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, Amundi Pioneer Asset Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: March 31
Date of reporting period: April 1, 2017 through September 30, 2018
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Fundamental
Growth Fund
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Semiannual Report | September 30, 2018
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Ticker Symbols:
Class A PIGFX
Class C FUNCX
Class K PFGKX
Class R PFGRX
Class Y FUNYX
[LOGO] Amundi Pioneer
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ASSET MANAGEMENT
visit us: www.amundipioneer.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 17
Schedule of Investments 19
Financial Statements 24
Notes to Financial Statements 33
Additional Information 42
Approval of Investment Management Agreement 44
Trustees, Officers and Service Providers 49
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 1
President's Letter
Through the third quarter of 2018, the U.S. stock market, as measured by the
Standard & Poor's 500 Index (the S&P 500), has returned more than 10%, while
bond markets, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index,
have been negative, returning -1.6%.
The momentum in the equity market has been driven by several factors, including
overall positive corporate earnings reports and a strong U.S. economy. U.S.
gross domestic product (GDP) growth exceeded 4% in the second quarter of 2018
and was expected to top 3% once again in the third quarter. The low
unemployment rate has continued, with initial jobless claims hitting a
multi-decade low and consumer and small-business confidence achieving levels
not seen in many years.
Despite the good economic news, and even though wages have been rising,
inflation expectations have not risen significantly. For its part, the U.S.
Federal Reserve System (the Fed) continued with its tightening of monetary
policy by raising interest rates in September, the third such increase during
this calendar year, and has been moving forward with the tapering of its
balance sheet, a process which began in October 2017.
Across the fixed-income space, rising interest rates have helped drive down the
returns of some asset classes, such as U.S. Treasuries. However, strong
corporate earnings and higher oil prices have propelled high-yield bonds well
into positive territory through the first nine months of the year. In addition,
higher rates have contributed to positive year-to-date returns for
floating-rate instruments such as bank loans, while structured sectors,
including asset-backed securities (ABS) and mortgage-backed securities (MBS),
have generally outperformed Treasuries. Agency MBS, in particular, have
performed well as the housing market has continued to show strength, even with
both interest rates and home prices moving upward.
Despite the generally positive returns, market volatility has increased this
year compared with 2017. The aforementioned rising interest rates have been one
reason, while the uncertainty surrounding U.S. trade policy has, at times, also
led to unsettled markets. Of course, in today's global economy, risk factors
extend well beyond U.S. borders, and investors have grappled with various
issues on the international front in recent months, including a lack of
progress in the United Kingdom's Brexit negotiations, concerns about the
budgetary policies of the populist Italian government, and the potential impact
of Turkey's economic challenges on European banks. Moreover, while trade
tensions between the U.S. and Europe have moderated, proposed higher tariffs on
Chinese imports could have a negative impact on that country's economy and, by
extension, on its Asian trade partners.
2 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
As we enter the final quarter of 2018, however, we remain cautious on the
equity markets. While we are constructive on our view of U.S. stocks and the
overall economy, the previously mentioned risk factors and increased volatility
are concerns that may overtake that constructive view.
In fixed income, we have taken a more cautious approach in our core portfolios
with regard to credit-sensitive debt, as those investments appear more
susceptible to what we believe could be a less-benign credit environment going
forward, due in part to increased leverage within the investment-grade and
bank-loan market segments. We believe that structured credit sectors, including
agency MBS, non-agency MBS, and ABS, may offer investors more attractive
relative value, given solid U.S. housing market and consumer fundamentals.
Agency MBS and high-quality, non-agency MBS may also offer lower downside
volatility and stronger credit protections relative to their quality ratings.
In addition, as interest rates have risen, we find that short- and
intermediate-term Treasuries have become more attractive.
We believe this year's market fluctuations as well as increased risk factors
within the global economy have served to remind investors of the importance of
active management. Since 1928, active management has been the foundation of
Amundi Pioneer's investment approach. We believe active management is
especially important during periods of volatility, and that our shareowners can
benefit from the experience and tenure of our investment teams, who work
collaboratively to make active and informed decisions across our funds.
As always, and particularly during times of market uncertainty, we encourage
you to work with your financial advisor to develop an overall investment plan
that addresses both your short- and long-term goals, and to implement such a
plan in a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
September 30, 2018
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 3
Portfolio Management Discussion | 9/30/18
The U.S. economy continued its robust growth and the domestic stock market
generated strong results over the six-month period ended September 30, 2018,
though market volatility re-emerged in the wake of disappointing corporate
earnings results for a number of high-valuation technology companies. In the
following interview, Andrew Acheson and Paul Cloonan discuss the factors that
affected the performance of Pioneer Fundamental Growth Fund during the period.
Mr. Acheson, Managing Director, Director of Growth, U.S., and a portfolio
manager at Amundi Pioneer Asset Management, Inc. ("Amundi Pioneer"), and Mr.
Cloonan, a senior vice president and a portfolio manager at Amundi Pioneer, are
responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the six-month period ended September 30,
2018?
A Pioneer Fundamental Growth Fund's Class A shares returned 12.49% at net
asset value during the six-month period ended September 30, 2018, while
the Fund's benchmark, the Russell 1000 Growth Index, returned 15.45%.
During the same period, the average return of the 1,458 mutual funds in
Morningstar's Large Growth Funds category was 13.07%.
Q How would you describe the investment environment for domestic equities
during the six-month period ended September 30, 2018?
A During the six-month period, the U.S. economy continued to fire on all
cylinders, with robust economic growth partly driven by reduced tax rates,
while most corporate earnings reports surprised to the upside. Despite
restrained growth in average hourly earnings, and with core inflation
hovering around its 2% target, the U.S. Federal Reserve ("Fed") appears
somewhat concerned that the economy could overheat and cause inflation to
accelerate in the future. The Fed therefore continued to raise short-term
rates while signaling further increases. Nonetheless, stocks pushed higher
even as investors worried that an increased pace of rate hikes could
derail the United States' 10-year economic expansion.
During the first six months of 2018, equity markets continued the pattern
established during the prior year, as market averages were pushed to new
highs by investor enthusiasm for high-flying growth stocks with ultra-high
valuations, such as streaming video company Netflix, online retailer
Amazon, and the graphics and processing semiconductor company Nvidia, none
of which were held in the Fund's portfolio. Many of those technology,
social media, and consumer discretionary stocks that have led the market
appear to have very high long-term growth expectations, but market
sentiment with respect to the group softened as second-quarter earnings
4 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
reports were released in July. Facebook and Twitter, two other stocks not
held by the Fund, were examples of shares that experienced earnings-driven
slumps during the period. Facebook's shares plummeted after it forecasted
reduced earnings based on lower usage and increased costs. Twitter's
shares would soon follow the same path, while Netflix's shares also moved
lower after reporting tepid second-quarter subscriber growth, though the
shares did rally over the final few weeks of the period. In addition, the
headlines surrounding high-valuation growth stocks as well as increased
trade tensions between the United States, China, and other trading
partners, led to an increase in volatility following an extended period of
relatively stable equity markets.
Q What were the primary reasons for the Fund's underperformance of its
benchmark, the Russell 1000 Growth Index (the Russell Index), during the
six-month period ended September 30, 2018?
A The Fund produced favorable absolute returns during the period, but lagged
the return of the benchmark Russell Index, as we maintained our
longer-term approach of emphasizing investments in what we believe are
fundamentally strong companies with high returns on capital, strong cash
flows, and reasonable stock prices. That approach resulted in our
avoiding, or at least de-emphasizing, many of the better-performing, but
very high-priced technology stocks. Many of those stocks were market
leaders until second-quarter earnings were reported in July, when the
overall tone of the market changed. We have also de-emphasized ownership
of stocks in highly cyclical industrials, as many of those companies'
valuations seemed to reflect, in our view, overly optimistic forecasts for
even stronger economic acceleration. In the wake of the pullback in
technology and social media stocks, the Fund's benchmark-relative
performance improved considerably over the third quarter of 2018.
Q Which individual investments had the largest effects on the Fund's
benchmark-relative performance during the six-month period ended September
30, 2018?
A The Fund's benchmark-relative underperformance during the period derived
largely from the continued upward move in high-valuation stocks during the
first several months of the period. As noted earlier, the Fund's relative
performance began to improve as market volatility picked up and some
cracks appeared in the performance of some ultra-high-growth stocks. The
Fund's sector allocation results were moderately positive versus the
Russell Index for the period, but that benefit was more than outweighed by
negative stock selection results, which were due to a relative lack of
exposure to the stocks of high-valuation growth companies.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 5
At the sector level, the portfolio's underweight to industrials stocks
helped benchmark-relative performance, while an overweight to financials
detracted. Stock selection results within the information technology
sector contributed positively to benchmark-relative returns, while
selection results in the health care and consumer discretionary sectors
detracted from relative performance.
With regard to individual stocks, the most significant detractor from the
Fund's benchmark-relative performance during the six months was lack of
exposure to Amazon.com, due to what we believe is Amazon's excessive
market valuation. Amazon's market performance was exceptionally strong
during the period, though its share price has recently retreated. Among
stocks held by the Fund, shares of defense contractor Raytheon detracted
from benchmark-relative performance, as many investors rotated away from
defense stocks early in the period in order to reposition their portfolios
in higher-growth issues. We believe that Raytheon remains fundamentally
sound and continue to hold the stock. Another detractor from
benchmark-relative results was the Fund's position in Booking Holdings,
which is one of the world's largest online travel agents. Booking has a
strong competitive position, but the company reported slightly
disappointing "room nights sold" growth during the period. We view Booking
as a strong longer-term investment, as the company's profit margins have
recently improved in the wake of more rational advertising and marketing
spending. Lastly, a position in the insurance broker Marsh & McClennan
Companies detracted from the Fund's relative performance, as growth slowed
in the company's consulting business in the second quarter. However, we
see the slowdown as a temporary issue, given that the company's insurance
services business appears well positioned for future growth. We continue
to hold the stock in the portfolio, as we view Marsh & McClennan as a
predictable and profitable company with an excellent set of competitive
advantages.
On the positive side, the largest individual contribution to the Fund's
benchmark-relative return during the period came from a position in
financial-transaction processor MasterCard, which delivered strong results
as it continued to expand within the global electronics processing
business. MasterCard has benefited from favorable longer-term business
trends as electronic payments gradually replace cash and check
transactions. Within the information technology sector, benchmark-relative
performance received a boost from the Fund's lack of exposure to Facebook,
shares of which faltered after a disappointing second-quarter earnings
report. Positive performance contributors held in the Fund's portfolio
also included O'Reilly Automotive, which delivered strong earnings and
same-store sales
6 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
growth. O'Reilly continues to be the top retailer in the aftermarket auto
parts industry. Fund holding Ross Stores also benefited benchmark-relative
performance. The company delivered healthy sales growth as the off-price
retailing industry continued to gain market share at the expense of
traditional department store retailers. Finally, the Fund's position in
Microsoft aided benchmark-relative returns. Microsoft's core software
business is performing to expectations; but, most significantly, the
company's cloud business is gaining significant traction. We also believe
that Microsoft's equity valuation remains reasonable.
Q What were some of the notable changes you made to the Fund's portfolio
during the six-month period ended September 30, 2018?
A During the period, we initiated four new Fund positions, while selling
two. During the second quarter of 2018, we added the aforementioned
Booking Holdings (formerly Priceline.com), Emerson Electric, and
Laboratory Corporation of America (Lab Corp.) to the portfolio. We believe
that each of those companies possess high returns on capital, sustainable
competitive advantages, and attractive longer-term growth prospects. The
stocks also trade below our estimations of their intrinsic values. Emerson
Electric is a diversified manufacturer of industrial process-automation
equipment and systems, commercial and residential climate control systems,
and refrigeration products. We believe that Emerson will benefit from
continued growth in industrial automation. Lab Corp., a leading clinical
lab services company that focuses on both diagnostic testing and research,
possesses significant competitive advantages, in our opinion, due to its
large scale and breadth of services. In addition, the Fund participated in
the initial public offering of Elanco Animal Health during the third
quarter of 2018. Elanco was spun out of Eli Lilly & Co., and has been
benefiting from the global growth in both protein consumption and consumer
spending on companion animals.
The two portfolio positions eliminated during the period were Alexion
Pharmaceuticals and Vertex Pharmaceuticals. Alexion has a strong product
portfolio targeted at the treatment of several rare diseases. We sold the
stock due to concerns that competitors may launch similar drugs focused on
those indications, which would negatively affect Alexion's pricing power
and return on capital. We also sold Vertex, a leader in treatments for
cystic fibrosis, after the share price had reached our target.
Q Did the Fund have any investments in derivative securities during the
six-month period ended September 30, 2018?
A No, the Fund had no investments in derivatives during the period.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 7
Q What is your investment outlook?
A We remain concerned about what we believe to be the excessive valuations
placed on stocks with the highest growth rates. In our view, investors
gravitated toward higher-risk securities -- such as high-growth,
high-valuation stocks -- based on a supportive environment of strong
economic growth and low market volatility. However, the overall market
environment may be changing, as rising interest rates could stall economic
growth and spur additional volatility. In addition, other risks loom,
including uncertainty surrounding trade negotiations and escalating crises
in several emerging markets countries.
That said, we believe that the equity market continues to be supported by
strong corporate earnings growth, against the backdrop of a robust U.S.
economy. We expect investors to maintain exposure to stocks, but think
that many may rotate into higher-quality, more reasonably priced issues in
order to be more conservatively positioned as the potential for slowing
growth and rising geopolitical risk looms. There are some signs that the
rotation has already begun, in fact, as sectors such as health care and
consumer staples saw improved stock performance late in the third quarter,
while several high-growth, high-valuation stocks weakened.
In terms of positioning, the Fund's largest overweight continues to be in
the financials sector as of period-end. We believe a number of portfolio
companies in the sector have strong competitive advantages, high returns
on capital, solid growth prospects, and attractive valuations. The Fund
also remains overweight to health care and is about equally weighted
versus the Russell Index in information technology, where we continue to
find stocks that meet our quality and valuation criteria.
The Fund's largest underweight versus the Russell Index at period-end is
to the newly established communications services sector, which includes a
number of stocks that we believe are overvalued and thus vulnerable to
increases in interest rates as well as market volatility. Consistent with
our investment philosophy, we have positioned the Fund with a focus on
holding stocks of companies that we believe have strong long-term growth
prospects and that are trading at a discount to what they are worth, based
on our internal analysis.
8 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
Please refer to the Schedule of Investments on pages 19-23 for a full listing
of Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political
conditions.
The Fund invests in a limited number of securities and, as a result, the Fund's
performance may be more volatile than the performance of other funds holding
more securities.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc.,
for a prospectus or summary prospectus containing this information. Read it
carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 9
Portfolio Summary | 9/30/18
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Common Stocks 100.0%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Information Technology 41.3%
Health Care 17.1%
Consumer Discretionary 15.2%
Industrials 8.2%
Financials 7.8%
Consumer Staples 6.1%
Materials 3.3%
Energy 1.0%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)*
1. Microsoft Corp. 7.88%
--------------------------------------------------------------------------------
2. Apple, Inc. 7.86
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3. Alphabet, Inc., Class C 5.81
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4. Home Depot, Inc. 4.86
--------------------------------------------------------------------------------
5. Mastercard, Inc. 4.76
--------------------------------------------------------------------------------
6. Thermo Fisher Scientific, Inc. 3.58
--------------------------------------------------------------------------------
7. Ross Stores, Inc. 3.42
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8. PepsiCo., Inc. 3.35
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9. Intercontinental Exchange, Inc. 3.33
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10. Booking Holdings, Inc. 3.01
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* Excludes temporary cash investments and all derivative contracts except
for options purchased. The Fund is actively managed, and current holdings
may be different. The holdings listed should not be considered
recommendations to buy or sell any securities listed.
10 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
Prices and Distributions | 9/30/18
Net Asset Value per Share
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--------------------------------------------------------------------------------
Class 9/30/18 3/31/18
--------------------------------------------------------------------------------
A $25.49 $22.66
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C $23.24 $20.73
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K $25.57 $22.68
--------------------------------------------------------------------------------
R $25.05 $22.31
--------------------------------------------------------------------------------
Y $25.76 $22.86
--------------------------------------------------------------------------------
Distributions per Share: 4/1/18-9/30/18
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ -- $ -- $ --
--------------------------------------------------------------------------------
C $ -- $ -- $ --
--------------------------------------------------------------------------------
K $ -- $ -- $ --
--------------------------------------------------------------------------------
R $ -- $ -- $ --
--------------------------------------------------------------------------------
Y $ -- $ -- $ --
--------------------------------------------------------------------------------
The Russell 1000 Growth Index is an unmanaged index that measures the
performance of large-cap U.S. growth stocks. Index returns assume reinvestment
of dividends and, unlike Fund returns, do not reflect any fees, expenses or
sales charges. It is not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 12-16.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 11
Performance Update | 9/30/18 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, 2018)
----------------------------------------------------------
Net Public Russell
Asset Offering 1000
Value Price Growth
Period (NAV) (POP) Index
----------------------------------------------------------
10 years 12.87% 12.21% 14.31%
5 years 14.22 12.87 16.58
1 year 18.23 11.43 26.30
----------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2018)
----------------------------------------------------------
Gross Net
----------------------------------------------------------
1.10% 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
9/08 $ 9,425 $10,000
9/09 $ 9,484 $ 9,815
9/10 $10,292 $11,056
9/11 $10,848 $11,474
9/12 $13,978 $14,823
9/13 $16,277 $17,680
9/14 $19,462 $21,066
9/15 $20,495 $21,734
9/16 $22,750 $24,725
9/17 $26,761 $30,150
9/18 $31,640 $38,078
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. NAV
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, 2019, for Class A shares. There can be no assurance
that Amundi Pioneer will extend the expense limitation beyond such time. Please
see the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
Performance Update | 9/30/18 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, 2018)
----------------------------------------------------------
Russell
1000
If If Growth
Period Held Redeemed Index
----------------------------------------------------------
10 years 12.05% 12.05% 14.31%
5 years 13.44 13.44 16.58
1 year 17.46 17.46 26.30
----------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2018)
----------------------------------------------------------
Gross
----------------------------------------------------------
1.74%
----------------------------------------------------------
[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
9/08 $10,000 $10,000
9/09 $ 9,985 $ 9,815
9/10 $10,742 $11,056
9/11 $11,242 $11,474
9/12 $14,366 $14,823
9/13 $16,609 $17,680
9/14 $19,708 $21,066
9/15 $20,613 $21,734
9/16 $22,725 $24,725
9/17 $26,560 $30,150
9/18 $31,197 $38,078
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 13
Performance Update | 9/30/18 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class K shares of Pioneer Fundamental Growth Fund during the
periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of September 30, 2018)
----------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
----------------------------------------------------------
10 years 13.15% 14.31%
5 years 14.70 16.58
1 year 18.73 26.30
----------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2018)
----------------------------------------------------------
Gross
----------------------------------------------------------
0.66%
----------------------------------------------------------
[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
9/08 $ 5,000,000 $ 5,000,000
9/09 $ 5,031,399 $ 4,907,349
9/10 $ 5,459,833 $ 5,528,214
9/11 $ 5,754,981 $ 5,737,091
9/12 $ 7,415,415 $ 7,411,643
9/13 $ 8,664,309 $ 8,840,216
9/14 $10,394,875 $10,532,905
9/15 $10,998,336 $10,867,157
9/16 $12,257,648 $12,362,547
9/17 $14,486,365 $15,074,979
9/18 $17,199,477 $19,039,137
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on December 20, 2012, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are
higher than those of Class K shares, the performance of Class K shares prior to
their inception would have been higher than the performance shown. For the
period beginning December 20, 2012, the actual performance of Class K shares is
reflected. Class K shares are not subject to sales charges and are available
for limited groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
Performance Update | 9/30/18 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, 2018)
----------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
----------------------------------------------------------
10 years 12.66% 14.31%
5 years 13.88 16.58
1 year 17.85 26.30
----------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2018)
----------------------------------------------------------
Gross Net
----------------------------------------------------------
1.42% 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
9/08 $10,000 $10,000
9/09 $10,063 $ 9,815
9/10 $10,920 $11,056
9/11 $11,510 $11,474
9/12 $14,809 $14,823
9/13 $17,195 $17,680
9/14 $20,503 $21,066
9/15 $21,524 $21,734
9/16 $23,819 $24,725
9/17 $27,940 $30,150
9/18 $32,927 $38,078
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class R shares for the period prior to the
commencement of operations of Class R shares on April 2, 2012, is based on the
performance of Class A shares, reduced to reflect the higher distribution and
service fees of Class R shares. For the period beginning April 2, 2012, the
actual performance of Class R shares is reflected. Class R shares are not
subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2019, for Class R shares. There can be no assurance
that Amundi Pioneer will extend the expense limitation beyond such time. Please
see the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 15
Performance Update | 9/30/18 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, 2018)
----------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
----------------------------------------------------------
10 years 13.24% 14.31%
5 years 14.58 16.58
1 year 18.60 26.30
----------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2017)
----------------------------------------------------------
Gross
----------------------------------------------------------
0.77%
----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
9/08 $ 5,000,000 $ 5,000,000
9/09 $ 5,045,983 $ 4,907,349
9/10 $ 5,489,913 $ 5,528,214
9/11 $ 5,819,413 $ 5,737,091
9/12 $ 7,520,845 $ 7,411,643
9/13 $ 8,781,430 $ 8,840,216
9/14 $10,528,157 $10,532,905
9/15 $11,124,525 $10,867,157
9/16 $12,389,791 $12,362,547
9/17 $14,620,925 $15,074,979
9/18 $17,339,974 $19,039,137
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class Y shares for the period prior to the
commencement of operations of Class Y shares on April 8, 2009, is the net asset
value performance of the Fund's Class A shares, which has not been restated to
reflect any differences in expenses, including Rule 12b-1 fees applicable to
Class A shares. Since fees for Class A shares generally are higher than those
of Class Y shares, the performance of Class Y shares prior to their inception
would have been higher than the performance shown. For the period beginning
April 8, 2009, the actual performance of Class Y shares is reflected. Class Y
shares are not subject to sales charges and are available for limited groups of
eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
16 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Fundamental Growth Fund
Based on actual returns from April 1, 2018, through September 30, 2018.
-------------------------------------------------------------------------------------------
Share Class A C K R Y
-------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 4/1/18
-------------------------------------------------------------------------------------------
Ending Account $1,124.90 $1,121.10 $1,127.40 $1,122.80 $1,126.90
Value (after expenses)
on 9/30/18
-------------------------------------------------------------------------------------------
Expenses Paid $5.81 $9.15 $3.52 $7.45 $4.05
During Period*
-------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.09%,
1.72%, 0.66%, 1.40% and 0.76% for Class A, Class C, Class K, Class R and
Class Y shares, respectively, multiplied by the average account value over
the period multiplied by 183/365 (to reflect the one-half year period).
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 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, 2018, through September 30, 2018.
-------------------------------------------------------------------------------------------
Share Class A C K R Y
-------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 4/1/18
-------------------------------------------------------------------------------------------
Ending Account $1,019.60 $1,016.44 $1,021.76 $1,018.05 $1,021.26
Value (after expenses)
on 9/30/18
-------------------------------------------------------------------------------------------
Expenses Paid $5.52 $8.69 $3.35 $7.08 $3.85
During Period*
-------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.09%,
1.72%, 0.66%, 1.40% and 0.76% for Class A, Class C, Class K, Class R and
Class Y shares, respectively, multiplied by the average account value over
the period multiplied by 183/365 (to reflect the one-half year period).
18 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
Schedule of Investments | 9/30/18 (unaudited)
---------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 99.8%
COMMON STOCKS -- 99.1% of Net Assets
CAPITAL GOODS -- 8.1%
Aerospace & Defense -- 2.8%
904,460 Raytheon Co. $ 186,915,704
---------------------------------------------------------------------------------------------------
Building Products -- 1.2%
2,089,287 Masco Corp. $ 76,467,904
---------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 2.1%
1,823,285 Emerson Electric Co. $ 139,627,165
---------------------------------------------------------------------------------------------------
Industrial Machinery -- 2.0%
876,738 Stanley Black & Decker, Inc. $ 128,389,513
--------------
Total Capital Goods $ 531,400,286
---------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.9%
Restaurants -- 0.9%
1,057,133 Starbucks Corp. $ 60,087,440
--------------
Total Consumer Services $ 60,087,440
---------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.8%
Investment Banking & Brokerage -- 1.5%
2,006,523 Charles Schwab Corp. $ 98,620,605
---------------------------------------------------------------------------------------------------
Specialized Finance -- 3.3%
2,878,719 Intercontinental Exchange, Inc. $ 215,587,266
--------------
Total Diversified Financials $ 314,207,871
---------------------------------------------------------------------------------------------------
ENERGY -- 1.0%
Oil & Gas Exploration & Production -- 1.0%
2,893,838 Cabot Oil & Gas Corp. $ 65,169,232
--------------
Total Energy $ 65,169,232
---------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 1.0%
Hypermarkets & Super Centers -- 1.0%
714,615 Walmart, Inc. $ 67,109,495
--------------
Total Food & Staples Retailing $ 67,109,495
---------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 3.3%
Soft Drinks -- 3.3%
1,936,235 PepsiCo., Inc. $ 216,471,073
--------------
Total Food, Beverage & Tobacco $ 216,471,073
---------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 6.0%
Health Care Equipment -- 3.4%
422,507(a) Edwards Lifesciences Corp. $ 73,558,469
1,509,709 Medtronic Plc 148,510,074
--------------
$ 222,068,543
---------------------------------------------------------------------------------------------------
Health Care Services -- 1.1%
419,044(a) Laboratory Corp. of America Holdings $ 72,779,562
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 19
Schedule of Investments | 9/30/18 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------
Health Care Supplies -- 1.5%
345,216 Cooper Cos., Inc. $ 95,676,614
--------------
Total Health Care Equipment & Services $ 390,524,719
---------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 1.7%
Household Products -- 1.7%
1,660,042 Colgate-Palmolive Co. $ 111,139,812
--------------
Total Household & Personal Products $ 111,139,812
---------------------------------------------------------------------------------------------------
INSURANCE -- 2.9%
Insurance Brokers -- 2.9%
2,247,616 Marsh & McLennan Cos., Inc. $ 185,922,796
--------------
Total Insurance $ 185,922,796
---------------------------------------------------------------------------------------------------
MATERIALS -- 3.3%
Specialty Chemicals -- 3.3%
876,638 Ecolab, Inc. $ 137,439,305
557,223 International Flavors & Fragrances, Inc. 77,520,864
--------------
Total Materials $ 214,960,169
---------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 11.0%
Biotechnology -- 2.4%
1,992,791 Gilead Sciences, Inc. $ 153,863,393
---------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 3.5%
948,834 Thermo Fisher Scientific, Inc. $ 231,591,403
---------------------------------------------------------------------------------------------------
Pharmaceuticals -- 5.1%
108,441(a) Elanco Animal Health, Inc. $ 3,783,506
1,181,579 Johnson & Johnson 163,258,770
1,791,469 Zoetis, Inc. 164,026,902
--------------
$ 331,069,178
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 716,523,974
---------------------------------------------------------------------------------------------------
RETAILING -- 14.2%
Apparel Retail -- 3.4%
2,229,616 Ross Stores, Inc. $ 220,954,946
---------------------------------------------------------------------------------------------------
Automotive Retail -- 2.2%
400,570(a) O'Reilly Automotive, Inc. $ 139,125,972
---------------------------------------------------------------------------------------------------
Home Improvement Retail -- 4.8%
1,517,572 Home Depot, Inc. $ 314,365,040
---------------------------------------------------------------------------------------------------
Internet & Direct Marketing Retail -- 3.0%
98,092(a) Booking Holdings, Inc. $ 194,614,528
---------------------------------------------------------------------------------------------------
Specialty Stores -- 0.8%
597,252 Tractor Supply Co. $ 54,278,262
--------------
Total Retailing $ 923,338,748
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
---------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.9%
Semiconductors -- 1.9%
499,347 Broadcom, Inc. $ 123,203,885
--------------
Total Semiconductors & Semiconductor Equipment $ 123,203,885
---------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 28.3%
Application Software -- 2.1%
516,215(a) Adobe Systems, Inc. $ 139,352,239
---------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 6.5%
1,383,191 Mastercard, Inc. $ 307,912,149
1,309,956(a) PayPal Holdings, Inc. 115,066,535
--------------
$ 422,978,684
---------------------------------------------------------------------------------------------------
Interactive Home Entertainment -- 1.7%
910,137(a) Electronic Arts, Inc. $ 109,662,407
---------------------------------------------------------------------------------------------------
Interactive Media & Services -- 5.7%
314,951(a) Alphabet, Inc., Class C $ 375,884,570
---------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 4.5%
1,056,458 Accenture Plc $ 179,809,152
1,441,879 Cognizant Technology Solutions Corp. 111,240,965
--------------
$ 291,050,117
---------------------------------------------------------------------------------------------------
Systems Software -- 7.8%
4,454,001 Microsoft Corp. $ 509,404,094
--------------
Total Software & Services $1,848,332,111
---------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 10.7%
Electronic Components -- 1.1%
737,909 Amphenol Corp. $ 69,378,204
---------------------------------------------------------------------------------------------------
Technology Distributors -- 1.8%
1,366,734 CDW Corp. $ 121,529,987
---------------------------------------------------------------------------------------------------
Technology Hardware, Storage & Peripherals -- 7.8%
2,250,985 Apple, Inc. $ 508,137,354
--------------
Total Technology Hardware & Equipment $ 699,045,545
---------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $4,326,540,573) $6,467,437,156
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 21
Schedule of Investments | 9/30/18 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS --
0.7% of Net Assets
REPURCHASE AGREEMENTS -- 0.7%
19,445,000 $19,445,000 ScotiaBank, 2.25%, dated 9/28/18 plus
accrued interest on 10/1/18 collateralized by $19,837,619
Federal National Mortgage Association, 3.5%, 11/1/45 $ 19,445,000
13,805,000 $13,805,000 TD Securities USA LLC, 2.22%, dated 9/28/18
plus accrued interest on 10/1/18 collateralized by
$14,081,101 Federal National Mortgage Association,
4.0%, 3/1/48 13,805,000
10,180,000 $10,180,000 TD Securities USA LLC, 2.24%, dated 9/28/18
plus accrued interest on 10/1/18 collateralized by
$10,383,600 Federal National Mortgage Association,
4.0%, 3/1/48 10,180,000
--------------
$ 43,430,000
---------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $43,430,000) $ 43,430,000
---------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 99.8%
(Cost $4,369,970,573) $6,510,867,156
---------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.2% $ 15,169,945
---------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $6,526,037,101
===================================================================================================
(a) Non-income producing security.
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended September 30, 2018, aggregated $812,686,059 and
$1,155,608,556, respectively.
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which Amundi Pioneer Asset
Management, Inc., (the "Adviser"), serves as the Fund's investment adviser, as
set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to
procedures adopted by the Board of Trustees. Under these procedures, cross
trades are affected at current market prices. During the six months ended
September 30, 2018, the Fund did not engage in cross trade activity.
At September 30, 2018, the net unrealized appreciation on investments based on
cost for federal tax purposes of $4,375,586,884 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $2,189,734,857
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (54,454,585)
--------------
Net unrealized appreciation $2,135,280,272
==============
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels 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 risks,
etc.). See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes to
Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
22 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
The following is a summary of the inputs used as of September 30, 2018, in
valuing the Fund's investments.
-----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------------
Common Stocks $6,467,437,156 $ -- $ -- $6,467,437,156
Repurchase Agreements -- 43,430,000 -- 43,430,000
-----------------------------------------------------------------------------------------------------
Total Investments in
Securities $6,467,437,156 $43,430,000 $ -- $6,510,867,156
=====================================================================================================
During the six months ended September 30, 2018 there were no transfer between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 23
Statement of Assets and Liabilities | 9/30/18 (unaudited)
ASSETS:
Investments in unaffiliated issuers, at value (cost $4,369,970,573) $6,510,867,156
Cash 32,140,444
Receivables --
Fund shares sold 8,081,766
Dividends 1,852,070
Interest 8,100
Other assets 155,904
-----------------------------------------------------------------------------------------------
Total assets $6,553,105,440
===============================================================================================
LIABILITIES:
Payables --
Fund shares repurchased $ 24,106,219
Trustees' fees 6,234
Transfer agent fees 2,056,964
Due to affiliates 679,662
Accrued expenses 219,260
-----------------------------------------------------------------------------------------------
Total liabilities $ 27,068,339
===============================================================================================
NET ASSETS:
Paid-in capital $4,100,714,867
Distributable earnings 2,425,322,234
-----------------------------------------------------------------------------------------------
Net assets $6,526,037,101
===============================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $1,187,415,128/46,580,380 shares) $ 25.49
Class C (based on $488,258,565/21,009,089 shares) $ 23.24
Class K (based on $757,714,116/29,634,618 shares) $ 25.57
Class R (based on $128,844,055/5,142,969 shares) $ 25.05
Class Y (based on $3,963,805,237/153,860,178 shares) $ 25.76
MAXIMUM OFFERING PRICE:
Class A ($25.49 / 94.25%) $ 27.05
===============================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
Statement of Operations (unaudited)
For the Six Months Ended 9/30/18
INVESTMENT INCOME:
Dividends from unaffiliated issuers $41,166,518
Interest from unaffiliated issuers 484,177
-------------------------------------------------------------------------------------------------------
Total investment income $ 41,650,695
=======================================================================================================
EXPENSES:
Management fees $19,267,359
Administrative expense 911,817
Transfer agent fees
Class A 1,119,670
Class C 162,660
Class K 4,373
Class R 152,662
Class Y 2,027,413
Distribution fees
Class A 1,501,152
Class C 2,420,000
Class R 315,980
Shareowner communications expense 94,714
Custodian fees 43,190
Registration fees 58,462
Professional fees 142,413
Printing expense 32,409
Trustees' fees 159,847
Insurance expense 2,332
Miscellaneous 56,568
-------------------------------------------------------------------------------------------------------
Total expenses $ 28,473,021
-------------------------------------------------------------------------------------------------------
Less fees waived and expenses reimbursed by the Adviser (25,856)
-------------------------------------------------------------------------------------------------------
Net expenses $ 28,447,165
-------------------------------------------------------------------------------------------------------
Net investment income $ 13,203,530
-------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $225,568,539
-------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $513,019,487
-------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $738,588,026
-------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $751,791,556
=======================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 25
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------------
Six Months
Ended Year
9/30/18 Ended
(unaudited) 3/31/18
--------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 13,203,530 $ 26,198,391
Net realized gain (loss) on investments 225,568,539 255,805,911
Change in net unrealized appreciation (depreciation)
on investments 513,019,487 524,705,611
--------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 751,791,556 $ 806,709,913
--------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:*
Class A ($-- and $1.05 per share, respectively) $ -- $ (57,118,209)
Class C ($-- and $1.01 per share, respectively) -- (22,632,886)
Class K ($-- and $1.15 per share, respectively) -- (27,170,074)
Class R ($-- and $1.01 per share, respectively) -- (6,472,545)
Class Y ($-- and $1.12 per share, respectively) -- (183,467,085)
-------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ -- $ (296,860,799)
--------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 671,887,295 $ 1,890,199,140
Reinvestment of distributions -- 265,460,390
Cost of shares repurchased (1,075,687,798) (1,851,632,022)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ (403,800,503) $ 304,027,508
--------------------------------------------------------------------------------------------------------
Net increase in net assets $ 347,991,053 $ 813,876,622
NET ASSETS:**
Beginning of period 6,178,046,048 5,364,169,426
--------------------------------------------------------------------------------------------------------
End of period $ 6,526,037,101 $ 6,178,046,048
========================================================================================================
* For the year ended March 31, 2018 Distributions to Shareowners was presented as follows:
Net investment income:
Class A ($0.04 per share) $ (2,209,305)
Class K ($0.14 per share) (3,447,604)
Class Y ($0.11 per share) (18,936,504)
Net realized gain:
Class A ($1.01 per share) $ (54,908,904)
Class C ($1.01 per share) (22,632,886)
Class K ($1.01 per share) (23,722,470)
Class R ($1.01 per share) (6,472,545)
Class Y ($1.01 per share) (164,530,581)
** For the year ended March 31, 2018 undistributed net investment income was
presented as follows: $6,912,515
The accompanying notes are an integral part of these financial statements.
26 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
----------------------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
9/30/18 9/30/18 Year Ended Year Ended
Shares Amount 3/31/18 3/31/18
(unaudited) (unaudited) Shares Amount
----------------------------------------------------------------------------------------------------------------
Class A
Shares sold 3,666,744 $ 87,715,848 13,806,968 $ 306,540,567
Reinvestment of distributions -- -- 2,165,560 48,482,692
Less shares repurchased (9,847,755) (236,762,043) (21,209,461) (475,551,238)
----------------------------------------------------------------------------------------------------------------
Net decrease (6,181,011) $(149,046,195) (5,236,933) $ (120,527,979)
================================================================================================================
Class C
Shares sold 1,407,072 $ 30,901,118 3,917,788 $ 80,229,794
Reinvestment of distributions -- -- 964,970 19,762,588
Less shares repurchased (3,226,637) (71,217,570) (6,336,780) (129,776,814)
----------------------------------------------------------------------------------------------------------------
Net decrease (1,819,565) $ (40,316,452) (1,454,022) $ (29,784,432)
================================================================================================================
Class K
Shares sold 6,378,898 $ 153,168,863 13,324,965 $ 299,047,406
Reinvestment of distributions -- -- 1,163,910 26,160,337
Less shares repurchased (3,846,992) (93,622,085) (5,504,088) (124,406,560)
----------------------------------------------------------------------------------------------------------------
Net increase 2,531,906 $ 59,546,778 8,984,787 $ 200,801,183
================================================================================================================
Class R
Shares sold 425,099 $ 9,974,541 2,589,007 $ 55,874,837
Reinvestment of distributions -- -- 203,945 4,488,824
Less shares repurchased (868,830) (20,342,563) (2,960,660) (65,982,881)
----------------------------------------------------------------------------------------------------------------
Net decrease (443,731) $ (10,368,022) (167,708) $ (5,619,220)
================================================================================================================
Class Y
Shares sold 16,111,172 $ 390,126,925 51,292,560 $ 1,148,506,536
Reinvestment of distributions -- -- 7,355,824 166,565,949
Less shares repurchased (27,129,069) (653,743,537) (46,433,917) (1,055,914,529)
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) (11,017,897) $(263,616,612) 12,214,467 $ 259,157,956
================================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 27
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/18 Ended Ended Ended Ended Ended
(unaudited) 3/31/18 3/31/17* 3/31/16* 3/31/15* 3/31/14
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 22.66 $ 20.78 $ 19.00 $ 19.06 $ 16.66 $ 14.33
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.03(a) $ 0.06(a) $ 0.08(a) $ 0.07(a) $ 0.06 $ 0.06
Net realized and unrealized gain (loss) on
investments 2.80 2.87 2.13 0.70 2.86 2.95
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.83 $ 2.93 $ 2.21 $ 0.77 $ 2.92 $ 3.01
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ (0.04) $ (0.06) $ (0.05) $ (0.05) $ (0.06)
Net realized gain -- (1.01) (0.37) (0.78) (0.47) (0.62)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (1.05) $ (0.43) $ (0.83) $ (0.52) $ (0.68)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.83 $ 1.88 $ 1.78 $ (0.06) $ 2.40 $ 2.33
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 25.49 $ 22.66 $ 20.78 $ 19.00 $ 19.06 $ 16.66
====================================================================================================================================
Total return (b) 12.49%(c) 14.16% 11.78% 4.00% 17.60% 21.16%
Ratio of net expenses to average net assets 1.09%(d) 1.09% 1.09% 1.09% 1.09% 1.08%
Ratio of net investment income (loss) to average
net assets 0.22%(d) 0.25% 0.39% 0.38% 0.38% 0.46%
Portfolio turnover rate 13%(c) 38% 23% 13% 12% 21%
Net assets, end of period (in thousands) $1,187,415 $1,195,674 $1,205,124 $992,927 $796,689 $644,527
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reduction for fees
paid indirectly:
Total expenses to average net assets 1.09%(d) 1.10% 1.09% 1.11% 1.13% 1.13%
Net investment income (loss) to average net assets 0.22%(d) 0.24% 0.39% 0.36% 0.34% 0.41%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based upon the average shares
outstanding for the periods presented.
(b) 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.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/18 Ended Ended Ended Ended Ended
(unaudited) 3/31/18 3/31/17* 3/31/16* 3/31/15* 3/31/14
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 20.73 $ 19.17 $ 17.63 $ 17.81 $ 15.66 $ 13.55
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income (loss) $ (0.04)(a)(b) $ (0.08)(a)(b) $ (0.05)(a)(b) $ (0.05)(a)(b) $ (0.03) $ (0.04)
Net realized and unrealized gain (loss)
on investments 2.55 2.65 1.96 0.65 2.65 2.77
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment
operations $ 2.51 $ 2.57 $ 1.91 $ 0.60 $ 2.62 $ 2.73
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ -- $ -- $ -- $ -- $ --
Net realized gain -- (1.01) (0.37) (0.78) (0.47) (0.62)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (1.01) $ (0.37) $ (0.78) $ (0.47) $ (0.62)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.51 $ 1.56 $ 1.54 $ (0.18) $ 2.15 $ 2.11
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 23.24 $ 20.73 $ 19.17 $ 17.63 $ 17.81 $ 15.66
====================================================================================================================================
Total return (c) 12.11%(d) 13.46% 10.98% 3.29% 16.81% 20.29%
Ratio of net expenses to average net assets 1.72%(e) 1.74% 1.77% 1.77% 1.79% 1.83%
Ratio of net investment income (loss) to
average net assets (0.41)%(e) (0.40)% (0.30)% (0.29)% (0.32)% (0.28)%
Portfolio turnover rate 13%(d) 38% 23% 13% 12% 21%
Net assets, end of period (in thousands) $488,259 $473,154 $465,545 $356,675 $246,593 $174,565
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based upon the average shares
outstanding for the periods presented.
(b) The amount shown for a share outstanding does not correspond with net
investment income on the Statement of Operations for the period due to
timing of the sales and repurchase of shares.
(c) 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.
(d) Not annualized.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 29
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/18 Ended Ended Ended Ended Ended
(unaudited) 3/31/18 3/31/17* 3/31/16* 3/31/15* 3/31/14
------------------------------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 22.68 $ 20.79 $ 19.00 $ 19.05 $ 16.64 $ 14.30
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.08(a) $ 0.16(a) $ 0.16(a) $ 0.15(a) $ 0.16 $ 0.06
Net realized and unrealized gain (loss)
on investments 2.81 2.88 2.13 0.70 2.84 3.01
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.89 $ 3.04 $ 2.29 $ 0.85 $ 3.00 $ 3.07
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ (0.14) $ (0.13) $ (0.12) $ (0.12) $ (0.11)
Net realized gain -- (1.01) (0.37) (0.78) (0.47) (0.62)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (1.15) $ (0.50) $ (0.90) $ (0.59) $ (0.73)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.89 $ 1.89 $ 1.79 $ (0.05) $ 2.41 $ 2.34
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 25.57 $ 22.68 $ 20.79 $ 19.00 $ 19.05 $ 16.64
====================================================================================================================================
Total return (b) 12.74%(c) 14.68% 12.24% 4.43% 18.11% 21.61%
Ratio of net expenses to average net assets 0.66%(d) 0.66% 0.67% 0.67% 0.69% 0.71%
Ratio of net investment income (loss) to average
net assets 0.66%(d) 0.69% 0.81% 0.80% 0.81% 0.85%
Portfolio turnover rate 13%(c) 38% 23% 13% 12% 21%
Net assets, end of period (in thousands) $757,714 $614,710 $376,708 $131,813 $97,063 $31,501
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based upon the average shares
outstanding for the periods presented.
(b) 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.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/18 Ended Ended Ended Ended Ended
(unaudited) 3/31/18 3/31/17* 3/31/16* 3/31/15* 3/31/14
------------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 22.31 $ 20.49 $ 18.76 $ 18.86 $ 16.50 $ 14.25
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.01)(a)(b) $ (0.01)(a)(b) $ 0.01(a) $ 0.02(a) $ (0.00)(c) $ 0.01
Net realized and unrealized gain (loss)
on investments 2.75 2.84 2.10 0.69 2.83 2.94
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.74 $ 2.83 $ 2.11 $ 0.71 $ 2.83 $ 2.95
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ -- $ (0.01) $ (0.03) $ -- $ (0.08)
Net realized gain -- (1.01) (0.37) (0.78) (0.47) (0.62)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (1.01) $ (0.38) $ (0.81) $ (0.47) $ (0.70)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.74 $ 1.82 $ 1.73 $ (0.10) $ 2.36 $ 2.25
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 25.05 $ 22.31 $ 20.49 $ 18.76 $ 18.86 $ 16.50
====================================================================================================================================
Total return (d) 12.28%(e) 13.87% 11.41% 3.70% 17.23% 20.84%
Ratio of net expenses to average net assets 1.40%(f) 1.40% 1.40% 1.40% 1.40% 1.39%
Ratio of net investment income (loss) to average
net assets (0.08)%(f) (0.05)% 0.08% 0.10% 0.05% 0.18%
Portfolio turnover rate 13%(e) 38% 23% 13% 12% 21%
Net assets, end of period (in thousands) $128,844 $124,614 $117,931 $79,519 $37,285 $40,703
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reduction for fees
paid indirectly:
Total expenses to average net assets 1.40%(f) 1.42% 1.41% 1.43% 1.52% 1.39%
Net investment income (loss) to average net assets (0.08)%(f) (0.07)% 0.07% 0.07% (0.07)% 0.18%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based upon the average shares
outstanding for the periods presented.
(b) The amount shown for a share outstanding does not correspond with net
investment income on the Statement of Operations for the period due to
timing of the sales and repurchase of shares.
(c) Amount rounds to less then $0.01 or $(0.01) per share.
(d) 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.
(e) Not annualized.
(f) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 31
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/18 Ended Ended Ended Ended Ended
(unaudited) 3/31/18 3/31/17* 3/31/16* 3/31/15* 3/31/14
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 22.86 $ 20.95 $ 19.15 $ 19.20 $ 16.77 $ 14.41
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.07(a) $ 0.13(a) $ 0.14(a) $ 0.13(a) $ 0.10 $ 0.10
Net realized and unrealized gain (loss)
on investments 2.83 2.90 2.14 0.71 2.90 2.97
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.90 $ 3.03 $ 2.28 $ 0.84 $ 3.00 $ 3.07
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ (0.11) $ (0.11) $ (0.11) $ (0.10) $ (0.09)
Net realized gain -- (1.01) (0.37) (0.78) (0.47) (0.62)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (1.12) $ (0.48) $ (0.89) $ (0.57) $ (0.71)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.90 $ 1.91 $ 1.80 $ (0.05) $ 2.43 $ 2.36
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 25.76 $ 22.86 $ 20.95 $ 19.15 $ 19.20 $ 16.77
====================================================================================================================================
Total return (b) 12.69%(c) 14.54% 12.11% 4.29% 17.98% 21.44%
Ratio of net expenses to average net assets 0.76%(d) 0.77% 0.77% 0.79% 0.80% 0.82%
Ratio of net investment income (loss) to average
net assets 0.55%(d) 0.58% 0.71% 0.70% 0.68% 0.72%
Portfolio turnover rate 13%(c) 38% 23% 13% 12% 21%
Net assets, end of period (in thousands) $3,963,805 $3,769,893 $3,198,861 $2,001,002 $1,263,594 $842,680
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based upon the average shares
outstanding for the periods presented.
(b) 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.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
Notes to Financial Statements | 9/30/18 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Fundamental Growth Fund (the "Fund") is one of a three portfolios
comprising Pioneer Series Trust X, a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The Fund's investment objective is to seek
long-term capital growth.
The Fund offers six classes of shares designated as Class A, Class C, Class K,
Class R, Class T and Class Y shares. Class T shares had not commenced
operations as of September 30, 2018. Each class of shares represents an
interest in the same portfolio of investments of the Fund and has identical
rights (based on relative net asset values) to assets and liquidation proceeds.
Share classes can bear different rates of class-specific fees and expenses,
such as transfer agent and distribution fees. Differences in class-specific
fees and expenses will result in differences in net investment income and,
therefore, the payment of different dividends from net investment income earned
by each class. The Amended and Restated Declaration of Trust of the Fund gives
the Board of Trustees the flexibility to specify either per-share voting or
dollar-weighted voting when submitting matters for shareowner approval. Under
per-share voting, each share of a class of the Fund is entitled to one vote.
Under dollar-weighted voting, a shareowner's voting power is determined not by
the number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class K or Class Y shares.
On July 3, 2017, Amundi acquired Pioneer Investments, a group of asset
management companies located throughout the world. Amundi, one of the world's
largest asset managers, is headquartered in Paris, France. As a result of the
transaction, Pioneer Investment Management, Inc., the Fund's investment
adviser, became an indirect wholly owned subsidiary of Amundi and Amundi's
wholly owned subsidiary, Amundi USA, Inc. Prior to July 3, 2017, Pioneer
Investments was owned by Pioneer Global Asset Management S.p.A., a wholly owned
subsidiary of UniCredit S.p.A.
In connection with the transaction, the names of the Fund's investment adviser
and principal underwriter changed. Effective July 3, 2017, the name of Pioneer
Investment Management, Inc. changed to Amundi Pioneer Asset Management, Inc.
(the "Adviser") and the name of Pioneer Funds Distributor, Inc. changed to
Amundi Pioneer Distributor, Inc. (the "Distributor").
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 33
In October 2016, the Securities and Exchange Commission ("SEC") released its
Final Rule on Investment Company Reporting Modernization. In addition to
introducing two new regulatory reporting forms (Form N-PORT and Form N-CEN),
the Final Rule amends Regulation S-X, which impacts financial statement
presentation, particularly related to the presentation of derivative
investments. The Fund's financial statements were prepared in compliance with
the amendments to Regulation S-X.
In August 2018, the SEC released a Disclosure Update and Simplification Final
Rule. The Final Rule amends Regulation S-X disclosures requirements to conform
them to U.S. Generally Accepted Accounting Principles ("U.S. GAAP") for
investment companies. The Fund's financial statements were prepared in
compliance with the new amendments to Regulation S-X.
The Fund's financial statements have been prepared in conformity with U.S. GAAP
that require the management of the Fund to make estimates and assumptions that
affect the reported amounts of assets and liabilities, the disclosure of
contingent assets and liabilities at the date of the financial statements, and
the reported amounts of income, expenses and gain or loss on investments during
the reporting period. Actual results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the
New York Stock Exchange ("NYSE") is open, as of the close of regular
trading on the NYSE.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities
for which sale prices are not available, generally are valued using the
mean between the last bid and asked prices or, if both last bid and asked
prices are not available, at the last quoted bid price. Last sale and bid
and asked prices are provided by independent third party pricing services.
In the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
Fixed income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and
34 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
ratings, or may use a pricing matrix or other fair value methods or
techniques to provide an estimated value of the security or instrument. A
pricing matrix is a means of valuing a debt security on the basis of
current market prices for other debt securities, historical trading
patterns in the market for fixed-income securities and/or other factors.
Non-U.S. debt securities that are listed on an exchange will be valued at
the bid price obtained from an independent third party pricing service.
When independent third party pricing services are unable to supply prices,
or when prices or market quotations are considered to be unreliable, the
value of that security may be determined using quotations from one or more
broker-dealers.
Securities for which independent pricing services or broker dealers are
unable to supply prices or for which market prices and/or quotations are
not readily available or are considered to be unreliable are valued by a
fair valuation team comprised of certain personnel of the Adviser pursuant
to procedures adopted by the Fund's Board of Trustees. The Adviser's fair
valuation team uses fair value methods approved by the Valuation Committee
of the Board of Trustees. The Adviser's fair valuation team is responsible
for monitoring developments that may impact fair valued securities and for
discussing and assessing fair values on an ongoing basis, and at least
quarterly, with the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after
the close of the exchange or market on which the security trades and prior
to the determination of the Fund's net asset value. Examples of a
significant event might include political or economic news, corporate
restructurings, natural disasters, terrorist activity or trading halts.
Thus, the valuation of the Fund's securities may differ significantly from
exchange prices, and such differences could be material.
At September 30, 2018, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model).
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 35
Interest income, including interest on income-bearing cash accounts, is
recorded on the accrual basis. Dividend and interest income are reported
net of unrecoverable foreign taxes withheld at the applicable country
rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is
reclassified as PIK (payment-in-kind) income upon receipt and is included
in interest and dividend income, respectively.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its net taxable income and net realized capital gains,
if any, to its shareowners. Therefore, no provision for federal income
taxes is required. As of March 31, 2018, the Fund did not accrue any
interest or penalties with respect to uncertain tax positions, which, if
applicable, would be recorded as an income tax expense on the Statement of
Operations. Tax returns filed within the prior three years remain subject
to examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary over distributions 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, 2018 was as follows:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 36,554,386
Long-term capital gain 260,306,413
--------------------------------------------------------------------------
Total $296,860,799
==========================================================================
36 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2018:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 12,277,479
Undistributed long-term capital gain 38,992,414
Unrealized appreciation 1,622,260,785
--------------------------------------------------------------------------
Total $1,673,530,678
==========================================================================
The difference between book-basis and tax-basis unrealized depreciation is
attributable to the tax deferral of losses on wash sales and tax basis
adjustments on common stock.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $77,146 in underwriting commissions on the sale of
Class A shares during the six months ended September 30, 2018.
E. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset
value attributable to Class A, Class C and Class R shares of the Fund,
respectively (see Note 4). Class K and Class Y shares do not pay
distribution fees. All expenses and fees paid to the Fund's transfer agent
for its services are allocated among the classes of shares based on the
number of accounts in each class and the ratable allocation of related
out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class K, Class R and
Class Y shares can reflect different transfer agent and distribution
expense rates.
F. Risks
The value of securities held by the Fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real
or perceived adverse economic, political or regulatory conditions,
inflation, changes in interest rates, lack of liquidity in the bond
markets or adverse investor sentiment. In the past several years,
financial markets have
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 37
experienced increased volatility, depressed valuations, decreased
liquidity and heightened uncertainty. These conditions may continue,
recur, worsen or spread.
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or
other risks affecting those industries and sectors. The Fund's investments
in foreign markets and countries with limited developing markets may
subject the Fund to a greater degree of risk than investments in a
developed market. These risks include disruptive political or economic
conditions and the imposition of adverse governmental laws or currency
exchange restrictions.
Interest rates in the U.S. have been historically low and have begun to
rise, so the Fund faces a heightened risk that interest rates may continue
to rise. A general rise in interest rates could adversely affect the price
and liquidity of fixed-income securities and could also result in
increased redemptions from the Fund.
With the increased use of technologies such as the Internet to conduct
business, the Fund is susceptible to operational, information security and
related risks. While the Fund's Adviser has established business
continuity plans in the event of, and risk management systems to prevent,
limit or mitigate, such cyber-attacks, there are inherent limitations in
such plans and systems including the possibility that certain risks have
not been identified. Furthermore, the Fund cannot control the
cybersecurity plans and systems put in place by service providers to the
Fund such as Brown Brothers Harriman & Co., the Fund's custodian and
accounting agent, and DST Asset Manager Solutions, Inc., the Fund's
transfer agent. In addition, many beneficial owners of Fund shares hold
them through accounts at broker-dealers, retirement platforms and other
financial market participants over which neither the Fund nor Amundi
Pioneer exercises control. Each of these may in turn rely on service
providers to them, which are also subject to the risk of cyber-attacks.
Cybersecurity failures or breaches at Amundi Pioneer or the Fund's service
providers or intermediaries have the ability to cause disruptions and
impact business operations potentially resulting in financial losses,
interference with the Fund's ability to calculate its net asset value,
impediments to trading, the inability of Fund shareowners to effect share
purchases or receive distributions, loss of or unauthorized access to
private shareowners information and violations of applicable privacy and
other laws, regulatory fines, penalties, reputational damage, or
additional compliance costs. Such costs and losses may not be covered
under any insurance. In addition, maintaining vigilance against
cyber-attacks may involve substantial costs over time, and system
enhancements may themselves be subject to cyber-attacks.
38 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
The Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
G. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve
as the Fund's collateral for the obligation of the counterparty to
repurchase the securities. The value of the collateral, including accrued
interest, is required to be equal to or in excess of the repurchase price.
The collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a sub-custodian of the
Fund. The Adviser is responsible for determining that the value of the
collateral remains at least equal to the repurchase price. In the event of
a default by the counterparty, the Fund is entitled to sell the
securities, but the Fund may not be able to sell them for the price at
which they were purchased, thus causing a loss to the Fund. Additionally,
if the counterparty becomes insolvent, there is some risk that the Fund
will not have a right to the securities, or the immediate right to sell
the securities.
Open repurchase agreements as of September 30, 2018 are disclosed in the
Fund's Schedule of Investments.
2. Management Agreement
The Adviser manages the Fund's portfolio. Management fees are calculated daily
at the annual rate 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, 2018, the effective management fee (excluding waivers and/or
assumption of expenses) was equivalent to 0.61% (annualized) of the Fund's
average daily net assets.
The Adviser has contractually agreed to limit ordinary operating expenses
(ordinary operating expenses means all fund expenses other than extraordinary
expenses, such as litigation, taxes, brokerage commissions and acquired fund
fees and expenses) of the Fund to the extent required to reduce Fund expenses
to 1.09%, 1.40% and 0.83% of the average daily net assets attributable to Class
A, Class R, and Class Y shares, respectively. Class C and Class K shares do not
have an expense limitation. Fees waived and expenses reimbursed during the six
months ended September 30, 2018 are reflected on the Statement of Operations.
These expense limitations are in effect through August 1, 2019. There can be no
assurance that the Adviser will extend the expense limitation agreement for a
class of shares beyond the date referred to above.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 39
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
$562,751 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at September 30, 2018.
3. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareowner communications activities
such as proxy and statement mailings, and outgoing phone calls. For the
six months ended September 30, 2018, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareowners Communications:
--------------------------------------------------------------------------------
Class A $35,308
Class C 9,952
Class K 4,602
Class R 1,212
Class Y 43,640
--------------------------------------------------------------------------------
Total $94,714
================================================================================
4. Distribution and Service Plans
The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A, Class C and
Class R shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of
the average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays the
Distributor 1.00% of the average daily net assets attributable to Class C
shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class C shares.
Pursuant to the Plan, the Fund further pays the Distributor 0.50% of the
average daily net assets attributable to Class R shares for distribution
services. Included in "Due to affiliates" reflected on the Statement of Assets
and Liabilities is $116,911 in distribution fees payable to the Distributor at
September 30, 2018.
40 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
The Fund also has adopted a separate service plan for Class R shares ("Service
Plan"). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class K, Class R and
Class Y shares) may be subject to a contingent deferred sales charge ("CDSC").
A CDSC of 1.00% may be imposed on redemptions of certain net asset value
purchases of Class A shares within 12 months of purchase. Redemptions of Class
C shares within 12 months of purchase are subject to a CDSC of 1.00%, based on
the lower of cost or market value of shares being redeemed. Shares purchased as
part of an exchange remain subject to any CDSC that applied to the original
purchase of those shares. There is no CDSC for Class K, Class R or Class Y
shares. Proceeds from the CDSCs are paid to the Distributor. For the six months
ended September 30, 2018, CDSCs in the amount of $26,353 were paid to the
Distributor.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
"Funds"), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act.
Effective August 1, 2018, the Fund participates in a credit facility that is in
the amount of $250 million. Prior to August 1, 2018, the credit facility was in
the amount of $195 million. Under such facility, depending on the type of loan,
interest on borrowings is payable at the London Interbank Offered Rate
("LIBOR") plus 0.90% on an annualized basis, or the Alternate Base Rate, which
is the greater of (a) the facility's administrative agent's daily announced
prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the
borrowing date or (c) 2% plus the overnight Eurodollar rate on the borrowing
date. The Funds pay an annual commitment fee to participate in a credit
facility. The commitment fee is allocated among participating Funds based on an
allocation schedule set forth in the credit agreement. For the six months ended
September 30, 2018, the Fund had no borrowings under the credit facility.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 41
ADDITIONAL INFORMATION (unaudited)
Effective October 1, 2018, management fees will be calculated daily at the
annual rate of 0.65% of the Fund's average daily net assets up to $1 billion,
0.60% of the next $6.5 billion and 0.55% on assets over $7.5 billion.
Change in Independent Registered Public Accounting Firm
Prior to July 3, 2017 Pioneer Investment Management, Inc. (the "Adviser"), the
Fund's investment adviser, was an indirect, wholly owned subsidiary of
UniCredit S.p.A. ("UniCredit"). On that date, UniCredit completed the sale of
its Pioneer Investments business, which includes the Adviser, to Amundi (the
"Transaction"). As a result of the Transaction, the Adviser became an indirect,
wholly owned subsidiary of Amundi. Amundi is controlled by Credit Agricole S.A.
Amundi is headquartered in Paris, France, and, as of September 30, 2016, had
more than $1.1 trillion in assets under management worldwide.
Deloitte & Touche LLP ("D&T"), the Fund's previous independent registered
public accounting firm, informed the Audit Committee and the Board that it
would no longer be independent with respect to the Fund upon the completion of
the Transaction as a result of certain services being provided to Amundi and
Credit Agricole, and, accordingly, that it intended to resign as the Fund's
independent registered public accounting firm upon the completion of the
Transaction. D&T's resignation was effective on July 3, 2017, when the
Transaction was completed.
During the periods as to which D&T has served as the Fund's independent
registered public accounting firm, D&T's reports on the Fund's financial
statements have not contained an adverse opinion or disclaimer of opinion and
have not been qualified or modified as to uncertainty, audit scope or
accounting principles. Further, there have been no disagreements with D&T on
any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which, if not resolved to the
satisfaction of D&T, would have caused D&T to make reference to the subject
matter of the disagreement in connection with its report on the financial
statements. In addition, there have been no reportable events of the kind
described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange
Act of 1934.
Effective immediately following the completion of the Transaction on July 3,
2017, the Board, acting upon the recommendation of the Audit Committee, engaged
an independent registered public accounting firm, Ernst & Young LLP ("EY").
Prior to its engagement, EY had advised the Fund's Audit Committee that EY had
identified the following matters, in each case relating to services rendered by
other member firms of Ernst & Young Global Limited, all of which are located
outside the United States, to UniCredit and certain of its subsidiaries
42 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
during the period commencing July 1, 2016, that it determined to be
inconsistent with the auditor independence rules set forth by the Securities
and Exchange Commission ("SEC"): (a) project management support services to
UniCredit in the Czech Republic, Germany, Italy, Serbia and Slovenia in
relation to twenty-two projects, that were determined to be inconsistent with
Rule 2-01(c)(4)(vi) of Regulation S-X (management functions); (b) two
engagements for UniCredit in Italy where fees were contingent/success based and
that were determined to be inconsistent with Rule 2-01(c)(5) of Regulation S-X
(contingent fees); (c) four engagements where legal and expert services were
provided to UniCredit in the Czech Republic and Germany, and twenty engagements
where the legal advisory services were provided to UniCredit in Austria, Czech
Republic, Italy and Poland, that were determined to be inconsistent with Rule
2-01(c)(4)(ix) and (x) of Regulation S-X (legal and expert services); and (d)
two engagements for UniCredit in Italy involving assistance in the sale of
certain assets, that were determined to be inconsistent with Rule
2-01(c)(4)(viii) of Regulation S-X (broker-dealer, investment adviser or
investment banking services). None of the foregoing services involved the Fund,
any of the other funds in the Pioneer Family of Funds or any other Pioneer
entity sold by UniCredit in the Transaction.
EY advised the Audit Committee that it had considered the matters described
above and had concluded that such matters would not impair EY's ability to
exercise objective and impartial judgment in connection with the audits of the
financial statements of the Fund under the SEC and Public Company Accounting
Oversight Board independence rules, and that a reasonable investor with
knowledge of all relevant facts and circumstances would reach the same
conclusion. Management and the Audit Committee considered these matters and
discussed the matters with EY and, based upon EY's description of the matters
and statements made by EY, Management and the Audit Committee believe that EY
will be capable of exercising objective and impartial judgment in connection
with the audits of the financial statements of the Fund, and Management further
believes that a reasonable investor with knowledge of all relevant facts and
circumstances would reach the same conclusion.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 43
Approval of Investment Management Agreement
Amundi Pioneer Asset Management, Inc. ("APAM") serves as the investment adviser
to Pioneer Fundamental Growth Fund (the "Fund") pursuant to an investment
management agreement between APAM and the Fund. In order for APAM to remain the
investment adviser of the Fund, the Trustees of the Fund must determine
annually whether to renew the investment management agreement for the Fund.
The contract review process began in January 2018 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. Contract review materials were provided to the Trustees in March 2018,
July 2018 and September 2018. In addition, the Trustees reviewed and discussed
the Fund's performance at regularly scheduled meetings throughout the year, and
took into account other information related to the Fund provided to the
Trustees at regularly scheduled meetings, in connection with the review of the
Fund's investment management agreement.
In March 2018, the Trustees, among other things, discussed the memorandum
provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment management agreement, and reviewed and
discussed the qualifications of the investment management teams for the Fund,
as well as the level of investment by the Fund's portfolio managers in the
Fund. In July 2018, the Trustees, among other things, reviewed the Fund's
management fees and total expense ratios, the financial statements of APAM and
its parent companies, profitability analyses provided by APAM, and analyses
from APAM as to possible economies of scale. The Trustees also reviewed the
profitability of the institutional business of APAM and APAM's affiliate,
Amundi Pioneer Institutional Asset Management, Inc. ("APIAM" and, together with
APAM, "Amundi Pioneer"), as compared to that of APAM's fund management
business, and considered the differences between the fees and expenses of the
Fund and the fees and expenses of APAM's and APIAM's institutional accounts, as
well as the different services provided by APAM to the Fund and by APAM and
APIAM to the institutional accounts. The Trustees further considered contract
review materials, including additional materials received in response to the
Trustees' request, in September 2018.
At a meeting held on September 18, 2018, based on their evaluation of the
information provided by APAM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment management agreement for another year. In approving
the renewal of the investment management agreement, the Trustees
44 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
considered various factors that they determined were relevant, including the
factors described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by APAM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees also reviewed APAM's investment approach
for the Fund and its research process. The Trustees considered the resources of
APAM and the personnel of APAM who provide investment management services to
the Fund. They also reviewed the amount of non-Fund assets managed by the
portfolio managers of the Fund. They considered the non-investment resources
and personnel of APAM that are involved in APAM's services to the Fund,
including APAM's compliance, risk management, and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by APAM's senior management to the Pioneer Fund complex.
The Trustees considered that APAM supervises and monitors the performance of
the Fund's service providers and provides the Fund with personnel (including
Fund officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
APAM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to APAM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by APAM to the Fund were
satisfactory and consistent with the terms of the investment management
agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly review and
discuss throughout the year data prepared by APAM and information comparing the
Fund's performance with the performance of its peer group of funds, as
classified by Morningstar, Inc. (Morningstar), and the performance of the
Fund's benchmark index. They also discuss the Fund's performance with APAM on a
regular basis. The Trustees' regular reviews and discussions were factored into
the Trustees' deliberations concerning the renewal of the investment management
agreement.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 45
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees of its peer group of funds as classified
by Morningstar and also to the expense ratios of a peer group of funds selected
on the basis of criteria determined by the Independent Trustees for this
purpose using data provided by Strategic Insight Mutual Fund Research and
Consulting, LLC (Strategic Insight), an independent third party. The peer group
comparisons referred to below are organized in quintiles. Each quintile
represents one-fifth of the peer group. In all peer group comparisons referred
to below, first quintile is most favorable to the Fund's shareowners. The
Trustees noted that they separately review and consider the impact of the
Fund's transfer agency and Fund- and APAM-paid expenses for sub-transfer agency
and intermediary arrangements, and that the results of the most recent such
review were considered in the consideration of the Fund's expense ratio.
