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, 2018 through March 31, 2019
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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Annual Report | March 31, 2019
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Ticker Symbols:
Class A PIGFX
Class C FUNCX
Class K PFGKX
Class R PFGRX
Class Y FUNYX
Beginning in March 2021, as permitted by regulations adopted by the Securities
and Exchange Commission, paper copies of the Fund's shareholder reports like
this one will no longer be sent by mail, unless you specifically request paper
copies of the reports from the Fund or from your financial intermediary, such
as a broker-dealer, bank or insurance company. Instead, the reports will be
made available on the Fund's website, and you will be notified by mail each
time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will
not be affected by this change and you need not take any action. You may elect
to receive shareholder reports and other communications electronically by
contacting your financial intermediary or, if you invest directly with the
Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you
invest directly with the Fund, you can inform the Fund that you wish to
continue receiving paper copies of your shareholder reports by calling
1-800-225-6292. If you invest through a financial intermediary, you can contact
your financial intermediary to request that you continue to receive paper
copies of your shareholder reports. Your election to receive reports in paper
will apply to all funds held in your account if you invest through your
financial intermediary or all funds held within the Pioneer Fund complex if you
invest directly.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 22
Notes to Financial Statements 31
Report of Independent Registered Public Accounting Firm 40
Additional Information 42
Trustees, Officers and Service Providers 43
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 1
President's Letter
Since 1928, active portfolio management based on in-depth, fundamental
research, has been the foundation of Amundi Pioneer's investment approach. We
believe an active management investment strategy is a prudent approach to
investing, especially during periods of market volatility, which can result
from any number of risk factors, including slow U.S. economic growth, rising
interest rates, and geopolitical factors. Of course, in today's global economy,
risk factors extend well beyond U.S. borders, and political and economic issues
on the international front can also cause or contribute to volatility in U.S.
markets.
At Amundi Pioneer, each security under consideration is researched by our team
of experienced investment professionals, who visit companies and meet with
their management teams. At the end of this research process, if we have
conviction in a company's business model and management team, and regard the
security as a potentially solid investment opportunity, an Amundi Pioneer
portfolio manager makes an active decision to invest in that security. The
portfolio resulting from these decisions represents an expression of his or her
convictions, and strives to balance overall risk and return opportunity. As an
example, the Standard & Poor's 500 Index -- the predominant benchmark for many
U.S. Large-Cap Core Equity funds -- has 500 stocks. An Amundi Pioneer portfolio
manager chooses to invest in only those companies that he or she believes can
offer the most attractive opportunities to pursue the fund's investment
objective, thus potentially benefiting the fund's shareowners. This process
results in a portfolio that does not own all 500 stocks, but a much narrower
universe. The same active decision to invest in a company is also applied when
we decide to sell a security, either due to changing fundamentals, valuation
concerns, or market risks. We apply this active decision-making across all of
our equity, fixed-income, and global portfolios.
Today, as investors, we have many options. It is our view that active
management can serve shareholders well not only when markets are thriving, but
also during periods of market volatility and uncertainty, thus making it a
compelling investment choice. As you consider the many choices today, 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.
2 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
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.
March 31, 2019
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 | Annual Report | 3/31/19 3
Portfolio Management Discussion | 3/31/19
U.S. stocks delivered generous returns during the 12-month period ended
March 31, 2019, driven by good economic growth, strong corporate earnings, and
subdued inflationary trends. The notable exception to the overall positive
environment came in the final quarter of 2018 when the market sold off due to a
number of concerns, including escalating trade disputes and the U.S. Federal
Reserve's (the Fed's) series of interest-rate increases throughout 2018. In the
following interview, Andrew Acheson and Paul Cloonan discuss the factors that
affected the performance of Pioneer Fundamental Growth Fund during the 12-month
period. Mr. Acheson, 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 12-month period ended March 31, 2019?
A Pioneer Fundamental Growth Fund's Class A shares returned 12.90% at net
asset value during the 12-month period ended March 31, 2019, while the
Fund's benchmark, the Russell 1000 Growth Index (the Russell Index),
returned 12.75%. During the same period, the average return of the 1,397
mutual funds in Morningstar's Large Growth Funds category was 10.71%.
Q How would you describe the investment environment for U.S. equities during
the 12-month period ended March 31, 2019?
A The start of the 12-month period (April 2018) saw a continuation of the
bull market that had characterized most of 2017, with investors encouraged
by a robust economy, rising corporate earnings, lower tax rates, and the
lack of any acceleration in wages or inflation. In that environment,
high-growth stocks with high valuations led the market rally. Stocks in
the information technology sector, in particular, tended to do very well
during that time frame, while more defensive and reasonably priced stocks
lagged. The stock market peaked in September 2018 before reversing course,
falling by approximately 20% by late December as investors worried about
an economic slowdown arising from uncertainties related to the U.S. trade
negotiations with China as well as the prospect that the Fed would keep
raising short-term interest rates, and thus apply a firm brake on economic
growth. (The Fed had raised rates for five consecutive calendar quarters,
including four times in 2018 alone, culminating with its December
increase.)
4 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
The pessimism that characterized the final quarter of 2018 receded early
in 2019, however, after the Fed signaled that it would become more "data
dependent" with regard to future rate increases, and would likely delay
additional hikes, at least for the time being. The Fed's apparent policy
reversal, combined with positive commentary about progress in the
China/U.S. trade negotiations, spurred the equity markets to rebound
sharply in the first quarter of 2019.
Q What factors affected the Fund's benchmark-relative performance the most
during the 12-month period ended March 31, 2019?
A The Fund slightly outperformed the Russell Index during the 12-month
period, with the most important factor aiding benchmark-relative returns
being our focus on investing the portfolio in reasonably valued shares of
companies with better-than-average earnings stability, as those stocks
proved more resilient during the fourth-quarter market decline. To
illustrate, while the Fund did post a negative return of -12.3% in the
extremely difficult market environment over the fourth quarter of 2018, it
managed to outperform the Russell Index, which returned -15.9% for that
same three-month period.
At the sector level, stock selection results in information technology
made a substantial contribution to positive benchmark-relative returns,
while selection in health care and materials also helped. Meanwhile, stock
selection in industrials, communication services, and consumer
discretionary detracted from the Fund's benchmark-relative performance,
with results in industrials by far the biggest drag on returns.
With regard to sector allocations, the Fund's benchmark-relative
underweights in the communication services and industrials sectors, which
we maintained primarily due to the lack of companies in those sectors that
met our investment discipline at appropriate valuations, contributed
positively to relative performance. An overweight exposure to technology
stocks also contributed positively to benchmark-relative returns.
Conversely, an overweight to financials, which was the
third-worst-performing sector in the Russell Index over the 12-month
period, detracted from the Fund's benchmark-relative results.
Q What were some of the individual portfolio holdings that had notable
effects, either positive or negative, on the Fund's benchmark-relative
performance during the 12-month period ended March 31, 2019?
A A position in Mastercard, a high-quality company with a history of
producing strong profitability and steady growth, was the biggest
individual positive contributor to the Fund's benchmark-relative
performance over the 12-month period. Mastercard has continued to benefit
from the long-term
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 5
trend of electronic transactions replacing cash and checks. Another top
performance contributor for the period was the Fund's position in Thermo
Fisher Scientific, which specializes in producing instruments and
equipment mainly for the life-sciences industry. The company's sales
growth has accelerated during the past year, while operating profit
margins have continued to expand. The Fund's investment in O'Reilly
Automotive also paid off and aided benchmark-relative results, as the
auto-parts retailer benefited from rising demand for auto parts needed to
repair aging cars and trucks. At the same time, the Fund's shares of
Broadcom, which is one of the larger semiconductor firms, gained in value
over the 12-month period as the market began to recognize the potential of
the company's acquisition of software firm CA Technologies.
Some portfolio positions detracted from the Fund's benchmark-relative
returns during the period, most notably Raytheon. Raytheon, a major
defense contractor, had no real operational problems during the 12-month
period and continued to benefit from strong demand for its missile
systems. However, the company's share price declined sharply in the fourth
quarter of 2018 as investors grew concerned that growth in defense
spending may not be quite as large as previously believed. Also holding
back the Fund's relative results for the 12-month period was an investment
in Booking Holdings, the online travel company formerly known as
Priceline. Booking Holdings, which has a significant business with
European hotels, struggled as the market feared that the company could be
affected by weakness in the European economy. Finally, the Fund's position
in Electronic Arts (EA), a video game publisher, detracted from
benchmark-relative performance as the market grew worried about increased
competition and a delayed release of one of EA's key game titles.
Q What were some of the more noteworthy changes you made to the portfolio
during the 12-month period ended on March 31, 2019?
A Stocks that we eliminated from the portfolio over the 12-month period
included three drug companies: Alexion Pharmaceuticals, Vertex
Pharmaceuticals, and Gilead Sciences. We sold Alexion because of concerns
over potential competitive threats to its most important rare-disease drug
franchise. Shares of Vertex had reached our price target and, consistent
with the Fund's discipline on valuation, we eliminated the stock from the
portfolio. We sold Gilead Sciences because of continued competitive
pressure on its hepatitis C drugs, and the potential for new HIV-related
products in the marketplace. We also sold the Fund's stake in
Colgate-Palmolive after the company's earnings growth rate faltered.
6 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
The stocks added to the Fund over the 12-month period included: global
pharmaceutical corporation Eli Lilly, which focuses on treatments for
diabetes, oncology, and neurology; online travel company Booking Holdings,
which we discussed earlier; and Emerson Electric, a diversified producer
of industrial process systems and equipment that has been benefiting from
growth in industrial automation. We also added a position in Amazon.com
after the sharp market decline in the fourth quarter, as our confidence
increased that the company could sustain recent improvements in its
profitability.
Q Did the Fund hold any derivative securities during the 12-month period
ended March 31, 2019?
A No, the Fund did not invest in any derivatives during the period.
Q What is your investment outlook?
A We expect that the U.S. economy and corporate profits should continue to
grow in 2019, although more slowly than in 2018. While global economic
growth trends are slowing, the domestic economy has shown more resilience,
and it could benefit further from the prospect of a more accommodative
monetary policy from the Fed. The U.S. central bank's softer tone on
interest rates has reassured investors, despite continuing concerns about
the outcome of U.S. trade negotiations with other nations, particularly
China. Even so, we believe we may continue to see increased volatility in
the equity market due to conflicting economic signals and political
uncertainties, given that 2020 is a U.S. election year.
In such an environment, we anticipate that the market may increasingly
come to favor reasonably priced stocks of companies with sustainable
profitability and stable earnings growth. Those are the characteristics we
emphasize when selecting individual investments for the Fund's portfolio.
Over time, that investment approach has helped the Fund to have less
downside risk in volatile markets, such as the market decline witnessed in
the fourth quarter of 2018.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 7
Please refer to the Schedule of Investments on pages 18-21 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.
8 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
Portfolio Summary | 3/31/19
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Information Technology 32.6%
Health Care 17.0%
Consumer Discretionary 16.3%
Financials 9.4%
Communication Services 8.4%
Industrials 8.3%
Consumer Staples 5.1%
Materials 2.9%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)*
1. Microsoft Corp. 7.68%
--------------------------------------------------------------------------------
2. Alphabet, Inc., Class C 6.30
--------------------------------------------------------------------------------
3. Apple, Inc. 5.47
--------------------------------------------------------------------------------
4. Mastercard, Inc. 5.18
--------------------------------------------------------------------------------
5. Thermo Fisher Scientific, Inc. 3.82
--------------------------------------------------------------------------------
6. PepsiCo., Inc. 3.75
--------------------------------------------------------------------------------
7. Intercontinental Exchange, Inc. 3.49
--------------------------------------------------------------------------------
8. Home Depot, Inc. 3.46
--------------------------------------------------------------------------------
9. Marsh & McLennan Cos., Inc. 3.33
--------------------------------------------------------------------------------
10. Broadcom, Inc. 3.06
--------------------------------------------------------------------------------
* 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.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 9
Prices and Distributions | 3/31/19
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/19 3/31/18
--------------------------------------------------------------------------------
A $24.21 $22.66
--------------------------------------------------------------------------------
C $21.93 $20.73
--------------------------------------------------------------------------------
K $24.21 $22.68
--------------------------------------------------------------------------------
R $23.79 $22.31
--------------------------------------------------------------------------------
Y $24.42 $22.86
--------------------------------------------------------------------------------
Distributions per Share: 4/1/18-3/31/19
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.0504 $0.0259 $1.2087
--------------------------------------------------------------------------------
C $ -- $0.0259 $1.2087
--------------------------------------------------------------------------------
K $0.1636 $0.0259 $1.2087
--------------------------------------------------------------------------------
R $ -- $0.0259 $1.2087
--------------------------------------------------------------------------------
Y $0.1380 $0.0259 $1.2087
--------------------------------------------------------------------------------
The Russell 1000 Growth Index is an unmanaged index that measures the
performance of large-cap U.S. growth stocks. Index returns assume reinvestment
of dividends and, unlike Fund returns, do not reflect any fees, expenses or
sales charges. It is not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-15.
10 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
Performance Update | 3/31/19 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Fundamental Growth Fund at public
offering price during the periods shown, compared to that of the Russell 1000
Growth Index.
Average Annual Total Returns
(As of March 31, 2019)
------------------------------------------------------
Net Public Russell
Asset Offering 1000
Value Price Growth
Period (NAV) (POP) Index
------------------------------------------------------
10 years 15.43% 14.75 17.52%
5 years 11.99 10.68 13.50
1 year 12.90 6.41 12.75
------------------------------------------------------
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
3/09 $ 9,425 $10,000
3/10 $13,242 $14,975
3/11 $14,729 $17,709
3/12 $16,915 $19,661
3/13 $18,546 $21,645
3/14 $22,470 $26,670
3/15 $26,425 $30,961
3/16 $27,481 $31,740
3/17 $30,717 $36,742
3/18 $35,067 $44,550
3/19 $39,590 $50,230
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.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 11
Performance Update | 3/31/19 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Fundamental Growth Fund during the
periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of March 31, 2019)
------------------------------------------------------
Russell
1000
If If Growth
Period Held Redeemed Index
------------------------------------------------------
10 years 14.59% 14.59% 17.52%
5 years 11.24 11.24 13.50
1 year 12.12 12.12 12.75
------------------------------------------------------
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
3/09 $10,000 $10,000
3/10 $13,929 $14,975
3/11 $15,368 $17,709
3/12 $17,516 $19,661
3/13 $19,053 $21,645
3/14 $22,918 $26,670
3/15 $26,771 $30,961
3/16 $27,652 $31,740
3/17 $30,689 $36,742
3/18 $34,820 $44,550
3/19 $39,039 $50,230
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. "If Redeemed" 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.
12 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
Performance Update | 3/31/19 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 March 31, 2019)
------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
------------------------------------------------------
10 years 15.74% 17.52%
5 years 12.48 13.50
1 year 13.39 12.75
------------------------------------------------------
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
3/09 $ 5,000,000 $ 5,000,000
3/10 $ 7,024,786 $ 7,487,571
3/11 $ 7,813,910 $ 8,854,463
3/12 $ 8,973,609 $ 9,830,615
3/13 $ 9,851,255 $10,822,267
3/14 $11,980,302 $13,335,064
3/15 $14,150,048 $15,480,497
3/16 $14,776,306 $15,870,133
3/17 $16,584,606 $18,370,754
3/18 $19,019,331 $22,275,155
3/19 $21,565,076 $25,114,834
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.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 13
Performance Update | 3/31/19 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Fundamental Growth Fund during the
periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of March 31, 2019)
------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
------------------------------------------------------
10 years 15.19% 17.52%
5 years 11.65 13.50
1 year 12.52 12.75
------------------------------------------------------
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
3/09 $10,000 $10,000
3/10 $14,050 $14,975
3/11 $15,628 $17,709
3/12 $17,947 $19,661
3/13 $19,620 $21,645
3/14 $23,708 $26,670
3/15 $27,792 $30,961
3/16 $28,820 $31,740
3/17 $32,107 $36,742
3/18 $36,560 $44,550
3/19 $41,138 $50,230
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.
14 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
Performance Update | 3/31/19 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Fundamental Growth Fund during the
periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of March 31, 2019)
------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
------------------------------------------------------
10 years 15.83% 17.52%
5 years 12.35 13.50
1 year 13.28 12.75
------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2018)
------------------------------------------------------
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
3/09 $ 5,000,000 $ 5,000,000
3/10 $ 7,049,631 $ 7,487,571
3/11 $ 7,884,026 $ 8,854,463
3/12 $ 9,089,330 $ 9,830,615
3/13 $ 9,997,465 $10,822,267
3/14 $12,141,022 $13,335,064
3/15 $14,324,220 $15,480,497
3/16 $14,939,471 $15,870,133
3/17 $16,749,109 $18,370,754
3/18 $19,184,323 $22,275,155
3/19 $21,731,770 $25,114,834
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.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Fundamental Growth Fund
Based on actual returns from October 1, 2018, through March 31, 2019.
-----------------------------------------------------------------------------------------------------
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 10/1/18
-----------------------------------------------------------------------------------------------------
Ending Account $1,003.64 $1,000.09 $1,005.77 $1,002.14 $1,005.24
Value (after expenses)
on 3/31/19
-----------------------------------------------------------------------------------------------------
Expenses Paid $5.44 $8.63 $3.30 $6.94 $3.85
During Period*
-----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.09%, 1.73%,
0.66%, 1.39% and 0.77% 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 182/365 (to reflect the partial year period).
16 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the
period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Fundamental Growth Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from October 1, 2018, through March 31, 2019.
-----------------------------------------------------------------------------------------------------
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 10/1/18
-----------------------------------------------------------------------------------------------------
Ending Account $1,019.50 $1,016.31 $1,021.64 $1,018.00 $1,021.09
Value (after expenses)
on 3/31/19
-----------------------------------------------------------------------------------------------------
Expenses Paid $5.49 $8.70 $3.33 $6.99 $3.88
During Period*
-----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.09%, 1.73%,
0.66%, 1.39% and 0.77% 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 182/365 (to reflect the partial year period).
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 17
Schedule of Investments | 3/31/19
-----------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 99.4%
COMMON STOCKS -- 99.4% of Net Assets
Aerospace & Defense -- 2.9%
928,973 Raytheon Co. $ 169,147,404
--------------
Total Aerospace & Defense $ 169,147,404
-----------------------------------------------------------------------------------------------------------
Beverages -- 3.7%
1,777,980 PepsiCo., Inc. $ 217,891,449
--------------
Total Beverages $ 217,891,449
-----------------------------------------------------------------------------------------------------------
Building Products -- 1.3%
1,890,013 Masco Corp. $ 74,296,411
--------------
Total Building Products $ 74,296,411
-----------------------------------------------------------------------------------------------------------
Capital Markets -- 4.8%
1,835,297 Charles Schwab Corp. $ 78,477,300
2,659,879 Intercontinental Exchange, Inc. 202,523,187
--------------
Total Capital Markets $ 281,000,487
-----------------------------------------------------------------------------------------------------------
Chemicals -- 2.8%
593,389 Ecolab, Inc. $ 104,756,894
474,833 International Flavors & Fragrances, Inc. 61,153,742
--------------
Total Chemicals $ 165,910,636
-----------------------------------------------------------------------------------------------------------
Communications Equipment -- 0.3%
58,389(a) Arista Networks, Inc. $ 18,361,005
--------------
Total Communications Equipment $ 18,361,005
-----------------------------------------------------------------------------------------------------------
Electrical Equipment -- 2.0%
1,687,140 Emerson Electric Co. $ 115,518,476
--------------
Total Electrical Equipment $ 115,518,476
-----------------------------------------------------------------------------------------------------------
Electronic Equipment, Instruments & Components -- 3.1%
657,097 Amphenol Corp. $ 62,056,241
1,245,561 CDW Corp. 120,034,713
--------------
Total Electronic Equipment, Instruments & Components $ 182,090,954
-----------------------------------------------------------------------------------------------------------
Entertainment -- 2.1%
1,229,709(a) Electronic Arts, Inc. $ 124,975,326
--------------
Total Entertainment $ 124,975,326
-----------------------------------------------------------------------------------------------------------
Food & Staples Retailing -- 1.3%
786,918 Walmart, Inc. $ 76,748,113
--------------
Total Food & Staples Retailing $ 76,748,113
-----------------------------------------------------------------------------------------------------------
Health Care Equipment & Supplies -- 5.0%
205,516(a) ABIOMED, Inc. $ 58,693,314
204,277 Cooper Cos., Inc. 60,500,719
The accompanying notes are an integral part of these financial statements.
18 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
-----------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------
Health Care Equipment & Supplies (continued)
382,284(a) Edwards Lifesciences Corp. $ 73,142,398
1,080,757 Medtronic Plc 98,435,347
--------------
Total Health Care Equipment & Supplies $ 290,771,778
-----------------------------------------------------------------------------------------------------------
Hotels, Restaurants & Leisure -- 1.0%
784,574 Starbucks Corp. $ 58,325,231
--------------
Total Hotels, Restaurants & Leisure $ 58,325,231
-----------------------------------------------------------------------------------------------------------
Insurance -- 4.6%
2,059,252 Marsh & McLennan Cos., Inc. $ 193,363,763
1,023,322 Progressive Corp. 73,771,283
--------------
Total Insurance $ 267,135,046
-----------------------------------------------------------------------------------------------------------
Interactive Media & Services -- 6.3%
312,094(a) Alphabet, Inc., Class C $ 366,183,011
--------------
Total Interactive Media & Services $ 366,183,011
-----------------------------------------------------------------------------------------------------------
Internet & Direct Marketing Retail -- 5.7%
89,713(a) Amazon.com, Inc. $ 159,756,425
97,818(a) Booking Holdings, Inc. 170,683,606
--------------
Total Internet & Direct Marketing Retail $ 330,440,031
-----------------------------------------------------------------------------------------------------------
IT Services -- 10.1%
966,523 Accenture Plc $ 170,127,379
1,277,795 Mastercard, Inc. 300,856,833
1,131,227(a) PayPal Holdings, Inc. 117,466,611
--------------
Total IT Services $ 588,450,823
-----------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 3.8%
810,682 Thermo Fisher Scientific, Inc. $ 221,899,877
--------------
Total Life Sciences Tools & Services $ 221,899,877
-----------------------------------------------------------------------------------------------------------
Machinery -- 2.1%
886,651 Stanley Black & Decker, Inc. $ 120,735,266
--------------
Total Machinery $ 120,735,266
-----------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 8.1%
1,953,262(a) Elanco Animal Health, Inc. $ 62,641,112
1,336,105 Eli Lilly & Co. 173,372,985
608,242 Johnson & Johnson 85,026,149
1,516,661 Zoetis, Inc. 152,682,263
--------------
Total Pharmaceuticals $ 473,722,509
-----------------------------------------------------------------------------------------------------------
Semiconductors & Semiconductor Equipment -- 3.0%
591,995 Broadcom, Inc. $ 178,018,817
--------------
Total Semiconductors & Semiconductor Equipment $ 178,018,817
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 19
Schedule of Investments | 3/31/19 (continued)
-----------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------
Software -- 10.5%
625,462(a) Adobe, Inc. $ 166,679,368
3,782,237 Microsoft Corp. 446,077,032
--------------
Total Software $ 612,756,400
-----------------------------------------------------------------------------------------------------------
Specialty Retail -- 9.5%
1,046,894 Home Depot, Inc. $ 200,888,490
328,314(a) O'Reilly Automotive, Inc. 127,484,326
1,872,746 Ross Stores, Inc. 174,352,652
566,822 Tractor Supply Co. 55,412,519
--------------
Total Specialty Retail $ 558,137,987
-----------------------------------------------------------------------------------------------------------
Technology Hardware, Storage & Peripherals -- 5.4%
1,674,147 Apple, Inc. $ 318,004,223
--------------
Total Technology Hardware, Storage & Peripherals $ 318,004,223
-----------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $3,848,219,531) $5,810,521,260
-----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 99.4%
(Cost $3,848,219,531) $5,810,521,260
-----------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.6% $ 34,480,155
-----------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $5,845,001,415
===========================================================================================================
(a) Non-income producing security.
Purchases and sales of securities (excluding temporary cash investments) for
the year ended March 31, 2019, aggregated $1,579,239,113 and $2,541,308,340,
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 year ended March 31,
2019, the Fund did not engage in cross trade activity.
At March 31, 2019, the net unrealized appreciation on investments based on cost
for federal tax purposes of $3,862,294,699 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $2,042,682,520
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (94,455,959)
--------------
Net unrealized appreciation $1,948,226,561
==============
The accompanying notes are an integral part of these financial statements.
20 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
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 March 31, 2019, in valuing
the Fund's investments:
----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------
Common Stocks $5,810,521,260 $ -- $ -- $5,810,521,260
----------------------------------------------------------------------------------------
Total Investments in
Securities $5,810,521,260 $ -- $ -- $5,810,521,260
========================================================================================
During the year ended March 31, 2019, there were no transfers between Levels 1,
2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 21
Statement of Assets and Liabilities | 3/31/19
ASSETS:
Investments in unaffiliated issuers, at value (cost $3,848,219,531) $5,810,521,260
Receivables --
Investment securities sold 40,871,434
Fund shares sold 9,107,432
Dividends 1,895,796
Other assets 56,146
-----------------------------------------------------------------------------------------------
Total assets $5,862,452,068
-----------------------------------------------------------------------------------------------
LIABILITIES:
Due to custodian $ 5,573,166
Payables --
Fund shares repurchased 9,872,681
Trustees' fees 2,917
Transfer agent fees 1,147,626
Due to affiliates 648,613
Accrued expenses 205,650
-----------------------------------------------------------------------------------------------
Total liabilities $ 17,450,653
-----------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $3,776,125,393
Distributable earnings (loss) 2,068,876,022
-----------------------------------------------------------------------------------------------
Net assets $5,845,001,415
-----------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $1,042,167,549/43,054,369 shares) $ 24.21
Class C (based on $444,786,071/20,279,521 shares) $ 21.93
Class K (based on $680,094,238/28,096,576 shares) $ 24.21
Class R (based on $114,780,562/4,824,939 shares) $ 23.79
Class Y (based on $3,563,172,995/145,932,681 shares) $ 24.42
MAXIMUM OFFERING PRICE:
Class A (based on $24.21 net asset value per share/100% - 5.75%
maximum sales charge) $ 25.69
===============================================================================================
The accompanying notes are an integral part of these financial statements.
22 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
Statement of Operations
For the Year Ended 3/31/19
INVESTMENT INCOME:
Dividends from unaffiliated issuers $80,291,247
Interest from unaffiliated issuers 834,173
------------------------------------------------------------------------------------------------------
Total investment income $ 81,125,420
======================================================================================================
EXPENSES:
Management fees $36,725,381
Administrative expense 1,662,601
Transfer agent fees
Class A 2,012,245
Class C 320,905
Class K 9,309
Class R 275,436
Class Y 3,943,519
Distribution fees
Class A 2,787,496
Class C 4,591,023
Class R 601,000
Shareowner communications expense 247,962
Custodian fees 77,138
Registration fees 181,962
Professional fees 262,287
Printing expense 61,671
Trustees' fees 290,533
Insurance expense 80,833
Interest expense 6,848
Miscellaneous 153,596
------------------------------------------------------------------------------------------------------
Total expenses $ 54,291,745
Less fees waived and expenses reimbursed by the Adviser (8,153)
------------------------------------------------------------------------------------------------------
Net expenses $ 54,283,592
------------------------------------------------------------------------------------------------------
Net investment income $ 26,841,828
------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $366,395,202
------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $334,424,633
------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $700,819,835
------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $727,661,663
======================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 23
Statements of Changes in Net Assets
----------------------------------------------------------------------------------------------------------------
Year Ended Year Ended
3/31/19 3/31/18
----------------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 26,841,828 $ 26,198,391
Net realized gain (loss) on investments 366,395,202 255,805,911
Change in net unrealized appreciation (depreciation)
on investments 334,424,633 524,705,611
----------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 727,661,663 $ 806,709,913
----------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:*
Class A ($1.28 and $1.05 per share, respectively) $ (56,885,056) $ (57,118,209)
Class C ($1.23 and $1.01 per share, respectively) (25,144,609) (22,632,886)
Class K ($1.39 and $1.15 per share, respectively) (37,601,659) (27,170,074)
Class R ($1.23 and $1.01 per share, respectively) (6,194,708) (6,472,545)
Class Y ($1.37 and $1.12 per share, respectively) (206,490,287) (183,467,085)
----------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (332,316,319) $ (296,860,799)
----------------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 1,335,053,456 $ 1,890,199,140
Reinvestment of distributions 301,535,270 265,460,390
Cost of shares repurchased (2,364,978,703) (1,851,632,022)
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ (728,389,977) $ 304,027,508
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (333,044,633) $ 813,876,622
NET ASSETS:**
Beginning of year $ 6,178,046,048 $ 5,364,169,426
----------------------------------------------------------------------------------------------------------------
End of year $ 5,845,001,415 $ 6,178,046,048
================================================================================================================
* For the year ended March 31, 2018, distribution to shareowners were 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.
24 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
--------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
3/31/19 3/31/19 3/31/18 3/31/18
Shares Amount Shares Amount
--------------------------------------------------------------------------------------------------------------
Class A
Shares sold 7,464,963 $ 174,656,891 13,806,968 $ 306,540,567
Reinvestment of distributions 2,147,773 48,760,985 2,165,560 48,482,692
Less shares repurchased (19,319,758) (454,252,301) (21,209,461) (475,551,238)
--------------------------------------------------------------------------------------------------------------
Net decrease (9,707,022) $ (230,834,425) (5,236,933) $ (120,527,979)
==============================================================================================================
Class C
Shares sold 2,716,493 $ 57,846,329 3,917,788 $ 80,229,794
Reinvestment of distributions 1,059,825 21,874,816 964,970 19,762,588
Less shares repurchased (6,325,451) (135,733,801) (6,336,780) (129,776,814)
--------------------------------------------------------------------------------------------------------------
Net decrease (2,549,133) $ (56,012,656) (1,454,022) $ (29,784,432)
==============================================================================================================
Class K
Shares sold 10,787,886 $ 253,736,943 13,324,965 $ 299,047,406
Reinvestment of distributions 1,635,138 36,995,323 1,163,910 26,160,337
Less shares repurchased (11,429,160) (271,777,022) (5,504,088) (124,406,560)
--------------------------------------------------------------------------------------------------------------
Net increase 993,864 $ 18,955,244 8,984,787 $ 200,801,183
==============================================================================================================
Class R
Shares sold 1,085,802 $ 24,580,239 2,589,007 $ 55,874,837
Reinvestment of distributions 230,179 5,146,817 203,945 4,488,824
Less shares repurchased (2,077,742) (47,159,442) (2,960,660) (65,982,881)
--------------------------------------------------------------------------------------------------------------
Net decrease (761,761) $ (17,432,386) (167,708) $ (5,619,220)
==============================================================================================================
Class Y
Shares sold 34,937,476 $ 824,233,054 51,292,560 $ 1,148,506,536
Reinvestment of distributions 8,263,070 188,757,329 7,355,824 166,565,949
Less shares repurchased (62,145,940) (1,456,056,137) (46,433,917) (1,055,914,529)
--------------------------------------------------------------------------------------------------------------
Net increase
(decrease) (18,945,394) $ (443,065,754) 12,214,467 $ 259,157,956
==============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 25
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/19 3/31/18 3/31/17* 3/31/16* 3/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 22.66 $ 20.78 $ 19.00 $ 19.06 $ 16.66
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.06(a) $ 0.06(a) $ 0.08(a) $ 0.07(a) $ 0.06
Net realized and unrealized gain (loss) on investments 2.77 2.87 2.13 0.70 2.86
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.83 $ 2.93 $ 2.21 $ 0.77 $ 2.92
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.05) $ (0.04) $ (0.06) $ (0.05) $ (0.05)
Net realized gain (1.23) (1.01) (0.37) (0.78) (0.47)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.28) $ (1.05) $ (0.43) $ (0.83) $ (0.52)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.55 $ 1.88 $ 1.78 $ (0.06) $ 2.40
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 24.21 $ 22.66 $ 20.78 $ 19.00 $ 19.06
------------------------------------------------------------------------------------------------------------------------------------
Total return (b) 12.90% 14.16% 11.78% 4.00% 17.60%
Ratio of net expenses to average net assets 1.09% 1.09% 1.09% 1.09% 1.09%
Ratio of net investment income (loss) to average net assets 0.25% 0.25% 0.39% 0.38% 0.38%
Portfolio turnover rate 26% 38% 23% 13% 12%
Net assets, end of period (in thousands) $1,042,168 $1,195,674 $1,205,124 $992,927 $796,689
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% 1.10% 1.09% 1.11% 1.13%
Net investment income (loss) to average net assets 0.25% 0.24% 0.39% 0.36% 0.34%
====================================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
26 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/19 3/31/18 3/31/17* 3/31/16* 3/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 20.73 $ 19.17 $ 17.63 $ 17.81 $ 15.66
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.08)(a)(b) $ (0.08)(a)(b) $ (0.05)(a)(b) $ (0.05)(a)(b) $ (0.03)
Net realized and unrealized gain (loss) on
investments 2.51 2.65 1.96 0.65 2.65
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.43 $ 2.57 $ 1.91 $ 0.60 $ 2.62
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ -- $ -- $ -- $ --
Net realized gain (1.23) (1.01) (0.37) (0.78) (0.47)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.23) $ (1.01) $ (0.37) $ (0.78) $ (0.47)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.20 $ 1.56 $ 1.54 $ (0.18) $ 2.15
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 21.93 $ 20.73 $ 19.17 $ 17.63 $ 17.81
====================================================================================================================================
Total return (c) 12.12% 13.46% 10.98% 3.29% 16.81%
Ratio of net expenses to average net assets 1.73% 1.74% 1.77% 1.77% 1.79%
Ratio of net investment income (loss) to average
net assets (0.39)% (0.40)% (0.30)% (0.29)% (0.32)%
Portfolio turnover rate 26% 38% 23% 13% 12%
Net assets, end of period (in thousands) $444,786 $473,154 $465,545 $356,675 $246,593
====================================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 27
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/19 3/31/18 3/31/17* 3/31/16* 3/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 22.68 $ 20.79 $ 19.00 $ 19.05 $ 16.64
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.16(a) $ 0.16(a) $ 0.16(a) $ 0.15(a) $ 0.16
Net realized and unrealized gain (loss) on investments 2.76 2.88 2.13 0.70 2.84
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.92 $ 3.04 $ 2.29 $ 0.85 $ 3.00
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.16) $ (0.14) $ (0.13) $ (0.12) $ (0.12)
Net realized gain (1.23) (1.01) (0.37) (0.78) (0.47)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.39) $ (1.15) $ (0.50) $ (0.90) $ (0.59)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.53 $ 1.89 $ 1.79 $ (0.05) $ 2.41
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 24.21 $ 22.68 $ 20.79 $ 19.00 $ 19.05
====================================================================================================================================
Total return (b) 13.39% 14.68% 12.24% 4.43% 18.11%
Ratio of net expenses to average net assets 0.66% 0.66% 0.67% 0.67% 0.69%
Ratio of net investment income (loss) to average net assets 0.68% 0.69% 0.81% 0.80% 0.81%
Portfolio turnover rate 26% 38% 23% 13% 12%
Net assets, end of period (in thousands) $680,094 $614,710 $376,708 $131,813 $97,063
====================================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/19 3/31/18 3/31/17* 3/31/16* 3/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 22.31 $ 20.49 $ 18.76 $ 18.86 $ 16.50
------------------------------------------------------------------------------------------------------------------------------------
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)
Net realized and unrealized gain (loss) on investments 2.72 2.84 2.10 0.69 2.83
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.71 $ 2.83 $ 2.11 $ 0.71 $ 2.83
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ -- $ (0.01) $ (0.03) $ --
Net realized gain (1.23) (1.01) (0.37) (0.78) (0.47)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.23) $ (1.01) $ (0.38) $ (0.81) $ (0.47)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.48 $ 1.82 $ 1.73 $ (0.10) $ 2.36
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 23.79 $ 22.31 $ 20.49 $ 18.76 $ 18.86
====================================================================================================================================
Total return (d) 12.52% 13.87% 11.41% 3.70% 17.23%
Ratio of net expenses to average net assets 1.39% 1.40% 1.40% 1.40% 1.40%
Ratio of net investment income (loss) to average net assets (0.04)% (0.05)% 0.08% 0.10% 0.05%
Portfolio turnover rate 26% 38% 23% 13% 12%
Net assets, end of period (in thousands) $114,781 $124,614 $117,931 $79,519 $37,285
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.39% 1.42% 1.41% 1.43% 1.52%
Net investment income (loss) to average net assets (0.04)% (0.07)% 0.07% 0.07% (0.07)%
====================================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 29
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/19 3/31/18 3/31/17* 3/31/16* 3/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 22.86 $ 20.95 $ 19.15 $ 19.20 $ 16.77
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.14(a) $ 0.13(a) $ 0.14(a) $ 0.13(a) $ 0.10
Net realized and unrealized gain (loss) on investments 2.79 2.90 2.14 0.71 2.90
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.93 $ 3.03 $ 2.28 $ 0.84 $ 3.00
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.14) $ (0.11) $ (0.11) $ (0.11) $ (0.10)
Net realized gain (1.23) (1.01) (0.37) (0.78) (0.47)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.37) $ (1.12) $ (0.48) $ (0.89) $ (0.57)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.56 $ 1.91 $ 1.80 $ (0.05) $ 2.43
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 24.42 $ 22.86 $ 20.95 $ 19.15 $ 19.20
====================================================================================================================================
Total return (b) 13.28% 14.54% 12.11% 4.29% 17.98%
Ratio of net expenses to average net assets 0.77% 0.77% 0.77% 0.79% 0.80%
Ratio of net investment income (loss) to average net assets 0.58% 0.58% 0.71% 0.70% 0.68%
Portfolio turnover rate 26% 38% 23% 13% 12%
Net assets, end of period (in thousands) $3,563,173 $3,769,893 $3,198,861 $2,001,002 $1,263,594
====================================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
Notes to Financial Statements | 3/31/19
1. Organization and Significant Accounting Policies
Pioneer Fundamental Growth 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 Fund's investment objective is to seek
long-term capital growth.
The Fund offers five classes of shares designated as Class A, Class C, Class K,
Class R and Class Y shares. Each class of shares represents an interest in the
same portfolio of investments of the Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes
can bear different rates of class-specific fees and expenses, such as transfer
agent and distribution fees. Differences in class-specific fees and expenses
will result in differences in net investment income and, therefore, the payment
of different dividends from net investment income earned by each class. The
Amended and Restated Declaration of Trust of the Fund gives the Board of
Trustees the flexibility to specify either per-share voting or dollar-weighted
voting when submitting matters for 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.
Amundi Pioneer Asset Management, Inc., an indirect wholly owned subsidiary of
Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the
Fund's investment adviser (the "Adviser"). Amundi Pioneer Distributor, Inc., an
affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund's
distributor (the "Distributor").
In August 2018, the Securities and Exchange Commission ("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 is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the
Fund to make estimates and assumptions that affect the reported amounts of
assets and liabilities, the disclosure of contingent assets
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 31
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 following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the
New York Stock Exchange ("NYSE") is open, as of the close of regular
trading on the NYSE.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities
for which sale prices are not available, generally are valued using the
mean between the last bid and asked prices or, if both last bid and asked
prices are not available, at the last quoted bid price. Last sale and bid
and asked prices are provided by independent third party pricing services.
In the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
The value of foreign securities is translated into U.S. dollars based on
foreign currency exchange rate quotations supplied by a third party
pricing source. Trading in non-U.S. equity securities is substantially
completed each day at various times prior to the close of the NYSE. The
values of such securities used in computing the net asset value of the
Fund's shares are determined as of such times. The Fund may use a fair
value model developed by an independent pricing service to value non-U.S.
equity securities.
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.
32 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
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 March 31, 2019, 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.
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.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 33
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, 2019, 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 distributions paid during the years ended March 31,
2019 and March 31, 2018, was as follows:
--------------------------------------------------------------------------
2019 2018
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 34,716,252 $ 36,554,386
Long-term capital gain 297,600,067 260,306,413
--------------------------------------------------------------------------
Total $332,316,319 $296,860,799
==========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2019:
--------------------------------------------------------------------------
2019
--------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 4,403,055
Undistributed long-term capital gain 116,246,406
Unrealized appreciation 1,948,226,561
--------------------------------------------------------------------------
Total $2,068,876,022
==========================================================================
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales and tax basis
adjustments on common stock.
34 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $146,131 in underwriting commissions on the sale of
Class A shares during the year ended March 31, 2019.
E. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset
value attributable to Class A, Class C and Class R shares of the Fund,
respectively (see Note 4). Class K and Class Y shares do not pay
distribution fees. All expenses and fees paid to the Fund's transfer agent
for its services are allocated among the classes of shares based on the
number of accounts in each class and the ratable allocation of related
out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class K, Class R and
Class Y shares can reflect different transfer agent and distribution
expense rates.
F. Risks
The value of securities held by the Fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real
or perceived adverse economic, political or regulatory conditions,
inflation, changes in interest rates, lack of liquidity in the bond
markets or adverse investor sentiment. In the past several years,
financial markets have experienced increased volatility, depressed
valuations, decreased liquidity and 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.
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
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 35
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,
redemptions or exchanges or receive distributions, loss of or unauthorized
access to private shareowner 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. 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
36 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
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.
There were no open repurchase agreements at March 31, 2019.
2. Management Agreement
The Adviser manages the Fund's portfolio. Effective October 1, 2018, management
fees are 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. Prior to October 1, 2018 management fees were
calculated daily at the annual rate of 0.65% of the Fund's average daily net
assets up to $1 billion and 0.60% on assets over $1 billion. For the year ended
March 31, 2019, the effective management fee (excluding waivers and/or
assumption of expenses) was equivalent to 0.61% of the Fund's average daily net
assets.
The Adviser has contractually agreed to limit ordinary operating expenses
(ordinary operating expenses means all fund expenses other than extraordinary
expenses, such as litigation, taxes, brokerage commissions and acquired fund
fees and expenses) of the Fund to the extent required to reduce Fund expenses
to 1.09%, 1.40% and 0.83% of the average daily net assets attributable to
Class A, Class R, and Class Y shares, respectively. 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. Class C and Class K shares do not have an
expense limitation. Fees waived and expenses reimbursed during the year ended
March 31, 2019 are reflected on the Statement of Operations.
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
$544,768 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at March 31, 2019.
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.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 37
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 year
ended March 31, 2019, such out-of-pocket expenses by class of shares were as
follows:
--------------------------------------------------------------------------------
Shareowner Communications:
--------------------------------------------------------------------------------
Class A $ 71,724
Class C 26,062
Class K 16,390
Class R 3,396
Class Y 130,390
--------------------------------------------------------------------------------
Total $247,962
================================================================================
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 $103,845 in distribution fees payable to the Distributor at
March 31, 2019.
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 Class A and Class C 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
38 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
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 year ended March 31, 2019, CDSCs
in the amount of $40,646 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 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 year ended March 31, 2019, the average daily amount of borrowings
outstanding during the period was $8,300,000. The related weighted average
annualized interest rate for the period was 3.30%, and the total interest
expense on such borrowings was $6,848, which is shown as Interest expense,
located on the Statement of Operations.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 39
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust X and the Shareholders of
Pioneer Fundamental Growth Fund:
--------------------------------------------------------------------------------
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer
Fundamental Growth Fund (the "Fund") (one of the funds constituting Pioneer
Series Trust X (the "Trust")), including the schedule of investments, as of
March 31, 2019, and the related statements of operations, changes in net assets
and the financial highlights for the year then ended and the related notes, and
the statement of changes in net assets and financial highlights for the year
ended March 31, 2018 (collectively referred to as the "financial statements").
The financial highlights for the periods ended March 31, 2015, March 31, 2016
and March 31, 2017 were audited by another independent registered public
accounting firm whose report, dated May 26, 2017, expressed an unqualified
opinion on those financial highlights. In our opinion, the financial statements
present fairly, in all material respects, the financial position of Pioneer
Fundamental Growth Fund (one of the funds constituting Pioneer Series Trust X)
at March 31, 2019, the results of its operations, the changes in its net
assets, and the financial highlights for the year ended, and the statement of
changes in net assets and the financial highlights for the year ended March 31,
2018, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust's management.
Our responsibility is to express an opinion on the Fund's financial statements
based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) ("PCAOB") and are required
to be independent with respect to the Trust in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and
Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. The Trust is not required to have,
nor were we engaged to perform, an audit of the Trust's internal control over
financial reporting. As part of our audits, we are required to
40 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
obtain an understanding of internal control over financial reporting, but not
for the purpose of expressing an opinion on the effectiveness of the Trust's
internal control over financial reporting. Accordingly, we express no such
opinion.
Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of March 31, 2019, by correspondence with the custodian and brokers.
Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audits provide a
reasonable basis for our opinion.
/s/ Ernst & Young LLP
We have served as the Trust's auditor since 2017.
Boston, Massachusetts
May 30, 2019
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 41
ADDITIONAL INFORMATION (unaudited)
For the year ended March 31, 2018, certain dividends paid by the Fund may be
subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth
Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate
up to the maximum amount of such dividends allowable under the Act, as taxed at
a maximum rate of 15%. Complete information will be computed and reported in
conjunction with your 2019 Form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 100.00%.
42 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
Trustees, Officers and Service Providers
Investment Adviser
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
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.
Trustees and Officers
The Fund's Trustees and Officers are listed below, together with their
principal occupations and other directorships they have held during at least
the past five years. Trustees who are interested persons of the Fund within the
meaning of the 1940 Act are referred to as Interested Trustees. Trustees who
are not interested persons of the Fund are referred to as Independent Trustees.
Each of the Trustees serves as a Trustee of each of the 43 U.S. registered
investment portfolios for which Amundi Pioneer serves as investment adviser
(the "Pioneer Funds"). The address for all Trustees and all officers of the
Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 43
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (68) Trustee since 2006. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board Serves until a successor present); Chairman (2008 - 2013) and Solutions, Inc. (investor
and Trustee trustee is elected or Chief Executive Officer (2008 - 2012), communications and securities
earlier retirement or Quadriserv, Inc. (technology products processing provider for
removal. for securities lending industry); and financial services industry)
Senior Executive Vice President, The (2009 - present); Director,
Bank of New York (financial and Quadriserv, Inc. (2005 -
securities services) (1986 - 2004) 2013); and Commissioner, New
Jersey State Civil Service
Commission (2011 - 2015)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (75) Trustee since 2005. Managing Partner, Federal City Capital Director of New York
Trustee Serves until a successor Advisors (corporate advisory services Mortgage Trust (publicly-
trustee is elected or company) (1997 - 2004 and 2008 - traded mortgage REIT)
earlier retirement or present); Interim Chief Executive (2004 - 2009, 2012 -
removal. Officer, Oxford Analytica, Inc. present); Director
(privately held research and consulting of The Swiss Helvetia
company) (2010); Executive Vice Fund, Inc. (closed-end
President and Chief Financial Officer, fund) (2010 - 2017);
I-trax, Inc. (publicly traded health Director of Oxford
care services company) (2004 - 2007); Analytica, Inc. (2008 -
and Executive Vice President and Chief 2015); and Director of
Financial Officer, Pedestal Inc. Enterprise Community
(internet-based mortgage trading Investment, Inc.
company) (2000 - 2002); Private (privately-held
Consultant (1995 - 1997); Managing affordable housing
Director, Lehman Brothers (1992 - finance company)
1995); and Executive, The World Bank (1985 - 2010)
(1979 - 1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (74) Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon Institutional
Trustee Serves until a successor Political Economy, Harvard University Funds Investment Trust and
trustee is elected or (1972 - present) Mellon Institutional Funds
earlier retirement or Master Portfolio (oversaw
removal. 17 portfolios in fund
complex) (1989 - 2008)
------------------------------------------------------------------------------------------------------------------------------------
44 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (71) Trustee since 2002. Founding Director, Vice-President and None
Trustee Serves until a successor Corporate Secretary, The Winthrop
trustee is elected or earlier Group, Inc. (consulting firm) (1982 -
retirement or removal. present); Desautels Faculty of
Management, McGill University (1999 -
2017); and Manager of Research
Operations and Organizational Learning,
Xerox PARC, Xerox's advance research
center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Lorraine H. Monchak (62) Trustee since 2017. Chief Investment Officer, 1199 SEIU None
Trustee (Advisory Trustee from Funds (healthcare workers union pension
2014 - 2017) Serves until funds) (2001 - present); Vice
a successor trustee is President - International Investments
elected or earlier Group, American International Group,
retirement or removal. Inc. (insurance company) (1993 - 2001);
Vice President - Corporate Finance and
Treasury Group, Citibank, N.A. (1980 -
1986 and 1990 - 1993); Vice President -
Asset/Liability Management Group,
Federal Farm Funding Corporation
(government-sponsored issuer of debt
securities) (1988 - 1990); Mortgage
Strategies Group, Shearson Lehman
Hutton, Inc. (investment bank) (1987 -
1988); and Mortgage Strategies Group,
Drexel Burnham Lambert, Ltd.
(investment bank) (1986 - 1987)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (70) Trustee since 2002. President and Chief Executive Officer, Director of New America
Trustee Serves until a successor Metric Financial Inc. (formerly known High Income Fund, Inc.
trustee is elected or earlier as Newbury Piret Company) (investment (closed-end investment
retirement or removal. banking firm) (1981 - present) company) (2004 - present);
and Member, Board of
Governors, Investment
Company Institute
(2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (72) Trustee since 2014. Consultant (investment company None
Trustee Serves until a successor services) (2012 - present); Executive
trustee is elected or earlier Vice President, BNY Mellon (financial
retirement or removal. and investment company services)
(1969 - 2012); Director, BNY
International Financing Corp.
(financial services) (2002 - 2012);
Director, Mellon Overseas Investment
Corp. (financial services) (2009 - 2012);
Director, Financial Models (technology)
(2005-2007); Director, BNY Hamilton
Funds, reland (offshore investment
companies) (2004-2007); Chairman/
Director, AIB/BNY Securities Services,
Ltd., Ireland (financial services)
(1999-2006); and Chairman, BNY
Alternative Investment Services, Inc.
(financial services) (2005-2007)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 45
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (57)* Trustee since 2017. Director, CEO and President of Amundi None
Trustee, President and Serves until a successor Pioneer Asset Management USA, Inc.
Chief Executive Officer trustee is elected or earlier (since September 2014); Director, CEO
retirement or removal and President of Amundi Pioneer Asset
Management, Inc. (since September 2014);
Director, CEO and President of Amundi
Pioneer Distributor, Inc. (since
September 2014); Director, CEO and
President of Amundi Pioneer
Institutional Asset Management, Inc.
(since September 2014); Chair, Amundi
Pioneer Asset Management USA, Inc.,
Amundi Pioneer Distributor, Inc. and
Amundi Pioneer Institutional Asset
Management, Inc. (September 2014 -
2018); Managing Director, Morgan
Stanley Investment Management (2010 -
2013); Director of Institutional
Business, CEO of International, Eaton
Vance Management (2005 - 2010); and
Director of Amundi USA, Inc.
(since 2017)
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (60)* Trustee since 2014. Director and Executive Vice President None
Trustee Serves until a successor (since 2008) and Chief Investment
trustee is elected or earlier Officer, U.S. (since 2010) of Amundi
retirement or removal Pioneer Asset Management USA, Inc.;
Director and Executive Vice President
and Chief Investment Officer, U.S. of
Amundi Pioneer (since 2008); Executive
Vice President and Chief Investment
Officer, U.S. of Amundi Pioneer
Institutional Asset Management, Inc.
(since 2009); Portfolio Manager of
Amundi Pioneer (since 1999); and
Director of Amundi USA, Inc.
(since 2017)
------------------------------------------------------------------------------------------------------------------------------------
* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund's investment adviser and
certain of its affiliates.
