
7,455,000 UBS AG Stamford Branch, 1.42%,
11/13/17 7,456,337
2,600,000 1.95 3M LIBOR+ Bank of Montreal, Floating Rate Note,
70bps 3/16/18 2,599,693
1,800,000 1.60 3M LIBOR+ Bank of Nova Scotia Houston, Floating
30bps Rate Note, 4/12/19 1,799,458
3,500,000 1.68 3M LIBOR+ Bank of Nova Scotia Houston, Floating
38bps Rate Note, 7/18/18 3,508,134
1,250,000 BNP Paribas SA New York NY, 1.5%, 10/5/17 1,250,071
2,897,000 1.53 Cooperatieve Rabobank UA New York,
Floating Rate Note, 3/6/18 2,899,378
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 97
Schedule of Investments | 9/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Effective Reference
Principal Interest Index +
Amount ($) Rate (a) Spread (b) Value
--------------------------------------------------------------------------------------------------------------
Certificate of Deposit -- (continued)
1,492,000 2.62 3M LIBOR+ Credit Suisse AG New York NY, Floating
130bps Rate Note, 3/8/18 $ 1,493,726
3,415,000 1.66 3M LIBOR+ Mizuho Bank, Ltd. New York, Floating
50bps Rate Note, 9/24/18 3,414,332
1,500,000 1.70 3M LIBOR+ Nordea Bank AB New York NY, Floating
38bps Rate Note, 2/21/19 1,499,586
5,895,000 Kbc Bank NV, 1.3%, 10/24/17 5,895,410
3,210,000 1.23 1M LIBOR+ Toronto-Dominion Bank New York,
26bps Floating Rate Note, 5/9/18 3,212,600
--------------
$ 45,898,480
--------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $177,613,832) $ 177,585,606
--------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN UNAFFILIATED
ISSUERS -- 99.3%
(Cost $3,858,327,796) $3,861,385,301
--------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.6% $ 26,321,536
--------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $3,887,706,837
==============================================================================================================
+ Amount rounds to less than 0.1%.
(Cat Bond) Catastrophe or event-linked bond. At September 30, 2017, the value
of these securities amounted to $101,361,028 or 2.6% of net assets.
See Notes to Financial Statements -- Note 1H.
BPS Basis Point.
COF 11 Cost of Funds for the 11th District of San Francisco.
H15T1Y US Treasury Yield Curve Rate T Note Constant Maturity 1 Yr.
H15T3Y US Treasury Yield Curve Rate T Note Constant Maturity 3 Yr.
LIBOR London-Interbank Offer Rate.
T1Y US Treasury Yield Curve Rate T Note Constant Maturity 1 Yr.
T-BILL US Treasury Bill.
USBMMY3M US Treasury 3 Month Bill Money Market Yield.
US0012M 12 month US Dollar LIBOR.
ZERO Zero Constant Index.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
(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 September 29, 2017, the value of these securities
amounted to $1,642,902,923 or 42.3% of net assets.
REMICS Real Estate Mortgage Investment Conduits.
REIT Real Estate Investment Trust.
Strips Separate trading of Registered interest and principal of securities.
The accompanying notes are an integral part of these financial statements.
98 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major U.S. banks,
(iii) the certificate of deposit or (iv) other base lending rates
used by commercial lenders. The rate shown is the coupon rate at
period end.
(a) Debt obligation with a variable or floating interest rate. Rate
shown is rate at period end.
(b) Floating rate note. Reference index and spread shown at period end.
(c) Security issued with a zero coupon. Income is earned through
accretion of discount.
(d) Structured reinsurance investment. At September 30, 2017, the value
of these securities amounted to $49,809,823 or 1.3% of net assets.
See Notes to Financial Statements -- Note 1H.
(e) Rate to be determined.
(f) Securities that used significant unobservable inputs to determine
their value.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended September 30, 2017 were as follows:
--------------------------------------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------------------------------------
Long-Term U.S. Government $ 76,762,608 $ 38,329,939
Other Long-Term Securities 1,380,918,071 850,578,599
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain Funds and accounts for which Amundi Pioneer Asset
Management, Inc., formerly Pioneer Investment Management, Inc. (the "Adviser")
serves as investment adviser, as set forth in Rule 17a-7 under the Investment
Company Act of 1940, pursuant to procedures adopted by the Board of Trustees.
Under these procedures, cross trades are effected at current market prices.
During the six months ended September 30, 2017, the Fund engaged in purchases
and sales pursuant to these procedures amounting to $20,214,944 and $1,650,100,
respectively, which resulted in a net realized loss of $--.
