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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21108
Pioneer Series Trust X
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: March 31
Date of reporting period: April 1, 2013 through September 30, 2013
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Dynamic
Credit Fund
(Formerly Pioneer Absolute Return Credit Fund.)*
--------------------------------------------------------------------------------
Semiannual Report | September 30, 2013
--------------------------------------------------------------------------------
Ticker Symbols:
Class A RCRAX
Class C RCRCX
Class Y RCRYX
Class Z ARCZX**
* Effective June 17, 2013, Pioneer Absolute Return Credit
Fund was renamed Pioneer Dynamic Credit Fund.
** Share class was first publicly offered on April 2,
2013.
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 72
Notes to Financial Statements 80
Trustees, Officers and Service Providers 93
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 1
President's Letter
Dear Shareowner,
When we look at the U.S. economy heading into the final quarter of 2013, we
continue to see slow, but steady, growth. Employment has also been rising
steadily, but only modestly. Consumer incomes, savings, wealth, and
debt-servicing capacity have been solid buttresses for the recovering housing
and auto industries. Industrial activity is growing only modestly, but current
corporate profits are generally solid and balance sheets appear able to support
needed capital spending and dividend* payouts. The scaled-back "fiscal cliff"
tax increases and spending cuts have meaningfully cut the budget deficit without
driving the economy into recession. In addition, we feel that continuing slack
in labor markets and capacity utilization offers the potential for continuing
growth without bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve (the Fed)
hinted that it might begin scaling back its "QE" quantitative easing program
later in 2013 and could terminate its bond purchases altogether sometime in
2014. In September, however, the Fed surprised many market participants by
deciding not to start scaling back QE yet. The Fed has also said that short-term
interest rates are likely to remain near zero for some time to come, given that
inflation remains subdued and unemployment remains too high.
As September ended, Congress had not yet passed a continuing resolution to
prevent a government shutdown, nor had it raised the debt ceiling, and a quick
resolution to the impasse appeared unlikely. The U.S. government's partial
shutdown in October rattled the markets to a degree, but did not immediately
have a significant negative impact on the economy or capital markets.
There are certainly risks and uncertainties that continue to plague the global
economy as we head into the final months of the year. The European economy
remains weak, though it is beginning to show signs of stabilization, and a
number of countries in the emerging markets have experienced difficulties.
Still, a potential ending of the European recession, continuing economic
improvement in Japan in response to the new government's easing policies, and a
"soft landing" of 7% growth in China could very well result in an improving
global outlook over the remainder of 2013 and in 2014.
There are also geopolitical worries abroad and the aforementioned political
fights at home, and while most of the widely recognized risks we've outlined may
already be "priced into" the market, we believe investors should continue to
expect market volatility.
* Dividends are not guaranteed.
2 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
The Fed's aggressive monetary policies and fears about economic growth had
helped drive long-term Treasury yields to unsustainably low levels; the return
to more normal levels has resulted in disappointing returns for bond investors
during the first nine months of 2013, but the stock market has delivered
double-digit returns to equity investors who were willing to brave the "wall of
worry".
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in global equity and bond markets, using in-depth research to identify
undervalued individual securities, and using thoughtful risk management to
construct portfolios which balance potential risks and reward in an
ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 3
Portfolio Management Discussion | 9/30/13
High-yield corporate bonds and other credit-sensitive securities held up better
than Treasuries and other high-rated debt during the six-month period ended
September 30, 2013, as the environment for investing in fixed-income securities
became more unsettled. In the following interview, Michael Temple, Andrew
Feltus, and Chin Liu discuss the factors that influenced the performance of
Pioneer Dynamic Credit Fund (formerly Pioneer Absolute Return Credit Fund)*
during the six-month period. Mr. Temple, a senior vice president, portfolio
manager, and Director of Fixed-Income Credit Research at Pioneer, and Mr.
Feltus, a senior vice president and a portfolio manager at Pioneer, are
responsible for the day-to-day implementation of the Fund's investment
strategies. Mr. Liu, a quantitative research analyst at Pioneer, provides
investment management support to Mr. Feltus and Mr. Temple in implementing the
portfolio's hedging strategies.
Q How would you describe the investment environment in the fixed-income
markets during the six-month period ended September 30, 2013?
A The investment environment in the bond market became more challenging
during the six-month period, as market interest rates started rising,
undermining bond prices in general, and especially those of
longer-maturity, higher-quality securities. While more credit-sensitive
investments outperformed Treasuries and higher-rated debt during the
period, the credit sectors nevertheless delivered modest results. In
contrast, the stock market moved higher throughout most of the period,
riding a wave of confidence brought on by improving economic conditions and
solid corporate earnings.
The favorable backdrop that had driven healthy performance in the credit
sectors of the bond market changed abruptly in May 2013, following comments
by U.S. Federal Reserve (the Fed) Chairman Ben Bernanke that if the
American economy continued to improve, the nation's central bank might
begin considering moving back from its more accommodative monetary policies
in the relatively near future. In particular, Mr. Bernanke suggested that
if the U.S. economy kept growing, it was possible that the Fed would begin
tapering the pace of its monthly purchases of U.S. Treasury and
mortgage-backed securities in the open market, known as quantitative easing
(QE). The Fed's QE policy has helped to keep interest rates in check while
also providing a measure of support for the overall U.S. economy. Although
the Fed continued to indicate that short-term interest rates - as
influenced by the federal funds rate - were likely to remain at record low
levels, Mr. Bernanke's statements about a possible tapering of QE triggered
speculation that interest rates would begin rising soon. In fact, market
interest rates did begin to increase soon after Mr. Bernanke's comments.
4 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
U.S. Treasuries performed particularly poorly during the six-month period,
but credit-sensitive securities also were affected by the market
environment. Investment-grade corporate bonds posted negative returns
during the six-month period, although U.S. high-yield corporate bonds were
able to deliver modestly positive returns. Elsewhere, emerging markets
investments and currencies were especially affected by market conditions,
as investors saw those securities as particularly vulnerable to rising
interest rates.
Near the end of the six-month period, a series of perceived positive
developments affected sentiment in the bond market, and Treasuries even
staged a modest improvement in performance during September, the final
month of the period. The first development was the growing media
speculation that Fed Vice Chairman Janet Yellen would be nominated to
succeed Mr. Bernanke as chairman. Ms. Yellen is not viewed by most as
someone who would move aggressively to end the Fed's accommodative
policies. Second, the Fed met in mid-September and announced that it would
not yet begin tapering QE--to the relief of the bond market. Finally, the
debates in Washington over U.S. fiscal policy and raising the government's
debt ceiling rattled the capital markets in general, but also led to a
brief comeback in the values of Treasury securities, which were seen as the
safest asset class during a time of uncertainty.
Despite the volatility in the fixed-income market, the economic
fundamentals in the United States continued to strengthen, with non-farm
payrolls adding an average of 160,000 new jobs per month over the six-
month period. Corporate profits remained strong, while companies continued
to be able to generate new cash flows and strengthen their balance sheets.
In fact, stock prices maintained their upward climb, with the Standard &
Poor's 500 Index returning 8.31% during the six-month period.
Q How did the Fund perform during the six-month period ended September 30,
2013?
A Pioneer Dynamic Credit Fund's Class A shares returned -0.81% at net asset
value during the six-month period ended September 30, 2013, while the
Fund's benchmark, the Bank of America Merrill Lynch (BofA ML) U.S. Dollar
3-Month LIBOR Index, returned 0.15%. During the same period, the average
return of the 252 mutual funds in Morningstar's Non-Traditional Bond Funds
category was -1.52%.
Q How did you allocate the Fund's assets during the six-month period ended
September 30, 2013, and how did the allocations affect the Fund's
performance?
A We continued to position the Fund's portfolio with the aim of capturing
most of the upside potential of the credit markets, while limiting the
downside risks. We tilted the portfolio toward higher-yielding, higher-risk
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 5
credits, and the emphasis on credit-sensitive securities - especially high-
yield corporate bonds and floating-rate bank loans - tended to lend support
to the Fund's benchmark-relative performance during the period.
The largest sector weighting in the portfolio was to U.S. high-yield
corporate debt, which represented more than 27% of net assets as of
September 30, 2013, followed by floating-rate bank loans, at more than 19%,
and convertible bonds, at nearly 8%. The Fund's exposure to catastrophe
bonds (more than 5% of the portfolio's net assets) gave an added boost to
benchmark-relative performance. Both floating-rate bank loans and
catastrophe bonds have floating-interest-rate features, meaning that
interest rates on the securities typically rise in correlation with market
interest rates. The floating-rate feature helps to buffer such securities
from the ill effects of higher interest rates. The Fund's convertible bond
positions also fared well, as the feature that can enable the securities to
be converted into shares of company stock helped relative performance
during a period that featured strong equity market returns.
The Fund's positions in investment-grade corporate bonds would have been a
drag on relative performance during the period were it not for our decision
to hedge the portfolio's exposure to longer-duration investments by using
derivative securities. Longer-duration portfolios tend to be more
price-sensitive to changes in interest rates, and they can become
vulnerable when market interest rates rise, as they did during the
six-month period.
We use four types of derivative securities to hedge the portfolio's risks
in the bond market. During the period, we shorted U.S. Treasury futures to
help hedge against the risks of rising interest rates, and the strategy
helped to support the Fund's relative results as market interest rates
spiked after the Fed hinted at tapering its QE policy. We also invested the
portfolio in a futures contract that shorts the equity market. In addition,
we used CDX (Credit Default Swaps) hedges to help protect the portfolio
from some of the risks in the high-yield bond market. The tactic is
designed to protect the portfolio during periods in which stock prices tend
to decline and the performance of corporate debt moves downward in sympathy
with stock prices. However, the tactic did not help the Fund's performance
during the six-month period, as stock values generally increased. The final
layer of hedging that we use is through portfolio investments in volatility
contracts, which are based on investors' attitudes about the direction and
intensity of stock market trends. That type of derivative had neither a
positive nor negative effect on the Fund's performance during the six-month
period, although the cost to the portfolio of both the volatility and stock
market hedges did have a negative effect on the Fund's final performance
results.
6 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
Q Which of the Fund's individual investments had the greatest effect on
performance during the 12-month period ended September 30, 2013?
A The Fund's positions in several convertible securities had noteworthy
positive effects on performance during the six-month period. Convertible
holdings in the portfolio that performed particularly well included
securities issued by two biotechnology firms - Vertex Pharmaceuticals and
Theravance - and by information technology company Lam Research. Vertex and
Theravance both are involved in developing a variety of drugs to treat
different diseases, while Lam Research develops components for
semiconductor production.
Although the Fund's positions in investment-grade corporate bonds generally
did not fare well, one position in newly issued investment-grade bonds of
Verizon Communications contributed to results during the period. The
Verizon issue appreciated as the company bought out Vodafone's interest in
the Verizon Wireless business.
Another holding that contributed to the Fund's results was the debt of
Cirsa Gaming, a European gambling company with operations in Italy, Spain,
and Latin America. The company performed well during the period as the
European economy began to improve.
Several Fund investments did, however, detract from performance during the
six-month period. The underperformers in the portfolio included an
overweight position in the investment-grade debt of financial giant
JPMorgan Chase, which declined in value as longer-maturity investments were
hurt by rising interest rates. Other portfolio investments that detracted
from Fund results included bonds issued by Boart Longyear, an Australian
mining services corporation whose performance was affected by the slowing
of mining activity, and by New World Resources, a European coal company
that suffered from weakening demand for coal during the period.
Q What is your investment outlook?
A We remain positive about the growth outlooks for both the United States
economy, and the global economy in general. The political stalemates in the
U.S. over fiscal policy and the national debt ceiling ended, at least
temporarily, several days into the Fund's new fiscal period, and it appears
that the temporary, partial government shutdown in October had only a
negligible effect on the economic recovery. It is true, however, that the
political stalemate in early October appears to have harmed public
confidence in the ability of the U.S. government in general, and a divided
Congress, in particular, to resolve problems. The outlook for 2014 appears
to pose fewer problems, however, although it remains to be seen how
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 7
Congress will deal with unresolved fiscal policy and debt-ceiling
disagreements, and when the Fed might begin tapering its accommodative
monetary policies.
The U.S. economy showed its resilience in 2013, continuing to strengthen
despite several tax hikes as well as increases in market interest rates. In
this durable economic recovery, American corporations have been able to
continue to grow their profits and buttress their financial balance sheets.
While we believe those conditions should be supportive for the credit
sectors of the fixed-income market, the prices of higher-yielding
securities are not at extreme levels, and investors need to be selective,
keeping a close eye on fundamentals when purchasing individual securities.
* Note to Shareholders: Effective June 17, 2013, Pioneer Absolute Return
Credit Fund was renamed Pioneer Dynamic Credit Fund.
Please refer to the Schedule of Investments on pages 18-71 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
Pioneer Dynamic Credit Fund has the ability to invest in a wide variety of debt
securities.
The Fund may invest in underlying funds (ETFs and unit investment trusts). In
addition to the Fund's operating expenses, you will indirectly bear the
operating expenses of investments in any underlying funds.
The Fund and some of the underlying funds employ leverage, which increases the
volatility of investment returns and subjects the Fund to magnified losses if an
underlying fund's investments decline in value.
The Fund and some of the underlying funds may use derivatives, such as options
and futures, which can be illiquid, may disproportionately increase losses, and
have a potentially large impact on Fund performance.
The Fund may invest in inflation-linked securities. As inflationary expectations
increase, inflation-linked securities may become more attractive, because they
protect future interest payments against inflation. Conversely, as inflationary
concerns decrease, inflation-linked securities will become less attractive and
less valuable.
The Fund may invest in credit default swaps, which may in some cases be
illiquid, and they increase credit risk since the Fund has exposure to both the
issuer of the referenced obligation and the counterparty to the credit default
swap.
8 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
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 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.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
High-yield bonds possess greater price volatility, illiquidity, and possibility
of default.
There is no assurance that these and other strategies used by the Fund or
underlying funds will be successful.
The Fund is not intended to outperform stocks and bonds during strong market
rallies.
These risks may increase share price volatility.
Please see the prospectus for a more complete discussion of the Fund's risks.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should
not be relied upon for any other purposes.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 9
Portfolio Summary | 9/30/13
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 32.8%
Senior Secured Loans 19.0%
International Corporate Bonds 18.5%
Temporary Cash Investment 10.0%
Convertible Corporate Bonds 6.5%
Collateralized Mortgage Obligations 5.7%
U.S. Preferred Stocks 2.3%
Asset Backed Securities 2.2%
Convertible Preferred Stocks 1.2%
U.S. Common Stocks 0.6%
Municipal Bonds 0.4%
Foreign Government Bonds 0.3%
U.S. Government Securities 0.3%
International Preferred Stocks 0.2%
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio; based on S&P ratings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
AAA 0.3%
AA 0.5%
A 2.8%
BBB 12.5%
BB 29.7%
B 33.2%
CCC 4.5%
Not Rated 7.1%
Cash Equivalents 9.4%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.273%, 12/11/38 0.64%
------------------------------------------------------------------------------------------------
2. UBS AG, 7.625%, 8/17/22 0.49
------------------------------------------------------------------------------------------------
3. Swift Energy Co., 7.875%, 3/1/22 0.47
------------------------------------------------------------------------------------------------
4. SunPower Corp., 0.75%, 6/1/18 (144A) 0.41
------------------------------------------------------------------------------------------------
5. Gannett Co, Inc., 6.375%, 10/15/23 (144A) 0.39
------------------------------------------------------------------------------------------------
6. ONEOK, Inc., 6.875%, 9/30/28 0.39
------------------------------------------------------------------------------------------------
7. Citigroup, Inc., Floating Rate Note, 12/31/99 (Perpetual) 0.39
------------------------------------------------------------------------------------------------
8. Ally Financial, Inc., 7.0%, 12/31/99 (Perpetual) (144A) 0.37
------------------------------------------------------------------------------------------------
9. Provident Funding Associates LP, 6.75%, 6/15/21 (144A) 0.37
------------------------------------------------------------------------------------------------
10. Aquarius + Investments Plc for Swiss Reinsurance Co, Ltd., Floating Rate Note, 9/1/24 0.37
------------------------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
10 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
Prices and Distributions | 9/30/13
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 9/30/13 3/31/13
--------------------------------------------------------------------------------
A $9.75 $10.04
--------------------------------------------------------------------------------
C $9.72 $10.02
--------------------------------------------------------------------------------
Y $9.79 $10.08
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
9/30/13 4/2/13*
--------------------------------------------------------------------------------
Z $9.80 $10.04
--------------------------------------------------------------------------------
Distributions per Share: 3/31/13-9/30/13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2099 $ -- $ --
--------------------------------------------------------------------------------
C $0.1727 $ -- $ --
--------------------------------------------------------------------------------
Y $0.2241 $ -- $ --
--------------------------------------------------------------------------------
Z $0.2162 $ -- $ --
--------------------------------------------------------------------------------
The Bank of America Merrill Lynch U.S. Dollar 3-Month LIBOR Index is an
unmanaged index that tracks the performance of a synthetic asset paying the
London Interbank Offered Rate (LIBOR), with a constant 3-month average maturity.
The index is based on the assumed purchase at par value of a synthetic
instrument having exactly its stated maturity and with a coupon equal to that
day's 3-month LIBOR rate. Index returns assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees, expenses or sales charges. It is
not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 12-15.
* Class Z shares commenced operations on April 2, 2013.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 11
Performance Update | 9/30/13 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Dynamic Credit Fund at public
offering price during the periods shown, compared to that of the Bank of America
(BofA) Merrill Lynch U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2013)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 3.92% 1.97%
1 Year 3.93 -0.79
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.48% 1.20%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
BofA Merrill Lynch U.S.
Pioneer Dynamic Credit Fund Dollar 3-Month LIBOR Index
4/30/2011 $ 9,550 $ 10,000
9/30/2011 $ 9,122 $ 10,009
9/30/2012 $ 10,086 $ 10,058
9/30/2013 $ 10,483 $ 10,090
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 4.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2014, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
Performance Update | 9/30/13 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Dynamic Credit Fund during the
periods shown, compared to that of the Bank of America (BofA) Merrill Lynch U.S.
Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 3.04% 3.04%
1 Year 3.07 3.07
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.23% 2.10%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
BofA Merrill Lynch U.S.
Pioneer Dynamic Credit Fund Dollar 3-Month LIBOR Index
4/30/2011 $ 10,000 $ 10,000
9/30/2011 $ 9,517 $ 10,009
9/30/2012 $ 10,434 $ 10,058
9/30/2013 $ 10,753 $ 10,090
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2014, for Class C shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 13
Performance Update | 9/30/13 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 U.S.
Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 4.40% 4.40%
1 Year 4.35 4.35
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.21% 0.85%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
BofA Merrill Lynch U.S.
Pioneer Dynamic Credit Fund Dollar 3-Month LIBOR Index
4/30/2011 $ 5,000,000 $ 5,000,000
9/30/2011 $ 4,800,067 $ 5,004,742
9/30/2012 $ 5,318,483 $ 5,028,849
9/30/2013 $ 5,549,790 $ 5,044,939
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2014, for Class Y shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
Performance Update | 9/30/13 Class Z Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class Z shares of Pioneer Dynamic Credit Fund during the
periods shown, compared to that of the Bank of America (BofA) Merrill Lynch U.S.
Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 4.18% 4.18%
1 Year 4.57 4.57
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.95%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
BofA Merrill Lynch U.S.
Pioneer Dynamic Credit Fund Dollar 3-Month LIBOR Index
4/30/2011 $ 10,000 $ 10,000
9/30/2011 $ 9,551 $ 10,009
9/30/2012 $ 10,560 $ 10,058
9/30/2013 $ 11,043 $ 10,090
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the commencement of operations of Class Z
shares on April 2, 2013, is the net asset value performance of the Fund's Class
A shares. The performance does not reflect differences in expenses, including
the Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares
are generally higher than those of Class Z shares, the performance for Class Z
shares prior to their inception on April 2, 2013, would have been higher than
that shown. For the period beginning April 2, 2013, the actual performance of
Class Z shares is reflected.
Class Z shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Dynamic Credit Fund
Based on actual returns from April 1, 2013, through September 30, 2013.
--------------------------------------------------------------------------------
Share Class A C Y Z
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 4/1/13**
--------------------------------------------------------------------------------
Ending Account Value $ 991.90 $ 987.20 $ 993.40 $ 998.00
(after expenses) on 9/30/13
--------------------------------------------------------------------------------
Expenses Paid $ 5.84 $ 9.42 $ 4.25 $ 6.77
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.17%, 1.89%,
0.85% and 1.36%, for Class A, Class C, Class Y and Class Z shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (182/365 for Class Z shares) (to reflect the partial
year period).
** Class Z shares were first publicly offered on April 2, 2013.
16 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
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, 2013, through September 30, 2013.
--------------------------------------------------------------------------------
Share Class A C Y Z
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 4/1/13**
--------------------------------------------------------------------------------
Ending Account Value $1,019.20 $1,015.59 $1,020.81 $1,018.15
(after expenses) on 9/30/13
--------------------------------------------------------------------------------
Expenses Paid $ 5.92 $ 9.55 $ 4.31 $ 6.84
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.17%, 1.89%,
0.85% and 1.36% for Class A, Class C, Class Y and Class Z shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (182/365 for Class Z shares) (to reflect the partial
year period).
** Class Z shares were first publicly offered on April 2, 2013.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 17
Schedule of Investments | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 6.6%
ENERGY -- 0.8%
Oil & Gas Exploration & Production -- 0.5%
1,500,000 BB-/Ba3 Chesapeake Energy Corp., 2.25%,
12/15/38 $ 1,368,750
1,065,000 NR/NR Cobalt International Energy, Inc., 2.625%,
12/1/19 1,126,238
---------------
$ 2,494,988
----------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.3%
1,200,000 NR/NR Golar LNG, Ltd., 3.75%, 3/7/17 $ 1,222,560
----------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.0%+
48,000 CCC/NR James River Coal Co., 10.0%,
6/1/18 (144A) $ 25,680
---------------
Total Energy $ 3,743,228
----------------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Diversified Metals & Mining -- 0.1%
385,000 NR/NR RTI International Metals, Inc., 1.625%,
10/15/19 $ 398,475
----------------------------------------------------------------------------------------------------------
Steel -- 0.1%
250,000 BB-/B1 United States Steel Corp., 2.75%, 4/1/19 $ 276,719
---------------
Total Materials $ 675,194
----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.3%
Electrical Components & Equipment -- 0.2%
1,042,000 B/B2 General Cable Corp., 4.5%,
11/15/29 (Step) $ 1,176,809
----------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.1%
305,000 NR/NR Greenbrier Companies, Inc., 3.5%, 4/1/18 $ 327,303
---------------
Total Capital Goods $ 1,504,112
----------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Homebuilding -- 0.1%
400,000 B/B2 KB Home, 1.375%, 2/1/19 $ 406,250
---------------
Total Consumer Durables & Apparel $ 406,250
----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Casinos & Gaming -- 0.2%
550,000 B+/B3 MGM Resorts International, 4.25%,
4/15/15 $ 700,219
---------------
Total Consumer Services $ 700,219
----------------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Internet Retail -- 0.3%
1,340,000 NR/NR Shutterfly, Inc., 0.25%, 5/15/18 (144A) $ 1,479,862
---------------
Total Retailing $ 1,479,862
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.0%+
Tobacco -- 0.0%+
95,000 CCC+/Caa2 Alliance One International, Inc.,
5.5%, 7/15/14 $ 94,406
---------------
Total Food, Beverage & Tobacco $ 94,406
----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.8%
Health Care Equipment -- 0.5%
1,050,000 B+/NR Hologic, Inc., 2.0%, 3/1/42 (Step) $ 1,055,250
1,000,000 NR/NR NuVasive, Inc., 2.75%, 7/1/17 975,000
---------------
$ 2,030,250
----------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.3%
900,000 NR/NR Molina Healthcare, Inc., 1.125%,
1/15/20 (144A) $ 971,438
300,000 A-/NR WellPoint, Inc., 2.75%, 10/15/42
(144A) 381,938
---------------
$ 1,353,376
---------------
Total Health Care Equipment & Services $ 3,383,626
----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 1.3%
Biotechnology -- 0.8%
1,050,000 NR/NR Corsicanto, Ltd., 3.5%, 1/15/32 $ 1,141,219
500,000 NR/NR Cubist Pharmaceuticals, Inc., 1.125%,
9/1/18 (144A) 540,312
750,000 NR/NR Cubist Pharmaceuticals, Inc., 1.875%,
9/1/20 (144A) 807,188
130,000 NR/NR PDL BioPharma, Inc., 3.75%, 5/1/15 167,456
500,000 NR/NR Theravance, Inc., 2.125%, 1/15/23 813,125
---------------
$ 3,469,300
----------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.5%
1,088,000 NR/NR Auxilium Pharmaceuticals, Inc.,
1.5%, 7/15/18 $ 1,125,400
195,000 NR/NR Pacira Pharmaceuticals, Inc. Delaware,
3.25%, 2/1/19 (144A) 401,334
500,000 NR/NR Salix Pharmaceuticals, Ltd., 1.5%,
3/15/19 613,438
---------------
$ 2,140,172
---------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 5,609,472
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Consumer Finance -- 0.0%+
115,000 B+/NR DFC Global Corp., 3.25%, 4/15/17 $ 104,866
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 19
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.2%
870,000 BBB/NR Ares Capital Corp., 4.375%, 1/15/19
(144A) $ 859,125
---------------
Total Diversified Financials $ 963,991
----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Real Estate Operating Companies -- 0.2%
965,000 NR/NR Forest City Enterprises, Inc., 3.625%,
8/15/20 (144A) $ 980,681
---------------
Total Real Estate $ 980,681
----------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.4%
Internet Software & Services -- 0.0%+
100,000 NR/NR WebMD Health Corp., 2.5%, 1/31/18 $ 94,188
----------------------------------------------------------------------------------------------------------
Application Software -- 0.4%
175,000 NR/NR Mentor Graphics Corp., 4.0%, 4/1/31 $ 229,250
700,000 BB-/NR Nuance Communications, Inc., 2.75%,
11/1/31 707,438
945,000 NR/NR TIBCO Software, Inc., 2.25%, 5/1/32 959,766
---------------
$ 1,896,454
---------------
Total Software & Services $ 1,990,642
----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.4%
Computer Storage & Peripherals -- 0.2%
650,000 BB/NR SanDisk Corp., 1.5%, 8/15/17 $ 859,625
----------------------------------------------------------------------------------------------------------
Electronic Components -- 0.2%
1,180,000 BB+/NR Vishay Intertechnology, Inc., 2.25%,
5/15/41 (144A) $ 1,001,525
---------------
Total Technology Hardware & Equipment $ 1,861,150
----------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.1%
Semiconductor Equipment -- 0.3%
1,125,000 BBB-/Baa1 Lam Research Corp., 1.25%, 5/15/18 $ 1,353,516
100,000 BBB-/NR Novellus Systems, Inc., 2.625%, 5/15/41 158,312
---------------
$ 1,511,828
----------------------------------------------------------------------------------------------------------
Semiconductors -- 0.8%
300,000 A-/NR Intel Corp., 2.95%, 12/15/35 $ 324,750
30,000 A-/A2 Intel Corp., 3.25%, 8/1/39 37,144
50,000 NR/NR JinkoSolar Holding Co., Ltd., 4.0%,
5/15/16 (144A) 48,781
1,000,000 BB+/NR ON Semiconductor Corp., 2.625%,
12/15/26 1,080,625
150,000 NR/NR ReneSola, Ltd., 4.125%, 3/15/18 (144A) 119,531
The accompanying notes are an integral part of these financial statements.
20 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Semiconductors -- (continued)
1,450,000 NR/NR SunPower Corp., 0.75%, 6/1/18 (144A) $ 1,695,514
---------------
$ 3,306,345
---------------
Total Semiconductors & Semiconductor
Equipment $ 4,818,173
----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.3%
Integrated Telecommunication
Services -- 0.3%
1,100,000 B/NR Ciena Corp., 0.875%, 6/15/17 $ 1,119,938
---------------
Total Telecommunication Services $ 1,119,938
----------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $27,763,311) $ 29,330,944
----------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 2.6%
BANKS -- 0.6%
Diversified Banks -- 0.5%
1,500 6.75 BB/NR AgStar Financial Services ACA, Floating
Rate Note, 12/31/99 (Perpetual) (144A) $ 1,519,594
12,250 6.50 A-/Baa1 US Bancorp, Floating Rate Note (Perpetual) 318,378
16,400 6.00 A-/Baa1 US Bancorp, Floating Rate Note (Perpetual) 441,816
---------------
$ 2,279,788
----------------------------------------------------------------------------------------------------------
Regional Banks -- 0.1%
5,000 6.25 A-/NR CoBank ACB, Floating Rate Note
(Perpetual) (144A) $ 477,656
---------------
Total Banks $ 2,757,444
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.3%
Other Diversified Financial Services -- 0.9%
54,200 7.88 BB/Ba2 Citigroup Capital XIII, Floating Rate Note,
10/30/40 $ 1,488,874
63,000 7.12 BB/B1 Citigroup, Inc., Floating Rate Note,
12/31/99 (Perpetual) 1,590,750
27,750 8.12 CCC+/B3 GMAC Capital Trust I, Floating Rate Note,
2/15/40 742,312
---------------
$ 3,821,936
----------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.3%
1,600 CCC+/B3 Ally Financial, Inc., 7.0% (Perpetual)
(144A) $ 1,528,900
----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.1%
18,000 7.12 BB+/NR Morgan Stanley, Floating Rate Note,
12/31/99 (Perpetual) $ 453,600
---------------
Total Diversified Financials $ 5,804,436
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 21
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
INSURANCE -- 0.5%
Property & Casualty Insurance -- 0.4%
25,000 5.95 BBB-/Ba1 Aspen Insurance Holdings, Ltd., Floating
Rate Note (Perpetual) $ 593,250
40,000 BB/Ba1 The Hanover Insurance Group, Inc.,
6.35%, 3/30/53 870,000
---------------
$ 1,463,250
----------------------------------------------------------------------------------------------------------
Reinsurance -- 0.1%
500,000 0.00 NR/NR Altair Re, Floating Rate Note, 4/30/16
(Cat Bond) $ 519,450
---------------
Total Insurance $ 1,982,700
----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Diversified REIT's -- 0.1%
400 A-/A3 Firstar Realty LLC, 8.875%, 12/31/99
(Perpetual) (144A) $ 490,750
---------------
Total Real Estate $ 490,750
----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.0%+
Integrated Telecommunication
Services -- 0.0%+
4,400 BBB-/Baa3 Qwest Corp., 7.375%, 6/1/51 $ 110,176
---------------
Total Telecommunication Services $ 110,176
----------------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Electric Utilities -- 0.1%
25,000 BB+/Ba1 PPL Capital Funding, Inc., 5.9%,
4/30/73 $ 533,000
---------------
Total Utilities $ 533,000
----------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $11,974,772) $ 11,678,506
----------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS -- 1.2%
ENERGY -- 0.2%
Oil & Gas Exploration & Production -- 0.2%
7,500 CCC/NR SandRidge Energy, Inc., 7.0% (Perpetual) $ 750,000
---------------
Total Energy $ 750,000
----------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.2%
Home Furnishings -- 0.2%
13,100 Sealy Corp., 8.0%, 7/15/16 (PIK) $ 1,038,175
---------------
Total Consumer Durables & Apparel $ 1,038,175
----------------------------------------------------------------------------------------------------------
BANKS -- 0.2%
Diversified Banks -- 0.2%
1,050 BBB+/Ba1 Wells Fargo & Co., 7.5% (Perpetual) $ 1,194,386
---------------
Total Banks $ 1,194,386
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.6%
Other Diversified Financial Services -- 0.3%
1,340 BB+/B1 Bank of America Corp., 7.25%,
12/31/99 (Perpetual) $ 1,447,200
----------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.3%
20,000 BB+/NR AMG Capital Trust II, 5.15%, 10/15/37 $ 1,166,250
---------------
Total Diversified Financials $ 2,613,450
----------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $5,561,922) $ 5,596,011
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Shares
----------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.1%
DIVERSIFIED FINANCIALS -- 0.1%
Other Diversified Financial Services -- 0.1%
2,500 Lorenz Re * $ 269,175
---------------
Total Diversified Financials $ 269,175
----------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $250,000) $ 269,175
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Principal
Amount ($)
----------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 2.2%
MATERIALS -- 0.4%
Aluminum -- 0.1%
145,805 B+/B1 Bayview Financial Mortgage Pass-Through
Trust 2007-B, 6.407%, 8/28/47 (Step) $ 146,999
322,639 7.78 NR/Caa2 GE Mortgage Services LLC, Floating Rate
Note, 3/25/27 317,691
250,000 6.55 B-/B3 Security National Mortgage Loan Trust
2007-1, Floating Rate Note,
4/25/37 (144A) 244,773
---------------
$ 709,463
----------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.0%+
20,851 BBB/NR Mid-State Capital Trust 2010-1, 7.0%,
12/15/45 (144A) $ 21,700
----------------------------------------------------------------------------------------------------------
Steel -- 0.3%
615,454 B+/B3 Accredited Mortgage Loan Trust 2003-3,
5.21%, 1/25/34 (Step) $ 582,215
373,910 0.94 BBB/Ba2 NovaStar Mortgage Funding Trust Series
2003-1, Floating Rate Note, 5/25/33 337,486
296,681 CC/Caa2 RASC Series 2003-KS5 Trust, 4.46%,
7/25/33 (Step) 282,054
---------------
$ 1,201,755
---------------
Total Materials $ 1,932,918
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 23
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.0%+
Hotels, Resorts & Cruise Lines -- 0.0%+
164,159 BB/NR Westgate Resorts 2012-2 LLC, 9.0%,
1/20/25 (144A) $ 165,750
---------------
Total Consumer Services $ 165,750
----------------------------------------------------------------------------------------------------------
BANKS -- 1.7%
Thrifts & Mortgage Finance -- 1.7%
100,000 BB/NR CarNow Auto Receivables Trust 2012-1,
6.9%, 11/15/16 (144A) $ 102,908
61,153 BB/B2 Citicorp Residential Mortgage Trust
Series 2006-1, 5.836%, 7/25/36 (Step) 60,931
98,327 BB-/B1 Citicorp Residential Mortgage Trust
Series 2006-1, 5.939%, 7/25/36 (Step) 98,068
189,000 CCC/C Citicorp Residential Mortgage Trust
Series 2006-2, 5.918%, 9/25/36 (Step) 168,699
111,183 B-/B2 Citicorp Residential Mortgage Trust Series
2007-1, 5.892%, 3/25/37 (Step) 109,404
268,181 NR/Ba3 Conseco Financial Corp., 6.18%, 4/1/30 275,999
30,927 4.46 BB+/Ba1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 10/25/35 31,021
618,200 0.35 NR/Caa2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/36 (144A) 575,760
100,000 BBB/NR HLSS Servicer Advance Receivables
Backed Notes, 4.458%, 1/15/48 (144A) 98,910
145,527 NR/Ba1 Leaf Receivables Funding 8 LLC, 5.5%,
9/15/20 (144A) 130,264
775,000 5.50 BBB/Baa1 Mastr Specialized Loan Trust, Floating
Rate Note, 11/25/34 (144A) 740,827
1,360,000 NR/Ba2 Nations Equipment Finance Funding I
LLC, 5.5%, 5/20/21 (144A) 1,307,776
500,000 B/NR Nationstar Mortgage Advance Receivables
Trust 2013-T1, 4.949%, 6/20/44 (144A) 499,285
1,250,000 NR/NR Progreso Receivables Funding I LLC, 4.0%,
7/9/18 (144A) 1,243,750
1,062,034 A+/Baa2 RAMP Series 2004-RZ1 Trust, 4.32%,
3/25/34 (Step) 1,042,987
125,184 0.34 BB+/Ba1 RAMP Series 2006-RZ3 Trust, Floating
Rate Note, 8/25/36 119,277
450,000 BB/NR SNAAC Auto Receivables Trust 2013-1,
4.56%, 4/15/20 (144A) 446,724
198,475 A/NR STORE Master Funding LLC, 4.16%,
3/20/43 (144A) 197,140
150,000 BB/NR United Auto Credit Securitization Trust
2013-1, 4.4%, 4/15/19 (144A) 149,472
---------------
$ 7,399,202
---------------
Total Banks $ 7,399,202
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Other Diversified Financial Services -- 0.1%
43,470 BB/NR Sierra Timeshare 2011-3 Receivables
Funding LLC, 9.31%, 7/20/28 (144A) $ 46,961
500,000 BB/NR Springleaf Funding Trust 2013-A, 5.0%,
9/15/21 (144A) 490,000
---------------
$ 536,961
---------------
Total Diversified Financials $ 536,961
----------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $10,047,760) $ 10,034,831
----------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 5.8%
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
227,000 BB+/NR Motel 6 Trust, 4.274%, 10/5/25 (144A) $ 222,408
---------------
Total Consumer Services $ 222,408
----------------------------------------------------------------------------------------------------------
BANKS -- 4.4%
Thrifts & Mortgage Finance -- 4.4%
350,000 NR/NR A10 Securitization 2013-1 LLC, 4.7%,
11/15/25 (144A) $ 346,932
139,000 NR/NR A10 Securitization 2013-1 LLC, 6.41%,
11/15/25 (144A) 137,824
130,607 BBB-/B3 Alternative Loan Trust 2004-2CB, 5.75%,
3/25/34 128,871
92,248 BB-/NR Banc of America Mortgage Trust 2004-2,
5.5%, 3/25/34 88,617
440,529 0.57 NR/Baa3 Bayview Commercial Asset Trust, Floating
Rate Note, 1/25/36 (144A) 360,066
647,714 1.38 A/Baa1 Bayview Commercial Asset Trust, Floating
Rate Note, 4/25/34 (144A) 570,548
406,389 0.49 AA+/Baa3 Bayview Commercial Asset Trust, Floating
Rate Note, 8/25/35 (144A) 331,510
136,549 2.39 A+/Ba1 Bear Stearns ALT-A Trust 2003-3, Floating
Rate Note, 10/25/33 126,012
500,000 5.53 BBB/NR Bear Stearns Commercial Mortgage
Securities Trust 2004-TOP16, Floating
Rate Note, 2/13/46 (144A) 434,630
100,000 5.21 NR/Ba1 Bear Stearns Commercial Mortgage
Securities Trust 2005-PWR7, Floating
Rate Note, 2/11/41 101,214
2,767,507 BB/NR Bear Stearns Commercial Mortgage Securities
Trust 2006-PWR14, 5.273%, 12/11/38 2,623,674
39,722 5.62 B+/NR CHL Mortgage Pass-Through Trust
2002-32, Floating Rate Note, 1/25/33 40,005
300,000 5.95 NR/Baa3 Citigroup Commercial Mortgage Trust
2006-C4, Floating Rate Note, 3/15/49 308,475
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 25
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
66,768 NR/Baa1 Citigroup Mortgage Loan Trust, Inc.,
6.75%, 8/25/34 $ 71,211
806,350 0.68 A/A2 CNL Commercial Mortgage Loan Trust 2003-1,
Floating Rate Note, 5/15/31 (144A) 702,345
1,500,000 NR/B3 COMM 2006-C8 Mortgage Trust, 5.377%,
12/10/46 1,412,694
82,340 0.36 A+/A1 COMM 2007-FL14 Mortgage Trust, Floating
Rate Note, 6/15/22 (144A) 81,163
211,000 5.96 NR/A2 COMM 2010-C1 Mortgage Trust, Floating
Rate Note, 7/10/46 (144A) 234,954
100,000 5.02 NR/Baa3 COMM 2012-CCRE2 Mortgage Trust,
Floating Rate Note, 8/15/45 (144A) 89,183
303,000 4.73 BBB-/Baa3 COMM 2012-CCRE4 Mortgage Trust,
Floating Rate Note, 10/15/45 (144A) 264,015
200,000 NR/NR Extended Stay America Trust 2013-ESH
MZ, 7.625%, 12/5/19 (144A) 207,536
350,000 5.34 BBB-/NR GE Capital Commercial Mortgage Corp.,
Floating Rate Note, 7/10/45 (144A) 350,696
281,689 CCC/Caa3 Global Mortgage Securitization, Ltd.,
5.25%, 11/25/32 (144A) 227,464
196,512 CCC/Caa3 Global Mortgage Securitization, Ltd.,
5.25%, 4/25/32 164,091
200,000 5.94 BB+/Ba2 GS Mortgage Securities Corp. II Commercial
Mortgage Pass Through Certificates Series
2004-GG2, Floating Rate Note, 8/10/38 198,193
300,000 3.78 NR/Ba2 GS Mortgage Securities Corp. II, Floating
Rate Note, 11/8/29 (144A) 299,931
110,000 5.83 NR/Baa3 GS Mortgage Securities Trust 2012-GC6,
Floating Rate Note, 1/10/45 (144A) 104,799
242,183 NR/NR Homeowner Assistance Program Reverse
Mortgage Loan Trust 2013-RM1, 4.0%,
5/26/53 (144A) 234,997
200,000 6.20 B-/NR JP Morgan Chase Commercial Mortgage
Securities Trust 2007-LDP12, Floating
Rate Note, 2/15/51 180,145
200,000 3.93 BB/NR JP Morgan Chase Commercial Mortgage
Securities Trust 2013-FL3, Floating
Rate Note, 4/15/28 (144A) 197,602
202,500 2.86 NR/Caa1 JP Morgan Mortgage Trust 2005-A7,
Floating Rate Note, 10/25/35 192,075
463,990 5.28 BB/NR LB-UBS Commercial Mortgage Trust
2006-C1, Floating Rate Note, 2/15/41 456,023
509,535 0.38 BBB+/A3 Lehman Brothers Small Balance
Commercial Mortgage Trust 2006-3,
Floating Rate Note, 12/25/36 (144A) 421,372
614,175 2.50 BB+/Ba1 MASTR Adjustable Rate Mortgages Trust
2003-6, Floating Rate Note, 12/25/33 594,698
The accompanying notes are an integral part of these financial statements.
26 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
180,498 5.28 B-/B3 MASTR Adjustable Rate Mortgages
Trust, Floating Rate Note, 1/25/35 $ 175,795
107,748 B-/NR MASTR Alternative Loan Trust 2004-6,
6.0%, 7/25/34 110,620
274,787 D/Caa3 Merrill Lynch Mortgage Investors Trust
Series 2006-AF1, 5.75%, 8/25/36 171,013
1,500,000 5.57 NR/B1 Morgan Stanley Capital I Trust 2007-TOP25,
Floating Rate Note, 11/12/49 1,480,432
300,000 6.68 NR/NR New York Securitization Trust 2012-1,
Floating Rate Note, 12/27/47 (144A) 300,000
300,000 4.43 BBB/Baa3 NorthStar 2012-1 Mortgage Trust,
Floating Rate Note, 8/25/29 (144A) 301,024
1,500,000 5.18 NR/Baa3 NorthStar 2013-1, Floating Rate Note,
8/25/29 (144A) 1,490,156
231,154 NR/Baa3 RCMC LLC, 5.623%, 11/15/44 (144A) 231,197
542,436 1.58 B-/Ba3 RESI Finance LP, Floating Rate Note,
9/10/35 (144A) 484,022
200,000 5.30 BBB/NR Springleaf Mortgage Loan Trust 2012-3,
Floating Rate Note, 12/25/59 (144A) 198,708
250,000 5.58 BB/NR Springleaf Mortgage Loan Trust, Floating
Rate Note, 6/25/58 (144A) 249,683
132,350 1.68 A+/Ba3 Structured Asset Mortgage Investments Trust
2003-AR1, Floating Rate Note, 10/19/33 115,980
18,761 CC/Caa2 Structured Asset Securities Corp Trust
2005-15, 6.0%, 8/25/35 17,659
30,000 BB/B1 Timberstar Trust, 7.53%, 10/15/36 (144A) 30,681
304,000 5.66 BB-/Ba3 Wachovia Bank Commercial Mortgage
Trust Series 2006-C24, Floating Rate
Note, 3/15/45 300,444
313,000 6.17 B-/Ba1 Wachovia Bank Commercial Mortgage
Trust Series 2007-C34, Floating Rate
Note, 5/15/46 314,386
1,000,000 5.00 NR/NR Wedgewood Real Estate Trust 2013-1,
Floating Rate Note, 7/25/43 (144A) 989,688
100,000 NR/Ba2 Wells Fargo Commercial Mortgage Trust,
4.0%, 11/15/43 (144A) 76,753
86,509 CCC/NR Wells Fargo Mortgage Backed Securities
2004-1 Trust, 5.5%, 2/25/34 86,339
100,000 5.65 NR/Baa3 WFRBS Commercial Mortgage Trust 2011-C2,
Floating Rate Note, 2/15/44 (144A) 98,045
50,000 5.42 NR/Baa1 WFRBS Commercial Mortgage Trust 2011-C4,
Floating Rate Note, 6/15/44 (144A) 49,795
200,000 4.50 BBB-/NR WFRBS Commercial Mortgage Trust 2013-C12,
Floating Rate Note, 3/15/48 (144A) 168,240
---------------
$ 19,724,225
---------------
Total Banks $ 19,724,225
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 27
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.5%
Other Diversified Financial Services -- 0.4%
113,538 5.63 NR/A2 DBUBS 2011-LC2 Mortgage Trust, Floating
Rate Note, 7/10/44 (144A) $ 118,166
1,300,000 5.18 NR/NR Del Coronado Trust 2013-DEL MZ, Floating
Rate Note, 3/15/18 (144A) 1,305,720
39,443 7.35 B+/Baa3 Morgan Stanley Capital I, Inc., Floating
Rate Note, 7/15/32 (144A) 41,326
78,455 2.51 A+/NR Structured Adjustable Rate Mortgage Loan
Trust, Floating Rate Note, 7/25/34 77,650
250,000 NR/NR Vericrest Opportunity Loan Transferee,
6.414%, 2/26/52 (144A) 256,946
---------------
$ 1,799,808
----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
452,659 BB+/Baa2 Spirit Master Funding LLC, 5.74%,
3/20/25 (144A) $ 442,733
----------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.0%+
49,433 5.10 CCC/NR GMACM Mortgage Loan Trust 2005-AR2,
Floating Rate Note, 5/25/35 $ 48,370
----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.0%+
144,080 6.33 BBB/NR Banc of America Merrill Lynch Commercial
Mortgage, Inc., Floating Rate Note,
9/10/47 (144A) $ 149,003
---------------
Total Diversified Financials $ 2,439,914
----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.8%
Mortgage REIT's -- 0.8%
55,425 2.37 BB/B2 American Home Mortgage Investment Trust
2005-1, Floating Rate Note, 6/25/45 $ 54,071
1,500,000 BBB/B1 Credit Suisse First Boston Mortgage
Securities Corp., 4.877%, 4/15/37 1,509,381
894,778 NR/Caa3 Credit Suisse First Boston Mortgage
Securities Corp., 4.898%, 3/15/36 (144A) 853,792
100,000 5.14 CCC/B3 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
10/15/39 (144A) 87,265
200,000 3.89 NR/NR FREMF 2012-K708 Mortgage Trust,
Floating Rate Note, 2/25/45 (144A) 187,268
1,000,000 3.61 NR/NR FREMF 2013-K28 Mortgage Trust,
Floating Rate Note, 6/25/46 (144A) 807,011
175,000 4.18 NR/NR FREMF Mortgage Trust, Floating Rate
Note, 5/25/45 (144A) 153,979
---------------
$ 3,652,767
---------------
Total Real Estate $ 3,652,767
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.0%+
Government -- 0.0%+
342,434 1.05 NR/NR Government National Mortgage
Association, Floating Rate Note, 3/16/53 $ 27,579
---------------
Total Government $ 27,579
----------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $26,149,537) $ 26,066,893
----------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 51.8%
ENERGY -- 10.1%
Oil & Gas Drilling -- 1.7%
1,000,000 BB/Ba3 Atwood Oceanics, Inc., 6.5%, 2/1/20 $ 1,047,500
845,000 B/B3 Drill Rigs Holdings, Inc., 6.5%,
10/1/17 (144A) 872,462
1,005,000 B/B3 Hercules Offshore, Inc., 8.75%,
7/15/21 (144A) 1,065,300
400,000 CCC+/Caa3 Ocean Rig UDW, Inc., 9.5%, 4/27/16 (144A) 424,000
600,000 B-/B3 Offshore Group Investment, Ltd.,
7.5%, 11/1/19 631,500
450,000 B+/B1 Pacific Drilling SA, 5.375%, 6/1/20 (144A) 438,750
1,315,000 B+/B1 Shelf Drilling Holdings, Ltd., 8.625%,
11/1/18 (144A) 1,397,188
1,130,000 B/B3 Summit Midstream Holdings LLC, 7.5%,
7/1/21 (144A) 1,166,725
650,000 BB-/B1 Unit Corp., 6.625%, 5/15/21 666,250
---------------
$ 7,709,675
----------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.6%
280,000 B+/B2 Basic Energy Services, Inc., 7.75%,
10/15/22 $ 270,900
800,000 B+/B2 Basic Energy Services, Inc., 7.75%,
2/15/19 808,000
385,000 B+/B1 Calfrac Holdings LP, 7.5%, 12/1/20
(144A) 387,888
715,000 B/Caa1 Forbes Energy Services, Ltd., 9.0%,
6/15/19 718,575
585,000 BB-/B1 Key Energy Services, Inc., 6.75%, 3/1/21 579,150
---------------
$ 2,764,513
----------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.2%
1,000,000 NR/Baa1 Petroleos Mexicanos, 3.5%, 7/18/18 $ 1,012,500
----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 6.1%
1,250,000 B-/B3 Approach Resources, Inc., 7.0%, 6/15/21 $ 1,250,000
470,000 CCC+/Caa1 Athlon Holdings LP, 7.375%, 4/15/21
(144A) 479,400
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 29
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- (continued)
650,000 B-/B3 Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 $ 689,000
700,000 B-/B3 Comstock Resources, Inc., 7.75%, 4/1/19 724,500
475,000 BB+/Ba3 Concho Resources, Inc., 5.5%, 4/1/23 469,062
860,000 B+/B3 Energy XXI Gulf Coast, Inc., 7.5%,
12/15/21 (144A) 849,250
985,000 B/B3 EPE Holdings LLC, 8.125%, 12/15/17
(144A) (PIK) 1,028,094
590,000 B-/Caa1 EPL Oil & Gas, Inc., 8.25%, 2/15/18 622,450
750,000 B-/B3 EV Energy Partners LP, 8.0%, 4/15/19 750,000
1,070,000 B-/B3 Forest Oil Corp., 7.5%, 9/15/20 1,064,650
600,000 CCC/Caa1 Goodrich Petroleum Corp., 8.875%, 3/15/19 624,000
690,000 CCC+/B3 Gulfport Energy Corp., 7.75%, 11/1/20
(144A) 721,050
570,000 CCC+/Caa1 Halcon Resources Corp., 8.875%, 5/15/21 584,250
1,050,000 CCC+/Caa1 Halcon Resources Corp., 9.75%, 7/15/20 1,110,375
1,265,000 CCC+/Caa1 Lightstream Resources, Ltd., 8.625%,
2/1/20 (144A) 1,227,050
1,000,000 B/B2 Linn Energy LLC, 6.75%, 11/1/19 (144A) 942,500
370,000 B-/Caa1 Memorial Production Partners LP, 7.625%,
5/1/21 357,975
650,000 B-/Caa1 Midstates Petroleum Co, Inc., 10.75%,
10/1/20 (144A) 682,500
500,000 B-/Caa1 Midstates Petroleum Co, Inc., 9.25%,
6/1/21 (144A) 493,750
400,000 NR/NR National JSC Naftogaz of Ukraine, 9.5%,
9/30/14 372,080
880,000 B-/Caa1 Northern Oil and Gas, Inc., 8.0%, 6/1/20 882,200
500,000 B/B3 Oasis Petroleum, Inc., 6.875%, 3/15/22
(144A) 527,500
675,000 B-/B3 PDC Energy, Inc., 7.75%, 10/15/22 715,500
600,000 B-/Caa1 Penn Virginia Corp., 7.25%, 4/15/19 588,000
430,000 B-/Caa1 Penn Virginia Corp., 8.5%, 5/1/20 436,450
500,000 NR/Caa1 PetroQuest Energy, Inc., 10.0%, 9/1/17
(144A) 510,000
640,000 B-/Caa1 QR Energy LP, 9.25%, 8/1/20 656,000
400,000 BB/Ba2 Range Resources Corp., 5.0%, 3/15/23 384,000
1,445,000 B-/B3 RKI Exploration & Production LLC, 8.5%,
8/1/21 (144A) 1,452,225
515,000 B+/B2 Rosetta Resources, Inc., 5.625%, 5/1/21 489,250
990,000 CCC+/B3 Samson Investment Co., 10.25%, 2/15/20
(144A) 1,049,400
700,000 B-/B2 SandRidge Energy, Inc., 7.5%, 2/15/23 693,000
455,000 BB-/Ba3 SM Energy Co., 5.0%, 1/15/24 (144A) 418,600
150,000 B-/B3 Stone Energy Corp., 7.5%, 11/15/22 157,500
The accompanying notes are an integral part of these financial statements.
30 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- (continued)
1,950,000 B+/B3 Swift Energy Co., 7.875%, 3/1/22 $ 1,911,000
420,000 CCC+/Caa1 Talos Production LLC, 9.75%, 2/15/18
(144A) 422,100
CAD 820,000 B/NR Trilogy Energy Corp., 7.25%, 12/13/19
(144A) 819,721
---------------
$ 27,154,382
----------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.1%
373,000 BBB/Baa2 Copano Energy LLC, 7.125%, 4/1/21 $ 427,084
1,550,000 5.85 BB+/Baa3 DCP Midstream LLC, Floating Rate Note,
5/21/43 (144A) 1,418,250
805,000 BB/Ba3 Gibson Energy, Inc., 6.75%, 7/15/21
(144A) 831,162
NOK 2,000,000 6.84 NR/NR Golar LNG Partners LP, Floating Rate Note,
10/12/17 338,651
425,000 B-/B2 Penn Virginia Resource Partners LP, 6.5%,
5/15/21 (144A) 401,094
845,000 BB+/Ba3 Sabine Pass Liquefaction LLC, 5.625%,
2/1/21 (144A) 827,044
740,000 BB/Ba3 Targa Resources Partners LP, 4.25%,
11/15/23 (144A) 669,700
100,000 BBB-/Baa3 The Williams Companies, Inc., 7.75%,
6/15/31 113,337
---------------
$ 5,026,322
----------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.4%
325,000 CCC/Caa1 Bumi Investment Pte, Ltd., 10.75%,
10/6/17 (144A) $ 209,625
250,000 CCC/Caa2 James River Coal Co., 7.875%, 4/1/19 78,750
650,000 B-/Caa1 Murray Energy Corp., 8.625%, 6/15/21
(144A) 651,625
EURO 300,000 CCC/Caa3 New World Resources NV, 7.875%,
1/15/21 (144A) 208,111
300,000 BB-/B1 SunCoke Energy Partners LP, 7.375%,
2/1/20 (144A) 312,000
---------------
$ 1,460,111
---------------
Total Energy $ 45,127,503
----------------------------------------------------------------------------------------------------------
MATERIALS -- 4.0%
Commodity Chemicals -- 0.5%
500,000 BB/Ba3 Axiall Corp., 4.875%, 5/15/23 (144A) $ 473,750
700,000 CCC+/B3 Hexion US Finance Corp., 8.875%,
2/1/18 724,500
1,050,000 BB-/B1 Rain CII Carbon LLC, 8.25%, 1/15/21
(144A) 1,055,250
---------------
$ 2,253,500
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 31
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.0%+
200,000 NR/Baa3 Phosagro OAO via Phosagro Bond Funding,
Ltd., 4.204%, 2/13/18 (144A) $ 196,500
----------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.3%
530,000 BB-/B1 Chemtura Corp., 5.75%, 7/15/21 $ 528,675
190,000 B/B1 Rentech Nitrogen Partners LP, 6.5%,
4/15/21 (144A) 186,200
870,000 BB-/B2 Tronox Finance LLC, 6.375%, 8/15/20 861,300
---------------
$ 1,576,175
----------------------------------------------------------------------------------------------------------
Construction Materials -- 0.3%
329,000 B+/NR Cemex Finance LLC, 9.5%, 12/14/16
(144A) $ 349,151
550,000 B+/NR Cemex SAB de CV, 5.875%, 3/25/19
(144A) 528,000
300,000 B+/NR Cemex SAB de CV, 7.25%, 1/15/21
(144A) 299,250
---------------
$ 1,176,401
----------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.5%
485,000 B-/B3 AEP Industries, Inc., 8.25%, 4/15/19 $ 521,375
124,648 CCC+/Caa1 ARD Finance SA, 11.125%, 6/1/18
(144A) (PIK) 132,127
EURO 600,000 CCC+/B3 Ardagh Glass Finance Plc, 8.75%,
2/1/20 (144A) 823,666
200,000 B+/Ba3 Ardagh Packaging Finance Plc, 4.875%,
11/15/22 (144A) 190,500
EURO 150,000 B+/Ba3 Ardagh Packaging Finance Plc, 7.375%,
10/15/17 (144A) 215,608
425,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 8.25%,
2/15/21 428,188
---------------
$ 2,311,464
----------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.2%
340,000 B/B3 Packaging Dynamics Corp., 8.75%,
2/1/16 (144A) $ 351,900
330,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 9.875%,
8/15/19 358,050
---------------
$ 709,950
----------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.8%
400,000 BB/Ba3 Ausdrill Finance Pty, Ltd., 6.875%,
11/1/19 (144A) $ 370,000
500,000 B/B3 Global Brass & Copper, Inc., 9.5%,
6/1/19 (144A) 550,000
400,000 BB+/Ba1 Gold Fields Orogen Holding BVI, Ltd.,
4.875%, 10/7/20 (144A) 323,344
325,000 BB-/B1 KGHM International, Ltd., 7.75%,
6/15/19 (144A) 335,562
The accompanying notes are an integral part of these financial statements.