46 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (54) Since 2003. Serves at Vice President and Associate General None
Secretary and Chief the discretion of the Board Counsel of Amundi Pioneer since January
Legal Officer 2008; Secretary and Chief Legal Officer
of all of the Pioneer Funds since June
2010; Assistant Secretary of all of the
Pioneer Funds from September 2003 to
May 2010; and Vice President and Senior
Counsel of Amundi Pioneer from July
2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (58) Since 2010. Serves at Fund Governance Director of Amundi None
Assistant Secretary the discretion of the Board Pioneer since December 2006 and
Assistant Secretary of all the Pioneer
Funds since June 2010; Manager - Fund
Governance of Amundi Pioneer from
December 2003 to November 2006; and
Senior Paralegal of Amundi Pioneer
from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (56) Since 2010. Serves at Senior Counsel of Amundi Pioneer since None
Assistant Secretary the discretion of the Board May 2013 and Assistant Secretary of all
the Pioneer Funds since June 2010; and
Counsel of Amundi Pioneer from June 2007
to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (59) Since 2008. Serves at Vice President - Fund Treasury of None
Treasurer and Chief the discretion of the Board Amundi Pioneer; Treasurer of all of the
Financial and Accounting Pioneer Funds since March 2008; Deputy
Officer Treasurer of Amundi Pioneer from March
2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds
from March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (53) Since 2002. Serves at Director - Fund Treasury of Amundi None
Assistant Treasurer the discretion of the Board Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 47
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (60) Since 2002. Serves at Senior Manager - Fund Treasury of Amundi None
Assistant Treasurer the discretion of the Board Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (39) Since 2009. Serves at Senior Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Board Amundi Pioneer since November 2008;
Assistant Treasurer of all of the
Pioneer Funds since January 2009; and
Client Service Manager - Institutional
Investor Services at State Street Bank
from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
John Malone (48) Since 2018. Serves at Managing Director, Chief Compliance None
Chief Compliance Officer the discretion of the Board Officer of Amundi Pioneer Asset
Management; Amundi Pioneer
Institutional Asset Management, Inc.;
and the Pioneer Funds since September
2018; and Chief Compliance Officer of
Amundi Pioneer Distributor, Inc.
since January 2014.
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (48) Since 2006. Serves at Vice President - Amundi Pioneer Asset None
Anti-Money the discretion of the Board Management; and Anti-Money Laundering
Laundering Officer Officer of all the Pioneer Funds
since 2006
------------------------------------------------------------------------------------------------------------------------------------
48 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
This page is for your notes.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 49
This page is for your notes.
50 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
This page is for your notes.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/19 51
This page is for your notes.
52 Pioneer Fundamental Growth Fund | Annual Report | 3/31/19
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 219427
Kansas City, MO 64121-9427
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 portfolio holdings with the Securities
and Exchange Commission for the first and third quarters of each fiscal year as
an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form
N-PORT by visiting the Commission's web site at https://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] 2019 Amundi Pioneer Asset Management 19341-13-0519
Pioneer Multi-Asset
Ultrashort Income Fund
--------------------------------------------------------------------------------
Annual Report | March 31, 2019
--------------------------------------------------------------------------------
Ticker Symbols:
Class A MAFRX
Class C MCFRX
Class C2 MAUCX
Class K MAUKX
Class Y MYFRX
Beginning in March 2021, as permitted by regulations adopted by the Securities
and Exchange Commission, paper copies of the Fund's shareholder reports like
this one will no longer be sent by mail, unless you specifically request paper
copies of the reports from the Fund or from your financial intermediary, such
as a broker-dealer, bank or insurance company. Instead, the reports will be
made available on the Fund's website, and you will be notified by mail each
time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will
not be affected by this change and you need not take any action. You may elect
to receive shareholder reports and other communications electronically by
contacting your financial intermediary or, if you invest directly with the
Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you
invest directly with the Fund, you can inform the Fund that you wish to
continue receiving paper copies of your shareholder reports by calling
1-800-225-6292. If you invest through a financial intermediary, you can contact
your financial intermediary to request that you continue to receive paper
copies of your shareholder reports. Your election to receive reports in paper
will apply to all funds held in your account if you invest through your
financial intermediary or all funds held within the Pioneer Fund complex if you
invest directly.
[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 108
Notes to Financial Statements 117
Report of Independent Registered Public Accounting Firm 128
Additional Information 130
Trustees, Officers and Service Providers 131
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 1
President's Letter
Since 1928, active portfolio management based on in-depth, fundamental
research, has been the foundation of Amundi Pioneer's investment approach. We
believe an active management investment strategy is a prudent approach to
investing, especially during periods of market volatility, which can result
from any number of risk factors, including slow U.S. economic growth, rising
interest rates, and geopolitical factors. Of course, in today's global economy,
risk factors extend well beyond U.S. borders, and political and economic issues
on the international front can also cause or contribute to volatility in U.S.
markets.
At Amundi Pioneer, each security under consideration is researched by our team
of experienced investment professionals, who visit companies and meet with
their management teams. At the end of this research process, if we have
conviction in a company's business model and management team, and regard the
security as a potentially solid investment opportunity, an Amundi Pioneer
portfolio manager makes an active decision to invest in that security. The
portfolio resulting from these decisions represents an expression of his or her
convictions, and strives to balance overall risk and return opportunity. As an
example, the Standard & Poor's 500 Index -- the predominant benchmark for many
U.S. Large-Cap Core Equity funds -- has 500 stocks. An Amundi Pioneer portfolio
manager chooses to invest in only those companies that he or she believes can
offer the most attractive opportunities to pursue the fund's investment
objective, thus potentially benefiting the fund's shareowners. This process
results in a portfolio that does not own all 500 stocks, but a much narrower
universe. The same active decision to invest in a company is also applied when
we decide to sell a security, either due to changing fundamentals, valuation
concerns, or market risks. We apply this active decision-making across all of
our equity, fixed-income, and global portfolios.
Today, as investors, we have many options. It is our view that active
management can serve shareholders well not only when markets are thriving, but
also during periods of market volatility and uncertainty, thus making it a
compelling investment choice. As you consider the many choices today, 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.
2 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
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.
March 31, 2019
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 | Annual Report | 3/31/19 3
Portfolio Management Discussion | 3/31/19
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 12-month
period ended March 31, 2019. 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 a portfolio manager at Amundi Pioneer; and Mr.
Pauwels, 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 12-month period ended March 31, 2019?
A Pioneer Multi-Asset Ultrashort Income Fund's Class A shares returned 2.32%
at net asset value (NAV) during the 12-month period ended March 31, 2019,
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 2.48%. During
the same period, the average return of the 187 mutual funds in
Morningstar's Ultrashort Bond category was 2.39%.
Q How would you describe the market environment for fixed-income investors
over the 12-month period ended March 31, 2019?
A For much of the past several years, financial markets enjoyed a
"Goldilocks" environment, which in the U.S. means there is above-trend
economic growth, low inflation, and accommodative monetary policy. As the
calendar turned to 2019, the environment changed. Global economic growth
momentum slowed and monetary policy became less accommodative as many
developed-market central banks unwound the extraordinary measures they had
implemented, some going back as far as a decade.
After the U.S. Federal Reserve (the Fed) increased its benchmark overnight
lending rate by 100 basis points (bps) during 2018, it left the federal
funds target at 2.25% to 2.50%, a range that many estimate as being
"neutral"; that is, the rate that neither stimulates nor restricts
economic growth. (A basis point is equal to 1/100th of a percentage
point.) However, a sharp decline in manufacturing activity surveys was a
potential sign that the federal funds rate was already above neutral. To
that point, futures prices implied that the next change in the Fed's
target rate would be a reduction in 2020, not an increase.
4 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
The U.S. Treasury yield curve flattened over the 12-month period ended
March 31, 2019, as yields rose and then dropped. To illustrate, the
two-year Treasury yield finished the period unchanged, at 2.27%, the
five-year yield fell by 33 bps, from 2.56% to 2.23%, and the 10-year
Treasury yield also fell by 33 bps, from 2.74% to 2.41%. Over the same
period, short-term Treasury rates rose, as the one-month Treasury yield
went up by 81 bps, from 1.61% to 2.42%; the three-month Treasury yield
rose by 68 bps, from 1.70% to 2.38%; the six-month Treasury yield rose by
51 bps, from 1.91% to 2.42%; and the one-year Treasury yield increased by
31 bps, from 2.08% to 2.39%. Meanwhile, the three-month ICE London
Interbank Offered Rate (ICE LIBOR), a baseline rate commonly used globally
for loans and securities, rose from 2.31% to 2.60% over the 12-month
period.
Q Can you review your principal strategies in managing the Fund during the
12-month period ended March 31, 2019, and how those strategies affected
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.)
Unlike many other floating-rate vehicles, the Fund's allocations focus
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 0.23 years.
During the 12-month period, detractors from the Fund's benchmark-relative
returns included the portfolio's exposures to asset-backed securities
(ABS) and bank loans. Despite the recent drawbacks, we continue to believe
the potential incremental income available from investing in those sectors
* Diversification does not assure a profit nor protect against loss.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 5
provides an attractive tradeoff between risk and reward. Other detractors
from the Fund's benchmark-relative performance over the period included
holdings of U.S. Treasury securities as well as the portfolio's cash
position.
Positive contributors to the Fund's benchmark-relative performance during
the period included exposure to securitized assets, such as commercial
mortgage-backed securities (CMBS), non-agency collateralized mortgage
obligations (CMOs), collateralized debt obligations (CDOs), and
collateralized loan obligations (CLOs). The Fund's allocation to
investment-grade corporate bonds also benefited performance. Within
investment-grade corporates, the Fund's holdings lean toward financial
issues, most notably U.S. banks, where the portfolio has diversified
holdings across both money center and regional banks. We view those
issuers as attractive, due in part to the more stringent regulations
pertaining to the use of leverage that have been applied to the domestic
banking sector since the 2008-2009 financial crisis. Exposure to
industrial issues within the Fund's investment-grade corporate holdings
also helped returns.
Finally, the Fund's allocation to insurance-linked securities (ILS), which
are sponsored by insurance companies to help mitigate the risk of having
to pay claims in the wake of natural disasters, benefited performance
during the 12-month period. We generally expect to maintain a strategic
allocation to ILS in the portfolio, given the incremental income they
provide as well as their near total lack of correlation to other
securities markets.
Q Can you discuss the factors that affected the Fund's income-generation,
either positively or negatively, during the one-year period ended March
31, 2019?
A All through the period, we invested the Fund in floating-rate issues with
interest rates tied to ICE LIBOR, or other short-term reference rates. The
Fund's income-generation benefited from that positioning over the fiscal
year, as short-term ICE LIBOR rates rose in anticipation of the Fed's
increases to its overnight lending rate, which took place throughout 2018.
Q Did you utilize derivatives in managing the Fund over the 12-month period
ended March 31, 2019.
A No, the Fund did not utilize derivatives during the period.
Q What is your assessment of the current investment climate for the Fund?
A We believe credit-sensitive sectors continue to offer better value than
U.S. Treasuries and may benefit from stronger economic growth, lower
taxes, and less regulation. Nonetheless, we have maintained a lower spread
6 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
duration (sensitivity to changes in credit spreads) in the portfolio,
given the relative tightness of credit spreads and the uncertainties
regarding global monetary policies and geopolitical risks.
Seeking value in sectors with fundamentals supported by the resilience of
the U.S. domestic economy, particularly securitized assets, remains a key
focus for us in managing the Fund. In general, we view securitized assets
as more attractively valued than corporate securities, as overall
investment-grade corporate spreads stand at near post-2008 crisis lows,
and reflect both lower quality and an overall longer duration relative to
their historical levels. Securitized issues offer higher risk-adjusted
return potential than corporate credit, a benefit of their amortizing
structures, which can lead to deleveraging over time as well as the
potential for ratings upgrades. In addition, post-2008 underwriting has
improved as rating agencies tightened credit standards. Since they are
less exposed to global risk, securitized issues tend to be more U.S. and
U.S.-consumer centric, and U.S. consumers currently enjoy rising incomes,
low indebtedness relative to income, and the strong ability to service
their debts. Finally, securitized assets generally offer attractive
valuations relative to their risk.
We believe corporate credit, on the other hand, while bolstered by
still-strong underlying fundamentals, may face greater downside risk
should market volatility increase due to an unexpected change in
central-bank monetary policies or a slowdown in global economic growth.
While the Fund's sector allocations will shift around the margins to
reflect our view of relative risk and reward, we have maintained a
significant amount of diversification with respect to the portfolio's
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 | Annual Report | 3/31/19 7
Please refer to the Schedule of Investments on pages 19-107 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 insurance-linked securities. The return of principal and
the payment of interest and/or dividends on insurance-linked securities are
contingent on the non-occurrence of a pre-defined "trigger" event, such as a
hurricane or an earthquake of a specific magnitude.
The Fund may invest in zero-coupon bonds and payment-in-kind securities, which
may be more speculative and fluctuate more in value than other fixed income
securities. The accrual of income from these securities are payable as taxable
annual dividends to shareholders.
8 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
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 | Annual Report | 3/31/19 9
Portfolio Summary | 3/31/19
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Asset Backed Securities 40.9%
Collateralized Mortgage Obligations 25.3%
Corporate Bonds 18.5%
Senior Secured Floating Rate Loan Interests 6.0%
U.S. Government and Agency Obligations 5.5%
Insurance-Linked Securities 3.8%
Municipal Bond 0.0%+
+ Amount rounds to less than 0.1%.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)*
1. U.S. Treasury Floating Rate Notes, 2.54% (3 Month U.S. Treasury Bill Money
Market Yield + 12 bps), 1/31/21 1.37%
-----------------------------------------------------------------------------------------------------------
2. U.S. Treasury Notes, 2.25%, 2/29/20 1.13
-----------------------------------------------------------------------------------------------------------
3. U.S. Treasury Floating Rate Notes, 2.473% (3 Month U.S. Treasury Bill Money
Market Yield + 5 bps), 10/31/19 0.76
-----------------------------------------------------------------------------------------------------------
4. U.S. Treasury Floating Rate Notes, 2.47% (3 Month U.S. Treasury Bill Money
Market Yield + 5 bps), 10/31/20 0.76
-----------------------------------------------------------------------------------------------------------
5. U.S. Treasury Floating Rate Notes, 2.468% (3 Month U.S. Treasury Bill Money
Market Yield + 4 bps), 7/31/20 0.54
-----------------------------------------------------------------------------------------------------------
6. U.S. Treasury Floating Rate Notes, 2.458% (3 Month U.S. Treasury Bill Money
Market Yield + 3 bps), 4/30/20 0.50
-----------------------------------------------------------------------------------------------------------
7. DLL LLC, Series 2018-ST2, Class A2, 3.14%, 10/20/20 (144A) 0.38
-----------------------------------------------------------------------------------------------------------
8. SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.05%, 4/25/29 (144A) 0.38
-----------------------------------------------------------------------------------------------------------
9. Canadian Pacer Auto Receivables Trust, Series 2018-2A, Class A2B, 2.662%
(1 Month USD LIBOR + 18 bps), 6/21/21 (144A) 0.36
-----------------------------------------------------------------------------------------------------------
10. Trillium Credit Card Trust II, Series 2019-1A, Class A, 2.979% (1 Month USD
LIBOR + 48 bps), 1/26/24 (144A) 0.35
-----------------------------------------------------------------------------------------------------------
* 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 | Annual Report | 3/31/19
Prices and Distributions | 3/31/19
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/19 3/31/18
--------------------------------------------------------------------------------
A $9.92 $9.95
--------------------------------------------------------------------------------
C $9.91 $9.94
--------------------------------------------------------------------------------
C2 $9.91 $9.94
--------------------------------------------------------------------------------
K $9.93 $9.96
--------------------------------------------------------------------------------
Y $9.92 $9.96
--------------------------------------------------------------------------------
Distributions per Share: 4/1/18-3/31/19
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income* Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2580 $ -- $ --
--------------------------------------------------------------------------------
C $0.2252 $ -- $ --
--------------------------------------------------------------------------------
C2 $0.2248 $ -- $ --
--------------------------------------------------------------------------------
K $0.2795 $ -- $ --
--------------------------------------------------------------------------------
Y $0.2728 $ -- $ --
--------------------------------------------------------------------------------
* Dividends per share may not reflect the amounts reported in the financial
statements due to the last business day of the reporting period falling on
a holiday weekend. Dividends are not guaranteed.
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 | Annual Report | 3/31/19 11
Performance Update | 3/31/19 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 March 31, 2019)
-----------------------------------------------------
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) 1.48% 1.16% 0.76%
5 years 1.44 0.93 0.99
1 year 2.32 2.32 2.48
-----------------------------------------------------
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
5/11 $ 9,750 $10,000
3/12 $ 9,895 $10,032
3/13 $10,106 $10,075
3/14 $10,200 $10,102
3/15 $10,255 $10,126
3/16 $10,297 $10,159
3/17 $10,548 $10,234
3/18 $10,708 $10,358
3/19 $10,956 $10,614
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 | Annual Report | 3/31/19
Performance Update | 3/31/19 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 March 31, 2019)
-----------------------------------------------------
ICE BofA
ML U.S.
Net Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
-----------------------------------------------------
Life-of-Fund
(4/29/11) 1.10% 0.76%
5 years 1.14 0.99
1 year 1.99 2.48
-----------------------------------------------------
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
5/11 $10,000 $10,000
3/12 $10,082 $10,032
3/13 $10,243 $10,075
3/14 $10,298 $10,102
3/15 $10,333 $10,126
3/16 $10,345 $10,159
3/17 $10,552 $10,234
3/18 $10,688 $10,358
3/19 $10,900 $10,614
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. 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 | Annual Report | 3/31/19 13
Performance Update | 3/31/19 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 March 31, 2019)
-----------------------------------------------------
ICE BofA
ML U.S.
Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
-----------------------------------------------------
Life-of-Fund
(4/29/11) 1.09% 1.09% 0.76%
5 years 1.14 1.14 0.99
1 year 1.98 1.98 2.48
-----------------------------------------------------
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
5/11 $10,000 $10,000
3/12 $10,082 $10,032
3/13 $10,243 $10,075
3/14 $10,297 $10,102
3/15 $10,331 $10,126
3/16 $10,342 $10,159
3/17 $10,549 $10,234
3/18 $10,685 $10,358
3/19 $10,897 $10,614
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. "If Redeemed" 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 | Annual Report | 3/31/19
Performance Update | 3/31/19 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 March 31, 2019)
-----------------------------------------------------
ICE BofA
ML U.S.
Net Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
-----------------------------------------------------
Life-of-Fund
(4/29/11) 1.67% 0.76%
5 years 1.68 0.99
1 year 2.54 2.48
-----------------------------------------------------
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
5/11 $5,000,000 $5,000,000
3/12 $5,074,193 $5,016,142
3/13 $5,185,980 $5,037,586
3/14 $5,246,407 $5,051,197
3/15 $5,290,179 $5,062,972
3/16 $5,323,912 $5,079,435
3/17 $5,459,590 $5,116,860
3/18 $5,559,726 $5,178,819
3/19 $5,700,929 $5,307,026
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 | Annual Report | 3/31/19 15
Performance Update | 3/31/19 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 March 31, 2019)
-----------------------------------------------------
ICE BofA
ML U.S.
Net Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
-----------------------------------------------------
Life-of-Class
(4/29/11) 1.65% 0.76%
5 years 1.58 0.99
1 year 2.37 2.48
-----------------------------------------------------
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
5/11 $5,000,000 $5,000,000
3/12 $5,089,498 $5,016,142
3/13 $5,208,897 $5,037,586
3/14 $5,260,407 $5,051,197
3/15 $5,302,176 $5,062,972
3/16 $5,331,038 $5,079,435
3/17 $5,461,903 $5,116,860
3/18 $5,557,860 $5,178,819
3/19 $5,689,692 $5,307,026
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 | Annual Report | 3/31/19
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Ultrashort Income
Fund
Based on actual returns from October 1, 2018, through March 31, 2019.
----------------------------------------------------------------------------------------
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 10/1/18
----------------------------------------------------------------------------------------
Ending Account Value $1,010.67 $1,009.10 $1,009.00 $1,011.74 $1,011.46
(after expenses)
on 3/31/19
----------------------------------------------------------------------------------------
Expenses Paid $ 2.96 $ 4.56 $ 4.56 $ 1.86 $ 2.26
During Period*
----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.59%, 0.91%,
0.91%, 0.37% and 0.45% for class A, C, C2, K, and Y respectively,
multiplied by the average account value over the period, multiplied by
182/365 (to reflect the partial year period).
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 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 October 1, 2018, through March 31, 2019.
----------------------------------------------------------------------------------------
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 10/1/18
----------------------------------------------------------------------------------------
Ending Account Value $1,021.99 $1,020.39 $1,020.39 $1,023.09 $1,022.69
(after expenses)
on 3/31/19
----------------------------------------------------------------------------------------
Expenses Paid $ 2.97 $ 4.58 $ 4.58 $ 1.87 $ 2.27
During Period*
----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.59%, 0.91%,
0.91%, 0.37% and 0.45% for class A, C, C2, K, and Y respectively,
multiplied by the average account value over the period, multiplied by
182/365 (to reflect the partial year period).
18 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
Schedule of Investments | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 99.9%
ASSET BACKED SECURITIES --
39.8% of Net Assets
315,916(a) 321 Henderson Receivables I LLC, Series 2004-A,
Class A1, 2.834% (1 Month USD LIBOR + 35 bps),
9/15/45 (144A) $ 308,739
2,576,508(a) 321 Henderson Receivables I LLC, Series 2005-1A,
Class A1, 2.714% (1 Month USD LIBOR + 23 bps),
11/15/40 (144A) 2,457,182
590,288(a) 321 Henderson Receivables I LLC, Series 2006-1A,
Class A1, 2.684% (1 Month USD LIBOR + 20 bps),
3/15/41 (144A) 580,333
1,220,068(a) 321 Henderson Receivables I LLC, Series 2006-2A,
Class A1, 2.684% (1 Month USD LIBOR + 20 bps),
6/15/41 (144A) 1,192,975
2,019,649(a) 321 Henderson Receivables I LLC, Series 2006-4A,
Class A1, 2.684% (1 Month USD LIBOR + 20 bps),
12/15/41 (144A) 1,983,642
429,014(a) 321 Henderson Receivables I LLC, Series 2007-1A,
Class A1, 2.684% (1 Month USD LIBOR + 20 bps),
3/15/42 (144A) 413,350
1,560,087(a) 321 Henderson Receivables II LLC, Series 2006-3A,
Class A1, 2.684% (1 Month USD LIBOR + 20 bps),
9/15/41 (144A) 1,493,578
2,450,492(a) ABFC Trust, Series 2004-OPT2, Class M1, 3.311%
(1 Month USD LIBOR + 83 bps), 8/25/33 2,392,796
1,077,407(a) ABFC Trust, Series 2005-WMC1, Class M2, 3.161%
(1 Month USD LIBOR + 68 bps), 6/25/35 1,077,462
1,601,886 ACC Trust, Series 2018-1, Class A, 3.7%,
12/21/20 (144A) 1,603,547
1,786,971 Access Point Funding I LLC, Series 2017-A, Class A,
3.06%, 4/15/29 (144A) 1,780,986
1,674,723(a) ACE Securities Corp. Home Equity Loan Trust, Series
2005-WF1, Class M2, 3.146% (1 Month USD LIBOR +
66 bps), 5/25/35 1,675,873
1,842,777(a) Aegis Asset Backed Securities Trust Mortgage
Pass-Through Ctfs, Series 2004-3, Class M1, 3.386%
(1 Month USD LIBOR + 90 bps), 9/25/34 1,847,253
139,412(a) Aegis Asset Backed Securities Trust Mortgage
Pass-Through Ctfs, Series 2004-4, Class A2B, 3.586%
(1 Month USD LIBOR + 110 bps), 10/25/34 139,510
2,712,999(a) Aegis Asset Backed Securities Trust Mortgage
Pass-Through Ctfs, Series 2004-4, Class M1, 3.386%
(1 Month USD LIBOR + 90 bps), 10/25/34 2,697,803
1,050,410 Ally Auto Receivables Trust, Series 2018-1, Class A2,
2.14%, 9/15/20 1,049,243
7,000,000(a) Ally Master Owner Trust, Series 2017-2, Class A,
2.824% (1 Month USD LIBOR + 34 bps), 6/15/21 7,001,261
470,813 Alterna Funding II LLC, Series 2015-1A, Class B, 3.2%,
2/15/24 (144A) 464,340
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 19
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
4,492,368 American Credit Acceptance Receivables Trust, Series
2015-3, Class C, 4.84%, 10/12/21 (144A) $ 4,496,169
69,012 American Credit Acceptance Receivables Trust, Series
2017-1, Class C, 2.88%, 3/13/23 (144A) 69,008
236,513 American Credit Acceptance Receivables Trust, Series
2017-2, Class C, 2.86%, 6/12/23 (144A) 236,232
6,998,701 American Credit Acceptance Receivables Trust, Series
2017-3, Class C, 2.72%, 6/10/22 (144A) 7,000,361
2,934,068 American Credit Acceptance Receivables Trust, Series
2017-4, Class B, 2.61%, 5/10/21 (144A) 2,932,946
3,064,278 American Credit Acceptance Receivables Trust, Series
2018-3, Class A, 2.92%, 8/12/21 (144A) 3,064,018
1,700,000 American Credit Acceptance Receivables Trust, Series
2018-3, Class B, 3.49%, 6/13/22 (144A) 1,704,240
12,000,000 American Credit Acceptance Receivables Trust, Series
2019-1, Class A, 3.06%, 7/12/22 (144A) 12,011,276
6,655,000(a) American Express Credit Account Master Trust, Series
2014-1, Class A, 2.854% (1 Month USD LIBOR +
37 bps), 12/15/21 6,657,739
8,050,000(a) American Express Credit Account Master Trust, Series
2017-8, Class A, 2.604% (1 Month USD LIBOR +
12 bps), 5/16/22 8,053,171
7,000,000(a) American Express Credit Account Master Trust, Series
2018-3, Class A, 2.804% (1 Month USD LIBOR +
32 bps), 10/15/25 6,981,335
9,788,022 AmeriCredit Automobile Receivables Trust, Series
2014-3, Class D, 3.13%, 10/8/20 9,788,876
2,394,690 AmeriCredit Automobile Receivables Trust, Series
2016-2, Class B, 2.21%, 5/10/21 2,391,935
196,154 Americredit Automobile Receivables Trust, Series
2016-4, Class A3, 1.53%, 7/8/21 195,583
4,581,081(a) Ameriquest Mortgage Securities, Inc. Asset-Backed
Pass-Through Ctfs, Series 2005-R3, Class M2, 3.191%
(1 Month USD LIBOR + 71 bps), 5/25/35 4,581,062
277,623(a) Ameriquest Mortgage Securities, Inc. Asset Backed
Pass-Through Ctfs, Series 2005-R5, Class M2, 3.176%
(1 Month USD LIBOR + 69 bps), 7/25/35 277,949
580,823(a) Ameriquest Mortgage Securities, Inc. Asset-Backed
Pass-Through Ctfs, Series 2005-R7, Class M1, 2.966%
(1 Month USD LIBOR + 48 bps), 9/25/35 581,072
96,415(a) Ameriquest Mortgage Securities, Inc. Asset-Backed
Pass-Through Ctfs, Series 2005-R10, Class M1,
2.896% (1 Month USD LIBOR + 41 bps), 1/25/36 96,420
87,239(a) Amortizing Residential Collateral Trust, Series
2002-BC5, Class M1, 3.521% (1 Month USD LIBOR +
104 bps), 7/25/32 86,422
1,443,750(a) Annisa CLO, Ltd., Series 2016-2A, Class X, 3.361%
(3 Month USD LIBOR + 60 bps), 7/20/31 (144A) 1,443,730
The accompanying notes are an integral part of these financial statements.
20 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
1,125,000(a) Apidos CLO XV, Series 2013-15A, Class XRR, 3.361%
(3 Month USD LIBOR + 60 bps), 4/20/31 (144A) $ 1,124,983
500,000(a) Apidos CLO XVI, Series 2013-16, Class CR, 5.761%
(3 Month USD LIBOR + 300 bps), 1/19/25 499,988
2,250,000(a) Apidos CLO XXIX, Series 2018-29A, Class X, 3.321%
(3 Month USD LIBOR + 55 bps), 7/25/30 (144A) 2,249,966
15,000,000(a) Apres Static CLO, Ltd., Series 2019-1A, Class A1, 3.777%
(3 Month USD LIBOR + 117 bps), 1/15/27 (144A) 14,996,730
734,375(a) Ares XXXVIII CLO, Ltd., Series 2015-38A, Class X, 3.261%
(3 Month USD LIBOR + 50 bps), 4/20/30 (144A) 734,365
675,000(a) Ares XXXVR CLO, Ltd., Series 2015-35RA, Class X, 3.437%
(3 Month USD LIBOR + 65 bps), 7/15/30 (144A) 674,992
1,462,774(a) Argent Securities, Inc. Asset-Backed Pass-Through
Certificates, Series 2004-W11, Class M2, 3.536%
(1 Month USD LIBOR + 105 bps), 11/25/34 1,475,051
473,826(a) Argent Securities, Inc. Asset-Backed Pass-Through
Certificates, Series 2005-W2, Class A1, 2.746%
(1 Month USD LIBOR + 26 bps), 10/25/35 473,959
154,009(a) Argent Securities, Inc. Asset-Backed Pass-Through
Certificates, Series 2005-W3, Class A2D, 2.826%
(1 Month USD LIBOR + 34 bps), 11/25/35 153,941
1,436,892 ARI Fleet Lease Trust, Series 2016-A, Class A3, 2.11%,
7/15/24 (144A) 1,433,811
1,543,949 ARI Fleet Lease Trust, Series 2017-A, Class A2, 1.91%,
4/15/26 (144A) 1,536,562
1,500,000 Ascentium Equipment Receivables Trust, Series 2016-2A,
Class D, 4.2%, 9/12/22 (144A) 1,510,182
2,006,274 Ascentium Equipment Receivables Trust, Series 2017-2A,
Class A2, 2.0%, 5/11/20 (144A) 2,001,686
3,262,530 Ascentium Equipment Receivables Trust, Series 2018-1A,
Class A2, 2.92%, 12/10/20 (144A) 3,265,442
6,285,783 Ascentium Equipment Receivables Trust, Series 2018-2A,
Class A1, 2.731%, 11/12/19 (144A) 6,285,891
783,314(a) Asset Backed Securities Corp. Home Equity Loan Trust,
Series 2005-HE4, Class M4, 3.431% (1 Month USD
LIBOR + 95 bps), 5/25/35 786,769
113,348(a) Asset Backed Securities Corp. Home Equity Loan Trust,
Series 2005-HE8, Class M1, 2.916% (1 Month USD
LIBOR + 43 bps), 11/25/35 113,387
264,005(a) Asset Backed Securities Corp. Home Equity Loan Trust,
Series 2006-HE1, Class A3, 2.686% (1 Month USD
LIBOR + 20 bps), 1/25/36 262,497
39,008(a) Asset-Backed Pass-Through Certificates, Series
2004-R2, Class A1A, 3.176% (1 Month USD LIBOR +
69 bps), 4/25/34 39,095
410,707(a) Asset-Backed Pass-Through Certificates, Series
2004-R2, Class A1B, 3.106% (1 Month USD LIBOR +
62 bps), 4/25/34 411,313
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 21
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
3,870,000(a) ASSURANT CLO III, Ltd., Series 2018-2A, Class X, 3.461%
(3 Month USD LIBOR + 70 bps), 10/20/31 (144A) $ 3,869,942
250,000(a) Atlas Senior Loan Fund V, Ltd., Series 2014-1A, Class X,
3.779% (3 Month USD LIBOR + 100 bps),
7/16/29 (144A) 250,072
1,500,000(a) Atlas Senior Loan Fund XII, Ltd., Series 2018-12A,
Class X, 3.198% (3 Month USD LIBOR + 75 bps),
10/24/31 (144A) 1,499,938
1,464,613 Avant Loans Funding Trust, Series 2018-A, Class A,
3.09%, 6/15/21 (144A) 1,464,528
9,703,580 Avant Loans Funding Trust, Series 2018-B, Class A,
3.42%, 1/18/22 (144A) 9,714,494
16,000,000 Avant Loans Funding Trust, Series 2019-A, Class A,
3.48%, 7/15/22 (144A) 15,998,989
3,309,509 Avid Automobile Receivables Trust, Series 2018-1,
Class A, 2.84%, 8/15/23 (144A) 3,294,668
733,281 AXIS Equipment Finance Receivables IV LLC, Series
2016-1A, Class A, 2.21%, 11/20/21 (144A) 731,650
2,748,602 AXIS Equipment Finance Receivables IV LLC, Series
2018-1A, Class A2, 3.24%, 12/20/23 (144A) 2,754,709
14,782,839 AXIS Equipment Finance Receivables VI LLC, Series
2018-2A, Class A1, 2.9%, 10/21/19 (144A) 14,783,399
7,020,000(a) BA Credit Card Trust, Series 2016-A1, Class A, 2.874%
(1 Month USD LIBOR + 39 bps), 10/15/21 7,022,808
2,533,333(a) Babson CLO, Ltd., Series 2015-IA, Class XR, 3.311%
(3 Month USD LIBOR + 55 bps), 1/20/31 (144A) 2,533,298
1,001,578 Bank of The West Auto Trust, Series 2017-1, Class A2,
1.78%, 2/15/21 (144A) 999,585
6,975,000(a) Barclays Dryrock Issuance Trust, Series 2017-2, Class
A, 2.784% (1 Month USD LIBOR + 30 bps), 5/15/23 6,983,111
350,000(a) Barings CLO, Ltd., Series 2018-2A, Class X, 3.387%
(3 Month USD LIBOR + 60 bps), 4/15/30 (144A) 349,996
3,214,286(a) Barings CLO, Ltd., Series 2018-3A, Class X, 3.261%
(3 Month USD LIBOR + 50 bps), 7/20/29 (144A) 3,214,244
2,500,000(a) Barings CLO, Ltd., Series 2019-1A, Class X, 0.0%
(3 Month USD LIBOR + 75 bps), 4/15/31 (144A) 2,502,465
9,333(b) Bayview Financial Acquisition Trust, Series 2007-A,
Class 1A2, 6.205%, 5/28/37 9,439
1,688,000 BCC Funding XIII LLC, Series 2016-1, Class B, 2.73%,
4/20/22 (144A) 1,683,556
2,234,375(a) Bean Creek CLO, Ltd., Series 2015-1A, Class XR, 3.361%
(3 Month USD LIBOR + 60 bps), 4/20/31 (144A) 2,233,955
363,323(a) Bear Stearns Asset Backed Securities Trust, Series
2001-3, Class A1, 3.386% (1 Month USD LIBOR +
90 bps), 10/27/32 354,152
3,510(a) Bear Stearns Asset Backed Securities Trust, Series
2004-SD3, Class A3, 3.626% (1 Month USD LIBOR +
114 bps), 9/25/34 3,510
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
2,313,864(a) Bear Stearns Asset Backed Securities Trust, Series
2006-SD1, Class A, 2.856% (1 Month USD LIBOR +
37 bps), 4/25/36 $ 2,306,991
498,954(a) Bear Stearns Asset Backed Securities Trust, Series
2006-SD2, Class A1, 2.866% (1 Month USD LIBOR +
38 bps), 6/25/36 498,889
80,303(a) Bear Stearns Asset Backed Securities Trust, Series
2006-SD2, Class A3, 2.976% (1 Month USD LIBOR +
49 bps), 6/25/36 80,311
698,591(a) Bear Stearns Asset Backed Securities I Trust, Series
2005-TC1, Class M1, 3.146% (1 Month USD LIBOR +
66 bps), 5/25/35 698,730
526,893(a) Bear Stearns Asset Backed Securities I Trust, Series
2006-EC2, Class M1, 3.086% (1 Month USD LIBOR +
60 bps), 2/25/36 527,107
120,334(a) Bear Stearns Structured Products Trust, Series
2007-EMX1, Class A1, 3.486% (1 Month USD LIBOR +
100 bps), 3/25/37 (144A) 121,224
2,770,833(a) BlueMountain CLO, Ltd., Series 2013-2A, Class X, 3.411%
(3 Month USD LIBOR + 65 bps), 10/22/30 (144A) 2,770,343
1,800,000(a) BlueMountain CLO, Ltd., Series 2018-2A, Class X, 3.334%
(3 Month USD LIBOR + 65 bps), 8/15/31 (144A) 1,799,969
463,131 BlueVirgo Trust, Series 2015-1A, 3.0%, 12/15/22 (144A) 463,131
2,828,163(a) BMW Vehicle Owner Trust, Series 2018-A, Class A2B,
2.556% (1 Month USD LIBOR + 7 bps), 11/25/20 2,827,775
20,000,000(a) BSPRT Issuer, Ltd., Series 2018-FL3, Class A, 3.534%
(1 Month USD LIBOR + 105 bps), 3/15/28 (144A) 19,962,400
19,377,000(a) BSPRT Issuer, Ltd., Series 2018-FL4, Class A, 3.534%
(1 Month USD LIBOR + 105 bps), 9/15/35 (144A) 19,316,629
17,200,000(a) Cabela's Credit Card Master Note Trust, Series 2014-2,
Class A, 2.934% (1 Month USD LIBOR +
45 bps), 7/15/22 17,207,996
5,325,000(a) Cabela's Credit Card Master Note Trust, Series 2015-2,
Class A2, 3.154% (1 Month USD LIBOR +
67 bps), 7/17/23 5,348,399
2,700,000(a) Cabela's Credit Card Master Note Trust, Series 2016-1,
Class A2, 3.334% (1 Month USD LIBOR +
85 bps), 6/15/22 2,704,372
2,000,000 California Republic Auto Receivables Trust, Series
2014-4, Class C, 3.56%, 9/15/21 2,000,394
20,750,000(a) Canadian Pacer Auto Receivables Trust, Series 2018-2A,
Class A2B, 2.662% (1 Month USD LIBOR +
18 bps), 6/21/21 (144A) 20,712,573
2,157,703 Capital Auto Receivables Asset Trust, Series 2015-3,
Class B, 2.43%, 9/21/20 2,156,762
3,025,000(a) Capital One Multi-Asset Execution Trust, Series
2014-A4, Class A4, 2.844% (1 Month USD LIBOR +
36 bps), 6/15/22 3,027,820
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 23
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
11,543,000(a) Capital One Multi-Asset Execution Trust, Series
2016-A1, Class A1, 2.934% (1 Month USD LIBOR +
45 bps), 2/15/22 $ 11,544,628
2,393,625(a) Carlyle Global Market Strategies CLO, Ltd., Series
2013-2A, Class YR, 3.28% (3 Month USD LIBOR +
50 bps), 1/18/29 (144A) 2,393,525
678,571(a) Carlyle US CLO, Ltd., Series 2017-2A, Class X, 3.561%
(3 Month USD LIBOR + 80 bps), 7/20/31 (144A) 678,690
1,990,000 CarMax Auto Owner Trust, Series 2015-1, Class B,
2.17%, 10/15/20 1,989,454
550,000 CarMax Auto Owner Trust, Series 2015-2, Class C,
2.39%, 3/15/21 549,001
429,067(a) CarMax Auto Owner Trust, Series 2017-3, Class A2B,
2.664% (1 Month USD LIBOR + 18 bps), 9/15/20 429,067
3,541,844(a) CarMax Auto Owner Trust, Series 2018-1, Class A2B,
2.634% (1 Month USD LIBOR + 15 bps), 5/17/21 3,541,152
808,302 Carnow Auto Receivables Trust, Series 2017-1A,
Class A, 2.92%, 9/15/22 (144A) 806,022
14,542,040 Carnow Auto Receivables Trust, Series 2018-1A,
Class A, 3.61%, 10/15/21 (144A) 14,542,934
406,693(a) Carrington Mortgage Loan Trust, Series 2006-OPT1,
Class A3, 2.666% (1 Month USD LIBOR +
18 bps), 2/25/36 406,407
2,337,500(a) Catamaran CLO, Ltd., Series 2013-1A, Class X, 3.315%
(3 Month USD LIBOR + 55 bps), 1/27/28 (144A) 2,337,054
79,667 Cazenovia Creek Funding I LLC, Series 2015-1A,
Class A, 2.0%, 12/10/23 (144A) 79,368
48,584 Cazenovia Creek Funding I LLC, Series 2015-1A,
Class B, 2.773%, 12/10/23 (144A) 48,175
1,843,151 Cazenovia Creek Funding II LLC, Series 2018-1A,
Class B, 3.984%, 7/15/30 (144A) 1,837,923
4,071,428(a) CBAM, Ltd., Series 2018-5A, Class X, 3.323% (3 Month
USD LIBOR + 55 bps), 4/17/31 (144A) 4,071,379
412,984 CCG Receivables Trust, Series 2016-1, Class A2, 1.69%,
9/14/22 (144A) 412,179
4,812,500(a) Cent CLO 21, Ltd., Series 2014-21A, Class XR2, 3.415%
(3 Month USD LIBOR + 65 bps), 7/27/30 (144A) 4,812,418
113,730(c) Centex Home Equity Loan Trust, Series 2003-A,
Class AF6, 3.654%, 3/25/33 113,630
656,250(a) CFIP CLO, Ltd., Series 2018-1A, Class X, 3.53%
(3 Month USD LIBOR + 75 bps), 7/18/31 (144A) 656,241
4,045,000(a) Chase Issuance Trust, Series 2014-A5, Class A5, 2.854%
(1 Month USD LIBOR + 37 bps), 4/15/21 4,045,577
14,345,000(a) Chase Issuance Trust, Series 2016-A1, Class A, 2.894%
(1 Month USD LIBOR + 41 bps), 5/15/21 14,350,986
10,645,000(a) Chase Issuance Trust, Series 2017-A1, Class A, 2.784%
(1 Month USD LIBOR + 30 bps), 1/15/22 10,659,459
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
4,645,000(a) Chase Issuance Trust, Series 2017-A2, Class A, 2.884%
(1 Month USD LIBOR + 40 bps), 3/15/24 $ 4,661,210
13,250,000(a) Chase Issuance Trust, Series 2018-A1, Class A1, 2.684%
(1 Month USD LIBOR + 20 bps), 4/17/23 13,242,069
389,296(a) Chesapeake Funding II LLC, Series 2016-1A, Class A2,
3.634% (1 Month USD LIBOR + 115 bps),
3/15/28 (144A) 389,873
679,725(a) Chesapeake Funding II LLC, Series 2016-2A, Class A2,
3.484% (1 Month USD LIBOR + 100 bps),
6/15/28 (144A) 680,792