At September 30, 2017, the net unrealized appreciation on investments based on
cost for federal income tax purposes of $3,863,902,654 was as follows:
Aggregate gross unrealized appreciation for all investments in which there
is an excess of value over tax cost $ 7,664,596
Aggregate gross unrealized depreciation for all investments in which there
is an excess of tax cost over value (10,181,949)
--------------
Net unrealized depreciation $ (2,517,353)
==============
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 99
Schedule of Investments | 9/30/17 (unaudited) (continued)
The following is a summary of the inputs used as of September 30, 2017, in
valuing the Fund's investments:
--------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $1,119,491,818 $ -- $1,119,491,818
Collateralized Mortgage
Obligations -- 935,394,693 -- 935,394,693
Corporate Bonds
Insurance
Reinsurance -- 100,163,443 51,007,408 151,170,851
All Other Corporate Bonds -- 923,067,220 -- 923,067,220
U.S. Government and
Agency Obligations -- 367,525,339 -- 367,525,339
Municipal Bond -- 474,811 -- 474,811
Senior Floating Rate
Loan Interests -- 186,674,963 -- 186,674,963
Repurchase Agreements -- 38,480,000 -- 38,480,000
Commercial Paper -- 93,207,126 -- 93,207,126
Certificates of Deposit -- 45,898,480 -- 45,898,480
--------------------------------------------------------------------------------------------------------
Total $ -- $3,810,377,893 $ 51,007,408 $3,861,385,301
========================================================================================================
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
-------------------------------------------------------------------------------------------------------
Corporate
Bonds
-------------------------------------------------------------------------------------------------------
Balance as of 3/31/17 $ 50,894,901
Realized gain (loss)(1) 2,018
Change in unrealized appreciation (depreciation)(2) (3,578,228)
Purchases 20,746,033
Sales (17,057,316)
Transfers in to Level 3* --
Transfers out of Level 3* --
-------------------------------------------------------------------------------------------------------
Balance as of 9/30/17 $ 51,007,408
=======================================================================================================
1 Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on the beginning of period values. During the six
months ended September 30, 2017, there were no transfers between Levels
1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments still
held as of 9/30/17 $ 319,702
---------
The accompanying notes are an integral part of these financial statements.
100 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
Statement of Assets and Liabilities | 9/30/17 (unaudited)
ASSETS:
Investment in securities of unaffiliated issuers, at value
(cost $3,858,327,796) $ 3,861,385,301
Cash 27,728,097
Receivables --
Investment securities sold 21,835,584
Fund shares sold 55,726,971
Interest 5,877,085
Unrealized appreciation on unfunded corporate loans 2,026
Other assets 199,877
---------------------------------------------------------------------------------------------
Total assets $ 3,972,754,941
=============================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 71,166,272
Fund shares repurchased 11,684,776
Distributions 1,087,818
Trustee fees 4,854
Due to affiliates 387,750
Accrued expenses 716,634
---------------------------------------------------------------------------------------------
Total liabilities $ 85,048,104
=============================================================================================
NET ASSETS:
Paid-in capital $ 3,911,807,949
Distributions in excess of net investment income (2,806,953)
Accumulated net realized loss on investments (24,353,690)
Net unrealized appreciation on investments 3,057,505
Net unrealized appreciation on unfunded coporate loans 2,026
---------------------------------------------------------------------------------------------
Net assets $ 3,887,706,837
=============================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $961,475,797/96,362,031 shares) $ 9.98
Class C (based on $619,619,297/62,182,349 shares) $ 9.96
Class C2 (based on $10,052,527/1,008,956 shares) $ 9.96
Class K (based on $107,437,822/10,758,058 shares) $ 9.99
Class Y (based on $2,189,121,344/219,323,188 shares) $ 9.98
MAXIMUM OFFERING PRICE:
Class A ($9.98 (divided by) 97.5%) $ 10.24
=============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 101
Statement of Operations (unaudited)
For the Six Months Ended 9/30/17
INVESTMENT INCOME:
Interest from unaffiliated issuers $40,689,396
-------------------------------------------------------------------------------------------------
Total investment income $40,689,396
=================================================================================================
EXPENSES:
Management fees $ 5,521,468
Transfer agent fees
Class A 74,158
Class C 102,970
Class C2 1,439
Class K 94
Class Y 738,702
Distribution fees
Class A 846,887
Class C 1,477,303
Class C2 24,881
Shareholder communications expense 19,956
Administrative expense 501,841
Custodian fees 125,359
Registration fees 152,830
Professional fees 67,816
Printing expense 24,126
Fees and expenses of nonaffiliated Trustees 86,545
Miscellaneous 180,865
-------------------------------------------------------------------------------------------------
Total expenses $ 9,947,240
-------------------------------------------------------------------------------------------------
Net investment income $30,742,156
-------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments from unaffiliated issuers $ (278,311)
-------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments from unaffiliated issuers $(1,392,466)
Unfunded corporate loans 2,026 $(1,390,440)
-------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $(1,668,751)
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $29,073,405
=================================================================================================
The accompanying notes are an integral part of these financial statements.