The Trustees considered that the Fund's management fee for the most recent
fiscal year was in the second quintile relative to the management fees paid by
other funds in its Morningstar category for the comparable period. The Trustees
also considered the breakpoints in the management fee schedule and the reduced
fee rates above certain asset levels. The Trustees considered that the expense
ratio of the Fund's Class A shares for the most recent fiscal year was in the
fifth quintile relative to its Strategic Insight peer group for the comparable
period. The Trustees considered that the expense ratio of the Fund's Class Y
shares for the most recent fiscal year was in the third quintile relative to
its Strategic Insight peer group for the comparable period. The Trustees noted
that APAM had agreed to waive fees and/or reimburse expenses in order to limit
the ordinary operating expenses of the Fund.
The Trustees reviewed management fees charged by APAM and APIAM to
institutional and other clients, including publicly offered European funds
sponsored by APAM's affiliates, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered APAM's costs in providing
services to the Fund and APAM's and APIAM's costs in providing services to the
other clients and considered the differences in management fees and profit
margins for fund and non-fund services. In evaluating the fees associated with
APAM's and APIAM's client accounts, the Trustees took into account the
respective demands, resources and complexity associated with the Fund and other
client accounts. The Trustees noted that, in some instances, the fee rates for
those clients were lower than the management fee for the Fund and considered
that, under the investment management agreement with the Fund, APAM performs
additional services for the Fund that it does not provide to those other
clients or services that are broader in scope, including oversight of the
Fund's other service providers and activities related to compliance and the
46 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
extensive regulatory and tax regimes to which the Fund is subject. The Trustees
also considered the entrepreneurial risks associated with APAM's management of
the Fund.
The Trustees concluded that the management fee payable by the Fund to APAM was
reasonable in relation to the nature and quality of the services provided by
APAM.
Profitability
The Trustees considered information provided by APAM regarding the
profitability of APAM with respect to the advisory services provided by APAM to
the Fund, including the methodology used by APAM in allocating certain of its
costs to the management of the Fund. The Trustees also considered APAM's profit
margin in connection with the overall operation of the Fund. They further
reviewed the financial results, including the profit margins, realized by APAM
and APIAM from non-fund businesses. The Trustees considered APAM's profit
margins in comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that APAM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered APAM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with the Fund and Fund shareholders. The
Trustees noted the breakpoints in the management fee schedule. The Trustees
recognize that economies of scale are difficult to identify and quantify, and
that, among other factors that may be relevant, are the following: fee levels,
expense subsidization, investment by APAM in research and analytical
capabilities and APAM's commitment and resource allocation to the Fund. The
Trustees noted that profitability also may be an indicator of the availability
of any economies of scale, although profitability may vary for other reasons
including due to reductions in expenses. The Trustees concluded that economies
of scale, if any, were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits that APAM enjoys from its
relationship with the Fund. The Trustees considered the character and amount of
fees paid or to be paid by the Fund, other than under the investment management
agreement, for services provided by APAM and its affiliates. The Trustees
further considered the revenues and profitability of APAM's
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 47
businesses other than the Fund business. To the extent applicable, the Trustees
also considered the benefits to the Fund and to APAM and its affiliates from
the use of "soft" commission dollars generated by the Fund to pay for research
and brokerage services.
The Trustees considered that Amundi Pioneer is the principal U.S. asset
management business of Amundi, which is one of the largest asset managers
globally. Amundi's worldwide asset management business manages over $1.7
trillion in assets (including the Pioneer Funds). The Trustees considered that
APAM's relationship with Amundi creates potential opportunities for APAM, APIAM
and Amundi that derive from APAM's relationships with the Fund, including
Amundi's ability to market the services of APAM globally. The Trustees noted
that APAM has access to additional research and portfolio management
capabilities as a result of its relationship with Amundi and Amundi's enhanced
global presence that may contribute to an increase in the resources available
to APAM. The Trustees considered that APAM and the Fund receive reciprocal
intangible benefits from the relationship, including mutual brand recognition
and, for the Fund, direct and indirect access to the resources of a large
global asset manager. The Trustees concluded that any such benefits received by
APAM as a result of its relationship with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including the Independent Trustees, concluded that the investment
management agreement for the Fund, including the fees payable thereunder, was
fair and reasonable and voted to approve the proposed renewal of the investment
management agreement.
48 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and
David R. Bock Chief Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial Officer
Lisa M. Jones Christopher J. Kelley, Secretary and
Lorraine H. Monchak Chief Legal Officer
Marguerite A. Piret
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.amundipioneer.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 49
This page is for your notes.
50 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
This page is for your notes.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18 51
This page is for your notes.
52 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/18
How to Contact Amundi Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFoneSM for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
[C] 2018 Amundi Pioneer Asset Management 19434-12-1118
Pioneer Multi-Asset
Ultrashort Income Fund
--------------------------------------------------------------------------------
Semiannual Report | September 30, 2018
--------------------------------------------------------------------------------
Ticker Symbols:
Class A MAFRX
Class C MCFRX
Class C2 MAUCX
Class K MAUKX
Class Y MYFRX
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 17
Schedule of Investments 19
Financial Statements 111
Notes to Financial Statements 120
Additional Information 130
Approval of Investment Management Agreement 132
Trustees, Officers and Service Providers 137
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 1
President's Letter
Through the third quarter of 2018, the U.S. stock market, as measured by the
Standard & Poor's 500 Index (the S&P 500), has returned more than 10%, while
bond markets, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index,
have been negative, returning -1.6%.
The momentum in the equity market has been driven by several factors, including
overall positive corporate earnings reports and a strong U.S. economy. U.S.
gross domestic product (GDP) growth exceeded 4% in the second quarter of 2018
and was expected to top 3% once again in the third quarter. The low unemployment
rate has continued, with initial jobless claims hitting a multi-decade low and
consumer and small-business confidence achieving levels not seen in many years.
Despite the good economic news, and even though wages have been rising,
inflation expectations have not risen significantly. For its part, the U.S.
Federal Reserve System (the Fed) continued with its tightening of monetary
policy by raising interest rates in September, the third such increase during
this calendar year, and has been moving forward with the tapering of its balance
sheet, a process which began in October 2017.
Across the fixed-income space, rising interest rates have helped drive down the
returns of some asset classes, such as U.S. Treasuries. However, strong
corporate earnings and higher oil prices have propelled high-yield bonds well
into positive territory through the first nine months of the year. In addition,
higher rates have contributed to positive year-to-date returns for floating-rate
instruments such as bank loans, while structured sectors, including asset-
backed securities (ABS) and mortgage-backed securities (MBS), have generally
outperformed Treasuries. Agency MBS, in particular, have performed well as the
housing market has continued to show strength, even with both interest rates and
home prices moving upward.
Despite the generally positive returns, market volatility has increased this
year compared with 2017. The aforementioned rising interest rates have been one
reason, while the uncertainty surrounding U.S. trade policy has, at times, also
led to unsettled markets. Of course, in today's global economy, risk factors
extend well beyond U.S. borders, and investors have grappled with various issues
on the international front in recent months, including a lack of progress in the
United Kingdom's Brexit negotiations, concerns about the budgetary policies of
the populist Italian government, and the potential impact of Turkey's economic
challenges on European banks. Moreover, while trade tensions between the U.S.
and Europe have moderated, proposed higher tariffs on Chinese imports could have
a negative impact on that country's economy and, by extension, on its Asian
trade partners.
2 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
As we enter the final quarter of 2018, however, we remain cautious on the equity
markets. While we are constructive on our view of U.S. stocks and the overall
economy, the previously mentioned risk factors and increased volatility are
concerns that may overtake that constructive view.
In fixed income, we have taken a more cautious approach in our core portfolios
with regard to credit-sensitive debt, as those investments appear more
susceptible to what we believe could be a less-benign credit environment going
forward, due in part to increased leverage within the investment-grade and
bank-loan market segments. We believe that structured credit sectors, including
agency MBS, non-agency MBS, and ABS, may offer investors more attractive
relative value, given solid U.S. housing market and consumer fundamentals.
Agency MBS and high-quality, non-agency MBS may also offer lower downside
volatility and stronger credit protections relative to their quality ratings. In
addition, as interest rates have risen, we find that short- and
intermediate-term Treasuries have become more attractive.
We believe this year's market fluctuations as well as increased risk factors
within the global economy have served to remind investors of the importance of
active management. Since 1928, active management has been the foundation of
Amundi Pioneer's investment approach. We believe active management is especially
important during periods of volatility, and that our shareowners can benefit
from the experience and tenure of our investment teams, who work collaboratively
to make active and informed decisions across our funds.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
September 30, 2018
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 3
Portfolio Management Discussion | 9/30/18
In the following interview, portfolio managers Seth Roman, Jonathan Sharkey,
Noah Funderburk, and Nicolas Pauwels discuss the factors that influenced the
performance of Pioneer Multi-Asset Ultrashort Income Fund during the six-month
period ended September 30, 2018. Mr. Roman, a vice president and a portfolio
manager at Amundi Pioneer Asset Management, Inc. ("Amundi Pioneer); Mr. Sharkey,
a senior vice president and a portfolio manager at Amundi Pioneer; Mr.
Funderburk*, a vice president and portfolio manager at Amundi Pioneer; and Mr.
Pauwels*, a vice president and portfolio manager at Amundi Pioneer, are
responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the six-month period ended
September 30, 2018?
A Pioneer Multi-Asset Ultrashort Income Fund's Class A shares returned
1.24% at net asset value (NAV) during the six-month period ended September
30, 2018, while the Fund's benchmark, the ICE Bank of America Merrill
Lynch 3-Month U.S. Dollar LIBOR Index (the ICE BofA ML Index), returned
1.17%. During the same period, the average return of the 188 mutual funds
in Morningstar's Ultrashort Bond category was 1.10%.
Q How would you describe the market environment for fixed-income investors
over the six-month period ended September 30, 2018?
A Market sentiment for credit-sensitive debt - such as corporate bonds -
remained firm throughout the period, as robust economic growth and
corporate earnings data outweighed concerns over protectionist U.S. trade
policy. Against a strong fundamental backdrop, the focus of the fixed-
income markets remained largely on the pace of efforts by the U.S. Federal
Reserve (the Fed) to return interest rates to more historically normal
levels. At its June 13 meeting, the Fed increased the upper band of the
target range for its benchmark overnight lending rate from 1.75% to 2.00%.
Treasury yields then rose ahead of the Fed's September 25 meeting, as
encouraging data in such areas as employment, retail sales, industrial
production, and consumer confidence boosted expectations for two
additional rate hikes in 2018. At its September meeting, the Fed raised
the federal funds rate to 2.25%, while signaling the likelihood of an
additional 0.25% hike before the end of 2018.
The U.S. Treasury curve flattened over the six-month period ended
September 30, 2018, as yield increases were most significant for shorter
maturities. To illustrate, the two-year Treasury yield rose by 54 basis
points (bps), from 2.27% to 2.81%, the five-year yield rose by 38 bps,
from 2.56%
* Mr. Funderburk and Mr. Pauwels became portfolio managers of the Fund
effective June 8, 2018.
4 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
to 2.94%, and the 10-year yield rose by 31 bps, from 2.74% to 3.05%. (A
basis point is equal to 1/100th of a percentage point.) Over the same
period, the three-month ICE London Interbank Offered Rate (ICE LIBOR), a
commonly used baseline for loans and securities globally, rose from 2.31%
to 2.40%.
Q Can you review your principal strategies in managing the Fund during the
six-month period ended September 30, 2018, and how those strategies affect
the Fund's benchmark-relative performance?
A During the period, we continued to maintain a portfolio of investments
that seeks to provide income, while also striving to protect shareholders'
principal against a rise in market interest rates. That has entailed
investing the portfolio in a wide range of mostly high-quality
floating-rate securities as well as fixed-rate instruments with very short
remaining maturities. Well over 90% of the Fund's investments are either
allocated to floating-rate issues with interest rates tied to a
short-term reference rate such as ICE LIBOR, or to fixed-rate issues with
less than one-year duration. (Duration is a measure of the sensitivity of
the price, or the value of principal, of a fixed-income investment to a
change in interest rates, expressed as a number of years.)
The Fund's net asset value (NAV) began the six-month period at $9.95 and
ended the period at $9.96 (Class A shares).
Unlike many other floating-rate vehicles, the Fund's allocations are
focused primarily on investment-grade asset classes. At the same time, we
do seek to take advantage of credit spreads, or the incremental yield
available from issues that trade at a yield premium to Treasuries. In
doing so, we seek at all times to maintain broadly diversified** portfolio
exposures to a number of different spread sectors. We do not seek to take
a stance with respect to overall portfolio duration and corresponding
interest-rate sensitivity. At the end of the period, the Fund's duration
was 0.26 years.
Positive contributions to the Fund's benchmark-relative performance during
the six-month period were led by exposure to insurance-linked securities
(ILS), which are sponsored by insurance companies looking to offload some
of the risk of having to pay claims after a natural disaster. We generally
expect to maintain a strategic portfolio allocation to ILS, given the
incremental income potential they provide and their near total lack of
correlation to other securities markets.
The Fund's allocation to investment-grade corporate bonds also aided
benchmark-relative performance during the period. Within investment-grade
corporates, the Fund is significantly weighted toward financial issues,
** Diversification does not assure a profit nor protect against loss.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 5
most notably U.S. banks, with diversified holdings across both money
center and regional banks. We view those issuers as attractive, in part
due to the more stringent regulations pertaining to the use of leverage
that have been applied to the domestic banking sector since the financial
crisis 10 years ago. Exposure to industrial issues within investment-grade
corporates also helped the Fund's relative returns.
While we focus the Fund's allocations in the investment-grade sectors, we
also include exposures to below-investment-grade asset classes where we
believe the incremental income provides an attractive tradeoff between
risk and reward. In that vein, a modest position in leveraged bank loans
made a positive contribution to the Fund's relative returns, as strong
loan fundamentals and a low default rate supported the asset class during
the period.
The Fund's performance versus the benchmark was mixed with regard to
securitized assets. Positive contributions were seen from holdings of
commercial mortgage-backed securities (CMBS) and non-agency collateralized
mortgage obligations (CMOs), while exposure to asset-backed securities
(ABS) and pass-through residential mortgage-backed securities (MBS)
detracted from relative performance. Holdings of U.S. Treasury securities
and the Fund's cash position also weighed on benchmark-relative
performance.
Q Can you discuss the factors that affected the Fund's income-generation
(or yield), either positively or negatively, during the six-month period
ended September 30, 2018?
A Throughout the period, the bulk of the Fund's assets were invested in
floating-rate issues with interest rates tied to ICE LIBOR or other short-
term reference rates. The Fund's income benefited from that positioning
over the period, as short-term ICE LIBOR rates rose in anticipation of the
Fed's increasing its overnight lending rate.
Q Please discuss the role of derivatives in the Fund's strategy over the
period.
A We did not utilize derivatives in managing the Fund during the period.
Q What is your assessment of the current investment climate for the Fund?
A We believe that conditions remain supportive of credit-sector
fundamentals, as reflected in positive second-quarter corporate earnings
surprises for the great majority of companies in the Standard & Poor's 500
Index, and an environment of arguably full employment. From a valuation
perspective, while we continue to view spread sectors as more attractive
than U.S. Treasuries, credit spreads are tight by historical standards. As
a result, we are maintaining the portfolio's sensitivity to changes in
credit spreads at a
6 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
relatively low level by the Fund's past standards, with an up-in-quality
bias within each credit sector. As always, we are seeking to avoid
assuming any risk for which the Fund may not be adequately compensated.
With core personal consumption expenditure (PCE) inflation recently
hovering more or less in a band around the Fed's 2% target, we expect the
Fed to remain in tightening mode with regard to interest rates. Additional
increases in the federal funds rate would put upward pressure on ICE
LIBOR, and thus potentially help the Fund's income generation.
While the portfolio's sector allocations will shift around the margins to
reflect our view of relative risk and reward, the Fund continues to be
broadly diversified with respect to its allocations across asset
categories. In all investment environments, however, we will continue to
seek to provide shareholders with higher income than cash vehicles, albeit
with additional risk, while striving to provide a hedge against any future
rise in market interest rates. (Please note that the Fund is not a money
market fund.)
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 7
Please refer to the Schedule of Investments on pages 19-110 for a full listing
of Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Pioneer Multi-Asset Ultrashort Income Fund ("The Fund") has the ability to
invest in a wide variety of debt securities.
The Fund may invest in underlying funds (including ETFs). In addition to the
Fund's operating expenses, you will indirectly bear the operating expenses of
investments in any underlying funds.
The Fund and some of the underlying funds may utilize strategies that have a
leveraging effect on the Fund, which increases the volatility of investment
returns and subjects the Fund to magnified losses if the Fund's or an underlying
fund's investments decline in value.
The Fund and some of the underlying funds may use derivatives, such as options
and futures, which can be illiquid, may disproportionately increase losses, and
have a potentially large impact on Fund performance.
The Fund may invest in inflation-linked securities. As inflationary expectations
increase, inflation-linked securities may become more attractive, because they
protect future interest payments against inflation. Conversely, as inflationary
concerns decrease, inflation-linked securities will become less attractive and
less valuable.
The Fund may invest in credit default swaps, which may in some cases be
illiquid, and they increase credit risk since the Fund has exposure to both the
issuer of the referenced obligation and the counterparty to the credit default
swap.
The Fund may invest in subordinated securities which may be disproportionately
adversely affected by a default or even a perceived decline in creditworthiness
of the issuer.
The Fund may invest in floating-rate loans. The value of collateral, if any,
securing a floating-rate loan can decline or may be insufficient to meet the
issuer's obligations or may be difficult to liquidate.
The Fund may invest in event-linked bonds. The return of principal and the
payment of interest on event-linked bonds are contingent on the non-occurrence
of a pre-defined "trigger" event, such as a hurricane or an earthquake of a
specific magnitude.
The Fund may invest in zero-coupon bonds and payment-in-kind securities, which
may be more speculative and fluctuate more in value than other fixed income
securities. The accrual of income from these securities are payable as taxable
annual dividends to shareholders.
8 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
Investments in equity securities are subject to price fluctuation.
International investments are subject to special risks including currency
fluctuations, social, economic and political uncertainties, which could increase
volatility. These risks are magnified in emerging markets.
Investments in fixed-income securities involve interest rate, credit, inflation,
and reinvestment risks. As interest rates rise, the value of fixed income
securities generally falls.
The Fund may invest in mortgage-backed securities, which during times of
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 Amundi Pioneer normally seeks to avoid
receiving material, non-public information.
Pioneer Multi-Asset Ultrashort Income Fund is not a money market fund.
These risks may increase share price volatility.
There is no assurance that these and other strategies used by the Fund or
underlying funds will be successful.
Please see the prospectus for a more complete discussion of the Fund's risks.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc., for
a prospectus or summary prospectus containing this information. Read it
carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 9
Portfolio Summary | 9/30/18
Portfolio Diversification*
--------------------------------------------------------------------------------
(As a percentage of total investments)**
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Asset Backed Securities 37.5%
Collateralized Mortgage Obligations 25.3%
Corporate Bonds 23.7%
U.S. Government and Agency Obligations 8.6%
Senior Secured Floating Rate Loan Interests 4.9%
Municipal Bond 0.0%+
* Includes investments in Insurance-Linked Securities totaling 4.2% of
total investments.
+ Amount rounds to less than 0.1%.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)**
1. U.S. Treasury Notes, 2.252% (3 Month Treasury Yield + 6 bps), 7/31/19 1.07%
----------------------------------------------------------------------------------------
2. U.S. Treasury Notes, 2.332% (3 Month Treasury Yield + 14 bps), 1/31/19 0.91
----------------------------------------------------------------------------------------
3. U.S. Treasury Notes, 2.235% (3 Month Treasury Yield + 4 bps), 7/31/20 0.77
----------------------------------------------------------------------------------------
4. U.S. Treasury Notes, 2.225% (3 Month Treasury Yield + 3 bps), 4/30/20 0.77
----------------------------------------------------------------------------------------
5. U.S. Treasury Notes, 2.262% (3 Month Treasury Yield + 7 bps), 4/30/19 0.73
----------------------------------------------------------------------------------------
6. U.S. Treasury Notes, 2.24% (3 Month Treasury Yield + 5 bps), 10/31/19 0.67
----------------------------------------------------------------------------------------
7. U.S. Treasury Notes, 2.362% (3 Month Treasury Yield + 17 bps), 10/31/18 0.65
----------------------------------------------------------------------------------------
8. U.S. Treasury Notes, 1.625%, 4/30/19 0.53
----------------------------------------------------------------------------------------
9. Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14,
Class A2, 2.916%, 2/15/47 0.45
----------------------------------------------------------------------------------------
10. Federal Home Loan Bank Discount Notes, 10/1/18 0.43
----------------------------------------------------------------------------------------
** Excludes temporary cash investments and all derivative contracts except for
options purchased. The Fund is actively managed, and current holdings may
be different. The holdings listed should not be considered recommendations
to buy or sell any securities listed.
10 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
Prices and Distributions | 9/30/18
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 9/30/18 3/31/18
--------------------------------------------------------------------------------
A $9.96 $9.95
--------------------------------------------------------------------------------
C $9.95 $9.94
--------------------------------------------------------------------------------
C2 $9.95 $9.94
--------------------------------------------------------------------------------
K $9.97 $9.96
--------------------------------------------------------------------------------
Y $9.96 $9.96
--------------------------------------------------------------------------------
Distributions per Share: 4/1/18 - 9/30/18
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1126 $ -- $ --
--------------------------------------------------------------------------------
C $0.0960 $ -- $ --
--------------------------------------------------------------------------------
C2 $0.0957 $ -- $ --
--------------------------------------------------------------------------------
K $0.1233 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1198 $ -- $ --
--------------------------------------------------------------------------------
The ICE Bank of America Merrill Lynch U.S. Dollar 3-Month LIBOR Index is an
unmanaged index that tracks the performance of a synthetic asset paying the
London Interbank Offered Rate (LIBOR), with a constant 3-month average maturity.
The index is based on the assumed purchase at par value of a synthetic
instrument having exactly its stated maturity and with a coupon equal to that
day's 3-month LIBOR rate. Index returns assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees, expenses or sales charges. It is
not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 12-16.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 11
Performance Update | 9/30/18 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 ICE
Bank of America (BofA) Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2018)
--------------------------------------------------------------------------------
ICE BofA
ML U.S.
Net Public Dollar
Asset Offering 3-Month
Value Price LIBOR
Period (NAV) (POP)* Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.44% 1.09% 0.63%
5 years 1.37 0.86 0.76
1 year 1.97 -0.58 1.79
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2018)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.60%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset ICE BofA ML U.S. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/11 $ 9,750 $ 10,000
9/11 $ 9,759 $ 10,009
9/12 $ 10,040 $ 10,058
9/13 $ 10,128 $ 10,090
9/14 $ 10,232 $ 10,114
9/15 $ 10,285 $ 10,140
9/16 $ 10,439 $ 10,190
9/17 $ 10,631 $ 10,295
9/18 $ 10,840 $ 10,478
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share.
*POP returns shown above reflect the deduction of the maximum 2.50% front-end
sales charge on Class A shares purchased prior to February 5, 2018.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
Performance Update | 9/30/18 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 ICE Bank of America (BofA)
Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2018)
--------------------------------------------------------------------------------
ICE BofA
ML U.S.
Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.05% 1.05% 0.63%
5 years 1.05 1.05 0.76
1 year 1.74 1.74 1.79
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2018)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.92%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset ICE BofA ML U.S. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/11 $ 10,000 $ 10,000
9/11 $ 9,975 $ 10,009
9/12 $ 10,191 $ 10,058
9/13 $ 10,252 $ 10,090
9/14 $ 10,325 $ 10,114
9/15 $ 10,349 $ 10,140
9/16 $ 10,471 $ 10,190
9/17 $ 10,618 $ 10,295
9/18 $ 10,802 $ 10,478
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 13
Performance Update | 9/30/18 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 ICE Bank of America (BofA)
Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2018)
--------------------------------------------------------------------------------
ICE BofA
ML U.S.
Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Fund
(4/29/11) 1.04% 1.04% 0.63%
5 years 1.05 1.05 0.76
1 year 1.74 1.74 1.79
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2018)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.92%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset ICE BofA ML U.S. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/11 $ 10,000 $ 10,000
9/11 $ 9,975 $ 10,009
9/12 $ 10,191 $ 10,058
9/13 $ 10,250 $ 10,090
9/14 $ 10,324 $ 10,114
9/15 $ 10,336 $ 10,140
9/16 $ 10,468 $ 10,190
9/17 $ 10,615 $ 10,295
9/18 $ 10,799 $ 10,478
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C2 shares held for less than 1 year are subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percentage change
in net asset value per share. Returns would have been lower had sales charges
been reflected. All results are historical and assume the reinvestment of
dividends and capital gains. Other share classes are available for which
performance and expenses will differ.
The performance shown for periods prior to the commencement of operations of
Class C2 shares on August 1, 2013, is the net asset value performance of the
Fund's Class C shares, which has not been restated to reflect any differences in
expenses. For the period beginning August 1, 2013, the actual performance of
Class C2 shares is reflected.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
Performance Update | 9/30/18 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class K shares of Pioneer Multi-Asset Ultrashort Income Fund
during the periods shown, compared to that of the ICE Bank of America (BofA)
Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2018)
--------------------------------------------------------------------------------
ICE BofA
ML U.S.
Net Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
--------------------------------------------------------------------------------
Life-of-Fund
(4/29/11) 1.62% 0.63%
5 years 1.59 0.76
1 year 2.19 1.79
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2018)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.38%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Multi-Asset ICE BofA ML U.S. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/11 $ 5,000,000 $ 5,000,000
9/11 $ 5,004,864 $ 5,004,688
9/12 $ 5,148,808 $ 5,028,875
9/13 $ 5,208,140 $ 5,044,884
9/14 $ 5,273,118 $ 5,057,058
9/15 $ 5,312,114 $ 5,069,924
9/16 $ 5,403,077 $ 5,095,017
9/17 $ 5,513,808 $ 5,147,253
9/18 $ 5,634,559 $ 5,239,233
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on December 20, 2012, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. For the period
beginning on December 20, 2012, the actual performance of Class K shares is
reflected. Class K shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 15
Performance Update | 9/30/18 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 ICE Bank of America (BofA)
Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2018)
--------------------------------------------------------------------------------
ICE BofA
ML U.S.
Net Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.60% 0.63%
5 years 1.49 0.76
1 year 2.12 1.79
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2018)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.46%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Multi-Asset ICE BofA ML U.S. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/11 $ 5,000,000 $ 5,000,000
9/11 $ 5,008,825 $ 5,004,688
9/12 $ 5,169,696 $ 5,028,875
9/13 $ 5,224,869 $ 5,044,884
9/14 $ 5,286,374 $ 5,057,058
9/15 $ 5,316,346 $ 5,069,924
9/16 $ 5,408,629 $ 5,095,017
9/17 $ 5,508,403 $ 5,147,253
9/18 $ 5,625,087 $ 5,239,233
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
16 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
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, 2018, through September 30, 2018.
--------------------------------------------------------------------------------
Share Class A C C2 K Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 4/1/18
--------------------------------------------------------------------------------
Ending Account Value $1,012.40 $1,010.70 $1,010.70 $1,013.50 $1,012.10
(after expenses)
on 9/30/18
--------------------------------------------------------------------------------
Expenses Paid $ 2.98 $ 4.54 $ 4.59 $ 1.87 $ 2.22
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.59%,
0.90%, 0.91%, 0.37% and 0.44% for class A, class C, class C2, class K, and
class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 183/365 (to reflect the one half year period).
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 17
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Ultrashort Income
Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from April 1, 2018, through September 30, 2018.
--------------------------------------------------------------------------------
Share Class A C C2 K Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 4/1/18
--------------------------------------------------------------------------------
Ending Account Value $1,022.11 $1,020.56 $1,020.51 $1,023.21 $1,022.86
(after expenses)
on 9/30/18
--------------------------------------------------------------------------------
Expenses Paid $ 2.99 $ 4.56 $ 4.61 $ 1.88 $ 2.23
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.59%,
0.90%, 0.91%, 0.37% and 0.44% for class A, class C, class C2, class K, and
class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 183/365 (to reflect the one half year period).
18 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
Schedule of Investments | 9/30/18 (unaudited)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 99.2%
ASSET BACKED SECURITIES --
35.9% of Net Assets
BANKS -- 33.7%
Thrifts & Mortgage Finance -- 33.7%
365,250(a) 321 Henderson Receivables I LLC, Series 2004-A,
Class A1, 2.508% (1 Month USD LIBOR + 35 bps),
9/15/45 (144A) $ 356,462
2,885,189(a) 321 Henderson Receivables I LLC, Series 2005-1A,
Class A1, 2.388% (1 Month USD LIBOR + 23 bps),
11/15/40 (144A) 2,748,011
594,746(a) 321 Henderson Receivables I LLC, Series 2006-1A,
Class A1, 2.358% (1 Month USD LIBOR + 20 bps),
3/15/41 (144A) 584,677
2,326,568(a) 321 Henderson Receivables I LLC, Series 2006-4A,
Class A1, 2.358% (1 Month USD LIBOR + 20 bps),
12/15/41 (144A) 2,278,888
1,641,742(a) 321 Henderson Receivables II LLC, Series 2006-3A,
Class A1, 2.358% (1 Month USD LIBOR + 20 bps),
9/15/41 (144A) 1,564,025
1,317,876(a) ABFC Trust, Series 2005-WMC1, Class M2, 2.891%
(1 Month USD LIBOR + 68 bps), 6/25/35 1,320,877
2,901,292 ACC Trust, Series 2018-1, Class A, 3.7%,
12/21/20 (144A) 2,899,933
3,128,669 Access Point Funding I LLC, Series 2017-A, Class A,
3.06%, 4/15/29 (144A) 3,108,129
2,004,620(a) ACE Securities Corp. Home Equity Loan Trust,
Series 2005-WF1, Class M2, 2.876%
(1 Month USD LIBOR + 66 bps), 5/25/35 2,006,525
100,817(a) ACE Securities Corp. Home Equity Loan Trust,
Series 2006-ASP2, Class A1, 2.416%
(1 Month USD LIBOR + 20 bps), 3/25/36 100,821
70,848(a) Aegis Asset Backed Securities Trust, Series
2005-3, Class M1, 2.686% (1 Month
USD LIBOR + 47 bps), 8/25/35 70,851
228,773(a) Aegis Asset Backed Securities Trust Mortgage
Pass-Through Ctfs, Series 2004-4, Class A2B, 3.316%
(1 Month USD LIBOR + 110 bps), 10/25/34 229,023
2,533,854 Ally Auto Receivables Trust, Series 2018-1, Class A2,
2.14%, 9/15/20 2,529,646
4,930,000(a) Ally Master Owner Trust, Series 2017-1, Class A,
2.558% (1 Month USD LIBOR + 40 bps), 2/15/21 4,939,314
7,000,000(a) Ally Master Owner Trust, Series 2017-2, Class A,
2.498% (1 Month USD LIBOR + 34 bps), 6/15/21 7,009,100
655,044 Alterna Funding II LLC, Series 2015-1A, Class B,
3.2%, 2/15/24 (144A) 654,634
8,468,684 American Credit Acceptance Receivables Trust,
Series 2015-3, Class C, 4.84%, 10/12/21 (144A) 8,519,734
649,583 American Credit Acceptance Receivables Trust,
Series 2016-4, Class B, 2.11%, 2/12/21 (144A) 649,378
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 19
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
960,450 American Credit Acceptance Receivables Trust,
Series 2017-1, Class B, 2.39%, 2/16/21 (144A) $ 960,204
101,752 American Credit Acceptance Receivables Trust,
Series 2017-3, Class A, 1.82%, 3/10/20 (144A) 101,728
2,200,000 American Credit Acceptance Receivables Trust,
Series 2017-3, Class B, 2.25%, 1/11/21 (144A) 2,197,386
7,700,000 American Credit Acceptance Receivables Trust,
Series 2017-3, Class C, 2.72%, 6/10/22 (144A) 7,667,947
252,688 American Credit Acceptance Receivables Trust,
Series 2017-4, Class A, 2.0%, 7/10/20 (144A) 252,312
4,800,000 American Credit Acceptance Receivables Trust,
Series 2017-4, Class B, 2.61%, 5/10/21 (144A) 4,793,970
5,000,000 American Credit Acceptance Receivables Trust,
Series 2018-3, Class A, 2.92%, 8/12/21 (144A) 4,999,999
1,700,000 American Credit Acceptance Receivables Trust,
Series 2018-3, Class B, 3.49%, 6/13/22 (144A) 1,699,873
8,050,000(a) American Express Credit Account Master Trust,
Series 2017-8, Class A, 2.278%
(1 Month USD LIBOR + 12 bps), 5/16/22 8,053,172
10,320,000 AmeriCredit Automobile Receivables Trust,
Series 2014-2, Class D, 2.57%, 7/8/20 10,318,119
10,345,000 AmeriCredit Automobile Receivables Trust,
Series 2014-3, Class D, 3.13%, 10/8/20 10,363,711
2,945,000 AmeriCredit Automobile Receivables Trust,
Series 2016-2, Class B, 2.21%, 5/10/21 2,934,010
410,592 Americredit Automobile Receivables Trust,
Series 2016-4, Class A3, 1.53%, 7/8/21 408,531
254,799(a) AmeriCredit Automobile Receivables Trust,
Series 2017-1, Class A2B, 2.465%
(1 Month USD LIBOR + 30 bps), 5/18/20 254,845
867,981(a) AmeriCredit Automobile Receivables Trust,
Series 2017-2, Class A2B, 2.415%
(1 Month USD LIBOR + 25 bps), 9/18/20 868,323
6,201,151(a) Ameriquest Mortgage Securities, Inc. Asset-Backed
Pass-Through Ctfs, Series 2005-R3, Class M2,
2.921% (1 Month USD LIBOR + 71 bps), 5/25/35 6,202,509
426,973(a) Ameriquest Mortgage Securities, Inc. Asset Backed
Pass-Through Ctfs, Series 2005-R5, Class M2, 2.906%
(1 Month USD LIBOR + 69 bps), 7/25/35 427,789
1,755,223(a) Ameriquest Mortgage Securities, Inc. Asset-Backed
Pass-Through Ctfs, Series 2005-R7, Class M1, 2.696%
(1 Month USD LIBOR + 48 bps), 9/25/35 1,757,037
148,660(a) Ameriquest Mortgage Securities, Inc. Asset-Backed
Pass-Through Ctfs, Series 2005-R10, Class M1, 2.626%
(1 Month USD LIBOR + 41 bps), 1/25/36 148,650
43,725(a) Ameriquest Mortgage Securities, Inc. Asset Backed
Pass-Through Ctfs, Series 2005-R11, Class A2D, 2.546%
(1 Month USD LIBOR + 33 bps), 1/25/36 43,723
The accompanying notes are an integral part of these financial statements.
20 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
95,007(a) Amortizing Residential Collateral Trust, Series 2002-BC5,
Class M1, 3.251% (1 Month USD LIBOR +
104 bps), 7/25/32 $ 94,092
1,650,000(a) Annisa CLO, Ltd., Series 2016-2A, Class X, 2.948%
(3 Month USD LIBOR + 60 bps), 7/20/31 (144A) 1,649,980
1,500,000(a) Apidos CLO XV, Series 2013-15A, Class XRR, 2.948%
(3 Month USD LIBOR + 60 bps), 4/20/31 (144A) 1,499,982
2,250,000(a) Apidos CLO XXIX, Series 2018-29A, Class X, 2.942%
(3 Month USD LIBOR + 55 bps), 7/25/30 (144A) 2,249,818
1,028,125(a) Ares XXXVIII CLO, Ltd., Series 2015-38A, Class X,
2.848% (3 Month USD LIBOR + 50 bps),
4/20/30 (144A) 1,028,114
900,000(a) Ares XXXVR CLO, Ltd., Series 2015-35RA, Class X,
2.989% (3 Month USD LIBOR + 65 bps),
7/15/30 (144A) 899,992
653,320(a) Argent Securities, Inc. Asset-Backed Pass-Through
Certificates, Series 2005-W2, Class A1, 2.476%
(1 Month USD LIBOR + 26 bps), 10/25/35 653,775
180,816(a) Argent Securities, Inc. Asset-Backed Pass-Through
Certificates, Series 2005-W3, Class A2D, 2.556%
(1 Month USD LIBOR + 34 bps), 11/25/35 180,698
1,398,521 ARI Fleet Lease Trust, Series 2016-A, Class A2,
1.82%, 7/15/24 (144A) 1,397,667
2,020,000 ARI Fleet Lease Trust, Series 2016-A, Class A3,
2.11%, 7/15/24 (144A) 2,012,506
2,450,523 ARI Fleet Lease Trust, Series 2017-A, Class A2,
1.91%, 4/15/26 (144A) 2,435,025
1,108,838 Ascentium Equipment Receivables LLC, Series
2015-2A, Class B, 2.62%, 12/10/19 (144A) 1,108,717
989,474 Ascentium Equipment Receivables Trust, Series
2017-1A, Class A2, 1.87%, 7/10/19 (144A) 988,241
3,646,809 Ascentium Equipment Receivables Trust, Series
2017-2A, Class A2, 2.0%, 5/11/20 (144A) 3,628,029
3,690,000 Ascentium Equipment Receivables Trust, Series
2018-1A, Class A2, 2.92%, 12/10/20 (144A) 3,686,372
933,978(a) Asset Backed Securities Corp. Home Equity Loan Trust,
Series 2005-HE4, Class M4, 3.161% (1 Month USD
LIBOR + 95 bps), 5/25/35 939,257
332,018(a) Asset Backed Securities Corp. Home Equity Loan Trust,
Series 2005-HE8, Class M1, 2.646% (1 Month USD
LIBOR + 43 bps), 11/25/35 332,186
345,115(a) Asset Backed Securities Corp. Home Equity Loan Trust,
Series 2006-HE1, Class A3, 2.416% (1 Month USD
LIBOR + 20 bps), 1/25/36 342,773
44,779(a) Asset-Backed Pass-Through Certificates, Series
2004-R2, Class A1A, 2.906% (1 Month USD LIBOR +
69 bps), 4/25/34 44,899
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 21
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
471,461(a) Asset-Backed Pass-Through Certificates, Series
2004-R2, Class A1B, 2.836% (1 Month USD LIBOR +
62 bps), 4/25/34 $ 472,340
3,870,000(a) ASSURANT CLO III LTD, Series 2018-2A, Class X,
2.859% (3 Month USD LIBOR + 70 bps),
10/20/31 (144A) 3,869,903
1,500,000(a) Atlas Senior Loan Fund XII, Ltd., Series 2018-12A,
Class X, 0.0% (3 Month USD LIBOR + 75 bps),
10/24/31 (144A) 1,500,000
475,243 Avant Loans Funding Trust, Series 2017-B, Class A,
2.29%, 6/15/20 (144A) 475,015
3,655,119 Avant Loans Funding Trust, Series 2018-A, Class A,
3.09%, 6/15/21 (144A) 3,654,226
4,774,893 Avid Automobile Receivables Trust, Series 2018-1,
Class A, 2.84%, 8/15/23 (144A) 4,752,668
1,890,999 AXIS Equipment Finance Receivables IV LLC, Series
2018-1A, Class A2, 3.24%, 12/20/23 (144A) 1,881,087
10,000,000(a) BA Credit Card Trust, Series 2014-A1, Class A, 2.538%
(1 Month USD LIBOR + 38 bps), 6/15/21 10,010,000
7,020,000(a) BA Credit Card Trust, Series 2016-A1, Class A, 2.548%
(1 Month USD LIBOR + 39 bps), 10/15/21 7,033,917
3,166,667(a) Babson CLO, Ltd., Series 2015-IA, Class XR, 2.898%
(3 Month USD LIBOR + 55 bps), 1/20/31 (144A) 3,166,632
2,328,985 Bank of The West Auto Trust, Series 2017-1, Class A2,
1.78%, 2/15/21 (144A) 2,319,238
6,975,000(a) Barclays Dryrock Issuance Trust, Series 2017-2, Class A,
2.458% (1 Month USD LIBOR + 30 bps), 5/15/23 6,983,696
400,000(a) Barings CLO, Ltd., Series 2018-2A, Class X, 3.057%
(3 Month USD LIBOR + 60 bps), 4/15/30 (144A) 399,994
4,500,000(a) Barings CLO, Ltd., Series 2018-3A, Class X, 2.57%
(3 Month USD LIBOR + 50 bps), 7/20/29 (144A) 4,499,942
13,540(b) Bayview Financial Acquisition Trust, Series 2007-A,
Class 1A2, 6.205%, 5/28/37 13,752
2,600,000 BCC Funding Corp. X, Series 2015-1, Class D, 4.544%,
12/21/20 (144A) 2,582,190
5,514,000 BCC Funding Corp. X, Series 2015-1, Class E, 5.523%,
1/20/21 (144A) 5,541,712
3,100,000 BCC Funding Corp. X, Series 2015-1, Class F, 6.985%,
8/21/23 (144A) 3,126,857
2,578,125(a) Bean Creek CLO, Ltd., Series 2015-1A, Class XR,
2.948% (3 Month USD LIBOR + 60 bps),
4/20/31 (144A) 2,577,478
363,323(a) Bear Stearns Asset Backed Securities Trust, Series
2001-3, Class A1, 3.116% (1 Month USD LIBOR +
90 bps), 10/27/32 354,094
68,929(a) Bear Stearns Asset Backed Securities Trust, Series
2004-SD3, Class A3, 3.356% (1 Month USD LIBOR +
114 bps), 9/25/34 68,998
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,267(a) Bear Stearns Asset Backed Securities Trust, Series
2005-SD2, Class 1A2, 2.686% (1 Month USD
LIBOR + 47 bps), 3/25/35 $ 2,268
2,331(a) Bear Stearns Asset Backed Securities Trust, Series
2005-SD2, Class 1A3, 2.616% (1 Month USD
LIBOR + 40 bps), 3/25/35 2,332
393,091(a) Bear Stearns Asset Backed Securities Trust, Series
2006-SD1, Class A, 2.586% (1 Month USD LIBOR +
37 bps), 4/25/36 387,948
895,004(a) Bear Stearns Asset Backed Securities Trust, Series
2006-SD2, Class A1, 2.596% (1 Month USD LIBOR +
38 bps), 6/25/36 894,385
144,044(a) Bear Stearns Asset Backed Securities Trust, Series
2006-SD2, Class A3, 2.706% (1 Month USD LIBOR +
49 bps), 6/25/36 144,007
141,593(a) Bear Stearns Asset Backed Securities I Trust, Series
2005-FR1, Class M1, 2.966% (1 Month USD LIBOR +
75 bps), 6/25/35 141,678
848,853(a) Bear Stearns Asset Backed Securities I Trust, Series
2005-TC1, Class M1, 2.876% (1 Month USD LIBOR +
66 bps), 5/25/35 850,598
1,495,069(a) Bear Stearns Asset Backed Securities I Trust, Series
2006-EC2, Class M1, 2.816% (1 Month USD LIBOR +
60 bps), 2/25/36 1,495,942
215,182(a) Bear Stearns Structured Products Trust,
Series 2007-EMX1, Class A1, 3.216% (1 Month USD
LIBOR + 100 bps), 3/25/37 (144A) 221,684
3,562,500(a) BlueMountain CLO, Ltd., Series 2013-2A, Class X,
2.997% (3 Month USD LIBOR + 65 bps),
10/22/30 (144A) 3,561,709
1,800,000(a) BlueMountain CLO, Ltd., Series 2018-2A, Class X,
2.909% (3 Month USD LIBOR + 65 bps),
8/15/31 (144A) 1,799,950
1,029,153 BlueVirgo Trust, Series 2015-1A, 3.0%, 12/15/22 (144A) 1,029,153
5,560,136(a) BMW Vehicle Owner Trust, Series 2018-A, Class A2B,
2.286% (1 Month USD LIBOR + 7 bps), 11/25/20 5,558,804
1,317,268(a) BSPRT Issuer, Ltd., Series 2017-FL1, Class A, 3.508%
(1 Month USD LIBOR + 135 bps), 6/15/27 (144A) 1,319,735
11,150,000(a) BSPRT Issuer, Ltd., Series 2018-FL3, Class A, 3.208%
(1 Month USD LIBOR + 105 bps), 3/15/28 (144A) 11,160,501
2,200,000(a) Cabela's Credit Card Master Note Trust, Series 2014-2,
Class A, 2.608% (1 Month USD LIBOR +
45 bps), 7/15/22 2,204,602
2,700,000(a) Cabela's Credit Card Master Note Trust, Series 2016-1,
Class A2, 3.008% (1 Month USD LIBOR +
85 bps), 6/15/22 2,713,083
166,539 California Republic Auto Receivables Trust, Series
2016-2, Class A3, 1.56%, 7/15/20 166,363
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 23
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
10,248,266(a) Canadian Pacer Auto Receivables Trust, Series 2017-1A,
Class A2B, 2.368% (1 Month USD LIBOR + 20 bps),
12/19/19 (144A) $ 10,248,266
3,620,000 Capital Auto Receivables Asset Trust, Series 2015-3,
Class B, 2.43%, 9/21/20 3,613,679
1,357,142(a) Carlyle US CLO, Ltd., Series 2017-2A, Class X, 3.148%
(3 Month USD LIBOR + 80 bps), 7/20/31 (144A) 1,357,723
550,000 CarMax Auto Owner Trust, Series 2015-2, Class C,
2.39%, 3/15/21 547,680
1,545,541(a) CarMax Auto Owner Trust, Series 2017-3, Class A2B,
2.338% (1 Month USD LIBOR + 18 bps), 9/15/20 1,545,964
6,148,398(a) CarMax Auto Owner Trust, Series 2018-1, Class A2B,
2.308% (1 Month USD LIBOR + 15 bps), 5/17/21 6,151,411
1,439,927 Carnow Auto Receivables Trust, Series 2017-1A,
Class A, 2.92%, 9/15/22 (144A) 1,433,243
787,637(a) Carrington Mortgage Loan Trust, Series 2006-OPT1,
Class A3, 2.396% (1 Month USD LIBOR +
18 bps), 2/25/36 786,716
3,272,500(a) Catamaran CLO, Ltd., Series 2013-1A, Class X, 2.887%
(3 Month USD LIBOR + 55 bps), 1/27/28 (144A) 3,271,646
161,990 Cazenovia Creek Funding I LLC, Series 2015-1A, Class A,
2.0%, 12/10/23 (144A) 161,585
98,788 Cazenovia Creek Funding I LLC, Series 2015-1A, Class B,
2.773%, 12/10/23 (144A) 98,231
1,332,604 Cazenovia Creek Funding II LLC, Series 2018-1A, Class B,
3.984%, 7/15/30 (144A) 1,333,767
5,700,000(a) CBAM, Ltd., Series 2018-5A, Class X, 2.852% (3 Month
USD LIBOR + 55 bps), 4/17/31 (144A) 5,699,875
767,046 CCG Receivables Trust, Series 2016-1, Class A2, 1.69%,
9/14/22 (144A) 763,840
5,500,000(a) Cent CLO 21, Ltd., Series 2014-21A, Class XR2, 2.987%
(3 Month USD LIBOR + 65 bps), 7/27/30 (144A) 5,499,923
113,730(c) Centex Home Equity Loan Trust, Series 2003-A,
Class AF6, 3.654%, 3/25/33 113,508
10,645,000(a) Chase Issuance Trust, Series 2017-A1, Class A, 2.458%
(1 Month USD LIBOR + 30 bps), 1/15/22 10,676,723
4,645,000(a) Chase Issuance Trust, Series 2017-A2, Class A, 2.558%
(1 Month USD LIBOR + 40 bps), 3/15/24 4,676,137
13,250,000(a) Chase Issuance Trust, Series 2018-A1, Class A1, 2.358%
(1 Month USD LIBOR + 20 bps), 4/17/23 13,268,591
841,538(a) Chesapeake Funding II LLC, Series 2016-1A,
Class A2, 3.308% (1 Month USD LIBOR + 115 bps),
3/15/28 (144A) 844,224
1,133,231(a) Chesapeake Funding II LLC, Series 2016-2A,
Class A2, 3.158% (1 Month USD LIBOR + 100 bps),
6/15/28 (144A) 1,137,594
5,007,308(a) Chesapeake Funding II LLC, Series 2017-2A,
Class A2, 2.608% (1 Month USD LIBOR + 45 bps),
5/15/29 (144A) 5,017,636
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
7,348,287(a) Chesapeake Funding II LLC, Series 2017-3A,
Class A2, 2.498% (1 Month USD LIBOR + 34 bps),
8/15/29 (144A) $ 7,354,858
13,010,512(a) Chesapeake Funding II LLC, Series 2017-4A,
Class A2, 2.498% (1 Month USD LIBOR + 34 bps),
11/15/29 (144A) 13,016,681
7,000,000(a) Chesapeake Funding II LLC, Series 2018-1A,
Class A2, 2.608% (1 Month USD LIBOR + 45 bps),
4/15/30 (144A) 7,021,987
4,500,000(a) CIFC Funding, Ltd., Series 2013-4A, Class XRR, 2.636%
(3 Month USD LIBOR + 55 bps), 4/27/31 (144A) 4,499,892
7,000,000(a) CIFC Funding, Ltd., Series 2014-2RA, Class X, 2.964%
(3 Month USD LIBOR + 85 bps), 4/24/30 (144A) 6,999,839
3,480,062 CIG Auto Receivables Trust, Series 2017-1A, Class A,
2.71%, 5/15/23 (144A) 3,456,315
5,491,327(a) CIM Small Business Loan Trust, Series 2018-1A,
Class A, 3.565% (1 Month USD LIBOR + 140 bps),
3/20/43 (144A) 5,491,327
9,800,000(a) Citibank Credit Card Issuance Trust, Series 2017-A1,
Class A1, 2.408% (1 Month USD LIBOR +
25 bps), 1/19/21 9,806,340
4,500,000(a) Citibank Credit Card Issuance Trust, Series 2017-A4,
Class A4, 2.341% (1 Month USD LIBOR +
22 bps), 4/7/22 4,509,109
18,445,000(a) Citibank Credit Card Issuance Trust, Series 2017-A7,
Class A7, 2.503% (1 Month USD LIBOR +
37 bps), 8/8/24 18,479,511
22,857(a) Citigroup Mortgage Loan Trust Asset Backed
Pass-Through Certifi, Series 2005-OPT3, Class M2,
2.891% (1 Month USD LIBOR + 68 bps), 5/25/35 22,857
136,041(a) Citigroup Mortgage Loan Trust, Inc., Series 2004-RES1,
Class M2, 3.236% (1 Month USD LIBOR +
102 bps), 11/25/34 136,520
5,800,000(a) Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH2,
Class A3, 2.436% (1 Month USD LIBOR +
22 bps), 8/25/36 5,760,245
812,500(a) Clear Creek CLO, Ltd., Series 2015-1A, Class X, 3.348%
(3 Month USD LIBOR + 100 bps), 10/20/30 (144A) 812,347
1,278,846(a) CNH Equipment Trust, Series 2017-B, Class A2B,
2.298% (1 Month USD LIBOR + 14 bps), 11/16/20 1,279,027
2,750,000 Colony Starwood Homes Trust, Series 2016-2A,
4.51%, 12/17/18 2,766,400
454,801(a) Commonbond Student Loan Trust, Series 2016-B,
Class A2, 3.666% (1 Month USD LIBOR + 145 bps),
10/25/40 (144A) 464,849
4,140,606(a) Commonbond Student Loan Trust, Series 2017-AGS,
Class A2, 3.066% (1 Month USD LIBOR + 85 bps),
5/25/41 (144A) 4,176,307
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 25
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
8,245,003(a) Commonbond Student Loan Trust, Series 2017-BGS,
Class A2, 2.866% (1 Month USD LIBOR + 65 bps),
9/25/42 (144A) $ 8,285,806
7,360,763(a) Commonbond Student Loan Trust, Series 2018-AGS,
Class A2, 2.716% (1 Month USD LIBOR + 50 bps),
2/25/44 (144A) 7,371,101
14,936,717(a) Commonbond Student Loan Trust, Series 2018-BGS,
Class A2, 2.786% (1 Month USD LIBOR + 57 bps),
9/25/45 (144A) 14,938,474
1,071,226 Conn Funding II LP, Series 2017-B, Class A, 2.73%,
7/15/20 (144A) 1,071,084
10,310,000 Conn's Receivables Funding LLC, Series 2017-B,
Class B, 4.52%, 4/15/21 (144A) 10,365,427
4,877,521 Conn's Receivables Funding LLC, Series 2018-A,
Class A, 3.25%, 1/15/23 (144A) 4,877,431
2,190,000 Conn's Receivables Funding LLC, Series 2018-A,
Class B, 4.65%, 1/15/23 (144A) 2,193,037
306,922(a) Conseco Finance Home Equity Loan Trust, Series
2002-B, Class M2, 4.658% (1 Month USD LIBOR +
250 bps), 5/15/33 302,032
236,568(a) Conseco Finance Home Equity Loan Trust, Series
2002-C, Class MV1, 3.658% (1 Month USD LIBOR +
150 bps), 5/15/32 235,460
266,214(a) Countrywide Asset-Backed Certificates, Series 2004-8,
Class M1, 3.266% (1 Month USD LIBOR +
105 bps), 1/25/35 267,164
107,846(a) Countrywide Asset-Backed Certificates, Series
2004-BC5, Class M3, 3.116% (1 Month USD LIBOR +
90 bps), 10/25/34 107,982
67,790(a) Countrywide Asset-Backed Certificates, Series
2004-SD1, Class A1, 2.896% (1 Month USD LIBOR +
68 bps), 6/25/33 (144A) 67,492
14,493(a) Countrywide Asset-Backed Certificates, Series
2004-SD1, Class A2, 3.116% (1 Month USD LIBOR +
90 bps), 6/25/33 (144A) 14,461
337,496(a) Countrywide Asset-Backed Certificates, Series 2005-9,
Class M1, 2.736% (1 Month USD LIBOR +
52 bps), 1/25/36 337,869
2,498,639(a) Countrywide Asset-Backed Certificates, Series 2005-13,
Class 2AV1, 2.446% (1 Month USD LIBOR +
23 bps), 4/25/36 2,497,839
1,656,429(a) Countrywide Asset-Backed Certificates, Series
2005-BC1, Class M4, 3.116% (1 Month USD LIBOR +
90 bps), 5/25/35 1,658,178
562,356(a) Countrywide Asset-Backed Certificates, Series 2006-3,
Class 2A3, 2.506% (1 Month USD LIBOR +
29 bps), 6/25/36 559,560
294,049(a) Countrywide Asset-Backed Certificates, Series 2006-4,
Class 1A1M, 2.476% (1 Month USD LIBOR +
26 bps), 7/25/36 293,509
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
6,104,130(a) Countrywide Asset-Backed Certificates, Series 2006-4,
Class 2A3, 2.506% (1 Month USD LIBOR +
29 bps), 7/25/36 $ 5,981,986
1,915,000 CPS Auto Receivables Trust, Series 2015-A, Class C,
4.0%, 2/16/21 (144A) 1,927,853
317,857 CPS Auto Receivables Trust, Series 2016-C, Class B,
2.48%, 9/15/20 (144A) 317,551
785,296 CPS Auto Receivables Trust, Series 2017-C, Class A,
1.78%, 9/15/20 (144A) 783,395
2,647,176 CPS Auto Receivables Trust, Series 2018-A, Class A,
2.16%, 5/17/21 (144A) 2,637,864
192,534 CPS Auto Trust, Series 2016-D, Class A, 1.5%,
6/15/20 (144A) 192,328
367,789 CPS Auto Trust, Series 2017-A, Class A, 1.68%,
8/17/20 (144A) 367,138
2,569,765 CPS Auto Trust, Series 2017-D, Class A, 1.87%,
3/15/21 (144A) 2,560,011
2,600,000 Credit Acceptance Auto Loan Trust, Series 2016-2A,
Class C, 4.29%, 11/15/24 (144A) 2,619,213
5,943,020 Credit Suisse ABS Trust, Series 2018-LD1, Class A,
3.42%, 7/25/24 (144A) 5,938,361
1,947,737(a) Credit Suisse Seasoned Loan Trust, Series 2006-1,
Class A, 2.456% (1 Month USD LIBOR + 24 bps),
10/25/34 (144A) 1,944,340
521,447(a) Credit-Based Asset Servicing & Securitization LLC,
Series 2005-CB3, Class M2, 3.146% (1 Month USD
LIBOR + 93 bps), 5/25/35 523,219
1,312,302(a) CSFB Mortgage-Backed Pass-Through Certificates,
Series 2005-AGE1, Class M3, 2.866% (1 Month USD
LIBOR + 65 bps), 2/25/32 1,306,734
451,547(a) CSMC Trust, Series 2006-CF2, Class M1, 2.686%
(1 Month USD LIBOR + 47 bps), 5/25/36 (144A) 451,541
242,939(a) CSMC Trust, Series 2006-CF3, Class A1, 2.756%
(1 Month USD LIBOR + 54 bps), 10/25/36 (144A) 242,823
15,729(a) CWABS Asset-Backed Certificates Trust, Series 2004-7,
Class MV3, 3.266% (1 Month USD LIBOR +
105 bps), 12/25/34 15,906
4,569,468(a) CWABS Asset-Backed Certificates Trust, Series 2004-10,
Class MV3, 3.341% (1 Month USD LIBOR +
113 bps), 12/25/34 4,642,149
428,782(a) CWABS Asset-Backed Certificates Trust, Series 2005-17,
Class 3AV2, 2.556% (1 Month USD LIBOR +
34 bps), 5/25/36 427,054
2,046,779(a) CWABS Asset-Backed Certificates Trust, Series 2005-AB1,
Class M1, 2.846% (1 Month USD LIBOR +
63 bps), 8/25/35 2,046,142
1,425,000 Dell Equipment Finance Trust, Series 2016-1, Class D,
3.24%, 7/22/22 (144A) 1,426,307
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 27
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
163,282 Dell Equipment Finance Trust, Series 2017-1, Class A2,
1.86%, 6/24/19 (144A) $ 163,187
3,489,398(a) Dell Equipment Finance Trust, Series 2017-2,
Class A2B, 2.512% (1 Month USD LIBOR + 30 bps),
2/24/20 (144A) 3,491,638
195 Delta Funding Home Equity Loan Trust, Series 1997-2,
Class A6, 7.04%, 6/25/27 185
272,319 Diamond Resorts Owner Trust, Series 2014-1, Class A,
2.54%, 5/20/27 (144A) 272,176
2,700,000(a) Discover Card Execution Note Trust, Series 2014-A1,
Class A1, 2.588% (1 Month USD LIBOR +
43 bps), 7/15/21 2,703,461
1,461,031(a) DRB Prime Student Loan Trust, Series 2015-D, Class A1,
3.916% (1 Month USD LIBOR + 170 bps),
1/25/40 (144A) 1,489,514
962,263(a) DRB Prime Student Loan Trust, Series 2016-B, Class A1,
4.016% (1 Month USD LIBOR + 180 bps),
6/25/40 (144A) 997,785
2,014,331 DRB Prime Student Loan Trust, Series 2016-B, Class A3,
2.23%, 6/25/36 (144A) 1,993,312
4,465,160(a) DRB Prime Student Loan Trust, Series 2017-A, Class A1,
3.066% (1 Month USD LIBOR + 85 bps),
5/27/42 (144A) 4,515,915
5,997,764 Drive Auto Receivables Trust, Series 2015-CA, Class D,
4.2%, 9/15/21 (144A) 6,038,649
14,190,000 Drive Auto Receivables Trust, Series 2016-CA, Class C,
3.02%, 11/15/21 (144A) 14,198,331
2,285,530 Drive Auto Receivables Trust, Series 2017-1, Class B,
2.36%, 3/15/21 2,284,003
470,828 Drive Auto Receivables Trust, Series 2017-2, Class B,
2.25%, 6/15/21 470,528
153,959 Drive Auto Receivables Trust, Series 2017-3, Class A3,
1.85%, 4/15/20 153,857
1,900,000 Drive Auto Receivables Trust, Series 2017-3, Class B,
2.3%, 5/17/21 1,897,102
5,020,031 Drive Auto Receivables Trust, Series 2018-2, Class A2,
2.64%, 9/15/20 5,020,671
7,300,000 Drive Auto Receivables Trust, Series 2018-3, Class A2,
2.75%, 10/15/20 7,299,599
5,090,000 Drive Auto Receivables Trust, Series 2018-4, Class A2A,
2.78%, 10/15/20 5,090,773
942,049(a) Drug Royalty II LP 2, Series 2014-1, Class A1, 5.189%
(3 Month USD LIBOR + 285 bps), 7/15/23 (144A) 949,652
2,324,811 DT Auto Owner Trust, Series 2015-1A, Class D, 4.26%,
2/15/22 (144A) 2,334,128
1,316,972 DT Auto Owner Trust, Series 2017-1A, Class B, 2.26%,
2/16/21 (144A) 1,316,460
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
6,728,297 DT Auto Owner Trust, Series 2017-2A, Class B, 2.44%,
2/15/21 (144A) $ 6,721,500
2,019,870 DT Auto Owner Trust, Series 2017-4A, Class A, 1.85%,
8/17/20 (144A) 2,016,268
5,250,000 DT Auto Owner Trust, Series 2017-4A, Class B, 2.44%,
1/15/21 (144A) 5,233,859
1,600,000 DT Auto Owner Trust, Series 2017-4A, Class C, 2.86%,
7/17/23 (144A) 1,592,957
828,236(a) Earnest Student Loan Program LLC, Series 2016-C,
Class A1, 4.066% (1 Month USD LIBOR + 185 bps),
10/27/36 (144A) 852,238
746,260(a) Earnest Student Loan Program LLC, Series 2016-D,
Class A1, 3.616% (1 Month USD LIBOR + 140 bps),
1/25/41 (144A) 752,722
2,816,452(a) Earnest Student Loan Program LLC, Series 2017-A,
Class A1, 3.216% (1 Month USD LIBOR + 100 bps),
1/25/41 (144A) 2,846,773
2,746,840 Engs Commercial Finance Trust, Series 2016-1A,
Class A2, 2.63%, 2/22/22 (144A) 2,714,323
1,493,402 Engs Commercial Finance Trust, Series 2018-1A,
Class A1, 2.97%, 2/22/21 (144A) 1,490,816
758,096 Enterprise Fleet Financing LLC, Series 2016-2,
Class A2, 1.74%, 2/22/22 (144A) 755,561
1,278,291(a) EquiFirst Mortgage Loan Trust, Series 2004-2,
Class M1, 3.041% (1 Month USD LIBOR +
83 bps), 10/25/34 1,279,411
3,550,000(a) Evergreen Credit Card Trust, Series 2016-3, Class A,
2.658% (1 Month USD LIBOR + 50 bps),
11/16/20 (144A) 3,551,923
4,500,000(a) Evergreen Credit Card Trust, Series 2017-1, Class A,
2.418% (1 Month USD LIBOR + 26 bps),
10/15/21 (144A) 4,507,162
12,000,000(a) Evergreen Credit Card Trust, Series 2018-2, Class A,
2.508% (1 Month USD LIBOR + 35 bps),
7/15/22 (144A) 12,021,455
2,055,000 Exeter Automobile Receivables Trust, Series 2015-2A,
Class C, 3.9%, 3/15/21 (144A) 2,063,480
3,800,000 Exeter Automobile Receivables Trust, Series 2015-3A,
Class C, 4.83%, 8/16/21 (144A) 3,840,382
476,115 Exeter Automobile Receivables Trust, Series 2017-1A,
Class A, 1.96%, 3/15/21 (144A) 475,397
2,061,872 Exeter Automobile Receivables Trust, Series 2017-2A,
Class A, 2.11%, 6/15/21 (144A) 2,058,031
5,077,183 Exeter Automobile Receivables Trust, Series 2017-3A,
Class A, 2.05%, 12/15/21 (144A) 5,053,104
4,218,669 Exeter Automobile Receivables Trust, Series 2018-1A,
Class A, 2.21%, 5/17/21 (144A) 4,209,432
3,000,000 Exeter Automobile Receivables Trust, Series 2018-1A,
Class B, 2.75%, 4/15/22 (144A) 2,981,044
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 29
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
7,568,747 Exeter Automobile Receivables Trust, Series 2018-3A,
Class A, 2.9%, 1/18/22 (144A) $ 7,564,360
3,155,235(a) FBR Securitization Trust, Series 2005-3, Class AV1,
2.736% (1 Month USD LIBOR + 52 bps), 10/25/35 3,157,100
49,757(a) FBR Securitization Trust, Series 2005-5, Class AV24,
2.956% (1 Month USD LIBOR + 74 bps), 11/25/35 49,749
2,657,283(a) Fieldstone Mortgage Investment Trust, Series 2005-3,
Class 1A, 2.706% (1 Month USD LIBOR +
49 bps), 2/25/36 2,632,532
1,083,447(a) Fifth Third Auto Trust, Series 2017-1, Class A2B, 2.308%
(1 Month USD LIBOR + 15 bps), 4/15/20 1,083,629
4,782,629(c) Finance of America Structured Securities Trust, Series
2017-HB1, Class A, 2.321%, 11/25/27 (144A) 4,768,281
70,444(a) First Franklin Mortgage Loan Trust, Series 2004-FF4,
Class M1, 3.071% (1 Month USD LIBOR +
86 bps), 6/25/34 70,449
1,607,154(a) First Franklin Mortgage Loan Trust, Series 2004-FFH2,
Class M1, 2.966% (1 Month USD LIBOR +
75 bps), 6/25/34 1,609,554
11,166,268(a) First Franklin Mortgage Loan Trust, Series 2005-FF12,
Class M1, 2.666% (1 Month USD LIBOR +
45 bps), 11/25/36 11,185,090
468,841(a) First Franklin Mortgage Loan Trust, Series 2005-FFH2,
Class M2, 3.026% (1 Month USD LIBOR + 81 bps),
4/25/35 (144A) 470,533
415,355(a) First Franklin Mortgage Loan Trust, Series 2006-FF1,
Class 1A, 2.436% (1 Month USD LIBOR +
22 bps), 1/25/36 415,481
1,270,000 First Investors Auto Owner Trust, Series 2014-3A,
Class D, 3.85%, 2/15/22 (144A) 1,274,656
360,815 First Investors Auto Owner Trust, Series 2017-1A,
Class A1, 1.69%, 4/15/21 (144A) 359,844
1,702,876 First Investors Auto Owner Trust, Series 2017-2A,
Class A1, 1.86%, 10/15/21 (144A) 1,696,304
2,200,000(a) First National Master Note Trust, Series 2017-1,
Class A, 2.558% (1 Month USD LIBOR +
40 bps), 4/18/22 2,202,237
9,000,000(a) First National Master Note Trust, Series 2017-2,
Class A, 2.598% (1 Month USD LIBOR +
44 bps), 10/16/23 9,016,339
627,507 Flagship Credit Auto Trust, Series 2015-2, Class A,
1.98%, 10/15/20 (144A) 627,254
258,416 Flagship Credit Auto Trust, Series 2015-3, Class A,
2.38%, 10/15/20 (144A) 258,195
79,397 Flagship Credit Auto Trust, Series 2016-3, Class A2,
2.05%, 11/15/20 (144A) 79,322
913,280 Flagship Credit Auto Trust, Series 2017-1, Class A,
1.93%, 12/15/21 (144A) 910,875
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,287,725 Flagship Credit Auto Trust, Series 2017-2, Class A,
1.85%, 7/15/21 (144A) $ 3,271,069
2,547,846 Flagship Credit Auto Trust, Series 2017-4, Class A,
2.07%, 4/15/22 (144A) 2,526,883
3,443,420(a) Ford Credit Auto Lease Trust, Series 2017-B, Class A2B,
2.318% (1 Month USD LIBOR + 16 bps), 6/15/20 3,444,438
386,774(a) Ford Credit Auto Owner Trust, Series 2017-A, Class A2B,
2.278% (1 Month USD LIBOR + 12 bps), 12/15/19 386,787
3,172,856(a) Ford Credit Auto Owner Trust, Series 2017-B, Class A2B,
2.228% (1 Month USD LIBOR + 7 bps), 5/15/20 3,172,982
3,826,000(a) Ford Credit Auto Owner Trust, Series 2017-C, Class A2B,
2.278% (1 Month USD LIBOR + 12 bps), 9/15/20 3,826,672
4,000,000(a) Ford Credit Floorplan Master Owner Trust A, Series
2016-1, Class A2, 3.058% (1 Month USD LIBOR +
90 bps), 2/15/21 4,012,384
9,000,000(a) Ford Credit Floorplan Master Owner Trust A, Series
2016-3, Class A2, 2.778% (1 Month USD LIBOR +
62 bps), 7/15/21 9,034,203
4,925,000(a) Ford Credit Floorplan Master Owner Trust A, Series
2016-5, Class A2, 2.618% (1 Month USD LIBOR +
46 bps), 11/15/21 4,942,109
5,910,000(a) Ford Credit Floorplan Master Owner Trust A, Series
2017-2, Class A2, 2.508% (1 Month USD LIBOR +
35 bps), 9/15/22 5,920,343
2,638,088 Foursight Capital Automobile Receivables Trust, Series
2016-1, Class A2, 2.87%, 10/15/21 (144A) 2,633,414
8,414,390 Foursight Capital Automobile Receivables Trust, Series
2017-1, Class A, 2.37%, 4/15/22 (144A) 8,371,448
10,602,194 FREED ABS Trust, Series 2018-1, Class A, 3.61%,
7/18/24 (144A) 10,585,821
222,212(a) Fremont Home Loan Trust, Series 2005-2, Class M2,
2.936% (1 Month USD LIBOR + 72 bps), 6/25/35 222,488
5,743,879(a) Fremont Home Loan Trust, Series 2005-E, Class 1A1,
2.446% (1 Month USD LIBOR + 23 bps), 1/25/36 5,712,648
8,725,301(a) Fremont Home Loan Trust, Series 2006-2, Class 1A1,
2.376% (1 Month USD LIBOR + 16 bps), 2/25/36 8,568,979
750,000(a) Galaxy XXI CLO, Ltd., Series 2015-21A, Class X, 2.848%
(3 Month USD LIBOR + 50 bps), 4/20/31 (144A) 749,889
3,498,144(a) GE-WMC Asset-Backed Pass-Through Certificates,
Series 2005-2, Class A1, 2.441% (1 Month USD
LIBOR + 23 bps), 12/25/35 3,501,291
3,691,519 GLS Auto Receivables Trust, Series 2017-1A, Class A2,
2.67%, 4/15/21 (144A) 3,683,296
6,383,058 GLS Auto Receivables Trust, Series 2018-1A, Class A,
2.82%, 7/15/22 (144A) 6,357,520
8,295,075 GLS Auto Receivables Trust, Series 2018-2A, Class A,
3.25%, 4/18/22 (144A) 8,291,477
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 31
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
6,798,555 GM Financial Automobile Leasing Trust, Series 2018-1,
Class A2A, 2.39%, 4/20/20 $ 6,782,328
7,032,988(a) GM Financial Automobile Leasing Trust, Series 2018-1,
Class A2B, 2.365% (1 Month USD LIBOR +
20 bps), 4/20/20 7,037,129
595,015(a) GM Financial Consumer Automobile Receivables Trust,
Series 2017-1A, Class A2B, 2.278% (1 Month USD
LIBOR + 12 bps), 3/16/20 (144A) 594,941
6,860,237(a) GM Financial Consumer Automobile Receivables Trust,
Series 2018-1, Class A2B, 2.248% (1 Month USD
LIBOR + 9 bps), 1/19/21 6,859,614
340,724(b) GMAT Trust, Series 2013-1A, Class A, 6.967%,
11/25/43 (144A) 341,013
2,100,000(a) GMF Floorplan Owner Revolving Trust, Series 2016-1,
Class A2, 3.008% (1 Month USD LIBOR + 85 bps),
5/17/21 (144A) 2,109,391
4,700,000(a) GMF Floorplan Owner Revolving Trust, Series 2017-1,
Class A2, 2.728% (1 Month USD LIBOR + 57 bps),
1/18/22 (144A) 4,717,195
11,000,000(a) Golden Credit Card Trust, Series 2014-2A, Class A,
2.608% (1 Month USD LIBOR + 45 bps),
3/15/21 (144A) 11,014,301
2,200,000(a) Golden Credit Card Trust, Series 2017-1A, Class A,
2.558% (1 Month USD LIBOR + 40 bps),
2/15/21 (144A) 2,202,038
2,500,000(a) Goldentree Loan Management US CLO 3, Ltd.,
Series 2018-3A, Class X, 2.986% (3 Month USD
LIBOR + 55 bps), 4/20/30 (144A) 2,499,948
5,500,000(a) Gracie Point International Premium Funding, Series
2018-A, Class 1, 3.621% (3 Month USD LIBOR +
130 bps), 3/1/20 (144A) 5,500,000
328,013(a) Green Tree Mortgage Loan Trust, Series 2005-HE1,
Class M2, 3.266% (1 Month USD LIBOR + 105 bps),
12/25/32 (144A) 328,398
637,500(a) Greywolf CLO II, Ltd., Series 2013-1A, Class X, 3.039%
(3 Month USD LIBOR + 70 bps), 10/15/29 (144A) 637,494
142,173(a) GSAA Home Equity Trust, Series 2004-11, Class 2A1,
2.876% (1 Month USD LIBOR + 66 bps), 12/25/34 142,795
1,453,703(a) GSAA Home Equity Trust, Series 2005-9, Class 2A3,
2.586% (1 Month USD LIBOR + 37 bps), 8/25/35 1,447,972
83,908(a) GSAA Trust, Series 2005-10, Class M3, 2.766%
(1 Month USD LIBOR + 55 bps), 6/25/35 83,836
2,326,263(a) GSAMP Trust, Series 2004-HE2, Class M1, 3.191%
(1 Month USD LIBOR + 98 bps), 9/25/34 2,347,691
739(a) GSAMP Trust, Series 2004-SEA2, Class M1, 2.866%
(1 Month USD LIBOR + 65 bps), 3/25/34 740
8,242,248(a) GSAMP Trust, Series 2005-HE4, Class M2, 2.951%
(1 Month USD LIBOR + 74 bps), 7/25/45 8,241,177
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
698,127(a) GSRPM Mortgage Loan Trust, Series 2003-2, Class M1,
3.566% (1 Month USD LIBOR + 135 bps), 6/25/33 $ 695,286
1,273,702(a) GSRPM Mortgage Loan Trust, Series 2006-1, Class A1,
2.516% (1 Month USD LIBOR + 30 bps),
3/25/35 (144A) 1,265,447
524,484(a) GSRPM Mortgage Loan Trust, Series 2006-2, Class A2,
2.516% (1 Month USD LIBOR + 30 bps),
9/25/36 (144A) 524,212
608,263 Hero Residual Funding, Series 2016-1R, Class A1,
4.5%, 9/21/42 (144A) 605,222
3,200,000(a) Hertz Fleet Lease Funding LP, Series 2015-1, Class C,
3.633% (1 Month USD LIBOR + 150 bps),
7/10/29 (144A) 3,200,434
2,600,000(a) Hertz Fleet Lease Funding LP, Series 2015-1, Class E,
4.433% (1 Month USD LIBOR + 230 bps),
7/10/29 (144A) 2,599,931
2,400,000(a) Hertz Fleet Lease Funding LP, Series 2016-1, Class E,
5.633% (1 Month USD LIBOR + 350 bps),
4/10/30 (144A) 2,406,911
3,778,849(a) Hertz Fleet Lease Funding LP, Series 2017-1, Class A1,
2.783% (1 Month USD LIBOR + 65 bps),
4/10/31 (144A) 3,783,287
7,000,000(a) Hertz Fleet Lease Funding LP, Series 2018-1, Class A1,
2.633% (1 Month USD LIBOR + 50 bps),
5/10/32 (144A) 7,016,286
2,800,000(a) Holmes Master Issuer Plc, Series 2018-2A, Class A1,
2.508% (1 Month USD LIBOR + 35 bps),
7/15/19 (144A) 2,800,456
335,142(a) Home Equity Asset Trust, Series 2004-8, Class M1,
3.086% (1 Month USD LIBOR + 87 bps), 3/25/35 337,242
831,489(a) Home Equity Mortgage Loan Asset-Backed Trust,
Series 2005-C, Class AII3, 2.586% (1 Month USD
LIBOR + 37 bps), 10/25/35 831,508
152,905 Honor Automobile Trust Securitization, Series 2016-1A,
Class A, 2.94%, 11/15/19 (144A) 152,906
1,017,221(a) HSI Asset Securitization Corp. Trust, Series 2006-OPT2,
Class M1, 2.586% (1 Month USD LIBOR +
37 bps), 1/25/36 1,013,732
4,000,000(a) Invitation Homes Trust, Series 2018-SFR1, Class B,
3.108% (1 Month USD LIBOR + 95 bps),
3/17/37 (144A) 3,981,570
82,281(a) Irwin Whole Loan Home Equity Trust, Series 2003-C,
Class M1, 3.216% (1 Month USD LIBOR +
100 bps), 6/25/28 82,174
1,185,993(a) John Deere Owner Trust, Series 2017-B, Class A2B,
2.268% (1 Month USD LIBOR + 11 bps), 4/15/20 1,185,762
1,286,836(a) JP Morgan Mortgage Acquisition Corp., Series
2005-FLD1, Class M4, 3.191% (1 Month USD LIBOR +
98 bps), 7/25/35 1,291,646
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 33
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
913,568(a) JP Morgan Mortgage Acquisition Trust, Series 2006-CH1,
Class A5, 2.446% (1 Month USD LIBOR +
23 bps), 7/25/36 $ 912,236
1,125,000(a) KKR Financial CLO, Ltd., Series 2013-1A, Class X,
3.239% (3 Month USD LIBOR + 90 bps),
4/15/29 (144A) 1,125,658
10,745,000(a) Lake Country Mortgage Loan Trust, Series 2006-HE1,
Class M2, 2.916% (1 Month USD LIBOR + 70 bps),
7/25/34 (144A) 10,720,713
5,671,540(a) Laurel Road Prime Student Loan Trust, Series 2017-C,
Class A1, 2.766% (1 Month USD LIBOR + 55 bps),
11/25/42 (144A) 5,671,537
1,214,108(a) Lehman XS Trust, Series 2005-4, Class 1A3, 3.016%
(1 Month USD LIBOR + 80 bps), 10/25/35 1,201,946
12,000,000(a) LoanCore Issuer, Ltd., Series 2018-CRE1, Class A,
3.288% (1 Month USD LIBOR + 113 bps),
5/15/28 (144A) 12,022,646
524,418(a) Long Beach Mortgage Loan Trust, Series 2006-WL1,
Class 1A1, 2.676% (1 Month USD LIBOR +
46 bps), 1/25/46 524,515
2,000,000(a) Magnetite XV, Ltd., Series 2015-15A, Class X, 2.885%
(3 Month USD LIBOR + 55 bps), 7/25/31 (144A) 1,999,976
15,700,000(a) Marathon CRE, Ltd., Series 2018-FL1, Class A, 3.308%
(1 Month USD LIBOR + 115 bps), 6/15/28 (144A) 15,719,543
1,161,866 Marlette Funding Trust, Series 2017-1A, Class A,
2.827%, 3/15/24 (144A) 1,161,809
6,002,965 Marlette Funding Trust, Series 2018-1A, Class A,
2.61%, 3/15/28 (144A) 5,984,795
5,470,241 Marlette Funding Trust, Series 2018-2A, Class A,
3.06%, 7/17/28 (144A) 5,468,227
10,234,077 Marlette Funding Trust, Series 2018-3A, Class A,
3.2%, 9/15/28 (144A) 10,232,096
8,215,831 Marlin Receivables LLC, Series 2018-1A, Class A1,
2.55%, 7/22/19 (144A) 8,216,162
6,000,000 Marlin Receivables LLC, Series 2018-1A, Class A2,
3.05%, 10/20/20 (144A) 5,996,056
12,050,000(a) MBNA Credit Card Master Note Trust, Series 2004-A3,
Class A3, 2.418% (1 Month USD LIBOR +
26 bps), 8/16/21 12,061,228
360,698(a) Mercedes-Benz Auto Lease Trust, Series 2017-A,
Class A2B, 2.358% (1 Month USD LIBOR +
20 bps), 8/15/19 360,713
5,096,272 Mercedes-Benz Auto Lease Trust, Series 2018-A,
Class A2, 2.2%, 4/15/20 5,086,108
498,572(a) Merrill Lynch Mortgage Investors Trust, Series
2004-OPT1, Class A1B, 3.076% (1 Month USD
LIBOR + 86 bps), 6/25/35 486,697
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
276,399(a) Merrill Lynch Mortgage Investors Trust, Series
2005-AR1, Class M1, 2.716% (1 Month USD LIBOR +
50 bps), 6/25/36 $ 277,334
7,909,488(b) MFA Trust, Series 2017-NPL1, Class A1, 3.352%,
11/25/47 (144A) 7,827,397
113,752(a) Morgan Stanley ABS Capital I, Inc. Trust, Series
2005-HE3, Class M3, 3.011% (1 Month USD LIBOR +
80 bps), 7/25/35 113,806
129,425(a) Morgan Stanley ABS Capital I, Inc. Trust, Series
2005-HE6, Class M1, 2.606% (1 Month USD LIBOR +
39 bps), 11/25/35 129,236
795,257(a) Morgan Stanley ABS Capital I, Inc. Trust, Series
2005-WMC1, Class M2, 2.951% (1 Month USD
LIBOR + 74 bps), 1/25/35 794,581
115,005(a) Morgan Stanley Home Equity Loan Trust, Series 2005-1,
Class M3, 2.996% (1 Month USD LIBOR +
78 bps), 12/25/34 115,350
772,349(a) Morgan Stanley Home Equity Loan Trust, Series 2006-2,
Class A4, 2.496% (1 Month USD LIBOR +
28 bps), 2/25/36 769,647
3,500,000(a) Motor Plc, Series 2017-1A, Class A1, 2.746%
(1 Month USD LIBOR + 53 bps), 9/25/24 (144A) 3,498,688
3,911,113(a) National Collegiate Trust, Series 2007-A, Class A,
2.511% (1 Month USD LIBOR + 30 bps),
5/25/31 (144A) 3,841,870
3,134,086 Nationstar HECM Loan Trust, Series 2017-1A, Class A,
1.968%, 5/25/27 (144A) 3,128,100
2,429,627(c) Nationstar HECM Loan Trust, Series 2017-2A, Class A1,
2.038%, 9/25/27 (144A) 2,412,165
3,803,531(c) Nationstar HECM Loan Trust, Series 2018-1A, Class A,
2.76%, 2/25/28 (144A) 3,803,531
625,039(a) Nationstar Home Equity Loan Trust, Series 2006-B,
Class AV4, 2.496% (1 Month USD LIBOR +
28 bps), 9/25/36 623,270
4,500,000(a) Navistar Financial Dealer Note Master Owner Trust II,
Series 2017-1, Class A, 2.996% (1 Month USD
LIBOR + 78 bps), 6/27/22 (144A) 4,517,924
2,700,000(a) Navistar Financial Dealer Note Master Owner Trust II,
Series 2017-1, Class C, 3.766% (1 Month USD
LIBOR + 155 bps), 6/27/22 (144A) 2,709,096
6,500,000(a) Navistar Financial Dealer Note Master Owner Trust II,
Series 2018-1, Class A, 2.798% (1 Month USD
LIBOR + 63 bps), 9/25/23 (144A) 6,505,100
1,100,000(a) Navistar Financial Dealer Note Master Owner Trust II,
Series 2018-1, Class C, 3.218% (1 Month USD
LIBOR + 105 bps), 9/25/23 (144A) 1,101,720
772,193 Navitas Equipment Receivables LLC, Series 2016-1,
Class A2, 2.2%, 6/15/21 (144A) 770,009
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 35
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
4,600,000 Navitas Equipment Receivables LLC, Series 2016-1,
Class B, 3.22%, 10/15/21 (144A) $ 4,557,502
11,055,471(a) Nelnet Student Loan Trust, Series 2005-2, Class A5,
2.466% (3 Month USD LIBOR + 10 bps), 3/23/37 10,977,110
1,187,500(a) Neuberger Berman CLO XVI-S, Ltd., Series 2017-16SA,
Class X, 2.939% (3 Month USD LIBOR + 60 bps),
1/15/28 (144A) 1,187,489
2,750,000(a) Neuberger Berman CLO XXII, Ltd., Series 2016-22A,
Class XR, 0.0% (3 Month USD LIBOR + 90 bps),
10/17/30 (144A) 2,750,000
7,395,996(a) New Century Home Equity Loan Trust, Series 2005-1,
Class M1, 2.891% (1 Month USD LIBOR +
68 bps), 3/25/35 7,388,449
141,267(a) New Century Home Equity Loan Trust, Series 2005-3,
Class M2, 2.951% (1 Month USD LIBOR +
74 bps), 7/25/35 141,429
100,000 New Residential Advance Receivables Trust Advance
Receivables Backed Notes, Series 2016-T2, Class AT2,
2.575%, 10/15/49 (144A) 99,145
6,306,077(a) Newtek Small Business Loan Trust, Series 2017-1,
Class A, 4.216% (1 Month USD LIBOR + 200 bps),
2/15/43 (144A) 6,298,147
298,000 NextGear Floorplan Master Owner Trust, Series 2015-2A,
Class A, 2.38%, 10/15/20 (144A) 297,975
7,250,000(a) NextGear Floorplan Master Owner Trust, Series 2016-1A,
Class A1, 3.858% (1 Month USD LIBOR + 170 bps),
4/15/21 (144A) 7,304,309
5,000,000(a) NextGear Floorplan Master Owner Trust, Series 2016-2A,
Class A1, 3.258% (1 Month USD LIBOR + 110 bps),
9/15/21 (144A) 5,039,851
14,050,000(a) NextGear Floorplan Master Owner Trust, Series 2017-1A,
Class A1, 3.008% (1 Month USD LIBOR + 85 bps),
4/18/22 (144A) 14,122,946
5,300,000(a) NextGear Floorplan Master Owner Trust, Series 2017-2A,
Class A1, 2.838% (1 Month USD LIBOR + 68 bps),
10/17/22 (144A) 5,325,261
6,943,523(a) Nissan Auto Lease Trust, Series 2017-B, Class A2B,
2.368% (1 Month USD LIBOR + 21 bps), 12/16/19 6,946,891
923,272(a) Nissan Auto Receivables Owner Trust, Series 2017-A,
Class A2B, 2.218% (1 Month USD LIBOR +
6 bps), 1/15/20 923,287
6,059,000(a) Nissan Master Owner Trust Receivables, Series 2017-A,
Class A, 2.468% (1 Month USD LIBOR +
31 bps), 4/15/21 6,064,267
6,600,000(a) Nissan Master Owner Trust Receivables, Series 2017-C,
Class A, 2.478% (1 Month USD LIBOR +
32 bps), 10/17/22 6,611,182
206,195(a) NovaStar Mortgage Funding Trust, Series 2003-1,
Class A2, 2.996% (1 Month USD LIBOR +
78 bps), 5/25/33 205,619
The accompanying notes are an integral part of these financial statements.