3,856,193(a) Chesapeake Funding II LLC, Series 2017-2A, Class A2,
2.934% (1 Month USD LIBOR + 45 bps),
5/15/29 (144A) 3,854,767
5,750,763(a) Chesapeake Funding II LLC, Series 2017-3A, Class A2,
2.824% (1 Month USD LIBOR + 34 bps),
8/15/29 (144A) 5,749,622
10,473,673(a) Chesapeake Funding II LLC, Series 2017-4A, Class A2,
2.824% (1 Month USD LIBOR + 34 bps),
11/15/29 (144A) 10,461,172
6,181,409(a) Chesapeake Funding II LLC, Series 2018-1A, Class A2,
2.934% (1 Month USD LIBOR + 45 bps),
4/15/30 (144A) 6,189,373
3,375,000(a) CIFC Funding, Ltd., Series 2013-4A, Class XRR, 3.315%
(3 Month USD LIBOR + 55 bps), 4/27/31 (144A) 3,374,946
6,300,000(a) CIFC Funding, Ltd., Series 2014-2RA, Class X, 3.629%
(3 Month USD LIBOR + 85 bps), 4/24/30 (144A) 6,299,893
5,000,000(a) CIFC Funding, Ltd., Series 2014-4RA, Class X, 3.323%
(3 Month USD LIBOR + 55 bps), 10/17/30 (144A) 4,999,940
2,257,039 CIG Auto Receivables Trust, Series 2017-1A, Class A,
2.71%, 5/15/23 (144A) 2,252,201
15,891,184 CIG Auto Receivables Trust, Series 2019-1A, Class A,
3.3%, 8/15/24 (144A) 15,910,046
4,790,331(a) CIM Small Business Loan Trust, Series 2018-1A,
Class A, 3.888% (1 Month USD LIBOR + 140 bps),
3/20/43 (144A) 4,790,331
4,500,000(a) Citibank Credit Card Issuance Trust, Series 2017-A4,
Class A4, 2.701% (1 Month USD LIBOR +
22 bps), 4/7/22 4,502,225
18,445,000(a) Citibank Credit Card Issuance Trust, Series 2017-A7,
Class A7, 2.862% (1 Month USD LIBOR +
37 bps), 8/8/24 18,463,427
89,393(a) Citigroup Mortgage Loan Trust, Inc., Series 2004-RES1,
Class M2, 3.506% (1 Month USD LIBOR +
102 bps), 11/25/34 89,576
3,190,000(a) Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH1,
Class M3, 3.086% (1 Month USD LIBOR +
60 bps), 1/25/36 3,181,474
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 25
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
5,268,419(a) Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH2,
Class A3, 2.706% (1 Month USD LIBOR + 22 bps),
8/25/36 $ 5,244,762
687,500(a) Clear Creek CLO, Series 2015-1A, Class X, 3.761%
(3 Month USD LIBOR + 100 bps), 10/20/30 (144A) 687,420
432,331(a) CNH Equipment Trust, Series 2017-B, Class A2B, 2.624%
(1 Month USD LIBOR + 14 bps), 11/16/20 432,331
1,715,752(a) Colony Starwood Homes Trust, Series 2016-2A, Class D,
4.834% (1 Month USD LIBOR + 235 bps),
12/17/33 (144A) 1,716,931
3,500,000(a) Columbia Cent CLO 28, Ltd., Series 2018-28A, Class X,
3.239% (3 Month USD LIBOR + 65 bps),
11/7/30 (144A) 3,499,842
366,581(a) Commonbond Student Loan Trust, Series 2016-B,
Class A2, 3.936% (1 Month USD LIBOR + 145 bps),
10/25/40 (144A) 375,047
3,340,982(a) Commonbond Student Loan Trust, Series 2017-AGS,
Class A2, 3.336% (1 Month USD LIBOR + 85 bps),
5/25/41 (144A) 3,352,336
6,870,490(a) Commonbond Student Loan Trust, Series 2017-BGS,
Class A2, 3.136% (1 Month USD LIBOR + 65 bps),
9/25/42 (144A) 6,730,404
5,834,202(a) Commonbond Student Loan Trust, Series 2018-AGS,
Class A2, 2.986% (1 Month USD LIBOR + 50 bps),
2/25/44 (144A) 5,766,147
12,143,655(a) Commonbond Student Loan Trust, Series 2018-BGS,
Class A2, 3.056% (1 Month USD LIBOR + 57 bps),
9/25/45 (144A) 11,973,687
10,158,916(a) Commonbond Student Loan Trust, Series 2018-CGS,
Class A2, 3.286% (1 Month USD LIBOR + 80 bps),
2/25/46 (144A) 10,105,896
5,653,924 Conn's Receivables Funding LLC, Series 2017-B,
Class B, 4.52%, 4/15/21 (144A) 5,672,604
2,493,853 Conn's Receivables Funding LLC, Series 2018-A,
Class A, 3.25%, 1/15/23 (144A) 2,497,484
1,691,767 Conn's Receivables Funding LLC, Series 2018-A,
Class B, 4.65%, 1/15/23 (144A) 1,700,621
275,206(a) Conseco Finance Home Equity Loan Trust, Series 2002-B,
Class M2, 4.984% (1 Month USD LIBOR +
250 bps), 5/15/33 271,330
153,873(a) Conseco Finance Home Equity Loan Trust, Series 2002-C,
Class MV1, 3.984% (1 Month USD LIBOR +
150 bps), 5/15/32 153,192
9,000,243 Consumer Lending Receivables Trust, Series 2019-A,
Class A, 3.52%, 4/15/26 (144A) 9,000,243
277,819(a) Countrywide Asset-Backed Certificates, Series 2004-8,
Class M1, 3.536% (1 Month USD LIBOR +
105 bps), 1/25/35 278,523
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
52,421(a) Countrywide Asset-Backed Certificates, Series 2004-SD1,
Class A1, 3.166% (1 Month USD LIBOR +
68 bps), 6/25/33 (144A) $ 52,217
11,207(a) Countrywide Asset-Backed Certificates, Series 2004-SD1,
Class A2, 3.386% (1 Month USD LIBOR +
90 bps), 6/25/33 (144A) 11,184
308,565(a) Countrywide Asset-Backed Certificates, Series 2005-9,
Class M1, 3.006% (1 Month USD LIBOR +
52 bps), 1/25/36 308,965
1,466,944(a) Countrywide Asset-Backed Certificates, Series 2005-13,
Class 2AV1, 2.716% (1 Month USD LIBOR +
23 bps), 4/25/36 1,466,457
919,562(a) Countrywide Asset-Backed Certificates, Series
2005-BC1, Class M4, 3.386% (1 Month USD LIBOR +
90 bps), 5/25/35 920,033
534,942(a) Countrywide Asset-Backed Certificates, Series 2006-3,
Class 2A3, 2.776% (1 Month USD LIBOR +
29 bps), 6/25/36 532,729
225,570(a) Countrywide Asset-Backed Certificates, Series 2006-4,
Class 1A1M, 2.746% (1 Month USD LIBOR +
26 bps), 7/25/36 225,097
5,127,133(a) Countrywide Asset-Backed Certificates, Series 2006-4,
Class 2A3, 2.776% (1 Month USD LIBOR +
29 bps), 7/25/36 5,033,881
1,915,000 CPS Auto Receivables Trust, Series 2015-A, Class C,
4.0%, 2/16/21 (144A) 1,924,776
954,610 CPS Auto Receivables Trust, Series 2017-D, Class A,
1.87%, 3/15/21 (144A) 953,028
1,419,007 CPS Auto Receivables Trust, Series 2018-A, Class A,
2.16%, 5/17/21 (144A) 1,416,703
6,225,055 CPS Auto Receivables Trust, Series 2018-D, Class A,
3.06%, 1/18/22 (144A) 6,226,763
2,600,000 Credit Acceptance Auto Loan Trust, Series 2016-2A,
Class C, 4.29%, 11/15/24 (144A) 2,610,036
3,187,966 Credit Suisse ABS Trust, Series 2018-LD1, Class A,
3.42%, 7/25/24 (144A) 3,187,555
1,755,838(a) Credit Suisse Seasoned Loan Trust, Series 2006-1,
Class A, 2.726% (1 Month USD LIBOR + 24 bps),
10/25/34 (144A) 1,753,440
420,605(a) Credit-Based Asset Servicing & Securitization LLC,
Series 2005-CB3, Class M2, 3.416% (1 Month USD
LIBOR + 93 bps), 5/25/35 422,098
1,312,302(a) CSFB Mortgage-Backed Pass-Through Certificates,
Series 2005-AGE1, Class M3, 3.136% (1 Month USD
LIBOR + 65 bps), 2/25/32 1,309,047
67,477(a) CSMC Trust, Series 2006-CF3, Class A1, 3.026%
(1 Month USD LIBOR + 54 bps), 10/25/36 (144A) 67,465
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 27
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
4,088,755(a) CWABS Asset-Backed Certificates Trust, Series 2004-10,
Class MV3, 3.611% (1 Month USD LIBOR +
113 bps), 12/25/34 $ 4,110,976
377,347(a) CWABS Asset-Backed Certificates Trust, Series 2005-17,
Class 3AV2, 2.826% (1 Month USD LIBOR +
34 bps), 5/25/36 376,009
1,699,712(a) CWABS Asset-Backed Certificates Trust, Series 2005-AB1,
Class M1, 3.116% (1 Month USD LIBOR +
63 bps), 8/25/35 1,698,067
3,381,474(a) CWHEQ Revolving Home Equity Loan Resuritization Trust,
Series 2006-RES, Class 4M1A, 2.764% (1 Month
USD LIBOR + 28 bps), 2/15/34 (144A) 3,369,340
4,718,924(a) CWHEQ Revolving Home Equity Loan Resuritization Trust,
Series 2006-RES, Class 4N1A, 2.764% (1 Month
USD LIBOR + 28 bps), 2/15/34 (144A) 4,685,723
1,274,494 Dell Equipment Finance Trust, Series 2016-1, Class D,
3.24%, 7/22/22 (144A) 1,274,604
1,246,741(a) Dell Equipment Finance Trust, Series 2017-2, Class A2B,
2.791% (1 Month USD LIBOR + 30 bps), 2/24/20 (144A) 1,246,741
4,500,000 Dell Equipment Finance Trust, Series 2018-2, Class A2,
3.16%, 2/22/21 (144A) 4,513,842
141 Delta Funding Home Equity Loan Trust, Series 1997-2,
Class A6, 7.04%, 6/25/27 131
655,768 DLL LLC, Series 2018-ST2, Class A1, 2.714%,
11/20/19 (144A) 655,713
21,750,000 DLL LLC, Series 2018-ST2, Class A2, 3.14%,
10/20/20 (144A) 21,744,980
13,000,000 DLL LLC, Series 2018-ST2, Class A3, 3.46%,
1/20/22 (144A) 13,131,269
1,098,900(a) DRB Prime Student Loan Trust, Series 2015-D, Class A1,
4.186% (1 Month USD LIBOR + 170 bps),
1/25/40 (144A) 1,108,780
690,746(a) DRB Prime Student Loan Trust, Series 2016-B, Class A1,
4.286% (1 Month USD LIBOR + 180 bps),
6/25/40 (144A) 712,251
1,210,885 DRB Prime Student Loan Trust, Series 2016-B, Class A3,
2.23%, 6/25/36 (144A) 1,201,524
3,098,759(a) DRB Prime Student Loan Trust, Series 2017-A, Class A1,
3.336% (1 Month USD LIBOR + 85 bps),
5/27/42 (144A) 3,107,953
3,286,497 Drive Auto Receivables Trust, Series 2015-CA, Class D,
4.2%, 9/15/21 (144A) 3,297,707
7,602,120 Drive Auto Receivables Trust, Series 2016-CA, Class C,
3.02%, 11/15/21 (144A) 7,605,236
156,004 Drive Auto Receivables Trust, Series 2017-3, Class B,
2.3%, 5/17/21 155,963
7,148,544 Drive Auto Receivables Trust, Series 2017-BA, Class C,
2.61%, 8/16/21 (144A) 7,144,974
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
6,800,000 Drive Auto Receivables Trust, Series 2018-2, Class C,
3.63%, 8/15/24 $ 6,844,836
295,411 Drive Auto Receivables Trust, Series 2018-3, Class A2,
2.75%, 10/15/20 295,411
1,834,814 Drive Auto Receivables Trust, Series 2018-4, Class A2A,
2.78%, 10/15/20 1,834,770
6,500,000 Drive Auto Receivables Trust, Series 2019-1, Class A2A,
3.08%, 9/15/21 6,507,831
8,500,000(a) Drive Auto Receivables Trust, Series 2019-2, Class A2B,
2.779% (1 Month USD LIBOR + 28 bps), 3/15/22 8,500,202
582,479(a) Drug Royalty II LP 2, Series 2014-1, Class A1, 5.637%
(3 Month USD LIBOR + 285 bps), 7/15/23 (144A) 585,414
4,916,682(a) Drug Royalty III LP 1, Series 2017-1A, Class A1, 5.287%
(3 Month USD LIBOR + 250 bps), 4/15/27 (144A) 4,960,049
2,618,190(a) Drug Royalty III LP 1, Series 2018-1A, Class A1, 4.387%
(3 Month USD LIBOR + 160 bps), 10/15/31 (144A) 2,618,142
2,002,958 DT Auto Owner Trust, Series 2017-4A, Class B, 2.44%,
1/15/21 (144A) 2,002,545
1,634,000 DT Auto Owner Trust, Series 2017-4A, Class C, 2.86%,
7/17/23 (144A) 1,632,138
7,881,999 DT Auto Owner Trust, Series 2018-3A, Class A, 3.02%,
2/15/22 (144A) 7,884,321
16,432,479 DT Auto Owner Trust, Series 2019-1A, Class A, 3.08%,
9/15/22 (144A) 16,446,233
605,820(a) Earnest Student Loan Program LLC, Series 2016-C,
Class A1, 4.336% (1 Month USD LIBOR + 185 bps),
10/27/36 (144A) 613,960
559,448(a) Earnest Student Loan Program LLC, Series 2016-D,
Class A1, 3.886% (1 Month USD LIBOR + 140 bps),
1/25/41 (144A) 564,116
1,770,393(a) Earnest Student Loan Program LLC, Series 2017-A,
Class A1, 3.486% (1 Month USD LIBOR + 100 bps),
1/25/41 (144A) 1,777,747
1,795,114 Engs Commercial Finance Trust, Series 2016-1A,
Class A2, 2.63%, 2/22/22 (144A) 1,790,196
953,109 Engs Commercial Finance Trust, Series 2018-1A,
Class A1, 2.97%, 2/22/21 (144A) 952,882
340,289 Enterprise Fleet Financing LLC, Series 2016-2,
Class A2, 1.74%, 2/22/22 (144A) 339,500
865,404(a) EquiFirst Mortgage Loan Trust, Series 2004-2, Class M1,
3.311% (1 Month USD LIBOR + 83 bps), 10/25/34 865,906
4,500,000(a) Evergreen Credit Card Trust, Series 2017-1, Class A,
2.744% (1 Month USD LIBOR + 26 bps),
10/15/21 (144A) 4,501,147
12,000,000(a) Evergreen Credit Card Trust, Series 2018-2, Class A,
2.834% (1 Month USD LIBOR + 35 bps),
7/15/22 (144A) 12,014,374
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 29
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
16,000,000(a) Evergreen Credit Card Trust, Series 2019-1, Class A,
2.964% (1 Month USD LIBOR + 48 bps),
1/15/23 (144A) $ 16,042,765
1,179,230 Exeter Automobile Receivables Trust, Series 2015-2A,
Class C, 3.9%, 3/15/21 (144A) 1,182,062
2,938,531 Exeter Automobile Receivables Trust, Series 2015-3A,
Class C, 4.83%, 8/16/21 (144A) 2,956,430
392,196 Exeter Automobile Receivables Trust, Series 2017-2A,
Class A, 2.11%, 6/15/21 (144A) 392,025
1,971,000 Exeter Automobile Receivables Trust, Series 2017-2A,
Class B, 2.82%, 5/16/22 (144A) 1,968,985
2,652,370 Exeter Automobile Receivables Trust, Series 2017-3A,
Class A, 2.05%, 12/15/21 (144A) 2,644,345
1,270,878 Exeter Automobile Receivables Trust, Series 2018-1A,
Class A, 2.21%, 5/17/21 (144A) 1,270,220
3,040,000 Exeter Automobile Receivables Trust, Series 2018-1A,
Class B, 2.75%, 4/15/22 (144A) 3,036,246
4,217,913 Exeter Automobile Receivables Trust, Series 2018-3A,
Class A, 2.9%, 1/18/22 (144A) 4,217,244
15,794,120 Exeter Automobile Receivables Trust, Series 2019-1A,
Class A, 3.2%, 4/15/22 (144A) 15,818,143
1,752,020(a) FBR Securitization Trust, Series 2005-3, Class AV1,
3.006% (1 Month USD LIBOR + 52 bps), 10/25/35 1,752,417
5,000,000 FCI Funding LLC, Series 2019-1A, Class A, 3.63%,
2/18/31 (144A) 4,999,145
4,704,240(c) Finance of America Structured Securities Trust, Series
2018-HB1, Class A, 3.375%, 9/25/28 (144A) 4,702,358
62,062(a) First Franklin Mortgage Loan Trust, Series 2004-FF4,
Class M1, 3.341% (1 Month USD LIBOR +
86 bps), 6/25/34 62,046
925,221(a) First Franklin Mortgage Loan Trust, Series 2004-FFH2,
Class M1, 3.236% (1 Month USD LIBOR +
75 bps), 6/25/34 927,015
10,893,244(a) First Franklin Mortgage Loan Trust, Series 2005-FF12,
Class M1, 2.936% (1 Month USD LIBOR + 45 bps),
11/25/36 10,908,361
385,194(a) First Franklin Mortgage Loan Trust, Series 2005-FFH2,
Class M2, 3.296% (1 Month USD LIBOR + 81 bps),
4/25/35 (144A) 386,385
2,895,000 First Investors Auto Owner Trust, Series 2014-3A,
Class D, 3.85%, 2/15/22 (144A) 2,895,930
2,955,000 First Investors Auto Owner Trust, Series 2015-1A,
Class D, 3.59%, 1/18/22 (144A) 2,961,595
7,077 First Investors Auto Owner Trust, Series 2017-1A,
Class A1, 1.69%, 4/15/21 (144A) 7,074
721,955 First Investors Auto Owner Trust, Series 2017-2A,
Class A1, 1.86%, 10/15/21 (144A) 720,545
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
3,291,050 First Investors Auto Owner Trust, Series 2018-2A,
Class A1, 3.23%, 12/15/22 (144A) $ 3,301,764
2,200,000(a) First National Master Note Trust, Series 2017-1, Class A,
2.884% (1 Month USD LIBOR + 40 bps), 4/18/22 2,200,272
9,000,000(a) First National Master Note Trust, Series 2017-2, Class A,
2.924% (1 Month USD LIBOR + 44 bps), 10/16/23 9,008,485
9,250,000(a) First National Master Note Trust, Series 2018-1, Class A,
2.944% (1 Month USD LIBOR + 46 bps), 10/15/24 9,221,737
213,899 Flagship Credit Auto Trust, Series 2017-1, Class A,
1.93%, 12/15/21 (144A) 213,757
1,612,290 Flagship Credit Auto Trust, Series 2017-2, Class A,
1.85%, 7/15/21 (144A) 1,608,177
1,756,384 Flagship Credit Auto Trust, Series 2017-4, Class A,
2.07%, 4/15/22 (144A) 1,747,727
1,247,609(a) Ford Credit Auto Lease Trust, Series 2017-B, Class A2B,
2.644% (1 Month USD LIBOR + 16 bps), 6/15/20 1,247,479
475,916(a) Ford Credit Auto Owner Trust, Series 2017-B, Class A2B,
2.554% (1 Month USD LIBOR + 7 bps), 5/15/20 475,858
1,438,339(a) Ford Credit Auto Owner Trust, Series 2017-C, Class A2B,
2.604% (1 Month USD LIBOR + 12 bps), 9/15/20 1,438,073
9,000,000(a) Ford Credit Floorplan Master Owner Trust A, Series
2016-3, Class A2, 3.104% (1 Month USD LIBOR +
62 bps), 7/15/21 9,010,701
4,925,000(a) Ford Credit Floorplan Master Owner Trust A, Series
2016-5, Class A2, 2.944% (1 Month USD LIBOR +
46 bps), 11/15/21 4,932,262
5,910,000(a) Ford Credit Floorplan Master Owner Trust A, Series
2017-2, Class A2, 2.834% (1 Month USD LIBOR +
35 bps), 9/15/22 5,912,357
16,500,000(a) Fort CRE LLC, Series 2018-1A, Class A1, 3.836%
(1 Month USD LIBOR + 135 bps), 11/21/35 (144A) 16,526,750
10,000,000 Foundation Finance Trust, Series 2019-1A, Class A,
3.86%, 11/15/34 (144A) 9,998,451
1,620,010 Foursight Capital Automobile Receivables Trust, Series
2016-1, Class A2, 2.87%, 10/15/21 (144A) 1,619,461
5,684,909 Foursight Capital Automobile Receivables Trust, Series
2017-1, Class A, 2.37%, 4/15/22 (144A) 5,666,024
181,192 Foursight Capital Automobile Receivables Trust, Series
2018-2, Class A1, 2.744%, 11/15/19 (144A) 181,160
2,250,000 Foursight Capital Automobile Receivables Trust, Series
2018-2, Class A2, 3.32%, 4/15/22 (144A) 2,255,914
6,685,817 FREED ABS Trust, Series 2018-1, Class A, 3.61%,
7/18/24 (144A) 6,691,936
18,079,416 FREED ABS Trust, Series 2018-2, Class A, 3.99%,
10/20/25 (144A) 18,132,344
154,255(a) Fremont Home Loan Trust, Series 2005-2, Class M2,
3.206% (1 Month USD LIBOR + 72 bps), 6/25/35 154,334
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 31
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
4,708,052(a) Fremont Home Loan Trust, Series 2005-E, Class 1A1,
2.716% (1 Month USD LIBOR + 23 bps), 1/25/36 $ 4,689,417
7,906,475(a) Fremont Home Loan Trust, Series 2006-2, Class 1A1,
2.646% (1 Month USD LIBOR + 16 bps), 2/25/36 7,823,066
500,000(a) Galaxy XXI CLO, Ltd., Series 2015-21A, Class X, 3.261%
(3 Month USD LIBOR + 50 bps), 4/20/31 (144A) 499,949
2,895,073(a) GE-WMC Asset-Backed Pass-Through Certificates, Series
2005-2, Class A1, 2.711% (1 Month USD LIBOR +
23 bps), 12/25/35 2,895,557
8,643,132 GLS Auto Receivables Issuer Trust, Series 2019-1A,
Class A, 3.37%, 1/17/23 (144A) 8,653,544
1,574,714 GLS Auto Receivables Trust, Series 2017-1A, Class A2,
2.67%, 4/15/21 (144A) 1,573,851
4,683,195 GLS Auto Receivables Trust, Series 2018-1A, Class A,
2.82%, 7/15/22 (144A) 4,675,617
800,000 GLS Auto Receivables Trust, Series 2018-1A, Class B,
3.52%, 8/15/23 (144A) 801,043
5,347,878 GLS Auto Receivables Trust, Series 2018-2A, Class A,
3.25%, 4/18/22 (144A) 5,350,319
8,785,292 GLS Auto Receivables Trust, Series 2018-3A, Class A,
3.35%, 8/15/22 (144A) 8,797,937
4,189,045 GM Financial Automobile Leasing Trust, Series 2018-1,
Class A2A, 2.39%, 4/20/20 4,185,305
4,333,495(a) GM Financial Automobile Leasing Trust, Series 2018-1,
Class A2B, 2.688% (1 Month USD LIBOR +
20 bps), 4/20/20 4,333,113
216,545(a) GM Financial Consumer Automobile Receivables Trust,
Series 2017-2A, Class A2B, 2.632% (1 Month USD
LIBOR + 15 bps), 5/18/20 (144A) 216,536
3,747,535(a) GM Financial Consumer Automobile Receivables Trust,
Series 2018-1, Class A2B, 2.572% (1 Month USD
LIBOR + 9 bps), 1/19/21 3,745,570
140,926(b) GMAT Trust, Series 2013-1A, Class A, 6.967%,
11/25/43 (144A) 141,006
2,100,000(a) GMF Floorplan Owner Revolving Trust, Series 2016-1,
Class A2, 3.334% (1 Month USD LIBOR + 85 bps),
5/17/21 (144A) 2,101,590
4,700,000(a) GMF Floorplan Owner Revolving Trust, Series 2017-1,
Class A2, 3.054% (1 Month USD LIBOR + 57 bps),
1/18/22 (144A) 4,707,897
6,500,000(a) GMF Floorplan Owner Revolving Trust, Series 2018-3,
Class A, 2.804% (1 Month USD LIBOR + 32 bps),
9/15/22 (144A) 6,501,354
15,750,000(a) GMF Floorplan Owner Revolving Trust, Series 2018-4,
Class A2, 2.894% (1 Month USD LIBOR + 41 bps),
9/15/23 (144A) 15,732,820
2,187,500(a) Goldentree Loan Management US CLO 3, Ltd., Series
2018-3A, Class X, 3.311% (3 Month USD LIBOR + 55
bps), 4/20/30 (144A) 2,187,469
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
14,900,000(a) GPMT, Ltd., Series 2019-FL2, Class A, 3.784% (1 Month
USD LIBOR + 130 bps), 2/22/36 (144A) $ 14,927,754
5,500,000(a) Gracie Point International Premium Funding, Series
2018-A, Class 1, 4.007% (3 Month USD LIBOR +
130 bps), 3/1/20 (144A) 5,500,000
7,879,000 Great American Auto Leasing, Inc., Series 2019-1,
Class A2, 2.97%, 6/15/21 (144A) 7,894,929
88,511(a) Green Tree Mortgage Loan Trust, Series 2005-HE1,
Class M2, 3.536% (1 Month USD LIBOR + 105 bps),
12/25/32 (144A) 88,568
425,000(a) Greywolf CLO II, Ltd., Series 2013-1A, Class X, 3.487%
(3 Month USD LIBOR + 70 bps), 10/15/29 (144A) 424,995
92,735(a) GSAA Home Equity Trust, Series 2004-11, Class 2A1,
3.146% (1 Month USD LIBOR + 66 bps), 12/25/34 92,876
5,614,902(a) GSAA Home Equity Trust, Series 2005-6, Class A3,
2.856% (1 Month USD LIBOR + 37 bps), 6/25/35 5,605,369
1,119,646(a) GSAA Home Equity Trust, Series 2005-9, Class 2A3,
2.856% (1 Month USD LIBOR + 37 bps), 8/25/35 1,118,714
2,098,811(a) GSAMP Trust, Series 2004-HE2, Class M1, 3.461%
(1 Month USD LIBOR + 98 bps), 9/25/34 2,108,087
6,719,627(a) GSAMP Trust, Series 2005-HE4, Class M2, 3.221%
(1 Month USD LIBOR + 74 bps), 7/25/45 6,717,827
806,503(a) GSRPM Mortgage Loan Trust, Series 2006-1, Class A1,
2.786% (1 Month USD LIBOR + 30 bps),
3/25/35 (144A) 802,645
298,528(a) GSRPM Mortgage Loan Trust, Series 2006-2, Class A2,
2.786% (1 Month USD LIBOR + 30 bps),
9/25/36 (144A) 298,363
1,250,000(a) Harbor Park CLO 18-1, Ltd., Series 2018-1A, Class X,
3.739% (3 Month USD LIBOR + 90 bps),
1/20/31 (144A) 1,249,846
483,555 Hero Residual Funding, Series 2016-1R, Class A1,
4.5%, 9/21/42 (144A) 481,137
3,600,000(a) Hertz Fleet Lease Funding LP, Series 2016-1, Class D,
5.843% (1 Month USD LIBOR + 335 bps),
4/10/30 (144A) 3,624,137
2,400,000(a) Hertz Fleet Lease Funding LP, Series 2016-1, Class E,
5.993% (1 Month USD LIBOR + 350 bps),
4/10/30 (144A) 2,405,996
2,939,798(a) Hertz Fleet Lease Funding LP, Series 2017-1, Class A1,
3.143% (1 Month USD LIBOR + 65 bps),
4/10/31 (144A) 2,943,940
7,000,000(a) Hertz Fleet Lease Funding LP, Series 2018-1, Class A1,
2.993% (1 Month USD LIBOR + 50 bps),
5/10/32 (144A) 6,999,989
75,575 Hilton Grand Vacations Trust, Series 2014-AA, Class B,
2.07%, 11/25/26 (144A) 74,570
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 33
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
1,931,170(a) Holmes Master Issuer Plc, Series 2018-2A, Class A1,
2.834% (1 Month USD LIBOR + 35 bps),
7/15/19 (144A) $ 1,930,449
267,809(a) Home Equity Asset Trust, Series 2004-8, Class M1,
3.356% (1 Month USD LIBOR + 87 bps), 3/25/35 268,435
3,526,016(a) Home Equity Asset Trust, Series 2005-3, Class M4,
3.126% (1 Month USD LIBOR + 64 bps), 8/25/35 3,553,728
3,315,534(a) Home Equity Asset Trust, Series 2005-6, Class M2,
2.976% (1 Month USD LIBOR + 49 bps), 12/25/35 3,321,926
140,983(a) Home Equity Asset Trust, Series 2005-7, Class M1,
2.936% (1 Month USD LIBOR + 45 bps), 1/25/36 141,316
7,512,298(a) Home Equity Asset Trust, Series 2006-3, Class 2A4,
2.796% (1 Month USD LIBOR + 31 bps), 7/25/36 7,520,958
2,161,135(a) HSI Asset Securitization Corp. Trust, Series
2006-OPT1, Class 2A4, 2.786% (1 Month USD LIBOR +
30 bps), 12/25/35 2,159,737
833,745(a) HSI Asset Securitization Corp. Trust, Series
2006-OPT2, Class M1, 2.856% (1 Month USD LIBOR +
37 bps), 1/25/36 831,097
4,000,000(a) Invitation Homes Trust, Series 2018-SFR1, Class B,
3.432% (1 Month USD LIBOR + 95 bps),
3/17/37 (144A) 3,948,406
5,480,000(a) Invitation Homes Trust, Series 2018-SFR1, Class E,
4.482% (1 Month USD LIBOR + 200 bps),
3/17/37 (144A) 5,459,591
6,856,743(a) Invitation Homes Trust, Series 2018-SFR3, Class E,
4.482% (1 Month USD LIBOR + 200 bps),
7/17/37 (144A) 6,845,965
13,821,000(a) Invitation Homes Trust, Series 2018-SFR4, Class E,
4.432% (1 Month USD LIBOR + 195 bps),
1/17/38 (144A) 13,730,359
133,902(a) John Deere Owner Trust, Series 2017-B, Class A2B,
2.594% (1 Month USD LIBOR + 11 bps), 4/15/20 133,899
782,469(a) JP Morgan Mortgage Acquisition Corp., Series
2005-FLD1, Class M4, 3.461% (1 Month USD LIBOR +
98 bps), 7/25/35 784,387
580,782(a) JP Morgan Mortgage Acquisition Trust, Series 2006-CH1,
Class A5, 2.716% (1 Month USD LIBOR +
23 bps), 7/25/36 580,241
375,000(a) KKR Financial CLO, Ltd., Series 2013-1A, Class X,
3.687% (3 Month USD LIBOR + 90 bps),
4/15/29 (144A) 375,031
7,167,691(a) Lake Country Mortgage Loan Trust, Series 2006-HE1,
Class M2, 3.186% (1 Month USD LIBOR + 70 bps),
7/25/34 (144A) 7,157,985
7,788,874(a) Laurel Road Prime Student Loan Trust, Series 2017-C,
Class A1, 3.036% (1 Month USD LIBOR + 55 bps),
11/25/42 (144A) 7,798,604
4,473,337 Laurel Road Prime Student Loan Trust, Series 2018-B,
Class A1FX, 2.68%, 5/26/43 (144A) 4,467,213
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
500,000(a) LCM 28, Ltd., Series 28A, Class X, 3.352% (3 Month
USD LIBOR + 90 bps), 10/20/30 (144A) $ 499,984
1,045,237(a) Lehman XS Trust, Series 2005-4, Class 1A3, 3.286%
(1 Month USD LIBOR + 80 bps), 10/25/35 1,035,111
12,000,000(a) LoanCore Issuer, Ltd., Series 2018-CRE1, Class A,
3.614% (1 Month USD LIBOR + 113 bps),
5/15/28 (144A) 12,005,476
2,000,000(a) Madison Park Funding XXXII, Ltd., Series 2018-32A,
Class X, 3.317% (3 Month USD LIBOR + 60 bps),
1/22/31 (144A) 1,999,976
1,333,334(a) Magnetite XV, Ltd., Series 2015-15A, Class X, 3.321%
(3 Month USD LIBOR + 55 bps), 7/25/31 (144A) 1,333,314
15,700,000(a) Marathon CRE, Ltd., Series 2018-FL1, Class A, 3.634%
(1 Month USD LIBOR + 115 bps), 6/15/28 (144A) 15,699,870
82,629 Marlette Funding Trust, Series 2017-1A, Class A,
2.827%, 3/15/24 (144A) 82,626
2,000,000 Marlette Funding Trust, Series 2017-1A, Class B,
4.114%, 3/15/24 (144A) 2,006,416
5,400,000 Marlette Funding Trust, Series 2017-1A, Class C,
6.658%, 3/15/24 (144A) 5,522,964
8,809,672 Marlette Funding Trust, Series 2018-1A, Class A,
2.61%, 3/15/28 (144A) 8,794,188
3,411,998 Marlette Funding Trust, Series 2018-2A, Class A,
3.06%, 7/17/28 (144A) 3,410,688
6,768,801 Marlette Funding Trust, Series 2018-3A, Class A,
3.2%, 9/15/28 (144A) 6,772,223
2,500,000 Marlette Funding Trust, Series 2018-3A, Class B,
3.86%, 9/15/28 (144A) 2,514,870
10,000,000 Marlette Funding Trust, Series 2019-1A, Class A,
3.44%, 4/16/29 (144A) 10,032,086
960,883 Marlin Receivables LLC, Series 2018-1A, Class A1,
2.55%, 7/22/19 (144A) 960,885
6,000,000 Marlin Receivables LLC, Series 2018-1A, Class A2,
3.05%, 10/20/20 (144A) 6,005,639
15,500,000(a) Master Credit Card Trust, Series 2019-1A, Class A,
2.967% (1 Month USD LIBOR + 48 bps),
7/21/22 (144A) 15,530,577
9,300,000(a) Master Credit Card Trust II, Series 2018-3A, Class A,
2.827% (1 Month USD LIBOR + 34 bps),
1/21/22 (144A) 9,304,937
11,927(a) Mastr Asset Backed Securities Trust, Series 2005-WMC1,
Class M3, 3.206% (1 Month USD LIBOR +
72 bps), 3/25/35 12,044
138,416(a) Mastr Specialized Loan Trust, Series 2006-1, Class A,
2.786% (1 Month USD LIBOR + 30 bps),
1/25/36 (144A) 138,376
2,456,544 Mercedes-Benz Auto Lease Trust, Series 2018-A,
Class A2, 2.2%, 4/15/20 2,454,804
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 35
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
439,355(a) Merrill Lynch Mortgage Investors Trust, Series
2004-OPT1, Class A1B, 3.346% (1 Month USD LIBOR +
86 bps), 6/25/35 $ 435,945
3,141,448(a) Merrill Lynch Mortgage Investors Trust, Series
2005-AR1, Class M1, 3.236% (1 Month USD LIBOR +
75 bps), 6/25/36 3,151,692
7,242,058(b) MFA Trust, Series 2017-NPL1, Class A1, 3.352%,
11/25/47 (144A) 7,233,092
95,835(a) Morgan Stanley ABS Capital I, Inc. Trust, Series
2005-HE6, Class M1, 2.876% (1 Month USD LIBOR +
39 bps), 11/25/35 95,751
527,088(a) Morgan Stanley ABS Capital I, Inc. Trust, Series
2005-WMC1, Class M2, 3.221% (1 Month USD LIBOR +
74 bps), 1/25/35 526,243
137,632(a) Morgan Stanley ABS Capital I, Inc. Trust, Series
2005-WMC5, Class M4, 3.446% (1 Month USD LIBOR +
96 bps), 6/25/35 137,936
2,203,199(a) Morgan Stanley Capital I, Inc. Trust, Series 2006-NC2,
Class A2D, 2.776% (1 Month USD LIBOR +
29 bps), 2/25/36 2,176,313
84,278(a) Morgan Stanley Home Equity Loan Trust, Series 2005-1,
Class M3, 3.266% (1 Month USD LIBOR +
78 bps), 12/25/34 84,445
712,828(a) Morgan Stanley Home Equity Loan Trust, Series 2006-2,
Class A4, 2.766% (1 Month USD LIBOR +
28 bps), 2/25/36 711,917
2,406,250(a) Motor Plc, Series 2017-1A, Class A1, 3.016% (1 Month
USD LIBOR + 53 bps), 9/25/24 (144A) 2,402,633
3,526,937(a) National Collegiate Trust, Series 2007-A, Class A,
2.781% (1 Month USD LIBOR + 30 bps),
5/25/31 (144A) 3,451,685
14,436,140(c) Nationstar HECM Loan Trust, Series 2017-2A, Class A1,
2.038%, 9/25/27 (144A) 14,296,109
20,067,604(c) Nationstar HECM Loan Trust, Series 2018-1A, Class A,
2.76%, 2/25/28 (144A) 20,013,421
524,151(a) Nationstar Home Equity Loan Trust, Series 2006-B,
Class AV4, 2.766% (1 Month USD LIBOR +
28 bps), 9/25/36 521,951
7,500,000(a) Navistar Financial Dealer Note Master Owner Trust II,
Series 2017-1, Class A, 3.266% (1 Month USD
LIBOR + 78 bps), 6/27/22 (144A) 7,509,531
2,700,000(a) Navistar Financial Dealer Note Master Owner Trust II,
Series 2017-1, Class C, 4.036% (1 Month USD
LIBOR + 155 bps), 6/27/22 (144A) 2,703,144
6,500,000(a) Navistar Financial Dealer Note Master Owner Trust II,
Series 2018-1, Class A, 3.116% (1 Month USD
LIBOR + 63 bps), 9/25/23 (144A) 6,509,677
1,100,000(a) Navistar Financial Dealer Note Master Owner Trust II,
Series 2018-1, Class C, 3.536% (1 Month USD
LIBOR + 105 bps), 9/25/23 (144A) 1,101,947
The accompanying notes are an integral part of these financial statements.
36 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
246,863 Navitas Equipment Receivables LLC, Series 2016-1,
Class A2, 2.2%, 6/15/21 (144A) $ 246,597
4,600,000 Navitas Equipment Receivables LLC, Series 2016-1,
Class B, 3.22%, 10/15/21 (144A) 4,586,025
10,342,655(a) Nelnet Student Loan Trust, Series 2005-2, Class A5,
2.707% (3 Month USD LIBOR + 10 bps), 3/23/37 10,252,790
712,500(a) Neuberger Berman CLO XVI-S, Ltd., Series 2017-16SA,
Class X, 3.387% (3 Month USD LIBOR + 60 bps),
1/15/28 (144A) 712,492
5,000,000(a) Neuberger Berman CLO XVIII, Ltd., Series 2014-18A,
Class XR2, 3.661% (3 Month USD LIBOR + 90 bps),
10/21/30 (144A) 4,999,915
2,750,000(a) Neuberger Berman CLO XXII, Ltd., Series 2016-22A,
Class XR, 3.673% (3 Month USD LIBOR + 90 bps),
10/17/30 (144A) 2,749,959
6,782,342(a) New Century Home Equity Loan Trust, Series 2005-1,
Class M1, 3.161% (1 Month USD LIBOR +
68 bps), 3/25/35 6,770,838
4,591,451(a) New Century Home Equity Loan Trust, Series 2005-2,
Class M2, 3.161% (1 Month USD LIBOR +
68 bps), 6/25/35 4,591,456
48,894(a) New Century Home Equity Loan Trust, Series 2005-3,
Class M2, 3.221% (1 Month USD LIBOR +
74 bps), 7/25/35 48,917
741,000 New Residential Advance Receivables Trust Advance
Receivables Backed Notes, Series 2016-T2, Class AT2,
2.575%, 10/15/49 (144A) 738,683
5,249,337(a) Newtek Small Business Loan Trust, Series 2017-1,
Class A, 4.486% (1 Month USD LIBOR + 200 bps),
2/15/43 (144A) 5,244,955
6,154,708(a) Newtek Small Business Loan Trust, Series 2018-1,
Class A, 4.186% (1 Month USD LIBOR + 170 bps),
2/25/44 (144A) 6,154,698
4,734,390(a) Newtek Small Business Loan Trust, Series 2018-1,
Class B, 5.486% (1 Month USD LIBOR + 300 bps),
2/25/44 (144A) 4,734,379
7,250,000(a) NextGear Floorplan Master Owner Trust, Series 2016-1A,
Class A1, 4.184% (1 Month USD LIBOR +
170 bps), 4/15/21 (144A) 7,254,692
5,000,000(a) NextGear Floorplan Master Owner Trust, Series 2016-2A,
Class A1, 3.584% (1 Month USD LIBOR +
110 bps), 9/15/21 (144A) 5,016,612
14,050,000(a) NextGear Floorplan Master Owner Trust, Series 2017-1A,
Class A1, 3.334% (1 Month USD LIBOR + 85 bps),
4/18/22 (144A) 14,114,588
5,300,000(a) NextGear Floorplan Master Owner Trust, Series 2017-2A,
Class A1, 3.164% (1 Month USD LIBOR + 68 bps),
10/17/22 (144A) 5,315,903
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 37
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
3,182,071(a) Nissan Auto Lease Trust, Series 2017-B, Class A2B,
2.694% (1 Month USD LIBOR + 21 bps), 12/16/19 $ 3,182,914
6,059,000(a) Nissan Master Owner Trust Receivables, Series 2017-A,
Class A, 2.794% (1 Month USD LIBOR +
31 bps), 4/15/21 6,059,394
6,600,000(a) Nissan Master Owner Trust Receivables, Series 2017-C,
Class A, 2.804% (1 Month USD LIBOR +
32 bps), 10/17/22 6,603,297
197,429(a) NovaStar Mortgage Funding Trust, Series 2003-1,
Class A2, 3.266% (1 Month USD LIBOR + 78 bps),
5/25/33 197,095
4,453,609(a) NovaStar Mortgage Funding Trust, Series 2005-1,
Class M4, 3.506% (1 Month USD LIBOR +
102 bps), 6/25/35 4,455,202
5,750,034(a) NovaStar Mortgage Funding Trust, Series 2005-3,
Class M1, 3.161% (1 Month USD LIBOR +
68 bps), 1/25/36 5,734,258
1,066,712 NYCTL Trust, Series 2017-A, Class A, 1.87%,
11/10/30 (144A) 1,057,326
5,076,561(b) Oak Hill Advisors Residential Loan Trust, Series
2017-NPL2, Class A1, 3.0%, 7/25/57 (144A) 5,010,201
375,000(a) OCP CLO, Ltd., Series 2014-6A, Class X, 3.473% (3
Month USD LIBOR + 70 bps), 10/17/30 (144A) 375,052
3,500,000(a) Octagon Investment Partners XVI, Ltd., Series 2013-1A,
Class XR, 3.323% (3 Month USD LIBOR + 55 bps),
7/17/30 (144A) 3,499,958
5,600,000(a) Octagon Investment Partners XVII, Ltd., Series
2013-1A, Class A1R2, 3.771% (3 Month USD LIBOR +
100 bps), 1/25/31 (144A) 5,530,062
4,500,000(a) Octagon Investment Partners XXI, Ltd., Series 2014-1A,
Class XRR, 3.443% (3 Month USD LIBOR + 75 bps),
2/14/31 (144A) 4,499,914
5,281,250(a) Octagon Investment Partners XXII, Ltd., Series
2014-1A, Class XRR, 3.411% (3 Month USD LIBOR +
65 bps), 1/22/30 (144A) 5,280,431
14,000,000 OneMain Financial Issuance Trust, Series 2015-1A,
Class C, 5.12%, 3/18/26 (144A) 14,141,253
9,250,000 OneMain Financial Issuance Trust, Series 2015-2A,
Class D, 5.64%, 7/18/25 (144A) 9,293,757
6,650,000(a) OneMain Financial Issuance Trust, Series 2017-1A,
Class A2, 3.289% (1 Month USD LIBOR + 80 bps),
9/14/32 (144A) 6,671,868
856,865(a) Option One Mortgage Loan Trust, Series 2005-1, Class A1B,
3.146% (1 Month USD LIBOR + 66 bps), 2/25/35 856,450
7,581,419(a) Option One Mortgage Loan Trust, Series 2005-3, Class M2,
3.221% (1 Month USD LIBOR + 74 bps), 8/25/35 7,576,291
3,028,025(a) Option One Mortgage Loan Trust, Series 2005-4, Class M1,
2.926% (1 Month USD LIBOR + 44 bps), 11/25/35 3,027,714
The accompanying notes are an integral part of these financial statements.
38 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
3,566,751(a) Option One Mortgage Loan Trust, Series 2006-1, Class 2A3,
2.676% (1 Month USD LIBOR + 19 bps), 1/25/36 $ 3,564,907
23,756(b) Option One Mortgage Loan Trust, Series 2007-FXD2,
Class 2A1, 5.9%, 3/25/37 23,467
9,246 Oscar US Funding Trust VI LLC, Series 2017-1A, Class A2A,
2.3%, 5/11/20 (144A) 9,240
60,970(a) Oscar US Funding Trust VI LLC, Series 2017-1A,
Class A2B, 3.293% (1 Month USD LIBOR + 80 bps),
5/11/20 (144A) 60,989
852,552(a) Oscar US Funding Trust VII LLC, Series 2017-2A,
Class A2B, 3.143% (1 Month USD LIBOR + 65 bps),
11/10/20 (144A) 852,856
132,158 Oscar US Funding Trust VIII LLC, Series 2018-1A,
Class A2A, 2.91%, 4/12/21 (144A) 132,039
3,003,600(a) Oscar US Funding Trust VIII LLC, Series 2018-1A,
Class A2B, 2.983% (1 Month USD LIBOR + 49 bps),
4/12/21 (144A) 3,004,156
8,305,421 Oscar US Funding Trust IX LLC, Series 2018-2A,
Class A2A, 3.15%, 8/10/21 (144A) 8,307,289
8,800,000 Oscar US Funding X LLC, Series 2019-1A, Class A2,
3.1%, 4/11/22 (144A) 8,838,262
100,605 Oxford Finance Funding LLC, Series 2016-1A, Class A,
3.968%, 6/17/24 (144A) 101,054
3,500,000(a) OZLM VIII, Ltd., Series 2014-8A, Class XRR, 3.155%
(3 Month USD LIBOR + 70 bps), 10/17/29 (144A) 3,499,923
2,500,000(a) OZLM XXII, Ltd., Series 2018-22A, Class X, 3.323%
(3 Month USD LIBOR + 55 bps), 1/17/31 (144A) 2,498,152
16,830,594(a) Palmer Square CLO, Ltd., Series 2018-3A, Class A1,
3.534% (3 Month USD LIBOR + 85 bps),
8/15/26 (144A) 16,750,278
5,357,080(a) Palmer Square Loan Funding, Ltd., Series 2017-1A,
Class A1, 3.527% (3 Month USD LIBOR + 74 bps),
10/15/25 (144A) 5,334,329
12,359,129(a) Palmer Square Loan Funding, Ltd., Series 2018-1A,
Class A1, 3.387% (3 Month USD LIBOR + 60 bps),
4/15/26 (144A) 12,251,988
4,250,000(a) Palmer Square Loan Funding, Ltd., Series 2018-1A,
Class A2, 3.837% (3 Month USD LIBOR + 105 bps),
4/15/26 (144A) 4,184,261
4,698,352(a) Palmer Square Loan Funding, Ltd., Series 2018-2A,
Class A1, 3.437% (3 Month USD LIBOR + 65 bps),
7/15/26 (144A) 4,661,521
8,894,551(a) Palmer Square Loan Funding, Ltd., Series 2018-4A,
Class A1, 3.584% (3 Month USD LIBOR + 90 bps),
11/15/26 (144A) 8,858,795
89,182(a) People's Choice Home Loan Securities Trust, Series
2004-2, Class M1, 3.386% (1 Month USD LIBOR +
90 bps), 10/25/34 89,271
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 39
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
5,000,000(a) Pepper Residential Securities Trust, Series 19A,
Class A1U2, 2.843% (1 Month USD LIBOR + 35 bps),
10/12/19 (144A) $ 4,982,150
6,700,000(a) PFS Financing Corp., Series 2017-BA, Class A1, 3.084%
(1 Month USD LIBOR + 60 bps), 7/15/22 (144A) 6,694,289
4,750,000(a) PFS Financing Corp., Series 2017-C, Class A, 2.954%
(1 Month USD LIBOR + 47 bps), 10/15/21 (144A) 4,746,540
5,750,000(a) PFS Financing Corp., Series 2017-C, Class B, 3.284%
(1 Month USD LIBOR + 80 bps), 10/15/21 (144A) 5,743,337
17,500,000(a) PFS Financing Corp., Series 2018-E, Class A, 2.934%
(1 Month USD LIBOR + 45 bps), 10/15/22 (144A) 17,499,884
236,037(a) Popular ABS Mortgage Pass-Through Trust, Series
2005-A, Class M1, 2.916% (1 Month USD LIBOR +
43 bps), 6/25/35 236,002
1,095,653 Prestige Auto Receivables Trust, Series 2015-1, Class C,
2.4%, 4/15/21 (144A) 1,095,209
6,500,000(a) Progress Residential Trust, Series 2016-SFR2, Class F,
6.702% (1 Month USD LIBOR + 422 bps),
1/17/34 (144A) 6,504,376
3,787,438 Prosper Marketplace Issuance Trust, Series 2019-1A,
Class A, 3.54%, 4/15/25 (144A) 3,793,784
1,425,617(b) PRPM LLC, Series 2017-1A, Class A1, 4.25%,
1/25/22 (144A) 1,437,317
2,600,000 Purchasing Power Funding LLC, Series 2018-A, Class B,
3.58%, 8/15/22 (144A) 2,600,124
90,998(a) RAAC Trust, Series 2005-RP3, Class M1, 3.286%
(1 Month USD LIBOR + 80 bps), 5/25/39 (144A) 90,969
8,500,000(a) RAAC Trust, Series 2006-RP1, Class M2, 3.686%
(1 Month USD LIBOR + 120 bps), 10/25/45 (144A) 8,571,951
1,047,461(a) RAMP Trust, Series 2005-EFC6, Class M2, 3.131%
(1 Month USD LIBOR + 65 bps), 11/25/35 1,047,286
466,719(a) RAMP Trust, Series 2005-RS2, Class M3, 3.036%
(1 Month USD LIBOR + 55 bps), 2/25/35 466,976
7,350,000(a) RAMP Trust, Series 2005-RS7, Class M1, 2.986%
(1 Month USD LIBOR + 50 bps), 7/25/35 7,360,090
5,289,720(a) RAMP Trust, Series 2005-RZ2, Class M4, 3.046%
(1 Month USD LIBOR + 56 bps), 5/25/35 5,290,689
206,306(a) RAMP Trust, Series 2006-EFC2, Class A3, 2.646%
(1 Month USD LIBOR + 16 bps), 12/25/36 205,750
40,023(a) RAMP Trust, Series 2006-RZ3, Class A3, 2.776%
(1 Month USD LIBOR + 29 bps), 8/25/36 39,978
4,770,623(a) RAMP Trust, Series 2006-RZ4, Class A3, 2.756%
(1 Month USD LIBOR + 27 bps), 10/25/36 4,747,512
1,648,703(a) RASC Trust, Series 2001-KS3, Class AII, 2.946%
(1 Month USD LIBOR + 46 bps), 9/25/31 1,625,822
3,080,423(a) RASC Trust, Series 2005-EMX3, Class M3, 2.946%
(1 Month USD LIBOR + 46 bps), 9/25/35 3,083,590
The accompanying notes are an integral part of these financial statements.
40 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
1,547,084(a) RASC Trust, Series 2005-EMX4, Class M2, 3.146%
(1 Month USD LIBOR + 66 bps), 11/25/35 $ 1,549,641
1,777,636(a) RASC Trust, Series 2005-KS1, Class M1, 3.161%
(1 Month USD LIBOR + 68 bps), 2/25/35 1,781,156
1,842,171(a) RASC Trust, Series 2005-KS2, Class M1, 3.131%
(1 Month USD LIBOR + 65 bps), 3/25/35 1,840,944
1,579,656(a) RASC Trust, Series 2005-KS7, Class M4, 3.356%
(1 Month USD LIBOR + 87 bps), 8/25/35 1,582,392
1,312,171(a) RASC Trust, Series 2005-KS8, Class M3, 2.966%
(1 Month USD LIBOR + 48 bps), 8/25/35 1,312,827
1,198,344(a) RASC Trust, Series 2005-KS10, Class M1, 2.896%
(1 Month USD LIBOR + 41 bps), 11/25/35 1,198,595
364,102(a) RASC Trust, Series 2005-KS11, Class M1, 2.886%
(1 Month USD LIBOR + 40 bps), 12/25/35 364,495
5,700,256(a) RASC Trust, Series 2005-KS12, Class M1, 2.926%
(1 Month USD LIBOR + 44 bps), 1/25/36 5,705,392
11,312,390(a) Ready Capital Mortgage Financing LLC, Series 2018-FL2,
Class A, 3.336% (1 Month USD LIBOR + 85 bps),
6/25/35 (144A) 11,290,100
165,019(a) ReadyCap Commercial Mortgage Trust, Series 2017-FL1,
Class B, 4.136% (1 Month USD LIBOR + 165 bps),
5/25/34 (144A) 165,044
6,661,162(c) RMF Buyout Issuance Trust, Series 2018-1, Class A,
3.436%, 11/25/28 (144A) 6,668,090
2,000,000(c) RMF Buyout Issuance Trust, Series 2018-1, Class M1,
3.912%, 11/25/28 (144A) 1,999,998
7,500,000(a) Rosy, Series 2018-1, Class A2, 5.734% (1 Month USD
LIBOR + 325 bps), 12/15/25 (144A) 7,500,000
479(a) SACO I Trust, Series 2005-5, Class 2M4, 3.615%
(1 Month USD LIBOR + 113 bps), 5/25/35 478
47,441(a) Salomon Mortgage Loan Trust, Series 2001-CB4,
Class 1A1, 3.386% (1 Month USD LIBOR +
90 bps), 11/25/33 47,470
71,850 Santander Drive Auto Receivables Trust, Series 2015-3,
Class C, 2.74%, 1/15/21 71,848
1,262,539 Santander Drive Auto Receivables Trust, Series 2016-1,
Class C, 3.09%, 4/15/22 1,263,316
4,113,525 Santander Drive Auto Receivables Trust, Series 2016-3,
Class B, 1.89%, 6/15/21 4,110,523
8,000,000(a) Santander Drive Auto Receivables Trust, Series 2019-1,
Class A2B, 2.754% (1 Month USD LIBOR +
27 bps), 1/18/22 8,000,370
2,373,189(a) Santander Retail Auto Lease Trust, Series 2017-A,
Class A2B, 2.758% (1 Month USD LIBOR + 27 bps),
3/20/20 (144A) 2,373,186
100,430(a) SASCO Mortgage Loan Trust, Series 2005-GEL1, Class M1,
3.311% (1 Month USD LIBOR + 83 bps), 12/25/34 100,322
4,565,549(a) Saxon Asset Securities Trust, Series 2006-2, Class A3C,
2.636% (1 Month USD LIBOR + 15 bps), 9/25/36 4,548,378
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 41
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
1,055,629 SCF Equipment Leasing LLC, Series 2017-1A, Class A,
3.77%, 1/20/23 (144A) $ 1,062,732
1,834,153 SCF Equipment Leasing LLC, Series 2017-2A, Class A,
3.41%, 12/20/23 (144A) 1,838,180
32,177(a) Securitized Asset Backed Receivables LLC Trust, Series
2005-OP2, Class M1, 2.916% (1 Month USD LIBOR +
43 bps), 10/25/35 31,864
472,097(a) Securitized Term Auto Receivables Trust, Series 2017-2A,
Class A2B, 2.686% (1 Month USD LIBOR + 20 bps),
1/27/20 (144A) 472,099
10,000,000 Securitized Term Auto Receivables Trust, Series 2019-1A,
Class A2, 2.862%, 5/25/21 (144A) 10,004,261
989,862(a) Security National Mortgage Loan Trust, Series 2007-1A,
Class 2A, 2.836% (1 Month USD LIBOR + 35 bps),
4/25/37 (144A) 975,136
3,995,108(a) SG Mortgage Securities Trust, Series 2005-OPT1, Class M1,
2.916% (1 Month USD LIBOR + 43 bps), 10/25/35 3,998,134
292,469 Sierra Timeshare Receivables Funding LLC, Series 2015-2A,
Class A, 2.43%, 6/20/32 (144A) 289,612
3,012,723 Skopos Auto Receivables Trust, Series 2018-1A, Class A,
3.19%, 9/15/21 (144A) 3,012,768
10,325,395(a) SLM Private Credit Student Loan Trust, Series 2007-A,
Class A4A, 2.851% (3 Month USD LIBOR +
24 bps), 12/16/41 10,078,968
14,000,000 SLM Student Loan Trust, Series 2006-10, Class A6,
2.921% (3 Month USD LIBOR + 15 bps), 3/25/44 13,510,031
4,363,423 Sofi Consumer Loan Program LLC, Series 2016-1,
Class A, 3.26%, 8/25/25 (144A) 4,375,565
1,876,333 Sofi Consumer Loan Program LLC, Series 2016-2,
Class A, 3.09%, 10/27/25 (144A) 1,876,255
852,717 Sofi Consumer Loan Program LLC, Series 2016-3,
Class A, 3.05%, 12/26/25 (144A) 852,934
2,712,128 Sofi Consumer Loan Program LLC, Series 2016-4,
Class A, 3.18%, 11/25/25 (144A) 2,714,857
7,689,712 Sofi Consumer Loan Program LLC, Series 2017-1,
Class A, 3.28%, 1/26/26 (144A) 7,715,998
274,466 Sofi Consumer Loan Program LLC, Series 2017-3,
Class A, 2.77%, 5/25/26 (144A) 273,565
463,940 Sofi Consumer Loan Program LLC, Series 2017-5,
Class A1, 2.14%, 9/25/26 (144A) 462,744
1,195,183 Sofi Consumer Loan Program LLC, Series 2017-6,
Class A1, 2.2%, 11/25/26 (144A) 1,191,930
2,039,016 Sofi Consumer Loan Program Trust, Series 2018-1,
Class A1, 2.55%, 2/25/27 (144A) 2,033,641
1,959,145 Sofi Consumer Loan Program Trust, Series 2018-2,
Class A1, 2.93%, 4/26/27 (144A) 1,957,285
4,507,242 Sofi Consumer Loan Program Trust, Series 2018-3,
Class A1, 3.2%, 8/25/27 (144A) 4,510,338
The accompanying notes are an integral part of these financial statements.