102 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------------------
Six Months
Ended
9/30/17 Year Ended
(unaudited) 3/31/17
---------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 30,742,156 $ 44,136,405
Net realized gain (loss) on investments (278,311) (1,764,194)
Change in net unrealized appreciation (depreciation)
on investments (1,390,440) 20,985,712
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 29,073,405 $ 63,357,923
---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.09 and $0.17 per share, respectively) $ (7,480,968) $ (11,645,585)
Class C ($0.07 and $0.14 per share, respectively) (4,258,401) (7,377,025)
Class C2 ($0.07 and $0.14 per share, respectively) (71,478) (133,252)
Class K ($0.10 and $0.19 per share, respectively) (996,208) (314,128)
Class Y ($0.09 and $0.18 per share, respectively) (18,739,078) (28,545,808)
---------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (31,546,133) $ (48,015,798)
---------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 1,871,514,899 $ 2,635,780,672
Reinvestment of distributions 27,201,071 42,037,618
Cost of shares repurchased (1,206,833,923) (2,126,031,078)
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 691,882,047 $ 551,787,212
---------------------------------------------------------------------------------------------------
Net increase in net assets $ 689,409,319 $ 567,129,337
NET ASSETS:
Beginning of period $ 3,198,297,518 $ 2,631,168,181
---------------------------------------------------------------------------------------------------
End of period $ 3,887,706,837 $ 3,198,297,518
---------------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (2,806,953) $ (2,002,976)
===================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 103
Statements of Changes in Net Assets (continued)
---------------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
9/30/17 9/30/17 Year Ended Year Ended
Shares Amount 3/31/17 3/31/17
(unaudited) (unaudited) Shares Amount
---------------------------------------------------------------------------------------------------------
Class A
Shares sold 52,174,985 $ 520,275,082 54,032,493 $ 539,264,584
Reinvestment of distributions 667,057 6,663,954 1,052,187 10,498,392
Less shares repurchased (32,537,576) (325,004,596) (46,879,123) (467,598,705)
---------------------------------------------------------------------------------------------------------
Net increase 20,304,466 $ 201,934,440 8,205,557 $ 82,164,271
=========================================================================================================
Class C
Shares sold 22,303,213 $ 222,524,457 28,880,632 $ 287,826,009
Reinvestment of distributions 418,528 4,175,448 731,519 7,288,620
Less shares repurchased (17,583,084) (175,392,791) (25,444,875) (253,536,832)
---------------------------------------------------------------------------------------------------------
Net increase 5,138,657 $ 51,307,114 4,167,276 $ 41,577,797
=========================================================================================================
Class C2
Shares sold 165,707 $ 1,653,551 296,871 $ 2,958,188
Reinvestment of distributions 3,625 36,158 6,343 63,187
Less shares repurchased (146,778) (1,464,026) (355,622) (3,541,422)
---------------------------------------------------------------------------------------------------------
Net increase (decrease) 22,554 $ 225,683 (52,408) $ (520,047)
=========================================================================================================
Class K
Shares sold 2,241,232 $ 22,408,972 9,699,288 $ 96,908,050
Reinvestment of distributions 97,214 972,139 31,438 314,013
Less shares repurchased (752,602) (7,524,823) (1,064,634) (10,642,480)
---------------------------------------------------------------------------------------------------------
Net increase 1,585,844 $ 15,856,288 8,666,092 $ 86,579,583
=========================================================================================================
Class Y
Shares sold 110,521,405 $1,104,652,837 171,158,865 $ 1,708,823,841
Reinvestment of distributions 1,536,420 15,353,372 2,391,859 23,873,406
Less shares repurchased (69,796,637) (697,447,687) (139,378,771) (1,390,711,639)
---------------------------------------------------------------------------------------------------------
Net increase 42,261,188 $ 422,558,522 34,171,953 $ 341,985,608
=========================================================================================================
The accompanying notes are an integral part of these financial statements.
104 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/17 Ended Ended Ended Ended Ended
(unaudited) 3/31/17 3/31/16 3/31/15 3/31/14 3/31/13
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.99 $ 9.92 $ 10.00 $ 10.07 $ 10.08 $ 10.02
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.09(a) $ 0.16(a) $ 0.10(a) $ 0.10 $ 0.10 $ 0.13
Net realized and unrealized gain (loss) on investments (0.01) 0.08 (0.06) (0.05) (0.01) 0.08
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.08 $ 0.24 $ 0.04 $ 0.05 $ 0.09 $ 0.21
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.09) $ (0.17) $ (0.12) $ (0.12) $ (0.10) $ (0.15)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.01) $ 0.07 $ (0.08) $ (0.07) $ (0.01) $ 0.06
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.98 $ 9.99 $ 9.92 $ 10.00 $ 10.07 $ 10.08
====================================================================================================================================
Total return* 0.78% 2.43% 0.41% 0.54% 0.92% 2.14%
Ratio of net expenses to average net assets 0.60%** 0.61% 0.63% 0.63% 0.66% 0.72%
Ratio of net investment income (loss) to average net assets 1.72%** 1.59% 1.01% 0.95% 0.93% 0.94%
Portfolio turnover rate 53%** 69% 58% 45% 47% 101%
Net assets, end of period (in thousands) $961,476 $759,455 $673,352 $694,221 $570,468 $381,267
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 105
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/17 Ended Ended Ended Ended Ended
(unaudited) 3/31/17 3/31/16 3/31/15 3/31/14 3/31/13