32 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- (continued)
100,000 CCC/Caa2 Midwest Vanadium Pty, Ltd., 11.5%,
2/15/18 (144A) $ 82,500
400,000 B-/Caa1 Mirabela Nickel, Ltd., 8.75%, 4/15/18
(144A) 156,000
50,000 CCC+/B3 Molycorp, Inc., 10.0%, 6/1/20 49,875
265,000 B/Caa1 Prince Mineral Holding Corp., 11.5%,
12/15/19 (144A) 282,225
650,000 BB/Ba3 Vedanta Resources Plc, 6.0%, 1/31/19
(144A) 617,500
700,000 BB/Ba3 Vedanta Resources Plc, 8.25%, 6/7/21
(144A) 707,000
---------------
$ 3,474,006
----------------------------------------------------------------------------------------------------------
Gold -- 0.1%
380,000 BB-/B1 IAMGOLD Corp., 6.75%, 10/1/20 (144A) $ 331,550
----------------------------------------------------------------------------------------------------------
Steel -- 0.9%
730,000 BB/NR Bluescope Steel, Ltd., 7.125%, 5/1/18
(144A) $ 750,075
500,000 B/Caa1 Ferrexpo Finance Plc, 7.875%, 4/7/16
(144A) 452,500
200,000 BBB/Baa2 Glencore Funding LLC, 4.125%, 5/30/23
(144A) 185,013
620,000 B-/Caa1 JMC Steel Group, Inc., 8.25%, 3/15/18
(144A) 606,050
400,000 BB-/Ba2 Metalloinvest Finance, Ltd., 5.625%,
4/17/20 (144A) 386,500
1,100,000 NR/Caa1 Metinvest BV, 8.75%, 2/14/18 (144A) 951,500
150,000 B-/B3 Permian Holdings, Inc., 10.5%, 1/15/18
(144A) 146,250
490,000 BBB/Baa3 Reliance Steel & Aluminum Co., 4.5%,
4/15/23 478,220
---------------
$ 3,956,108
----------------------------------------------------------------------------------------------------------
Paper Products -- 0.4%
365,000 BB-/Ba3 Neenah Paper, Inc., 5.25%, 5/15/21
(144A) $ 348,575
710,000 BB-/Ba3 Resolute Forest Products, Inc., 5.875%,
5/15/23 (144A) 623,025
400,000 BB/Ba2 Sappi Papier Holding GmbH, 6.625%,
4/15/21 (144A) 372,000
630,000 B-/Caa1 Unifrax I LLC, 7.5%, 2/15/19 (144A) 630,000
---------------
$ 1,973,600
---------------
Total Materials $ 17,959,254
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 33
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 3.1%
Aerospace & Defense -- 0.2%
965,000 BB/B1 DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) $ 921,575
----------------------------------------------------------------------------------------------------------
Building Products -- 0.3%
1,000,000 BB-/NR Gibraltar Industries, Inc., 6.25%, 2/1/21 $ 1,010,000
135,000 BBB-/Ba3 Masco Corp., 7.125%, 3/15/20 152,212
---------------
$ 1,162,212
----------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.4%
900,000 B/B2 Abengoa Finance SAU, 8.875%,
11/1/17 (144A) $ 891,000
150,000 B/B2 Empresas ICA SAB de CV, 8.375%,
7/24/17 (144A) 148,688
800,000 B/B2 Empresas ICA SAB de CV, 8.9%,
2/4/21 (144A) 787,000
200,000 BB-/NR OAS Investments GmbH, 8.25%,
10/19/19 (144A) 202,000
---------------
$ 2,028,688
----------------------------------------------------------------------------------------------------------
Electrical Components &
Equipment -- 0.1%
200,000 B/B2 Coleman Cable, Inc., 9.0%, 2/15/18 $ 212,500
100,000 B-/B3 WireCo WorldGroup, Inc., 9.5%, 5/15/17 103,500
---------------
$ 316,000
----------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.7%
220,000 BB-/B1 Boart Longyear Management Pty, Ltd.,
10.0%, 10/1/18 (144A) $ 222,200
1,670,000 B/B3 Boart Longyear Management Pty, Ltd.,
7.0%, 4/1/21 (144A) 1,235,800
475,000 B/B3 Constellation Enterprises LLC, 10.625%,
2/1/16 (144A) 401,375
500,000 B+/B2 JB Poindexter & Co., Inc., 9.0%, 4/1/22
(144A) 525,000
450,000 BB/NR Magnesita Finance, Ltd., 8.625%,
4/29/49 (Perpetual) (144A) 420,750
400,000 BB+/Ba1 Turkiye Sise ve Cam Fabrikalari AS,
4.25%, 5/9/20 (144A) 345,600
---------------
$ 3,150,725
----------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.4%
400,000 B/B2 Commercial Vehicle Group, Inc., 7.875%,
4/15/19 $ 400,000
350,000 A/A3 Cummins, Inc., 5.65%, 3/1/98 336,852
1,175,000 CCC/B3 Navistar International Corp., 8.25%,
11/1/21 1,189,688
---------------
$ 1,926,540
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.6%
400,000 B-/B3 BC Mountain LLC, 7.0%, 2/1/21 (144A) $ 397,000
275,000 B/B2 Cleaver-Brooks, Inc., 8.75%, 12/15/19
(144A) 297,000
855,000 B-/Caa1 Gardner Denver, Inc., 6.875%, 8/15/21
(144A) 844,312
400,000 B/Caa1 Mueller Water Products, Inc., 7.375%,
6/1/17 410,000
100,000 B-/NR WPE International Cooperatief UA,
10.375%, 9/30/20 (144A) 53,500
798,000 B/B3 Xerium Technologies, Inc., 8.875%,
6/15/18 817,950
---------------
$ 2,819,762
----------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.4%
200,000 BB+/Ba3 Aircastle, Ltd., 6.25%, 12/1/19 $ 211,500
200,000 BB+/NR Aviation Capital Group Corp., 6.75%,
4/6/21 (144A) 211,113
100,000 BB+/NR Aviation Capital Group Corp., 7.125%,
10/15/20 (144A) 109,055
220,000 B/B2 Avis Budget Car Rental LLC, 5.5%, 4/1/23 203,500
EURO 150,000 B/B2 Avis Budget Finance Plc, 6.0%, 3/1/21
(144A) 205,227
97,000 CCC/Caa1 INTCOMEX, Inc., 13.25%, 12/15/14 94,090
600,000 BB/Ba3 Rexel SA, 5.25%, 6/15/20 (144A) 585,000
---------------
$ 1,619,485
---------------
Total Capital Goods $ 13,944,987
----------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.5%
Environmental & Facilities Services -- 0.2%
100,000 B-/Caa2 Liberty Tire Recycling LLC, 11.0%,
10/1/16 (144A) $ 101,750
665,000 B/B3 Safway Group Holding LLC, 7.0%,
5/15/18 (144A) 674,975
---------------
$ 776,725
----------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.3%
415,000 B/B1 Iron Mountain, Inc., 5.75%, 8/15/24 $ 373,500
1,025,000 B+/B3 NANA Development Corp., 9.5%,
3/15/19 (144A) 1,030,125
---------------
$ 1,403,625
---------------
Total Commercial Services & Supplies $ 2,180,350
----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.7%
Air Freight & Logistics -- 0.1%
200,000 CCC+/B2 CEVA Group Plc, 8.375%, 12/1/17
(144A) $ 201,500
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 35
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Air Freight & Logistics -- (continued)
150,000 B-/WR Syncreon Global Ireland, Ltd., 9.5%,
5/1/18 (144A) $ 162,750
---------------
$ 364,250
----------------------------------------------------------------------------------------------------------
Airlines -- 0.7%
500,000 A-/Baa3 Air Canada 2013-1 Class A Pass Through
Trust, 4.125%, 5/15/25 (144A) $ 470,625
500,000 B/B3 Air Canada 2013-1 Class C Pass Through
Trust, 6.625%, 5/15/18 (144A) 494,150
16,532 BB+/Ba2 Continental Airlines 1997-4 Class B Pass
Through Trust, 6.9%, 1/2/17 17,110
49,861 BB-/Ba1 Continental Airlines 2001-1 Class B Pass
Through Trust, 7.373%, 12/15/15 52,977
400,000 BBB-/Ba2 Delta Air Lines 2010-1 Class B Pass
Through Trust, 6.375%, 1/2/16 415,000
1,000,000 BB+/Ba3 Delta Air Lines 2010-2 Class B Pass
Through Trust, 6.75%, 11/23/15 1,050,000
105,000 BBB+/Ba1 Hawaiian Airlines 2013-1 Class A Pass
Through Certificates, 3.9%, 1/15/26 96,075
400,000 BBB+/Ba1 US Airways 2013-1 Class A Pass Through
Trust, 3.95%, 11/15/25 370,000
200,000 BB-/B1 US Airways 2013-1 Class B Pass Through
Trust, 5.375%, 11/15/21 190,000
---------------
$ 3,155,937
----------------------------------------------------------------------------------------------------------
Marine -- 0.2%
560,000 B+/B3 Navios South American Logistics, Inc.,
9.25%, 4/15/19 $ 602,000
----------------------------------------------------------------------------------------------------------
Railroads -- 0.1%
350,000 BB-/NR Far East Capital, Ltd. SA, 8.0%, 5/2/18
(144A) $ 304,500
----------------------------------------------------------------------------------------------------------
Trucking -- 0.3%
1,100,000 B-/B2 Jack Cooper Holdings Corp., 9.25%,
6/1/20 (144A) $ 1,177,000
325,000 BBB/A3 Transnet SOC, Ltd., 4.0%, 7/26/22 (144A) 286,812
---------------
$ 1,463,812
----------------------------------------------------------------------------------------------------------
Airport Services -- 0.3%
185,120 CCC+/B3 Aeropuertos Argentina 2000 SA, 10.75%,
12/1/20 (144A) $ 177,252
1,250,000 BB-/Ba3 Aeropuertos Dominicanos Siglo XXI SA,
9.25%, 11/13/19 1,281,250
---------------
$ 1,458,502
---------------
Total Transportation $ 7,349,001
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.2%
Auto Parts & Equipment -- 1.1%
930,000 BB/B2 Dana Holding Corp., 6.0%, 9/15/23 $ 923,025
1,215,000 BB/B1 Gestamp Funding Luxembourg SA,
5.625%, 5/31/20 (144A) 1,208,925
400,000 B/Caa1 International Automotive Components
Group SA, 9.125%, 6/1/18 (144A) 412,000
250,000 BB-/Ba3 LKQ Corp., 4.75%, 5/15/23 (144A) 231,875
400,000 B-/B3 Meritor, Inc., 6.75%, 6/15/21 396,000
1,100,000 B+/B3 Pittsburgh Glass Works LLC, 8.5%,
4/15/16 (144A) 1,130,250
520,000 B-/B1 Schaeffler Holding Finance BV, 6.875%,
8/15/18 (144A) (PIK) 544,700
---------------
$ 4,846,775
----------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.1%
200,000 BB-/B2 Cooper Tire & Rubber Co., 8.0%, 12/15/19 $ 204,250
210,000 B+/B1 The Goodyear Tire & Rubber Co., 7.0%,
5/15/22 218,400
---------------
$ 422,650
----------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.0%+
100,000 B/B1 Chrysler Group LLC, 8.25%, 6/15/21 $ 112,000
---------------
Total Automobiles & Components $ 5,381,425
----------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.2%
Home Furnishings -- 0.1%
400,000 B/B2 SIWF Merger Sub, Inc., 6.25%, 6/1/21
(144A) $ 392,000
----------------------------------------------------------------------------------------------------------
Homebuilding -- 1.0%
930,000 BB+/NR Allegion US Holding Co, Inc., 5.75%,
10/1/21 (144A) $ 930,000
280,000 BB-/B2 Brookfield Residential Properties, Inc.,
6.125%, 7/1/22 (144A) 274,400
500,000 BB-/B2 Brookfield Residential Properties, Inc.,
6.5%, 12/15/20 (144A) 502,500
1,005,000 BB/Ba2 DR Horton, Inc., 5.75%, 8/15/23 1,012,538
200,000 B/B2 KB Home, 8.0%, 3/15/20 216,000
450,000 BB-/Ba3 Lennar Corp., 4.75%, 11/15/22 414,000
1,000,000 B+/B2 Standard Pacific Corp., 6.25%, 12/15/21 1,000,000
95,000 BB-/B1 The Ryland Group, Inc., 5.375%, 10/1/22 88,825
200,000 NR/Ca Urbi Desarrollos Urbanos SAB de CV,
9.5%, 1/21/20 (144A) (e) 34,000
---------------
$ 4,472,263
----------------------------------------------------------------------------------------------------------
Household Appliances -- 0.1%
400,000 BB+/NR Arcelik AS, 5.0%, 4/3/23 (144A) $ 343,500
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 37
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Leisure Products -- 0.0%+
EURO 100,000 CCC+/Caa2 Heckler & Koch GmbH, 9.5%, 5/15/18
(144A) $ 130,695
---------------
Total Consumer Durables & Apparel $ 5,338,458
----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.2%
Casinos & Gaming -- 0.5%
EURO 850,000 B+/B3 Cirsa Funding Luxembourg SA, 8.75%,
5/15/18 (144A) $ 1,189,642
EURO 300,000 8.25 BB/Ba2 Gtech Spa, Floating Rate Note,
3/31/66 (144A) 436,628
250,000 B+/B3 MGM Resorts International, 6.75%,
10/1/20 262,500
100,000 B+/B2 Scientific Games International, Inc.,
9.25%, 6/15/19 107,750
205,000 BBB-/NR Wynn Las Vegas LLC, 4.25%, 5/30/23
(144A) 188,088
---------------
$ 2,184,608
----------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.1%
200,000 CCC+/B2 Seven Seas Cruises S de RL LLC,
9.125%, 5/15/19 $ 218,000
210,000 B+/B3 Viking Cruises, Ltd., 8.5%, 10/15/22
(144A) 232,575
---------------
$ 450,575
----------------------------------------------------------------------------------------------------------
Restaurants -- 0.3%
EURO 1,000,000 BB-/NR Elior Finance & Co SCA, 6.5%, 5/1/20
(144A) $ 1,411,208
----------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.3%
535,000 BB-/Ba3 Outerwall, Inc., 6.0%, 3/15/19 (144A) $ 521,625
260,000 BB/Ba3 Sotheby's, 5.25%, 10/1/22 (144A) 246,350
375,000 B-/B3 StoneMor Partners LP, 7.875%, 6/1/21
(144A) 385,312
---------------
$ 1,153,287
---------------
Total Consumer Services $ 5,199,678
----------------------------------------------------------------------------------------------------------
MEDIA -- 1.6%
Advertising -- 0.1%
295,000 B-/B3 MDC Partners, Inc., 6.75%, 4/1/20
(144A) $ 298,688
Broadcasting -- 0.6%
475,000 BB-/B1 CCO Holdings LLC, 5.75%, 9/1/23
(144A) 450,062
100,000 BB-/B1 CCO Holdings LLC, 6.5%, 4/30/21 101,500
450,000 CCC+/Caa1 Cumulus Media Holdings, Inc., 7.75%,
5/1/19 466,875
350,000 CCC+/Caa2 Intelsat Luxembourg SA, 7.75%, 6/1/21
(144A) 362,250
The accompanying notes are an integral part of these financial statements.
38 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Advertising -- (continued)
EURO 100,000 B+/B1 Nara Cable Funding II, Ltd., 8.5%,
3/1/20 (144A) $ 153,480
325,000 B+/B2 Quebecor Media, Inc., 5.75%, 1/15/23 306,312
750,000 B+/B2 Univision Communications, Inc., 5.125%,
5/15/23 (144A) 718,125
150,000 B+/B2 Univision Communications, Inc., 6.875%,
5/15/19 (144A) 160,500
---------------
$ 2,719,104
----------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.4%
370,000 BB/B1 Sirius XM Radio, Inc., 4.625%, 5/15/23
(144A) $ 337,625
200,000 BB/B1 Sirius XM Radio, Inc., 5.25%, 8/15/22
(144A) 193,000
1,065,000 BB/B1 Sirius XM Radio, Inc., 5.75%, 8/1/21
(144A) 1,059,675
---------------
$ 1,590,300
----------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
100,000 CCC+/Caa1 Production Resource Group, Inc.,
8.875%, 5/1/19 $ 76,000
470,000 B-/B3 Regal Entertainment Group, 5.75%,
2/1/25 433,575
171,000 BB-/Ba3 WMG Acquisition Corp., 6.0%, 1/15/21
(144A) 177,412
---------------
$ 686,987
----------------------------------------------------------------------------------------------------------
Publishing -- 0.4%
1,620,000 BB/Ba1 Gannett Co, Inc., 6.375%, 10/15/23
(144A) $ 1,607,850
100,000 B-/B3 MPL 2 Acquisition Canco, Inc., 9.875%,
8/15/18 (144A) 102,500
---------------
$ 1,710,350
---------------
Total Media $ 7,005,429
----------------------------------------------------------------------------------------------------------
RETAILING -- 0.8%
Department Stores -- 0.2%
775,000 B/NR Grupo Famsa SAB de CV, 7.25%,
6/1/20 (144A) $ 763,375
----------------------------------------------------------------------------------------------------------
Apparel Retail -- 0.2%
750,000 B/B3 Brown Shoe Co., Inc., 7.125%, 5/15/19 $ 792,188
----------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.4%
1,100,000 CCC+/Caa1 Petco Holdings, Inc., 8.5%, 10/15/17
(144A) (PIK) $ 1,116,500
600,000 B/B3 Radio Systems Corp., 8.375%, 11/1/19
(144A) 649,500
---------------
$ 1,766,000
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 39
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.0%+
325,000 BB-/Ba3 CST Brands, Inc., 5.0%, 5/1/23 (144A) $ 306,312
---------------
Total Retailing $ 3,627,875
----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 2.0%
Distillers & Vintners -- 0.2%
470,000 BB+/Ba1 Constellation Brands, Inc., 3.75%,
5/1/21 $ 434,162
585,000 BB+/Ba1 Constellation Brands, Inc., 4.25%,
5/1/23 536,738
---------------
$ 970,900
----------------------------------------------------------------------------------------------------------
Soft Drinks -- 0.1%
195,000 BB/Ba2 Central American Bottling Corp., 6.75%,
2/9/22 (144A) $ 196,950
----------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.4%
240,000 BB/Ba2 Cosan Luxembourg SA, 5.0%, 3/14/23
(144A) $ 216,000
900,000 B/B2 Southern States Cooperative, Inc., 10.0%,
8/15/21 (144A) 873,000
750,000 B/NR Tonon Bioenergia SA, 9.25%, 1/24/20
(144A) 661,125
---------------
$ 1,750,125
----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.0%
75,000 B/B2 Agrokor dd, 8.875%, 2/1/20 (144A) $ 79,688
400,000 B+/B1 B&G Foods, Inc., 4.625%, 6/1/21 382,000
300,000 BB+/Ba1 Barry Callebaut Services NV, 5.5%,
6/15/23 (144A) 301,308
250,000 BBB-/Baa3 BRF SA, 3.95%, 5/22/23 (144A) 215,000
1,050,000 B/B1 Chiquita Brands International, Inc.,
7.875%, 2/1/21 (144A) 1,115,625
300,000 B/B3 FAGE Dairy Industry SA, 9.875%,
2/1/20 (144A) 324,000
700,000 B/B2 Marfrig Holding Europe BV, 11.25%,
9/20/21 (144A) 689,500
200,000 B/B2 Marfrig Holding Europe BV, 8.375%,
5/9/18 (144A) 182,000
200,000 B/B2 Marfrig Holding Europe BV, 9.875%,
7/24/17 (144A) 196,000
100,000 B/B2 Marfrig Overseas, Ltd., 9.5%, 5/4/20
(144A) 93,000
500,000 B/NR MHP SA, 8.25%, 4/2/20 (144A) 397,600
400,000 BB-/B1 Minerva Luxembourg SA, 7.75%,
1/31/23 (144A) 377,000
200,000 B+/B1 Post Holdings, Inc., 7.375%, 2/15/22 210,250
---------------
$ 4,562,971
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Tobacco -- 0.3%
1,400,000 B-/Caa1 Alliance One International, Inc., 9.875%,
7/15/21 (144A) $ 1,316,000
175,000 BBB-/Baa2 Lorillard Tobacco Co., 3.75%, 5/20/23 160,736
---------------
$ 1,476,736
---------------
Total Food, Beverage & Tobacco $ 8,957,682
----------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.4%
Personal Products -- 0.4%
255,000 B+/B2 Albea Beauty Holdings SA, 8.375%,
11/1/19 (144A) $ 265,200
750,000 BBB-/Baa2 Avon Products, Inc., 5.0%, 3/15/23 754,627
785,000 NR/Caa1 Monitronics International, Inc., 9.125%,
4/1/20 (144A) 822,288
---------------
$ 1,842,115
---------------
Total Household & Personal Products $ 1,842,115
----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.3%
Health Care Equipment -- 0.2%
300,000 CCC+/Caa2 Accellent, Inc., 10.0%, 11/1/17 $ 276,000
625,000 B+/B1 Accellent, Inc., 8.375%, 2/1/17 650,781
142,000 B+/B2 Physio-Control International, Inc.,
9.875%, 1/15/19 (144A) 159,040
---------------
$ 1,085,821
----------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
100,000 B/B3 ConvaTec Healthcare E SA, 10.5%,
12/15/18 (144A) $ 113,000
100,000 B-/Caa2 Immucor, Inc., 11.125%, 8/15/19 110,000
---------------
$ 223,000
----------------------------------------------------------------------------------------------------------
Health Care Services -- 0.1%
400,000 CCC+/Caa2 Gentiva Health Services, Inc., 11.5%,
9/1/18 $ 415,000
----------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.8%
350,000 BB/Ba3 Aviv Healthcare Properties LP, 7.75%,
2/15/19 $ 375,375
200,000 B/B3 Capella Healthcare, Inc., 9.25%, 7/1/17 214,000
165,000 B/B3 CHS, 7.125%, 7/15/20 166,650
1,175,000 B/B3 CHS, 8.0%, 11/15/19 1,232,281
400,000 B-/B3 Kindred Healthcare, Inc., 8.25%, 6/1/19 426,000
1,080,000 B+/Ba3 Tenet Healthcare Corp., 4.375%,
10/1/21 (144A) 996,300
200,000 B-/B3 Vanguard Health Holding Co. II LLC,
7.75%, 2/1/19 214,500
---------------
$ 3,625,106
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 41
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
200,000 CCC+/Caa1 Emdeon, Inc., 11.0%, 12/31/19 $ 227,750
170,000 B/B3 IMS Health, Inc., 6.0%, 11/1/20 (144A) 173,612
175,000 B-/B3 MedAssets, Inc., 8.0%, 11/15/18 188,562
---------------
$ 589,924
---------------
Total Health Care Equipment
& Services $ 5,938,851
----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.4%
Biotechnology -- 0.1%
600,000 B/Caa2 Lantheus Medical Imaging, Inc.,
9.75%, 5/15/17 $ 537,000
130,000 BB/B3 Warner Chilcott Co. LLC, 7.75%, 9/15/18 141,050
---------------
$ 678,050
----------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.3%
610,000 B-/Caa1 Par Pharmaceutical Companies, Inc.,
7.375%, 10/15/20 (144A) $ 630,588
510,000 B/B1 Valeant Pharmaceuticals International,
6.375%, 10/15/20 (144A) 530,400
---------------
$ 1,160,988
---------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 1,839,038
----------------------------------------------------------------------------------------------------------
BANKS -- 1.8%
Diversified Banks -- 1.0%
500,000 NR/Baa3 Banco de Bogota SA, 5.375%,
2/19/23 (144A) $ 466,250
400,000 6.25 BB/NR Banco do Brasil SA, Floating Rate
Note, 12/29/49 (Perpetual) (144A) 330,000
200,000 NR/B1 Banco GNB Sudameris SA, 7.5%,
7/30/22 (144A) 204,112
250,000 BBB+/NR BBVA Banco Continental SA, 5.0%,
8/26/22 (144A) 240,000
400,000 NR/Baa2 BBVA Bancomer SA Texas, 6.5%,
3/10/21 (144A) 416,000
700,000 BB-/Ba3 CorpGroup Banking SA, 6.75%,
3/15/23 (144A) 593,250
525,000 BBB/Baa2 Intesa Sanpaolo S.p.A., 6.5%,
2/24/21 (144A) 546,100
500,000 BBB/Baa2 Macquarie Bank, Ltd., 6.625%,
4/7/21 (144A) 545,150
250,000 A/Baa1 Nordea Bank AB, 4.25%,
9/21/22 (144A) 247,111
300,000 BBB-/Ba1 VTB Bank OJSC Via VTB Capital SA,
6.95%, 10/17/22 (144A) 297,750
The accompanying notes are an integral part of these financial statements.
42 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
400,000 7.98 BBB+/Ba1 Wells Fargo & Co., Floating Rate Note,
3/29/49 (Perpetual) $ 440,000
---------------
$ 4,325,723
----------------------------------------------------------------------------------------------------------
Regional Banks -- 0.4%
250,000 A/A2 HSBC Bank USA NA New York NY,
6.0%, 8/9/17 $ 283,495
1,300,000 4.48 BBB/Baa3 The PNC Financial Services Group, Inc.,
Floating Rate Note (Perpetual) 1,293,500
150,000 6.75 BBB/Baa3 The PNC Financial Services Group, Inc.,
Floating Rate Note (Perpetual) 154,500
325,000 4.85 BBB/Baa3 The PNC Financial Services Group, Inc.,
Floating Rate Note (Perpetual) 279,500
---------------
$ 2,010,995
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.4%
100,000 BBB-/Baa2 Astoria Financial Corp., 5.0%, 6/19/17 $ 105,416
1,525,000 B+/Ba3 Provident Funding Associates LP, 6.75%,
6/15/21 (144A) 1,532,625
---------------
$ 1,638,041
---------------
Total Banks $ 7,974,759
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 5.6%
Other Diversified Financial
Services -- 2.1%
250,000 3.68 BB/NR Atlas IX Capital, Ltd., Floating Rate
Note, 1/17/19 (Cat Bond) (144A) $ 250,050
300,000 5.20 BB+/B1 Bank of America Corp., Floating Rate
Note, 12/29/49 (Perpetual) 262,500
750,000 A-/NR Carlyle Holdings II Finance LLC, 5.625%,
3/30/43 (144A) 694,600
500,000 5.95 BB/B1 Citigroup, Inc., Floating Rate Note
(Perpetual) 466,250
350,000 5.35 BB/B1 Citigroup, Inc., Floating Rate Note
(Perpetual) 304,500
650,000 7.88 NR/NR Credit Suisse Group Guernsey I, Ltd.,
Floating Rate Note, 2/24/41 690,625
500,000 NR/Caa1 DTEK Finance Plc, 7.875%, 4/4/18 (144A) 425,000
1,000,000 BBB/NR Fixed Income Trust Series 2013-A,
10/15/97 (Step) (144A) (c) (d) 555,664
200,000 7.12 AA-/Baa1 General Electric Capital Corp., Floating
Rate Note (Perpetual) 217,500
1,000,000 5.25 AA-/Baa1 General Electric Capital Corp., Floating
Rate Note, 6/29/49 (Perpetual) 927,000
750,000 4.00 BB+/NR Ibis Re II, Ltd., Floating Rate Note,
6/28/16 (Cat Bond) (144A) 762,975
615,000 5.65 BB/Ba1 ING US, Inc., Floating Rate Note, 5/15/53 562,200
200,000 A/A2 JPMorgan Chase & Co., 4.35%, 8/15/21 207,174
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 43
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
1,525,000 5.15 BBB/Ba1 JPMorgan Chase & Co., Floating Rate
Note, 12/29/49 (Perpetual) $ 1,334,375
1,150,000 A-/NR KKR Group Finance Co. II LLC, 5.5%,
2/1/43 (144A) 1,031,489
500,000 7.25 BB-/NR Northshore Re, Ltd., Floating Rate Note,
7/5/16 (Cat Bond) (144A) 510,350
100,000 7.70 BBB/NR Tiers Trust, Floating Rate Note,
10/15/97 (144A) (d) 64,444
250,000 2.80 BBB-/NR Vita Capital V, Ltd., Floating Rate Note,
1/15/17 (Cat Bond) (144A) 254,850
---------------
$ 9,521,546
----------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.2%
900,000 BBB+/Baa1 BM&FBovespa SA, 5.5%, 7/16/20
(144A) $ 922,500
500,000 BBB-/WR Cantor Fitzgerald LP, 7.875%,
10/15/19 (144A) 517,750
200,000 CCC+/Caa1 Igloo Holdings Corp., 8.25%,
12/15/17 (144A) (PIK) 205,500
250,000 5.25 BB+/NR Kibou, Ltd., Floating Rate Note,
2/16/15 (Cat Bond) (144A) 257,975
1,070,000 B+/B2 Nationstar Mortgage LLC, 6.5%, 6/1/22 1,013,825
400,000 B+/B2 Nationstar Mortgage LLC, 6.5%, 7/1/21 383,000
355,000 B+/B2 Nationstar Mortgage LLC, 6.5%, 8/1/18 356,775
700,000 B/B1 Oxford Finance LLC, 7.25%, 1/15/18
(144A) 715,750
750,000 3.50 BB+/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 744,975
---------------
$ 5,118,050
----------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.2%
125,000 BB-/Ba3 General Motors Financial Co, Inc.,
4.25%, 5/15/23 (144A) $ 114,219
100,000 NR/NR Tarjeta Naranja SA, 9.0%, 1/28/17
(144A) 96,008
735,000 B+/B3 TMX Finance LLC, 8.5%, 9/15/18
(144A) 768,075
---------------
$ 978,302
----------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.6%
250,000 A/NR Blackstone Holdings Finance Co. LLC,
4.75%, 2/15/23 (144A) $ 261,784
750,000 A/NR Blackstone Holdings Finance Co. LLC,
6.25%, 8/15/42 (144A) 791,301
100,000 BB+/Ba1 Neuberger Berman Group LLC, 5.625%,
3/15/20 (144A) 102,250
The accompanying notes are an integral part of these financial statements.
44 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- (continued)
250,000 BBB/NR Prospect Capital Corp., 5.875%, 3/15/23 $ 241,269
1,350,000 4.50 BBB/Baa1 The Bank of New York Mellon Corp.,
Floating Rate Note (Perpetual) 1,167,750
---------------
$ 2,564,354
----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.5%
100,000 4.00 BB+/Ba2 Goldman Sachs Capital II, Floating
Rate Note, 12/1/49 (Perpetual) $ 73,000
1,050,000 BBB/Baa3 Jefferies Group LLC, 5.125%, 1/20/23 1,058,246
625,000 BBB+/Baa3 Merrill Lynch & Co, Inc., 6.11%, 1/29/37 643,707
150,000 A-/Baa2 Merrill Lynch & Co., Inc., 5.0%, 2/3/14 152,152
200,000 BBB+/Baa3 Merrill Lynch & Co., Inc., 7.75%, 5/14/38 247,644
750,000 BBB+/Baa2 Morgan Stanley, 4.1%, 5/22/23 699,538
250,000 BBB+/Baa2 Morgan Stanley, 4.875%, 11/1/22 250,132
900,000 NR/Baa3 Scottrade Financial Services, Inc.,
6.125%, 7/11/21 (144A) 875,430
150,000 A-/A3 The Goldman Sachs Group, Inc.,
5.25%, 7/27/21 161,873
300,000 BBB+/Baa1 The Goldman Sachs Group, Inc.,
6.45%, 5/1/36 304,567
225,000 BBB+/Baa1 The Goldman Sachs Group, Inc.,
6.75%, 10/1/37 234,818
1,800,000 BBB-/NR UBS AG, 7.625%, 8/17/22 1,990,013
---------------
$ 6,691,120
---------------
Total Diversified Financials $ 24,873,372
----------------------------------------------------------------------------------------------------------
INSURANCE -- 7.6%
Insurance Brokers -- 0.5%
600,000 CCC+/Caa2 HUB International, Ltd., 8.125%,
10/15/18 (144A) $ 669,750
700,000 BBB-/Baa3 Ironshore Holdings US, Inc., 8.5%,
5/15/20 (144A) 803,228
500,000 CCC/Caa2 Onex USI Acquisition Corp., 7.75%,
1/15/21 (144A) 500,000
GBP 100,000 NR/B1 Towergate Finance Plc, 8.5%,
2/15/18 (144A) 170,479
---------------
$ 2,143,457
----------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.7%
650,000 BB/Ba3 CNO Financial Group, Inc., 6.375%,
10/1/20 (144A) $ 679,250
500,000 BB-/B1 Fidelity & Guaranty Life Holdings, Inc.,
6.375%, 4/1/21 (144A) 507,500
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 45
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Life & Health Insurance -- (continued)
1,250,000 7.00 BBB/Baa3 Lincoln National Corp., Floating Rate
Note, 5/17/66 $ 1,265,625
300,000 BBB/Baa2 MetLife, Inc., 6.4%, 12/15/36 303,000
400,000 5.88 BBB+/Baa2 Prudential Financial, Inc., Floating Rate
Note, 9/15/42 392,000
165,000 5.88 NR/NR Wilton Re Finance LLC, Floating Rate
Note, 3/30/33 (144A) 165,412
---------------
$ 3,312,787
----------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.4%
250,000 BBB/A3 AXA SA, 8.6%, 12/15/30 $ 302,248
900,000 6.46 BBB-/Baa1 AXA SA, Floating Rate Note
(Perpetual) (144A) 897,750
265,000 BBB-/Baa3 Genworth Holdings, Inc., 6.5%, 6/15/34 280,495
300,000 BBB-/Baa3 Genworth Holdings, Inc., 7.2%, 2/15/21 345,692
---------------
$ 1,826,185
----------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.1%
GBP 950,000 6.62 NR/NR Brit Insurance Holdings BV, Floating
Rate Note, 12/9/30 $ 1,391,591
250,000 BBB-/Baa3 Fidelity National Financial, Inc., 5.5%,
9/1/22 263,534
200,000 NR/Baa3 First American Financial Corp., 4.3%,
2/1/23 193,580
1,000,000 BBB-/Baa2 OneBeacon US Holdings, Inc., 4.6%,
11/9/22 989,692
1,000,000 6.80 BBB/Baa3 QBE Capital Funding II LP, Floating Rate
Note (Perpetual) (144A) 1,007,818
200,000 A-/Baa1 QBE Insurance Group, Ltd., 2.4%,
5/1/18 (144A) 194,846
850,000 6.50 BBB-/Ba1 XL Group Plc, Floating Rate Note
(Perpetual) 813,875
---------------
$ 4,854,936
----------------------------------------------------------------------------------------------------------
Reinsurance -- 4.9%
1,500,000 6.38 NR/NR Aquarius + Investments Plc for Swiss
Reinsurance Co., Ltd., Floating Rate
Note, 9/1/24 $ 1,526,250
1,000,000 4.37 BB+/NR Blue Danube II, Ltd., Floating Rate Note,
5/23/16 (Cat Bond) (144A) 1,005,300
250,000 2.50 BB+/NR Bosphorus 1 Re, Ltd., Floating Rate Note,
5/3/16 (Cat Bond) (144A) 249,125
500,000 5.25 BB-/NR Caelus Re, Ltd., Floating Rate Note,
3/7/16 (Cat Bond) (144A) 505,050
500,000 6.85 NR/NR Caelus Re, Ltd., Floating Rate Note,
4/7/17 (Cat Bond) (144A) 510,600
The accompanying notes are an integral part of these financial statements.
46 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 10.25 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) $ 262,625
250,000 11.25 B+/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 264,250
250,000 9.00 BB/NR East Lane Re V, Ltd., Floating Rate Note,
3/16/16 (Cat Bond) (144A) 273,325
250,000 6.65 BB/NR East Lane Re, Ltd., Floating Rate Note,
3/13/15 (Cat Bond) (144A) 261,675
250,000 7.35 BB-/NR Embarcadero Reinsurance, Ltd., Floating
Rate Note, 2/13/15 (Cat Bond) (144A) 260,050
250,000 6.63 BB-/NR Embarcadero Reinsurance, Ltd., Floating
Rate Note, 8/4/14 (Cat Bond) (144A) 255,625
350,000 5.00 BB+/NR Foundation Re III, Ltd., Floating Rate
Note, 2/25/15 (Cat Bond) 360,220
250,000 5.75 BB/NR Foundation Re III, Ltd., Floating Rate
Note, 2/3/14 (Cat Bond) (144A) 253,350
250,000 6.00 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 251,725
500,000 7.25 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 503,700
500,000 4.00 BB/NR Longpoint Re, Ltd. III, Floating Rate
Note, 5/18/16 (Cat Bond) (144A) 508,750
500,000 6.00 BB+/NR Longpoint Re, Ltd., Floating Rate Note,
6/12/15 (Cat Bond) (144A) 529,300
250,000 12.16 B/NR Montana Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 253,900
500,000 BBB/NR Montpelier Re Holdings, Ltd., 4.7%,
10/15/22 490,360
250,000 9.00 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 263,975
250,000 12.00 B/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 269,375
1,000,000 8.61 B+/NR Mythen Re, Ltd. Series 2012-2 Class A,
Floating Rate Note, 1/5/17 (Cat
Bond) (144A) 1,037,600
500,000 11.84 B-/NR Mythen Re, Ltd. Series 2012-2 Class A,
Floating Rate Note, 11/10/16 (Cat
Bond) (144A) 509,450
250,000 8.00 NR/NR Mythen Re, Ltd. Series 2013-1 Class B,
Floating Rate Note, 7/9/15 (Cat
Bond) (144A) 256,975
250,000 8.11 NR/Ba3 Mythen, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 270,775
250,000 11.11 NR/B2 Mythen, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 269,875
500,000 NR/NR Pangaea Re, 10/1/15 (Cat
Bond) (c) 523,835
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 47
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
750,000 7.50 BB-/NR Queen Street IV Capital, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond) (144A) $ 774,525
500,000 8.50 BB-/NR Queen Street V Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 522,000
750,000 8.60 B/NR Queen Street VII Re, Ltd., Floating Rate
Note, 4/8/16 (Cat Bond) (144A) 772,425
250,000 6.75 BBB-/Baa3 Reinsurance Group of America, Inc.,
Floating Rate Note, 12/15/65 247,500
1,250,000 9.00 BB-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 (Cat
Bond) (144A) 1,329,125
600,000 8.75 B+/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 (Cat
Bond) (144A) 641,160
250,000 12.75 NR/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 274,075
550,000 4.50 BB+/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 565,290
250,000 5.75 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 261,750
500,000 10.00 BB-/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat
Bond) (144A) 552,500
250,000 8.00 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat
Bond) (144A) 276,250
250,000 9.25 B-/NR Residential Reinsurance 2013, Ltd.,
Floating Rate Note, 6/6/17 (Cat
Bond) (144A) 257,875
1,250,000 4.00 BB/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 1,246,875
250,000 NR/NR Sector Re V, Ltd., 3/1/18 (Cat Bond)
(144A) 276,275
110,000 7.51 BB+/Ba2 Sirius International Group, Ltd., Floating
Rate Note (Perpetual) (144A) 113,067
250,000 13.00 NR/NR Successor X, Ltd. Class IV-AL3, Floating
Rate Note, 2/25/14 (Cat Bond) (144A) 257,725
500,000 9.35 B/NR Successor X, Ltd. Class IV-E3, Floating
Rate Note, 2/25/14 (Cat Bond) (144A) 508,700
250,000 11.25 B-/NR Successor X, Ltd., Floating Rate Note,
11/10/15 (Cat Bond) (144A) 259,050
The accompanying notes are an integral part of these financial statements.