42 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
12,524,346 Sofi Consumer Loan Program Trust, Series 2018-4,
Class A, 3.54%, 11/26/27 (144A) $ 12,597,816
9,509,003 Sofi Consumer Loan Program Trust, Series 2019-1,
Class A, 3.24%, 2/25/28 (144A) 9,546,577
268,882(a) Sofi Professional Loan Program LLC, Series 2014-A,
Class A1, 4.086% (1 Month USD LIBOR + 160 bps),
6/25/25 (144A) 269,434
3,447,232(a) Sofi Professional Loan Program LLC, Series 2014-B,
Class A1, 3.736% (1 Month USD LIBOR + 125 bps),
8/25/32 (144A) 3,464,919
1,139,193(a) Sofi Professional Loan Program LLC, Series 2015-B,
Class A1, 3.536% (1 Month USD LIBOR + 105 bps),
4/25/35 (144A) 1,148,549
1,224,419(a) Sofi Professional Loan Program LLC, Series 2015-C,
Class A1, 3.536% (1 Month USD LIBOR + 105 bps),
8/27/35 (144A) 1,230,725
2,026,833(a) Sofi Professional Loan Program LLC, Series 2016-A,
Class A1, 4.236% (1 Month USD LIBOR + 175 bps),
8/25/36 (144A) 2,057,589
1,754,945(a) Sofi Professional Loan Program LLC, Series 2016-B,
Class A1, 3.686% (1 Month USD LIBOR + 120 bps),
6/25/33 (144A) 1,770,296
882,806(a) Sofi Professional Loan Program LLC, Series 2016-C,
Class A1, 3.586% (1 Month USD LIBOR + 110 bps),
10/27/36 (144A) 890,084
1,208,906(a) Sofi Professional Loan Program LLC, Series 2016-D,
Class A1, 3.436% (1 Month USD LIBOR + 95 bps),
1/25/39 (144A) 1,215,545
3,625,735(a) Sofi Professional Loan Program LLC, Series 2016-E,
Class A1, 3.336% (1 Month USD LIBOR + 85 bps),
7/25/39 (144A) 3,637,306
860,959(a) Sofi Professional Loan Program LLC, Series 2017-A,
Class A1, 3.186% (1 Month USD LIBOR + 70 bps),
3/26/40 (144A) 863,206
451,715 Sofi Professional Loan Program LLC, Series 2017-B,
Class A1FX, 1.83%, 5/25/40 (144A) 449,941
1,013,096(a) Sofi Professional Loan Program LLC, Series 2017-C,
Class A1, 3.086% (1 Month USD LIBOR + 60 bps),
7/25/40 (144A) 1,014,208
3,779,079 Sofi Professional Loan Program LLC, Series 2017-D,
Class A1FX, 1.72%, 9/25/40 (144A) 3,760,094
2,359,179(a) Sofi Professional Loan Program LLC, Series 2017-E,
Class A1, 2.986% (1 Month USD LIBOR + 50 bps),
11/26/40 (144A) 2,359,441
1,139,070 Sofi Professional Loan Program LLC, Series 2017-F,
Class A1FX, 2.05%, 1/25/41 (144A) 1,132,068
2,897,984(a) Sofi Professional Loan Program LLC, Series 2018-A,
Class A1, 2.836% (1 Month USD LIBOR + 35 bps),
2/25/42 (144A) 2,896,047
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 43
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
2,329,724 Sofi Professional Loan Program LLC, Series 2018-A,
Class A2A, 2.39%, 2/25/42 (144A) $ 2,320,354
11,064,317 Sofi Professional Loan Program Trust, Series 2018-B,
Class A1FX, 2.64%, 8/25/47 (144A) 11,047,946
21,622,894 SpringCastle America Funding LLC, Series 2016-AA,
Class A, 3.05%, 4/25/29 (144A) 21,595,045
6,908,286 Springleaf Funding Trust, Series 2015-AA, Class A,
3.16%, 11/15/24 (144A) 6,908,746
18,500,000 Springleaf Funding Trust, Series 2015-BA, Class A,
3.48%, 5/15/28 (144A) 18,619,856
1,625,000 SPS Servicer Advance Receivables Trust Advance
Receivables Backed Notes, Series 2018-T1, Class AT1,
3.62%, 10/17/50 (144A) 1,635,683
750,000 SPS Servicer Advance Receivables Trust Advance
Receivables Backed Notes, Series 2018-T1, Class CT1,
4.16%, 10/17/50 (144A) 748,820
4,500,000(a) Starwood Waypoint Homes Trust, Series 2017-1, Class E,
5.084% (1 Month USD LIBOR + 260 bps),
1/17/35 (144A) 4,504,720
3,437,500(a) Stewart Park CLO, Ltd., Series 2015-1A, Class X, 3.387%
(3 Month USD LIBOR + 60 bps), 1/15/30 (144A) 3,437,462
2,331,206(a) Structured Asset Investment Loan Trust, Series
2003-BC1, Class A1, 3.246% (1 Month USD LIBOR +
76 bps), 1/25/33 2,328,331
1,767,406(a) Structured Asset Investment Loan Trust, Series
2004-10, Class A4, 3.486% (1 Month USD LIBOR +
100 bps), 11/25/34 1,770,703
154,565(a) Structured Asset Investment Loan Trust, Series
2004-10, Class A7, 3.546% (1 Month USD LIBOR +
106 bps), 11/25/34 155,316
349,732(a) Structured Asset Investment Loan Trust, Series
2005-HE1, Class M1, 2.956% (1 Month USD LIBOR +
47 bps), 7/25/35 349,887
4,113,919(a) Structured Asset Investment Loan Trust, Series
2005-HE3, Class M1, 3.206% (1 Month USD LIBOR +
72 bps), 9/25/35 4,126,962
100,000(a) Structured Asset Securities Corp. Mortgage Loan Trust,
Series 2005-NC2, Class M4, 2.956% (1 Month USD
LIBOR + 47 bps), 5/25/35 100,246
136,015(a) Structured Asset Securities Corp. Mortgage Loan Trust,
Series 2006-EQ1A, Class A4, 2.636% (1 Month
USD LIBOR + 15 bps), 7/25/36 (144A) 135,958
4,583,280(a) Structured Asset Securities Corp. Mortgage Loan Trust,
Series 2006-OPT1, Class A1, 2.666% (1 Month
USD LIBOR + 18 bps), 4/25/36 4,518,715
2,455,372(a) Structured Asset Securities Corp. Mortgage Loan Trust,
Series 2007-TC1, Class A, 2.786% (1 Month USD
LIBOR + 30 bps), 4/25/31 (144A) 2,445,278
The accompanying notes are an integral part of these financial statements.
44 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
598,120(a) Structured Asset Securities Corp. Mortgage Pass-Through
Ctfs, Series 2003-BC2, Class M1, 3.986% (1 Month
USD LIBOR + 150 bps), 2/25/33 $ 604,528
1,481,939(a) Structured Asset Securities Corp. Trust, Series 2005-AR1,
Class M1, 2.916% (1 Month USD LIBOR +
43 bps), 9/25/35 1,483,791
997,606(a) Structured Asset Securities Corp. Trust, Series 2005-WF1,
Class A3, 3.146% (1 Month USD LIBOR +
66 bps), 2/25/35 998,438
1,500,000(a) Symphony CLO XIX, Ltd., Series 2018-19A, Class X,
3.279% (3 Month USD LIBOR + 50 bps),
4/16/31 (144A) 1,499,983
875,000 Synchrony Credit Card Master Note Trust, Series 2015-1,
Class A, 2.37%, 3/15/23 872,457
2,309,265 Tax Ease Funding LLC, Series 2016-1A, Class A, 3.131%,
6/15/28 (144A) 2,293,912
1,663,460 TCF Auto Receivables Owner Trust, Series 2016-PT1A,
Class A, 1.93%, 6/15/22 (144A) 1,651,122
2,212,204(a) Terwin Mortgage Trust, Series 2006-1, Class 1A3, 2.866%
(1 Month USD LIBOR + 38 bps), 1/25/37 (144A) 2,217,664
6,512,042(a) Terwin Mortgage Trust, Series 2006-3, Class 1A2, 2.716%
(1 Month USD LIBOR + 23 bps), 4/25/37 (144A) 6,493,170
1,000,000(a) THL Credit Wind River CLO, Ltd., Series 2015-1A, Class X,
3.108% (3 Month USD LIBOR + 65 bps),
10/20/30 (144A) 989,941
6,000,000 Tidewater Auto Receivables Trust, Series 2016-AA,
Class D, 5.86%, 11/15/21 (144A) 6,039,596
3,568,925 Tidewater Auto Receivables Trust, Series 2018-AA,
Class A2, 3.12%, 7/15/22 (144A) 3,570,513
5,442,631 TLF National Tax Lien Trust, Series 2017-1A, Class A,
3.09%, 12/15/29 (144A) 5,403,195
18,276,200(a) Towd Point Asset Trust, Series 2018-SL1, Class A, 3.09%
(1 Month USD LIBOR + 60 bps), 1/25/46 (144A) 18,094,140
5,000,000(a) Towd Point Asset Trust, Series 2018-SL1, Class B, 3.54%
(1 Month USD LIBOR + 105 bps), 1/25/46 (144A) 4,797,717
5,246,044(c) Towd Point Mortgage Trust, Series 2015-2, Class 1A12,
2.75%, 11/25/60 (144A) 5,197,819
899,869(c) Towd Point Mortgage Trust, Series 2015-4, Class A1,
3.5%, 4/25/55 (144A) 900,430
2,467,329(c) Towd Point Mortgage Trust, Series 2016-1, Class A1,
3.5%, 2/25/55 (144A) 2,472,191
8,331,745(a) Towd Point Mortgage Trust, Series 2017-5, Class A1,
3.086% (1 Month USD LIBOR + 60 bps),
2/25/57 (144A) 8,263,004
3,684,174(c) Towd Point Mortgage Trust, Series 2017-5, Class XA,
3.5%, 2/25/57 (144A) 3,647,619
12,118,893(c) Towd Point Mortgage Trust, Series 2018-SJ1, Class XA,
5.0%, 10/25/58 (144A) 12,024,023
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 45
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
11,521,783(a) Towd Point Mortgage Trust, Series 2019-HY1, Class A1,
3.486% (1 Month USD LIBOR + 100 bps),
10/25/48 (144A) $ 11,521,771
1,739,794(a) Toyota Auto Receivables Owner Trust, Series 2017-C,
Class A2B, 2.564% (1 Month USD LIBOR +
8 bps), 7/15/20 1,739,662
8,000,000(a) Trafigura Securitisation Finance Plc, Series 2017-1A,
Class A1, 3.334% (1 Month USD LIBOR +
85 bps), 12/15/20 (144A) 8,000,400
1,794,286(a) Trafigura Securitisation Finance Plc, Series 2017-1A,
Class B, 4.184% (1 Month USD LIBOR +
170 bps), 12/15/20 (144A) 1,800,942
13,750,000(a) Trafigura Securitisation Finance Plc, Series 2018-1A,
Class A1, 3.214% (1 Month USD LIBOR +
73 bps), 3/15/22 (144A) 13,753,259
2,500,000 Trafigura Securitisation Finance Plc, Series 2018-1A,
Class B, 4.29%, 3/15/22 (144A) 2,537,180
3,500,000(a) Tralee CLO V, Ltd., Series 2018-5A, Class AX, 3.459%
(3 Month USD LIBOR + 70 bps), 10/20/28 (144A) 3,499,884
18,500,000(a) Trillium Credit Card Trust II, Series 2018-2A, Class A,
2.849% (1 Month USD LIBOR + 35 bps), 9/26/23 (144A) 18,490,313
20,000,000(a) Trillium Credit Card Trust II, Series 2019-1A, Class A,
2.979% (1 Month USD LIBOR + 48 bps), 1/26/24 (144A) 20,056,158
1,372,936 United Auto Credit Securitization Trust, Series 2017-1,
Class C, 2.71%, 1/10/22 (144A) 1,372,622
7,451,041 United Auto Credit Securitization Trust, Series 2018-1,
Class B, 2.76%, 10/13/20 (144A) 7,444,134
3,320,000 United Auto Credit Securitization Trust, Series 2018-2,
Class B, 3.56%, 8/10/22 (144A) 3,330,467
1,493,210 Upstart Securitization Trust, Series 2017-2, Class A,
2.508%, 3/20/25 (144A) 1,492,265
9,299,249 Upstart Securitization Trust, Series 2018-1, Class B,
3.887%, 8/20/25 (144A) 9,314,879
4,217,118 Upstart Securitization Trust, Series 2018-2, Class A,
3.33%, 12/22/25 (144A) 4,217,371
7,000,000 Upstart Securitization Trust, Series 2019-1, Class A,
3.45%, 4/20/26 (144A) 7,003,033
236,842(a) Venture 32 CLO, Ltd., Series 2018-32RR, Class AX,
3.511% (3 Month USD LIBOR + 75 bps), 7/19/31 (144A) 236,605
1,500,000(a) Venture XXI CLO, Ltd., Series 2015-21A, Class AR,
3.667% (3 Month USD LIBOR + 88 bps), 7/15/27 (144A) 1,493,895
4,363,169 Verizon Owner Trust, Series 2016-1A, Class A, 1.42%,
1/20/21 (144A) 4,352,579
4,500,000(a) Verizon Owner Trust, Series 2017-3A, Class A1B, 2.758%
(1 Month USD LIBOR + 27 bps), 4/20/22 (144A) 4,502,227
12,300,000(a) Verizon Owner Trust, Series 2018-1A, Class A1B, 2.748%
(1 Month USD LIBOR + 26 bps), 9/20/22 (144A) 12,303,697
The accompanying notes are an integral part of these financial statements.
46 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
10,000,000(a) Verizon Owner Trust, Series 2019-A, Class A1B, 2.829%
(1 Month USD LIBOR + 33 bps), 9/20/23 $ 10,003,075
1,295,702 Veros Automobile Receivables Trust, Series 2017-1,
Class A, 2.84%, 4/17/23 (144A) 1,293,629
14,244,026 Veros Automobile Receivables Trust, Series 2018-1,
Class A, 3.63%, 5/15/23 (144A) 14,266,970
850,000(a) Volvo Financial Equipment Master Owner Trust, Series
2017-A, Class A, 2.984% (1 Month USD LIBOR +
50 bps), 11/15/22 (144A) 852,032
11,250,000(a) Volvo Financial Equipment Master Owner Trust, Series
2018-A, Class A, 3.004% (1 Month USD LIBOR +
52 bps), 7/17/23 (144A) 11,282,350
27,524(a) Wells Fargo Home Equity Asset-Backed Securities Trust,
Series 2005-3, Class M3, 3.176% (1 Month USD
LIBOR + 69 bps), 11/25/35 27,529
444,122(a) Wells Fargo Home Equity Asset-Backed Securities Trust,
Series 2006-2, Class A4, 2.736% (1 Month USD
LIBOR + 25 bps), 7/25/36 443,221
227,592 Westgate Resorts LLC, Series 2016-1A, Class A, 3.5%,
12/20/28 (144A) 227,608
4,778,221 Westgate Resorts LLC, Series 2017-1A, Class A, 3.05%,
12/20/30 (144A) 4,750,232
2,500,232 Westgate Resorts LLC, Series 2017-1A, Class B, 4.05%,
12/20/30 (144A) 2,497,703
5,044,408 Westgate Resorts LLC, Series 2018-1A, Class B, 3.58%,
12/20/31 (144A) 5,039,467
782,079 Westgate Resorts LLC, Series 2018-1A, Class C, 4.1%,
12/20/31 (144A) 784,606
5,337,995 Westlake Automobile Receivables Trust, Series 2016-1A,
Class D, 4.55%, 9/15/21 (144A) 5,349,616
2,770,000 Westlake Automobile Receivables Trust, Series 2016-1A,
Class E, 6.52%, 6/15/22 (144A) 2,782,538
6,770,000 Westlake Automobile Receivables Trust, Series 2016-2A,
Class E, 6.41%, 5/15/23 (144A) 6,835,013
633,444(a) Westlake Automobile Receivables Trust, Series 2017-2A,
Class A2B, 2.834% (1 Month USD LIBOR + 35 bps),
7/15/20 (144A) 633,573
3,571,799(a) Westlake Automobile Receivables Trust, Series 2018-1A,
Class A2B, 2.734% (1 Month USD LIBOR + 25 bps),
12/15/20 (144A) 3,571,799
4,510,000 Westlake Automobile Receivables Trust, Series 2018-1A,
Class B, 2.67%, 5/17/21 (144A) 4,498,387
7,533,697(a) Westlake Automobile Receivables Trust, Series 2018-2A,
Class A2B, 2.814% (1 Month USD LIBOR + 33 bps),
9/15/21 (144A) 7,535,737
16,000,000(a) Westlake Automobile Receivables Trust, Series 2019-1A,
Class A2B, 2.884% (1 Month USD LIBOR + 40 bps),
5/16/22 (144A) 16,012,762
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 47
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
300,000 Westlake Automobile Receivables Trust, Series 2019-1A,
Class B, 3.26%, 10/17/22 (144A) $ 300,992
1,107,244 Wheels SPV 2 LLC, Series 2017-1A, Class A2, 1.88%,
4/20/26 (144A) 1,100,932
1,569,817 Wheels SPV 2 LLC, Series 2018-1A, Class A1, 2.55%,
7/20/19 (144A) 1,569,839
12,577(a) Wilshire Mortgage Loan Trust, Series 1997-2, Class A6,
2.766% (1 Month USD LIBOR + 28 bps), 5/25/28 12,461
3,649,018(a) World Omni Auto Receivables Trust, Series 2017-B,
Class A2B, 2.584% (1 Month USD LIBOR +
10 bps), 2/16/21 3,648,591
3,732,992 World Omni Auto Receivables Trust, Series 2018-A,
Class A2, 2.19%, 5/17/21 3,727,410
5,371,389 World Omni Select Auto Trust, Series 2018-1A, Class A1,
2.782%, 11/15/19 (144A) 5,371,725
3,750,000 World Omni Select Auto Trust, Series 2018-1A, Class A2,
3.24%, 4/15/22 (144A) 3,760,717
-------------------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $2,344,451,672) $2,343,533,990
-------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
24.5% of Net Assets
11,500,000(a) 280 Park Avenue Mortgage Trust, Series 2017-280P,
Class C, 3.734% (1 Month USD LIBOR + 125 bps),
9/15/34 (144A) $ 11,485,510
4,463,527(a) A10 Term Asset Financing LLC, Series 2017-1A,
Class A1FL, 3.334% (1 Month USD LIBOR + 85 bps),
3/15/36 (144A) 4,463,665
783,621(c) Agate Bay Mortgage Trust, Series 2014-3, Class A4,
3.0%, 11/25/44 (144A) 779,696
449,913(a) Alternative Loan Trust, Series 2004-6CB, Class A,
3.066% (1 Month USD LIBOR + 58 bps), 5/25/34 449,148
4,430,000(a) Arbor Realty Commercial Real Estate Notes, Ltd.,
Series 2016-FL1A, Class A, 4.184% (1 Month USD
LIBOR + 170 bps), 9/15/26 (144A) 4,428,128
9,890,000(a) Arbor Realty Commercial Real Estate Notes, Ltd.,
Series 2017-FL1, Class A, 3.784% (1 Month USD
LIBOR + 130 bps), 4/15/27 (144A) 9,902,451
8,526,315(a) AREIT Trust, Series 2018-CRE1, Class A, 3.334%
(1 Month USD LIBOR + 85 bps), 2/14/35 (144A) 8,494,315
8,213,000(a) BAMLL Commercial Mortgage Securities Trust, Series
2014-FL1, Class B, 4.433% (1 Month USD LIBOR +
220 bps), 12/15/31 (144A) 8,210,078
14,007(a) Banc of America Funding Trust, Series 2005-A, Class 5A2,
2.798% (1 Month USD LIBOR + 31 bps), 2/20/35 14,073
103,808(c) Banc of America Mortgage Trust, Series 2004-I,
Class 1A1, 4.745%, 10/25/34 103,907
The accompanying notes are an integral part of these financial statements.
48 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
450,531(a) Bancorp Commercial Mortgage Trust, Series 2016-CRE1,
Class B, 5.239% (1 Month USD LIBOR + 275 bps),
11/15/33 (144A) $ 450,474
3,018,348(a) Bancorp Commercial Mortgage Trust, Series 2017-CRE2,
Class A, 3.334% (1 Month USD LIBOR + 85 bps),
8/15/32 (144A) 3,012,363
4,503,546(a) Bancorp Commercial Mortgage Trust, Series 2018-CRE4,
Class A, 3.384% (1 Month USD LIBOR + 90 bps),
9/15/35 (144A) 4,491,855
13,408,384(a) BDS, Series 2018-FL2, Class A, 3.434% (1 Month USD
LIBOR + 95 bps), 8/15/35 (144A) 13,383,062
1,173,367(a) Bear Stearns ALT-A Trust, Series 2004-4, Class A1,
3.086% (1 Month USD LIBOR + 60 bps), 6/25/34 1,168,788
68,096(a) Bear Stearns ALT-A Trust, Series 2004-11, Class 1A2,
3.326% (1 Month USD LIBOR + 84 bps), 11/25/34 68,016
2,761,771(a) Bear Stearns ALT-A Trust, Series 2004-12, Class 1A1,
3.186% (1 Month USD LIBOR + 70 bps), 1/25/35 2,765,338
1,056,933(a) Bear Stearns ALT-A Trust, Series 2004-12, Class 1A2,
3.326% (1 Month USD LIBOR + 84 bps), 1/25/35 1,053,019
1,514,248(a) Bear Stearns ALT-A Trust, Series 2004-12, Class 1A3,
3.186% (1 Month USD LIBOR + 70 bps), 1/25/35 1,511,515
746,949(a) Bear Stearns ALT-A Trust, Series 2004-12, Class 1A4,
3.326% (1 Month USD LIBOR + 84 bps), 1/25/35 745,377
188,441(a) Bear Stearns ALT-A Trust, Series 2004-13, Class A1,
3.226% (1 Month USD LIBOR + 74 bps), 11/25/34 187,698
64,072(a) Bear Stearns ALT-A Trust, Series 2005-2, Class 1A1,
2.986% (1 Month USD LIBOR + 50 bps), 3/25/35 64,096
7,188,227(a) Bear Stearns ALT-A Trust, Series 2005-7, Class 11A1,
3.026% (1 Month USD LIBOR + 54 bps), 8/25/35 7,172,381
132,313(c) Bear Stearns Mortgage Securities, Inc., Series 1997-6,
Class 3B1, 4.388%, 6/25/30 134,611
5,658,295(a) Bellemeade Re, Ltd., Series 2017-1, Class M1, 4.186%
(1 Month USD LIBOR + 170 bps), 10/25/27 (144A) 5,709,257
17,500,000(a) Bellemeade Re, Ltd., Series 2018-1A, Class M1B, 4.086%
(1 Month USD LIBOR + 160 bps), 4/25/28 (144A) 17,570,919
15,485,636(a) Bellemeade Re, Ltd., Series 2018-2A, Class M1A, 3.436%
(1 Month USD LIBOR + 95 bps), 8/25/28 (144A) 15,493,598
13,100,000(a) Bellemeade Re, Ltd., Series 2018-3A, Class M1A, 3.686%
(1 Month USD LIBOR + 120 bps), 10/25/27 (144A) 13,091,882
5,140,000(a) Bellemeade Re, Ltd., Series 2019-1A, Class M1B, 4.234%
(1 Month USD LIBOR + 175 bps), 3/25/29 (144A) 5,140,000
7,750,000(a) BTH-13 Mortgage Backed Securities Trust, Series
2018-13, Class A, 4.989% (1 Month USD LIBOR +
250 bps), 8/18/21 (144A) 7,754,582
5,700,000(a) BTH-16 Mortgage-Backed Securities Trust, Series
2018-16, Class A, 4.989% (1 Month USD LIBOR +
250 bps), 8/4/21 (144A) 5,707,125
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 49
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
5,700,000(a) BTH-20 Mortgage-Backed Securities Trust, Series
2018-20, Class A, 4.989% (1 Month USD LIBOR +
250 bps), 9/24/20 (144A) $ 5,702,998
7,625,000(a) BTH-21 Mortgage-Backed Securities Trust, Series
2018-21, Class A, 4.981% (1 Month USD LIBOR +
250 bps), 10/7/21 (144A) 7,631,091
16,700,000(a) BTH-24 Mortgage-Backed Securities Trust, Series
2018-24, Class A, 4.889% (1 Month USD LIBOR +
240 bps), 12/5/20 (144A) 16,700,000
14,500,000(a) BTH-25 Mortgage-Backed Securities Trust, Series
2019-25, Class A, 4.982% (1 Month USD LIBOR +
250 bps), 2/14/20 (144A) 14,499,977
8,913,673(a) BX Commercial Mortgage Trust, Series 2018-IND,
Class A, 3.234% (1 Month USD LIBOR + 75 bps),
11/15/35 (144A) 8,891,347
5,969,707(a) BX Commercial Mortgage Trust, Series 2018-IND,
Class D, 3.784% (1 Month USD LIBOR + 130 bps),
11/15/35 (144A) 5,973,443
9,350,000(a) BX Trust, Series 2017-APPL, Class B, 3.634% (1 Month
USD LIBOR + 115 bps), 7/15/34 (144A) 9,311,845
11,800,000(a) BX Trust, Series 2017-IMC, Class B, 3.884% (1 Month
USD LIBOR + 140 bps), 10/15/32 (144A) 11,744,020
6,715,000(a) BX Trust, Series 2017-SLCT, Class B, 3.684% (1 Month
USD LIBOR + 120 bps), 7/15/34 (144A) 6,704,415
9,570,000(a) BXMT, Ltd., Series 2017-FL1, Class A, 3.354% (1 Month
USD LIBOR + 87 bps), 6/15/35 (144A) 9,567,075
8,000,000(a) BXP Trust, Series 2017-CQHP, Class B, 3.584% (1 Month
USD LIBOR + 110 bps), 11/15/34 (144A) 7,917,439
578,750(a) Canyon Capital CLO, Ltd., Series 2014-2A, Class X, 3.737%
(3 Month USD LIBOR + 95 bps), 4/15/29 (144A) 578,992
412,500(a) Canyon Capital CLO, Ltd., Series 2015-1A, Class X, 3.737%
(3 Month USD LIBOR + 95 bps), 4/15/29 (144A) 412,672
722,572(a) CG-CCRE Commercial Mortgage Trust, Series 2014-FL2,
Class A, 4.338% (1 Month USD LIBOR + 185 bps),
11/15/31 (144A) 722,624
10,300,000(a) CGDBB Commercial Mortgage Trust, Series 2017-BIOC,
Class B, 3.454% (1 Month USD LIBOR + 97 bps),
7/15/32 (144A) 10,274,151
5,700,000(a) CGMS Commercial Mortgage Trust, Series 2017-MDRC,
Class C, 3.784% (1 Month USD LIBOR + 130 bps),
7/15/30 (144A) 5,680,304
90,109(a) CHL Mortgage Pass-Through Trust, Series 2003-15,
Class 1A1, 2.986% (1 Month USD LIBOR + 50 bps),
6/25/18 67,131
1,786,458(a) CIFC Funding, Ltd., Series 2013-1A, Class X, 3.629%
(3 Month USD LIBOR + 85 bps), 7/16/30 (144A) 1,787,250
1,066 Citicorp Mortgage Securities REMIC Pass-Through
Certificates Trust, Series 2005-4, Class 2A1,
5.0%, 7/25/20 1,096
The accompanying notes are an integral part of these financial statements.
50 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
2,300,000(a) Citigroup Commercial Mortgage Trust, Series 2015-SHP2,
Class D, 5.784% (1 Month USD LIBOR + 330 bps),
7/15/27 (144A) $ 2,303,225
8,750,000(a) Citigroup Commercial Mortgage Trust, Series 2019-SST2,
Class B, 3.584% (1 Month USD LIBOR + 110 bps),
12/15/36 (144A) 8,750,706
5,350,000(a) Citigroup Commercial Mortgage Trust, Series 2019-SST2,
Class C, 3.784% (1 Month USD LIBOR + 130 bps),
12/15/36 (144A) 5,350,379
2,737,249(a) Citigroup Mortgage Loan Trust, Series 2014-5, Class 1A2,
2.87% (1 Month USD LIBOR + 19 bps), 2/25/46 (144A) 2,728,837
6,700,000(a) CLNS Trust, Series 2017-IKPR, Class C, 3.593% (1 Month
USD LIBOR + 110 bps), 6/11/32 (144A) 6,678,900
7,668,000(a) Cold Storage Trust, Series 2017-ICE3, Class C, 3.834%
(1 Month USD LIBOR + 135 bps), 4/15/36 (144A) 7,667,778
1,500,000(a) Cold Storage Trust, Series 2017-ICE3, Class D, 4.584%
(1 Month USD LIBOR + 210 bps), 4/15/36 (144A) 1,498,388
8,510,131(a) Colony Starwood Homes Trust, Series 2016-2A, Class B,
4.234% (1 Month USD LIBOR + 175 bps),
12/17/33 (144A) 8,510,105
3,638,936 COMM Mortgage Trust, Series 2014-CR15, Class A2,
2.928%, 2/10/47 3,634,375
2,542,752 COMM Mortgage Trust, Series 2014-CR16, Class A2,
3.042%, 4/10/47 2,541,144
403,599(a) COMM Mortgage Trust, Series 2014-FL5, Class B, 3.875%
(1 Month USD LIBOR + 215 bps), 10/15/31 (144A) 403,094
7,340,000(a) COMM Mortgage Trust, Series 2014-TWC, Class B, 4.099%
(1 Month USD LIBOR + 160 bps), 2/13/32 (144A) 7,339,999
7,000,000(c) COMM Mortgage Trust, Series 2015-CR23, Class CMD,
3.685%, 5/10/48 (144A) 6,977,666
12,878,859(a) Connecticut Avenue Securities Trust, Series 2018-R07,
Class 1M1, 3.236% (1 Month USD LIBOR + 75 bps),
4/25/31 (144A) 12,874,387
9,898,624(a) Connecticut Avenue Securities Trust, Series 2019-R01,
Class 2M1, 3.336% (1 Month USD LIBOR + 85 bps),
7/25/31 (144A) 9,901,846
10,500,000(a) Connecticut Avenue Securities Trust, Series 2019-R02,
Class 1M1, 3.336% (1 Month USD LIBOR + 85 bps),
8/25/31 (144A) 10,507,325
6,750,000(a) Credit Suisse Commercial Mortgage Securities Corp.,
Series 2019-SKLZ, Class B, 4.384% (1 Month USD
LIBOR + 190 bps), 1/15/34 (144A) 6,776,755
91,756(a) CSFB Mortgage-Backed Pass-Through Certificates, Series
2004-AR5, Class 11A2, 3.226% (1 Month USD
LIBOR + 74 bps), 6/25/34 90,545
1,790,787(c) CSMC Trust, Series 2014-OAK1, Class 2A4, 3.0%,
11/25/44 (144A) 1,783,402
822,448(c) CSMC Trust, Series 2014-SAF1, Class A12, 4.0%,
3/25/44 (144A) 822,860
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 51
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
288,809(c) CSMC Trust, Series 2014-WIN1, Class 2A5, 3.0%,
9/25/44 (144A) $ 289,459
2,403,098(c) CSMC Trust, Series 2015-3, Class A3, 3.5%,
3/25/45 (144A) 2,412,109
10,380,000(a) CSMC Trust, Series 2017-HD, Class B, 3.834% (1 Month
USD LIBOR + 135 bps), 2/15/31 (144A) 10,366,580
9,250,000(a) DBCG Mortgage Trust, Series 2017-BBG, Class A, 3.184%
(1 Month USD LIBOR + 70 bps), 6/15/34 (144A) 9,209,469
1,686,666(a) Deer Creek CLO, Ltd., Series 2017-1A, Class X, 3.761%
(3 Month USD LIBOR + 100 bps), 10/20/30 (144A) 1,686,468
10,030,000(a) Eagle Re, Ltd., Series 2018-1, Class M1, 4.186%
(1 Month USD LIBOR + 170 bps), 11/25/28 (144A) 10,066,803
583,301(a) Fannie Mae Connecticut Avenue Securities, Series
2014-C01, Class M1, 4.086% (1 Month USD LIBOR +
160 bps), 1/25/24 584,371
339,409(a) Fannie Mae Connecticut Avenue Securities, Series
2014-C02, Class 1M1, 3.436% (1 Month USD LIBOR +
95 bps), 5/25/24 339,474
14,418,835(a) Fannie Mae Connecticut Avenue Securities, Series
2014-C02, Class 1M2, 5.086% (1 Month USD LIBOR +
260 bps), 5/25/24 15,116,382
3,995,197(a) Fannie Mae Connecticut Avenue Securities, Series
2014-C04, Class 1M2, 7.386% (1 Month USD LIBOR +
490 bps), 11/25/24 4,484,263
10,668,123(a) Fannie Mae Connecticut Avenue Securities, Series
2016-C01, Class 1M2, 9.236% (1 Month USD LIBOR +
675 bps), 8/25/28 12,369,158
257,478(a) Fannie Mae Connecticut Avenue Securities, Series
2016-C05, Class 2M1, 3.836% (1 Month USD LIBOR +
135 bps), 1/25/29 257,706
739,581(a) Fannie Mae Connecticut Avenue Securities, Series
2016-C07, Class 2M1, 3.786% (1 Month USD LIBOR +
130 bps), 5/25/29 740,154
1,831,540(a) Fannie Mae Connecticut Avenue Securities, Series
2017-C01, Class 1M1, 3.786% (1 Month USD LIBOR +
130 bps), 7/25/29 1,838,724
1,904,685(a) Fannie Mae Connecticut Avenue Securities, Series
2017-C02, Class 2M1, 3.636% (1 Month USD LIBOR +
115 bps), 9/25/29 1,910,150
7,962,088(a) Fannie Mae Connecticut Avenue Securities, Series
2017-C03, Class 1M1, 3.436% (1 Month USD LIBOR +
95 bps), 10/25/29 7,976,061
2,771,762(a) Fannie Mae Connecticut Avenue Securities, Series
2017-C04, Class 2M1, 3.336% (1 Month USD LIBOR +
85 bps), 11/25/29 2,774,967
3,032,148(a) Fannie Mae Connecticut Avenue Securities, Series
2017-C05, Class 1M1, 3.036% (1 Month USD LIBOR +
55 bps), 1/25/30 3,030,289
The accompanying notes are an integral part of these financial statements.
52 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
10,526,604(a) Fannie Mae Connecticut Avenue Securities, Series
2017-C05, Class 1M2B, 4.686% (1 Month USD LIBOR +
220 bps), 1/25/30 $ 10,655,230
754,680(a) Fannie Mae Connecticut Avenue Securities, Series
2017-C06, Class 1M1, 3.236% (1 Month USD LIBOR +
75 bps), 2/25/30 754,774
9,873,392(a) Fannie Mae Connecticut Avenue Securities, Series
2017-C07, Class 1M2A, 4.886% (1 Month USD LIBOR +
240 bps), 5/25/30 10,074,095
3,636,659(a) Fannie Mae Connecticut Avenue Securities, Series
2018-C01, Class 1M1, 3.086% (1 Month USD LIBOR +
60 bps), 7/25/30 3,628,352
9,238,856(a) Fannie Mae Connecticut Avenue Securities, Series
2018-C02, Class 2M1, 3.136% (1 Month USD LIBOR +
65 bps), 8/25/30 9,234,901
3,871,678(a) Fannie Mae Connecticut Avenue Securities, Series
2018-C03, Class 1M1, 3.166% (1 Month USD LIBOR +
68 bps), 10/25/30 3,870,027
12,377,614(a) Fannie Mae Connecticut Avenue Securities, Series
2018-C04, Class 2M1, 3.236% (1 Month USD LIBOR +
75 bps), 12/25/30 12,376,160
7,259,381(a) Fannie Mae Connecticut Avenue Securities, Series
2018-C05, Class 1M1, 3.206% (1 Month USD LIBOR +
72 bps), 1/25/31 7,257,562
10,263,728(a) Fannie Mae Connecticut Avenue Securities, Series
2018-C06, Class 1M1, 3.036% (1 Month USD LIBOR +
55 bps), 3/25/31 10,251,091
5,175,412(a) Fannie Mae Connecticut Avenue Securities, Series
2018-C06, Class 2M1, 3.036% (1 Month USD LIBOR +
55 bps), 3/25/31 5,168,025
459,509(a) Federal Home Loan Mortgage Corp. REMICS,
Series 1695, Class EG, 3.534% (1 Month USD LIBOR +
105 bps), 3/15/24 467,906
206,575(a) Federal Home Loan Mortgage Corp. REMICS, Series
2106, Class F, 2.934% (1 Month USD LIBOR +
45 bps), 12/15/28 207,447
117,980(a) Federal Home Loan Mortgage Corp. REMICS, Series 2122,
Class FD, 2.834% (1 Month USD LIBOR +
35 bps), 2/15/29 117,885
44,977(a) Federal Home Loan Mortgage Corp. REMICS, Series 2156,
Class FQ, 2.834% (1 Month USD LIBOR +
35 bps), 5/15/29 45,249
235,546(a) Federal Home Loan Mortgage Corp. REMICS, Series 2186,
Class FY, 3.084% (1 Month USD LIBOR +
60 bps), 4/15/28 237,385
42,143(a) Federal Home Loan Mortgage Corp. REMICS, Series 2368,
Class AF, 3.434% (1 Month USD LIBOR +
95 bps), 10/15/31 43,148
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 53
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
49,341(a) Federal Home Loan Mortgage Corp. REMICS, Series 2377,
Class FE, 3.084% (1 Month USD LIBOR +
60 bps), 11/15/31 $ 49,888
1,687,553(a) Federal Home Loan Mortgage Corp. REMICS, Series 2396,
Class FE, 3.084% (1 Month USD LIBOR +
60 bps), 12/15/31 1,706,115
138,529(a) Federal Home Loan Mortgage Corp. REMICS, Series 2411,
Class FR, 3.084% (1 Month USD LIBOR +
60 bps), 6/15/31 136,462
83,675(a) Federal Home Loan Mortgage Corp. REMICS, Series 2432,
Class FH, 3.184% (1 Month USD LIBOR +
70 bps), 3/15/32 84,976
290,181(a) Federal Home Loan Mortgage Corp. REMICS, Series 2439,
Class F, 3.484% (1 Month USD LIBOR +
100 bps), 3/15/32 298,031
395,672(a) Federal Home Loan Mortgage Corp. REMICS, Series 2470,
Class AF, 3.484% (1 Month USD LIBOR +
100 bps), 3/15/32 406,355
245,170(a) Federal Home Loan Mortgage Corp. REMICS, Series 2471,
Class FD, 3.484% (1 Month USD LIBOR +
100 bps), 3/15/32 251,803
57,734(a) Federal Home Loan Mortgage Corp. REMICS, Series 2498,
Class FQ, 3.084% (1 Month USD LIBOR +
60 bps), 9/15/32 58,383
56,001(a) Federal Home Loan Mortgage Corp. REMICS, Series 2543,
Class EF, 2.834% (1 Month USD LIBOR +
35 bps), 12/15/32 56,061
478,477(a) Federal Home Loan Mortgage Corp. REMICS, Series 2551,
Class FD, 2.884% (1 Month USD LIBOR +
40 bps), 1/15/33 480,037
261,804(a) Federal Home Loan Mortgage Corp. REMICS, Series 2567,
Class FJ, 2.884% (1 Month USD LIBOR +
40 bps), 2/15/33 262,645
140,140(a) Federal Home Loan Mortgage Corp. REMICS, Series 2577,
Class FA, 3.034% (1 Month USD LIBOR +
55 bps), 2/15/33 141,339
11,465(a) Federal Home Loan Mortgage Corp. REMICS, Series 2585,
Class FD, 2.984% (1 Month USD LIBOR +
50 bps), 12/15/32 11,547
165,633(a) Federal Home Loan Mortgage Corp. REMICS, Series 2614,
Class FV, 3.989% (1 Month USD LIBOR +
150 bps), 5/15/33 170,531
226,934(a) Federal Home Loan Mortgage Corp. REMICS, Series 2631,
Class FC, 2.884% (1 Month USD LIBOR +
40 bps), 6/15/33 227,596
1,959(a) Federal Home Loan Mortgage Corp. REMICS, Series 2647,
Class XF, 2.734% (1 Month USD LIBOR +
25 bps), 7/15/21 1,959
127,191(a) Federal Home Loan Mortgage Corp. REMICS, Series 2711,
Class FA, 3.484% (1 Month USD LIBOR +
100 bps), 11/15/33 130,849
The accompanying notes are an integral part of these financial statements.
54 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
721 Federal Home Loan Mortgage Corp. REMICS, Series 2773,
Class EG, 4.5%, 4/15/19 $ 720
285,597(a) Federal Home Loan Mortgage Corp. REMICS, Series 2916,
Class NF, 2.734% (1 Month USD LIBOR +
25 bps), 1/15/35 284,963
428,311(a) Federal Home Loan Mortgage Corp. REMICS, Series 2976,
Class LF, 2.824% (1 Month USD LIBOR +
34 bps), 5/15/35 427,740
254,750(a) Federal Home Loan Mortgage Corp. REMICS, Series 3012,
Class FE, 2.734% (1 Month USD LIBOR +
25 bps), 8/15/35 254,481
161,698(a) Federal Home Loan Mortgage Corp. REMICS, Series 3042,
Class PF, 2.734% (1 Month USD LIBOR +
25 bps), 8/15/35 161,365
81,688(a) Federal Home Loan Mortgage Corp. REMICS, Series 3067,
Class FA, 2.834% (1 Month USD LIBOR +
35 bps), 11/15/35 81,614
101,458(a) Federal Home Loan Mortgage Corp. REMICS, Series 3102,
Class FG, 2.784% (1 Month USD LIBOR +
30 bps), 1/15/36 101,402
124,039(a) Federal Home Loan Mortgage Corp. REMICS, Series 3117,
Class EF, 2.834% (1 Month USD LIBOR +
35 bps), 2/15/36 124,036
378,742(a) Federal Home Loan Mortgage Corp. REMICS, Series 3117,
Class FE, 2.784% (1 Month USD LIBOR +
30 bps), 2/15/36 376,617
311,587(a) Federal Home Loan Mortgage Corp. REMICS, Series 3122,
Class FP, 2.784% (1 Month USD LIBOR +
30 bps), 3/15/36 311,412
3,934,104(a) Federal Home Loan Mortgage Corp. REMICS, Series 3147,
Class FD, 2.834% (1 Month USD LIBOR +
35 bps), 4/15/36 3,935,607
195,972(a) Federal Home Loan Mortgage Corp. REMICS, Series 3147,
Class PF, 2.784% (1 Month USD LIBOR +
30 bps), 4/15/36 195,865
1,702,538(a) Federal Home Loan Mortgage Corp. REMICS, Series 3173,
Class F, 3.184% (1 Month USD LIBOR +
70 bps), 8/15/35 1,729,743
433,589(a) Federal Home Loan Mortgage Corp. REMICS, Series 3173,
Class FC, 2.904% (1 Month USD LIBOR +
42 bps), 6/15/36 434,970
753,523(a) Federal Home Loan Mortgage Corp. REMICS, Series 3175,
Class FE, 2.794% (1 Month USD LIBOR +
31 bps), 6/15/36 759,532
465,677(a) Federal Home Loan Mortgage Corp. REMICS, Series 3181,
Class HF, 2.984% (1 Month USD LIBOR +
50 bps), 7/15/36 468,154
19,400(a) Federal Home Loan Mortgage Corp. REMICS, Series 3191,
Class FE, 2.884% (1 Month USD LIBOR +
40 bps), 7/15/36 19,440
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 55
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
172,818(a) Federal Home Loan Mortgage Corp. REMICS, Series 3221,
Class FW, 2.904% (1 Month USD LIBOR +
42 bps), 9/15/36 $ 173,184
92,949(a) Federal Home Loan Mortgage Corp. REMICS, Series 3222,
Class FN, 2.884% (1 Month USD LIBOR +
40 bps), 9/15/36 93,067
344,977(a) Federal Home Loan Mortgage Corp. REMICS, Series 3239,
Class EF, 2.834% (1 Month USD LIBOR +
35 bps), 11/15/36 344,699
183,841(a) Federal Home Loan Mortgage Corp. REMICS, Series 3239,
Class FB, 2.834% (1 Month USD LIBOR +
35 bps), 11/15/36 183,692
52,047(a) Federal Home Loan Mortgage Corp. REMICS, Series 3244,
Class TF, 2.684% (1 Month USD LIBOR +
20 bps), 7/15/36 52,047
288,951(a) Federal Home Loan Mortgage Corp. REMICS, Series 3247,
Class FA, 2.734% (1 Month USD LIBOR +
25 bps), 8/15/36 287,148
996,298(a) Federal Home Loan Mortgage Corp. REMICS, Series 3266,
Class F, 2.784% (1 Month USD LIBOR +
30 bps), 1/15/37 993,314
243,992(a) Federal Home Loan Mortgage Corp. REMICS, Series 3307,
Class FT, 2.724% (1 Month USD LIBOR +
24 bps), 7/15/34 241,940
51,118(a) Federal Home Loan Mortgage Corp. REMICS, Series 3315,
Class F, 2.824% (1 Month USD LIBOR +
34 bps), 5/15/37 50,865
530,744(a) Federal Home Loan Mortgage Corp. REMICS, Series 3373,
Class FB, 3.064% (1 Month USD LIBOR +
58 bps), 10/15/37 535,337
108,242(a) Federal Home Loan Mortgage Corp. REMICS, Series 3376,
Class FM, 3.104% (1 Month USD LIBOR +
62 bps), 10/15/37 109,022
160,265 Federal Home Loan Mortgage Corp. REMICS, Series 3455,
Class BD, 4.5%, 6/15/23 160,657
31,456(a) Federal Home Loan Mortgage Corp. REMICS, Series 3560,
Class FA, 3.734% (1 Month USD LIBOR +
125 bps), 5/15/37 32,587
315,930(a) Federal Home Loan Mortgage Corp. REMICS, Series 3610,
Class FA, 3.184% (1 Month USD LIBOR +
70 bps), 12/15/39 320,534
242,072 Federal Home Loan Mortgage Corp. REMICS, Series 3706,
Class C, 2.0%, 8/15/20 240,254
190,652(a) Federal Home Loan Mortgage Corp. REMICS, Series 3708,
Class PF, 2.834% (1 Month USD LIBOR +
35 bps), 7/15/40 190,722
159,955 Federal Home Loan Mortgage Corp. REMICS, Series 3760,
Class KH, 2.0%, 11/15/20 158,861
The accompanying notes are an integral part of these financial statements.
56 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
137,789(a) Federal Home Loan Mortgage Corp. REMICS, Series 3767,
Class JF, 2.784% (1 Month USD LIBOR +
30 bps), 2/15/39 $ 137,946
51,785 Federal Home Loan Mortgage Corp. REMICS, Series 3777,
Class DA, 3.5%, 10/15/24 51,759
1,309,049 Federal Home Loan Mortgage Corp. REMICS, Series 3778,
Class D, 3.5%, 3/15/25 1,313,486
19,241(a) Federal Home Loan Mortgage Corp. REMICS, Series 3780,
Class FE, 2.884% (1 Month USD LIBOR +
40 bps), 12/15/20 19,286
160,130(a) Federal Home Loan Mortgage Corp. REMICS, Series 3784,
Class F, 2.884% (1 Month USD LIBOR +
40 bps), 7/15/23 160,036
41,542(a) Federal Home Loan Mortgage Corp. REMICS, Series 3792,
Class DF, 2.884% (1 Month USD LIBOR +
40 bps), 11/15/40 41,523
119,649 Federal Home Loan Mortgage Corp. REMICS, Series 3858,
Class CA, 3.0%, 10/15/25 119,539
39,058(a) Federal Home Loan Mortgage Corp. REMICS, Series 3867,
Class FD, 2.834% (1 Month USD LIBOR +
35 bps), 5/15/41 39,022
789,799(a) Federal Home Loan Mortgage Corp. REMICS, Series 3867,
Class PF, 2.884% (1 Month USD LIBOR +
40 bps), 3/15/41 791,733
81,638 Federal Home Loan Mortgage Corp. REMICS, Series 3873,
Class AG, 3.0%, 5/15/29 81,589
143,994(a) Federal Home Loan Mortgage Corp. REMICS, Series 3914,
Class LF, 2.684% (1 Month USD LIBOR +
20 bps), 8/15/26 144,185
221,534(a) Federal Home Loan Mortgage Corp. REMICS, Series 3960,
Class FB, 2.784% (1 Month USD LIBOR +
30 bps), 2/15/30 221,731
299,454(a) Federal Home Loan Mortgage Corp. REMICS, Series 3970,
Class GF, 2.784% (1 Month USD LIBOR +
30 bps), 9/15/26 300,325
597,203(a) Federal Home Loan Mortgage Corp. REMICS, Series 3982,
Class FL, 3.034% (1 Month USD LIBOR +
55 bps), 12/15/39 601,019
230,578(a) Federal Home Loan Mortgage Corp. REMICS, Series 4056,
Class QF, 2.834% (1 Month USD LIBOR +
35 bps), 12/15/41 230,751
184,441(a) Federal Home Loan Mortgage Corp. Strips, Series 237,
Class F14, 2.884% (1 Month USD LIBOR +
40 bps), 5/15/36 184,849
159,819(a) Federal Home Loan Mortgage Corp. Strips, Series 239,
Class F29, 2.734% (1 Month USD LIBOR +
25 bps), 8/15/36 159,573
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 57
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
690,905(a) Federal Home Loan Mortgage Corp. Strips, Series 239,
Class F30, 2.784% (1 Month USD LIBOR +
30 bps), 8/15/36 $ 686,252
206,654(a) Federal Home Loan Mortgage Corp. Strips, Series 244,
Class F22, 2.834% (1 Month USD LIBOR +
35 bps), 12/15/36 207,201
7,234,824(a) Federal National Mortgage Association ACES, Series
2018-M3, Class FA, 2.761% (1 Month USD LIBOR +
28 bps), 2/25/25 7,180,795
22,487(a) Federal National Mortgage Association REMICS, Series
1991-124, Class FA, 3.386% (1 Month USD LIBOR +
90 bps), 9/25/21 22,650
37,943(a) Federal National Mortgage Association REMICS, Series
1993-230, Class FA, 3.086% (1 Month USD LIBOR +
60 bps), 12/25/23 38,214
104,813(a) Federal National Mortgage Association REMICS, Series
1993-247, Class FA, 2.525% (11th District Cost
of Funds Index + 140 bps), 12/25/23 102,467
104,813(a) Federal National Mortgage Association REMICS, Series
1993-247, Class FE, 3.486% (1 Month USD LIBOR +
100 bps), 12/25/23 105,790
190,917(a) Federal National Mortgage Association REMICS, Series
1994-40, Class FC, 2.986% (1 Month USD LIBOR +
50 bps), 3/25/24 192,723
24,273(a) Federal National Mortgage Association REMICS, Series
1997-46, Class FA, 2.982% (1 Month USD LIBOR +
50 bps), 7/18/27 24,541
88,394(a) Federal National Mortgage Association REMICS, Series
1998-21, Class F, 2.94% (1 Year T1Y +
35 bps), 3/25/28 88,686
12,836(a) Federal National Mortgage Association REMICS, Series
1999-49, Class FB, 2.986% (1 Month USD LIBOR +
50 bps), 3/25/23 12,869
45,091(a) Federal National Mortgage Association REMICS, Series
2000-47, Class FD, 3.036% (1 Month USD LIBOR +
55 bps), 12/25/30 45,485
184,465(a) Federal National Mortgage Association REMICS, Series
2001-35, Class F, 3.086% (1 Month USD LIBOR +
60 bps), 7/25/31 186,455
79,291(a) Federal National Mortgage Association REMICS, Series
2001-37, Class F, 2.986% (1 Month USD LIBOR +
50 bps), 8/25/31 79,769
381,198(a) Federal National Mortgage Association REMICS, Series
2001-50, Class FQ, 3.086% (1 Month USD LIBOR +
60 bps), 11/25/31 385,312
167,727(a) Federal National Mortgage Association REMICS, Series
2001-65, Class F, 3.086% (1 Month USD LIBOR +
60 bps), 11/25/31 169,537
The accompanying notes are an integral part of these financial statements.
58 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
126,113(a) Federal National Mortgage Association REMICS, Series
2001-69, Class FA, 3.086% (1 Month USD LIBOR +
60 bps), 7/25/31 $ 127,461
342,429(a) Federal National Mortgage Association REMICS, Series
2001-72, Class FB, 3.386% (1 Month USD LIBOR +
90 bps), 12/25/31 350,062
95,011(a) Federal National Mortgage Association REMICS, Series
2001-81, Class FL, 3.132% (1 Month USD LIBOR +
65 bps), 1/18/32 96,045
155,832(a) Federal National Mortgage Association REMICS, Series
2002-1, Class FC, 3.186% (1 Month USD LIBOR +
70 bps), 1/25/32 158,188
490,659(a) Federal National Mortgage Association REMICS, Series
2002-13, Class FD, 3.386% (1 Month USD LIBOR +
90 bps), 3/25/32 499,452
1,307,231(a) Federal National Mortgage Association REMICS, Series
2002-23, Class FA, 3.386% (1 Month USD LIBOR +
90 bps), 4/25/32 1,337,696
170,560(a) Federal National Mortgage Association REMICS, Series
2002-34, Class FA, 2.982% (1 Month USD LIBOR +
50 bps), 5/18/32 170,555
79,850(a) Federal National Mortgage Association REMICS, Series
2002-56, Class FN, 3.486% (1 Month USD LIBOR +
100 bps), 7/25/32 82,026
34,432(a) Federal National Mortgage Association REMICS, Series
2002-58, Class FD, 3.086% (1 Month USD LIBOR +
60 bps), 8/25/32 34,824
779,436(a) Federal National Mortgage Association REMICS, Series
2002-75, Class FD, 3.482% (1 Month USD LIBOR +
100 bps), 11/18/32 800,816
163,530(a) Federal National Mortgage Association REMICS, Series
2002-77, Class F, 3.086% (1 Month USD LIBOR +
60 bps), 12/25/32 165,343
118,290(a) Federal National Mortgage Association REMICS, Series
2002-82, Class FB, 2.986% (1 Month USD LIBOR +
50 bps), 12/25/32 119,116
150,666(a) Federal National Mortgage Association REMICS, Series
2002-90, Class FH, 2.986% (1 Month USD LIBOR +
50 bps), 9/25/32 151,767
71,784(a) Federal National Mortgage Association REMICS, Series
2002-92, Class FB, 3.136% (1 Month USD LIBOR +
65 bps), 4/25/30 72,634
168,502(a) Federal National Mortgage Association REMICS, Series
2002-93, Class FH, 2.986% (1 Month USD LIBOR +
50 bps), 1/25/33 169,685
137,544(a) Federal National Mortgage Association REMICS, Series
2003-7, Class FA, 3.236% (1 Month USD LIBOR +
75 bps), 2/25/33 138,947
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 59
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
322,125(a) Federal National Mortgage Association REMICS, Series
2003-8, Class FJ, 2.836% (1 Month USD LIBOR +
35 bps), 2/25/33 $ 322,357
423,173(a) Federal National Mortgage Association REMICS, Series
2003-31, Class FM, 2.986% (1 Month USD LIBOR +
50 bps), 4/25/33 426,204
174,894(a) Federal National Mortgage Association REMICS, Series
2003-42, Class JF, 2.986% (1 Month USD LIBOR +
50 bps), 5/25/33 176,081
157,494(a) Federal National Mortgage Association REMICS, Series
2003-49, Class FY, 2.886% (1 Month USD LIBOR +
40 bps), 6/25/23 158,031
789,012(a) Federal National Mortgage Association REMICS, Series
2003-91, Class FD, 2.986% (1 Month USD LIBOR +
50 bps), 9/25/33 794,551
293,122(a) Federal National Mortgage Association REMICS, Series
2003-107, Class FD, 2.986% (1 Month USD LIBOR +
50 bps), 11/25/33 295,166
3,284,015(a) Federal National Mortgage Association REMICS, Series
2003-126, Class FC, 2.786% (1 Month USD LIBOR +
30 bps), 12/25/33 3,279,953
704,601(a) Federal National Mortgage Association REMICS, Series
2004-14, Class F, 2.886% (1 Month USD LIBOR +
40 bps), 3/25/34 706,155
2,148,130(a) Federal National Mortgage Association REMICS, Series
2004-25, Class FA, 2.886% (1 Month USD LIBOR +
40 bps), 4/25/34 2,152,770
230,623(a) Federal National Mortgage Association REMICS, Series
2004-52, Class FW, 2.886% (1 Month USD LIBOR +
40 bps), 7/25/34 231,261
68,589(a) Federal National Mortgage Association REMICS, Series
2004-54, Class FN, 2.936% (1 Month USD LIBOR +
45 bps), 7/25/34 68,431
300,739(a) Federal National Mortgage Association REMICS, Series
2004-79, Class FM, 2.786% (1 Month USD LIBOR +
30 bps), 11/25/24 301,741
120,788(a) Federal National Mortgage Association REMICS, Series
2004-91, Class HF, 2.786% (1 Month USD LIBOR +
30 bps), 11/25/34 120,927
948,126(a) Federal National Mortgage Association REMICS, Series
2005-66, Class FD, 2.786% (1 Month USD LIBOR +
30 bps), 7/25/35 949,904
733,705(a) Federal National Mortgage Association REMICS, Series
2005-66, Class PF, 2.736% (1 Month USD LIBOR +
25 bps), 7/25/35 732,212
255,686(a) Federal National Mortgage Association REMICS, Series
2005-83, Class KT, 2.786% (1 Month USD LIBOR +
30 bps), 10/25/35 254,930
The accompanying notes are an integral part of these financial statements.