36 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
5,927,079(a) NovaStar Mortgage Funding Trust, Series 2005-1,
Class M4, 3.236% (1 Month USD LIBOR +
102 bps), 6/25/35 $ 5,931,888
7,234,917(a) NovaStar Mortgage Funding Trust, Series 2005-3,
Class M1, 2.891% (1 Month USD LIBOR +
68 bps), 1/25/36 7,217,839
1,692,644 NYCTL Trust, Series 2017-A, Class A, 1.87%,
11/10/30 (144A) 1,669,846
7,462,562(b) Oak Hill Advisors Residential Loan Trust, Series
2017-NPL2, Class A1, 3.0%, 7/25/57 (144A) 7,340,543
4,000,000(a) Octagon Investment Partners XVI, Ltd., Series
2013-1A, Class XR, 2.886% (3 Month USD LIBOR +
55 bps), 7/17/30 (144A) 3,999,792
5,600,000(a) Octagon Investment Partners XVII, Ltd., Series 2013-1A,
Class A1R2, 3.335% (3 Month USD LIBOR + 100 bps),
1/25/31 (144A) 5,588,402
6,093,750(a) Octagon Investment Partners XXII, Ltd., Series 2014-1A,
Class XRR, 2.997% (3 Month USD LIBOR + 65 bps),
1/22/30 (144A) 6,092,391
9,250,000 OneMain Financial Issuance Trust, Series 2015-2A,
Class D, 5.64%, 7/18/25 (144A) 9,327,897
6,650,000(a) OneMain Financial Issuance Trust, Series 2017-1A,
Class A2, 2.934% (1 Month USD LIBOR + 80 bps),
9/14/32 (144A) 6,667,499
218,420(a) Option One Mortgage Loan Trust, Series 2005-1,
Class A4, 3.016% (1 Month USD LIBOR +
80 bps), 2/25/35 218,336
8,000,000(a) Option One Mortgage Loan Trust, Series 2005-3,
Class M2, 2.951% (1 Month USD LIBOR +
74 bps), 8/25/35 7,997,186
5,784,286(a) Option One Mortgage Loan Trust, Series 2006-1,
Class 2A3, 2.406% (1 Month USD LIBOR +
19 bps), 1/25/36 5,773,560
26,398(b) Option One Mortgage Loan Trust, Series 2007-FXD2,
Class 2A1, 5.9%, 3/25/37 24,785
2,666,347(b) OSAT Trust, Series 2016-NPL1, Class A1, 3.75%,
7/25/56 (144A) 2,695,871
163,413 Oscar US Funding Trust IV, Series 2016-1A, Class A2A,
2.53%, 7/15/20 (144A) 163,361
76,900 Oscar US Funding Trust IV, Series 2016-1A, Class A2B,
3.773% (1 Month USD LIBOR + 170 bps),
7/15/20 (144A) 77,069
10,050,000 OSCAR US Funding Trust IX LLC, Series 2018-2A,
Class A2A, 3.15%, 8/10/21 (144A) 10,040,191
488,584 Oscar US Funding Trust V, Series 2016-2A, Class A2A,
2.31%, 11/15/19 (144A) 488,374
239,463 Oscar US Funding Trust V, Series 2016-2A, Class A2B,
3.472% (1 Month USD LIBOR + 140 bps),
11/15/19 (144A) 239,749
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 37
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
207,442 Oscar US Funding Trust VI LLC, Series 2017-1A,
Class A2A, 2.3%, 5/11/20 (144A) $ 207,190
1,367,912(a) Oscar US Funding Trust VI LLC, Series 2017-1A,
Class A2B, 2.933% (1 Month USD LIBOR + 80 bps),
5/11/20 (144A) 1,369,220
1,757,538(a) Oscar US Funding Trust VII LLC, Series 2017-2A,
Class A2B, 2.783% (1 Month USD LIBOR + 65 bps),
11/10/20 (144A) 1,759,466
209,081 Oscar US Funding Trust VIII LLC, Series 2018-1A,
Class A2A, 2.91%, 4/12/21 (144A) 208,852
4,751,850(a) Oscar US Funding Trust VIII LLC, Series 2018-1A,
Class A2B, 2.623% (1 Month USD LIBOR + 49 bps),
4/12/21 (144A) 4,754,036
253,856(a) Ownit Mortgage Loan Trust, Series 2006-3, Class A2C,
2.386% (1 Month USD LIBOR + 17 bps), 3/25/37 253,815
144,345 Oxford Finance Funding LLC, Series 2016-1A, Class A,
3.968%, 6/17/24 (144A) 143,391
13,900,000(a) Palmer Square CLO, Ltd., Series 2018-3A, Class A1,
3.185% (3 Month USD LIBOR + 85 bps),
8/15/26 (144A) 13,887,087
5,987,483(a) Palmer Square Loan Funding, Ltd., Series 2017-1A,
Class A1, 3.079% (3 Month USD LIBOR + 74 bps),
10/15/25 (144A) 5,965,587
13,705,038(a) Palmer Square Loan Funding, Ltd., Series 2018-1A,
Class A1, 2.939% (3 Month USD LIBOR + 60 bps),
4/15/26 (144A) 13,583,324
4,250,000(a) Palmer Square Loan Funding, Ltd., Series 2018-1A,
Class A2, 3.389% (3 Month USD LIBOR + 105 bps),
4/15/26 (144A) 4,213,208
5,500,000(a) Palmer Square Loan Funding, Ltd., Series 2018-2A,
Class A1, 3.01% (3 Month USD LIBOR + 65 bps),
7/15/26 (144A) 5,456,171
9,100,000(a) Palmer Square Loan Funding, Ltd., Series 2018-4A,
Class A1, 0.0% (3 Month USD LIBOR + 90 bps),
11/15/26 (144A) 9,100,000
165,324(a) People's Choice Home Loan Securities Trust,
Series 2004-2, Class M1, 3.116% (1 Month USD
LIBOR + 90 bps), 10/25/34 165,595
4,750,000(a) PFS Financing Corp., Series 2017-C, Class A, 2.533%
(1 Month USD LIBOR + 47 bps), 10/15/21 (144A) 4,754,003
5,750,000(a) PFS Financing Corp., Series 2017-C, Class B, 2.863%
(1 Month USD LIBOR + 80 bps), 10/15/21 (144A) 5,750,591
2,600,000(a) PFS Financing Corp., Series 2017-AA, Class A, 2.643%
(1 Month USD LIBOR + 58 bps), 3/15/21 (144A) 2,604,045
2,000,000(a) PFS Financing Corp., Series 2017-AA, Class B, 3.013%
(1 Month USD LIBOR + 95 bps), 3/15/21 (144A) 1,999,040
6,700,000(a) PFS Financing Corp., Series 2017-BA, Class A1, 2.663%
(1 Month USD LIBOR + 60 bps), 7/15/22 (144A) 6,721,048
The accompanying notes are an integral part of these financial statements.
38 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
301,343(a) Popular ABS Mortgage Pass-Through Trust, Series
2005-A, Class M1, 2.646% (1 Month USD LIBOR +
43 bps), 6/25/35 $ 301,356
32,817(a) Popular ABS Mortgage Pass-Through Trust, Series
2006-A, Class A4, 2.536% (1 Month USD LIBOR +
32 bps), 2/25/36 32,815
3,612,741 Prestige Auto Receivables Trust, Series 2015-1,
Class C, 2.4%, 4/15/21 (144A) 3,610,502
110,628 Prestige Auto Receivables Trust, Series 2016-2A,
Class A2, 1.46%, 7/15/20 (144A) 110,568
3,363,901(b) Pretium Mortgage Credit Partners I LLC, Series
2017-NPL3, Class A1, 3.25%, 6/29/32 (144A) 3,339,164
5,839,964(b) Pretium Mortgage Credit Partners I LLC, Series
2017-NPL4, Class A1, 3.25%, 8/27/32 (144A) 5,784,957
2,161,715(b) PRPM LLC, Series 2017-1A, Class A1, 4.25%,
1/25/22 (144A) 2,160,739
2,600,000 Purchasing Power Funding LLC, Series 2018-A, Class B,
3.58%, 8/15/22 (144A) 2,592,689
247,392(a) Quest Trust, Series 2004-X1, Class A, 2.876% (1 Month
USD LIBOR + 66 bps), 3/25/34 (144A) 247,095
139,673(a) RAAC Trust, Series 2005-RP3, Class M1, 3.016%
(1 Month USD LIBOR + 80 bps), 5/25/39 (144A) 139,652
8,500,000(a) RAAC Trust, Series 2006-RP1, Class M2, 3.416%
(1 Month USD LIBOR + 120 bps), 10/25/45 (144A) 8,572,010
150,748(a) RAAC Trust, Series 2006-RP2, Class A, 2.466%
(1 Month USD LIBOR + 25 bps), 2/25/37 (144A) 150,701
1,238,602(a) RAMP Trust, Series 2005-EFC6, Class M2, 2.861%
(1 Month USD LIBOR + 65 bps), 11/25/35 1,241,425
988,269(a) RAMP Trust, Series 2005-RS2, Class M3, 2.766%
(1 Month USD LIBOR + 55 bps), 2/25/35 989,430
7,350,000(a) RAMP Trust, Series 2005-RS7, Class M1, 2.716%
(1 Month USD LIBOR + 50 bps), 7/25/35 7,361,234
278,167(a) RAMP Trust, Series 2006-EFC2, Class A3, 2.376%
(1 Month USD LIBOR + 16 bps), 12/25/36 277,204
50,056(a) RAMP Trust, Series 2006-RZ3, Class A3, 2.506%
(1 Month USD LIBOR + 29 bps), 8/25/36 49,961
1,931,669(a) RASC Trust, Series 2001-KS3, Class AII, 2.676%
(1 Month USD LIBOR + 46 bps), 9/25/31 1,913,310
4,368,129(a) RASC Trust, Series 2005-EMX3, Class M3, 2.676%
(1 Month USD LIBOR + 46 bps), 9/25/35 4,374,823
1,947,956(a) RASC Trust, Series 2005-EMX4, Class M2, 2.876%
(1 Month USD LIBOR + 66 bps), 11/25/35 1,952,599
2,050,594(a) RASC Trust, Series 2005-KS1, Class M1, 2.891%
(1 Month USD LIBOR + 68 bps), 2/25/35 2,053,317
2,321,347(a) RASC Trust, Series 2005-KS2, Class M1, 2.861%
(1 Month USD LIBOR + 65 bps), 3/25/35 2,322,793
1,476,483(a) RASC Trust, Series 2005-KS8, Class M3, 2.696%
(1 Month USD LIBOR + 48 bps), 8/25/35 1,477,765
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 39
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,996,527(a) RASC Trust, Series 2005-KS10, Class M1, 2.626%
(1 Month USD LIBOR + 41 bps), 11/25/35 $ 1,997,063
516,242(a) RASC Trust, Series 2005-KS11, Class M1, 2.616%
(1 Month USD LIBOR + 40 bps), 12/25/35 517,013
2,331,091(b) RCO Mortgage LLC, Series 2017-1, Class A1, 3.375%,
8/25/22 (144A) 2,317,298
13,800,000(a) Ready Capital Mortgage Financing LLC, Series
2018-FL2, Class A, 3.066% (1 Month USD LIBOR +
85 bps), 6/25/35 (144A) 13,804,841
4,350,000(a) RR 5, Ltd., Series 2018-5A, Class X, 0.0% (3 Month
USD LIBOR + 60 bps), 10/15/31 (144A) 4,350,000
674,622(a) SACO I Trust, Series 2005-5, Class 2M4, 3.341%
(1 Month USD LIBOR + 113 bps), 5/25/35 671,240
49,647(a) Salomon Mortgage Loan Trust, Series 2001-CB4,
Class 1A1, 3.116% (1 Month USD LIBOR +
90 bps), 11/25/33 49,683
313,462 Santander Drive Auto Receivables Trust, Series 2015-3,
Class C, 2.74%, 1/15/21 313,538
2,000,000 Santander Drive Auto Receivables Trust, Series 2016-1,
Class C, 3.09%, 4/15/22 2,002,730
16,289,388 Santander Drive Auto Receivables Trust, Series 2016-3,
Class B, 1.89%, 6/15/21 16,244,224
2,865,421 Santander Drive Auto Receivables Trust, Series 2017-2,
Class A3, 1.87%, 12/15/20 2,862,624
5,282,999(a) Santander Retail Auto Lease Trust, Series 2017-A,
Class A2B, 2.435% (1 Month USD LIBOR + 27 bps),
3/20/20 (144A) 5,282,994
165,472(a) SASCO Mortgage Loan Trust, Series 2005-GEL1,
Class M1, 3.041% (1 Month USD LIBOR +
83 bps), 12/25/34 165,161
6,043,245(a) Saxon Asset Securities Trust, Series 2006-2, Class A3C,
2.366% (1 Month USD LIBOR + 15 bps), 9/25/36 6,016,689
8,395,511 SCF Equipment Leasing LLC, Series 2018-1A, Class A1,
2.81%, 4/20/21 (144A) 8,394,881
883,555 SCF Equipment Trust LLC, Series 2016-1A, Class A,
3.62%, 11/20/21 (144A) 881,677
35,000(a) Securitized Asset Backed Receivables LLC Trust,
Series 2005-OP2, Class M1, 2.646% (1 Month USD
LIBOR + 43 bps), 10/25/35 34,579
3,754,941(a) Securitized Term Auto Receivables Trust, Series
2017-2A, Class A2B, 2.265% (1 Month USD LIBOR +
20 bps), 1/27/20 (144A) 3,755,003
99,162 Sierra Auto Receivables Securitization Trust, Series
2016-1A, Class A, 2.85%, 1/18/22 (144A) 99,147
643,731(c) Sierra Timeshare Receivables Funding LLC, Series
2014-2A, Class A, 2.05%, 6/20/31 (144A) 642,243
1,243,040 Skopos Auto Receivables Trust, Series 2015-1A,
Class B, 5.43%, 12/15/23 (144A) 1,244,006
The accompanying notes are an integral part of these financial statements.
40 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
5,285,027 Skopos Auto Receivables Trust, Series 2018-1A,
Class A, 3.19%, 9/15/21 (144A) $ 5,280,102
5,601,539 Sofi Consumer Loan Program LLC, Series 2016-1,
Class A, 3.26%, 8/25/25 (144A) 5,591,753
3,801,523 Sofi Consumer Loan Program LLC, Series 2016-4,
Class A, 3.18%, 11/25/25 (144A) 3,793,992
6,209,091 Sofi Consumer Loan Program LLC, Series 2017-1,
Class A, 3.28%, 1/26/26 (144A) 6,200,779
1,171,956 Sofi Consumer Loan Program LLC, Series 2017-5,
Class A1, 2.14%, 9/25/26 (144A) 1,166,233
2,760,304 Sofi Consumer Loan Program LLC, Series 2017-6,
Class A1, 2.2%, 11/25/26 (144A) 2,744,482
1,601,319 Sofi Consumer Loan Program LLC, Series 2017-F,
Class A1FX, 2.05%, 1/25/41 (144A) 1,585,967
3,908,130 Sofi Consumer Loan Program Trust, Series 2018-1,
Class A1, 2.55%, 2/25/27 (144A) 3,890,116
3,247,241 Sofi Consumer Loan Program Trust, Series 2018-2,
Class A1, 2.93%, 4/26/27 (144A) 3,240,333
6,945,265 Sofi Consumer Loan Program Trust, Series 2018-3,
Class A1, 3.2%, 8/25/27 (144A) 6,944,086
396,245(a) Sofi Professional Loan Program LLC, Series 2014-A,
Class A1, 3.816% (1 Month USD LIBOR + 160 bps),
6/25/25 (144A) 399,224
4,295,144(a) Sofi Professional Loan Program LLC, Series 2014-B,
Class A1, 3.466% (1 Month USD LIBOR + 125 bps),
8/25/32 (144A) 4,332,107
1,536,621(a) Sofi Professional Loan Program LLC, Series 2015-B,
Class A1, 3.266% (1 Month USD LIBOR + 105 bps),
4/25/35 (144A) 1,557,082
1,669,625(a) Sofi Professional Loan Program LLC, Series 2015-C,
Class A1, 3.266% (1 Month USD LIBOR + 105 bps),
8/27/35 (144A) 1,680,757
2,652,159(a) Sofi Professional Loan Program LLC, Series 2016-A,
Class A1, 3.966% (1 Month USD LIBOR + 175 bps),
8/25/36 (144A) 2,734,456
2,287,538(a) Sofi Professional Loan Program LLC, Series 2016-B,
Class A1, 3.416% (1 Month USD LIBOR + 120 bps),
6/25/33 (144A) 2,323,168
296,032(a) Sofi Professional Loan Program LLC, Series 2016-C,
Class A1, 3.316% (1 Month USD LIBOR + 110 bps),
10/27/36 (144A) 299,985
1,628,592(a) Sofi Professional Loan Program LLC, Series 2016-D,
Class A1, 3.166% (1 Month USD LIBOR + 95 bps),
1/25/39 (144A) 1,637,646
5,095,741(a) Sofi Professional Loan Program LLC, Series 2016-E,
Class A1, 3.066% (1 Month USD LIBOR + 85 bps),
7/25/39 (144A) 5,119,240
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 41
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,183,847(a) Sofi Professional Loan Program LLC, Series 2017-A,
Class A1, 2.916% (1 Month USD LIBOR + 70 bps),
3/26/40 (144A) $ 1,187,118
961,836 Sofi Professional Loan Program LLC, Series 2017-B,
Class A1FX, 1.83%, 5/25/40 (144A) 955,851
1,354,495(a) Sofi Professional Loan Program LLC, Series 2017-C,
Class A1, 2.816% (1 Month USD LIBOR + 60 bps),
7/25/40 (144A) 1,356,998
1,946,965 Sofi Professional Loan Program LLC, Series 2017-D,
Class A1FX, 1.72%, 9/25/40 (144A) 1,933,971
3,826,873(a) Sofi Professional Loan Program LLC, Series 2017-E,
Class A1, 2.716% (1 Month USD LIBOR + 50 bps),
11/26/40 (144A) 3,835,887
4,427,070(a) Sofi Professional Loan Program LLC, Series 2018-A,
Class A1, 2.566% (1 Month USD LIBOR + 35 bps),
2/25/42 (144A) 4,427,546
3,054,802 Sofi Professional Loan Program LLC, Series 2018-A,
Class A2A, 2.39%, 2/25/42 (144A) 3,027,427
7,540,434 Sofi Professional Loan Program Trust, Series 2018-B,
Class A1FX, 2.64%, 8/25/47 (144A) 7,496,511
4,723,406(a) Specialty Underwriting & Residential Finance Trust,
Series 2006-BC1, Class A2D, 2.516% (1 Month USD
LIBOR + 30 bps), 12/25/36 4,728,664
4,700,000 SPS Servicer Advance Receivables Trust Advance
Receivables Backed Notes, Series 2016-T1, Class AT1,
2.53%, 11/16/48 (144A) 4,703,422
1,285,000 SPS Servicer Advance Receivables Trust Advance
Receivables Backed Notes, Series 2016-T1, Class CT1,
3.32%, 11/16/48 (144A) 1,283,435
4,500,000(a) Starwood Waypoint Homes Trust, Series 2017-1,
Class E, 4.758% (1 Month USD LIBOR + 260 bps),
1/17/35 (144A) 4,517,442
4,812,500(a) Stewart Park CLO, Ltd., Series 2015-1A, Class X, 2.939%
(3 Month USD LIBOR + 60 bps), 1/15/30 (144A) 4,812,457
2,487,582(a) Structured Asset Investment Loan Trust, Series
2003-BC1, Class A1, 2.976% (1 Month USD LIBOR +
76 bps), 1/25/33 2,486,173
2,485,095(a) Structured Asset Investment Loan Trust, Series
2004-10, Class A4, 3.216% (1 Month USD LIBOR +
100 bps), 11/25/34 2,492,038
210,884(a) Structured Asset Investment Loan Trust, Series
2004-10, Class A7, 3.276% (1 Month USD LIBOR +
106 bps), 11/25/34 212,255
485,506(a) Structured Asset Investment Loan Trust, Series
2005-HE1, Class M1, 2.686% (1 Month USD LIBOR +
47 bps), 7/25/35 485,809
4,571,655(a) Structured Asset Investment Loan Trust, Series
2005-HE3, Class M1, 2.936% (1 Month USD LIBOR +
72 bps), 9/25/35 4,553,827
The accompanying notes are an integral part of these financial statements.
42 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
100,000(a) Structured Asset Securities Corp. Mortgage Loan Trust,
Series 2005-NC2, Class M4, 2.686% (1 Month USD
LIBOR + 47 bps), 5/25/35 $ 99,789
323,123(a) Structured Asset Securities Corp. Mortgage Loan Trust,
Series 2006-EQ1A, Class A4, 2.366% (1 Month USD
LIBOR + 15 bps), 7/25/36 (144A) 322,874
4,871,915(a) Structured Asset Securities Corp. Mortgage Loan Trust,
Series 2006-OPT1, Class A1, 2.396% (1 Month USD
LIBOR + 18 bps), 4/25/36 4,792,991
2,898,633(a) Structured Asset Securities Corp. Mortgage Loan Trust,
Series 2007-TC1, Class A, 2.516% (1 Month USD
LIBOR + 30 bps), 4/25/31 (144A) 2,889,636
691,861(a) Structured Asset Securities Corp. Mortgage Pass-Through
Ctfs, Series 2003-BC2, Class M1, 3.716% (1 Month
USD LIBOR + 150 bps), 2/25/33 698,656
2,119,355(a) Structured Asset Securities Corp. Trust, Series
2005-AR1, Class M1, 2.646% (1 Month USD LIBOR +
43 bps), 9/25/35 2,123,080
1,332,930(a) Structured Asset Securities Corp. Trust, Series
2005-WF1, Class A3, 2.876% (1 Month USD LIBOR +
66 bps), 2/25/35 1,334,953
2,000,000(a) Symphony CLO XIX, Ltd., Series 2018-19A, Class X,
2.845% (3 Month USD LIBOR + 50 bps),
4/16/31 (144A) 1,999,962
1,045,777 Tax Ease Funding LLC, Series 2016-1A, Class A,
3.131%, 6/15/28 (144A) 1,042,898
2,351,116 TCF Auto Receivables Owner Trust, Series 2016-PT1A,
Class A, 1.93%, 6/15/22 (144A) 2,327,371
1,932,759(a) Terwin Mortgage Trust, Series 2006-1, Class 1A3, 2.596%
(1 Month USD LIBOR + 38 bps), 1/25/37 (144A) 1,940,143
7,056,829(a) Terwin Mortgage Trust, Series 2006-3, Class 1A2, 2.446%
(1 Month USD LIBOR + 23 bps), 4/25/37 (144A) 7,038,729
225,445 Tidewater Auto Receivables Trust, Series 2018-AA,
Class A1, 2.5%, 5/15/19 (144A) 225,447
5,200,000 Tidewater Auto Receivables Trust, Series 2018-AA,
Class A2, 3.12%, 7/15/22 (144A) 5,193,706
3,200,000 Tidewater Sales Finance Master Trust, Series 2017-AA,
Class A, 4.55%, 4/15/21 (144A) 3,198,038
4,111,983 TLF National Tax Lien Trust, Series 2017-1A, Class A,
3.09%, 12/15/29 (144A) 4,101,144
20,862,025(a) Towd Point Asset Trust, Series 2018-SL1, Class A, 2.816%
(1 Month USD LIBOR + 60 bps), 1/25/46 (144A) 20,755,351
6,202,492(c) Towd Point Mortgage Trust, Series 2015-2, Class 1A12,
2.75%, 11/25/60 (144A) 6,110,171
1,073,279(c) Towd Point Mortgage Trust, Series 2015-4, Class A1,
3.5%, 4/25/55 (144A) 1,069,226
2,961,136(c) Towd Point Mortgage Trust, Series 2016-1, Class A1,
3.5%, 2/25/55 (144A) 2,950,980
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 43
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
7,288,986(a) Towd Point Mortgage Trust, Series 2017-5, Class A1,
2.816% (1 Month USD LIBOR + 60 bps),
2/25/57 (144A) $ 7,295,519
4,581,901(c) Towd Point Mortgage Trust, Series 2017-5, Class XA,
3.5%, 2/25/57 (144A) 4,526,512
236,824(a) Toyota Auto Receivables Owner Trust, Series 2017-A,
Class A2B, 2.228% (1 Month USD LIBOR +
7 bps), 9/16/19 236,828
4,033,595(a) Toyota Auto Receivables Owner Trust, Series 2017-C,
Class A2B, 2.238% (1 Month USD LIBOR +
8 bps), 7/15/20 4,032,986
8,000,000(a) Trafigura Securitisation Finance Plc, Series 2017-1A,
Class A1, 3.008% (1 Month USD LIBOR + 85 bps),
12/15/20 (144A) 8,020,000
2,000,000(a) Trafigura Securitisation Finance Plc, Series 2017-1A,
Class B, 3.858% (1 Month USD LIBOR + 170 bps),
12/15/20 (144A) 2,017,500
13,750,000(a) Trafigura Securitisation Finance Plc, Series 2018-1A,
Class A1, 2.948% (1 Month USD LIBOR + 73 bps),
3/15/22 (144A) 13,750,000
2,500,000 Trafigura Securitisation Finance Plc, Series 2018-1A,
Class B, 4.29%, 3/15/22 (144A) 2,499,835
662,142(a) Truman Capital Mortgage Loan Trust, Series 2004-1,
Class M2, 4.766% (1 Month USD LIBOR + 255 bps),
1/25/34 (144A) 662,995
2,943,187 United Auto Credit Securitization Trust, Series 2016-2,
Class D, 3.58%, 12/10/21 (144A) 2,947,249
6,500,000 United Auto Credit Securitization Trust, Series 2016-2,
Class E, 5.5%, 1/10/23 (144A) 6,545,261
2,867,284 United Auto Credit Securitization Trust, Series 2017-1,
Class B, 2.4%, 11/12/19 (144A) 2,865,661
4,260,000 United Auto Credit Securitization Trust, Series 2017-1,
Class C, 2.71%, 1/10/22 (144A) 4,255,730
3,519,233 United Auto Credit Securitization Trust, Series 2018-1,
Class A, 2.26%, 4/10/20 (144A) 3,514,742
8,750,000 United Auto Credit Securitization Trust, Series 2018-1,
Class B, 2.76%, 10/13/20 (144A) 8,730,486
2,124,144 Upstart Securitization Trust, Series 2017-1, Class A,
2.639%, 6/20/24 (144A) 2,120,892
7,548,946 Upstart Securitization Trust, Series 2017-2, Class A,
2.508%, 3/20/25 (144A) 7,529,613
5,156,146 Upstart Securitization Trust, Series 2018-1, Class A,
3.015%, 8/20/25 (144A) 5,155,139
6,450,000 Upstart Securitization Trust, Series 2018-1, Class B,
3.887%, 8/20/25 (144A) 6,428,318
7,500,000 Upstart Securitization Trust, Series 2018-2, Class A,
3.33%, 12/22/25 (144A) 7,501,266
4,311,290(b) US Residential Opportunity Fund IV Trust, Series
2017-1III, Class A, 3.352%, 11/27/37 (144A) 4,273,661
The accompanying notes are an integral part of these financial statements.
44 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
250,000(a) Venture 32 CLO, Ltd., Series 2018-32RR, Class AX,
3.083% (3 Month USD LIBOR + 75 bps),
7/19/31 (144A) $ 248,750
12,876,372 Verizon Owner Trust, Series 2016-1A, Class A, 1.42%,
1/20/21 (144A) 12,815,771
4,500,000(a) Verizon Owner Trust, Series 2017-3A, Class A1B, 2.435%
(1 Month USD LIBOR + 27 bps), 4/20/22 (144A) 4,500,003
2,704,728 Veros Automobile Receivables Trust, Series 2017-1,
Class A, 2.84%, 4/17/23 (144A) 2,694,533
1,788,325(b) VOLT LX LLC, Series 2017-NPL7, Class A1, 3.25%,
6/25/47 (144A) 1,776,427
5,177,964(b) VOLT LXIII LLC, Series 2017-NP10, Class A1, 3.0%,
10/25/47 (144A) 5,119,977
850,000(a) Volvo Financial Equipment Master Owner Trust, Series
2017-A, Class A, 2.563% (1 Month USD LIBOR +
50 bps), 11/15/22 (144A) 852,290
11,250,000(a) Volvo Financial Equipment Master Owner Trust, Series
2018-A, Class A, 2.678% (1 Month USD LIBOR +
52 bps), 7/17/23 (144A) 11,286,900
646,283(a) Wells Fargo Home Equity Asset-Backed Securities Trust,
Series 2006-2, Class A4, 2.466% (1 Month USD
LIBOR + 25 bps), 7/25/36 645,106
298,344 Westgate Resorts LLC, Series 2016-1A, Class A, 3.5%,
12/20/28 (144A) 296,901
5,730,571 Westgate Resorts LLC, Series 2017-1A, Class A, 3.05%,
12/20/30 (144A) 5,677,440
5,872,232 Westgate Resorts LLC, Series 2018-1A, Class B, 3.58%,
12/20/31 (144A) 5,821,580
8,455,000 Westlake Automobile Receivables Trust, Series 2016-1A,
Class D, 4.55%, 9/15/21 (144A) 8,519,697
2,770,000 Westlake Automobile Receivables Trust, Series 2016-1A,
Class E, 6.52%, 6/15/22 (144A) 2,814,876
6,770,000 Westlake Automobile Receivables Trust, Series 2016-2A,
Class E, 6.41%, 5/15/23 (144A) 6,910,446
420,780 Westlake Automobile Receivables Trust, Series 2017-1A,
Class A2, 1.78%, 4/15/20 (144A) 420,550
2,968,062(a) Westlake Automobile Receivables Trust, Series 2017-2A,
Class A2B, 2.508% (1 Month USD LIBOR + 35 bps),
7/15/20 (144A) 2,968,582
7,848,603(a) Westlake Automobile Receivables Trust, Series 2018-1A,
Class A2B, 2.408% (1 Month USD LIBOR + 25 bps),
12/15/20 (144A) 7,850,163
4,510,000 Westlake Automobile Receivables Trust, Series 2018-1A,
Class B, 2.67%, 5/17/21 (144A) 4,485,642
11,000,000(a) Westlake Automobile Receivables Trust, Series 2018-2A,
Class A2B, 2.488% (1 Month USD LIBOR + 33 bps),
9/15/21 (144A) 11,004,162
7,248,841 Wheels SPV 2 LLC, Series 2018-1A, Class A1, 2.55%,
7/20/19 (144A) 7,249,163
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 45
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
13,830(a) Wilshire Mortgage Loan Trust, Series 1997-2, Class A6,
2.496% (1 Month USD LIBOR + 28 bps), 5/25/28 $ 13,660
1,654,175(a) World Omni Auto Receivables Trust, Series 2017-A,
Class A2B, 2.298% (1 Month USD LIBOR +
14 bps), 8/17/20 1,654,312
7,913,874(a) World Omni Auto Receivables Trust, Series 2017-B,
Class A2B, 2.258% (1 Month USD LIBOR +
10 bps), 2/16/21 7,911,960
6,500,921 World Omni Auto Receivables Trust, Series 2018-A,
Class A2, 2.19%, 5/17/21 6,481,189
-----------------
Total Banks $ 1,802,690,458
--------------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.0%+
Hotels, Resorts & Cruise Lines -- 0.0%+
486,417 Westgate Resorts LLC, Series 2014-1A, Class A,
2.15%, 12/20/26 (144A) $ 484,958
2,271,358 Westgate Resorts LLC, Series 2014-1A, Class C,
5.5%, 12/20/26 (144A) 2,275,509
-----------------
Total Consumer Services $ 2,760,467
--------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.0%
Consumer Finance -- 0.9%
2,770,000(a) American Express Credit Account Master Trust,
Series 2013-2, Class A, 2.578% (1 Month USD
LIBOR + 42 bps), 5/17/21 $ 2,770,361
6,655,000(a) American Express Credit Account Master Trust, Series
2014-1, Class A, 2.528% (1 Month USD LIBOR +
37 bps), 12/15/21 6,667,905
3,025,000(a) Capital One Multi-Asset Execution Trust, Series
2014-A4, Class A4, 2.518% (1 Month USD LIBOR +
36 bps), 6/15/22 3,032,564
11,543,000(a) Capital One Multi-Asset Execution Trust, Series
2016-A1, Class A1, 2.608% (1 Month USD LIBOR +
45 bps), 2/15/22 11,568,633
4,045,000(a) Chase Issuance Trust, Series 2014-A5, Class A5,
2.528% (1 Month USD LIBOR + 37 bps), 4/15/21 4,051,876
16,545,000(a) Chase Issuance Trust, Series 2016-A1, Class A,
2.568% (1 Month USD LIBOR + 41 bps), 5/15/21 16,583,077
1,450,000 First Investors Auto Owner Trust, Series 2015-1A,
Class D, 3.59%, 1/18/22 (144A) 1,449,336
-----------------
$ 46,123,752
--------------------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.1%
4,043,625(a) Carlyle Global Market Strategies CLO, Ltd., Series
2013-2A, Class YR, 2.833% (3 Month USD LIBOR +
50 bps), 1/18/29 (144A) $ 4,042,489
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 0.0%+
1,303,244(a) 321 Henderson Receivables I LLC, Series 2006-2A,
Class A1, 2.358% (1 Month USD LIBOR + 20 bps),
6/15/41 (144A) $ 1,276,585
375,679(a) Mastr Specialized Loan Trust, Series 2006-1, Class A,
2.516% (1 Month USD LIBOR + 30 bps),
1/25/36 (144A) 375,525
-----------------
$ 1,652,110
-----------------
Total Diversified Financials $ 51,818,351
--------------------------------------------------------------------------------------------------------------------
ENERGY -- 0.1%
Oil & Gas Exploration & Production -- 0.1%
1,537,031 AXIS Equipment Finance Receivables IV LLC, Series
2016-1A, Class A, 2.21%, 11/20/21 (144A) $ 1,528,435
3,055,650(a) GM Financial Consumer Automobile Receivables Trust,
Series 2017-2A, Class A2B, 2.308% (1 Month USD
LIBOR + 15 bps), 5/18/20 (144A) 3,056,107
1,628,248 Wheels SPV 2 LLC, Series 2017-1A, Class A2, 1.88%,
4/20/26 (144A) 1,614,455
-----------------
Total Energy $ 6,198,997
--------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.3%
Health Care Distributors -- 0.2%
12,300,000(a) Verizon Owner Trust, Series 2018-1A, Class A1B,
2.425% (1 Month USD LIBOR + 26 bps),
9/20/22 (144A) $ 12,306,772
--------------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
3,697,442(a) Drug Royalty III LP 1, Series 2017-1A, Class A1, 4.839%
(3 Month USD LIBOR + 250 bps), 4/15/27 (144A) $ 3,712,643
-----------------
Total Health Care Equipment & Services $ 16,019,415
--------------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.2%
Property & Casualty Insurance -- 0.2%
9,300,000(a) Master Credit Card Trust II, Series 2018-3A, Class A,
2.522% (1 Month USD LIBOR + 34 bps),
1/21/22 (144A) $ 9,297,210
-----------------
Total Insurance $ 9,297,210
--------------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.5%
Steel -- 0.5%
2,116,523(a) Aegis Asset Backed Securities Trust Mortgage
Pass-Through Ctfs, Series 2004-3, Class M1, 3.116%
(1 Month USD LIBOR + 90 bps), 9/25/34 $ 2,138,370
958,512(a) First NLC Trust, Series 2005-2, Class M1, 2.696%
(1 Month USD LIBOR + 48 bps), 9/25/35 962,109
4,194,329(a) Home Equity Asset Trust, Series 2005-3, Class M4,
2.856% (1 Month USD LIBOR + 64 bps), 8/25/35 4,236,153
4,329,541(a) Home Equity Asset Trust, Series 2005-6, Class M2,
2.706% (1 Month USD LIBOR + 49 bps), 12/25/35 4,341,540
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 47
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Steel -- (continued)
157,407(a) Home Equity Asset Trust, Series 2005-7, Class M1,
2.666% (1 Month USD LIBOR + 45 bps), 1/25/36 $ 157,955
39,018(a) Mastr Asset Backed Securities Trust, Series 2005-WMC1,
Class M3, 2.936% (1 Month USD LIBOR +
72 bps), 3/25/35 39,212
7,067,618(a) New Century Home Equity Loan Trust, Series 2005-2,
Class M2, 2.891% (1 Month USD LIBOR +
68 bps), 6/25/35 7,072,330
756,246(a) Option One Mortgage Loan Trust, Series 2005-1,
Class A1B, 2.876% (1 Month USD LIBOR +
66 bps), 2/25/35 755,335
3,613,592(a) Option One Mortgage Loan Trust, Series 2005-4,
Class M1, 2.656% (1 Month USD LIBOR +
44 bps), 11/25/35 3,612,211
1,953,553(a) RASC Trust, Series 2005-KS7, Class M4, 3.086%
(1 Month USD LIBOR + 87 bps), 8/25/35 1,962,692
1,422,143(a) Wells Fargo Home Equity Asset-Backed Securities Trust,
Series 2005-3, Class M3, 2.906% (1 Month USD
LIBOR + 69 bps), 11/25/35 1,423,535
-----------------
Total Materials $ 26,701,442
--------------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Diversified Real Estate Activities -- 0.0%+
2,426,507(a) HSI Asset Securitization Corp. Trust, Series 2006-OPT1,
Class 2A4, 2.516% (1 Month USD LIBOR +
30 bps), 12/25/35 $ 2,420,531
--------------------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.0%+
93,406(c) Hilton Grand Vacations Trust, Series 2014-AA, Class B,
2.07%, 11/25/26 (144A) $ 91,798
-----------------
Total Real Estate $ 2,512,329
--------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Trucking -- 0.1%
3,600,000(a) Hertz Fleet Lease Funding LP, Series 2016-1, Class D,
5.483% (1 Month USD LIBOR + 335 bps),
4/10/30 (144A) $ 3,644,889
-----------------
Total Transportation $ 3,644,889
--------------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $1,922,714,924) $ 1,921,643,558
--------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 24.2% of Net Assets
BANKS -- 20.8%
Diversified Banks -- 0.0%+
1,750,000(a) Bancorp Commercial Mortgage Trust, Series 2016-CRE1,
Class B, 4.813% (1 Month USD LIBOR + 275 bps),
11/15/33 (144A) $ 1,752,308
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 20.8%
11,500,000(a) 280 Park Avenue Mortgage Trust, Series 2017-280P,
Class C, 3.408% (1 Month USD LIBOR + 125 bps),
9/15/34 (144A) $ 11,514,373
10,247,208(a) A10 Term Asset Financing LLC, Series 2017-1A,
Class A1FL, 3.008% (1 Month USD LIBOR + 85 bps),
3/15/36 (144A) 10,254,985
897,444(c) Agate Bay Mortgage Trust, Series 2014-3, Class A4,
3.0%, 11/25/44 (144A) 892,412
592,329(a) Alternative Loan Trust, Series 2004-6CB, Class A,
2.796% (1 Month USD LIBOR + 58 bps), 5/25/34 591,624
30,715(a) Alternative Loan Trust, Series 2004-J13, Class M1,
3.116% (1 Month USD LIBOR + 90 bps), 2/25/35 30,709
3,300,000(a) AMSR Trust, Series 2016-SFR1, Class C, 4.408%
(1 Month USD LIBOR + 225 bps), 11/17/33 (144A) 3,304,832
9,890,000(a) Arbor Realty Commercial Real Estate Notes, Ltd.,
Series 2017-FL1, Class A, 3.458% (1 Month USD
LIBOR + 130 bps), 4/15/27 (144A) 9,927,174
8,213,000(a) BAMLL Commercial Mortgage Securities Trust, Series
2014-FL1, Class B, 4.577% (1 Month USD LIBOR +
220 bps), 12/15/31 (144A) 8,229,297
50,423(a) Banc of America Funding Trust, Series 2005-A,
Class 5A2, 2.475% (1 Month USD LIBOR +
31 bps), 2/20/35 50,513
2,507,430(a) Banc of America Funding Trust, Series 2005-C,
Class A2, 2.415% (1 Month USD LIBOR +
25 bps), 5/20/35 2,494,041
106,169(c) Banc of America Mortgage Trust, Series 2004-I,
Class 1A1, 3.81%, 10/25/34 106,313
4,552,681(a) Bancorp Commercial Mortgage Trust, Series 2017-CRE2,
Class A, 2.981% (1 Month USD LIBOR + 85 bps),
8/15/32 (144A) 4,547,917
4,500,000(a) Bancorp Commercial Mortgage Trust, Series 2018-CRE4,
Class A, 3.07% (1 Month USD LIBOR + 90 bps),
9/15/35 (144A) 4,500,000
5,806,779 BCC Funding XIV LLC, Series 2018-1A, Class A1, 2.2%,
2/20/19 (144A) 5,804,907
13,500,000(a) BDS, Series 2018-FL2, Class A, 3.108% (1 Month USD
LIBOR + 95 bps), 8/15/35 (144A) 13,537,951
1,446,225(a) Bear Stearns ALT-A Trust, Series 2004-4, Class A1,
2.816% (1 Month USD LIBOR + 60 bps), 6/25/34 1,442,483
142,997(a) Bear Stearns ALT-A Trust, Series 2004-11, Class 1A2,
3.056% (1 Month USD LIBOR + 84 bps), 11/25/34 142,711
3,623,423(a) Bear Stearns ALT-A Trust, Series 2004-12, Class 1A1,
2.916% (1 Month USD LIBOR + 70 bps), 1/25/35 3,634,356
1,386,688(a) Bear Stearns ALT-A Trust, Series 2004-12, Class 1A2,
3.056% (1 Month USD LIBOR + 84 bps), 1/25/35 1,383,398
1,927,994(a) Bear Stearns ALT-A Trust, Series 2004-12, Class 1A3,
2.916% (1 Month USD LIBOR + 70 bps), 1/25/35 1,927,440
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 49
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
951,043(a) Bear Stearns ALT-A Trust, Series 2004-12, Class 1A4,
3.056% (1 Month USD LIBOR + 84 bps), 1/25/35 $ 950,571
352,795(a) Bear Stearns ALT-A Trust, Series 2004-13, Class A1,
2.956% (1 Month USD LIBOR + 74 bps), 11/25/34 352,884
431,171(a) Bear Stearns ALT-A Trust, Series 2005-2, Class 1A1,
2.716% (1 Month USD LIBOR + 50 bps), 3/25/35 431,134
8,416,223(a) Bear Stearns ALT-A Trust, Series 2005-7, Class 11A1,
2.756% (1 Month USD LIBOR + 54 bps), 8/25/35 8,410,657
147,043(c) Bear Stearns Mortgage Securities, Inc., Series 1997-6,
Class 3B1, 4.124%, 6/25/30 150,773
6,703,516(a) Bellemeade Re, Ltd., Series 2017-1, Class M1, 3.916%
(1 Month USD LIBOR + 170 bps), 10/25/27 (144A) 6,747,661
9,100,000(a) Bellemeade Re, Ltd., Series 2018-1A, Class M1B,
3.816% (1 Month USD LIBOR + 160 bps),
4/25/28 (144A) 9,145,621
17,540,000(a) Bellemeade Re, Ltd., Series 2018-2A, Class M1A,
3.166% (1 Month USD LIBOR + 95 bps),
8/25/28 (144A) 17,562,988
2,285,214(a) BSPRT Issuer, Ltd., Series 2017-FL2, Class A, 2.978%
(1 Month USD LIBOR + 82 bps), 10/15/34 (144A) 2,283,779
19,427,000(a) BSPRT Issuer, Ltd., Series 2018-FL4, Class A, 0.0%
(1 Month USD LIBOR + 105 bps), 9/15/35 (144A) 19,439,115
5,700,000(a) BTH-20 Mortgage-Backed Securities Trust, Series
2018-20, Class A, 4.665% (1 Month USD LIBOR +
250 bps), 9/24/20 (144A) 5,705,371
6,330,613(a) BX Trust, Series 2017-APPL, Class B, 3.308% (1 Month
USD LIBOR + 115 bps), 7/15/34 (144A) 6,334,562
11,800,000(a) BX Trust, Series 2017-IMC, Class B, 3.558% (1 Month
USD LIBOR + 140 bps), 10/15/32 (144A) 11,803,706
7,013,053(a) BX Trust, Series 2017-SLCT, Class B, 3.358% (1 Month
USD LIBOR + 120 bps), 7/15/34 (144A) 7,030,591
8,790,000(a) BXMT, Ltd., Series 2017-FL1, Class A, 3.028% (1 Month
USD LIBOR + 87 bps), 6/15/35 (144A) 8,803,763
8,000,000(a) BXP Trust, Series 2017-CQHP, Class B, 3.258% (1 Month
USD LIBOR + 110 bps), 11/15/34 (144A) 7,990,749
1,157,500(a) Canyon Capital CLO, Ltd., Series 2014-2A, Class X,
3.289% (3 Month USD LIBOR + 95 bps),
4/15/29 (144A) 1,158,707
825,000(a) Canyon Capital CLO, Ltd., Series 2015-1A, Class X,
3.289% (3 Month USD LIBOR + 95 bps),
4/15/29 (144A) 825,860
1,289,517(a) CG-CCRE Commercial Mortgage Trust, Series 2014-FL2,
Class A, 4.012% (1 Month USD LIBOR + 185 bps),
11/15/31 (144A) 1,289,745
10,300,000(a) CGDBB Commercial Mortgage Trust, Series 2017-BIOC,
Class B, 3.128% (1 Month USD LIBOR + 97 bps),
7/15/32 (144A) 10,306,459
The accompanying notes are an integral part of these financial statements.