48 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
500,000 8.50 B+/NR Tar Heel Re, Ltd., Floating Rate Note,
5/9/16 (Cat Bond) (144A) $ 519,950
200,000 BBB+/Baa2 Validus Holdings, Ltd., 8.875%,
1/26/40 249,854
---------------
$ 21,833,011
---------------
Total Insurance $ 33,970,376
----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.5%
Diversified REIT's -- 0.2%
600,000 B/Ba3 CNL Lifestyle Properties, Inc., 7.25%,
4/15/19 $ 615,000
250,000 BBB/Baa2 Goodman Funding Pty, Ltd., 6.375%,
4/15/21 (144A) 276,684
---------------
$ 891,684
----------------------------------------------------------------------------------------------------------
Mortgage REIT's -- 0.0%+
170,000 B+/B3 iStar Financial, Inc., 4.875%, 7/1/18 $ 164,900
----------------------------------------------------------------------------------------------------------
Office REIT's -- 0.0%+
225,000 BBB-/Baa3 Corporate Office Properties LP, 3.6%,
5/15/23 $ 203,946
----------------------------------------------------------------------------------------------------------
Specialized REIT's -- 0.3%
900,000 BBB-/Baa2 Hospitality Properties Trust, 5.0%,
8/15/22 $ 898,847
64,000 BB-/B1 Sabra Health Care LP, 8.125%, 11/1/18 68,800
150,000 BBB/Baa1 Ventas Realty LP, 4.75%, 6/1/21 157,967
---------------
$ 1,125,614
---------------
Total Real Estate $ 2,386,144
----------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.8%
Internet Software & Services -- 0.6%
850,000 BB-/B2 Bankrate, Inc., 6.125%, 8/15/18 (144A) $ 847,875
800,000 B+/Ba3 EarthLink, Inc., 7.375%, 6/1/20 (144A) 780,000
50,000 BB/Ba3 Equinix, Inc., 7.0%, 7/15/21 53,250
805,000 BB/B1 j2 Global, Inc., 8.0%, 8/1/20 865,375
335,000 BB/Baa3 VeriSign, Inc., 4.625%, 5/1/23 (144A) 314,900
---------------
$ 2,861,400
----------------------------------------------------------------------------------------------------------
Data Processing & Outsourced
Services -- 0.1%
100,000 B-/Caa1 First Data Corp., 8.25%, 1/15/21 (144A) $ 103,250
400,000 BB/Ba3 WEX, Inc., 4.75%, 2/1/23 (144A) 364,000
---------------
$ 467,250
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 49
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.1%
400,000 BB+/Ba2 Activision Blizzard, Inc., 6.125%,
9/15/23 (144A) $ 402,000
---------------
Total Software & Services $ 3,730,650
----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 1.0%
Communications Equipment -- 0.4%
915,000 BB+/Ba3 Brocade Communications Systems,
Inc., 4.625%, 1/15/23 (144A) $ 844,088
650,000 B-/Caa1 CommScope Holding Co, Inc., 6.625%,
6/1/20 (144A) (PIK) 646,750
260,000 B/B3 CommScope, Inc., 8.25%, 1/15/19 (144A) 284,050
100,000 B+/B2 ViaSat, Inc., 6.875%, 6/15/20 103,750
---------------
$ 1,878,638
----------------------------------------------------------------------------------------------------------
Computer Hardware -- 0.0%+
185,000 BB/Ba3 NCR Corp., 5.0%, 7/15/22 $ 172,050
----------------------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.3%
985,000 BBB-/Ba1 Seagate HDD Cayman, 4.75%, 6/1/23
(144A) $ 948,062
200,000 BBB-/Ba1 Seagate HDD Cayman, 7.0%, 11/1/21 222,000
---------------
$ 1,170,062
----------------------------------------------------------------------------------------------------------
Electronic Equipment
Manufacturers -- 0.1%
550,000 BB-/B1 Viasystems, Inc., 7.875%, 5/1/19 (144A) $ 584,375
----------------------------------------------------------------------------------------------------------
Electronic Components -- 0.1%
EURO 300,000 B+/Ba2 Belden, Inc., 5.5%, 4/15/23 (144A) $ 393,302
----------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.1%
85,000 BB+/Ba1 Flextronics International, Ltd., 4.625%,
2/15/20 $ 82,450
145,000 BB+/Ba1 Flextronics International, Ltd., 5.0%,
2/15/23 137,750
---------------
$ 220,200
---------------
Total Technology Hardware
& Equipment $ 4,418,627
----------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.2%
Semiconductor Equipment -- 0.1%
285,000 BB/B2 Amkor Technology, Inc., 6.375%, 10/1/22 $ 272,175
----------------------------------------------------------------------------------------------------------
Semiconductors -- 0.1%
445,000 B/B2 Advanced Micro Devices, Inc., 7.5%,
8/15/22 $ 426,088
---------------
Total Semiconductors & Semiconductor
Equipment $ 698,263
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
50 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 2.3%
Integrated Telecommunication
Services -- 1.8%
500,000 BB/Ba2 CenturyLink, Inc., 6.45%, 6/15/21 $ 497,500
150,000 BB/Ba2 CenturyLink, Inc., 7.6%, 9/15/39 133,875
800,000 BB/Ba2 CenturyLink, Inc., 7.65%, 3/15/42 712,000
1,205,000 B/B3 Cincinnati Bell, Inc., 8.375%, 10/15/20 1,274,288
250,000 BB-/Ba2 Frontier Communications Corp.,
7.625%, 4/15/24 250,000
500,000 BB-/Ba2 Frontier Communications Corp., 8.75%,
4/15/22 546,250
200,000 BB-/Ba2 Frontier Communications Corp., 9.0%,
8/15/31 196,000
558,000 B+/B3 GCI, Inc., 8.625%, 11/15/19 584,505
155,000 NR/Ba3 GTP Acquisition Partners I LLC, 7.628%,
6/15/16 (144A) 167,495
150,000 BB-/Ba3 MasTec, Inc., 4.875%, 3/15/23 140,625
200,000 A/A2 Qtel International Finance, Ltd., 3.875%,
1/31/28 (144A) 175,000
125,000 BBB/Baa2 Telefonica Emisiones SAU, 6.221%,
7/3/17 138,053
EURO 200,000 B+/B1 Telenet Finance III Luxembourg SCA,
6.625%, 2/15/21 (144A) 283,972
100,000 B+/B1 tw telecom holdings inc, 5.375%,
10/1/22 95,500
1,030,000 BBB+/Baa1 Verizon Communications, Inc., 6.55%,
9/15/43 1,159,429
500,000 BB-/Ba3 Virgin Media Secured Finance Plc,
5.375%, 4/15/21 (144A) 487,500
305,000 B/B1 Windstream Corp., 7.5%, 6/1/22 304,238
950,000 B/B1 Windstream Corp., 8.125%, 9/1/18 1,021,250
---------------
$ 8,167,480
----------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.5%
850,000 CCC+/Caa1 Intelsat Jackson Holdings SA, 6.625%,
12/15/22 (144A) $ 843,625
250,000 B/B3 Intelsat Jackson Holdings SA, 7.25%,
4/1/19 267,500
150,000 B/B3 Intelsat Jackson Holdings SA, 7.5%,
4/1/21 162,000
100,000 BB/Ba3 MetroPCS Wireless, Inc., 7.875%,
9/1/18 108,125
300,000 NR/NR Unison Ground Lease Funding LLC,
5.78%, 3/15/20 (144A) 288,533
200,000 BB/Ba3 VimpelCom Holdings BV, 7.504%,
3/1/22 (144A) 210,750
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 51
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- (continued)
400,000 NR/NR WCP ISSUER LLC, 6.657%,
8/15/20 (144A) $ 409,420
---------------
$ 2,289,953
---------------
Total Telecommunication Services $ 10,457,433
----------------------------------------------------------------------------------------------------------
UTILITIES -- 2.4%
Electric Utilities -- 0.9%
100,000 CCC/NR Cia de Transporte de Energia Electrica
en Alta Tension Transener SA, 9.75%,
8/15/21 (144A) $ 49,000
1,500,000 5.25 BBB+/A3 Electricite de France SA, Floating Rate
Note (Perpetual) (144A) 1,418,850
150,000 BBB/Baa2 Enel Finance International NV, 5.125%,
10/7/19 (144A) 156,496
1,190,000 8.75 NR/Ba1 Enel S.p.A., Floating Rate Note,
9/24/73 (144A) 1,211,280
1,100,000 BB+/Baa3 Israel Electric Corp, Ltd., 5.625%,
6/21/18 (144A) 1,135,750
75,000 6.25 BBB-/Baa2 Southern California Edison Co., Floating
Rate Note (Perpetual) 77,250
---------------
$ 4,048,626
----------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.5%
165,000 NR/Ba2 AmeriGas Finance LLC, 7.0%, 5/20/22 $ 171,600
220,000 B/B3 LBC Tank Terminals Holding Netherlands
BV, 6.875%, 5/15/23 (144A) 221,100
1,450,000 BBB/Baa2 ONEOK, Inc., 6.875%, 9/30/28 1,586,780
300,000 BBB/Baa2 Transportadora de Gas del Peru SA,
4.25%, 4/30/28 (144A) 259,500
---------------
$ 2,238,980
----------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 1.0%
1,095,000 BB-/Ba3 AES Corp. Virginia, 4.875%, 5/15/23 $ 1,023,825
250,000 5.75 BB+/NR East Lane Re, Ltd., Floating Rate Note,
3/14/14 (Cat Bond) (144A) 254,775
100,000 BB/Ba3 Inkia Energy, Ltd., 8.375%, 4/4/21 (144A) 104,250
1,000,000 NR/Baa3 Instituto Costarricense de Electricidad,
6.375%, 5/15/43 (144A) 860,000
750,000 B+/B1 InterGen NV, 7.0%, 6/30/23 (144A) 750,000
1,000,000 BB-/B1 NRG Energy, Inc., 7.625%, 1/15/18 1,107,500
150,000 BB-/B1 NRG Energy, Inc., 7.625%, 5/15/19 158,250
200,000 BB-/B1 NRG Energy, Inc., 8.25%, 9/1/20 219,500
---------------
$ 4,478,100
---------------
Total Utilities $ 10,765,706
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
52 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.1%
Government -- 0.1%
500,000 BBB/NR Brazil Minas SPE via State of Minas
Gerais, 5.333%, 2/15/28 (144A) $ 481,250
---------------
Total Government $ 481,250
----------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $235,496,586) $ 231,448,226
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 0.3%
300,000 NR/NR U.S. Treasury Bills, 10/10/13 (c) $ 299,999
1,150,000 NR/NR U.S. Treasury Bills, 11/7/13 (c) 1,149,970
----------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $1,449,971) $ 1,449,969
----------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT
BONDS -- 0.3%
100,000 CCC+/Caa1 Provincia de Buenos Aires Argentina,
10.875%, 1/26/21 (144A) $ 81,000
900,000 B/B1 Republic of Ghana, 7.875%, 8/7/23
(144A) 879,930
200,000 B/Caa1 Ukraine Government International
Bond, 7.5%, 4/17/23 (144A) 165,250
200,000 B/Caa1 Ukraine Government International
Bond, 7.8%, 11/28/22 (144A) 166,750
200,000 B/Caa1 Ukraine Government International
Bond, 9.25%, 7/24/17 (144A) 184,810
----------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $1,587,083) $ 1,477,740
----------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.5%
Municipal Airport -- 0.3%
1,250,000 NR/NR City of Charlotte North Carolina,
5.6%, 7/1/27 $ 1,194,488
----------------------------------------------------------------------------------------------------------
Municipal General -- 0.1%
500,000 AA/A2 JobsOhio Beverage System, 3.985%,
1/1/29 $ 465,755
75,000 AA/A2 JobsOhio Beverage System, 4.532%,
1/1/35 70,528
---------------
$ 536,283
----------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.1%
100,000 AA-/A1 Massachusetts Development Finance
Agency, 5.25%, 4/1/37 $ 103,892
150,000 A/NR New Hampshire Health & Education
Facilities Authority, 6.5%, 1/1/41 161,080
---------------
$ 264,972
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 53
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Municipal Pollution -- 0.0%+
100,000 BB-/B1 County of York South Carolina,
5.7%, 1/1/24 $ 98,241
----------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $2,143,623) $ 2,093,984
----------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 18.9%**
ENERGY -- 1.2%
Oil & Gas Drilling -- 0.6%
1,000,000 6.00 B+/B2 Drillships Financing Holding, Inc.,
Tranche B-1 Term Loan, 3/2/21 $ 1,011,875
398,000 5.75 B-/B3 Offshore Group Investment, Ltd., Term
Loan, 3/28/19 403,224
548,625 4.50 B+/B1 Pacific Drilling SA, Term Loan, 5/20/18 551,780
497,247 6.25 B+/Ba1 Shelf Drilling Holdings, Ltd., Term Loan,
5/30/18 499,734
---------------
$ 2,466,613
----------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.0%+
69,064 4.00 NR/Ba2 Vantage Pipeline Canada ULC, US Term
Loan, 8/22/20 $ 69,626
----------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.0%+
54,356 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term Loan,
6/1/16 $ 54,628
----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 0.4%
400,000 5.75 BB-/Ba3 Chesapeake Energy Corp., Term Loan,
12/2/17 $ 407,781
176,667 3.50 B+/Ba3 EP Energy LLC, Tranche B-3 Loan,
5/24/18 175,894
350,000 0.00 B-/B2 Fieldwood Energy LLC, 9/30/20 350,219
1,000,000 6.00 B-/B1 Samson Investment Co., Initial Term
Loan (Second Lien), 9/10/16 1,003,625
---------------
$ 1,937,519
----------------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- 0.1%
276,111 4.75 BB-/B2 American Petroleum Tankers Parent LLC,
Term Loan, 9/15/19 $ 278,009
280,936 4.00 BB-/Ba2 Vantage Pipeline US LP, Canadian Term
Loan, 8/19/20 283,570
---------------
$ 561,579
----------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.1%
498,750 4.75 BB-/Ba3 Murray Energy Corp., Term Loan, 5/20/19 $ 498,906
---------------
Total Energy $ 5,588,871
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
54 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
MATERIALS -- 1.3%
Commodity Chemicals -- 0.1%
345,510 4.25 BB-/B1 Taminco Global Chemical Corp.,
Tranche B-2 Dollar Term Loan, 2/15/19 $ 347,670
----------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.1%
132,348 4.00 NR/B1 Ineos Group Holdings, Ltd., Cash Dollar
Term Loan, 5/4/18 $ 131,149
249,375 0.00 BB/Ba3 Tata Chemicals North America, Inc.,
Term Loan, 8/8/20 249,219
269,279 5.00 B+/B2 Univar, Term B Loan, 2/14/17 260,287
---------------
$ 640,655
----------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.3%
847,875 4.00 B/Ba3 MacDermid, Inc., Tranche B Term Loan
(First Lien), 6/6/20 $ 849,730
694,750 4.50 B+/B2 PQ Corp., 2013 Term Loan, 8/7/17 699,671
---------------
$ 1,549,401
----------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.3%
746,121 4.50 B/B1 BWAY Holding Co., Initial Term Loan,
8/31/17 $ 750,784
199,500 0.00 NR/Ba3 Pact Group Pty, Ltd., Term Loan, 5/22/20 197,131
208,901 4.25 B/B1 Tank Holdings Corp., Initial Term Loan,
6/8/19 208,466
---------------
$ 1,156,381
----------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.0%+
74,618 5.00 B/B2 Exopack Holding Corp., Term B Loan,
5/6/17 $ 74,805
----------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
297,372 5.25 BB+/Ba1 Fortescue Metals Group, Ltd., Term
Loan, 9/18/17 $ 298,960
152,675 11.75 B+/Caa1 Preferred Sands Holding Co. LLC, Term B
Loan, 12/15/16 (e) 106,491
---------------
$ 405,451
----------------------------------------------------------------------------------------------------------
Steel -- 0.2%
123,750 8.75 B/B1 Essar Steel Algoma, Inc., Term Loan,
9/12/14 $ 125,452
397,092 4.75 BB-/B2 JMC Steel Group, Inc., Term Loan,
2/15/17 398,458
137,989 4.00 BB+/Ba1 SunCoke Energy, Inc., Tranche B Term
Loan, 7/21/18 137,299
---------------
$ 661,209
----------------------------------------------------------------------------------------------------------
Paper Products -- 0.2%
1,000,000 5.75 B+/Ba3 Appvion, Inc., Term Commitment, 6/4/19 $ 1,005,000
---------------
Total Materials $ 5,840,572
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 55
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 2.2%
Aerospace & Defense -- 0.7%
745,619 4.00 B+/B1 Accudyne Industries Borrower,
Refinancing Term Loan, 12/13/19 $ 741,476
701,228 3.75 BBB-/Ba2 DigitalGlobe, Inc., Term Loan, 1/25/20 702,543
109,729 6.25 BB-/WR DynCorp International, Inc., Term Loan,
7/7/16 110,552
160,173 3.52 B/B3 Hunter Defense Technologies, Inc., Term
Loan, 8/22/14 155,368
744,375 5.25 B/B1 Sequa Corp., Initial Term Loan, 5/29/17 747,942
244,375 0.00 B+/B1 SI Organization, Inc., New Tranche B
Term Loan, 11/22/16 243,764
299,246 0.00 B/Ba3 TransDigm, Inc., Tranche C Term Loan,
2/28/20 298,797
---------------
$ 3,000,442
----------------------------------------------------------------------------------------------------------
Building Products -- 0.4%
500,000 5.50 NR/B2 Armacell International GmbH, Term
Loan B (First Lien), 6/27/20 $ 495,312
498,741 4.25 BB-/B2 NCI Building Systems, Inc., Tranche B
Term Loan, 6/4/19 499,988
280,000 0.00 NR/B1 Quikrete Co, Inc., 9/19/20 280,426
323,060 4.25 B+/B1 Unifrax Corp., New Term B Loan, 12/31/19 324,595
---------------
$ 1,600,321
----------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.2%
695,000 6.75 NR/B2 International Equipment Solutions LLC,
Initial Loan, 7/25/19 $ 688,484
----------------------------------------------------------------------------------------------------------
Electrical Components &
Equipment -- 0.1%
444,375 7.00 NR/NR Pelican Products, Inc., Term Loan (First
Lien), 8/15/18 $ 446,041
49,500 6.00 B+/Ba2 WireCo WorldGroup, Inc., Term Loan,
4/13/17 49,809
---------------
$ 495,850
----------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.3%
388,274 4.25 B/B1 Milacron LLC, Term Loan, 3/12/20 $ 388,436
895,233 5.00 B+/B2 Pro Mach, Inc., Term Loan, 7/16/17 901,388
---------------
$ 1,289,824
----------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.1%
120,000 5.75 B+/Ba3 Navistar International Corp., Tranche B
Term Loan, 7/31/17 $ 121,350
111,896 4.50 BB+/Ba1 Terex Corp., New US Term Loan, 4/28/17 113,120
324,129 4.50 B+/B2 Waupaca Foundry, Inc., Term Loan,
6/29/17 324,129
---------------
$ 558,599
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
56 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.3%
400,000 4.25 B/B1 Gardner Denver, Inc., Initial Dollar Term
Loan, 7/23/20 $ 396,889
475,000 0.00 NR/Ba3 Schaeffler AG, Facility C (USD), 1/27/17 477,256
498,750 5.50 B+/B3 Wastequip, Inc., Term Loan, 8/8/19 500,620
---------------
$ 1,374,765
----------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.1%
646,663 4.50 BB-/Ba3 WESCO International, Inc., Tranche B-1
Loan, 12/4/19 $ 650,786
---------------
Total Capital Goods $ 9,659,071
----------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 0.8%
Commercial Printing -- 0.1%
132,667 6.25 B+/Ba3 Cenveo Corp., Term B Loan, 4/4/20 $ 133,579
250,000 0.00 B+/Ba3 Multi Packaging Solutions, Inc., Initial
Term Loan, 8/8/20 251,406
---------------
$ 384,985
----------------------------------------------------------------------------------------------------------
Environmental & Facilities
Services -- 0.3%
399,000 3.75 NR/NR ISS AS, New Term B Loan, 3/26/18 $ 400,663
448,869 3.50 BBB-/Ba1 Progressive Waste Solutions, Ltd.,
Term B Loan, 10/31/19 448,869
701,358 4.00 B+/B1 WCA Waste Corp., Term Loan, 3/23/18 703,111
---------------
$ 1,552,643
----------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.0%+
183,606 10.00 NR/NR IAP Worldwide Services, Inc., Term Loan
(First Lien), 12/31/15 $ 96,393
----------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.2%
124,063 5.75 BB/Ba1 Garda World Security Corp., Term B
Loan, 10/24/19 $ 124,373
562,772 4.25 B/Ba3 Monitronics International, Inc., Term B
Loan, 3/23/18 563,475
---------------
$ 687,848
----------------------------------------------------------------------------------------------------------
Human Resource & Employment
Services -- 0.1%
535,182 3.50 BB-/Ba2 On Assignment, Inc., Initial Term B
Loan, 5/16/20 $ 535,628
----------------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.1%
498,750 5.25 B+/B1 Sourcehov LLC, Term Loan, 4/30/18 $ 503,322
---------------
Total Commercial Services & Supplies $ 3,760,819
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 57
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.5%
Air Freight & Logistics -- 0.0%+
174,563 6.75 B-/B2 Ozburn-Hessey Holding Co LLC, Term
Loan, 5/7/19 $ 174,562
----------------------------------------------------------------------------------------------------------
Airlines -- 0.4%
349,125 4.75 NR/WR American Airlines, Inc., Class B Term
Loan, 6/21/19 $ 347,379
173,688 4.00 BB-/Ba1 Delta Air Lines, Inc., New Term B-1
Loan, 10/18/18 174,478
248,750 4.00 BB-/Ba2 United Air Lines, Inc., Class B Term
Loan, 3/12/19 250,336
618,750 4.25 BB-/B2 US Airways, Inc., Tranche B1 Term
Loan, 5/7/19 616,945
531,250 3.50 BB-/B2 US Airways, Inc., Tranche B2 Term
Loan, 11/7/16 532,578
---------------
$ 1,921,716
----------------------------------------------------------------------------------------------------------
Trucking -- 0.1%
255,490 4.00 BB/Ba2 Swift Transportation Co. LLC, Tranche
B-2 Term Loan (2013), 12/21/17 $ 257,278
---------------
Total Transportation $ 2,353,556
----------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.4%
Auto Parts & Equipment -- 0.4%
563,101 3.75 B+/NR Allison Transmission, Inc., Term B-3
Loan, 8/23/19 $ 564,274
398,237 5.00 B+/B2 HHI Holdings LLC, Additional Term
Loan, 10/5/18 401,971
248,125 5.00 B+/B1 Metaldyne Corp., USD Term Loan,
12/19/18 249,986
128,380 5.50 NR/NR TI Group Automotive Systems LLC,
Additional Term Loan, 3/27/19 129,182
480,796 3.75 BB/Ba2 Tomkins LLC, Term B-2 Loan, 9/29/16 482,148
---------------
$ 1,827,561
---------------
Total Automobiles & Components $ 1,827,561
----------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.5%
Home Furnishings -- 0.0%+
127,433 3.50 BB/NR Tempur Sealy International, Inc., 3/18/20 $ 126,617
----------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.3%
476,118 3.75 BB-/Ba3 Prestige Brands, Inc., Term B-1 Loan,
1/31/19 $ 478,737
188,526 5.50 B+/B1 World Kitchen LLC, U.S. Term Loan,
2/13/19 189,115
565,906 6.25 B+/B1 Yankee Candle Co., Inc., Initial Term
Loan, 3/2/19 567,038
---------------
$ 1,234,890
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
58 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Leisure Products -- 0.1%
400,857 4.00 B+/B1 Bombardier Recreational Products, Inc.,
Term B Loan, 7/17/19 $ 401,776
----------------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury
Goods -- 0.0%+
149,250 5.75 B/B2 Renfro Corp., Tranche B Term Loan,
1/23/19 $ 149,063
----------------------------------------------------------------------------------------------------------
Textiles -- 0.1%
223,887 5.75 NR/Ba3 Kloeckner Pentaplast SA, Term B-1
Loan, 12/14/16 $ 225,566
---------------
Total Consumer Durables & Apparel $ 2,137,912
----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.0%
Casinos & Gaming -- 0.2%
200,000 4.00 BB-/Ba3 Boyd Gaming Corp., Term B Loan, 8/8/20 $ 200,083
267,975 3.50 BB/Ba2 MGM Resorts International, Term B Loan,
12/13/19 267,401
252,289 3.75 BBB-/Ba1 Penn National Gaming, Inc., Term B
Facility Loan, 6/29/18 252,987
---------------
$ 720,471
----------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.1%
546,875 4.75 NR/Ba2 Seven Seas Cruises S de RL LLC, Term
B-1 Loan, 12/21/18 $ 552,344
----------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.1%
249,372 4.00 BB+/Ba2 Six Flags Entertainment Corp., Tranche B
Term Loan, 11/23/18 $ 251,807
----------------------------------------------------------------------------------------------------------
Restaurants -- 0.4%
77,220 3.75 BB/Ba3 Burger King Corp., Tranche B Term
Loan (2012), 9/28/19 $ 77,537
541,510 4.75 BB-/Ba3 Landry's, Inc., B Term Loan, 3/22/18 546,136
567,208 4.50 NR/Ba3 NPC Restaurant Holdings LLC, Term
Loan, 12/28/18 571,462
756,421 3.25 NR/B1 Wendy's International, Inc., Term B
Loan, 5/15/19 756,106
---------------
$ 1,951,241
----------------------------------------------------------------------------------------------------------
Education Services -- 0.2%
496,250 4.00 B+/B1 Bright Horizons Family Solutions, Inc.,
Term B Loan, 1/14/20 $ 497,258
147,750 5.25 NR/B2 HMH Holdings Delaware, Inc., Term
Loan (Exit Facility), 11/21/13 148,950
298,479 5.25 NR/NR Laureate Education, Inc., Series 2018
Term Loan, 6/16/18 299,599
---------------
$ 945,807
---------------
Total Consumer Services $ 4,421,670
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 59
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
MEDIA -- 1.9%
Advertising -- 0.4%
695,248 4.25 B+/B1 Advantage Sales & Marketing LLC,
2013 Term Loan (First Lien), 12/17/17 $ 699,159
976,415 6.50 B-/B2 Affinion Group, Inc., Tranche B Term
Loan, 10/9/16 949,259
198,624 4.50 B/B1 Crossmark Holdings, Inc., Term Loan
(First Lien), 1/31/20 196,762
---------------
$ 1,845,180
----------------------------------------------------------------------------------------------------------
Broadcasting -- 0.7%
397,980 3.50 BB-/Ba2 Cequel Communications Holdings I LLC,
Term Loan, 1/31/19 $ 398,260
716,838 5.50 B/B2 Fox Acquisition Sub LLC, Initial Term
Loan, 7/1/17 721,467
198,500 4.75 B/B1 NEP Broadcasting LLC, Refinanced
New Term Loan (First Lien), 1/3/20 199,679
238,479 3.25 NR/B1 Quebecor Media, Inc., Facility B-1
Tranche, 8/1/20 236,094
612,273 3.50 NR/Ba3 Telesat Canada, U.S. Term B Loan,
3/28/19 610,735
489,123 3.50 B+/Ba3 TWCC Holding Corp., Term Loan,
2/11/17 490,649
198,864 4.50 B+/B2 Univision Communications, Inc., 2013
Converted Extended First-Lien Term
Loan, 2/22/20 198,342
323,375 4.50 B+/B2 Univision Communications, Inc., 2013
New First-Lien Term Loan, 3/1/20 322,617
---------------
$ 3,177,843
----------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.3%
498,750 3.00 BB+/Baa3 Charter Communications Operating LLC,
Term F Loan, 1/1/21 $ 494,564
620,441 4.75 B/B1 WideOpenWest Finance LLC, Term B
Loan, 3/27/19 625,353
---------------
$ 1,119,917
----------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.5%
498,750 4.00 B+/B1 Hoyts Cinemas Group, Term B Loan,
5/29/20 $ 497,815
428,000 3.50 BB/Ba3 Live Nation Entertainment, Inc., Term
B-1 Loan, 8/16/20 427,465
348,998 3.50 BB/Ba2 Rovi Solutions Corp., 3/29/19 345,718
299,250 3.50 BB+/Ba1 Seminole Hard Rock Entertainment, Inc.,
New Term Loan B, 4/29/20 299,375
685,000 3.75 BB-/Ba3 WMG Acquisition Corp., Tranche B
Refinancing Term Loan, 7/3/20 682,717
---------------
$ 2,253,090
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
60 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Publishing -- 0.0%+
118,288 3.75 B+/Ba3 Interactive Data Corp., Refinanced Term
Loan, 2/11/18 $ 118,066
---------------
Total Media $ 8,514,096
----------------------------------------------------------------------------------------------------------
RETAILING -- 0.4%
Computer & Electronics Retail -- 0.0%+
94,182 12.00 B/B2 Targus Group International, Term Loan,
5/12/16 $ 84,763
----------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.2%
647,124 4.50 B/B1 Apex Tool Group LLC, Term Loan, 2/1/20 $ 650,158
222,135 4.25 B+/WR The Hillman Group, Inc., Term Loan,
5/31/16 224,079
---------------
$ 874,237
----------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.1%
249,375 0.00 BB-/Ba3 Michaels Stores, Inc., Term B Loan,
1/16/20 $ 250,221
----------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.1%
545,875 6.25 B+/B1 Sequa Automotive Group, Term Loan,
11/1/18 $ 547,922
---------------
Total Retailing $ 1,757,143
----------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.3%
Food Distributors -- 0.2%
775,000 4.75 B+/B1 CSM Bakery Supplies, Term Loan,
5/23/20 $ 770,641
----------------------------------------------------------------------------------------------------------
Food Retail -- 0.1%
349,250 4.75 BB-/NR Albertsons LLC, Term B-2 Loan, 3/21/19 $ 349,141
246,178 5.75 B+/B1 Roundy's Supermarkets, Inc., Tranche B
Term Loan, 1/24/19 241,747
---------------
$ 590,888
---------------
Total Food & Staples Retailing $ 1,361,529
----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.6%
Agricultural Products -- 0.2%
847,875 4.50 B/Ba3 Arysta Lifescience SPC LLC, Initial Term
Loan (First Lien), 5/22/20 $ 848,935
----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.4%
477,831 4.00 B/B1 Del Monte Foods Co., Initial Term
Loan, 2/3/18 $ 477,383
247,504 6.50 NR/NR Hearthside Food Solutions LLC, Term
Loan A, 5/7/18 247,504
399,000 3.50 BB/Ba2 HJ Heinz Co., Term B2 Loan, 3/27/20 401,020
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 61
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- (continued)
680,000 6.75 B-/NR Hostess Brands, Inc., Term B Loan, 2/25/20 $ 702,100
199,000 3.25 BB-/Ba3 Pinnacle Foods Finance LLC, New
Term Loan G, 4/16/20 197,657
---------------
$ 2,025,664
---------------
Total Food, Beverage & Tobacco $ 2,874,599
----------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.2%
Personal Products -- 0.2%
750,000 3.50 BB-/Ba3 NBTY, Inc., Term B-2 Loan, 10/1/17 $ 753,047
---------------
Total Household & Personal Products $ 753,047
----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 1.9%
Health Care Equipment -- 0.1%
370,972 3.75 BBB-/Ba2 Hologic, Inc., Refinancing Tranche B
Term Loan, 8/1/19 $ 372,826
395,762 4.50 BB-/Ba3 Kinetic Concepts, Inc., Dollar Term D-1
Loan, 5/4/18 398,854
---------------
$ 771,680
----------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
446,898 5.00 BB-/B1 Immucor, Inc., Term B-2 Loan, 8/19/18 $ 449,970
----------------------------------------------------------------------------------------------------------
Health Care Services -- 1.0%
525,000 6.50 NR/B2 BioScrip, Inc., Delayed Draw Term
Loan, 7/22/20 $ 514,500
875,000 6.50 B/B2 BioScrip, Inc., Initial Term B Loan, 7/22/20 857,500
99,250 4.00 BB-/Ba2 DaVita, Inc., Tranche B2 Term Loan, 8/1/19 99,796
297,714 4.00 B+/B1 Envision Healthcare Corp., Initial Term
Loan, 4/5/18 297,776
327,650 6.50 B+/B1 Gentiva Health Services, Inc., Term B1
Term Loan, 2/22/16 328,196
133,642 0.00 B/B2 inVentiv Health, Inc., Consolidated Term
Loan, 8/4/16 130,802
133,714 7.75 B/B2 inVentiv Health, Inc., Term B-3 Loan,
6/24/18 130,956
97,995 5.75 D/WR Rural, Term Loan (First Lien), 3/28/18 93,156
498,750 4.25 B+/B1 Sedgwick Claims Management Services,
Inc., Term Loan B (First Lien), 6/10/18 500,309
498,750 6.75 B/B2 Steward Health Care System LLC, Term
Loan, 4/12/20 485,034
548,625 4.25 B/B1 Surgical Care Affiliates, Inc., Class C
Incremental Term Loan, 6/29/18 546,568
400,000 0.00 B/Ba3 US Renal Care, Inc., Tranche B-1 Term
Loan (First Lien), 7/3/19 401,250
---------------
$ 4,385,843
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
62 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.4%
348,991 3.50 BB-/Ba3 Health Management Associates, Inc.,
Replacement Term B Loan, 11/1/18 $ 349,396
195,026 4.50 B/Ba3 IASIS Healthcare LLC, Term B-2 Loan,
5/3/18 196,489
494,994 4.25 B+/WR Kindred Healthcare, Inc., Term B-1
Loan, 6/1/18 494,994
248,128 7.00 NR/B2 RegionalCare Hospital Partners, Inc.,
Term Loan (First Lien 2013), 11/4/18 247,508
45,479 4.00 BB-/Ba2 Select Medical Corp., Series C Tranche B
Term Loan, 6/1/18 45,725
349,125 3.75 BB-/Ba2 Vanguard Health Holding Co. II LLC,
Term B Loan, 1/29/16 349,603
---------------
$ 1,683,715
----------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.0%+
27,121 9.75 B+/B2 AVETA, MSO Term Loan, 12/12/17 $ 27,257
37,291 9.75 B+/B2 MMM Holdings, Inc., Term Loan, 10/9/17 37,524
---------------
$ 64,781
----------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.3%
96,960 4.00 B+/Ba3 Convatec, Inc., Dollar Term Loan,
12/1/16 $ 97,726
791,522 3.75 BB-/Ba3 Emdeon, Inc., Term B-2 Loan, 11/2/18 793,419
450,000 0.00 BB-/Ba3 MedAssets, Inc., Term B Loan, 11/20/19 451,406
---------------
$ 1,342,551
---------------
Total Health Care Equipment
& Services $ 8,698,540
----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.9%
Biotechnology -- 0.3%
696,741 3.50 BB+/Ba3 Alkermes, Inc., 2019 Term Loan,
9/25/19 $ 698,482
97,494 6.25 BB/B2 Aptalis Pharma, Inc., Term B-1 Loan,
1/25/17 97,677
246,757 4.25 BB+/Ba1 Grifols, Inc., New U.S. Tranche B Term
Loan, 6/4/17 248,830
21,966 5.50 BBB-/Ba3 Warner Chilcott Corp., Additional Term
B-1 Loan, 3/15/18 22,012
50,457 5.50 BBB-/Ba3 Warner Chilcott Corp., Term B-1 Loan,
3/3/18 50,562
39,762 5.50 BBB-/Ba3 WC Luxco Sarl, Term B-3 Loan, 3/3/18 39,844
---------------
$ 1,157,407
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 63
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.6%
899,329 5.00 B/B1 Generic Drug Holdings, Inc., Closing
Date Term Loan, 10/4/19 $ 906,074
249,375 0.00 NR/Ba3 Jazz Pharmaceuticals, Inc., Tranche 1
Term Loan, 6/12/18 249,687
396,007 4.25 B+/B1 Par Pharmaceutical Companies, Inc.,
Additional Term B-1 Loan, 9/28/19 395,183
345,625 0.00 BB/NR Valeant Pharmaceuticals International,
Inc., Series C2 Term Loan B, 12/11/19 346,921
908,138 4.50 BB/Ba1 Valeant Pharmaceuticals International,
Inc., Series E Tranche B Term Loan,
5/20/20 915,942
---------------
$ 2,813,807
---------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 3,971,214
----------------------------------------------------------------------------------------------------------
BANKS -- 0.2%
Thrifts & Mortgage Finance -- 0.2%
772,372 5.00 B/B1 Ocwen Financial Corp., Initial Term
Loan, 1/15/18 $ 783,354
---------------
Total Banks $ 783,354
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.2%
Other Diversified Financial
Services -- 0.4%
773,460 4.50 NR/B1 Fly Funding II Sarl, Term Loan, 8/9/18 $ 779,583
723,188 5.00 NR/B1 Livingston International, Inc., Initial
Term B-1 Loan (First Lien), 4/18/19 722,284
98,939 5.25 BB/Ba3 WorldPay, Facility B2A Term Loan,
8/6/17 99,756
---------------
$ 1,601,623
----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
627,270 5.25 B/B1 Dematic Services Luxembourg Sarl, Term
Loan, 12/18/19 $ 631,713
300,000 5.00 BB-/B1 ROC Finance LLC, New Term Loan B,
3/27/19 300,469
---------------
$ 932,182
----------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.2%
66,000 5.50 B/B3 Springleaf Finance Corp., Initial Term
Loan, 5/28/17 $ 66,182
937,650 4.75 B+/B1 Tower Automotive Holdings USA LLC,
Refinancing Term Loan (First Lien),
4/23/20 941,166
---------------
$ 1,007,348
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
64 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.1%
623,438 5.25 B+/B2 Patriot Merger Corp., Term B Loan, 6/19/20 $ 627,724
----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.3%
628,425 4.50 B/B1 Duff & Phelps Corp., Initial Term Loan,
3/14/20 $ 629,211
450,000 4.00 NR/NR Guggenheim Partners Investment
Management Holdings LLC, Initial Term
Loan, 7/9/20 452,138
---------------
$ 1,081,349
---------------
Total Diversified Financials $ 5,250,226
----------------------------------------------------------------------------------------------------------
INSURANCE -- 0.2%
Insurance Brokers -- 0.1%
248,750 3.62 B+/B1 HUB International Holdings, Inc., Term
Loan, 6/13/17 $ 249,268
----------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.0%+
92,720 3.75 BB/Ba3 CNO Financial Group, Inc., Tranche B2
Term Loan, 9/4/18 $ 93,357
----------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.1%
294,640 6.50 B-/B2 Confie seguros Holding II Co., Term B
Loan (First Lien), 10/11/13 $ 295,376
198,500 5.00 B-/B1 USI Insurance Services LLC, Initial Term
Loan, 11/29/19 199,741
---------------
$ 495,117
---------------
Total Insurance $ 837,742
----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Real Estate Services -- 0.1%
645,747 5.75 NR/B1 Altisource Portfolio Solutions SA,
Term B Loan, 11/27/19 $ 651,397
---------------
Total Real Estate $ 651,397
----------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.8%
IT Consulting & Other Services -- 0.1%
149,622 3.75 BB/Ba3 Booz Allen Hamilton Holding Corp.,
Refinance Tranche B, 7/31/19 $ 149,529
249,372 4.50 B/Ba3 Kronos, Inc., Incremental Term Loan
(First Lien), 10/2/19 250,930
---------------
$ 400,459
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 65
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Data Processing & Outsourced
Services -- 0.1%
500,000 4.18 B+/B1 First Data Corp., 2018 Dollar Term
Loan, 3/24/18 $ 496,562
173,690 3.50 BB+/Ba2 Genpact, Ltd., Term Loan, 8/17/19 174,486
---------------
$ 671,048
----------------------------------------------------------------------------------------------------------
Application Software -- 0.6%
300,000 8.25 NR/NR Applied Systems, Inc., 6/8/17 $ 303,281
298,473 4.25 NR/B1 Applied Systems, Inc., Term Loan (First
Lien), 12/8/16 300,214
600,000 0.00 BB-/B1 Epiq Systems, Inc., 8/26/20 600,000
226,601 8.50 B-/Ba3 Expert Global Solutions, Inc., Term B
Advance (First Lien), 3/13/18 231,416
222,023 5.25 B+/Ba3 Lawson Software, Inc., Tranche B2 Term
Loan, 4/5/18 223,133
450,000 4.18 B+/B1 Serena Software, Inc., 2016 Term
Loan (Extended), 3/10/16 441,000
348,250 4.00 BB-/B1 Verint Systems, Inc., Term Loan, 9/6/19 349,991
97,506 4.25 NR/B1 Vertafore, Inc., Term Loan (2013),
10/20/19 97,872
---------------
$ 2,546,907
---------------
Total Software & Services $ 3,618,414
----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.7%
Communications Equipment -- 0.3%
247,500 6.75 B+/B1 Audio Visual Services Corp., Term
Loan (First Lien), 10/11/18 $ 250,594
295,455 3.75 BB/Ba2 CommScope, Inc., Tranche 2 Term
Loan, 1/14/18 296,145
707,587 4.00 BBB-/Ba3 Riverbed Technology, Inc., Term
Loan, 10/29/19 713,514
---------------
$ 1,260,253
----------------------------------------------------------------------------------------------------------
Electronic Equipment
Manufacturers -- 0.1%
246,212 4.75 B-/B1 Sensus USA, Inc., Term Loan (First
Lien), 4/13/17 $ 244,750
----------------------------------------------------------------------------------------------------------
Electronic Components -- 0.3%
720,000 3.50 B+/WR Generac Acquisition Corp., Term
Loan B, 5/22/19 $ 714,900
685,000 5.00 B/B1 MEI, Inc., Term Loan, 8/15/20 686,712
---------------
$ 1,401,612
---------------
Total Technology Hardware
& Equipment $ 2,906,615
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
66 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.0%+
126,184 4.50 BB-/B1 Aeroflex, Inc., Tranche B-1 Term Loan,
11/24/19 $ 127,307
----------------------------------------------------------------------------------------------------------
Semiconductors -- 0.1%
366,646 3.75 BB+/Ba2 Microsemi Corp., Term Loan, 2/19/20 $ 367,563
---------------
Total Semiconductors &
Semiconductor Equipment $ 494,870
----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.8%
Integrated Telecommunication
Services -- 0.4%
300,000 4.75 B/B2 Securus Technologies Holdings, Inc.,
Initial Term Loan (First Lien), 4/17/20 $ 296,025
790,000 3.50 NR/Ba3 Virgin Media Investment Holdings, Ltd.,
New Term B Loan, 2/6/20 787,257
421,085 3.75 BB/Ba3 West Corp., Term B-8 Loan, 6/30/18 421,348
198,998 0.00 BB+/Ba2 Windstream Corp., Tranche B-4 Term
Loan, 1/8/20 199,545
---------------
$ 1,704,175
----------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.4%
660,395 3.25 BB-/Ba2 Crown Castle Operating Co., New
Tranche B Term Loan, 1/31/19 $ 655,501
300,000 4.25 NR/Ba3 Intelsat Jackson Holdings SA,
Tranche B-1 Term Loan, 4/2/18 301,250
239,957 0.00 BB-/B1 Syniverse Holdings, Inc., Initial Term
Loan, 4/10/19 240,406
484,761 4.00 BB-/B1 Syniverse Holdings, Inc., Tranche B
Term Loan, 4/23/19 484,963
---------------
$ 1,682,120
---------------
Total Telecommunication Services $ 3,386,295
----------------------------------------------------------------------------------------------------------
UTILITIES -- 0.7%
Electric Utilities -- 0.4%
533,663 3.00 BB/Ba3 Calpine Construction Finance Co LP,
Term B-1 Loan, 5/1/20 $ 524,212
1,000,000 5.50 B+/Ba3 Foresight Energy LLC, Term Loan,
8/19/20 993,750
248,750 4.25 BB-/Ba3 Star West Generation LLC, Term B
Advance, 3/13/20 250,305
---------------
$ 1,768,267
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 67
Schedule of Investments | 9/30/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.3%
445,996 4.00 BB-/B1 Calpine Corp., Term Loan, 9/27/19 $ 447,111
306,923 4.00 BB-/B1 Dynegy, Inc., Tranche B-2 Term Loan,
4/16/20 306,859
225,981 4.75 BB+/Ba1 NSG Holdings LLC, New Term Loan,
11/15/19 229,935
291,936 3.50 BB+/Ba2 Ruby Western Pipeline Holdings LLC,
Term Loan, 3/27/20 291,328
---------------
$ 1,275,233
---------------
Total Utilities $ 3,043,500
----------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $84,373,605) $ 84,492,613
----------------------------------------------------------------------------------------------------------
TEMPORARY CASH
INVESTMENT -- 10.1%
Repurchase Agreement -- 10.1%
45,010,000 NR/Aaa Bank of Nova Scotia, 0.12%, dated
9/30/13, repurchase price of
$45,010,000 plus accrued interest on
10/1/13 collateralized by the following:
$5,461,176 U.S. Treasury Notes, 0.50%,
7/31/17
$956,959 Federal National Mortgage
Association, 4.00%, 10/1/43
$39,492,218 Freddie Mac Giant,
3.00%, 7/1/43 $ 45,010,000
----------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $45,010,000) $ 45,010,000
----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 100.4%
(Cost $451,808,170) (a) $ 448,948,892
----------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- (0.4)% $ (1,782,730)
----------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 447,166,162
==========================================================================================================
The accompanying notes are an integral part of these financial statements.
68 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------
Notional Unrealized
Principal ($) Depreciation
----------------------------------------------------------------------------------------------------------
CREDIT DEFAULT SWAP AGREEMENTS
250,000 JPMorgan Chase & Co., American Axle
& Manufacturing Co., 5.0%, 12/20/17 $ 33,501
10,000,000 JPMorgan Chase & Co., CDX.NA.HY.20,
5.0%, 6/20/2018 (302,813)
15,000,000 Barclays, CDX.CXP.EM.519, 5.0%,
6/20/18 (318,444)
----------------------------------------------------------------------------------------------------------
TOTAL CREDIT DEFAULT
SWAP AGREEMENTS
(Cost ($1,398,000)) $ (587,757)
----------------------------------------------------------------------------------------------------------
* Non-income producing security.
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
+ Rounds to less than 0.1%.
REIT Real Estate Investment Trust.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
(Cat Bond) Catastrophe bond is a high-yield debt instrument that is usually
insurance linked and meant to raise money in case of a catastrophe.
(Perpetual) Security with no stated maturity date.
PIK Represents a pay in kind security.
(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 30, 2013, the value of these securities
amounted to $174,016,039 or 38.9% of total net assets.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major United
States banks, (iii) the rate of a certificate of deposit or (iv)
other base lending rates used by commercial lenders. The rate shown
is the coupon rate at period end.
(a) At September 30, 2013, the net unrealized depreciation on
investments based on cost for federal income tax purposes of
$452,010,977 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 6,314,565
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value $(9,376,650)
------------
Net unrealized depreciation $(3,062,085)
============
(b) Debt obligation with a variable interest rate. Rate shown is rate at
end of period.
(c) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(d) Security is valued using fair value methods (other than prices
supplied by independent pricing services). See Notes to Financial
Statement -- Note 1A.
(e) Security is in default and is non-income producing.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 69
Schedule of Investments | 9/30/13 (continued)
Principal amounts are denominated in U.S. Dollars unless otherwise noted:
CAD Canadian Dollar.
EURO Euro.
GBP British Pound Sterling.
NOK Norwegian Krone.
Purchases and sales (excluding temporary cash investments) for the six months
ended September 30, 2013 aggregated $428,768,406 and $174,044,378, respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Notes 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Notes 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Notes 1A.
The following is a summary of the inputs used as of September 30, 2013, in
valuing the Fund's investments:
----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 29,330,944 $ -- $ 29,330,944
Preferred Stock 7,142,156 4,016,900 519,450 11,678,506
Convertible Preferred Stock 3,391,586 2,204,425 -- 5,596,011
Common Stock -- -- 269,175 269,175
Asset Backed Securities -- 10,034,831 -- 10,034,831
Collateralized Mortgage
Obligations -- 26,066,893 -- 26,066,893
Corporate Bonds -- 230,028,008 1,420,218 231,448,226
U.S. Government and Agency
Obligations 1,449,969 -- 1,449,969
Foreign Government Bonds -- 1,477,740 -- 1,477,740
Municipal Bonds -- 2,093,984 -- 2,093,984
Senior Floating Rate Loan
Interests -- 84,492,613 -- 84,492,613
Repurchase Agreements -- 45,010,000 -- 45,010,000
----------------------------------------------------------------------------------------
Total $ 10,533,742 $436,206,307 $ 2,208,843 $448,948,892
========================================================================================
Other Financial Instruments
Net unrealized depreciation on
credit default swaps $ -- $ (587,757) $ -- $ (587,757)
Net unrealized loss on
futures contracts -- (1,253,986) -- (1,253,986)
Net unrealized depreciation
on forward foreign
currency contracts -- (166,456) -- (166,456)
----------------------------------------------------------------------------------------
Total $ -- $ (2,008,199) $ -- $ (2,008,199)
========================================================================================
The accompanying notes are an integral part of these financial statements.
70 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
--------------------------------------------------------------------------------
Corporate
Bonds
--------------------------------------------------------------------------------
Balance as of 3/31/13 $ 656,374
Realized gain (loss)(1) --
Change in unrealized appreciation (depreciation)(2) 52,469
Purchases 1,000,000
Sales --
Transfers in and out of Level 3* 500,000
--------------------------------------------------------------------------------
Balance as of 9/30/13 $2,208,843
================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized gain (loss) on investments in the Statement of
Operations.
* Transfers are calculated on the beginning of period values. During the six
months ended September 30, 2013, there were two transfers between Level 2
and Level 3.
Net change in unrealized appreciation (depreciation) of investments still held as of 9/30/13. $ 52,469
--------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 71
Statement of Assets and Liabilities | 9/30/13 (unaudited)
ASSETS:
Investment in securities (cost $406,798,170) $403,938,892
Repurchase agreement (cost $45,010,000) 45,010,000
Cash 3,188,117
Futures Collateral 2,302,600
Receivables --
Investment securities sold 848,011
Fund shares sold 6,768,847
Interest 4,942,396
Dividends 65,399
Due from Pioneer Investment Management, Inc. 117,930
Other 1,294,227
--------------------------------------------------------------------------------------
Total assets $468,476,419
--------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 14,424,915
Fund shares repurchased 2,166,535
Variation margin 1,316,754
Dividends 291,383
Due to custodian 793,261
Unrealized depreciation on credit default swaps 587,757
Unrealized depreciation on forward foreign currency contracts 166,456
Swap premiums received 1,398,000
Due to affiliates 101,923
Accrued expenses 63,273
--------------------------------------------------------------------------------------
Total liabilities $ 21,310,257
--------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $455,627,277
Distributed in excess net investment income (417,032)
Accumulated net realized loss on investments and foreign currency
transactions and futures contracts (3,178,320)
Net unrealized depreciation on investments (2,859,278)
Net unrealized depreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (164,742)
Net unrealized depreciation on credit default swaps (587,757)
Net unrealized depreciation on futures contracts (1,253,986)
--------------------------------------------------------------------------------------
Total net assets $447,166,162
======================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $98,250,503/10,079,442 shares) $ 9.75
Class C (based on $75,077,011/7,721,048 shares) $ 9.72
Class Y (based on $270,430,897/27,632,911 shares) $ 9.79
Class Z (based on $3,407,751/347,683 shares) $ 9.80
MAXIMUM OFFERING PRICE:
Class A ($9.75 (divided by) 95.50) $ 10.21
======================================================================================
The accompanying notes are an integral part of these financial statements.
72 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
Statement of Operations (unaudited)
For the Six Months Ended 9/30/13
INVESTMENT INCOME:
Interest $ 8,730,028
Dividends 301,953
------------------------------------------------------------------------------------------------
Total investment income $ 9,031,981
------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,218,364
Transfer agent fees and expenses
Class A 4,643
Class C 3,742
Class Y 1,052
Class Z 1,520
Distribution fees
Class A 96,177
Class C 287,464
Shareholder communications expense 199,901
Administrative reimbursement 53,504
Custodian fees 38,533
Registration fees 39,155
Professional fees 32,841
Printing expense 14,964
Fees and expenses of nonaffiliated Trustees 3,749
Miscellaneous 34,514
------------------------------------------------------------------------------------------------
Total expenses $ 2,030,123
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. $ (129,050)
------------------------------------------------------------------------------------------------
Net expenses $ 1,901,073
------------------------------------------------------------------------------------------------
Net investment income $ 7,130,908
------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
CREDIT DEFAULT SWAPS, FUTURES CONTRACTS, AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 394,745
Credit default swaps (3,403,866)
Futures contracts 431,644
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (18,373) $ (2,595,850)
------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ (6,991,950)
Futures contracts (1,248,576)
Credit default swaps (616,360)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (317,227) $ (9,174,113)
------------------------------------------------------------------------------------------------
Net loss on investments, credit default swaps, futures contracts
and foreign currency transactions $(11,769,963)
------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (4,639,055)
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 73
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------
Six Months
Ended
9/30/13 Year Ended
(unaudited) 3/31/13
------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 7,130,908 $ 4,659,955
Net realized gain (loss) on investments, credit default
swaps, futures contracts and foreign currency transactions (2,595,850) (108,889)
Change in net unrealized depreciation on investments,
credit default swap, futures contracts and foreign
currency transactions (9,174,113) 4,242,628
------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (4,639,055) $ 8,793,694
------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.21 and $0.55 per share, respectively) $ (1,557,909) $ (1,017,674)
Class C ($0.17 and $0.48 per share, respectively) (952,278) (409,985)
Class Y ($0.22 and $0.58 per share, respectively) (4,591,921) (3,641,812)
Class Z ($0.22 and $0.00 per share, respectively) (13,993) --
------------------------------------------------------------------------------------------
Total distributions to shareowners $ (7,116,101) $ (5,069,471)
------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $328,073,143 $160,436,580
Reinvestment of distributions 5,735,104 3,437,827
Cost of shares repurchased (81,929,583) (14,027,546)
------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $251,878,664 $149,846,861
------------------------------------------------------------------------------------------
Net increase in net assets $240,123,508 $153,571,084
NET ASSETS:
Beginning of period 207,042,654 53,471,570
------------------------------------------------------------------------------------------
End of period $447,166,162 $207,042,654
------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (417,032) $ (431,839)
==========================================================================================
The accompanying notes are an integral part of these financial statements.
74 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------
9/30/13 9/30/13
Shares Amount
(unaudited) (unaudited) '13 Shares '13 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 7,741,006 $ 76,987,965 4,220,656 $ 41,903,055
Reinvestment of
distributions 149,441 1,474,654 72,754 721,812
Less shares repurchased (2,514,632) (24,844,282) (354,800) (3,530,342)
------------------------------------------------------------------------------------------------
Net increase 5,375,815 $ 53,618,337 3,938,610 $ 39,094,525
================================================================================================
Class C
Shares sold 5,657,439 $ 56,368,990 2,487,554 $ 24,762,530
Reinvestment of
distributions 84,597 831,349 22,101 219,048
Less shares repurchased (895,369) (8,870,128) (103,731) (1,017,622)
------------------------------------------------------------------------------------------------
Net increase 4,846,667 $ 48,330,211 2,405,924 $ 23,963,956
================================================================================================
Class Y
Shares sold 19,158,444 $191,301,474 9,398,336 $ 93,770,995
Reinvestment of
distributions 344,948 3,415,349 252,272 2,496,967
Less shares repurchased (4,873,141) (48,193,007) (956,482) (9,479,582)
------------------------------------------------------------------------------------------------
Net increase 14,630,251 $146,523,816 8,694,126 $ 86,788,380
================================================================================================
Class Z*
Shares sold 348,535 $ 3,414,714 -- $ --
Reinvestment of
distributions 1,403 13,752 -- --
Less shares repurchased (2,255) (22,166) -- --
------------------------------------------------------------------------------------------------
Net increase 347,683 $ 3,406,300 -- $ --
================================================================================================
* Class Z shares were first publicly offered on April 2, 2013.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 75
Financial Highlights
------------------------------------------------------------------------------------------------
Six Months 5/2/11
Ended Year (Commencement
9/30/13 Ended of Operations)
(unaudited) 3/31/13 to 3/31/12 (a)
------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.04 $ 9.63 $ 10.00
------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.22 $ 0.51 $ 0.39
Net realized and unrealized gain (loss)
on investments (0.30) 0.45 (0.36)
------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
investment operations $ (0.08) $ 0.96 $ 0.03
------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.21) (0.55) (0.40)
------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.29) $ 0.41 $ (0.37)
------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.75 $ 10.04 $ 9.63
================================================================================================
Total return* (0.81)% 10.24% 0.38%(b)
Ratio of net expenses to average net assets 1.17%** 1.20% 1.20%**
Ratio of net investment income to average
net assets 4.01%** 5.05% 4.87%**
Portfolio turnover rate 112%** 30% 17%**
Net assets, end of period (in thousands) $98,251 $47,233 $ 7,365
Ratios with no waiver of fees and assumption
of expenses by the Adviser:
Total expenses 1.17%** 1.48% 1.66%**
Net investment income 4.01%** 4.77% 4.41%**
================================================================================================
(a) Class A shares were first publicly offered on May 2, 2011.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of the period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
76 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------
Six Months 5/2/11
Ended Year (Commencement
9/30/13 Ended of Operations)
(unaudited) 3/31/13 to 3/31/12 (a)
------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.02 $ 9.61 $ 10.00
------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.18 $ 0.44 $ 0.34
Net realized and unrealized gain (loss)
on investments (0.31) 0.45 (0.40)
------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
investment operations $ (0.13) $ 0.89 $ (0.06)
------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.17) (0.48) (0.33)
------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.30) $ 0.41 $ (0.39)
------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.72 $ 10.02 $ 9.61
================================================================================================
Total return* (1.28)% 9.44% (0.47)%(b)
Ratio of net expenses to average net assets 1.89%** 1.95% 1.98%**
Ratio of net investment income to average
net assets 3.31%** 4.29% 4.07%**
Portfolio turnover rate 112%** 30% 17%**
Net assets, end of period (in thousands) $75,077 $28,796 $ 4,501
Ratios with no waiver of fees and assumption
of expenses by the Adviser:
Total expenses 1.89%** 2.23% 2.46%**
Net investment income 3.31%** 4.01% 3.59%**
================================================================================================
(a) Class C shares were first publicly offered on May 2, 2011.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 77
Financial Highlights (continued)
------------------------------------------------------------------------------------------------
Six Months 5/2/11
Ended Year (Commencement
9/30/13 Ended of Operations)
(unaudited) 3/31/13 to 3/31/12 (a)
------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.08 $ 9.66 $ 10.00
------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.24 $ 0.55 $ 0.42
Net realized and unrealized gain (loss)
on investments (0.31) 0.45 (0.34)
------------------------------------------------------------------------------------------------
Net increase in net assets from
investment operations $ (0.07) $ 1.00 $ 0.08
------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.22) (0.58) (0.42)
------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.29) $ 0.42 $ (0.34)
------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.79 $ 10.08 $ 9.66
================================================================================================
Total return* (0.66)% 10.69% 0.95%(b)
Ratio of net expenses to average net assets 0.85%** 0.85% 0.85%**
Ratio of net investment income to average
net assets 4.34%** 5.52% 5.48%**
Portfolio turnover rate 112%** 30% 19%**
Net assets, end of period (in thousands) $270,431 $131,013 $41,606
Ratios with no waiver of fees and assumption
of expenses by the Adviser:
Total expenses 0.97%** 1.21% 1.29%**
Net investment income 4.22%** 5.16% 5.04%**
================================================================================================
(a) Class Y shares were first publicly offered on May 2, 2011.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
78 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------
4/2/13
(Commencement
of Operations)
to 9/30/13 (a)
(unaudited)
------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 10.04
------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.22
Net realized and unrealized gain (loss) on investments (0.24)
------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ (0.02)
------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.22)
------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.24)
------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.80
================================================================================================
Total return* (0.20)%(b)
Ratio of net expenses to average net assets 1.36%**
Ratio of net investment income to average net assets 4.16%**
Portfolio turnover rate 112%**
Net assets, end of period (in thousands) $ 3,408
Ratios with no waiver of fees and assumption of expenses
by the Adviser:
Total expenses 1.36%**
Net investment income 4.16%**
================================================================================================
(a) Class Z shares were first publicly offered on April 2, 2013.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 79
Notes to Financial Statements | 9/30/13 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Dynamic Credit Fund (formerly known as Pioneer Absolute Return Credit
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 investment objective of
the Fund is to seek a high level of current income. Capital appreciation is a
secondary objective.
The Fund offers four classes of shares designated as Class A, Class C, Class Y
and Class Z shares. Class A, Class C and Class Y shares were first publicly
offered on May 2, 2011. Class Z shares are offered effective April 2, 2013. Each
class of shares represents an interest in the same portfolio of investments of
the Fund and has identical rights (based on relative net asset values) to assets
and liquidation proceeds. Share classes can bear different rates of
class-specific fees and expenses, such as transfer agent and distribution fees.
Differences in class-specific fees and expenses will result in differences in
net investment income and, therefore, the payment of different dividends from
net investment income earned by each class. The Amended and Restated Declaration
of Trust of the Fund gives the Board the flexibility to specify either per-share
voting or dollar-weighted voting when submitting matters for shareholder
approval. Under per-share voting, each share of a class of the Fund is entitled
to one vote. Under dollar-weighted voting, a shareholder's voting power is
determined not by the number of shares owned, but by the dollar value of the
shares on the record date. Each share class has exclusive voting rights with
respect to matters affecting only that class, including with respect to the
distribution plan for that class. There is no distribution plan for Class Y
shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
80 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Senior
floating rate loan interests (senior loans) are valued in accordance with
guidelines established by the Board of Trustees at the mean between the
last available bid and asked prices from one or more brokers or dealers as
obtained from Loan Pricing Corporation, an independent pricing service. If
price information is not available from Loan Pricing Corporation, or if the
price information is deemed to be unreliable, price information will be
obtained from an alternative loan interest pricing service. If no reliable
price quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited. Fixed income securities with
remaining maturity of more than sixty days are valued at prices supplied by
independent pricing services, which consider such factors as market prices,
market events, quotations from one or more brokers, Treasury spreads,
yields, maturities and ratings. Valuations may be supplemented by dealers
and other sources, as required. Credit default swaps are valued by an
independent pricing service based upon valuation models incorporating
default probabilities, estimated recovery rates, actual reported
transactions, and other available market data. Equity securities that have
traded on an exchange are valued at 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. Short-term fixed income securities with remaining maturities
of sixty days or less generally are valued at amortized cost. Shares of
money market mutual funds are valued at such funds' net asset value.
Securities or loan interest for which independent pricing services are
unable to supply prices or for which market prices and/or quotations are
not readily available or are considered to be unreliable are valued at the
direction or with the approval of the Valuation Committee using fair value
methods pursuant to procedures adopted by the Board of Trustees. The
Valuation Committee is comprised of certain members 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. Pioneer Investment Management, Inc.
(PIM), the Fund's
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 81
investment adviser, is responsible for monitoring developments that may
impact fair valued securities and for discussing and assessing fair values
on an ongoing basis, and at least quarterly, with the Valuation Committee.
At September 30, 2013, there were two securities that were valued using
fair value methods (in addition to securities valued using prices supplied
by independent pricing services) representing 0.1% of net assets.
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities,
and such accretion/amortization is included in interest income. Dividend
income is recorded on the ex-dividend date, except that certain dividends
from foreign securities where the ex-dividend date may have passed are
recorded as soon as the Fund becomes aware of the ex-dividend data in the
exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, is recorded on the accrual basis, net of
unrecoverable foreign taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the statement of operations from
the effects of changes in the market prices of those securities but are
included with the net realized and unrealized appreciation or depreciation
on investments.
82 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized appreciation or depreciation
are recorded in the Fund's financial statements. The Fund records realized
gains and losses at the time a portfolio hedge is offset by entry into a
closing transaction or extinguished by delivery of the currency. Risks may
arise upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 6).
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of September 30, 2013, the Fund had not accrued any interest and
penalties with respect to uncertain tax positions, which, if applicable,
would be recorded as an income tax expense in the Statement of Operations.
Tax returns filed within the prior three years are subject to examination
by Federal and State tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the Fund's taxable year. The tax character of distributions
paid during the years ended March 31, 2013 and March 31, 2012 was as
follows:
---------------------------------------------------------------------------
2013 2012
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $5,069,471 $1,714,373
---------------------------------------------------------------------------
Total $5,069,471 $1,714,373
===========================================================================
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 83
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2013:
---------------------------------------------------------------------------
2013
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 153,772
Capital loss carryforward (587,770)
Dividends payable (244,644)
Net unrealized appreciation 3,972,683
---------------------------------------------------------------------------
Total $3,294,041
===========================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax adjustments relating to catastrophe bonds and
credit default swaps, the mark-to-market of forward currency and futures
contracts, and interest accruals on preferred stock.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $23,389 in underwriting commissions on the sale of
Class A shares during the six months ended September 30, 2013.
F. Class Allocations
Income, common expenses, and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y and Class Z shares do not pay distribution fees. All
expenses and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services are allocated among
the classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class C, Class Y and Class Z shares
can reflect different transfer agent and distribution expense rates.
84 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
G. Risks
When interest rates rise, the prices of fixed-income securities in the Fund
will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities in the Fund will generally rise. Investments in the
Fund are subject to possible loss due to the financial failure of issuers
of underlying securities and the issuers' inability to meet their debt
obligations. The Fund's prospectus contains unaudited information regarding
the Fund's principal risks. Please refer to that document when considering
the Fund's principal risks.
H. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
September 30, 2013 was $2,302,600. 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. With futures, there is minimal
counterparty credit risk to the Fund since futures are exchange-traded and
the exchange's clearinghouse, as counterparty to all exchange-traded
futures, guarantees the futures against default. The average number of
contracts open during the six months ended September, 2013 was 1,062.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 85
At September 30, 2013, open futures contracts were as follows:
--------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation
Type Long/(Short) Month Value (Depreciation)
--------------------------------------------------------------------------------
CBOE VIX Future (280) 10/13 $ (4,555,602) $ 19,602
CBOE VIX Future (30) 12/13 (520,500 (12,000)
CBOE VIX Future 120 1/14 2,166,000 (1,001)
CBOE VIX Future 100 4/14 1,940,000 23,450
CBOE VIX Future 111 4/14 2,070,150 (10,350)
S&P 500 EMINI Future (102) 12/13 (8,538,930) 119,500
U.S. 5 Year Note (CBT) (327) 12/13 (39,582,330) (449,618)
U.S. 10 Year Note (CBT) (518) 12/13 (65,470,346) (943,319)
CBOE VIX Future 90 4/14 1,719,000 (250)
--------------------------------------------------------------------------------
Total $ (1,253,986)
--------------------------------------------------------------------------------
I. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. PIM is responsible for determining that the value of the collateral
remains at least equal to the repurchase price.
J. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event. The Fund may buy
or sell credit default swap contracts to seek to increase the Fund's income
or to hedge the risk of default on portfolio securities. When the Fund is 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 Fund as seller of
protection 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
described above.
86 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
When the Fund enters into a credit default swap contract, one party, 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 received by the Fund, as the protection seller, is recorded
as a liability in the Fund's records. An upfront payment made by the Fund,
as the protection buyer, is recorded as an asset in the Fund's records.
Periodic payments received or paid by the Fund are recorded as realized
gains or losses.
The 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. 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.
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. During the
six months ended September 30, 2013, the Fund opened three credit default
swap contracts, with a combined notional amount of $25,250,000, which were
open at period end. Credit default swap contracts outstanding at period end
are listed at the end of the Fund's Schedule of Investments.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate equal to
0.70% of the Fund's average daily net assets up to $1 billion and 0.65% on
assets over $1 billion. For the six months ended September 30, 2013, the
effective management fee (excluding waivers and/or assumption of expenses) was
equivalent to 0.70% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.20%, 2.10% and 0.85% of the average daily
net assets attributable to Class A, Class C and Class Y shares, respectively.
Fees waived and expenses reimbursed during the six months ended September 30,
2013 are reflected on the Statement of Operations. These expense limitations are
in effect through August 1, 2014. There can be no assurance that PIM will extend
the expense limitation agreement for a class of shares beyond the date referred
to above.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 87
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
$37,932 in management fees, administrative costs and certain other
reimbursements payable to PIM at September 30, 2013.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the six months ended September 30, 2013, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 31,547
Class C 13,972
Class Y 154,081
Class Z 301
--------------------------------------------------------------------------------
Total $199,901
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $53,106 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at September 30, 2013.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $10,885 in distribution fees payable to
PFD at September 30, 2013.
In addition, redemptions of each class of shares (except Class Y and Class Z
shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of
1.00% may be imposed on redemptions of certain net asset value purchases
88 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
of Class A shares within 12 months of purchase. Redemptions of Class C shares
within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower
of cost or market value of shares being redeemed. Shares purchased as part of an
exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class Y and Class Z shares. Proceeds from the
CDSCs are paid to PFD. For the six months ended September 30, 2013, CDSCs in the
amount of $13,831 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended September, 2013, the Fund's
expenses were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At September 30, 2013, 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 month ended September 30, 2013 was $5,370,037.
As of September 30, 2013, outstanding forward foreign currency contracts were as
follows:
--------------------------------------------------------------------------------------------
Net
Net In Unrealized
Contracts Exchange Settlement Appreciation
Currency to Deliver For Date Value (Depreciation)
--------------------------------------------------------------------------------------------
GBP (British Pound) (946,000) $ (1,478,340) 12/15/13 $ (1,530,457) $ (52,117)
NOK (Norwegian Krone) (2,000,000) (335,698) 11/4/13 (331,572) 4,126
EUR (Euro Dollar) (2,458,000) (3,249,610) 11/6/13 (3,324,137) (74,527)
EUR (Euro Dollar) (1,551,000) (2,053,595) 11/6/13 (2,097,533) (43,938)
--------------------------------------------------------------------------------------------
$ (166,456)
============================================================================================
7. Bridge Loan Commitments
As of September 30, 2013, the Fund had no outstanding unfunded loan commitments.
The Fund had the following bridge loan commitment outstanding as of September
30, 2013:
--------------------------------------------------------------------------------
Net
Unrealized
Loan Shares Cost Value Appreciation
--------------------------------------------------------------------------------
TMS International Corp.,
Bridge Loan 1,100,000 $1,100,000 $1,100,000 $ --
--------------------------------------------------------------------------------
Total $ --
--------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 89
8. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of September 30, 2013 were as follows:
----------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments Asset Derivatives 2013 Liabilities Derivatives 2013
Under Accounting -------------------------------------------------------------------
Standards Codification Balance Sheet Balance Sheet
(ASC) 815 Location Value Location Value
----------------------------------------------------------------------------------------------
Forward foreign currency Net unrealized $ -- Net unrealized $ 166,456
contracts* depreciation on depreciation on
forward foreign forward foreign
currency contracts currency contracts
Futures contracts** Net unrealized -- Net unrealized 1,253,986
appreciation on depreciation on
futures contracts futures contracts
Credit default swaps Net unrealized $ -- Net unrealized 587,757
appreciation on depreciation on
credit default swaps credit default swaps
----------------------------------------------------------------------------------------------
Total $ -- $2,008,199
==============================================================================================
* Foreign exchange contracts are shown as net unrealized depreciation on
forward foreign currency portfolio hedge contracts on the Statement of
Assets and Liabilities.
** Reflects the unrealized depreciation on futures contracts (see Note 1H).
The effect of derivative instruments on the Statement of Operations for the six
months ended September 30, 2013 was as follows:
--------------------------------------------------------------------------------------------------
Change in
Derivatives Not Unrealized
Accounted for as Realized Appreciation or
Hedging Instruments Location of Gain Gain (Loss) (Depreciation)
Under Accounting or (Loss) on on Derivatives on Derivatives
Standards Codification Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
--------------------------------------------------------------------------------------------------
Forward Foreign Net realized loss on forward $ (101,154)
Exchange Contracts foreign currency contracts and
other assets and liabilities
denominated in foreign currencies
Forward Foreign Change in unrealized appreciation $ (317,227)
Exchange Contracts (depreciation) on forward foreign
currency contracts and other assets
and liabilities denominated in
foreign currencies
Futures Contracts Net realized gain on futures contracts $ 431,644
Futures Contracts Change in unrealized depreciation $(1,248,576)
on futures contracts
Credit Default Swaps Net realized loss on credit $ (3,403,866)
default swaps
Credit Default Swaps Change in unrealized depreciation $ (616,360)
on credit default swaps
90 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
9. Assets and Liabilities Offsetting
Financial instruments subject to an enforceable master netting agreement have
been offset on the Statement of Assets and Liabilities. The following charts
show gross assets and liabilities of the Fund as of September 30, 2013.