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.97 $ 9.91 $ 9.99 $ 10.05 $ 10.07 $ 10.02
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.07(a) $ 0.13(a) $ 0.07(a) $ 0.07 $ 0.08 $ 0.09
Net realized and unrealized gain (loss) on investments (0.01) 0.07 (0.06) (0.04) (0.03) 0.07
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.06 $ 0.20 $ 0.01 $ 0.03 $ 0.05 $ 0.16
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.07) $ (0.14) $ (0.09) $ (0.09) $ (0.07) $ (0.11)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.01) $ 0.06 $ (0.08) $ (0.06) $ (0.02) $ 0.05
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.96 $ 9.97 $ 9.91 $ 9.99 $ 10.05 $ 10.07
====================================================================================================================================
Total return* 0.62% 2.00% 0.11% 0.34% 0.54% 1.61%
Ratio of net expenses to average net assets 0.92%** 0.93% 0.94% 0.94% 0.97% 1.03%
Ratio of net investment income (loss) to average net assets 1.40%** 1.27% 0.70% 0.66% 0.62% 0.63%
Portfolio turnover rate 53%** 69% 58% 45% 47% 101%
Net assets, end of period (in thousands) $619,619 $568,840 $524,030 $594,283 $575,457 $330,828
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
106 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
----------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year
9/30/17 Ended Ended Ended 8/31/13
(unaudited) 3/31/17 3/31/16 3/31/15 to 3/31/14
----------------------------------------------------------------------------------------------------------------------------
Class C2
Net asset value, beginning of period $ 9.97 $ 9.91 $ 9.99 $ 10.05 $10.04
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.07(b) $ 0.13(b) $ 0.07(b) $ 0.06 $ 0.07
Net realized and unrealized gain (loss) on investments (0.01) 0.07 (0.06) (0.03) (0.01)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.06 $ 0.20 $ 0.01 $ 0.03 $ 0.06
----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.07) $(0.14) $ (0.09) $ (0.09) $(0.05)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.01) $ 0.06 $ (0.08) $ (0.06) $ 0.01
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.96 $ 9.97 $ 9.91 $ 9.99 $10.05
============================================================================================================================
Total return* 0.62% 2.00% 0.11% 0.33% 0.56%(a)
Ratio of net expenses to average net assets 0.91%** 0.93% 0.94% 0.95% 0.99%**
Ratio of net investment income (loss) to average net assets 1.41%** 1.27% 0.69% 0.66% 0.68%**
Portfolio turnover rate 53%** 69% 58% 45% 47%
Net assets, end of period (in thousands) $10,053 $9,834 $10,292 $11,258 $3,699
============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) Not Annualized.
(b) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 107
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year
9/30/17 Ended Ended Ended Ended 12/20/12
(unaudited) 3/31/17 3/31/16 3/31/15 3/31/14 to 3/31/13
------------------------------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.99 $ 9.93 $10.01 $10.07 $10.08 $10.09
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10(c) $ 0.19(c) $ 0.12(c) $ 0.14 $ 0.12 $ 0.03
Net realized and unrealized gain (loss) on investments 0.00(a) 0.06 (0.06) (0.06) (0.00)(a) 0.01
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.10 $ 0.25 $ 0.06 $ 0.08 $ 0.12 $ 0.04
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.10) $ (0.19) $(0.14) $(0.14) $(0.13) $(0.05)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ -- $ 0.06 $(0.08) $(0.06) $(0.01) $(0.01)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.99 $ 9.99 $ 9.93 $10.01 $10.07 $10.08
====================================================================================================================================
Total return* 0.99% 2.55% 0.64% 0.83% 1.16% 0.43%(b)
Ratio of net expenses to average net assets 0.38%** 0.42% 0.42% 0.41% 0.41% 0.53%**
Ratio of net investment income (loss) to average net assets 1.95%** 1.92% 1.24% 1.28% 1.19% 1.25%**
Portfolio turnover rate 53%** 69% 58% 45% 47% 101%
Net assets, end of period (in thousands) $107,438 $91,666 $5,026 $5,091 $ 10 $ 10
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
(a) Amount rounds to less than $0.01 or $(0.01) per share.
(b) Not Annualized.
(c) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
108 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/17 Ended Ended Ended Ended Ended
(unaudited) 3/31/17 3/31/16 3/31/15 3/31/14 3/31/13
-----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.99 $ 9.93 $ 10.01 $ 10.07 $ 10.09 $ 10.03
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.09(a) $ 0.17(a) $ 0.11(a) $ 0.11 $ 0.12 $ 0.14
Net realized and unrealized gain (loss)
on investments (0.01) 0.07 (0.06) (0.03) (0.02) 0.09
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.08 $ 0.24 $ 0.05 $ 0.08 $ 0.10 $ 0.23
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.09) $ (0.18) $ (0.13) $ (0.14) $ (0.12) $ (0.17)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.01) $ 0.06 $ (0.08) $ (0.06) $ (0.02) $ 0.06
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.98 $ 9.99 $ 9.93 $ 10.01 $ 10.07 $ 10.09
===================================================================================================================================
Total return* 0.85% 2.46% 0.54% 0.79% 0.99% 2.35%
Ratio of net expenses to average net assets 0.46%** 0.50% 0.51% 0.51% 0.54% 0.55%
Ratio of net investment income (loss) to average
net assets 1.86%** 1.70% 1.15% 1.08% 1.05% 1.11%
Portfolio turnover rate 53%** 69% 58% 45% 47% 101%
Net assets, end of period (in thousands) $2,189,121 $1,768,502 $1,418,468 $1,188,107 $912,810 $608,818
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 109
Notes to Financial Statements | 9/30/17 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Multi-Asset Ultrashort Income Fund (the Fund) is one of three portfolios
comprising Pioneer Series Trust X, a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to seek a
high level of current income to the extent consistent with a relatively high
level of stability of principal.