60 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
310,249(a) Federal National Mortgage Association REMICS, Series
2005-83, Class LF, 2.796% (1 Month USD LIBOR +
31 bps), 2/25/35 $ 310,165
53,858(a) Federal National Mortgage Association REMICS, Series
2006-11, Class FB, 2.786% (1 Month USD LIBOR +
30 bps), 3/25/36 52,944
124,495(a) Federal National Mortgage Association REMICS, Series
2006-33, Class FH, 2.836% (1 Month USD LIBOR +
35 bps), 5/25/36 124,390
454,001(a) Federal National Mortgage Association REMICS, Series
2006-34, Class FA, 2.796% (1 Month USD LIBOR +
31 bps), 5/25/36 453,037
310,310(a) Federal National Mortgage Association REMICS, Series
2006-42, Class CF, 2.936% (1 Month USD LIBOR +
45 bps), 6/25/36 311,402
119,546(a) Federal National Mortgage Association REMICS, Series
2006-56, Class FC, 2.776% (1 Month USD LIBOR +
29 bps), 7/25/36 119,358
52,789(a) Federal National Mortgage Association REMICS, Series
2006-70, Class BF, 3.036% (1 Month USD LIBOR +
55 bps), 8/25/36 53,198
110,672(a) Federal National Mortgage Association REMICS, Series
2006-82, Class F, 3.056% (1 Month USD LIBOR +
57 bps), 9/25/36 111,596
862,578(a) Federal National Mortgage Association REMICS, Series
2006-93, Class FN, 2.886% (1 Month USD LIBOR +
40 bps), 10/25/36 863,717
145,208(a) Federal National Mortgage Association REMICS, Series
2006-104, Class GF, 2.806% (1 Month USD LIBOR +
32 bps), 11/25/36 144,895
52,656(a) Federal National Mortgage Association REMICS, Series
2006-115, Class BF, 2.726% (1 Month USD LIBOR +
24 bps), 12/25/36 52,410
2,766,751(a) Federal National Mortgage Association REMICS, Series
2007-1, Class NF, 2.736% (1 Month USD LIBOR +
25 bps), 2/25/37 2,766,352
189,654(a) Federal National Mortgage Association REMICS, Series
2007-2, Class FT, 2.736% (1 Month USD LIBOR +
25 bps), 2/25/37 186,708
2,252,403(a) Federal National Mortgage Association REMICS, Series
2007-4, Class FM, 2.736% (1 Month USD LIBOR +
25 bps), 2/25/37 2,242,901
204,956(a) Federal National Mortgage Association REMICS, Series
2007-7, Class FJ, 2.686% (1 Month USD LIBOR +
20 bps), 2/25/37 203,648
76,312(a) Federal National Mortgage Association REMICS, Series
2007-13, Class FA, 2.736% (1 Month USD LIBOR +
25 bps), 3/25/37 75,909
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 61
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
174,053(a) Federal National Mortgage Association REMICS, Series
2007-24, Class FD, 2.736% (1 Month USD LIBOR +
25 bps), 3/25/37 $ 173,186
225,251(a) Federal National Mortgage Association REMICS, Series
2007-41, Class FA, 2.886% (1 Month USD LIBOR +
40 bps), 5/25/37 225,533
364,086(a) Federal National Mortgage Association REMICS, Series
2007-50, Class FN, 2.726% (1 Month USD LIBOR +
24 bps), 6/25/37 361,975
33,137(a) Federal National Mortgage Association REMICS, Series
2007-57, Class FA, 2.716% (1 Month USD LIBOR +
23 bps), 6/25/37 32,905
106,364(a) Federal National Mortgage Association REMICS, Series
2007-58, Class FA, 2.736% (1 Month USD LIBOR +
25 bps), 6/25/37 105,838
103,156(a) Federal National Mortgage Association REMICS, Series
2007-66, Class FB, 2.886% (1 Month USD LIBOR +
40 bps), 7/25/37 103,411
349,061(a) Federal National Mortgage Association REMICS, Series
2007-85, Class FG, 2.986% (1 Month USD LIBOR +
50 bps), 9/25/37 351,009
364,409(a) Federal National Mortgage Association REMICS, Series
2007-91, Class FB, 3.086% (1 Month USD LIBOR +
60 bps), 10/25/37 367,079
150,938(a) Federal National Mortgage Association REMICS, Series
2007-92, Class OF, 3.056% (1 Month USD LIBOR +
57 bps), 9/25/37 150,636
84,681(a) Federal National Mortgage Association REMICS, Series
2007-93, Class FD, 3.036% (1 Month USD LIBOR +
55 bps), 9/25/37 85,369
34,079(a) Federal National Mortgage Association REMICS, Series
2007-98, Class FD, 2.936% (1 Month USD LIBOR +
45 bps), 6/25/37 34,195
50,992(a) Federal National Mortgage Association REMICS, Series
2007-100, Class YF, 3.036% (1 Month USD LIBOR +
55 bps), 10/25/37 51,385
65,201(a) Federal National Mortgage Association REMICS, Series
2007-103, Class AF, 3.486% (1 Month USD LIBOR +
100 bps), 3/25/37 66,423
132,438(a) Federal National Mortgage Association REMICS, Series
2007-110, Class FA, 3.106% (1 Month USD LIBOR +
62 bps), 12/25/37 133,820
60,174(a) Federal National Mortgage Association REMICS, Series
2008-6, Class FA, 3.186% (1 Month USD LIBOR +
70 bps), 2/25/38 61,036
6,510,875(a) Federal National Mortgage Association REMICS, Series
2008-7, Class FA, 2.936% (1 Month USD LIBOR +
45 bps), 2/25/38 6,541,450
The accompanying notes are an integral part of these financial statements.
62 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
234,255(a) Federal National Mortgage Association REMICS, Series
2008-88, Class FA, 3.706% (1 Month USD LIBOR +
122 bps), 10/25/38 $ 239,469
66,151(a) Federal National Mortgage Association REMICS, Series
2009-113, Class FB, 3.036% (1 Month USD LIBOR +
55 bps), 1/25/40 66,711
39,198 Federal National Mortgage Association REMICS, Series
2010-17, Class DE, 3.5%, 6/25/21 39,003
12,317(a) Federal National Mortgage Association REMICS, Series
2010-38, Class F, 2.786% (1 Month USD LIBOR +
30 bps), 4/25/25 12,310
94,002(a) Federal National Mortgage Association REMICS, Series
2010-43, Class FD, 3.086% (1 Month USD LIBOR +
60 bps), 5/25/40 94,989
171,195(a) Federal National Mortgage Association REMICS, Series
2010-43, Class IF, 2.986% (1 Month USD LIBOR +
50 bps), 5/25/40 171,342
301,070(a) Federal National Mortgage Association REMICS, Series
2010-59, Class FP, 2.936% (1 Month USD LIBOR +
45 bps), 9/25/39 301,280
100,915 Federal National Mortgage Association REMICS, Series
2010-112, Class AE, 2.0%, 10/25/25 100,168
309,427(a) Federal National Mortgage Association REMICS, Series
2011-19, Class FM, 3.036% (1 Month USD LIBOR +
55 bps), 5/25/40 311,065
3,207,395(a) Federal National Mortgage Association REMICS, Series
2011-74, Class FQ, 2.786% (1 Month USD LIBOR +
30 bps), 12/25/33 3,203,290
19,925(a) Federal National Mortgage Association REMICS, Series
2011-111, Class DF, 2.886% (1 Month USD LIBOR +
40 bps), 12/25/38 19,950
4,659,442(a) Federal National Mortgage Association REMICS, Series
2011-124, Class KF, 2.886% (1 Month USD LIBOR +
40 bps), 12/25/40 4,671,692
229,470(a) Federal National Mortgage Association REMICS, Series
2012-40, Class PF, 2.986% (1 Month USD LIBOR +
50 bps), 4/25/42 230,564
2,003,635(a) Federal National Mortgage Association Trust, Series
2003-W6, Class F, 2.84% (1 Month USD LIBOR +
35 bps), 9/25/42 1,993,867
817,142(a) Federal National Mortgage Association Trust, Series
2005-W3, Class 2AF, 2.706% (1 Month USD LIBOR +
22 bps), 3/25/45 813,814
67,670(c) Federal National Mortgage Association Trust, Series
2005-W3, Class 3A, 4.14%, 4/25/45 70,386
111,561(c) Federal National Mortgage Association Trust, Series
2005-W4, Class 3A, 4.245%, 6/25/45 117,918
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 63
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
819,537(a) Federal National Mortgage Association Whole Loan,
Series 2007-W1, Class 1AF1, 2.746% (1 Month USD
LIBOR + 26 bps), 11/25/46 $ 807,283
1,419,481(c) FirstKey Mortgage Trust, Series 2014-1, Class A2,
3.0%, 11/25/44 (144A) 1,412,073
2,283,594 Freddie Mac Multifamily Structured Pass Through
Certificates, Series KJ09, Class A1, 2.016%, 4/25/22 2,271,008
16,170,000(a) Freddie Mac Stacr Trust, Series 2018-HQA2, Class M1,
3.236% (1 Month USD LIBOR + 75 bps),
10/25/48 (144A) 16,156,731
8,000,000(a) Freddie Mac Stacr Trust, Series 2019-DNA2, Class M1,
3.2870% (1 Month USD LIBOR + 80 bps),
3/25/49 (144A) 8,000,582
10,500,000(a) Freddie Mac Stacr Trust, Series 2019-HQA1, Class M1,
3.386% (1 Month USD LIBOR + 90 bps),
2/25/49 (144A) 10,508,527
194,227(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2016-DNA1, Class M2, 5.39% (1 Month USD
LIBOR + 290 bps), 7/25/28 197,600
898,523(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2016-DNA2, Class M2, 4.686% (1 Month USD
LIBOR + 220 bps), 10/25/28 903,147
9,528,000(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2016-DNA2, Class M3, 7.136% (1 Month USD
LIBOR + 465 bps), 10/25/28 10,634,527
685,864(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2016-DNA4, Class M2, 3.786% (1 Month USD
LIBOR + 130 bps), 3/25/29 689,183
131,883(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2016-HQA4, Class M1, 3.286% (1 Month USD
LIBOR + 80 bps), 4/25/29 131,883
978,585(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2017-DNA1, Class M1, 3.686% (1 Month USD
LIBOR + 120 bps), 7/25/29 982,739
3,719,268(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2017-DNA2, Class M1, 3.686% (1 Month USD
LIBOR + 120 bps), 10/25/29 3,739,088
2,577,948(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2017-HQA1, Class M1, 3.686% (1 Month USD
LIBOR + 120 bps), 8/25/29 2,584,488
1,136,047(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2017-HQA2, Class M1, 3.286% (1 Month USD
LIBOR + 80 bps), 12/25/29 1,136,419
12,870,000(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2017-HRP1, Class M2, 4.936% (1 Month USD
LIBOR + 245 bps), 12/25/42 13,088,647
14,320,478(a) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2018-HQA1, Class M1, 3.186% (1 Month USD
LIBOR + 70 bps), 9/25/30 14,311,671
The accompanying notes are an integral part of these financial statements.
64 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
9,226,549(c) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2018-SPI2, Class M1, 3.819%, 5/25/48 (144A) $ 9,217,380
3,138,910(c) Freddie Mac Whole Loan Securities Trust, Series
2015-SC02, Class M1, 3.675%, 9/25/45 3,159,731
5,000,000(c) FREMF Mortgage Trust, Series 2010-K6, Class B, 5.375%,
12/25/46 (144A) 5,079,830
7,645,000(c) FREMF Mortgage Trust, Series 2012-K711, Class B,
3.519%, 8/25/45 (144A) 7,639,058
9,900,000(c) FREMF Mortgage Trust, Series 2013-K712, Class B,
3.359%, 5/25/45 (144A) 9,893,599
5,042,070(a) FREMF Mortgage Trust, Series 2014-KF03, Class B, 6.99%
(1 Month USD LIBOR + 450 bps), 1/25/21 (144A) 5,149,704
963,380(a) FREMF Mortgage Trust, Series 2014-KF04, Class B, 5.74%
(1 Month USD LIBOR + 325 bps), 6/25/21 (144A) 967,063
1,715,812(a) FREMF Mortgage Trust, Series 2014-KF05, Class B, 6.49%
(1 Month USD LIBOR + 400 bps), 9/25/22 (144A) 1,762,495
2,930,828(a) FREMF Mortgage Trust, Series 2014-KS02, Class B, 7.49%
(1 Month USD LIBOR + 500 bps), 8/25/23 (144A) 2,977,087
1,000,000(c) GAHR Commercial Mortgage Trust, Series 2015-NRF,
Class CFX, 3.382%, 12/15/34 (144A) 994,488
11,000,000(c) GAHR Commercial Mortgage Trust, Series 2015-NRF,
Class DFX, 3.382%, 12/15/34 (144A) 10,932,570
106,820(a) Global Mortgage Securitization, Ltd., Series 2004-A,
Class A2, 2.806% (1 Month USD LIBOR + 32 bps),
11/25/32 (144A) 101,084
1,764,421(a) Global Mortgage Securitization, Ltd., Series 2005-A,
Class A2, 2.756% (1 Month USD LIBOR + 27 bps),
4/25/32 (144A) 1,709,693
348,842(a) Gosforth Funding Plc, Series 2016-1A, Class A1A, 3.384%
(3 Month USD LIBOR + 70 bps), 2/15/58 (144A) 348,964
5,786,005(a) Gosforth Funding Plc, Series 2018-1A, Class A1, 3.101%
(3 Month USD LIBOR + 45 bps), 8/25/60 (144A) 5,760,865
965,125(a) Government National Mortgage Association, Series
2002-21, Class FV, 2.882% (1 Month USD LIBOR +
40 bps), 3/16/32 965,215
108,793(a) Government National Mortgage Association, Series
2002-24, Class FR, 3.032% (1 Month USD LIBOR +
55 bps), 4/16/32 109,457
198,910(a) Government National Mortgage Association, Series
2003-7, Class FB, 2.682% (1 Month USD LIBOR +
20 bps), 1/16/33 198,910
1,204,511(a) Government National Mortgage Association, Series
2003-11, Class FA, 2.832% (1 Month USD LIBOR +
35 bps), 2/16/33 1,206,148
547,925(a) Government National Mortgage Association, Series
2005-3, Class FC, 2.732% (1 Month USD LIBOR +
25 bps), 1/16/35 546,171
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 65
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
9,142,994(a) Government National Mortgage Association, Series
2005-7, Class AF, 2.712% (1 Month USD LIBOR +
23 bps), 2/16/35 $ 9,091,054
516,909(a) Government National Mortgage Association, Series
2005-16, Class FA, 2.738% (1 Month USD LIBOR +
25 bps), 2/20/35 513,356
174,467(a) Government National Mortgage Association, Series
2008-69, Class FA, 2.988% (1 Month USD LIBOR +
50 bps), 8/20/38 175,887
177,339(a) Government National Mortgage Association, Series
2009-66, Class UF, 3.482% (1 Month USD LIBOR +
100 bps), 8/16/39 182,081
942,647(a) Government National Mortgage Association, Series
2009-88, Class MF, 3.088% (1 Month USD LIBOR +
60 bps), 7/20/39 947,927
139,727(a) Government National Mortgage Association, Series
2009-92, Class FJ, 3.162% (1 Month USD LIBOR +
68 bps), 10/16/39 141,625
72,090(a) Government National Mortgage Association, Series
2010-17, Class AF, 2.888% (1 Month USD LIBOR +
40 bps), 10/20/38 72,200
330,459 Government National Mortgage Association, Series
2010-138, Class PE, 3.0%, 8/20/38 329,333
7,772,654(a) Government National Mortgage Association, Series
2017-4, Class FC, 2.839% (1 Month USD LIBOR +
35 bps), 1/20/47 7,789,611
14,557,250(a) GPMT, Ltd., Series 2018-FL1, Class A, 3.387%
(1 Month USD LIBOR + 90 bps), 11/21/35 (144A) 14,529,877
3,250,000(a) GPMT, Ltd., Series 2018-FL1, Class AS, 3.687%
(1 Month USD LIBOR + 120 bps), 11/21/35 (144A) 3,243,861
9,750,000(a) Great Wolf Trust, Series 2017-WOLF, Class C, 3.954%
(1 Month USD LIBOR + 132 bps), 9/15/34 (144A) 9,737,597
13,000,000(a) GS Mortgage Securities Corp. Trust, Series 2017-500K,
Class B, 3.384% (1 Month USD LIBOR + 90 bps),
7/15/32 (144A) 12,922,025
3,500,000(a) GS Mortgage Securities Corp. Trust, Series 2017-STAY,
Class B, 3.584% (1 Month USD LIBOR + 110 bps),
7/15/32 (144A) 3,438,645
18,000,000(a) GS Mortgage Securities Corp. Trust, Series 2018-FBLU,
Class C, 4.084% (1 Month USD LIBOR + 160 bps),
11/15/35 (144A) 17,955,841
14,700,000(a) GS Mortgage Securities Corp. Trust, Series 2018-TWR,
Class A, 3.384% (1 Month USD LIBOR + 90 bps),
7/15/31 (144A) 14,686,073
8,350,000(c) GS Mortgage Securities REMIC Trust, Series 2015-FRR1,
Class K3A, 4.291%, 6/27/41 8,318,128
4,300,000(a) GS Mortgage Securities Trust, Series 2018-HART,
Class A, 3.574% (1 Month USD LIBOR + 109 bps),
10/15/31 (144A) 4,302,687
The accompanying notes are an integral part of these financial statements.
66 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
9,729,000(a) GS Mortgage Securities Trust, Series 2018-HART, Class
B, 3.784% (1 Month USD LIBOR + 130 bps),
10/15/31 (144A) $ 9,752,504
4,350,000(a) Holmes Master Issuer Plc, Series 2018-2A, Class A2,
3.207% (3 Month USD LIBOR + 42 bps),
10/15/54 (144A) 4,345,963
1,250,000(a) Home Partners of America Trust, Series 2016-2,
Class C, 4.882% (1 Month USD LIBOR + 240 bps),
10/17/33 (144A) 1,250,822
14,523,857(a) Home Partners of America Trust, Series 2017-1,
Class A, 3.299% (1 Month USD LIBOR + 82 bps),
7/17/34 (144A) 14,457,427
7,200,000(a) Home Partners of America Trust, Series 2017-1,
Class B, 3.832% (1 Month USD LIBOR + 135 bps),
7/17/34 (144A) 7,190,924
8,720,000(a) Home Re, Ltd., Series 2018-1, Class M1, 4.086%
(1 Month USD LIBOR + 160 bps), 10/25/28 (144A) 8,736,455
1,273,861(a) HomeBanc Mortgage Trust, Series 2004-2, Class A1,
3.226% (1 Month USD LIBOR + 74 bps), 12/25/34 1,267,236
2,943,970(a) HomeBanc Mortgage Trust, Series 2005-3, Class A1,
2.726% (1 Month USD LIBOR + 24 bps), 7/25/35 2,917,796
4,000,000(a) Hospitality Mortgage Trust, Series 2017-HIT, Class E,
6.042% (1 Month USD LIBOR + 355 bps),
5/8/30 (144A) 3,993,700
8,300,000(a) Hudsons Bay Simon JV Trust, Series 2015-HBFL,
Class AFL, 4.312% (1 Month USD LIBOR + 158 bps),
8/5/34 (144A) 8,316,931
10,200,000(a) Hunt CRE, Ltd., Series 2017-FL1, Class A, 3.484%
(1 Month USD LIBOR + 100 bps), 8/15/34 (144A) 10,138,542
8,300,000(a) IMT Trust, Series 2017-APTS, Class BFL, 3.434%
(1 Month USD LIBOR + 95 bps), 6/15/34 (144A) 8,271,836
12,845,000(a) InTown Hotel Portfolio Trust, Series 2018-STAY, Class A,
3.184% (1 Month USD LIBOR + 70 bps),
1/15/33 (144A) 12,768,218
14,818(a) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2006-LDP9, Class A3SF, 2.639% (1 Month
USD LIBOR + 16 bps), 5/15/47 14,883
11,900,000(a) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2017-FL11, Class B, 3.584% (1 Month USD
LIBOR + 110 bps), 10/15/32 (144A) 11,812,089
7,800,000(a) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2017-MAUI, Class A, 3.323% (1 Month USD
LIBOR + 83 bps), 7/15/34 (144A) 7,770,593
7,300,000(a) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2018-PHH, Class B, 3.644% (1 Month USD
LIBOR + 116 bps), 6/15/35 (144A) 7,277,024
2,800,000(a) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2018-WPT, Class BFL, 4.082% (1 Month USD
LIBOR + 125 bps), 7/5/33 (144A) 2,791,022
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 67
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
4,000,000(a) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2018-WPT, Class CFL, 4.482% (1 Month USD
LIBOR + 165 bps), 7/5/33 (144A) $ 3,987,198
7,770,752(a) JP Morgan Mortgage Trust, Series 2018-7FRB, Class A2,
3.24% (1 Month USD LIBOR + 75 bps),
4/25/46 (144A) 7,757,801
3,885,376(a) JP Morgan Mortgage Trust, Series 2018-7FRB, Class A3,
3.24% (1 Month USD LIBOR + 75 bps), 4/25/46 3,860,125
2,591,936(a) JP Morgan Seasoned Mortgage Trust, Series 2014-1,
Class AM, 2.986% (1 Month USD LIBOR + 50 bps),
5/25/33 (144A) 2,567,316
6,953,143(c) JP Morgan Seasoned Mortgage Trust, Series 2014-1,
Class B1, 3.224%, 5/25/33 (144A) 6,891,670
1,125,512(a) JP Morgan Trust, Series 2015-1, Class 1A14, 3.584%
(1 Month USD LIBOR + 125 bps), 12/25/44 (144A) 1,123,373
8,194,721 JPMBB Commercial Mortgage Securities Trust, Series
2014-C19, Class A2, 3.046%, 4/15/47 8,184,833
2,288,971 JPMBB Commercial Mortgage Securities Trust, Series
2014-C22, Class A2, 3.037%, 9/15/47 2,286,935
3,800,000(a) Lanark Master Issuer Plc, Series 2018-1A, Class 1A, 3.083%
(3 Month USD LIBOR + 42 bps), 12/22/69 (144A) 3,782,440
63,143(a) Lehman XS Trust, Series 2005-2, Class 1A2, 3.186%
(1 Month USD LIBOR + 70 bps), 8/25/35 63,032
5,567,980(a) LMREC, Inc., Series 2016-CRE2, Class A, 4.19% (1 Month
USD LIBOR + 170 bps), 11/24/31 (144A) 5,567,980
3,422,105(a) LSTAR Securities Investment, Ltd., Series 2017-9,
Class A, 4.039% (1 Month USD LIBOR + 155 bps),
12/1/22 (144A) 3,423,175
136,555(c) Merrill Lynch Mortgage Investors Trust, Series 2003-G,
Class A3, 3.908%, 1/25/29 138,862
792,765(a) Merrill Lynch Mortgage Investors Trust, Series 2003-H,
Class A1, 3.126% (1 Month USD LIBOR +
64 bps), 1/25/29 784,835
571,121(a) Merrill Lynch Mortgage Investors Trust, Series 2004-B,
Class A2, 3.427% (6 Month USD LIBOR +
54 bps), 5/25/29 567,512
40,775(a) Merrill Lynch Mortgage Investors Trust, Series 2004-C,
Class A2B, 3.908% (6 Month USD LIBOR +
100 bps), 7/25/29 41,007
115,413(c) Merrill Lynch Mortgage Investors Trust, Series 2004-D,
Class A3, 4.543%, 9/25/29 115,331
206,394(a) Merrill Lynch Mortgage Investors Trust, Series 2004-G,
Class A2, 3.508% (6 Month USD LIBOR +
60 bps), 1/25/30 202,720
6,179,804(c) Mill City Mortgage Loan Trust, Series 2018-4, Class A1A,
3.5%, 4/25/66 (144A) 6,226,537
2,186,238(c) Morgan Stanley Capital I Trust, Series 2007-T25, Class AJ,
5.574%, 11/12/49 2,211,146
The accompanying notes are an integral part of these financial statements.
68 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
8,500,000(a) Morgan Stanley Capital I Trust, Series 2017-ASHF,
Class B, 3.734% (1 Month USD LIBOR + 125 bps),
11/15/34 (144A) $ 8,489,270
1,100,000(a) Morgan Stanley Capital I Trust, Series 2017-CLS, Class B,
3.334% (1 Month USD LIBOR + 85 bps),
11/15/34 (144A) 1,093,104
8,250,000(a) Morgan Stanley Capital I Trust, Series 2017-CLS, Class C,
3.484% (1 Month USD LIBOR + 100 bps),
11/15/34 (144A) 8,208,618
6,675,000(a) Morgan Stanley Capital I Trust, Series 2018-BOP, Class B,
3.734% (1 Month USD LIBOR + 125 bps),
8/15/33 (144A) 6,633,170
7,500,000(a) Morgan Stanley Capital I Trust, Series 2019-AGLN, Class C,
3.95% (1 Month USD LIBOR + 145 bps),
3/15/34 (144A) 7,500,000
313,071(a) Morgan Stanley Mortgage Loan Trust, Series 2005-6AR,
Class 1A1, 2.766% (1 Month USD LIBOR +
28 bps), 11/25/35 313,439
3,289,751(a) Morgan Stanley Mortgage Loan Trust, Series 2005-6AR,
Class 1A4, 2.856% (1 Month USD LIBOR +
37 bps), 11/25/35 3,288,816
7,274,274(c) Morgan Stanley Residential Mortgage Loan Trust, Series
2014-1A, Class A1, 2.957%, 6/25/44 (144A) 7,299,819
1,487,206(a) MortgageIT Trust, Series 2004-1, Class A1, 3.266%
(1 Month USD LIBOR + 78 bps), 11/25/34 1,456,877
9,110,823(a) Motel 6 Trust, Series 2017-MTL6, Class C, 3.884%
(1 Month USD LIBOR + 140 bps), 8/15/34 (144A) 9,105,047
981,390(a) MRFC Mortgage Pass-Through Trust, Series 2000-TBC3,
Class A1, 2.924% (1 Month USD LIBOR +
44 bps), 12/15/30 950,896
4,750,000(a) MTRO Commercial Mortgage Trust, Series 2019-TECH,
Class C, 3.784% (1 Month USD LIBOR + 130 bps),
12/15/33 (144A) 4,755,953
440,216(a) NCUA Guaranteed Notes Trust, Series 2011-C1, Class 2A,
3.011% (1 Month USD LIBOR + 53 bps), 3/9/21 439,737
19,308,435(a) New Residential Mortgage Loan Trust, Series 2018-4A,
Class A1S, 3.236% (1 Month USD LIBOR + 75 bps),
1/25/48 (144A) 19,171,358
157,434(a) NorthStar, Series 2016-1A, Class A, 4.086% (1 Month
USD LIBOR + 160 bps), 9/25/31 (144A) 157,515
4,181,245(c) Oaks Mortgage Trust, Series 2015-1, Class A9, 3.0%,
4/25/46 (144A) 4,164,488
1,433,131(a) Oaktown Re, Ltd., Series 2017-1A, Class M1, 4.736%
(1 Month USD LIBOR + 225 bps), 4/25/27 (144A) 1,434,733
14,535,000(a) Oaktown Re II, Ltd., Series 2018-1A, Class M1, 4.036%
(1 Month USD LIBOR + 155 bps), 7/25/28 (144A) 14,497,128
735,000 OBP Depositor LLC Trust, Series 2010-OBP, Class A,
4.646%, 7/15/45 (144A) 743,889
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 69
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
14,851,893(a) OBX Trust, Series 2018-EXP2, Class 2A1A, 3.236%
(1 Month USD LIBOR + 75 bps), 11/25/48 (144A) $ 14,837,030
1,467,879(a) Opteum Mortgage Acceptance Corp. Asset Backed
Pass-Through Certificates, Series 2005-4, Class 1A2,
2.876% (1 Month USD LIBOR + 39 bps), 11/25/35 1,451,305
419,030(a) Pepper Residential Securities Trust No. 17, Series
17A, Class A1UA, 3.593% (1 Month USD LIBOR +
110 bps), 3/10/58 (144A) 419,173
1,757,007(a) Pepper Residential Securities Trust No. 18, Series 18A,
Class A1UA, 3.443% (1 Month USD LIBOR + 95 bps),
3/12/47 (144A) 1,756,350
5,331,991(a) Pepper Residential Securities Trust No. 21, Series 21A,
Class A1U, 3.362% (1 Month USD LIBOR + 88 bps),
1/16/60 (144A) 5,321,119
11,804,731(a) Pepper Residential Securities Trust No. 22, Series 22A,
Class A1U, 3.488% (1 Month USD LIBOR + 100 bps),
6/20/60 (144A) 11,787,060
7,250,000(a) Permanent Master Issuer Plc, Series 2018-1A, 3.167%
(3 Month USD LIBOR + 38 bps), 7/15/58 7,235,928
1,698,325(a) Progress Residential Trust, Series 2016-SFR2, Class A,
3.882% (1 Month USD LIBOR + 140 bps),
1/17/34 (144A) 1,702,052
15,300,000(a) Progress Residential Trust, Series 2016-SFR2, Class B,
4.232% (1 Month USD LIBOR + 175 bps),
1/17/34 (144A) 15,299,953
16,960,000(a) Radnor Re, Ltd., Series 2018-1, Class M1, 3.886%
(1 Month USD LIBOR + 140 bps), 3/25/28 (144A) 16,927,696
7,780,000(a) Radnor Re, Ltd., Series 2019-1, Class M1B, 4.436%
(1 Month USD LIBOR + 195 bps), 2/25/29 (144A) 7,808,578
2,298,550(a) RAIT Trust, Series 2017-FL7, Class A, 3.434% (1 Month
USD LIBOR + 95 bps), 6/15/37 (144A) 2,287,080
572(a) RALI Trust, Series 2002-QS16, Class A2, 3.036%
(1 Month USD LIBOR + 55 bps), 10/25/17 579
497,836 ReadyCap Mortgage Trust, Series 2016-3, Class A,
2.94%, 11/20/38 (144A) 496,819
2,460,519(a) RESI Finance LP, Series 2003-CB1, Class B3, 3.943%
(1 Month USD LIBOR + 145 bps), 6/10/35 (144A) 2,114,934
8,467,051(a) Resimac MBS Trust, Series 2018-2A, Class A1A, 3.342%
(1 Month USD LIBOR + 85 bps), 4/10/50 (144A) 8,467,051
818,548(a) Resimac Premier, Series 2014-1A, Class A1, 3.297%
(3 Month USD LIBOR + 70 bps), 12/12/45 (144A) 818,241
1,675,661(a) Resimac Premier, Series 2016-1A, Class A1, 3.883%
(1 Month USD LIBOR + 139 bps), 10/10/47 (144A) 1,666,326
3,155,664(a) Resimac Premier, Series 2017-1A, Class A1A, 3.442%
(1 Month USD LIBOR + 95 bps), 9/11/48 (144A) 3,147,598
4,399,145(a) Resimac Premier, Series 2018-1A, Class A1, 3.292%
(1 Month USD LIBOR + 80 bps), 11/10/49 (144A) 4,373,872
802,524(a) Resource Capital Corp., Ltd., Series 2017-CRE5, Class A,
3.284% (1 Month USD LIBOR + 80 bps), 7/15/34 (144A) 800,097
The accompanying notes are an integral part of these financial statements.
70 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
14,000,000(a) RETL, Series 2019-RVP, Class A, 3.634% (1 Month USD
LIBOR + 115 bps), 3/15/36 (144A) $ 14,008,599
14,591,892(a) Shelter Growth CRE Issuer, Ltd., Series 2018-FL1,
Class A, 3.484% (1 Month USD LIBOR + 100 bps),
1/15/35 (144A) 14,587,304
281,250(a) Silver Creek CLO, Ltd., Series 2014-1A, Class X, 3.611%
(3 Month USD LIBOR + 85 bps), 7/20/30 (144A) 281,379
4,480,000(a) Silverstone Master Issuer Plc, Series 2018-1A, Class 1A,
3.166% (3 Month USD LIBOR + 39 bps), 1/21/70 (144A) 4,433,076
7,202,013(a) SLIDE, Series 2018-FUN, Class B, 3.734% (1 Month USD
LIBOR + 125 bps), 6/15/31 (144A) 7,192,861
9,100,000(a) STACR Trust, Series 2018-DNA3, Class M1, 3.236%
(1 Month USD LIBOR + 75 bps), 9/25/48 (144A) 9,090,622
9,467,461(a) STACR Trust, Series 2018-HRP1, Class M2, 4.136%
(1 Month USD LIBOR + 165 bps), 4/25/43 (144A) 9,527,698
2,397,641(a) STACR Trust, Series 2018-HRP1, Class M2A, 4.136%
(1 Month USD LIBOR + 165 bps), 4/25/43 (144A) 2,411,030
3,950,000(a) STACR Trust, Series 2018-HRP2, Class M2, 3.736%
(1 Month USD LIBOR + 125 bps), 2/25/47 (144A) 3,966,498
17,605,000(a) STACR Trust, Series 2018-HRP2, Class M3, 4.886%
(1 Month USD LIBOR + 240 bps), 2/25/47 (144A) 18,103,806
7,500,000(a) Starwood Waypoint Homes Trust, Series 2017-1, Class B,
3.654% (1 Month USD LIBOR + 117 bps),
1/17/35 (144A) 7,481,070
8,110,699(a) Stonemont Portfolio Trust, Series 2017-MONT, Class B,
3.588% (1 Month USD LIBOR + 110 bps),
8/20/30 (144A) 8,097,898
3,216(a) Structured Asset Securities Corp. Mortgage Pass-Through
Ctfs, Series 1998-8, Class M1, 3.426% (1 Month USD
LIBOR + 94 bps), 8/25/28 3,218
3,547,908(c) Sutherland Commercial Mortgage Loans, Series
2017-SBC6, Class A, 3.192%, 5/25/37 (144A) 3,522,534
6,982,330(c) Sutherland Commercial Mortgage Loans, Series
2018-SBC7, Class A, 4.72%, 5/25/39 (144A) 6,989,312
1,837,500(a) TCI-Symphony CLO, Ltd., Series 2017-1A, Class X, 3.587%
(3 Month USD LIBOR + 80 bps), 7/15/30 (144A) 1,838,024
4,548,029(a) Tharaldson Hotel Portfolio Trust, Series 2018-THL,
Class C, 3.831% (1 Month USD LIBOR + 135 bps),
11/11/34 (144A) 4,542,246
253,732(a) Velocity Commercial Capital Loan Trust, Series 2016-1,
Class AFL, 4.936% (1 Month USD LIBOR + 245 bps),
4/25/46 (144A) 255,671
8,900,000(a) VMC Finance LLC, Series 2018-FL2, Class A, 3.404%
(1 Month USD LIBOR + 92 bps), 10/15/35 (144A) 8,877,314
7,400,000(a) VMC Finance LLC, Series 2018-FL2, Class B, 3.834%
(1 Month USD LIBOR + 135 bps), 10/15/35 (144A) 7,372,895
4,804,958(c) WaMu Commercial Mortgage Securities Trust, Series
2006-SL1, Class C, 3.501%, 11/23/43 (144A) 4,824,125
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 71
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
12,800,000(a) Wells Fargo Commercial Mortgage Trust, Series
2017-SMP, Class C, 3.684% (1 Month USD LIBOR +
120 bps), 12/15/34 (144A) $ 12,794,191
5,912(a) Wells Fargo Credit Risk Transfer Securities Trust,
Series 2015-WF1, Class 2M1, 5.336% (1 Month USD
LIBOR + 285 bps), 11/25/25 (144A) 5,912
7,483,126(c) WinWater Mortgage Loan Trust, Series 2015-2, Class A5,
3.0%, 2/20/45 (144A) 7,511,555
8,977,563(c) WinWater Mortgage Loan Trust, Series 2015-3, Class A17,
2.5%, 3/20/45 (144A) 8,778,584
-------------------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $1,449,810,792) $1,445,847,421
-------------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 18.1% of Net Assets
Aerospace & Defense -- 0.3%
7,567,000 Boeing Capital Corp., 4.7%, 10/27/19 $ 7,638,203
9,335,000(a) United Technologies Corp., 3.086% (3 Month USD
LIBOR + 35 bps), 11/1/19 9,347,605
905,000(a) United Technologies Corp., 3.333% (3 Month USD
LIBOR + 65 bps), 8/16/21 905,545
--------------
Total Aerospace & Defense $ 17,891,353
-------------------------------------------------------------------------------------------------------------------------
Agriculture -- 0.2%
10,970,000(a) BAT Capital Corp., 3.283% (3 Month USD LIBOR +
59 bps), 8/14/20 $ 10,946,429
--------------
Total Agriculture $ 10,946,429
-------------------------------------------------------------------------------------------------------------------------
Auto Manufacturers -- 1.5%
3,158,000 American Honda Finance Corp., 1.2%, 7/12/19 $ 3,145,455
8,833,000(a) American Honda Finance Corp., 2.875% (3 Month USD
LIBOR + 26 bps), 6/16/20 8,848,400
4,275,000(a) American Honda Finance Corp., 2.908% (3 Month USD
LIBOR + 21 bps), 2/12/21 4,267,176
2,000,000(a) American Honda Finance Corp., 3.033% (3 Month USD
LIBOR + 34 bps), 2/14/20 2,005,413
7,500,000(a) BMW US Capital LLC, 3.063% (3 Month USD LIBOR +
37 bps), 8/14/20 (144A) 7,498,010
2,650,000(a) Daimler Finance North America LLC, 3.371% (3 Month
USD LIBOR + 62 bps), 10/30/19 (144A) 2,654,791
780,000(a) Ford Motor Credit Co. LLC, 3.668% (3 Month USD
LIBOR + 93 bps), 11/4/19 780,637
2,015,000(a) Ford Motor Credit Co. LLC, 3.677% (3 Month USD
LIBOR + 88 bps), 10/12/21 1,952,261
2,980,000(a) Ford Motor Credit Co. LLC, 3.797% (3 Month USD
LIBOR + 100 bps), 1/9/20 2,979,503
2,854,000(a) General Motors Co., 3.539% (3 Month USD LIBOR +
80 bps), 8/7/20 2,850,382
2,245,000 General Motors Financial Co., Inc., 2.4%, 5/9/19 2,244,035
The accompanying notes are an integral part of these financial statements.
72 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Auto Manufacturers -- (continued)
2,323,000(a) General Motors Financial Co., Inc., 4.147% (3 Month
USD LIBOR + 145 bps), 5/9/19 $ 2,325,150
1,970,000(a) Nissan Motor Acceptance Corp., 2.987% (3 Month USD
LIBOR + 39 bps), 9/28/20 (144A) 1,956,980
2,650,000(a) Nissan Motor Acceptance Corp., 3.128% (3 Month USD
LIBOR + 52 bps), 9/13/19 (144A) 2,650,449
6,750,000(a) Nissan Motor Acceptance Corp., 3.131% (3 Month USD
LIBOR + 52 bps), 3/15/21 (144A) 6,696,148
3,530,000(a) Nissan Motor Acceptance Corp., 3.187% (3 Month USD
LIBOR + 39 bps), 7/13/20 (144A) 3,516,420
4,680,000(a) PACCAR Financial Corp., 2.957% (3 Month USD LIBOR +
26 bps), 5/10/21 4,682,228
5,950,000(a) Toyota Motor Credit Corp., 2.785% (3 Month USD LIBOR +
17 bps), 9/18/20 5,953,586
3,000,000(a) Toyota Motor Credit Corp., 2.967% (3 Month USD LIBOR +
37 bps), 3/12/20 3,007,122
5,487,000(a) Toyota Motor Credit Corp., 3.033% (3 Month USD LIBOR +
26 bps), 4/17/20 5,495,919
3,063,000(a) Toyota Motor Credit Corp., 3.22% (3 Month USD LIBOR +
44 bps), 10/18/19 3,070,272
6,525,000 Volkswagen Group of America Finance LLC, 2.125%,
5/23/19 (144A) 6,517,442
5,550,000(a) Volkswagen Group of America Finance LLC, 3.638%
(3 Month USD LIBOR + 94 bps), 11/12/21 (144A) 5,559,591
--------------
Total Auto Manufacturers $ 90,657,370
-------------------------------------------------------------------------------------------------------------------------
Banks -- 7.9%
8,760,000(a) Bank of America Corp., 3.421% (3 Month USD LIBOR +
66 bps), 7/21/21 $ 8,780,980
6,142,000(a) Bank of America Corp., 3.667% (3 Month USD LIBOR +
87 bps), 4/1/19 6,142,000
3,100,000(a) Bank of America Corp., 3.921% (3 Month USD LIBOR +
116 bps), 1/20/23 3,138,176
2,082,000(a) Bank of America Corp., 4.181% (3 Month USD LIBOR +
142 bps), 4/19/21 2,124,587
1,300,000 Bank of Montreal, 1.75%, 9/11/19 1,294,554
4,214,000(a) Bank of Montreal, 3.051% (3 Month USD LIBOR +
44 bps), 6/15/20 4,226,006
2,820,000(a) Bank of Montreal, 3.137% (3 Month USD LIBOR +
34 bps), 7/13/20 2,825,351
2,540,000(a) Bank of Montreal, 3.43% (3 Month USD LIBOR +
65 bps), 7/18/19 2,544,651
2,405,000 Bank of New York Mellon Corp., 2.3%, 9/11/19 2,401,397
2,960,000(a) Bank of New York Mellon Corp., 3.081% (3 Month USD
LIBOR + 48 bps), 9/11/19 2,965,459
4,015,000 Bank of New York Mellon Corp., 5.45%, 5/15/19 4,028,289
15,811,000(a) Bank of Nova Scotia, 3.201% (3 Month USD LIBOR +
44 bps), 4/20/21 15,867,793
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 73
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Banks -- (continued)
8,050,000(a) Banque Federative du Credit Mutuel SA, 3.251%
(3 Month USD LIBOR + 49 bps), 7/20/20 (144A) $ 8,066,094
6,400,000(a) Barclays Plc, 4.114% (3 Month USD LIBOR +
143 bps), 2/15/23 6,361,754
2,905,000 BB&T Corp., 2.45%, 1/15/20 2,899,153
3,970,000(a) BB&T Corp., 2.956% (3 Month USD LIBOR +
22 bps), 2/1/21 3,956,635
3,065,000(a) BB&T Corp., 3.502% (3 Month USD LIBOR +
72 bps), 1/15/20 3,078,378
11,550,000 BPCE SA, 2.5%, 7/15/19 11,540,875
2,600,000 Branch Banking & Trust Co., 1.45%, 5/10/19 2,596,672
3,000,000(a) Branch Banking & Trust Co., 3.237% (3 Month USD
LIBOR + 45 bps), 1/15/20 3,007,779
4,450,000 Canadian Imperial Bank of Commerce, 1.6%, 9/6/19 4,430,079
2,610,000(a) Canadian Imperial Bank of Commerce, 3.128% (3 Month
USD LIBOR + 52 bps), 9/6/19 2,615,048
2,600,000 Capital One NA, 1.85%, 9/13/19 2,588,234
2,720,000 Capital One NA, 2.4%, 9/5/19 2,714,649
6,430,000(a) Capital One NA, 3.373% (3 Month USD LIBOR +
77 bps), 9/13/19 6,442,539
3,800,000(a) Citibank NA, 2.875% (3 Month USD LIBOR +
26 bps), 9/18/19 3,803,956
4,450,000(a) Citibank NA, 3.056% (3 Month USD LIBOR +
32 bps), 5/1/20 4,454,388
5,765,000(a) Citibank NA, 3.342% (3 Month USD LIBOR +
57 bps), 7/23/21 5,784,244
1,500,000(a) Citigroup, Inc., 3.537% (3 Month USD LIBOR +
93 bps), 6/7/19 1,502,287
4,100,000(a) Citigroup, Inc., 3.573% (3 Month USD LIBOR +
79 bps), 1/10/20 4,117,356
5,090,000(a) Citizens Bank NA, 3.155% (3 Month USD LIBOR +
54 bps), 3/2/20 5,096,742
4,410,000(a) Citizens Bank NA, 3.216% (3 Month USD LIBOR +
57 bps), 5/26/20 4,414,145
9,820,000(a) Cooperatieve Rabobank UA, 3.195% (3 Month USD
LIBOR + 43 bps), 4/26/21 9,847,655
7,295,000(a) Cooperatieve Rabobank UA, 3.207% (3 Month USD
LIBOR + 51 bps), 8/9/19 7,306,963
8,270,000 Credit Suisse AG, 2.3%, 5/28/19 8,265,782
4,765,000 Credit Suisse AG, 5.3%, 8/13/19 4,807,819
5,313,000 Credit Suisse Group Funding Guernsey, Ltd., 2.75%,
3/26/20 5,305,809
11,340,000(a) Danske Bank AS, 3.188% (3 Month USD LIBOR + 58 bps),
9/6/19 (144A) 11,332,353
14,546,000(a) DNB Bank ASA, 2.97% (3 Month USD LIBOR + 37 bps),
10/2/20 (144A) 14,546,575
5,740,000 Fifth Third Bank, 1.625%, 9/27/19 5,709,272
The accompanying notes are an integral part of these financial statements.
74 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Banks -- (continued)
4,005,000(a) Fifth Third Bank, 3.001% (3 Month USD LIBOR +
25 bps), 10/30/20 $ 4,002,626
455,000(a) Fifth Third Bank, 3.199% (3 Month USD LIBOR +
59 bps), 9/27/19 455,883
2,703,000(a) Goldman Sachs Group, Inc., 3.792% (3 Month USD
LIBOR + 102 bps), 10/23/19 2,715,257
2,995,000(a) Goldman Sachs Group, Inc., 3.811% (3 Month USD
LIBOR + 120 bps), 9/15/20 3,025,844
8,535,000(a) Goldman Sachs Group, Inc., 4.131% (3 Month USD
LIBOR + 136 bps), 4/23/21 8,660,341
7,780,000(a) HSBC Holdings Plc, 3.247% (3 Month USD LIBOR +
65 bps), 9/11/21 7,773,282
6,770,000(a) HSBC Holdings Plc, 3.283% (3 Month USD LIBOR +
60 bps), 5/18/21 6,766,368
100,000(a) ING Bank NV, 3.294% (3 Month USD LIBOR + 61 bps),
8/15/19 (144A) 100,209
700,000(a) ING Bank NV, 3.653% (3 Month USD LIBOR + 97 bps),
8/17/20 (144A) 706,536
4,600,000(a) JPMorgan Chase & Co., 3.151% (3 Month USD LIBOR +
55 bps), 3/9/21 4,604,377
2,750,000(a) JPMorgan Chase Bank NA, 2.98% (SOFRRATE +
55 bps), 10/19/20 2,751,186
5,885,000(a) JPMorgan Chase Bank NA, 3.105% (3 Month USD
LIBOR + 34 bps), 4/26/21 5,881,884
1,156,000 KeyBank NA, 1.6%, 8/22/19 1,151,036
5,500,000 KeyBank NA, 2.5%, 12/15/19 5,491,112
2,905,000(a) KeyBank NA, 3.396% (3 Month USD LIBOR +
66 bps), 2/1/22 2,915,847
12,892,000(a) Lloyds Bank Plc, 3.229% (3 Month USD LIBOR +
49 bps), 5/7/21 12,864,394
429,000 Macquarie Group, Ltd., 7.625%, 8/13/19 (144A) 436,388
4,410,000 Manufacturers & Traders Trust Co., 2.25%, 7/25/19 4,404,443
5,800,000(a) Mitsubishi UFJ Financial Group, Inc., 3.307% (3 Month
USD LIBOR + 70 bps), 3/7/22 5,808,872
8,820,000(a) Mitsubishi UFJ Financial Group, Inc., 3.415% (3 Month
USD LIBOR + 65 bps), 7/26/21 8,835,505
3,310,000 Mizuho Bank, Ltd., 2.65%, 9/25/19 (144A) 3,308,209
5,075,000 Mizuho Financial Group, Inc., 2.273%, 9/13/21 4,988,215
5,242,000(a) Nordea Bank Abp, 3.099% (3 Month USD LIBOR +
47 bps), 5/29/20 (144A) 5,253,562
4,515,000(a) Nordea Bank Abp, 3.221% (3 Month USD LIBOR +
62 bps), 9/30/19 (144A) 4,525,418
9,220,000 PNC Bank NA, 2.3%, 6/1/20 9,179,504
3,500,000(a) Royal Bank of Canada, 2.869% (3 Month USD LIBOR +
24 bps), 8/29/19 3,503,233
3,115,000(a) Royal Bank of Canada, 2.995% (3 Month USD LIBOR +
38 bps), 3/2/20 3,122,348
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 75
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Banks -- (continued)
3,960,000(a) Royal Bank of Canada, 3.005% (3 Month USD LIBOR +
24 bps), 10/26/20 $ 3,962,887
2,500,000(a) Royal Bank of Canada, 3.232% (3 Month USD LIBOR +
48 bps), 7/29/19 2,504,250
5,435,000(a) Skandinaviska Enskilda Banken AB, 3.113% (3 Month
USD LIBOR + 43 bps), 5/17/21 (144A) 5,434,413
9,025,000(a) Skandinaviska Enskilda Banken AB, 3.178% (3 Month
USD LIBOR + 57 bps), 9/13/19 (144A) 9,044,783
3,779,000(a) State Street Corp., 3.583% (3 Month USD LIBOR +
90 bps), 8/18/20 3,817,059
3,950,000(a) Sumitomo Mitsui Banking Corp., 3.09% (3 Month USD
LIBOR + 31 bps), 10/18/19 3,954,029
5,020,000(a) Sumitomo Mitsui Banking Corp., 3.123% (3 Month USD
LIBOR + 35 bps), 1/17/20 5,029,142
3,150,000(a) Sumitomo Mitsui Banking Corp., 3.149% (3 Month USD
LIBOR + 37 bps), 10/16/20 3,152,553
7,800,000(a) SunTrust Bank, 3.274% (3 Month USD LIBOR +
53 bps), 1/31/20 7,823,684
5,700,000(a) Svenska Handelsbanken AB, 2.955% (3 Month USD
LIBOR + 36 bps), 9/8/20 5,703,972
3,750,000(a) Svenska Handelsbanken AB, 3.098% (3 Month USD
LIBOR + 49 bps), 9/6/19 3,757,169
6,845,000(a) Svenska Handelsbanken AB, 3.105% (3 Month USD
LIBOR + 49 bps), 6/17/19 6,851,416
11,387,000(a) Toronto-Dominion Bank, 2.875% (3 Month USD LIBOR +
26 bps), 9/17/20 11,396,705
2,600,000(a) Toronto-Dominion Bank, 3.338% (3 Month USD LIBOR +
65 bps), 8/13/19 2,605,568
4,849,000(a) UBS AG, 3.106% (3 Month USD LIBOR + 48 bps),
12/1/20 (144A) 4,853,733
9,635,000(a) UBS AG, 3.333% (3 Month USD LIBOR +
64 bps), 8/14/19 9,656,539
3,960,000(a) US Bank NA, 2.912% (3 Month USD LIBOR +
14 bps), 10/23/20 3,963,677
8,715,000(a) US Bank NA, 3.048% (3 Month USD LIBOR +
31 bps), 2/4/21 8,727,817
4,450,000(a) US Bank NA, 3.085% (3 Month USD LIBOR +
32 bps), 4/26/21 4,452,154
2,965,000(a) US Bank NA, 3.099% (3 Month USD LIBOR +
32 bps), 1/24/20 2,971,162
3,795,000(a) Wells Fargo & Co., 3.431% (3 Month USD LIBOR +
68 bps), 1/30/20 3,813,033
3,125,000(a) Wells Fargo & Co., 3.889% (3 Month USD LIBOR +
111 bps), 1/24/23 3,156,018
4,450,000(a) Wells Fargo & Co., 3.955% (3 Month USD LIBOR +
134 bps), 3/4/21 4,526,210
3,224,000(a) Wells Fargo Bank NA, 3.017% (3 Month USD LIBOR +
23 bps), 1/15/20 3,227,754
The accompanying notes are an integral part of these financial statements.