50 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
5,700,000(a) CGMS Commercial Mortgage Trust, Series 2017-MDRC,
Class C, 3.363% (1 Month USD LIBOR + 130 bps),
7/15/30 (144A) $ 5,693,924
114,603(a) CHL Mortgage Pass-Through Trust, Series 2003-15,
Class 1A1, 2.716% (1 Month USD LIBOR +
50 bps), 6/25/18 114,598
2,296,875(a) CIFC Funding, Ltd., Series 2013-1A, Class X, 3.189%
(3 Month USD LIBOR + 85 bps), 7/16/30 (144A) 2,299,344
1,390,544(a) CIM Trust, Series 2015-4AG, Class A1, 4.104%
(1 Month USD LIBOR + 200 bps), 10/25/57 (144A) 1,429,811
1,964 Citicorp Mortgage Securities REMIC Pass-Through
Certificates Trust, Series 2005-4, Class 2A1,
5.0%, 7/25/20 2,001
5,076,780 Citigroup Commercial Mortgage Trust, Series
2013-GC17, Class A2, 2.962%, 11/10/46 5,074,586
1,500,000(a) Citigroup Commercial Mortgage Trust, Series
2015-SHP2, Class D, 5.458% (1 Month USD LIBOR +
330 bps), 7/15/27 (144A) 1,516,880
5,159,575(a) Citigroup Mortgage Loan Trust, Series 2014-5,
Class 1A2, 2.445% (1 Month USD LIBOR + 19 bps),
2/25/46 (144A) 5,151,437
6,700,000(a) CLNS Trust, Series 2017-IKPR, Class C, 3.231%
(1 Month USD LIBOR + 110 bps), 6/11/32 (144A) 6,708,376
7,668,000(a) Cold Storage Trust, Series 2017-ICE3, Class C, 3.508%
(1 Month USD LIBOR + 135 bps), 4/15/36 (144A) 7,701,556
1,500,000(a) Cold Storage Trust, Series 2017-ICE3, Class D, 4.258%
(1 Month USD LIBOR + 210 bps), 4/15/36 (144A) 1,508,444
714,211(a) Colony Starwood Homes Trust, Series 2016-1A, Class C,
4.808% (1 Month USD LIBOR + 265 bps),
7/17/33 (144A) 714,772
7,590,000(a) Colony Starwood Homes Trust, Series 2016-2A, Class B,
3.908% (1 Month USD LIBOR + 175 bps),
12/17/33 (144A) 7,612,567
9,490,324 COMM Mortgage Trust, Series 2014-CR15, Class A2,
2.928%, 2/10/47 9,489,124
15,573,000 COMM Mortgage Trust, Series 2014-CR16, Class A2,
3.042%, 4/10/47 15,584,384
449,485(a) COMM Mortgage Trust, Series 2014-FL5, Class B,
3.449% (1 Month USD LIBOR + 215 bps),
10/15/31 (144A) 448,918
9,255,000(a) COMM Mortgage Trust, Series 2014-PAT, Class A, 2.933%
(1 Month USD LIBOR + 80 bps), 8/13/27 (144A) 9,255,002
2,722,000(a) COMM Mortgage Trust, Series 2014-PAT, Class C, 3.783%
(1 Month USD LIBOR + 165 bps), 8/13/27 (144A) 2,722,001
7,340,000(a) COMM Mortgage Trust, Series 2014-TWC, Class B, 3.748%
(1 Month USD LIBOR + 160 bps), 2/13/32 (144A) 7,353,757
7,000,000(c) COMM Mortgage Trust, Series 2015-CR23, Class CMD,
3.807%, 5/10/48 (144A) 6,944,334
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 51
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
8,850,000(a) COMM Mortgage Trust, Series 2016-SAVA, Class B,
4.458% (1 Month USD LIBOR + 230 bps),
10/15/34 (144A) $ 8,895,539
5,713,000(a) COMM Mortgage Trust, Series 2017-DLTA, Class B,
3.098% (1 Month USD LIBOR + 94 bps),
8/15/35 (144A) 5,705,820
125,026(a) CSFB Mortgage-Backed Pass-Through Certificates,
Series 2004-AR5, Class 11A2, 2.956% (1 Month
USD LIBOR + 74 bps), 6/25/34 122,758
452,884(c) CSMC Trust, Series 2013-14R, Class 2A1, 2.5%,
10/27/37 (144A) 454,032
1,974,838(c) CSMC Trust, Series 2014-OAK1, Class 2A4, 3.0%,
11/25/44 (144A) 1,967,167
1,036,500(c) CSMC Trust, Series 2014-SAF1, Class A12, 4.0%,
3/25/44 (144A) 1,037,086
433,942(c) CSMC Trust, Series 2014-WIN1, Class 2A5, 3.0%,
9/25/44 (144A) 436,285
2,673,390(c) CSMC Trust, Series 2015-3, Class A3, 3.5%,
3/25/45 (144A) 2,683,415
10,380,000(a) CSMC Trust, Series 2017-HD, Class B, 3.508%
(1 Month USD LIBOR + 135 bps), 2/15/31 (144A) 10,386,424
9,250,000(a) DBCG Mortgage Trust, Series 2017-BBG, Class A, 2.858%
(1 Month USD LIBOR + 70 bps), 6/15/34 (144A) 9,255,003
1,993,333(a) Deer Creek CLO, Ltd., Series 2017-1A, Class X, 3.348%
(3 Month USD LIBOR + 100 bps), 10/20/30 (144A) 1,992,958
1,174,461(a) Fannie Mae Connecticut Avenue Securities, Series
2014-C01, Class M1, 3.816% (1 Month USD LIBOR +
160 bps), 1/25/24 1,180,973
17,168,835(a) Fannie Mae Connecticut Avenue Securities, Series
2014-C02, Class 1M2, 4.816% (1 Month USD LIBOR +
260 bps), 5/25/24 18,262,455
4,266,540(a) Fannie Mae Connecticut Avenue Securities, Series
2014-C04, Class 1M2, 7.116% (1 Month USD LIBOR +
490 bps), 11/25/24 4,885,423
10,854,000(a) Fannie Mae Connecticut Avenue Securities, Series
2016-C01, Class 1M2, 8.966% (1 Month USD LIBOR +
675 bps), 8/25/28 13,079,708
838,802(a) Fannie Mae Connecticut Avenue Securities, Series
2016-C05, Class 2M1, 3.566% (1 Month USD LIBOR +
135 bps), 1/25/29 841,144
2,202,292(a) Fannie Mae Connecticut Avenue Securities, Series
2016-C07, Class 2M1, 3.516% (1 Month USD LIBOR +
130 bps), 5/25/29 2,209,473
2,491,940(a) Fannie Mae Connecticut Avenue Securities, Series
2017-C01, Class 1M1, 3.516% (1 Month USD LIBOR +
130 bps), 7/25/29 2,508,940
2,520,775(a) Fannie Mae Connecticut Avenue Securities, Series
2017-C02, Class 2M1, 3.366% (1 Month USD LIBOR +
115 bps), 9/25/29 2,536,033
The accompanying notes are an integral part of these financial statements.
52 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
9,663,598(a) Fannie Mae Connecticut Avenue Securities, Series
2017-C03, Class 1M1, 3.166% (1 Month USD LIBOR +
95 bps), 10/25/29 $ 9,723,101
2,943,497(a) Fannie Mae Connecticut Avenue Securities, Series
2017-C04, Class 2M1, 3.066% (1 Month USD LIBOR +
85 bps), 11/25/29 2,953,663
3,265,021(a) Fannie Mae Connecticut Avenue Securities, Series
2017-C05, Class 1M1, 2.766% (1 Month USD LIBOR +
55 bps), 1/25/30 3,267,974
10,526,604(a) Fannie Mae Connecticut Avenue Securities, Series
2017-C05, Class 1M2B, 4.416% (1 Month USD LIBOR +
220 bps), 1/25/30 10,911,878
9,873,392(a) Fannie Mae Connecticut Avenue Securities, Series
2017-C07, Class 1M2A, 4.616% (1 Month USD LIBOR +
240 bps), 5/25/30 10,234,363
948,775(a) Fannie Mae Connecticut Avenue Securities, Series
2018-C01, Class 1M1, 2.816% (1 Month USD LIBOR +
60 bps), 7/25/30 950,057
11,787,515(a) Fannie Mae Connecticut Avenue Securities, Series
2018-C02, Class 2M1, 2.866% (1 Month USD LIBOR +
65 bps), 8/25/30 11,803,858
15,200,146(a) Fannie Mae Connecticut Avenue Securities, Series
2018-C04, Class 2M1, 2.966% (1 Month USD LIBOR +
75 bps), 12/25/30 15,222,724
7,628,749(a) Fannie Mae Connecticut Avenue Securities, Series
2018-C05, Class 1M1, 2.936% (1 Month USD LIBOR +
72 bps), 1/25/31 7,642,534
1,911,108(a) Federal Home Loan Mortgage Corp. REMICS, Series
2396, Class FE, 2.758% (1 Month USD LIBOR +
60 bps), 12/15/31 1,931,332
561,360(a) Federal National Mortgage Association REMICS,
Series 2002-13, Class FD, 3.116% (1 Month USD
LIBOR + 90 bps), 3/25/32 571,402
197,905(a) Federal National Mortgage Association REMICS,
Series 2002-34, Class FA, 2.665% (1 Month USD
LIBOR + 50 bps), 5/18/32 199,173
344,654(a) Federal National Mortgage Association REMICS,
Series 2004-79, Class FM, 2.516% (1 Month USD
LIBOR + 30 bps), 11/25/24 345,442
3,093,149(a) Federal National Mortgage Association REMICS,
Series 2007-1, Class NF, 2.466% (1 Month USD
LIBOR + 25 bps), 2/25/37 3,092,082
2,417,409(a) Federal National Mortgage Association REMICS,
Series 2007-4, Class FM, 2.466% (1 Month USD
LIBOR + 25 bps), 2/25/37 2,412,265
201,207 Federal National Mortgage Association REMICS,
Series 2010-112, Class AE, 2.0%, 10/25/25 199,797
5,391,796(a) Federal National Mortgage Association REMICS,
Series 2011-124, Class KF, 2.616% (1 Month USD
LIBOR + 40 bps), 12/25/40 5,414,715
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 53
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
4,049,602(a) Federal National Mortgage Association, Connecticut
Avenue Securities, Series 2018-C03, Class 1M1,
2.896% (1 Month USD LIBOR + 68 bps), 10/25/30 $ 4,056,593
1,729,423(c) FirstKey Mortgage Trust, Series 2014-1, Class A2,
3.0%, 11/25/44 (144A) 1,719,813
7,388,062 Freddie Mac Multifamily Structured Pass Through
Certificates, Series KJ09, Class A1, 2.016%, 4/25/22 7,208,294
9,528,000(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2016-DNA2, Class M3, 6.866% (1 Month USD
LIBOR + 465 bps), 10/25/28 10,969,366
5,000,000(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2017-HRP1, Class M2, 4.666% (1 Month USD
LIBOR + 245 bps), 12/25/42 5,147,344
9,991,806(c) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2018-SPI2, Class M1, 3.82%, 5/25/48 (144A) 9,985,921
4,037,943(c) Freddie Mac Whole Loan Securities Trust, Series
2015-SC02, Class M1, 3.677%, 9/25/45 4,031,907
5,000,000(c) FREMF Mortgage Trust, Series 2010-K6, Class B,
5.542%, 12/25/46 (144A) 5,117,185
1,650,000(c) FREMF Mortgage Trust, Series 2012-K709, Class C,
3.872%, 4/25/45 (144A) 1,651,399
7,645,000(c) FREMF Mortgage Trust, Series 2012-K711, Class B,
3.693%, 8/25/45 (144A) 7,654,338
9,900,000(c) FREMF Mortgage Trust, Series 2013-K712, Class B,
3.473%, 5/25/45 (144A) 9,898,123
5,042,070(a) FREMF Mortgage Trust, Series 2014-KF03, Class B,
6.614% (1 Month USD LIBOR + 450 bps),
1/25/21 (144A) 5,276,664
797,851(a) GAHR Commercial Mortgage Trust, Series 2015-NRF,
Class AFL1, 3.613% (1 Month USD LIBOR + 130 bps),
12/15/34 (144A) 798,100
1,000,000(c) GAHR Commercial Mortgage Trust, Series 2015-NRF,
Class CFX, 3.495%, 12/15/34 (144A) 996,969
11,000,000(c) GAHR Commercial Mortgage Trust, Series 2015-NRF,
Class DFX, 3.495%, 12/15/34 (144A) 10,935,899
120,131(a) Global Mortgage Securitization, Ltd., Series 2004-A,
Class A2, 2.536% (1 Month USD LIBOR + 32 bps),
11/25/32 (144A) 114,048
2,057,614(a) Global Mortgage Securitization, Ltd., Series 2005-A,
Class A2, 2.486% (1 Month USD LIBOR + 27 bps),
4/25/32 (144A) 2,003,506
680,862(a) Gosforth Funding Plc, Series 2016-1A, Class A1A,
3.014% (3 Month USD LIBOR + 70 bps),
2/15/58 (144A) 681,427
6,500,000(a) Gosforth Funding Plc, Series 2018-1A, Class A1,
2.714% (3 Month USD LIBOR + 45 bps),
8/25/60 (144A) 6,498,784
The accompanying notes are an integral part of these financial statements.
54 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,412,796(a) Government National Mortgage Association, Series
2003-11, Class FA, 2.508% (1 Month USD LIBOR +
35 bps), 2/16/33 $ 1,416,892
7,300,000(a) GPMT, Ltd., Series 2018-FL1, Class A, 3.082% (1 Month
USD LIBOR + 90 bps), 11/21/35 (144A) 7,300,018
3,250,000(a) GPMT, Ltd., Series 2018-FL1, Class AS, 3.382%
(1 Month USD LIBOR + 120 bps), 11/21/35 (144A) 3,253,023
9,750,000(a) Great Wolf Trust, Series 2017-WOLF, Class C, 3.628%
(1 Month USD LIBOR + 132 bps), 9/15/34 (144A) 9,759,153
11,500,000(a) GS Mortgage Securities Corp. Trust, Series 2017-500K,
Class B, 3.058% (1 Month USD LIBOR + 90 bps),
7/15/32 (144A) 11,499,982
3,500,000(a) GS Mortgage Securities Corp. Trust, Series 2017-STAY,
Class B, 3.258% (1 Month USD LIBOR + 110 bps),
7/15/32 (144A) 3,515,982
14,700,000(a) GS Mortgage Securities Corp. Trust, Series 2018-TWR,
Class A, 3.058% (1 Month USD LIBOR + 90 bps),
7/15/31 (144A) 14,700,685
8,350,000(c) GS Mortgage Securities REMIC Trust, Series 2015-FRR1,
Class K3A, 4.461%, 6/27/41 8,346,173
1,035,770(a) GS Mortgage Securities Trust, Series 2014-GSFL,
Class D, 5.485% (1 Month USD LIBOR + 390 bps),
7/15/31 (144A) 1,041,822
70,641(a) GSAA Home Equity Trust, Series 2004-8, Class A3A,
2.956% (1 Month USD LIBOR + 74 bps), 9/25/34 70,681
4,350,000(a) Holmes Master Issuer Plc, Series 2018-2A, Class A2,
2.561% (3 Month USD LIBOR + 42 bps),
10/15/54 (144A) 4,351,022
1,250,000(a) Home Partners of America Trust, Series 2016-2, Class C,
4.558% (1 Month USD LIBOR + 240 bps),
10/17/33 (144A) 1,250,711
14,918,655(a) Home Partners of America Trust, Series 2017-1, Class A,
2.975% (1 Month USD LIBOR + 82 bps),
7/17/34 (144A) 14,934,952
7,200,000(a) Home Partners of America Trust, Series 2017-1, Class B,
3.508% (1 Month USD LIBOR + 135 bps),
7/17/34 (144A) 7,212,779
1,444,542(a) HomeBanc Mortgage Trust, Series 2004-2, Class A1,
2.956% (1 Month USD LIBOR + 74 bps), 12/25/34 1,439,744
3,781,701(a) HomeBanc Mortgage Trust, Series 2005-3, Class A1,
2.456% (1 Month USD LIBOR + 24 bps), 7/25/35 3,755,757
2,896,550(a) Homestar Mortgage Acceptance Corp., Series 2004-1,
Class A1, 2.856% (1 Month USD LIBOR +
64 bps), 3/25/34 2,859,127
4,000,000(a) Hospitality Mortgage Trust, Series 2017-HIT, Class E,
5.683% (1 Month USD LIBOR + 355 bps),
5/8/30 (144A) 4,018,770
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 55
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
8,300,000(a) Hudsons Bay Simon JV Trust, Series 2015-HBFL,
Class AFL, 3.94% (1 Month USD LIBOR + 158 bps),
8/5/34 (144A) $ 8,312,731
10,200,000(a) Hunt CRE, Ltd., Series 2017-FL1, Class A, 3.158%
(1 Month USD LIBOR + 100 bps), 8/15/34 (144A) 10,222,538
6,850,000(a) Hyatt Hotel Portfolio Trust, Series 2017-HYT2, Class B,
3.115% (1 Month USD LIBOR + 96 bps),
8/9/32 (144A) 6,847,872
7,100,000(a) Hyatt Hotel Portfolio Trust, Series 2017-HYT2, Class C,
3.215% (1 Month USD LIBOR + 106 bps),
8/9/32 (144A) 7,099,997
8,300,000(a) IMT Trust, Series 2017-APTS, Class BFL, 3.108%
(1 Month USD LIBOR + 95 bps), 6/15/34 (144A) 8,299,987
12,845,000(a) InTown Hotel Portfolio Trust, Series 2018-STAY, Class A,
2.858% (1 Month USD LIBOR + 70 bps),
1/15/33 (144A) 12,837,346
21,442(c) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2004-LN2, Class A1A, 4.838%, 7/15/41 (144A) 21,496
47,243(a) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2006-LDP9, Class A3SF, 2.313% (1 Month USD
LIBOR + 16 bps), 5/15/47 47,183
720,779(a) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2014-FL4, Class C, 4.358% (1 Month USD
LIBOR + 220 bps), 12/15/30 (144A) 721,270
2,000,000(a) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2014-FL4, Class E, 6.158% (1 Month USD
LIBOR + 400 bps), 12/15/30 (144A) 1,998,167
3,500,000(a) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2017-FL11, Class B, 3.258% (1 Month USD
LIBOR + 110 bps), 10/15/32 (144A) 3,504,329
7,300,000(a) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2018-PHH, Class B, 3.318% (1 Month USD
LIBOR + 116 bps), 6/15/35 (144A) 7,311,418
2,800,000(a) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2018-WPT, Class BFL, 3.71% (1 Month USD
LIBOR + 125 bps), 7/5/33 (144A) 2,793,009
4,000,000(a) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2018-WPT, Class CFL, 4.11% (1 Month USD
LIBOR + 165 bps), 7/5/33 (144A) 3,990,023
8,752,113(a) JP Morgan Mortgage Trust, Series 2018-7FRB, Class A2,
2.815% (1 Month USD LIBOR + 75 bps),
4/25/46 (144A) 8,766,583
2,968,908(a) JP Morgan Seasoned Mortgage Trust, Series 2014-1,
Class AM, 2.716% (1 Month USD LIBOR + 50 bps),
5/25/33 (144A) 2,946,120
7,206,837(c) JP Morgan Seasoned Mortgage Trust, Series 2014-1,
Class B1, 2.847%, 5/25/33 (144A) 7,127,585
1,495,559(c) JP Morgan Trust, Series 2015-1, Class 1A14, 2.5%,
12/25/44 (144A) 1,493,357
The accompanying notes are an integral part of these financial statements.
56 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
6,595,151 JPMBB Commercial Mortgage Securities Trust, Series
2013-C15, Class A2, 2.977%, 11/15/45 $ 6,588,489
6,924,428 JPMBB Commercial Mortgage Securities Trust, Series
2014-C19, Class A2, 3.046%, 4/15/47 6,925,773
4,900,000 JPMBB Commercial Mortgage Securities Trust, Series
2014-C22, Class A2, 3.037%, 9/15/47 4,901,243
4,400,000(a) Lanark Master Issuer Plc, Series 2018-1A, Class 1A,
2.73% (3 Month USD LIBOR + 42 bps),
12/22/69 (144A) 4,400,673
526,027(a) Lehman XS Trust, Series 2005-2, Class 1A2, 2.916%
(1 Month USD LIBOR + 70 bps), 8/25/35 522,283
6,440,000(a) LMREC, Inc., Series 2016-CRE2, Class A, 2.696%
(1 Month USD LIBOR + 170 bps), 11/24/31 (144A) 6,440,000
91,527(a) LSTAR Securities Investment, Ltd., Series 2017-5,
Class A, 0.041% (1 Month USD LIBOR + 200 bps),
5/1/22 (144A) 91,527
3,834,687(a) LSTAR Securities Investment, Ltd., Series 2017-6,
Class A, 3.832% (1 Month USD LIBOR + 175 bps),
9/1/22 (144A) 3,837,084
2,216,606(a) LSTAR Securities Investment, Ltd., Series 2017-7,
Class A, 0.039% (1 Month USD LIBOR + 175 bps),
10/1/22 (144A) 2,232,553
2,490,920(a) LSTAR Securities Investment, Ltd., Series 2017-8,
Class A, 0.038% (1 Month USD LIBOR + 165 bps),
11/1/22 (144A) 2,504,902
3,665,899(a) LSTAR Securities Investment, Ltd., Series 2017-9,
Class A, 3.632% (1 Month USD LIBOR + 155 bps),
12/1/22 (144A) 3,668,191
6,789,493(a) LSTAR Securities Investment, Ltd., Series 2018-1,
Class A, 3.654% (1 Month USD LIBOR + 155 bps),
2/1/23 (144A) 6,810,169
106,348 MarketPlace Loan Trust, Series 2016-BS1, Class A,
4.5%, 1/15/21 (144A) 106,302
510,015(a) Merrill Lynch Mortgage Investors Trust, Series 2003-G,
Class A1, 2.856% (1 Month USD LIBOR +
64 bps), 1/25/29 495,836
136,555(c) Merrill Lynch Mortgage Investors Trust, Series 2003-G,
Class A3, 3.673%, 1/25/29 135,890
877,979(a) Merrill Lynch Mortgage Investors Trust, Series 2003-H,
Class A1, 2.856% (1 Month USD LIBOR +
64 bps), 1/25/29 868,332
683,517(a) Merrill Lynch Mortgage Investors Trust, Series 2004-B,
Class A2, 3.038% (6 Month USD LIBOR +
54 bps), 5/25/29 679,055
56,494(a) Merrill Lynch Mortgage Investors Trust, Series 2004-C,
Class A2B, 3.504% (6 Month USD LIBOR +
100 bps), 7/25/29 56,803
127,577(c) Merrill Lynch Mortgage Investors Trust, Series 2004-D,
Class A3, 4.178%, 9/25/29 127,334
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 57
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
226,789(a) Merrill Lynch Mortgage Investors Trust, Series 2004-G,
Class A2, 3.104% (6 Month USD LIBOR +
60 bps), 1/25/30 $ 222,522
5,274,117 Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2014-C15, Class A2, 2.979%, 4/15/47 5,271,835
2,312,400(c) Morgan Stanley Capital I Trust, Series 2007-T25,
Class AJ, 5.574%, 11/12/49 2,334,784
8,500,000(a) Morgan Stanley Capital I Trust, Series 2017-ASHF,
Class B, 3.408% (1 Month USD LIBOR + 125 bps),
11/15/34 (144A) 8,500,003
1,100,000(a) Morgan Stanley Capital I Trust, Series 2017-CLS,
Class B, 3.008% (1 Month USD LIBOR + 85 bps),
11/15/34 (144A) 1,100,000
7,650,000(a) Morgan Stanley Capital I Trust, Series 2017-CLS,
Class C, 3.158% (1 Month USD LIBOR + 100 bps),
11/15/34 (144A) 7,650,004
6,675,000(a) Morgan Stanley Capital I Trust, Series 2018-BOP,
Class B, 3.408% (1 Month USD LIBOR + 125 bps),
8/15/33 (144A) 6,679,157
526,029(a) Morgan Stanley Mortgage Loan Trust, Series 2005-6AR,
Class 1A1, 2.496% (1 Month USD LIBOR +
28 bps), 11/25/35 528,065
4,924,541(a) Morgan Stanley Mortgage Loan Trust, Series 2005-6AR,
Class 1A4, 2.586% (1 Month USD LIBOR +
37 bps), 11/25/35 4,934,843
8,325,859(c) Morgan Stanley Residential Mortgage Loan Trust,
Series 2014-1A, Class A1, 2.971%, 6/25/44 (144A) 8,389,011
1,712,431(a) MortgageIT Trust, Series 2004-1, Class A1, 2.996%
(1 Month USD LIBOR + 78 bps), 11/25/34 1,680,062
9,006,150(a) Motel 6 Trust, Series 2017-MTL6, Class C, 3.558%
(1 Month USD LIBOR + 140 bps), 8/15/34 (144A) 9,011,805
1,039,674(a) MRFC Mortgage Pass-Through Trust, Series 2000-TBC3,
Class A1, 2.598% (1 Month USD LIBOR +
44 bps), 12/15/30 1,007,078
503,176(a) NorthStar, Series 2016-1A, Class A, 3.816% (1 Month
USD LIBOR + 160 bps), 9/25/31 (144A) 503,430
4,570,512(c) Oaks Mortgage Trust, Series 2015-1, Class A9, 3.0%,
4/25/46 (144A) 4,545,655
14,285,000(a) Oaktown Re II, Ltd., Series 2018-1A, Class M1, 3.766%
(1 Month USD LIBOR + 155 bps), 7/25/28 (144A) 14,302,882
735,000 OBP Depositor LLC Trust, Series 2010-OBP, Class A,
4.646%, 7/15/45 (144A) 749,266
1,814,564(a) Opteum Mortgage Acceptance Corp. Asset Backed
Pass-Through Certificates, Series 2005-4, Class 1A2,
2.606% (1 Month USD LIBOR + 39 bps), 11/25/35 1,791,986
787,675(a) Pepper Residential Securities Trust No. 17, Series 17A,
Class A1UA, 3.233% (1 Month USD LIBOR + 110 bps),
3/10/58 (144A) 787,748
The accompanying notes are an integral part of these financial statements.
58 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,129,375(a) Pepper Residential Securities Trust No. 18, Series 18A,
Class A1UA, 3.089% (1 Month USD LIBOR + 95 bps),
3/12/47 (144A) $ 3,126,349
4,000,000(a) Pepper Residential Securities Trust No. 19, Series 19A,
Class A1U1, 2.489% (1 Month USD LIBOR + 35 bps),
10/12/18 (144A) 3,999,584
4,500,000(a) Pepper Residential Securities Trust No. 20, Series 20A,
Class A1U1, 2.658% (1 Month USD LIBOR + 50 bps),
3/16/19 (144A) 4,492,129
6,212,252(a) Pepper Residential Securities Trust No. 21, Series 21A,
Class A1U, 3.038% (1 Month USD LIBOR + 88 bps),
1/16/60 (144A) 6,204,363
7,250,000 Permanent Master Issuer Plc, Series 2018-1A,
2.75%, 7/15/58 7,238,828
1,176,019(a) PFP, Ltd., Series 2017-3, Class A, 3.208% (1 Month
USD LIBOR + 105 bps), 1/14/35 (144A) 1,176,642
376,165(c) PMT Loan Trust, Series 2013-J1, Class A6, 3.5%,
9/25/43 (144A) 375,511
1,698,325(a) Progress Residential Trust, Series 2016-SFR2, Class A,
3.558% (1 Month USD LIBOR + 140 bps),
1/17/34 (144A) 1,700,972
10,550,000(a) Progress Residential Trust, Series 2016-SFR2, Class B,
3.908% (1 Month USD LIBOR + 175 bps),
1/17/34 (144A) 10,566,344
12,330,000(a) Radnor Re, Ltd., Series 2018-1, Class M1, 3.616%
(1 Month USD LIBOR + 140 bps), 3/25/28 (144A) 12,350,522
586(a) RALI Trust, Series 2002-QS16, Class A2, 2.766%
(1 Month USD LIBOR + 55 bps), 10/25/17 587
357,874(a) ReadyCap Commercial Mortgage Trust, Series 2017-FL1,
Class A, 3.066% (1 Month USD LIBOR + 85 bps),
5/25/34 (144A) 357,874
1,096,901 ReadyCap Mortgage Trust, Series 2016-3, Class A,
2.94%, 11/20/38 (144A) 1,089,411
2,748,873(a) RESI Finance LP, Series 2003-CB1, Class B3, 3.583%
(1 Month USD LIBOR + 145 bps), 6/10/35 (144A) 2,443,830
935,758(a) Resimac Premier, Series 2014-1A, Class A1, 3.534%
(3 Month USD LIBOR + 70 bps), 12/12/45 (144A) 933,085
1,920,460(a) Resimac Premier, Series 2016-1A, Class A1, 3.523%
(1 Month USD LIBOR + 139 bps), 10/10/47 (144A) 1,923,335
4,322,044(a) Resimac Premier, Series 2017-1A, Class A1A, 3.081%
(1 Month USD LIBOR + 95 bps), 9/11/48 (144A) 4,318,426
5,304,725(a) Resimac Premier, Series 2018-1A, Class A1, 2.933%
(1 Month USD LIBOR + 80 bps), 11/10/49 (144A) 5,286,843
6,605,962(a) Resource Capital Corp., Ltd., Series 2017-CRE5,
Class A, 2.958% (1 Month USD LIBOR + 80 bps),
7/15/34 (144A) 6,605,953
10,516,804(a) RETL, Series 2018-RVP, Class A, 3.258% (1 Month USD
LIBOR + 110 bps), 3/15/33 (144A) 10,556,266
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 59
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
17,788,636(a) Shelter Growth CRE Issuer, Ltd., Series 2018-FL1,
Class A, 3.158% (1 Month USD LIBOR + 100 bps),
1/15/35 (144A) $ 17,810,995
468,750(a) Silver Creek CLO, Ltd., Series 2014-1A, Class X, 3.198%
(3 Month USD LIBOR + 85 bps), 7/20/30 (144A) 469,140
5,600,000(a) Silverstone Master Issuer Plc, Series 2018-1A,
Class 1A, 2.725% (3 Month USD LIBOR + 39 bps),
1/21/70 (144A) 5,582,102
7,300,000(a) SLIDE, Series 2018-FUN, Class B, 3.32% (1 Month
USD LIBOR + 125 bps), 6/15/31 (144A) 7,315,936
9,100,000(a) STACR Trust, Series 2018-DNA3, Class M1, 2.884%
(1 Month USD LIBOR + 75 bps), 9/25/48 (144A) 9,117,679
10,652,889(a) STACR Trust, Series 2018-HRP1, Class M2, 3.866%
(1 Month USD LIBOR + 165 bps), 4/25/43 (144A) 10,777,403
3,097,274(a) STACR Trust, Series 2018-HRP1, Class M2A, 3.866%
(1 Month USD LIBOR + 165 bps), 4/25/43 (144A) 3,130,415
7,500,000(a) Starwood Waypoint Homes Trust, Series 2017-1,
Class B, 3.328% (1 Month USD LIBOR + 117 bps),
1/17/35 (144A) 7,505,977
8,251,043(a) Stonemont Portfolio Trust, Series 2017-MONT, Class B,
3.265% (1 Month USD LIBOR + 110 bps),
8/20/30 (144A) 8,250,991
22,586(a) Structured Asset Securities Corp. Mortgage Pass-Through
Ctfs, Series 1998-8, Class M1, 3.156% (1 Month USD
LIBOR + 94 bps), 8/25/28 22,622
4,743,147(c) Sutherland Commercial Mortgage Loans, Series
2017-SBC6, Class A, 3.192%, 5/25/37 (144A) 4,745,068
5,140,947(a) Symphony CLO VIII LP, Series 2012-8A, Class BR,
3.847% (1 Month USD LIBOR + 175 bps),
1/9/23 (144A) 5,141,282
3,062,500(a) TCI-Symphony CLO, Ltd., Series 2017-1A, Class X,
3.139% (3 Month USD LIBOR + 80 bps),
7/15/30 (144A) 3,064,138
4,674,142(a) Tharaldson Hotel Portfolio Trust, Series 2018-THL,
Class C, 3.471% (1 Month USD LIBOR + 135 bps),
11/11/34 (144A) 4,685,792
368,575(c) WaMu Commercial Mortgage Securities Trust, Series
2006-SL1, Class B, 2.832%, 11/23/43 (144A) 368,105
5,677,000(c) WaMu Commercial Mortgage Securities Trust, Series
2006-SL1, Class C, 2.964%, 11/23/43 (144A) 5,694,221
11,800,000(a) Wells Fargo Commercial Mortgage Trust, Series
2017-SMP, Class C, 3.358% (1 Month USD LIBOR +
120 bps), 12/15/34 (144A) 11,826,451
241,209(a) Wells Fargo Credit Risk Transfer Securities Trust, Series
2015-WF1, Class 2M1, 5.066% (1 Month USD
LIBOR + 285 bps), 11/25/25 (144A) 242,101
8,483,429(c) WinWater Mortgage Loan Trust, Series 2015-2, Class A5,
3.0%, 2/20/45 (144A) 8,383,019
The accompanying notes are an integral part of these financial statements.
60 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
9,836,773(c) WinWater Mortgage Loan Trust, Series 2015-3,
Class A17, 2.5%, 3/20/45 (144A) $ 9,637,372
-----------------
$ 1,113,399,146
-----------------
Total Banks $ 1,115,151,454
--------------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.1%
Construction & Engineering -- 0.0%+
548,587(a) Velocity Commercial Capital Loan Trust, Series 2016-1,
Class AFL, 4.666% (1 Month USD LIBOR + 245 bps),
4/25/46 (144A) $ 556,441
--------------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
1,393,235 VSD LLC, Series 2017-PLT1, 3.95%, 12/25/43 $ 1,392,834
-----------------
Total Capital Goods $ 1,949,275
--------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Specialized Finance -- 0.4%
23,151,253 Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2014-C14, Class A2, 2.916%, 2/15/47 $ 23,141,407
-----------------
Total Diversified Financials $ 23,141,407
--------------------------------------------------------------------------------------------------------------------
ENERGY -- 0.2%
Oil & Gas Exploration & Production -- 0.2%
4,430,000(a) Arbor Realty Commercial Real Estate Notes, Ltd.,
Series 2016-FL1A, Class A, 3.858% (1 Month USD
LIBOR + 170 bps), 9/15/26 (144A) $ 4,459,994
3,473,358(a) Oaktown Re, Ltd., Series 2017-1A, Class M1, 4.466%
(1 Month USD LIBOR + 225 bps), 4/25/27 (144A) 3,487,016
3,463,316(a) RAIT Trust, Series 2017-FL7, Class A, 3.108% (1 Month
USD LIBOR + 95 bps), 6/15/37 (144A) 3,464,364
-----------------
Total Energy $ 11,411,374
--------------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 2.6%
240,232(a) Fannie Mae Connecticut Avenue Securities, Series
2013-C01, Class M1, 4.216% (1 Month USD LIBOR +
200 bps), 10/25/23 $ 240,740
1,071,992(a) Fannie Mae Connecticut Avenue Securities, Series
2014-C02, Class 1M1, 3.166% (1 Month USD LIBOR +
95 bps), 5/25/24 1,073,893
285,404(a) Fannie Mae Connecticut Avenue Securities, Series
2016-C01, Class 1M1, 4.166% (1 Month USD LIBOR +
195 bps), 8/25/28 286,337
329,519(a) Fannie Mae Connecticut Avenue Securities, Series
2016-C02, Class 1M1, 4.366% (1 Month USD LIBOR +
215 bps), 9/25/28 330,836
541,637(a) Federal Home Loan Mortgage Corp. REMICS, Series
1695, Class EG, 3.208% (1 Month USD LIBOR +
105 bps), 3/15/24 552,248
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 61
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
225,758(a) Federal Home Loan Mortgage Corp. REMICS, Series
2106, Class F, 2.608% (1 Month USD LIBOR +
45 bps), 12/15/28 $ 226,292
127,928(a) Federal Home Loan Mortgage Corp. REMICS, Series
2122, Class FD, 2.508% (1 Month USD LIBOR +
35 bps), 2/15/29 127,804
48,611(a) Federal Home Loan Mortgage Corp. REMICS, Series
2156, Class FQ, 2.508% (1 Month USD LIBOR +
35 bps), 5/15/29 48,904
261,549(a) Federal Home Loan Mortgage Corp. REMICS,
Series 2186, Class FY, 2.758% (1 Month USD LIBOR +
60 bps), 4/15/28 265,491
43,594(a) Federal Home Loan Mortgage Corp. REMICS, Series
2368, Class AF, 3.108% (1 Month USD LIBOR +
95 bps), 10/15/31 44,240
57,786(a) Federal Home Loan Mortgage Corp. REMICS, Series
2377, Class FE, 2.758% (1 Month USD LIBOR +
60 bps), 11/15/31 58,638
150,493(a) Federal Home Loan Mortgage Corp. REMICS, Series
2411, Class FR, 2.758% (1 Month USD LIBOR +
60 bps), 6/15/31 152,709
85,433(a) Federal Home Loan Mortgage Corp. REMICS, Series
2432, Class FH, 2.858% (1 Month USD LIBOR +
70 bps), 3/15/32 86,492
306,191(a) Federal Home Loan Mortgage Corp. REMICS, Series
2439, Class F, 3.158% (1 Month USD LIBOR +
100 bps), 3/15/32 313,432
423,379(a) Federal Home Loan Mortgage Corp. REMICS, Series
2470, Class AF, 3.158% (1 Month USD LIBOR +
100 bps), 3/15/32 435,727
258,696(a) Federal Home Loan Mortgage Corp. REMICS, Series
2471, Class FD, 3.158% (1 Month USD LIBOR +
100 bps), 3/15/32 264,814
61,721(a) Federal Home Loan Mortgage Corp. REMICS, Series
2498, Class FQ, 2.758% (1 Month USD LIBOR +
60 bps), 9/15/32 62,543
58,824(a) Federal Home Loan Mortgage Corp. REMICS, Series
2543, Class EF, 2.508% (1 Month USD LIBOR +
35 bps), 12/15/32 58,790
529,780(a) Federal Home Loan Mortgage Corp. REMICS, Series
2551, Class FD, 2.558% (1 Month USD LIBOR +
40 bps), 1/15/33 531,909
288,894(a) Federal Home Loan Mortgage Corp. REMICS, Series
2567, Class FJ, 2.558% (1 Month USD LIBOR +
40 bps), 2/15/33 289,113
154,923(a) Federal Home Loan Mortgage Corp. REMICS, Series
2577, Class FA, 2.708% (1 Month USD LIBOR +
55 bps), 2/15/33 156,669
The accompanying notes are an integral part of these financial statements.
62 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
12,662(a) Federal Home Loan Mortgage Corp. REMICS, Series
2585, Class FD, 2.658% (1 Month USD LIBOR +
50 bps), 12/15/32 $ 12,713
183,213(a) Federal Home Loan Mortgage Corp. REMICS, Series
2614, Class FV, 3.604% (1 Month USD LIBOR +
150 bps), 5/15/33 188,844
245,908(a) Federal Home Loan Mortgage Corp. REMICS, Series
2631, Class FC, 2.558% (1 Month USD LIBOR +
40 bps), 6/15/33 246,172
3,753(a) Federal Home Loan Mortgage Corp. REMICS, Series
2647, Class XF, 2.313% (1 Month USD LIBOR +
25 bps), 7/15/21 3,758
32,387(a) Federal Home Loan Mortgage Corp. REMICS, Series
2650, Class FV, 2.558% (1 Month USD LIBOR +
40 bps), 12/15/32 32,409
136,123(a) Federal Home Loan Mortgage Corp. REMICS, Series
2711, Class FA, 3.158% (1 Month USD LIBOR +
100 bps), 11/15/33 139,629
154,841 Federal Home Loan Mortgage Corp. REMICS, Series
2773, Class EG, 4.5%, 4/15/19 155,149
319,328(a) Federal Home Loan Mortgage Corp. REMICS, Series
2916, Class NF, 2.408% (1 Month USD LIBOR +
25 bps), 1/15/35 319,890
458,761(a) Federal Home Loan Mortgage Corp. REMICS, Series
2976, Class LF, 2.498% (1 Month USD LIBOR +
34 bps), 5/15/35 458,948
304,925(a) Federal Home Loan Mortgage Corp. REMICS, Series
3012, Class FE, 2.408% (1 Month USD LIBOR +
25 bps), 8/15/35 305,065
180,450(a) Federal Home Loan Mortgage Corp. REMICS, Series
3042, Class PF, 2.408% (1 Month USD LIBOR +
25 bps), 8/15/35 180,524
89,110(a) Federal Home Loan Mortgage Corp. REMICS, Series
3067, Class FA, 2.508% (1 Month USD LIBOR +
35 bps), 11/15/35 89,304
117,994(a) Federal Home Loan Mortgage Corp. REMICS, Series
3102, Class FG, 2.458% (1 Month USD LIBOR +
30 bps), 1/15/36 117,922
135,733(a) Federal Home Loan Mortgage Corp. REMICS, Series
3117, Class EF, 2.508% (1 Month USD LIBOR +
35 bps), 2/15/36 135,915
415,228(a) Federal Home Loan Mortgage Corp. REMICS, Series
3117, Class FE, 2.458% (1 Month USD LIBOR +
30 bps), 2/15/36 418,053
369,644(a) Federal Home Loan Mortgage Corp. REMICS, Series
3122, Class FP, 2.458% (1 Month USD LIBOR +
30 bps), 3/15/36 369,991
20,673(a) Federal Home Loan Mortgage Corp. REMICS, Series
3129, Class FP, 2.458% (1 Month USD LIBOR +
30 bps), 5/15/35 20,680
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 63
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
4,233,589(a) Federal Home Loan Mortgage Corp. REMICS, Series
3147, Class FD, 2.508% (1 Month USD LIBOR +
35 bps), 4/15/36 $ 4,250,888
226,831(a) Federal Home Loan Mortgage Corp. REMICS, Series
3147, Class PF, 2.458% (1 Month USD LIBOR +
30 bps), 4/15/36 226,650
1,841,181(a) Federal Home Loan Mortgage Corp. REMICS, Series
3173, Class F, 2.858% (1 Month USD LIBOR +
70 bps), 8/15/35 1,859,170
520,303(a) Federal Home Loan Mortgage Corp. REMICS, Series
3173, Class FC, 2.578% (1 Month USD LIBOR +
42 bps), 6/15/36 521,332
833,597(a) Federal Home Loan Mortgage Corp. REMICS, Series
3175, Class FE, 2.468% (1 Month USD LIBOR +
31 bps), 6/15/36 835,927
495,894(a) Federal Home Loan Mortgage Corp. REMICS, Series
3181, Class HF, 2.658% (1 Month USD LIBOR +
50 bps), 7/15/36 498,489
20,469(a) Federal Home Loan Mortgage Corp. REMICS, Series
3191, Class FE, 2.558% (1 Month USD LIBOR +
40 bps), 7/15/36 20,604
183,845(a) Federal Home Loan Mortgage Corp. REMICS, Series
3221, Class FW, 2.578% (1 Month USD LIBOR +
42 bps), 9/15/36 184,843
101,936(a) Federal Home Loan Mortgage Corp. REMICS, Series
3222, Class FN, 2.558% (1 Month USD LIBOR +
40 bps), 9/15/36 101,844
386,383(a) Federal Home Loan Mortgage Corp. REMICS, Series
3239, Class EF, 2.508% (1 Month USD LIBOR +
35 bps), 11/15/36 386,021
194,138(a) Federal Home Loan Mortgage Corp. REMICS, Series
3239, Class FB, 2.508% (1 Month USD LIBOR +
35 bps), 11/15/36 193,960
91,985(a) Federal Home Loan Mortgage Corp. REMICS, Series
3244, Class TF, 2.358% (1 Month USD LIBOR +
20 bps), 7/15/36 92,022
316,398(a) Federal Home Loan Mortgage Corp. REMICS, Series
3247, Class FA, 2.408% (1 Month USD LIBOR +
25 bps), 8/15/36 316,500
1,349,805(a) Federal Home Loan Mortgage Corp. REMICS, Series
3266, Class F, 2.458% (1 Month USD LIBOR +
30 bps), 1/15/37 1,342,309
261,312(a) Federal Home Loan Mortgage Corp. REMICS, Series
3307, Class FT, 2.398% (1 Month USD LIBOR +
24 bps), 7/15/34 259,014
63,791(a) Federal Home Loan Mortgage Corp. REMICS, Series
3315, Class F, 2.498% (1 Month USD LIBOR +
34 bps), 5/15/37 63,435
The accompanying notes are an integral part of these financial statements.
64 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
10(a) Federal Home Loan Mortgage Corp. REMICS, Series
3335, Class AF, 2.308% (1 Month USD LIBOR +
15 bps), 10/15/20 $ 10
548,321(a) Federal Home Loan Mortgage Corp. REMICS, Series
3373, Class FB, 2.738% (1 Month USD LIBOR +
58 bps), 10/15/37 554,737
121,442(a) Federal Home Loan Mortgage Corp. REMICS, Series
3376, Class FM, 2.778% (1 Month USD LIBOR +
62 bps), 10/15/37 123,216
312,093 Federal Home Loan Mortgage Corp. REMICS, Series
3455, Class BD, 4.5%, 6/15/23 314,698
37,994(a) Federal Home Loan Mortgage Corp. REMICS, Series
3560, Class FA, 3.408% (1 Month USD LIBOR +
125 bps), 5/15/37 39,379
347,228(a) Federal Home Loan Mortgage Corp. REMICS, Series
3610, Class FA, 2.858% (1 Month USD LIBOR +
70 bps), 12/15/39 353,607
321,523 Federal Home Loan Mortgage Corp. REMICS, Series
3706, Class C, 2.0%, 8/15/20 318,101
208,233(a) Federal Home Loan Mortgage Corp. REMICS, Series
3708, Class PF, 2.508% (1 Month USD LIBOR +
35 bps), 7/15/40 208,200
237,443 Federal Home Loan Mortgage Corp. REMICS, Series
3760, Class KH, 2.0%, 11/15/20 235,392
172,539(a) Federal Home Loan Mortgage Corp. REMICS, Series
3767, Class JF, 2.458% (1 Month USD LIBOR +
30 bps), 2/15/39 173,059
143,577 Federal Home Loan Mortgage Corp. REMICS, Series
3777, Class DA, 3.5%, 10/15/24 143,711
28,026(a) Federal Home Loan Mortgage Corp. REMICS, Series
3780, Class FE, 2.558% (1 Month USD LIBOR +
40 bps), 12/15/20 28,107
193,616(a) Federal Home Loan Mortgage Corp. REMICS, Series
3784, Class F, 2.558% (1 Month USD LIBOR +
40 bps), 7/15/23 194,393
60,048(a) Federal Home Loan Mortgage Corp. REMICS, Series
3792, Class DF, 2.558% (1 Month USD LIBOR +
40 bps), 11/15/40 60,077
2,675(a) Federal Home Loan Mortgage Corp. REMICS, Series
3804, Class FN, 2.608% (1 Month USD LIBOR +
45 bps), 3/15/39 2,676
494,323 Federal Home Loan Mortgage Corp. REMICS, Series
3858, Class CA, 3.0%, 10/15/25 494,056
42,620(a) Federal Home Loan Mortgage Corp. REMICS, Series
3867, Class FD, 2.508% (1 Month USD LIBOR +
35 bps), 5/15/41 42,611
861,508(a) Federal Home Loan Mortgage Corp. REMICS, Series
3867, Class PF, 2.558% (1 Month USD LIBOR +
40 bps), 3/15/41 863,397
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 65
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
340,733 Federal Home Loan Mortgage Corp. REMICS, Series
3873, Class AG, 3.0%, 5/15/29 $ 341,108
163,357(a) Federal Home Loan Mortgage Corp. REMICS, Series
3914, Class LF, 2.358% (1 Month USD LIBOR +
20 bps), 8/15/26 163,518
262,239(a) Federal Home Loan Mortgage Corp. REMICS, Series
3960, Class FB, 2.458% (1 Month USD LIBOR +
30 bps), 2/15/30 262,526
342,015(a) Federal Home Loan Mortgage Corp. REMICS, Series
3970, Class GF, 2.458% (1 Month USD LIBOR +
30 bps), 9/15/26 342,904
642,916(a) Federal Home Loan Mortgage Corp. REMICS, Series
3982, Class FL, 2.708% (1 Month USD LIBOR +
55 bps), 12/15/39 648,146
259,807(a) Federal Home Loan Mortgage Corp. REMICS, Series
4056, Class QF, 2.508% (1 Month USD LIBOR +
35 bps), 12/15/41 258,145
200,924(a) Federal Home Loan Mortgage Corp. Strips, Series
237, Class F14, 2.558% (1 Month USD LIBOR +
40 bps), 5/15/36 201,173
175,001(a) Federal Home Loan Mortgage Corp. Strips, Series
239, Class F29, 2.408% (1 Month USD LIBOR +
25 bps), 8/15/36 176,041
756,533(a) Federal Home Loan Mortgage Corp. Strips, Series
239, Class F30, 2.458% (1 Month USD LIBOR +
30 bps), 8/15/36 762,276
223,594(a) Federal Home Loan Mortgage Corp. Strips, Series
244, Class F22, 2.508% (1 Month USD LIBOR +
35 bps), 12/15/36 223,616
8,554,874(a) Federal National Mortgage Association ACES, Series
2018-M3, Class FA, 2.349% (1 Month USD LIBOR +
28 bps), 2/25/25 8,536,318
27,787(a) Federal National Mortgage Association REMICS,
Series 1991-124, Class FA, 3.116% (1 Month USD
LIBOR + 90 bps), 9/25/21 28,096
43,246(a) Federal National Mortgage Association REMICS,
Series 1993-230, Class FA, 2.816% (1 Month USD
LIBOR + 60 bps), 12/25/23 43,568
122,562(a) Federal National Mortgage Association REMICS,
Series 1993-247, Class FA, 2.418% (11th District
Cost of Funds Index + 140 bps), 12/25/23 122,081
122,562(a) Federal National Mortgage Association REMICS,
Series 1993-247, Class FE, 3.216% (1 Month USD
LIBOR + 100 bps), 12/25/23 123,771
225,555(a) Federal National Mortgage Association REMICS,
Series 1994-40, Class FC, 2.716% (1 Month USD
LIBOR + 50 bps), 3/25/24 227,800
27,545(a) Federal National Mortgage Association REMICS,
Series 1997-46, Class FA, 2.665% (1 Month USD
LIBOR + 50 bps), 7/18/27 27,858
The accompanying notes are an integral part of these financial statements.
66 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
99,649(a) Federal National Mortgage Association REMICS,
Series 1998-21, Class F, 2.69% (1 Year T1Y +
35 bps), 3/25/28 $ 99,993
18,070(a) Federal National Mortgage Association REMICS,
Series 1999-49, Class FB, 2.716% (1 Month USD
LIBOR + 50 bps), 3/25/23 18,080
47,712(a) Federal National Mortgage Association REMICS,
Series 2000-47, Class FD, 2.766% (1 Month USD
LIBOR + 55 bps), 12/25/30 48,088
197,736(a) Federal National Mortgage Association REMICS,
Series 2001-35, Class F, 2.816% (1 Month USD
LIBOR + 60 bps), 7/25/31 200,725
84,300(a) Federal National Mortgage Association REMICS,
Series 2001-37, Class F, 2.716% (1 Month USD
LIBOR + 50 bps), 8/25/31 84,656
408,623(a) Federal National Mortgage Association REMICS,
Series 2001-50, Class FQ, 2.816% (1 Month USD
LIBOR + 60 bps), 11/25/31 414,801
179,794(a) Federal National Mortgage Association REMICS,
Series 2001-65, Class F, 2.816% (1 Month USD
LIBOR + 60 bps), 11/25/31 182,512
139,783(a) Federal National Mortgage Association REMICS,
Series 2001-69, Class FA, 2.816% (1 Month USD
LIBOR + 60 bps), 7/25/31 142,100
356,030(a) Federal National Mortgage Association REMICS,
Series 2001-72, Class FB, 3.116% (1 Month USD
LIBOR + 90 bps), 12/25/31 360,724
105,039(a) Federal National Mortgage Association REMICS,
Series 2001-81, Class FL, 2.815% (1 Month USD
LIBOR + 65 bps), 1/18/32 106,637
170,290(a) Federal National Mortgage Association REMICS,
Series 2002-1, Class FC, 2.916% (1 Month USD
LIBOR + 70 bps), 1/25/32 173,322
1,369,701(a) Federal National Mortgage Association REMICS,
Series 2002-23, Class FA, 3.116% (1 Month USD
LIBOR + 90 bps), 4/25/32 1,397,966
89,138(a) Federal National Mortgage Association REMICS,
Series 2002-56, Class FN, 3.216% (1 Month USD
LIBOR + 100 bps), 7/25/32 90,739
37,383(a) Federal National Mortgage Association REMICS,
Series 2002-58, Class FD, 2.816% (1 Month USD
LIBOR + 60 bps), 8/25/32 37,921
853,010(a) Federal National Mortgage Association REMICS,
Series 2002-75, Class FD, 3.165% (1 Month USD
LIBOR + 100 bps), 11/18/32 872,471
175,680(a) Federal National Mortgage Association REMICS,
Series 2002-77, Class F, 2.816% (1 Month USD
LIBOR + 60 bps), 12/25/32 176,985
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 67
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
128,656(a) Federal National Mortgage Association REMICS,
Series 2002-82, Class FB, 2.716% (1 Month USD
LIBOR + 50 bps), 12/25/32 $ 129,234
164,889(a) Federal National Mortgage Association REMICS, Series
2002-90, Class FH, 2.716% (1 Month USD LIBOR +
50 bps), 9/25/32 165,481
76,487(a) Federal National Mortgage Association REMICS, Series
2002-92, Class FB, 2.866% (1 Month USD LIBOR +
65 bps), 4/25/30 77,507
183,801(a) Federal National Mortgage Association REMICS, Series
2002-93, Class FH, 2.716% (1 Month USD LIBOR +
50 bps), 1/25/33 185,132
150,032(a) Federal National Mortgage Association REMICS, Series
2003-7, Class FA, 2.966% (1 Month USD LIBOR +
75 bps), 2/25/33 152,919
350,644(a) Federal National Mortgage Association REMICS, Series
2003-8, Class FJ, 2.566% (1 Month USD LIBOR +
35 bps), 2/25/33 353,189
453,549(a) Federal National Mortgage Association REMICS, Series
2003-31, Class FM, 2.716% (1 Month USD LIBOR +
50 bps), 4/25/33 457,730
189,995(a) Federal National Mortgage Association REMICS, Series
2003-42, Class JF, 2.716% (1 Month USD LIBOR +
50 bps), 5/25/33 190,300
186,841(a) Federal National Mortgage Association REMICS, Series
2003-49, Class FY, 2.616% (1 Month USD LIBOR +
40 bps), 6/25/23 187,316
863,845(a) Federal National Mortgage Association REMICS, Series
2003-91, Class FD, 2.716% (1 Month USD LIBOR +
50 bps), 9/25/33 867,626
322,674(a) Federal National Mortgage Association REMICS, Series
2003-107, Class FD, 2.716% (1 Month USD LIBOR +
50 bps), 11/25/33 325,215
3,615,852(a) Federal National Mortgage Association REMICS, Series
2003-126, Class FC, 2.516% (1 Month USD LIBOR +
30 bps), 12/25/33 3,617,509
754,465(a) Federal National Mortgage Association REMICS, Series
2004-14, Class F, 2.616% (1 Month USD LIBOR +
40 bps), 3/25/34 756,927
2,466,697(a) Federal National Mortgage Association REMICS, Series
2004-25, Class FA, 2.616% (1 Month USD LIBOR +
40 bps), 4/25/34 2,481,297
248,711(a) Federal National Mortgage Association REMICS, Series
2004-52, Class FW, 2.616% (1 Month USD LIBOR +
40 bps), 7/25/34 248,810
73,358(a) Federal National Mortgage Association REMICS, Series
2004-54, Class FN, 2.666% (1 Month USD LIBOR +
45 bps), 7/25/34 73,854
The accompanying notes are an integral part of these financial statements.
68 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
157,736(a) Federal National Mortgage Association REMICS, Series
2004-91, Class HF, 2.516% (1 Month USD LIBOR +
30 bps), 11/25/34 $ 158,388
1,012,584(a) Federal National Mortgage Association REMICS, Series
2005-66, Class FD, 2.516% (1 Month USD LIBOR +
30 bps), 7/25/35 1,014,881
844,899(a) Federal National Mortgage Association REMICS, Series
2005-66, Class PF, 2.466% (1 Month USD LIBOR +
25 bps), 7/25/35 844,372
280,065(a) Federal National Mortgage Association REMICS, Series
2005-83, Class KT, 2.516% (1 Month USD LIBOR +
30 bps), 10/25/35 279,893
337,427(a) Federal National Mortgage Association REMICS, Series
2005-83, Class LF, 2.526% (1 Month USD LIBOR +
31 bps), 2/25/35 336,345
62,285(a) Federal National Mortgage Association REMICS, Series
2006-11, Class FB, 2.516% (1 Month USD LIBOR +
30 bps), 3/25/36 61,525
148,395(a) Federal National Mortgage Association REMICS, Series
2006-33, Class FH, 2.566% (1 Month USD LIBOR +
35 bps), 5/25/36 147,784
498,491(a) Federal National Mortgage Association REMICS, Series
2006-34, Class FA, 2.526% (1 Month USD LIBOR +
31 bps), 5/25/36 498,069
337,511(a) Federal National Mortgage Association REMICS, Series
2006-42, Class CF, 2.666% (1 Month USD LIBOR +
45 bps), 6/25/36 339,237
129,973(a) Federal National Mortgage Association REMICS, Series
2006-56, Class FC, 2.506% (1 Month USD LIBOR +
29 bps), 7/25/36 129,743
64,040(a) Federal National Mortgage Association REMICS, Series
2006-70, Class BF, 2.766% (1 Month USD LIBOR +
55 bps), 8/25/36 63,967
129,654(a) Federal National Mortgage Association REMICS, Series
2006-82, Class F, 2.786% (1 Month USD LIBOR +
57 bps), 9/25/36 130,708
913,310(a) Federal National Mortgage Association REMICS, Series
2006-93, Class FN, 2.616% (1 Month USD LIBOR +
40 bps), 10/25/36 911,424
158,799(a) Federal National Mortgage Association REMICS, Series
2006-104, Class GF, 2.536% (1 Month USD LIBOR +
32 bps), 11/25/36 158,326
67,403(a) Federal National Mortgage Association REMICS, Series
2006-115, Class BF, 2.456% (1 Month USD LIBOR +
24 bps), 12/25/36 67,282
202,044(a) Federal National Mortgage Association REMICS, Series
2007-2, Class FT, 2.466% (1 Month USD LIBOR +
25 bps), 2/25/37 201,910
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 69
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
208,845(a) Federal National Mortgage Association REMICS, Series
2007-7, Class FJ, 2.416% (1 Month USD LIBOR +
20 bps), 2/25/37 $ 207,294
77,312(a) Federal National Mortgage Association REMICS, Series
2007-13, Class FA, 2.466% (1 Month USD LIBOR +
25 bps), 3/25/37 76,676
189,943(a) Federal National Mortgage Association REMICS, Series
2007-24, Class FD, 2.466% (1 Month USD LIBOR +
25 bps), 3/25/37 190,005
255,374(a) Federal National Mortgage Association REMICS, Series
2007-41, Class FA, 2.616% (1 Month USD LIBOR +
40 bps), 5/25/37 255,941
393,098(a) Federal National Mortgage Association REMICS, Series
2007-50, Class FN, 2.456% (1 Month USD LIBOR +
24 bps), 6/25/37 392,224
36,066(a) Federal National Mortgage Association REMICS, Series
2007-57, Class FA, 2.446% (1 Month USD LIBOR +
23 bps), 6/25/37 36,008
122,442(a) Federal National Mortgage Association REMICS, Series
2007-58, Class FA, 2.466% (1 Month USD LIBOR +
25 bps), 6/25/37 121,383
115,656(a) Federal National Mortgage Association REMICS, Series
2007-66, Class FB, 2.616% (1 Month USD LIBOR +
40 bps), 7/25/37 115,958
355,336(a) Federal National Mortgage Association REMICS, Series
2007-85, Class FG, 2.716% (1 Month USD LIBOR +
50 bps), 9/25/37 358,437
393,566(a) Federal National Mortgage Association REMICS, Series
2007-91, Class FB, 2.816% (1 Month USD LIBOR +
60 bps), 10/25/37 396,019
163,739(a) Federal National Mortgage Association REMICS, Series
2007-92, Class OF, 2.786% (1 Month USD LIBOR +
57 bps), 9/25/37 165,867
91,910(a) Federal National Mortgage Association REMICS, Series
2007-93, Class FD, 2.766% (1 Month USD LIBOR +
55 bps), 9/25/37 92,617
37,691(a) Federal National Mortgage Association REMICS, Series
2007-98, Class FD, 2.666% (1 Month USD LIBOR +
45 bps), 6/25/37 37,864
54,235(a) Federal National Mortgage Association REMICS, Series
2007-100, Class YF, 2.766% (1 Month USD LIBOR +
55 bps), 10/25/37 54,827
70,417(a) Federal National Mortgage Association REMICS, Series
2007-103, Class AF, 3.216% (1 Month USD LIBOR +
100 bps), 3/25/37 71,777
179,446(a) Federal National Mortgage Association REMICS, Series
2007-110, Class FA, 2.836% (1 Month USD LIBOR +
62 bps), 12/25/37 179,915
The accompanying notes are an integral part of these financial statements.
70 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
67,643(a) Federal National Mortgage Association REMICS, Series
2008-6, Class FA, 2.916% (1 Month USD LIBOR +
70 bps), 2/25/38 $ 68,485
6,937,263(a) Federal National Mortgage Association REMICS, Series
2008-7, Class FA, 2.666% (1 Month USD LIBOR +
45 bps), 2/25/38 6,949,157
256,574(a) Federal National Mortgage Association REMICS, Series
2008-88, Class FA, 3.436% (1 Month USD LIBOR +
122 bps), 10/25/38 262,482
75,484(a) Federal National Mortgage Association REMICS, Series
2009-113, Class FB, 2.766% (1 Month USD LIBOR +
55 bps), 1/25/40 76,293
99,030 Federal National Mortgage Association REMICS, Series
2010-17, Class DE, 3.5%, 6/25/21 99,045
22,654(a) Federal National Mortgage Association REMICS, Series
2010-38, Class F, 2.516% (1 Month USD LIBOR +
30 bps), 4/25/25 22,642
104,545(a) Federal National Mortgage Association REMICS, Series
2010-43, Class FD, 2.816% (1 Month USD LIBOR +
60 bps), 5/25/40 105,850
179,417(a) Federal National Mortgage Association REMICS, Series
2010-43, Class IF, 2.716% (1 Month USD LIBOR +
50 bps), 5/25/40 179,966
604,598(a) Federal National Mortgage Association REMICS, Series
2010-59, Class FP, 2.666% (1 Month USD LIBOR +
45 bps), 9/25/39 605,354
5,251 Federal National Mortgage Association REMICS, Series
2010-83, Class AK, 3.0%, 11/25/18 5,244
342,842(a) Federal National Mortgage Association REMICS, Series
2011-19, Class FM, 2.766% (1 Month USD LIBOR +
55 bps), 5/25/40 346,273
99,182 Federal National Mortgage Association REMICS, Series
2011-58, Class AC, 2.5%, 6/25/24 99,024
3,455,957(a) Federal National Mortgage Association REMICS, Series
2011-74, Class FQ, 2.516% (1 Month USD LIBOR +
30 bps), 12/25/33 3,442,817
31,263(a) Federal National Mortgage Association REMICS, Series
2011-111, Class DF, 2.616% (1 Month USD LIBOR +
40 bps), 12/25/38 31,334
244,692(a) Federal National Mortgage Association REMICS, Series
2012-40, Class PF, 2.716% (1 Month USD LIBOR +
50 bps), 4/25/42 246,310
2,192,783(a) Federal National Mortgage Association Trust, Series
2003-W6, Class F, 2.415% (1 Month USD LIBOR +
35 bps), 9/25/42 2,181,493
899,360(a) Federal National Mortgage Association Trust, Series
2005-W3, Class 2AF, 2.436% (1 Month USD LIBOR +
22 bps), 3/25/45 895,394
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 71
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
72,682(c) Federal National Mortgage Association Trust, Series
2005-W3, Class 3A, 3.819%, 4/25/45 $ 72,907
124,291(c) Federal National Mortgage Association Trust, Series
2005-W4, Class 3A, 3.752%, 6/25/45 131,286
914,143(a) Federal National Mortgage Association Whole Loan,
Series 2007-W1, Class 1AF1, 2.476% (1 Month USD
LIBOR + 26 bps), 11/25/46 915,640
248,233(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2016-DNA1, Class M2, 5.116% (1 Month USD
LIBOR + 290 bps), 7/25/28 254,283
1,450,867(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2016-DNA2, Class M2, 4.416% (1 Month USD
LIBOR + 220 bps), 10/25/28 1,464,610
750,000(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2016-DNA4, Class M2, 3.516% (1 Month USD
LIBOR + 130 bps), 3/25/29 757,047
369,880(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2016-HQA4, Class M1, 3.016% (1 Month USD
LIBOR + 80 bps), 4/25/29 370,144
5,954,051(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2017-DNA2, Class M1, 3.416% (1 Month USD
LIBOR + 120 bps), 10/25/29 6,020,012
3,318,074(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2017-HQA1, Class M1, 3.416% (1 Month USD
LIBOR + 120 bps), 8/25/29 3,340,447
1,419,438(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2017-HQA2, Class M1, 3.016% (1 Month USD
LIBOR + 80 bps), 12/25/29 1,422,756
15,019,825(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2018-HQA1, Class M1, 2.916% (1 Month USD
LIBOR + 70 bps), 9/25/30 15,050,669
963,380(a) FREMF Mortgage Trust, Series 2014-KF04, Class B,
5.364% (1 Month USD LIBOR + 325 bps),
6/25/21 (144A) 970,509
1,715,812(a) FREMF Mortgage Trust, Series 2014-KF05, Class B,
6.114% (1 Month USD LIBOR + 400 bps),
9/25/22 (144A) 1,819,557
3,584,567(a) FREMF Mortgage Trust, Series 2014-KS02, Class B,
7.114% (1 Month USD LIBOR + 500 bps),
8/25/23 (144A) 3,671,278
3,902,243(a) FREMF Mortgage Trust, Series 2015-KLSF, Class B,
6.514% (1 Month USD LIBOR + 440 bps),
11/25/22 (144A) 4,041,697
110,363(a) Government National Mortgage Association, Series
2001-28, Class FB, 2.658% (1 Month USD LIBOR +
50 bps), 6/16/31 111,182
427,147(a) Government National Mortgage Association, Series
2001-49, Class FC, 2.558% (1 Month USD LIBOR +
40 bps), 12/16/25 428,748
The accompanying notes are an integral part of these financial statements.