----------------------------------------------------------------------------------------------------
Assets:
Gross Net
Amounts Amounts of Gross Amounts Not Offset
Offset Assets in the Statement of
in the Presented Assets and Liabilities
Gross Statement in the ----------------------
Amounts of of Assets Statement of Cash
Recognized and Assets and Financial Collateral Net
Description Assets Liabilities Liabilities Instruments Received Amount
----------------------------------------------------------------------------------------------------
Forward foreign
currency
contracts $ 4,126 $ (4,126) $ -- $ -- $ -- $ --
Futures contracts -- -- -- -- -- --
Credit default
swaps -- -- -- -- -- --
Repurchase
agreements 45,010,000 -- 45,010,000 (45,010,000) -- --
----------------------------------------------------------------------------------------------------
$ 45,014,126 $ (4,126) $ 45,010,000 $ (45,010,000) $ -- $ --
====================================================================================================
------------------------------------------------------------------------------------------------------
Liabilities:
Gross Net
Amounts Amounts of Gross Amounts Not Offset
Offset Liabilities in the Statement of
in the Presented Assets and Liabilities
Gross Statement in the ----------------------
Amounts of of Assets Statement of Cash
Recognized and Assets and Financial Collateral Net
Description Liabilities Liabilities Liabilities Instruments Pledged Amount
------------------------------------------------------------------------------------------------------
Forward foreign
currency
contracts $ 1 70,583 $ (4,126) $ 166,456 $ -- $ -- $ 166,456
Futures contracts 1,253,986 1,253,986 -- -- 1,253,986
Credit default
swaps 587,757 587,757 -- -- 587,757
Repurchase
agreements -- -- -- --
------------------------------------------------------------------------------------------------------
$ 2,012,326 $ (4,126) $ 2,008,199 $ -- $ -- $2,008,199
======================================================================================================
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 91
10. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility is in the amount of $215 million. Under such facility, depending
on the type of loan, interest on borrowings is payable at the London Interbank
Offered Rate (LIBOR) plus 0.90% on an annualized basis, or the Alternate Base
Rate, which is the greater of (a) the facility's administrative agent's daily
announced prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate
on the borrowing date and (c) 2% plus the overnight Euro dollar rate on the
borrowing date. The Funds pay an annual commitment fee to participate in the
credit facility. The commitment fee is allocated among participating Funds based
on an allocation schedule set forth in the credit agreement. For the six months
ended September 30, 2013, the Fund had no borrowings under the credit facility.
92 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman John F. Cogan, Jr., President*
David R. Bock Daniel K. Kingsbury, Executive
John F. Cogan, Jr.*** Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer**
Margaret B.W. Graham Christopher J. Kelley, Secretary
Daniel K. Kingsbury
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at http://www.sec.gov.
* Chief Executive Officer of the Fund.
** Chief Financial and Accounting Officer of the Fund.
*** Mr. Cogan resigned as Trustee of the Pioneer Funds effective November 12,
2013.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 93
This page for your notes.
94 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
This page for your notes.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 95
This page for your notes.
96 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
This page for your notes.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 97
This page for your notes.
98 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
This page for your notes.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 99
This page for your notes.
100 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2013 Pioneer Investments 25266-02-1113
Pioneer Fundamental
Growth Fund
--------------------------------------------------------------------------------
Semiannual Report | September 30, 2013
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PIGFX
Class B FUNBX
Class C FUNCX
Class K PFGKX**
Class R PFGRX*
Class Y FUNYX
Class Z PFGZX*
* Share class was first publicly offered on April 2, 2012.
** Share class was first publicly offered on December 20, 2012.
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 17
Schedule of Investments 19
Financial Statements 24
Notes to Financial Statements 35
Trustees, Officers and Service Providers 42
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 1
President's Letter
Dear Shareowner,
When we look at the U.S. economy heading into the final quarter of 2013, we
continue to see slow, but steady, growth. Employment has also been rising
steadily, but only modestly. Consumer incomes, savings, wealth, and
debt-servicing capacity have been solid buttresses for the recovering housing
and auto industries. Industrial activity is growing only modestly, but current
corporate profits are generally solid and balance sheets appear able to support
needed capital spending and dividend* payouts. The scaled-back "fiscal cliff "
tax increases and spending cuts have meaningfully cut the budget deficit without
driving the economy into recession. In addition, we feel that continuing slack
in labor markets and capacity utilization offers the potential for continuing
growth without bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve (the Fed)
hinted that it might begin scaling back its "QE" quantitative easing program
later in 2013 and could terminate its bond purchases altogether sometime in
2014. In September, however, the Fed surprised many market participants by
deciding not to start scaling back QE yet. The Fed has also said that short-term
interest rates are likely to remain near zero for some time to come, given that
inflation remains subdued and unemployment remains too high.
As September ended, Congress had not yet passed a continuing resolution to
prevent a government shutdown, nor had it raised the debt ceiling, and a quick
resolution to the impasse appeared unlikely. The U.S. government's partial
shutdown in October rattled the markets to a degree, but did not immediately
have a significant negative impact on the economy or capital markets.
There are certainly risks and uncertainties that continue to plague the global
economy as we head into the final months of the year. The European economy
remains weak, though it is beginning to show signs of stabilization, and a
number of countries in the emerging markets have experienced difficulties.
Still, a potential ending of the European recession, continuing economic
improvement in Japan in response to the new government's easing policies, and a
"soft landing" of 7% growth in China could very well result in an improving
global outlook over the remainder of 2013 and in 2014.
There are also geopolitical worries abroad and the aforementioned political
fights at home, and while most of the widely recognized risks we've outlined may
already be "priced into" the market, we believe investors should continue to
expect market volatility.
* Dividends are not guaranteed.
2 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
The Fed's aggressive monetary policies and fears about economic growth had
helped drive long-term Treasury yields to unsustainably low levels; the return
to more normal levels has resulted in disappointing returns for bond investors
during the first nine months of 2013, but the stock market has delivered
double-digit returns to equity investors who were willing to brave the "wall of
worry".
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in global equity and bond markets, using in-depth research to identify
undervalued individual securities, and using thoughtful risk management to
construct portfolios which balance potential risks and reward in an
ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 3
Portfolio Management Discussion | 9/30/13
Stock prices moved upward during the six-month period ended September 30, 2013,
propelled by rising valuations despite somewhat meager corporate profit growth.
Toward the end of the period, a number of issues arose, a few of which appear to
have been at least temporarily resolved. The issues included speculation about
the U.S. Federal Reserve's (the Fed's) future monetary policies, political
controversies in Washington, D.C. over budgetary and other fiscal issues, and
the potential for a U.S. military intervention in Syria. In the following
interview, Andrew Acheson and Paul Cloonan discuss the factors that affected the
performance of Pioneer Fundamental Growth Fund during the six-month period. Mr.
Acheson, a senior vice president and a portfolio manager at Pioneer, and Mr.
Cloonan, a senior vice president and a portfolio manager, and Co-Head of Equity
Research, U.S., at Pioneer, are responsible for day-to-day management of the
Fund.
Q How would you describe the investment environment for equities during the
six-month period ended September 30, 2013?
A The equity market generated solid gains from mid-April 2013 through the end
of the period on September 30, 2013. Slow-growing, but better-than-expected
corporate earnings reports during the three-month period ended June 30,
2013, encouraged investors, as many companies reported stable profit margins
and healthy cash generation. As corporate balance sheets strengthened, many
firms initiated increases in dividends* as well as new share buyback
programs that added to the attractiveness of their stocks, despite
relatively lackluster growth in the nation's gross domestic product (GDP).
The positive backdrop for equities developed in spite of the market's
increasing worries that the Fed might begin tapering back its more
accommodative monetary policies, and concerns about a possible U.S.
government shutdown in October due to heated political disagreements over
fiscal policy. Worries also developed over the possibility that the U.S.
might launch a military operation against Syria in response to the Syrian
regime's alleged use of chemical weapons--a diplomatic agreement was
eventually reached that avoided military action. Overall, however, investors
appeared to be more optimistic about future reacceleration of earnings
growth, driven by the potential for a global, synchronized recovery in GDP.
In that environment, cyclical stocks, which tend to prosper during periods
of economic expansion, outperformed so-called defensive stocks of companies
with more stable earnings growth and stronger balance sheets.
* Dividends are not guaranteed.
4 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
While larger company stocks often dominate the Fund's benchmark, the Russell
1000 Growth Index (the Russell Index), the smaller companies within the
Russell Index tended to outperform the very large companies.
Q How did the Fund perform in that environment during the six-month period
ended September 30, 2013?
A Pioneer Fundamental Growth Fund's Class A shares returned 9.42% at net asset
value during the six-month period ended September 30, 2013, while the Fund's
benchmark, the Russell Index, returned 10.34%. During the same period, the
average return of the 1,729 mutual funds in Morningstar's Large Cap Growth
category was 11.53%.
Q Which of your investment strategies and/or stock picks had the largest
effect on the Fund's performance relative to the benchmark Russell Index
during the six-month period ended September 30, 2013?
A Stock selection across several sectors was the main driver of the Fund's
benchmark-relative performance during the six-month period, as both a
contributor to and detractor from relative returns. Stock selection results
in health care and consumer staples were the primary detractors from the
Fund's benchmark-relative performance during the period, while stock
selection results in consumer discretionary and information technology
contributed to relative returns.
In the consumer discretionary sector, two leading contributors to the Fund's
relative results were positions in coffee chain Starbucks and department
store chain Ross Stores. Starbucks outperformed during the period based on
strong in-store sales gains in both its domestic and overseas markets. At
the same time, the company has been improving its food offerings, which
should help future growth. Off-price retailer Ross Stores has continued to
successfully execute its long-term growth plan, which includes expanding its
store locations, while at the same time generating healthy gains in
same-store sales. In information technology, one of the Fund's top
performers during the period was a position in MasterCard International, the
electronic payment processor. The Fund had a large benchmark-relative
overweight position in MasterCard, which made a strong contribution to
relative returns.
Although the Fund did not experience positive overall stock selection
results in health care, the portfolio did own some health care investments
that performed very well during the six-month period. They included Celgene,
a biotechnology company that is developing drugs for cancer treatment, and
Thermo Fisher Scientific, a manufacturer of a variety of
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 5
scientific instruments and consumables, and a provider of services to the
health care industry. Thermo Fisher is also in the process of acquiring Life
Technologies, a firm involved in the development of gene-sequencing tools
and other technologies.
The Fund's negative stock selection results within health care derived from
disappointing investments such as Allergan, which develops and markets eye
care and cosmetic (Botox, etc.) pharmaceutical products; DaVita, which
operates networks of dialysis centers and physician offices; and Covidien,
which develops and manufactures a variety of medical devices and supplies
for hospitals and home health care providers. Allergan's share price
declined during the period amid concerns over how potential new FDA rules on
bringing generic drugs to market could dampen prospects for some of the
company's existing products, while DaVita experienced disappointing results
in its physician network. Covidien's share price was flat during the
six-month period, and so the company underperformed during a time when many
stocks were producing double-digit gains.
Stock selection in the consumer staples sector also detracted from the
Fund's relative performance during the period. One noteworthy laggard in the
sector was the portfolio's position in Coca-Cola, whose share price declined
amid increasing public concerns about the health effects of sugar-sweetened
carbonated drinks. We reduced the Fund's position in Coca-Cola during the
period.
Q What were some of the changes you made to the Fund's portfolio during the
six-month period ended September 30, 2013?
A While we reduced the Fund's position in the aforementioned Coca-Cola during
the past six months, we also initiated a portfolio position in Coke's soft
drink rival, PepsiCo, based on strong results from the company's snack foods
division as well as its potential to derive additional value by reorganizing
assets. We also initiated new Fund positions in Precision Castparts, a
manufacturer of complex metal components used in aircraft and other
industrial equipment, and in Time Warner, which owns several television
networks and operates a major movie and television production studio. We
believe Precision Castparts has become an increasingly attractive investment
as the company has successfully integrated the operations of several recent
acquisitions. We believe Time Warner's pricing power as a producer of
content for the entertainment media has been enhanced due to competition
between new and existing distribution outlets.
Finally, we liquidated the Fund's position in the Mexican soft drink and
beer distributor FEMSA (Fomento Economico de Mexico), opting to take profits
after the company realized significant gains during the period in which its
shares were held in the portfolio.
6 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
Q What is your investment outlook?
A Although the equity market has produced solid performance during the past
year, we still believe stock valuations remain reasonable, particularly in
the present environment of both low inflation and low interest rates. The
gains in the stock market over the past several months have occurred despite
relatively slow economic growth, although the U.S. economy has shown
surprising resilience in the face of many potential headwinds on both the
domestic and international fronts. We think it is reasonable, however, to
expect that both the domestic and global economies could accelerate
somewhat, thus providing a good backdrop for corporate earnings growth.
Companies exposed to global growth trends appear particularly well poised to
do well in an accelerating growth environment.
When choosing investments for the Fund, the companies we favor have what we
believe are sustainable competitive advantages, and also have shown strong
returns on incremental capital invested. In addition, we look for companies
that can generate consistent revenue and earnings growth. We remain focused
on individual stock selection, and the Fund's sector weights tend to be an
outgrowth of our stock selection process.
Please refer to the Schedule of Investments on pages 19-23 for a full listing of
Fund securities.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
The Fund invests in a limited number of securities and, as a result, the Fund's
performance may be more volatile than the performance of other funds holding
more securities.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors.
These risks may increase share price volatility.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These opinions should not
be relied upon for any other purposes.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 7
Portfolio Summary | 9/30/13
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
U.S. Common Stocks 95.9%
International Common Stocks 2.5%
Temporary Cash Investment 1.6%
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
Information Technology 29.4%
Consumer Discretionary 15.7%
Health Care 15.4%
Industrials 14.3%
Consumer Staples 12.7%
Materials 4.9%
Energy 4.8%
Financials 2.8%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. Apple, Inc. 5.65%
--------------------------------------------------------------------------------
2. Mastercard, Inc. 4.74
--------------------------------------------------------------------------------
3. Google, Inc. 4.52
--------------------------------------------------------------------------------
4. Starbucks Corp. 4.46
--------------------------------------------------------------------------------
5. Microsoft Corp. 4.28
--------------------------------------------------------------------------------
6. United Technologies Corp. 4.17
--------------------------------------------------------------------------------
7. Ross Stores, Inc. 3.88
--------------------------------------------------------------------------------
8. Thermo Fisher Scientific, Inc. 3.84
--------------------------------------------------------------------------------
9. 3M Co. 3.47
--------------------------------------------------------------------------------
10. Philip Morris International, Inc. 3.25
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any securities listed.
8 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
Prices and Distributions | 9/30/13
Net Asset Value per Share
--------------------------------------------------------------------------------
Class 9/30/13 3/31/13
--------------------------------------------------------------------------------
A $15.68 $14.33
--------------------------------------------------------------------------------
B $14.63 $13.45
--------------------------------------------------------------------------------
C $14.78 $13.55
--------------------------------------------------------------------------------
K $15.68 $14.30
--------------------------------------------------------------------------------
R $15.57 $14.25
--------------------------------------------------------------------------------
Y $15.78 $14.41
--------------------------------------------------------------------------------
Z $15.69 $14.32
--------------------------------------------------------------------------------
Distributions per Share: 4/1/13-9/30/13
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ -- $ -- $ --
--------------------------------------------------------------------------------
B $ -- $ -- $ --
--------------------------------------------------------------------------------
C $ -- $ -- $ --
--------------------------------------------------------------------------------
K $ -- $ -- $ --
--------------------------------------------------------------------------------
R $ -- $ -- $ --
--------------------------------------------------------------------------------
Y $ -- $ -- $ --
--------------------------------------------------------------------------------
Z $ -- $ -- $ --
--------------------------------------------------------------------------------
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 10-16.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 9
Performance Update | 9/30/13 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, 2013)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
10 Years 8.24% 7.60%
5 Years 11.55 10.23
1 Year 16.45 9.76
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.20% 1.09%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
9/30/2003 9425.00 $ 10,000
9/30/2004 $ 9,904 10751.00
9/30/2005 $11,735 11998.00
9/30/2006 $12,266 12722.00
9/30/2007 $14,283 15184.00
9/30/2008 $12,046 12014.00
9/30/2009 $12,122 11791.00
9/30/2010 $13,154 13283.00
9/30/2011 $13,865 13785.00
9/30/2012 $17,866 17808.00
9/30/2013 $20,804 21241.00
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2014, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
10 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
Performance Update | 9/30/13 Class B Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class B shares of Pioneer Fundamental Growth Fund during the
periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of September 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
12/15/2005 6.30% 6.30%
5 Years 10.47 10.47
1 Year 15.27 11.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.26% 2.15%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
12/31/2005 $10,000 $10,000
9/30/2006 $10,341 $10,297
9/30/2007 $11,947 $12,290
9/30/2008 $ 9,978 $9,724
9/30/2009 $ 9,952 $9,544
9/30/2010 $10,688 $10,751
9/30/2011 $11,176 $11,158
9/30/2012 $14,242 $14,414
9/30/2013 $16,417 $17,192
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). The maximum CDSC for Class B shares is 4% and declines over five years.
For more complete information, please see the prospectus.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2014, for Class B shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 11
Performance Update | 9/30/13 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, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
12/15/2005 6.44% 6.44%
5 Years 10.68 10.68
1 Year 15.61 15.61
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.91%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
12/31/2005 $10,000 $10,000
9/30/2006 $10,331 $10,297
9/30/2007 $11,936 $12,290
9/30/2008 $ 9,978 $9,724
9/30/2009 $ 9,963 $9,544
9/30/2010 $10,719 $10,751
9/30/2011 $11,217 $11,158
9/30/2012 $14,335 $14,414
9/30/2013 $16,572 $17,192
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
Performance Update | 9/30/13 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class K shares of Pioneer Fundamental Growth Fund during the
periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of September 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 8.28% 8.28%
5 Years 11.62 11.62
1 Year 16.84 16.84
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.77%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
9/30/2003 $10,000 $10,000
9/30/2004 $10,512 $10,751
9/30/2005 $12,455 $11,998
9/30/2006 $13,019 $12,722
9/30/2007 $15,160 $15,184
9/30/2008 $12,786 $12,014
9/30/2009 $12,866 $11,791
9/30/2010 $13,962 $13,283
9/30/2011 $14,717 $13,785
9/30/2012 $18,963 $17,808
9/30/2013 $22,156 $21,241
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on December 20, 2012, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. For the period
beginning December 20, 2012, the actual performance of Class K shares is
reflected. Class K shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 13
Performance Update | 9/30/13 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, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 8.20% 8.20%
5 Years 11.45 11.45
1 Year 16.11 16.11
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.45% 1.40%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
9/30/2003 $10,000 $10,000
9/30/2004 $10,512 $10,751
9/30/2005 $12,455 $11,998
9/30/2006 $13,019 $12,722
9/30/2007 $15,160 $15,184
9/30/2008 $12,786 $12,014
9/30/2009 $12,866 $11,791
9/30/2010 $13,962 $13,283
9/30/2011 $14,717 $13,785
9/30/2012 $18,935 $17,808
9/30/2013 $21,985 $21,241
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class R shares for the period prior to the
commencement of operations of Class R shares on April 2, 2012, is based on the
performance of Class A shares, reduced to reflect the higher distribution and
service fees of Class R shares. For the period beginning April 2, 2012, the
actual performance of Class R shares is reflected. Class R shares are not
subject to sales charges and are avail- able 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, 2014, for Class R shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
Performance Update | 9/30/13 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, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 8.43% 8.43%
5 Years 11.92 11.92
1 Year 16.76 16.76
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.81%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 million Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
9/30/2003 $ 5,000,000 $ 5,000,000
9/30/2004 $ 5,255,814 $ 5,375,429
9/30/2005 $ 6,227,571 $ 5,998,766
9/30/2006 $ 6,509,654 $ 6,360,840
9/30/2007 $ 7,580,042 $ 7,591,925
9/30/2008 $ 6,392,979 $ 6,006,853
9/30/2009 $ 6,451,772 $ 5,895,546
9/30/2010 $ 7,019,380 $ 6,641,433
9/30/2011 $ 7,440,677 $ 6,892,373
9/30/2012 $ 9,616,121 $ 8,904,128
9/30/2013 $11,227,900 $10,620,371
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class Y shares for the period prior to the
commencement of operations of Class Y shares on April 8, 2009, is the net asset
value performance of the Fund's Class A shares, which has not been restated to
reflect any differences in expenses, including Rule 12b-1 fees applicable to
Class A shares. Since fees for Class A shares generally are higher than those of
Class Y shares, the performance of Class Y shares prior to their inception would
have been higher than the performance shown. For the period beginning April 8,
2009, the actual performance of Class Y shares is reflected. Class Y shares are
not subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 15
Performance Update | 9/30/13 Class Z Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class Z shares of Pioneer Fundamental Growth Fund during the
periods shown, compared to that of the Russell 1000 Growth Index.
--------------------------------------------------------------------------------
Average Annual Total Returns
(As of September 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 8.28% 8.28%
5 Years 11.63 11.63
1 Year 16.80 16.80
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.04 %0.90%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
9/30/2003 $10,000 $ 10,000
9/30/2004 $10,512 10751.00
9/30/2005 $12,455 11998.00
9/30/2006 $13,019 12722.00
9/30/2007 $15,160 15184.00
9/30/2008 $12,786 12014.00
9/30/2009 $12,866 11791.00
9/30/2010 $13,962 13283.00
9/30/2011 $14,717 13785.00
9/30/2012 $18,977 17808.00
9/30/2013 $22,166 21241.00
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of Class Z shares on April
2, 2012, is the net asset value performance of the Fund's Class A shares. The
performance does not reflect differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares are generally higher
than those of Class Z shares, the performance for Class Z shares prior to their
inception on April 2, 2012, would have been higher than that shown. For the
period beginning April 2, 2012, the actual performance of Class Z shares is
reflected. Class Z shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2014, for Class Z shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
16 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an invest-
ment of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses.You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Fundamental Growth Fund
Based on actual returns from April 1, 2013 through September 30, 2013.
----------------------------------------------------------------------------------------------------
Share Class A B C K R Y Z
----------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 4/1/13
----------------------------------------------------------------------------------------------------
Ending Account $1,094.20 $1,087.70 $1,090.80 $1,096.50 $1,092.60 $1,095.10 $1,095.70
Value (after expenses)
on 9/30/13
----------------------------------------------------------------------------------------------------
Expenses Paid $ 5.72 $ 11.25 $ 9.59 $ 3.68 $ 7.24 $ 4.46 $ 3.99
During Period*
----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.09%, 2.15%,
1.83%, 0.70% 1.38%, 0.85% and 0.76% for Class A, Class B, Class C, Class K,
Class R, Class Y and Class Z shares, respectively, multiplied by the average
account value over the period, multiplied by 183/365 (to reflect the
one-half year period).
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 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, 2013 through September 30, 2013.
----------------------------------------------------------------------------------------------------
Share Class A B C K R Y Z
----------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 4/1/13
----------------------------------------------------------------------------------------------------
Ending Account $1,019.60 $1,014.29 $1,015.89 $1,021.56 $1,018.15 $1,020.81 $1,021.26
Value (after expenses)
on 9/30/13
----------------------------------------------------------------------------------------------------
Expenses Paid $ 5.52 $ 10.86 $ 9.25 $ 3.55 $ 6.98 $ 4.31 $ 3.85
During Period*
----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.09%, 2.15%,
1.83%, 0.70% 1.38%, 0.85% and 0.76% for Class A, Class B, Class C, Class K,
Class R, Class Y and Class Z shares, respectively, multiplied by the average
account value over the period, multiplied by 183/365 (to reflect the
one-half year period).
18 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
Schedule of Investments | 9/30/13 (unaudited)
---------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------
COMMON STOCKS -- 97.8%
ENERGY -- 4.7%
Oil & Gas Equipment & Services -- 2.5%
394,620 Schlumberger, Ltd. $ 34,868,623
---------------------------------------------------------------------------------------
Integrated Oil & Gas -- 1.1%
167,880 Occidental Petroleum Corp. $ 15,703,495
---------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.1%
429,540 Cabot Oil & Gas Corp. $ 16,030,433
--------------
Total Energy $ 66,602,551
---------------------------------------------------------------------------------------
MATERIALS -- 4.8%
Fertilizers & Agricultural Chemicals -- 1.3%
179,105 Monsanto Co. $ 18,693,189
---------------------------------------------------------------------------------------
Industrial Gases -- 1.4%
160,910 Praxair, Inc. $ 19,342,991
---------------------------------------------------------------------------------------
Specialty Chemicals -- 2.1%
304,910 Ecolab, Inc. $ 30,112,912
--------------
Total Materials $ 68,149,092
---------------------------------------------------------------------------------------
CAPITAL GOODS -- 12.8%
Aerospace & Defense -- 5.9%
111,400 Precision Castparts Corp. $ 25,314,536
532,955 United Technologies Corp. 57,463,208
--------------
$ 82,777,744
---------------------------------------------------------------------------------------
Industrial Conglomerates -- 3.4%
400,165 3M Co. $ 47,783,703
---------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 2.1%
221,420 Cummins, Inc. $ 29,420,075
---------------------------------------------------------------------------------------
Trading Companies & Distributors -- 1.4%
77,550 WW Grainger, Inc. $ 20,295,610
--------------
Total Capital Goods $ 180,277,132
---------------------------------------------------------------------------------------
TRANSPORTATION -- 1.3%
Air Freight & Logistics -- 1.3%
193,520 United Parcel Service, Inc. (Class B) $ 17,681,922
--------------
Total Transportation $ 17,681,922
---------------------------------------------------------------------------------------
CONSUMER SERVICES -- 4.4%
Restaurants -- 4.4%
798,400 Starbucks Corp. $ 61,452,848
--------------
Total Consumer Services $ 61,452,848
---------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 19
Schedule of Investments |9/30/13 (unaudited) (continued)
---------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------
MEDIA -- 4.2%
Movies & Entertainment -- 4.2%
547,290 The Walt Disney Co. $ 35,294,732
357,300 Time Warner, Inc. 23,513,913
--------------
$ 58,808,645
--------------
Total Media $ 58,808,645
---------------------------------------------------------------------------------------
RETAILING -- 6.9%
Apparel Retail -- 3.8%
734,100 Ross Stores, Inc. $ 53,442,480
---------------------------------------------------------------------------------------
Home Improvement Retail -- 3.1%
575,260 The Home Depot, Inc. $ 43,633,471
--------------
Total Retailing $ 97,075,951
---------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 3.0%
Drug Retail -- 3.0%
742,450 CVS Caremark Corp. $ 42,134,038
--------------
Total Food & Staples Retailing $ 42,134,038
---------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 6.7%
Soft Drinks -- 3.5%
299,050 PepsiCo, Inc. $ 23,774,475
692,640 The Coca-Cola Co. 26,237,203
--------------
$ 50,011,678
---------------------------------------------------------------------------------------
Tobacco -- 3.2%
518,110 Philip Morris International, Inc. $ 44,863,145
--------------
Total Food, Beverage & Tobacco $ 94,874,823
---------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 2.8%
Household Products -- 2.8%
377,240 Colgate-Palmolive Co. $ 22,370,332
222,120 The Procter & Gamble Co. 16,790,051
--------------
$ 39,160,383
--------------
Total Household & Personal Products $ 39,160,383
---------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 5.0%
Health Care Equipment -- 2.5%
574,890 Covidien Plc $ 35,033,797
---------------------------------------------------------------------------------------
Health Care Services -- 2.5%
260,100 DaVita HealthCare Partners, Inc.* $ 14,799,690
336,690 Express Scripts Holding Co.* 20,800,708
--------------
$ 35,600,398
--------------
Total Health Care Equipment & Services $ 70,634,195
---------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 10.1%
Biotechnology -- 4.1%
287,126 Celgene Corp.* $ 44,197,305
173,260 Vertex Pharmaceuticals, Inc.* 13,136,573
--------------
$ 57,333,878
---------------------------------------------------------------------------------------
Pharmaceuticals -- 2.3%
353,330 Allergan, Inc. $ 31,958,698
---------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 3.7%
574,320 Thermo Fisher Scientific, Inc. $ 52,923,588
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 142,216,164
---------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.3%
Specialized Finance -- 2.3%
175,015 IntercontinentalExchange, Inc.* $ 31,751,221
--------------
Total Diversified Financials $ 31,751,221
---------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 16.3%
Internet Software & Services -- 4.4%
71,160 Google, Inc.* $ 62,329,756
---------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 4.7%
97,090 Mastercard, Inc. $ 65,320,210
---------------------------------------------------------------------------------------
Systems Software -- 7.2%
1,770,190 Microsoft Corp. $ 58,965,029
1,286,430 Oracle Corp. 42,670,883
--------------
$ 101,635,912
--------------
Total Software & Services $ 229,285,878
---------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 8.4%
Communications Equipment -- 2.9%
610,230 Qualcomm, Inc. $ 41,105,093
---------------------------------------------------------------------------------------
Computer Hardware -- 5.5%
163,305 Apple, Inc. $ 77,855,659
--------------
Total Technology Hardware & Equipment $ 118,960,752
---------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 4.1%
Semiconductors -- 4.1%
356,790 Analog Devices, Inc. $ 16,786,970
458,450 Maxim Integrated Products, Inc. 13,661,810
585,370 Xilinx, Inc. 27,430,438
--------------
$ 57,879,218
--------------
Total Semiconductors & Semiconductor Equipment $ 57,879,218
---------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $1,048,403,672) $1,376,944,813
---------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 21
Schedule of Investments | 9/30/13 (unaudited) (continued)
---------------------------------------------------------------------------------------
Principal
Amount ($) Value
---------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.6%
Repurchase Agreements -- 1.6%
22,040,000 TD Securities, Inc., 0.06%, dated 9/30/13,
repurchase price of $22,040,000 plus accrued
interest on 10/1/13 collateralized by $22,480,860
U.S. Treasury Notes, 2.625%, 11/15/20 $ 22,040,000
---------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $22,040,000) $ 22,040,000
---------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.4%
(Cost $1,070,443,672) (a) $1,398,984,813
---------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.6% $ 8,598,184
---------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,407,582,997
=======================================================================================
* Non-income producing security.
(a) At September 30, 2013, the net unrealized gain on investments based on
cost for federal income tax purposes of $1,072,533,483 was as follows:
Aggregate gross unrealized appreciation for all investments in which there
is an excess of value over tax cost $327,743,229
Aggregate gross unrealized depreciation for all investments in which there
is an excess of tax cost over value $ (1,291,898)
-------------
Net unrealized appreciation $326,451,330
=============
Purchases and sales (excluding temporary cash investments) for the six months
ended September 30, 2013 aggregated $352,176,790 and $152,810,705, respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Notes 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Notes 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Notes 1A.
The accompanying notes are an integral part of these financial statements.
22 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
The following is a summary of the inputs used as of September 30, 2013, in
valuing the Fund's investments:
---------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------
Common Stocks $ 1,376,944,813 $ -- $ -- $1,376,944,813
Repurchase Agreement -- 22,040,000 -- 22,040,000
---------------------------------------------------------------------------------------
Total $ 1,376,944,813 $ 22,040,000 $ -- $1,398,984,813
=======================================================================================
During the six months ended September 30, 2013, there were no transfers between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 23
Statement of Assets and Liabilities | 9/30/13 (unaudited)
ASSETS:
Investment in securities (cost $1,070,443,672) $1,398,984,813
Cash 5,916,042
Receivables --
Fund shares sold 9,906,885
Dividends and interest 1,134,218
Due from Pioneer Investment Management, Inc. 135,678
Prepaid expenses 71,657
-----------------------------------------------------------------------------------------------------
Total assets $1,416,149,293
=====================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 3,524,485
Fund shares repurchased 4,500,431
Due to affiliates 459,554
Accrued expenses 81,826
-----------------------------------------------------------------------------------------------------
Total liabilities $ 8,566,296
=====================================================================================================
NET ASSETS:
Paid-in capital $1,023,581,141
Undistributed net investment income 4,518,263
Accumulated net realized gain on investments 50,942,452
Net unrealized appreciation on investments 328,541,141
-----------------------------------------------------------------------------------------------------
Total net assets $1,407,582,997
=====================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $574,976,975/36,668,926 shares) $ 15.68
Class B (based on $3,169,646/216,585 shares) $ 14.63
Class C (based on $136,550,764/9,241,786 shares) $ 14.78
Class K (based on $223,046/14,228 shares) $ 15.68
Class R (based on $13,256,778/851,221 shares) $ 15.57
Class Y (based on $678,271,505/42,973,670 shares) $ 15.78
Class Z (based on $1,134,283/72,273 shares) $ 15.69
MAXIMUM OFFERING PRICE:
Class A ($15.68 (divided by) 94.25%) $ 16.64
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
Statement of Operations (unaudited)
For the Six Months Ended 9/30/13
INVESTMENT INCOME:
Dividends $ 9,849,687
Interest 9,385
-----------------------------------------------------------------------------------------------------
Total investment income $ 9,859,072
=====================================================================================================
EXPENSES:
Management fees $ 4,029,985
Prepaid expenses
Class A 103,599
Class B 5,569
Class C 19,573
Class R 953
Class Y 3,540
Class Z 130
Distribution fees
Class A 637,847
Class B 15,650
Class C 562,358
Class R 15,171
Shareholder communications expense 981,918
Administrative reimbursements 173,520
Custodian fees 11,528
Registration fees 80,711
Professional fees 40,522
Printing expense 10,900
Fees and expenses of nonaffiliated Trustees 23,558
Miscellaneous 35,281
-----------------------------------------------------------------------------------------------------
Total expenses $ 6,752,313
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (200,745)
-----------------------------------------------------------------------------------------------------
Net expenses $ 6,551,568
-----------------------------------------------------------------------------------------------------
Net investment income $ 3,307,504
-----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND CLASS ACTIONS:
Net realized gain on investments $ 26,565,764
Change in net unrealized appreciation on investments $ 80,515,451
-----------------------------------------------------------------------------------------------------
Net gain on investments $ 107,081,215
-----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 110,388,719
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 25
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------------------
Six Months
Ended
9/30/13 Year Ended
(unaudited) 3/31/13
-----------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 3,307,504 $ 6,247,366
Net realized gain on investments and class actions 26,565,764 25,575,410
Change in net unrealized appreciation on investments 80,515,451 70,664,284
-----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 110,388,719 $ 102,487,060
-----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.00 and $0.06 per share, respectively) $ -- $ (1,650,780)
Class C ($0.00 and $0.01 per share, respectively) -- (41,357)
Class K ($0.00 and $0.10 per share, respectively) -- (75)
Class R ($0.00 and $0.09 per share, respectively) -- (5,884)
Class Y ($0.00 and $0.10 per share, respectively) -- (3,985,154)
Class Z ($0.00 and $0.10 per share, respectively) -- (556)
Net realized gain:
Class A ($0.00 and $0.11 per share, respectively) -- (2,968,572)
Class B ($0.00 and $0.11 per share, respectively) -- (24,208)
Class C ($0.00 and $0.11 per share, respectively) -- (532,125)
Class R ($0.00 and $0.11 per share, respectively) -- (1,919)
Class Y ($0.00 and $0.11 per share, respectively) -- (4,331,818)
Class Z ($0.00 and $0.11 per share, respectively) -- (154)
-----------------------------------------------------------------------------------------------------
Total distributions to shareowners $ -- $ (13,542,602)
=====================================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 420,394,726 $ 598,340,916
Reinvestment of distributions -- 12,336,661
Cost of shares repurchased (213,225,269) (397,360,188)
-----------------------------------------------------------------------------------------------------
Net increase in net assets resulting
from Fund share transactions $ 207,169,457 $ 213,317,389
-----------------------------------------------------------------------------------------------------
Net increase in net assets $ 317,558,176 $ 302,261,847
NET ASSETS:
Beginning of period 1,090,024,821 787,762,974
-----------------------------------------------------------------------------------------------------
End of period $ 1,407,582,997 $1,090,024,821
-----------------------------------------------------------------------------------------------------
Undistributed net investment income $ 4,518,263 $ 1,210,759
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
-----------------------------------------------------------------------------------------------------
'13 Shares '13 Amount '13 Shares '13 Amount
-----------------------------------------------------------------------------------------------------
Class A
Shares sold 10,955,447 $ 165,040,481 17,626,103 $ 234,747,570
Reinvestment of distributions -- -- 336,370 4,440,108
Less shares repurchased (4,760,582) (71,948,510) (13,717,812) (181,951,822)
-----------------------------------------------------------------------------------------------------
Net increase 6,194,865 $ 93,091,971 4,244,661 $ 57,235,856
=====================================================================================================
Class B
Shares sold or exchanged 27,159 $ 382,888 76,913 $ 971,467
Reinvestment of distributions -- -- 1,784 22,092
Less shares repurchased (43,256) (607,976) (118,631) (1,480,233)
-----------------------------------------------------------------------------------------------------
Net decrease (16,097) $ (225,088) (39,934) $ (486,674)
=====================================================================================================
Class C
Shares sold 3,119,249 $ 44,354,424 4,626,989 $ 58,688,461
Reinvestment of distributions -- -- 37,216 464,180
Less shares repurchased (466,857) (6,633,317) (769,831) (9,743,291)
-----------------------------------------------------------------------------------------------------
Net increase 2,652,392 $ 37,721,107 3,894,374 $ 49,409,350
=====================================================================================================
Class K
Shares sold 14,270 $ 216,827 748 $ 10,000
Reinvestment of distributions -- -- -- --
Less shares repurchased (790) (12,370) -- --
-----------------------------------------------------------------------------------------------------
Net increase 13,480 $ 204,457 748 $ 10,000
=====================================================================================================
Class R
Shares sold 730,510 $ 11,098,999 181,346 $ 2,466,995
Reinvestment of distributions -- -- 473 6,220
Less shares repurchased (50,297) (755,384) (10,811) (151,184)
-----------------------------------------------------------------------------------------------------
Net increase 680,213 $ 10,343,615 171,008 $ 2,322,031
=====================================================================================================
Class Y
Shares sold 13,157,422 $ 198,266,632 22,663,768 $ 301,376,832
Reinvestment of distributions -- -- 557,257 7,403,503
Less shares repurchased (8,942,803) (133,244,084) (14,798,807) (204,032,532)
-----------------------------------------------------------------------------------------------------
Net increase 4,214,619 $ 65,022,548 8,422,218 $ 104,747,803
=====================================================================================================
Class Z
Shares sold 67,841 $ 1,034,475 5,992 $ 79,591
Reinvestment of distributions -- -- 42 558
Less shares repurchased (1,523) (23,628) (79) (1,126)
-----------------------------------------------------------------------------------------------------
Net increase 66,318 $ 1,010,847 5,955 $ 79,023
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 27
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/13 Ended Ended Ended Ended Ended
(unaudited) 3/31/13 3/31/12 3/31/11 3/31/10 3/31/09
-----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 14.33 $ 13.23 $ 11.86 $ 10.96 $ 8.25 $ 11.32
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.03 $ 0.07 $ 0.02 $ 0.03 $ 0.02 $ 0.01
Net realized and unrealized gain (loss) on
investments 1.32 1.20 1.68 1.17 3.29 (3.06)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment
operations $ 1.35 $ 1.27 $ 1.70 $ 1.20 $ 3.31 $ (3.05)
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income -- (0.06) (0.03) (0.02) (0.02) --
Net realized gain -- (0.11) (0.30) (0.28) (0.58) (0.02)
-----------------------------------------------------------------------------------------------------------------------------
Total distributions -- (0.17) (0.33) (0.30) (0.60) (0.02)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.35 $ 1.10 $ 1.37 $ 0.90 $ 2.71 $ (3.07)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 15.68 $ 14.33 $ 13.23 $ 11.86 $ 10.96 $ 8.25
=============================================================================================================================
Total return* 9.42% 9.64% 14.84% 11.23% 40.50% (26.95)%
Ratio of net expenses to average net assets+ 1.09%** 1.09% 1.19% 1.25% 1.25% 1.25%
Ratio of net investment income to average net assets+ 0.47%** 0.54% 0.28% 0.25% 0.14% 0.24%
Portfolio turnover rate 25%** 28% 16% 18% 45% 27%
Net assets, end of period (in thousands) $574,977 $436,682 $346,987 $123,305 $117,218 $ 6,720
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reductions for fees
paid indirectly:
Total expenses 1.17%** 1.20% 1.19% 1.28% 1.47% 3.94%
Net investment income (loss) 0.39%** 0.43% 0.28% 0.22% (0.07)% (2.45)%
Ratios with waiver of fees and assumption of expenses
by the Adviser and reductions for fees paid indirectly:
Net expenses 1.09%** 1.09% 1.19% 1.25% 1.25% 1.25%
Net investment income 0.47%** 0.54% 0.28% 0.25% 0.14% 0.24%
=============================================================================================================================
* 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
-----------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/13 Ended Ended Ended Ended Ended
(unaudited) 3/31/13 3/31/12 3/31/11 3/31/10 3/31/09
-----------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 13.45 $ 12.50 $ 11.30 $ 10.53 $ 8.01 $ 11.09
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment loss $ (0.04) $ (0.07)(a) $ (0.09) $ (0.07)(a) $ (0.05)(a) $ (0.04)
Net realized and unrealized gain (loss) on
investments 1.22 1.13 1.59 1.12 3.15 (3.02)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
investment operations $ 1.18 $ 1.06 $ 1.50 $ 1.05 $ 3.10 $ (3.06)
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net realized gain -- (0.11) (0.30) (0.28) (0.58) (0.02)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.18 $ 0.95 $ 1.20 $ 0.77 $ 2.52 $ (3.08)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.63 $ 13.45 $ 12.50 $ 11.30 $ 10.53 $ 8.01
=============================================================================================================================
Total return* 8.77% 8.51%(b) 13.77% 10.26% 39.09% (27.60)%
Ratio of net expenses to average net assets+ 2.15%** 2.15% 2.15% 2.15% 2.15% 2.16%
Ratio of net investment loss to average net assets+ (0.60)%** (0.53)% (0.71)% (0.65)% (0.71)% (0.67)%
Portfolio turnover rate 25%** 28% 16% 18% 45% 27%
Net assets, end of period (in thousands) $ 3,170 $ 3,128 $ 3,407 $ 4,029 $ 4,114 $ 1,169
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reductions for
fees paid indirectly:
Total expenses 2.25%** 2.26% 2.29% 2.23% 2.53% 4.85%
Net investment loss (0.70)%** (0.64)% (0.85)% (0.73)% (1.09)% (3.36)%
Ratios with waiver of fees and assumption of
expenses by the Adviser and reductions for
fees paid indirectly:
Net expenses 2.15%** 2.15% 2.15% 2.15% 2.15% 2.15%
Net investment loss (0.60)%** (0.53)% (0.71)% (0.65)% (0.71)% (0.66)%
=============================================================================================================================
(a) The amount shown for a share outstanding does not correspond with the
aggregate gain on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating fair values of the
investments of the Fund.
(b) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended March 31, 2013, the total return would have
been 8.47%.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 29
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/13 Ended Ended Ended Ended Ended
(unaudited) 3/31/13 3/31/12 3/31/11 3/31/10 3/31/09
-----------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 13.55 $ 12.57 $ 11.34 $ 10.56 $ 8.02 $ 11.09
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment loss $ (0.02) $ (0.02)(a) $ (0.04) $ (0.05)(a) $ (0.04)(a) $ (0.02)
Net realized and unrealized gain (loss)
on investments 1.25 1.11 1.57 1.11 3.16 (3.03)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)in net assets from
investment operations $ 1.23 $ 1.09 $ 1.53 $ 1.06 $ 3.12 $ (3.05)
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income -- (0.01) -- -- -- --
Net realized gain -- (0.11) (0.30) (0.28) (0.58) (0.02)
-----------------------------------------------------------------------------------------------------------------------------
Total distributions -- (0.12) (0.30) (0.28) (0.58) (0.02)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.23 $ 0.98 $ 1.23 $ 0.78 $ 2.54 $ (3.07)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.78 $ 13.55 $ 12.57 $ 11.34 $ 10.56 $ 8.02
=============================================================================================================================
Total return* 9.08% 8.77% 13.98% 10.33% 39.29% (27.51)%
Ratio of net expenses to average net assets+ 1.83%** 1.91% 1.96% 2.03% 2.15% 2.15%
Ratio of net investment loss to average net assets+ (0.26)%** (0.23)% (0.50)% (0.52)% (0.72)% (0.65)%
Portfolio turnover rate 25%** 28% 16% 18% 45% 27%
Net assets, end of period (in thousands) $136,551 $89,299 $33,880 $15,149 $11,331 $ 1,187
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reductions for
fees paid indirectly:
Total expenses 1.83%** 1.91% 1.96% 2.03% 2.31% 4.95%
Net investment loss (0.26)%** (0.23)% (0.50)% (0.52)% (0.88)% (3.45)%
Ratios with waiver of fees and assumption of
expenses by the Adviser and reductions
for fees paid indirectly:
Net expenses 1.83%** 1.91% 1.96% 2.03% 2.15% 2.15%
Net investment loss (0.26)%** (0.23)% (0.50)% (0.52)% (0.72)% (0.65)%
=============================================================================================================================
(a) The amount shown for a share outstanding does not correspond with the
aggregate gain on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating fair values of the
investments of the Fund.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net assetvalue at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
-----------------------------------------------------------------------------------------------------------
Six Months Ended
9/30/13 12/20/12 (a) to
(unaudited) 3/31/13
-----------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $14.30 $13.37
-----------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.00(d) $ 0.03
Net realized and unrealized gain on investments 1.38 1.00
-----------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 1.38 $ 1.03
-----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income -- (0.10)
-----------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 1.38 $ 0.93
-----------------------------------------------------------------------------------------------------------
Net asset value, end of period $15.68 $14.30
===========================================================================================================
Total return* 9.65% 7.77%(b)(c)
Ratio of net expenses to average net assets+ 0.70%** 0.77%**
Ratio of net investment income to average net assets+ 0.98%** 0.77%**
Portfolio turnover rate 25%** 28%**
Net assets, end of period (in thousands) $ 223 $ 11
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reductions for fees paid indirectly:
Total expenses 0.70%** 0.77%**
Net investment income 0.98%** 0.77%**
Ratios with waiver of fees and assumption of expenses by the Adviser and
reductions for fees paid indirectly:
Net expenses 0.70%** 0.77%**
Net investment income 0.98%** 0.77%**
===========================================================================================================
(a) Class K shares were first publicly offered on December 20, 2012.
(b) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended March 31, 2013, the total return would have been
7.74%.
(c) Not annualized.
(d) Amount rounds to less than $0.01 per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 31
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------
Six Months Ended
9/30/13 4/2/12 (a)
(unaudited) to 3/31/13
-----------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 14.25 $13.34
-----------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ (0.00)(d) $ 0.06
Net realized and unrealized gain on investments 1.33 1.05
-----------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 1.32 $ 1.11
-----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income -- (0.09)
Net realized gain -- (0.11)
-----------------------------------------------------------------------------------------------------------
Total distributions -- (0.20)
-----------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 1.32 $ 0.91
-----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 15.57 $14.25
===========================================================================================================
Total return* 9.26% 8.42%(b)(c)
Ratio of net expenses to average net assets+ 1.38%** 1.40%**
Ratio of net investment income to average net assets+ 0.25%** 0.27%**
Portfolio turnover rate 25%** 28%**
Net assets, end of period (in thousands) $13,257 $2,437
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reductions for fees paid indirectly:
Total expenses 1.38%** 1.45%**
Net investment income 0.25%** 0.21%**
Ratios with waiver of fees and assumption of expenses by the Adviser and
reductions for fees paid indirectly:
Net expenses 1.38%** 1.40%**
Net investment income 0.25%** 0.27%**
===========================================================================================================
(a) Class R shares were first publicly offered on April 2, 2012.
(b) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended March 31, 2013, the total return would have been
8.41%.
(c) Not annualized.
(d) Amount rounds to less than $(0.01) per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year
9/30/13 Ended Ended Ended 4/8/09 (a)
(unaudited) 3/31/13 3/31/12 3/31/11 to 3/31/10
----------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 14.41 $ 13.30 $ 11.91 $ 10.99 $ 8.40
----------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.05 $ 0.10 $ 0.07 $ 0.08 $ 0.03
Net realized and unrealized gain on investments 1.32 1.22 1.69 1.19 3.17
----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 1.37 $ 1.32 $ 1.76 $ 1.27 $ 3.20
----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income -- (0.10) (0.07) (0.07) (0.03)
Net realized gain -- (0.11) (0.30) (0.28) (0.58)
----------------------------------------------------------------------------------------------------------------------------
Total distributions -- (0.21) (0.37) (0.35) (0.61)
----------------------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 1.37 $ 1.11 $ 1.39 $ 0.92 $ 2.59
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 15.78 $ 14.41 $ 13.30 $ 11.91 $ 10.99
============================================================================================================================
Total return* 9.51% 9.99%(c) 15.29% 11.84% 38.49%(b)
Ratio of net expenses to average net assets+ 0.85%** 0.81% 0.78% 0.78% 0.89%**
Ratio of net investment income to average net assets+ 0.72%** 0.85% 0.67% 0.72% 0.46%**
Portfolio turnover rate 25%** 28% 16% 18% 45%(b)
Net assets, end of period (in thousands) $678,272 $558,383 $403,490 $226,409 $238,017
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reductions for fees paid indirectly:
Total expenses 0.85%** 0.81% 0.78% 0.78% 0.97%**
Net investment income 0.72%** 0.85% 0.67% 0.72% 0.38%**
Ratios with waiver of fees and assumption of expenses
by the Adviser and reductions for fees paid indirectly:
Net expenses 0.85%** 0.81% 0.78% 0.78% 0.89%**
Net investment income 0.72%** 0.85% 0.67% 0.72% 0.46%**
============================================================================================================================
(a) Class Y shares were first publicly offered on April 8, 2009.
(b) Not annualized.
(c) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended March 31, 2013, the total return would have been
9.96%.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 33
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------
Six Months Ended
9/30/13 4/2/12 (a)
(unaudited) to 3/31/13
-----------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $14.32 $13.34
-----------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.02 $ 0.05
Net realized and unrealized gain on investments 1.36 1.14
-----------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 1.37 $ 1.19
-----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income -- (0.10)
Net realized gain -- (0.11)
-----------------------------------------------------------------------------------------------------------
Total distributions -- (0.21)
-----------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 1.37 $ 0.98
-----------------------------------------------------------------------------------------------------------
Net asset value, end of period $15.69 $14.32
===========================================================================================================
Total return* 9.57% 9.90%(b)(c)
Ratio of net expenses to average net assets+ 0.76%** 0.90%**
Ratio of net investment income to average net assets+ 0.98%** 0.73%**
Portfolio turnover rate 25%** 28%**
Net assets, end of period (in thousands) $1,134 $ 85
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reductions for fees paid indirectly:
Total expenses 0.76%** 1.04%**
Net investment income 0.98%** 0.59%**
Ratios with waiver of fees and assumption of expenses by the Adviser and
reductions for fees paid indirectly:
Net expenses 0.76%** 0.90%**
Net investment income 0.98%** 0.73%**
===========================================================================================================
(a) Class Z shares were first publicly offered on April 2, 2012.
(b) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended March 31, 2013, the total return would have been
8.99%.
(c) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
Notes to Financial Statements | 9/30/13 (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 seven classes of shares designated as Class A, Class B, Class C,
Class K, Class R, Class Y and Class Z shares. Class Y shares were first publicly
offered on April 8, 2009. Class R and Class Z shares were first publicly offered
on April 2, 2012. Class K shares were first publicly offered on December 20,
2012. Effective as of the close of business on December 31, 2009, Class B shares
are no longer offered to new or existing shareholders, except that dividends
and/or capital gain distributions may continue to be reinvested in Class B
shares, and shareholders may exchange their Class B shares for Class B shares of
other Pioneer funds, as permitted by existing exchange privileges. Each class of
shares represents an interest in the same portfolio of investments of the Fund
and has identical rights (based on relative net asset values) to assets and
liquidation proceeds. Share classes can bear different rates of class-specific
fees and expenses such as transfer agent and distribution fees. Differences in
class-specific fees and expenses will result in differences in net investment
income and, therefore, the payment of different dividends from net investment
income earned by each class. The Amended and Restated Declaration of Trust of
the Fund gives the Board the flexibility to specify either per share voting or
dollar-weighted voting when submitting matters for shareholder approval. Under
per share voting, each share of a class of the Fund is entitled to one vote.
Under dollar-weighted voting, a shareholder's voting power is determined not by
the number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class K, Class Y or Class Z
shares. Class B shares convert to Class A shares approximately eight years after
the date of purchase.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 35
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In computing
the net asset value, securities that have traded on an exchange are valued
at the last sale price on the principal exchange where they are traded.
Securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued at the mean
between the last bid and asked prices. Short-term fixed income securities
with remaining maturities of sixty days or less generally are valued at
amortized cost. Shares of money market mutual funds are valued at such
funds' net asset value.
Trading in foreign securities is substantially completed each day at various
times prior to the close of the NYSE. The values of such securities used in
computing the net asset value of the Fund's shares are determined as of such
times.
Securities for which independent pricing services are unable to supply
prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued at the direction or
with the approval of the Valuation Committee using fair value methods
pursuant to procedures adopted by the Board of Trustees. The Valuation
Committee is comprised of certain members 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. Pioneer Investment Management, Inc. (PIM),
the fund's investment adviser, is responsible for monitoring developments
that may impact fair valued securities and for discussing and assessing fair
values on an ongoing basis, and at least quarterly, with the Valuation
Committee.
At September 30, 2013, there were no securities that were valued using fair
value methods (other than securities that were valued using prices supplied
by independent pricing services).
36 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in
the exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, is recorded on the accrual basis. Dividend and
interest income are reported net of unrecoverable foreign taxes withheld at
the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of September 30, 2013, the Fund did not accrue any interest and penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years remain subject to examination by
Federal and State tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
The tax character of distributions paid during the years ended March 31,
2013 and March 31, 2012 was as follows:
----------------------------------------------------------------------------
2013 2012
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 5,683,806 $ 1,805,807
Long-term capital gain 7,858,796 11,332,423
----------------------------------------------------------------------------
Total $13,542,602 $13,138,230
============================================================================
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 37
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2013:
----------------------------------------------------------------------------
2013
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,210,759
Undistributed long-term gain 26,466,499
Net unrealized appreciation 245,935,879
----------------------------------------------------------------------------
Total $273,613,137
============================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales.
C. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly-owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned $66,054 in underwriting commissions on the sale of Class A shares
during the six months ended September 30, 2013.
D. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day. During the six months ended September 30, 2013, the Fund
recognized gains of $987 in the settlement of class action lawsuits from
several different companies, as reflected on the Statement of Operations.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B, Class C and Class R shares of the Fund,
respectively (see Note 4). Class Y and Class Z shares do not pay
distribution fees. All expenses and fees paid to the transfer agent, Pioneer
Investment Management Shareholder Services, Inc. (PIMSS), for its services
are allocated among the classes of shares based on the number of accounts in
each class and the ratable allocation of related out-of-pocket expenses (see
Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class B, Class C, Class R, Class Y
and Class Z shares can reflect different transfer agent and distribution
expense rates.
38 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
E. Risks
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. The Fund's prospectus contains
unaudited information regarding the Fund's principal risks. Please refer to
that document when considering the Fund's principal risks.
F. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. PIM is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
2. Management Agreement
PIM, a wholly-owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.65% of
the Fund's average daily net assets up to $1 billion and 0.60% on assets over $1
billion. For the six months ended September 30, 2013, the effective management
fee (excluding waivers and/or assumption of expenses) was equivalent to 0.65% of
the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.09%, 2.15%, 2.15%, 1.40% and 0.90% of the
average daily net assets attributable to Class A, Class B, Class C, Class R and
Class Z shares, respectively. Class K and Class Y shares do not have an expense
limitation. Fees waived and expenses reimbursed during the six months ended
September 30, 2013 are reflected on the Statement of Operations. These expense
limitations are in effect through August 1, 2014. There can be no assurance that
PIM will extend the expense limitation agreement for a class of shares beyond
the date referred to above.
Prior to August 1, 2012, PIM contractually agreed to limit ordinary operating
expenses of Class A shares to 1.25% of 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.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 39
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $112,011 in management fees, administrative costs and certain
other reimbursements payable to PIM at September 30, 2013.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the six months ended September 30, 2013, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $455,211
Class B 2,988
Class C 52,741
Class R 4,490
Class Y 466,473
Class Z 15
--------------------------------------------------------------------------------
Total $981,918
================================================================================
Included in "Due from affiliates" reflected on the Statement of Assets and
Liabilities is $315,800 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at September 30, 2013.
4. Distribution and Service Plans
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B, Class C and
Class R shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average
daily net assets attributable to Class A shares as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of
the average daily net assets attributable to Class B and Class C shares. The fee
for Class B and Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class B and Class C
shares. Pursuant to the Plan, the Fund further pays PFD 0.50% of the average
daily net assets attributable to Class R shares for distribution services.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $31,743 in distribution fees payable to PFD at September 30,
2013.