76 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Banks -- (continued)
3,775,000(a) Wells Fargo Bank NA, 3.251% (3 Month USD LIBOR +
60 bps), 5/24/19 $ 3,778,510
--------------
Total Banks $ 464,328,594
-------------------------------------------------------------------------------------------------------------------------
Beverages -- 0.1%
7,750,000 Anheuser-Busch InBev Worldwide, Inc.,
6.875%, 11/15/19 $ 7,934,937
--------------
Total Beverages $ 7,934,937
-------------------------------------------------------------------------------------------------------------------------
Biotechnology -- 0.4%
4,500,000 Amgen, Inc., 1.9%, 5/10/19 $ 4,497,324
3,265,000(a) Amgen, Inc., 3.017% (3 Month USD LIBOR +
32 bps), 5/10/19 3,266,235
5,315,000(a) Amgen, Inc., 3.147% (3 Month USD LIBOR +
45 bps), 5/11/20 5,330,994
3,484,000(a) Amgen, Inc., 3.263% (3 Month USD LIBOR +
60 bps), 5/22/19 3,486,897
5,671,000 Celgene Corp., 2.25%, 5/15/19 5,667,172
--------------
Total Biotechnology $ 22,248,622
-------------------------------------------------------------------------------------------------------------------------
Building Materials -- 0.0%+
2,477,000(a) Martin Marietta Materials, Inc., 3.133% (3 Month USD
LIBOR + 50 bps), 12/20/19 $ 2,474,357
--------------
Total Building Materials $ 2,474,357
-------------------------------------------------------------------------------------------------------------------------
Chemicals -- 0.1%
2,745,000(a) DowDuPont, Inc., 3.394% (3 Month USD LIBOR +
71 bps), 11/15/20 $ 2,764,003
3,235,000(a) EI du Pont de Nemours & Co., 3.266% (3 Month
USD LIBOR + 53 bps), 5/1/20 3,244,174
--------------
Total Chemicals $ 6,008,177
-------------------------------------------------------------------------------------------------------------------------
Commercial Services -- 0.0%+
535,000 ERAC USA Finance LLC, 2.35%, 10/15/19 (144A) $ 533,443
--------------
Total Commercial Services $ 533,443
-------------------------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 1.0%
7,510,000(a) AIG Global Funding, 3.08% (3 Month USD LIBOR +
48 bps), 7/2/20 (144A) $ 7,525,407
3,970,000(a) American Express Co., 3.081% (3 Month USD LIBOR +
33 bps), 10/30/20 3,969,099
5,880,000(a) American Express Credit Corp., 3.045% (3 Month USD
LIBOR + 43 bps), 3/3/20 5,888,346
4,430,000(a) American Express Credit Corp., 3.068% (3 Month USD
LIBOR + 33 bps), 5/3/19 4,430,000
3,085,000(a) American Express Credit Corp., 3.321% (3 Month USD
LIBOR + 57 bps), 10/30/19 3,093,025
4,005,000(a) Capital One Financial Corp., 3.201% (3 Month USD
LIBOR + 45 bps), 10/30/20 4,006,682
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 77
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Diversified Financial Services -- (continued)
12,910,000(a) Charles Schwab Corp., 2.961% (3 Month USD LIBOR +
32 bps), 5/21/21 $ 12,904,883
6,275,000(a) Federation des Caisses Desjardins du Quebec, 3.081%
(3 Month USD LIBOR + 33 bps), 10/30/20 (144A) 6,278,314
2,635,000(a) Mizuho Securities USA LLC, 2.802% (3 Month USD
LIBOR + 20 bps), 9/24/19 (144A) 2,637,363
3,597,000 TD Ameritrade Holding Corp., 5.6%, 12/1/19 3,663,972
--------------
Total Diversified Financial Services $ 54,397,091
-------------------------------------------------------------------------------------------------------------------------
Electric -- 0.3%
1,750,000 Dominion Energy, Inc., 1.6%, 8/15/19 $ 1,741,729
4,967,000(a) Duke Energy Progress LLC, 2.775% (3 Month USD
LIBOR + 18 bps), 9/8/20 4,962,838
5,584,000 Eversource Energy, 4.5%, 11/15/19 5,635,711
4,505,000 NextEra Energy Capital Holdings, Inc., 2.3%, 4/1/19 4,505,000
1,873,000(a) Sempra Energy, 3.287% (3 Month USD LIBOR +
50 bps), 1/15/21 1,857,246
--------------
Total Electric $ 18,702,524
-------------------------------------------------------------------------------------------------------------------------
Food -- 0.0%+
2,795,000(a) Conagra Brands, Inc., 3.511% (3 Month USD LIBOR +
75 bps), 10/22/20 $ 2,791,610
900,000(a) Tyson Foods, Inc., 3.165% (3 Month USD LIBOR +
55 bps), 6/2/20 899,270
--------------
Total Food $ 3,690,880
-------------------------------------------------------------------------------------------------------------------------
Gas -- 0.1%
5,865,000 Dominion Energy Gas Holdings LLC, 2.5%, 12/15/19 $ 5,848,599
--------------
Total Gas $ 5,848,599
-------------------------------------------------------------------------------------------------------------------------
Healthcare-Products -- 0.2%
2,310,000 Becton Dickinson & Co., 2.133%, 6/6/19 $ 2,306,813
1,066,000 Becton Dickinson & Co., 2.675%, 12/15/19 1,062,558
2,990,000(a) Becton Dickinson & Co., 3.476% (3 Month USD
LIBOR + 88 bps), 12/29/20 2,990,274
2,680,000(a) Medtronic, Inc., 3.411% (3 Month USD LIBOR +
80 bps), 3/15/20 2,696,426
--------------
Total Healthcare-Products $ 9,056,071
-------------------------------------------------------------------------------------------------------------------------
Healthcare-Services -- 0.3%
9,456,000 Anthem, Inc., 2.25%, 8/15/19 $ 9,438,367
5,945,000(a) UnitedHealth Group, Inc., 2.857% (3 Month USD LIBOR +
7 bps), 10/15/20 5,940,725
--------------
Total Healthcare-Services $ 15,379,092
-------------------------------------------------------------------------------------------------------------------------
Insurance -- 1.6%
5,525,001(a) Allstate Corp., 3.031% (3 Month USD LIBOR +
43 bps), 3/29/21 $ 5,518,751
The accompanying notes are an integral part of these financial statements.
78 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Insurance -- (continued)
3(a) Ambac LSNI LLC, 7.592% (3 Month USD LIBOR +
500 bps), 2/12/23 (144A) $ 3
5,955,000 American International Group, Inc., 2.3%, 7/16/19 5,945,270
3,600,000(a) Berkshire Hathaway Finance Corp., 2.944% (3 Month
USD LIBOR + 26 bps), 8/15/19 3,603,935
2,611,000 Chubb INA Holdings, Inc., 5.9%, 6/15/19 2,627,092
4,720,000 MassMutual Global Funding II, 1.55%, 10/11/19 (144A) 4,692,479
7,321,000 Metropolitan Life Global Funding I, 1.55%, 9/13/19 (144A) 7,282,714
550,000 Metropolitan Life Global Funding I, 1.75%, 9/19/19 (144A) 547,528
3,705,000(a) Metropolitan Life Global Funding I, 2.845% (3 Month
USD LIBOR + 22 bps), 9/19/19 (144A) 3,707,328
5,090,000(a) Metropolitan Life Global Funding I, 2.997% (3 Month
USD LIBOR + 40 bps), 6/12/20 (144A) 5,104,513
8,725,000(a) New York Life Global Funding, 3.016% (3 Month USD
LIBOR + 28 bps), 1/28/21 (144A) 8,728,429
4,531,000(a) New York Life Global Funding, 3.054% (3 Month USD
LIBOR + 32 bps), 8/6/21 (144A) 4,541,325
2,211,000(a) New York Life Global Funding, 3.067% (3 Month USD
LIBOR + 27 bps), 4/9/20 (144A) 2,214,619
4,204,000(a) New York Life Global Funding, 3.169% (3 Month USD
LIBOR + 39 bps), 10/24/19 (144A) 4,211,953
4,270,000 Pricoa Global Funding I, 1.45%, 9/13/19 (144A) 4,244,158
1,552,000 Pricoa Global Funding I, 2.2%, 5/16/19 (144A) 1,550,911
4,510,000 Principal Life Global Funding II, 1.5%, 4/18/19 (144A) 4,507,670
7,738,000 Protective Life Corp., 7.375%, 10/15/19 7,918,599
875,000 Protective Life Global Funding, 1.555%, 9/13/19 (144A) 870,246
4,765,000(a) Protective Life Global Funding, 3.117% (3 Month USD
LIBOR + 52 bps), 6/28/21 (144A) 4,772,163
3,811,000 Prudential Financial, Inc., 2.35%, 8/15/19 3,803,977
4,715,000 Prudential Financial, Inc., 7.375%, 6/15/19 4,756,273
--------------
Total Insurance $ 91,149,936
-------------------------------------------------------------------------------------------------------------------------
Machinery-Construction & Mining -- 0.2%
4,480,000(a) Caterpillar Financial Services Corp., 2.841% (3 Month
USD LIBOR + 23 bps), 3/15/21 $ 4,483,072
5,495,000(a) Caterpillar Financial Services Corp., 2.864% (3 Month
USD LIBOR + 18 bps), 5/15/20 5,494,849
2,600,000(a) Caterpillar Financial Services Corp., 2.887% (3 Month
USD LIBOR + 28 bps), 9/7/21 2,596,319
--------------
Total Machinery-Construction & Mining $ 12,574,240
-------------------------------------------------------------------------------------------------------------------------
Machinery-Diversified -- 0.3%
7,295,000(a) John Deere Capital Corp., 2.861% (3 Month USD
LIBOR + 26 bps), 9/10/21 $ 7,279,658
5,512,000(a) John Deere Capital Corp., 2.987% (3 Month USD
LIBOR + 38 bps), 3/7/22 5,507,293
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 79
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Machinery-Diversified -- (continued)
3,000,000(a) John Deere Capital Corp., 3.203% (3 Month USD
LIBOR + 42 bps), 7/10/20 $ 3,011,490
--------------
Total Machinery-Diversified $ 15,798,441
-------------------------------------------------------------------------------------------------------------------------
Media -- 0.3%
8,000,000(a) Comcast Corp., 2.922% (3 Month USD LIBOR +
33 bps), 10/1/20 $ 8,011,070
8,779,000(a) NBCUniversal Enterprise, Inc., 2.992% (3 Month USD
LIBOR + 40 bps), 4/1/21 (144A) 8,789,913
--------------
Total Media $ 16,800,983
-------------------------------------------------------------------------------------------------------------------------
Oil & Gas -- 0.8%
1,000,000 BP Capital Markets Plc, 1.768%, 9/19/19 $ 996,022
4,805,000 BP Capital Markets Plc, 2.237%, 5/10/19 4,802,742
5,685,000 BP Capital Markets Plc, 2.315%, 2/13/20 5,671,838
1,013,000(a) BP Capital Markets Plc, 3.237% (3 Month USD LIBOR +
54 bps), 5/10/19 1,013,510
5,766,000(a) BP Capital Markets Plc, 3.485% (3 Month USD LIBOR +
87 bps), 9/16/21 5,845,732
3,115,000(a) Chevron Corp., 2.825% (3 Month USD LIBOR +
21 bps), 3/3/20 3,117,664
2,765,000(a) Chevron Corp., 3.094% (3 Month USD LIBOR +
41 bps), 11/15/19 2,771,355
3,652,000(a) Chevron Corp., 3.633% (3 Month USD LIBOR +
95 bps), 5/16/21 3,708,167
8,710,000(a) Phillips 66, 3.246% (3 Month USD LIBOR +
60 bps), 2/26/21 8,710,203
3,132,000(a) Shell International Finance BV, 2.947% (3 Month USD
LIBOR + 35 bps), 9/12/19 3,137,446
5,345,000 Total Capital SA, 4.45%, 6/24/20 5,464,083
--------------
Total Oil & Gas $ 45,238,762
-------------------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 1.0%
4,670,000(a) Bayer US Finance II LLC, 3.232% (3 Month USD LIBOR +
63 bps), 6/25/21 (144A) $ 4,629,627
10,815,000 Cardinal Health, Inc., 1.948%, 6/14/19 10,795,611
6,730,000(a) Cigna Corp., 3.265% (3 Month USD LIBOR + 65 bps),
9/17/21 (144A) 6,725,111
1,745,000 CVS Health Corp., 3.125%, 3/9/20 1,749,804
15,575,000(a) CVS Health Corp., 3.231% (3 Month USD LIBOR +
63 bps), 3/9/20 15,610,433
2,617,000 Express Scripts Holding Co., 2.25%, 6/15/19 2,612,984
6,940,000 Shire Acquisitions Investments Ireland, DAC,
1.9%, 9/23/19 6,910,019
11,060,000(a) Zoetis, Inc., 3.084% (3 Month USD LIBOR +
44 bps), 8/20/21 10,982,138
--------------
Total Pharmaceuticals $ 60,015,727
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
80 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Pipelines -- 0.2%
8,975,000 Enable Midstream Partners LP, 2.4%, 5/15/19 $ 8,967,626
4,750,000 TransCanada PipeLines, Ltd., 2.125%, 11/15/19 4,729,721
--------------
Total Pipelines $ 13,697,347
-------------------------------------------------------------------------------------------------------------------------
REITS -- 0.2%
13,158,000 Alexandria Real Estate Equities, Inc., 2.75%, 1/15/20 $ 13,135,322
1,153,000 ERP Operating LP, 2.375%, 7/1/19 1,151,887
--------------
Total REITS $ 14,287,209
-------------------------------------------------------------------------------------------------------------------------
Retail -- 0.3%
5,772,000 Alimentation Couche-Tard, Inc., 2.35%,
12/13/19 (144A) $ 5,745,789
6,590,000(a) Alimentation Couche-Tard, Inc., 3.108% (3 Month USD
LIBOR + 50 bps), 12/13/19 (144A) 6,588,768
4,517,000(a) Home Depot, Inc., 2.749% (3 Month USD LIBOR +
15 bps), 6/5/20 4,517,130
--------------
Total Retail $ 16,851,687
-------------------------------------------------------------------------------------------------------------------------
Telecommunications -- 0.4%
6,249,000(a) AT&T, Inc., 3.531% (3 Month USD LIBOR +
93 bps), 6/30/20 $ 6,293,780
2,885,000 Deutsche Telekom International Finance BV, 2.225%,
1/17/20 (144A) 2,868,880
2,990,000(a) Deutsche Telekom International Finance BV, 3.353%
(3 Month USD LIBOR + 58 bps), 1/17/20 (144A) 2,995,191
5,380,000 Orange SA, 1.625%, 11/3/19 5,345,137
6,771,000 Orange SA, 5.375%, 7/8/19 6,817,628
--------------
Total Telecommunications $ 24,320,616
-------------------------------------------------------------------------------------------------------------------------
Transportation -- 0.1%
4,524,000 Union Pacific Corp., 1.8%, 2/1/20 $ 4,486,757
--------------
Total Transportation $ 4,486,757
-------------------------------------------------------------------------------------------------------------------------
Trucking & Leasing -- 0.3%
1,400,000(a) Aviation Capital Group LLC, 3.421% (3 Month USD
LIBOR + 67 bps), 7/30/21 (144A) $ 1,391,455
4,854,000 GATX Corp., 2.6%, 3/30/20 4,838,889
5,010,000(a) GATX Corp., 3.453% (3 Month USD LIBOR + 72 bps),
11/5/21 4,984,183
4,725,000 Penske Truck Leasing Co. LP/PTL Finance Corp., 2.5%,
6/15/19 (144A) 4,718,565
--------------
Total Trucking & Leasing $ 15,933,092
-------------------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $1,063,234,038) $1,061,252,336
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 81
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
INSURANCE-LINKED SECURITIES --
3.6% of Net Assets(d)
Catastrophe Linked Bonds -- 2.2%
Earthquakes -- California -- 0.1%
3,750,000(a) Ursa Re, 3.5% (ZERO + 350 bps), 5/27/20 (144A) $ 3,708,750
1,800,000(a) Ursa Re, 4.0% (ZERO + 400 bps), 12/10/19 (144A) 1,780,200
1,600,000(a) Ursa Re, 6.396% (3 Month U.S. Treasury Bill + 400 bps),
12/10/20 (144A) 1,580,800
500,000(a) Ursa Re, 7.496% (3 Month U.S. Treasury Bill + 510 bps),
9/24/21 (144A) 490,500
--------------
$ 7,560,250
-------------------------------------------------------------------------------------------------------------------------
Earthquakes -- Chile -- 0.0%+
1,800,000(a) International Bank for Reconstruction & Development,
4.984% (3 Month USD LIBOR + 250 bps),
2/15/21 (144A) $ 1,797,660
-------------------------------------------------------------------------------------------------------------------------
Earthquakes -- Colombia -- 0.0%+
1,300,000(a) International Bank for Reconstruction & Development,
5.484% (3 Month USD LIBOR + 300 bps),
2/15/21 (144A) $ 1,300,650
-------------------------------------------------------------------------------------------------------------------------
Earthquakes -- Japan -- 0.1%
500,000(a) Kizuna Re II, 4.271% (3 Month U.S. Treasury Bill +
188 bps), 4/11/23 (144A) $ 494,800
2,500,000(a) Nakama Re, 4.432% (3 Month USD LIBOR + 200 bps),
4/13/23 (144A) 2,471,750
2,500,000(a) Nakama Re, 4.841% (6 Month USD LIBOR + 220 bps),
10/13/21 (144A) 2,484,250
--------------
$ 5,450,800
-------------------------------------------------------------------------------------------------------------------------
Earthquakes -- Mexico -- 0.0%+
1,400,000(a) International Bank for Reconstruction & Development,
4.984% (3 Month USD LIBOR + 250 bps),
2/14/20 (144A) $ 1,395,520
-------------------------------------------------------------------------------------------------------------------------
Earthquakes -- Peru -- 0.0%+
1,000,000(a) International Bank for Reconstruction & Development,
8.484% (3 Month USD LIBOR + 600 bps),
2/15/21 (144A) $ 998,300
-------------------------------------------------------------------------------------------------------------------------
Earthquakes -- U.S. -- 0.1%
2,000,000(a) Acorn Re, 5.329% (3 Month USD LIBOR + 275 bps),
11/10/21 (144A) $ 1,997,800
2,350,000(a) Kilimanjaro Re, 6.146% (3 Month U.S. Treasury Bill +
375 bps), 11/25/19 (144A) 2,327,675
--------------
$ 4,325,475
-------------------------------------------------------------------------------------------------------------------------
Earthquakes -- U.S. Regional -- 0.0%+
500,000(a) Merna Re, 4.396% (3 Month U.S. Treasury Bill +
200 bps), 4/8/21 (144A) $ 500,000
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
82 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Health -- U.S. -- 0.1%
2,000,000(a) Vitality Re VII, 4.546% (3 Month U.S. Treasury Bill +
215 bps), 1/7/20 (144A) $ 2,006,800
1,000,000(a) Vitality Re VII, 5.046% (3 Month U.S. Treasury Bill +
265 bps), 1/7/20 (144A) 1,007,900
--------------
$ 3,014,700
-------------------------------------------------------------------------------------------------------------------------
Hurricane -- Gulf Region -- 0.2%
11,650,000(a) Alamo Re, 6.786% (3 Month U.S. Treasury Bill +
439 bps), 6/7/19 (144A) $ 11,606,895
-------------------------------------------------------------------------------------------------------------------------
Hurricane -- U.S. -- 0.0%+
250,000(a) Bowline Re, 10.896% (3 Month U.S. Treasury Bill +
850 bps), 3/20/23 (144A) $ 249,725
-------------------------------------------------------------------------------------------------------------------------
Multiperil -- Japan -- 0.0%+
250,000(a) Akibare Re, 4.482% (3 Month USD LIBOR + 190 bps),
4/7/22 (144A) $ 244,375
500,000(a) Akibare Re, 4.492% (3 Month USD LIBOR + 190 bps),
4/7/22 (144A) 490,100
--------------
$ 734,475
-------------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. -- 0.7%
4,500,000(a) Bowline Re, 6.896% (3 Month U.S. Treasury Bill +
450 bps), 5/23/22 (144A) $ 4,466,700
2,250,000(a) Caelus Re IV, 7.926% (3 Month U.S. Treasury Bill +
553 bps), 3/6/20 (144A) 2,205,900
1,250,000(a) Caelus Re V, 2.896% (1 Month U.S. Treasury Bill +
50 bps), 6/5/20 (144A) 312,500
1,000,000(a) Caelus Re V, 5.606% (3 Month U.S. Treasury Bill +
321 bps), 6/5/20 (144A) 900,900
500,000(a) Caelus Re V, 5.896% (3 Month U.S. Treasury Bill +
350 bps), 6/7/21 (144A) 480,000
750,000(a) Caelus Re V, 6.896% (3 Month U.S. Treasury Bill +
450 bps), 6/7/21 (144A) 716,475
500,000(a) Fortius Re II, 6.079% (6 Month USD LIBOR + 362 bps),
7/7/21 (144A) 496,400
4,350,000(a) Kilimanjaro Re, 7.245% (3 Month USD LIBOR + 465 bps),
5/6/22 (144A) 4,293,015
2,750,000(a) Kilimanjaro Re, 9.146% (3 Month U.S. Treasury Bill +
675 bps), 12/6/19 (144A) 2,758,250
2,000,000(a) Kilimanjaro Re, 11.646% (3 Month U.S. Treasury Bill +
925 bps), 12/6/19 (144A) 2,006,000
3,000,000(a) Kilimanjaro II Re, 8.061% (6 Month USD LIBOR +
572 bps), 4/20/21 (144A) 3,016,500
1,700,000(a) Kilimanjaro II Re, 9.501% (6 Month USD LIBOR +
714 bps), 4/21/22 (144A) 1,699,150
1,000,000(a) Northshore Re II, 9.606% (3 Month U.S. Treasury Bill +
721 bps), 7/6/20 (144A) 996,500
2,000,000+(a) Panthera Re, 5.896% (3 Month U.S. Treasury Bill +
350 bps), 3/9/20 (144A) 2,003,200
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 83
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S.-- (continued)
1,000,000(a) Residential Reinsurance 2015, 9.176% (3 Month U.S.
Treasury Bill + 678 bps), 12/6/19 (144A) $ 983,400
2,350,000(a) Residential Reinsurance 2016, 6.216% (3 Month U.S.
Treasury Bill + 382 bps), 12/6/20 (144A) 2,332,375
2,100,000(a) Residential Reinsurance 2017, 5.446% (3 Month U.S.
Treasury Bill + 305 bps), 6/6/21 (144A) 2,081,520
2,900,000(a) Residential Reinsurance 2017, 7.936% (3 Month U.S.
Treasury Bill + 554 bps), 12/6/21 (144A) 2,836,200
1,250,000(a) Residential Reinsurance 2018, 5.646% (3 Month U.S.
Treasury Bill + 325 bps), 6/6/22 (144A) 1,233,875
300,000(a) Sanders Re, 5.432% (6 Month USD LIBOR + 307 bps),
12/6/21 (144A) 296,700
2,500,000(a) Skyline Re, 4.896% (3 Month U.S. Treasury Bill +
250 bps), 1/6/20 (144A) 2,505,000
3,350,000(a) Tailwind Re, 9.366% (3 Month U.S. Treasury Bill +
697 bps), 1/8/22 (144A) 3,312,815
--------------
$ 41,933,375
-------------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. Regional -- 0.2%
2,650,000(a) Bonanza Re, 6.513% (6 Month USD LIBOR + 398 bps),
12/31/19 (144A) $ 2,604,685
1,000,000(a) First Coast Re, 6.216% (3 Month U.S. Treasury Bill +
382 bps), 6/7/19 (144A) 1,000,600
4,000,000(a) Long Point Re III, 5.342% (3 Month U.S. Treasury
Bill + 275 bps), 6/1/22 (144A) 3,991,600
2,600,000(a) MetroCat Re, 6.096% (3 Month U.S. Treasury Bill +
370 bps), 5/8/20 (144A) 2,590,380
--------------
$ 10,187,265
-------------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 0.2%
3,300,000(a) Galilei Re, 7.306% (6 Month USD LIBOR + 479 bps),
1/8/20 (144A) $ 3,285,810
1,250,000(a) Galilei Re, 7.326% (6 Month USD LIBOR + 479 bps),
1/8/21 (144A) 1,248,250
2,800,000(a) Galilei Re, 8.116% (6 Month USD LIBOR + 560 bps),
1/8/20 (144A) 2,787,960
2,300,000(a) Galilei Re, 8.136% (6 Month USD LIBOR + 560 bps),
1/8/21 (144A) 2,294,710
1,500,000(a) Galilei Re, 9.296% (6 Month USD LIBOR + 678 bps),
1/8/20 (144A) 1,496,250
1,550,000(a) Galilei Re, 9.316% (6 Month USD LIBOR + 678 bps),
1/8/21 (144A) 1,539,770
250,000(a) Galileo Re, 10.054% (3 Month USD LIBOR + 750 bps),
11/6/20 (144A) 248,725
1,250,000(a) Kendall Re, 7.824% (3 Month USD LIBOR + 525 bps),
5/6/21 (144A) 1,236,500
--------------
$ 14,137,975
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
84 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Pandemic -- Worldwide -- 0.0%+
1,250,000(a) International Bank for Reconstruction & Development,
9.527% (6 Month USD LIBOR + 690 bps), 7/15/20 $ 1,253,875
-------------------------------------------------------------------------------------------------------------------------
Windstorm -- Florida -- 0.1%
2,500,000(a) Casablanca Re, 6.415% (6 Month USD LIBOR + 393 bps),
6/4/20 (144A) $ 2,514,750
2,500,000(a) Integrity Re, 5.523% (6 Month USD LIBOR + 324 bps),
6/10/20 (144A) 2,488,250
1,000,000(a) Integrity Re, 6.253% (3 Month USD LIBOR + 375 bps),
6/10/22 (144A) 992,800
500,000(a) Integrity Re, 6.403% (6 Month USD LIBOR + 412 bps),
6/10/20 (144A) 495,650
--------------
$ 6,491,450
-------------------------------------------------------------------------------------------------------------------------
Windstorm -- Japan -- 0.1%
1,500,000(a) Aozora Re, 4.323% (6 Month USD LIBOR + 200 bps),
4/7/21 (144A) $ 1,484,100
500,000(a) Aozora Re, 4.721% (6 Month USD LIBOR + 224 bps),
4/7/20 (144A) 493,750
--------------
$ 1,977,850
-------------------------------------------------------------------------------------------------------------------------
Windstorm -- Massachusetts -- 0.1%
3,000,000(a) Cranberry Re, 4.279% (6 Month USD LIBOR + 200 bps),
7/13/20 (144A) $ 2,964,300
-------------------------------------------------------------------------------------------------------------------------
Windstorm -- Mexico -- 0.0%+
400,000(a) International Bank for Reconstruction & Development,
8.275% (6 Month USD LIBOR + 590 bps),
12/20/19 (144A) $ 397,360
-------------------------------------------------------------------------------------------------------------------------
Windstorm -- Texas -- 0.1%
2,300,000(a) Alamo Re, 5.646% (1 Month U.S. Treasury Bill +
325 bps), 6/7/21 (144A) $ 2,281,600
2,000,000(a) Alamo Re, 7.246% (3 Month U.S. Treasury Bill +
485 bps), 6/8/20 (144A) 2,001,000
--------------
$ 4,282,600
-------------------------------------------------------------------------------------------------------------------------
Windstorm -- U.S. Multistate -- 0.0%+
3,475,000(a) Citrus Re, 2.896% (1 Month U.S. Treasury Bill + 50 bps),
4/9/20 (144A) $ 1,216,250
-------------------------------------------------------------------------------------------------------------------------
Windstorm -- U.S. Regional -- 0.1%
2,500,000(a) Cape Lookout Re, 6.646% (1 Month U.S. Treasury Bill +
425 bps), 2/25/22 (144A) $ 2,486,250
-------------------------------------------------------------------------------------------------------------------------
Windstorm -- Worldwide -- 0.0%+
1,750,000(a) Queen Street XI Re, 8.546% (3 Month U.S. Treasury
Bill + 615 bps), 6/7/19 (144A) $ 1,764,175
--------------
Total Catastrophe Linked Bonds $ 128,027,175
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 85
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Face
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Reinsurance -- 0.3%
Earthquakes -- California -- 0.0%+
2,000,000+(e) Resilience Re, 10/15/19 $ 2,153,200
-------------------------------------------------------------------------------------------------------------------------
Hurricane -- U.S. -- 0.0%+
2,600,000+(e) Oakmont Re 2018-2, 4/30/19 $ 58,760
-------------------------------------------------------------------------------------------------------------------------
Multiperil -- Massachusetts -- 0.1%
4,000,000+(e) Denning Re 2018, 7/15/19 $ 4,004,373
-------------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. -- 0.0%+
1,500,000+(e) Kingsbarns Re 2017, 5/15/19 $ 229,800
-------------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. Regional -- 0.1%
1,563,421+ Ailsa Re 2018, 6/15/19 $ 1,567,043
1,000,000+(e) Cerulean Re 2018, 6/15/19 1,010,940
2,000,000+(e) EC0012 Re, 6/15/19 1,980,000
--------------
$ 4,557,983
-------------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 0.1%
1,000,000+(e) Cypress Re 2017, 1/10/20 $ 86,600
500,000+(e) Dingle Re 2019, 2/1/20 459,250
3,688,762+ Kilarney Re 2018, 4/15/20 3,327,263
24,000+ Limestone Re 2016-1, 8/31/21 88,548
40,000+ Limestone Re 2016-1, 8/31/21 147,580
2,000,000+(e) Resilience Re, 4/8/19 2,049,600
2,000,000+(e) Resilience Re, 5/1/19 20,000
2,500,000+(e) Resilience Re, 12/31/19 250
500,000+(e) Wentworth Re 2019-1, 12/31/22 446,994
--------------
$ 6,626,085
-------------------------------------------------------------------------------------------------------------------------
Windstorm -- Florida -- 0.0%+
2,000,000+ Formby Re 2018, 6/15/19 $ 2,037,431
685,024+ Formby Re 2018-2, 6/30/19 5,617
800,000+ Portrush Re 2017, 6/15/19 530,320
--------------
$ 2,573,368
-------------------------------------------------------------------------------------------------------------------------
Windstorm -- U.S. Regional -- 0.0%+
1,263,877+ Hillside Re 2018, 7/1/19 $ 22,118
500,000+ Oakmont Re 2017, 4/15/20 5,750
1,087,740+ Oakmont Re 2018, 4/15/19 1,033,427
4,000,000+ Promissum Re 2018, 6/15/19 292,800
1,500,000+(e) Resilience Re, 6/15/19 1,564,800
--------------
$ 2,918,895
--------------
Total Collateralized Reinsurance $ 23,122,464
-------------------------------------------------------------------------------------------------------------------------
Industry Loss Warranties -- 0.0%+
Multiperil -- U.S. -- 0.0%+
2,660,900+ Cypress Re 2018, 4/15/19 $ 2,487,675
--------------
Total Industry Loss Warranties $ 2,487,675
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
86 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Face
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Reinsurance Sidecars -- 1.1%
All Natural Peril -- Worldwide -- 0.1%
3,579,693+(e) Eden Re II, 3/22/23 (144A) $ 3,680,999
1,765,095+(e) Versutus Re 2019-A, 12/31/21 1,788,747
--------------
$ 5,469,746
-------------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. -- 0.1%
750,000+ Carnoustie Re 2016, 11/30/20 $ 20,250
2,000,000+(e) Carnoustie Re 2017, 11/30/21 508,400
1,500,000+(e) Carnoustie Re 2018, 12/31/21 284,850
1,100,000+(e) Carnoustie Re 2019, 12/31/22 1,106,856
1,500,000+(e) Castle Stuart Re 2018, 12/1/21 1,265,100
2,000,000+(e) Harambee Re 2018, 12/31/21 1,762,400
2,609,302+(e) Harambee Re 2019, 12/31/22 2,632,525
625,004+(e) Sector Re V, Series 7, Class G, 3/1/22 (144A) 390,032
--------------
$ 7,970,413
-------------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 0.9%
500,000+(e) Alturas Re 2019-1, 3/10/23 $ 510,700
3,000,000+(e) Alturas Re 2019-2, 3/10/22 3,022,200
500,000+(e) Arlington Re 2015, 2/1/20 24,300
750,000+(e) Arlington Re 2016, 2/28/20 97,875
2,500,000+(e) Bantry Re 2016, 3/31/20 201,500
2,000,000+(e) Bantry Re 2017, 3/31/20 634,200
2,000,000+(e) Bantry Re 2018, 12/31/21 122,800
4,000,000+(e) Bantry Re 2019, 12/31/22 4,061,119
1,250,000+(e) Berwick Re 2017-1, 2/1/20 41,375
5,120,164+ Berwick Re 2018-1, 12/31/21 845,339
3,941,914+(e) Berwick Re 2019-1, 12/31/22 4,016,533
1,500,000+(e) Blue Lotus Re 2018, 12/31/21 1,595,550
75,000+(e) Eden Re II, 3/22/22 (144A) 181,672
113,405+(e) Eden Re II, 3/22/22 (144A) 266,468
400,000+(e) Eden Re II, 3/22/23 (144A) 411,560
1,300,000+ Gleneagles Re 2016, 11/30/20 80,600
2,118,314+ Gullane Re 2018, 12/31/21 1,975,963
2,500,000+(e) Limestone Re 2018, 3/1/22 2,615,750
500,000+(e) Lion Rock Re 2019, 1/31/20 513,600
2,500,000+(e) Lorenz Re 2017, 3/31/20 149,000
4,000,000+(e) Lorenz Re 2018, 7/1/21 2,781,200
3,000,000+(e) Merion Re 2018-2, 12/31/21 2,973,300
977,820+(e) NCM Re 2019, 12/31/22 1,002,656
2,500,000+ Pangaea Re 2015-1, 2/1/20 4,500
2,800,000+ Pangaea Re 2015-2, 11/30/19 2,520
2,500,000+ Pangaea Re 2016-1, 11/30/20 3,250
1,500,000+ Pangaea Re 2016-2, 11/30/20 5,850
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 87
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Face
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- (continued)
2,000,000+ Pangaea Re 2017-1, 11/30/21 $ --
1,500,000+ Pangaea Re 2017-3, 5/31/22 --
2,000,000+(e) Pangaea Re 2018-1, 12/31/21 117,600
4,000,000+(e) Pangaea Re 2018-3, 7/1/22 3,413,200
2,800,000+(e) Pangaea Re 2019-1, 2/1/23 2,833,040
300,000+(e) Sector Re V, Series 7, Class C, 12/1/22 (144A) 149,233
300,000+(e) Sector Re V, Series 7, Class C, 12/1/22 (144A) 149,233
4,000,000+(e) Sector Re V, Series 8, Class C, 12/1/23 (144A) 4,176,303
250,000+(e) Sector Re V, Series 8, Class F, 3/1/23 (144A) 263,392
624,996+(e) Sector Re V, Series 8, Class G, 3/1/23 (144A) 658,477
1,000,000+(e) Silverton Re 2017, 9/16/19 (144A) 20,800
1,250,000+(e) St. Andrews Re 2017-1, 2/1/20 84,750
1,737,984+(e) St. Andrews Re 2017-4, 6/1/19 171,017
750,000+(e) Thopas Re 2018, 12/31/21 158,400
3,000,000+(e) Thopas Re 2019, 12/31/22 3,051,000
2,600,000+ Versutus Re 2017, 11/30/21 12,480
2,000,000+(e) Versutus Re 2018, 12/31/21 139,800
1,434,906+(e) Versutus Re 2019-B, 12/31/21 1,454,134
750,000+(e) Viribus Re 2018, 12/31/21 307,791
2,500,000+(e) Viribus Re 2019, 12/31/22 2,595,500
1,724,784+ Woburn Re 2018, 12/31/21 733,033
809,418+(e) Woburn Re 2019, 12/31/22 829,843
--------------
$ 49,460,406
--------------
Total Reinsurance Sidecars $ 62,900,565
-------------------------------------------------------------------------------------------------------------------------
TOTAL INSURANCE-LINKED SECURITIES
(Cost $223,368,590) $ 216,537,879
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($)
-------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BOND -- 0.0%+ of Net Assets(a)(f)
Municipal Student Loan -- 0.0%+
233,373(a) Louisiana Public Facilities Authority, Student Loan
Backed, Series A, 3.671% (3 Month USD LIBOR +
90 bps), 4/26/27 $ 233,860
--------------
Total Municipal Student Loan $ 233,860
-------------------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BOND
(Cost $234,313) $ 233,860
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
88 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE LOAN
INTERESTS -- 5.8% of Net Assets*(a)
Aerospace & Defense -- 0.0%+
2,449,004 American Airlines, Inc., 2018 Replacement Term Loan,
4.24% (LIBOR + 175 bps), 6/27/25 $ 2,379,617
235,813 United Airlines, Inc., Refinanced Term Loan, 4.25%
(LIBOR + 175 bps), 4/1/24 234,928
--------------
Total Aerospace & Defense $ 2,614,545
-------------------------------------------------------------------------------------------------------------------------
Automobile -- 0.4%
235,556 Allison Transmission, Inc., New Term Loan, 4.24%
(LIBOR + 175 bps), 9/23/22 $ 235,642
1,764,989 American Axle & Manufacturing, Inc., Tranche B Term
Loan, 4.74% (LIBOR + 225 bps), 4/6/24 1,727,850
2,538,069 Cooper-Standard Automotive, Inc., Additional Term B-1
Loan, 4.5% (LIBOR + 200 bps), 11/2/23 2,442,891
1,038,173 CWGS Group LLC, (aka Camping World, Inc.), Term Loan,
5.24% (LIBOR + 275 bps), 11/8/23 933,058
6,000,000 Dana, Inc., 2018 New Term Loan B Advance, 4.75%
(LIBOR + 225 bps), 2/27/26 5,947,500
266,667 Goodyear Tire & Rubber Co., Second Lien Term Loan,
4.49% (LIBOR + 200 bps), 3/3/25 260,000
2,577,083 KAR Auction Services, Inc., Tranche B-5 Term Loan,
5.13% (LIBOR + 250 bps), 3/9/23 2,566,344
2,984,925 Navistar, Inc., Tranche B Term Loan, 6.0% (LIBOR +
350 bps), 11/6/24 2,979,925
4,914,290 Thor Industries, Inc., Initial USD Term Loan, 6.25%
(LIBOR + 375 bps), 2/1/26 4,708,445
605,447 TI Group Automotive Systems LLC, Initial US Term Loan,
5.0% (LIBOR + 250 bps), 6/30/22 597,622
722,197 Tower Automotive Holdings USA LLC, Initial Term Loan,
5.25% (LIBOR + 275 bps), 3/7/24 705,947
291,667 Visteon Corp., New Term Loan, 4.27% (LIBOR +
175 bps), 3/25/24 284,375
--------------
Total Automobile $ 23,389,599
-------------------------------------------------------------------------------------------------------------------------
Beverage, Food & Tobacco -- 0.3%
498,750 8th Avenue Food & Provisions, Inc., First Lien Term
Loan, 6.24% (LIBOR + 375 bps), 10/1/25 $ 500,309
487,575 Albertson's LLC, 2017-1 Term B-5 Loan, 5.61% (LIBOR +
300 bps), 12/21/22 483,674
1,028,752 Albertson's LLC, 2017-1 Term B-6 Loan, 5.48% (LIBOR +
300 bps), 6/22/23 1,021,250
6,416,841 Albertson's LLC, 2018 Term B-7 Loan, 5.5% (LIBOR +
300 bps), 11/17/25 6,346,654
1,317,996 Darling Ingredients, Inc. (fka Darling International, Inc.),
Term B Loan, 4.5% (LIBOR + 200 bps), 12/18/24 1,320,055
3,836,848 JBS USA Lux SA (fka JBS USA LLC), Initial Term Loan,
4.98% (LIBOR + 250 bps), 10/30/22 3,813,827
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 89
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Beverage, Food & Tobacco -- (continued)
1,488,068 Post Holdings, Inc., Series A, Incremental Term Loan,
4.49% (LIBOR + 200 bps), 5/24/24 $ 1,477,496
--------------
Total Beverage, Food & Tobacco $ 14,963,265
-------------------------------------------------------------------------------------------------------------------------
Broadcasting & Entertainment -- 0.4%
987,500 Altice Financing SA, October 2017 USD Term Loan,
5.24% (LIBOR + 275 bps), 1/31/26 $ 946,766
2,225,517 Charter Communications Operating LLC (aka CCO Safari
LLC), Term B Loan, 4.5% (LIBOR + 200 bps), 4/30/25 2,213,396
586,575 Creative Artists Agency LLC, Refinancing Term Loan,
5.49% (LIBOR + 300 bps), 2/15/24 580,709
1,087,297 Gray Television, Inc., Term B-2 Loan, 4.73% (LIBOR +
225 bps), 2/7/24 1,076,036
5,905,200 Gray Television, Inc., Term C Loan, 4.98% (LIBOR +
250 bps), 1/2/26 5,851,687
1,975,000 Numericable U.S. LLC, USD TLB-12 Term Loan, 6.17%
(LIBOR + 369 bps), 1/31/26 1,868,350
2,820,807 Quebecor Media, Inc., Facility B-1 Tranche, 4.93%
(LIBOR + 225 bps), 8/17/20 2,817,281
5,026,993 Sinclair Television Group, Inc., Tranche B Term Loan,
4.75% (LIBOR + 225 bps), 1/3/24 4,989,290
663,830 UPC Financing Partnership, Facility AR, 4.98% (LIBOR +
250 bps), 1/15/26 662,208
--------------
Total Broadcasting & Entertainment $ 21,005,723
-------------------------------------------------------------------------------------------------------------------------
Building Materials -- 0.1%
1,274,589 Circor International, Inc., Initial Term Loan, 5.99%
(LIBOR + 350 bps), 12/11/24 $ 1,246,708
1,191,000 Hamilton Holdco LLC (Reece International Pty, Ltd.),
Term Loan, 4.61% (LIBOR + 200 bps), 7/2/25 1,176,113
2,767,992 Summit Materials LLC, New Term Loan, 4.5% (LIBOR +
200 bps), 11/21/24 2,717,823
650,103 WireCo WorldGroup, Inc. (WireCo WorldGroup Finance
LP), First Lien Initial Term Loan, 7.5% (LIBOR +
500 bps), 9/29/23 650,509
--------------
Total Building Materials $ 5,791,153
-------------------------------------------------------------------------------------------------------------------------
Buildings & Real Estate -- 0.1%
2,454,654 Beacon Roofing Supply, Inc., Initial Term Loan, 4.75%
(LIBOR + 225 bps), 1/2/25 $ 2,393,543
1,019,875 DTZ U.S. Borrower LLC (aka Cushman & Wakafield),
Closing Date Term Loan, 5.75% (LIBOR +
325 bps), 8/21/25 1,013,660
1,290,250 Southwire Co. LLC (f.k.a Southwire Co.), Initial Term
Loan, 4.5% (LIBOR + 200 bps), 5/19/25 1,274,122
441,232 Uniti Group, Inc., Shortfall Term Loan, 7.5% (LIBOR +
500 bps), 10/24/22 431,856
The accompanying notes are an integral part of these financial statements.
90 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Buildings & Real Estate -- (continued)
2,100,000 VICI Properties 1 LLC, Term B Loan, 4.49% (LIBOR +
200 bps), 12/20/24 $ 2,069,287
--------------
Total Buildings & Real Estate $ 7,182,468
-------------------------------------------------------------------------------------------------------------------------
Chemicals -- 0.0%+
2,750,000 Univar USA, Inc., Term B-4 Loan, 5.0% (LIBOR +
250 bps), 7/1/24 $ 2,739,688
--------------
Total Chemicals $ 2,739,688
-------------------------------------------------------------------------------------------------------------------------
Chemicals, Plastics & Rubber -- 0.3%
2,786,671 Axalta Coating Systems Dutch Holding B BV (Axalta
Coating Systems U.S. Holdings, Inc.), Term B-3
Dollar Loan, 4.35% (LIBOR + 175 bps), 6/1/24 $ 2,731,110
2,296,047 Chemours Co., Tranche B-2 US Dollar Term Loan, 4.25%
(LIBOR + 175 bps), 4/3/25 2,270,189
1,488,550 Entegris, Inc. (FKA Versum Materials, Inc.), Term Loan,
4.6% (LIBOR + 200 bps), 9/29/23 1,481,107
296,250 HD Supply Waterworks, Ltd., Initial Term Loan, 5.63%
(LIBOR + 300 bps), 8/1/24 294,391
561,094 Natgasoline LLC, Initial Term Loan, 6.13% (LIBOR + 350
bps), 11/14/25 561,781
1,182,291 Polyone Corp., Term B-5 Loan, 4.24% (LIBOR +
175 bps), 1/30/26 1,172,314
2,318,412 PQ Corp., Third Amendment Tranche B-1 Term Loan,
5.24% (LIBOR + 250 bps), 2/8/25 2,295,228
975,056 Reynolds Group Holdings, Inc., Incremental US Term
Loan, 5.25% (LIBOR + 275 bps), 2/5/23 964,871
916,716 Tata Chemicals North America, Term Loan, 5.38%
(LIBOR + 275 bps), 8/7/20 916,716
1,583,101 Tronox Blocked Borrower LLC, First Lien Blocked Dollar
Term Loan, 5.5% (LIBOR + 300 bps), 9/23/24 1,579,003
3,419,005 Tronox Finance LLC, First Lien Initial Dollar Term Loan,
5.5% (LIBOR + 300 bps), 9/23/24 3,410,153
295,515 Twist Beauty International Holdings SA, Facility B2,
5.89% (LIBOR + 300 bps), 4/22/24 289,974
169,761 WR Grace & Co-Conn, Term B-1 Loan, 4.35% (LIBOR +
175 bps), 4/3/25 167,427
291,019 WR Grace & Co-Conn, Term B-2 Loan, 4.35% (LIBOR +
175 bps), 4/3/25 287,017
--------------
Total Chemicals, Plastics & Rubber $ 18,421,281
-------------------------------------------------------------------------------------------------------------------------
Computers & Electronics -- 0.2%
748,120 Brooks Automation, Inc., 2018 Incremental Term B Loan,
5.69% (LIBOR + 300 bps), 10/4/24 $ 747,185
997,500 Celestica, Inc., Incremental Term B--2 Loan, 4.99%
(LIBOR + 250 bps), 6/27/25 984,408
1,866,000 Energizer Holdings, Inc., Term Loan B, 4.73% (LIBOR +
225 bps), 12/17/25 1,850,839
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 91
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Computers & Electronics -- (continued)
1,707,750 Iron Mountain Information Management LLC, Incremental
Term B Loan, 4.25% (LIBOR + 175 bps), 1/2/26 $ 1,661,854
660,968 MACOM Technology Solutions Holdings, Inc.
(fka M/A-COM Technology Solutions Holdings, Inc.),
Initial Term Loan, 4.75% (LIBOR + 225 bps), 5/17/24 627,919
3,404,803 On Semiconductor Corp., 2018 New Replacement
Term B-3 Loan, 4.25% (LIBOR + 175 bps), 3/31/23 3,375,011
--------------
Total Computers & Electronics $ 9,247,216
-------------------------------------------------------------------------------------------------------------------------
Construction & Building -- 0.0%+
1,237,500 McDermott International, Inc., Term Loan, 7.5% (LIBOR +
500 bps), 5/12/25 $ 1,188,619
593,090 Quikrete Holdings, Inc., First Lien Initial Term Loan,
5.25% (LIBOR + 275 bps), 11/15/23 578,262
--------------
Total Construction & Building $ 1,766,881
-------------------------------------------------------------------------------------------------------------------------
Containers, Packaging & Glass -- 0.1%
3,009,722 Plastipak Holdings, Inc., Tranche B Term Loan, 5.0%
(LIBOR + 250 bps), 10/14/24 $ 2,969,843
--------------
Total Containers, Packaging & Glass $ 2,969,843
-------------------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Manufacturing -- 0.0%+
1,292,032 Delos Finance S.a r.l., New Term Loan, 4.35% (LIBOR +
175 bps), 10/6/23 $ 1,291,871
--------------
Total Diversified & Conglomerate Manufacturing $ 1,291,871
-------------------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Service -- 0.4%
466,459 Allied Universal Holdco LLC (fka USAGM Holdco LLC),
First Lien Initial Term Loan, 6.25% (LIBOR +
375 bps), 7/28/22 $ 451,688
551,994 ASGN, Inc. (fka On Assignment, Inc.), Initial Term B-1
Loan, 4.5% (LIBOR + 200 bps), 6/3/22 550,499
909,550 ASGN, Inc. (fka On Assignment, Inc.), Initial Term B-2
Loan, 4.5% (LIBOR + 200 bps), 4/2/25 905,760
2,021,193 Avis Budget Car Rental LLC, Tranche B Term Loan, 4.5%
(LIBOR + 200 bps), 2/13/25 1,980,139
103,925 AVSC Holding Corp. (aka PSAV, Inc.), First Lien
Initial Term Loan, 5.76% (LIBOR + 325 bps), 3/3/25 101,197
1,887,156 Bright Horizons Family Solutions LLC (fka Bright
Horizons Family Solutions, Inc.), Term B Loan, 4.25%
(LIBOR + 175 bps), 11/7/23 1,878,877
1,334,504 Change Healthcare Holdings, Inc. (fka Emdeon, Inc.),
Closing Date Term Loan, 5.25% (LIBOR +
275 bps), 3/1/24 1,317,822
495,207 DG Investment Intermediate Holdings 2, Inc. (aka
Convergint Technologies Holdings LLC), First Lien
Initial Term Loan, 5.5% (LIBOR + 300 bps), 2/3/25 481,588
470,944 DTI Holdco, Inc., Replacement B-1 Term Loan, 7.49%
(LIBOR + 475 bps), 9/29/23 443,080
The accompanying notes are an integral part of these financial statements.