72 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
1,082,509(a) Government National Mortgage Association, Series
2002-21, Class FV, 2.558% (1 Month USD LIBOR +
40 bps), 3/16/32 $ 1,088,245
120,426(a) Government National Mortgage Association, Series
2002-24, Class FR, 2.708% (1 Month USD LIBOR +
55 bps), 4/16/32 121,449
511,578(a) Government National Mortgage Association, Series
2002-31, Class FE, 2.658% (1 Month USD LIBOR +
50 bps), 4/16/30 514,740
246,241(a) Government National Mortgage Association, Series
2003-7, Class FB, 2.358% (1 Month USD LIBOR +
20 bps), 1/16/33 246,761
585,600(a) Government National Mortgage Association, Series
2005-3, Class FC, 2.408% (1 Month USD LIBOR +
25 bps), 1/16/35 584,877
9,944,214(a) Government National Mortgage Association, Series
2005-7, Class AF, 2.388% (1 Month USD LIBOR +
23 bps), 2/16/35 9,884,892
556,578(a) Government National Mortgage Association, Series
2005-16, Class FA, 2.415% (1 Month USD LIBOR +
25 bps), 2/20/35 553,416
188,166(a) Government National Mortgage Association, Series
2008-69, Class FA, 2.665% (1 Month USD LIBOR +
50 bps), 8/20/38 189,691
192,604(a) Government National Mortgage Association, Series
2009-66, Class UF, 3.158% (1 Month USD LIBOR +
100 bps), 8/16/39 197,327
1,064,035(a) Government National Mortgage Association, Series
2009-88, Class MF, 2.765% (1 Month USD LIBOR +
60 bps), 7/20/39 1,073,294
149,614(a) Government National Mortgage Association, Series
2009-92, Class FJ, 2.838% (1 Month USD LIBOR +
68 bps), 10/16/39 151,691
99,278(a) Government National Mortgage Association, Series
2010-17, Class AF, 2.565% (1 Month USD LIBOR +
40 bps), 10/20/38 99,448
68,225 Government National Mortgage Association, Series
2010-115, Class YA, 3.0%, 2/16/24 68,203
408,353 Government National Mortgage Association, Series
2010-138, Class PE, 3.0%, 8/20/38 403,758
8,632,022(a) Government National Mortgage Association, Series
2017-4, Class FC, 2.454% (1 Month USD LIBOR +
35 bps), 1/20/47 8,653,441
495,152(a) NCUA Guaranteed Notes Trust, Series 2011-C1,
Class 2A, 2.651% (1 Month USD LIBOR +
53 bps), 3/9/21 494,356
-----------------
Total Government $ 140,153,923
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 73
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Property & Casualty Insurance -- 0.1%
4,500,000(a) BTH-13 Mortgage Backed Securities Trust, Series
2018-13, Class A, 4.621% (1 Month USD LIBOR +
250 bps), 8/18/21 (144A) $ 4,504,229
-----------------
Total Insurance $ 4,504,229
--------------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $1,296,196,739) $ 1,296,311,662
--------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 22.7% of Net Assets
AUTOMOBILES & COMPONENTS -- 1.1%
Automobile Manufacturers -- 1.1%
2,650,000(a) Daimler Finance North America LLC, 2.959% (3 Month
USD LIBOR + 62 bps), 10/30/19 (144A) $ 2,661,366
4,005,000(a) Ford Motor Credit Co., LLC, 2.779% (3 Month USD
LIBOR + 43 bps), 11/2/20 3,971,011
2,500,000(a) Ford Motor Credit Co., LLC, 3.085% (3 Month USD
LIBOR + 88 bps), 10/12/21 2,476,856
5,295,000(a) Ford Motor Credit Co., LLC, 3.164% (3 Month USD
LIBOR + 83 bps), 3/12/19 5,300,335
780,000(a) Ford Motor Credit Co., LLC, 3.271% (3 Month USD
LIBOR + 93 bps), 11/4/19 781,974
2,980,000(a) Ford Motor Credit Co., LLC, 3.339% (3 Month USD
LIBOR + 100 bps), 1/9/20 2,991,574
3,530,000(a) Nissan Motor Acceptance Corp., 2.727% (3 Month USD
LIBOR + 39 bps), 7/13/20 (144A) 3,533,333
1,970,000(a) Nissan Motor Acceptance Corp., 2.776% (3 Month USD
LIBOR + 39 bps), 9/28/20 (144A) 1,968,557
2,650,000(a) Nissan Motor Acceptance Corp., 2.854% (3 Month USD
LIBOR + 52 bps), 9/13/19 (144A) 2,656,481
6,750,000(a) Nissan Motor Acceptance Corp., 2.854% (3 Month USD
LIBOR + 52 bps), 3/15/21 (144A) 6,762,518
1,000,000(a) Nissan Motor Acceptance Corp., 3.337% (3 Month USD
LIBOR + 101 bps), 3/8/19 (144A) 1,003,609
2,600,000(a) Toyota Motor Credit Corp., 2.508% (3 Month USD
LIBOR + 17 bps), 9/18/20 2,599,761
3,205,000(a) Toyota Motor Credit Corp., 2.596% (3 Month USD
LIBOR + 26 bps), 4/17/20 3,210,398
3,000,000(a) Toyota Motor Credit Corp., 2.704% (3 Month USD
LIBOR + 37 bps), 3/12/20 3,009,860
3,063,000(a) Toyota Motor Credit Corp., 2.773% (3 Month USD
LIBOR + 44 bps), 10/18/19 3,076,950
4,400,000(a) Toyota Motor Credit Corp., 3.142% (3 Month USD
LIBOR + 82 bps), 2/19/19 4,413,783
6,525,000 Volkswagen Group of America Finance LLC, 2.125%,
5/23/19 (144A) 6,491,768
-----------------
Total Automobiles & Components $ 56,910,134
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
74 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
BANKS -- 8.4%
Diversified Banks -- 6.5%
16,330,000(a) ABN AMRO Bank NV, 2.973% (3 Month USD LIBOR +
64 bps), 1/18/19 (144A) $ 16,355,801
4,155,000 Bank of America Corp., 2.6%, 1/15/19 4,154,338
6,142,000(a) Bank of America Corp., 3.266% (3 Month USD LIBOR +
87 bps),4/1/19 6,167,647
6,585,000(a) Bank of America Corp., 3.379% (3 Month USD LIBOR +
104 bps), 1/15/19 6,604,340
3,100,000(a) Bank of America Corp., 3.508% (3 Month USD LIBOR +
116 bps), 1/20/23 3,152,431
9,478,000 Bank of Montreal, 1.5%, 7/18/19 9,380,075
1,300,000 Bank of Montreal, 1.75%, 9/11/19 1,286,236
1,525,000(a) Bank of Montreal, 2.774% (3 Month USD LIBOR +
44 bps), 6/15/20 1,531,146
2,540,000(a) Bank of Montreal, 2.983% (3 Month USD LIBOR +
65 bps), 7/18/19 2,551,963
6,270,000 Bank of Nova Scotia, 1.65%, 6/14/19 6,224,572
7,105,000 Banque Federative du Credit Mutuel SA, 2.5%,
10/29/18 (144A) 7,106,401
4,290,000 Banque Federative du Credit Mutuel SA, 2.75%,
1/22/19 (144A) 4,290,568
3,930,000(a) Banque Federative du Credit Mutuel SA, 2.838%
(3 Month USD LIBOR + 49 bps), 7/20/20 (144A) 3,943,633
11,550,000 BPCE SA, 2.5%, 7/15/19 11,495,253
4,450,000 Canadian Imperial Bank of Commerce, 1.6%, 9/6/19 4,399,431
2,610,000(a) Canadian Imperial Bank of Commerce, 2.843%
(3 Month USD LIBOR + 52 bps), 9/6/19 2,620,149
3,800,000(a) Citibank NA, 2.597% (3 Month USD LIBOR +
26 bps), 9/18/19 3,806,274
4,450,000(a) Citibank NA, 2.663% (3 Month USD LIBOR +
32 bps), 5/1/20 4,457,324
4,850,000(a) Citibank NA, 2.917% (3 Month USD LIBOR +
57 bps), 7/23/21 4,876,761
4,100,000(a) Citigroup, Inc., 3.121% (3 Month USD LIBOR +
79 bps), 1/10/20 4,128,493
1,500,000(a) Citigroup, Inc., 3.247% (3 Month USD LIBOR +
93 bps), 6/7/19 1,508,005
4,630,000 Citizens Bank NA, 2.5%, 3/14/19 4,625,618
3,840,000(a) Citizens Bank NA, 2.861% (3 Month USD LIBOR +
54 bps), 3/2/20 3,851,986
4,410,000(a) Citizens Bank NA, 2.881% (3 Month USD LIBOR + 57
bps), 5/26/20 4,423,568
3,685,000 Cooperatieve Rabobank UA, 1.375%, 8/9/19 3,639,198
4,470,000(a) Cooperatieve Rabobank UA, 2.765% (3 Month USD
LIBOR + 43 bps), 4/26/21 4,479,396
7,295,000(a) Cooperatieve Rabobank UA, 2.851% (3 Month USD
LIBOR + 51 bps), 8/9/19 7,322,621
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 75
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
11,340,000(a) Danske Bank AS, 2.903% (3 Month USD LIBOR +
58 bps), 9/6/19 (144A) $ 11,351,257
3,325,000 Discover Bank, 2.6%, 11/13/18 3,324,763
14,546,000(a) DNB Bank ASA, 2.766% (3 Month USD LIBOR +
37 bps), 10/2/20 (144A) 14,595,402
6,275,000(a) Federation des Caisses Desjardins du Quebec, 2.669%
(3 Month USD LIBOR + 33 bps), 10/30/20 (144A) 6,286,706
5,740,000 Fifth Third Bank, 1.625%, 9/27/19 5,669,556
6,770,000(a) HSBC Holdings Plc, 2.922% (3 Month USD LIBOR +
60 bps), 5/18/21 6,783,111
7,780,000(a) HSBC Holdings Plc, 2.984% (3 Month USD LIBOR +
65 bps), 9/11/21 7,789,896
3,860,000 ING Bank NV, 2.0%, 11/26/18 (144A) 3,856,805
5,320,000 ING Bank NV, 2.3%, 3/22/19 (144A) 5,308,716
100,000(a) ING Bank NV, 2.924% (3 Month USD LIBOR + 61 bps),
8/15/19 (144A) 100,290
700,000(a) ING Bank NV, 3.282% (3 Month USD LIBOR + 97 bps),
8/17/20 (144A) 707,964
2,675,000(a) ING Bank NV, 3.496% (3 Month USD LIBOR +
113 bps), 3/22/19 (144A) 2,688,257
4,230,000 JPMorgan Chase & Co., 2.35%, 1/28/19 4,226,330
4,260,000(a) JPMorgan Chase Bank NA, 2.588% (3 Month USD
LIBOR + 25 bps), 2/13/20 4,262,303
4,470,000(a) JPMorgan Chase Bank NA, 2.675% (3 Month USD
LIBOR + 34 bps), 4/26/21 4,474,045
10,380,000(a) Lloyds Bank Plc, 2.833% (3 Month USD LIBOR +
49 bps), 5/7/21 10,416,164
7,185,000(a) Mitsubishi UFJ Financial Group, Inc., 2.985% (3 Month
USD LIBOR + 65 bps), 7/26/21 7,215,804
2,800,000(a) Mizuho Bank, Ltd., 3.538% (3 Month USD LIBOR +
119 bps), 10/20/18 (144A) 2,801,582
5,075,000 Mizuho Financial Group, Inc., 2.273%, 9/13/21 4,882,923
4,442,000(a) Nordea Bank AB, 2.787% (3 Month USD LIBOR +
47 bps), 5/29/20 (144A) 4,458,098
4,515,000(a) Nordea Bank AB, 3.006% (3 Month USD LIBOR +
62 bps), 9/30/19 (144A) 4,536,714
3,500,000(a) Royal Bank of Canada, 2.557% (3 Month USD LIBOR +
24 bps), 8/29/19 3,505,668
3,960,000(a) Royal Bank of Canada, 2.575% (3 Month USD LIBOR +
24 bps), 10/26/20 3,960,915
3,115,000(a) Royal Bank of Canada, 2.701% (3 Month USD LIBOR +
38 bps), 3/2/20 3,125,200
2,500,000(a) Royal Bank of Canada, 2.819% (3 Month USD LIBOR +
48 bps), 7/29/19 2,508,043
5,435,000(a) Skandinaviska Enskilda Banken AB, 2.742% (3 Month
USD LIBOR + 43 bps), 5/17/21 (144A) 5,442,098
The accompanying notes are an integral part of these financial statements.
76 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
9,025,000(a) Skandinaviska Enskilda Banken AB, 2.904% (3 Month
USD LIBOR + 57 bps), 9/13/19 (144A) $ 9,062,383
3,950,000(a) Sumitomo Mitsui Banking Corp., 2.643% (3 Month
USD LIBOR + 31 bps), 10/18/19 3,954,700
4,345,000(a) Sumitomo Mitsui Banking Corp., 2.686% (3 Month
USD LIBOR + 35 bps), 1/17/20 4,352,882
6,445,000(a) Sumitomo Mitsui Banking Corp., 2.873% (3 Month
USD LIBOR + 54 bps), 1/11/19 6,453,227
3,279,000(a) Sumitomo Mitsui Banking Corp., 3.012% (3 Month
USD LIBOR + 67 bps), 10/19/18 3,280,130
3,115,000(a) Sumitomo Mitsui Trust Bank, Ltd., 2.833% (3 Month
USD LIBOR + 51 bps), 3/6/19 (144A) 3,119,472
5,700,000(a) Svenska Handelsbanken AB, 2.687% (3 Month USD
LIBOR + 36 bps), 9/8/20 5,710,936
3,750,000(a) Svenska Handelsbanken AB, 2.813% (3 Month USD
LIBOR + 49 bps), 9/6/19 3,762,080
6,845,000(a) Svenska Handelsbanken AB, 2.824% (3 Month USD
LIBOR + 49 bps), 6/17/19 6,865,540
4,550,000 Toronto-Dominion Bank, 1.9%, 10/24/19 4,503,400
4,145,000(a) Toronto-Dominion Bank, 2.753% (3 Month USD
LIBOR + 42 bps), 1/18/19 4,149,916
2,600,000(a) Toronto-Dominion Bank, 2.988% (3 Month USD
LIBOR + 65 bps), 8/13/19 2,612,837
4,000,000(a) UBS AG, 2.801% (3 Month USD LIBOR + 48 bps),
12/1/20 (144A) 4,006,300
3,650,000(a) US Bancorp, 2.735% (3 Month USD LIBOR +
40 bps), 4/25/19 3,655,868
3,795,000(a) Wells Fargo & Co., 3.019% (3 Month USD LIBOR +
68 bps), 1/30/20 3,819,785
3,125,000(a) Wells Fargo & Co., 3.452% (3 Month USD LIBOR +
111 bps), 1/24/23 3,164,000
4,450,000(a) Wells Fargo & Co., 3.661% (3 Month USD LIBOR +
134 bps), 3/4/21 4,551,170
-----------------
$ 349,686,464
--------------------------------------------------------------------------------------------------------------------
Regional Banks -- 1.8%
3,970,000(a) BB&T Corp., 2.563% (3 Month USD LIBOR +
22 bps), 2/1/21 $ 3,963,894
3,065,000(a) BB&T Corp., 3.054% (3 Month USD LIBOR +
72 bps), 1/15/20 3,085,313
2,600,000 Branch Banking & Trust Co., 1.45%, 5/10/19 2,582,009
3,000,000(a) Branch Banking & Trust Co., 2.789% (3 Month USD
LIBOR + 45 bps), 1/15/20 3,011,002
2,600,000 Capital One NA, 1.85%, 9/13/19 2,571,607
4,000,000(a) Capital One NA, 3.099% (3 Month USD LIBOR +
77 bps), 9/13/19 4,018,162
8,270,000 Credit Suisse AG, 2.3%, 5/28/19 8,244,161
4,765,000 Credit Suisse AG, 5.3%, 8/13/19 4,860,468
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 77
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
4,005,000(a) Fifth Third Bank, 2.589% (3 Month USD LIBOR +
25 bps), 10/30/20 $ 4,003,766
455,000(a) Fifth Third Bank, 2.971% (3 Month USD LIBOR +
59 bps), 9/27/19 456,045
1,156,000 KeyBank NA, 1.6%, 8/22/19 1,143,590
1,995,000 KeyBank NA, 2.5%, 12/15/19 1,984,327
4,410,000 Manufacturers & Traders Trust Co., 2.25%, 7/25/19 4,390,286
6,300,000 Manufacturers & Traders Trust Co., 2.3%, 1/30/19 6,294,406
9,680,000(a) PNC Bank NA, 2.717% (3 Month USD LIBOR +
40 bps), 12/7/18 9,686,244
7,800,000(a) SunTrust Bank, 2.872% (3 Month USD LIBOR +
53 bps), 1/31/20 7,827,149
9,635,000(a) UBS AG, 2.959% (3 Month USD LIBOR +
64 bps), 8/14/19 9,678,321
3,960,000(a) US Bank NA, 2.487% (3 Month USD LIBOR +
14 bps), 10/23/20 3,958,189
4,450,000(a) US Bank NA, 2.655% (3 Month USD LIBOR +
32 bps), 4/26/21 4,466,319
2,965,000(a) US Bank NA, 2.662% (3 Month USD LIBOR +
32 bps), 1/24/20 2,972,576
1,055,000(a) US Bank NA, 2.745% (3 Month USD LIBOR +
41 bps), 4/26/19 1,056,808
3,224,000(a) Wells Fargo Bank NA, 2.569% (3 Month USD LIBOR +
23 bps), 1/15/20 3,228,462
3,775,000(a) Wells Fargo Bank NA, 2.912% (3 Month USD LIBOR +
60 bps), 5/24/19 3,787,234
-----------------
$ 97,270,338
--------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.1%
4,940,000(a) Zoetis, Inc., 2.762% (3 Month USD LIBOR +
44 bps), 8/20/21 $ 4,948,531
-----------------
Total Banks $ 451,905,333
--------------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.0%
Aerospace & Defense -- 0.3%
6,680,000 Boeing Co., 6.0%, 3/15/19 $ 6,778,046
9,335,000(a) United Technologies Corp., 2.693% (3 Month USD
LIBOR + 35 bps), 11/1/19 9,358,936
905,000(a) United Technologies Corp., 2.965% (3 Month USD
LIBOR + 65 bps), 8/16/21 907,406
-----------------
$ 17,044,388
--------------------------------------------------------------------------------------------------------------------
Construction Machinery & Heavy Trucks -- 0.4%
5,495,000(a) Caterpillar Financial Services Corp., 2.494% (3 Month
USD LIBOR + 18 bps), 5/15/20 $ 5,501,185
4,480,000(a) Caterpillar Financial Services Corp., 2.564% (3 Month
USD LIBOR + 23 bps), 3/15/21 4,487,320
The accompanying notes are an integral part of these financial statements.
78 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Construction Machinery & Heavy Trucks -- (continued)
2,600,000(a) Caterpillar Financial Services Corp., 2.597% (3 Month
USD LIBOR + 28 bps), 9/7/21 $ 2,602,220
7,295,000(a) John Deere Capital Corp., 2.587% (3 Month USD
LIBOR + 26 bps), 9/10/21 7,294,147
-----------------
$ 19,884,872
--------------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.2%
7,125,000(a) General Electric Co., 2.959% (3 Month USD LIBOR +
62 bps), 1/9/20 $ 7,149,150
780,000(a) General Electric Co., 3.139% (3 Month USD LIBOR +
80 bps), 4/15/20 783,647
2,600,000 General Electric Co., 6.0%, 8/7/19 2,667,375
-----------------
$ 10,600,172
--------------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.1%
1,400,000(a) Aviation Capital Group LLC, 3.013% (3 Month USD
LIBOR + 67 bps), 7/30/21 (144A) $ 1,404,909
5,010,000(a) GATX Corp., 3.061% (3 Month USD LIBOR +
72 bps), 11/5/21 5,020,962
-----------------
$ 6,425,871
-----------------
Total Capital Goods $ 53,955,303
--------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.6%
Asset Management & Custody Banks -- 0.4%
6,138,000 Bank of New York Mellon Corp., 2.2%, 5/15/19 $ 6,121,796
2,405,000 Bank of New York Mellon Corp., 2.3%, 9/11/19 2,393,359
2,960,000(a) Bank of New York Mellon Corp., 2.811% (3 Month
USD LIBOR + 48 bps), 9/11/19 2,971,509
4,015,000 Bank of New York Mellon Corp., 5.45%, 5/15/19 4,082,318
2,635,000(a) Mizuho Securities USA LLC, 2.566% (3 Month USD
LIBOR + 20 bps), 9/24/19 (144A) 2,634,742
3,000,000(a) State Street Corp., 3.222% (3 Month USD LIBOR +
90 bps), 8/18/20 3,040,889
-----------------
$ 21,244,613
--------------------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.2%
3,970,000(a) American Express Co., 2.669% (3 Month USD LIBOR +
33 bps), 10/30/20 $ 3,971,711
4,430,000(a) American Express Credit Corp., 2.678% (3 Month
USD LIBOR + 33 bps), 5/3/19 4,435,983
3,115,000(a) American Express Credit Corp., 2.751% (3 Month
USD LIBOR + 43 bps), 3/3/20 3,125,714
3,085,000(a) American Express Credit Corp., 2.909% (3 Month
USD LIBOR + 57 bps), 10/30/19 3,098,961
4,366,000 American Honda Finance Corp., 1.2%, 7/12/19 4,313,776
1,810,000(a) American Honda Finance Corp., 2.497% (3 Month
USD LIBOR + 15 bps), 1/22/19 1,810,834
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 79
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
4,275,000(a) American Honda Finance Corp., 2.548% (3 Month
USD LIBOR + 21 bps), 2/12/21 $ 4,275,529
4,810,000(a) American Honda Finance Corp., 2.594% (3 Month
USD LIBOR + 26 bps), 6/16/20 4,818,756
2,000,000(a) American Honda Finance Corp., 2.659% (3 Month
USD LIBOR + 34 bps), 2/14/20 2,005,067
7,500,000(a) BMW US Capital LLC, 2.689% (3 Month USD LIBOR +
37 bps), 8/14/20 (144A) 7,524,157
4,005,000(a) Capital One Financial Corp., 2.789% (3 Month USD
LIBOR + 45 bps), 10/30/20 3,996,933
2,245,000 General Motors Financial Co., Inc., 2.4%, 5/9/19 2,239,117
2,323,000(a) General Motors Financial Co., Inc., 3.791% (3 Month
USD LIBOR + 145 bps), 5/9/19 2,337,269
9,320,000(a) General Motors Financial Co., Inc., 4.399% (3 Month
USD LIBOR + 206 bps), 1/15/19 9,366,415
4,680,000(a) PACCAR Financial Corp., 2.601% (3 Month USD
LIBOR + 26 bps), 5/10/21 4,688,425
-----------------
$ 62,008,647
--------------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.7%
9,935,000(a) Charles Schwab Corp., 2.632% (3 Month USD
LIBOR + 32 bps), 5/21/21 $ 9,956,721
2,703,000(a) Goldman Sachs Group, Inc., 3.367% (3 Month USD
LIBOR + 102 bps), 10/23/19 2,727,150
3,325,000(a) Goldman Sachs Group, Inc., 3.414% (3 Month USD
LIBOR + 110 bps), 11/15/18 3,329,095
4,420,000 Goldman Sachs Group, Inc., 7.5%, 2/15/19 4,496,704
3,945,000 Macquarie Group, Ltd., 3.0%, 12/3/18 (144A) 3,947,972
429,000 Macquarie Group, Ltd., 7.625%, 8/13/19 (144A) 444,986
3,130,000(a) Morgan Stanley, 3.192% (3 Month USD LIBOR +
85 bps), 1/24/19 3,137,606
7,360,000(a) Morgan Stanley, 3.718% (3 Month USD LIBOR +
138 bps), 2/1/19 7,391,530
-----------------
$ 35,431,764
--------------------------------------------------------------------------------------------------------------------
Multi-Sector Holdings -- 0.1%
3,600,000(a) Berkshire Hathaway Finance Corp., 2.574% (3 Month
USD LIBOR + 26 bps), 8/15/19 $ 3,608,299
--------------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
3(a) Ambac LSNI LLC, 7.396% (3 Month USD LIBOR +
500 bps), 2/12/23 (144A) $ 3
4,720,000 MassMutual Global Funding II, 1.55%,
10/11/19 (144A) 4,663,963
7,617,000 Moody's Corp., 2.75%, 7/15/19 7,609,677
-----------------
$ 12,273,643
-----------------
Total Diversified Financials $ 134,566,966
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
80 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
ENERGY -- 1.1%
Integrated Oil & Gas -- 0.6%
2,580,000 BP Capital Markets Plc, 1.676%, 5/3/19 $ 2,565,097
1,000,000 BP Capital Markets Plc, 1.768%, 9/19/19 989,619
4,805,000 BP Capital Markets Plc, 2.237%, 5/10/19 4,793,173
1,013,000(a) BP Capital Markets Plc, 2.881% (3 Month USD
LIBOR + 54 bps), 5/10/19 1,015,941
2,616,000(a) BP Capital Markets Plc, 3.204% (3 Month USD
LIBOR + 87 bps), 9/16/21 2,668,987
1,383,000 Chevron Corp., 1.686%, 2/28/19 1,377,856
3,115,000(a) Chevron Corp., 2.531% (3 Month USD LIBOR +
21 bps), 3/3/20 3,122,262
1,385,000(a) Chevron Corp., 2.825% (3 Month USD LIBOR +
51 bps), 11/16/18 1,385,890
3,652,000(a) Chevron Corp., 3.265% (3 Month USD LIBOR +
95 bps), 5/16/21 3,727,326
3,132,000(a) Shell International Finance BV, 2.684% (3 Month
USD LIBOR + 35 bps), 9/12/19 3,141,913
7,715,000(a) Shell International Finance BV, 2.921% (3 Month
USD LIBOR + 58 bps), 11/10/18 7,720,272
-----------------
$ 32,508,336
--------------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.1%
4,255,000 Schlumberger Holdings Corp., 2.35%, 12/21/18 (144A) $ 4,253,044
--------------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.1%
4,380,000(a) Phillips 66, 2.911% (3 Month USD LIBOR +
60 bps), 2/26/21 $ 4,385,415
--------------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.3%
8,170,000 Enable Midstream Partners LP, 2.4%, 5/15/19 $ 8,135,740
4,750,000 TransCanada PipeLines, Ltd., 2.125%, 11/15/19 4,699,817
4,088,000 TransCanada PipeLines, Ltd., 7.125%, 1/15/19 4,138,612
-----------------
$ 16,974,169
-----------------
Total Energy $ 58,120,964
--------------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.4%
Drug Retail -- 0.3%
15,575,000(a) CVS Health Corp., 2.957% (3 Month USD LIBOR +
63 bps), 3/9/20 $ 15,655,186
--------------------------------------------------------------------------------------------------------------------
Food Retail -- 0.1%
6,590,000(a) Alimentation Couche-Tard, Inc., 2.834% (3 Month USD
LIBOR + 50 bps), 12/13/19 (144A) $ 6,590,584
-----------------
Total Food & Staples Retailing $ 22,245,770
--------------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Brewers -- 0.1%
3,569,000(a) Anheuser-Busch InBev Finance, Inc., 2.743% (3 Month
USD LIBOR + 40 bps), 2/1/19 $ 3,573,213
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 81
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.0%+
900,000(a) Tyson Foods, Inc., 2.871% (3 Month USD LIBOR +
55 bps), 6/2/20 $ 902,676
--------------------------------------------------------------------------------------------------------------------
Tobacco -- 0.1%
3,635,000(a) BAT Capital Corp., 2.909% (3 Month USD LIBOR +
59 bps), 8/14/20 (144A) $ 3,647,871
3,990,000 Philip Morris International, Inc., 1.375%, 2/25/19 3,969,802
-----------------
$ 7,617,673
-----------------
Total Food, Beverage & Tobacco $ 12,093,562
--------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.7%
Health Care Distributors -- 0.2%
7,260,000 Cardinal Health, Inc., 1.948%, 6/14/19 $ 7,219,219
--------------------------------------------------------------------------------------------------------------------
Health Care Equipment -- 0.1%
3,990,000(a) Becton Dickinson & Co., 3.261% (3 Month USD
LIBOR + 88 bps), 12/29/20 $ 3,995,913
2,680,000(a) Medtronic, Inc., 3.134% (3 Month USD LIBOR +
80 bps), 3/15/20 2,705,058
-----------------
$ 6,700,971
--------------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
6,730,000(a) Halfmoon Parent, Inc., 2.984% (3 Month USD LIBOR +
65 bps), 9/17/21 (144A) $ 6,739,907
--------------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.0%+
860,000 Express Scripts Holding Co., 2.25%, 6/15/19 $ 856,023
--------------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.3%
9,456,000 Anthem, Inc., 2.25%, 8/15/19 $ 9,404,546
5,945,000(a) UnitedHealth Group, Inc., 2.409% (3 Month USD
LIBOR + 7 bps), 10/15/20 5,946,036
-----------------
$ 15,350,582
-----------------
Total Health Care Equipment & Services $ 36,866,702
--------------------------------------------------------------------------------------------------------------------
INSURANCE -- 5.2%
Life & Health Insurance -- 0.6%
7,510,000(a) AIG Global Funding, 2.878% (3 Month USD LIBOR +
48 bps), 7/2/20 (144A) $ 7,528,385
2,415,000 Pricoa Global Funding I, 1.45%, 9/13/19 (144A) 2,383,409
4,510,000 Principal Life Global Funding II, 1.5%, 4/18/19 (144A) 4,481,559
6,818,000 Protective Life Corp., 7.375%, 10/15/19 7,103,864
875,000 Protective Life Global Funding, 1.555%,
9/13/19 (144A) 864,035
4,765,000(a) Protective Life Global Funding, 2.906% (3 Month USD
LIBOR + 52 bps), 6/28/21 (144A) 4,772,367
4,715,000 Prudential Financial, Inc., 7.375%, 6/15/19 4,863,146
-----------------
$ 31,996,765
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
82 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.5%
3,155,000 American International Group, Inc., 2.3%, 7/16/19 $ 3,140,877
7,321,000 Metropolitan Life Global Funding I, 1.55%,
9/13/19 (144A) 7,230,059
550,000 Metropolitan Life Global Funding I, 1.75%,
9/19/19 (144A) 544,164
3,705,000(a) Metropolitan Life Global Funding I, 2.559% (3 Month
USD LIBOR + 22 bps), 9/19/19 (144A) 3,708,258
5,090,000(a) Metropolitan Life Global Funding I, 2.734% (3 Month
USD LIBOR + 40 bps), 6/12/20 (144A) 5,112,299
2,940,000(a) Metropolitan Life Global Funding I, 2.769% (3 Month
USD LIBOR + 43 bps), 12/19/18 (144A) 2,942,513
1,865,000(a) New York Life Global Funding, 2.661% (3 Month USD
LIBOR + 32 bps), 8/6/21 (144A) 1,868,836
4,204,000(a) New York Life Global Funding, 2.732% (3 Month USD
LIBOR + 39 bps), 10/24/19 (144A) 4,217,996
-----------------
$ 28,765,002
--------------------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.2%
4,940,000(a) Allstate Corp., 2.816% (3 Month USD LIBOR +
43 bps), 3/29/21 $ 4,945,896
1 Ambac Assurance Corp., 5.1%, 6/7/20 (144A) 1
2,611,000 Chubb INA Holdings, Inc., 5.9%, 6/15/19 2,666,399
-----------------
$ 7,612,296
--------------------------------------------------------------------------------------------------------------------
Reinsurance -- 3.9%
2,000,000(a) Acorn Re, Ltd., 4.883% (3 Month USD LIBOR +
275 bps), 11/10/21 (144A) (Cat Bond) $ 1,996,600
1,500,000+(d)(e) Ailsa Re 2018, Variable Rate Notes, 6/15/19 1,556,019
250,000(a) Akibare Re, 4.296% (3 Month USD LIBOR + 190 bps),
4/7/22 (144A) (Cat Bond) 253,500
500,000(a) Akibare Re, 4.296% (3 Month USD LIBOR + 190 bps),
4/7/22 (144A) (Cat Bond) 505,950
2,300,000(a) Alamo Re, 5.446% (1 Month Treasury Bill + 325 bps),
6/7/21 (144A) (Cat Bond) 2,290,800
2,000,000(a) Alamo Re, 7.046% (3 Month Treasury Bill + 485 bps),
6/8/20 (144A) (Cat Bond) 2,013,000
1,500,000(a) Aozora Re, 4.22% (6 Month USD LIBOR + 200 bps),
4/7/21 (144A) (Cat Bond) 1,524,750
500,000(a) Aozora Re, 4.681% (6 Month USD LIBOR + 224 bps),
4/7/20 (144A) (Cat Bond) 506,900
500,000+(d)(e) Arlington Re 2015, Variable Rate Notes, 2/1/19 24,300
750,000+(d)(e) Arlington Re 2016, Variable Rate Notes, 2/28/19 97,875
1,250,000+(d)(e) Berwick Re 2017-1, Variable Rate Notes, 2/1/19 41,375
4,735,167+(d)(e) Berwick Re 2018-1, Variable Rate Notes, 12/31/21 5,024,012
1,500,000+(d)(e) Blue Lotus Re 2018, Variable Rate Notes, 12/31/21 1,664,400
2,650,000(a) Bonanza Re, 6.241% (6 Month USD LIBOR +
398 bps), 12/31/19 (144A) (Cat Bond) 2,626,415
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 83
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
4,500,000(a) Bowline Re, 6.696% (3 Month Treasury Bill + 450 bps),
5/23/22 (144A) (Cat Bond) $ 4,472,100
2,250,000(a) Caelus Re IV, 7.724% (3 Month Treasury Bill + 553 bps),
3/6/20 (144A) (Cat Bond) 2,289,600
1,250,000(a) Caelus Re V, 2.694% (1 Month Treasury Bill + 50 bps),
6/5/20 (144A) (Cat Bond) 581,250
1,000,000(a) Caelus Re V, 5.404% (3 Month Treasury Bill + 321 bps),
6/5/20 (144A) (Cat Bond) 935,400
500,000(a) Caelus Re V, 5.694% (3 Month Treasury Bill + 350 bps),
6/7/21 (144A) (Cat Bond) 491,400
750,000(a) Caelus Re V, 6.694% (3 Month Treasury Bill + 450 bps),
6/7/21 (144A) (Cat Bond) 735,300
750,000+(d)(e) Carnoustie Re 2016, Variable Rate Notes, 11/30/20 20,250
2,000,000+(d)(e) Carnoustie Re 2017, Variable Rate Notes, 11/30/21 508,400
1,500,000+(d)(e) Carnoustie Re 2018, Variable Rate Notes, 12/31/21 1,652,493
2,500,000+(a) Casablanca Re, 5.814% (6 Month USD LIBOR +
375 bps), 6/4/20 (144A) (Cat Bond) 2,524,000
1,500,000+(d)(e) Castle Stuart Re 2018, Variable Rate Notes, 12/1/21 1,469,550
1,000,000+(d)(e) Cerulean Re 2018, Variable Rate Notes, 6/15/19 975,810
3,475,000(a) Citrus Re, 2.694% (1 Month Treasury Bill + 50 bps),
4/9/20 (144A) (Cat Bond) 2,536,750
3,000,000(a) Cranberry Re, 4.158% (6 Month USD LIBOR +
200 bps), 7/13/20 (144A) (Cat Bond) 3,038,700
1,000,000+(d)(e) Cypress Re 2017, Variable Rate Notes, 1/10/19 457,600
2,500,000+(d)(e) Cyprus Re 2018, Variable Rate Notes, 1/15/19 2,445,268
4,000,000+(d)(e) Denning Re 2018, Variable Rate Notes, 7/15/19 3,947,172
2,000,000+(d)(e) EC0012 Re, Variable Rate Notes, 6/15/19 1,969,000
318,532+(d)(e) Eden Re II, Variable Rate Notes, 3/22/21 (144A) 151,749
437,500+(d)(e) Eden Re II, Variable Rate Notes, 3/22/21 (144A) 215,381
2,268,098+(d)(e) Eden Re II, Variable Rate Notes, 3/22/22 (144A) 2,335,687
1,500,000+(d)(e) Eden Re II, Variable Rate Notes, 3/22/22 (144A) 1,545,600
2,000,000+(d)(e) Formby Re 2018, Variable Rate Notes, 6/15/19 2,038,672
500,000(a) Fortius Re II, 5.74% (6 Month USD LIBOR + 362
bps), 7/7/21 (144A) (Cat Bond) 495,900
2,900,000(a) Galilei Re, 6.84% (6 Month USD LIBOR + 466 bps),
1/8/20 (144A) (Cat Bond) 2,914,500
1,250,000(a) Galilei Re, 6.86% (6 Month USD LIBOR + 466 bps),
1/8/21 (144A) (Cat Bond) 1,255,750
2,500,000(a) Galilei Re, 7.63% (6 Month USD LIBOR + 545 bps),
1/8/20 (144A) (Cat Bond) 2,501,250
2,000,000(a) Galilei Re, 7.65% (6 Month USD LIBOR + 545 bps),
1/8/21 (144A) (Cat Bond) 2,007,600
1,500,000(a) Galilei Re, 8.71% (6 Month USD LIBOR + 653 bps),
1/8/20 (144A) (Cat Bond) 1,506,000
1,250,000(a) Galilei Re, 8.73% (6 Month USD LIBOR + 653 bps),
1/8/21 (144A) (Cat Bond) 1,252,375
The accompanying notes are an integral part of these financial statements.
84 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000(a) Galileo Re, 9.661% (3 Month USD LIBOR + 750 bps),
11/6/20 (144A) (Cat Bond) $ 253,500
1,300,000+(d)(e) Gleneagles Re 2016, Variable Rate Notes, 11/30/20 80,600
2,650,000(a) Golden State Re II, 4.394% (3 Month Treasury Bill +
220 bps), 1/8/19 (144A) (Cat Bond) 2,648,940
2,000,000+(d)(e) Gullane Re 2018, Variable Rate Notes, 12/31/21 2,106,200
2,000,000+(d)(e) Harambee Re 2018, Variable Rate Notes, 12/31/21 2,162,400
1,250,000+(d)(e) Hillside Re 2018, Variable Rate Notes, 7/1/19 1,222,275
2,500,000(a) Integrity Re, 5.384% (6 Month USD LIBOR + 324 bps),
6/10/20 (144A) (Cat Bond) 2,534,000
1,000,000(a) Integrity Re, 5.797% (3 Month USD LIBOR + 375 bps),
6/10/22 (144A) (Cat Bond) 1,006,300
500,000(a) Integrity Re, 6.264% (6 Month USD LIBOR + 412 bps),
6/10/20 (144A) (Cat Bond) 506,450
1,400,000(a) International Bank for Reconstruction & Development,
4.614% (3 Month USD LIBOR + 250 bps), 2/14/20
(144A) (Cat Bond) 1,402,940
1,800,000(a) International Bank for Reconstruction & Development,
4.614% (3 Month USD LIBOR + 250 bps), 2/15/21
(144A) (Cat Bond) 1,789,740
1,300,000(a) International Bank for Reconstruction & Development,
5.114% (3 Month USD LIBOR + 300 bps), 2/15/21
(144A) (Cat Bond) 1,304,940
400,000(a) International Bank for Reconstruction & Development,
8.034% (6 Month USD LIBOR + 590 bps), 12/20/19
(144A) (Cat Bond) 397,600
1,000,000(a) International Bank for Reconstruction & Development,
8.114% (3 Month USD LIBOR + 600 bps), 2/15/21
(144A) (Cat Bond) 1,006,500
1,250,000(a) International Bank for Reconstruction & Development,
9.0% (6 Month USD LIBOR + 690 bps), 7/15/20
(144A) (Cat Bond) 1,257,125
1,250,000(a) Kendall Re, 7.431% (3 Month USD LIBOR + 525 bps),
5/6/21 (144A) (Cat Bond) 1,247,500
3,268,362+(d)(e) Kilarney Re 2018, Variable Rate Notes, 4/15/19 3,109,846
3,000,000(a) Kilimanjaro II Re, 8.021% (6 Month USD LIBOR +
572 bps), 4/20/21 (144A) (Cat Bond) 3,015,900
1,700,000(a) Kilimanjaro II Re, 9.461% (6 Month USD LIBOR +
714 bps), 4/21/22 (144A) (Cat Bond) 1,688,780
2,350,000(a) Kilimanjaro Re, 5.944% (3 Month Treasury Bill +
375 bps), 11/25/19 (144A) (Cat Bond) 2,354,465
4,000,000(a) Kilimanjaro Re, 6.787% (3 Month USD LIBOR +
465 bps), 5/6/22 (144A) (Cat Bond) 3,982,000
2,500,000(a) Kilimanjaro Re, 8.944% (3 Month Treasury Bill +
675 bps), 12/6/19 (144A) (Cat Bond) 2,521,250
2,000,000(a) Kilimanjaro Re, 11.222% (3 Month Treasury Bill +
925 bps), 12/6/19 (144A) (Cat Bond) 2,035,600
1,500,000+(d)(e) Kingsbarns Re 2017, Variable Rate Notes, 5/15/19 229,800
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 85
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
500,000(a) Kizuna Re II, 4.069% (3 Month Treasury Bill +
188 bps), 4/11/23 (144A) (Cat Bond) $ 505,700
1,200,000+(d)(e) Laytown Re 2018, Variable Rate Notes, 1/15/19 1,144,560
850,000+(d)(e) Limestone Re 2016-1, Variable Rate Notes, 8/31/21 831,640
500,000+(d)(e) Limestone Re 2018, Variable Rate Notes, 8/31/21 489,200
2,500,000+(d)(e) Limestone Re 2018, Variable Rate Notes, 3/1/22 2,573,000
4,000,000(a) Long Point Re III, 4.944% (3 Month Treasury Bill +
275 bps), 6/1/22 (144A) (Cat Bond) 4,022,000
2,500,000+(d)(e) Lorenz Re 2017, Variable Rate Notes, 3/31/20 527,000
4,000,000+(d)(e) Lorenz Re 2018, Variable Rate Notes, 7/1/21 4,205,600
2,500,000+(d)(e) Madison Re 2016, Variable Rate Notes, 3/31/19 69,500
2,000,000+(d)(e) Madison Re 2017, Variable Rate Notes, 12/31/19 527,800
2,000,000+(d)(e) Madison Re 2018, Variable Rate Notes, 12/31/21 2,179,600
3,000,000+(d)(e) Merion Re 2018-2, Variable Rate Notes, 12/31/21 3,300,221
500,000(a) Merna Re, 4.194% (3 Month Treasury Bill + 200 bps),
4/8/21 (144A) (Cat Bond) 500,750
2,600,000(a) MetroCat Re, 5.894% (3 Month Treasury Bill +
370 bps), 5/8/20 (144A) (Cat Bond) 2,587,000
2,500,000(a) Nakama Re, 4.28% (6 Month USD LIBOR + 220 bps),
10/13/21 (144A) (Cat Bond) 2,529,000
2,500,000(a) Nakama Re, 4.396% (3 Month USD LIBOR + 200 bps),
4/13/23 (144A) (Cat Bond) 2,517,500
1,000,000(a) Northshore Re II, 9.406% (3 Month Treasury Bill +
721 bps), 7/6/20 (144A) (Cat Bond) 1,007,500
500,000+(d)(e) Oakmont Re 2017, Variable Rate Notes, 4/15/19 5,750
2,600,000+(d)(e) Oakmont Re 2018, Variable Rate Notes, 1/31/19 2,591,160
1,000,000+(d)(e) Oakmont Re 2018, Variable Rate Notes, 4/15/19 986,979
2,500,000+(d)(e) Pangaea Re 2015-1, Variable Rate Notes, 2/1/19 4,500
2,800,000+(d)(e) Pangaea Re 2015-2, Variable Rate Notes, 11/30/19 8,960
2,500,000+(d)(e) Pangaea Re 2016-1, Variable Rate Notes, 11/30/20 14,500
1,500,000+(d)(e) Pangaea Re 2016-2, Variable Rate Notes, 11/30/20 12,225
2,000,000+(d)(e) Pangaea Re 2017-1, Variable Rate Notes, 11/30/21 9,040
1,500,000+(d)(e) Pangaea Re 2017-3, Variable Rate Notes, 5/31/22 6,600
2,000,000+(d)(e) Pangaea Re 2018-1, Variable Rate Notes, 12/31/21 2,219,600
4,000,000+(d)(e) Pangaea Re 2018-3, Variable Rate Notes, 7/1/22 4,167,200
2,000,000+(a) Panthera Re, 5.694% (3 Month Treasury Bill +
350 bps), 3/9/20 (144A) (Cat Bond) 2,011,800
3,500,000(a) PennUnion Re, 6.696% (3 Month Treasury Bill +
450 bps), 12/7/18 (144A) (Cat Bond) 3,482,150
4,000,000+(d)(e) Pinehurst Re 2018, Variable Rate Notes, 1/15/19 3,959,200
800,000+(d)(e) Portrush Re 2017, Variable Rate Notes, 6/15/19 637,440
4,000,000+(d)(e) Promissum Re 2018, Variable Rate Notes, 6/15/19 3,875,200
1,750,000(a) Queen Street XI Re, 8.346% (3 Month Treasury Bill +
615 bps), 6/7/19 (144A) (Cat Bond) 1,777,475
The accompanying notes are an integral part of these financial statements.
86 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,000,000(a) Residential Reinsurance 2015, 8.976% (3 Month
Treasury Bill + 678 bps), 12/6/19 (144A) (Cat Bond) $ 1,017,300
2,000,000(a) Residential Reinsurance 2016, 6.016% (3 Month
Treasury Bill + 382 bps), 12/6/20 (144A) (Cat Bond) 2,023,200
2,100,000(a) Residential Reinsurance 2017, 5.246% (3 Month
Treasury Bill + 305 bps), 6/6/21 (144A) (Cat Bond) 2,111,340
2,900,000(a) Residential Reinsurance 2017, 7.736% (3 Month
Treasury Bill + 554 bps), 12/6/21 (144A) (Cat Bond) 2,846,930
1,250,000(a) Residential Reinsurance 2018, 5.446% (3 Month
Treasury Bill + 325 bps), 6/6/22 (144A) (Cat Bond) 1,254,125
1,500,000+(d)(e) Resilience Re, Variable Rate Notes, 1/8/19 (144A) 1,500,000
2,500,000+(d)(e) Resilience Re, Variable Rate Notes, 1/8/19 (144A) 2,500,000
2,000,000+(d)(e) Resilience Re, Variable Rate Notes, 4/8/19 1,956,200
1,500,000+(d)(e) Resilience Re, Variable Rate Notes, 6/7/19 1,532,700
2,000,000+(d)(e) Resilience Re, Variable Rate Notes, 10/15/19 2,092,400
2,500,000+(d)(e) Resilience Re, Variable Rate Notes, 12/31/19 555,000
2,000,000+(d)(e) Resilience Re, Variable Rate Notes, 1/8/19 1,979,400
2,000,000+(d)(e) Resilience Re, Variable Rate Notes, 5/1/19 20,000
500,000+(d)(e) Sector Re V, Series 6, Class D, Variable Rate Notes,
12/1/21 (144A) 22,450
500,000+(d)(e) Sector Re V, Series 7, Class C, Variable Rate Notes,
12/1/22 (144A) 467,950
500,000+(d)(e) Sector Re V, Series 7, Class C, Variable Rate Notes,
12/1/22 (144A) 467,950
625,004+(d)(e) Sector Re V, Series 7, Class G, Variable Rate Notes,
3/1/22 (144A) 287,502
250,000+(d)(e) Sector Re V, Series 8, Class F, Variable Rate Notes,
3/1/23 (144A) 246,625
624,996+(d)(e) Sector Re V, Series 8, Class G, Variable Rate Notes,
3/1/23 (144A) 616,558
1,000,000+(d)(e) Silverton Re 2017, Variable Rate Notes, 9/16/19 (144A) 103,500
2,500,000(a) Skyline Re, 4.694% (3 Month Treasury Bill + 250 bps),
1/6/20 (144A) (Cat Bond) 2,506,250
1,250,000+(d)(e) St. Andrews Re 2017-1, Variable Rate Notes, 2/1/19 84,750
1,737,984+(d)(e) St. Andrews Re 2017-4, Variable Rate Notes, 6/1/19 171,018
3,000,000(a) Tailwind Re, 9.444% (3 Month Treasury Bill + 725 bps),
1/8/22 (144A) (Cat Bond) 2,997,300
750,000+(d)(e) Thopas Re 2018, Variable Rates Notes, 12/31/21 818,925
250,000(a) Tramline Re II, 10.444% (3 Month Treasury Bill +
825 bps), 1/4/19 (144A) (Cat Bond) 251,375
3,500,000(a) Ursa Re, 3.5% (ZERO + 350 bps), 5/27/20 (144A)
(Cat Bond) 3,493,350
1,800,000(a) Ursa Re, 4.0% (ZERO + 400 bps), 12/10/19 (144A)
(Cat Bond) 1,794,960
1,600,000(a) Ursa Re, 4.0% (3 Month Treasury Bill + 400 bps),
12/10/20 (144A) (Cat Bond) 1,601,280
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 87
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
500,000(a) Ursa Re, 7.294% (3 Month Treasury Bill + 510 bps),
9/24/21 (144A) (Cat Bond) $ 500,450
2,700,000+(d)(e) Versutus Re 2016-1, Variable Rate Notes, 11/30/20 20,790
2,600,000+(d)(e) Versutus Re 2017-A, Variable Rate Notes, 11/30/21 117,780
2,000,000+(d)(e) Versutus Re 2018, Variable Rate Notes, 12/31/21 2,142,600
750,000+(d)(e) Viribus Re 2018, Variable Rate Notes, 12/31/21 830,025
3,800,000(a) Vitality Re V, 3.944% (3 Month Treasury Bill + 175 bps),
1/7/19 (144A) (Cat Bond) 3,806,080
2,000,000(a) Vitality Re VII, 4.344% (3 Month Treasury Bill +
215 bps), 1/7/20 (144A) (Cat Bond) 2,011,600
1,000,000(a) Vitality Re VII, 4.844% (3 Month Treasury Bill +
265 bps), 1/7/20 (144A) (Cat Bond) 1,010,000
1,700,000+(d)(e) Woburn Re 2018, Variable Rate Notes, 12/31/21 1,801,079
-----------------
$ 214,109,146
-----------------
Total Insurance $ 282,483,209
--------------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.1%
Construction Materials -- 0.0%+
2,477,000(a) Martin Marietta Materials, Inc., 2.838% (3 Month USD
LIBOR + 50 bps), 12/20/19 $ 2,483,097
--------------------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.1%
3,235,000(a) EI du Pont de Nemours & Co., 2.873% (3 Month USD
LIBOR + 53 bps), 5/1/20 $ 3,254,462
-----------------
Total Materials $ 5,737,559
--------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.6%
Biotechnology -- 0.4%
4,500,000 Amgen, Inc., 1.9%, 5/10/19 $ 4,476,472
3,265,000(a) Amgen, Inc., 2.661% (3 Month USD LIBOR +
32 bps), 5/10/19 3,270,157
5,315,000(a) Amgen, Inc., 2.788% (3 Month USD LIBOR +
45 bps), 5/11/20 5,336,658
3,484,000(a) Amgen, Inc., 2.91% (3 Month USD LIBOR +
60 bps), 5/22/19 3,495,861
2,906,000 Celgene Corp., 2.25%, 5/15/19 2,895,809
-----------------
$ 19,474,957
--------------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.2%
4,670,000(a) Bayer US Finance II LLC, 3.003% (3 Month USD
LIBOR + 63 bps), 6/25/21 (144A) $ 4,688,134
6,940,000 Shire Acquisitions Investments Ireland, DAC,
1.9%, 9/23/19 6,865,799
-----------------
$ 11,553,933
-----------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 31,028,890
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
88 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Diversified REIT -- 0.0%+
1,153,000 ERP Operating LP, 2.375%, 7/1/19 $ 1,148,426
-----------------
Total Real Estate $ 1,148,426
--------------------------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Home Improvement Retail -- 0.1%
4,517,000(a) Home Depot, Inc., 2.466% (3 Month USD LIBOR +
15 bps), 6/5/20 $ 4,527,480
-----------------
Total Retailing $ 4,527,480
--------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductors -- 0.1%
5,870,000 Altera Corp., 2.5%, 11/15/18 $ 5,871,216
-----------------
Total Semiconductors & Semiconductor Equipment $ 5,871,216
--------------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3%
Electronic Components -- 0.2%
8,765,000 Amphenol Corp., 2.55%, 1/30/19 $ 8,760,174
--------------------------------------------------------------------------------------------------------------------
Technology Hardware, Storage & Peripherals -- 0.1%
4,110,000 Apple, Inc., 1.7%, 2/22/19 $ 4,098,997
2,650,000(a) Apple, Inc., 3.13% (3 Month USD LIBOR +
82 bps), 2/22/19 2,658,670
-----------------
$ 6,757,667
-----------------
Total Technology Hardware & Equipment $ 15,517,841
--------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.3%
Integrated Telecommunication Services -- 0.3%
400,000 AT&T, Inc., 2.3%, 3/11/19 $ 399,379
2,400,000(a) AT&T, Inc., 3.001% (3 Month USD LIBOR +
67 bps), 3/11/19 2,405,996
2,550,000(a) AT&T, Inc., 3.221% (3 Month USD LIBOR +
91 bps), 11/27/18 2,553,069
2,700,000(a) AT&T, Inc., 3.316% (3 Month USD LIBOR +
93 bps), 6/30/20 2,726,902
2,990,000(a) Deutsche Telekom International Finance BV, 2.916%
(3 Month USD LIBOR + 58 bps), 1/17/20 (144A) 3,000,779
4,805,000 Orange SA, 1.625%, 11/3/19 4,731,964
-----------------
Total Telecommunication Services $ 15,818,089
--------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Railroads -- 0.0%+
1,111,000 Union Pacific Corp., 2.25%, 2/15/19 $ 1,109,169
--------------------------------------------------------------------------------------------------------------------
Trucking -- 0.1%
4,725,000 Penske Truck Leasing Co. LP / PTL Finance Corp.,
2.5%, 6/15/19 (144A) $ 4,708,612
-----------------
Total Transportation $ 5,817,781
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 89
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.4%
Electric Utilities -- 0.3%
3,232,000 Atlantic City Electric Co., 7.75%, 11/15/18 $ 3,251,281
4,967,000(a) Duke Energy Progress LLC, 2.507% (3 Month USD
LIBOR + 18 bps), 9/8/20 4,976,347
1,899,000 Eversource Energy, 4.5%, 11/15/19 1,928,380
4,505,000 NextEra Energy Capital Holdings, Inc., 2.3%, 4/1/19 4,496,247
-----------------
$ 14,652,255
--------------------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.1%
1,750,000 Dominion Energy, Inc., 1.6%, 8/15/19 $ 1,729,827
4,080,000 Dominion Energy, Inc., 1.875%, 1/15/19 4,066,952
1,873,000(a) Sempra Energy, 2.839% (3 Month USD LIBOR +
50 bps), 1/15/21 1,873,475
-----------------
$ 7,670,254
-----------------
Total Utilities $ 22,322,509
--------------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $1,218,307,304) $ 1,216,937,734
--------------------------------------------------------------------------------------------------------------------
MUNICIPAL BOND -- 0.0%+ of Net Assets(a)(f)
Municipal Student Loan -- 0.0%+
301,637(a) Louisiana Public Facilities Authority, Student Loan
Backed, Series A, 3.2595% (3 Month USD LIBOR +
90 bps), 4/26/27 $ 301,983
--------------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BOND
(Cost $302,852) $ 301,983
--------------------------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE LOAN
INTERESTS -- 4.7% of Net Assets*(a)
AUTOMOBILES & COMPONENTS -- 0.1%
Auto Parts & Equipment -- 0.1%
417,396 Allison Transmission, Inc., New Term Loan, 3.97%
(LIBOR + 175 bps), 9/23/22 $ 420,451
1,769,526 American Axle & Manufacturing, Inc., Tranche B Term
Loan, 4.462% (LIBOR + 225 bps), 4/6/24 1,772,290
646,473 TI Group Automotive Systems LLC, Initial US Term Loan,
4.742% (LIBOR + 250 bps), 6/30/22 649,302
869,344 Tower Automotive Holdings USA LLC, Initial Term Loan,
4.875% (LIBOR + 275 bps), 3/7/24 874,778
291,667 Visteon Corp., New Term Loan, 4.003% (LIBOR +
175 bps), 3/25/24 292,122
-----------------
$ 4,008,943
--------------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.0%+
1,669,364 FCA US LLC (fka Chrysler Group LLC), Tranche B Term
Loan, 4.25% (LIBOR + 200 bps), 12/31/18 $ 1,673,538
1,000,000(g) Garrett LX III S.a.r.l., Dollar Tranche B Term Loan, 9/27/25 1,002,500
-----------------
$ 2,676,038
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
90 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.0%+
266,667 Goodyear Tire & Rubber Co., Second Lien Term Loan,
4.15% (LIBOR + 200 bps), 3/3/25 $ 267,376
-----------------
Total Automobiles & Components $ 6,952,357
--------------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.4%
Aerospace & Defense -- 0.1%
684,286 Leidos Innovations Corp., Term Loan B, 4.0% (LIBOR +
175 bps), 8/22/25 $ 688,278
2,009,774 MacDonald, Dettwiler and Associates, Ltd., Initial Term B
Loan, 5.148% (LIBOR + 275 bps), 10/4/24 1,984,401
988,150 Transdigm, Inc., New Tranche F Term Loan, 4.742%
(LIBOR + 250 bps), 6/9/23 992,588
1,241,920 Transdigm, Inc., New Tranche G Term Loan, 4.742%
(LIBOR + 250 bps), 8/22/24 1,247,268
-----------------
$ 4,912,535
--------------------------------------------------------------------------------------------------------------------
Building Products -- 0.1%
940,875 Armstrong World Industries, Inc., Term Loan B, 5.051%
(LIBOR + 275 bps), 3/31/23 $ 944,796
2,467,051 Beacon Roofing Supply, Inc., Initial Term Loan, 4.383%
(LIBOR + 225 bps), 1/2/25 2,465,509
1,197,000 Hamilton Holdco LLC (Reece International Pty, Ltd.),
Term Loan B, 4.34% (LIBOR + 200 bps), 7/2/25 1,200,741
593,090 Quikrete Holdings, Inc., First Lien Initial Term Loan,
4.992% (LIBOR + 275 bps), 11/15/23 594,832
-----------------
$ 5,205,878
--------------------------------------------------------------------------------------------------------------------
Construction Machinery & Heavy Trucks -- 0.0%+
144,955 Clark Equipment Co. (aka Doosan Bobcat, Inc.),
Repriced Term Loan, 4.371% (LIBOR +
200 bps), 5/18/24 $ 145,352
2,000,000 Navistar, Inc., Tranche B Term Loan, 5.64% (LIBOR +
350 bps), 11/6/24 2,011,226
298,052 Terex Corp., Incremental US Term Loan, 4.294%
(LIBOR + 200 bps), 1/31/24 299,635
-----------------
$ 2,456,213
--------------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
673,944 Dell International LLC, Refinancing Term B Loan, 4.25%
(LIBOR + 200 bps), 9/7/23 $ 676,050
43,514 DG Investment Intermediate Holdings 2, Inc. (aka
Convergint Technologies Holdings LLC), 5.242%
(LIBOR + 300 bps), 2/3/25 359
497,708 DG Investment Intermediate Holdings 2, Inc. (aka
Convergint Technologies Holdings LLC), First Lien Initial
Term Loan, 5.242% (LIBOR + 300 bps), 2/3/25 498,175
261,668 Diebold Nixdorf, Inc. (fka Diebold, Inc.), New Dollar
Term B Loan, 4.938% (LIBOR + 275 bps), 11/6/23 226,997
1,296,750 Southwire Co., LLC, Initial Term Loan, 4.158% (LIBOR +
200 bps), 5/19/25 1,304,692
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 91
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- (continued)
653,436 WireCo WorldGroup, Inc., First Lien Initial Term Loan,
7.242% (LIBOR + 500 bps), 9/29/23 $ 661,060
-----------------
$ 3,367,333
--------------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
104,450 AVSC Holding Corp., First Lien Initial Term Loan,
5.566% (LIBOR + 325 bps), 3/3/25 $ 104,450
473,362 DTI Holdco, Inc., Replacement B-1 Term Loan, 6.945%
(LIBOR + 475 bps), 9/29/23 461,823
412,588 Milacron LLC, Term B Loan, 4.742% (LIBOR +
250 bps), 9/28/23 413,362
2,141,140 Shape Technologies Group, Inc., Initial Term Loan,
5.227% (LIBOR + 300 bps), 4/20/25 2,142,478
-----------------
$ 3,122,113
--------------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.0%+
1,339,875 Circor International, Inc., Initial Term Loan, 5.639%
(LIBOR + 350 bps), 12/11/24 $ 1,349,086
155,686 Gardner Denver, Inc., Tranche B-1 Dollar Term Loan,
4.992% (LIBOR + 275 bps), 7/30/24 156,818
250,521 NN, Inc., Tranche B Term Loan, 5.992% (LIBOR +
375 bps), 10/19/22 251,461
-----------------
$ 1,757,365
--------------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%+
45,080 WESCO Distribution, Inc., Tranche B-1 Term Loan,
5.242% (LIBOR + 300 bps), 12/12/19 $ 45,137
-----------------
Total Capital Goods $ 20,866,574
--------------------------------------------------------------------------------------------------------------------
COMMERCIAL & PROFESSIONAL SERVICES -- 0.3%
Commercial Printing -- 0.0%+
1,985,000 Multi-Color Corp., Term B Loan, 4.492% (LIBOR +
225 bps), 10/31/24 $ 1,997,406
--------------------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.2%
3,242,249 Aristocrat Leisure, Ltd., Term B-3 Loan, 4.098%
(LIBOR + 175 bps), 10/19/24 $ 3,243,186
3,332,956 Asurion LLC (fka Asurion Corp.), New B-7 Term Loan,
5.242% (LIBOR + 300 bps), 11/3/24 3,358,846
1,185,000 KAR Auction Services, Inc., Tranche B-5 Term Loan,
4.938% (LIBOR + 250 bps), 3/9/23 1,191,659
131,923 TMS International Corp. (aka Tube City IMS Corp.),
Term B-2 Loan, 4.992% (LIBOR + 275 bps), 8/14/24 131,923
-----------------
$ 7,925,614
--------------------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.1%
1,491,225 Clean Harbors, Inc., Initial Term Loan, 3.992%
(LIBOR + 175 bps), 6/30/24 $ 1,496,817
576,731 GFL Environmental, Inc., Effective Date Incremental
Term Loan, 5.136% (LIBOR + 275 bps), 5/30/25 578,173
The accompanying notes are an integral part of these financial statements.