40 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
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, Class
Y and Class Z shares) may be subject to a contingent deferred sales charge
(CDSC). A CDSC of 1.00% may be imposed on redemptions of certain net asset value
purchases of Class A shares within 12 months of purchase. Class B shares that
are redeemed within five years of purchase are subject to a CDSC at declining
rates beginning at 4.00%, based on the lower of cost or market value of shares
being redeemed. Redemptions of Class C shares within 12 months of purchase are
subject to a CDSC of 1.00%, based on the lower of cost or market value of shares
being redeemed. Shares purchased as part of an exchange remain subject to any
CDSC that applied to the original purchase of those shares. There is no CDSC for
Class K, Class R, Class Y or Class Z shares. Proceeds from the CDSCs are paid to
PFD. For the six months ended September 30, 2013, CDSCs in the amount of $35,979
were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended September 30, 2013, the Fund's
expenses were not reduced under such arrangements.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility is in the amount of $215 million. Under such facility, depending
on the type of loan, interest on borrowings is payable at the London Interbank
Offered Rate (LIBOR) plus 0.90% on an annualized basis, or the Alternate Base
Rate, which is the greater of (a) the facility's administrative agent's daily
announced prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate
on the borrowing date and (c) 2% plus the overnight Euro dollar rate on the
borrowing date. The Funds pay an annual commitment fee to participate in the
credit facility. The commitment fee is allocated among participating Funds based
on an allocation schedule set forth in the credit agreement. For the six months
ended September 30, 2013, the Fund had no borrowings under the credit facility.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 41
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman John F. Cogan, Jr., President*
David R. Bock Daniel K. Kingsbury, Executive
John F. Cogan, Jr.*** Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer**
Margaret B.W. Graham Christopher J. Kelley, Secretary
Daniel K. Kingsbury
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Chief Executive Officer of the Fund.
** Chief Financial and Accounting Officer of the Fund.
*** Mr. Cogan resigned as Trustee of the Pioneer Funds effective November 12,
2013.
42 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
This page for your notes.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 43
This page for your notes.
44 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2013 Pioneer Investments 19434-07-1113
Pioneer Multi-Asset
Ultrashort Income Fund
--------------------------------------------------------------------------------
Semiannual Report | September 30, 2013
--------------------------------------------------------------------------------
Ticker Symbols:
Class A MAFRX
Class C MCFRX
Class C2 MAUCX*
Class K MAUKX**
Class Y MYFRX
Class Z MAUZX***
*Share class was first publicly offered on August 1, 2013.
**Share class was first publicly offered on December 20, 2012.
***Share class was first publicly offered on April 1, 2013.
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 18
Schedule of Investments 20
Financial Statements 94
Notes to Financial Statements 104
Trustees, Officers and Service Providers 112
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 1
President's Letter
Dear Shareowner,
When we look at the U.S. economy heading into the final quarter of 2013, we
continue to see slow, but steady, growth. Employment has also been rising
steadily, but only modestly. Consumer incomes, savings, wealth, and
debt-servicing capacity have been solid buttresses for the recovering housing
and auto industries. Industrial activity is growing only modestly, but current
corporate profits are generally solid and balance sheets appear able to support
needed capital spending and dividend* payouts. The scaled-back "fiscal cliff"
tax increases and spending cuts have meaningfully cut the budget deficit without
driving the economy into recession. In addition, we feel that continuing slack
in labor markets and capacity utilization offers the potential for continuing
growth without bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve (the Fed)
hinted that it might begin scaling back its "QE" quantitative easing program
later in 2013 and could terminate its bond purchases altogether sometime in
2014. In September, however, the Fed surprised many market participants by
deciding not to start scaling back QE yet. The Fed has also said that short-term
interest rates are likely to remain near zero for some time to come, given that
inflation remains subdued and unemployment remains too high.
As September ended, Congress had not yet passed a continuing resolution to
prevent a government shutdown, nor had it raised the debt ceiling, and a quick
resolution to the impasse appeared unlikely. The U.S. government's partial
shutdown in October rattled the markets to a degree, but did not immediately
have a significant negative impact on the economy or capital markets.
There are certainly risks and uncertainties that continue to plague the global
economy as we head into the final months of the year. The European economy
remains weak, though it is beginning to show signs of stabilization, and a
number of countries in the emerging markets have experienced difficulties.
Still, a potential ending of the European recession, continuing economic
improvement in Japan in response to the new government's easing policies, and a
"soft landing" of 7% growth in China could very well result in an improving
global outlook over the remainder of 2013 and in 2014.
There are also geopolitical worries abroad and the aforementioned political
fights at home, and while most of the widely recognized risks we've outlined may
already be "priced into" the market, we believe investors should continue to
expect market volatility.
* Dividends are not guaranteed.
2 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
The Fed's aggressive monetary policies and fears about economic growth had
helped drive long-term Treasury yields to unsustainably low levels; the return
to more normal levels has resulted in disappointing returns for bond investors
during the first nine months of 2013, but the stock market has delivered
double-digit returns to equity investors who were willing to brave the "wall of
worry".
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in global equity and bond markets, using in-depth research to identify
undervalued individual securities, and using thoughtful risk management to
construct portfolios which balance potential risks and reward in an
ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 3
Portfolio Management Discussion | 9/30/13
In the following interview, portfolio managers Charles Melchreit, Seth Roman,
and Jonathan Sharkey discuss the market environment and the factors that
influenced the performance of Pioneer Multi-Asset Ultrashort Income Fund during
the six-month period ended September 30, 2013. Mr. Melchreit, a senior vice
president and a portfolio manager at Pioneer, Mr. Roman, a vice president and a
portfolio manager at Pioneer, and Mr. Sharkey, a vice president and a portfolio
manager at Pioneer, are responsible for the day-to-day management of the Fund.
Q How would you describe the market environment for fixed-income investors
during the six-month period ended September 30, 2013?
A During the six-month period, the interest-rate backdrop was a negative
factor for bond prices overall. Investor sentiment, with respect to the
U.S. economy, continued to improve, however, driven by strength in such key
sectors as housing and autos. The positive developments helped to fuel
market speculation about the extent to which the U.S. Federal Reserve (the
Fed) would continue to employ extraordinary measures designed to support
the bond market and the economy, leading U.S. Treasury rates to edge
higher. The trend intensified in May after comments by Fed Chairman Ben
Bernanke to the effect that the economy possibly had stabilized
sufficiently to allow for a tapering of the central bank's monthly bond
purchases under its quantitative easing (QE) program. The result was a
significant increase in Treasury rates that extended into September. In
mid-September, however, the Fed, citing lowered growth forecasts and
tighter U.S. fiscal policy, changed its tone and suggested that the
inevitable reduction in the pace of its bond purchases would not follow a
set time table. Treasury rates eased in response, but still ended the
six-month period at well above the levels where they had started.
For the full six-month period, rates rose along the length of the Treasury
yield curve. Specifically, the two-year Treasury yield went from 0.25% to
0.33%; the five-year yield rose to 1.39% (from 0.77%); the 10-year yield
rose from 1.87% to 2.62%; and the 30-year yield went from 3.10% to 3.69%.
While credit-oriented sectors were also hurt by the rise in rates as well
as concerns about tighter fiscal policy, most spreads narrowed modestly
versus Treasuries during the six-month period (credit spreads are commonly
defined as the differences in yield between Treasuries and other types of
fixed-income securities with similar maturities).
4 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
Q How did the Fund perform in that environment during the six-month period
ended September 30, 2013?
A Pioneer Multi-Asset Ultrashort Income Fund's Class A shares returned 0.21%
at net asset value during the six-month period ended September 30, 2013,
while the Fund's benchmark, the Bank of America Merrill Lynch (BofA ML)
U.S. 3-Month LIBOR Index (the BofA ML Index), returned 0.15%. During the
same period, the average return of the 137 mutual funds in Morningstar's
Ultrashort Bond Funds category was 0.00%.
Q Can you review your principal strategies for the Fund during the six-month
period ended September 30, 2013, and how did those strategies affect the
Fund's performance?
A During the period, we continued to maintain a portfolio designed to provide
the Fund's shareholders with higher levels of income than those generated
by cash or money market accounts, while also striving to provide
significant protection to investors' principal against any increase in
market interest rates. The strategy entailed investing the portfolio's
assets in a wide range of mostly high-quality, floating-rate securities
during the period, and fixed-rate instruments with very short remaining
maturities. As of period end, well over 80% of the Fund's assets were
invested in floating-rate issues with interest rates tied to the London
Interbank Offered Rate (LIBOR), or in fixed-rate issues with less than one
year remaining to maturity.
Unlike many other floating-rate portfolios, we tend to focus on the
investment-grade asset classes when investing the Fund's assets. At the
same time, we do seek to have the Fund benefit from credit spreads the
incremental yield available from issues that trade at a yield premium to
Treasuries. In doing so, we seek at all times to maintain diversified*
portfolio exposures to a range of spread sectors. The principal spread
sectors represented in the Fund as of the end of the six-month period
included both agency and non-agency asset-backed securities (ABS) and
mortgage-backed securities (MBS), and investment-grade corporate bonds. In
making purchases, we seek to have the Fund benefit from attractive income
opportunities, while minimizing its exposure to price volatility by
emphasizing securities with shorter remaining maturities.
The Fund's credit exposures generally contributed to benchmark-relative
performance during the six-month period. About half of the Fund's assets
are invested in securitized sectors, primarily high-quality MBS and ABS;
those exposures added the most to the Fund's relative performance during
the period. Within ABS, the Fund has significant exposure to home equity
loans, an area where we have seen reasonable valuations, as that portion of
* Diversification does not assure a profit nor protect against loss in a
declining market.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 5
the ABS market has continued to benefit from a firming in housing prices.
Within MBS, the Fund has positions in floating-rate agency collateralized
mortgage obligations (CMOs), but we have been backing off on further
purchases of CMOs as interest rates have risen and the issues have crept
closer to their rate caps. Meanwhile, we have been adding to the Fund's
commercial mortgage-backed (CMBS) holdings, another area where we have
found attractive valuation opportunities.
The Fund's performance relative to the benchmark BofA ML Index also was
helped by the portfolio's allocation to investment-grade corporates during
the six-month period, as the sector continued to be supported by generally
strong corporate profitability and cash-rich balance sheets. Given the
market's concerns that interest rates may be headed higher when the Fed
eventually tapers QE, there was substantial new issuance during the period,
and we sought to have the Fund capitalize on the situation. Our focus
within the portfolio's investment-grade corporate holdings has been on
two-to-three-year floating-rate issues within the industrials and
financials sectors. We also purchased fixed-rate issues with maturities of
15 months or less, with a focus on bank issuers. We like bank issuers due
to their strengthened capital structures and lower earnings volatility in
the wake of industry reforms following the financial crisis of a few years
ago. While our focus is on the investment-grade sectors, we also include
representation in the portfolio from below-investment-grade asset
categories, where we believe the incremental income offered by those
securities provides the Fund with an attractive tradeoff between risk and
reward. In that vein, the Fund also has a meaningful position in leveraged
bank loans, which continue to display low default rates while at the same
time providing attractive incremental income.
As always, we are mindful that many investors view the Fund as a source of
liquidity in their portfolios. As such, we have maintained significant
liquidity in the portfolio, which should allow the Fund to meet shareholder
redemption requests, without forced selling. In that part of the portfolio,
we have been focusing on agency bonds with floating-rate coupons to gain
the requisite liquidity and income, given that short-term Treasury yields
remain at unattractive levels.
6 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
Q What is your assessment of the current investment climate for the Fund?
A We believe U.S. Treasury securities continue to be unattractive investments
when compared with the spread sectors. With continued modest economic
growth and low inflation in the United States, Europe emerging from
recession, and growth in China reasonably strong, we continue to expect an
economic backdrop that should be sufficient to support fundamentals in the
credit sectors. Given that outlook, we expect to maintain a tilt toward
spread sectors within the Fund's portfolio.
ABS continues to be the largest asset-class weighting in the Fund.
Fundamentals for the sector remain sound as consumers continue to benefit
from an improved economy. That said, we are trimming the portfolio's ABS
exposure wherever we feel that fair value (in relation to risk) has been
reached. We have been reallocating those assets into less expensive issues
within other sectors, including commercial MBS and investment-grade
corporates.
Overall, recent quarters have seen significant spread narrowing across the
credit sectors, making the process of identifying high-quality securities
that are trading at attractive valuations especially labor intensive. We
have been strongly focused on individual security selection when choosing
the portfolio's investments, and are being careful not to assume risk for
which the Fund is not adequately compensated.
In all market environments, we will continue to seek to provide the Fund's
shareholders with both higher income than that available from cash
vehicles, and protection against any future increase in market interest
rates.
Please refer to the Schedule of Investments on pages 20-93 for a full listing of
Fund securities.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 7
All investments are subject to risk, including the possible loss of principal.
Pioneer Multi-Asset Ultrashort Income ("MAUI") Fund has the ability to invest in
a wide variety of debt securities.
The Fund may invest in underlying funds (ETFs and unit investment trusts). In
addition to the Fund's operating expenses, you will indirectly bear the
operating expenses of investments in any underlying funds.
The Fund and some of the underlying funds employ leverage, which increases the
volatility of investment returns and subjects the Fund to magnified losses if an
underlying fund's investments decline in value.
The Fund and some of the underlying funds may use derivatives, such as options
and futures, which can be illiquid, may disproportionately increase losses, and
have a potentially large impact on Fund performance.
The Fund may invest in inflation-linked securities. As inflationary expectations
increase, inflation-linked securities may become more attractive, because they
protect future interest payments against inflation. Conversely, as inflationary
concerns decrease, inflation-linked securities will become less attractive and
less valuable.
The Fund may invest in credit default swaps, which may in some cases be
illiquid, and they increase credit risk since the Fund has exposure to both the
issuer of the referenced obligation and the counterparty to the credit default
swap.
The Fund may invest in subordinated securities which may be disproportionately
adversely affected by a default or even a perceived decline in creditworthiness
of the issuer.
The Fund may invest in floating-rate loans. The value of collateral, if any,
securing a floating-rate loan can decline or may be insufficient to meet the
issuer's obligations or may be difficult to liquidate.
The Fund may invest in event-linked bonds. The return of principal and the
payment of interest on event-linked bonds are contingent on the non-occurrence
of a pre-defined "trigger" event, such as a hurricane or an earthquake of a
specific magnitude.
The Fund may invest in zero-coupon bonds and payment-in-kind securities, which
may be more speculative and fluctuate more in value than other fixed income
securities. The accrual of income from these securities are payable as taxable
annual dividends to shareholders.
Investments in equity securities are subject to price fluctuation.
8 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
International investments are subject to special risks including currency
fluctuations, social, economic and political uncertainties, which could increase
volatility. These risks are magnified in emerging markets.
Investments in fixed-income securities involve interest rate, credit, inflation,
and reinvestment risks. As interest rates rise, the value of fixed income
securities falls.
The Fund may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-income
securities. Mortgage-backed securities are also subject to pre-payments.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
High yield bonds possess greater price volatility, illiquidity, and possibility
of default.
There may be insufficient or illiquid collateral securing the floating rate
loans held within the Fund. This may reduce the future redemption or recovery
value of such loans.
The Fund may have disadvantaged access to confidential information that could be
used to assess a loan issuer, as Pioneer normally seeks to avoid receiving
material, non-public information.
Pioneer Multi-Asset Ultrashort Income Fund is not a money market fund.
These risks may increase share price volatility.
There is no assurance that these and other strategies used by the Fund or
underlying funds will be successful.
Please see the prospectus for a more complete discussion of the Fund's risks.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should
not be relied upon for any other purposes.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 9
Portfolio Summary | 9/30/13
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Collateralized Mortgage Obligations 30.3%
Asset Backed Securities 22.7%
U.S. Corporate Bonds 15.1%
Senior Secured Loans 8.5%
International Corporate Bonds 8.4%
U.S. Government Securities 6.7%
Municipal Bonds 4.3%
Temporary Cash Investment 4.0%
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio; based on S&P ratings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
AAA 37.5%
AA 17.1%
A 18.6%
BBB 9.0%
BB 10.4%
B 3.2%
CCC 0.1%
Not Rated 2.1%
Cash Equivalent 2.0%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Federal National Mortgage Association, Floating Rate Note, 3/4/14 1.02%
--------------------------------------------------------------------------------------------------------
2. Permanent University Fund, Floating Rate Note, 7/1/37 0.71
--------------------------------------------------------------------------------------------------------
3. Maryland Health & Higher Educational Facilities Authority, Floating Rate Note, 7/1/36 0.66
--------------------------------------------------------------------------------------------------------
4. Connecticut State Health & Educational Facility Authority, Floating Rate Note, 7/1/36 0.63
--------------------------------------------------------------------------------------------------------
5. Ford Motor Credit Co LLC, 0.0% 0.50
--------------------------------------------------------------------------------------------------------
6. Federal Home Loan Banks, Floating Rate Note, 4/24/14 0.48
--------------------------------------------------------------------------------------------------------
7. Harris County Health Facilities Development Corp., Floating Rate Note, 12/1/41 0.43
--------------------------------------------------------------------------------------------------------
8. Federal National Mortgage Association, Floating Rate Note, 10/25/13 0.42
--------------------------------------------------------------------------------------------------------
9. Federal National Mortgage Association, Floating Rate Note, 6/23/14 0.40
--------------------------------------------------------------------------------------------------------
10. British Telecommunications Plc, Floating Rate Note, 12/20/13 0.40
--------------------------------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
10 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
Prices and Distributions | 9/30/13
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 9/30/13 3/31/13
--------------------------------------------------------------------------------
A $10.05 $10.08
--------------------------------------------------------------------------------
C $10.04 $10.07
--------------------------------------------------------------------------------
K $10.06 $10.08
--------------------------------------------------------------------------------
Y $10.06 $10.09
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 9/30/13 8/1/13*
--------------------------------------------------------------------------------
C2 $10.04 $10.04
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 9/30/13 4/1/13**
--------------------------------------------------------------------------------
Z $10.04 $10.08
--------------------------------------------------------------------------------
Distributions per Share: 3/31/13-9/30/13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.0515 $ -- $ --
--------------------------------------------------------------------------------
C $0.0381 $ -- $ --
--------------------------------------------------------------------------------
C2 $0.0094 $ -- $ --
--------------------------------------------------------------------------------
K $0.0629 $ -- $ --
--------------------------------------------------------------------------------
Y $0.0609 $ -- $ --
--------------------------------------------------------------------------------
Z $0.0682 $ -- $ --
--------------------------------------------------------------------------------
The Bank of America Merrill Lynch U.S. Dollar 3-Month LIBOR Index is an
unmanaged index that tracks the performance of a synthetic asset paying the
London Interbank Offered Rate (LIBOR), with a constant 3-month average maturity.
The index is based on the assumed purchase at par value of a synthetic
instrument having exactly its stated maturity and with a coupon equal to that
day's 3-month LIBOR rate. Index returns assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees, expenses or sales charges. It is
not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 12-17.
* Class C2 shares commenced operations on April 1, 2013.
** Class Z shares commenced operations on August 1, 2013.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 11
Performance Update | 9/30/13 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 U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2013)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.58% 0.51%
1 Year 0.87 -1.66
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.72%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset BofA Merrill Lynch U.S.
Ultrashort Income Fund Dollar 3-Month LIBOR Index
4/30/2011 $ 9,750 $ 10,000
9/30/2011 $ 9,756 $ 10,009
9/30/2012 $ 10,037 $ 10,058
9/30/2013 $ 10,124 $ 10,089
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 2.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
Performance Update | 9/30/13 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 U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.03% 1.03%
1 Year 0.59 0.59
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.03%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset BofA Merrill Lynch U.S.
Ultrashort Income Fund Dollar 3-Month LIBOR Index
4/30/2011 $ 10,000 $ 10,000
9/30/2011 $ 9,975 $ 10,009
9/30/2012 $ 10,191 $ 10,058
9/30/2013 $ 10,252 $ 10,089
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares purchased prior to July 1, 2012, and held for less than one year
are subject to a 1% contingent deferred sales charge (CDSC). "If Held" results
represent the percent change in net asset value per share. Returns would have
been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 13
Performance Update | 9/30/13 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 U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.03% 1.03%
1 Year 0.58 0.58
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.03%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset BofA Merrill Lynch U.S.
Ultrashort Income Fund Dollar 3-Month LIBOR Index
4/30/2011 $ 10,000 $ 10,000
9/30/2011 $ 9,975 $ 10,009
9/30/2012 $ 10,191 $ 10,058
9/30/2013 $ 10,250 $ 10,089
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C2 shares held for less than 1 year are subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percentage change
in net asset value per share. Returns would have been lower had sales charges
been reflected. All results are historical and assume the reinvestment of
dividends and capital gains. Other share classes are available for which
performance and expenses will differ.
The performance shown for periods prior to the commencement of operations of
Class C2 shares on August 1, 2013, is the net asset value performance of the
Fund's Class C shares, which has not been restated to reflect any differences in
expenses. For the period beginning August 1, 2013, the actual performance of
Class C2 shares is reflected.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
Performance Update | 9/30/13 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class K shares of Pioneer Multi-Asset Ultrashort Income Fund
during the periods shown, compared to that of the Bank of America (BofA) Merrill
Lynch U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.70% 1.70%
1 Year 1.15 1.15
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.53%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset BofA Merrill Lynch U.S.
Ultrashort Income Fund Dollar 3-Month LIBOR Index
4/30/2011 $ 10,000 $ 10,000
9/30/2011 $ 10,010 $ 10,009
9/30/2012 $ 10,298 $ 10,058
9/30/2013 $ 10,416 $ 10,089
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on December 20, 2012, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. For the period
beginning on December 20, 2012, the actual performance of Class K shares is
reflected. Class K shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 15
Performance Update | 9/30/13 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 U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.83% 1.83%
1 Year 1.07 1.07
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.55%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Multi-Asset BofA Merrill Lynch U.S.
Ultrashort Income Fund Dollar 3-Month LIBOR Index
4/30/2011 $ 5,000,000 $ 5,000,000
9/30/2011 $ 5,008,825 $ 5,004,742
9/30/2012 $ 5,169,696 $ 5,028,849
9/30/2013 $ 5,224,861 $ 5,044,939
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
16 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
Performance Update | 9/30/13 Class Z Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class Z shares of Pioneer Multi-Asset Ultrashort Income Fund
during the periods shown, compared to that of the Bank of America (BofA) Merrill
Lynch U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.61% 1.61%
1 Year 0.95 0.95
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.55%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset BofA Merrill Lynch U.S.
Ultrashort Income Fund Dollar 3-Month LIBOR Index
4/30/2011 $ 10,000 $ 10,000
9/30/2011 $ 10,010 $ 10,009
9/30/2012 $ 10,298 $ 10,058
9/30/2013 $ 10,395 $ 10,089
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the commencement of operations of Class Z
shares on April 1, 2013, is the net asset value performance of the Fund's Class
A shares. The performance does not reflect differences in expenses, including
the Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares
are generally higher than those of Class Z shares, the performance for Class Z
shares prior to their inception on April 1, 2013, would have been higher than
that shown. For the period beginning April 1, 2013, the actual performance of
Class Z shares is reflected.
Class Z shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 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, 2013, through September 30, 2013.
------------------------------------------------------------------------------------------------
Share Class A C C2 K Y Z
------------------------------------------------------------------------------------------------
Beginning Account Value
on 4/1/13** $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
------------------------------------------------------------------------------------------------
Ending Account Value
(after expenses)
on 9/30/13 $1,002.10 $1,000.80 $1,000.90 $1,004.30 $1,003.10 $1,002.80
------------------------------------------------------------------------------------------------
Expenses Paid During
Period* $ 3.31 $ 4.87 $ 1.64 $ 2.06 $ 2.66 $ 2.31
------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.66%, 0.97%,
0.98%, 0.41% 0.53%, and 0.46% for Class A, Class C, Class C2, Class K,
Class Y and Class Z shares, respectively, multiplied by the average account
value over the period, multiplied by 183/365 (61/365 for Class C2 shares)
(to reflect the partial year period).
** Class C2 shares were first publicly offered on August 1, 2013.
18 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
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, 2013, through September 30, 2013.
------------------------------------------------------------------------------------------------
Share Class A C C2 K Y Z
------------------------------------------------------------------------------------------------
Beginning Account Value
on 4/1/13** $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
------------------------------------------------------------------------------------------------
Ending Account Value
(after expenses)
on 9/30/13 $1,021.76 $1,020.21 $1,006.72 $1,023.01 $1,022.41 $1,022.76
------------------------------------------------------------------------------------------------
Expenses Paid During
Period* $ 3.35 $ 4.91 $ 1.64 $ 2.08 $ 2.69 $ 2.33
------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.66%, 0.97%,
0.98%, 0.41% 0.53%, and 0.46% for Class A, Class C, Class C2, Class K,
Class Y and Class Z shares, respectively, multiplied by the average account
value over the period, multiplied by 183/365 (61/365 for Class C2 shares)
(to reflect the partial year period).
** Class C2 shares were first publicly offered on August 1, 2013.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 19
Schedule of Investments | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 22.6%
MATERIALS -- 6.3%
Commodity Chemicals -- 0.1%
1,275,000 0.78 NR/Aaa CNH Wholesale Master Note Trust,
Floating Rate Note, 8/15/19 (144A) $ 1,277,426
-------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.2%
3,000,000 0.58 AAA/NR BMW Floorplan Master Owner Trust,
Floating Rate Note, 9/15/17 (144A) $ 3,000,434
-------------------------------------------------------------------------------------------------------
Aluminum -- 0.0%+
593,635 0.33 B-/Ba3 JP Morgan Mortgage Acquisition Trust
2006-CW1, Floating Rate Note,
5/25/36 $ 563,614
-------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.0%+
317,157 6.50 BB+/Baa2 ACE Securities Corp. Manufactured
Housing Trust Series 2003-MH1, Floating
Rate Note, 8/15/30 (144A) $ 317,809
612,074 BB+/Baa1 Credit-Based Asset Servicing and
Securitization LLC, 4.935%, 4/25/37
(Step) 619,521
-------------
$ 937,330
-------------------------------------------------------------------------------------------------------
Steel -- 5.1%
126,138 2.95 BB+/Caa2 ABFC 2003-WMC1 Trust, Floating Rate
Note, 3/25/33 $ 116,581
65,483 0.90 BBB+/Baa3 ABFC 2005-HE2 Trust, Floating Rate
Note, 6/25/35 65,461
811,652 0.49 AAA/Aa3 ABFC 2005-WF1 Trust, Floating Rate
Note, 12/25/34 786,288
1,110,000 0.59 CCC/A3 Accredited Mortgage Loan Trust 2005-2,
Floating Rate Note, 7/25/35 1,051,499
1,552,732 1.98 BB+/Ba3 ACE Securities Corp. Home Equity Loan
Trust Series 2002-HE3, Floating Rate
Note, 10/25/32 1,500,981
214,107 0.65 AA+/A3 ACE Securities Corp. Home Equity Loan
Trust Series 2005-HE5, Floating Rate
Note, 8/25/35 213,955
1,097,438 0.99 D/Baa3 Aegis Asset Backed Securities Trust
2004-6, Floating Rate Note, 3/25/35 1,095,529
763,987 0.73 AAA/Aaa Aegis Asset Backed Securities Trust
Mortgage Pass- Through Ctfs Series
2004-3, Floating Rate Note, 9/25/34 756,431
1,940,770 1.14 AAA/Aaa Aegis Asset Backed Securities Trust
Mortgage Pass-Through Certificates
Series 2004-2, Floating Rate Note,
6/25/34 1,919,422
1,087,068 0.73 AAA/Aa1 Aegis Asset Backed Securities Trust
Mortgage Pass-Through Certificates
Series 2004-4, Floating Rate Note,
10/25/34 1,056,759
The accompanying notes are an integral part of these financial statements.
20 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Steel -- (continued)
580,636 3.93 A/Baa1 Ameriquest Mort Sec Inc Asset Backed
Pass Thr Cert 03 AR3, Floating Rate
Note, 6/25/33 $ 603,475
724,529 0.88 BBB+/Baa3 Asset Backed Securities Corp Home
Equity Loan Trust Series 2005-HE3,
Floating Rate Note, 4/25/35 710,956
1,500,545 0.38 BB/Ba3 Asset Backed Securities Corp Home
Equity Loan Trust Series AEG 2006-HE1,
Floating Rate Note, 1/25/36 1,409,852
902,539 0.59 AAA/Aa1 Bayview Financial Mortgage Pass-Through
Trust 2005-C, Floating Rate Note,
6/28/44 890,315
1,666,433 0.53 AAA/Aaa Bayview Financial Mortgage Pass-Through
Trust 2006-A, Floating Rate Note,
2/28/41 1,653,723
354,172 0.48 AAA/Aaa Bayview Financial Mortgage Pass-Through
Trust 2006-A, Floating Rate Note,
2/28/41 348,874
1,890,409 0.48 AA+/A1 Bayview Financial Mortgage Pass-Through
Trust 2006-B, Floating Rate Note,
4/28/36 1,805,834
937,743 0.45 AA+/A1 Bayview Financial Mortgage Pass-Through
Trust 2006-B, Floating Rate Note,
4/28/36 895,269
1,899,351 0.63 AA/Aa2 Bayview Financial Mortgage Pass-Through
Trust Series 2005-B, Floating Rate Note,
4/28/39 1,858,031
2,950,547 0.68 A+/Ba3 Bear Stearns Asset Backed Securities
I Trust 2005-FR1, Floating Rate Note,
6/25/35 2,866,533
1,549,819 0.68 AA+/NR Bear Stearns Asset Backed Securities
I Trust 2005-HE8, Floating Rate Note,
8/25/35 1,545,469
75,258 0.27 BBB/Baa2 Bear Stearns Asset Backed Securities
I Trust 2007-HE5, Floating Rate Note,
6/25/47 74,856
7,477 0.68 AAA/NR Bear Stearns Asset Backed Securities
Trust 2004-2, Floating Rate Note,
8/25/34 7,225
323,121 0.78 AAA/NR Bear Stearns Asset Backed Securities
Trust 2004-2, Floating Rate Note,
8/25/34 313,548
1,009,482 0.31 CCC/Ba1 Bear Stearns Asset Backed Securities
Trust 2006-4, Floating Rate Note,
10/25/36 994,270
401,028 1.18 BBB/A1 Bear Stearns Structured Products Trust
2007-EMX1, Floating Rate Note,
3/25/37 (144A) 393,092
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 21
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Steel -- (continued)
808,672 0.43 BBB/NR BNC Mortgage Loan Trust 2007-4,
Floating Rate Note, 11/25/37 $ 796,126
53,868 0.45 AA+/A1 Citigroup Mortgage Loan Trust 2006-HE1,
Floating Rate Note, 1/25/36 53,160
1,451 D/NR Delta Funding Home Equity Loan Trust
1997-2, 7.04%, 6/25/27 1,512
32,763 A-/WR EquiVantage Home Equity Loan Trust
1997-1, 8.05%, 3/25/28 (Step) 32,526
264,171 0.58 AA+/Aa2 First NLC Trust 2005-2, Floating Rate
Note, 9/25/35 257,361
2,162,236 0.96 AA+/Baa1 GSAA Home Equity Trust 2004-6,
Floating Rate Note, 6/25/34 2,130,185
240,622 0.92 AAA/Aa2 GSAA Home Equity Trust 2004-8,
Floating Rate Note, 9/25/34 236,898
1,488,531 0.43 B+/B3 GSAA Home Equity Trust 2005-11,
Floating Rate Note, 10/25/35 1,483,293
3,404,000 0.65 A+/A3 Home Equity Asset Trust 2005-6,
Floating Rate Note, 12/25/35 3,303,521
2,595,113 0.56 A+/A2 Home Equity Asset Trust 2005-7,
Floating Rate Note, 1/25/36 2,479,363
159,953 0.36 BBB+/A1 Home Equity Asset Trust 2006-3,
Floating Rate Note, 7/25/36 159,446
2,087,451 0.29 CCC/Ba1 Home Equity Asset Trust 2006-8,
Floating Rate Note, 3/25/37 2,063,277
250,101 0.45 A/A3 Home Equity Mortgage Loan
Asset-Backed Trust Series INABS
2005-C, Floating Rate Note, 10/25/35 246,564
292,694 0.44 AAA/Aaa HSBC Home Equity Loan Trust 2005-3,
Floating Rate Note, 1/20/35 286,992
677,698 0.60 AA+/Aa1 HSBC Home Equity Loan Trust 2005-3,
Floating Rate Note, 1/20/35 661,881
4,674,000 0.43 AAA/Aaa HSBC Home Equity Loan Trust USA
2006-3, Floating Rate Note, 3/20/36 4,496,926
100,000 1.33 AA+/Aaa HSBC Home Equity Loan Trust USA
2007-3, Floating Rate Note, 11/20/36 98,824
1,983,295 1.38 A+/Aa2 HSBC Home Equity Loan Trust USA
2007-3, Floating Rate Note, 11/20/36 1,974,067
675,519 0.75 AAA/A1 Irwin Whole Loan Home Equity Trust
2005-C, Floating Rate Note, 4/25/30 669,283
964,186 0.52 BB/A2 IXIS Real Estate Capital Trust 2005-HE4,
Floating Rate Note, 2/25/36 934,198
1,690,164 0.40 BB+/Ba1 JP Morgan Mortgage Acquisition Corp
2005-FRE1, Floating Rate Note,
10/25/35 1,625,890
428,510 0.83 AA+/A3 Mastr Asset Backed Securities Trust
2004-HE1, Floating Rate Note, 9/25/34 427,288
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Steel -- (continued)
160,613 0.43 AA+/Aa2 Mastr Asset Backed Securities Trust
2005-FRE1, Floating Rate Note,
10/25/35 $ 159,991
3,022,914 0.41 BB+/A2 Mastr Asset Backed Securities Trust
2006-AB1, Floating Rate Note, 2/25/36 2,905,685
5,274,667 0.37 B-/Ba3 Mastr Asset Backed Securities Trust
2006-NC1, Floating Rate Note, 1/25/36 5,143,027
834,408 0.91 A/Aa1 Merrill Lynch Mortgage Synthetic,
Floating Rate Note, 6/28/35 (144A) 802,807
110,014 0.88 AA-/Ba2 Morgan Stanley ABS Capital I Inc Trust
2005-WMC3, Floating Rate Note,
3/25/35 109,397
1,564,252 0.60 AA/A3 Morgan Stanley ABS Capital I, Inc. Trust
2005-NC2, Floating Rate Note, 3/25/35 1,545,849
1,210,928 0.50 A+/Baa1 Morgan Stanley Home Equity Loan Trust
2005-4, Floating Rate Note, 9/25/35 1,135,281
892,030 0.33 B-/Caa2 Nationstar Home Equity Loan Trust
2007-A, Floating Rate Note, 3/25/37 831,253
803,247 0.53 AAA/Aaa New Century Home Equity Loan Trust
2005-1, Floating Rate Note, 3/25/35 780,089
883,318 0.44 NR/Aaa New Century Home Equity Loan Trust
2005-2, Floating Rate Note, 6/25/35 881,407
5,971 0.48 AAA/Aa1 New Century Home Equity Loan Trust
2005-2, Floating Rate Note, 6/25/35 5,956
1,618,928 1.30 BBB+/Baa3 New Century Home Equity Loan Trust
Series 2003-4, Floating Rate Note,
10/25/33 1,559,793
325,028 0.65 A+/Aa3 Nomura Home Equity Loan Inc Home
Equity Loan Trust Series 2005-FM1,
Floating Rate Note, 5/25/35 318,008
2,443,000 1.83 AA/A1 NovaStar Mortgage Funding Trust Series
2004-4, Floating Rate Note, 3/25/35 2,384,373
233,645 0.98 AA+/NR Option One Mortgage Loan Trust 2005-1,
Floating Rate Note, 2/25/35 227,120
2,080,063 0.44 AA+/Aa3 Option One Mortgage Loan Trust 2005-4
Asset-Backed Certificates Series 2005-4,
Floating Rate Note, 11/25/35 2,040,825
76,367 AA-/A2 Option One Mortgage Loan Trust
2007-FXD2, 5.9%, 3/25/37 (Step) 74,253
1,899,817 1.30 NR/Baa1 Option One Woodbridge Loan Trust
2002-1, Floating Rate Note, 9/25/14
(144A) 1,875,372
800,000 0.93 AAA/Aaa Penarth Master Issuer Plc, Floating Rate
Note, 11/18/15 (144A) 800,152
2,465,000 0.75 AAA/Aaa Penarth Master Issuer Plc, Floating Rate
Note, 3/18/14 (144A) 2,465,074
112,840 0.66 AA+/Aa3 RASC Series 2005-EMX2 Trust, Floating
Rate Note, 7/25/35 109,773
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 23
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Steel -- (continued)
277,689 0.61 AA/A2 RASC Series 2005-KS3 Trust, Floating
Rate Note, 4/25/35 $ 275,001
1,635,196 0.62 AA+/A1 RASC Series 2005-KS7 Trust, Floating
Rate Note, 8/25/35 1,607,193
719,427 0.38 BBB+/Baa3 Specialty Underwriting & Residential
Finance Trust Series 2006-BC1, Floating
Rate Note, 12/25/36 707,937
3,640,376 0.48 BBB+/B1 Specialty Underwriting & Residential
Finance Trust Series 2006-BC1, Floating
Rate Note, 12/25/36 3,387,151
2,770,097 0.48 A+/Caa2 Structured Asset Securities Corp
Mortgage Loan Trust 2005-S7, Floating
Rate Note, 12/25/35 (144A) 2,643,994
820,472 1.12 AA+/A1 Terwin Mortgage Trust Series TMTS
2003-8HE, Floating Rate Note,
12/25/34 790,006
668,753 0.63 AA+/A2 Terwin Mortgage Trust Series TMTS
2005-10HE, Floating Rate Note,
6/25/36 641,339
189,000 0.59 AAA/A3 Wells Fargo Home Equity Asset-Backed
Securities 2005-2 Trust, Floating Rate
Note, 11/25/35 187,057
-------------
$ 85,747,972
-------------------------------------------------------------------------------------------------------
Paper Products -- 0.9%
2,392,100 1.63 AAA/NR Cabela's Master Credit Card Trust,
Floating Rate Note, 1/16/18 (144A) $ 2,428,046
1,500,000 0.78 AAA/NR Cabela's Master Credit Card Trust,
Floating Rate Note, 6/17/19 (144A) 1,509,363
540,000 0.38 AAA/Aaa Discover Card Execution Note Trust,
Floating Rate Note, 1/16/18 540,205
5,865,000 0.53 NR/Aaa Discover Card Execution Note Trust,
Floating Rate Note, 8/15/16 5,871,428
1,000,000 0.33 AAA/Aaa Dryrock Issuance Trust, Floating Rate
Note, 8/15/17 997,910
1,300,000 1.03 AAA/Aaa Gracechurch Card Funding Plc, Floating
Rate Note, 5/15/19 (144A) 1,304,355
1,000,000 0.88 AAA/Aaa Gracechurch Card Funding Plc, Floating
Rate Note, 6/15/17 (144A) 1,004,624
1,500,000 0.68 NR/Aaa Master Credit Card Trust II, Floating Rate
Note, 1/22/18 (144A) 1,500,198
-------------
$ 15,156,129
-------------
Total Materials $ 106,682,905
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.0%+
Industrial Machinery -- 0.0%+
640 AAA/Aaa CIT Equipment Collateral 2012-VT1,
0.85%, 5/20/14 (144A) $ 640
-------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%+
322,917 0.37 BBB/Baa2 TAL Advantage I LLC, Floating Rate Note,
4/20/21 (144A) $ 318,309
-------------
Total Capital Goods $ 318,949
-------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.5%
Automobile Manufacturers -- 0.5%
1,727,836 AAA/NR AmeriCredit Automobile Receivables Trust
2013-1, 0.49%, 6/8/16 $ 1,726,792
1,500,000 AAA/Aaa AmeriCredit Automobile Receivables Trust
2013-4, 0.74%, 11/8/16 1,500,501
733,732 AAA/NR AmeriCredit Automobile Receivables Trust,
0.51%, 1/8/16 733,516
720,097 NR/Aaa BMW Vehicle Owner Trust 2011-A, 0.76%,
8/25/15 720,904
2,092,759 1.18 AA-/NR Hyundai Capital Auto Funding VIII, Ltd.,
Floating Rate Note, 9/20/16 (144A) 2,071,831
87,842 AA+/NR Santander Drive Auto Receivables Trust
2011-S2, 2.06%, 6/15/17 (144A) 88,195
83,235 AA/NR Santander Drive Auto Receivables Trust
2011-S2, 2.86%, 6/15/17 (144A) 83,734
99,720 AA-/NR Santander Drive Auto Receivables Trust
2011-S2, 3.35%, 6/15/17 (144A) 100,148
22,729 AAA/Aaa Santander Drive Auto Receivables Trust
2012-1, 1.25%, 4/15/15 22,744
321,421 AAA/Aaa Santander Drive Auto Receivables Trust
2012-2, 0.91%, 5/15/15 321,485
397,155 AAA/Aaa Santander Drive Auto Receivables Trust
2012-5, 0.57%, 12/15/15 397,139
-------------
$ 7,766,989
-------------
Total Automobiles & Components $ 7,766,989
-------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
656,638 A/NR Westgate Resorts 2012-2 LLC, 3.0%,
1/20/25 (144A) $ 658,075
1,208,118 NR/NR Westgate Resorts 2012-A LLC, 3.75%,
8/20/25 (144A) 1,188,864
255,390 A/NR Westgate Resorts LLC, 2.5%, 3/20/25
(144A) 254,752
-------------
$ 2,101,691
-------------
Total Consumer Services $ 2,101,691
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 25
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
RETAILING -- 0.4%
Automotive Retail -- 0.4%
1,150,000 NR/Aaa Avis Budget Rental Car Funding AESOP
LLC, 2.09%, 4/20/15 (144A) $ 1,155,929
1,160,000 AAA/NR Ford Credit Auto Owner Trust 2013-C,
0.55%, 4/15/16 1,160,962
1,650,019 AAA/Aaa Hyundai Auto Receivables Trust 2013-A,
0.4%, 12/15/15 1,649,849
2,000,000 0.43 AAA/Aaa Volkswagen Auto Lease Trust 2013-A,
Floating Rate Note, 12/21/15 2,000,020
-------------
$ 5,966,760
-------------
Total Retailing $ 5,966,760
-------------------------------------------------------------------------------------------------------
BANKS -- 9.1%
Diversified Banks -- 0.0%+
174,204 0.56 AA/Aaa KeyCorp Student Loan Trust 2004-A,
Floating Rate Note, 10/28/41 $ 171,151
142,188 0.27 NR/Aa1 Wells Fargo Home Equity Asset-Backed
Securities 2007-2 Trust, Floating Rate
Note, 4/25/37 141,588
-------------
$ 312,739
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 9.1%
388,524 0.36 BB+/Ba3 ACE Securities Corp. Home Equity Loan
Trust Series 2006-ASAP2, Floating Rate
Note, 3/25/36 $ 375,459
336,972 AAA/Aaa Ally Auto Receivables Trust 2011-4,
0.79%, 9/15/15 337,251
50,385 AAA/Aaa Ally Auto Receivables Trust 2012-4,
0.48%, 5/15/15 50,376
28,703 A+/NR American Credit Acceptance Receivables
Trust 2012-1, 3.04%, 10/15/15 (144A) 28,846
167,454 NR/Aaa AmeriCredit Automobile Receivables Trust
2011-3, 1.17%, 1/8/16 167,609
288,686 AAA/Aaa AmeriCredit Automobile Receivables Trust
2012-1, 0.91%, 10/8/15 288,825
563,725 0.51 A+/A1 Ameriquest Mortgage Securities Inc Asset
Backed Pass-Through Ctfs Ser 2005-R11,
Floating Rate Note, 1/25/36 552,645
317,934 0.63 AAA/Aaa Ameriquest Mortgage Securities Inc
Asset-Backed Pass-Through Ctfs Ser
2004 R3, Floating Rate Note, 5/25/34 313,753
131,616 0.48 AA+/Aa1 Ameriquest Mortgage Securities Inc
Asset-Backed Pass-Through Ctfs Ser
2004-R11, Floating Rate Note,
11/25/34 130,649
2,044,323 0.63 AA+/A3 Ameriquest Mortgage Securities Inc
Asset-Backed Pass-Through Ctfs Ser
2005-R1, Floating Rate Note, 3/25/35 2,012,548
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
335,867 0.40 AA+/A2 Ameriquest Mortgage Securities Inc
Asset-Backed Pass-Through Ctfs Ser
2005-R10, Floating Rate Note, 1/25/36 $ 333,536
61,850 0.38 AA+/Aaa Ameriquest Mortgage Securities Inc
Asset-Backed Pass-Through Ctfs Ser
2005-R6, Floating Rate Note, 8/25/35 60,624
369,928 0.73 AAA/NR ARI Fleet Lease Trust 2012-A, Floating
Rate Note, 3/15/20 (144A) 370,723
545,276 0.48 AAA/NR ARI Fleet Lease Trust 2012-B, Floating
Rate Note, 1/15/21 (144A) 544,336
1,260,000 AAA/NR ARI Fleet Lease Trust 2013-A, 0.7%,
12/15/15 (144A) 1,258,824
1,519,248 1.93 A/NR ARL First LLC, Floating Rate Note,
12/15/42 (144A) 1,528,743
277,546 NR/NR Ascentium Equipment Receivables LLC,
1.83%, 9/15/19 (144A) 277,224
67,947 AA+/A3 Bayview Financial Acquisition Trust,
6.205%, 5/28/37 (Step) 72,891
2,311,977 0.85 AAA/Aa1 Bayview Financial Acquisition Trust,
Floating Rate Note, 2/28/44 2,263,085
55,292 0.81 AAA/Aaa Bayview Financial Acquisition Trust,
Floating Rate Note, 5/28/44 54,413
404,109 0.76 AAA/Aaa Bayview Financial Acquisition Trust,
Floating Rate Note, 8/28/44 401,426
671,129 3.47 NR/NR Bayview Opportunity Master Fund IIa
Trust 2012-4NPL, Floating Rate Note,
7/28/32 (144A) 671,988
134,741 0.58 AAA/A1 Bear Stearns Asset Backed Securities
Trust 2005-SD1, Floating Rate Note,
8/25/43 131,804
806,583 0.65 AA+/NR Bear Stearns Asset Backed Securities
Trust 2005-SD2, Floating Rate Note,
3/25/35 790,414
171,408 0.58 AA+/NR Bear Stearns Asset Backed Securities
Trust 2005-SD2, Floating Rate Note,
3/25/35 167,711
1,378,796 0.67 A+/NR Bear Stearns Asset Backed Securities
Trust 2006-SD2, Floating Rate Note,
6/25/36 1,329,286
1,546,226 0.93 AAA/A3 Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 2/25/35 1,536,673
3,707,617 0.91 AA/A3 Carrington Mortgage Loan Trust Series
2005-NC1, Floating Rate Note, 2/25/35 3,680,796
85,634 0.58 AA+/A1 Carrington Mortgage Loan Trust Series
2005-NC4, Floating Rate Note, 9/25/35 84,138
2,486,813 0.36 BB+/Ba2 Carrington Mortgage Loan Trust Series
2006-OPT1, Floating Rate Note,
2/25/36 2,299,623
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 27
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
501,279 3.65 AA+/Aaa Centex Home Equity Loan Trust 2003-A,
Floating Rate Note, 3/25/33 $ 500,687
2,012,532 0.38 A/Baa1 Citigroup Mortgage Loan Trust
2006-SHL1, Floating Rate Note,
11/25/45 (144A) 1,915,908
855,213 0.33 BB/Ba1 Citigroup Mortgage Loan Trust
2007-WFH2, Floating Rate Note,
3/25/37 853,836
91,230 0.90 AAA/Aa2 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 10/25/34 91,208
539,093 1.20 BBB-/Caa1 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 11/25/34 496,402
37,892 0.58 AA+/NR Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 5/25/35 (144A) 37,388
10,663 NR/Baa3 Conseco Financial Corp., 7.05%,
1/15/19 11,057
39,146 0.55 AA+/A1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 1/25/36 38,090
2,341,452 1.02 AA/A3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 10/25/34 2,332,147
698,252 0.57 AAA/Aa3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/34 690,136
464,459 0.77 BBB/NR Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/35 (144A) 419,471
1,787,195 0.88 BBB-/Ba1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 12/25/34 1,773,011
320,163 0.67 BBB+/A3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 12/25/35 318,379
373,032 5.15 BB+/B1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 2/25/33 378,273
986,954 0.42 BB+/Ba2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 4/25/36 982,952
1,656,429 1.08 A+/A3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 5/25/35 1,636,012
185,701 0.86 AAA/A1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/33 (144A) 179,540
45,431 1.08 AAA/A2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/33 (144A) 42,826
651,017 0.69 AA+/A3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/35 640,218
663,361 0.62 A+/A3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 7/25/35 662,739
48,969 0.53 BB+/Ba2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 8/25/47 48,873
310,949 0.44 A+/B2 Countrywide Home Equity Loan Trust,
Floating Rate Note, 6/15/29 305,072
2,000,000 AA/NR Credit Acceptance Auto Loan Trust, 2.21%,
9/15/20 (144A) 2,009,782
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
498,941 AA/NR Direct Capital Funding IV LLC, 1.673%,
12/20/17 (144A) $ 498,941
436,851 4.27 BBB/Baa2 Drug Royalty II LP 1, Floating Rate Note,
1/15/25 (144A) 443,403
337,778 1.18 BBB/Baa1 Ellington Loan Acquisition Trust 2007-1,
Floating Rate Note, 5/26/37 (144A) 337,730
29,825 0.98 BBB/Baa1 Ellington Loan Acquisition Trust 2007-1,
Floating Rate Note, 5/27/37 (144A) 29,712
2,400,000 1.08 B-/Caa3 Ellington Loan Acquisition Trust 2007-1,
Floating Rate Note, 5/28/37 (144A) 2,324,417
1,020,883 0.50 AA+/A1 Equity One Mortgage Pass-Through Trust
2004-3, Floating Rate Note, 7/25/34 843,575
128,281 AA/NR Exeter Automobile Receivables Trust
2012-1, 2.02%, 8/15/16 (144A) 128,768
555,521 AA/NR Exeter Automobile Receivables Trust
2012-2, 1.3%, 6/15/17 (144A) 555,108
1,000,000 BBB/NR Exeter Automobile Receivables Trust
2012-2, 3.06%, 7/16/18 (144A) 980,141
855,933 1.26 BB+/B1 Fieldstone Mortgage Investment Trust
Series 2005-1, Floating Rate Note,
3/25/35 823,360
457,089 0.55 AAA/Aa3 First Frankin Mortgage Loan Trust
2005-FF7, Floating Rate Note, 7/25/35 456,898
97,107 0.72 AAA/NR First Franklin Mortgage Loan Trust
2004-FF10, Floating Rate Note,
9/25/34 96,827
2,170,232 0.69 NR/Baa1 First Franklin Mortgage Loan Trust
2005-FFH3, Floating Rate Note,
9/25/35 2,124,673
369,682 0.44 BBB+/B1 First Franklin Mortgage Loan Trust Series
2005-FF12, Floating Rate Note,
11/25/36 356,130
691,000 AAA/NR First Investors Auto Owner Trust 2013-2,
1.23%, 3/15/19 (144A) 691,001
1,006,084 0.64 AA+/A3 Fremont Home Loan Trust 2005-2,
Floating Rate Note, 6/25/35 1,002,152
1,114,931 0.82 A+/A3 Fremont Home Loan Trust 2005-B,
Floating Rate Note, 4/25/35 1,100,764
800,000 NR/Aaa GE Equipment Small Ticket LLC Series
2013-1, 0.73%, 1/25/16 (144A) 800,257
258,823 0.78 AA/NR GreenPoint Mortgage Funding Trust
2005-HE1, Floating Rate Note, 9/25/34 257,931
1,357,437 0.85 A+/NR GreenPoint Mortgage Funding Trust
2005-HE1, Floating Rate Note, 9/25/34 1,325,330
1,718,075 0.63 A+/Ba3 GreenPoint Mortgage Funding Trust
2005-HE4, Floating Rate Note, 7/25/30 1,701,817
469,030 0.90 A+/Ba3 GreenPoint Mortgage Funding Trust
2005-HE4, Floating Rate Note, 7/25/30 465,146
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 29
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,511,275 0.54 AAA/Aaa GSAMP Trust 2004-HE2, Floating Rate
Note, 9/25/34 $ 1,410,363
919,927 0.73 AAA/Aaa GSAMP Trust 2004-SEA2, Floating Rate
Note, 3/25/34 918,563
3,898,600 0.83 BBB/A3 GSAMP Trust 2004-SEA2, Floating Rate
Note, 3/25/34 3,872,924
919,277 0.93 AA+/Ba1 GSAMP Trust 2005-HE1, Floating Rate
Note, 12/25/34 903,276
2,881,683 0.48 A/NR GSAMP Trust 2006-SEA1, Floating Rate
Note, 5/25/36 (144A) 2,821,948
1,379,176 1.53 BBB+/Baa3 GSRPM Mortgage Loan Trust 2003-2,
Floating Rate Note, 6/25/33 1,305,800
854,775 0.48 AA+/A3 GSRPM Mortgage Loan Trust 2006-1,
Floating Rate Note, 3/25/35 (144A) 821,582
1,169,523 0.48 A+/Baa3 GSRPM Mortgage Loan Trust 2006-2,
Floating Rate Note, 9/25/36 (144A) 1,080,459
2,000,000 AAA/NR HLSS Servicer Advance Receivables
Backed Notes, 0.898%, 1/15/44 (144A) 1,998,800
1,586,000 AAA/NR HLSS Servicer Advance Receivables
Backed Notes, 1.34%, 10/15/43 (144A) 1,586,476
750,000 A/NR HLSS Servicer Advance Receivables
Backed Notes, 1.644%, 1/15/44 (144A) 749,775
500,000 BBB/NR HLSS Servicer Advance Receivables
Backed Notes, 2.487%, 1/15/44 (144A) 500,650
1,369,120 AAA/NR Honda Auto Receivables 2013-1 Owner
Trust, 0.35%, 6/22/15 1,368,492
2,777,000 NR/A2 Horizon Funding Trust 2013-1, 3.0%,
5/15/18 (144A) 2,775,264
1,500,000 NR/Aaa Leaf II Receivables Funding LLC, 0.88%,
11/15/15 (144A) 1,499,976
426,574 2.43 A+/Baa1 Madison Avenue Manufactured Housing
Contract Trust 2002-A, Floating Rate
Note, 3/25/32 426,367
2,274,520 0.48 A/NR Mastr Specialized Loan Trust, Floating
Rate Note, 1/25/36 (144A) 2,102,271
28,133 0.38 BBB-/Baa1 Morgan Stanley ABS Capital I, Inc. Trust
2006-WMC1, Floating Rate Note,
12/25/35 28,081
346,642 0.26 CCC/Baa1 Morgan Stanley Structured Trust, Floating
Rate Note, 6/25/37 326,032
2,086,200 0.68 AAA/NR Motor 2013-1 Plc, Floating Rate Note,
2/25/21 (144A) 2,086,209
2,250,000 AAA/NR Nationstar Agency Advance Funding Trust
2013-T1A, 0.997%, 2/15/45 (144A) 2,234,340
908,000 AAA/NR Nationstar Mortgage Advance Receivables
Trust 2013-T2, 1.679%, 6/20/46 (144A) 906,701
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,235,437 5.46 AAA/Aa3 Origen Manufactured Housing Contract
Trust 2004-B, Floating Rate Note,
11/15/35 $ 1,280,590
974,938 NR/A2 Oxford Finance Funding Trust 2012-1,
3.9%, 3/15/17 (144A) 984,688
582,380 1.12 AA+/A3 Park Place Securities, Inc. Asset-Backed
Pass-Through Certificates Series
2004-MCW, Floating Rate Note,
10/25/34 573,338
338,493 1.23 AAA/A3 Park Place Securities, Inc. Asset-Backed
Pass-Through Certificates Series
2004-MHQ, Floating Rate Note,
12/25/34 338,499
939,517 0.80 AA+/A3 Park Place Securities, Inc. Asset-Backed
Pass-Through Certificates Series
2004-WCW2, Floating Rate Note,
10/25/34 938,900
750,699 1.20 AA+/A3 Park Place Securities, Inc. Asset-Backed
Pass-Through Certificates Series
2004-WWF, Floating Rate Note,
12/25/34 749,146
2,363,129 0.55 BBB+/Baa2 Park Place Securities, Inc. Asset-Backed
Pass-Through Certificates Series
2005-WHQ4, Floating Rate Note,
9/25/35 2,343,914
2,035,723 0.88 AAA/Aaa PFS Financing Corp., Floating Rate Note,
10/17/16 (144A) 2,043,283
325,276 1.68 A/NR PFS Financing Corp., Floating Rate Note,
10/17/16 (144A) 327,346
3,546,000 1.38 AAA/Aaa PFS Financing Corp., Floating Rate Note,
2/15/16 (144A) 3,551,940
2,340,000 0.73 AAA/Aaa PFS Financing Corp., Floating Rate Note,
2/15/18 (144A) 2,324,570
800,000 NR/NR Progreso Receivables Funding I LLC,
4.0%, 7/9/18 (144A) 796,000
1,080,893 0.51 AA/A1 Quest Trust, Floating Rate Note, 3/25/34
(144A) 1,037,908
2,417,636 0.83 AA/Aa2 RAAC Series 2005-RP2 Trust, Floating
Rate Note, 6/25/35 (144A) 2,391,033
2,000,000 0.98 BBB+/Baa1 RAAC Series 2005-RP3 Trust, Floating
Rate Note, 5/25/39 (144A) 1,922,736
1,186,703 0.48 AA+/Aa3 RAAC Series 2006-RP1 Trust, Floating
Rate Note, 10/25/45 (144A) 1,157,659
3,720,424 0.43 B/Baa2 RAAC Series 2006-RP2 Trust, Floating
Rate Note, 2/25/37 (144A) 3,566,372
365,914 0.37 A-/A2 RAAC Series 2006-SP1 Trust, Floating
Rate Note, 9/25/45 358,926
315,961 0.80 AA+/A2 RAMP Series 2004-RS11 Trust, Floating
Rate Note, 11/25/34 305,933
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 31
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,366,188 0.68 AA+/A1 RAMP Series 2005-RS6 Trust, Floating
Rate Note, 6/25/35 $ 1,343,658
63,231 0.47 A+/A2 RAMP Series 2005-RS8 Trust, Floating
Rate Note, 10/25/33 62,921
191,342 0.45 AA+/A1 RAMP Series 2005-RZ3 Trust, Floating
Rate Note, 9/25/35 190,089
1,599,517 0.44 AA+/A1 RAMP Series 2005-RZ4 Trust, Floating
Rate Note, 11/25/35 1,587,231
71,227 0.38 AA+/A1 RAMP Series 2006-EFC1 Trust, Floating
Rate Note, 2/25/36 70,641
474,113 0.37 B+/B2 RAMP Series 2006-NC1 Trust, Floating
Rate Note, 1/25/36 461,651
3,767,677 0.34 BB+/Ba1 RAMP Series 2006-RZ3 Trust, Floating
Rate Note, 8/25/36 3,589,888
955,205 0.40 BBB+/A3 RASC Series 2006-KS1 Trust, Floating
Rate Note, 2/25/36 943,126
115,670 1.08 NR/Aa1 RFSC Series 2003-RP2 Trust, Floating
Rate Note, 6/25/33 (144A) 114,622
2,000,000 1.68 NR/Aa2 RFSC Series 2003-RP2 Trust, Floating
Rate Note, 7/25/41 (144A) 1,960,984
124,218 0.66 AAA/NR Salomon Brothers Mortgage Securities VII,
Inc., Floating Rate Note, 3/25/28 121,284
169,594 1.08 BBB+/B2 Salomon Mortgage Loan Trust Series
2001-CB4, Floating Rate Note,
11/25/33 156,060
316,497 AAA/NR Santander Drive Auto Receivables Trust
2010-1, 1.84%, 11/17/14 317,469
52,288 AA/NR Santander Drive Auto Receivables Trust
2010-1, 1.89%, 5/15/17 (144A) 52,378
1,945,000 0.64 A+/A3 Saxon Asset Securities Trust 2005-3,
Floating Rate Note, 11/25/35 1,824,056
356,566 0.29 BBB-/Ba3 Saxon Asset Securities Trust 2006-3,
Floating Rate Note, 10/25/46 355,109
2,500,000 0.61 NR/Aaa SMART Trust/Australia, Floating Rate
Note, 1/14/17 2,500,492
251,076 0.75 NR/Aaa SMART Trust/Australia, Floating Rate
Note, 3/14/15 (144A) 251,242
1,340,095 0.53 NR/Aaa SMART Trust/Australia, Floating Rate
Note, 6/14/15 1,340,605
1,785,000 0.63 NR/Aaa SMART Trust/Australia, Floating Rate
Note, 9/14/16 1,787,061
1,138,395 AA/NR SNAAC Auto Receivables Trust 2013-1,
1.14%, 7/16/18 (144A) 1,137,188
343,226 AA/NR SNAAC Auto Receivables Trust, 1.78%,
6/15/16 (144A) 344,155
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,800,000 BBB/NR SNAAC Auto Receivables Trust, 4.38%,
6/15/17 (144A) $ 1,841,582
964,921 0.63 AA/A3 Soundview Home Loan Trust 2005-DO1,
Floating Rate Note, 5/25/35 961,704
1,131,569 0.44 BB+/NR Soundview Home Loan Trust 2005-OPT4,
Floating Rate Note, 12/25/35 1,084,734
333,435 0.36 AA+/Aaa South Carolina Student Loan Corp.,
Floating Rate Note, 12/3/18 332,618
729,024 0.57 AA+/A2 Specialty Underwriting & Residential
Finance Trust Series 2005-AB2, Floating
Rate Note, 6/25/36 706,099
113,201 0.93 AAA/Aa2 Specialty Underwriting & Residential
Finance Trust Series 2005-BC1, Floating
Rate Note, 12/25/35 112,674
715,851 NR/NR Stanwich Mortgage Loan Co 2012-NPL4
LLC, 2.981%, 9/15/42 (144A) 716,695
318,077 0.78 AA+/Aa1 Structured Asset Investment Loan Trust
2005-4, Floating Rate Note, 5/25/35 316,597
1,580,617 0.38 CCC/Ba3 Structured Asset Investment Loan Trust
2006-1, Floating Rate Note, 1/25/36 1,529,102
3,946,316 0.33 B-/B2 Structured Asset Securities Corp
Mortgage Loan Trust 2006-EQ1, Floating
Rate Note, 7/25/36 (144A) 3,822,086
3,237,304 0.40 B-/Baa3 Structured Asset Securities Corp
Mortgage Loan Trust 2006-GEL4, Floating
Rate Note, 10/25/36 (144A) 3,121,186
344,648 0.24 BB/A1 Structured Asset Securities Corp
Mortgage Loan Trust 2007-BC3, Floating
Rate Note, 5/25/47 338,941
102,373 0.33 BB/Baa1 Structured Asset Securities Corp
Mortgage Loan Trust 2007-GEL2, Floating
Rate Note, 5/25/37 (144A) 101,947
544,490 0.29 BBB+/A3 Structured Asset Securities Corp.