92 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Service -- (continued)
886,500 FleetCor Technologies Operating Co. LLC,Term B-3 Loan,
4.5% (LIBOR + 200 bps), 8/2/24 $ 888,162
496,212 GHX Ultimate Parent Corp., First Lien Initial Term
Loan, 5.85% (LIBOR + 325 bps), 6/28/24 489,079
1,970,000 Iqvia, Inc. (Quintiles IMS), Incremental Term B-2
Dollar Loan, 4.6% (LIBOR + 200 bps), 1/17/25 1,964,829
878,281 Jaguar Holding Co. I LLC (fka Jaguar Holding Co. I)
(aka Pharmaceutical Product Development LLC),
2018 Term Loan, 5.0% (LIBOR + 250 bps), 8/18/22 870,238
88,982 National Mentor Holdings, Inc. (aka Civitas Solutions,
Inc.), First Lien Initial Term C Loan, 6.75%
(LIBOR + 425 bps), 3/9/26 88,969
1,429,018 National Mentor Holdings, Inc. (aka Civitas Solutions,
Inc.), First Lien Initial Term Loan, 6.75%
(LIBOR + 425 bps), 3/9/26 1,428,795
392,058 NVA Holdings, Inc., First Lien Term B-3 Loan, 5.25%
(LIBOR + 275 bps), 2/2/25 380,133
1,594,274 Outfront Media Capital LLC (Outfront Media Capital
Corp.), Term Loan, 4.49% (LIBOR + 200 bps), 3/18/24 1,588,495
1,488,750 Sound Inpatient Physicians, Inc., First Lien Initial
Term Loan, 5.25% (LIBOR + 275 bps), 6/27/25 1,470,141
689,474 Tempo Acquisition LLC, Initial Term Loan, 5.5% (LIBOR +
300 bps), 5/1/24 683,872
553,341 West Corp., Initial Term B Loan, 6.63% (LIBOR +
400 bps), 10/10/24 520,140
486,250 WEX, Inc., Term B-2 Loan, 4.75% (LIBOR +
225 bps), 6/30/23 482,735
2,475,000 Worldpay LLC, New Term B-4 Loan, 4.21% (LIBOR +
175 bps), 8/9/24 2,472,678
--------------
Total Diversified & Conglomerate Service $ 21,438,916
-------------------------------------------------------------------------------------------------------------------------
Electric & Electrical -- 0.1%
1,668,023 Dell International LLC (EMC Corp.), Refinancing Term B
Loan, 4.5% (LIBOR + 200 bps), 9/7/23 $ 1,650,926
930,689 Micron Technology, Inc., Term Loan, 4.25% (LIBOR +
175 bps), 4/26/22 930,922
1,000,000 MKS Instruments, Inc., Tranche B-5 Term Loan, 4.74%
(LIBOR + 225 bps), 2/2/26 1,000,208
395,900 Rackspace Hosting, Inc., First Lien Term B Loan, 5.74%
(LIBOR + 300 bps), 11/3/23 371,651
--------------
Total Electric & Electrical $ 3,953,707
-------------------------------------------------------------------------------------------------------------------------
Electronics -- 0.3%
4,059,798 Cabot Microelectronics Corp., Initial Term Loan, 4.75%
(LIBOR + 225 bps), 11/14/25 $ 4,054,621
772,113 First Data Corp., 2022D New Dollar Term Loan, 4.49%
(LIBOR + 200 bps), 7/8/22 771,027
680,882 Leidos, Inc. (fka Leidos Innovations Corp.), B Term
Loan, 4.25% (LIBOR + 175 bps), 8/22/25 680,139
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 93
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Electronics -- (continued)
420,054 Rovi Solutions Corp./Rovi Guides, Inc., Term B Loan,
5.0% (LIBOR + 250 bps), 7/2/21 $ 411,828
997,500 Science Applications International Corp., Tranche B
Loan, 4.25% (LIBOR + 175 bps), 10/31/25 984,563
2,388,146 Scientific Games International, Inc., Initial Term B-5
Loan, 5.31% (LIBOR + 275 bps), 8/14/24 2,326,309
1,942,639 Sensata Technologies BV (Sensata Technologies Finance
Co., LLC), Sixth Amendment Term Loan, 4.25%
(LIBOR + 175 bps), 10/14/21 1,950,445
324,131 SS&C Technologies Holdings, Inc., Term B-3 Loan, 4.75%
(LIBOR + 225 bps), 4/16/25 321,869
233,050 SS&C Technologies Holdings, Inc., Term B-4 Loan, 4.75%
(LIBOR + 225 bps), 4/16/25 231,423
302,588 Verint Systems, Inc., Refinancing Term Loan, 4.49%
(LIBOR + 200 bps), 6/28/24 301,832
2,035,415 Western Digital Corp., US Term B-4 Loan, 4.25%
(LIBOR + 175 bps), 4/29/23 1,984,520
--------------
Total Electronics $ 14,018,576
-------------------------------------------------------------------------------------------------------------------------
Entertainment & Leisure -- 0.0%+
2,374,886(g) AMC Entertainment Holdings, Inc. (fka AMC
Entertainment Inc.), Term B-1 Loan, 4/22/2026 $ 2,361,899
882,000 Cedar Fair LP, US Term B Loan, 4.25% (LIBOR +
175 bps), 4/13/24 881,632
269,810 Sabre GLBL, Inc. (fka Sabre, Inc.), 2018 Other Term B
Loan, 4.5% (LIBOR + 200 bps), 2/22/24 268,326
--------------
Total Entertainment & Leisure $ 3,511,857
-------------------------------------------------------------------------------------------------------------------------
Environmental Services -- 0.1%
2,635,279 GFL Environmental, Inc., Effective Date Incremental
Term Loan, 5.5% (LIBOR + 300 bps), 5/30/25 $ 2,559,515
888,750 Packers Holdings LLC, Initial Term Loan, 5.49%
(LIBOR + 300 bps), 12/4/24 862,643
--------------
Total Environmental Services $ 3,422,158
-------------------------------------------------------------------------------------------------------------------------
Financial Services -- 0.0%+
498,750 Refinitiv US Holdings, Inc. (fka Financial & Risk US
Holdings, Inc.), Initial Dollar Term Loan, 6.25%
(LIBOR + 375 bps), 10/1/25 $ 484,671
2,179,080 RPI Finance Trust, Initial Term Loan B-6, 4.5%
(LIBOR + 200 bps), 3/27/23 2,168,411
--------------
Total Financial Services $ 2,653,082
-------------------------------------------------------------------------------------------------------------------------
Healthcare & Pharmaceuticals -- 0.3%
1,298,334 Acadia Healthcare Co., Inc., Tranche B-4 Term Loan,
5.0% (LIBOR + 250 bps), 2/16/23 $ 1,288,866
1,000,000 Agiliti Health, Inc., Initial Term Loan, 5.5% (LIBOR +
300 bps), 1/4/26 998,725
1,080,146 Alkermes, Inc., 2023 Term Loan, 4.75% (LIBOR +
225 bps), 3/27/23 1,069,345
The accompanying notes are an integral part of these financial statements.
94 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Healthcare & Pharmaceuticals -- (continued)
985,000 Alphabet Holding Co., Inc. (aka Nature's Bounty), First Lien
Initial Term Loan, 6.0% (LIBOR + 350 bps), 9/26/24 $ 915,434
612,500 Cidron Healthcare, Ltd. (aka ConvaTec, Inc.), Term B
Loan, 4.85% (LIBOR + 225 bps), 10/31/23 610,203
453,620 DaVita, Inc. (fka DaVita HealthCare Partners, Inc.),
Tranche B Term Loan, 5.25% (LIBOR + 275 bps), 6/24/21 454,113
2,544,824 Endo Luxembourg Finance Co. I S.a r.l., Initial Term
Loan, 6.75% (LIBOR + 425 bps), 4/29/24 2,507,445
1,336,224 Gentiva Health Services, Inc., First Lien Closing Date
Initial Term Loan, 6.25% (LIBOR + 375 bps), 7/2/25 1,335,373
514,500 Grifols Worldwide Operations, Ltd., Tranche B Term
Loan, 4.66% (LIBOR + 225 bps), 1/31/25 511,698
1,601,055 HCA, Inc., Tranche B-11 Term Loan, 4.25% (LIBOR +
175 bps), 3/17/23 1,600,806
444,066 Horizon Pharma, Inc., Fourth Amendment Refinanced
Term Loan, 5.5% (LIBOR + 300 bps), 3/29/24 444,813
995,000 Kindred Healthcare LLC, Closing Date Term Loan, 7.5%
(LIBOR + 500 bps), 7/2/25 977,587
1,522,474 NMN Holdings III Corp., First Lien Closing Date Term
Loan, 6.32% (LIBOR + 375 bps), 11/13/25 1,511,055
1,695,000 Phoenix Guarantor, Inc., First Lien Initial Term Loan,
6.98% (LIBOR + 450 bps), 3/5/26 1,672,401
320,299 Prestige Brands, Inc., Term B-4 Loan, 4.5% (LIBOR +
200 bps), 1/26/24 317,596
1,725,709 Prospect Medical Holdings, Inc., Term B-1 Loan, 8.0%
(LIBOR + 550 bps), 2/22/24 1,579,024
1,457,762 Sterigenics-Nordion Holdings LLC, Incremental Term
Loan, 5.5% (LIBOR + 300 bps), 5/15/22 1,431,340
--------------
Total Healthcare & Pharmaceuticals $ 19,225,824
-------------------------------------------------------------------------------------------------------------------------
Healthcare, Education & Childcare -- 0.3%
1,040,861 ATI Holdings Acquisition, Inc., First Lien Initial
Term Loan, 5.99% (LIBOR + 350 bps), 5/10/23 $ 1,012,237
2,612,500 Bausch Health Cos., Inc. (fka Valeant Pharmaceuticals
International, Inc.), First Incremental Term
Loan, 5.23% (LIBOR + 275 bps), 11/27/25 2,586,375
2,986,449 Bausch Health Cos., Inc. (fka Valeant Pharmaceuticals
International, Inc.), Initial Term Loan, 5.48%
(LIBOR + 300 bps), 6/2/25 2,968,328
1,124,963 Kinetic Concepts, Inc., Dollar Term Loan, 5.85% (LIBOR +
325 bps), 2/2/24 1,118,869
1,985,000 KUEHG Corp. (fka KC MergerSub, Inc.) (aka KinderCare),
Term B-3 Loan, 6.35% (LIBOR + 375 bps),
2/21/25 1,959,568
5,508,581 Regionalcare Hospital Partners Holdings, Inc., First
Lien Term B Loan, 6.98% (LIBOR + 450 bps),
11/16/25 5,463,824
1,341,827 Select Medical Corp., Tranche B Term Loan, 4.99%
(LIBOR + 250 bps), 3/6/25 1,336,762
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 95
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Healthcare, Education & Childcare -- (continued)
1,995,000 Universal Health Services, Inc., Incremental Tranche B
Facility, 4.25% (LIBOR + 175 bps), 10/31/25 $ 1,996,861
148,407 Vizient, Inc., Term B-4 Loan, 5.25% (LIBOR + 275 bps),
2/13/23 148,129
--------------
Total Healthcare, Education & Childcare $ 18,590,953
-------------------------------------------------------------------------------------------------------------------------
Home & Office Furnishings -- 0.0%+
936,050 Armstrong World Industries, Inc., Term Loan B, 5.29%
(LIBOR + 275 bps), 3/31/23 $ 934,295
141,672 Serta Simmons Bedding LLC, First Lien Initial Term
Loan, 5.98% (LIBOR + 350 bps), 11/8/23 105,310
--------------
Total Home & Office Furnishings $ 1,039,605
-------------------------------------------------------------------------------------------------------------------------
Hotel, Gaming & Leisure -- 0.1%
1,434,188 1011778 BC Unlimited Liability Co. (New Red Finance,
Inc.) (aka Burger King/Tim Hortons), Term B-3 Loan,
4.75% (LIBOR + 225 bps), 2/16/24 $ 1,411,779
2,991,772 Boyd Gaming Corp., Refinancing Term B Loan, 4.66%
(LIBOR + 225 bps), 9/15/23 2,963,351
366,563 Four Seasons Holdings, Inc., 2013 First Lien Term Loan,
4.5% (LIBOR + 200 bps), 11/30/23 364,226
206,432 Golden Nugget, Inc. (aka Landry's Inc.), Initial Term B Loan,
5.24% (LIBOR + 275 bps), 10/4/23 204,675
1,000,000 Hanjin International Corp. (aka Wilshire Grand Center),
Initial Term Loan, 4.98% (LIBOR + 250 bps), 10/19/20 993,750
1,013,984 Hilton Worldwide Finance LLC, Series B-2 Term Loan,
4.24% (LIBOR + 175 bps), 10/25/23 1,011,901
1,100,950 MGM Growth Properties Operating Partnership LP, Term B
Loan, 4.5% (LIBOR + 200 bps), 3/21/25 1,086,271
458,151 Stars Group Holdings BV, USD Term Loan, 6.1% (LIBOR +
350 bps), 7/10/25 457,972
--------------
Total Hotel, Gaming & Leisure $ 8,493,925
-------------------------------------------------------------------------------------------------------------------------
Insurance -- 0.1%
69,966 Alliant Holdings Intermediate LLC, Initial Term Loan,
5.23% (LIBOR + 275 bps), 5/9/25 $ 67,518
4,311,237 Asurion LLC (fka Asurion Corp.), New B-7 Term Loan,
5.5% (LIBOR + 300 bps), 11/3/24 4,289,008
552,946 Confie Seguros Holding II Co., Term B Loan, 7.38%
(LIBOR + 475 bps), 4/19/22 550,354
353,269 FinCo I LLC (aka Fortress Investment Group), 2018
Replacement Term Loan, 4.5% (LIBOR +
200 bps), 12/27/22 350,929
727,714 Integro Parent, Inc., First Lien Initial Term Loan, 8.37%
(LIBOR + 575 bps), 10/31/22 724,075
997,500 Sedgwick Claims Management Services, Inc. (Lightning
Cayman Merger Sub, Ltd.), Initial Term Loan,
5.75% (LIBOR + 325 bps), 12/31/25 978,641
344,750 USI, Inc. (fka Compass Investors, Inc.), 2017 New Term
Loan, 5.6% (LIBOR + 300 bps), 5/16/24 333,545
--------------
Total Insurance $ 7,294,070
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
96 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Leasing -- 0.2%
2,324,730 Avolon TLB Borrower 1 (US) LLC, Term B-3 Loan, 4.49%
(LIBOR + 200 bps), 1/15/25 $ 2,309,805
2,686,410 Fly Funding II S.a.r.l., Term Loan, 4.7% (LIBOR +
200 bps), 2/9/23 2,648,913
2,968,992 Hertz Corp., Tranche Term B-1 Loan, 5.25% (LIBOR +
275 bps), 6/30/23 2,918,891
990,000 IBC Capital I, Ltd. (aka Goodpack, Ltd.), First Lien
Tranche B-1 Term Loan, 6.36% (LIBOR +
375 bps), 9/11/23 962,775
94,340 Kasima LLC (Digital Cinema Implementation Partners
LLC), Term Loan, 5.06% (LIBOR + 250 bps), 5/17/21 94,399
--------------
Total Leasing $ 8,934,783
-------------------------------------------------------------------------------------------------------------------------
Leisure & Entertainment -- 0.2%
992,500 24 Hour Fitness Worldwide, Inc., Term Loan, 6.0%
(LIBOR + 350 bps), 5/30/25 $ 992,128
490,000 AMC Entertainment Holdings, Inc. (fka AMC
Entertainment, Inc.), 2016 Incremental Term Loan,
4.73% (LIBOR + 225 bps), 12/15/23 489,158
1,399,497 AMC Entertainment Holdings, Inc. (fka AMC
Entertainment, Inc.), Initial Term Loan, 4.73% (LIBOR +
225 bps), 12/15/22 1,397,091
736,875 CityCenter Holdings LLC, Term B Loan, 4.75% (LIBOR +
225 bps), 4/18/24 723,366
640,250 E.W. Scripps Co., Tranche B Term Loan, 4.5% (LIBOR +
200 bps), 10/2/24 621,843
2,540,692 Fitness International LLC, Term B Loan, 5.75% (LIBOR +
325 bps), 4/18/25 2,521,637
986,278 Six Flags Theme Parks, Inc., Tranche B Term Loan, 4.5%
(LIBOR + 175 bps), 6/30/22 985,662
--------------
Total Leisure & Entertainment $ 7,730,885
-------------------------------------------------------------------------------------------------------------------------
Machinery -- 0.1%
143,955 Clark Equipment Co. (aka Doosan Bobcat, Inc.),
Repriced Term Loan, 4.6% (LIBOR + 200 bps), 5/18/24 $ 141,346
1,325,714 CTC AcquiCo GmbH, Facility B2, 5.63% (LIBOR + 300
bps), 3/7/25 1,309,143
140,772 Gardner Denver, Inc., Tranche B-1 Dollar Term Loan,
5.25% (LIBOR + 275 bps), 7/30/24 140,794
398,238 Milacron LLC, Term B Loan, 5.0% (LIBOR + 250 bps),
9/28/23 390,273
248,822 NN, Inc., Tranche B Term Loan, 6.25% (LIBOR + 375
bps), 10/19/22 245,089
2,130,407 Shape Technologies Group, Inc., Initial Term Loan,
5.78% (LIBOR + 300 bps), 4/21/25 2,106,440
1,750,000 Terex Corp., 2019 US Term Loan Commitments, 5.25%
(LIBOR + 275 bps), 1/31/24 1,750,000
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 97
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Machinery -- (continued)
296,539 Terex Corp., Incremental US Term Loan, 4.5% (LIBOR +
200 bps), 1/31/24 $ 291,628
995,000 United Rentals (North America), Inc., Initial Term
Loan, 4.25% (LIBOR + 175 bps), 10/31/25 992,513
--------------
Total Machinery $ 7,367,226
-------------------------------------------------------------------------------------------------------------------------
Manufacturing -- 0.1%
3,242,249 Aristocrat Leisure, Ltd., Term B-3 Loan, 4.53% (LIBOR +
175 bps), 10/19/24 $ 3,186,213
--------------
Total Manufacturing $ 3,186,213
-------------------------------------------------------------------------------------------------------------------------
Media -- 0.1%
105,273 CBS Radio, Inc., Additional Term B-1 Loan, 5.25%
(LIBOR + 275 bps), 11/18/24 $ 102,641
644,766 CSC Holdings LLC (fka CSC Holdings, Inc.
(Cablevision)), March 2017 Refinancing Term Loan,
4.73% (LIBOR + 225 bps), 7/17/25 628,002
1,488,750 CSC Holdings LLC (fka CSC Holdings, Inc.
(Cablevision)), January 2018 Incremental Term Loan,
4.98% (LIBOR + 250 bps), 1/25/26 1,458,743
1,366,044 CSC Holdings LLC (fka CSC Holdings, Inc.
(Cablevision)), October 2018 Incremental Term Loan,
4.73% (LIBOR + 225 bps), 1/15/26 1,327,624
2,500,000 CSC Holdings LLC (fka CSC Holdings, Inc.
(Cablevision)), February 2019 Incremental Term Loan,
5.59% (LIBOR + 300 bps), 4/15/27 2,467,158
243,077 MCC Iowa LLC, Tranche M Term Loan, 4.41% (LIBOR +
200 bps), 1/15/25 241,355
1,552,583 Quincy Media, Inc. (fka Quincy Newspapers, Inc.), Term
Loan B, 5.5% (LIBOR + 300 bps/PRIME + 200
bps), 11/2/22 1,546,108
617,933 Univision Communications, Inc., 2017 Replacement
Repriced First Lien Term Loan, 5.25% (LIBOR +
275 bps), 3/15/24 583,726
2,450,000 Ziggo Secured Finance Partnership, Term Loan E
Facility, 4.98% (LIBOR + 250 bps), 4/15/25 2,389,767
--------------
Total Media $ 10,745,124
-------------------------------------------------------------------------------------------------------------------------
Metals & Mining -- 0.1%
993,916 Atkore International, Inc., First Lien Initial
Incremental Term Loan, 5.36% (LIBOR + 275 bps),
12/22/23 $ 985,219
994,937 BWay Holding Co., Initial Term Loan, 6.03% (LIBOR +
325 bps), 4/3/24 973,048
487,500 Global Brass and Copper, Inc., Initial Term Loan, 5.0%
(LIBOR + 250 bps), 5/29/25 483,844
234,375 Oxbow Carbon LLC, First Lien Tranche B Term Loan, 6.0%
(LIBOR + 350 bps), 1/4/23 235,254
126,793 TMS International Corp. (aka Tube City IMS Corp.),
Term B-2 Loan, 5.4% (LIBOR + 275 bps), 8/14/24 124,891
The accompanying notes are an integral part of these financial statements.
98 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Metals & Mining -- (continued)
1,740,446 Zekelman Industries, Inc. (fka JMC Steel Group, Inc.),
Term Loan, 4.74% (LIBOR + 225 bps), 6/14/21 $ 1,726,958
--------------
Total Metals & Mining $ 4,529,214
-------------------------------------------------------------------------------------------------------------------------
Oil & Gas -- 0.1%
386,566 Apergy Corp., Initial Term Loan, 5.03% (LIBOR + 250
bps/PRIME + 150 bps), 5/9/25 $ 382,821
500,000 BCP Raptor II LLC, Initial Term Loan, 7.37% (LIBOR +
475 bps), 11/3/25 475,625
4,987,500 Centurion Pipeline Co. LLC (fka Lotus Midstream LLC),
Initial Term Loan, 5.85% (LIBOR + 325 bps), 9/29/25 4,981,265
625,000 Encino Acquisition Partners Holdings LLC, Second Lien
Initial Term Loan, 9.25% (LIBOR + 675 bps), 10/29/25 606,250
463,245 Gulf Finance LLC, Tranche B Term Loan, 7.79% (LIBOR +
525 bps), 8/25/23 370,017
--------------
Total Oil & Gas $ 6,815,978
-------------------------------------------------------------------------------------------------------------------------
Personal, Food & Miscellaneous Services -- 0.0%+
1,435,993 Diamond (BC) BV (aka Diversey), Initial USD Term Loan,
5.74% (LIBOR + 300 bps), 9/6/24 $ 1,376,759
513,237 Prime Security Services Borrower LLC (aka Protection 1
Security Solutions) , First Lien December 2018
Incremental Term B-1 Loan, 5.25% (LIBOR + 275 bps),
5/2/22 508,838
--------------
Total Personal, Food & Miscellaneous Services $ 1,885,597
-------------------------------------------------------------------------------------------------------------------------
Printing & Publishing -- 0.0%+
488,794 Nielsen Finance LLC (VNU, Inc.), Class B-4 Term Loan,
4.49% (LIBOR + 200 bps), 10/4/23 $ 481,462
1,220,119 Red Ventures LLC (New Imagitas, Inc.), First Lien Term
B-1 Loan, 5.5% (LIBOR + 300 bps), 11/8/24 1,213,002
87,222 Tribune Media Co. (fka Tribune Co.), Term B Loan, 5.5%
(LIBOR + 300 bps), 12/27/20 87,276
--------------
Total Printing & Publishing $ 1,781,740
-------------------------------------------------------------------------------------------------------------------------
Professional & Business Services -- 0.2%
1,250,000(g) ETA Australia Holdings III Pty, Ltd., Term Loan, 3/8/26 $ 1,250,260
2,743,125 Global Payments, Inc., Term B-4 Loan, 4.25% (LIBOR +
175 bps), 10/17/25 2,719,123
1,459,700 GW Honos Security Corp. (Garda World Security Corp.),
Term B Loan, 6.12% (LIBOR + 350 bps/PRIME +
250 bps), 5/24/24 1,449,968
3,204,346 Lamar Media Corp., Term B Loan, 4.25% (LIBOR +
175 bps), 3/14/25 3,200,315
635,853 Syneos Health, Inc. (fka INC Research Holdings, Inc.),
Replacement Term B Loan, 4.5% (LIBOR + 200 bps),
8/1/24 632,105
--------------
Total Professional & Business Services $ 9,251,771
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 99
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Retail -- 0.3%
738,750 Bass Pro Group LLC, Initial Term Loan, 7.5% (LIBOR +
500 bps), 9/25/24 $ 723,970
2,500,000 Burlington Coat Factory Warehouse Corp., Term B-5
Loan, 4.5% (LIBOR + 200 bps), 11/17/24 2,484,375
1,604,686 CDW LLC (aka AP Exhaust Acquisition LLC) (fka CDW
Corp.), Term Loan, 4.25% (LIBOR + 175 bps), 8/17/23 1,603,044
2,487,500 HD Supply, Inc., Term B-5 Loan, 4.25% (LIBOR +
175 bps), 10/17/23 2,462,625
2,409,014 KFC Holding Co. (aka Yum! Brands), 2018 Term B Loan,
4.23% (LIBOR + 175 bps), 4/3/25 2,395,454
940,965 Michaels Stores, Inc., 2018 New Replacement Term B
Loan, 5.0% (LIBOR + 250 bps), 1/30/23 922,734
997,500 Resideo Funding, Inc., Tranche B Term Loan, 4.61%
(LIBOR + 200 bps), 10/24/25 994,994
2,222,015 Shutterfly, Inc., Initial Term B Loan, 4.99% (LIBOR +
250 bps), 8/19/24 2,189,611
3,456,250 Staples, Inc., Closing Date Term Loan, 6.49% (LIBOR +
400 bps), 9/12/24 3,438,661
--------------
Total Retail $ 17,215,468
-------------------------------------------------------------------------------------------------------------------------
Telecommunications -- 0.5%
3,260,239 CenturyLink, Inc., Initial Term B Loan, 5.25% (LIBOR +
275 bps), 1/31/25 $ 3,195,034
2,518,688 Ciena Corp., Refinancing Term Loan, 4.49% (LIBOR +
200 bps), 9/26/25 2,518,163
2,754,000(g) Commscope, Inc., Term Loan B, 2/6/26 2,759,838
418,000 Commscope, Inc., Tranche 5 Term Loan, 4.5% (LIBOR +
200 bps), 12/29/22 418,000
1,987,361 Frontier Communications Corp., Term B-1 Loan, 6.25%
(LIBOR + 375 bps), 6/15/24 1,940,990
633,270 GCI Holdings, Inc., New Term B Loan, 4.75% (LIBOR +
225 bps), 2/2/22 615,064
3,286,804 Go Daddy Operating Co. LLC (GD Finance Co., Inc.),
Tranche B-1 Term Loan, 4.75% (LIBOR + 225 bps),
2/15/24 3,270,370
2,950,000 Level 3 Financing, Inc., Tranche B 2024 Term Loan,
4.74% (LIBOR + 225 bps), 2/22/24 2,920,500
919,069 Plantronics, Inc., Initial Term B Loan, 5.0% (LIBOR +
250 bps), 7/2/25 904,134
1,045,835 SBA Senior Finance II LLC, Initial Term Loan, 4.5%
(LIBOR + 200 bps), 4/11/25 1,025,245
5,586,000 Sprint Communications, Inc., 2019 Incremental Term
Loan, 5.5% (LIBOR + 300 bps), 2/2/24 5,484,754
2,575,002 Sprint Communications, Inc., Initial Term Loan, 5.0%
(LIBOR + 250 bps), 2/2/24 2,502,580
1,000,000 Unitymedia Hessen GmbH & Co. KG, Facility B, 4.73%
(LIBOR + 225 bps), 9/30/25 991,786
The accompanying notes are an integral part of these financial statements.
100 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Telecommunications -- (continued)
1,484,673 Virgin Media Bristol LLC, Facility K, 4.98% (LIBOR +
250 bps), 1/15/26 $ 1,469,958
680,541 Windstream Services LLC (fka Windstream Corp.),
Tranche B-7 Term Loan, 9.75% (PRIME +
425 bps), 2/17/24 673,168
--------------
Total Telecommunications $ 30,689,584
-------------------------------------------------------------------------------------------------------------------------
Textile & Apparel -- 0.0%+
1,633,500 Hanesbrands, Inc., New Term Loan B, 4.24% (LIBOR +
175 bps), 12/16/24 $ 1,632,819
--------------
Total Textile & Apparel $ 1,632,819
-------------------------------------------------------------------------------------------------------------------------
Transport -- 0.0%+
471,531 Livingston International, Inc., First Lien Refinancing
Term B-3 Loan, 8.25% (LIBOR + 575 bps), 3/20/20 $ 471,531
189,500 Syncreon Global Finance (US), Inc. (Syncreon Group
BV), Term Loan, 6.99% (LIBOR + 425 bps), 10/28/20 127,439
--------------
Total Transport $ 598,970
-------------------------------------------------------------------------------------------------------------------------
Transportation -- 0.1%
2,443,875 Envision Healthcare Corp., Initial Term Loan, 6.25%
(LIBOR + 375 bps), 10/10/25 $ 2,290,624
3,240,000(g) Travelport Finance (Luxembourg) S.a.r.l., Initial
Term Loan, 3/18/26 3,165,075
--------------
Total Transportation $ 5,455,699
-------------------------------------------------------------------------------------------------------------------------
Utilities -- 0.2%
1,461,136 APLP Holdings, Ltd. Partnership, Term Loan, 5.25%
(LIBOR + 275 bps), 4/13/23 $ 1,464,789
765,313 Calpine Construction Finance Co., LP, Term B Loan,
5.0% (LIBOR + 250 bps), 1/15/25 757,062
208,913 Calpine Corp., Term Loan, 5.11% (LIBOR +
250 bps), 1/15/24 207,288
488,750 Dayton Power & Light Co., Term Loan, 4.5% (LIBOR +
200 bps), 8/24/22 488,750
1,170,797 NRG Energy, Inc., Term Loan, 4.25% (LIBOR +
175 bps), 6/30/23 1,159,547
579,116 St. Joseph Energy Center LLC, Term B Advance, 6.0%
(LIBOR + 350 bps), 4/10/25 579,116
2,478,675 TerraForm Power Operating LLC, Specified Refinancing
Term Loan, 4.5% (LIBOR + 200 bps), 11/8/22 2,426,003
1,989,911 Vistra Operations Co. LLC (fka Tex Operations Co. LLC),
Initial Term Loan, 4.5% (LIBOR + 200 bps), 8/4/23 1,970,887
--------------
Total Utilities $ 9,053,442
-------------------------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE
LOAN INTERESTS
(Cost $345,448,746) $ 341,900,719
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 101
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS --
5.4% of Net Assets
7,661(a) Fannie Mae, 4.256% (1 Year CMT Index +
219 bps), 10/1/32 $ 7,778
10,455(a) Fannie Mae, 4.416% (1 Year CMT Index +
211 bps), 9/1/32 11,067
1,804,700(a) Fannie Mae, 4.453% (1 Year CMT Index +
213 bps), 8/1/37 1,911,849
7,331(a) Fannie Mae, 4.572% (2 Month USD LIBOR +
168 bps), 1/1/48 7,738
1,237(a) Fannie Mae, 4.672% (1 Year CMT Index +
220 bps), 11/1/23 1,265
6,600(a) Fannie Mae, 4.92% (1 Year CMT Index +
217 bps), 2/1/34 6,584
2,530(a) Federal Home Loan Mortgage Corp., 2.996% (5 Year CMT
Index + 212 bps), 6/1/35 2,533
2,195,647(a) Federal Home Loan Mortgage Corp., 4.512% (2 Month
USD LIBOR + 177 bps), 9/1/35 2,299,737
1,474(a) Federal Home Loan Mortgage Corp., 4.594% (1 Year CMT
Index + 229 bps), 10/1/23 1,509
10,590(a) Federal Home Loan Mortgage Corp., 4.875% (2 Month
USD LIBOR + 200 bps), 11/1/33 11,031
3,011(a) Government National Mortgage Association II, 3.375%
(1 Year CMT Index + 150 bps), 1/20/22 3,044
28,840,000(a) U.S. Treasury Floating Rate Notes, 2.458% (3 Month
U.S. Treasury Bill Money Market Yield + 3 bps), 4/30/20 28,821,954
31,235,000(a) U.S. Treasury Floating Rate Notes, 2.468% (3 Month
U.S. Treasury Bill Money Market Yield + 4 bps), 7/31/20 31,206,071
43,355,000(a) U.S. Treasury Floating Rate Notes, 2.47% (3 Month U.S.
Treasury Bill Money Market Yield + 5 bps), 10/31/20 43,292,505
43,335,000(a) U.S. Treasury Floating Rate Notes, 2.473% (3 Month
U.S. Treasury Bill Money Market Yield + 5 bps), 10/31/19 43,334,766
15,000,000(a) U.S. Treasury Floating Rate Notes, 2.485% (3 Month
U.S. Treasury Bill Money Market Yield + 6 bps), 7/31/19 15,001,218
78,275,000(a) U.S. Treasury Floating Rate Notes, 2.54% (3 Month U.S.
Treasury Bill Money Market Yield + 12 bps), 1/31/21 78,198,028
64,910,000 U.S. Treasury Notes, 2.25%, 2/29/20 64,818,720
8,500,000 U.S. Treasury Notes, 3.375%, 11/15/19 8,545,488
-------------------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $317,543,303) $ 317,482,885
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
102 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS --
2.7% of Net Assets
CERTIFICATES OF DEPOSITS -- 0.2%
1,800,000(a) Bank of Nova Scotia, 3.097% (3 Month USD LIBOR +
30 bps), 4/12/19 $ 1,800,193
4,415,000(a) Canadian Imperial Bank of Commerce, 2.936%
(3 Month USD LIBOR + 20 bps), 5/1/19 4,415,774
5,945,000(a) Nordea Bank Abp, 2.654% (1 Month USD LIBOR +
17 bps), 5/15/19 5,946,391
1,135,000(a) Swedbank AB, 2.971% (3 Month USD LIBOR +
32 bps), 8/24/20 1,136,076
--------------
$ 13,298,434
-------------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER -- 2.3%
9,150,000 Amphenol Corp., 2.601%, 4/1/19 $ 9,148,010
8,900,000 Anthem, Inc., 2.655%, 4/18/19 8,886,932
8,850,000 AutoZone, Inc., 2.674%, 4/1/19 8,848,053
5,945,000 AutoZone, Inc., 2.684%, 4/8/19 5,940,612
7,795,000 Bell Canada, Inc., 2.686%, 4/10/19 7,788,029
9,150,000 Boston Scientific Corp., 2.856%, 4/23/19 9,132,666
2,745,000 CenterPoint Energy, Inc., 2.723%, 4/3/19 2,744,007
5,900,000 Church & Dwight Co., Inc., 2.633%, 4/5/19 5,896,960
5,900,000 Dominion Energy, Inc., 2.673%, 4/1/19 5,898,692
1,119,000 Duke Energy Corp., 2.602%, 4/3/19 1,118,589
8,890,000 EI du Pont de Nemours & Co., 2.738%, 4/26/19 8,871,351
2,965,000 Enable Midstream Partners LP, 3.273%, 6/5/19 2,947,392
6,514,000 Ford Motor Credit Co. LLC, 2.907%, 4/17/19 6,503,463
9,155,000 Mohawk Industries, Inc., 2.726%, 4/17/19 9,141,944
1,700,000 Mohawk Industries, Inc., 2.727%, 4/22/19 1,696,912
9,150,000 NextEra Energy Capital Holdings, Inc., 2.739%, 5/8/19 9,122,011
1,235,000 PPL Capital Funding, Inc., 2.733%, 4/2/19 1,234,637
8,840,000 PPL Capital Funding, Inc., 2.744%, 4/3/19 8,836,752
4,585,000 TransCanada PipeLines, Ltd., 2.849%, 6/7/19 4,559,859
8,870,000 UDR, Inc., 2.736%, 4/15/19 8,858,749
--------------
$ 127,175,620
-------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.2%
10,590,000 $10,590,000 Merrill Lynch, Pierce, Fenner & Smith, Inc.,
2.56%, dated 3/31/19 plus accrued interest on 4/1/19
collateralized by $10,801,800 Government National
Mortgage Association, 4.6%, 1/20/69 $ 10,590,000
1,605,000 $1,605,000 TD Securities USA LLC, 2.55%, dated
3/31/19 plus accrued interest on 4/1/19 collateralized
by $1,637,100 Federal National Mortgage Association,
3.5%, 12/1/46 1,605,000
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 103
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Repurchase Agreements -- (continued)
1,605,000 $1,605,000 TD Securities USA LLC, 2.6%, dated
3/31/19 plus accrued interest on 4/1/19 collateralized
by $1,637,100 Federal National Mortgage Association,
3.5%, 12/1/46 $ 1,605,000
--------------
$ 13,800,000
-------------------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $154,299,381) $ 154,274,054
-------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED
ISSUERS -- 99.9%
(Cost $5,898,390,835) $5,881,063,144
-------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.1% $ 4,450,848
-------------------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $5,885,513,992
=========================================================================================================================
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.
SOFRRATE Secured Overnight Financing Rate.
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 March 31, 2019, the value of these securities
amounted to $3,230,244,018, or 54.9% of net assets.
+ 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 March 31, 2019.
+ Security that used significant unobservable inputs to determine its
value.
The accompanying notes are an integral part of these financial statements.
104 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
(a) Floating rate note. Coupon rate, reference index and spread shown at
March 31, 2019.
(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
March 31, 2019.
(c) The interest rate is subject to change periodically. The interest
rate and/or reference index and spread shown at March 31, 2019.
(d) Securities is restricted as to resale.
(e) Non-income producing security.
(f) Consists of Revenue Bonds unless otherwise indicated.
(g) This term loan will settle after March 31, 2019, at which time the
interest rate will be determined.
Principal amounts are denominated in U.S. dollars ("USD") unless otherwise
noted.
Purchases and sales of securities (excluding temporary cash investments) for
the year ended March 31, 2019, were as follows:
----------------------------------------------------------------------------------------
Purchases Sales
----------------------------------------------------------------------------------------
Long-Term U.S. Government Securities $ 347,382,112 $ 377,815,828
Other Long-term Securities $3,959,704,026 $2,519,280,456
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 year ended March 31, 2019, the Fund engaged in purchases of
$19,117,493 and sales of $2,200,497 pursuant to these procedures, which
resulted in a net realized gain/(loss) of $0.
At March 31, 2019, the net unrealized depreciation on investments based on cost
for federal tax purposes of $5,904,366,003 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 8,783,393
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (32,086,252)
------------
Net unrealized depreciation $(23,302,859)
============
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 Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 105
Schedule of Investments | 3/31/19 (continued)
The following is a summary of the inputs used as of March 31, 2019, in valuing
the Fund's investments:
-------------------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $2,343,533,990 $ -- $2,343,533,990
Collateralized Mortgage
Obligations -- 1,445,847,421 -- 1,445,847,421
Corporate Bonds -- 1,061,252,336 -- 1,061,252,336
Insurance-Linked Securities
Catastrophe Linked Bonds
Multiperil -- U.S. -- 39,930,175 2,003,200 41,933,375
Collateralized Reinsurance
Earthquakes -- California -- -- 2,153,200 2,153,200
Hurricane -- U.S. -- -- 58,760 58,760
Multiperil -- Massachusetts -- -- 4,004,373 4,004,373
Multiperil -- U.S. -- -- 229,800 229,800
Multiperil -- U.S. Regional -- -- 4,557,983 4,557,983
Multiperil -- Worldwide -- -- 6,626,085 6,626,085
Windstorm -- Florida -- -- 2,573,368 2,573,368
Windstorm -- U.S. Regional -- -- 2,918,895 2,918,895
Industry Loss Warranties
Multiperil -- U.S. -- -- 2,487,675 2,487,675
Reinsurance Sidecars
All Natural Peril -- Worldwide -- -- 5,469,746 5,469,746
Multiperil -- U.S. -- -- 7,970,413 7,970,413
Multiperil -- Worldwide -- -- 49,460,406 49,460,406
All Other Insurance-Linked
Securities -- 86,093,800 -- 86,093,800
Municipal Bond -- 233,860 -- 233,860
Senior Secured Floating Rate
Loan Interests -- 341,900,719 -- 341,900,719
U.S. Government and Agency
Obligations -- 317,482,885 -- 317,482,885
Certificates of Deposits -- 13,298,434 -- 13,298,434
Commercial Paper -- 127,175,620 -- 127,175,620
Repurchase Agreements -- 13,800,000 -- 13,800,000
-------------------------------------------------------------------------------------------------------------------
Total Investments in Securities $ -- $5,790,549,240 $90,513,904 $5,881,063,144
===================================================================================================================
The accompanying notes are an integral part of these financial statements.
106 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
---------------------------------------------------------------------------------------
Insurance- Linked
Securities
---------------------------------------------------------------------------------------
Balance as of 3/31/18 $ 75,884,496(a)
Realized gain (loss)(1) (1,283,998)
Change in unrealized appreciation (depreciation)(2) (1,315,864)
Accrued discounts/premiums (55,080)
Purchases 80,111,681
Sales (62,827,331)
Transfers in to Level 3* --
Transfers out of Level 3* --
---------------------------------------------------------------------------------------
Balance as of 3/31/19 $ 90,513,904
=======================================================================================
(a) Securities were classified as Corporate Bonds on the March 31, 2018
financial statements.
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 year
ended March 31, 2019, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of Level 3 investments still
held and considered Level 3 at March 31, 2019: $(2,331,667)
-----------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 107
Statement of Assets and Liabilities | 3/31/19
ASSETS:
Investments in unaffiliated issuers, at value (cost $5,898,390,835) $5,881,063,144
Cash 6,559,330
Receivables --
Investment securities sold 10,946,001
Fund shares sold 40,507,117
Interest 14,734,266
Other assets 162,641
----------------------------------------------------------------------------------------------------
Total assets $5,953,972,499
====================================================================================================
LIABILITIES:
Unrealized depreciation on unfunded loan $ 3,733
Payables --
Investment securities purchased 45,879,391
Fund shares repurchased 18,778,951
Distributions 2,424,937
Due to affiliates 329,119
Accrued expenses 1,042,376
----------------------------------------------------------------------------------------------------
Total liabilities $ 68,458,507
====================================================================================================
NET ASSETS:
Paid-in capital $5,939,430,481
Distributable earnings (loss) (53,916,489)
----------------------------------------------------------------------------------------------------
Net assets $5,885,513,992
====================================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $1,506,432,967/151,850,712 shares) $ 9.92
Class C (based on $425,927,933/42,983,384 shares) $ 9.91
Class C2 (based on $8,604,380/868,471 shares) $ 9.91
Class K (based on $274,682,280/27,664,682 shares) $ 9.93
Class Y (based on $3,669,866,432/369,802,147 shares) $ 9.92
====================================================================================================
The accompanying notes are an integral part of these financial statements.
108 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
Statement of Operations
For the Year Ended 3/31/19
INVESTMENT INCOME:
Dividends from unaffiliated issuers $ 3,431,281
Interest from unaffiliated issuers 163,945,168
----------------------------------------------------------------------------------------------------------
Total investment income $167,376,449
----------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 16,120,197
Administrative expense 1,393,523
Transfer agent fees
Class A 366,446
Class C 186,774
Class C2 3,267
Class K 1,645
Class Y 2,349,366
Distribution fees
Class A 2,770,336
Class C 2,553,059
Class C2 41,714
Shareowner communications expense 134,425
Custodian fees 237,183
Registration fees 466,992
Professional fees 272,324
Printing expense 74,956
Pricing fees 317,245
Trustees' fees 241,573
Insurance expense 62,637
Miscellaneous 189,332
----------------------------------------------------------------------------------------------------------
Total expenses $ 27,782,994
----------------------------------------------------------------------------------------------------------
Net investment income $139,593,455
----------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $ (1,981,291)
----------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $(15,451,850)
Unfunded loan commitments (4,459) $(15,456,309)
----------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $(17,437,600)
----------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $122,155,855
==========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 109
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------------------------
Year Year
Ended Ended
3/31/19 3/31/18
------------------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 139,593,455 $ 70,963,225
Net realized gain (loss) on investments (1,981,291) (1,585,703)
Change in net unrealized appreciation (depreciation)
on investments (15,456,309) (6,325,086)
------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 122,155,855 $ 63,052,436
------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Class A ($0.26 and $0.19 per share, respectively) $ (36,341,184) $ (18,902,043)*
Class C ($0.23 and $0.16 per share, respectively) (11,382,084) (9,859,641)*
Class C2 ($0.23 and $0.16 per share, respectively) (189,452) (155,645)*
Class K ($0.28 and $0.21 per share, respectively) (5,789,037) (2,374,003)*
Class Y ($0.27 and $0.21 per share, respectively) (88,207,485) (44,295,822)*
------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (141,909,242) $ (75,587,154)
------------------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 5,435,371,909 $ 4,282,494,452
Reinvestment of distributions 123,987,280 65,238,024
Cost of shares repurchased (4,163,986,271) (3,023,600,815)
------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 1,395,372,918 $ 1,324,131,661
------------------------------------------------------------------------------------------------------------------
Net increase in net assets $ 1,375,619,531 $ 1,311,596,943
NET ASSETS:**
Beginning of year $ 4,509,894,461 $ 3,198,297,518
------------------------------------------------------------------------------------------------------------------
End of year $ 5,885,513,992 $ 4,509,894,461
==================================================================================================================
* For the year ended March 31, 2018, distributions to shareowners were presented as net investment
income.
**For the year ended March 31, 2018, distribution in excess of net investment income was presented as
follows: $(3,087,809).
The accompanying notes are an integral part of these financial statements.
110 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
3/31/19 3/31/19 3/31/18 3/31/18
Shares Amount Shares Amount
-------------------------------------------------------------------------------------------------------------------------
Class A
Shares sold 150,053,164 $ 1,492,141,016 139,177,596 $ 1,387,818,817
Reinvestment of distributions 3,447,856 34,237,849 1,703,453 16,991,053
Less shares repurchased (123,191,698) (1,224,211,031) (95,397,224) (951,248,603)
-------------------------------------------------------------------------------------------------------------------------
Net increase 30,309,322 $ 302,167,834 45,483,825 $ 453,561,267
=========================================================================================================================
Class C
Shares sold 9,449,781 $ 93,876,062 42,871,530 $ 427,136,559
Reinvestment of distributions 1,139,347 11,304,487 971,625 9,678,740
Less shares repurchased (30,337,629) (301,269,304) (38,154,962) (380,096,210)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) (19,748,501) $ (196,088,755) 5,688,193 $ 56,719,089
=========================================================================================================================
Class C2
Shares sold 304,143 $ 3,017,620 357,478 $ 3,560,454
Reinvestment of distributions 10,421 103,386 8,437 84,026
Less shares repurchased (344,484) (3,418,732) (453,926) (4,520,152)
-------------------------------------------------------------------------------------------------------------------------
Net decrease (29,920) $ (297,726) (88,011) $ (875,672)
=========================================================================================================================
Class K
Shares sold 26,908,751 $ 267,357,993 8,600,901 $ 85,780,352
Reinvestment of distributions 461,075 4,581,504 212,334 2,120,086
Less shares repurchased (15,608,370) (155,221,276) (2,082,223) (20,781,476)
-------------------------------------------------------------------------------------------------------------------------
Net increase 11,761,456 $ 116,718,221 6,731,012 $ 67,118,962
=========================================================================================================================
Class Y
Shares sold 359,915,914 $ 3,578,979,218 238,342,377 $ 2,378,198,270
Reinvestment of distributions 7,424,296 73,760,054 3,644,225 36,364,119
Less shares repurchased (249,523,007) (2,479,865,928) (167,063,658) (1,666,954,374)
-------------------------------------------------------------------------------------------------------------------------
Net increase 117,817,203 $ 1,172,873,344 74,922,944 $ 747,608,015
=========================================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 111
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/19 3/31/18 3/31/17* 3/31/16* 3/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.95 $ 9.99 $ 9.92 $ 10.00 $ 10.07
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.26(a) $ 0.18(a) $ 0.16(a) $ 0.10(a) $ 0.10
Net realized and unrealized gain (loss) on investments (0.03) (0.03) 0.08 (0.06) (0.05)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from Investment operations $ 0.23 $ 0.15 $ 0.24 $ 0.04 $ 0.05
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.26) $ (0.19) $ (0.17) $ (0.12) $ (0.12)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ (0.04) $ 0.07 $ (0.08) $ (0.07)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.92 $ 9.95 $ 9.99 $ 9.92 $ 10.00
====================================================================================================================================
Total return(b) 2.32% 1.51% 2.43% 0.41% 0.54%
Ratio of net expenses to average net assets 0.59% 0.60% 0.61% 0.63% 0.63%
Ratio of net investment income (loss) to average net assets 2.58% 1.81% 1.59% 1.01% 0.95%
Portfolio turnover rate 61% 54% 69% 58% 45%
Net assets, end of period (in thousands) $1,506,433 $1,209,820 $759,455 $673,352 $694,221
====================================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
112 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/19 3/31/18 3/31/17* 3/31/16* 3/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.94 $ 9.97 $ 9.91 $ 9.99 $ 10.05
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.22(a) $ 0.15(a) $ 0.13(a) $ 0.07(a) $ 0.07
Net realized and unrealized gain (loss) on investments (0.02) (0.02) 0.07 (0.06) (0.04)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from Investment operations $ 0.20 $ 0.13 $ 0.20 $ 0.01 $ 0.03
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.23) $ (0.16) $ (0.14) $ (0.09) $ (0.09)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ (0.03) $ 0.06 $ (0.08) $ (0.06)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.91 $ 9.94 $ 9.97 $ 9.91 $ 9.99
====================================================================================================================================
Total return(b) 1.99% 1.28% 2.00% 0.11% 0.34%
Ratio of net expenses to average net assets 0.91% 0.92% 0.93% 0.94% 0.94%
Ratio of net investment income (loss) to average net assets 2.22% 1.48% 1.27% 0.70% 0.66%
Portfolio turnover rate 61% 54% 69% 58% 45%
Net assets, end of period (in thousands) $425,928 $623,642 $568,840 $524,030 $594,283
====================================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 113
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/19 3/31/18 3/31/17* 3/31/16* 3/31/15*
----------------------------------------------------------------------------------------------------------------------------------
Class C2
Net asset value, beginning of period $ 9.94 $ 9.97 $ 9.91 $ 9.99 $ 10.05
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.22(a) $ 0.15(a) $ 0.13(a) $ 0.07(a) $ 0.06
Net realized and unrealized gain (loss) on investments (0.02) (0.02) 0.07 (0.06) (0.03)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from Investment operations $ 0.20 $ 0.13 $ 0.20 $ 0.01 $ 0.03
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.23) $(0.16) $(0.14) $ (0.09) $ (0.09)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.03) $(0.03) $ 0.06 $ (0.08) $ (0.06)
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.91 $ 9.94 $ 9.97 $ 9.91 $ 9.99
==================================================================================================================================
Total return(b) 1.98% 1.29% 2.00% 0.11% 0.33%
Ratio of net expenses to average net assets 0.91% 0.92% 0.93% 0.94% 0.95%
Ratio of net investment income (loss) to average net assets 2.25% 1.47% 1.27% 0.69% 0.66%
Portfolio turnover rate 61% 54% 69% 58% 45%
Net assets, end of period (in thousands) $8,604 $8,929 $9,834 $10,292 $11,258
==================================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
114 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/19 3/31/18 3/31/17* 3/31/16* 3/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.96 $ 9.99 $ 9.93 $10.01 $10.07
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.28(a) $ 0.20(a) $ 0.19(a) $ 0.12(a) $ 0.14
Net realized and unrealized gain (loss) on investments (0.03) (0.02) 0.06 (0.06) (0.06)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from Investment operations $ 0.25 $ 0.18 $ 0.25 $ 0.06 $ 0.08
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.28) $ (0.21) $ (0.19) $(0.14) $(0.14)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ (0.03) $ 0.06 $(0.08) $(0.06)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.93 $ 9.96 $ 9.99 $ 9.93 $10.01
====================================================================================================================================
Total return(b) 2.54% 1.83% 2.55% 0.64% 0.83%
Ratio of net expenses to average net assets 0.37% 0.38% 0.42% 0.42% 0.41%
Ratio of net investment income (loss) to average net assets 2.82% 2.03% 1.92% 1.24% 1.28%
Portfolio turnover rate 61% 54% 69% 58% 45%
Net assets, end of period (in thousands) $274,682 $158,443 $91,666 $5,026 $5,091
====================================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 115
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/19 3/31/18 3/31/17* 3/31/16* 3/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.96 $ 9.99 $ 9.93 $ 10.01 $ 10.07
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.27(a) $ 0.19(a) $ 0.17(a) $ 0.11(a) $ 0.11
Net realized and unrealized gain (loss) on investments (0.04) (0.01) 0.07 (0.06) (0.03)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from Investment operations $ 0.23 $ 0.18 $ 0.24 $ 0.05 $ 0.08
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.27) $ (0.21) $ (0.18) $ (0.13) $ (0.14)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.04) $ (0.03) $ 0.06 $ (0.08) $ (0.06)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.92 $ 9.96 $ 9.99 $ 9.93 $ 10.01
====================================================================================================================================
Total return(c) 2.37% 1.76% 2.46% 0.54% 0.79%
Ratio of net expenses to average net assets 0.45% 0.46% 0.50% 0.51% 0.51%
Ratio of net investment income (loss) to average net assets 2.74% 1.94% 1.70% 1.15% 1.08%
Portfolio turnover rate 61% 54% 69% 58% 45%
Net assets, end of period (in thousands) $3,669,866 $2,509,061 $1,768,502 $1,418,468 $1,188,107
====================================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
116 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
Notes to Financial Statements | 3/31/19
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.