92 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- (continued)
74,860 Wrangler Buyer Corp. (aka Waste Industries USA, Inc.),
Initial Term Loan, 4.992% (LIBOR + 275 bps), 9/27/24 $ 75,398
-----------------
$ 2,150,388
--------------------------------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.0%+
642,082 On Assignment, Inc., Initial Term B-1 Loan, 4.242%
(LIBOR + 200 bps), 6/3/22 $ 644,892
909,550 On Assignment, Inc., Initial Term B-2 Loan, 4.242%
(LIBOR + 200 bps), 4/2/25 912,847
-----------------
$ 1,557,739
--------------------------------------------------------------------------------------------------------------------
Office Services & Supplies -- 0.0%+
556,142 West Corp., Term B Loan, 6.242% (LIBOR +
400 bps), 10/10/24 $ 555,177
--------------------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.0%+
1,467,129 GW Honos Security Corp. (Garda World Security Corp.),
Term B Loan, 5.821% (LIBOR + 350 bps/PRIME +
250 bps), 5/24/24 $ 1,475,686
-----------------
Total Commercial & Professional Services $ 15,662,010
--------------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Apparel, Accessories & Luxury Goods -- 0.0%+
992,500 Hanesbrands, Inc., New Term Loan B, 3.992% (LIBOR +
175 bps), 12/16/24 $ 999,737
--------------------------------------------------------------------------------------------------------------------
Home Furnishings -- 0.0%+
563,609 Serta Simmons Bedding LLC, First Lien Initial Term
Loan, 5.61% (LIBOR + 350 bps), 11/8/23 $ 512,180
--------------------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.1%
363,700 Prestige Brands, Inc., Term B-4 Loan, 4.242% (LIBOR +
200 bps), 1/26/24 $ 364,098
980,044 Reynolds Group Holdings, Inc., Incremental US Term
Loan, 4.992% (LIBOR + 275 bps), 2/5/23 985,624
-----------------
$ 1,349,722
--------------------------------------------------------------------------------------------------------------------
Leisure Products -- 0.0%+
742,500 Bass Pro Group LLC, Initial Term Loan, 7.242%
(LIBOR + 500 bps), 9/25/24 $ 750,969
-----------------
Total Consumer Durables & Apparel $ 3,612,608
--------------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.4%
Casinos & Gaming -- 0.1%
740,625 CityCenter Holdings LLC, Term B Loan, 4.492%
(LIBOR + 225 bps), 4/18/24 $ 742,344
215,343 Golden Nugget, Inc. (aka Landry's Inc.), Initial Term B
Loan, 4.952% (LIBOR + 275 bps), 10/4/23 216,419
1,623,255 Scientific Games International, Inc., Initial Term B-5
Loan, 5.034% (LIBOR + 275 bps), 8/14/24 1,622,620
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 93
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Casinos & Gaming -- (continued)
473,813 Stars Group Holdings BS, USD Term Loan, 5.886%
(LIBOR + 350 bps), 7/10/25 $ 478,462
-----------------
$ 3,059,845
--------------------------------------------------------------------------------------------------------------------
Education Services -- 0.0%+
1,896,785 Bright Horizons Family Solutions LLC (fka Bright
Horizons Family Solutions, Inc.), Term B Loan, 3.997%
(LIBOR + 175 bps), 11/7/23 $ 1,900,341
--------------------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.1%
368,438 Four Seasons Holdings, Inc., 2013 First Lien Term
Loan, 4.242% (LIBOR + 200 bps), 11/30/23 $ 369,194
1,111,505 Hilton Worldwide Finance LLC, Series B-2 Term Loan,
3.966% (LIBOR + 175 bps), 10/25/23 1,117,066
1,985,000 NCL Corp., Ltd. (aka Norwegian Cruise Lines), Term B
Loan, 3.992% (LIBOR + 175 bps), 10/10/21 1,996,166
271,177 Sabre GLBL, Inc. (fka Sabre, Inc.), 2018 Other Term B
Loan, 4.242% (LIBOR + 200 bps), 2/22/24 272,306
1,000,000 Wyndham Hotels & Resorts, Inc., Term B Loan, 3.992%
(LIBOR + 175 bps), 5/30/25 1,004,250
-----------------
$ 4,758,982
--------------------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.1%
882,000 Cedar Fair LP, US Term B Loan, 3.992% (LIBOR +
175 bps), 4/13/24 $ 884,205
2,553,491 Fitness International LLC, Term B Loan, 5.492%
(LIBOR + 325 bps), 4/18/25 2,562,270
986,278 Six Flags Theme Parks, Inc., Tranche B Term Loan,
3.97% (LIBOR + 175 bps), 6/30/22 992,566
-----------------
$ 4,439,041
--------------------------------------------------------------------------------------------------------------------
Restaurants -- 0.0%+
1,421,181 KFC Holding Co., 2018 Term B Loan, 3.915%
(LIBOR + 175 bps), 4/3/25 $ 1,424,178
--------------------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.1%
468,863 Allied Universal Holdco LLC (fka USAGM Holdco LLC),
First Lien Initial Term Loan, 6.136% (LIBOR +
375 bps), 7/28/22 $ 461,831
589,545 Creative Artists Agency LLC, Refinancing Term Loan,
5.158% (LIBOR + 300 bps), 2/15/24 592,769
1,995,000 KUEHG Corp. (fka KC MergerSub, Inc.), Term B-3 Loan,
6.136% (LIBOR + 375 bps), 2/21/25 2,008,217
515,849 Prime Security Services Borrower LLC, First Lien
2016-2 Refinancing Term B-1 Loan, 4.992%
(LIBOR + 275 bps), 5/2/22 518,929
-----------------
$ 3,581,746
-----------------
Total Consumer Services $ 19,164,133
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
94 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Air Freight & Logistics -- 0.0%+
190,500 Syncreon Global Finance, Inc., Term Loan, 6.492%
(LIBOR + 425 bps), 10/28/20 $ 179,705
--------------------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.1%
3,256,198 Avolon TLB Borrower 1 (US) LLC, Term B-3 Loan,
4.165% (LIBOR + 200 bps), 1/15/25 $ 3,270,451
353,430 FinCo I LLC (aka Fortress Investment Group), 2018
Replacement Term Loan, 4.242% (LIBOR +
200 bps), 12/27/22 355,418
1,594,274 Outfront Media Capital LLC (Outfront Media Capital
Corp.), Term Loan, 4.075% (LIBOR + 200 bps), 3/18/24 1,604,380
253,791 SS&C Technologies Holdings, Inc., Term B-4 Loan,
4.492% (LIBOR + 225 bps), 4/16/25 254,286
395,000 Trico Group LLC, First Lien Initial Term Loan, 8.813%
(LIBOR + 650 bps), 2/2/24 396,975
-----------------
$ 5,881,510
--------------------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 0.1%
1,292,032 Delos Finance S.a r.l., New Term Loan, 4.136%
(LIBOR + 175 bps), 10/6/23 $ 1,298,723
2,761,237 Fly Funding II S.a.r.l., Term Loan, 4.34% (LIBOR +
200 bps), 2/9/23 2,765,840
473,919 Livingston International, Inc., First Lien Refinancing
Term B-3 Loan, 8.136% (LIBOR + 575 bps), 3/20/20 474,511
-----------------
$ 4,539,074
--------------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
1,438,461 1011778 BC Unlimited Liability Co. (New Red
Finance, Inc.) (aka Burger King/Tim Hortons), Term B-3
Loan, 4.492% (LIBOR + 225 bps), 2/16/24 $ 1,440,644
1,450,000 CTC AcquiCo GmbH, Facility B2, 5.565% (LIBOR +
325 bps), 3/7/25 1,446,375
891,000 FleetCor Technologies Operating Co., LLC,Term B-3
Loan, 4.242% (LIBOR + 200 bps), 8/2/24 896,197
1,243,750 McDermott International, Inc., Term Loan, 7.242%
(LIBOR + 500 bps), 5/12/25 1,261,163
1,051,104 SBA Senior Finance II LLC, Initial Term Loan, 4.25%
(LIBOR + 200 bps), 4/11/25 1,053,403
655,856 Trans Union LLC, 2018 Incremental Term B-4 Loan,
4.242% (LIBOR + 200 bps), 6/19/25 658,407
2,100,000 VICI Properties 1 LLC, Term B Loan, 4.212% (LIBOR +
200 bps), 12/20/24 2,106,563
-----------------
$ 8,862,752
-----------------
Total Diversified Financials $ 19,463,041
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 95
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
ENERGY -- 0.0%+
Oil & Gas Equipment & Services -- 0.0%+
442,590 Apergy Corp., Initial Term Loan, 4.75% (LIBOR +
250 bps), 5/9/25 $ 446,872
--------------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.0%+
625,000(g) Encino auquisition Partners Holdings LLC, Second Lien
Term Loan, 9/26/25 $ 637,500
--------------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.0%+
854,205 Energy Transfer Equity LP, Refinanced Term Loan,
4.242% (LIBOR + 200 bps), 2/2/24 $ 855,570
465,562 Gulf Finance LLC, Tranche B Term Loan, 7.64%
(LIBOR + 525 bps), 8/25/23 392,236
-----------------
$ 1,247,806
-----------------
Total Energy $ 2,332,178
--------------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.0%+
Food Retail -- 0.0%+
490,056 Albertson's LLC, 2017-1 Term B-5 Loan, 5.381%
(LIBOR + 300 bps), 12/21/22 $ 491,190
1,033,987 Albertson's LLC, 2017-1 Term B-6 Loan, 5.311%
(LIBOR + 300 bps), 6/22/23 1,035,409
893,250 Packers Holdings LLC, Initial Term Loan, 5.383%
(LIBOR + 325 bps), 12/4/24 895,483
-----------------
Total Food & Staples Retailing $ 2,422,082
--------------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Agricultural Products -- 0.0%+
1,317,996 Darling Ingredients, Inc. (fka Darling International, Inc.),
Term B Loan, 4.25% (LIBOR + 200 bps), 12/18/24 $ 1,330,188
--------------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.2%
500,000(g) 8th Avenue Food & Provisions, Inc., Term Loan, 9/19/25 $ 505,104
410,348 B&G Foods, Inc., Tranche B-3 Term Loan, 6.0%
(PRIME + 100 bps), 11/2/22 411,997
3,856,424 JBS USA Lux SA (fka JBS USA LLC), Initial Term Loan,
4.844% (LIBOR + 250 bps), 10/30/22 3,868,476
1,182,853 Pinnacle Foods Finance LLC, Initial B Term Loan,
3.854% (LIBOR + 175 bps), 2/2/24 1,184,735
2,468,750 Post Holdings, Inc., Series A, Incremental Term Loan,
4.22% (LIBOR + 200 bps), 5/24/24 2,472,712
-----------------
$ 8,443,024
--------------------------------------------------------------------------------------------------------------------
Soft Drinks -- 0.0%+
500,000 Sunshine Investments BV, Facility B3, 5.564%
(LIBOR + 325 bps), 3/28/25 $ 498,125
-----------------
Total Food, Beverage & Tobacco $ 10,271,337
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
96 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.4%
Health Care Services -- 0.0%+
2,450,000(g) Envision Healthcare Corp., Term Loan, 9/26/25 $ 2,438,130
--------------------------------------------------------------------------------------------------------------------
Health Care Equipment -- 0.0%+
615,625 Cidron Healthcare, Ltd. (aka ConvaTec, Inc.), Term B
Loan, 4.636% (LIBOR + 225 bps), 10/25/23 $ 618,703
--------------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
1,304,963 Acadia Healthcare Co., Inc., Tranche B-4 Term Loan,
4.742% (LIBOR + 250 bps), 2/16/23 $ 1,315,450
296,212 ATI Holdings Acquisition, Inc., First Lien Initial Term
Loan, 5.648% (LIBOR + 350 bps), 5/10/23 297,878
25,130 CHS/Community Health Systems, Inc., Incremental
2021 Term H Loan, 5.563% (LIBOR + 325 bps), 1/27/21 24,816
497,500 HCA, Inc., Tranche B-10 Term Loan, 4.242% (LIBOR +
200 bps), 3/13/25 501,784
1,609,142 HCA, Inc., Tranche B-11 Term Loan, 3.992% (LIBOR +
175 bps), 3/17/23 1,623,222
1,000,000 Kindred Healthcare LLC, Term Loan, 7.25% (LIBOR +
500 bps), 7/2/25 1,006,250
1,475,170 Select Medical Corp., Tranche B Term Loan, 4.901%
(LIBOR + 275 bps/PRIME + 175 bps), 3/1/21 1,487,156
148,407 Vizient, Inc., Term B-4 Loan, 4.992% (LIBOR +
275 bps), 2/13/23 149,149
-----------------
$ 6,405,705
--------------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.1%
456,001 DaVita, Inc. (fka DaVita HealthCare Partners, Inc.),
Tranche B Term Loan, 4.992% (LIBOR +
275 bps), 6/24/21 $ 458,566
989,605 Envision Healthcare Corp. (fka Emergency Medical
Services Corp.), Initial Term Loan, 5.25% (LIBOR +
300 bps), 12/1/23 990,836
250,000(g) Genoa, a QoL Healthcare Co., LLC, First Lien
Amendment No. 1 Term Loan, 10/30/23 251,354
51,951 Gentiva Health Services, Inc., First Lien Closing Date
Initial Term Loan, 6.0% (LIBOR + 375 bps), 7/2/25 52,633
498,737 GHX Ultimate Parent Corp., First Lien Initial Term Loan,
5.636% (LIBOR + 325 bps), 6/28/24 501,231
482,323 National Mentor Holdings, Inc., Tranche B Term Loan,
5.386% (LIBOR + 300 bps), 1/31/21 484,433
-----------------
$ 2,739,053
--------------------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
1,130,688 Kinetic Concepts, Inc., Dollar Term Loan, 5.636%
(LIBOR + 325 bps), 2/2/24 $ 1,139,026
1,465,200 Sterigenics-Nordion Holdings LLC, Incremental Term
Loan, 5.242% (LIBOR + 300 bps), 5/15/22 1,469,413
-----------------
$ 2,608,439
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 97
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
1,355,355 Change Healthcare Holdings, Inc. (fka Emdeon, Inc.),
Closing Date Term Loan, 4.992% (LIBOR +
275 bps), 3/1/24 $ 1,361,378
1,980,000 Quintiles IMS, Inc., Incremental Term B-2 Dollar Loan,
4.386% (LIBOR + 200 bps), 1/17/25 1,987,631
1,496,250 Sound Inpatient Physicians Holdings LLC, First Lien
Initial Term Loan, 5.242% (LIBOR + 300 bps), 6/27/25 1,507,939
-----------------
$ 4,856,948
--------------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.0%+
1,730,056 Prospect Medical Holdings, Inc., Term B-1 Loan,
7.625% (LIBOR + 550 bps), 2/22/24 $ 1,749,519
-----------------
Total Health Care Equipment & Services $ 21,416,497
--------------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.1%
990,000 Alphabet Holding Co., Inc. (aka Nature's Bounty),
First Lien Initial Term Loan, 5.742% (LIBOR +
350 bps), 9/26/24 $ 958,908
1,866,000(g) Energizer Holdings, Inc., Term Loan B, 6/20/25 1,884,660
1,525,063 Spectrum Brands, Inc., 2017 Refinanced USD Term
Loan, 4.349% (LIBOR + 200 bps), 6/23/22 1,533,958
-----------------
$ 4,377,526
--------------------------------------------------------------------------------------------------------------------
Personal Products -- 0.0%+
297,008 Albea Beauty Holdings SA, Facility B2, 5.195%
(LIBOR + 275 bps), 4/22/24 $ 296,079
1,745,625 Coty, Inc., USD Term Loan B, 4.383% (LIBOR +
225 bps), 4/7/25 1,729,260
-----------------
$ 2,025,339
-----------------
Total Household & Personal Products $ 6,402,865
--------------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.0%+
Life & Health Insurance -- 0.0%+
729,589 Integro Parent, Inc., First Lien Initial Term Loan, 8.068%
(LIBOR + 575 bps), 10/31/22 $ 731,412
--------------------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.0%+
70,319 Alliant Holdings Intermediate LLC, Initial Term Loan,
5.148% (LIBOR + 300 bps), 5/9/25 $ 70,548
567,718 Confie Seguros Holding II Co., Term B Loan, 7.492%
(LIBOR + 525 bps), 4/19/22 559,557
346,500 USI, Inc. (fka Compass Investors, Inc.), 2017 New Term
Loan, 5.386% (LIBOR + 300 bps), 5/16/24 346,995
-----------------
$ 977,100
-----------------
Total Insurance $ 1,708,512
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
98 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Construction Materials -- 0.0%+
297,750 HD Supply Waterworks, Ltd., Initial Term Loan, 5.317%
(LIBOR + 300 bps), 8/1/24 $ 299,284
345,634 Unifrax I LLC, Initial Dollar Term Loan, 5.886% (LIBOR +
350 bps), 4/4/24 350,818
-----------------
$ 650,102
--------------------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.1%
2,307,643 Chemours Co., Tranche B-2 US Dollar Term Loan,
4.0% (LIBOR + 175 bps), 4/3/25 $ 2,308,726
916,716 Tata Chemicals North America, Term Loan, 5.188%
(LIBOR + 275 bps), 8/7/20 920,726
382,574 Tronox, Ltd., First Lien Blocked Dollar Term Loan,
5.242% (LIBOR + 300 bps), 9/23/24 384,447
882,863 Tronox, Ltd., First Lien Initial Dollar Term Loan, 5.242%
(LIBOR + 300 bps), 9/23/24 887,186
170,614 W.R. Grace & Co-CONN, Term B-1 Loan, 4.136%
(LIBOR + 175 bps), 4/3/25 171,503
292,481 W.R. Grace & Co-CONN, Term B-2 Loan, 4.136%
(LIBOR + 175 bps), 4/3/25 294,004
-----------------
$ 4,966,592
--------------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
490,000 Global Brass and Copper, Inc., Initial Term Loan,
4.75% (LIBOR + 250 bps), 5/29/25 $ 492,756
240,625 Oxbow Carbon LLC, First Lien Tranche B Term Loan,
5.742% (LIBOR + 350 bps), 1/4/23 243,633
-----------------
$ 736,389
--------------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.0%+
847,875 Crown Holdings, Inc., Dollar Term B Loan, 4.163%
(LIBOR + 200 bps), 4/3/25 $ 853,439
995,000 IBC Capital I, Ltd. (aka Goodpack, Ltd.), First Lien
Tranche B-1 Term Loan, 6.087% (LIBOR +
375 bps), 9/11/23 1,003,084
-----------------
$ 1,856,523
--------------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
1,023,793 Axalta Coating Systems Dutch Holding B BV (Axalta
Coating Systems US Holdings, Inc.), Term B-3 Dollar
Loan, 4.136% (LIBOR + 175 bps), 6/1/24 $ 1,026,992
1,188,401 Polyone Corp., Term B-4 Loan, 3.898% (LIBOR +
175 bps), 11/11/22 1,191,223
770,367 PQ Corp., Third Amendment Tranche B-1 Term Loan,
4.742% (LIBOR + 250 bps), 2/8/25 772,053
-----------------
$ 2,990,268
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 99
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Steel -- 0.0%+
1,017,313 Atkore International, Inc., First Lien Initial Incremental
Term Loan, 5.14% (LIBOR + 275 bps), 12/22/23 $ 1,023,350
488,794 Zekelman Industries, Inc. (fka JMC Steel Group, Inc.),
Term Loan, 4.623% (LIBOR + 225 bps), 6/14/21 489,710
-----------------
$ 1,513,060
-----------------
Total Materials $ 12,712,934
--------------------------------------------------------------------------------------------------------------------
MEDIA & ENTERTAINMENT -- 0.6%
Advertising -- 0.1%
1,666,625 Lamar Media Corp., Term B Loan, 3.938% (LIBOR +
175 bps), 3/14/25 $ 1,674,611
1,226,250 Red Ventures LLC (New Imagitas, Inc.), First Lien
Term Loan, 6.242% (LIBOR + 400 bps), 11/8/24 1,242,600
-----------------
$ 2,917,211
--------------------------------------------------------------------------------------------------------------------
Broadcasting -- 0.2%
233,144 CBS Radio, Inc., Additional Term B-1 Loan, 4.962%
(LIBOR + 275 bps), 11/18/24 $ 231,393
648,047 CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)),
March 2017 Refinancing Term Loan, 4.408% (LIBOR +
225 bps), 7/17/25 648,722
1,496,250 CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)),
January 2018 Incremental Term Loan, 4.658%
(LIBOR + 250 bps), 1/25/26 1,499,617
643,500 E.W. Scripps Co., Tranche B Term Loan, 4.242%
(LIBOR + 200 bps), 10/2/24 645,243
1,087,297 Gray Television, Inc., Term B-2 Loan, 4.354%
(LIBOR + 225 bps), 2/7/24 1,091,277
491,281 Nielsen Finance LLC (VNU, Inc.), Class B-4 Term Loan,
4.133% (LIBOR + 200 bps), 10/4/23 491,343
478,589 Quebecor Media, Inc., Facility B-1 Tranche, 4.564%
(LIBOR + 225 bps), 8/17/20 480,085
1,980,000 Raycom TV Broadcasting LLC, Tranche B-1 Term Loan,
4.492% (LIBOR + 225 bps), 8/23/24 1,983,712
2,252,706 Sinclair Television Group, Inc., Tranche B Term Loan,
4.5% (LIBOR + 225 bps), 1/3/24 2,263,267
87,222 Tribune Media Co., Term B Loan, 5.242% (LIBOR +
300 bps), 12/27/20 87,602
1,087,108 Tribune Media Co., Term C Loan, 5.242% (LIBOR +
300 bps), 1/26/24 1,091,851
637,086 Univision Communications, Inc., 2017 Replacement
Repriced First Lien Term Loan, 4.992% (LIBOR +
275 bps), 3/15/24 620,477
-----------------
$ 11,134,589
--------------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.2%
2,236,785 Charter Communications Operating LLC (aka CCO
Safari LLC), Term B Loan, 4.25% (LIBOR + 200
bps), 4/30/25 $ 2,242,505
The accompanying notes are an integral part of these financial statements.
100 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Cable & Satellite -- (continued)
244,311 MCC Iowa LLC, Tranche M Term Loan, 4.17% (LIBOR +
200 bps), 1/15/25 $ 245,227
1,344,532 Mediacom Illinois LLC (fka Mediacom Communications
LLC), Tranche N Term Loan, 3.92% (LIBOR +
175 bps), 2/15/24 1,346,213
1,000,000 Unitymedia Hessen GmbH & Co. KG, Facility B, 4.408%
(LIBOR + 225 bps), 9/30/25 1,002,031
663,830 UPC Financing Partnership, Facility AR, 4.658%
(LIBOR + 250 bps), 1/15/26 664,107
2,450,000 Ziggo Secured Finance Partnership, Term Loan E Facility,
4.658% (LIBOR + 250 bps), 4/15/25 2,408,656
-----------------
$ 7,908,739
--------------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
997,500 24 Hour Fitness Worldwide, Inc., Term Loan, 5.742%
(LIBOR + 350 bps), 5/30/25 $ 1,005,812
492,500 AMC Entertainment Holdings, Inc., 2016 Incremental
Term Loan, 4.384% (LIBOR + 225 bps), 12/15/23 493,629
1,406,730 AMC Entertainment Holdings, Inc., Initial Term Loan,
4.384% (LIBOR + 225 bps), 12/15/22 1,409,954
198,113 Kasima LLC, Term Loan, 4.819% (LIBOR +
250 bps), 5/17/21 199,434
1,239,795 Live Nation Entertainment, Inc., Term B-3 Loan,
4.0% (LIBOR + 175 bps), 10/31/23 1,243,662
394,028 NVA Holdings, Inc., First Lien Term B-3 Loan, 4.992%
(LIBOR + 275 bps), 2/2/25 393,720
982,423 Rovi Solutions Corp. / Rovi Guides, Inc., Term B Loan,
4.75% (LIBOR + 250 bps), 7/2/21 984,163
570,000 Seminole Hard Rock Entertainment, Inc., Term Loan,
5.087% (LIBOR + 275 bps), 5/14/20 572,850
-----------------
$ 6,303,224
--------------------------------------------------------------------------------------------------------------------
Publishing -- 0.0%+
434,702 DH Publishing LP, Term B-6 Loan, 4.415% (LIBOR +
225 bps), 8/20/23 $ 435,626
1,058,757 Quincy Newspapers, Inc., Term Loan B, 5.251%
(LIBOR + 300 bps/PRIME + 200 bps), 11/2/22 1,063,611
-----------------
$ 1,499,237
-----------------
Total Media & Entertainment $ 29,763,000
--------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 0.2%
Biotechnology -- 0.0%+
1,085,602 Alkermes, Inc., 2023 Term Loan, 4.38% (LIBOR +
225 bps), 3/27/23 $ 1,091,708
--------------------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.0%+
781,875 Syneos Health, Inc. (fka INC Research Holdings, Inc.),
Replacement Term B Loan, 4.242% (LIBOR +
200 bps), 8/1/24 $ 784,264
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 101
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.2%
2,561,563 Endo Luxembourg Finance Co. I S.a r.l., Initial Term
Loan, 6.5% (LIBOR + 425 bps), 4/29/24 $ 2,583,976
517,125 Grifols Worldwide Operations, Ltd., Tranche B Term
Loan, 4.417% (LIBOR + 225 bps), 1/31/25 520,357
701,234 Horizon Pharma, Inc., Third Amendment Refinanced
Term Loan, 5.5% (LIBOR + 325 bps), 3/29/24 717,889
882,844 Jaguar Holding Co. I LLC (aka Pharmaceutical Product
Development LLC), 2018 Term Loan, 4.742% (LIBOR +
250 bps), 8/18/22 884,499
2,216,162 RPI Finance Trust, Initial Term Loan B-6, 4.386%
(LIBOR + 200 bps), 3/27/23 2,226,897
1,147,879 Valeant Pharmaceuticals International, Inc., Initial
Term Loan, 5.104% (LIBOR + 300 bps), 6/2/25 1,155,053
-----------------
$ 8,088,671
-----------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 9,964,643
--------------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Hotel & Resort REIT -- 0.0%+
1,106,625 MGM Growth Properties Operating Partnership LP,
Term B Loan, 4.242% (LIBOR + 200 bps), 3/21/25 $ 1,109,293
--------------------------------------------------------------------------------------------------------------------
Real Estate Development -- 0.0%+
1,000,000 Hanjin International Corp. (aka Wilshire Grand Center),
Initial Term Loan, 4.833% (LIBOR + 250 bps), 10/19/20 $ 1,001,562
--------------------------------------------------------------------------------------------------------------------
Retail REIT -- 0.0%+
1,025,000 DTZ U.S. Borrower LLC (aka Cushman & Wakafield),
Closing Date Term Loan, 5.492% (LIBOR +
325 bps), 8/21/25 $ 1,029,698
--------------------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.1%
879,599 Communications Sales & Leasing, Inc. (CSL Capital
LLC), Shortfall Term Loan, 5.242% (LIBOR + 300
bps), 10/24/22 $ 842,545
1,716,375 Iron Mountain, Inc., Incremental Term Loan B, 3.992%
(LIBOR + 175 bps), 1/2/26 1,698,496
-----------------
$ 2,541,041
-----------------
Total Real Estate $ 5,681,594
--------------------------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Automotive Retail -- 0.1%
2,031,427 Avis Budget Car Rental LLC, Tranche B Term Loan,
4.25% (LIBOR + 200 bps), 2/13/25 $ 2,035,224
196,677 Cooper-Standard Automotive, Inc., Additional Term B-1
Loan, 4.242% (LIBOR + 200 bps), 11/2/23 197,568
1,046,138 CWGS Group LLC, Term Loan, 4.87% (LIBOR +
275 bps), 11/8/23 1,030,446
-----------------
$ 3,263,238
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
102 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Internet & Direct Marketing Retail -- 0.0%+
997,500 Shutterfly, Inc., Incremental Term Loan, 5.0% (LIBOR +
275 bps), 8/17/24 $ 1,002,363
2,233,167 Shutterfly, Inc., Initial Term B Loan, 4.67% (LIBOR +
250 bps), 8/19/24 2,241,541
-----------------
$ 3,243,904
--------------------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.1%
946,553 Michaels Stores, Inc., 2018 New Replacement Term B
Loan, 4.719% (LIBOR + 250 bps), 1/30/23 $ 944,778
3,473,750 Staples, Inc., Closing Date Term Loan, 6.343%
(LIBOR + 400 bps), 9/12/24 3,477,009
-----------------
$ 4,421,787
-----------------
Total Retailing $ 10,928,929
--------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.1%
750,000(g) Cohu, Inc., Term Loan B, 9/19/25 $ 752,813
935,474 Micron Technology, Inc., Term Loan, 4.0% (LIBOR +
175 bps), 4/26/22 940,348
1,947,472 Sensata Technologies BV, Sixth Amendment Term Loan,
3.898% (LIBOR + 175 bps), 10/14/21 1,959,239
1,496,183(g) Versum Materials, Inc. (fka Versum Materials LLC), Term
Loan, 9/29/23 1,505,223
-----------------
$ 5,157,623
--------------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%+
664,331 MACOM Technology Solutions Holdings, Inc.
(fka M/A-COM Technology Solutions Holdings, Inc.),
Initial Term Loan, 4.492% (LIBOR + 225 bps), 5/17/24 $ 651,045
404,803 On Semiconductor Corp., 2018 New Replacement
Term B-3 Loan, 3.992% (LIBOR + 175 bps), 3/31/23 405,891
-----------------
$ 1,056,936
-----------------
Total Semiconductors & Semiconductor Equipment $ 6,214,559
--------------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Application Software -- 0.0%+
304,128 Verint Systems, Inc., Refinancing Term Loan, 4.104%
(LIBOR + 200 bps), 6/28/24 $ 305,459
--------------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.0%+
1,051,517 First Data Corp., 2022D New Dollar Term Loan,
4.212% (LIBOR + 200 bps), 7/8/22 $ 1,053,423
488,750 WEX, Inc., Term B-2 Loan, 4.492% (LIBOR +
225 bps), 6/30/23 491,262
-----------------
$ 1,544,685
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 103
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.1%
1,613,705 Rackspace Hosting, Inc., First Lien Term B Loan,
5.348% (LIBOR + 300 bps), 11/3/23 $ 1,595,262
807,582 Vantiv LLC (fka Fifth Third Processing Solutions LLC),
New Term B-3 Loan, 3.884% (LIBOR +
175 bps), 10/14/23 810,169
2,487,500 Vantiv LLC (fka Fifth Third Processing Solutions LLC), New
Term B-4 Loan, 3.884% (LIBOR + 175 bps), 8/9/24 2,494,806
-----------------
$ 4,900,237
--------------------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.1%
1,612,936 CDW LLC (aka AP Exhaust Acquisition LLC) (fka CDW
Corp.), Term Loan, 4.0% (LIBOR + 175 bps), 8/17/23 $ 1,618,068
500,000(g) Financial & Risk US Holdings, Inc., Term loan, 9/18/25 499,509
692,982 Tempo Acquisition LLC, Initial Term Loan, 5.242%
(LIBOR + 300 bps), 5/1/24 696,361
-----------------
$ 2,813,938
-----------------
Total Software & Services $ 9,564,319
--------------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Communications Equipment -- 0.1%
2,525,000(g) Ciena Corp., Term Loan B, 9/19/25 $ 2,539,203
778,000 Commscope, Inc., Tranche 5 Term Loan, 4.242%
(LIBOR + 200 bps), 12/29/22 783,345
1,000,000 Plantronics, Inc., Term Loan B, 4.742% (LIBOR +
250 bps), 7/2/25 1,003,594
-----------------
$ 4,326,142
--------------------------------------------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.0%+
334,865 Zebra Technologies Corp., Tranche B Term Loan,
4.063% (LIBOR + 175 bps), 10/27/21 $ 337,293
--------------------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.0%+
618,568 TTM Technologies, Inc., Term Loan B, 4.604%
(LIBOR + 250 bps), 9/28/24 $ 621,655
--------------------------------------------------------------------------------------------------------------------
Technology Distributors -- 0.0%+
653,820 SS&C Technologies Holdings, Inc., Term B-3 Loan,
4.492% (LIBOR + 225 bps), 4/16/25 $ 655,097
--------------------------------------------------------------------------------------------------------------------
Technology Hardware, Storage & Peripherals -- 0.0%+
996,247 Western Digital Corp., US Term B-4 Loan, 3.992%
(LIBOR + 175 bps), 4/29/23 $ 999,356
-----------------
Total Technology Hardware & Equipment $ 6,939,543
--------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.3%
Integrated Telecommunication Services -- 0.2%
846,000 Altice France SA, USD Term Loan B-13, 6.158%
(LIBOR + 400 bps), 8/14/26 $ 840,395
3,276,746 CenturyLink, Inc., Initial Term B Loan, 4.992% (LIBOR +
275 bps), 1/31/25 3,258,996
The accompanying notes are an integral part of these financial statements.
104 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- (continued)
997,475 Frontier Communications Corp., Term B-1 Loan, 6.0%
(LIBOR + 375 bps), 6/15/24 $ 980,955
636,520 General Communications, Inc. Holdings, Inc., New
Term B Loan, 4.492% (LIBOR + 225 bps), 2/2/22 638,510
2,950,000 Level 3 Financing, Inc., Tranche B 2024 Term Loan,
4.432% (LIBOR + 225 bps), 2/22/24 2,960,449
1,985,000 SFR Group SA, USD Term Loan B-12, 5.846%
(LIBOR + 369 bps), 1/31/26 1,965,150
1,197,000 TDC AS, Facility B2, 5.839% (LIBOR + 350 bps), 6/4/25 1,212,411
682,277 Windstream Services LLC (fka Windstream Corp.),
Tranche B-7 Term Loan, 5.41% (LIBOR +
325 bps), 2/17/24 608,932
-----------------
$ 12,465,798
--------------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
992,500 Altice Financing SA, October 2017 USD Term Loan,
4.908% (LIBOR + 275 bps), 1/31/26 $ 970,169
1,081,476 Altice US Finance I Corp., March 2017 Refinancing
Term Loan, 4.492% (LIBOR + 225 bps), 7/28/25 1,080,575
2,588,823 Sprint Communications, Inc., Initial Term Loan, 4.75%
(LIBOR + 250 bps), 2/2/24 2,596,913
1,484,673 Virgin Media Bristol LLC, Facility K, 4.658% (LIBOR +
250 bps), 1/15/26 1,488,662
-----------------
$ 6,136,319
-----------------
Total Telecommunication Services $ 18,602,117
--------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Airlines -- 0.1%
485,000 American Airlines, Inc., 2017 Replacement Term Loan,
4.133% (LIBOR + 200 bps), 10/10/21 $ 483,143
2,449,004 American Airlines, Inc., 2018 Replacement Term Loan,
3.98% (LIBOR + 175 bps), 6/27/25 2,407,677
237,016 United Airlines, Inc., Refinanced Term Loan, 3.992%
(LIBOR + 175 bps), 4/1/24 240,571
-----------------
Total Transportation $ 3,131,391
--------------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Electric Utilities -- 0.1%
1,578,699 APLP Holdings, Ltd., Partnership, Term Loan, 5.242%
(LIBOR + 300 bps), 4/13/23 $ 1,588,811
769,188 Calpine Construction Finance Co., LP, Term B Loan,
4.742% (LIBOR + 250 bps), 1/15/25 770,698
491,250 Dayton Power & Light Co., Term Loan, 4.25% (LIBOR +
200 bps), 8/24/22 493,092
590,982 St. Joseph Energy Center LLC, Term B Advance, 5.84%
(LIBOR + 350 bps), 4/10/25 596,523
-----------------
$ 3,449,124
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 105
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.0%+
1,000,000(g) Lotus Midstream LLC, Term Loan B, 9/26/25 $ 1,008,125
--------------------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 0.1%
209,998 Calpine Corp., Term Loan, 4.89% (LIBOR +
250 bps), 1/15/24 $ 210,235
1,176,816 NRG Energy, Inc., Term Loan, 4.136% (LIBOR +
175 bps), 6/30/23 1,178,958
743,959 TerraForm AP Acquisition Holdings LLC, Term Loan,
6.636% (LIBOR + 425 bps), 6/27/22 747,214
2,491,225 TerraForm Power Operating LLC, Specified Refinancing
Term Loan, 4.242% (LIBOR + 200 bps), 11/8/22 2,502,124
-----------------
$ 4,638,531
-----------------
Total Utilities $ 9,095,780
--------------------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE
LOAN INTERESTS
(Cost $251,801,763) $ 252,873,003
--------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 8.2% of Net Assets
1,995(a) Fannie Mae, 3.373% (1 Year CMT Index +
197 bps), 11/1/23 $ 2,052
9,192(a) Fannie Mae, 3.441% (2 Month USD LIBOR +
168 bps), 1/1/48 9,687
6,753(a) Fannie Mae, 3.67% (1 Year CMT Index +
217 bps), 2/1/34 6,705
2,058,438(a) Fannie Mae, 3.729% (1 Year CMT Index +
213 bps), 8/1/37 2,169,321
7,900(a) Fannie Mae, 3.877% (1 Year CMT Index +
219 bps), 10/1/32 8,021
10,775(a) Fannie Mae, 3.914% (1 Year CMT Index +
211 bps), 9/1/32 11,334
22,210,000(h) Federal Home Loan Bank Discount Notes, 10/1/18 22,210,000
3,059(a) Federal Home Loan Mortgage Corp., 2.996%
(5 Year CMT Index + 212 bps), 6/1/35 3,035
10,866(a) Federal Home Loan Mortgage Corp., 3.75% (2 Month
USD LIBOR + 200 bps), 11/1/33 11,281
2,067(a) Federal Home Loan Mortgage Corp., 4.099% (1 Year
CMT Index + 230 bps), 10/1/23 2,109
2,593,197(a) Federal Home Loan Mortgage Corp., 4.499%
(2 Month USD LIBOR + 177 bps), 9/1/35 2,723,884
3,896(a) Government National Mortgage Association II, 3.375%
(1 Year CMT Index + 150 bps), 1/20/22 3,929
12,380,000 U.S. Treasury Notes, 0.75%, 2/15/19 12,306,010
11,245,000 U.S. Treasury Notes, 1.0%, 3/15/19 11,173,840
16,020,000 U.S. Treasury Notes, 1.125%, 2/28/19 15,938,023
17,340,000 U.S. Treasury Notes, 1.125%, 5/31/19 17,182,179
17,200,000 U.S. Treasury Notes, 1.25%, 4/30/19 17,081,078
The accompanying notes are an integral part of these financial statements.
106 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS --
(continued)
7,985,000 U.S. Treasury Notes, 1.25%, 8/31/19 $ 7,884,876
6,665,000 U.S. Treasury Notes, 1.375%, 2/28/19 6,637,663
27,420,000 U.S. Treasury Notes, 1.625%, 4/30/19 27,289,327
39,320,000(a) U.S. Treasury Notes, 2.225% (3 Month Treasury Yield +
3 bps), 4/30/20 39,323,922
39,330,000(a) U.S. Treasury Notes, 2.235% (3 Month Treasury Yield +
4 bps), 7/31/20 39,327,433
34,095,000(a) U.S. Treasury Notes, 2.24% (3 Month Treasury Yield +
5 bps), 10/31/19 34,115,227
54,625,000(a) U.S. Treasury Notes, 2.252% (3 Month Treasury Yield +
6 bps), 7/31/19 54,665,529
37,285,000(a) U.S. Treasury Notes, 2.262% (3 Month Treasury Yield +
7 bps), 4/30/19 37,312,286
46,790,000(a) U.S. Treasury Notes, 2.332% (3 Month Treasury Yield +
14 bps), 1/31/19 46,822,643
33,130,000(a) U.S. Treasury Notes, 2.362% (3 Month Treasury Yield +
17 bps), 10/31/18 33,136,445
12,080,000 U.S. Treasury Notes, 3.125%, 5/15/19 12,126,242
--------------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $439,578,593) $ 439,484,081
--------------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS --
3.5% of Net Assets
CERTIFICATES OF DEPOSIT -- 0.4%
1,800,000(a) Bank of Nova Scotia, 2.637% (3 Month USD LIBOR +
30 bps), 4/12/19 $ 1,802,443
650,000 Bank of Tokyo-Mitsubishi UFJ Trust Co.,
1.72%, 10/12/18 649,870
4,415,000(a) Canadian Imperial Bank of Commerce, 2.543%
(3 Month USD LIBOR + 20 bps), 5/1/19 4,417,553
2,775,000(a) MUFG Bank Ltd., 2.96% (3 Month USD LIBOR +
65 bps), 2/22/19 2,780,008
1,500,000(a) Nordea Bank AB, 2.692% (3 Month USD LIBOR +
38 bps), 2/21/19 1,502,191
1,135,000(a) Swedbank AB, 2.632% (3 Month USD LIBOR +
32 bps), 8/24/20 1,134,363
4,000,000 Toronto-Dominion Bank, 1.75%, 10/26/18 3,998,512
-----------------
$ 16,284,940
--------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER -- 1.7%
18,600,000 Anthem, Inc., 2.3%, 10/1/18 $ 18,596,248
7,460,000 AutoZone, Inc., 2.404%, 10/25/18 7,446,303
4,625,000 Enable Midstream Partners LP, 2.504%, 10/3/18 4,623,266
5,275,000 Energy Transfer Partners LP, 2.855%, 10/15/18 5,268,147
5,135,000 Eni Finanace USA, Inc., 2.308%, 10/29/18 5,123,994
20,525,000 Federation des Caisses Desjardins du Quebec,
2.15%, 10/1/18 20,521,314
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 107
Schedule of Investments | 9/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER -- (continued)
12,620,000 Prudential Financial, Inc., 2.1%, 10/1/18 $ 12,617,739
5,200,000 Schlumberger Holdings Corp., 2.283%, 10/4/18 5,197,897
6,350,000 Schlumberger Holdings Corp., 2.378%, 10/10/18 6,344,829
5,555,000 UDR, Inc., 2.375%, 10/22/18 5,545,941
-----------------
$ 91,285,678
--------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- 1.4%
15,765,000 $15,765,000 ScotiaBank, 2.25%, dated 9/28/18
plus accrued interest on 10/1/18
collateralized by $16,083,316 Federal National
Mortgage Association, 3.5% - 5.0%, 9/1/47 - 9/1/48 $ 15,765,000
11,885,000 $11,885,000 Merrill Lynch, Pierce, Fenner & Smith
Inc., 2.26%, dated 9/28/18 plus accrued interest
on 10/1/18 collateralized by $12,122,708 Freddie
Mac Giant, 0.0%, 7/15/32 11,885,000
8,260,000 $8,260,000 TD Securities USA LLC, 2.24%, dated
9/28/18 plus accrued interest on 10/1/18
collateralized by $8,425,201 Federal National
Mortgage Association, 4.0%, 3/1/48 8,260,000
27,800,000 $27,800,000 RBC Capital Markets LLC, 2.22%,
dated 9/28/18 plus accrued interest on 10/1/18
collateralized by the following:
$12,362,023 Freddie Mac Giant, 3.5% - 4.0%,
2/1/48 - 6/1/48
$14,601,077 Federal National Mortgage Association,
4.0%, 9/1/48
$1,398,147 Government National Mortgage Association,
4.5%, 5/20/48 - 6/20/48 27,800,000
11,195,000 $11,195,000 TD Securities USA LLC, 2.22%, dated
9/28/18 plus accrued interest on 10/1/18
collateralized by $11,418,901 Federal National
Mortgage Association, 4.0%, 3/1/48 11,195,000
-----------------
$ 74,905,000
--------------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $182,495,083) $ 182,475,618
--------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 99.2%
(Cost $5,311,397,258) $ 5,310,027,639
--------------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.8% $ 41,458,849
--------------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 5,351,486,488
====================================================================================================================
bps Basis Points.
CMT Constant Maturity Treasury.
FREMF Freddie Mac Multifamily Fixed-Rate Mortgage Loans.
LIBOR London Interbank Offered Rate.
PRIME U.S. Federal Funds Rate.
REIT Real Estate Investment Trust.
REMICS Real Estate Mortgage Investment Conduits.
The accompanying notes are an integral part of these financial statements.
108 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
Strips Separate trading of registered interest and principal of securities.
T1Y U.S. Treasury Yield Curve Rate T Note Constant Maturity 1 Year.
ZERO Zero Constant Index.
(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, 2018, the value of these securities
amounted to $2,530,590,413 or 47.3% of net assets.
(Cat Bond) Catastrophe or event-linked bond. At September 30, 2018,
the value of these securities amounted to $122,375,735, or 2.2% of
net assets. See Notes to Financial Statements -- Note 1G.
+ Amount rounds to less than 0.1%.
* Senior secured 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, (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 interest rate shown is the rate
accruing at September 30, 2018.
+ Securities that used significant unobservable inputs to determine
their value.
(a) Floating rate note. Coupon rate, reference index and spread
shown at September 30, 2018.
(b) Debt obligation initially issued at one coupon which converts
to a higher coupon at a specific date. The rate shown is the rate
at September 30, 2018.
(c) The interest rate is subject to change periodically. The
interest rate and/or reference index and spread shown at September
30, 2018.
(d) Structured reinsurance investment. At September 30, 2018, the
value of these securities amounted to $91,733,411, or 1.7% of net
assets. See Notes to Financial Statements -- Note 1G.
(e) Rate to be determined.
(f) Consists of Revenue Bonds unless otherwise indicated.
(g) This term loan will settle after September 30, 2018, at which
time the interest rate will be determined.
(h) Security issued with a zero coupon. Income is recognized
through accretion of discount.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended September 30, 2018, were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government Securities $ 113,768,639 $ 104,394,826
Other Long-term Securities $1,782,599,056 $1,103,043,275
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which Amundi Pioneer Asset
Management, Inc., formerly Pioneer Investment Management, Inc. (the "Adviser"),
serves as the Fund's investment adviser, as set forth in Rule 17a-7 under the
Investment Company Act of 1940, pursuant to procedures adopted by the Board of
Trustees. Under these procedures, cross trades are effected at current market
prices. During the six months ended September 30, 2018, the Fund engaged in
purchases of $7,971,338 and sales of $2,200,497 pursuant to these procedures
which resulted in a net realized gain (loss) of $0.
At September 30, 2018, the net unrealized depreciation on investments based on
cost for federal tax purposes of 5,316,790,268 was as follows:
Aggregate gross unrealized appreciation for all investments in which there
is an excess of value over tax cost $ 12,504,485
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (19,267,114)
------------
Net unrealized depreciation $ (6,762,629)
============
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 109
Schedule of Investments | 9/30/18 (unaudited) (continued)
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels 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
risks, etc.). See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes
to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of September 30, 2018, in
valuing the Fund's investments.
-----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 1,921,643,558 $ -- $1,921,643,558
Collateralized Mortgage
Obligations -- 1,296,311,662 -- 1,296,311,662
Corporate Bonds
Insurance
Reinsurance -- 117,839,935 96,269,211 214,109,146
All Other Corporate Bonds -- 1,002,828,588 -- 1,002,828,588
Municipal Bond -- 301,983 -- 301,983
Senior Secured Floating Rate
Loan Interests -- 252,873,003 -- 252,873,003
U.S. Government and Agency
Obligations -- 439,484,081 -- 439,484,081
Certificates of Deposit -- 16,284,940 -- 16,284,940
Commercial Paper -- 91,285,678 -- 91,285,678
Repurchase Agreements -- 74,905,000 -- 74,905,000
-----------------------------------------------------------------------------------------
Total Investments
in Securities $ -- $ 5,213,758,428 $ 96,269,211 $5,310,027,639
=========================================================================================
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
-----------------------------------------------------------------------------------------
Corporate
Bonds
-----------------------------------------------------------------------------------------
Balance as of 3/31/18 $ 75,884,496
Realized gain (loss)(1) (308,731)
Change in unrealized appreciation (depreciation)(2) 2,930,244
Accrued discounts/premiums (15,933)
Purchases 38,729,644
Sales (23,459,009)
Transfers in to Level 3* 2,508,500
Transfers out of Level 3* --
-----------------------------------------------------------------------------------------
Balance as of 9/30/18 $ 96,269,211
=========================================================================================
(1) Realized gain (loss) on these securities is included in the realized
gain (loss) in investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included
in the change in unrealized appreciation (depreciation) from investments
in the Statement of Operations.
* Transfers are calculated on the beginning of period value. For the six
months ended September 30, 2018, an investment having a value of
$2,508,500 was transferred from Level 2 to Level 3. The change in the
level designation within the fair value hierarchy was due to valuing the
security using unobservable inputs. There were no other transfers between
Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of Level 3
investments still held and considered Level 3 at September 30, 2018: $ 2,604,733
-------------
The accompanying notes are an integral part of these financial statements.
110 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
Statement of Assets and Liabilities | 9/30/18 (unaudited)
ASSETS:
Investments in unaffiliated issuers, at value (cost $5,311,397,258) $5,310,027,639
Cash 41,221,323
Unrealized appreciation on unfunded loan commitments 351
Receivables --
Investment securities sold 2,056,197
Fund shares sold 68,760,861
Interest 13,100,817
Other assets 304,202
-------------------------------------------------------------------------------------------
Total assets $5,435,471,390
===========================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 57,772,616
Fund shares repurchased 22,905,737
Distributions 1,932,054
Due to affiliates 311,695
Accrued expenses 1,062,800
-------------------------------------------------------------------------------------------
Total liabilities $ 83,984,902
===========================================================================================
NET ASSETS:
Paid-in capital $5,383,762,505
Distributable earnings (loss) (32,276,017)
-------------------------------------------------------------------------------------------
Net assets $5,351,486,488
===========================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $1,447,788,826/145,376,979 shares) $ 9.96
Class C (based on $500,703,762/50,335,096 shares) $ 9.95
Class C2 (based on $7,817,719/786,086 shares) $ 9.95
Class K (based on $194,343,856/19,496,960 shares) $ 9.97
Class Y (based on $3,200,832,325/321,281,057 shares) $ 9.96
===========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 111
Statement of Operations (unaudited)
For the Six Months Ended 9/30/18
INVESTMENT INCOME:
Interest from unaffiliated issuers $ 70,145,053
-------------------------------------------------------------------------------------------------
Total investment income $70,145,053
-------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 7,502,700
Administrative expense 678,372
Transfer agent fees
Class A 160,358
Class C 88,526
Class C2 1,423
Class K 72
Class Y 924,248
Distribution fees
Class A 1,283,833
Class C 1,408,438
Class C2 20,965
Shareowner communications expense 33,775
Custodian fees 124,185
Registration fees 142,392
Professional fees 116,688
Printing expense 27,652
Pricing fees 158,935
Trustees' fees 114,671
Insurance expense 464
Miscellaneous 56,837
-------------------------------------------------------------------------------------------------
Total expenses $12,844,534
-------------------------------------------------------------------------------------------------
Net investment income $57,300,519
-------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $ (184,768)
-------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $ 506,222
Unfunded loan commitments (375) $ 505,847
-------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ 321,079
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $57,621,598
=================================================================================================
The accompanying notes are an integral part of these financial statements.
112 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------
Six Months
Ended Year
9/30/18 Ended
(unaudited) 3/31/18
------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 57,300,519 $ 70,963,225
Net realized gain (loss) on investments (184,768) (1,585,703)
Change in net unrealized appreciation (depreciation)
on investments 505,847 (6,325,086)
------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 57,621,598 $ 63,052,436
------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Class A ($0.11 and $0.19 per share, respectively) $ (14,448,884) $ (18,902,043)
Class C ($0.10 and $0.16 per share, respectively) (5,403,010) (9,859,641)
Class C2 ($0.10 and $0.16 per share, respectively) (80,312) (155,645)
Class K ($0.12 and $0.21 per share, respectively) (2,360,522) (2,374,003)
Class Y ($0.12 and $0.21 per share, respectively) (33,441,785) (44,295,822)
------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (55,734,513) $ (75,587,154)
================================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 2,557,088,013 $ 4,282,494,452
Reinvestment of distributions 48,505,647 65,238,024
Cost of shares repurchased (1,765,888,718) (3,023,600,815)
------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 839,704,942 $ 1,324,131,661
------------------------------------------------------------------------------------------------
Net increase in net assets $ 841,592,027 $ 1,311,596,943
NET ASSETS:*
Beginning of period $ 4,509,894,461 $ 3,198,297,518
------------------------------------------------------------------------------------------------
End of period $ 5,351,486,488 $ 4,509,894,461
================================================================================================
* For the year ended March 31, 2018 Distributions in excess of net investment
income was presented as follows: $(3,087,809).
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 113
Statements of Changes in Net Assets (continued)
---------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
9/30/18 9/30/18 Year Ended Year Ended
Shares Amount 3/31/18 3/31/18
(unaudited) (unaudited) Shares Amount
---------------------------------------------------------------------------------------------------
Class A
Shares sold 81,967,399 $ 816,290,222 139,177,596 $ 1,387,818,817
Reinvestment of distributions 1,354,930 13,488,404 1,703,453 16,991,053
Less shares repurchased (59,486,740) (592,247,742) (95,397,224) (951,248,603)
---------------------------------------------------------------------------------------------------
Net increase 23,835,589 $ 237,530,884 45,483,825 $ 453,561,267
===================================================================================================
Class C
Shares sold 4,987,472 $ 49,658,837 42,871,530 $ 427,136,559
Reinvestment of distributions 540,438 5,373,661 971,625 9,678,740
Less shares repurchased (17,924,699) (178,212,609) (38,154,962) (380,096,210)
---------------------------------------------------------------------------------------------------
Net increase (decrease) (12,396,789) $ (123,180,111) 5,688,193 $ 56,719,089
===================================================================================================
Class C2
Shares sold 14,553 $ 145,843 357,478 $ 3,560,454
Reinvestment of distributions 5,071 50,410 8,437 84,026
Less shares repurchased (131,929) (1,311,377) (453,926) (4,520,152)
---------------------------------------------------------------------------------------------------
Net decrease (112,305) $ (1,115,124) (88,011) $ (875,672)
===================================================================================================
Class K
Shares sold 11,018,657 $ 109,798,819 8,600,901 $ 85,780,352
Reinvestment of distributions 159,426 1,588,431 212,334 2,120,086
Less shares repurchased (7,584,349) (75,557,301) (2,082,223) (20,781,476)
---------------------------------------------------------------------------------------------------
Net increase 3,593,734 $ 35,829,949 6,731,012 $ 67,118,962
===================================================================================================
Class Y
Shares sold 158,712,106 $1,581,194,292 238,342,377 $ 2,378,198,270
Reinvestment of distributions 2,811,721 28,004,741 3,644,225 36,364,119
Less shares repurchased (92,227,714) (918,559,689) (167,063,658) (1,666,954,374)
---------------------------------------------------------------------------------------------------
Net increase 69,296,113 $ 690,639,344 74,922,944 $ 747,608,015
===================================================================================================
The accompanying notes are an integral part of these financial statements.
114 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
Financial Highlights
---------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/18 Ended Ended Ended Ended Ended
(unaudited) 3/31/18 3/31/17* 3/31/16* 3/31/15* 3/31/14
---------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.95 $ 9.99 $ 9.92 $ 10.00 $ 10.07 $ 10.08
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.12(a) $ 0.18(a) $ 0.16(a) $ 0.10(a) $ 0.10 $ 0.10
Net realized and unrealized gain (loss) on
investments 0.00(b) (0.03) 0.08 (0.06) (0.05) (0.01)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from Investment operations $ 0.12 $ 0.15 $ 0.24 $ 0.04 $ 0.05 $ 0.09
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.11) $ (0.19) $ (0.17) $ (0.12) $ (0.12) $ (0.10)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.01 $ (0.04) $ 0.07 $ (0.08) $ (0.07) $ (0.01)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.96 $ 9.95 $ 9.99 $ 9.92 $ 10.00 $ 10.07
=================================================================================================================================
Total return(c) 1.24%(d) 1.51% 2.43% 0.41% 0.54% 0.92%
Ratio of net expenses to average net assets 0.59%(e) 0.60% 0.61% 0.63% 0.63% 0.66%
Ratio of net investment income (loss) to average
net assets 2.30%(e) 1.81% 1.59% 1.01% 0.95% 0.93%
Portfolio turnover rate 28%(d) 54% 69% 58% 45% 47%
Net assets, end of period (in thousands) $1,447,789 $1,209,820 $759,455 $673,352 $694,221 $570,468
=================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
(b) Amount rounds to less than $0.01 or $(0.01) per share.
(c) 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.
(d) Not annualized.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 115
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/18 Ended Ended Ended Ended Ended
(unaudited) 3/31/18 3/31/17* 3/31/16* 3/31/15* 3/31/14
-----------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.94 $ 9.97 $ 9.91 $ 9.99 $ 10.05 $ 10.07
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10(a) $ 0.15(a) $ 0.13(a) $ 0.07(a) $ 0.07 $ 0.08
Net realized and unrealized gain (loss) on
investments 0.01 (0.02) 0.07 (0.06) (0.04) (0.03)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from Investment operations $ 0.11 $ 0.13 $ 0.20 $ 0.01 $ 0.03 $ 0.05
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.10) $ (0.16) $ (0.14) $ (0.09) $ (0.09) $ (0.07)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.01 $ (0.03) $ 0.06 $ (0.08) $ (0.06) $ (0.02)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.95 $ 9.94 $ 9.97 $ 9.91 $ 9.99 $ 10.05
=============================================================================================================================
Total return(b) 1.07%(c) 1.28% 2.00% 0.11% 0.34% 0.54%
Ratio of net expenses to average net assets 0.90%(d) 0.92% 0.93% 0.94% 0.94% 0.97%
Ratio of net investment income (loss) to average
net assets 2.00%(d) 1.48% 1.27% 0.70% 0.66% 0.62%
Portfolio turnover rate 28%(c) 54% 69% 58% 45% 47%
Net assets, end of period (in thousands) $500,704 $623,642 $568,840 $524,030 $594,283 $575,457
=============================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
(b) 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.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
116 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year
9/30/18 Ended Ended Ended Ended 8/1/13
(unaudited) 3/31/18 3/31/17* 3/31/16* 3/31/15* to 3/31/14
-----------------------------------------------------------------------------------------------------------------------------------
Class C2
Net asset value, beginning of period $ 9.94 $ 9.97 $ 9.91 $ 9.99 $ 10.05 $ 10.04
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10(a) $ 0.15(a) $ 0.13(a) $ 0.07(a) $ 0.06 $ 0.07
Net realized and unrealized gain (loss) on investments 0.01 (0.02) 0.07 (0.06) (0.03) (0.01)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from Investment operations $ 0.11 $ 0.13 $ 0.20 $ 0.01 $ 0.03 $ 0.06
-----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.10) $ (0.16) $ (0.14) $ (0.09) $ (0.09) $ (0.05)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.01 $ (0.03) $ 0.06 $ (0.08) $ (0.06) $ 0.01
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.95 $ 9.94 $ 9.97 $ 9.91 $ 9.99 $ 10.05
===================================================================================================================================
Total return(b) 1.07%(c) 1.29% 2.00% 0.11% 0.33% 0.56%(c)
Ratio of net expenses to average net assets 0.91%(d) 0.92% 0.93% 0.94% 0.95% 0.99%(d)
Ratio of net investment income (loss) to average net assets 2.00%(d) 1.47% 1.27% 0.69% 0.66% 0.68%(d)
Portfolio turnover rate 28%(c) 54% 69% 58% 45% 47%
Net assets, end of period (in thousands) $ 7,818 $ 8,929 $ 9,834 $10,292 $11,258 $ 3,699
===================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
(b) 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.
(c) Not Annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 117
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/18 Ended Ended Ended Ended Ended
(unaudited) 3/31/18 3/31/17* 3/31/16* 3/31/15* 3/31/14
------------------------------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.96 $ 9.99 $ 9.93 $ 10.01 $ 10.07 $ 10.08
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.13(a) $ 0.20(a) $ 0.19(a) $ 0.12(a) $ 0.14 $ 0.12
Net realized and unrealized gain (loss) on investments 0.00(b) (0.02) 0.06 (0.06) (0.06) (0.00)(b)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from Investment operations $ 0.13 $ 0.18 $ 0.25 $ 0.06 $ 0.08 $ 0.12
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.12) $ (0.21) $ (0.19) $ (0.14) $ (0.14) $ (0.13)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.01 $ (0.03) $ 0.06 $ (0.08) $ (0.06) $ (0.01)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.97 $ 9.96 $ 9.99 $ 9.93 $ 10.01 $ 10.07
====================================================================================================================================
Total return(c) 1.35%(d) 1.83% 2.55% 0.64% 0.83% 1.16%
Ratio of net expenses to average net assets 0.37%(e) 0.38% 0.42% 0.42% 0.41% 0.41%
Ratio of net investment income (loss) to average net assets 2.54%(e) 2.03% 1.92% 1.24% 1.28% 1.19%
Portfolio turnover rate 28%(d) 54% 69% 58% 45% 47%
Net assets, end of period (in thousands) $194,344 $158,443 $91,666 $ 5,026 $ 5,091 $ 10
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
(b) Amount rounds to less than $0.01 or $(0.01) per share.
(c) 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.
(d) Not annualized.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
118 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/18 Ended Ended Ended Ended Ended
(unaudited) 3/31/18 3/31/17* 3/31/16* 3/31/15* 3/31/14
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.96 $ 9.99 $ 9.93 $ 10.01 $ 10.07 $ 10.09
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.12(a) $ 0.19(a) $ 0.17(a) $ 0.11(a) $ 0.11 $ 0.12
Net realized and unrealized gain (loss) on
investments 0.00(b) (0.01) 0.07 (0.06) (0.03) (0.02)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from Investment
operations $ 0.12 $ 0.18 $ 0.24 $ 0.05 $ 0.08 $ 0.10
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.12) $ (0.21) $ (0.18) $ (0.13) $ (0.14) $ (0.12)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ -- $ (0.03) $ 0.06 $ (0.08) $ (0.06) $ (0.02)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.96 $ 9.96 $ 9.99 $ 9.93 $ 10.01 $ 10.07
====================================================================================================================================
Total return(c) 1.21%(d) 1.76% 2.46% 0.54% 0.79% 0.99%
Ratio of net expenses to average net assets 0.44%(e) 0.46% 0.50% 0.51% 0.51% 0.54%
Ratio of net investment income (loss) to
average net assets 2.47%(e) 1.94% 1.70% 1.15% 1.08% 1.05%
Portfolio turnover rate 28%(d) 54% 69% 58% 45% 47%
Net assets, end of period (in thousands) $3,200,832 $2,509,061 $1,768,502 $1,418,468 $1,188,107 $912,810
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
(b) Amount rounds to less than $0.01 or $(0.01) per share.
(c) 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.
(d) Not annualized.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 119
Notes to Financial Statements | 9/30/18 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Multi-Asset Ultrashort Income Fund (the "Fund") is one of three
portfolios comprising Pioneer Series Trust X, a Delaware statutory trust. The
Fund is registered under the Investment Company Act of 1940 as a diversified,
open-end management investment company. The investment objective of the Fund is
to seek a high level of current income to the extent consistent with a
relatively high level of stability of principal.
The Fund offers five classes of shares designated as Class A, Class C, Class C2,
Class K and Class Y shares. Each class of shares represents an interest in the
same portfolio of investments of the Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes can
bear different rates of class-specific fees and expenses, such as transfer agent
and distribution fees. Differences in class-specific fees and expenses will
result in differences in net investment income and, therefore, the payment of
different dividends from net investment income earned by each class. The Amended
and Restated Declaration of Trust of the Fund gives the Board of Trustees the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareowner's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class K or Class Y shares.
On July 3, 2017, Amundi acquired Pioneer Investments, a group of asset
management companies located throughout the world. Amundi, one of the world's
largest asset managers, is headquartered in Paris, France. As a result of the
transaction, Pioneer Investment Management, Inc., the Fund's investment adviser,
became an indirect wholly owned subsidiary of Amundi and Amundi's wholly owned
subsidiary, Amundi USA, Inc. Prior to July 3, 2017, Pioneer Investments was
owned by Pioneer Global Asset Management S.p.A., a wholly owned subsidiary of
UniCredit S.p.A.
In connection with the transaction, the names of the Fund's investment adviser
and principal underwriter changed. Effective July 3, 2017, the name of Pioneer
Investment Management, Inc. changed to Amundi Pioneer Asset Management, Inc.
(the "Adviser") and the name of Pioneer Funds Distributor, Inc. changed to
Amundi Pioneer Distributor, Inc. (the "Distributor").
120 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
In October 2016, the Securities and Exchange Commission ("SEC") released its
Final Rule on Investment Company Reporting Modernization. In addition to
introducing two new regulatory reporting forms (Form N-PORT and Form N-CEN), the
Final Rule amends Regulation S-X, which impacts financial statement
presentation, particularly related to the presentation of derivative
investments. The Fund's financial statements were prepared in compliance with
the amendments to Regulation S-X.
In August 2018, the SEC released a Disclosure Update and Simplification Final
Rule. The Final Rule amends Regulation S-X disclosures requirements to conform
them to U.S. General Accepted Accounting Principles ("U.S. GAAP") for investment
companies. The Fund's financial statements were prepared in compliance with the
new amendments to Regulation S-X.
The Fund's financial statements have been prepared in conformity with U.S. GAAP
that require the management of the Fund to make estimates and assumptions that
affect the reported amounts of assets and liabilities, the disclosure of
contingent assets and liabilities at the date of the financial statements, and
the reported amounts of income, expenses and gain or loss on investments during
the reporting period. Actual results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the
New York Stock Exchange ("NYSE") is open, as of the close of regular
trading on the NYSE.
Fixed income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed-income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to supply
prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 121
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the
price information is deemed to be unreliable, price information will be
obtained from an alternative loan interest pricing service. If no reliable
price quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other
insurance-linked securities (including sidecars, collateralized
reinsurance and industry loss warranties) may be valued at the bid price
obtained from an independent pricing service, or through a third party
using a pricing matrix, insurance industry valuation models, or other fair
value methods or techniques to provide an estimated value of the
instrument.
Securities or loan interests for which independent pricing services or
broker dealers are unable to supply prices or for which market prices
and/or quotations are not readily available or are considered to be
unreliable are valued by a fair valuation team comprised of certain
personnel of the Adviser pursuant to procedures adopted by the Fund's
Board of Trustees. The Adviser's fair valuation team uses fair value
methods approved by the Valuation Committee of the Board of Trustees. The
Adviser's fair valuation team is responsible for monitoring developments
that may impact fair valued securities and for discussing and assessing
fair values on an ongoing basis, and at least quarterly, with the
Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after
the close of the exchange or market on which the security trades and prior
to the determination of the Fund's net asset value. Examples of a
significant event might include political or economic news, corporate
restructurings, natural disasters, terrorist activity or trading halts.
Thus, the valuation of the Fund's securities may differ significantly from
exchange prices, and such differences could be material.
At September 30, 2018, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model).
122 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
B. Investment Income and Transactions
Interest income, including interest on income-bearing cash accounts, is
recorded on the accrual basis. Dividend and interest income are reported
net of unrecoverable foreign taxes withheld at the applicable country
rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is
reclassified as PIK (payment-in-kind) income upon receipt and is included
in interest and dividend income, respectively.
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly
paydowns. All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
respective securities, and such accretion/amortization is included in
interest income.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its net taxable income and net realized capital gains,
if any, to its shareowners. Therefore, no provision for federal income
taxes is required. As of March 31, 2018, the Fund did not accrue any
interest or penalties with respect to uncertain tax positions, which, if
applicable, would be recorded as an income tax expense on the Statement of
Operations. Tax returns filed within the prior three years remain subject
to examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary over distributions 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.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 123
The tax character of distributions paid during the year ended March 31,
2018 was as follows:
---------------------------------------------------------------------------
2018
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 75,587,154
---------------------------------------------------------------------------
Total $ 75,587,154
===========================================================================
The following shows the components of distributable earnings (losses) on a
federal income tax basis at March 31, 2018:
---------------------------------------------------------------------------
2018
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 3,827,799
Capital loss carryforward (29,200,171)
Current year dividend payable (1,522,605)
Unrealized depreciation (7,268,125)
---------------------------------------------------------------------------
Total $(34,163,102)
===========================================================================
The difference between book-basis and tax-basis unrealized depreciation is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds and the tax treatment of premium and
amortization.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $14 in underwriting commissions on the sale of Class A
shares during the six months ended September 30, 2018.
E. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class C and Class C2 shares of the Fund,
respectively (see Note 4). Class K and Class Y shares do not pay
distribution fees. All expenses and fees paid to the Fund's transfer agent,
for its services are allocated among the classes of shares based on the
number of accounts in each class and the ratable allocation of related
out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same
124 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
manner and at the same time except that net investment income dividends to
Class A, Class C, Class C2, Class K and Class Y shares can reflect
different transfer agent and distribution expense rates.
F. Risks
The value of securities held by the Fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real
or perceived adverse economic, political or regulatory conditions,
inflation, changes in interest rates, lack of liquidity in the bond
markets or adverse investor sentiment. In the past several years,
financial markets have experienced increased volatility, depressed
valuations, decreased liquidity and heightened uncertainty. These
conditions may continue, recur, worsen or spread.
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or
other risks affecting those industries and sectors. The Fund's investments
in foreign markets and countries with limited developing markets may
subject the Fund to a greater degree of risk than investments in a
developed market. These risks include disruptive political or economic
conditions and the imposition of adverse governmental laws or currency
exchange restrictions.
Interest rates in the U.S. have been historically low and have begun to
rise, so the Fund faces a heightened risk that interest rates may continue
to rise. A general rise in interest rates could adversely affect the price
and liquidity of fixed-income securities and could also result in
increased redemptions from the Fund.
With the increased use of technologies such as the Internet to conduct
business, the Fund is susceptible to operational, information security and
related risks. While the Fund's Adviser has established business
continuity plans in the event of, and risk management systems to prevent,
limit or mitigate, such cyber-attacks, there are inherent limitations in
such plans and systems including the possibility that certain risks have
not been identified. Furthermore, the Fund cannot control the
cybersecurity plans and systems put in place by service providers to the
Fund such as Brown Brothers Harriman & Co., the Fund's custodian and
accounting agent, and DST Asset Manager Solutions, Inc., the Fund's
transfer agent. In addition, many beneficial owners of Fund shares hold
them through accounts at broker-dealers, retirement platforms and other
financial market participants over which neither the Fund nor Amundi
Pioneer exercises control. Each of these may in turn rely on service
providers to them, which are also subject to the risk of cyber-attacks.
Cybersecurity failures or breaches at Amundi Pioneer or the Fund's service
providers or intermediaries have the ability to cause disruptions and
impact business operations, potentially resulting in
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 125
financial losses, interference with the Fund's ability to calculate its
net asset value, impediments to trading, the inability of Fund shareowners
to effect share purchases or receive distributions, loss of or
unauthorized access to private shareowners information and violations of
applicable privacy and other laws, regulatory fines, penalties,
reputational damage, or additional compliance costs. Such costs and losses
may not be covered under any insurance. In addition, maintaining vigilance
against cyber-attacks may involve substantial costs over time, and system
enhancements may themselves be subject to cyber-attacks.
The Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
G. Insurance-Linked Securities ("ILS")
The Fund invests in event-linked bonds and other ILS. The Fund could lose
a portion or all of the principal it has invested in an ILS, and the right
to additional interest payments with respect to the security, upon the
occurrence of one or more trigger events, as defined within the terms of
an insurance-linked security. Trigger events, generally, are hurricanes,
earthquakes, or other natural events of a specific size or magnitude that
occur in a designated geographic region during a specified time period,
and/or that involve losses or other metrics that exceed a specific amount.
There is no way to accurately predict whether a trigger event will occur
and, accordingly, ILS carry significant risk. The Fund is entitled to
receive principal and interest payments so long as no trigger event occurs
of the description and magnitude specified by the instrument. In addition
to the specified trigger events, ILS may expose the Fund to other risks,
including but not limited to issuer (credit) default, adverse regulatory
or jurisdictional interpretations and adverse tax consequences.
The Fund's investments in ILS may include special purpose vehicles
("SPVs") or similar instruments structured to comprise a portion of a
reinsurer's catastrophe-oriented business, known as quota share
instruments (sometimes referred to as reinsurance sidecars), or to provide
reinsurance relating to specific risks to insurance or reinsurance
companies through a collateralized instrument, known as collateralized
reinsurance. Structured reinsurance investments also may include industry
loss warranties ("ILWs"). A traditional ILW takes the form of a bilateral
reinsurance contract, but there are also products that take the form of
derivatives, collateralized structures, or exchange-traded instruments.
Where the ILS are based on the performance of underlying reinsurance
contracts, the Fund has limited transparency into the individual
underlying contracts, and therefore must rely upon the risk assessment and
sound
126 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
underwriting practices of the issuer. Accordingly, it may be more
difficult for the Adviser to fully evaluate the underlying risk profile of
the Fund's structured reinsurance investments, and therefore the Fund's
assets are placed at greater risk of loss than if the Adviser had more
complete information. Structured reinsurance instruments generally will be
considered illiquid securities by the Fund. These securities may be
difficult to purchase, sell or unwind. Illiquid securities also may be
difficult to value. If the Fund is forced to sell an illiquid asset, the
Fund may be forced to sell at a loss.
H. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve
as the Fund's collateral for the obligation of the counterparty to
repurchase the securities. The value of the collateral, including accrued
interest, is required to be equal to or in excess of the repurchase price.
The collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a sub-custodian of the
Fund. The Adviser is responsible for determining that the value of the
collateral remains at least equal to the repurchase price. In the event of
a default by the counterparty, the Fund is entitled to sell the
securities, but the Fund may not be able to sell them for the price at
which they were purchased, thus causing a loss to the Fund. Additionally,
if the counterparty becomes insolvent, there is some risk that the Fund
will not have a right to the securities, or the immediate right to sell
the securities.
Open repurchase agreements as of September 30, 2018 are disclosed in the
Fund's Schedule of Investments.
2. Management Agreement
The Adviser manages the Fund's portfolio. Management fees are calculated daily
at the annual rate of 0.35% of the Fund's average daily net assets up to $1
billion and 0.30% on assets over $1 billion. For the six months ended September
30, 2018, the effective management fee (excluding waivers and/or assumption of
expenses) was equivalent to 0.31% (annualized) of the Fund's average daily net
assets.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$237,935 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at September 30, 2018.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 127
3. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareowner communications activities
such as proxy and statement mailings, and outgoing phone calls. For the six
months ended September 30, 2018, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareowner Communications:
--------------------------------------------------------------------------------
Class A $ 3,065
Class C 6,505
Class C2 119
Class K 86
Class Y 24,000
--------------------------------------------------------------------------------
Total $33,775
================================================================================
4. Distribution and Service Plans
The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A, Class C and
Class C2 shares. Pursuant to the Plan, the Fund pays the Distributor 0.20% of
the average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays the
Distributor 0.50% of the average daily net assets attributable to Class C and
Class C2 shares. The fee for Class C and Class C2 shares consists of a 0.25%
service fee and a 0.25% distribution fee paid as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class C and Class C2 shares. Included in "Due to affiliates" reflected
on the Statement of Assets and Liabilities is $73,760 in distribution fees
payable to the Distributor at September 30, 2018.
In addition, redemptions of each class of shares (except Class K and Class Y
shares) may be subject to a contingent deferred sales charge ("CDSC"). A CDSC of
1.00% may be imposed on redemptions of certain net asset value purchases of
Class A shares within 12 months of purchase. Redemptions of Class C2 shares
redemptions of shares within 12 months of purchase are subject to a CDSC of
1.00%, based on the lower of cost or market value of shares being redeemed.
Shares purchased as part of an exchange remain
128 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
subject to any CDSC that applied to the original purchase of those shares.
There is no CDSC for Class K and Class Y shares. Proceeds from the CDSCs are
paid to the Distributor. For the six months ended September 30, 2018, CDSCs in
the amount of $78,901 were paid to the Distributor.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
"Funds"), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act.
Effective August 1, 2018, the Fund participates in a credit facility that is in
the amount of $250 million. Prior to August 1, 2018, the credit facility was in
the amount of $195 million. Under such facility, depending on the type of loan,
interest on borrowings is payable at the London Interbank Offered Rate ("LIBOR")
plus 0.90% on an annualized basis, or the Alternate Base Rate, which is the
greater of (a) the facility's administrative agent's daily announced prime rate
on the borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing date
or (c) 2% plus the overnight Eurodollar rate on the borrowing date. The Funds
pay an annual commitment fee to participate in a credit facility. The commitment
fee is allocated among participating Funds based on an allocation schedule set
forth in the credit agreement. For the six months ended September 30, 2018, the
Fund had no borrowings under the credit facility.
6. Unfunded Loan Commitments
The Fund may enter into unfunded loan commitments. Unfunded loan commitments may
be partially or wholly unfunded. During the contractual period, the Fund is
obliged to provide funding to the borrower upon demand. A fee is earned by the
Fund on the unfunded commitment and is recorded as interest income on the
Statement of Operations.