Mortgage Loan Trust 2006-BC4, Floating
Rate Note, 12/25/36 541,964
622,104 AAA/NR United Auto Credit Securitization Trust
2012-1, 1.1%, 3/16/15 (144A) 622,034
2,000,000 AAA/NR United Auto Credit Securitization Trust
2013-1, 0.95%, 9/15/15 (144A) 1,998,296
47,253 0.46 NR/Baa1 Wilshire Mortgage Loan Trust, Floating
Rate Note, 5/25/28 45,410
-------------
$ 153,247,016
-------------
Total Banks $ 153,559,755
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 33
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 6.0%
Other Diversified Financial Services -- 1.3%
1,470,354 0.86 AA/A3 Asset Backed Securities Corp Home
Equity Loan Trust Series 2005-HE2,
Floating Rate Note, 2/25/35 $ 1,464,343
1,879,167 0.69 AA/A3 Asset Backed Securities Corp Home
Equity Loan Trust Series OOMC
2005-HE6, Floating Rate Note, 7/25/35 1,849,440
1,495,000 NR/Aaa BMW Vehicle Lease Trust 2013-1, 0.4%,
1/20/15 1,493,874
1,750,000 AAA/Aaa Capital Auto Receivables Asset Trust/ Ally,
0.47%, 3/20/15 1,748,539
246,642 0.45 A+/Baa2 Credit Suisse Mortgage Capital
Certificates, Floating Rate Note,
10/25/36 (144A) 241,286
807,054 AAA/NR DT Auto Owner Trust 2013-1, 0.75%,
5/16/16 (144A) 807,138
747,562 1.08 BB+/Ba2 Ellington Loan Acquisition Trust 2007-2,
Floating Rate Note, 5/25/37 (144A) 737,261
1,000,000 A+/NR First Investors Auto Owner Trust 2011-1,
7.17%, 2/15/18 (144A) 1,025,287
525,417 0.43 BBB+/Baa3 GE Seaco Finance Srl, Floating Rate
Note, 11/17/20 (144A) 519,076
479,576 0.35 BB+/A2 Home Equity Asset Trust 2006-4, Floating
Rate Note, 8/25/36 467,861
1,311,604 0.33 BB/Ba1 JP Morgan Mortgage Acquisition Trust
2006-ACC1, Floating Rate Note,
5/25/36 1,273,087
386,383 0.24 BB+/Ba2 JP Morgan Mortgage Acquisition Trust
2007-CH4, Floating Rate Note,
12/25/29 383,058
39,346 0.42 AA+/Aaa Nelnet Student Loan Trust 2004-3,
Floating Rate Note, 1/25/21 39,352
900,980 0.34 AA+/Aaa Nelnet Student Loan Trust 2005-1,
Floating Rate Note, 10/26/20 896,632
1,184,829 3.93 A/NR Newtek Small Business Loan Trust
2013-1, Floating Rate Note, 7/25/38
(144A) 1,184,829
2,004,138 0.28 NR/Aaa Nissan Auto Lease Trust, Floating Rate
Note, 6/15/15 2,002,633
400,386 AAA/NR Prestige Auto Receivables Trust 2012-1,
1.23%, 12/15/15 (144A) 400,987
775,720 0.36 CCC/Caa1 RASC Series 2007-KS3 Trust, Floating
Rate Note, 4/25/37 758,948
1,827,734 0.94 A+/B2 SACO I Trust 2005-8, Floating Rate Note,
11/25/35 1,809,298
364,228 1.18 A+/Baa3 Sierra Timeshare 2007-2 Receivables
Funding LLC, Floating Rate Note,
9/20/19 (144A) 364,178
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
433,333 0.43 A-/Baa1 Textainer Marine Containers, Ltd.,
Floating Rate Note, 5/15/20 (144A) $ 428,652
2,093,990 NR/NR VOLT XVI LLC, 4.25%, 8/25/58 (Step)
(144A) 2,090,064
-------------
$ 21,985,823
-------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.5%
2,400,000 1.05 AAA/Aaa Ally Master Owner Trust, Floating Rate
Note, 1/15/16 $ 2,403,706
250,000 0.98 AAA/Aaa Ally Master Owner Trust, Floating Rate
Note, 2/15/17 251,222
888,000 0.62 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 10/20/17 888,996
350,000 0.75 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 2/20/17 350,940
1,190,000 0.58 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 4/20/18 1,187,114
2,000,000 0.67 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 6/20/17 2,004,260
500,000 1.08 NR/Aa2 GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 6/20/17 498,270
250,000 0.78 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 7/20/16 250,237
317,012 NR/A2 Hercules Capital Funding Trust 2012-1,
3.32%, 12/16/17 (144A) 318,597
-------------
$ 8,153,342
-------------------------------------------------------------------------------------------------------
Consumer Finance -- 3.6%
310,871 A+/NR American Credit Acceptance Receivables
Trust 2012-2, 1.89%, 7/15/16 (144A) $ 311,622
796,636 A+/NR American Credit Acceptance Receivables
Trust 2013-1, 1.45%, 4/16/18 (144A) 795,637
756,384 AA/NR American Credit Acceptance Receivables
Trust 2013-2, 1.32%, 2/15/17 (144A) 756,395
763,510 A+/NR American Credit Acceptance Receivables
Trust, 1.64%, 11/15/16 (144A) 762,896
2,945,000 1.43 AAA/Aaa American Express Credit Account Master
Trust, Floating Rate Note, 3/15/17 2,972,350
1,090,000 0.33 AAA/NR American Express Credit Account Master
Trust, Floating Rate Note, 3/15/18 1,088,758
100,000 0.30 AAA/Aaa American Express Credit Account Master
Trust, Floating Rate Note, 6/15/16 100,013
3,500,000 0.23 AAA/Aaa American Express Credit Account Master
Trust, Floating Rate Note, 9/15/16 3,497,946
6,150,000 0.25 AAA/Aaa BA Credit Card Trust, Floating Rate Note,
12/15/16 6,138,709
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 35
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
3,443,000 0.24 AAA/Aaa BA Credit Card Trust, Floating Rate Note,
4/15/16 $ 3,441,943
415,000 0.21 AAA/Aaa BA Credit Card Trust, Floating Rate Note,
5/16/16 414,982
711,874 NR/Aa3 California Republic Auto Receivables Trust
2012-1, 1.18%, 8/15/17 (144A) 710,762
2,512,000 0.40 AAA/Aaa Capital One Multi-Asset Execution Trust,
Floating Rate Note, 3/15/17 2,514,183
2,300,000 0.27 AAA/Aaa Capital One Multi-Asset Execution Trust,
Floating Rate Note, 8/15/18 2,294,008
2,700,000 0.33 AAA/NR Chase Issuance Trust, Floating Rate Note,
10/16/17 2,697,130
1,915,000 0.28 AAA/NR Chase Issuance Trust, Floating Rate Note,
2/15/17 1,914,464
4,355,000 0.28 AAA/NR Chase Issuance Trust, Floating Rate Note,
5/16/16 4,355,405
4,741,000 0.31 AAA/NR Chase Issuance Trust, Floating Rate Note,
8/15/17 4,734,699
3,500,000 0.33 AAA/Aaa Citibank Credit Card Issuance Trust,
Floating Rate Note, 11/25/16 3,500,000
1,750,000 0.33 AAA/Aaa Citibank Credit Card Issuance Trust,
Floating Rate Note, 12/12/16 1,750,018
660,353 AA-/A1 CPS Auto Receivables Trust 2013-B,
1.82%, 9/15/20 (144A) 659,151
625,253 AA-/A1 CPS Auto Trust, 1.82%, 12/16/19
(144A) 628,538
3,240,000 1.68 AA-/Aa2 Ford Credit Floorplan Master Owner
Trust A, Floating Rate Note, 1/15/16 3,249,211
2,657,000 2.28 BBB/A1 Ford Credit Floorplan Master Owner
Trust A, Floating Rate Note, 1/15/16 2,666,456
2,075,000 0.53 AAA/Aaa Ford Credit Floorplan Master Owner
Trust A, Floating Rate Note, 9/15/16 2,076,046
250,000 0.58 AAA/Aaa Golden Credit Card Trust, Floating Rate
Note, 10/15/15 (144A) 250,022
1,325,000 0.61 AAA/Aaa Golden Credit Card Trust, Floating Rate
Note, 9/15/18 (144A) 1,325,013
1,000,000 0.48 NR/Aaa Mercedes-Benz Master Owner Trust,
Floating Rate Note, 11/15/16 (144A) 1,000,000
1,359,040 NR/Aaa Nissan Auto Receivables 2013-A Owner
Trust, 0.37%, 9/15/15 1,358,848
545,085 0.96 BBB+/Ba3 NovaStar Mortgage Funding Trust Series
2003-1, Floating Rate Note, 5/25/33 528,102
83,072 AA-/Baa1 Santander Consumer Acquired
Receivables Trust 2011-S1, 3.15%,
8/15/16 (144A) 83,072
1,820,000 AAA/Aaa Volvo Financial Equipment LLC Series
2013-1, 0.53%, 11/16/15 (144A) 1,819,070
-------------
$ 60,395,449
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.2%
2,341,741 0.41 AA+/Aa1 Saxon Asset Securities Trust 2005-4,
Floating Rate Note, 11/25/37 $ 2,284,774
1,145,383 0.35 BBB/Baa2 Triton Container Finance LLC, Floating
Rate Note, 11/26/21 (144A) 1,123,768
227,906 0.32 BBB+/Baa2 Triton Container Finance LLC, Floating
Rate Note, 2/26/19 (144A) 225,859
-------------
$ 3,634,401
-------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.4%
1,726,458 0.93 AAA/Aaa Chesapeake Funding LLC, Floating Rate
Note, 11/7/23 (144A) $ 1,730,976
250,000 2.18 A/A1 Chesapeake Funding LLC, Floating Rate
Note, 11/7/23 (144A) 251,135
2,050,000 1.43 AAA/Aaa Chesapeake Funding LLC, Floating Rate
Note, 4/7/24 (144A) 2,066,656
2,000,000 0.63 NR/Aaa Chesapeake Funding LLC, Floating Rate
Note, 5/7/24 (144A) 1,996,200
200,000 1.33 NR/Aa2 Chesapeake Funding LLC, Floating Rate
Note, 5/7/24 (144A) 199,243
1,125,041 0.36 BBB/Baa3 CLI Funding LLC, Floating Rate Note,
8/18/21 (144A) 1,102,653
-------------
$ 7,346,863
-------------
Total Diversified Financials $ 101,515,878
-------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Diversified Real Estate Activities -- 0.1%
1,808,816 1.13 A+/A2 RAAC Series 2005-RP1 Trust, Floating
Rate Note, 7/25/37 (144A) $ 1,782,961
-------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.1%
20,438 0.92 AAA/A1 Chase Funding Trust Series 2002-4,
Floating Rate Note, 10/25/32 $ 18,837
612,235 0.37 BBB+/Ba2 HSI Asset Securitization Corp Trust
2006-OPT1, Floating Rate Note,
12/25/35 595,105
-------------
$ 613,942
-------------
Total Real Estate $ 2,396,903
-------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $379,829,036) $ 380,309,830
-------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 30.0%
CAPITAL GOODS -- 0.1%
Aerospace & Defense -- 0.1%
1,350,000 2.16 A-/Aaa Gulf Stream - Compass CLO 2005-I, Ltd.,
Floating Rate Note, 5/15/17 (144A) $ 1,326,764
-------------
Total Capital Goods $ 1,326,764
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 37
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.0%+
Hotels, Resorts & Cruise Lines -- 0.0%+
974,930 AAA/NR Motel 6 Trust, 1.5%, 10/5/25 (144A) $ 967,412
37,318 NR/Baa3 S2 Hospitality LLC, 4.5%, 4/15/25
(144A) 37,318
-------------
$ 1,004,730
-------------
Total Consumer Services $ 1,004,730
-------------------------------------------------------------------------------------------------------
BANKS -- 14.6%
Thrifts & Mortgage Finance -- 14.6%
1,400,000 NR/NR A10 Securitization 2013-1 LLC, 2.4%,
11/15/25 (144A) $ 1,393,297
594,614 2.47 AA+/Baa1 Adjustable Rate Mortgage Trust 2004-1,
Floating Rate Note, 1/25/35 589,138
1,460,122 0.96 AAA/A1 Adjustable Rate Mortgage Trust 2005-2,
Floating Rate Note, 6/25/35 1,423,274
1,486,803 0.46 A+/Baa2 Adjustable Rate Mortgage Trust 2005-5,
Floating Rate Note, 9/25/35 1,328,590
13,137 0.58 AA+/A3 Alternative Loan Trust 2002-18, Floating
Rate Note, 2/25/33 13,045
826,721 0.82 BBB+/NR Alternative Loan Trust 2003-3T1, Floating
Rate Note, 5/25/33 801,339
13,496 0.73 A+/NR Alternative Loan Trust 2003-9T1, Floating
Rate Note, 7/25/33 13,484
67,672 0.63 BBB+/Ba1 Alternative Loan Trust 2004-18CB,
Floating Rate Note, 9/25/34 67,326
368,655 BBB+/Ba3 Alternative Loan Trust 2004-2CB,
5.125%, 3/25/34 371,288
53,345 0.58 BBB+/Ba3 Alternative Loan Trust 2004-2CB, Floating
Rate Note, 3/25/34 52,564
993,244 BB+/Ba2 Alternative Loan Trust 2004-4CB, 4.25%,
4/25/34 998,232
1,084,467 0.47 BBB+/Baa2 Alternative Loan Trust 2004-6CB, Floating
Rate Note, 5/25/34 1,040,687
8,402 0.96 AAA/Aaa Alternative Loan Trust 2004-J9, Floating
Rate Note, 10/25/34 8,401
198,021 2.16 BBB+/Baa1 Ares VR CLO, Ltd., Floating Rate Note,
2/24/18 (144A) 195,654
2,275,000 1.33 NR/Aaa BAMLL Commercial Mortgage Securities
Trust 2012-CLRN, Floating Rate Note,
8/15/29 (144A) 2,278,180
3,035,000 2.28 NR/A2 BAMLL Commercial Mortgage Securities
Trust 2012-CLRN, Floating Rate Note,
8/15/29 (144A) 3,041,868
1,021,404 0.39 A/NR Banc of America Funding 2010-R4 Trust,
Floating Rate Note, 6/26/37 (144A) 1,018,271
301,705 0.28 AAA/NR Banc of America Funding 2010-R4 Trust,
Floating Rate Note, 9/26/46 (144A) 301,331
The accompanying notes are an integral part of these financial statements.
38 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,000,000 1.28 A-/Aaa Banc of America Large Loan Trust
2007-BMB1, Floating Rate Note,
8/15/29 (144A) $ 2,970,717
128,023 3.17 NR/WR Banc of America Mortgage 2003-A Trust,
Floating Rate Note, 2/25/33 124,706
464,268 2.93 NR/B2 Banc of America Mortgage 2004-I Trust,
Floating Rate Note, 10/25/34 455,204
877,385 2.98 NR/NR Bayview Opportunity Master Fund Trust
IIB LP, Floating Rate Note, 1/28/33
(144A) 872,998
1,006,216 2.42 NR/NR BCAP LLC 2013-RR3 Trust, Floating Rate
Note, 5/26/36 (144A) 1,023,890
79,329 2.73 A+/Baa3 Bear Stearns ALT-A Trust 2003-3, Floating
Rate Note, 10/25/33 78,375
3,450,434 0.78 A+/Ba3 Bear Stearns ALT-A Trust 2004-4, Floating
Rate Note, 6/25/34 3,191,966
1,579,692 2.69 BBB+/Baa2 Bear Stearns ARM Trust 2003-3, Floating
Rate Note, 5/25/33 1,577,553
355,190 5.41 AA+/Ba2 Bear Stearns ARM Trust 2004-1, Floating
Rate Note, 4/25/34 346,209
715,840 2.21 A+/Ba2 Bear Stearns ARM Trust 2005-5, Floating
Rate Note, 8/25/35 716,447
365,349 1.28 A+/Ba1 Bear Stearns Asset Backed Securities
Trust 2003-AC5, Floating Rate Note,
10/25/33 340,452
638,919 AAA/Aaa Bear Stearns Commercial Mortgage
Securities Trust 2004-PWR6, 4.705%,
11/11/41 641,556
1,375,000 1.93 AA-/NR Boca Hotel Portfolio Trust 2013-BOCA,
Floating Rate Note, 8/15/26 (144A) 1,375,025
944,677 NR/B2 Chase Mortgage Finance Trust Series
2005-S1, 5.5%, 5/25/35 959,906
2,084,503 0.38 BBB+/Baa1 Chevy Chase Funding LLC
Mortgage-Backed Certificates Series
2005-A, Floating Rate Note, 1/25/36
(144A) 1,597,059
545,077 0.73 NR/A3 CHL Mortgage Pass-Through Trust
2003-11, Floating Rate Note, 5/25/33 529,616
1,048,632 0.68 A-/NR CHL Mortgage Pass-Through Trust
2003-15, Floating Rate Note, 6/25/18 1,034,284
104,992 0.58 A+/NR CHL Mortgage Pass-Through Trust
2003-J7, Floating Rate Note, 8/25/18 101,370
2,993,431 0.72 AA+/Baa1 CHL Mortgage Pass-Through Trust
2004-29, Floating Rate Note, 2/25/35 2,774,573
475,107 NR/Baa3 CHL Mortgage Pass-Through Trust
2004-9, 5.25%, 6/25/34 480,531
621,296 NR/Caa1 CHL Mortgage Pass-Through Trust
2005-19, 5.5%, 8/25/35 620,315
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 39
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,275,012 5.60 AAA/Aaa Citigroup Commercial Mortgage Trust
2004-C1, Floating Rate Note, 4/15/40 $ 2,309,449
13,329 0.32 AAA/Aaa Citigroup Commercial Mortgage Trust
2007-FL3A, Floating Rate Note, 4/15/22
(144A) 13,247
1,430,707 0.35 AA/Aaa Citigroup Commercial Mortgage Trust
2007-FL3A, Floating Rate Note, 4/15/22
(144A) 1,414,778
1,982,362 0.39 A/Aa2 Citigroup Commercial Mortgage Trust
2007-FL3A, Floating Rate Note, 4/15/22
(144A) 1,950,379
497,205 0.43 BBB/A2 Citigroup Commercial Mortgage Trust
2007-FL3A, Floating Rate Note, 4/15/22
(144A) 487,940
1,105,112 0.48 BB/A3 Citigroup Commercial Mortgage Trust
2007-FL3A, Floating Rate Note, 4/15/22
(144A) 1,040,978
2,306,317 1.19 AA+/NR Citigroup Mortgage Loan Trust 2010-7,
Floating Rate Note, 9/25/37 (144A) 2,255,073
20,619 AAA/NR Citigroup Mortgage Loan Trust, Inc., 6.5%,
6/25/16 21,020
950,000 4.65 AA-/A1 City Center Trust 2011-CCHP, Floating
Rate Note, 7/15/28 (144A) 962,990
1,757,604 0.78 AA+/Aaa CNL Commercial Mortgage Loan Trust
2002-1, Floating Rate Note, 10/25/28
(144A) 1,687,300
487,693 0.62 BBB+/A2 CNL Commercial Mortgage Loan Trust
2003-2, Floating Rate Note, 10/25/30
(144A) 426,420
1,218,783 5.52 AAA/Aaa COMM 2004-LNB3 Mortgage Trust,
Floating Rate Note, 7/10/37 1,235,065
1,001,803 0.31 AA-/A1 COMM 2006-FL12 Mortgage Trust,
Floating Rate Note, 12/15/20 (144A) 990,408
1,304,428 0.35 BBB/A1 COMM 2006-FL12 Mortgage Trust,
Floating Rate Note, 12/15/20 (144A) 1,280,521
2,292,541 0.36 A+/A1 COMM 2007-FL14 Mortgage Trust,
Floating Rate Note, 6/15/22 (144A) 2,259,766
222,879 5.15 NR/A2 COMM 2011-FL1 Mortgage Trust, Floating
Rate Note, 7/17/28 (144A) 225,461
2,211,211 2.12 AAA/NR Commercial Mortgage Pass Through
Certificates, Floating Rate Note,
11/17/26 (144A) 2,213,531
1,600,000 5.57 A-/A3 Commercial Mortgage Trust 2003-C2,
Floating Rate Note, 1/5/36 (144A) 1,607,048
900,000 0.88 AAA/Aaa Extended Stay America Trust 2013-ESH,
Floating Rate Note, 12/5/31 (144A) 895,193
800,000 1.28 AA-/NR Extended Stay America Trust 2013-ESH,
Floating Rate Note, 12/5/31 (144A) 793,382
The accompanying notes are an integral part of these financial statements.
40 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
906,030 2.62 A+/NR First Horizon Mortgage Pass-Through Trust
2003-AR3, Floating Rate Note, 9/25/33 $ 900,760
1,538,372 0.61 A+/Aa2 GE Business Loan Trust 2003-1, Floating
Rate Note, 4/15/31 (144A) 1,442,791
171,840 0.47 AA/Aa2 GE Business Loan Trust 2004-1, Floating
Rate Note, 5/15/32 (144A) 165,135
1,837,644 0.40 AA-/Aa1 GE Business Loan Trust 2004-2, Floating
Rate Note, 12/15/32 (144A) 1,731,540
2,632,652 0.35 A/Aa3 GE Business Loan Trust 2007-1, Floating
Rate Note, 4/16/35 (144A) 2,365,869
3,931,405 NR/Aaa GE Capital Commercial Mortgage Corp.,
4.893%, 3/10/40 3,953,158
2,105,354 NR/A3 GE Capital Commercial Mortgage Corp.,
5.208%, 3/10/39 (144A) 2,127,841
1,329,069 5.10 NR/A3 GE Capital Commercial Mortgage Corp.,
Floating Rate Note, 7/10/37 (144A) 1,328,250
1,347,684 0.50 A+/Baa2 Global Mortgage Securitization, Ltd.,
Floating Rate Note, 11/25/32 (144A) 1,251,688
219,478 AAA/Aaa GMAC Commercial Mortgage Securities,
Inc. Series 2003-C3 Trust, 5.023%,
4/10/40 219,524
1,771,000 5.30 AAA/Aa3 GMAC Commercial Mortgage Securities,
Inc. Series 2004-C2 Trust, Floating Rate
Note, 8/10/38 1,813,656
3,547,000 AAA/NR GMAC Commercial Mortgage Securities,
Inc. Series 2005-C1 Trust, 4.697%,
5/10/43 3,700,223
2,152,364 1.81 AAA/Aaa Gracechurch Mortgage Financing Plc,
Floating Rate Note, 11/20/56 (144A) 2,184,499
2,300,000 1.03 NR/Aaa GS Mortgage Securities Corp II, Floating
Rate Note, 11/8/29 (144A) 2,278,780
500,000 2.20 AA/NR GS Mortgage Securities Corp. II, Floating
Rate Note, 3/6/20 (144A) 501,246
134,434 2.42 A+/NR GSR Mortgage Loan Trust 2003-9,
Floating Rate Note, 8/25/33 133,834
925,188 3.32 AA+/Baa2 HarborView Mortgage Loan Trust 2004-1,
Floating Rate Note, 4/19/34 938,662
278,871 1.31 AA+/Baa3 HarborView Mortgage Loan Trust 2004-4,
Floating Rate Note, 6/19/34 276,791
975,000 1.67 AAA/Aaa Holmes Master Issuer Plc, Floating Rate
Note, 10/15/54 (144A) 978,869
2,274,924 1.82 AAA/Aaa Holmes Master Issuer Plc, Floating Rate
Note, 10/15/54 (144A) 2,303,986
1,676,000 1.92 AAA/Aaa Holmes Master Issuer Plc, Floating Rate
Note, 10/15/54 (144A) 1,700,755
2,572,855 0.60 NR/Baa1 HomeBanc Mortgage Trust 2005-2,
Floating Rate Note, 5/25/25 2,514,456
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 41
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,379,588 0.53 AA+/Aa3 Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 6/25/34 $ 1,321,863
1,294,190 0.63 AAA/Aa2 Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 7/25/34 1,270,577
3,029,193 0.94 AA+/A3 Impac CMB Trust Series 2003-11,
Floating Rate Note, 10/25/33 2,862,227
382,554 1.08 NR/Aaa Impac CMB Trust Series 2003-8,
Floating Rate Note, 10/25/33 371,745
1,922,875 0.82 BBB/Ba3 Impac CMB Trust Series 2004-4,
Floating Rate Note, 9/25/34 1,761,217
1,987,668 0.90 BBB/Baa2 Impac CMB Trust Series 2004-5,
Floating Rate Note, 10/25/34 1,945,124
562,627 1.02 NR/Aaa Impac CMB Trust Series 2004-5,
Floating Rate Note, 8/25/34 562,703
444,191 0.98 BB+/Ba1 Impac CMB Trust Series 2004-6,
Floating Rate Note, 10/25/34 380,019
735,871 0.96 BBB/Baa1 Impac CMB Trust Series 2004-6,
Floating Rate Note, 10/25/34 694,723
1,812,211 0.92 BBB+/A3 Impac CMB Trust Series 2004-7,
Floating Rate Note, 11/25/34 1,741,306
764,655 0.59 AAA/Aaa Impac CMB Trust Series 2004-8,
Floating Rate Note, 8/25/34 755,824
463,600 1.93 BB+/Baa2 Impac CMB Trust Series 2004-8,
Floating Rate Note, 8/25/34 431,268
1,191,222 0.94 B/Ba3 Impac CMB Trust Series 2004-9,
Floating Rate Note, 1/25/35 1,036,414
903,237 0.98 AAA/Aaa Impac Secured Assets CMN Owner Trust,
Floating Rate Note, 11/25/34 834,782
2,759,380 0.53 AAA/Aaa Impac Secured Assets Trust 2006-1,
Floating Rate Note, 5/25/36 2,712,601
986,551 0.53 AAA/Aaa Impac Secured Assets Trust 2006-2,
Floating Rate Note, 8/25/36 948,685
540,887 5.45 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp Commercial Mortgage
Pass-Thr, Floating Rate Note, 5/15/41 547,022
236,442 6.45 NR/Caa1 JP Morgan Chase Commercial Mortgage
Securities Corp. Pass-Through Certificates
Series 2002 CIBC4, Floating Rate Note,
5/12/34 246,092
2,350,000 2.05 AA/Aa2 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
10/15/25 (144A) 2,360,591
286,183 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2004-C1, 4.719%,
1/15/38 287,849
2,417 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2006-CIBC15, 5.819%,
6/12/43 2,415
The accompanying notes are an integral part of these financial statements.
42 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
13,879 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2006-CIBC17, 5.45%,
12/12/43 $ 13,858
1,268,228 0.31 NR/Aa2 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-FL2, Floating Rate
Note, 11/15/18 (144A) 1,258,407
696,105 0.39 NR/A2 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-FL2, Floating Rate
Note, 11/15/18 (144A) 678,010
267,733 0.41 NR/A3 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-FL2, Floating Rate
Note, 11/15/18 (144A) 255,419
167,333 0.54 NR/Ba1 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-FL2, Floating Rate
Note, 11/15/18 (144A) 158,549
1,821,947 0.30 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2006-LDP9, Floating Rate
Note, 5/15/47 1,819,256
200,000 0.34 AA/Aa3 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-LDP9, Floating Rate
Note, 5/15/47 199,664
302,252 5.90 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2007-CIBC19, Floating
Rate Note, 2/12/49 306,345
55,750 5.99 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2007-LDP11, Floating
Rate Note, 6/15/49 57,075
167,814 2.08 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2011-FL1, Floating Rate
Note, 11/15/28 (144A) 169,469
2,130,000 3.93 AA+/Aa1 JP Morgan Chase Commercial Mortgage
Securities Trust 2011-FL1, Floating Rate
Note, 11/15/28 (144A) 2,152,450
1,466,000 3.03 AA-/NR JP Morgan Chase Commercial Mortgage
Securities Trust 2013-ALC, Floating Rate
Note, 7/17/26 (144A) 1,470,521
1,200,000 1.98 A-/NR JP Morgan Chase Commercial Mortgage
Securities Trust 2013-FL3, Floating Rate
Note, 4/15/28 (144A) 1,180,709
1,560,922 2.05 A+/Baa1 JP Morgan Mortgage Trust 2003-A1,
Floating Rate Note, 10/25/33 1,576,740
1,008,771 2.58 AA+/Baa2 JP Morgan Mortgage Trust 2004-A5,
Floating Rate Note, 12/25/34 1,015,288
133,383 2.78 A+/NR JP Morgan Mortgage Trust 2005-A3,
Floating Rate Note, 6/25/35 133,491
301,031 2.35 BBB+/Ba1 JP Morgan Mortgage Trust 2005-A4,
Floating Rate Note, 7/25/35 298,443
2,000,000 1.66 AAA/Aaa Lanark Master Issuer Plc, Floating Rate
Note, 12/22/54 (144A) 2,032,240
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 43
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,250,000 0.76 AAA/Aaa Lanark Master Issuer Plc, Floating Rate
Note, 12/22/54 (144A) $ 1,246,012
530,378 AAA/Aaa LB-UBS Commercial Mortgage Trust
2004-C1, 4.568%, 1/15/31 536,518
926,873 AAA/Aaa LB-UBS Commercial Mortgage Trust
2004-C2, 4.367%, 3/15/36 933,107
2,610,747 5.02 AAA/NR LB-UBS Commercial Mortgage Trust
2004-C6, Floating Rate Note, 8/15/29 2,671,068
227,508 AAA/Aaa LB-UBS Commercial Mortgage Trust
2005-C3, 4.664%, 7/15/30 228,937
281,596 6.32 AAA/Aaa LB-UBS Commercial Mortgage Trust
2008-C1, Floating Rate Note, 4/15/41 295,288
725,000 1.08 BBB+/Aa2 Lehman Brothers Floating Rate
Commercial Mortgage Trust 2007-LLF
C5, Floating Rate Note, 6/15/22 (144A) 723,912
20,992 1.03 AAA/Aaa Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3
Class 1A2, Floating Rate Note,
10/25/37 (144A) 20,937
1,427,513 1.13 A+/Aa1 Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3
Class 1A4, Floating Rate Note,
10/25/37 (144A) 1,416,743
2,211,066 1.23 A+/Aa1 Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3,
Floating Rate Note, 10/25/37 (144A) 2,166,845
1,174,471 0.43 A+/Aa1 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
2/25/30 (144A) 984,152
1,357,801 0.40 A+/Aa2 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
4/25/31 (144A) 1,250,020
5,089,264 0.41 A+/Aa2 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
4/25/31 (144A) 4,375,169
2,261,210 0.43 A+/Aa3 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
9/25/30 (144A) 2,016,584
947,754 2.11 A+/Baa2 MASTR Adjustable Rate Mortgages Trust
2003-3, Floating Rate Note, 9/25/33 927,706
1,000,000 1.28 A+/B1 MASTR Adjustable Rate Mortgages Trust
2004-11, Floating Rate Note, 11/25/34 884,702
1,194,430 0.34 AA-/A2 MASTR Adjustable Rate Mortgages Trust
2007-1, Floating Rate Note, 1/25/47 1,155,868
372,409 0.58 AA+/NR MASTR Asset Securitization Trust 2003-6,
Floating Rate Note, 7/25/18 367,182
172 AAA/NR MASTR Asset Securitization Trust 2004-3,
4.75%, 1/25/14 172
The accompanying notes are an integral part of these financial statements.
44 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,274,634 1.22 BBB+/Baa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-A, Floating Rate Note,
3/25/28 $ 2,243,993
564,084 0.84 AA+/Baa1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-C, Floating Rate Note,
6/25/28 562,674
2,233,924 1.11 AA+/Baa1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-C, Floating Rate Note,
6/25/28 2,202,440
2,641,723 0.80 A+/Baa1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-E, Floating Rate Note,
10/25/28 2,529,838
684,352 2.12 A+/Baa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-G, Floating Rate Note,
1/25/29 677,172
1,113,014 0.82 AA+/Baa2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-H, Floating Rate Note,
1/25/29 1,092,329
260,869 0.64 A+/Baa1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-A, Floating Rate Note,
4/25/29 246,792
622,860 0.96 AA+/Baa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-B, Floating Rate Note,
5/25/29 589,590
2,538,757 0.74 AA+/Baa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-C, Floating Rate Note,
7/25/29 2,481,681
221,368 1.41 AA+/Ba1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-C, Floating Rate Note,
7/25/29 218,613
829,249 2.14 AA+/Baa2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-D, Floating Rate Note,
9/25/29 818,534
3,842,829 0.84 A+/Ba2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-E, Floating Rate Note,
11/25/29 3,684,228
1,972,856 0.74 A+/Baa2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-G, Floating Rate Note,
1/25/30 1,831,278
1,256,477 1.01 A+/Baa2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-G, Floating Rate Note,
1/25/30 1,213,715
607,206 2.38 BBB/B1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2005-2, Floating Rate Note,
10/25/35 605,672
3,184,539 0.64 AA+/Ba3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2005-A, Floating Rate Note,
3/25/30 3,043,509
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 45
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,328,492 4.95 NR/Aa3 Merrill Lynch Mortgage Trust 2004-KEY2,
Floating Rate Note, 8/12/39 $ 1,366,068
90,311 5.24 AAA/NR Merrill Lynch Mortgage Trust Class A4,
Floating Rate Note, 11/12/35 90,220
2,905,193 0.45 AA+/A3 Morgan Stanley Mortgage Loan Trust
2005-5AR, Floating Rate Note, 9/25/35 2,808,683
2,955,554 0.46 A+/Baa2 Morgan Stanley Mortgage Loan Trust
2005-6AR, Floating Rate Note,
11/25/35 2,775,540
829,343 0.50 A/NR Morgan Stanley Re-REMIC Trust 2010-R4,
Floating Rate Note, 7/26/36 (144A) 827,168
2,399,517 0.96 AA+/Baa1 MortgageIT Trust 2004-1, Floating Rate
Note, 11/25/34 2,271,021
1,933,816 0.44 A+/Baa2 MortgageIT Trust 2005-2, Floating Rate
Note, 5/25/35 1,859,575
1,153,237 0.63 AA+/Aaa NCUA Guaranteed Notes Trust 2010-R1,
Floating Rate Note, 10/7/20 1,159,845
3,285,793 0.55 AA+/Aaa NCUA Guaranteed Notes Trust 2010-R2,
Floating Rate Note, 11/6/17 3,291,050
1,027,764 0.74 NR/Aaa NCUA Guaranteed Notes Trust 2010-R3,
Floating Rate Note, 12/8/20 1,032,902
318,047 0.74 NR/Aaa NCUA Guaranteed Notes Trust 2010-R3,
Floating Rate Note, 12/8/20 321,031
1,643,518 0.71 NR/Aaa NCUA Guaranteed Notes Trust 2011-C1,
Floating Rate Note, 3/9/21 1,652,653
1,283,586 0.58 AA+/Aaa NCUA Guaranteed Notes Trust 2011-R3,
Floating Rate Note, 3/11/20 1,285,191
453,640 0.56 AA+/NR NCUA Guaranteed Notes Trust 2011-R5,
Floating Rate Note, 4/6/20 449,071
2,832,270 1.38 AAA/Aaa NorthStar 2012-1 Mortgage Trust,
Floating Rate Note, 8/25/29 (144A) 2,829,427
1,000,000 4.43 BBB/Baa3 NorthStar 2012-1 Mortgage Trust,
Floating Rate Note, 8/25/29 (144A) 1,003,414
2,784,000 2.03 NR/Aaa NorthStar 2013-1, Floating Rate Note,
8/25/29 (144A) 2,786,610
335,519 0.48 AAA/Aa2 Opteum Mortgage Acceptance Corp Asset
Backed Pass-Through Certificates
2005-1, Floating Rate Note, 2/25/35 332,594
510,090 0.43 BB+/B2 Opteum Mortgage Acceptance Corp Asset
Backed Pass-Through Certificates
2005-5, Floating Rate Note, 12/25/35 493,876
426,511 0.44 AA+/A1 Opteum Mortgage Acceptance Corp Asset
Backed Pass-Through Certificates
Series 20, Floating Rate Note, 7/25/35 425,354
1,000,000 0.53 NR/NR Pepper Residential Securities Trust,
Floating Rate Note, 7/24/14 (144A) 1,000,000
2,699,090 1.58 B-/Ba3 RESI Finance LP, Floating Rate Note,
9/10/35 (144A) 2,408,427
The accompanying notes are an integral part of these financial statements.
46 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
446,774 0.58 BBB+/NR Residential Asset Securitization Trust
2003-A2, Floating Rate Note, 5/25/33 $ 404,262
2,100,000 0.53 NR/NR Resimac MBS Trust, Floating Rate Note,
3/7/14 (144A) 2,100,566
1,750,000 0.46 NR/NR Resimac MBS Trust, Floating Rate Note,
6/7/14 1,750,000
1,085,912 2.65 A+/B2 SASCO Mortgage Pass-Through
Certificates Series 2004-S4, Floating
Rate Note, 12/25/34 1,092,398
181,674 0.94 AA+/A3 Sequoia Mortgage Trust 10, Floating Rate
Note, 10/20/27 176,908
630,681 1.11 AA+/Ba1 Sequoia Mortgage Trust 2003-2, Floating
Rate Note, 6/20/33 615,373
275,491 0.80 AA+/Baa3 Sequoia Mortgage Trust 2003-5, Floating
Rate Note, 9/20/33 267,974
471,354 0.50 A+/Baa3 Sequoia Mortgage Trust 2004-10,
Floating Rate Note, 11/20/34 464,111
1,116,221 0.45 A/Baa3 Sequoia Mortgage Trust 2004-12,
Floating Rate Note, 1/20/35 1,008,575
161,415 0.70 AA/Baa3 Sequoia Mortgage Trust 2004-12,
Floating Rate Note, 1/20/35 151,008
271,992 1.75 AA+/Ba1 Sequoia Mortgage Trust 2004-7,
Floating Rate Note, 8/20/34 272,761
4,001,490 0.41 AA+/Baa3 Sequoia Mortgage Trust 2005-1, Floating
Rate Note, 2/20/35 3,847,301
471,481 0.40 BBB+/Ba3 Sequoia Mortgage Trust 2005-2, Floating
Rate Note, 3/20/35 422,124
250,901 0.90 AA+/A2 Sequoia Mortgage Trust 4, Floating Rate
Note, 11/22/24 249,280
65,815 0.31 AAA/Aaa Series 2007-1G WST Trust, Floating Rate
Note, 5/21/38 (144A) 65,660
158,164 NR/Baa3 SMA Issuer I LLC, 3.5%, 8/20/25 (144A) 158,419
143,992 0.38 AAA/Aaa SMHL Global Fund 2007-1, Floating Rate
Note, 6/12/40 142,497
779,073 1.57 AAA/NR Springleaf Mortgage Loan Trust 2012-3,
Floating Rate Note, 12/25/59 (144A) 771,528
2,495,000 1.48 AAA/NR Starwood Property Mortgage Trust
2013-FV1, Floating Rate Note, 8/11/28
(144A) 2,493,189
994,138 0.88 AA+/Baa2 Structured Asset Mortgage Investments II
Trust 2004-AR1, Floating Rate Note,
3/19/34 963,668
1,244,463 0.84 AA+/Baa1 Structured Asset Mortgage Investments II
Trust 2004-AR5, Floating Rate Note,
10/19/34 1,220,201
2,341,756 1.08 AA+/Baa2 Structured Asset Mortgage Investments
Trust 2002-AR5, Floating Rate Note,
5/19/33 2,215,168
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 47
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
295,663 2.66 A+/Baa3 Structured Asset Securities Corp.
Mortgage Certificates Series 2003-31A,
Floating Rate Note, 10/25/33 $ 297,712
610,990 1.12 AA/NR Structured Asset Securities Corp.
Mortgage Pass-Through Certificates
Series 1998-8, Floating Rate Note,
8/25/28 602,034
425,300 2.62 AA+/Baa3 Structured Asset Securities Corp.
Mortgage Pass-Through Certificates
Series 2003-22A, Floating Rate Note,
6/25/33 423,786
1,134,348 2.47 A+/Ba2 Structured Asset Securities Corp.
Mortgage Pass-Through Certificates
Series 2003-24A, Floating Rate Note,
7/25/33 1,111,164
218,561 0.68 A+/Baa3 Structured Asset Securities Corp.
Mortgage Pass-Through Certificates
Series 2003-35, Floating Rate Note,
12/25/33 211,950
515,009 0.83 NR/NR Structured Asset Securities Corp. Reverse
Mortgage Loan Trust 2002-RM1, Floating
Rate Note, 10/25/37 (144A) 505,352
684,255 0.48 B-/Ba3 Structured Asset Securities Corp. Trust
2005-14, Floating Rate Note, 7/25/35 611,243
368,159 1.78 AA+/Baa3 Thornburg Mortgage Securities Trust
Class II2A, Floating Rate Note, 3/25/44 365,482
78,877 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust Series 2005-C18, 4.79%, 4/15/42 78,922
2,407,637 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust Series 2005-C18, 4.935%,
4/15/42 2,516,356
7,977 5.09 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust Series 2005-C20, Floating Rate
Note, 7/15/42 7,995
1,849,635 0.26 A+/Aaa Wachovia Bank Commercial Mortgage
Trust Series 2007-WHALE 8, Floating
Rate Note, 6/15/20 (144A) 1,825,673
243,688 2.45 A+/Baa2 WaMu Mortgage Pass-Through
Certificates, Floating Rate Note, 1/25/33 244,772
607,565 2.43 BBB+/NR WaMu Mortgage Pass-Through
Certificates, Floating Rate Note, 1/25/35 614,935
531,767 2.49 A+/Ba2 WaMu Mortgage Pass-Through
Certificates, Floating Rate Note, 2/25/33 523,544
97,116 0.58 NR/A2 WaMu Mortgage Pass-Through
Certificates, Floating Rate Note, 3/25/34 96,334
1,156,985 BB+/Ba2 Wells Fargo Mortgage Backed Securities
2005-9 Trust, 5.5%, 10/25/35 1,157,348
The accompanying notes are an integral part of these financial statements.
48 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
63,027 4.98 NR/Ba2 Wells Fargo Mortgage Backed Securities
2005-AR6 Trust, Floating Rate Note,
4/25/35 $ 64,370
1,362,299 4.96 BBB+/Ba3 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 8/25/34 1,390,054
-------------
$ 245,696,661
-------------
Total Banks $ 245,696,661
-------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.4%
Other Diversified Financial Services -- 2.4%
625,636 0.92 AA+/Baa1 Bear Stearns ALT-A Trust 2004-13,
Floating Rate Note, 11/25/34 $ 612,180
1,240,412 0.88 A+/Baa2 Bear Stearns ALT-A Trust 2004-8,
Floating Rate Note, 9/25/34 1,188,239
171,560 0.68 AAA/Baa1 Bear Stearns ALT-A Trust 2005-2,
Floating Rate Note, 3/25/35 167,001
452,584 2.91 BBB+/B3 Bear Stearns ARM Trust 2004-3, Floating
Rate Note, 7/25/34 442,874
143,475 0.51 AA+/Ba1 Chevy Chase Funding LLC
Mortgage-Backed Certificates Series
2004-1, Floating Rate Note, 1/25/35
(144A) 128,475
71,126 0.48 A+/Ba2 Chevy Chase Funding LLC
Mortgage-Backed Certificates Series
2004-3, Floating Rate Note, 8/25/35
(144A) 61,048
27,514 NR/Baa3 Citicorp Mortgage Securities REMIC
Pass-Through Certificates Trust Series
2005-4, 5.0%, 7/25/20 28,800
228,378 5.95 AAA/Aaa Credit Suisse Commercial Mortgage Trust
Series 2007-C4, Floating Rate Note,
9/15/39 228,928
3,167,789 0.30 AA/Aaa Credit Suisse First Boston Mortgage
Securities Corp Series 2007-TFL1,
Floating Rate Note, 2/15/22 (144A) 3,146,780
2,858,309 0.35 AAA/A1 Credit Suisse Mortgage Capital
Certificates, Floating Rate Note,
10/15/21 (144A) 2,846,241
2,073,210 0.32 AAA/Aaa Crusade Global Trust, Floating Rate
Note, 11/15/37 2,023,704
2,267,365 0.33 AAA/Aaa Crusade Global Trust, Floating Rate Note,
4/19/38 2,228,442
748,506 0.35 AAA/Aaa Crusade Global Trust, Floating Rate Note,
8/14/37 742,805
1,460,000 1.48 AA-/NR Del Coronado Trust 2013-DEL, Floating
Rate Note, 3/15/26 (144A) 1,455,240
892,167 0.53 NR/NR Fannie Mae Trust 2003-W6, Floating Rate
Note, 9/25/42 882,126
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 49
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
2,024,727 0.43 AA/Aa3 GE Business Loan Trust 2005-1, Floating
Rate Note, 6/15/33 (144A) $ 1,893,758
1,700,045 0.36 A/Aa3 GE Business Loan Trust 2006-2, Floating
Rate Note, 11/15/34 (144A) 1,545,546
854,714 0.38 BB+/Baa2 Impac Secured Assets Trust 2006-5,
Floating Rate Note, 12/25/36 773,318
599,508 0.30 AAA/Aaa Medallion Trust Series 2007-1G, Floating
Rate Note, 2/27/39 597,650
54,853 2.53 A+/NR Merrill Lynch Mortgage Investors Trust
Series MLMI 2005-A2, Floating Rate
Note, 2/25/35 54,823
1,750,018 AAA/NR Morgan Stanley Capital I Trust 2004-HQ4,
4.97%, 4/14/40 1,788,059
1,665,405 5.11 AAA/NR Morgan Stanley Capital I Trust 2004-IQ8,
Floating Rate Note, 6/15/40 1,699,251
484,623 NR/Aaa Morgan Stanley Capital I Trust
2004-TOP13, 4.66%, 9/13/45 484,939
59,285 AAA/NR Morgan Stanley Capital I Trust 2005-HQ6,
4.882%, 8/13/42 59,361
889,222 0.28 AA+/Aaa Morgan Stanley Capital I, Inc., Floating
Rate Note, 10/15/20 (144A) 878,585
1,750,000 0.31 A+/Aa1 Morgan Stanley Capital I, Inc., Floating
Rate Note, 10/15/20 (144A) 1,726,690
1,450,708 NR/NR ORES NPL 2013-LV2 LLC, 3.081%,
9/25/25 (144A) 1,450,841
611,368 NR/Baa3 ORES NPL LLC, 4.0%, 9/25/44 (144A) 610,225
166,629 0.73 NR/Baa3 RALI Series 2002-QS16 Trust, Floating
Rate Note, 10/25/17 158,045
153,576 0.68 BB-/Ba1 RALI Series 2003-QS11 Trust, Floating
Rate Note, 6/25/33 144,240
1,091,763 0.63 BB/NR RALI Series 2003-QS22 Trust, Floating
Rate Note, 12/26/33 996,867
1,687,035 0.63 AA+/NR RALI Series 2003-QS5 Trust, Floating
Rate Note, 3/25/18 1,654,440
160,108 BBB+/Ba1 RALI Series 2004-QS1 Trust, 4.25%,
1/25/34 160,456
166,766 0.73 BBB+/Ba1 RALI Series 2004-QS1 Trust, Floating
Rate Note, 1/25/34 164,590
67,028 NR/B3 RALI Series 2004-QS16 Trust, 5.5%,
12/25/34 68,958
414,661 BB+/Ba3 RALI Series 2004-QS5 Trust, 4.75%,
4/25/34 429,377
337,777 0.78 BB+/Ba3 RALI Series 2004-QS5 Trust, Floating
Rate Note, 4/25/34 326,824
544,000 1.06 AA+/Aa1 Stanfield Bristol CLO, Ltd., Floating Rate
Note, 10/15/19 (144A) 532,797
The accompanying notes are an integral part of these financial statements.
50 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
597,329 2.93 BB/Ba2 Structured Adjustable Rate Mortgage
Loan Trust Class 1A1, Floating Rate Note,
3/25/34 $ 594,574
510,622 5.28 BBB+/Ba2 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note, 11/25/34 505,323
521,575 2.38 A+/Baa1 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note, 3/25/34 521,721
90,074 0.58 AAA/A1 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note, 6/25/35 89,467
1,752,040 NR/NR Vericrest Opportunity Loan Transferee,
2.487%, 2/26/52 (144A) 1,755,334
957,720 2.73 NR/NR Vericrest Opportunity Loan Transferee,
Floating Rate Note, 11/25/60 (144A) 959,573
1,302,912 NR/NR VOLT XV LLC, 3.222%, 5/27/53 (Step)
(144A) 1,278,158
-------------
$ 40,086,673
-------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.3%
1,046,355 1.67 AAA/Aaa Fosse Master Issuer Plc, Floating Rate
Note, 10/18/54 (144A) $ 1,053,818
1,000,000 1.67 AAA/Aaa Fosse Master Issuer Plc, Floating Rate
Note, 10/18/54 (144A) 1,004,160
213,418 2.66 AAA/Aaa Nomura Asset Acceptance Corp
Alternative Loan Trust Series 2004-AR4,
Floating Rate Note, 12/25/34 215,389
136,292 BBB/B2 Nomura Asset Acceptance Corp
Alternative Loan Trust Series 2005-WF1,
4.786%, 3/25/35 139,116
500,000 1.67 AAA/Aaa Permanent Master Issuer Plc, Floating
Rate Note, 7/15/42 (144A) 501,485
2,500,000 1.77 AAA/Aaa Permanent Master Issuer Plc, Floating
Rate Note, 7/15/42 (144A) 2,500,973
631,000 1.87 AAA/Aaa Permanent Master Issuer Plc, Floating
Rate Note, 7/15/42 (144A) 645,182
-------------
$ 6,060,123
-------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.4%
1,172,874 0.53 NR/NR Freddie Mac Strips, Floating Rate Note,
12/15/36 $ 1,171,820
827,336 0.58 NR/NR Freddie Mac Strips, Floating Rate Note,
5/15/36 827,377
845,199 0.43 NR/NR Freddie Mac Strips, Floating Rate Note,
8/15/36 840,151
3,653,823 0.48 NR/NR Freddie Mac Strips, Floating Rate Note,
8/15/36 3,643,771
-------------
$ 6,483,119
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 51
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.3%
6,810 AAA/NR Banc of America Merrill Lynch
Commercial Mortgage, Inc., 4.512%,
12/10/42 $ 6,831
1,568,402 5.74 AAA/Aaa Banc of America Merrill Lynch
Commercial Mortgage, Inc., Floating Rate
Note, 6/10/39 1,588,308
329,625 AAA/NR Bear Stearns Commercial Mortgage
Securities Trust 2004-PWR3, 4.715%,
2/11/41 331,310
3,058,541 5.20 AAA/Aaa Bear Stearns Commercial Mortgage
Securities Trust 2004-TOP14, Floating
Rate Note, 1/12/41 3,085,278
-------------
$ 5,011,727
-------------
Total Diversified Financials $ 57,641,642
-------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.3%
Mortgage REIT's -- 0.1%
474,052 AAA/Aaa Credit Suisse First Boston Mortgage
Securities Corp., 4.691%, 10/15/39 $ 485,251
24,299 1.53 AA+/A3 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
12/25/33 24,249
352,836 0.92 AAA/Baa1 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
6/25/34 339,969
-------------
$ 849,469
-------------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 0.2%
994,248 0.66 AA+/Baa1 Mellon Residential Funding Corp.