The Fund offers five classes of shares designated as Class A, Class C, Class C2,
Class K and Class Y shares. Each class of shares represents an interest in the
same portfolio of investments of the Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes can
bear different rates of class-specific fees and expenses, such as transfer agent
and distribution fees. Differences in class-specific fees and expenses will
result in differences in net investment income and, therefore, the payment of
different dividends from net investment income earned by each class. The Amended
and Restated Declaration of Trust of the Fund gives the Board of Trustees the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class K or Class Y shares.
On July 3, 2017, Amundi acquired Pioneer Investments, a group of asset
management companies located throughout the world. Amundi, one of the world's
largest asset managers, is headquartered in Paris, France. As a result of the
transaction, Pioneer Investment Management, Inc., the Funds' investment adviser,
became an indirect wholly owned subsidiary of Amundi and Amundi's wholly owned
subsidiary, Amundi USA, Inc. Prior to July 3, 2017, Pioneer Investments was
owned by Pioneer Global Asset Management S.p.A., a wholly owned subsidiary of
UniCredit S.p.A.
In connection with the transaction, the names of the Funds' investment adviser
and principal underwriter changed. Effective July 3, 2017, the name of Pioneer
Investment Management, Inc. changed to Amundi Pioneer Asset Management, Inc.
(the Adviser) and the name of Pioneer Funds Distributor, Inc. changed to Amundi
Pioneer Distributor, Inc. (the Distributor).
110 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
In October 2016, the Securities and Exchange Commission (SEC) released its Final
Rule on Investment Company Reporting Modernization. In addition to introducing
two new regulatory reporting forms (Form N-PORT and Form N-CEN), the Final Rule
amends Regulation S-X, which impacts financial statement presentation,
particularly related to the presentation of derivative investments. The Fund's
financial statements were prepared in compliance with the amendments to
Regulation S-X.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) that require the management
of the Fund to make estimates and assumptions that affect the reported amounts
of assets and liabilities, the disclosure of contingent assets and liabilities
at the date of the financial statements, and the reported amounts of income,
expenses and gains and losses on investments during the reporting period. Actual
results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New
York Stock Exchange (NYSE) is open, as of the close of regular trading on
the NYSE.
Fixed income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to supply
prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the price
information is deemed to be unreliable, price information will be obtained
from an
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 111
alternative loan interest pricing service. If no reliable price quotes are
available from either the primary or alternative pricing service, broker
quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other insurance
linked securities (including sidecars, collateralized reinsurance and
industry loss warranties) may be valued at the bid price obtained from an
independent pricing service, or through a third party using a pricing
matrix, insurance industry valuation models, or other fair value methods or
techniques to provide an estimated value of the instrument.
The value of foreign securities is translated into U.S. dollars based on
foreign currency exchange rate quotations supplied by a third party pricing
source. Trading in non-U.S. equity securities is substantially completed
each day at various times prior to the close of the NYSE. The values of
such securities used in computing the net asset value of the Fund's shares
are determined as of such times. The fund may use a fair value model
developed by an independent pricing service to value non-U.S. equity
securities.
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such funds' net asset value. Repurchase
agreements are valued at par. Cash may include overnight time deposits at
approved financial institutions.
Securities or loan interests for which independent pricing services or
broker-dealers are unable to supply prices or for which market prices
and/or quotations are not readily available or are considered to be
unreliable are valued by a fair valuation team comprised of certain
personnel of the Adviser pursuant to procedures adopted by the Fund's Board
of Trustees. The Adviser's fair valuation team uses fair value methods
approved by the Valuation Committee of the Board of Trustees. The Adviser's
fair valuation team is responsible for monitoring developments that may
impact fair valued securities and for discussing and assessing fair values
on an ongoing basis, and at least quarterly, with the Valuation Committee
of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices and
such differences could be material.
112 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
At September 30, 2017, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model).
B. Investment Income and Transactions
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
respective securities, and such accretion/amortization is included in
interest income.
Interest income, including interest on income bearing cash accounts, is
recorded on the accrual basis, net of unrecoverable foreign taxes withheld
at the applicable country rates and net of income accrued or defaulted
securities. Interest and dividend income payable by delivery of additional
shares is reclassified as PIK (payment-in-kind) income upon receipt and is
included in interest and dividend income, respectively.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the Statement of Operations from
the effects of changes in the market prices of those securities but are
included with the net realized and unrealized appreciation or depreciation
on investments.