As of September 30, 2018, the Fund had the following unfunded loan commitments
outstanding:
--------------------------------------------------------------------------------
Unrealized
Appreciation/
Loan Principal Cost Value (Depreciation)
--------------------------------------------------------------------------------
GFL Environmental Inc.,
Delayed Draw Term Loan $71,823 $71,652 $72,003 $351
--------------------------------------------------------------------------------
Total Value $71,823 $71,652 $72,003 $351
================================================================================
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 129
ADDITIONAL INFORMATION
Effective October 1, 2018, management fees will be calculated daily at the
annual rate of 0.35% of the Fund's average daily net assets up to $1 billion,
0.30% of the next $4 billion, 0.25% of the next $2.5 billion and 0.20% on assets
over $7.5 billion.
Change in Independent Registered Public Accounting Firm
Prior to July 3, 2017 Pioneer Investment Management, Inc. (the "Adviser"), the
Fund's investment adviser, was an indirect, wholly owned subsidiary of UniCredit
S.p.A. ("UniCredit"). On that date, UniCredit completed the sale of its Pioneer
Investments business, which includes the Adviser, to Amundi (the "Transaction").
As a result of the Transaction, the Adviser became an indirect, wholly owned
subsidiary of Amundi. Amundi is controlled by Credit Agricole S.A. Amundi is
headquartered in Paris, France, and, as of September 30, 2016, had more than
$1.1 trillion in assets under management worldwide.
Deloitte & Touche LLP ("D&T"), the Fund's previous independent registered public
accounting firm, informed the Audit Committee and the Board that it would no
longer be independent with respect to the Fund upon the completion of the
Transaction as a result of certain services being provided to Amundi and Credit
Agricole, and, accordingly, that it intended to resign as the Fund's independent
registered public accounting firm upon the completion of the Transaction. D&T's
resignation was effective on July 3, 2017, when the Transaction was completed.
During the periods as to which D&T has served as the Fund's independent
registered public accounting firm, D&T's reports on the Fund's financial
statements have not contained an adverse opinion or disclaimer of opinion and
have not been qualified or modified as to uncertainty, audit scope or accounting
principles. Further, there have been no disagreements with D&T on any matter of
accounting principles or practices, financial statement disclosure, or auditing
scope or procedure, which, if not resolved to the satisfaction of D&T, would
have caused D&T to make reference to the subject matter of the disagreement in
connection with its report on the financial statements. In addition, there have
been no reportable events of the kind described in Item 304(a)(1)(v) of
Regulation S-K under the Securities Exchange Act of 1934.
Effective immediately following the completion of the Transaction on July 3,
2017, the Board, acting upon the recommendation of the Audit Committee, engaged
an independent registered public accounting firm, Ernst & Young LLP ("EY").
130 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
Prior to its engagement, EY had advised the Fund's Audit Committee that EY had
identified the following matters, in each case relating to services rendered by
other member firms of Ernst & Young Global Limited, all of which are located
outside the United States, to UniCredit and certain of its subsidiaries during
the period commencing July 1, 2016, that it determined to be inconsistent with
the auditor independence rules set forth by the Securities and Exchange
Commission ("SEC"): (a) project management support services to UniCredit in the
Czech Republic, Germany, Italy, Serbia and Slovenia in relation to twenty-two
projects, that were determined to be inconsistent with Rule 2-01(c)(4)(vi) of
Regulation S-X (management functions); (b) two engagements for UniCredit in
Italy where fees were contingent/success based and that were determined to be
inconsistent with Rule 2-01(c)(5) of Regulation S-X (contingent fees); (c) four
engagements where legal and expert services were provided to UniCredit in the
Czech Republic and Germany, and twenty engagements where the legal advisory
services were provided to UniCredit in Austria, Czech Republic, Italy and
Poland, that were determined to be inconsistent with Rule 2-01(c)(4)(ix) and (x)
of Regulation S-X (legal and expert services); and (d) two engagements for
UniCredit in Italy involving assistance in the sale of certain assets, that were
determined to be inconsistent with Rule 2-01(c)(4)(viii) of Regulation S-X
(broker-dealer, investment adviser or investment banking services). None of the
foregoing services involved the Fund, any of the other funds in the Pioneer
Family of Funds or any other Pioneer entity sold by UniCredit in the
Transaction.
EY advised the Audit Committee that it had considered the matters described
above and had concluded that such matters would not impair EY's ability to
exercise objective and impartial judgment in connection with the audits of the
financial statements of the Fund under the SEC and Public Company Accounting
Oversight Board independence rules, and that a reasonable investor with
knowledge of all relevant facts and circumstances would reach the same
conclusion. Management and the Audit Committee considered these matters and
discussed the matters with EY and, based upon EY's description of the matters
and statements made by EY, Management and the Audit Committee believe that EY
will be capable of exercising objective and impartial judgment in connection
with the audits of the financial statements of the Fund, and Management further
believes that a reasonable investor with knowledge of all relevant facts and
circumstances would reach the same conclusion.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 131
Approval of Investment Management Agreement
Amundi Pioneer Asset Management, Inc. ("APAM") serves as the investment adviser
to Pioneer Multi-Asset Ultrashort Income Fund (the "Fund") pursuant to an
investment management agreement between APAM and the Fund. In order for APAM to
remain the investment adviser of the Fund, the Trustees of the Fund must
determine annually whether to renew the investment management agreement for the
Fund.
The contract review process began in January 2018 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. Contract review materials were provided to the Trustees in March 2018,
July 2018 and September 2018. In addition, the Trustees reviewed and discussed
the Fund's performance at regularly scheduled meetings throughout the year, and
took into account other information related to the Fund provided to the
Trustees at regularly scheduled meetings, in connection with the review of the
Fund's investment management agreement.
In March 2018, the Trustees, among other things, discussed the memorandum
provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment management agreement, and reviewed and
discussed the qualifications of the investment management teams for the Fund,
as well as the level of investment by the Fund's portfolio managers in the
Fund. In July 2018, the Trustees, among other things, reviewed the Fund's
management fees and total expense ratios, the financial statements of APAM and
its parent companies, profitability analyses provided by APAM, and analyses
from APAM as to possible economies of scale. The Trustees also reviewed the
profitability of the institutional business of APAM and APAM's affiliate,
Amundi Pioneer Institutional Asset Management, Inc. ("APIAM" and, together with
APAM, "Amundi Pioneer"), as compared to that of APAM's fund management
business, and considered the differences between the fees and expenses of the
Fund and the fees and expenses of APAM's and APIAM's institutional accounts, as
well as the different services provided by APAM to the Fund and by APAM and
APIAM to the institutional accounts. The Trustees further considered contract
review materials, including additional materials received in response to the
Trustees' request, in September 2018.
At a meeting held on September 18, 2018, based on their evaluation of the
information provided by APAM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment management agreement for another year. In
132 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
approving the renewal of the investment management agreement, the Trustees
considered various factors that they determined were relevant, including the
factors described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by APAM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees also reviewed APAM's investment approach
for the Fund and its research process. The Trustees considered the resources of
APAM and the personnel of APAM who provide investment management services to
the Fund. They also reviewed the amount of non-Fund assets managed by the
portfolio managers of the Fund. They considered the non-investment resources
and personnel of APAM that are involved in APAM's services to the Fund,
including APAM's compliance, risk management, and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by APAM's senior management to the Pioneer Fund complex.
The Trustees considered that APAM supervises and monitors the performance of
the Fund's service providers and provides the Fund with personnel (including
Fund officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
APAM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to APAM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by APAM to the Fund were
satisfactory and consistent with the terms of the investment management
agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly review and
discuss throughout the year data prepared by APAM and information comparing the
Fund's performance with the performance of its peer group of funds, as
classified by Morningstar, Inc. (Morningstar), and the performance of the
Fund's benchmark index. They also discuss the Fund's performance with APAM on a
regular basis. The Trustees' regular reviews and discussions were factored into
the Trustees' deliberations concerning the renewal of the investment management
agreement.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 133
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees of its peer group of funds as classified
by Morningstar and also to the expense ratios of a peer group of funds selected
on the basis of criteria determined by the Independent Trustees for this
purpose using data provided by Strategic Insight Mutual Fund Research and
Consulting, LLC (Strategic Insight), an independent third party. The peer group
comparisons referred to below are organized in quintiles. Each quintile
represents one-fifth of the peer group. In all peer group comparisons referred
to below, first quintile is most favorable to the Fund's shareowners. The
Trustees noted that they separately review and consider the impact of the
Fund's transfer agency and Fund- and APAM-paid expenses for sub-transfer agency
and intermediary arrangements, and that the results of the most recent such
review were considered in the consideration of the Fund's expense ratio.
The Trustees considered that the Fund's management fee for the most recent
fiscal year was in the third quintile relative to the management fees paid by
other funds in its Morningstar category for the comparable period. The Trustees
also considered the breakpoints in the management fee schedule and the reduced
fee rates above certain asset levels. The Trustees considered additional
breakpoints that would be added to the Fund's management fee schedule,
effective October 1, 2018. The Trustees considered that the expense ratio of
the Fund's Class A shares for the most recent fiscal year was in the second
quintile relative to its Strategic Insight peer group for the comparable
period. The Trustees considered that the expense ratio of the Fund's Class Y
shares for the most recent fiscal year was in the fourth quintile relative to
its Strategic Insight peer group for the comparable period.
The Trustees reviewed management fees charged by APAM and APIAM to
institutional and other clients, including publicly offered European funds
sponsored by APAM's affiliates, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered APAM's costs in providing
services to the Fund and APAM's and APIAM's costs in providing services to the
other clients and considered the differences in management fees and profit
margins for fund and non-fund services. In evaluating the fees associated with
APAM's and APIAM's client accounts, the Trustees took into account the
respective demands, resources and complexity associated with the Fund and other
client accounts. The Trustees noted that, in some instances, the fee rates for
those clients were lower than the management fee for the Fund and considered
that, under the investment management agreement with the Fund,
134 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
APAM performs additional services for the Fund that it does not provide to
those other clients or services that are broader in scope, including oversight
of the Fund's other service providers and activities related to compliance and
the extensive regulatory and tax regimes to which the Fund is subject. The
Trustees also considered the entrepreneurial risks associated with APAM's
management of the Fund.
The Trustees concluded that the management fee payable by the Fund to APAM was
reasonable in relation to the nature and quality of the services provided by
APAM.
Profitability
The Trustees considered information provided by APAM regarding the
profitability of APAM with respect to the advisory services provided by APAM to
the Fund, including the methodology used by APAM in allocating certain of its
costs to the management of the Fund. The Trustees also considered APAM's profit
margin in connection with the overall operation of the Fund. They further
reviewed the financial results, including the profit margins, realized by APAM
and APIAM from non-fund businesses. The Trustees considered APAM's profit
margins in comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that APAM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered APAM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with the Fund and Fund shareholders. The
Trustees noted the breakpoints in the management fee schedule. The Trustees
recognize that economies of scale are difficult to identify and quantify, and
that, among other factors that may be relevant, are the following: fee levels,
expense subsidization, investment by APAM in research and analytical
capabilities and APAM's commitment and resource allocation to the Fund. The
Trustees noted that profitability also may be an indicator of the availability
of any economies of scale, although profitability may vary for other reasons
including due to reductions in expenses. The Trustees concluded that economies
of scale, if any, were being appropriately shared with the Fund.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 135
Other Benefits
The Trustees considered the other benefits that APAM enjoys from its
relationship with the Fund. The Trustees considered the character and amount of
fees paid or to be paid by the Fund, other than under the investment management
agreement, for services provided by APAM and its affiliates. The Trustees
further considered the revenues and profitability of APAM's businesses other
than the Fund business. To the extent applicable, the Trustees also considered
the benefits to the Fund and to APAM and its affiliates from the use of "soft"
commission dollars generated by the Fund to pay for research and brokerage
services.
The Trustees considered that Amundi Pioneer is the principal U.S. asset
management business of Amundi, which is one of the largest asset managers
globally. Amundi's worldwide asset management business manages over $1.7
trillion in assets (including the Pioneer Funds). The Trustees considered that
APAM's relationship with Amundi creates potential opportunities for APAM, APIAM
and Amundi that derive from APAM's relationships with the Fund, including
Amundi's ability to market the services of APAM globally. The Trustees noted
that APAM has access to additional research and portfolio management
capabilities as a result of its relationship with Amundi and Amundi's enhanced
global presence that may contribute to an increase in the resources available
to APAM. The Trustees considered that APAM and the Fund receive reciprocal
intangible benefits from the relationship, including mutual brand recognition
and, for the Fund, direct and indirect access to the resources of a large
global asset manager. The Trustees concluded that any such benefits received by
APAM as a result of its relationship with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including the Independent Trustees, concluded that the investment
management agreement for the Fund, including the fees payable thereunder, was
fair and reasonable and voted to approve the proposed renewal of the investment
management agreement.
136 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and
David R. Bock Chief Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial Officer
Lisa M. Jones Christopher J. Kelley, Secretary and
Lorraine H. Monchak Chief Legal Officer
Marguerite A. Piret
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at www.amundipioneer.com. This information is also available on the Securities
and Exchange Commission's web site at www.sec.gov.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 137
This page is for your notes.
138 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
This page is for your notes.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18 139
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140 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/18
How to Contact Amundi Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2018 Amundi Pioneer Asset Management 25249-07-1118
Pioneer Dynamic
Credit Fund
--------------------------------------------------------------------------------
Semiannual Report | September 30, 2018
--------------------------------------------------------------------------------
Ticker Symbols:
Class A RCRAX
Class C RCRCX
Class Y RCRYX
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 38
Notes to Financial Statements 45
Additional Information 63
Approval of Investment Management Agreement 65
Trustees, Officers and Service Providers 70
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 1
President's Letter
Through the third quarter of 2018, the U.S. stock market, as measured by the
Standard & Poor's 500 Index (the S&P 500), has returned more than 10%, while
bond markets, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index,
have been negative, returning -1.6%.
The momentum in the equity market has been driven by several factors, including
overall positive corporate earnings reports and a strong U.S. economy. U.S.
gross domestic product (GDP) growth exceeded 4% in the second quarter of 2018
and was expected to top 3% once again in the third quarter. The low
unemployment rate has continued, with initial jobless claims hitting a
multi-decade low and consumer and small-business confidence achieving levels
not seen in many years.
Despite the good economic news, and even though wages have been rising,
inflation expectations have not risen significantly. For its part, the U.S.
Federal Reserve System (the Fed) continued with its tightening of monetary
policy by raising interest rates in September, the third such increase during
this calendar year, and has been moving forward with the tapering of its
balance sheet, a process which began in October 2017.
Across the fixed-income space, rising interest rates have helped drive down the
returns of some asset classes, such as U.S. Treasuries. However, strong
corporate earnings and higher oil prices have propelled high-yield bonds well
into positive territory through the first nine months of the year. In addition,
higher rates have contributed to positive year-to-date returns for
floating-rate instruments such as bank loans, while structured sectors,
including asset-backed securities (ABS) and mortgage-backed securities (MBS),
have generally outperformed Treasuries. Agency MBS, in particular, have
performed well as the housing market has continued to show strength, even with
both interest rates and home prices moving upward.
Despite the generally positive returns, market volatility has increased this
year compared with 2017. The aforementioned rising interest rates have been one
reason, while the uncertainty surrounding U.S. trade policy has, at times, also
led to unsettled markets. Of course, in today's global economy, risk factors
extend well beyond U.S. borders, and investors have grappled with various
issues on the international front in recent months, including a lack of
progress in the United Kingdom's Brexit negotiations, concerns about the
budgetary policies of the populist Italian government, and the potential impact
of Turkey's economic challenges on European banks. Moreover, while trade
tensions between the U.S. and Europe have moderated, proposed higher tariffs on
Chinese imports could have a negative impact on that country's economy and, by
extension, on its Asian trade partners.
2 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
As we enter the final quarter of 2018, however, we remain cautious on the
equity markets. While we are constructive on our view of U.S. stocks and the
overall economy, the previously mentioned risk factors and increased volatility
are concerns that may overtake that constructive view.
In fixed income, we have taken a more cautious approach in our core portfolios
with regard to credit-sensitive debt, as those investments appear more
susceptible to what we believe could be a less-benign credit environment going
forward, due in part to increased leverage within the investment-grade and
bank-loan market segments. We believe that structured credit sectors, including
agency MBS, non-agency MBS, and ABS, may offer investors more attractive
relative value, given solid U.S. housing market and consumer fundamentals.
Agency MBS and high-quality, non-agency MBS may also offer lower downside
volatility and stronger credit protections relative to their quality ratings.
In addition, as interest rates have risen, we find that short- and
intermediate-term Treasuries have become more attractive.
We believe this year's market fluctuations as well as increased risk factors
within the global economy have served to remind investors of the importance of
active management. Since 1928, active management has been the foundation of
Amundi Pioneer's investment approach. We believe active management is
especially important during periods of volatility, and that our shareowners can
benefit from the experience and tenure of our investment teams, who work
collaboratively to make active and informed decisions across our funds.
As always, and particularly during times of market uncertainty, we encourage
you to work with your financial advisor to develop an overall investment plan
that addresses both your short- and long-term goals, and to implement such a
plan in a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
September 30, 2018
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 3
Portfolio Management Discussion | 9/30/18
In the following interview, Michael Temple and Kevin Choy discuss the principal
factors that affected the performance of Pioneer Dynamic Credit Fund during the
six-month period ended September 30, 2018. Mr. Temple, Managing Director,
Director of Corporate Credit Research, U.S., and a portfolio manager at Amundi
Pioneer Asset Management, Inc. ("Amundi Pioneer"), and Mr. Choy, a vice
president and a portfolio manager at Amundi Pioneer, are responsible for the
day-to-day management of the Fund.
Q How did the Fund perform during the six-month period ended September 30,
2018?
A Pioneer Dynamic Credit Fund's Class A shares returned 0.98% at net asset
value during the six-month period ended September 30, 2018, while the
Fund's benchmark, the ICE Bank of America Merrill Lynch U.S. Dollar
3-Month LIBOR Index (the ICE BofA ML Index), returned 1.17%. During the
same period, the average return of the 325 mutual funds in Morningstar's
Multisector Bond Funds category was 0.42%.
Q How would you describe the investment environment in the fixed-income
markets during the six-month period ended September 30, 2018?
A The acceleration in domestic economic growth was the primary factor
driving returns across the various segments of the bond market over the
past six months. Spurred on by the combination of lower taxes and reduced
regulation, the U.S. economy surged to 4.1% year-over-year growth in the
second quarter, and it appeared to be on track for a 3%-plus expansion for
the full year as of the close of the period. In addition, initial jobless
claims hit their lowest levels since 1969, small business optimism rose to
the highest level since its 1974 inception, and consumer confidence hit
its highest point since 2000.
Improving economic conditions provided a tailwind for the credit-sensitive
segments of the market -- such as investment-grade and high-yield
corporate bonds -- by supporting investor sentiment and contributing to
better-than-expected corporate earnings. However, stronger growth also
prompted the U.S. Federal Reserve (the Fed) to tighten its monetary
policy. In addition to enacting two 0.25% interest-rate increases, the Fed
continued the process of reducing the size of its balance sheet, a process
which began in October 2017. Investors also foresaw further rate hikes in
the offing over the next 12 to 15 months. At the end of September, in
fact, the market was expecting another quarter-point rate increase before
year-end 2018, together with three more rate hikes in 2019. The prospect
of tighter Fed
4 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
policy put upward pressure on U.S. Treasury yields, which weighed on the
total returns of the more interest-rate sensitive segments of the bond
market, including Treasury securities.
Q What were the principal factors that affected the Fund's
benchmark-relative performance during the six-month period ended September
30, 2018?
A The Fund's position in investment-grade corporates, while posting a narrow
gain in absolute terms, lagged the benchmark and thus detracted from
relative performance during the period. The Fund also lost some ground
versus the benchmark by having a higher-quality bias within the corporate
sector, given that lower-quality securities generated the strongest
returns over the six months. A portfolio allocation to European corporates
further detracted from the Fund's benchmark-relative results.
Asset allocation decisions contributed positively to the Fund's
benchmark-relative returns during the six-month period. Our emphasis on
investing in market segments that performed well relative to the ICE BofA
ML Index, including high-yield bonds, senior loans, and insurance-linked
securities (ILS), aided the Fund's results. High-yield securities made a
particularly strong contribution to benchmark-relative performance, as our
preference for investments in the energy and communications sectors added
value. Bank loans outperformed the ICE BofA ML Index for the period, and
so the Fund's loan exposures also contributed positively to relative
returns. In general, investments in asset classes that typically offer
floating rates instead of fixed rates, such as ILS and bank loans, attract
robust investor demand during times when the Fed is tightening monetary
policy, and so the Fund's allocation to ILS, which allow insurance
companies to transfer the risk of claims losses to the capital markets,
was another positive contributor to relative returns. During the period,
the Fund's ILS weighting averaged roughly 8% of invested assets, based on
our view that ILS offer both above-average yield potential and lower
sensitivity to the interest-rate and credit risks that typically drive
returns across the rest of the bond market.
Q How did the Fund's exposure to derivative securities affect its
performance during the six-month period ended September 30, 2018?
A The Fund had investments in several types of derivative securities during
the period. We used credit default swaps to manage the portfolio's
exposure to credit-linked securities, which generally helped performance.
We also invested in interest-rate futures to help manage the Fund's
duration risk, and we used forward foreign currency contracts (currency
forwards) to take directional views on underlying economies and to manage
the risks associated with investments denominated in foreign currencies.
Our interest-rate strategies did not have a significant effect on the
Fund's performance, while the currency forwards had a slightly negative
impact.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 5
We maintained the Fund's hedges to help protect against potential tail
risk (that is, large market downturns stemming from unexpected events).
The hedging approach detracted from performance, given that the credit
markets were fairly stable over the six-month period. However, we believe
the strategy to be prudent, in light of the combination of rich valuations
and an economic expansion that has become extended, as compared to the
historical average.
Q Was there any change in the Fund's yield, or distributions to
shareholders, during the six-month period ended September 30, 2018?
A The Fund's yield declined over the six-month period as compared with its
level as of March 31, 2018. The decline was driven primarily by a reduced
portfolio position in European high-yield corporates.
Q What is your investment outlook, and how did that translate to changes in
the Fund's positioning during the six-month period ended September 30,
2018?
A Although the overall backdrop remains broadly positive, given strong
economic growth and rising corporate earnings, we recognize that
valuations have become less compelling in many areas of the credit
sectors. In high yield, for instance, credit spreads fell to multi-year
lows in September. (Credit spreads are commonly defined as the differences
in yield between Treasuries and other types of fixed-income securities
with similar maturities.) We believe that to be an indication that certain
risk factors -- such as an unexpected slowdown in growth or a policy
misstep by the Fed -- could have a meaningful effect on bond-market
performance.
Those factors prompted us to pursue a defensive positioning in the Fund's
portfolio. We sought to achieve the defensive positioning by modestly
increasing the overall credit quality of the Fund's holdings. We also kept
the portfolio's duration below our target level to help protect against
the possibility of higher market volatility. (Duration is measure of the
sensitivity of the price, or the value of principal, of a fixed-income
investment to a change in interest rates, expressed as a number of years.)
In addition, we reduced the Fund's allocation in high-yield securities and
redeployed the proceeds into securitized assets, which generally feature
stronger underlying credit profiles.
Our cautious posture as of period-end was also reflected in our efforts to
reduce the portfolio's sensitivity to broader market performance by
diversifying* holdings into categories with lower historical performance
correlations to Treasuries, such as bank loans, securitized credit, and
ILS.
* Diversification does not assure a profit nor protect against loss.
6 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
With that said, we may reconsider the size of the Fund's ILS allocation,
since the recent positive relative performance of the asset class has
resulted in slightly less attractive valuations.
We also sought to use market volatility as an opportunity to adjust the
Fund's positioning. Specifically, we remained on the lookout for values
created by shifting geopolitical risks and inflections in non-U.S.
economies. For example, we sought to take advantage of the downturn in the
emerging markets by moving the Fund from a short position in the early
part of the period to a long position by the late summer. We believe the
attractive yields available in the emerging markets, and the
underperformance of the asset class thus far in 2018, has created more
compelling valuations.
From a sector-positioning standpoint, we have been seeking value in
sectors and issuers that we believe have long-term, stable cash flows. We
did not make any significant sector or industry allocation shifts during
the period, and so the Fund's holdings remain tilted toward the financial
and midstream energy industries, with some positions in European
corporates.
We believe those aspects of the Fund's positioning, taken together,
illustrate the potential merits of the Fund's flexible investment
approach. We manage the portfolio in an unconstrained fashion, meaning
that we can increase or decrease duration and credit risk as conditions
warrant. We believe that degree of flexibility may prove especially
important if the investment backdrop indeed becomes more volatile and less
supportive for the credit-sensitive sectors in the months ahead.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 7
Please refer to the Schedule of Investments on pages 17-37 for a full listing
of Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Pioneer Dynamic Credit Fund has the ability to invest in a wide variety of debt
securities.
The Fund may invest in underlying funds, including ETFs. In addition to the
Fund's operating expenses, you will indirectly bear the operating expenses of
investments in any underlying funds.
The Fund and some of the underlying funds utilize strategies that have a
leveraging effect on the Fund, which increases the volatility of investment
returns and subjects the Fund to magnified losses if the Fund's or an
underlying fund's investments decline in value.
The Fund and some of the underlying funds may use derivatives, such as options
and futures, which can be illiquid, may disproportionately increase losses, and
have a potentially large impact on Fund performance.
The Fund may invest in inflation-linked securities. As inflationary
expectations increase, inflation-linked securities may become more attractive,
because they protect future interest payments against inflation. Conversely, as
inflationary concerns decrease, inflation-linked securities will become less
attractive and less valuable.
The Fund may invest in credit default swaps, which may in some cases be
illiquid, and they increase credit risk since the Fund has exposure to both the
issuer of the referenced obligation and the counterparty to the credit default
swap.
The Fund may invest in floating-rate loans. The value of collateral, if any,
securing a floating-rate loan can decline or may be insufficient to meet the
issuer's obligations or may be difficult to liquidate.
The Fund may invest in event-linked bonds. The return of principal and the
payment of interest on event-linked bonds are contingent on the nonoccurrence
of a pre-defined "trigger" event, such as a hurricane or an earthquake of a
specific magnitude.
8 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
The Fund may invest in zero coupon bonds and payment-in-kind securities, which
may be more speculative and fluctuate more in value than other fixed income
securities. The accrual of income from these securities are payable as taxable
annual dividends to shareholders.
Investments in equity securities are subject to price fluctuation.
Investments in fixed-income securities involve interest rate, credit,
inflation, and reinvestment risks. As interest rates rise, the value of
fixed-income securities generally falls.
The Fund may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other
fixed-income securities. Mortgage-backed securities are also subject to
pre-payments.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
High-yield bonds possess greater price volatility, illiquidity, and possibility
of default.
There is no assurance that these and other strategies used by the Fund or
underlying funds will be successful.
The Fund is not intended to outperform stocks and bonds during strong market
rallies.
These risks may increase share price volatility.
Please see the prospectus for a more complete discussion of the Fund's risks.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc.,
for a prospectus or summary prospectus containing this information. Read it
carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 9
Portfolio Summary | 9/30/18
Portfolio Diversification*
--------------------------------------------------------------------------------
(As a percentage of total investments)**
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Corporate Bonds 49.3%
U.S. Government and Agency Obligations 15.0%
Senior Secured Floating Rate Loan Interests 12.1%
Collateralized Mortgage Obligations 10.9%
Asset Backed Securities 6.4%
Affiliated Closed-End Fund(m) 5.5%
Municipal Bonds 0.7%
Over The Counter (OTC) Call Options Purchased 0.1%
Right/Warrant 0.0%+
Exchange-Traded Put Options Purchased 0.0%+
* Includes investments in Insurance-Linked Securities totaling 8.6% of total
investments.
+ Amount rounds to less than 0.1%.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)**
1. U.S. Treasury Notes, 2.125%, 12/31/22 7.58%
-------------------------------------------------------------------------------------------------------------
2. Pioneer ILS Interval Fund(m) 5.47
-------------------------------------------------------------------------------------------------------------
3. U.S. Treasury Notes, 2.875%, 5/31/25 3.47
-------------------------------------------------------------------------------------------------------------
4. U.S. Treasury Bills, 10/18/18 3.45
-------------------------------------------------------------------------------------------------------------
5. Fannie Mae Connecticut Avenue Securities, Series 2018-C03, Class 1M2, 4.366%
(1 Month USD LIBOR + 215 bps), 10/25/30 1.11
-------------------------------------------------------------------------------------------------------------
6. STACR Trust, Series 2018-DNA2, Class B1, 5.916% (1 Month USD LIBOR + 370 bps),
12/25/30 (144A) 1.10
-------------------------------------------------------------------------------------------------------------
7. Videotron, Ltd., 5.375%, 6/15/24 (144A) 1.05
-------------------------------------------------------------------------------------------------------------
8. Fannie Mae Connecticut Avenue Securities, Series 2018-C05, Class 1B1, 6.466%
(1 Month USD LIBOR + 425 bps), 1/25/31 1.03
-------------------------------------------------------------------------------------------------------------
9. Fannie Mae Connecticut Avenue Securities, Series 2018-C04, Class 2M2, 4.766%
(1 Month USD LIBOR + 255 bps), 12/25/30 1.03
-------------------------------------------------------------------------------------------------------------
10. Level 3 Financing, Inc., 5.375%, 5/1/25 1.03
-------------------------------------------------------------------------------------------------------------
** Excludes temporary cash investments and all derivative contracts except
for options purchased. The Fund is actively managed, and current holdings
may be different. The holdings listed should not be considered
recommendations to buy or sell any securities listed.
(m) Pioneer ILS Interval Fund is an affiliated fund managed by Amundi Pioneer
Asset Management, Inc., (the "Adviser").
10 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
Prices and Distributions | 9/30/18
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 9/30/18 3/31/18
--------------------------------------------------------------------------------
A $9.11 $9.20
--------------------------------------------------------------------------------
C $9.08 $9.17
--------------------------------------------------------------------------------
Y $9.14 $9.24
--------------------------------------------------------------------------------
Distributions per Share: 4/1/18-9/30/18
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1787 $ -- $ --
--------------------------------------------------------------------------------
C $0.1437 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1917 $ -- $ --
--------------------------------------------------------------------------------
The ICE Bank of America Merrill Lynch U.S. Dollar 3-Month LIBOR Index is an
unmanaged index that tracks the performance of a synthetic asset paying the
London Interbank Offered Rate (LIBOR), with a constant 3-month average
maturity. The index is based on the assumed purchase at par value of a
synthetic instrument having exactly its stated maturity and with a coupon equal
to that day's 3-month LIBOR rate. Index returns assume reinvestment of
dividends and, unlike Fund returns, do not reflect any fees, expenses or sales
charges. It is not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 12-14.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 11
Performance Update | 9/30/18 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 ICE Bank of
America (BofA) Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2018)
-----------------------------------------------------------
ICE
BofA ML
Net Public U.S. Dollar
Asset Offering 3-Month
Value Price LIBOR
Period (NAV) (POP) Index
-----------------------------------------------------------
Life-of-Class
(4/29/11) 3.37% 2.73% 0.63%
5 years 3.10 2.15 0.76
1 year 0.84 -3.70 1.79
-----------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2018)
-----------------------------------------------------------
Gross
-----------------------------------------------------------
1.25%
-----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Dynamic ICE BofA ML U.S. Dollar
Credit Fund 3-Month LIBOR Index
5/11 $ 9,550 $10,000
9/11 $ 9,121 $10,009
9/12 $10,085 $10,058
9/13 $10,482 $10,090
9/14 $10,956 $10,114
9/15 $10,664 $10,140
9/16 $11,430 $10,190
9/17 $12,107 $10,295
9/18 $12,208 $10,478
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. NAV
returns would have been lower had sales charges been reflected. POP returns
reflect deduction of maximum 4.50% sales charge. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
Performance Update | 9/30/18 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 ICE Bank of America (BofA) Merrill Lynch
(ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2018)
-----------------------------------------------------------
ICE
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
-----------------------------------------------------------
Life-of-Class
(4/29/11) 2.56% 2.56% 0.63%
5 years 2.33 2.33 0.76
1 year 0.07 0.07 1.79
-----------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2018)
-----------------------------------------------------------
Gross
-----------------------------------------------------------
2.01%
-----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Dynamic ICE BofA ML U.S. Dollar
Credit Fund 3-Month LIBOR Index
5/11 $10,000 $10,000
9/11 $ 9,517 $10,009
9/12 $10,434 $10,058
9/13 $10,753 $10,090
9/14 $11,156 $10,114
9/15 $10,778 $10,140
9/16 $11,466 $10,190
9/17 $12,055 $10,295
9/18 $12,063 $10,478
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 13
Performance Update | 9/30/18 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 ICE Bank of America (BofA) Merrill Lynch
(ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2018)
-----------------------------------------------------------
ICE
BofA ML
Net U.S. Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
-----------------------------------------------------------
Life-of-Class
(4/29/11) 3.72% 0.63%
5 years 3.39 0.76
1 year 1.02 1.79
-----------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2018)
-----------------------------------------------------------
Gross Net
-----------------------------------------------------------
1.01% 0.91%
-----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Dynamic ICE BofA ML U.S. Dollar
Credit Fund 3-Month LIBOR Index
5/11 $5,000,000 $5,000,000
9/11 $4,800,067 $5,004,688
9/12 $5,318,483 $5,028,875
9/13 $5,549,790 $5,044,884
9/14 $5,816,607 $5,057,058
9/15 $5,674,388 $5,069,924
9/16 $6,108,511 $5,095,017
9/17 $6,489,244 $5,147,253
9/18 $6,555,750 $5,239,233
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results
are historical and assume the reinvestment of dividends and capital gains.
Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2019, for Class Y shares. There can be no assurance
that Amundi Pioneer will extend the expense limitation beyond such time. Please
see the prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
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, 2018, through September 30, 2018.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 4/1/18
--------------------------------------------------------------------------------
Ending Account Value $1,009.80 $1,006.00 $1,010.20
(after expenses) on 9/30/18
--------------------------------------------------------------------------------
Expenses Paid $5.69 $9.50 $4.28
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.13%,
1.89% and 0.85% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
183/365 (to reflect the one-half year period).
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the
period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Dynamic Credit Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from April 1, 2018, through September 30, 2018.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 4/1/18
--------------------------------------------------------------------------------
Ending Account Value $1,019.40 $1,015.59 $1,020.81
(after expenses) on 9/30/18
--------------------------------------------------------------------------------
Expenses Paid $5.72 $9.55 $4.31
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.13%,
1.89% and 0.85% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
183/365 (to reflect the one-half year period).
16 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
Schedule of Investments | 9/30/18 (unaudited)
----------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 93.7%
ASSET BACKED SECURITIES -- 6.3% of Net Assets
BANKS -- 6.3%
Thrifts & Mortgage Finance -- 6.3%
1,000,000 Access Point Funding I LLC, Series 2017-A, Class B,
3.97%, 4/15/29 (144A) $ 990,262
1,200,000 Ascentium Equipment Receivables Trust, Series
2016-2A, Class E, 6.79%, 10/10/24 (144A) 1,248,162
800,000 Engs Commercial Finance Trust, Series 2016-1A,
Class D, 5.22%, 1/22/24 (144A) 773,699
2,282,000 Engs Commercial Finance Trust, Series 2018-1A,
Class E, 6.1%, 8/22/25 (144A) 2,289,592
1,800,000 Four Seas LP, Series 2017-1A, Class A2, 5.927%,
8/28/27 (144A) 1,720,476
135,087(a) GE Mortgage Services LLC, Series 1997-HE1,
Class A4, 7.78%, 3/25/27 38,612
200,000 InSite Issuer LLC, Series 2016-1A, Class C, 6.414%,
11/15/46 (144A) 197,344
650,000(b) Palmer Square Loan Funding, Ltd., Series 2018-1A,
Class C, 4.189% (3 Month USD LIBOR + 185 bps),
4/15/26 (144A) 645,005
650,000(b) Palmer Square Loan Funding, Ltd., Series 2018-1A,
Class D, 6.289% (3 Month USD LIBOR + 395 bps),
4/15/26 (144A) 638,797
2,500,000 Progress Residential Trust, Series 2018-SFR2,
Class E, 4.656%, 8/17/35 (144A) 2,489,198
2,510,000 Progress Residential Trust, Series 2018-SFR3,
Class F, 5.368%, 10/17/35 (144A) 2,513,623
1,142,599 Solarcity Lmc Series VI LLC, Series 2016-A, Class A,
4.8%, 9/20/48 (144A) 1,153,910
2,750,000 Westlake Automobile Receivables Trust, Series
2018-3A, Class E, 4.9%, 12/15/23 (144A) 2,744,245
------------
Total Banks $ 17,442,925
----------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $17,647,033) $ 17,442,925
----------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
10.8% of Net Assets
BANKS -- 10.8%
Thrifts & Mortgage Finance -- 10.8%
19,702(a) Bear Stearns ALT-A Trust, Series 2003-3, Class 1A,
3.919%, 10/25/33 $ 20,509
69,680(a) Bear Stearns Commercial Mortgage Securities Trust,
Series 2005-PWR7, Class B, 5.214%, 2/11/41 69,366
235,000(b) Bellemeade Re, Ltd., Series 2018-2A, Class B1, 4.866%
(1 Month USD LIBOR + 265 bps), 8/25/28 (144A) 243,573
500,000(a) Citigroup Commercial Mortgage Trust, Series 2014-GC23,
Class E, 3.208%, 7/10/47 (144A) 349,719
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 17
Schedule of Investments | 9/30/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
490,000(a) COBALT CMBS Commercial Mortgage Trust, Series 2007-C3,
Class B, 6.015%, 5/15/46 $ 488,329
500,000(a) CSAIL Commercial Mortgage Trust, Series 2015-C4,
Class D, 3.736%, 11/15/48 459,223
225,544(a) CSFB Mortgage-Backed Pass-Through Certificates,
Series 2003-17, Class B2, 5.5%, 6/25/33 2
1,250,000(a) Deephaven Residential Mortgage Trust, Series 2018-3A,
Class B1, 5.007%, 8/25/58 (144A) 1,249,960
890,000(b) Fannie Mae Connecticut Avenue Securities, Series
2017-C02, Class 2B1, 7.716% (1 Month USD
LIBOR + 550 bps), 9/25/29 1,042,069
1,500,000(b) Fannie Mae Connecticut Avenue Securities, Series
2017-C05, Class 1M2, 4.416% (1 Month USD
LIBOR + 220 bps), 1/25/30 1,545,843
655,000(b) Fannie Mae Connecticut Avenue Securities, Series
2017-C06, Class 1B1, 6.366% (1 Month USD
LIBOR + 415 bps), 2/25/30 701,731
2,509,000(b) Fannie Mae Connecticut Avenue Securities, Series
2018-C03, Class 1B1, 5.966% (1 Month USD
LIBOR + 375 bps), 10/25/30 2,544,695
3,000,000(b) Fannie Mae Connecticut Avenue Securities, Series
2018-C03, Class 1M2, 4.366% (1 Month USD
LIBOR + 215 bps), 10/25/30 3,038,633
2,750,000(b) Fannie Mae Connecticut Avenue Securities, Series
2018-C04, Class 2M2, 4.766% (1 Month USD
LIBOR + 255 bps), 12/25/30 2,813,636
2,710,000(b) Fannie Mae Connecticut Avenue Securities, Series
2018-C05, Class 1B1, 6.466% (1 Month USD
LIBOR + 425 bps), 1/25/31 2,823,070
420,000(b) Fannie Mae Connecticut Avenue Securities, Series
2018-C05, Class 1M2, 4.566% (1 Month USD
LIBOR + 235 bps), 1/25/31 426,827
203,485 Global Mortgage Securitization, Ltd., Series 2004-A,
Class B2, 5.25%, 11/25/32 (144A) 56,640
84,162 Global Mortgage Securitization, Ltd., Series 2004-A,
Class B3, 5.25%, 11/25/32 (144A) 1
280,947 Global Mortgage Securitization, Ltd., Series 2005-A,
Class B2, 5.25%, 4/25/32 (144A) 251,456
61,300 Global Mortgage Securitization, Ltd., Series 2005-A,
Class B3, 5.25%, 4/25/32 (144A) 1,362
570,000(a) GMAT Trust, Series 2013-1A, Class M, 5.0%,
11/25/43 (144A) 413,563
365,109(b) GS Mortgage Securities Trust, Series 2014-GSFL, Class D,
5.485% (1 Month USD LIBOR + 390 bps), 7/15/31 (144A) 367,242
800,000(a) JPMBB Commercial Mortgage Securities Trust, Series
2013-C17, Class D, 5.05%, 1/15/47 (144A) 796,794
300,000(a) JPMDB Commercial Mortgage Securities Trust, Series
2016-C4, Class D, 3.222%, 12/15/49 (144A) 248,500
The accompanying notes are an integral part of these financial statements.
18 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
----------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
434,894(b) La Hipotecaria Panamanian Mortgage Trust, Series
2007-1GA, Class A, 3.389% (Panamanian Mortgage
Reference Rate - 125 bps), 12/23/36 (144A) $ 432,720
300,000(a) Morgan Stanley Capital I Trust, Series 2016-BNK2,
Class D, 3.0%, 11/15/49 (144A) 245,787
500,000 Morgan Stanley Capital I Trust, Series 2016-UBS9,
Class D, 3.0%, 3/15/49 (144A) 416,496
3,000,000(b) STACR Trust, Series 2018-DNA2, Class B1, 5.916%
(1 Month USD LIBOR + 370 bps), 12/25/30 (144A) 3,022,487
1,550,000(b) STACR Trust, Series 2018-DNA3, Class M2, 4.234%
(1 Month USD LIBOR + 210 bps), 9/25/48 (144A) 1,554,796
1,525,000(b) Starwood Waypoint Homes Trust, Series 2017-1,
Class E, 4.758% (1 Month USD LIBOR + 260 bps),
1/17/35 (144A) 1,530,911
1,000,000 Tricon American Homes Trust, Series 2017-SFR1, Class F,
5.151%, 9/17/34 (144A) 1,006,755
900,000 Tricon American Homes Trust, Series 2017-SFR2, Class F,
5.104%, 1/17/36 (144A) 906,253
750,000 Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1,
Class D, 3.0%, 8/15/49 (144A) 617,848
200,000(a) WFRBS Commercial Mortgage Trust, Series 2013-C12,
Class D, 4.562%, 3/15/48 (144A) 184,344
------------
Total Banks $ 29,871,140
----------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.0%+
Government -- 0.0%+
158,467(b) FREMF Mortgage Trust, Series 2015-KLSF, Class B, 6.514%
(1 Month USD LIBOR + 440 bps), 11/25/22 (144A) $ 164,130
------------
Total Government $ 164,130
----------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $30,044,151) $ 30,035,270
----------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 48.9% of Net Assets
BANKS -- 4.3%
Diversified Banks -- 4.3%
1,445,000(a)(c) Bank of America Corp., 6.3% (3 Month USD
LIBOR + 455 bps) $ 1,542,537
1,500,000(a)(c) Barclays Plc, 7.75% (5 Year USD Swap Rate + 484 bps) 1,503,750
2,640,000 BPCE SA, 4.875%, 4/1/26 (144A) 2,635,817
EUR 1,200,000(a)(c) Cooperatieve Rabobank UA, 6.625% (5 Year EUR Swap
Rate + 670 bps) 1,545,858
1,700,000(a)(c) Royal Bank of Scotland Group Plc, 8.625% (5 Year USD
Swap Rate + 760 bps) 1,821,125
1,450,000(a)(c) Societe Generale SA, 7.375% (5 Year USD Swap
Rate + 624 bps) (144A) 1,495,312
1,400,000(a)(c) Swedbank AB, 6.0% (5 Year USD Swap Rate + 411 bps) 1,416,408
------------
Total Banks $ 11,960,807
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 19
Schedule of Investments | 9/30/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.6%
Building Products -- 0.8%
2,170,000 Standard Industries, Inc., 5.375%, 11/15/24 (144A) $ 2,167,287
----------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.8%
2,425,000 United Rentals North America, Inc., 4.625%, 10/15/25 $ 2,352,250
------------
Total Capital Goods $ 4,519,537
----------------------------------------------------------------------------------------------------------------
COMMERCIAL & PROFESSIONAL SERVICES -- 1.3%
Environmental & Facilities Services -- 0.4%
1,200,000 Tervita Escrow Corp., 7.625%, 12/1/21 (144A) $ 1,237,500
----------------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.9%
2,579,000 Brink's Co., 4.625%, 10/15/27 (144A) $ 2,366,232
------------
Total Commercial & Professional Services $ 3,603,732
----------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.7%
Homebuilding -- 1.7%
765,000 DR Horton, Inc., 5.75%, 8/15/23 $ 813,818
2,190,000 KB Home, 7.0%, 12/15/21 2,307,713
1,650,000 Taylor Morrison Communities, Inc./Taylor Morrison
Holdings II, Inc., 5.875%, 4/15/23 (144A) 1,662,375
------------
Total Consumer Durables & Apparel $ 4,783,906
----------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Casinos & Gaming -- 0.2%
420,000 International Game Technology Plc, 6.25%, 1/15/27 (144A) $ 425,208
------------
Total Consumer Services $ 425,208
----------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.3%
Diversified Capital Markets -- 1.9%
1,550,000 Avation Capital SA, 6.5%, 5/15/21 (144A) $ 1,553,875
1,955,000(a)(c) Credit Suisse Group AG, 7.125% (5 Year USD Swap
Rate + 511 bps) 2,003,875
1,600,000 Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) 1,552,000
------------
$ 5,109,750
----------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.9%
2,290,000 UBS AG, 7.625%, 8/17/22 $ 2,551,060
----------------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 0.4%
1,000,000^(d) Fixed Income Trust Series 2013-A, 0.0%, 10/15/97 (144A) $ 1,174,434
----------------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.1%
695,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) $ 721,702
890,000 Nationstar Mortgage LLC/Nationstar Capital Corp.,
6.5%, 7/1/21 891,068
1,425,000 Nationstar Mortgage LLC/Nationstar Capital Corp.,
6.5%, 6/1/22 1,423,219
------------
$ 3,035,989
------------
Total Diversified Financials $ 11,871,233
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
----------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------------
ENERGY -- 9.5%
Integrated Oil & Gas -- 0.6%
1,528,000 Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) $ 1,522,270
----------------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 1.1%
1,500,000 Precision Drilling Corp., 5.25%, 11/15/24 $ 1,438,500
1,500,000 Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25 (144A) 1,546,875
------------
$ 2,985,375
----------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.7%
1,970,000 Oasis Petroleum, Inc., 6.25%, 5/1/26 (144A) $ 2,004,475
----------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 1.0%
2,940,000 EnLink Midstream Partners LP, 4.15%, 6/1/25 $ 2,787,747
----------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 6.1%
2,290,000 Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/25 $ 2,407,362
2,500,000 Cheniere Energy Partners LP, 5.25%, 10/1/25 2,503,075
2,690,000 Energy Transfer Equity LP, 5.5%, 6/1/27 2,791,682
2,850,000 Genesis Energy LP/Genesis Energy Finance Corp.,
6.25%, 5/15/26 2,714,625
1,450,000 ONEOK, Inc., 6.875%, 9/30/28 1,664,790
2,525,000 Sunoco LP/Sunoco Finance Corp., 4.875%, 1/15/23 (144A) 2,499,750
2,200,000 Targa Resources Partners LP/Targa Resources Partners
Finance Corp., 5.875%, 4/15/26 (144A) 2,268,750
------------
$ 16,850,034
------------
Total Energy $ 26,149,901
----------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 3.8%
Brewers -- 0.7%
2,020,000 Anheuser-Busch InBev Finance, Inc., 2.65%, 2/1/21 $ 1,990,670
----------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 2.5%
2,450,000 Aramark Services, Inc., 5.0%, 2/1/28 (144A) $ 2,404,062
1,451,000 JBS USA LUX SA/JBS USA Finance, Inc., 5.875%,
7/15/24 (144A) 1,429,235
1,450,000 Pilgrim's Pride Corp., 5.875%, 9/30/27 (144A) 1,370,250
1,690,000 Post Holdings, Inc., 5.5%, 3/1/25 (144A) 1,677,325
------------
$ 6,880,872
----------------------------------------------------------------------------------------------------------------
Tobacco -- 0.6%
1,515,000 Reynolds American, Inc., 4.85%, 9/15/23 $ 1,571,923
------------
Total Food, Beverage & Tobacco $ 10,443,465
----------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 3.3%
Health Care Facilities -- 1.2%
2,050,000 HCA, Inc., 5.875%, 5/1/23 $ 2,162,750
1,225,000 RegionalCare Hospital Partners Holdings, Inc., 8.25%,
5/1/23 (144A) 1,286,250
------------
$ 3,449,000
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 21
Schedule of Investments | 9/30/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.8%
2,150,000 IQVIA, Inc., 5.0%, 10/15/26 (144A) $ 2,112,375
----------------------------------------------------------------------------------------------------------------
Managed Health Care -- 1.3%
2,450,000 Centene Corp., 4.75%, 1/15/25 $ 2,443,875
1,190,000 WellCare Health Plans, Inc., 5.25%, 4/1/25 1,209,338
------------
$ 3,653,213
------------
Total Health Care Equipment & Services $ 9,214,588
----------------------------------------------------------------------------------------------------------------
INSURANCE -- 4.1%
Multi-line Insurance -- 1.0%
2,500,000 Liberty Mutual Group, Inc., 4.25%, 6/15/23 (144A) $ 2,527,808
100,000 Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A) 131,233
------------
$ 2,659,041
----------------------------------------------------------------------------------------------------------------
Reinsurance -- 3.1%
500,000+(e)(f) Arlington Re 2015, Variable Rate Notes, 2/1/19 $ 24,300
38,649+(e)(f) Berwick Re 2018-1, Variable Rate Notes, 12/31/21 41,007
250,000+(e)(f) Blue Lotus Re 2018, Variable Rate Notes, 12/31/21 277,400
1,500,000+(e)(f) Carnoustie Re 2015, Variable Rate Notes, 7/1/19 4,800
500,000+(e)(f) Carnoustie Re 2016, Variable Rate Notes, 11/30/20 13,500
500,000+(e)(f) Carnoustie Re 2017, Variable Rate Notes, 11/30/21 127,100
250,000+(e)(f) Carnoustie Re 2018, Variable Rate Notes, 12/31/21 275,415
250,000+(e)(f) Cypress Re 2017, Variable Rate Notes, 1/10/19 114,400
62,500+(e)(f) Eden Re II, Variable Rate Notes, 3/22/21 (144A) 30,769
80,438+(e)(f) Eden Re II, Variable Rate Notes, 3/22/21 (144A) 38,321
500,000+(e)(f) Eden Re II, Variable Rate Notes, 3/22/22 (144A) 515,200
400,000(b) Galilei Re, 7.63% (6 Month USD LIBOR + 545 bps),
1/8/20 (144A) (Cat Bond) 400,200
250,000(b) Galilei Re, 8.71% (6 Month USD LIBOR + 653 bps),
1/8/20 (144A) (Cat Bond) 251,000
250,000(b) Galilei Re, 10.59% (6 Month USD LIBOR + 841 bps),
1/8/20 (144A) (Cat Bond) 251,200
1,500,000+(e)(f) Harambee Re 2018, Variable Rate Notes, 12/31/21 1,621,800
250,000(b) Kilimanjaro II Re, 11.791% (6 Month USD LIBOR + 949 bps),
4/20/21 (144A) (Cat Bond) 252,550
250,000+(e)(f) Limestone Re 2016-1, Variable Rate Notes, 8/31/21 244,600
250,000+(e)(f) Lorenz Re 2017, Variable Rate Notes, 3/31/20 52,700
2,000,000+(e)(f) Pangaea Re 2015-1, Variable Rate Notes, 2/1/19 3,600
2,000,000+(e)(f) Pangaea Re 2015-2, Variable Rate Notes, 11/30/19 6,400
1,000,000+(e)(f) Pangaea Re 2016-1, Variable Rate Notes, 11/30/20 5,800
1,000,000+(e)(f) Pangaea Re 2017-1, Variable Rate Notes, 11/30/21 4,520
700,000+(e)(f) Prestwick Re 2015-1, Variable Rate Notes, 7/1/19 11,900
250,000(b) Residential Reinsurance 2016, 7.396% (3 Month U.S.
Treasury Bill + 520 bps), 12/6/20 (144A) (Cat Bond) 251,525
The accompanying notes are an integral part of these financial statements.
22 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
----------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000(b) Residential Reinsurance 2017, 7.736% (3 Month U.S.
Treasury Bill + 554 bps), 12/6/21 (144A) (Cat Bond) $ 245,425
250,000+(e)(f) Resilience Re, Variable Rate Notes, 1/8/19 (144A) 250,000
250,000+(e)(f) Resilience Re, Variable Rate Notes, 12/31/19 55,500
217,248+(e)(f) St. Andrews Re 2017-4, Variable Rate Notes, 6/1/19 21,377
250,000+(e)(f) Thopas Re 2018, Variable Rates Notes, 12/31/21 272,975
250,000(b) Ursa Re, 3.5% (ZERO + 350 bps), 5/27/20
(144A) (Cat Bond) 249,525
250,000(b) Ursa Re, 4.0% (ZERO + 400 bps), 12/10/19
(144A) (Cat Bond) 249,300
250,000(b) Ursa Re, 4.0% (3 Month U.S. Treasury Bill + 400 bps),
12/10/20 (144A) (Cat Bond) 250,200
250,000(b) Ursa Re, 5.25% (3 Month U.S. Treasury Bill + 525 bps),
12/10/20 (144A) (Cat Bond) 250,700
1,250,000+(e)(f) Versutus Re 2016-1, Variable Rate Notes, 11/30/20 9,625
1,500,000+(e)(f) Versutus Re 2017, Variable Rate Notes, 11/30/21 67,950
1,500,000+(e)(f) Versutus Re 2018, Variable Rate Notes, 12/31/21 1,606,950
250,000+(e)(f) Viribus Re 2018, Variable Rate Notes, 12/31/21 276,675
------------
$ 8,626,209
------------
Total Insurance $ 11,285,250
----------------------------------------------------------------------------------------------------------------
MATERIALS -- 2.1%
Metal & Glass Containers -- 0.7%
1,835,000 Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc.,
4.625%, 5/15/23 (144A) $ 1,816,650
----------------------------------------------------------------------------------------------------------------
Steel -- 1.4%
2,010,000 ArcelorMittal, 5.5%, 3/1/21 $ 2,085,787
1,825,000 Commercial Metals Co., 4.875%, 5/15/23 1,809,670
------------
$ 3,895,457
------------
Total Materials $ 5,712,107
----------------------------------------------------------------------------------------------------------------
MEDIA & ENTERTAINMENT -- 4.6%
Broadcasting -- 0.6%
1,525,000 CCO Holdings LLC/CCO Holdings Capital Corp., 5.5%,
5/1/26 (144A) $ 1,507,844
----------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 4.0%
2,105,000 Altice US Finance I Corp., 5.5%, 5/15/26 (144A) $ 2,102,368
2,255,000 Hughes Satellite Systems Corp., 5.25%, 8/1/26 2,198,625
1,500,000 Sirius XM Radio, Inc., 4.625%, 5/15/23 (144A) 1,486,800
2,466,000 Time Warner Cable LLC, 4.125%, 2/15/21 2,485,802
2,800,000 Videotron, Ltd., 5.375%, 6/15/24 (144A) 2,877,000
------------
$ 11,150,595
------------
Total Media & Entertainment $ 12,658,439
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 23
Schedule of Investments | 9/30/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.8%
Pharmaceuticals -- 0.8%
900,000 Valeant Pharmaceuticals International, Inc., 6.5%,
3/15/22 (144A) $ 936,000
1,250,000 Valeant Pharmaceuticals International, Inc., 7.0%,
3/15/24 (144A) 1,320,625
------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 2,256,625
----------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.9%
IT Consulting & Other Services -- 0.9%
2,375,000 Dell International LLC/EMC Corp., 4.42%, 6/15/21 (144A) $ 2,410,807
------------
Total Software & Services $ 2,410,807
----------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 2.7%
Integrated Telecommunication Services -- 2.4%
2,820,000 Level 3 Financing, Inc., 5.375%, 5/1/25 $ 2,812,922
2,750,000 Sprint Capital Corp., 6.875%, 11/15/28 2,763,750
1,175,000 Verizon Communications, Inc., 2.625%, 2/21/20 1,168,162
------------
$ 6,744,834
----------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.3%
300,000 Unison Ground Lease Funding LLC, 5.78%, 3/15/20 (144A) $ 297,733
400,000 WCP Issuer LLC, 6.657%, 8/15/20 (144A) 413,853
------------
$ 711,586
------------
Total Telecommunication Services $ 7,456,420
----------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Airlines -- 0.1%
400,000 Fly Leasing, Ltd., 6.375%, 10/15/21 $ 412,000
------------
Total Transportation $ 412,000
----------------------------------------------------------------------------------------------------------------
UTILITIES -- 3.6%
Electric Utilities -- 1.2%
1,443,000 Clearway Energy Operating LLC, 5.75%, 10/15/25 (144A) $ 1,455,698
1,380,000 TerraForm Power Operating LLC, 4.25%, 1/31/23 (144A) 1,348,950
558,000 Vistra Operations Co., LLC, 5.5%, 9/1/26 (144A) 564,278
------------
$ 3,368,926
----------------------------------------------------------------------------------------------------------------
Gas Utilities -- 1.3%
2,715,000 DCP Midstream Operating LP, 3.875%, 3/15/23 $ 2,647,125
1,250,000 Ferrellgas LP/Ferrellgas Finance Corp., 6.5%, 5/1/21 1,118,750
------------
$ 3,765,875
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
----------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 1.1%
1,600,000 Calpine Corp., 5.75%, 1/15/25 $ 1,416,000
1,450,000 NRG Energy, Inc., 6.625%, 1/15/27 1,522,500
------------
$ 2,938,500
------------
Total Utilities $ 10,073,301
----------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $135,180,114) $135,237,326
----------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.7% of Net Assets(g)
Municipal General -- 0.1%
75,000 Massachusetts Development Finance Agency, Partners
Healthcare System, 4.0%, 7/1/36 $ 76,274
125,000 Massachusetts Development Finance Agency, Partners
Healthcare System, 4.0%, 7/1/41 125,570
------------
$ 201,844
----------------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 0.0%+
130,000 New York State Dormitory Authority, Columbia University,
Series A-2, 5.0%, 10/1/46 $ 164,082
----------------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.1%
200,000 Illinois Finance Authority, Northwestern Memorial Healthcare,
4.0%, 7/15/47 $ 200,452
----------------------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.3%
825,000(h) Commonwealth of Pennsylvania, 1st Series, 4.0%, 1/1/29 $ 865,153
----------------------------------------------------------------------------------------------------------------
Municipal School District -- 0.0%+
95,000(h) State of Florida, Capital Outlay, Series C, 4.0%, 6/1/31 $ 102,877
----------------------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.1%
105,000 Central Florida Expressway Authority, Senior Lien,
5.0%, 7/1/38 $ 117,446
----------------------------------------------------------------------------------------------------------------
Municipal Water -- 0.1%
110,000 JEA Water & Sewer System Revenue, Series A,
4.0%, 10/1/35 $ 114,732
110,000 JEA Water & Sewer System Revenue, Series A,
4.0%, 10/1/39 113,270
------------
$ 228,002
----------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $1,965,329) $ 1,879,856
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 25
Schedule of Investments | 9/30/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE
LOAN INTERESTS -- 12.0% of Net Assets*(b)
AUTOMOBILES & COMPONENTS -- 0.5%
Auto Parts & Equipment -- 0.5%
208,150 Energy Acquisition LP, First Lien Initial Term Loan, 6.636%
(LIBOR + 425 bps), 6/26/25 $ 209,711
372,281 Federal-Mogul Corp., Tranche C Term Loan, 5.89%
(LIBOR + 375 bps), 4/15/21 373,135
762,641 Tower Automotive Holdings USA LLC, Initial Term Loan,
4.875% (LIBOR + 275 bps), 3/7/24 767,407
------------
Total Automobiles & Components $ 1,350,253
----------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.7%
Aerospace & Defense -- 0.5%
742,347 DAE Aviation Holdings, Inc., Initial Term Loan, 5.99%
(LIBOR + 375 bps), 7/7/22 $ 747,649
743,616 MacDonald, Dettwiler and Associates, Ltd., Initial Term B
Loan, 5.148% (LIBOR + 275 bps), 10/4/24 734,228
------------
$ 1,481,877
----------------------------------------------------------------------------------------------------------------
Building Products -- 0.3%
889,526 Builders FirstSource, Inc., Refinancing Term Loan, 5.386%
(LIBOR + 300 bps), 2/29/24 $ 891,591
----------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.2%
504,156 Filtration Group Corp., Initial Dollar Term Loan, 5.242%
(LIBOR + 300 bps), 3/29/25 $ 507,989
----------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.2%
445,932 NN, Inc., Tranche B Term Loan, 5.992% (LIBOR + 375 bps),
10/19/22 $ 447,605
----------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.5%
298,500 Beacon Roofing Supply, Inc., Initial Term Loan, 4.383%
(LIBOR + 225 bps), 1/2/25 $ 298,313
1,001,478 Univar USA, Inc., Term B-3 Loan, 4.492%
(LIBOR + 225 bps), 7/1/24 1,005,095
------------
$ 1,303,408
------------
Total Capital Goods $ 4,632,470
----------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.8%
Diversified Support Services -- 0.4%
1,137,219 KAR Auction Services, Inc., Tranche B-4 Term Loan,
4.688% (LIBOR + 225 bps), 3/11/21 $ 1,142,898
----------------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.4%
990,000 Albany Molecular Research, Inc., First Lien Initial Term
Loan, 5.492% (LIBOR + 325 bps), 8/30/24 $ 992,784
------------
Total Commercial Services & Supplies $ 2,135,682
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
----------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.2%
Leisure Products -- 0.2%
494,978 Bombardier Recreational Products, Inc., Term B Loan,
4.24% (LIBOR + 200 bps), 5/23/25 $ 495,494
------------
Total Consumer Durables & Apparel $ 495,494
----------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 2.3%
Casinos & Gaming -- 0.2%
494,871 Eldorado Resorts, Inc., Term Loan, 4.408%
(LIBOR + 225 bps), 4/17/24 $ 497,958
----------------------------------------------------------------------------------------------------------------
Education Services -- 0.5%
1,498,886 McGraw-Hill Global Education Holdings LLC, First Lien
Term B Loan, 6.242% (LIBOR + 400 bps), 5/4/22 $ 1,459,229
----------------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.3%
889,169 Fitness International LLC, Term B Loan, 5.492%
(LIBOR + 325 bps), 4/18/25 $ 892,225
----------------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 1.3%
1,974,684 Allied Universal Holdco LLC (fka USAGM Holdco LLC),
First Lien Initial Term Loan, 6.136%
(LIBOR + 375 bps), 7/28/22 $ 1,945,063
987,500 Constellis Holdings LLC, First Lien Term B Loan, 7.386%
(LIBOR + 500 bps), 4/21/24 987,912
491,250 KUEHG Corp. (fka KC MergerSub, Inc.), Term B-3 Loan,
6.136% (LIBOR + 375 bps), 2/21/25 494,505
------------
$ 3,427,480
------------
Total Consumer Services $ 6,276,892
----------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.5%
Diversified Capital Markets -- 0.2%
500,000 Outfront Media Capital LLC (Outfront Media Capital Corp.),
Term Loan, 4.075% (LIBOR + 200 bps), 3/18/24 $ 503,169
----------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.3%
984,044 Vistra Operations Co., LLC (fka Tex Operations Co., LLC),
Initial Term Loan, 4.242% (LIBOR + 200 bps), 8/4/23 $ 986,504
------------
Total Diversified Financials $ 1,489,673
----------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Food Retail -- 0.2%
615,007 Albertson's LLC, 2017-1 Term B-6 Loan, 5.311%
(LIBOR + 300 bps), 6/22/23 $ 615,853
------------
Total Food & Staples Retailing $ 615,853
----------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.5%
Health Care Facilities -- 0.5%
481,860 Acadia Healthcare Co., Inc., Tranche B-3 Term Loan,
4.742% (LIBOR + 250 bps), 2/11/22 $ 485,675
453,372 CHS/Community Health Systems, Inc., Incremental 2021
Term H Loan, 5.563% (LIBOR + 325 bps), 1/27/21 447,705
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 27
Schedule of Investments | 9/30/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------------
Health Care Facilities -- (continued)
550,000 Concentra, Inc., First Lien Tranche B-1 Term Loan, 4.86%
(LIBOR + 275 bps), 6/1/22 $ 552,750
19,946 Select Medical Corp., Tranche B Term Loan, 4.901%
(LIBOR + 275 bps/PRIME + 175 bps), 3/1/21 20,108
------------
Total Health Care Equipment & Services $ 1,506,238
----------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.5%
Household Products -- 0.5%
990,000 Alphabet Holding Co., Inc. (aka Nature's Bounty), First Lien
Initial Term Loan, 5.742% (LIBOR + 350 bps), 9/26/24 $ 958,908
300,000(i) Energizer Holdings, Inc., Term Loan B, 6/20/25 303,000
------------
Total Household & Personal Products $ 1,261,908
----------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.4%
Property & Casualty Insurance -- 0.4%
990,000 USI, Inc. (fka Compass Investors, Inc.), 2017 New Term
Loan, 5.386% (LIBOR + 300 bps), 5/16/24 $ 991,415
------------
Total Insurance $ 991,415
----------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.1%
Paper Packaging -- 0.1%
197,000 Caraustar Industries, Inc., Refinancing Term Loan, 7.886%
(LIBOR + 550 bps), 3/14/22 $ 198,945
------------
Total Materials $ 198,945
----------------------------------------------------------------------------------------------------------------
MEDIA & ENTERTAINMENT -- 0.6%
Broadcasting -- 0.2%
495,000 E.W. Scripps Co. 2017 Term Loan, 4.242%
(LIBOR + 200 bps), 10/2/24 $ 496,341
----------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
491,026 Rovi Solutions Corp./Rovi Guides, Inc., Term B Loan,
4.75% (LIBOR + 250 bps), 7/2/21 $ 491,895
----------------------------------------------------------------------------------------------------------------
Publishing -- 0.2%
687,389 Trader Corp., First Lien 2017 Refinancing Term Loan,
5.242% (LIBOR + 300 bps), 9/28/23 $ 690,826
------------
Total Media & Entertainment $ 1,679,062
----------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.3%
Specialized REIT -- 0.3%
984,962 Communications Sales & Leasing, Inc. (CSL Capital LLC),
Shortfall Term Loan, 5.242% (LIBOR + 300 bps), 10/24/22 $ 943,471
------------
Total Real Estate $ 943,471
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
----------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------------
RETAILING -- 0.5%
Department Stores -- 0.2%
484,076 JC Penney Corp., Inc., Term Loan, 6.567%
(LIBOR + 425 bps), 6/23/23 $ 446,863
----------------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.3%
992,500 Staples, Inc., Closing Date Term Loan, 6.343%
(LIBOR + 400 bps), 9/12/24 $ 993,431
------------
Total Retailing $ 1,440,294
----------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.9%
Application Software -- 0.6%
990,000 Applied Systems, Inc., First Lien Initial Term Loan, 5.386%
(LIBOR + 300 bps), 9/19/24 $ 997,082
745,869 STG-Fairway Acquisitions, Inc., First Lien Term Loan,
7.592% (LIBOR + 525 bps), 6/30/22 746,801
------------
$ 1,743,883
----------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.5%
1,255,475 WEX, Inc., Term B-2 Loan, 4.492%
(LIBOR + 225 bps), 6/30/23 $ 1,261,928
----------------------------------------------------------------------------------------------------------------
Internet Services & Infrastructure -- 0.3%
836,615 Rackspace Hosting, Inc., First Lien Term B Loan, 5.348%
(LIBOR + 300 bps), 11/3/23 $ 827,053
----------------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.3%
890,989 Booz Allen Hamilton, Inc., New Refinancing Tranche B
Term Loan, 4.242% (LIBOR + 200 bps), 6/30/23 $ 896,418
----------------------------------------------------------------------------------------------------------------
Systems Software -- 0.2%
671,451 Avast Holding BV, Refinancing Tranche B Term Loan,
4.886% (LIBOR + 250 bps), 9/29/23 $ 676,172
------------
Total Software & Services $ 5,405,454
----------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Electronic Components -- 0.2%
492,347 Mirion Technologies (Finance) LLC (Mirion
Technologies, Inc.), First Lien Initial Term Loan, 7.136%
(LIBOR + 475 bps), 3/31/22 $ 491,116
------------
Total Technology Hardware & Equipment $ 491,116
----------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Integrated Telecommunication Services -- 0.1%
296,250 Numericable US LLC, USD TLB-11 Term Loan, 4.992%
(LIBOR + 275 bps), 7/31/25 $ 290,695
------------
Total Telecommunication Services $ 290,695
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 29
Schedule of Investments | 9/30/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Marine -- 0.3%
436,381 Commercial Barge Line Co., Initial Term Loan, 10.992%
(LIBOR + 875 bps), 11/12/20 $ 339,832
462,501 Navios Maritime Partners LP (Navios Partners Finance
(US), Inc.), Initial Term Loan, 7.34%
(LIBOR + 500 bps), 9/14/20 464,428
------------
Total Transportation $ 804,260
----------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.4%
Electric Utilities -- 0.4%
573,290 APLP Holdings, Ltd., Partnership, Term Loan, 5.242%
(LIBOR + 300 bps), 4/13/23 $ 576,962
570,609 TPF II Power LLC (TPF II Convert Midco LLC), Term Loan,
5.992% (LIBOR + 375 bps), 10/2/23 570,512
------------
Total Utilities $ 1,147,474
----------------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $33,377,431) $ 33,156,649
----------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS --
14.9% of Net Assets
1,400,000(j) U.S. Treasury Bills, 10/11/18 $ 1,399,204
9,465,000(j) U.S. Treasury Bills, 10/18/18 9,455,759
21,500,000 U.S. Treasury Notes, 2.125%, 12/31/22 20,802,090
9,600,000 U.S. Treasury Notes, 2.875%, 5/31/25 9,520,500
----------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $41,557,028) $ 41,177,553
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Shares
----------------------------------------------------------------------------------------------------------------
RIGHT/WARRANT -- 0.0%+ of Net Assets
HOUSEHOLD & PERSONAL PRODUCTS -- 0.0%+
Household Products -- 0.0%+
15^(k)(l) LTR Intermediate Holdings, Inc., 6/29/19 $ --
------------
Total Household & Personal Products $ --
----------------------------------------------------------------------------------------------------------------
TOTAL RIGHT/WARRANT
(Cost $--) $ --
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
----------------------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Notional Price Date Value
----------------------------------------------------------------------------------------------------------------
EXCHANGE-TRADED PUT OPTIONS PURCHASED -- 0.0%+
600 Ishares IBOXX Citigroup Global
USD High Yield Markets, Inc. $ 33,492 $ 83 11/16/18 $ 9,000
110 S&P 500 Index Citigroup Global
Markets, Inc. 252,230 2,650 11/16/18 84,150
------------
$ 93,150
----------------------------------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED PUT OPTIONS PURCHASED
(Premiums paid $285,722) $ 93,150
----------------------------------------------------------------------------------------------------------------
OVER THE COUNTER (OTC) CALL OPTIONS PURCHASED -- 0.1%
650 S&P 500 Index Citibank NA GBP 118,869 GBP 8,000 6/21/19 $ 65,876
5,000 S&P 500 Index Citibank NA EUR 346,765 EUR 3,650 7/21/19 184,106
------------
$ 249,982
----------------------------------------------------------------------------------------------------------------
TOTAL OVER THE COUNTER (OTC) CALL OPTIONS PURCHASED
(Premiums paid $465,634) $ 249,982
----------------------------------------------------------------------------------------------------------------
TOTAL OPTIONS PURCHASED
(Premiums paid $751,356) $ 343,132
----------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 93.7%
(Cost $260,522,442) $259,272,711
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Change in
Net Net Unrealized
Dividend Realized Appreciation
Shares Income Gain (Loss) (Depreciation)
----------------------------------------------------------------------------------------------------------------
AFFILIATED ISSUER -- 5.4%
CLOSED-END FUND -- 5.4% of Net Assets
INSURANCE -- 5.4%
Property & Casualty Insurance -- 5.4%
1,504,300 Pioneer ILS Interval Fund(m) $ -- $ -- $612,652 $ 14,997,872
------------
Total Insurance $ 14,997,872
----------------------------------------------------------------------------------------------------------------
TOTAL CLOSED-END FUND
(Cost $15,100,000) $ 14,997,872
----------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN AFFILIATED ISSUER -- 5.4%
(Cost $15,100,000) $ 14,997,872
----------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.9% $ 2,398,174
----------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $276,668,757
================================================================================================================
bps Basis Points.