Mortgage Pass-Through Trust Series 2000
TBC2, Floating Rate Note, 6/15/30 $ 983,651
840,367 0.62 B+/Baa1 Mellon Residential Funding Corp.
Mortgage Pass-Through Trust Series
2000-TBC3, Floating Rate Note,
12/15/30 812,289
2,010,618 NR/Baa3 RREF 2013 LT2 LLC, 2.833%, 5/22/28
(144A) 2,009,186
-------------
$ 3,805,126
-------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.0%+
671,184 2.49 NR/A3 Bear Stearns Mortgage Securities, Inc.,
Floating Rate Note, 6/25/30 $ 678,092
-------------
Total Real Estate $ 5,332,687
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
52 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
GOVERNMENT -- 11.6%
Government -- 11.6%
1,203,746 NR/Aaa DBRR 2012- EZ1 Trust, 0.946%,
9/25/45 (144A) $ 1,203,195
812,736 0.51 AAA/Aaa Fannie Mae REMIC Trust 2007-W3,
Floating Rate Note, 4/25/37 810,394
461,532 AAA/Aaa Fannie Mae REMICS, 4.0%, 6/25/37 466,536
244,020 AAA/Aaa Fannie Mae REMICS, 4.5%, 1/25/38 246,541
115,574 AAA/Aaa Fannie Mae REMICS, 4.5%, 1/25/39 120,051
497,499 AAA/Aaa Fannie Mae REMICS, 5.5%, 5/25/30 504,150
30,415 AAA/Aaa Fannie Mae REMICS, 6.0%, 3/25/27 30,771
171,552 AAA/Aaa Fannie Mae REMICS, 6.0%, 3/25/35 178,943
348,018 0.83 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
1/18/32 350,737
542,591 0.88 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
1/25/32 547,771
648,845 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
1/25/33 652,371
602,081 0.73 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
1/25/40 606,726
916,728 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
10/25/35 916,393
48,014 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
10/25/35 47,960
2,252,154 0.58 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
10/25/36 2,258,487
195,617 0.73 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
10/25/37 196,398
874,111 0.78 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
10/25/37 881,571
1,047,885 1.40 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
10/25/38 1,061,481
2,382,000 0.38 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
10/27/37 2,383,722
2,727,825 1.18 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
11/18/32 2,780,682
620,658 0.78 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
11/25/31 624,469
546,179 0.78 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
11/25/31 546,263
1,076,811 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
11/25/33 1,078,777
1,144,547 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
11/25/34 1,145,447
497,228 0.50 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
11/25/36 497,771
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 53
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Government -- (continued)
3,090,694 0.58 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
11/25/40 $ 3,145,755
142,071 0.78 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
12/25/23 142,827
480,120 1.18 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
12/25/23 487,643
118,564 0.73 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
12/25/30 119,154
1,722,637 1.08 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
12/25/31 1,750,837
580,010 0.78 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
12/25/32 584,568
431,999 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
12/25/32 434,139
547,327 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
12/25/35 547,207
396,464 0.42 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
12/25/36 395,386
1,391,809 0.80 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
12/25/37 1,398,983
319,380 0.58 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
12/25/38 319,688
437,384 0.73 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
12/25/49 439,116
31,217 0.63 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
2/25/17 31,240
508,421 0.93 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
2/25/33 514,172
1,178,907 0.53 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
2/25/33 1,177,175
1,083,530 0.51 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
2/25/35 1,083,024
1,628,443 0.43 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
2/25/37 1,623,794
829,034 0.38 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
2/25/37 824,147
482,678 0.88 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
2/25/38 484,020
859,579 0.63 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
2/25/38 859,173
255,051 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
3/25/23 255,278
737,346 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
3/25/24 742,565
419,185 0.46 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
3/25/28 420,560
The accompanying notes are an integral part of these financial statements.
54 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Government -- (continued)
1,567,766 0.58 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
3/25/34 $ 1,570,277
1,749,304 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
3/25/35 1,746,463
283,170 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
3/25/35 283,134
141,167 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
3/25/36 141,148
291,381 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
3/25/36 292,128
359,392 1.18 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
3/25/37 366,954
1,202,469 0.43 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
3/25/37 1,200,111
718,240 0.43 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
3/25/37 716,314
150,933 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
4/25/25 151,184
201,066 0.83 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
4/25/30 202,134
2,596,610 1.08 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
4/25/32 2,642,673
346,002 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
4/25/33 347,532
956,821 0.43 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
4/25/37 954,481
268,630 0.41 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
4/25/37 267,991
530,474 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
4/25/42 533,429
552,141 0.69 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
5/25/33 552,446
1,194,898 0.53 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
5/25/36 1,191,326
1,974,203 0.49 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
5/25/36 1,969,556
1,621,208 0.58 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
5/25/37 1,617,582
355,730 0.78 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
5/25/40 358,189
1,951,041 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
5/25/40 1,952,749
1,502,534 0.73 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
5/25/40 1,507,300
5,180,557 0.63 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
5/25/41 5,154,462
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 55
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Government -- (continued)
259,178 0.58 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
6/25/23 $ 259,662
1,244,613 0.63 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
6/25/36 1,249,650
1,107,369 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
6/25/36 1,103,587
1,354,895 0.42 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
6/25/37 1,349,736
2,429,695 0.38 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
6/25/37 2,418,499
1,756,352 0.44 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
6/25/37 1,748,559
109,089 0.41 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
6/25/37 108,815
512,533 0.43 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
6/25/37 511,192
159,127 0.63 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
6/25/37 159,615
47,052 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
7/18/27 47,095
600,683 0.78 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
7/25/31 604,993
410,281 0.78 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
7/25/31 413,639
267,308 1.18 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
7/25/32 272,978
615,646 0.58 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
7/25/34 616,669
186,104 0.63 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
7/25/34 186,726
2,473,170 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
7/25/35 2,470,210
1,047,962 0.43 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
7/25/35 1,048,813
379,299 0.47 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
7/25/36 378,986
1,697,505 0.66 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
7/25/36 1,700,944
385,317 0.58 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
7/25/37 386,546
297,932 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
8/25/31 299,580
124,996 0.78 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
8/25/32 125,931
31,622 0.58 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
8/25/33 31,635
The accompanying notes are an integral part of these financial statements.
56 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Government -- (continued)
357,471 0.73 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
8/25/36 $ 356,799
57,403 0.98 AA+/NR Fannie Mae REMICS, Floating Rate Note,
9/25/20 57,714
110,845 1.08 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
9/25/21 112,019
527,298 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
9/25/32 530,132
577,318 0.63 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
9/25/32 577,782
2,916,129 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
9/25/33 2,930,147
1,425,401 0.75 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
9/25/36 1,423,027
445,218 0.43 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
9/25/36 445,148
1,581,608 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
9/25/37 1,588,208
606,147 0.63 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
9/25/37 608,868
577,938 0.75 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
9/25/37 581,854
347,071 0.73 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
9/25/37 349,092
57,835 0.93 AAA/Aaa Fannie Mae REMICS, Floating Rate Note,
9/25/38 57,901
154,239 2.67 AAA/Aaa Fannie Mae Trust 2005-W3, Floating Rate
Note, 4/25/45 164,083
268,332 2.24 AAA/Aaa Fannie Mae Trust 2005-W4, Floating Rate
Note, 6/25/35 274,268
1,131,322 0.44 AAA/Aaa Fannie Mae Whole Loan, Floating Rate
Note, 11/25/46 1,127,725
18,451 AAA/Aaa Freddie Mac REMICS, 3.5%, 11/15/22 18,599
1,228,551 AAA/Aaa Freddie Mac REMICS, 3.5%, 6/15/28 1,262,099
184,545 AAA/Aaa Freddie Mac REMICS, 4.0%, 1/15/24 189,039
78,988 AAA/Aaa Freddie Mac REMICS, 4.0%, 11/15/23 81,329
335,541 AAA/Aaa Freddie Mac REMICS, 4.0%, 12/15/22 340,680
79,559 AAA/Aaa Freddie Mac REMICS, 5.0%, 12/15/32 80,791
487,489 AAA/Aaa Freddie Mac REMICS, 5.0%, 6/15/34 502,492
51,224 AAA/Aaa Freddie Mac REMICS, 5.0%, 7/15/32 51,739
44,396 AAA/Aaa Freddie Mac REMICS, 5.5%, 5/15/33 44,844
769,089 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
1/15/33 769,898
513,090 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
1/15/36 513,130
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 57
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Government -- (continued)
5,865,080 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
1/15/37 $ 5,888,541
225,755 0.33 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
10/15/20 225,403
146,367 1.13 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
10/15/31 149,169
1,316,128 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
10/15/35 1,313,056
2,049,663 0.76 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
10/15/37 2,057,620
1,148,474 0.80 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
10/15/37 1,154,228
327,571 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
11/15/18 328,011
226,936 0.78 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
11/15/31 228,557
382,459 1.18 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
11/15/33 391,325
255,717 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
11/15/35 255,836
1,426,977 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
11/15/36 1,427,031
721,335 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
11/15/36 721,365
316,942 0.43 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
11/15/36 316,217
2,418,245 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
11/15/37 2,413,515
849,632 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
11/15/40 852,071
225,525 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
12/15/20 227,041
622,629 0.63 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
12/15/28 624,629
302,320 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
12/15/32 301,801
35,294 0.63 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
12/15/32 35,295
45,477 0.68 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
12/15/32 45,749
1,132,017 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
12/15/32 1,133,233
516,490 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
12/15/32 517,062
840,304 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
12/15/34 838,627
The accompanying notes are an integral part of these financial statements.
58 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Government -- (continued)
1,442,352 0.46 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
12/15/36 $ 1,439,277
1,160,919 0.88 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
12/15/39 1,167,784
831,515 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
12/15/41 831,128
587,475 0.41 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
2/15/19 587,585
693,717 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
2/15/25 696,380
355,698 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
2/15/29 355,483
1,172,584 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
2/15/30 1,171,734
629,136 0.73 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
2/15/33 631,518
969,644 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
2/15/33 967,817
630,972 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
2/15/36 630,719
1,054,069 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
2/15/36 1,054,846
2,434,362 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
2/15/37 2,430,842
826,821 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
2/15/39 829,094
2,021,008 1.23 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
3/15/24 2,054,513
230,296 0.88 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
3/15/32 232,335
1,038,114 1.18 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
3/15/32 1,058,053
1,503,826 1.18 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
3/15/32 1,535,264
1,626,572 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
3/15/36 1,627,000
2,993,140 0.45 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
3/15/37 2,983,685
770,109 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
3/15/38 769,600
402,421 0.63 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
3/15/39 401,402
4,858,731 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
3/15/41 4,834,540
929,799 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
3/15/41 928,872
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 59
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Government -- (continued)
499,250 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
4/15/35 $ 498,739
988,561 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
4/15/36 987,528
172,767 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
5/15/29 172,712
332,918 1.68 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
5/15/33 342,774
1,081,496 0.52 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
5/15/35 1,081,162
1,245,388 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
5/15/35 1,244,323
601,575 0.52 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
5/15/37 601,162
406,093 1.43 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
5/15/37 411,922
155,642 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
5/15/41 155,696
213,302 0.63 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
6/15/23 214,663
248,054 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
6/15/31 248,158
776,568 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
6/15/33 776,273
828,672 0.60 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
6/15/36 830,716
3,314,412 0.49 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
6/15/36 3,308,722
1,474,773 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
6/15/38 1,476,335
1,144,976 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
6/15/40 1,143,975
473,720 0.43 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
7/15/21 473,309
966,361 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
7/15/23 970,220
873,506 0.42 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
7/15/34 873,150
1,696,783 0.68 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
7/15/36 1,703,757
80,310 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
7/15/36 80,365
1,738,628 0.38 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
7/15/36 1,732,360
811,154 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
7/15/40 807,306
The accompanying notes are an integral part of these financial statements.
60 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Government -- (continued)
631,579 0.38 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
8/15/26 $ 634,346
1,724,527 0.63 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
8/15/31 1,740,598
2,239,836 0.63 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
8/15/33 2,253,356
1,284,642 0.43 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
8/15/35 1,283,342
601,721 0.43 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
8/15/35 601,250
1,528,107 0.43 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
8/15/36 1,524,056
865,731 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
8/15/40 862,875
1,018,587 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
9/15/26 1,020,683
394,967 0.78 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
9/15/32 398,121
514,421 0.60 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
9/15/36 515,397
426,353 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note,
9/15/36 426,895
147,344 AAA/Aaa Government National Mortgage
Association, 4.5%, 11/20/34 150,663
290,025 AAA/Aaa Government National Mortgage
Association, 4.5%, 5/20/33 293,407
1,610,901 AAA/Aaa Government National Mortgage
Association, 5.75%, 8/20/36 1,639,298
1,367,464 0.39 AAA/Aaa Government National Mortgage
Association, Floating Rate Note,
1/16/33 1,372,582
1,575,415 0.43 AAA/Aaa Government National Mortgage
Association, Floating Rate Note,
1/16/35 1,568,622
411,543 0.43 AAA/Aaa Government National Mortgage
Association, Floating Rate Note,
1/20/33 412,166
314,532 0.68 AAA/Aaa Government National Mortgage
Association, Floating Rate Note,
1/20/37 314,759
565,764 0.86 AAA/Aaa Government National Mortgage
Association, Floating Rate Note,
10/16/39 574,961
993,710 0.58 AAA/Aaa Government National Mortgage
Association, Floating Rate Note,
10/20/38 996,343
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 61
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Government -- (continued)
1,544,452 0.43 AAA/Aaa Government National Mortgage
Association, Floating Rate Note,
2/20/35 $ 1,540,028
394,001 0.58 AAA/Aaa Government National Mortgage
Association, Floating Rate Note,
2/20/38 395,250
687,459 0.48 AAA/Aaa Government National Mortgage
Association, Floating Rate Note,
4/16/29 692,499
301,236 0.73 AAA/Aaa Government National Mortgage
Association, Floating Rate Note,
4/16/32 304,160
1,264,133 0.58 AAA/Aaa Government National Mortgage
Association, Floating Rate Note,
5/16/38 1,270,198
308,808 0.68 AAA/Aaa Government National Mortgage
Association, Floating Rate Note,
6/16/31 311,444
2,141,231 0.43 AAA/Aaa Government National Mortgage
Association, Floating Rate Note,
7/20/41 2,139,226
740,865 1.18 AAA/Aaa Government National Mortgage
Association, Floating Rate Note,
8/16/39 752,108
848,395 0.58 AAA/Aaa Government National Mortgage
Association, Floating Rate Note,
8/20/35 849,634
676,783 0.68 AAA/Aaa Government National Mortgage
Association, Floating Rate Note,
8/20/38 682,865
962,756 0.43 AAA/Aaa Government National Mortgage
Association, Floating Rate Note,
9/16/31 967,770
-------------
$ 195,460,170
-------------
Total Government $ 195,460,170
-------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $505,691,921) $ 506,462,654
-------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 23.3%
ENERGY -- 0.3%
Integrated Oil & Gas -- 0.2%
3,355,000 0.65 AA-/Aa1 Total Capital Canada, Ltd., Floating Rate
Note, 1/15/16 $ 3,371,070
-------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.1%
1,650,000 0.90 NR/Baa1 Enbridge, Inc., Floating Rate Note,
10/1/16 $ 1,651,462
-------------
Total Energy $ 5,022,532
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
62 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
MATERIALS -- 0.3%
Diversified Metals & Mining -- 0.2%
1,650,000 0.50 A+/A1 BHP Billiton Finance USA, Ltd., Floating
Rate Note, 9/30/16 $ 1,650,988
1,130,000 1.09 A-/A3 Rio Tinto Finance USA Plc, Floating Rate
Note, 6/17/16 1,135,482
-------------
$ 2,786,470
-------------------------------------------------------------------------------------------------------
Steel -- 0.1%
1,800,000 1.42 BBB/Baa2 Glencore Funding LLC, Floating Rate
Note, 5/27/16 (144A) $ 1,762,636
-------------
Total Materials $ 4,549,106
-------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.1%
Aerospace & Defense -- 0.1%
2,372,000 0.53 A/A2 United Technologies Corp., Floating Rate
Note, 12/2/13 $ 2,373,352
-------------
Total Capital Goods $ 2,373,352
-------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Railroads -- 0.1%
1,500,000 BBB/Baa2 CSX Corp., 5.3%, 2/15/14 $ 1,524,676
-------------
Total Transportation $ 1,524,676
-------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.6%
Auto Parts & Equipment -- 0.1%
2,342,000 0.68 BBB+/Baa1 Johnson Controls, Inc., Floating Rate
Note, 2/4/14 $ 2,345,007
-------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.5%
1,500,000 A-/A3 Daimler Finance North America LLC,
1.3%, 7/31/15 (144A) $ 1,506,630
300,000 1.05 A-/A3 Daimler Finance North America LLC,
Floating Rate Note, 4/10/14 (144A) 300,962
1,500,000 0.94 A-/A3 Daimler Finance North America LLC,
Floating Rate Note, 8/1/16 (144A) 1,503,375
1,500,000 0.95 BBB+/A3 Nissan Motor Acceptance Corp., Floating
Rate Note, 9/26/16 (144A) 1,502,451
1,500,000 A-/A3 Volkswagen International Finance NV,
1.875%, 4/1/14 (144A) 1,509,675
1,000,000 0.86 A-/A3 Volkswagen International Finance NV,
Floating Rate Note, 11/20/14 (144A) 1,004,655
300,000 1.00 A-/A3 Volkswagen International Finance NV,
Floating Rate Note, 3/21/14 (144A) 300,894
-------------
$ 7,628,642
-------------
Total Automobiles & Components $ 9,973,649
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 63
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Education Services -- 0.1%
1,500,000 AA/Aa1 Cornell University, 4.35%, 2/1/14 $ 1,518,166
-------------
Total Consumer Services $ 1,518,166
-------------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Broadcasting -- 0.2%
2,694,000 0.81 A-/A3 NBCUniversal Enterprise, Inc., Floating
Rate Note, 4/15/16 (144A) $ 2,707,551
1,500,000 A-/A3 NBCUniversal Media LLC, 2.1%, 4/1/14 1,512,120
-------------
$ 4,219,671
-------------
Total Media $ 4,219,671
-------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.6%
Brewers -- 0.3%
2,300,000 A/A3 Anheuser-Busch InBev Worldwide, Inc.,
1.5%, 7/14/14 $ 2,320,150
1,500,000 0.81 A/A3 Anheuser-Busch InBev Worldwide, Inc.,
Floating Rate Note, 1/27/14 1,502,824
2,000,000 0.63 A/A3 Anheuser-Busch InBev Worldwide, Inc.,
Floating Rate Note, 7/14/14 2,004,052
-------------
$ 5,827,026
-------------------------------------------------------------------------------------------------------
Soft Drinks -- 0.1%
551,000 BBB/A3 Coca-Cola Enterprises, Inc., 2.125%,
9/15/15 $ 563,213
860,000 0.47 A-/A1 PepsiCo, Inc., Floating Rate Note,
2/26/16 860,424
850,000 0.24 AA-/Aa3 The Coca-Cola Co., Floating Rate Note,
3/5/15 849,564
-------------
$ 2,273,201
-------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.1%
1,500,000 0.56 BBB+/A2 Campbell Soup Co., Floating Rate Note,
8/1/14 $ 1,501,474
-------------------------------------------------------------------------------------------------------
Tobacco -- 0.1%
1,500,000 0.31 A/A2 Philip Morris International, Inc., Floating
Rate Note, 2/26/15 $ 1,499,480
-------------
Total Food, Beverage & Tobacco $ 11,101,181
-------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.1%
Health Care Equipment -- 0.1%
895,000 0.43 A/A3 Baxter International, Inc., Floating Rate
Note, 12/11/14 $ 895,355
-------------------------------------------------------------------------------------------------------
Health Care Services -- 0.0%+
708,000 BBB+/Baa3 Express Scripts Holding Co., 2.1%,
2/12/15 $ 719,300
-------------
Total Health Care Equipment
& Services $ 1,614,655
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
64 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
BANKS -- 5.6%
Diversified Banks -- 3.0%
250,000 2.26 A/Aa3 Banco Santander Chile, Floating Rate
Note, 2/14/14 (144A) $ 250,839
250,000 1.31 A+/Aa2 Bank of Nova Scotia, Floating Rate Note,
1/12/15 252,849
1,500,000 0.79 A+/Aa2 Bank of Nova Scotia, Floating Rate Note,
7/15/16 1,505,388
1,650,000 0.75 AA-/Aa2 Commonwealth Bank of Australia,
Floating Rate Note, 10/28/13 (144A) 1,650,551
1,575,000 0.73 AA-/Aa2 Cooperatieve Centrale
Raiffeisen-Boerenleenbank BA
Netherlands, Floating Rate Note,
3/18/16 1,576,564
1,000,000 NR/A2 HSBC Bank Middle East, Ltd., 3.0%,
10/21/15 1,023,800
4,619,000 1.07 AA-/Aa3 HSBC Bank Plc, Floating Rate Note,
1/17/14 (144A) 4,629,157
4,340,000 1.17 AA-/Aa3 Nordea Bank AB, Floating Rate Note,
1/14/14 (144A) 4,350,876
2,500,000 0.72 AA-/Aa3 Nordea Bank AB, Floating Rate Note,
5/13/16 (144A) 2,507,860
2,700,000 0.96 AA-/Aa3 Royal Bank of Canada, Floating Rate
Note, 10/30/14 2,719,802
2,000,000 0.57 AA-/Aa3 Royal Bank of Canada, Floating Rate
Note, 4/17/14 2,003,316
2,000,000 0.71 AA-/Aa3 Royal Bank of Canada, Floating Rate
Note, 9/9/16 2,007,020
1,500,000 0.94 A+/Aa3 Sumitomo Mitsui Banking Corp.,
Floating Rate Note, 7/19/16 1,509,138
1,500,000 1.03 A+/A1 Sumitomo Mitsui Trust Bank, Ltd.,
Floating Rate Note, 9/16/16 (144A) 1,507,432
1,275,000 0.70 AA-/Aa3 Svenska Handelsbanken AB, Floating
Rate Note, 3/21/16 1,277,896
1,000,000 0.72 AA-/Aa3 Svenska Handelsbanken AB, Floating
Rate Note, 9/23/16 1,001,475
1,100,000 AA-/Aa1 The Toronto-Dominion Bank, 1.375%,
7/14/14 1,109,366
1,500,000 0.72 AA-/Aa1 The Toronto-Dominion Bank, Floating
Rate Note, 11/1/13 1,500,810
1,000,000 0.45 AA-/Aa1 The Toronto-Dominion Bank, Floating
Rate Note, 5/1/15 999,716
1,200,000 0.57 AA-/Aa1 The Toronto-Dominion Bank, Floating
Rate Note, 7/14/14 1,202,695
1,555,000 A+/A1 US Bancorp, 4.2%, 5/15/14 1,592,444
1,983,000 0.60 A/A3 Wachovia Corp., Floating Rate Note,
10/28/15 1,974,503
1,040,000 A/A3 Wells Fargo & Co., 4.95%, 10/16/13 1,041,738
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 65
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
2,503,000 0.46 A+/A2 Wells Fargo & Co., Floating Rate Note,
10/28/15 $ 2,497,949
3,175,000 1.17 A+/A2 Wells Fargo & Co., Floating Rate Note,
6/26/15 3,210,525
1,500,000 0.79 A+/A2 Wells Fargo & Co., Floating Rate Note,
7/20/16 1,505,424
1,935,000 0.99 A-/Aa2 Westpac Banking Corp., Floating Rate
Note, 12/9/13 1,937,765
500,000 1.07 NR/Aaa Westpac Banking Corp., Floating Rate
Note, 7/17/15 (144A) 505,021
1,000,000 0.56 A-/Aa2 Westpac Banking Corp., Floating Rate
Note, 9/26/14 998,654
-------------
$ 49,850,573
-------------------------------------------------------------------------------------------------------
Regional Banks -- 2.4%
1,500,000 A-/A2 BB&T Corp., 2.05%, 4/28/14 $ 1,511,674
3,863,000 0.96 A-/A2 BB&T Corp., Floating Rate Note,
4/28/14 3,874,925
1,000,000 0.57 A-/A2 Branch Banking & Trust Co., Floating
Rate Note, 9/13/16 987,656
1,900,000 0.70 BBB+/A3 Capital One NA, Floating Rate Note,
3/22/16 1,897,811
6,101,000 A/A1 Credit Suisse New York NY, 5.5%,
5/1/14 6,281,193
1,000,000 0.67 BBB/Baa2 Fifth Third Bancorp, Floating Rate
Note, 12/20/16 982,197
2,600,000 0.67 A-/A3 Fifth Third Bank Cincinnati Ohio,
Floating Rate Note, 2/26/16 2,596,917
1,000,000 0.41 A+/Aa3 Mellon Funding Corp., Floating Rate
Note, 5/15/14 1,001,057
2,100,000 0.60 A-/A3 National City Bank Cleveland Ohio,
Floating Rate Note, 12/15/16 2,069,836
2,250,000 0.57 A/A2 PNC Bank NA, Floating Rate Note,
1/28/16 2,248,009
1,150,000 0.58 A/A2 PNC Bank NA, Floating Rate Note,
4/29/16 1,147,682
1,000,000 A-/A3 PNC Funding Corp., 5.4%, 6/10/14 1,033,602
2,294,000 0.47 A-/A3 PNC Funding Corp., Floating Rate
Note, 1/31/14 2,294,842
1,350,000 0.46 A+/Aa3 State Street Bank and Trust Co.,
Floating Rate Note, 12/8/15 1,341,378
1,500,000 4.48 BBB/Baa3 The PNC Financial Services Group,
Inc., Floating Rate Note (Perpetual) 1,492,500
3,950,000 1.26 A/A2 UBS AG, Floating Rate Note, 1/28/14 3,962,814
1,000,000 1.00 A+/A2 Union Bank NA, Floating Rate Note,
9/26/16 1,007,473
3,355,000 0.55 A+/A1 US Bank NA Cincinnati Ohio, Floating
Rate Note, 10/14/14 3,357,801
The accompanying notes are an integral part of these financial statements.
66 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
975,000 0.47 A+/A1 Wells Fargo Bank NA, Floating Rate
Note, 5/16/16 $ 964,660
-------------
$ 40,054,027
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.2%
2,502,000 BBB/Baa2 Santander Holdings USA, Inc.
Pennsylvania, 3.0%, 9/24/15 $ 2,574,530
1,220,000 0.70 AAA/Aaa Swedbank Hypotek AB, Floating Rate
Note, 3/28/14 (144A) 1,222,773
-------------
$ 3,797,303
-------------
Total Banks $ 93,701,903
-------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 8.1%
Other Diversified Financial Services -- 2.5%
1,500,000 3.68 BB/NR Atlas IX Capital, Ltd., Floating Rate
Note, 1/17/19 (Cat Bond) (144A) $ 1,500,300
6,000,000 1.07 A-/Baa2 Bank of America Corp., Floating Rate
Note, 3/22/16 6,022,368
1,000,000 BBB+/Baa3 Citigroup, Inc., 5.0%, 9/15/14 1,037,693
1,459,000 A-/Baa2 Citigroup, Inc., 6.0%, 12/13/13 1,474,824
655,000 1.72 A-/Baa2 Citigroup, Inc., Floating Rate Note,
1/13/14 657,281
2,692,000 0.55 A-/Baa2 Citigroup, Inc., Floating Rate Note,
11/5/14 2,688,153
1,325,000 1.06 A-/Baa2 Citigroup, Inc., Floating Rate Note,
4/1/16 1,328,034
1,500,000 1.23 A-/Baa2 Citigroup, Inc., Floating Rate Note,
7/25/16 1,513,322
250,000 9.00 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 259,750
525,000 5.00 BB+/NR Embarcadero Reinsurance, Ltd., Floating
Rate Note, 8/7/15 (Cat Bond) (144A) 543,428
822,000 1.12 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 1/7/14 823,828
2,300,000 0.87 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 1/8/16 2,309,832
2,420,000 0.96 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 4/24/14 2,429,264
1,967,000 0.90 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 4/7/14 1,973,237
500,000 1.30 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 7/2/15 506,780
500,000 1.38 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 8/1/17 499,950
2,250,000 4.00 BB+/NR Ibis Re II, Ltd., Floating Rate Note,
6/28/16 (Cat Bond) (144A) 2,288,925
2,630,000 1.06 A/A2 JPMorgan Chase & Co., Floating Rate
Note, 1/24/14 2,636,333
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 67
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
2,000,000 0.93 A/A2 JPMorgan Chase & Co., Floating Rate
Note, 10/15/15 $ 2,006,510
1,800,000 0.88 A/A2 JPMorgan Chase & Co., Floating Rate
Note, 2/26/16 1,803,100
1,000,000 0.97 A-/A3 JPMorgan Chase & Co., Floating Rate
Note, 3/31/16 986,107
1,000,000 1.00 A/A2 JPMorgan Chase & Co., Floating Rate
Note, 5/2/14 1,003,831
2,250,000 7.25 BB-/NR Northshore Re, Ltd., Floating Rate Note,
7/5/16 (Cat Bond) (144A) 2,296,575
1,250,000 6.50 NR/NR Queen Street VIII Re, Ltd., Floating Rate
Note, 6/8/16 (Cat Bond) (144A) 1,258,500
400,000 3.00 BBB-/NR Vita Capital IV, Ltd., Floating Rate Note,
1/15/16 (Cat Bond) (144A) 407,080
1,500,000 2.80 BBB-/NR Vita Capital V, Ltd., Floating Rate Note,
1/15/17 (Cat Bond) (144A) 1,529,100
500,000 3.50 BB+/NR Vita Capital V, Ltd., Floating Rate Note,
1/15/17 (Cat Bond) (144A) 509,550
-------------
$ 42,293,655
-------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.0%
500,000 4.25 BB+/NR Armor Re, Ltd., Floating Rate Note,
5/14/14 (Cat Bond) (144A) $ 506,750
1,000,000 5.25 BB+/NR Kibou, Ltd., Floating Rate Note,
2/16/15 (Cat Bond) (144A) 1,031,900
2,516,000 AA+/Aa2 MassMutual Global Funding II, 2.875%,
4/21/14 (144A) 2,552,485
3,000,000 0.42 AA+/Aa2 MassMutual Global Funding II, Floating
Rate Note, 12/6/13 (144A) 3,001,290
2,059,000 A+/A1 National Rural Utilities Cooperative
Finance Corp., 1.125%, 11/1/13 2,060,260
2,790,000 0.35 A/A2 National Rural Utilities Cooperative
Finance Corp., Floating Rate Note,
2/18/14 2,789,356
2,925,000 0.52 A/A2 National Rural Utilities Cooperative
Finance Corp., Floating Rate Note,
4/4/14 2,927,972
2,500,000 3.50 BB+/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 2,483,250
-------------
$ 17,353,263
-------------------------------------------------------------------------------------------------------
Consumer Finance -- 2.3%
1,500,000 1.36 A-/A2 American Express Credit Corp., Floating
Rate Note, 6/12/15 $ 1,521,584
3,525,000 1.10 A-/A2 American Express Credit Corp., Floating
Rate Note, 6/24/14 3,544,151
2,250,000 0.77 A-/A2 American Express Credit Corp., Floating
Rate Note, 7/29/16 2,256,934
The accompanying notes are an integral part of these financial statements.
68 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
1,300,000 0.36 A+/A1 American Honda Finance Corp., Floating
Rate Note, 11/13/14 (144A) $ 1,301,186
1,500,000 0.40 A+/A1 American Honda Finance Corp., Floating
Rate Note, 4/8/14 (144A) 1,500,843
825,000 0.64 A+/A1 American Honda Finance Corp., Floating
Rate Note, 5/26/16 (144A) 826,870
1,275,000 0.72 A+/A1 American Honda Finance Corp., Floating
Rate Note, 5/8/14 (144A) 1,278,088
1,500,000 0.65 A+/A1 American Honda Finance Corp., Floating
Rate Note, 6/18/14 (144A) 1,505,190
4,440,000 BBB/Baa1 Capital One Financial Corp., 2.125%,
7/15/14 4,489,213
3,244,000 1.42 BBB/Baa1 Capital One Financial Corp., Floating
Rate Note, 7/15/14 3,261,725
1,500,000 0.50 A/A2 Caterpillar Financial Services Corp.,
Floating Rate Note, 2/26/16 1,500,810
2,000,000 0.62 A/A2 Caterpillar Financial Services Corp.,
Floating Rate Note, 2/9/15 2,006,550
897,000 0.42 A/A2 John Deere Capital Corp., Floating Rate
Note, 4/25/14 897,871
2,000,000 0.39 A+/A1 PACCAR Financial Corp., Floating Rate
Note, 5/5/15 1,998,738
250,000 0.51 A+/A1 PACCAR Financial Corp., Floating Rate
Note, 6/5/14 250,436
554,000 AA-/Aa3 Toyota Motor Credit Corp., 1.25%,
11/17/14 559,800
1,000,000 0.67 AA-/Aa3 Toyota Motor Credit Corp., Floating Rate
Note, 1/17/14 1,001,100
1,290,000 0.43 AA-/Aa3 Toyota Motor Credit Corp., Floating Rate
Note, 1/23/15 1,292,054
3,290,000 0.72 AA-/Aa3 Toyota Motor Credit Corp., Floating Rate
Note, 10/11/13 3,290,405
2,000,000 0.26 NR/NR Toyota Motor Credit Corp., Floating Rate
Note, 4/7/14 1,999,694
1,000,000 0.55 AA-/Aa3 Toyota Motor Credit Corp., Floating Rate
Note, 5/17/16 1,002,624
1,000,000 0.40 AA-/NR Toyota Motor Credit Corp., Floating Rate
Note, 9/18/15 999,414
-------------
$ 38,285,280
-------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.9%
1,550,000 A+/A1 Northern Trust Corp., 4.625%, 5/1/14 $ 1,588,730
3,645,000 A+/A1 State Street Corp., 4.3%, 5/30/14 3,740,699
3,100,000 0.61 A+/A1 State Street Corp., Floating Rate Note,
3/7/14 3,103,646
1,219,000 A+/Aa3 The Bank of New York Mellon Corp.,
4.3%, 5/15/14 1,248,825
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 69
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- (continued)
1,300,000 0.55 A+/Aa3 The Bank of New York Mellon Corp.,
Floating Rate Note, 1/31/14 $ 1,301,027
1,468,000 0.49 A+/Aa3 The Bank of New York Mellon Corp.,
Floating Rate Note, 10/23/15 1,468,956
1,000,000 0.49 A+/Aa3 The Bank of New York Mellon Corp.,
Floating Rate Note, 3/4/16 998,336
2,000,000 0.53 A+/Aa3 The Bank of New York Mellon Corp.,
Floating Rate Note, 7/28/14 2,002,948
-------------
$ 15,453,167
-------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.4%
3,038,000 A-/Baa2 Merrill Lynch & Co, Inc., 5.45%,
7/15/14 $ 3,149,394
3,620,000 1.86 A-/Baa1 Morgan Stanley, Floating Rate Note,
1/24/14 3,633,427
4,350,000 1.51 A-/Baa1 Morgan Stanley, Floating Rate Note,
2/25/16 4,388,228
400,000 0.98 A/A2 The Bear Stearns Companies LLC,
Floating Rate Note, 10/28/14 401,584
2,465,000 0.65 A/A2 The Bear Stearns Companies LLC,
Floating Rate Note, 11/21/16 2,441,481
1,000,000 1.26 A-/A3 The Goldman Sachs Group, Inc.,
Floating Rate Note, 11/21/14 1,005,723
2,974,000 1.27 A-/A3 The Goldman Sachs Group, Inc.,
Floating Rate Note, 2/7/14 2,982,452
3,000,000 0.70 A-/A3 The Goldman Sachs Group, Inc.,
Floating Rate Note, 3/22/16 2,974,671
2,000,000 0.85 A-/A3 The Goldman Sachs Group, Inc.,
Floating Rate Note, 9/29/14 2,005,098
-------------
$ 22,982,058
-------------
Total Diversified Financials $ 136,367,423
-------------------------------------------------------------------------------------------------------
INSURANCE -- 5.1%
Life & Health Insurance -- 0.7%
1,500,000 0.43 BBB+/A3 Hartford Life Global Funding Trusts,
Floating Rate Note, 6/16/14 $ 1,499,612
1,650,000 0.44 AA/A1 Jackson National Life Global Funding,
Floating Rate Note, 3/17/14 (144A) 1,651,671
410,000 A-/NR Jefferson-Pilot Corp., 4.75%, 1/30/14 415,779
1,205,000 0.64 AA-/Aa3 MetLife Institutional Funding II, Floating
Rate Note, 1/6/15 (144A) 1,209,098
2,530,000 0.63 A+/Aa3 Principal Life Global Funding II, Floating
Rate Note, 5/27/16 (144A) 2,535,409
2,000,000 0.52 BBB/Baa1 Sun Life Financial Global Funding III LP,
Floating Rate Note, 10/6/13 (144A) 2,000,014
1,000,000 2.75 BBB+/NR Vitality Re IV, Ltd., Floating Rate Note,
1/9/17 (Cat Bond) (144A) 1,017,500
The accompanying notes are an integral part of these financial statements.
70 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Life & Health Insurance -- (continued)
1,000,000 4.52 BBB+/NR Vitality Re, Ltd., Floating Rate Note,
1/7/14 (Cat Bond) (144A) $ 1,006,700
-------------
$ 11,335,783
-------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.7%
700,000 BBB-/Baa2 Liberty Mutual Group, Inc., 5.75%,
3/15/14 (144A) $ 712,895
2,675,000 AA-/Aa3 Metropolitan Life Global Funding I,
2.0%, 1/10/14 (144A) 2,687,252
2,350,000 1.02 AA-/Aa3 Metropolitan Life Global Funding I,
Floating Rate Note, 1/10/14 (144A) 2,354,521
1,500,000 0.80 AA-/Aa3 Metropolitan Life Global Funding I,
Floating Rate Note, 7/15/16 (144A) 1,503,316
1,000,000 AA+/Aaa New York Life Global Funding, 0.75%,
7/24/15 (144A) 1,001,351
1,450,000 0.61 AA+/Aaa New York Life Global Funding, Floating
Rate Note, 5/23/16 (144A) 1,453,808
1,300,000 0.26 AA+/Aaa New York Life Global Funding, Floating
Rate Note, 7/30/14 (144A) 1,300,265
-------------
$ 11,013,408
-------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.1%
1,650,000 BBB+/Baa2 XL Group Plc, 5.25%, 9/15/14 $ 1,719,269
-------------------------------------------------------------------------------------------------------
Reinsurance -- 3.6%
1,000,000 8.14 BB-/NR Atlas Reinsurance VII, Ltd., Floating
Rate Note, 1/7/16 (Cat Bond) (144A) $ 1,024,200
2,125,000 4.37 BB+/NR Blue Danube II, Ltd., Floating Rate
Note, 5/23/16 (Cat Bond) (144A) 2,136,262
600,000 6.12 BB+/NR Blue Danube, Ltd., Floating Rate
Note, 4/10/15 (Cat Bond) (144A) 622,860
945,000 10.87 BB-/NR Blue Danube, Ltd., Floating Rate
Note, 4/10/15 (Cat Bond) (144A) 1,014,080
750,000 2.50 BB+/NR Bosphorus 1 Re, Ltd., Floating Rate
Note, 5/3/16 (Cat Bond) (144A) 747,375
2,500,000 5.25 BB-/NR Caelus Re, Ltd., Floating Rate Note,
3/7/16 (Cat Bond) (144A) 2,525,250
1,300,000 6.85 NR/NR Caelus Re, Ltd., Floating Rate Note,
4/7/17 (Cat Bond) (144A) 1,327,560
2,970,000 4.50 NR/Baa1 Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) 3,058,803
1,500,000 10.00 NR/Ba2 Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) 1,621,500
1,000,000 10.25 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 1,050,500
250,000 11.25 B+/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 264,250
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 71
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 9.00 BB/NR East Lane Re V, Ltd., Floating Rate Note,
3/16/16 (Cat Bond) (144A) $ 273,325
2,100,000 6.65 BB/NR East Lane Re, Ltd., Floating Rate Note,
3/13/15 (Cat Bond) (144A) 2,198,070
1,320,000 6.63 BB-/NR Embarcadero Reinsurance, Ltd., Floating
Rate Note, 8/4/14 (Cat Bond) (144A) 1,349,700
500,000 17.75 B+/NR Everglades Re, Ltd., Floating Rate Note,
4/30/14 (Cat Bond) (144A) 543,400
1,550,000 5.00 BB+/NR Foundation Re III, Ltd., Floating Rate
Note, 2/25/15 (Cat Bond) 1,595,260
2,000,000 5.75 BB/NR Foundation Re III, Ltd., Floating Rate
Note, 2/3/14 (Cat Bond) (144A) 2,026,800
750,000 3.75 BB+/NR Golden State Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) 763,050
300,000 8.35 BB-/NR Ibis Re II, Ltd., Floating Rate Note,
2/5/15 (Cat Bond) (144A) 315,120
250,000 6.00 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 251,725
2,300,000 7.25 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 2,317,020
2,000,000 4.00 BB/NR Longpoint Re, Ltd. III, Floating Rate Note,
5/18/16 (Cat Bond) (144A) 2,035,000
1,300,000 6.00 BB+/NR Longpoint Re, Ltd., Floating Rate Note,
6/12/15 (Cat Bond) (144A) 1,376,180
1,500,000 0.00 BB-/NR MetroCat Re, Ltd., Floating Rate Note,
8/5/16 (Cat Bond) (144A) 1,534,350
1,000,000 9.00 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 1,055,900
500,000 12.00 B/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 538,750
2,750,000 8.61 B+/NR Mythen Re, Ltd. Series 2012-2 Class A,
Floating Rate Note, 1/5/17 (Cat Bond)
(144A) 2,853,400
500,000 11.84 B-/NR Mythen Re, Ltd. Series 2012-2 Class A,
Floating Rate Note, 11/10/16
(Cat Bond) (144A) 509,450
1,500,000 8.00 NR/NR Mythen Re, Ltd. Series 2013-1 Class B,
Floating Rate Note, 7/9/15 (Cat Bond)
(144A) 1,541,850
500,000 8.61 NR/Ba3 Mythen, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 537,250
2,000,000 8.11 NR/Ba3 Mythen, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 2,166,200
1,500,000 7.50 BB-/NR Queen Street II Capital, Ltd., Floating
Rate Note, 4/9/14 (Cat Bond) (144A) 1,523,100
2,250,000 7.50 BB-/NR Queen Street IV Capital, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond) (144A) 2,323,575
The accompanying notes are an integral part of these financial statements.
72 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
500,000 8.50 BB-/NR Queen Street V Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) $ 522,000
250,000 10.35 B/NR Queen Street VI Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 261,825
1,500,000 8.60 B/NR Queen Street VII Re, Ltd., Floating Rate
Note, 4/8/16 (Cat Bond) (144A) 1,544,850
1,750,000 9.00 BB-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 (Cat Bond)
(144A) 1,860,775
1,450,000 8.75 B+/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 (Cat Bond)
(144A) 1,549,470
2,900,000 4.50 BB+/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat Bond)
(144A) 2,980,620
750,000 5.75 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat Bond)
(144A) 785,250
1,150,000 10.00 BB-/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat Bond)
(144A) 1,270,750
750,000 8.00 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat Bond)
(144A) 828,750
1,100,000 9.25 B-/NR Residential Reinsurance 2013, Ltd.,
Floating Rate Note, 6/6/17 (Cat Bond)
(144A) 1,134,650
1,000,000 4.00 BB/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 997,500
1,150,000 9.35 B/NR Successor X, Ltd. Class IV-E3, Floating
Rate Note, 2/25/14 (Cat Bond) (144A) 1,170,010
1,500,000 8.50 B+/NR Tar Heel Re, Ltd., Floating Rate Note,
5/9/16 (Cat Bond) (144A) 1,559,850
-------------
$ 61,487,415
-------------
Total Insurance $ 85,555,875
-------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.1%
Computer Hardware -- 0.1%
1,500,000 0.32 AA+/Aa1 Apple, Inc., Floating Rate Note, 5/3/16 $ 1,499,642
-------------
Total Technology Hardware &
Equipment $ 1,499,642
-------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.8%
Integrated Telecommunication Services -- 0.6%
6,645,000 1.38 BBB/Baa2 British Telecommunications Plc, Floating
Rate Note, 12/20/13 $ 6,659,466
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 73
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Integrated Telecommunication
Services -- (continued)
1,306,000 BBB+/Baa1 Deutsche Telekom International Finance
BV, 4.875%, 7/8/14 $ 1,347,822
1,000,000 NR/Ba2 GTP Towers Issuer LLC, 8.112%,
2/15/15 (144A) 1,033,015
500,000 BBB-/Baa3 Telecom Italia Capital SA, 5.25%,
11/15/13 502,258
805,000 1.78 BBB+/Baa1 Verizon Communications, Inc., Floating
Rate Note, 9/15/16 828,482
-------------
$ 10,371,043
-------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.2%
1,500,000 1.26 A-/A2 America Movil SAB de CV, Floating Rate
Note, 9/12/16 $ 1,500,004
1,150,000 0.65 A-/A3 Vodafone Group Plc, Floating Rate Note,
2/19/16 1,149,933
-------------
$ 2,649,937
-------------
Total Telecommunication Services $ 13,020,980
-------------------------------------------------------------------------------------------------------
UTILITIES -- 1.2%
Electric Utilities -- 0.5%
850,000 A-/A3 Commonwealth Edison Co., 1.625%,
1/15/14 $ 853,012
1,375,000 0.62 A/A1 Duke Energy Indiana, Inc., Floating
Rate Note, 7/11/16 1,378,032
725,000 0.40 A/A2 Duke Energy Ohio, Inc., Floating Rate
Note, 3/6/15 725,221
1,090,000 0.57 A/A3 Georgia Power Co., Floating Rate Note,
3/15/16 1,089,540
1,000,000 0.66 A/A3 Georgia Power Co., Floating Rate Note,
8/15/16 1,000,298
1,400,000 A-/A2 NSTAR Electric Co., 4.875%, 4/15/14 1,432,785
1,450,000 0.30 A/A1 Southern California Edison Co., Floating
Rate Note, 10/1/14 1,450,000
1,530,000 0.70 A/A1 Southern California Edison Co., Floating
Rate Note, 9/15/14 1,535,135
-------------
$ 9,464,023
-------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.5%
5,463,000 A-/Baa2 Dominion Resources, Inc. Virginia, 1.8%,
3/15/14 $ 5,492,112
1,500,000 BBB+/Baa1 Sempra Energy, 2.0%, 3/15/14 1,509,476
1,495,000 1.01 BBB+/Baa1 Sempra Energy, Floating Rate Note,
3/15/14 1,498,742
-------------
$ 8,500,330
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
74 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.2%
1,350,000 5.75 BB+/NR East Lane Re, Ltd., Floating Rate Note,
3/14/14 (Cat Bond) (144A) $ 1,375,785
1,500,000 BBB/Baa2 Exelon Generation Co LLC, 5.35%,
1/15/14 1,520,028
-------------
$ 2,895,813
-------------
Total Utilities $ 20,860,166
-------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $391,003,494) $ 392,902,977
-------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- 6.7%
4,506 AAA/Aaa Fannie Mae, 6.5%, 1/1/15 $ 4,603
10,773 AAA/Aaa Fannie Mae, 7.0%, 10/1/17 11,490
27,729 2.49 AAA/Aaa Fannie Mae, Floating Rate Note,
1/1/48 29,435
28,827 2.54 AAA/Aaa Fannie Mae, Floating Rate Note,
10/1/32 30,758
15,072 2.26 AAA/Aaa Fannie Mae, Floating Rate Note,
11/1/23 15,565
32,402 2.42 AAA/Aaa Fannie Mae, Floating Rate Note, 2/1/34 32,789
4,500 2.82 AAA/Aaa Fannie Mae, Floating Rate Note, 4/1/15 4,473
26,015 2.24 AAA/Aaa Fannie Mae, Floating Rate Note, 9/1/32 27,589
100,000 0.22 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 10/15/13 100,006
3,500,000 0.16 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 10/23/14 3,502,723
3,000,000 0.20 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 12/15/14 3,002,670
5,000,000 0.02 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 2/10/14 5,000,125
6,000,000 0.42 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 3/17/14 6,008,856
570,000 0.30 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 3/27/14 570,662
1,360,000 0.22 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 3/4/15 1,361,882
2,000,000 0.40 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 3/6/14 2,002,608
1,925,000 0.19 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 4/21/14 1,926,018
1,000,000 0.22 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 4/25/14 1,000,883
4,000,000 0.25 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 5/21/14 4,003,448
4,500,000 0.36 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 5/29/14 4,508,658
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 75
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
U.S. Government and Agency
Obligations -- (continued)
5,529,000 0.19 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 7/16/14 $ 5,532,610
3,000,000 0.18 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 1/15/14 3,001,218
3,600,000 0.18 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 1/2/14 3,601,066
1,000,000 0.14 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 11/15/13 1,000,134
4,915,000 0.16 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 11/25/13 4,915,949
4,570,000 0.15 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 12/20/13 4,571,184
6,150,000 0.21 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 2/28/14 6,154,354
1,250,000 0.18 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 3/11/14 1,250,780
7,890,000 0.28 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 4/24/14 7,900,454
2,280 AAA/Aaa Federal Home Loan Mortgage Corp.,
7.0%, 6/1/14 2,312
11,938 2.36 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 10/1/23 12,720
15,171 2.86 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 11/1/33 16,126
6,240,000 0.36 AA+/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 11/18/13 6,242,608
8,514 2.60 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 6/1/35 8,897
7,015,000 0.32 AA+/Aaa Federal National Mortgage Association,
Floating Rate Note, 10/25/13 7,016,277
16,793,000 0.23 AA+/Aaa Federal National Mortgage Association,
Floating Rate Note, 3/4/14 16,803,145
6,700,000 0.36 AA+/Aaa Federal National Mortgage Association,
Floating Rate Note, 6/23/14 6,711,470
16,058 1.62 AAA/Aaa Government National Mortgage
Association II, Floating Rate Note,
1/20/22 16,707
5,000,000 AA+/Aaa U.S. Treasury Notes, 0.25%, 4/30/14 5,005,080
-------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $112,878,263) $ 112,908,332
-------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 3.8%
Municipal Development -- 0.6%
3,720,000 0.03 AA/Aa1 Mississippi Business Finance Corp.,
Floating Rate Note, 12/1/30 $ 3,720,000
The accompanying notes are an integral part of these financial statements.
76 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Municipal Development -- (continued)
5,990,000 0.06 AA/Aa1 Mississippi Business Finance Corp.,
Floating Rate Note, 12/1/30 $ 5,990,000
-------------
$ 9,710,000
-------------------------------------------------------------------------------------------------------
Municipal General -- 0.1%
1,000,000 NR/NR State of California, 2.0%, 5/28/14 $ 1,011,960
-------------------------------------------------------------------------------------------------------
Higher Municipal Education -- 2.5%
3,335,000 0.06 AAA/Aaa Connecticut State Health & Educational
Facility Authority, Floating Rate Note,
7/1/33 $ 3,335,000
10,430,000 0.05 AAA/Aaa Connecticut State Health & Educational
Facility Authority, Floating Rate Note,
7/1/36 10,430,000
10,955,000 0.04 AA/Aa2 Maryland Health & Higher Educational
Facilities Authority, Floating Rate Note,
7/1/36 10,955,000
11,670,000 0.05 AAA/Aaa Permanent University Fund, Floating
Rate Note, 7/1/37 11,670,000
250,000 0.76 AA/Aa1 University of California, Floating Rate
Note, 7/1/41 250,170
6,470,000 0.05 AAA/Aaa University of Michigan, Floating Rate
Note, 12/1/29 6,470,000
-------------
$ 43,110,170
-------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.4%
7,125,000 0.05 AA/NR Harris County Health Facilities
Development Corp., Floating Rate
Note, 12/1/41 $ 7,125,000
-------------------------------------------------------------------------------------------------------
Municipal Power -- 0.1%
670,000 1.06 NR/A1 South Carolina State Public Service
Authority, Floating Rate Note, 6/1/15 $ 671,581
1,000,000 0.88 NR/A1 South Carolina State Public Service
Authority, Floating Rate Note, 6/2/14
(Pre-Refunded) 1,000,970
-------------
$ 1,672,551
-------------------------------------------------------------------------------------------------------
Municipal Student Loan -- 0.1%
1,250,000 1.00 AA+/NR Louisiana Public Facilities Authority,
Floating Rate Note, 4/26/27 $ 1,249,562
-------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $63,885,131) $ 63,879,243
-------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE
LOAN INTERESTS -- 8.6%**
ENERGY -- 0.3%
Oil & Gas Drilling -- 0.1%
1,000,000 6.00 B+/B2 Drillships Financing Holding, Inc.,
Tranche B-1 Term Loan, 3/2/21 $ 1,011,875
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 77
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- (continued)
497,500 5.75 B-/B3 Offshore Group Investment, Ltd., Term
Loan, 3/28/19 $ 504,030
-------------
$ 1,515,905
-------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.0%+
47,266 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term Loan,
6/1/16 $ 47,503
-------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.1%
250,000 5.75 BB-/Ba3 Chesapeake Energy Corp., Term Loan,
12/2/17 $ 254,863
1,750,000 0.00 BB-/Ba2 Fieldwood Energy LLC, 9/25/18 1,750,875
400,000 6.00 B-/B1 Samson Investment Co., Initial Term
Loan (Second Lien), 9/10/16 401,450
-------------
$ 2,407,188
-------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.1%
99,000 3.75 BB/Ba2 Pilot Travel Centers LLC, Refinancing
Tranche B Term Loan, 3/30/18 $ 98,959
995,000 2.51 BBB-/Ba1 Tesoro Corp., Initial Term Loan, 1/11/16 999,345
-------------
$ 1,098,304
-------------
Total Energy $ 5,068,900
-------------------------------------------------------------------------------------------------------
MATERIALS -- 0.5%
Commodity Chemicals -- 0.1%
693,977 4.25 BB-/B1 Taminco Global Chemical Corp., Tranche
B-2 Dollar Term Loan, 2/15/19 $ 698,315
389,916 4.50 NR/Ba2 Tronox, Inc., New Term Loan, 1/24/17 392,840
-------------
$ 1,091,155
-------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.1%
1,438,274 4.75 B+/B1 DuPont Performance Coatings, Inc.,
Initial Term B Loan, 2/1/20 $ 1,444,824
-------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
567,511 5.50 BB+/Ba1 Chemtura Corp., Term Facility, 8/11/16 $ 572,476
942,875 4.50 B+/B2 PQ Corp., 2013 Term Loan, 8/7/17 949,553
-------------
$ 1,522,029
-------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.1%
795,496 4.50 B/B1 BWAY Holding Co., Initial Term Loan,
8/31/17 $ 800,468
-------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.0%+
659,265 4.00 BB/Ba1 Sealed Air Corp., Term B-1 Facility,
10/3/18 $ 665,858
-------------------------------------------------------------------------------------------------------
Aluminum -- 0.0%+
118,200 5.75 B/B1 Noranda Aluminum Holding Corp.,
Term B Loan, 2/17/19 $ 111,551
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
78 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
1,488,728 5.25 BB+/Ba1 Fortescue Metals Group, Ltd., Term
Loan, 9/18/17 $ 1,496,679
533,509 11.75 B+/Caa1 Preferred Sands Holding Co. LLC,
Term B Loan, 12/15/16 (d) 372,122
-------------
$ 1,868,801
-------------------------------------------------------------------------------------------------------
Steel -- 0.0%+
362,182 4.75 BB-/B2 JMC Steel Group, Inc., Term Loan,
2/15/17 $ 363,427
45,501 4.00 BB+/Ba1 SunCoke Energy, Inc., Tranche B Term
Loan, 7/21/18 45,274
-------------
$ 408,701
-------------------------------------------------------------------------------------------------------
Paper Products -- 0.0%+
194,419 4.50 NR/NR Ranpak Corp., USD Term Loan, 4/10/19 $ 195,877
-------------
Total Materials $ 8,109,264
-------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.8%
Aerospace & Defense -- 0.2%
475,557 3.50 BBB-/Ba2 AWAS Aviation Capital, Ltd., Term Loan,
6/25/18 $ 477,043
886,173 3.75 BBB-/Ba2 DigitalGlobe, Inc., Term Loan, 1/25/20 887,835
238,542 6.25 BB-/WR DynCorp International, Inc., Term
Loan, 7/7/16 240,331
421,813 5.25 B/B1 Sequa Corp., Initial Term Loan, 5/29/17 423,834
594,117 3.75 BBB-/Ba1 Spirit Aerosystems, Inc., Term B Loan,
3/27/19 597,459
324,183 0.00 B/Ba3 TransDigm, Inc., Tranche C Term Loan,
2/28/20 323,697
-------------
$ 2,950,199
-------------------------------------------------------------------------------------------------------
Building Products -- 0.1%
1,094,749 3.50 BB-/B1 Armstrong World Industries, Inc., Term
Loan B, 2/26/20 $ 1,092,697
460,000 0.00 NR/B1 Quikrete Co, Inc., 9/19/20 460,699
992,500 4.25 B+/B1 Unifrax Corp., New Term B Loan,
12/31/19 997,214
-------------
$ 2,550,610
-------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
891,000 6.00 B+/Ba2 WireCo WorldGroup, Inc., Term Loan,
4/13/17 $ 896,569
-------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
2,300,000 2.25 NR/NR Allegion US Holding Co, Inc., Term
Loan, 12/26/20 $ 2,305,750
696,500 4.25 B/B1 Milacron LLC, Term Loan, 3/12/20 696,790
-------------
$ 3,002,540
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 79
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.1%
311,896 4.50 BB+/Ba1 Terex Corp., New US Term Loan,
4/28/17 $ 315,307
51,124 4.25 BB/Ba2 The Manitowoc Co., Inc., Term B Loan,
10/11/17 51,300
961,865 4.50 B+/B2 Waupaca Foundry, Inc., Term Loan,
6/29/17 961,865
-------------
$ 1,328,472
-------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
400,000 4.25 B/B1 Gardner Denver, Inc., Initial Dollar
Term Loan, 7/23/20 $ 396,889
683,943 4.25 NR/Ba3 Schaeffler AG, Facility C (USD), 1/27/17 687,192
496,241 3.75 BB/Ba3 Trimas Corp., Tranche B Term Loan
(2012), 10/11/19 497,481
79,800 6.25 BB-/Ba3 Xerium Technologies, Inc., New Term
Loan, 5/2/19 80,448
-------------
$ 1,662,010
-------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.1%
1,247,223 4.50 BB-/Ba3 WESCO International, Inc., Tranche B-1
Loan, 12/4/19 $ 1,255,174
-------------
Total Capital Goods $ 13,645,574
-------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.4%
Commercial Printing -- 0.0%+
175,000 0.00 B+/Ba3 Multi Packaging Solutions, Inc., Initial
Term Loan, 8/8/20 $ 175,984
-------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.1%
197,000 3.50 BB+/Baa3 Covanta Holding Corp., Term Loan,
3/1/19 $ 198,108
99,750 3.75 NR/NR ISS AS, New Term B Loan, 3/26/18 100,166
1,185,015 3.50 BBB-/Ba1 Progressive Waste Solutions, Ltd.,
Term B Loan, 10/31/19 1,185,015
150,748 4.00 B+/B1 Waste Industries USA, Inc., Term B
Loan, 2/23/17 151,031
-------------
$ 1,634,320
-------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.0%+
932,768 6.25 B-/B1 Language Line Services Holdings, Inc.,
Tranche B Term Loan, 5/30/16 $ 928,104
-------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.2%
518,370 5.25 B+/Ba3 Allied Security Holdings LLC, Term Loan
(First Lien), 1/21/17 $ 521,286
744,375 5.75 BB/Ba1 Garda World Security Corp., Term B
Loan, 10/24/19 746,236
995,310 4.25 B/Ba3 Monitronics International, Inc., Term B
Loan, 3/23/18 996,554
The accompanying notes are an integral part of these financial statements.