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no provision for federal income taxes is
required.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 113
As of March 31, 2017, the Fund had not accrued any interest or penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years are subject to examination by
Federal and State tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary overdistributions for financial
statement purposes resulting from differences in the recognition or
classification of income or distributions for financial statement and tax
purposes. Capital accounts within the financial statements are adjusted for
permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current fiscal year. The tax character of distributions
paid during the year ended March 31, 2017 was as follows:
---------------------------------------------------------------------------
2017
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 48,015,798
---------------------------------------------------------------------------
Total $ 48,015,798
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2017:
---------------------------------------------------------------------------
2017
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 4,049,763
Capital loss carryforward (24,060,252)
Current year dividend payable (493,008)
Unrealized depreciation (1,124,887)
---------------------------------------------------------------------------
Total $(21,628,384)
===========================================================================
The difference between book-basis and tax-basis unrealized depreciation is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds and the tax treatment of premium and
amortization.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $4,788 in underwriting commissions on the sale of
Class A shares during the six months ended September 30, 2017.
114 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
F. Class Allocations
Income, common expenses, and realized and unrealized appreciation and
depreciation are calculated at the Fund level and allocated daily to each
class of shares based on its respective percentage of adjusted net assets
at the beginning of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class C and Class C2 shares of the Fund,
respectively (see Note 4). Class K and Class Y shares do not pay
distribution fees. All expenses and fees paid to the Fund's transfer agent,
for its services are allocated among the classes of shares based on the
number of accounts in each class and the ratable allocation of related
out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class C, Class C2, Class K and
Class Y shares can reflect different transfer agent and distribution
expense rates.
G. Risks
The value of securities held by the Fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real or
perceived adverse economic, political or regulatory conditions, inflation,
changes in interest rates, lack of liquidity in the bond markets or adverse
investor sentiment. In the past several years, financial markets have
experienced increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty. These conditions may continue, recur, worsen or
spread. When interest rates rise, the prices of fixed-income securities in
the Fund will generally fall. Conversely, when interest rates fall, the
prices of fixed-income securities in the Fund will generally rise. Interest
rates in the U.S. recently have been historically low, so the Fund faces a
heightened risk that interest rates may rise. A general rise in interest
rates may cause investors to move out of fixed income securities on a large
scale, which could adversely affect the price and liquidity of fixed income
securities and could also result in increased redemptions from the Fund.
Investments in the Fund are subject to possible loss due to the financial
failure of issuers of underlying securities and the issuers' inability to
meet their debt obligations. Certain securities in which the Fund invests,
including floating rate loans, once sold, may not settle for an extended
period (for example, several weeks or even longer). The Fund will not
receive its sale proceeds until that time, which may constrain the Fund's
ability to meet its obligations (including obligations to redeeming
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 115
shareholders). The Fund's prospectus contains unaudited information
regarding the Fund's principal risks. Please refer to that document when
considering the Fund's principal risks.
H. Insurance-Linked Securities (ILS)
The Fund invests in event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event, as defined within the terms of
an event-linked bond occurs, the Fund may lose a portion or all of its
accrued interest and/or principal invested in such event-linked bond. The
Fund is entitled to receive principal and interest payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, event-linked bonds
may expose the Fund to other risks, including but not limited to issuer
(credit) default, adverse regulatory or jurisdictional interpretations and
adverse tax consequences.
The Fund's investments in ILS may include special purpose vehicles ("SPVs")
or similar instruments structured to comprise a portion of a reinsurer's
catastrophe-oriented business, known as quota share instruments (sometimes
referred to as reinsurance sidecars), or to provide reinsurance relating to
specific risks to insurance or reinsurance companies through a
collateralized instrument, known as collateralized reinsurance. Structured
reinsurance investments also may include industry loss warranties ("ILWs").
A traditional ILW takes the form of a bilateral reinsurance contract, but
there are also products that take the form of derivatives, collateralized
structures, or exchange traded instruments.
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILWs, are generally subject to
the same risks as event-linked bonds. In addition, where the instruments
are based on the performance of underlying reinsurance contracts, the Fund
has limited transparency into the individual underlying contracts and
therefore must rely upon the risk assessment and sound underwriting
practices of the issuer. Accordingly, it may be more difficult for the
Adviser to fully evaluate the underlying risk profile of the Fund's
structured reinsurance investments and therefore the Fund's assets are
placed at greater risk of loss than if the Adviser had more complete
information. Structured reinsurance instruments generally will be
considered illiquid securities by the Fund. These securities may be
difficult to purchase, sell or unwind. Illiquid securities also may be
difficult to value. If the Fund is forced to sell an illiquid asset, the
Fund may be forced to sell at a loss.
116 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
I. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve as
the Fund's collateral for the obligation of the counterparty to repurchase
the securities. The value of the collateral, including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. The Adviser is responsible for determining that the value of the
collateral remains at least equal to the repurchase price. In the event of
a default by the counterparty, the Fund is entitled to sell the securities,
but the Fund may not be able to sell them for the price at which they were
purchased, thus causing a loss to the Fund. Additionally, if the
counterparty becomes insolvent, there is some risk that the Fund will not
have a right to the securities, or the immediate right to sell the
securities. Open repurchase agreements as of September 30, 2017 are
disclosed in the Fund's Schedule of Investments.