FREMF Freddie Mac Multifamily Fixed-Rate Mortgage Loans.
LIBOR London Interbank Offered Rate.
PRIME U. S. Federal Funds Rate.
REIT Real Estate Investment Trust.
ZERO Zero Constant Index.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 31
Schedule of Investments | 9/30/18 (unaudited) (continued)
(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, 2018, the value of these securities
amounted to $93,262,571, or 33.7% of net assets.
(Cat Bond) Catastrophe or event-linked bond. At September 30, 2018, the value
of these securities amounted to $2,651,625, or 1.0% of net assets.
See Notes to Financial Statements -- Note 1I.
+ Amount rounds to less than 0.1%.
* Senior secured 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, (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 interest rate shown is the rate
accruing at September 30, 2018.
+ Securities that used significant unobservable inputs to determine
their value.
^ Security is valued using fair value methods (other than supplied by
independent pricing services). See Notes to Financial Statements --
Note 1A.
(a) The interest rate is subject to change periodically. The interest
rate and/or reference index and spread shown at September 30, 2018.
(b) Floating rate note. Coupon rate, reference index and spread shown at
September 30, 2018.
(c) Security is perpetual in nature and has no stated maturity date.
(d) Debt obligation initially issued at one coupon which converts to a
higher coupon at a specific date. The rate shown is the rate at
September 30, 2018.
(e) Structured reinsurance investment. At September 30, 2018, the value
of these securities amounted to $5,974,584, or 2.1% of net assets.
See Notes to Financial Statements -- Note 1I.
(f) Rate to be determined.
(g) Consists of Revenue Bonds unless otherwise indicated.
(h) Represents a General Obligation Bond.
(i) This term loan will settle after September 30, 2018, at which time
the interest rate will be determined.
(j) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(k) Non-income producing security.
(l) LTR Intermediate Holdings, Inc. warrant is exercisable into 15
shares.
(m) Pioneer ILS Interval Fund is an affiliated fund managed by Amundi
Pioneer Asset Management, Inc., (the "Adviser").
The accompanying notes are an integral part of these financial statements.
32 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
FORWARD FOREIGN CURRENCY CONTRACTS
---------------------------------------------------------------------------------------------------------
Unrealized
Currency In Currency Settlement Appreciation
Purchased Exchange for Sold Deliver Counterparty Date (Depreciation)
---------------------------------------------------------------------------------------------------------
JPY 304,758,926 CNY (18,655,093) Bank of America NA 10/23/18 $(28,083)
USD 4,084,047 CNY (27,973,832) Bank of America NA 10/23/18 12,100
EUR 617,413 SEK (6,607,344) Brown Brothers 11/1/18 (25,982)
Harriman & Co.
USD 711,474 SEK (6,476,191) Brown Brothers 10/31/18 (18,306)
Harriman & Co.
EUR 1,881,956 NOK (18,412,000) Citibank NA 11/1/18 (74,151)
SGD 8,193,798 USD (6,003,081) Citibank NA 10/23/18 (6,507)
USD 8,411,901 JPY (943,676,482) Citibank NA 10/23/18 90,441
JPY 331,700,662 CNY (20,194,867) Goldman Sachs 10/23/18 (14,641)
International
JPY 331,828,403 KRW (3,368,652,874) Goldman Sachs 10/23/18 (110,118)
International
JPY 331,774,084 SGD (4,061,877) Goldman Sachs 10/23/18 (47,031)
International
JPY 331,141,414 TWD (90,698,833) Goldman Sachs 10/23/18 (60,253)
International
KRW 8,417,718,308 USD (7,534,889) Goldman Sachs 10/23/18 52,142
International
USD 4,444,166 CNY (30,244,103) Goldman Sachs 10/23/18 41,752
International
USD 4,449,866 KRW (5,050,819,921) Goldman Sachs 10/23/18 (102,523)
International
USD 4,450,414 SGD (6,092,883) Goldman Sachs 10/23/18 (8,621)
International
USD 4,453,551 TWD (136,271,987) Goldman Sachs 10/23/18 (24,251)
International
SEK 6,476,191 USD (738,362) JPMorgan 10/31/18 (8,582)
Chase Bank NA
TWD 226,822,298 USD (7,395,069) Morgan Stanley 10/23/18 58,153
EUR 632,994 USD (747,589) State Street 11/30/18 (9,075)
Bank & Trust Co.
NOK 18,412,000 EUR (1,922,862) State Street 11/1/18 26,538
Bank & Trust Co.
SEK 6,607,344 EUR (642,783) State Street 11/1/18 (3,547)
Bank & Trust Co.
SGD 1,961,080 USD (1,423,396) State Street 10/23/18 11,807
Bank & Trust Co.
---------------------------------------------------------------------------------------------------------
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS $(248,738)
=========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 33
Schedule of Investments | 9/30/18 (unaudited) (continued)
FUTURES CONTRACTS
FIXED INCOME INDEX FUTURES CONTRACTS
--------------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Long Description Date Amount Value Depreciation
--------------------------------------------------------------------------------------------
58 U.S. 10 Year 12/19/18 $ 7,421,313 $ 7,308,000 $(113,313)
Ultra Bond
--------------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Short Description Date Amount Value Appreciation
--------------------------------------------------------------------------------------------
291 Euro-BOBL 12/6/18 $ 44,183,105 $ 44,162,831 $ 20,274
--------------------------------------------------------------------------------------------
TOTAL FUTURES CONTRACTS $(36,761,792) $(36,854,831) $ (93,039)
============================================================================================
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION
------------------------------------------------------------------------------------------------------------------------------------
Annual Unrealized
Notional Obligation Pay/ Fixed Expiration Premiums Appreciation Market
Amount ($)(1) Reference/Index Receive(2) Rate Date Paid (Depreciation) Value
------------------------------------------------------------------------------------------------------------------------------------
5,791,500 Markit CDX North America Receive 5.00% 6/20/22 $ 426,652 $ 59,411 $ 486,063
High Yield Index Series 28
5,800,000 Markit CDX North America Receive 5.00% 12/20/22 393,104 78,824 471,928
High Yield Index Series 29
20,750,000 Markit CDX North America Receive 5.00% 6/20/23 1,294,006 353,101 1,647,107
High Yield Index Series 30
EUR 9,250,000 Markit iTraxx Europe Crossover Receive 5.00% 6/20/22 1,195,509 (99,427) 1,096,082
------------------------------------------------------------------------------------------------------------------------------------
TOTAL CENTRALLY CLEARED CREDIT DEFAULT
SWAP CONTRACTS -- SELL PROTECTION $3,309,271 $391,909 $3,701,180
====================================================================================================================================
OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION
------------------------------------------------------------------------------------------------------------------------------------
Obligation Annual
Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market
Amount ($)(1) Counterparty Index Receive(2) Rate Date (Received) Appreciation Value
------------------------------------------------------------------------------------------------------------------------------------
750,000 Citibank NA JC Penney Receive 5.00% 12/20/18 $ (22,500) $ 874 $ (21,626)
Corp., Inc.
30,000,000 Goldman JC Penney Receive 1.00% 12/20/23 (1,290,000) 26,942 (1,263,058)
Sachs Corp., Inc.
International
------------------------------------------------------------------------------------------------------------------------------------
TOTAL OVER THE COUNTER (OTC) CREDIT DEFAULT
SWAP CONTRACTS -- SELL PROTECTION $(1,312,500) $ 27,816 $(1,284,684)
====================================================================================================================================
TOTAL SWAP CONTRACTS $ 1,996,771 $419,725 $ 2,416,496
====================================================================================================================================
(1) The notional amount is the maximum amount that a seller of credit
protection would be obligated to pay upon occurrence of a credit event.
(2) Receives Quarterly.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
Principal amounts are denominated in U.S. dollars ("USD") unless otherwise
noted.
CNY -- Chinese Yuan Renminbi
EUR -- Euro
GBP -- Great Britain Pound
JPY -- Japanese Yen
KRW -- South Korean Won
NOK -- Norwegian Krone
SEK -- Swedish Krona
SGD -- Singapore Dollar
TWD -- Taiwan Dollar
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended September 30, 2018, were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government $30,670,414 $10,070,840
Other Long-Term Securities $71,906,059 $69,285,730
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which the Adviser serves as the
Fund's investment adviser, as set forth in Rule 17a-7 under the Investment
Company Act of 1940, pursuant to procedures adopted by the Board of Trustees.
Under these procedures, cross trades are effected at current market prices.
During the six months ended September 30, 2018, the Fund engaged in purchases
of $6,205,190 and sales of $1,542,667 pursuant to these procedures, which
resulted in a net realized loss of $72,000.
At September 30, 2018, the net unrealized depreciation on investments based on
cost for federal tax purposes of $284,184,330 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 3,820,652
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (11,659,680)
------------
Net unrealized depreciation $ (7,839,028)
============
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels 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 risks, etc.). See
Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes to Financial
Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 35
Schedule of Investments | 9/30/18 (unaudited) (continued)
The following is a summary of the inputs used as of September 30, 2018, in
valuing the Fund's investments.
------------------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 17,442,925 $ -- $ 17,442,925
Collateralized Mortgage Obligations -- 30,035,270 -- 30,035,270
Corporate Bonds
Diversified Financials -- -- -- --
Other Diversified Financial
Services -- -- 1,174,434 1,174,434
Insurance
Reinsurance -- 2,651,625 5,974,584 8,626,209
All Other Corporate Bonds -- 125,436,683 -- 125,436,683
Municipal Bonds -- 1,879,856 -- 1,879,856
Senior Secured Floating Rate Loan
Interests -- 33,156,649 -- 33,156,649
U.S. Government and
Agency Obligations -- 41,177,553 -- 41,177,553
Right/Warrant
Household & Personal Products
Household Products -- --* -- --
Exchange-Traded Put Options
Purchased 93,150 -- -- 93,150
Over The Counter (OTC) Call Options
Purchased -- 249,982 -- 249,982
Closed-End Fund
Insurance
Property & Casualty Insurance -- 14,997,872 -- 14,997,872
------------------------------------------------------------------------------------------------------------------
Total Investments in Securities $ 93,150 $267,028,415 $7,149,018 $274,270,583
==================================================================================================================
Other Financial Instruments
Net unrealized depreciation on forward
foreign currency contracts $ -- $ (248,738) $ -- $ (248,738)
Net unrealized depreciation
on futures contracts (93,039) -- -- (93,039)
Swap contracts, at value -- 2,416,496 -- 2,416,496
------------------------------------------------------------------------------------------------------------------
Total Other Financial Instruments $(93,039) $ 2,167,758 $ -- $ 2,074,719
==================================================================================================================
* Security valued at $0.
The accompanying notes are an integral part of these financial statements.
36 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
-----------------------------------------------------------------------------------------------------------
Common Corporate
Stocks Bonds Total
-----------------------------------------------------------------------------------------------------------
Balance as of 3/31/18 $ 31 $7,760,315 $7,760,346
Realized gain (loss)1 $(31) (289,655) (289,686)
Change in unrealized appreciation (depreciation)2 -- 257,053 257,053
Accrued discounts/premiums -- 1,946 1,946
Purchases -- 332,342 332,342
Sales -- (912,983) (912,983)
Transfers in to Level 3* -- -- --
Transfers out of Level 3* -- -- --
-----------------------------------------------------------------------------------------------------------
Balance as of 9/30/18 $ -- $7,149,018 $7,149,018
===========================================================================================================
1 Realized gain (loss) on these securities is included in the realized gain
(loss) from investments on the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) from investments on
the Statement of Operations.
* Transfers are calculated on the beginning of period values. During the six
months ended September 30, 2018, an investment having a value of
$11,385,220 was transferred from Level 1 to Level 2. The change in the
level designation within the fair value hierarchy was due to valuing the
security using other significant observable inputs. There were no other
transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of Level 3 investments
still held and considered Level 3 at September 30, 2018: $208,158
========
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 37
Statement of Assets and Liabilities | 9/30/18 (unaudited)
ASSETS:
Investments in unaffiliated issuers, at value (cost $260,522,442) $259,272,711
Investments in affiliated issuers, at value (cost $15,100,000) 14,997,872
Cash 430,908
Foreign currencies, at value (cost $6,772) 6,383
Futures collateral 780,200
Swaps collateral 3,716,611
Due from broker for futures 115,930
Swap contracts, at value (net premiums paid $1,996,771) 2,416,496
Receivables --
Investment securities sold 1,436,839
Fund shares sold 158,064
Interest 2,482,165
Due from the Adviser 19,997
Other assets 48,327
---------------------------------------------------------------------------------------------
Total assets $285,882,503
=============================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 4,249,689
Fund shares repurchased 517,717
Distributions 215,426
Trustees' fees 534
Due to broker for swaps 3,693,556
Variation margin for centrally cleared swap contracts 21,853
Net unrealized depreciation on forward foreign currency contracts 248,738
Net unrealized depreciation on futures contracts 93,039
Due to affiliates 28,616
Accrued expenses 144,578
---------------------------------------------------------------------------------------------
Total liabilities $ 9,213,746
=============================================================================================
NET ASSETS:
Paid-in capital $333,121,712
Distributions in excess of earnings (56,452,955)
---------------------------------------------------------------------------------------------
Net assets $276,668,757
=============================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $30,444,907/3,342,664 shares) $ 9.11
Class C (based on $27,531,118/3,033,497 shares) $ 9.08
Class Y (based on $218,692,732/23,918,229 shares) $ 9.14
MAXIMUM OFFERING PRICE:
Class A ($9.11 / 95.5%) $ 9.54
=============================================================================================
The accompanying notes are an integral part of these financial statements.
38 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
Statement of Operations (unaudited)
For the Six Months Ended 9/30/18
INVESTMENT INCOME:
Interest from unaffiliated issuers (net of foreign taxes
withheld $38,212) $ 6,247,914
--------------------------------------------------------------------------------------------------------------
Total investment income $ 6,247,914
--------------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 923,342
Administrative expense 62,613
Transfer agent fees
Class A 14,429
Class C 14,883
Class Y 94,415
Distribution fees
Class A 42,549
Class C 157,205
Shareowner communications expense 7,210
Custodian fees 33,025
Registration fees 20,785
Professional fees 30,298
Printing expense 28,685
Pricing fees 14,695
Trustees' fees 5,857
Miscellaneous 46,065
--------------------------------------------------------------------------------------------------------------
Total expenses $ 1,496,056
Less fees waived and expenses reimbursed by the Adviser (19,997)
--------------------------------------------------------------------------------------------------------------
Net expenses $ 1,476,059
--------------------------------------------------------------------------------------------------------------
Net investment income $ 4,771,855
--------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $(2,910,525)
Forward foreign currency contracts (646,658)
Futures contracts (103,225)
Swap contracts 579,867
Other assets and liabilities denominated in foreign currencies 140,496 $(2,940,045)
--------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $ 11,850
Investments in affiliated issuers 612,652
Forward foreign currency contracts 134,435
Futures contracts 80,016
Swap contracts 88,349
Other assets and liabilities denominated in foreign currencies 5,924 $ 933,226
--------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $(2,006,819)
--------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 2,765,036
==============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 39
Statements of Changes in Net Assets
----------------------------------------------------------------------------------------------------------
Six Months
Ended
9/30/18 Year Ended
(unaudited) 3/31/18
----------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 4,771,855 $ 11,319,279
Net realized gain (loss) on investments (2,940,045) 3,977,252
Change in net unrealized appreciation (depreciation)
on investments 933,226 (8,280,093)
----------------------------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations $ 2,765,036 $ 7,016,438
----------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Class A ($0.18 and $0.41 per share, respectively) $ (664,004) $ (1,613,347)
Class C ($0.14 and $0.34 per share, respectively) (495,189) (1,366,959)
Class Y ($0.19 and $0.44 per share, respectively) (4,848,229) (10,745,678)
----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (6,007,422) $ (13,725,984)
----------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 41,200,036 $ 136,615,893
Reinvestment of distributions 4,900,354 11,661,332
Cost of shares repurchased (74,181,946) (104,857,974)
----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $(28,081,556) $ 43,419,251
----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $(31,323,942) $ 36,709,705
NET ASSETS:*
Beginning of period 307,992,699 271,282,994
----------------------------------------------------------------------------------------------------------
End of period $276,668,757 $ 307,992,699
==========================================================================================================
* For the year ended March 31, 2018 Distributions in excess of net
investment income was presented as follows: $(2,173,917).
The accompanying notes are an integral part of these financial statements.
40 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
-----------------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
9/30/18 9/30/18 Year Ended Year Ended
Shares Amount 3/31/18 3/31/18
(unaudited) (unaudited) Shares Amount
-----------------------------------------------------------------------------------------------------------
Class A
Shares sold 622,428 $ 5,700,209 1,505,716 $ 14,205,603
Reinvestment of distributions 68,966 628,236 161,205 1,514,544
Less shares repurchased (1,101,059) (10,044,451) (1,682,619) (15,826,568)
-----------------------------------------------------------------------------------------------------------
Net decrease (409,665) $ (3,716,006) (15,698) $ (106,421)
===========================================================================================================
Class C
Shares sold 151,858 $ 1,379,393 653,061 $ 6,142,289
Reinvestment of distributions 48,908 443,896 127,693 1,195,849
Less shares repurchased (855,049) (7,769,069) (1,101,128) (10,300,897)
-----------------------------------------------------------------------------------------------------------
Net decrease (654,283) $ (5,945,780) (320,374) $ (2,962,759)
===========================================================================================================
Class Y
Shares sold 3,717,753 $ 34,120,434 12,310,544 $116,268,001
Reinvestment of distributions 418,620 3,828,222 949,618 8,950,939
Less shares repurchased (6,152,376) (56,368,426) (8,376,442) (78,730,509)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) (2,016,003) $(18,419,770) 4,883,720 $ 46,488,431
===========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 41
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/18 Ended Ended Ended Ended Ended
(unaudited) 3/31/18 3/31/17* 3/31/16* 3/31/15* 3/31/14
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.20 $ 9.39 $ 8.99 $ 9.54 $ 9.94 $ 10.04
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.14(a) $ 0.34(a) $ 0.44(a) $ 0.42(a) $ 0.40 $ 0.41
Net realized and unrealized gain (loss) on investments (0.05) (0.12) 0.54 (0.58) (0.47) (0.12)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.09 $ 0.22 $ 0.98 $ (0.16) $ (0.07) $ 0.29
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.18) $ (0.41) $ (0.58) $ (0.39) $ (0.33) $ (0.37)
Net realized gain -- -- -- -- -- (0.02)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.18) $ (0.41) $ (0.58) $ (0.39) $ (0.33) $ (0.39)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.09) $ (0.19) $ 0.40 $ (0.55) $ (0.40) $ (0.10)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.11 $ 9.20 $ 9.39 $ 8.99 $ 9.54 $ 9.94
====================================================================================================================================
Total return (b) 0.98%(c) 2.37% 11.13% (1.62)% (0.71)% 2.95%
Ratio of net expenses to average net assets 1.13%(d) 1.14% 1.18% 1.19% 1.14% 1.19%
Ratio of net investment income (loss) to average net assets 3.07%(d) 3.61% 4.71% 4.52% 3.76% 3.89%
Portfolio turnover rate 31%(c) 76% 114% 56% 81% 95%
Net assets, end of period (in thousands) $30,445 $34,538 $35,375 $47,311 $92,376 $161,097
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.13%(d) 1.14% 1.19% 1.19% 1.14% 1.19%
Net investment income (loss) to average net assets 3.07%(d) 3.61% 4.70% 4.52% 3.76% 3.89%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) 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.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
42 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/18 Ended Ended Ended Ended Ended
(unaudited) 3/31/18 3/31/17* 3/31/16* 3/31/15* 3/31/14
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.17 $ 9.36 $ 8.97 $ 9.51 $ 9.92 $ 10.02
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.11(a) $ 0.27(a) $ 0.36(a) $ 0.36(a) $ 0.31 $ 0.34
Net realized and unrealized gain (loss) on investments (0.06) (0.12) 0.54 (0.58) (0.46) (0.13)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.05 $ 0.15 $ 0.90 $ (0.22) $ (0.15) $ 0.21
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.14) $ (0.34) $ (0.51) $ (0.32) $ (0.26) $ (0.29)
Net realized gain -- -- -- -- -- (0.02)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.14) $ (0.34) $ (0.51) $ (0.32) $ (0.26) $ (0.31)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.09) $ (0.19) $ 0.39 $ (0.54) $ (0.41) $ (0.10)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.08 $ 9.17 $ 9.36 $ 8.97 $ 9.51 $ 9.92
====================================================================================================================================
Total return (b) 0.60%(c) 1.61% 10.18% (2.25)% (1.58)% 2.19%
Ratio of net expenses to average net assets 1.89%(d) 1.90% 1.94% 1.95% 1.90% 1.93%
Ratio of net investment income (loss) to average net assets 2.32%(d) 2.86% 3.94% 3.86% 3.04% 3.18%
Portfolio turnover rate 31%(c) 76% 114% 56% 81% 95%
Net assets, end of period (in thousands) $27,531 $33,824 $37,510 $44,207 $70,793 $91,491
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.89%(d) 1.90% 1.95% 1.95% 1.90% 1.93%
Net investment income (loss) to average net assets 2.32%(d) 2.86% 3.93% 3.86% 3.04% 3.18%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) 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.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 43
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/18 Ended Ended Ended Ended Ended
(unaudited) 3/31/18 3/31/17* 3/31/16* 3/31/15* 3/31/14
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.24 $ 9.42 $ 9.03 $ 9.58 $ 9.98 $ 10.08
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.15(a) $ 0.37(a) $ 0.47(a) $ 0.46(a) $ 0.41 $ 0.44
Net realized and unrealized gain (loss) on investments (0.06) (0.11) 0.53 (0.58) (0.45) (0.12)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.09 $ 0.26 $ 1.00 $ (0.12) $ (0.04) $ 0.32
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.19) $ (0.44) $ (0.61) $ (0.43) $ (0.36) $ (0.40)
Net realized gain -- -- -- -- -- (0.02)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.19) $ (0.44) $ (0.61) $ (0.43) $ (0.36) $ (0.42)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.10) $ (0.18) $ 0.39 $ (0.55) $ (0.40) $ (0.10)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.14 $ 9.24 $ 9.42 $ 9.03 $ 9.58 $ 9.98
====================================================================================================================================
Total return (b) 1.02%(c) 2.77% 11.35% (1.26)% (0.43)% 3.24%
Ratio of net expenses to average net assets 0.85%(d) 0.85% 0.85% 0.85% 0.85% 0.85%
Ratio of net investment income (loss) to average net assets 3.34%(d) 3.90% 5.01% 4.90% 4.10% 4.24%
Portfolio turnover rate 31%(c) 76% 114% 56% 81% 95%
Net assets, end of period (in thousands) $218,693 $239,630 $198,398 $203,736 $397,203 $395,245
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.87%(d) 0.90% 0.96% 0.96% 0.93% 0.97%
Net investment income (loss) to average net assets 3.32%(d) 3.85% 4.90% 4.79% 4.02% 4.12%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) 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.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
44 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
Notes to Financial Statements |9/30/18 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Dynamic Credit Fund (the "Fund") is one of three portfolios comprising
Pioneer Series Trust X, a Delaware statutory trust. The Fund is registered
under the Investment Company Act of 1940 as a diversified, open-end management
investment company. The investment objective of the Fund is to seek a high
level of current income. Capital appreciation is a secondary objective.
The Fund offers four classes of shares designated as Class A, Class C, Class K
and Class Y shares. Class K shares had not commenced operations as of September
30, 2018. Each class of shares represents an interest in the same portfolio of
investments of the Fund and has identical rights (based on relative net asset
values) to assets and liquidation proceeds. Share classes can bear different
rates of class-specific fees and expenses, such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of
different dividends from net investment income earned by each class. The
Amended and Restated Declaration of Trust of the Fund gives the Board of
Trustees the flexibility to specify either per-share voting or dollar-weighted
voting when submitting matters for shareowner approval. Under per-share voting,
each share of a class of the Fund is entitled to one vote. Under
dollar-weighted voting, a shareowner's voting power is determined not by the
number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class Y shares.
On July 3, 2017, Amundi acquired Pioneer Investments, a group of asset
management companies located throughout the world. Amundi, one of the world's
largest asset managers, is headquartered in Paris, France. As a result of the
transaction, Pioneer Investment Management, Inc., the Fund's investment
adviser, became an indirect wholly owned subsidiary of Amundi and Amundi's
wholly owned subsidiary, Amundi USA, Inc. Prior to July 3, 2017, Pioneer
Investments was owned by Pioneer Global Asset Management S.p.A., a wholly owned
subsidiary of UniCredit S.p.A.
In connection with the transaction, the names of the Fund's investment adviser
and principal underwriter changed. Effective July 3, 2017, the name of Pioneer
Investment Management, Inc. changed to Amundi Pioneer Asset Management, Inc.
(the "Adviser") and the name of Pioneer Funds Distributor, Inc. changed to
Amundi Pioneer Distributor, Inc. (the "Distributor").
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 45
In October 2016, the Securities and Exchange Commission ("SEC") released its
Final Rule on Investment Company Reporting Modernization. In addition to
introducing two new regulatory reporting forms (Form N-PORT and Form N-CEN),
the Final Rule amends Regulation S-X, which impacts financial statement
presentation, particularly related to the presentation of derivative
investments. The Fund's financial statements were prepared in compliance with
the amendments to Regulation S-X.
In August 2018, the SEC released a Disclosure Update and Simplification Final
Rule. The Final Rule amends Regulation S-X disclosures requirements to conform
them to U.S. General Accepted Accounting Principles ("U.S. GAAP") for
investment companies. The Fund's financial statements were prepared in
compliance with the new amendments to Regulation S-X.
The Fund's financial statements have been prepared in conformity with U.S. GAAP
that require the management of the Fund to make estimates and assumptions that
affect the reported amounts of assets and liabilities, the disclosure of
contingent assets and liabilities at the date of the financial statements, and
the reported amounts of income, expenses and gain or loss on investments during
the reporting period. Actual results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the
New York Stock Exchange ("NYSE") is open, as of the close of regular
trading on the NYSE.
Fixed income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed-income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to
supply prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
46 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the
price information is deemed to be unreliable, price information will be
obtained from an alternative loan interest pricing service. If no reliable
price quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other
insurance-linked securities (including sidecars, collateralized
reinsurance and industry loss warranties) may be valued at the bid price
obtained from an independent pricing service, or through a third party
using a pricing matrix, insurance industry valuation models, or other fair
value methods or techniques to provide an estimated value of the
instrument.
The value of foreign securities is translated into U.S. dollars based on
foreign currency exchange rate quotations supplied by a third party
pricing source. trading in non-U.S. equity securities is substantially
completed each day at various times prior to the close of the NYSE. The
values of such securities used in computing the net asset value of the
Fund's shares are determined as of such times. The Fund may use a fair
value model developed by an independent pricing service to value non-U.S.
equity securities.
Options contracts are generally valued at the mean between the last bid
and ask prices on the principal exchange where they are traded.
Over-the-counter ("OTC") options and options on swaps ("swaptions") are
valued using prices supplied by independent pricing services, which
consider such factors as market prices, market events, quotations from one
or more brokers, Treasury spreads, yields, maturities and ratings, or may
use a pricing matrix or other fair value methods or techniques to provide
an estimated value of the security or instrument.
Forward foreign currency exchange contracts are valued daily using the
foreign exchange rate or, for longer term forward contract positions, the
spot currency rate and the forward points on a daily basis, in each case
provided by a third party pricing service. Contracts whose forward
settlement date falls between two quoted days are valued by interpolation.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 47
Swap contracts, including interest rate swaps, caps and floors (other than
centrally cleared swap contracts) are valued at the dealer quotations
obtained from reputable International Swap Dealers Association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such funds' net asset value.
Shares of exchange-listed closed-end funds are valued by using the last
sale price on the principal exchange where they are traded. Repurchase
agreements are valued at par. Cash may include overnight time deposits at
approved financial institutions.
Securities or loan interests for which independent pricing services or
broker dealers are unable to supply prices or for which market prices
and/or quotations are not readily available or are considered to be
unreliable are valued by a fair valuation team comprised of certain
personnel of the Adviser pursuant to procedures adopted by the Fund's
Board of Trustees. The Adviser's fair valuation team uses fair value
methods approved by the Valuation Committee of the Board of Trustees. The
Adviser's fair valuation team is responsible for monitoring developments
that may impact fair valued securities and for discussing and assessing
fair values on an ongoing basis, and at least quarterly, with the
Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after
the close of the exchange or market on which the security trades and prior
to the determination of the Fund's net asset value. Examples of a
significant event might include political or economic news, corporate
restructurings, natural disasters, terrorist activity or trading halts.
Thus, the valuation of the Fund's securities may differ significantly from
exchange prices, and such differences could be material.
At September 30, 2018, two securities were valued using fair value methods
(in addition to securities valued using prices supplied by independent
pricing services, broker-dealers or using a third party insurance pricing
model) representing 0.42% of net assets. The value of these fair valued
securities was $1,174,434.
B. Investment Income and Transactions
Interest income, including interest on income-bearing cash accounts, is
recorded on the accrual basis. Dividend and interest income are reported
net of unrecoverable foreign taxes withheld at the applicable country
rates and net of income accrued on defaulted securities.
48 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
Interest and dividend income payable by delivery of additional shares is
reclassified as PIK (payment-in-kind) income upon receipt and is included
in interest and dividend income, respectively.
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly
paydowns. All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
respective securities, and such accretion/amortization is included in
interest income.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on
foreign currency contracts, disposition of foreign currencies and the
difference between the amount of income accrued and the U.S. dollars
actually received. Further, the effects of changes in foreign currency
exchange rates on investments are not segregated on 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 gain or
loss on investments.
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts ("contracts")
for the purchase or sale of a specific foreign currency at a fixed price
on a future date. All contracts are marked to market daily at the
applicable exchange rates, and any resulting unrealized appreciation or
depreciation is recorded in the Fund's financial statements. The Fund
records realized gains and losses at the time a contract is offset by
entry into a closing transaction or extinguished by delivery of the
currency. Risks may arise upon entering into these contracts from the
potential inability of counterparties to meet the terms of the contract
and from unanticipated movements in the value of foreign currencies
relative to the U.S. dollar (see Note 7).
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 49
At September 30, 2018, 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 market value of forward foreign currency contracts open during
the six months ended September 30, 2018, was $(5,172,590). Forward foreign
currency contracts outstanding at September 30, 2018, are listed in the
Schedule of Investments.
E. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its net taxable income and net realized capital gains,
if any, to its shareowners. Therefore, no provision for federal income
taxes is required. As of September 30, 2018, the Fund did not accrue any
interest or penalties with respect to uncertain tax positions, which, if
applicable, would be recorded as an income tax expense on the Statement of
Operations. Tax returns filed within the prior three years remain subject
to examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary over distributions 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, 2018 was as follows:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $13,725,984
--------------------------------------------------------------------------
Total $13,725,984
==========================================================================
50 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
The following shows the components of distributable earnings (losses) on a
federal income tax basis at March 31, 2018:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributable earnings:
Capital loss carryforward $(48,855,258)
Current year late year loss (2,162,442)
Current year dividend payable (220,984)
Unrealized depreciation (1,971,885)
--------------------------------------------------------------------------
Total $(53,210,569)
==========================================================================
The difference between book-basis and tax-basis unrealized depreciation is
primarily attributable to the tax adjustments relating to catastrophe
bonds and credit default swaps and the mark to market of forward currency,
swap, option and future contracts.
F. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $802 in underwriting commissions on the sale of Class A
shares during the six months ended September 30, 2018.
G. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset
value attributable to Class A and Class C shares of the Fund, respectively
(see Note 4). Class Y shares do not pay distribution fees. All expenses
and fees paid to the Fund's transfer agent for its services are allocated
among the classes of shares based on the number of accounts in each class
and the ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C and Class Y shares can
reflect different transfer agent and distribution expense rates.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 51
H. Risks
The value of securities held by the Fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real
or perceived adverse economic, political or regulatory conditions,
inflation, changes in interest rates, lack of liquidity in the bond
markets or adverse investor sentiment. In the past several years,
financial markets have experienced increased volatility, depressed
valuations, decreased liquidity and heightened uncertainty. These
conditions may continue, recur, worsen or spread.
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 investments
in foreign markets and countries with limited developing markets may
subject the Fund to a greater degree of risk than investments in a
developed market. These risks include disruptive political or economic
conditions and the imposition of adverse governmental laws or currency
exchange restrictions.
Interest rates in the U.S. have been historically low and have begun to
rise, so the Fund faces a heightened risk that interest rates may continue
to rise. A general rise in interest rates could adversely affect the price
and liquidity of fixed income securities and could also result in
increased redemptions from the Fund.
The Fund invests in below investment grade (high yield) debt securities
and preferred stocks. Some of these high yield securities may be
convertible into equity securities of the issuer. Debt securities rated
below investment grade are commonly referred to as "junk bonds" and are
considered speculative. These securities involve greater risk of loss, are
subject to greater price volatility, and are less liquid, especially
during periods of economic uncertainty or change, than higher rated debt
securities.
With the increased use of technologies such as the Internet to conduct
business, the Fund is susceptible to operational, information security and
related risks. While the Fund's Adviser has established business
continuity plans in the event of, and risk management systems to prevent,
limit or mitigate, such cyber-attacks, there are inherent limitations in
such plans and systems including the possibility that certain risks have
not been identified. Furthermore, the Fund cannot control the
cybersecurity plans and systems put in place by service providers to the
Fund such as Brown Brothers Harriman & Co., the Fund's custodian and
accounting agent, and DST Asset Manager Solutions, Inc., the Fund's
transfer agent. In addition, many beneficial owners of Fund shares hold
them through accounts at broker-dealers, retirement platforms and other
financial market participants over
52 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
which neither the Fund nor Amundi Pioneer exercises control. Each of these
may in turn rely on service providers to them, which are also subject to
the risk of cyber-attacks. Cybersecurity failures or breaches at Amundi
Pioneer or the Fund's service providers or intermediaries have the ability
to cause disruptions and impact business operations, potentially resulting
in financial losses, interference with the Fund's ability to calculate its
net asset value, impediments to trading, the inability of Fund shareowners
to effect share purchases or receive distributions, loss of or
unauthorized access to private shareowners information and violations of
applicable privacy and other laws, regulatory fines, penalties,
reputational damage, or additional compliance costs. Such costs and losses
may not be covered under any insurance. In addition, maintaining vigilance
against cyber-attacks may involve substantial costs over time, and system
enhancements may themselves be subject to cyber-attacks.
The Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
I. Insurance-Linked Securities ("ILS")
The Fund invests in event-linked bonds and other ILS. The Fund could lose
a portion or all of the principal it has invested in an ILS, and the right
to additional interest payments with respect to the security, upon the
occurrence of one or more trigger events, as defined within the terms of
an insurance-linked security. Trigger events, generally, are hurricanes,
earthquakes, or other natural events of a specific size or magnitude that
occur in a designated geographic region during a specified time period,
and/or that involve losses or other metrics that exceed a specific amount.
There is no way to accurately predict whether a trigger event will occur
and, accordingly, ILS carry significant risk. The Fund is entitled to
receive principal and interest payments so long as no trigger event occurs
of the description and magnitude specified by the instrument. In addition
to the specified trigger events, ILS may expose the Fund to other risks,
including but not limited to issuer (credit) default, adverse regulatory
or jurisdictional interpretations and adverse tax consequences.
The Fund's investments in ILS may include special purpose vehicles
("SPVs") or similar instruments structured to comprise a portion of a
reinsurer's catastrophe-oriented business, known as quota share
instruments (sometimes referred to as reinsurance sidecars), or to provide
reinsurance relating to specific risks to insurance or reinsurance
companies through a collateralized instrument, known as collateralized
reinsurance. Structured reinsurance investments also may include industry
loss warranties ("ILWs"). A traditional
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 53
ILW takes the form of a bilateral reinsurance contract, but there are also
products that take the form of derivatives, collateralized structures, or
exchange-traded instruments.
Where the ILS are based on the performance of underlying reinsurance
contracts, the Fund has limited transparency into the individual
underlying contracts, and therefore must rely upon the risk assessment and
sound underwriting practices of the issuer. Accordingly, it may be more
difficult for the Adviser to fully evaluate the underlying risk profile of
the Fund's structured reinsurance investments, and therefore the Fund's
assets are placed at greater risk of loss than if the Adviser had more
complete information. Structured reinsurance instruments generally will be
considered illiquid securities by the Fund. These securities may be
difficult to purchase, sell or unwind. Illiquid securities also may be
difficult to value. If the Fund is forced to sell an illiquid asset, the
Fund may be forced to sell at a loss.
Additionally, the Fund may gain exposure to ILS by investing in a closed
end interval fund, Pioneer ILS Interval Fund, an affiliate of the Adviser.
The Fund's investment in Pioneer ILS Interval Fund at September 30, 2018
is listed in the Schedule of Investments.
J. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on
a futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
September 30, 2018, is recorded as "Futures collateral" on the Statement
of Assets and Liabilities.
Subsequent payments for futures contracts ("variation margin") are paid or
received by the Fund, depending on the daily fluctuation in the value of
the contracts, and are recorded by the Fund as unrealized appreciation or
depreciation. Cash received from or paid to the broker related to previous
margin movement is held in a segregated account at the broker and is
recorded as either "Due from broker for futures" or "Due to broker for
futures" on the Statement of Assets and Liabilities. 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
54 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
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 market value of contracts open during the six months ended
September 30, 2018, was $(3,578,119). Open futures contracts outstanding
at September 30, 2018 are listed in the Schedule of Investments.
K. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve
as the Fund's collateral for the obligation of the counterparty to
repurchase the securities. The value of the collateral, including accrued
interest, is required to be equal to or in excess of the repurchase price.
The collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a sub-custodian of the
Fund. The Adviser is responsible for determining that the value of the
collateral remains at least equal to the repurchase price. In the event of
a default by the counterparty, the Fund is entitled to sell the
securities, but the Fund may not be able to sell them for the price at
which they were purchased, thus causing a loss to the Fund. Additionally,
if the counterparty becomes insolvent, there is some risk that the Fund
will not have a right to the securities, or the immediate right to sell
the securities.
As of September 30, 2018, the Fund had no open repurchase agreements.
L. Credit Default Swap Contracts
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event on an underlying
reference obligation, which may be a single security or a basket or index
of securities. The Fund may buy or sell credit default swap contracts to
seek to increase the Fund's income, or to attempt to hedge the risk of
default on portfolio securities. A credit default swap index is used to
hedge risk or take a position on a basket of credit entities or indices.
As a seller of protection, the Fund would be required to pay the notional
(or other agreed-upon) value of the referenced debt obligation to the
counterparty in the event of a default by a U.S. or foreign corporate
issuer of a debt obligation, which would likely result in a loss to the
Fund. In return, the Fund would receive from the counterparty a periodic
stream of payments during the term of the contract, provided that no event
of default occurred. The maximum exposure of loss to the seller would be
the notional value of the credit default swaps outstanding. If no default
occurs, the Fund would
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 55
keep the stream of payments and would have no payment obligation. The Fund
may also buy credit default swap contracts in order to hedge against the
risk of default of debt securities, in which case the Fund would function
as the counterparty referenced above.
As a buyer of protection, the Fund makes an upfront or periodic payment to
the protection seller in exchange for the right to receive a contingent
payment. An upfront payment made by the Fund, as the protection buyer, is
recorded within the "Swap contracts, at value" line item on the Statement
of Assets and Liabilities. Periodic payments received or paid by the Fund
are recorded as realized gains or losses on the Statement of Operations.
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is
recorded within the "Swap contracts, at value" line item on the Statement
of Assets and Liabilities. Payments received or made as a result of a
credit event or upon termination of the contract are recognized, net of
the appropriate amount of the upfront payment, as realized gains or losses
on the Statement of Operations.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the
Fund is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund.
Certain swap contracts that are cleared through a central clearinghouse
are referred to as centrally cleared swaps. All payments made or received
by the Fund are pursuant to a centrally cleared swap contract with the
central clearing party rather than the original counterparty. Upon
entering into a centrally cleared swap contract, the Fund is required to
make an initial margin deposit, either in cash or in securities. The daily
change in value on open centrally cleared contracts is recorded as
"Variation margin for centrally cleared swaps" on the Statement of Assets
and Liabilities. Cash received from or paid to the broker related to
previous margin movement is held in a segregated account at the broker and
is recorded as either "Due from broker for swaps" or "Due to broker for
swaps" on the Statement of Assets and Liabilities. The amount of cash
deposited with a broker as collateral at September 30, 2018, is recorded
as "Swaps collateral" on the Statement of Assets and Liabilities.
56 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
The average market value of credit default swap contracts open during the
six months ended September 30, 2018 was $5,169,213. Open credit default
swap contracts at September 30, 2018 are listed in the Schedule of
Investments.
M. Purchased Options
The Fund may purchase put and call options to seek to increase total
return. Purchased call and put options entitle the Fund to buy and sell a
specified number of shares or units of a particular security, currency or
index at a specified price at a specific date or within a specific period
of time. Upon the purchase of a call or put option, the premium paid by
the Fund is included on the Statement of Assets and Liabilities as an
investment. All premiums are marked-to-market daily, and any unrealized
appreciation or depreciation is recorded on the Fund's Statement of
Operations. As the purchaser of an index option, the Fund has the right to
receive a cash payment equal to any depreciation in the value of the index
below the strike price of the option (in the case of a put) or equal to
any appreciation in the value of the index over the strike price of the
option (in the case of a call) as of the valuation date of the option.
Premiums paid for purchased call and put options which have expired are
treated as realized losses on investments on the Statement of Operations.
Upon the exercise or closing of a purchased put option, the premium is
offset against the proceeds on the sale of the underlying security or
financial instrument in order to determine the realized gain or loss on
investments. Upon the exercise or closing of a purchased call option, the
premium is added to the cost of the security or financial instrument. The
risk associated with purchasing options is limited to the premium
originally paid.
The average market value of purchased options contracts open during the
six months ended September 30, 2018 was $432,324. Open purchased options
at September 30, 2018 are listed in the Schedule of Investments.
2. Management Agreement
The Adviser manages the Fund's portfolio. Management fees are calculated daily
at the annual rate equal to 0.70% 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, 2018 the effective management fee was equivalent to 0.62%
(annualized) of the Fund's average daily net assets.
The Adviser has contractually agreed to limit ordinary operating expenses
(ordinary operating expenses means all fund expenses other than extraordinary
expenses, such as litigation, taxes, brokerage commissions and acquired fund
fees and expenses) of the Fund to the extent required to reduce Fund expenses
to 0.85% of the average daily net assets attributable to Class Y shares. Fees
waived and expenses reimbursed during the six months ended
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 57
September 30, 2018 are reflected on the Statement of Operations. These expense
limitations are in effect through August 1, 2019. There can be no assurance
that the Adviser will extend the expense limitation agreement for a class of
shares beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$23,723 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at September 30, 2018.
3. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareowner communications activities
such as proxy and statement mailings, and outgoing phone calls. For the
six months ended September 30, 2018, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareowner Communications:
--------------------------------------------------------------------------------
Class A $2,122
Class C 1,231
Class Y 3,857
--------------------------------------------------------------------------------
Total $7,210
================================================================================
4. Distribution and Service Plan
The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A and Class C
shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of the
average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays the
Distributor 1.00% of the average daily net assets attributable to Class C
shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class C shares.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $4,893 in distribution fees payable to the Distributor at
September 30, 2018.
58 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge ("CDSC"). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within 12 months of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares.
There is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to the
Distributor. For the six months ended September 30, 2018, CDSCs in the amount
of $8,406 were paid to the Distributor.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
"Funds"), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
Fund participates in a credit facility that is in the amount of $25 million.
Under such facility, depending on the type of loan, interest on borrowings is
payable at the London Interbank Offered Rate ("LIBOR") plus 0.90% on an
annualized basis, or the Alternate Base Rate, which is the greater of (a) the
facility's administrative agent's daily announced prime rate on the borrowing
date, (b) 2% plus the Federal Funds Rate on the borrowing date or (c) 2% plus
the overnight Eurodollar rate on the borrowing date. The Funds pay an annual
commitment fee to participate in a credit facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth
in the credit agreement. For the six months ended September 30, 2018 the Fund
had no borrowings under the credit facility.
6. Assets and Liabilities Offsetting
The Fund has entered into an International Swaps and Derivatives Association,
Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with
substantially all its derivative counterparties. An ISDA Master Agreement is a
bilateral agreement between the Fund and a counterparty that governs the
trading of certain Over the Counter ("OTC") derivatives and typically contains,
among other things, close-out and set-off provisions which apply upon the
occurrence of an event of default and/or a termination event as defined under
the relevant ISDA Master Agreement. The ISDA Master Agreement may also give a
party the right to terminate all transactions traded under such agreement if,
among other things, there is deterioration in the credit quality of the other
party.
Upon an event of default or a termination of the ISDA Master Agreement, the
non-defaulting party has the right to close out all transactions under such
agreement and to net amounts owed under each transaction to determine one
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 59
net amount payable by one party to the other. The right to close out and net
payments across all transactions under the ISDA Master Agreement could result
in a reduction of the Fund's credit risk to its counterparty equal to any
amounts payable by the Fund under the applicable transactions, if any. However,
the Fund's right to setoff may be restricted or prohibited by the bankruptcy or
insolvency laws of the particular jurisdiction to which each specific ISDA of
each counterparty is subject.
The collateral requirements for derivatives transactions under an ISDA Master
Agreement are governed by a credit support annex to the ISDA Master Agreement.
Collateral requirements are generally determined at the close of business each
day and are typically based on changes in market values for each transaction
under an ISDA Master Agreement and netted into one amount for such agreement.
Generally, the amount of collateral due from or to a counterparty is subject to
threshold (a "minimum transfer amount") before a transfer is required, which
may vary by counterparty. Collateral pledged for the benefit of the Fund and/or
counterparty is held in segregated accounts by the Fund's custodian and cannot
be sold, re-pledged, assigned or otherwise used while pledged. Cash that has
been segregated to cover the Fund's collateral obligations, if any, will be
reported separately on the Statement of Assets and Liabilities as "Swaps
collateral". Securities pledged by the Fund as collateral, if any, are
identified as such in the Schedule of Investments.
Financial instruments subject to an enforceable master netting agreement such
as an ISDA Master Agreement have been offset on the Statement of Assets and
Liabilities. The following charts show gross assets and liabilities of the Fund
as of September 30, 2018.
-----------------------------------------------------------------------------------------------------------------------
Derivative Assets Derivatives Non-Cash Cash Net Amount
Subject to Master Available Collateral Collateral of Derivative
Counterparty Netting Agreement for Offset Received (a) Received (a) Assets (b)
-----------------------------------------------------------------------------------------------------------------------
Bank of America NA $ 12,100 $ (12,100) $ -- $ -- $ --
Brown Brothers
Harriman & Co. -- -- -- -- --
Citibank NA 91,315 (80,658) -- -- 10,657
Goldman Sachs
International 120,836 (120,836) -- -- --
JPMorgan
Chase Bank NA -- -- -- -- --
Morgan Stanley 58,153 -- -- -- 58,153
State Street
Bank & Trust Co. 38,345 (12,622) -- -- 25,723
-----------------------------------------------------------------------------------------------------------------------
Total $320,749 $(226,216) $ -- $ -- $94,533
=======================================================================================================================
60 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
-------------------------------------------------------------------------------------------------------------------------
Derivative Liabilities Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Pledged (a) Pledged (a) Liabilities (c)
-------------------------------------------------------------------------------------------------------------------------
Bank of America NA $ 28,083 $ (12,100) $ -- $ -- $ 15,983
Brown Brothers
Harriman & Co. 44,288 -- -- -- 44,288
Citibank NA 80,658 (80,658) -- -- --
Goldman Sachs
International 367,438 (120,836) -- -- 246,602
JPMorgan
Chase Bank NA 8,582 -- -- -- 8,582
Morgan
Stanley -- -- -- -- --
State Street
Bank & Trust Co. 12,622 (12,622) -- -- --
-------------------------------------------------------------------------------------------------------------------------
Total $541,671 $(226,216) $ -- $ -- $315,455
=========================================================================================================================
(a) The amount presented here may be less than the total amount of collateral
received/pledged as the net amount of derivative assets and liabilities
cannot be less than $0.
(b) Represents the net amount due from the counterparty in the event of
default.
(c) Represents the net amount payable to the counterparty in the event of
default.
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may enhance or mitigate the Fund's exposure to
the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments
as a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange rate risk), whether caused by factors specific to
an individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 61
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at September
30, 2018 was as follows:
----------------------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Assets and Liabilities Rate Risk Risk Rate Risk Risk Risk
----------------------------------------------------------------------------------------------
Assets
Swap contracts, at value $ -- $2,416,496 $ -- $ -- $ --
----------------------------------------------------------------------------------------------
Total Value $ -- $2,416,496 $ -- $ -- $ --
==============================================================================================
Liabilities
Net unrealized
depreciation on
forward foreign
currency contracts $ -- $ -- $(248,738) $ -- $ --
Net unrealized
depreciation on
futures contracts* (93,039) -- -- -- --
----------------------------------------------------------------------------------------------
Total Value $(93,039) $ -- $(248,738) $ -- $ --
==============================================================================================
* Reflects unrealized appreciation (depreciation) of futures contracts (see
Note 1J). The current day's variation margin is disclosed on the Statement
of Assets and Liabilities.
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at September 30, 2018 was as follows:
-----------------------------------------------------------------------------------------------
Foreign
Interest Credit Exchange Equity Commodity
Statement of Operations Rate Risk Risk Rate Risk Risk Risk
-----------------------------------------------------------------------------------------------
Net realized gain (loss) on:
Forward foreign
currency contracts $ -- $ -- $(646,658) $ -- $ --
Futures contracts (103,225) -- -- -- --
Swap contracts -- 579,867 -- -- --
-----------------------------------------------------------------------------------------------
Total Value $(103,225) $579,867 $(646,658) $ -- $ --
===============================================================================================
Change in net unrealized
appreciation
(depreciation) on:
Forward foreign
currency contracts $ -- $ -- $ 134,435 $ -- $ --
Futures contracts 80,016 -- -- -- --
Swap contracts -- 88,349 -- -- --
-----------------------------------------------------------------------------------------------
Total Value $ 80,016 $ 88,349 $ 134,435 $ -- $ --
===============================================================================================
62 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
ADDITIONAL INFORMATION
Change in Independent Registered Public Accounting Firm
Prior to July 3, 2017 Pioneer Investment Management, Inc. (the "Adviser"), the
Fund's investment adviser, was an indirect, wholly owned subsidiary of
UniCredit S.p.A. ("UniCredit"). On that date, UniCredit completed the sale of
its Pioneer Investments business, which includes the Adviser, to Amundi (the
"Transaction"). As a result of the Transaction, the Adviser became an indirect,
wholly owned subsidiary of Amundi. Amundi is controlled by Credit Agricole S.A.
Amundi is headquartered in Paris, France, and, as of September 30, 2016, had
more than $1.1 trillion in assets under management worldwide.
Deloitte & Touche LLP ("D&T"), the Fund's previous independent registered
public accounting firm, informed the Audit Committee and the Board that it
would no longer be independent with respect to the Fund upon the completion of
the Transaction as a result of certain services being provided to Amundi and
Credit Agricole, and, accordingly, that it intended to resign as the Fund's
independent registered public accounting firm upon the completion of the
Transaction. D&T's resignation was effective on July 3, 2017, when the
Transaction was completed.
During the periods as to which D&T has served as the Fund's independent
registered public accounting firm, D&T's reports on the Fund's financial
statements have not contained an adverse opinion or disclaimer of opinion and
have not been qualified or modified as to uncertainty, audit scope or
accounting principles. Further, there have been no disagreements with D&T on
any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which, if not resolved to the
satisfaction of D&T, would have caused D&T to make reference to the subject
matter of the disagreement in connection with its report on the financial
statements. In addition, there have been no reportable events of the kind
described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange
Act of 1934.
Effective immediately following the completion of the Transaction on July 3,
2017, the Board, acting upon the recommendation of the Audit Committee, engaged
an independent registered public accounting firm, Ernst & Young LLP ("EY").
Prior to its engagement, EY had advised the Fund's Audit Committee that EY had
identified the following matters, in each case relating to services rendered by
other member firms of Ernst & Young Global Limited, all of which are located
outside the United States, to UniCredit and certain of its subsidiaries during
the period commencing July 1, 2016, that it determined to be inconsistent with
the auditor independence rules set forth by the Securities
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 63
and Exchange Commission ("SEC"): (a) project management support services to
UniCredit in the Czech Republic, Germany, Italy, Serbia and Slovenia in
relation to twenty-two projects, that were determined to be inconsistent with
Rule 2-01(c)(4)(vi) of Regulation S-X (management functions); (b) two
engagements for UniCredit in Italy where fees were contingent/success based and
that were determined to be inconsistent with Rule 2-01(c)(5) of Regulation S-X
(contingent fees); (c) four engagements where legal and expert services were
provided to UniCredit in the Czech Republic and Germany, and twenty engagements
where the legal advisory services were provided to UniCredit in Austria, Czech
Republic, Italy and Poland, that were determined to be inconsistent with Rule
2-01(c)(4)(ix) and (x) of Regulation S-X (legal and expert services); and (d)
two engagements for UniCredit in Italy involving assistance in the sale of
certain assets, that were determined to be inconsistent with Rule
2-01(c)(4)(viii) of Regulation S-X (broker-dealer, investment adviser or
investment banking services). None of the foregoing services involved the Fund,
any of the other funds in the Pioneer Family of Funds or any other Pioneer
entity sold by UniCredit in the Transaction.
EY advised the Audit Committee that it had considered the matters described
above and had concluded that such matters would not impair EY's ability to
exercise objective and impartial judgment in connection with the audits of the
financial statements of the Fund under the SEC and Public Company Accounting
Oversight Board independence rules, and that a reasonable investor with
knowledge of all relevant facts and circumstances would reach the same
conclusion. Management and the Audit Committee considered these matters and
discussed the matters with EY and, based upon EY's description of the matters
and statements made by EY, Management and the Audit Committee believe that EY
will be capable of exercising objective and impartial judgment in connection
with the audits of the financial statements of the Fund, and Management further
believes that a reasonable investor with knowledge of all relevant facts and
circumstances would reach the same conclusion.
64 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
Approval of Investment Management Agreement
Amundi Pioneer Asset Management, Inc. ("APAM") serves as the investment adviser
to Pioneer Dynamic Credit Fund (the "Fund") pursuant to an investment
management agreement between APAM and the Fund. In order for APAM to remain the
investment adviser of the Fund, the Trustees of the Fund must determine
annually whether to renew the investment management agreement for the Fund.
The contract review process began in January 2018 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. Contract review materials were provided to the Trustees in March 2018,
July 2018 and September 2018. In addition, the Trustees reviewed and discussed
the Fund's performance at regularly scheduled meetings throughout the year, and
took into account other information related to the Fund provided to the
Trustees at regularly scheduled meetings, in connection with the review of the
Fund's investment management agreement.
In March 2018, the Trustees, among other things, discussed the memorandum
provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment management agreement, and reviewed and
discussed the qualifications of the investment management teams for the Fund,
as well as the level of investment by the Fund's portfolio managers in the
Fund. In July 2018, the Trustees, among other things, reviewed the Fund's
management fees and total expense ratios, the financial statements of APAM and
its parent companies, profitability analyses provided by APAM, and analyses
from APAM as to possible economies of scale. The Trustees also reviewed the
profitability of the institutional business of APAM and APAM's affiliate,
Amundi Pioneer Institutional Asset Management, Inc. ("APIAM" and, together with
APAM, "Amundi Pioneer"), as compared to that of APAM's fund management
business, and considered the differences between the fees and expenses of the
Fund and the fees and expenses of APAM's and APIAM's institutional accounts, as
well as the different services provided by APAM to the Fund and by APAM and
APIAM to the institutional accounts. The Trustees further considered contract
review materials, including additional materials received in response to the
Trustees' request, in September 2018.
At a meeting held on September 18, 2018, based on their evaluation of the
information provided by APAM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment management agreement for another year. In approving
the renewal of the investment management agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 65
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by APAM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees also reviewed APAM's investment approach
for the Fund and its research process. The Trustees considered the resources of
APAM and the personnel of APAM who provide investment management services to
the Fund. They also reviewed the amount of non-Fund assets managed by the
portfolio managers of the Fund. They considered the non-investment resources
and personnel of APAM that are involved in APAM's services to the Fund,
including APAM's compliance, risk management, and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by APAM's senior management to the Pioneer Fund complex.
The Trustees considered that APAM supervises and monitors the performance of
the Fund's service providers and provides the Fund with personnel (including
Fund officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
APAM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to APAM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by APAM to the Fund were
satisfactory and consistent with the terms of the investment management
agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly review and
discuss throughout the year data prepared by APAM and information comparing the
Fund's performance with the performance of its peer group of funds, as
classified by Morningstar, Inc. (Morningstar), and the performance of the
Fund's benchmark index. They also discuss the Fund's performance with APAM on a
regular basis. The Trustees' regular reviews and discussions were factored into
the Trustees' deliberations concerning the renewal of the investment management
agreement.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees of its peer group of funds as classified
by Morningstar and also to the expense ratios of a peer group of funds selected
on the basis of criteria determined by the Independent Trustees for this
purpose using data provided by Strategic Insight Mutual Fund Research and
Consulting, LLC (Strategic Insight), an independent third party.
66 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
The peer group comparisons referred to below are organized in quintiles. Each
quintile represents one-fifth of the peer group. In all peer group comparisons
referred to below, first quintile is most favorable to the Fund's shareowners.
The Trustees noted that they separately review and consider the impact of the
Fund's transfer agency and Fund- and APAM-paid expenses for sub-transfer agency
and intermediary arrangements, and that the results of the most recent such
review were considered in the consideration of the Fund's expense ratio.
The Trustees considered that the Fund's management fee for the most recent
fiscal year was in the fourth quintile relative to the management fees paid by
other funds in its Morningstar category for the comparable period. The Trustees
considered that the expense ratio of the Fund's Class A shares for the most
recent fiscal year was in the fifth quintile relative to its Strategic Insight
peer group for the comparable period. The Trustees considered that the expense
ratio of the Fund's Class Y shares for the most recent fiscal year was in the
fourth quintile relative to its Strategic Insight peer group for the comparable
period. The Trustees noted that APAM had agreed to waive fees and/or reimburse
expenses in order to limit the ordinary operating expenses of the Fund.
The Trustees reviewed management fees charged by APAM and APIAM to
institutional and other clients, including publicly offered European funds
sponsored by APAM's affiliates, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered APAM's costs in providing
services to the Fund and APAM's and APIAM's costs in providing services to the
other clients and considered the differences in management fees and profit
margins for fund and non-fund services. In evaluating the fees associated with
APAM's and APIAM's client accounts, the Trustees took into account the
respective demands, resources and complexity associated with the Fund and other
client accounts. The Trustees noted that, in some instances, the fee rates for
those clients were lower than the management fee for the Fund and considered
that, under the investment management agreement with the Fund, APAM performs
additional services for the Fund that it does not provide to those other
clients or services that are broader in scope, including oversight of the
Fund's other service providers and activities related to compliance and the
extensive regulatory and tax regimes to which the Fund is subject. The Trustees
also considered the entrepreneurial risks associated with APAM's management of
the Fund.
The Trustees concluded that the management fee payable by the Fund to APAM was
reasonable in relation to the nature and quality of the services provided by
APAM.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 67
Profitability
The Trustees considered information provided by APAM regarding the
profitability of APAM with respect to the advisory services provided by APAM to
the Fund, including the methodology used by APAM in allocating certain of its
costs to the management of the Fund. The Trustees also considered APAM's profit
margin in connection with the overall operation of the Fund. They further
reviewed the financial results, including the profit margins, realized by APAM
and APIAM from non-fund businesses. The Trustees considered APAM's profit
margins in comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that APAM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered APAM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with the Fund and Fund shareholders. The
Trustees recognize that economies of scale are difficult to identify and
quantify, and that, among other factors that may be relevant, are the
following: fee levels, expense subsidization, investment by APAM in research
and analytical capabilities and APAM's commitment and resource allocation to
the Fund. The Trustees noted that profitability also may be an indicator of the
availability of any economies of scale, although profitability may vary for
other reasons including due to reductions in expenses. The Trustees concluded
that economies of scale, if any, were being appropriately shared with the
Fund.
Other Benefits
The Trustees considered the other benefits that APAM enjoys from its
relationship with the Fund. The Trustees considered the character and amount of
fees paid or to be paid by the Fund, other than under the investment management
agreement, for services provided by APAM and its affiliates. The Trustees
further considered the revenues and profitability of APAM's businesses other
than the Fund business. To the extent applicable, the Trustees also considered
the benefits to the Fund and to APAM and its affiliates from the use of "soft"
commission dollars generated by the Fund to pay for research and brokerage
services.
The Trustees considered that Amundi Pioneer is the principal U.S. asset
management business of Amundi, which is one of the largest asset managers
globally. Amundi's worldwide asset management business manages over $1.7
trillion in assets (including the Pioneer Funds). The Trustees considered
68 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
that APAM's relationship with Amundi creates potential opportunities for APAM,
APIAM and Amundi that derive from APAM's relationships with the Fund, including
Amundi's ability to market the services of APAM globally. The Trustees noted
that APAM has access to additional research and portfolio management
capabilities as a result of its relationship with Amundi and Amundi's enhanced
global presence that may contribute to an increase in the resources available
to APAM. The Trustees considered that APAM and the Fund receive reciprocal
intangible benefits from the relationship, including mutual brand recognition
and, for the Fund, direct and indirect access to the resources of a large
global asset manager. The Trustees concluded that any such benefits received by
APAM as a result of its relationship with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including the Independent Trustees, concluded that the investment
management agreement for the Fund, including the fees payable thereunder, was
fair and reasonable and voted to approve the proposed renewal of the investment
management agreement.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 69
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and
David R. Bock Chief Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial Officer
Lisa M. Jones Christopher J. Kelley, Secretary and
Lorraine H. Monchak Chief Legal Officer
Marguerite A. Piret
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.amundipioneer.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
70 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
This page is for your notes.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 71
This page is for your notes.
72 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
This page is for your notes.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 73
This page is for your notes.
74 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
This page is for your notes.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18 75
This page is for your notes.
76 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/18
How to Contact Amundi Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFoneSM for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at www.sec.gov.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
[C] 2018 Amundi Pioneer Asset Management 25266-07-1118
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 Amudi Pioneer Asset Management, Inc, the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
Item 12. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
(a) If the registrant is a closed-end management investment company,
provide the following dollar amounts of income and compensation related
to the securities lending activities of the registrant during its most
recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities
lending activities and related services: any share of revenue generated
by the securities lending program paid to the securities lending agent(s)
(revenue split); fees paid for cash collateral management services
(including fees deducted from a pooled cash collateral reinvestment
vehicle) that are not included in the revenue split; administrative
fees that are not included in the revenue split; fees for
indemnification that are not included in the revenue split; rebates
paid to borrowers; and any other fees relating to the securities lending
program that are not included in the revenue split, including a description
of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in
paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee
is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe
the services provided to the registrant by the securities lending agent in
the registrants most recent fiscal year.
N/A
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust X
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date November 29, 2018
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date November 29, 2018
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date November 29, 2018
* Print the name and title of each signing officer under his or her signature.