80 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Security & Alarm Services -- (continued)
498,750 3.25 BB/Ba3 The Geo Group, Inc., Term Loan,
3/28/20 $ 500,620
-------------
$ 2,764,696
-------------------------------------------------------------------------------------------------------
Human Resource & Employment
Services -- 0.1%
1,261,632 3.50 BB-/Ba2 On Assignment, Inc., Initial Term B Loan,
5/16/20 $ 1,262,683
-------------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.0%+
499,232 0.00 BB-/Ba3 Wyle Services Corp., Term Loan (First
Lien), 3/31/17 $ 497,256
-------------
Total Commercial Services & Supplies $ 7,263,043
-------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Airlines -- 0.2%
2,543,625 4.75 NR/WR American Airlines, Inc., Class B Term
Loan, 6/21/19 $ 2,530,907
744,375 4.00 BB-/Ba1 Delta Air Lines, Inc., New Term B-1
Loan, 10/18/18 747,762
298,473 4.25 BB/Ba1 Delta Air Lines, Inc., Term Loan,
3/29/17 299,912
248,750 4.00 BB-/Ba2 United Air Lines, Inc., Class B Term
Loan, 3/12/19 250,336
-------------
$ 3,828,917
-------------------------------------------------------------------------------------------------------
Trucking -- 0.1%
172,267 2.93 BB/Ba2 Swift Transportation Co. LLC, Tranche
B-1 Term Loan (2013), 12/21/16 $ 173,290
331,509 4.00 BB/Ba2 Swift Transportation Co. LLC, Tranche
B-2 Term Loan (2013), 12/21/17 333,829
-------------
$ 507,119
-------------
Total Transportation $ 4,336,036
-------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.1%
Auto Parts & Equipment -- 0.1%
148,503 3.75 B+/NR Allison Transmission, Inc., Term B-3
Loan, 8/23/19 $ 148,812
496,250 5.00 B+/B1 Metaldyne Corp., USD Term Loan,
12/19/18 499,972
643,137 5.50 NR/NR TI Group Automotive Systems LLC,
Additional Term Loan, 3/27/19 647,156
593,907 3.75 BB/Ba2 Tomkins LLC, Term B-2 Loan, 9/29/16 595,578
-------------
$ 1,891,518
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 81
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.0%+
600,000 4.75 BB/Ba1 The Goodyear Tire & Rubber Co., Term
Loan (Second Lien), 3/27/19 $ 604,875
-------------
Total Automobiles & Components $ 2,496,393
-------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.4%
Home Furnishings -- 0.0%+
530,970 3.50 BB/NR Tempur Sealy International, Inc.,
3/18/20 $ 527,569
-------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.2%
1,000,000 0.00 BBB-/Ba1 Jarden Corp., 9/18/20 $ 1,000,885
837,350 3.75 BB-/Ba3 Prestige Brands, Inc., Term B-1 Loan,
1/31/19 841,955
793,241 4.75 NR/B1 Reynolds Group Holdings, Ltd., U.S.
Term Loan, 9/21/18 796,810
502,724 6.25 B+/B1 Yankee Candle Co., Inc., Initial Term
Loan, 3/2/19 503,730
-------------
$ 3,143,380
-------------------------------------------------------------------------------------------------------
Leisure Products -- 0.0%+
188,571 4.00 B+/B1 Bombardier Recreational Products,
Inc., Term B Loan, 7/17/19 $ 189,004
-------------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 0.1%
852,402 3.25 BBB-/Ba1 PVH Corp., Tranche B Term Loan,
12/19/19 $ 853,556
-------------------------------------------------------------------------------------------------------
Footwear -- 0.0%+
643,693 4.00 BB/Ba2 Wolverine World Wide, Inc., Tranche B
Term Loan, 5/1/19 $ 647,314
-------------------------------------------------------------------------------------------------------
Textiles -- 0.1%
851,330 5.75 NR/Ba3 Kloeckner Pentaplast SA, Term B-1
Loan, 12/14/16 $ 857,715
-------------
Total Consumer Durables & Apparel $ 6,218,538
-------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.7%
Casinos & Gaming -- 0.2%
275,000 4.00 BB-/Ba3 Boyd Gaming Corp., Term B Loan,
8/8/20 $ 275,115
1,240,625 3.50 BB/Ba2 MGM Resorts International, Term B
Loan, 12/13/19 1,237,966
774,857 3.75 BBB-/Ba1 Penn National Gaming, Inc., Term B
Facility Loan, 6/29/18 777,001
274,313 3.75 BB+/Ba2 Pinnacle Entertainment, Inc., Tranche
B-2 Term Loan, 8/5/20 274,998
97,246 3.19 BB+/Ba1 Scientific Games Corp., Tranche B-1
Term Loan, 6/30/15 97,153
1,447,500 3.00 BBB-/Baa3 Seminole Indian Tribe of Florida, Inc.,
Initial Term Loan, 4/11/20 1,447,500
-------------
$ 4,109,733
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
82 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.1%
500,000 4.25 NR/B1 Four Seasons Hotels, Inc., Term Loan
(First Lien), 6/24/20 $ 505,000
1,500,000 0.00 BB/Ba3 Hilton Worldwide, Inc., 9/23/20 1,500,156
-------------
$ 2,005,156
-------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.1%
99,749 0.00 BB+/Ba1 Cedar Fair LP, U.S. Term Facility,
2/20/20 $ 100,161
739,073 4.00 BB+/Ba2 Six Flags Entertainment Corp., Tranche B
Term Loan, 11/23/18 746,291
-------------
$ 846,452
-------------------------------------------------------------------------------------------------------
Restaurants -- 0.2%
244,530 3.75 BB/Ba3 Burger King Corp., Tranche B Term Loan
(2012), 9/28/19 $ 245,534
127,629 3.75 BB-/Ba2 DineEquity, Inc., Term B-2 Loan,
10/19/17 128,415
199,456 3.75 B+/B2 Dunkin' Brands, Inc., Term B-3 Loan,
2/28/20 199,232
489,975 4.75 BB-/Ba3 Landry's, Inc., B Term Loan, 3/22/18 494,160
157,067 4.50 NR/Ba3 NPC Restaurant Holdings LLC, Term
Loan, 12/28/18 158,245
867,242 5.25 B/Ba3 PF Chang's China Bistro, Inc., Term
Borrowing, 5/15/19 875,373
730,248 3.25 NR/B1 Wendy's International, Inc., Term B Loan,
5/15/19 729,943
-------------
$ 2,830,902
-------------------------------------------------------------------------------------------------------
Education Services -- 0.0%+
377,150 4.00 B+/B1 Bright Horizons Family Solutions, Inc.,
Term B Loan, 1/14/20 $ 377,916
-------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.1%
1,990,000 3.75 BB/Ba2 Weight Watchers International, Inc.,
Initial Tranche B-2 Term Loan, 4/2/20 $ 1,954,771
-------------
Total Consumer Services $ 12,124,930
-------------------------------------------------------------------------------------------------------
MEDIA -- 0.8%
Advertising -- 0.1%
994,995 4.25 B+/B1 Advantage Sales & Marketing LLC, 2013
Term Loan (First Lien), 12/17/17 $ 1,000,591
115,022 4.75 B/B1 Getty Images, Inc., Initial Term Loan,
9/17/19 102,897
-------------
$ 1,103,488
-------------------------------------------------------------------------------------------------------
Broadcasting -- 0.2%
1,191,452 3.50 BB-/Ba2 Cequel Communications Holdings I LLC,
Term Loan, 1/31/19 $ 1,192,290
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 83
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Broadcasting -- (continued)
405,161 5.03 BB-/Ba3 Entercom Communications Corp.,
Term B-1 Loan, 11/7/18 $ 407,694
620,313 4.75 B/B1 NEP Broadcasting LLC, Refinanced
New Term Loan (First Lien), 1/3/20 623,996
331,903 3.00 BB+/Ba1 Sinclair Broadcast Group, Inc., New
Tranche B Term Loan, 10/29/16 331,123
668,827 3.50 NR/Ba3 Telesat Canada, U.S. Term B Loan,
3/28/19 667,146
98,318 3.50 B+/Ba3 TWCC Holding Corp., Term Loan,
2/11/17 98,624
671,625 4.50 B+/B2 Univision Communications, Inc., 2013
New First-Lien Term Loan, 3/1/20 670,051
-------------
$ 3,990,924
-------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.2%
1,321,688 3.00 BB+/Baa3 Charter Communications Operating LLC,
Term F Loan, 1/1/21 $ 1,310,595
650,000 3.25 NR/NR Kabel Deutschland Vertrieb und Service
GmbH, Facility F1, 2/1/19 651,219
742,500 4.00 BB-/Ba3 MCC Georgia LLC, Tranche G Term Loan,
2/8/20 741,262
297,004 4.75 B/B1 WideOpenWest Finance LLC, Term B
Loan, 3/27/19 299,355
-------------
$ 3,002,431
-------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.3%
1,226,181 3.50 BB-/Ba2 AMC Entertainment, Inc., Initial Term
Loan, 4/30/20 $ 1,223,115
428,000 3.50 BB/Ba3 Live Nation Entertainment, Inc., Term B-1
Loan, 8/16/20 427,465
1,752,946 3.50 BB/Ba2 Rovi Solutions Corp., 3/29/19 1,736,468
598,500 3.50 BB+/Ba1 Seminole Hard Rock Entertainment, Inc.,
New Term Loan B, 4/29/20 598,750
1,100,000 3.75 BB-/Ba3 WMG Acquisition Corp., Tranche B
Refinancing Term Loan, 7/3/20 1,096,334
-------------
$ 5,082,132
-------------------------------------------------------------------------------------------------------
Publishing -- 0.0%+
640,888 3.75 B+/Ba3 Interactive Data Corp., Refinanced Term
Loan, 2/11/18 $ 639,686
-------------
Total Media $ 13,818,661
-------------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Home Improvement Retail -- 0.1%
1,243,750 4.50 B/B1 Apex Tool Group LLC, Term Loan,
2/1/20 $ 1,249,581
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
84 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.1%
997,500 3.75 BB-/Ba3 Michaels Stores, Inc., Term B Loan,
1/16/20 $ 1,000,885
-------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.1%
1,295,872 3.00 BB/Ba1 Avis Budget Car Rental LLC, Tranche B
Term Loan, 3/15/19 $ 1,289,933
496,250 6.25 B+/B1 Sequa Automotive Group, Term Loan,
11/1/18 498,111
744,375 3.75 BB/Ba1 The Hertz Corp., Tranche B1 Term Loan,
3/11/18 745,957
-------------
$ 2,534,001
-------------
Total Retailing $ 4,784,467
-------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Food Distributors -- 0.0%+
248,125 5.75 B/B1 AdvancePierre Foods, Term Loan
(First Lien), 6/17/17 $ 249,831
-------------------------------------------------------------------------------------------------------
Food Retail -- 0.1%
200,000 0.00 NR/NR Albertsons LLC, 3/21/19 $ 199,251
961,875 4.75 BB-/NR Albertsons LLC, Term B-2 Loan, 3/21/19 961,575
-------------
$ 1,160,826
-------------
Total Food & Staples Retailing $ 1,410,657
-------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.4%
Distillers & Vintners -- 0.1%
997,500 2.75 NR/NR Constellation Brands, Inc., European
Term B Loan, 4/29/20 $ 992,980
-------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.0%+
897,750 4.50 B/Ba3 Arysta Lifescience SPC LLC, Initial Term
Loan (First Lien), 5/22/20 $ 898,872
-------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.3%
498,750 5.00 B+/NR Acosta, Inc., Term D Loan, 9/25/17 $ 500,994
727,951 4.00 B/B1 Del Monte Foods Co., Initial Term Loan,
2/3/18 727,269
1,596,000 3.50 BB/Ba2 HJ Heinz Co., Term B2 Loan, 3/27/20 1,604,081
992,500 3.75 NR/Ba2 JBS USA LLC, Initial Term Loan, 5/25/18 988,778
200,000 4.25 B+/Ba3 Michael Foods, Inc., Term B Facility,
2/14/18 201,583
1,333,300 3.25 BB-/Ba3 Pinnacle Foods Finance LLC, New Term
Loan G, 4/16/20 1,324,300
-------------
$ 5,347,005
-------------
Total Food, Beverage & Tobacco $ 7,238,857
-------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.0%+
300,000 0.00 BB/Ba3 Spectrum Brands Holdings, Inc.,
Tranche C Term Loan, 8/13/19 $ 299,812
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 85
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Personal Products -- 0.1%
400,000 3.50 BB-/Ba3 NBTY, Inc., Term B-2 Loan, 10/1/17 $ 401,625
250,000 0.00 B+/Ba2 Revlon Consumer Products Corp.,
8/19/19 249,375
976,136 4.00 B+/Ba2 Revlon Consumer Products Corp.,
Replacement Term Loan, 11/19/17 978,374
-------------
$ 1,629,374
-------------
Total Household & Personal Products $ 1,929,186
-------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.7%
Health Care Equipment -- 0.1%
1,003,805 3.75 BBB-/Ba2 Hologic, Inc., Refinancing Tranche B
Term Loan, 8/1/19 $ 1,008,824
593,643 4.50 BB-/Ba3 Kinetic Concepts, Inc., Dollar Term D-1
Loan, 5/4/18 598,281
-------------
$ 1,607,105
-------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.0%+
220,419 5.00 BB-/B1 Immucor, Inc., Term B-2 Loan, 8/19/18 $ 221,934
-------------------------------------------------------------------------------------------------------
Health Care Services -- 0.3%
590,625 6.50 NR/B2 BioScrip, Inc., Delayed Draw Term Loan,
7/22/20 $ 578,812
984,375 6.50 B/B2 BioScrip, Inc., Initial Term B Loan,
7/22/20 964,688
600,000 4.00 B+/Ba3 BSN Medical GmbH & Co. KG,
Facility B1A, 8/28/19 602,751
744,375 4.00 BB-/Ba2 DaVita, Inc., Tranche B2 Term Loan,
8/1/19 748,469
1,265,287 4.00 B+/B1 Envision Healthcare Corp., Initial Term
Loan, 4/5/18 1,265,550
66,656 7.75 B/B2 inVentiv Health, Inc., Term B-3 Loan,
6/24/18 65,281
997,500 6.75 B/B2 Steward Health Care System LLC, Term
Loan, 4/12/20 970,069
345,638 4.50 NR/NR Truven Health Analytics, Inc., New
Tranche B Term Loan, 5/23/19 346,718
-------------
$ 5,542,338
-------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.2%
72,555 3.50 BB-/Ba3 Health Management Associates, Inc.,
Replacement Term B Loan, 11/1/18 $ 72,639
493,737 4.50 B/Ba3 IASIS Healthcare LLC, Term B-2 Loan,
5/3/18 497,440
721,380 4.25 B+/WR Kindred Healthcare, Inc., Term B-1 Loan,
6/1/18 721,380
496,250 2.68 BB-/Ba1 LifePoint Hospitals, Inc., Incremental
Term Loan B, 7/24/17 498,727
The accompanying notes are an integral part of these financial statements.
86 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Health Care Facilities -- (continued)
496,256 7.00 NR/B2 RegionalCare Hospital Partners, Inc.,
Term Loan (First Lien 2013), 11/4/18 $ 495,016
504,898 4.00 BB-/Ba2 Select Medical Corp., Series C Tranche B
Term Loan, 6/1/18 507,633
-------------
$ 2,792,835
-------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
727,198 4.00 B+/Ba3 Convatec, Inc., Dollar Term Loan,
12/1/16 $ 732,948
1,636,208 3.75 BB-/Ba3 Emdeon, Inc., Term B-2 Loan, 11/2/18 1,640,129
-------------
$ 2,373,077
-------------
Total Health Care Equipment &
Services $ 12,537,289
-------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.5%
Biotechnology -- 0.2%
1,139,996 3.50 BB+/Ba3 Alkermes, Inc., 2019 Term Loan,
9/25/19 $ 1,142,846
97,494 6.25 BB/B2 Aptalis Pharma, Inc., Term B-1 Loan,
1/25/17 97,677
1,308,179 4.25 BB+/Ba1 Grifols, Inc., New U.S. Tranche B Term
Loan, 6/4/17 1,319,172
153,485 5.50 BBB-/Ba3 Warner Chilcott Corp., Additional
Term B-1 Loan, 3/15/18 153,805
352,563 5.50 BBB-/Ba3 Warner Chilcott Corp., Term B-1 Loan,
3/3/18 353,298
277,828 5.50 BBB-/Ba3 WC Luxco Sarl, Term B-3 Loan, 3/3/18 278,407
-------------
$ 3,345,205
-------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.3%
8,650 4.00 BB+/Ba1 Endo Health Solutions, Inc., Term Loan B
2011, 4/14/18 $ 8,672
742,514 4.25 B+/B1 Par Pharmaceutical Companies, Inc.,
Additional Term B-1 Loan, 9/28/19 740,967
1,034,280 3.50 BBB-/Baa2 RPI Finance Trust, 6.75 Year Term Loan
(2012), 5/10/18 1,040,313
635,986 0.00 BBB-/Baa2 RPI Finance Trust, New Term Loan, 11/9/18 639,432
592,500 3.75 BB/NR Valeant Pharmaceuticals International,
Inc., Series C2 Term Loan B, 12/11/19 594,722
246,875 3.75 BB/NR Valeant Pharmaceuticals International,
Inc., Series D2 Term Loan B, 2/13/19 247,029
1,637,625 4.50 BB/Ba1 Valeant Pharmaceuticals International,
Inc., Series E Tranche B Term Loan,
5/20/20 1,651,699
-------------
$ 4,922,834
-------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 8,268,039
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 87
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
BANKS -- 0.1%
Thrifts & Mortgage Finance -- 0.1%
1,398,424 5.00 B/B1 Ocwen Financial Corp., Initial Term Loan,
1/15/18 $ 1,418,308
-------------
Total Banks $ 1,418,308
-------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Other Diversified Financial Services -- 0.2%
1,392,719 4.50 NR/B1 Fly Funding II Sarl, Term Loan, 8/9/18 $ 1,403,745
1,500,000 2.25 BBB-/Baa3 Fresenius US Finance I, Inc., Tranche B
Term Loan, 8/6/19 1,500,312
498,750 5.00 NR/B1 Livingston International, Inc., Initial
Term B-1 Loan (First Lien), 4/18/19 498,127
98,939 5.25 BB/Ba3 WorldPay, Facility B2A Term Loan,
8/6/17 99,756
-------------
$ 3,501,940
-------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
769,188 5.25 B/B1 Dematic Services Luxembourg Sarl,
Term Loan, 12/18/19 $ 774,636
500,000 5.00 BB-/B1 ROC Finance LLC, New Term Loan B,
3/27/19 500,782
-------------
$ 1,275,418
-------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.0%+
202,720 0.00 B+/B1 Tower Automotive Holdings USA LLC,
Refinancing Term Loan (First Lien),
4/23/20 $ 203,481
-------------
Total Diversified Financials $ 4,980,839
-------------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Life & Health Insurance -- 0.0%+
463,599 3.75 BB/Ba3 CNO Financial Group, Inc., Tranche B2
Term Loan, 9/4/18 $ 466,786
-------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.0%+
248,125 5.00 B-/B1 Alliant Insurance Services, Inc., Initial
Term Loan, 12/7/19 $ 249,829
-------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.1%
500,000 0.00 B-/B2 Confie seguros Holding II Co., Term B
Loan (First Lien), 10/11/13 $ 501,250
1,101,675 5.00 B-/B1 USI Insurance Services LLC, Initial Term
Loan, 11/29/19 1,108,560
-------------
$ 1,609,810
-------------
Total Insurance $ 2,326,425
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
88 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Mortgage REIT's -- 0.1%
1,006,222 3.50 BB+/Ba3 Starwood Property Trust, Inc., Term Loan
(1st Lien), 4/19/20 $ 1,005,802
-------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.0%+
496,250 5.75 NR/B1 Altisource Portfolio Solutions SA, Term B
Loan, 11/27/19 $ 500,592
-------------
Total Real Estate $ 1,506,394
-------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
IT Consulting & Other Services -- 0.1%
1,638,363 3.75 BB/Ba3 Booz Allen Hamilton Holding Corp.,
Refinance Tranche B, 7/31/19 $ 1,637,339
-------------------------------------------------------------------------------------------------------
Data Processing & Outsourced
Services -- 0.1%
992,513 3.50 BB+/Ba2 Genpact, Ltd., Term Loan, 8/17/19 $ 997,061
83,992 4.25 BB/Ba3 VeriFone Systems, Inc., Term B Loan,
11/14/18 83,887
-------------
$ 1,080,948
-------------------------------------------------------------------------------------------------------
Application Software -- 0.0%+
299,246 0.00 NR/B1 Deltek, Inc., Term Loan (First Lien),
10/10/18 $ 300,244
475,000 0.00 BB-/B1 Epiq Systems, Inc., 8/26/20 475,000
31,156 8.50 B-/Ba3 Expert Global Solutions, Inc., Term B
Advance (First Lien), 3/13/18 31,818
248,750 4.00 BB-/B1 Verint Systems, Inc., Term Loan, 9/6/19 249,994
-------------
$ 1,057,056
-------------
Total Software & Services $ 3,775,343
-------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3%
Communications Equipment -- 0.2%
495,000 6.75 B+/B1 Audio Visual Services Corp., Term Loan
(First Lien), 10/11/18 $ 501,188
445,815 3.75 BB/Ba2 CommScope, Inc., Tranche 2 Term Loan,
1/14/18 446,857
1,689,080 4.00 BBB-/Ba3 Riverbed Technology, Inc., Term Loan,
10/29/19 1,703,226
-------------
$ 2,651,271
-------------------------------------------------------------------------------------------------------
Electronic Components -- 0.11%
650,000 0.00 BB/NR Belden, Inc., 9/9/20 $ 652,031
1,000,000 5.00 B/B1 MEI, Inc., Term Loan, 8/15/20 1,002,500
-------------
$ 1,654,531
-------------
Total Technology Hardware &
Equipment $ 4,305,802
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 89
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.0%+
Semiconductor Equipment -- 0.0%+
126,184 4.50 BB-/B1 Aeroflex, Inc., Tranche B-1 Term Loan,
11/24/19 $ 127,307
34,114 3.75 BBB-/Baa3 Sensata Technologies BV, Term Loan,
4/29/18 34,335
-------------
$ 161,642
-------------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%+
274,973 3.75 BB+/Ba2 Microsemi Corp., Term Loan, 2/19/20 $ 275,660
-------------
Total Semiconductors & Semiconductor
Equipment $ 437,302
-------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.6%
Integrated Telecommunication Services -- 0.4%
1,250,000 4.00 BB-/Ba3 Cincinnati Bell, Inc., Tranche B Term
Loan, 8/20/20 $ 1,238,541
1,007,475 2.68 BB+/Baa3 tw telecom holdings, inc., Term Loan B
Loan, 4/17/20 1,008,986
2,205,000 3.50 NR/Ba3 Virgin Media Investment Holdings, Ltd.,
New Term B Loan, 2/6/20 2,197,344
1,154,997 3.75 BB/Ba3 West Corp., Term B-8 Loan, 6/30/18 1,155,719
1,043,621 3.50 BB+/Ba2 Windstream Corp., Tranche B-4 Term
Loan, 1/8/20 1,046,491
715,938 4.00 BB+/Ba2 Windstream Holdings, Inc., Tranche B-3
Term Loan, 7/23/19 718,887
-------------
$ 7,365,968
-------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.2%
62,188 3.25 NR/NR Cellular South, Inc., Term Loan B,
5/21/20 $ 62,149
1,195,129 3.25 BB-/Ba2 Crown Castle Operating Co., New
Tranche B Term Loan, 1/31/19 1,186,272
540,000 4.25 NR/Ba3 Intelsat Jackson Holdings SA, Tranche
B-1 Term Loan, 4/2/18 542,250
727,141 4.00 BB-/B1 Syniverse Holdings, Inc., Tranche B Term
Loan, 4/23/19 727,444
-------------
$ 2,518,115
-------------
Total Telecommunication Services $ 9,884,083
-------------------------------------------------------------------------------------------------------
UTILITIES -- 0.5%
Electric Utilities -- 0.1%
1,197,000 3.00 BB/Ba3 Calpine Construction Finance Co LP,
Term B-1 Loan, 5/1/20 $ 1,175,804
825,000 5.50 B+/Ba3 Foresight Energy LLC, Term Loan,
8/19/20 819,844
-------------
$ 1,995,648
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
90 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.4%
768,015 3.75 BB+/Ba1 AES Corp. Virginia, 2013 Other Term
Loan, 5/27/18 $ 772,953
767,932 4.00 BB-/B1 Calpine Corp., Term Loan, 9/27/19 769,852
460,385 4.00 BB-/B1 Dynegy, Inc., Tranche B-2 Term Loan,
4/16/20 460,289
1,185,358 2.75 BB+/Baa3 NRG Energy, Inc., Term Loan (2013),
7/1/18 1,179,709
1,610,797 4.75 BB+/Ba1 NSG Holdings LLC, New Term Loan,
11/15/19 1,638,986
875,808 3.50 BB+/Ba2 Ruby Western Pipeline Holdings LLC,
Term Loan, 3/27/20 873,984
-------------
$ 5,695,773
-------------
Total Utilities $ 7,691,421
-------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $145,140,550) $ 145,575,751
-------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 4.1%
Certificates of Deposit -- 2.6%
950,000 0.52 NR/NR Bank of Nova Scotia Houston, Floating
Rate Note, 1/3/14 $ 950,736
2,000,000 1.52 AA-/NR Commonwealth Bank of Australia
New York NY, Floating Rate Note,
1/17/14 2,007,824
1,250,000 A-/Baa2 Dominion Resources, Inc./VA, (e) 1,249,992
1,500,000 BBB+/Baa1 Duke Energy Corp., (e) 1,499,950
8,260,000 BBB-/Baa3 Ford Motor Credit Co LLC, (e) 8,259,771
1,000,000 BBB/Baa1 Mondelez International, Inc., (e) 999,988
1,275,000 BBB/Baa1 Mondelez International, Inc., (e) 1,274,955
1,500,000 BBB/Baa1 Mondelez International, Inc., (e) 1,499,741
6,500,000 BBB+/A3 Nissan Motor Acceptance Corp., (e) 6,499,233
3,380,000 0.73 AA-/Aa3 Nordea Bank Finland Plc New York,
Floating Rate Note, 1/27/14 3,386,091
3,000,000 A-/Baa2 Northeast Utilities, (e) 2,999,958
3,650,000 AA-/NR Standard Chartered Bank/New York, (e) 3,649,106
1,000,000 0.65 NR/Aa3 Sumitomo Mitsui Banking Corp.
New York, Floating Rate Note, 4/1/15 999,707
1,000,000 0.43 AA-/Aa3 Svenska Handelsbanken New York NY,
Floating Rate Note, 11/17/14 1,001,483
1,500,000 0.42 AA-/Aa3 Svenska Handelsbanken New York NY,
Floating Rate Note, 12/19/14 1,502,188
3,450,000 1.07 NR/NR Svenska Handelsbanken New York NY,
Floating Rate Note, 7/17/14 3,453,743
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 91
Schedule of Investments | 9/30/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Certificates of Deposit -- (continued)
2,000,000 0.27 NR/NR Toronto-Dominion Bank New York,
Floating Rate Note, 10/21/13 $ 2,000,217
--------------
$ 43,234,683
-------------------------------------------------------------------------------------------------------
Repurchase Agreement -- 1.5%
12,545,000 NR/Aaa Bank of Nova Scotia, 0.12%, dated
9/30/13, repurchase price of
$12,545,000 plus accrued interest on
10/1/13 collateralized by the following:
$1,202,482 Federal National Mortgage
Association, 2.50-4.00%,
12/1/27-10/1/43 $11,593,462
Freddie Mac Giant, 3.00%, 7/1/43 $ 12,545,000
12,545,000 NR/NR Mizuho Securities USA, Inc., 0.10%,
dated 9/30/13, repurchase price of
$12,545,000 plus accrued interest on
10/1/13 collateralized by $12,795,900
U.S. Treasury Notes, 1.75%, 5/15/22 12,545,000
--------------
$ 25,090,000
-------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $68,331,811) $ 68,324,683
-------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.1%
(Cost $1,666,760,206) (a) $1,670,363,470
-------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.9% $ 14,473,524
-------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,684,836,994
=======================================================================================================
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
REIT Real Estate Investment Trust.
REMIC Real Estate Mortgage Investment Conduits.
(Cat Bond) Catastrophe bond is a high-yield debt instrument that is usually
insurance linked and meant to raise money in case of a catastrophe.
(Perpetual) Security with no stated maturity date.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
Strips Separate trading of registered interest and principal of securities.
+ Rounds to less than 0.1%.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At September 30, 2013, the value of these securities
amounted to $399,553,728 or 23.7% of total net assets.
The accompanying notes are an integral part of these financial statements.
92 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major United
States banks, (iii) the rate of a certificate of deposit or (iv)
other base lending rates used by commercial lenders. The rate shown
is the coupon rate at period end.
(a) At September 30, 2013, the net unrealized gain on investments based
on cost for federal income tax purposes of $1,669,274,289 was as
follows:
Aggregate gross unrealized gain for all investments in which there
is an excess of value over tax cost $ 5,435,417
Aggregate gross unrealized loss for all investments in which there
is an excess of tax cost over value (4,346,236)
-------------
Net unrealized appreciation $ 1,089,181
=============
(b) Debt obligation with a variable interest rate. Rate shown is rate at
end of period.
(c) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(d) Security is in default and is non-income producing.
(e) 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, 2013 aggregated $775,146,843 and $563,767,274,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of September 30, 2013, in
valuing the Fund's investments:
-------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 380,309,830 $ -- $ 380,309,830
Collateralized Mortgage Obligations -- 506,462,654 -- 506,462,654
Corporate Bonds -- 392,902,977 -- 392,902,977
U.S. Government and Agency Obligations -- 112,908,332 -- 112,908,332
Municipal Bonds -- 63,879,243 -- 63,879,243
Senior Floating Rate Loan Interests -- 145,575,751 -- 145,575,751
Certificates of Deposit -- 43,234,683 -- 43,234,683
Repurchase Agreements -- 25,090,000 -- 25,090,000
-------------------------------------------------------------------------------------------------------
Total $ -- $ 1,670,363,470 $ -- $ 1,670,363,470
=======================================================================================================
During the six months ended September 30, 2013, there were no transfers between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 93
Statement of Assets and Liabilities | 9/30/13 (unaudited)
ASSETS:
Investment in securities (cost $1,666,760,206) $1,670,363,470
Cash 25,376,549
Receivables --
Investment securities sold 1,377,204
Fund shares sold 37,839,089
Interest 2,441,162
Prepaid expenses 159,060
--------------------------------------------------------------------------------------------------------
Total assets $1,737,556,534
--------------------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 37,083,856
Fund shares repurchased 15,007,914
Dividends 234,053
Due to affiliates 232,038
Accrued expenses 161,680
--------------------------------------------------------------------------------------------------------
Total liabilities $ 52,719,541
--------------------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $1,685,518,464
Distributions in excess of net investment income (3,541,500)
Accumulated net realized loss on investments (743,235)
Net unrealized appreciation on investments 3,603,264
--------------------------------------------------------------------------------------------------------
Total net assets $1,684,836,993
========================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $442,271,459/43,986,959 shares) $ 10.05
Class C (based on $433,598,491/43,180,027 shares) $ 10.04
Class C2 (based on $1,217,373/121,219 shares) $ 10.04
Class K (based on $9,967/991 shares) $ 10.06
Class Y (based on $806,256,471/80,143,077 shares) $ 10.06
Class Z (based on $1,483,232/147,674 shares) $ 10.04
MAXIMUM OFFERING PRICE:
Class A ($10.05 (divided by) 97.5%) $ 10.31
========================================================================================================
The accompanying notes are an integral part of these financial statements.
94 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
Statement of Operations (unaudited)
For the Six Months Ended 9/30/13 (unaudited)
INVESTMENT INCOME:
Interest $ 11,963,614
--------------------------------------------------------------------------------------------------------
Total investment income $ 11,963,614
--------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 2,494,008
Transfer agent fees and expenses
Class A 13,378
Class C 12,905
Class Y 3,084
Class Z 32
Distribution fees
Class A 412,217
Class C 976,157
Class C2 445
Administrative reimbursement 201,421
Shareholder communication expense 471,760
Custodian fees 77,128
Registration fees 163,942
Professional fees 42,497
Printing expense 8,799
Fees and expenses of nonaffiliated Trustees 28,078
Miscellaneous 191,719
--------------------------------------------------------------------------------------------------------
Total expenses $ 5,097,570
--------------------------------------------------------------------------------------------------------
Net expenses $ 5,097,570
--------------------------------------------------------------------------------------------------------
Net investment income $ 6,866,044
--------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FUTURES CONTRACTS:
Net realized loss on investments $ (127,969)
Change in net unrealized depreciation on investments $ (3,421,622)
--------------------------------------------------------------------------------------------------------
Net loss on investments $ (3,549,591)
--------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 3,316,453
========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 95
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------------
Six Months
Ended
9/30/13 Year Ended
(unaudited) 3/31/13
---------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 6,866,044 $ 6,664,001
Net realized gain (loss) on investments, futures contracts,
and foreign currency transactions (127,969) 57,794
Change in net unrealized appreciation (depreciation) on
investments, futures contracts, and foreign
currency transactions (3,421,622) 6,603,179
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 3,316,453 $ 13,324,974
---------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.05 and $0.15 per share, respectively) $ (2,055,017) $ (2,922,161)
Class C ($0.04 and $0.11 per share, respectively) (1,426,664) (1,648,303)
Class C2 ($0.01 and $0.00 per share, respectively) (524) --
Class K ($0.06 and $0.05 per share, respectively) (62) (54)
Class Y ($0.06 and $0.17 per share, respectively) (4,066,649) (5,907,023)
Class Z ($0.07 and $0.00 per share, respectively) (2,772) --
---------------------------------------------------------------------------------------------
Total distributions to shareowners $ (7,551,688) $ (10,477,541)
---------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $1,110,189,755 $1,778,506,536
Reinvestment of distributions 6,226,820 8,481,507
Cost of shares repurchased (748,268,283) (628,246,664)
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 368,148,292 $1,158,741,379
---------------------------------------------------------------------------------------------
Net increase in net assets $ 363,913,057 $1,161,588,812
NET ASSETS:
Beginning of period 1,320,923,936 159,335,124
---------------------------------------------------------------------------------------------
End of period $1,684,836,993 $1,320,923,936
---------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (3,541,500) $ (2,855,856)
---------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
96 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------
'13 Shares '13 Amount
(unaudited) (unaudited) '13 Shares '13 Amount
----------------------------------------------------------------------------------------------
Class A
Shares sold 26,708,932 $ 268,939,162 51,554,654 $ 519,046,315
Reinvestment of distributions 190,256 1,914,570 267,063 2,690,174
Less shares repurchased (20,729,268) (208,730,712) (18,809,955) (189,556,502)
----------------------------------------------------------------------------------------------
Net increase 6,169,920 $ 62,123,020 33,011,762 $ 332,179,987
==============================================================================================
Class C
Shares sold 25,410,594 $ 255,599,747 43,411,358 $ 436,864,772
Reinvestment of distributions 140,141 1,408,927 154,379 1,554,742
Less shares repurchased (15,220,689) (153,093,839) (11,878,112) (119,597,629)
----------------------------------------------------------------------------------------------
Net increase 10,330,046 $ 103,914,835 31,687,625 $ 318,821,885
==============================================================================================
Class C2*
Shares sold 125,111 $ 1,256,147 -- $ --
Reinvestment of distributions 52 518 -- --
Less shares repurchased (3,944) (39,596) -- --
----------------------------------------------------------------------------------------------
Net increase 121,219 $ 1,217,069 -- $ --
==============================================================================================
Class K**
Shares sold -- $ -- 991 $ 10,000
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- -- --
----------------------------------------------------------------------------------------------
Net increase -- $ -- 991 $ 10,000
==============================================================================================
Class Y
Shares sold 57,860,079 $ 582,896,790 81,639,780 $ 822,585,449
Reinvestment of distributions 287,936 2,900,065 420,137 4,236,591
Less shares repurchased (38,350,441) (386,386,915) (31,638,154) (319,092,533)
----------------------------------------------------------------------------------------------
Net increase 19,797,574 $ 199,409,940 50,421,763 $ 507,729,507
==============================================================================================
Class Z***
Shares sold 149,114 $ 1,497,909 -- $ --
Reinvestment of distributions 273 2,740 -- --
Less shares repurchased (1,713) (17,221) -- --
----------------------------------------------------------------------------------------------
Net increase 147,674 $ 1,483,428 -- $ --
==============================================================================================
* Class C2 shares were first publicly offered on August 1, 2013.
** Class K shares were first publicly offered on December 20, 2013.
*** Class Z shares were first publicly offered on April 1, 2013.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 97
Financial Highlights
---------------------------------------------------------------------------------------------------
Six Months
Ended Year
9/30/13 Ended 5/2/11
(unaudited) 3/31/13 to 3/31/12 (a)
---------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.08 $ 10.02 $ 10.00
---------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.05 $ 0.13 $ 0.12
Net realized and unrealized gain (loss) on investments (0.03) 0.08 0.03
---------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.02 $ 0.21 $ 0.15
---------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.05) (0.15) (0.13)
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ 0.06 $ 0.02
---------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.05 $ 10.08 $ 10.02
---------------------------------------------------------------------------------------------------
Total return* 0.21% 2.14% 1.48%(b)
Ratio of net expenses to average net assets 0.66%** 0.72% 0.90%**
Ratio of net investment income to average net assets 0.93%** 0.94% 1.45%**
Portfolio turnover rate 79%** 101% 56%**
Net assets, end of period (in thousands) $442,271 $381,267 $48,160
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 0.66%** 0.72% 1.03%**
Net investment income 0.93%** 0.94% 1.32%**
===================================================================================================
(a) Class A shares were first publicly offered on May 2, 2011.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
98 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-----------------------------------------------------------------------------------------------------
Six Months
Ended Year
9/30/13 Ended 5/2/11
(unaudited) 3/31/13 to 3/31/12 (a)
-----------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.07 $ 10.02 $ 10.00
-----------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.04 $ 0.09 $ 0.05
Net realized and unrealized gain (loss) on investments (0.03) 0.07 0.03
-----------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.01 $ 0.16 $ 0.08
-----------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.04) (0.11) (0.06)
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ 0.05 $ 0.02
-----------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.04 $ 10.07 $ 10.02
-----------------------------------------------------------------------------------------------------
Total return* 0.08% 1.61% 0.82%(b)
Ratio of net expenses to average net assets 0.97%** 1.03% 1.75%**
Ratio of net investment income to average net assets 0.63%** 0.63% 0.52%**
Portfolio turnover rate 79% ** 101% 51%**
Net assets, end of period (in thousands) $433,598 $330,828 $11,643
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 0.97%** 1.03% 1.87%**
Net investment income 0.63%** 0.63% 0.40%**
=====================================================================================================
(a) Class C shares were first publicly offered on May 2, 2011.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 99
Financial Highlights (continued)
----------------------------------------------------------------------------------------------
8/1/13
to 9/30/13 (a)
----------------------------------------------------------------------------------------------
Class C2
Net asset value, beginning of period $ 10.04
----------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.04
Net realized and unrealized gain (loss) on investments (0.03)
----------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.01
----------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.01)
----------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ --
----------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.04
----------------------------------------------------------------------------------------------
Total return* 0.09%(b)
Ratio of net expenses to average net assets 0.98%**
Ratio of net investment income to average net assets 1.47%**
Portfolio turnover rate 79%**
Net assets, end of period (in thousands) $ 1,217
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 0.98%**
Net investment income 1.47%**
==============================================================================================
(a) Class C2 shares were first publicly offered on August 1, 2013.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
100 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-----------------------------------------------------------------------------------------
Six Months
Ended
9/30/13 12/20/12
(unaudited) to 3/31/13 (a)
-----------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 10.08 $ 10.09
-----------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.06 $ 0.03
Net realized and unrealized gain (loss) on investments (0.02) 0.01
-----------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.04 $ 0.04
-----------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.06) (0.05)
-----------------------------------------------------------------------------------------
Net decrease in net asset value $ (0.02) $ (0.01)
-----------------------------------------------------------------------------------------
Net asset value, end of period $ 10.06 $ 10.08
-----------------------------------------------------------------------------------------
Total return* 0.43% 0.43%(b)
Ratio of net expenses to average net assets 0.41%** 0.53%**
Ratio of net investment income to average net assets 1.18%** 1.25%**
Portfolio turnover rate 79%** 101%**
Net assets, end of period (in thousands) $ 10 $ 10
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 0.41%** 0.53%**
Net investment income 1.18%** 1.25%**
=========================================================================================
(a) Class K shares were first publicly offered on December 20, 2012.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 101
Financial Highlights
---------------------------------------------------------------------------------------------------
Six Months
Ended Year
9/30/13 Ended 5/2/11
(unaudited) 3/31/13 to 3/31/12 (a)
---------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.09 $ 10.03 $ 10.00
---------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.06 $ 0.14 $ 0.14
Net realized and unrealized gain (loss) on investments (0.03) 0.09 0.04
---------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.03 $ 0.23 $ 0.18
---------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.06) (0.17) (0.15)
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ 0.06 $ 0.03
---------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.06 $ 10.09 $ 10.03
---------------------------------------------------------------------------------------------------
Total return* 0.31% 2.35% 1.79%(b)
Ratio of net expenses to average net assets 0.53%** 0.55% 0.67%**
Ratio of net investment income to average net assets 1.07%** 1.11% 1.72%**
Portfolio turnover rate 79%** 101% 51%**
Net assets, end of period (in thousands) $806,256 $608,818 $99,533
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 0.53%** 0.55% 0.80%**
Net investment income 1.07%** 1.11% 1.59%**
===================================================================================================
(a) Class Y shares were first publicly offered on May 2, 2011.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
102 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
--------------------------------------------------------------------------------
4/1/13
to 9/30/13 (a)
--------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 10.08
--------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.09
Net realized and unrealized gain (loss) on investments (0.06)
--------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.03
--------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.07)
--------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.04)
--------------------------------------------------------------------------------
Net asset value, end of period $ 10.04
--------------------------------------------------------------------------------
Total return* 0.28%(b)
Ratio of net expenses to average net assets 0.46%**
Ratio of net investment income to average net assets 1.38%**
Portfolio turnover rate 79%**
Net assets, end of period (in thousands) $ 1,483
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 0.46%**
Net investment income 1.38%**
================================================================================
(a) Class Z shares were first publicly offered on April 1, 2013.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 103
Notes to Financial Statements | 9/30/13 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Multi-Asset Ultrashort Income Fund (formerly known as Pioneer
Multi-Asset Floating Rate Fund) (the Fund) is one of three portfolios comprising
Pioneer Series Trust X, a Delaware statutory trust. The Fund is registered under
the Investment Company Act of 1940 as a diversified, open-end management
investment company. As of September 30, 2013, the investment objective of the
Fund is to seek a high level of current income. Capital appreciation is a
secondary objective, effective December 1, 2013, 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 six classes of shares designated as Class A, Class C, Class C2,
Class K, Class Y and Class Z shares. Class A, Class C and Class Y shares were
first publicly offered on May 2, 2011. Class K shares were first publicly
offered on December 20, 2012. Class Z shares are offered effective April 1,
2013. Class C2 shares are offered effective August 1, 2013. Each class of shares
represents an interest in the same portfolio of investments of the Fund and has
identical rights (based on relative net asset values) to assets and liquidation
proceeds. Share classes can bear different rates of class-specific fees and
expenses, such as transfer agent and distribution fees. Differences in
class-specific fees and expenses will result in differences in net investment
income and, therefore, the payment of different dividends from net investment
income earned by each class. The Amended and Restated Declaration of Trust of
the Fund gives the Board the flexibility to specify either per-share voting or
dollar-weighted voting when submitting matters for shareholder approval. Under
per-share voting, each share of a class of the Fund is entitled to one vote.
Under dollar-weighted voting, a shareholder's voting power is determined not by
the number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class K, Class Y, or Class Z
shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
104 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Senior
floating rate loan interests (senior loans) are valued in accordance with
guidelines established by the Board of Trustees at the mean between the last
available bid and asked prices from one or more brokers or dealers as
obtained from Loan Pricing Corporation, an independent pricing service. If
price information is not available from Loan Pricing Corporation, or if the
price information is deemed to be unreliable, price information will be
obtained from an alternative loan interest pricing service. If no reliable
price quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited. Fixed income securities with
remaining maturity of more than sixty days are valued at prices supplied by
independent pricing services, which consider such factors as market prices,
market events, quotations from one or more brokers, Treasury spreads,
yields, maturities and ratings. Valuations may be supplemented by dealers
and other sources, as required. Short-term fixed income securities with
remaining maturities of sixty days or less generally are valued at amortized
cost. Shares of money market mutual funds are valued at such funds' net
asset value.
Securities or loan interests for which independent pricing services are
unable to supply prices or for which market prices and/or quotations are not
readily available or are considered to be unreliable are valued at the
direction or with the approval of the Valuation Committee using fair value
methods pursuant to procedures adopted by the Board of Trustees. The
Valuation Committee is comprised of certain members 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. Pioneer Investment Management, Inc.
(PIM), the Fund's investment adviser, 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.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 105
At September 30, 2013, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services).
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities, and
such accretion/amortization is included in interest income. Interest income,
including interest on income bearing cash accounts, is recorded on the
accrual basis, net of unrecoverable foreign taxes withheld at the applicable
country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates. Net realized gains and losses on foreign currency
transactions, if any, represent, among other things, the net realized gains
and losses on foreign currency contracts, disposition of foreign currencies
and the difference between the amount of income accrued and the U.S. dollars
actually received. Further, the effects of changes in foreign currency
exchange rates on investments are not segregated in the Statement of
Operations from the effects of changes in the market prices of those
securities but are included with the net realized and unrealized
appreciation or depreciation on investments.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized appreciation or depreciation
are recorded in the Fund's financial statements. The Fund records realized
gain and loss at the time a portfolio hedge 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.
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As
106 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
of September 30, 2013, the Fund had not accrued any interest and penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years are subject to examination by
Federal and State tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended March 31, 2013 was as follows:
----------------------------------------------------------------------------
2013 2012
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $10,477,541 $932,401
----------------------------------------------------------------------------
Total $10,477,541 $932,401
============================================================================
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2013:
----------------------------------------------------------------------------
2013
----------------------------------------------------------------------------
Distributable earnings:
Post-October loss deferred $ (615,225)
Dividends payable (341,814)
Net unrealized appreciation 4,510,803
----------------------------------------------------------------------------
Total $3,553,764
============================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds and the tax treatment of premium and
amortization.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned $9,926 in underwriting commissions on the sale of Class A shares
during the six months ended September 30, 2013.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 107
F. Class Allocations
Income, common expenses, and realized and unrealized appreciation and
depreciation are calculated at the Fund level and allocated daily to each
class of shares based on its respective percentage of adjusted net assets at
the beginning of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class C and Class C2 shares of the Fund,
respectively (see Note 4). Class K, Class Y and Class Z shares do not pay
distribution fees. All expenses and fees paid to the transfer agent, Pioneer
Investment Management Shareholder Services, Inc. (PIMSS), for its services
are allocated among the classes of shares based on the number of accounts in
each class and the ratable allocation of related out-of-pocket expenses (see
Note 3).
The Fund declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class C, Class C2, Class K, Class Y
and Class Z shares can reflect different transfer agent and distribution
expense rates.
G. Risks
When interest rates rise, the prices of fixed-income securities in the Fund
will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities in the Fund will generally rise. Investments in the
Fund are subject to possible loss due to the financial failure of issuers of
underlying securities and the issuers' inability to meet their debt
obligations. The Fund's prospectus contains unaudited information regarding
the Fund's principal risks. Please refer to that document when considering
the Fund's principal risks.
H. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency rates or
to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. Subsequent payments for futures contracts ("variation margin") are
paid or received by the Fund, depending on the daily fluctuation in the
value of the contracts, and are recorded by the Fund as unrealized
appreciation or depreciation. When the contract is closed, the Fund realizes
a gain or loss equal to the difference
108 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
between the opening and closing value of the contract as well as any
fluctuations in foreign currency exchange rates where applicable. The use of
futures contracts involves, to varying degrees, elements of market and
counterparty risks and interest rate risk and currency exchange rate risk,
which may exceed the amounts recognized by the Fund. Changes in value of the
contracts may not directly correlate to the changes in value of the
underlying securities. There were no open futures contracts at September 30,
2013.
I. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. PIM is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate equal to
0.35% of the Fund's average daily net assets up to $1 billion and 0.30% on
assets over $1 billion. Prior to January 1, 2012, the Fund paid management fees
calculated at the annual rate of 0.40% of the Fund's average daily net assets up
to $1 billion and 0.35% on assets over $1 billion. For the six months ended
September 30, 2013, the effective management fee (excluding waivers and/or
assumption of expenses) was equivalent to 0.33% of the Fund's average daily net
assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 0.85%, 1.15%, 1.15% and 0.65% of the average
daily net assets attributable to Class A, Class C, Class C2 and Class Y shares,
respectively. Fees waived and expenses reimbursed during the six months ended
September 30, 2013 are reflected on the Statement of Operations. These expense
limitations are in effect through August 1, 2014. There can be no assurance that
PIM will extend the expense limitation agreement for a class of shares beyond
the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting, and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$74,391 in management fees, administrative costs and certain other
reimbursements payable to PIM at September 30, 2013.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 109
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the six months ended September 30, 2013, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 56,946
Class C 60,181
Class Y 354,632
Class Z 1
--------------------------------------------------------------------------------
Total: $471,760
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $124,367 in transfer agent fees and out-of-pocket reimbursements
payable from PIMSS at September 30, 2013.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class C and Class C2
shares. Pursuant to the Plan, the Fund pays PFD 0.20% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays PFD 0.50% of the
average daily net assets attributable to Class C and Class C2 shares. The fee
for Class C and Class C2 shares consists of a 0.25% service fee and a 0.25%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class C and Class
C2 shares. Prior to July 1, 2012, the Fund paid PFD 0.25% of the average daily
net assets attributable to Class A shares and 1.00% of the average daily net
assets attributable to Class C shares. Included in "Due to affiliates" reflected
on the Statement of Assets and Liabilities is $33,280 in distribution fees
payable to PFD at September 30, 2013.
In addition, redemptions of each class of shares (except Class K, Class Y and
Class Z shares) may be subject to a contingent deferred sales charge (CDSC). A
CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases
of Class A shares within 12 months of purchase. For Class C shares purchased
prior to July 1, 2012 and Class C2 shares redemptions of shares
110 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
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
exchangeremain subject to any CDSC that applied to the original purchase of
those shares. For Class C shares purchased on or after July 1, 2012, no
contingent deferred sales charge is charged. There is no CDSC for Class K, Class
Y and Class Z shares. Proceeds from the CDSCs are paid to PFD. For the six
months ended September 30, 2013, CDSCs of $98,689 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS, which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended September 30, 2013, the Fund's
expenses were not reduced under such arrangements.
6. Additional Disclosures about Derivative Instruments and Hedging Activities:
The effect of derivative instruments on the Statement of Operations for the six
months ended September 30, 2013 was as follows:
--------------------------------------------------------------------------------
Derivatives Not Change in
Accounted for as Realized Unrealized
Hedging Instruments Loss on Appreciation
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
--------------------------------------------------------------------------------
Futures Contracts Change in net unrealized
Appreciation on futures
contracts $688
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 is in the amount of $215 million. Under such facility, depending
on the type of loan, interest on borrowings is payable at the London Interbank
Offered Rate (LIBOR) plus 0.90% on an annualized basis, or the Alternate Base
Rate, which is the greater of (a) the facility's administrative agent's daily
announced prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate
on the borrowing date and (c) 2% plus the overnight Euro dollar rate on the
borrowing date. The Funds pay an annual commitment fee to participate in the
credit facility. The commitment fee is allocated among participating Funds based
on an allocation schedule set forth in the credit agreement. For the six months
ended September 30, 2013, the Fund had no borrowings under the credit facility.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 111
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman John F. Cogan, Jr., President*
David R. Bock Daniel K. Kingsbury, Executive
John F. Cogan, Jr.*** Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer**
Margaret B.W. Graham Christopher J. Kelley, Secretary
Daniel K. Kingsbury
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Chief Executive Officer of the Fund.
** Chief Financial and Accounting Officer of the Fund.
*** Mr. Cogan resigned as Trustee of the Pioneer Funds effective November 12,
2013.
112 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
This page for your notes.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 113
This page for your notes.
114 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
This page for your notes.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 115
This page for your notes.
116 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2013 Pioneer Investments 25249-02-1113
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 Funds 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/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date November 29, 2013
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/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date November 29, 2013
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date November 29, 2013
* Print the name and title of each signing officer under his or her signature.