2. Management Agreement
The Adviser manages the Fund's portfolio. Management fees are calculated daily
at the annual rate equal to 0.35% of the Fund's average daily net assets up to
$1 billion and 0.30% on assets over $1 billion. For the six months ended
September 30, 2017, the effective management fee (excluding waivers and/or
assumption of expenses) was equivalent to 0.32% of the Fund's average daily net
assets.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting, and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$278,148 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at September 30, 2017.
3. Transfer Agent
Boston Financial Data Services, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 117
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings and outgoing phone calls. For the six
months ended September 30, 2017, such out-of-pocket expenses by class of shares
were as follows:
----------------------------------------------------------------------------
Shareholder Communications:
----------------------------------------------------------------------------
Class A $ 2,165
Class C 10,900
Class C2 38
Class K 7
Class Y 6,846
----------------------------------------------------------------------------
Total $19,956
============================================================================
4. Distribution Plan
The Fund has adopted a distribution plan (the Plan) pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A, Class C and
Class C2 shares. Pursuant to the Plan, the Fund pays the Distributor 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 the
Distributor 0.50% of the average daily net assets attributable to Class C and
Class C2 shares. The fee for Class C and Class C2 shares consists of a 0.25%
service fee and a 0.25% distribution fee paid as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class C and Class C2 shares. Included in "Due to affiliates" reflected
on the Statement of Assets and Liabilities is $109,602 in distribution fees
payable to the Distributor at September 30, 2017.
In addition, redemptions of each class of shares (except Class K and Class Y
shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of
1.00% may be imposed on redemptions of certain net asset value purchases of
Class A shares within 12 months of purchase. For Class C2 shares redemptions of
shares within 12 months of purchase are subject to a CDSC of 1.00%, based on the
lower of cost or market value of shares being redeemed. Shares purchased as
part of an exchange remain subject to any CDSC that applied to the original
purchase of those shares. There is no CDSC for Class K and Class Y shares.
Proceeds from the CDSCs are paid to the Distributor. For the six months ended
September 30, 2017, CDSCs of $80,430 were paid to the Distributor.
118 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in which the Fund participated until February 9, 2016 was in the
amount of $240 million. The credit facility in which the Fund participated until
February 7, 2017 was in the amount of $220 million. Effective February 8, 2017,
the Fund participates in a facility that is in the amount of $195 million.
Under such facility, depending on the type of loan, interest on borrowings is
payable at the London Interbank Offered Rate (LIBOR) plus 0.85% on an annualized
basis, or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date or (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the six months ended September 30, 2017, the Fund had no
borrowings under the credit facility.
6. Unfunded Loan Commitments
The Fund may enter into unfunded loan commitments. Unfunded loan commitments may
be partially or wholly unfunded. During the contractual period, the Fund is
obligated to provide funding to the borrower upon demand. A fee is earned by the
Fund on the unfunded commitment and is recorded as interest income in the
Statement of Operations.
As of September 30, 2017, the Fund had the following unfunded loan commitments
outstanding:
-----------------------------------------------------------------------------------------
Unrealized
Loan Shares Cost Value Appreciation
-----------------------------------------------------------------------------------------
Shutterfly, Inc., Delay
Draw Term Loan 2,250,000 $2,238,835 $2,240,861 $2,026
-----------------------------------------------------------------------------------------
Total $2,238,835 $2,240,861 $2,026
=========================================================================================
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 119
7. Shareholder Meeting Results
At a special meeting held on June 13, 2017, shareholders of the Fund were asked
to consider the proposals described below. A report of the total votes cast by
the Fund's shareholders (or, with respect to Proposal 2, by shareholders of
Pioneer Series Trust X, as noted below) follows:
------------------------------------------------------------------------------------------------------
For Against Abstain Broker Non-Votes
------------------------------------------------------------------------------------------------------
Proposal 1 - To approve 145,588,333.187 771,857.100 3,217,989.650 45,350,388.100
a New Management
Agreement with
the Adviser
--------------------------------------------------------------------------------------------------
For Withhold
--------------------------------------------------------------------------------------------------
Proposal 2 - To elect Trustees*
--------------------------------------------------------------------------------------------------
David R. Bock 343,352,480.124 5,326,068.613
--------------------------------------------------------------------------------------------------
Benjamin M. Friedman 343,252,747.228 5,425,801.509
--------------------------------------------------------------------------------------------------
Margaret B.W. Graham 343,431,726.450 5,246,822.287
--------------------------------------------------------------------------------------------------
Lisa M. Jones 343,414,583.887 5,263,964.850
--------------------------------------------------------------------------------------------------
Lorraine H. Monchak 339,444,451.562 9,234,097.175
--------------------------------------------------------------------------------------------------
Thomas J. Perna 343,393,493.010 5,285,055.727
--------------------------------------------------------------------------------------------------
Marguerite A. Piret 343,442,072.938 5,236,475.799
--------------------------------------------------------------------------------------------------
Fred J. Ricciardi 343,367,033.730 5,311,515.007
--------------------------------------------------------------------------------------------------
Kenneth J. Taubes 343,361,588.526 5,316,960.211
--------------------------------------------------------------------------------------------------
* Proposal 2 was voted on and approved by all series of Pioneer Series
Trust X. Results reported above reflect the combined votes of all series of
the Trust.
120 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
ADDITIONAL INFORMATION
Change in Independent Registered Public Accounting Firm
Prior to July 3, 2017 Pioneer Investment Management, Inc. (the "Adviser"), the
Fund's investment adviser, was an indirect, wholly owned subsidiary of UniCredit
S.p.A. ("UniCredit"). On that date, UniCredit completed the sale of its Pioneer
Investments business, which includes the Adviser, to Amundi (the "Transaction").
As a result of the Transaction, the Adviser became an indirect, wholly-owned
subsidiary of Amundi. Amundi is controlled by Credit Agricole S.A. Amundi is
headquartered in Paris, France, and, as of September 30, 2016, had more than
$1.1 trillion in assets under management worldwide.
Deloitte & Touche LLP ("D&T"), the Fund's previous independent registered public
accounting firm, informed the Audit Committee and the Board that it would no
longer be independent with respect to the Fund upon the completion of the
Transaction as a result of certain services being provided to Amundi and Credit
Agricole, and, accordingly, that it intended to resign as the Fund's independent
registered public accounting firm upon the completion of the Transaction. D&T's
resignation was effective on July 3, 2017, when the Transaction was completed.
During the periods as to which D&T has served as the Fund's independent
registered public accounting firm, including the Fund's two most recent fiscal
years preceding the fiscal year ended March 31, 2017, D&T's reports on the
Fund's financial statements have not contained an adverse opinion or disclaimer
of opinion and have not been qualified or modified as to uncertainty, audit
scope or accounting principles. Further, there have been no disagreements with
D&T on any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which, if not resolved to the
satisfaction of D&T, would have caused D&T to make reference to the subject
matter of the disagreement in connection with its report on the financial
statements. In addition, there have been no reportable events of the kind
described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange
Act of 1934.
Effective immediately following the completion of the Transaction on July 3,
2017, the Board, acting upon the recommendation of the Audit Committee, engaged
a new independent registered public accounting firm, Ernst & Young LLP ("EY"),
for the Fund's fiscal year ended March 31, 2018.
Prior to its engagement, EY had advised the Fund's Audit Committee that EY had
identified the following matters, in each case relating to services rendered by
other member firms of Ernst & Young Global Limited, all of which are located
outside the United States, to UniCredit and certain of its subsidiaries during
the period commencing July 1, 2016, that it determined to be
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 121
inconsistent with the auditor independence rules set forth by the Securities and
Exchange Commission ("SEC"): (a) project management support services to
UniCredit in the Czech Republic, Germany, Italy, Serbia and Slovenia in relation
to twenty-two projects, that were determined to be inconsistent with Rule
2-01(c)(4)(vi) of Regulation S-X (management functions); (b) two engagements for
UniCredit in Italy where fees were contingent/success based and that were
determined to be inconsistent with Rule 2-01(c)(5) of Regulation S-X (contingent
fees); (c) four engagements where legal and expert services were provided to
UniCredit in the Czech Republic and Germany, and twenty engagements where the
legal advisory services were provided to UniCredit in Austria, Czech Republic,
Italy and Poland, that were determined to be inconsistent with Rule
2-01(c)(4)(ix) and (x) of Regulation S-X (legal and expert services); and (d)
two engagements for UniCredit in Italy involving assistance in the sale of
certain assets, that were determined to be inconsistent with Rule
2-01(c)(4)(viii) of Regulation S-X (broker-dealer, investment advisor or
investment banking services). None of the foregoing services involved the Fund,
any of the other funds in the Pioneer Family of Funds or any other Pioneer
entity sold by UniCredit in the Transaction.
EY advised the Audit Committee that it had considered the matters described
above and had concluded that such matters would not impair EY's ability to
exercise objective and impartial judgment in connection with the audits of the
financial statements of the Fund under the SEC and Public Company Accounting
Oversight Board independence rules, and that a reasonable investor with
knowledge of all relevant facts and circumstances would reach the same
conclusion. Management and the Audit Committee considered these matters and
discussed the matters with EY and, based upon EY's description of the matters
and statements made by EY, Management and the Audit Committee believe that EY
will be capable of exercising objective and impartial judgment in connection
with the audits of the financial statements of the Fund, and Management further
believes that a reasonable investor with knowledge of all relevant facts and
circumstances would reach the same conclusion.
122 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and Chief
David R. Bock Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial Officer
Lisa M. Jones Christopher J. Kelley, Secretary and
Lorraine H. Monchak Chief Legal Officer
Marguerite A. Piret
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at www.amundipioneer.com. This information is also available on the Securities
and Exchange Commission's web site at www.sec.gov.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17 123
This page is for your notes.
124 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/17
How to Contact Amundi Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
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:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.amundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.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] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2017 Amundi Pioneer Asset Management 25249-06-1117
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.
N/A
(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.
N/A
(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.
N/A
(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.
N/A
(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.
N/A
(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.
N/A
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust X
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date November 29, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date November 29, 2017
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date November 29, 2017
* Print the name and title of each signing officer under his or her signature.