Amundi Pioneer Asset Management, Inc., an indirect wholly owned subsidiary of
Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the
Fund's investment adviser (the "Adviser"). Amundi Pioneer Distributor, Inc., an
affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund's
distributor (the "Distributor").
In August 2018, the Securities and Exchange Commission ("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 is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the
Fund to make estimates and assumptions that affect the
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 117
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 following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the
New York Stock Exchange ("NYSE") is open, as of the close of regular
trading on the NYSE.
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed-income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to
supply prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the
price information is deemed to be unreliable, price information will be
obtained from an 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.
118 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such funds' net asset value.
Repurchase agreements are valued at par. Cash may include overnight time
deposits at approved financial institutions.
Securities or loan interests for which independent pricing services or
broker-dealers are unable to supply prices or for which market prices
and/or quotations are not readily available or are considered to be
unreliable are valued by a fair valuation team comprised of certain
personnel of the Adviser pursuant to procedures adopted by the Fund's
Board of Trustees. The Adviser's fair valuation team uses fair value
methods approved by the Valuation Committee of the Board of Trustees. The
Adviser's fair valuation team is responsible for monitoring developments
that may impact fair valued securities and for discussing and assessing
fair values on an ongoing basis, and at least quarterly, with the
Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after
the close of the exchange or market on which the security trades and prior
to the determination of the Fund's net asset value. Examples of a
significant event might include political or economic news, corporate
restructurings, natural disasters, terrorist activity or trading halts.
Thus, the valuation of the Fund's securities may differ significantly from
exchange prices, and such differences could be material.
At March 31, 2019, 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
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.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence.
Interest and dividend income payable by delivery of additional shares is
reclassified as PIK (payment-in-kind) income upon receipt and is included
in interest and dividend income, respectively.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 119
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, 2019, 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.
At March 31, 2019, the Fund was permitted to carry forward indefinitely
$26,897,498 of short-term losses and $8,617,287 of long-term losses under
the Regulated Investment Company Modernization Act of 2010 without
limitation.
120 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
The tax character of distributions paid during the years ended March 31,
2019 and March 31, 2018, were as follows:
--------------------------------------------------------------------------
2019 2018
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $141,909,242 $75,587,154
--------------------------------------------------------------------------
Total $141,909,242 $75,587,154
==========================================================================
The following shows the components of distributable earnings (losses) on a
federal income tax basis at March 31, 2019:
--------------------------------------------------------------------------
2019
--------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 7,329,825
Capital loss carryforward (35,514,785)
Current year dividend payable (2,424,937)
Unrealized depreciation (23,306,592)
--------------------------------------------------------------------------
Total $(53,916,489)
==========================================================================
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, insurance-linked securities 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 year ended March 31, 2019.
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).
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 121
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class C, Class C2, Class K and
Class Y shares can reflect different transfer agent and distribution
expense rates.
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
122 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
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, redemptions or exchanges or receive
distributions, loss of or unauthorized access to private shareowner
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 ILS. The Fund could lose a portion or all of the
principal it has invested in an ILS, and the right to additional interest
or dividend 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 and/or dividend 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 event-linked bonds. ILS also 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
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 123
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 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. There was no investment in Pioneer ILS Interval Fund at March 31,
2019.
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 March 31, 2019 are disclosed in the
Fund's Schedule of Investments.
124 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
2. Management Agreement
The Adviser manages the Fund's portfolio. Effective October 1, 2018 management
fees are 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 of the Fund's
average daily net assets, 0.25% of the next 2.5 billion of the Fund's average
daily net assets and 0.20% of the Fund's average daily net assets over 7.5
billion. Prior to October 1, 2018 management fees were 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 year ended March 31, 2019, the
effective management fee (excluding waivers and/or assumption of expenses) was
equivalent to 0.31% 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
$258,267 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at March 31, 2019.
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 year
ended March 31, 2019, such out-of-pocket expenses by class of shares were as
follows:
--------------------------------------------------------------------------------
Shareowner Communications:
--------------------------------------------------------------------------------
Class A $ 10,979
Class C 13,459
Class C2 231
Class K 403
Class Y 109,353
--------------------------------------------------------------------------------
Total $134,425
================================================================================
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 125
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 $70,852 in distribution
fees payable to the Distributor at March 31, 2019.
In addition, redemptions of each class of shares (except Class C, 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 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 year ended March 31, 2019, CDSCs in the amount of $85,168
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 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
126 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
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 year ended March 31, 2019, 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 March 31, 2019, the Fund had the following unfunded loan commitments
outstanding:
----------------------------------------------------------------------------------------
Unrealized
Appreciation/
Loan Principal Cost Value (Depreciation)
----------------------------------------------------------------------------------------
United Seating and Mobility $324,000 $323,237 $321,570 $(1,667)
Brightland Health Services 155,000 155,000 152,934 (2,066)
----------------------------------------------------------------------------------------
Total Value $479,000 $478,237 $474,504 $(3,733)
========================================================================================
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 127
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust X and the Shareholders of
Pioneer Multi-Asset Ultrashort Income Fund:
--------------------------------------------------------------------------------
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer
Multi-Asset Ultrashort Income Fund (the "Fund") (one of the funds constituting
Pioneer Series Trust X (the "Trust")), including the schedule of investments,
as of March 31, 2019, and the related statements of operations, changes in net
assets and the financial highlights for the year then ended and the related
notes, and the statement of changes in net assets and financial highlights for
the year ended March 31, 2018 (collectively referred to as the "financial
statements"). The financial highlights for the periods ended March 31, 2015,
March 31, 2016 and March 31, 2017 were audited by another independent
registered public accounting firm whose report, dated May 26, 2017, expressed
an unqualified opinion on those financial highlights. In our opinion, the
financial statements present fairly, in all material respects, the financial
position of Pioneer Multi-Asset Ultrashort Income Fund (one of the funds
constituting Pioneer Series Trust X) at March 31, 2019, the results of its
operations, the changes in its net assets, and the financial highlights for the
year ended, and the statement of changes in net assets and the financial
highlights for the year ended March 31, 2018, in conformity with U.S. generally
accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust's management.
Our responsibility is to express an opinion on the Fund's financial statements
based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) ("PCAOB") and are required
to be independent with respect to the Trust in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and
Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. The Trust is not required to have,
nor were we engaged to perform, an audit of the Trust's internal control over
financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting, but not for the
purpose of expressing an opinion on the effectiveness of the Trust's internal
control over financial reporting. Accordingly, we express no such opinion.
128 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of March 31, 2019, by correspondence with the custodian and brokers.
Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audits provide a
reasonable basis for our opinion.
/s/ Ernst & Young LLP
We have served as the Trust's auditor since 2017.
Boston, Massachusetts
May 30, 2019
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 129
ADDITIONAL INFORMATION (unaudited)
The percentages of the Fund's ordinary income distributions that are exempt
from nonresident alien (NRA) tax withholding resulting from qualified interest
income was 76.90%.
130 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
Trustees, Officers and Service Providers
Investment Adviser
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
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.
Trustees and Officers
The Fund's Trustees and Officers are listed below, together with their
principal occupations and other directorships they have held during at least
the past five years. Trustees who are interested persons of the Fund within the
meaning of the 1940 Act are referred to as Interested Trustees. Trustees who
are not interested persons of the Fund are referred to as Independent Trustees.
Each of the Trustees serves as a Trustee of each of the 43 U.S. registered
investment portfolios for which Amundi Pioneer serves as investment adviser
(the "Pioneer Funds"). The address for all Trustees and all officers of the
Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 131
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (68) Trustee since 2011. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board Serves until a successor present); Chairman (2008 - 2013) and Solutions, Inc. (investor
and Trustee trustee is elected or Chief Executive Officer (2008 - 2012), communications and securities
earlier retirement or Quadriserv, Inc. (technology products processing provider for
removal. for securities lending industry); and financial services industry)
Senior Executive Vice President, The (2009 - present); Director,
Bank of New York (financial and Quadriserv, Inc. (2005 -
securities services) (1986 - 2004) 2013); and Commissioner, New
Jersey State Civil Service
Commission (2011 - 2015)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (75) Trustee since 2011. Managing Partner, Federal City Capital Director of New York
Trustee Serves until a successor Advisors (corporate advisory services Mortgage Trust (publicly-
trustee is elected or company) (1997 - 2004 and 2008 - traded mortgage REIT)
earlier retirement or present); Interim Chief Executive (2004 - 2009, 2012 -
removal. Officer, Oxford Analytica, Inc. present); Director
(privately held research and consulting of The Swiss Helvetia
company) (2010); Executive Vice Fund, Inc. (closed-end
President and Chief Financial Officer, fund) (2010 - 2017);
I-trax, Inc. (publicly traded health Director of Oxford
care services company) (2004 - 2007); Analytica, Inc. (2008 -
and Executive Vice President and Chief 2015); and Director of
Financial Officer, Pedestal Inc. Enterprise Community
(internet-based mortgage trading Investment, Inc.
company) (2000 - 2002); Private (privately-held
Consultant (1995 - 1997); Managing affordable housing
Director, Lehman Brothers (1992 - finance company)
1995); and Executive, The World Bank (1985 - 2010)
(1979 - 1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (74) Trustee since 2011. William Joseph Maier Professor of Trustee, Mellon Institutional
Trustee Serves until a successor Political Economy, Harvard University Funds Investment Trust and
trustee is elected or (1972 - present) Mellon Institutional Funds
earlier retirement or Master Portfolio (oversaw
removal. 17 portfolios in fund
complex) (1989 - 2008)
------------------------------------------------------------------------------------------------------------------------------------
132 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (71) Trustee since 2011. Founding Director, Vice-President and None
Trustee Serves until a successor Corporate Secretary, The Winthrop
trustee is elected or earlier Group, Inc. (consulting firm) (1982 -
retirement or removal. present); Desautels Faculty of
Management, McGill University (1999 -
2017); and Manager of Research
Operations and Organizational Learning,
Xerox PARC, Xerox's advance research
center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Lorraine H. Monchak (62) Trustee since 2017. Chief Investment Officer, 1199 SEIU None
Trustee (Advisory Trustee from Funds (healthcare workers union pension
2014 - 2017) Serves until funds) (2001 - present); Vice
a successor trustee is President - International Investments
elected or earlier Group, American International Group,
retirement or removal. Inc. (insurance company) (1993 - 2001);
Vice President - Corporate Finance and
Treasury Group, Citibank, N.A. (1980 -
1986 and 1990 - 1993); Vice President -
Asset/Liability Management Group,
Federal Farm Funding Corporation
(government-sponsored issuer of debt
securities) (1988 - 1990); Mortgage
Strategies Group, Shearson Lehman
Hutton, Inc. (investment bank) (1987 -
1988); and Mortgage Strategies Group,
Drexel Burnham Lambert, Ltd.
(investment bank) (1986 - 1987)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (70) Trustee since 2011. President and Chief Executive Officer, Director of New America
Trustee Serves until a successor Metric Financial Inc. (formerly known High Income Fund, Inc.
trustee is elected or earlier as Newbury Piret Company) (investment (closed-end investment
retirement or removal. banking firm) (1981 - present) company) (2004 - present);
and Member, Board of
Governors, Investment
Company Institute
(2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (72) Trustee since 2014. Consultant (investment company None
Trustee Serves until a successor services) (2012 - present); Executive
trustee is elected or earlier Vice President, BNY Mellon (financial
retirement or removal. and investment company services)
(1969 - 2012); Director, BNY
International Financing Corp.
(financial services) (2002 - 2012);
Director, Mellon Overseas Investment
Corp. (financial services) (2009 - 2012);
Director, Financial Models (technology)
(2005-2007); Director, BNY Hamilton
Funds, reland (offshore investment
companies) (2004-2007); Chairman/
Director, AIB/BNY Securities Services,
Ltd., Ireland (financial services)
(1999-2006); and Chairman, BNY
Alternative Investment Services, Inc.
(financial services) (2005-2007)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 133
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (57)* Trustee since 2017. Director, CEO and President of Amundi None
Trustee, President and Serves until a successor Pioneer Asset Management USA, Inc.
Chief Executive Officer trustee is elected or earlier (since September 2014); Director, CEO
retirement or removal and President of Amundi Pioneer Asset
Management, Inc. (since September 2014);
Director, CEO and President of Amundi
Pioneer Distributor, Inc. (since
September 2014); Director, CEO and
President of Amundi Pioneer
Institutional Asset Management, Inc.
(since September 2014); Chair, Amundi
Pioneer Asset Management USA, Inc.,
Amundi Pioneer Distributor, Inc. and
Amundi Pioneer Institutional Asset
Management, Inc. (September 2014 -
2018); Managing Director, Morgan
Stanley Investment Management (2010 -
2013); Director of Institutional
Business, CEO of International, Eaton
Vance Management (2005 - 2010); and
Director of Amundi USA, Inc.
(since 2017)
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (60)* Trustee since 2014. Director and Executive Vice President None
Trustee Serves until a successor (since 2008) and Chief Investment
trustee is elected or earlier Officer, U.S. (since 2010) of Amundi
retirement or removal Pioneer Asset Management USA, Inc.;
Director and Executive Vice President
and Chief Investment Officer, U.S. of
Amundi Pioneer (since 2008); Executive
Vice President and Chief Investment
Officer, U.S. of Amundi Pioneer
Institutional Asset Management, Inc.
(since 2009); Portfolio Manager of
Amundi Pioneer (since 1999); and
Director of Amundi USA, Inc.
(since 2017)
------------------------------------------------------------------------------------------------------------------------------------
* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund's investment adviser and
certain of its affiliates.
134 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (54) Since 2011. Serves at Vice President and Associate General None
Secretary and Chief the discretion of the Board Counsel of Amundi Pioneer since January
Legal Officer 2008; Secretary and Chief Legal Officer
of all of the Pioneer Funds since June
2010; Assistant Secretary of all of the
Pioneer Funds from September 2003 to
May 2010; and Vice President and Senior
Counsel of Amundi Pioneer from July
2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (58) Since 2011. Serves at Fund Governance Director of Amundi None
Assistant Secretary the discretion of the Board Pioneer since December 2006 and
Assistant Secretary of all the Pioneer
Funds since June 2010; Manager - Fund
Governance of Amundi Pioneer from
December 2003 to November 2006; and
Senior Paralegal of Amundi Pioneer
from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (56) Since 2011. Serves at Senior Counsel of Amundi Pioneer since None
Assistant Secretary the discretion of the Board May 2013 and Assistant Secretary of all
the Pioneer Funds since June 2010; and
Counsel of Amundi Pioneer from June 2007
to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (59) Since 2011. Serves at Vice President - Fund Treasury of None
Treasurer and Chief the discretion of the Board Amundi Pioneer; Treasurer of all of the
Financial and Accounting Pioneer Funds since March 2008; Deputy
Officer Treasurer of Amundi Pioneer from March
2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds
from March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (53) Since 2011. Serves at Director - Fund Treasury of Amundi None
Assistant Treasurer the discretion of the Board Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 135
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (60) Since 2011. Serves at Senior Manager - Fund Treasury of Amundi None
Assistant Treasurer the discretion of the Board Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (39) Since 2011. Serves at Senior Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Board Amundi Pioneer since November 2008;
Assistant Treasurer of all of the
Pioneer Funds since January 2009; and
Client Service Manager - Institutional
Investor Services at State Street Bank
from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
John Malone (48) Since 2018. Serves at Managing Director, Chief Compliance None
Chief Compliance Officer the discretion of the Board Officer of Amundi Pioneer Asset
Management; Amundi Pioneer
Institutional Asset Management, Inc.;
and the Pioneer Funds since September
2018; and Chief Compliance Officer of
Amundi Pioneer Distributor, Inc.
since January 2014.
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (48) Since 2011. Serves at Vice President - Amundi Pioneer Asset None
Anti-Money the discretion of the Board Management; and Anti-Money Laundering
Laundering Officer Officer of all the Pioneer Funds
since 2006
------------------------------------------------------------------------------------------------------------------------------------
136 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
This page is for your notes.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 137
This page is for your notes.
138 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
This page is for your notes.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19 139
This page is for your notes.
140 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/19
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 219427
Kansas City, MO 64121-9427
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 portfolio holdings with the Securities
and Exchange Commission for the first and third quarters of each fiscal year as
an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form
N-PORT by visiting the Commission's web site at https://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] 2019 Amundi Pioneer Asset Management 25671-07-0519
Pioneer Dynamic
Credit Fund
--------------------------------------------------------------------------------
Annual Report | March 31, 2019
--------------------------------------------------------------------------------
Ticker Symbols:
Class A RCRAX
Class C RCRCX
Class Y RCRYX
Beginning in March 2021, as permitted by regulations adopted by the Securities
and Exchange Commission, paper copies of the Fund's shareholder reports like
this one will no longer be sent by mail, unless you specifically request paper
copies of the reports from the Fund or from your financial intermediary, such
as a broker-dealer, bank or insurance company. Instead, the reports will be
made available on the Fund's website, and you will be notified by mail each
time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will
not be affected by this change and you need not take any action. You may elect
to receive shareholder reports and other communications electronically by
contacting your financial intermediary or, if you invest directly with the
Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you
invest directly with the Fund, you can inform the Fund that you wish to
continue receiving paper copies of your shareholder reports by calling
1-800-225-6292. If you invest through a financial intermediary, you can contact
your financial intermediary to request that you continue to receive paper
copies of your shareholder reports. Your election to receive reports in paper
will apply to all funds held in your account if you invest through your
financial intermediary or all funds held within the Pioneer Fund complex if you
invest directly.
[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 34
Notes to Financial Statements 41
Report of Independent Registered Public Accounting Firm 59
Additional Information 61
Trustees, Officers and Service Providers 62
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 1
President's Letter
Since 1928, active portfolio management based on in-depth, fundamental
research, has been the foundation of Amundi Pioneer's investment approach. We
believe an active management investment strategy is a prudent approach to
investing, especially during periods of market volatility, which can result
from any number of risk factors, including slow U.S. economic growth, rising
interest rates, and geopolitical factors. Of course, in today's global economy,
risk factors extend well beyond U.S. borders, and political and economic issues
on the international front can also cause or contribute to volatility in U.S.
markets.
At Amundi Pioneer, each security under consideration is researched by our team
of experienced investment professionals, who visit companies and meet with
their management teams. At the end of this research process, if we have
conviction in a company's business model and management team, and regard the
security as a potentially solid investment opportunity, an Amundi Pioneer
portfolio manager makes an active decision to invest in that security. The
portfolio resulting from these decisions represents an expression of his or her
convictions, and strives to balance overall risk and return opportunity. As an
example, the Standard & Poor's 500 Index -- the predominant benchmark for many
U.S. Large-Cap Core Equity funds -- has 500 stocks. An Amundi Pioneer portfolio
manager chooses to invest in only those companies that he or she believes can
offer the most attractive opportunities to pursue the fund's investment
objective, thus potentially benefiting the fund's shareowners. This process
results in a portfolio that does not own all 500 stocks, but a much narrower
universe. The same active decision to invest in a company is also applied when
we decide to sell a security, either due to changing fundamentals, valuation
concerns, or market risks. We apply this active decision-making across all of
our equity, fixed-income, and global portfolios.
Today, as investors, we have many options. It is our view that active
management can serve shareholders well not only when markets are thriving, but
also during periods of market volatility and uncertainty, thus making it a
compelling investment choice. As you consider the many choices today, 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.
2 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
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.
March 31, 2019
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 | Annual Report | 3/31/19 3
Portfolio Management Discussion | 3/31/19
In the following interview, Michael Temple and Kevin Choy discuss the principal
factors that affected the performance of Pioneer Dynamic Credit Fund during the
12-month period ended March 31, 2019. 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 12-month period ended March 31, 2019?
A Pioneer Dynamic Credit Fund's Class A shares returned 2.33% at net asset
value during the 12-month period ended March 31, 2019, 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 2.48%. During the same period, the
average return of the 326 mutual funds in Morningstar's Multisector Bond
Funds category was 3.13%.
Q How would you describe the investment environment in the fixed-income
markets during the 12-month period ended March 31, 2019?
A The past year was a fairly eventful time for the bond market, reflecting
investors' shifting views on economic growth and the U.S. Federal
Reserve's (the Fed's) monetary policy. In the first half of the 12-month
period, robust domestic economic data and expectations that the Fed would
continue to raise interest rates provided a tailwind for the
credit-sensitive areas of the fixed-income market -- particularly
high-yield bonds -- by boosting investor sentiment and contributing to
better-than-expected corporate earnings. Conversely, rate-sensitive assets
(such as U.S. Treasuries) lagged.
The investment backdrop shifted in the early autumn of 2018, however,
after Fed Chairman Jerome Powell stated that interest rates were "a long
way from neutral," a possible indication that several more rate hikes were
on the way. U.S. Treasury yields rose in response (as Treasury prices
fell), while the performance of high-yield bonds -- which were also
negatively affected by worries about U.S. trade policy, slowing economic
growth overseas, and low market liquidity at the end of 2018 --
experienced a sharp downturn.
The broader sell-off in riskier assets would eventually provide support
for Treasuries by fueling a "flight to quality" in the market. That rally
would gain steam once the new calendar year arrived when the Fed, after
raising
4 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
interest rates four times in 2018, including in December, signaled that it
was likely to suspend its rate hikes -- at least temporarily -- and would
base future rate moves on economic data releases as 2019 progressed. The
rest of the investment-grade market followed Treasuries higher during the
first quarter of 2019, the final three months of the 12-month period,
while high-yield securities also staged a strong advance and recovered
nearly all of the losses the asset class incurred over the latter part of
2018.
The first-quarter gains enabled all major fixed-income market segments to
finish the period in positive territory, with the best results coming from
credit-sensitive areas such as high-yield and investment-grade corporate
debt.
Q What were the principal factors that affected the Fund's performance
relative to the benchmark ICE BofA ML Index during the 12-month period
ended March 31, 2019?
A The Fund lost some ground against the benchmark during the period by
having an allocation to insurance-linked securities (ILS). ILS, which are
sponsored by insurance companies to help mitigate the risk of having to
pay claims in the wake of natural disasters, finished the 12-month period
in the red, largely as a result of the claims generated by the severe
California wildfires in late 2018. The portfolio had a modest allocation
to ILS, based on our view that the securities offered both above-average
yield potential as well as diversification* benefits, but those traits did
not translate into positive performance over the past 12 months. We
ultimately reduced the Fund's exposure to ILS, as we saw better investment
opportunities elsewhere.
Our efforts to manage tail risk -- that is, the chance that unexpected
developments could lead to a sharp sell-off across the markets -- also
detracted from the Fund's benchmark-relative performance during the
period. Although that aspect of our strategy helped to dampen volatility
associated with the market instability of late 2018, it weighed on the
Fund's relative returns for the full period, given the solid gains across
the broader fixed-income market.
Our asset allocation decisions were the primary positive contributors to
the Fund's benchmark-relative performance over the 12-month period. The
portfolio's weighting in high-yield bonds, which generated returns well in
excess of the benchmark, aided relative results the most. The Fund's
relative returns further benefited from positions in securitized assets, a
category
* Diversification does not assure a profit nor protect against loss.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 5
that includes investments such as residential mortgage-backed securities
(RMBS), asset-backed securities (ABS), and commercial mortgage-backed
securities (CMBS). All of those market segments outperformed both
government issues and the ICE BofA ML Index during a time that saw
investors generally embrace risk. The Fund's allocation to senior bank
loans was another positive contributor to benchmark-relative performance,
as the loan category delivered attractive total returns in the first six
months of the 12-month period, amid high investor demand for floating-rate
securities that could potentially offset the negative effects of rising
interest rates.
Q How did the Fund's exposure to derivative securities affect its
performance during the 12-month period ended March 31, 2019?
A The Fund had investments in several types of derivatives over the period.
We used credit default swaps to manage the portfolio's exposure to
credit-linked securities, which generally helped results. 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 non-U.S. economies and to manage the risks
associated with the portfolio's investments denominated in foreign
currencies. (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.)
Our credit- and interest-rate strategies had positive effects on the
Fund's performance, while the currency forwards had a negative impact. As
mentioned earlier, the use of derivatives to manage tail risk in the
portfolio also detracted from the Fund's relative performance.
Q Was there any change in the Fund's yield, or distributions** to
shareholders, during the 12-month period ended March 31, 2019?
A The Fund's yield rose slightly over the 12-month period, primarily due to
the increase in prevailing market yields.
Q What is your investment outlook, and how is the outlook reflected in the
Fund's current positioning?
A We are reasonably confident that the U.S. economy, although slowing a bit
from its pace of mid-2018, remains in a healthy condition overall.
Consumer sentiment is robust, unemployment is low, and corporate balance
sheets are in very good shape. However, we remain somewhat cautious due to
the more pronounced economic slowdowns occurring in
** Distributions are not guaranteed.
6 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
China and Europe. Geopolitical and trade issues, while not affecting the
markets in a meaningful way in the first quarter of 2019, continue to
represent additional risk factors. We would also note that valuations in
the credit-sensitive sectors were fairly rich at period-end, following the
first-quarter rally.
We believe those circumstances, taken together, call for a defensive
investment approach. Although the Fund's weighting in high-yield bonds
rose over the full 12-month period -- a reflection of our effort to
capitalize on the improved valuations that emerged in the category after
the late-2018 market slump -- the portfolio's overall corporate exposure
declined somewhat. We modestly reduced the portfolio's allocation to
investment-grade corporates, where we saw less attractive valuations. In
that area, we continue to seek value in sectors and issuers with
long-term, stable cash flows, and that has led us to tilt the Fund's
holdings toward financials and higher-quality midstream energy issuers. We
also decreased the Fund's position in senior loans, as we anticipate lower
demand for floating-rate securities now that the Fed has stopped raising
rates -- at least for the time being. We redeployed the majority of the
proceeds from the sales into securitized assets, which offer the
combination of above-average credit quality and low sensitivity to
interest-rate movements.
We think the opportunistic shifts in the Fund's positioning discussed here
illustrate the potential merits of our flexible investment approach. We
manage the portfolio in an unconstrained fashion, meaning that we can
increase or decrease duration and credit risk to adapt to shifting market
conditions. We believe that degree of flexibility could prove especially
important as global economic growth slows and we move closer to the end of
the current credit cycle.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 7
Please refer to the Schedule of Investments on pages 17-33 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 insurance-linked securities. The return of principal and
the payment of interest and/or dividends on insurance linked securities are
contingent on the non-occurrence of a pre-defined "trigger" event, such as a
hurricane or an earthquake of a specific magnitude.
8 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
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 | Annual Report | 3/31/19 9
Portfolio Summary | 3/31/19
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Corporate Bonds 44.1%
Collateralized Mortgage Obligations 14.9%
Asset Backed Securities 14.8%
U.S. Government and Agency Obligations 13.7%
Senior Secured Floating Rate Loan Interests 9.9%
Insurance-Linked Securities 2.5%
Exchange-Traded Put Options Purchased 0.1%
Right/Warrant 0.0%+
Over The Counter (OTC) Call Options Purchased 0.0%+
+ 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 5.00%
-----------------------------------------------------------------------------------------------
2. U.S. Treasury Bills, 4/9/19 4.49
-----------------------------------------------------------------------------------------------
3. U.S. Treasury Bills, 4/23/19 3.43
-----------------------------------------------------------------------------------------------
4. EnLink Midstream Partners LP, 4.15%, 6/1/25 1.42
-----------------------------------------------------------------------------------------------
5. Westlake Automobile Receivables Trust, Series 2018-3A, Class E, 4.9%,
12/15/23 (144A) 1.40
-----------------------------------------------------------------------------------------------
6. Fannie Mae Connecticut Avenue Securities, Series 2018-C04, Class 2M2,
5.036% (1 Month USD LIBOR + 255 bps), 12/25/30 1.39
-----------------------------------------------------------------------------------------------
7. Genesis Energy LP/Genesis Energy Finance Corp., 6.25%, 5/15/26 1.35
-----------------------------------------------------------------------------------------------
8. Sprint Capital Corp., 6.875%, 11/15/28 1.33
-----------------------------------------------------------------------------------------------
9. Freddie Mac Stacr Trust, Series 2018-HQA2, Class B2, 13.486% (1 Month USD
LIBOR + 1,100 bps), 10/25/48 (144A) 1.32
-----------------------------------------------------------------------------------------------
10. Sunoco LP/Sunoco Finance Corp., 4.875%, 1/15/23 1.29
-----------------------------------------------------------------------------------------------
* 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.
10 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
Prices and Distributions | 3/31/19
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/19 3/31/18
--------------------------------------------------------------------------------
A $9.04 $9.20
--------------------------------------------------------------------------------
C $9.00 $9.17
--------------------------------------------------------------------------------
Y $9.07 $9.24
--------------------------------------------------------------------------------
Distributions per Share: 4/1/18-3/31/19
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term Tax Return
Class Income Capital Gains Capital Gains of Capital
--------------------------------------------------------------------------------
A $0.2650 $ -- $ -- $0.1021
--------------------------------------------------------------------------------
C $0.2126 $ -- $ -- $0.0847
--------------------------------------------------------------------------------
Y $0.2841 $ -- $ -- $0.1086
--------------------------------------------------------------------------------
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 | Annual Report | 3/31/19 11
Performance Update | 3/31/19 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 March 31, 2019)
---------------------------------------------------
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) 3.33% 2.73% 0.76%
5 years 2.60 1.66 0.99
1 year 2.33 -2.27 2.48
---------------------------------------------------
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
3/12 $ 9,586 $10,032
3/13 $10,567 $10,075
3/14 $10,879 $10,102
3/15 $10,802 $10,126
3/16 $10,627 $10,159
3/17 $11,810 $10,234
3/18 $12,090 $10,358
3/19 $12,371 $10,614
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 | Annual Report | 3/31/19
Performance Update | 3/31/19 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 March 31, 2019)
---------------------------------------------------
ICE
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
---------------------------------------------------
Life-of-Class
(4/29/11) 2.51% 2.51% 0.76%
5 years 1.79 1.79 0.99
1 year 1.44 1.44 2.48
---------------------------------------------------
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
3/12 $ 9,953 $10,032
3/13 $10,893 $10,075
3/14 $11,132 $10,102
3/15 $10,957 $10,126
3/16 $10,711 $10,159
3/17 $11,801 $10,234
3/18 $11,991 $10,358
3/19 $12,164 $10,614
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. "If Redeemed" 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 | Annual Report | 3/31/19 13
Performance Update | 3/31/19 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 March 31, 2019)
---------------------------------------------------
ICE
BofA ML
Net U.S. Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
---------------------------------------------------
Life-of-Class
(4/29/11) 3.67% 0.76%
5 years 2.89 0.99
1 year 2.50 2.48
---------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2018)
---------------------------------------------------
Gross Net
---------------------------------------------------
1.01% 0.91%
---------------------------------------------------
Value of $5 Million Investment
[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 $5,000,000 $5,000,000
3/12 $5,047,246 $5,016,142
3/13 $5,586,945 $5,037,586
3/14 $5,768,189 $5,051,197
3/15 $5,743,224 $5,062,972
3/16 $5,670,835 $5,079,435
3/17 $6,314,506 $5,116,860
3/18 $6,489,717 $5,178,819
3/19 $6,652,203 $5,307,026
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 | Annual Report | 3/31/19
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Dynamic Credit Fund
Based on actual returns from October 1, 2018, through March 31, 2019.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 10/1/18
--------------------------------------------------------------------------------
Ending Account Value $1,013.37 $1,008.35 $1,014.65
(after expenses) on 3/31/19
--------------------------------------------------------------------------------
Expenses Paid $5.77 $9.66 $4.27
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.15%,
1.93% and 0.85% for Class A, Class C and Class Y Shares, respectively,
multiplied by the average account value over the period, multiplied by
182/365 (to reflect the one-half year period).
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the
period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Dynamic Credit Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from October 1, 2018, through March 31, 2019.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 10/1/18
--------------------------------------------------------------------------------
Ending Account Value $1,019.20 $1,015.31 $1,020.69
(after expenses) on 3/31/19
--------------------------------------------------------------------------------
Expenses Paid $5.79 $9.70 $4.28
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.15%,
1.93% and 0.85% for Class A, Class C and Class Y Shares, respectively,
multiplied by the average account value over the period, multiplied by
182/365 (to reflect the one-half year period).
16 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
Schedule of Investments | 3/31/19
-------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 97.3%
ASSET BACKED SECURITIES --
14.4% of Net Assets
1,000,000 Access Point Funding I LLC, Series 2017-A, Class B,
3.97%, 4/15/29 (144A) $ 1,002,221
1,200,000 Ascentium Equipment Receivables Trust, Series 2016-2A,
Class E, 6.79%, 10/10/24 (144A) 1,235,628
1,667,000 Axis Equipment Finance Receivables VI LLC, Series
2018-2A, Class F, 7.39%, 6/22/26 (144A) 1,721,338
459,733 BXG Receivables Note Trust, Series 2018-A, Class C,
4.44%, 2/2/34 (144A) 466,213
1,000,000 Cig Auto Receivables Trust, Series 2019-1A, Class D,
4.85%, 5/15/26 (144A) 1,006,708
1,500,000 Elm Trust, Series 2018-2A, Class B, 5.584%, 10/20/27
(144A) 1,515,874
800,000 Engs Commercial Finance Trust, Series 2016-1A,
Class D, 5.22%, 1/22/24 (144A) 788,218
2,282,000 Engs Commercial Finance Trust, Series 2018-1A,
Class E, 6.1%, 8/22/25 (144A) 2,343,755
1,800,000 Four Seas LP, Series 2017-1A, Class A2, 5.927%,
8/28/27 (144A) 1,776,023
1,500,000 Foursight Capital Automobile Receivables Trust, Series
2018-2, Class E, 5.5%, 10/15/24 (144A) 1,552,065
500,000 Foursight Capital Automobile Receivables Trust, Series
2018-2, Class F, 6.48%, 6/15/26 (144A) 511,613
135,289(a) GE Mortgage Services LLC, Series 1997-HE1, Class A4,
7.78%, 3/25/27 34,483
500,000 Hercules Capital Funding Trust, Series 2018-1A,
Class A, 4.605%, 11/22/27 (144A) 510,959
200,000 InSite Issuer LLC, Series 2016-1A, Class C, 6.414%,
11/15/46 (144A) 203,971
700,000 Kabbage Funding LLC, Series 2019-1, Class C, 4.611%,
3/15/24 (144A) 704,913
946,878(b) Newtek Small Business Loan Trust, Series 2018-1,
Class B, 5.486% (1 Month USD LIBOR + 300 bps),
2/25/44 (144A) 946,876
650,000(b) Palmer Square Loan Funding, Ltd., Series 2018-1A,
Class C, 4.637% (3 Month USD LIBOR + 185 bps),
4/15/26 (144A) 623,504
650,000(b) Palmer Square Loan Funding, Ltd., Series 2018-1A,
Class D, 6.737% (3 Month USD LIBOR + 395 bps),
4/15/26 (144A) 613,326
1,675,000 Progress Residential Trust, Series 2018-SFR1, Class E,
4.38%, 3/17/35 (144A) 1,679,851
2,500,000 Progress Residential Trust, Series 2018-SFR2, Class E,
4.656%, 8/17/35 (144A) 2,540,566
2,510,000 Progress Residential Trust, Series 2018-SFR3, Class F,
5.368%, 10/17/35 (144A) 2,548,254
500,000 Rosy, Series 2018-1, Class A1, 6.25%, 12/15/25 (144A) 500,000
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 17
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- (continued)
1,046,768 Solarcity Lmc Series VI LLC, Series 2016-A, Class A,
4.8%, 9/20/48 (144A) $ 1,074,065
750,000 Veros Automobile Receivables Trust, Series 2018-1,
Class C, 4.65%, 2/15/24 (144A) 760,599
2,750,000 Westlake Automobile Receivables Trust, Series 2018-3A,
Class E, 4.9%, 12/15/23 (144A) 2,796,499
-------------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $29,225,548) $ 29,457,522
-------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
14.5% of Net Assets
19,128(a) Bear Stearns ALT-A Trust, Series 2003-3, Class 1A,
3.919%, 10/25/33 $ 19,914
67,485(a) Bear Stearns Commercial Mortgage Securities Trust,
Series 2005-PWR7, Class B, 5.142%, 2/11/41 67,180
235,000(b) Bellemeade Re, Ltd., Series 2018-2A, Class B1, 5.136%
(1 Month USD LIBOR + 265 bps), 8/25/28 (144A) 235,394
380,000(b) Bellemeade Re, Ltd., Series 2019-1A, Class M1B, 4.234%
(1 Month USD LIBOR + 175 bps), 3/25/29 (144A) 380,000
500,000(b) BTH-25 Mortgage-Backed Securities Trust, Series
2019-25, Class A, 4.982% (1 Month USD LIBOR +
250 bps), 2/14/20 (144A) 499,999
408,884(b) BX Commercial Mortgage Trust, Series 2018-IND,
Class D, 3.784% (1 Month USD LIBOR + 130 bps),
11/15/35 (144A) 409,140
1,000,000 Caesars Palace Las Vegas Trust, Series 2017-VICI,
Class A, 3.531%, 10/15/34 (144A) 1,020,266
2,030,404(a) Cascade Funding Mortgage Trust, Series 2018-RM2,
Class D, 4.0%, 10/25/68 (144A) 1,750,208
488,926(a) COBALT CMBS Commercial Mortgage Trust, Series 2007-C3,
Class B, 5.527%, 5/15/46 490,621
1,000,000(b) Cold Storage Trust, Series 2017-ICE3, Class B, 3.734%
(1 Month USD LIBOR + 125 bps), 4/15/36 (144A) 999,969
750,000(b) Cold Storage Trust, Series 2017-ICE3, Class C, 3.834%
(1 Month USD LIBOR + 135 bps), 4/15/36 (144A) 749,978
500,000(a) CSAIL Commercial Mortgage Trust, Series 2015-C4,
Class D, 3.582%, 11/15/48 456,485
78,674(a) CSFB Mortgage-Backed Pass-Through Certificates, Series
2003-17, Class B2, 5.5%, 6/25/33 1
1,250,000(a) Deephaven Residential Mortgage Trust, Series 2018-3A,
Class B1, 5.007%, 8/25/58 (144A) 1,243,777
890,000(b) Fannie Mae Connecticut Avenue Securities, Series
2017-C02, Class 2B1, 7.986% (1 Month USD LIBOR +
550 bps), 9/25/29 1,010,202
1,500,000(b) Fannie Mae Connecticut Avenue Securities, Series
2017-C05, Class 1M2, 4.686% (1 Month USD LIBOR +
220 bps), 1/25/30 1,518,324
The accompanying notes are an integral part of these financial statements.
18 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
(continued)
2,750,000(b) Fannie Mae Connecticut Avenue Securities, Series
2018-C04, Class 2M2, 5.036% (1 Month USD LIBOR +
255 bps), 12/25/30 $ 2,767,216
1,000,000(b) Fannie Mae Connecticut Avenue Securities, Series
2018-C05, Class 1B1, 6.736% (1 Month USD LIBOR +
425 bps), 1/25/31 1,011,969
1,130,000(b) Fannie Mae Connecticut Avenue Securities, Series
2018-C06, Class 1M2, 4.486% (1 Month USD LIBOR +
200 bps), 3/25/31 1,120,476
2,510,000(b) Freddie Mac Stacr Trust, Series 2018-HQA2, Class B2,
13.486% (1 Month USD LIBOR + 1,100 bps),
10/25/48 (144A) 2,621,766
350,000(b) Freddie Mac Stacr Trust, Series 2018-HQA2, Class M2,
4.786% (1 Month USD LIBOR + 230 bps),
10/25/48 (144A) 346,113
190,833 Global Mortgage Securitization, Ltd., Series 2004-A,
Class B2, 5.25%, 11/25/32 (144A) 41,430
84,162 Global Mortgage Securitization, Ltd., Series 2004-A,
Class B3, 5.25%, 11/25/32 (144A) 1
253,317 Global Mortgage Securitization, Ltd., Series 2005-A,
Class B2, 5.25%, 4/25/32 (144A) 204,241
570,000(a) GMAT Trust, Series 2013-1A, Class M, 5.0%,
11/25/43 (144A) 343,227
500,000(b) GS Mortgage Securities Corp. Trust, Series 2018-FBLU,
Class B, 3.684% (1 Month USD LIBOR + 120 bps),
11/15/35 (144A) 497,836
500,000(b) GS Mortgage Securities Trust, Series 2018-HART,
Class B, 3.784% (1 Month USD LIBOR + 130 bps),
10/15/31 (144A) 501,208
750,000(b) IMT Trust, Series 2017-APTS, Class DFL, 4.034%
(1 Month USD LIBOR + 155 bps), 6/15/34 (144A) 750,470
300,000(a) JPMDB Commercial Mortgage Securities Trust, Series
2016-C4, Class D, 3.093%, 12/15/49 (144A) 257,318
395,876(b) La Hipotecaria Panamanian Mortgage Trust, Series
2007-1GA, Class A, 4.773% (Panamanian Mortgage
Reference Rate - 125 bps), 12/23/36 (144A) 391,918
500,000(a) Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2014-C17, Class D, 4.703%, 8/15/47 (144A) 472,819
300,000(a) Morgan Stanley Capital I Trust, Series 2016-BNK2,
Class D, 3.0%, 11/15/49 (144A) 254,028
260,000 Morgan Stanley Capital I Trust, Series 2016-UBS9,
Class D, 3.0%, 3/15/49 (144A) 227,552
850,000(b) Radnor Re, Ltd., Series 2019-1, Class M1B, 4.436%
(1 Month USD LIBOR + 195 bps), 2/25/29 (144A) 853,122
1,479,866(b) SLIDE, Series 2018-FUN, Class B, 3.734% (1 Month USD
LIBOR + 125 bps), 6/15/31 (144A) 1,477,985
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 19
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
(continued)
1,525,000(b) Starwood Waypoint Homes Trust, Series 2017-1,
Class E, 5.084% (1 Month USD LIBOR + 260 bps),
1/17/35 (144A) $ 1,526,600
432,905(b) Tharaldson Hotel Portfolio Trust, Series 2018-THL,
Class C, 3.831% (1 Month USD LIBOR + 135 bps),
11/11/34 (144A) 432,355
1,000,000 Tricon American Homes Trust, Series 2017-SFR1, Class F,
5.151%, 9/17/34 (144A) 1,005,789
900,000 Tricon American Homes Trust, Series 2017-SFR2, Class F,
5.104%, 1/17/36 (144A) 906,321
750,000 Wells Fargo Commercial Mortgage Trust, Series
2016-BNK1, Class D, 3.0%, 8/15/49 (144A) 613,689
200,000(a) WFRBS Commercial Mortgage Trust, Series 2013-C12,
Class D, 4.418%, 3/15/48 (144A) 187,877
-------------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $29,844,312) $ 29,664,784
-------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 43.0% of Net Assets
Banks -- 6.8%
1,000,000(a)(c) Barclays Plc, 7.75% (5 Year USD Swap Rate + 484 bps) $ 1,001,700
2,250,000 BPCE SA, 4.875%, 4/1/26 (144A) 2,314,415
EUR 1,200,000(a)(c) Cooperatieve Rabobank UA, 6.625% (5 Year EUR
Swap Rate + 670 bps) 1,464,555
1,955,000(a)(c) Credit Suisse Group AG, 7.125% (5 Year USD Swap
Rate + 511 bps) 2,006,319
1,600,000 Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) 1,420,000
1,000,000(a)(c) Lloyds Banking Group Plc, 7.5% (5 Year USD Swap
Rate + 450 bps) 1,014,700
1,000,000(a)(c) Royal Bank of Scotland Group Plc, 8.625% (5 Year USD
Swap Rate + 760 bps) 1,065,000
1,233,000(a)(c) Societe Generale SA, 7.375% (5 Year USD Swap Rate +
624 bps) (144A) 1,271,531
217,000(a)(c) Societe Generale SA, 8.0% (5 Year USD 1100 Run ICE
Swap Rate + 587 bps) (144A) 230,563
2,000,000 UBS AG, 7.625%, 8/17/22 2,202,360
------------
Total Banks $ 13,991,143
-------------------------------------------------------------------------------------------------------------------
Building Materials -- 0.8%
1,520,000 Standard Industries, Inc., 5.375%, 11/15/24 (144A) $ 1,558,000
------------
Total Building Materials $ 1,558,000
-------------------------------------------------------------------------------------------------------------------
Chemicals -- 1.0%
468,000 Darling Ingredients Inc., 5.25%, 4/15/27 (144A) $ 474,143
1,600,000 NOVA Chemicals Corp., 4.875%, 6/1/24 (144A) 1,572,000
------------
Total Chemicals $ 2,046,143
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------
Commercial Services -- 1.5%
1,579,000 Brink's Co., 4.625%, 10/15/27 (144A) $ 1,523,735
1,600,000 United Rentals North America, Inc., 4.625%, 10/15/25 1,580,000
------------
Total Commercial Services $ 3,103,735
-------------------------------------------------------------------------------------------------------------------
Computers -- 1.2%
2,375,000 Dell International LLC/EMC Corp., 4.42%, 6/15/21 (144A) $ 2,436,655
------------
Total Computers $ 2,436,655
-------------------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 2.1%
695,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) $ 711,923
1,000,000^(d) Fixed Income Trust Series 2013-A, 0.0%, 10/15/97 (144A) 1,316,208
890,000 Nationstar Mortgage LLC/Nationstar Capital Corp.,
6.5%, 7/1/21 890,000
1,425,000 Nationstar Mortgage LLC/Nationstar Capital Corp.,
6.5%, 6/1/22 1,402,734
------------
Total Diversified Financial Services $ 4,320,865
-------------------------------------------------------------------------------------------------------------------
Electric -- 1.6%
1,443,000 Clearway Energy Operating LLC, 5.75%, 10/15/25 (144A) $ 1,448,411
960,000 Southern California Edison Co., 4.875%, 3/1/49 1,016,977
18,000 Talen Energy Supply LLC, 4.6%, 12/15/21 17,415
795,000 Vistra Operations Co. LLC, 5.625%, 2/15/27 (144A) 826,800
------------
Total Electric $ 3,309,603
-------------------------------------------------------------------------------------------------------------------
Entertainment -- 0.1%
220,000 International Game Technology Plc, 6.25%,
1/15/27 (144A) $ 225,500
------------
Total Entertainment $ 225,500
-------------------------------------------------------------------------------------------------------------------
Environmental Control -- 0.6%
1,200,000 Tervita Escrow Corp., 7.625%, 12/1/21 (144A) $ 1,191,000
------------
Total Environmental Control $ 1,191,000
-------------------------------------------------------------------------------------------------------------------
Healthcare-Services -- 3.6%
1,500,000 Centene Corp., 4.75%, 1/15/25 $ 1,530,000
115,000 HCA, Inc., 5.625%, 9/1/28 121,612
1,200,000 HCA, Inc., 5.875%, 5/1/23 1,279,500
76,000 HCA, Inc., 5.875%, 2/1/29 81,886
1,700,000 Molina Healthcare, Inc., 5.375%, 11/15/22 1,764,787
1,225,000 RegionalCare Hospital Partners Holdings, Inc., 8.25%,
5/1/23 (144A) 1,303,094
1,190,000 WellCare Health Plans, Inc., 5.25%, 4/1/25 1,231,650
------------
Total Healthcare-Services $ 7,312,529
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 21
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------
Home Builders -- 1.9%
2,190,000 KB Home, 7.0%, 12/15/21 $ 2,343,300
1,500,000 Taylor Morrison Communities, Inc./Taylor Morrison
Holdings II, Inc., 5.875%, 4/15/23 (144A) 1,526,250
------------
Total Home Builders $ 3,869,550
-------------------------------------------------------------------------------------------------------------------
Insurance -- 0.1%
100,000 Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A) $ 134,611
------------
Total Insurance $ 134,611
-------------------------------------------------------------------------------------------------------------------
Iron & Steel -- 1.0%
2,010,000 ArcelorMittal, 5.5%, 3/1/21 $ 2,099,829
------------
Total Iron & Steel $ 2,099,829
-------------------------------------------------------------------------------------------------------------------
Media -- 2.7%
1,500,000 Sirius XM Radio, Inc., 4.625%, 5/15/23 (144A) $ 1,516,875
2,466,000 Time Warner Cable LLC, 4.125%, 2/15/21 2,504,513
1,400,000 Videotron, Ltd., 5.375%, 6/15/24 (144A) 1,461,250
------------
Total Media $ 5,482,638
-------------------------------------------------------------------------------------------------------------------
Oil & Gas -- 4.6%
1,528,000 Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) $ 1,497,440
1,300,000 Oasis Petroleum, Inc., 6.25%, 5/1/26 (144A) 1,238,250
1,350,000 Parsley Energy LLC/Parsley Finance Corp., 5.375%,
1/15/25 (144A) 1,346,625
1,300,000 PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 6/15/25 1,334,450
1,500,000 Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25 (144A) 1,425,000
2,525,000 Sunoco LP/Sunoco Finance Corp., 4.875%, 1/15/23 2,565,148
------------
Total Oil & Gas $ 9,406,913
-------------------------------------------------------------------------------------------------------------------
Packaging & Containers -- 0.5%
1,000,000 Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc.,
4.625%, 5/15/23 (144A) $ 1,006,250
------------
Total Packaging & Containers $ 1,006,250
-------------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 1.1%
900,000 Bausch Health Cos., Inc., 6.5%, 3/15/22 (144A) $ 931,500
1,250,000 Bausch Health Cos., Inc., 7.0%, 3/15/24 (144A) 1,322,500
------------
Total Pharmaceuticals $ 2,254,000
-------------------------------------------------------------------------------------------------------------------
Pipelines -- 7.8%
900,000 American Midstream Partners LP/American Midstream
Finance Corp., 9.5%, 12/15/21 (144A) $ 828,000
1,390,000 Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/25 1,511,625
1,515,000 DCP Midstream Operating LP, 3.875%, 3/15/23 1,507,425
1,400,000 Enable Midstream Partners LP, 4.95%, 5/15/28 1,417,507
1,440,000 Energy Transfer Operating LP, 5.5%, 6/1/27 1,560,143
2,940,000 EnLink Midstream Partners LP, 4.15%, 6/1/25 2,829,750
The accompanying notes are an integral part of these financial statements.
22 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------
Pipelines -- (continued)
2,850,000 Genesis Energy LP/Genesis Energy Finance Corp.,
6.25%, 5/15/26 $ 2,693,250
1,450,000 ONEOK, Inc., 6.875%, 9/30/28 1,733,251
1,475,000 Targa Resources Partners LP/Targa Resources Partners
Finance Corp., 5.875%, 4/15/26 (144A) 1,559,075
327,000 Targa Resources Partners LP/Targa Resources Partners
Finance Corp., 6.5%, 7/15/27 (144A) 352,751
------------
Total Pipelines $ 15,992,777
-------------------------------------------------------------------------------------------------------------------
Software -- 0.8%
1,500,000 IQVIA, Inc., 5.0%, 10/15/26 (144A) $ 1,534,695
------------
Total Software $ 1,534,695
-------------------------------------------------------------------------------------------------------------------
Telecommunications -- 3.0%
1,355,000 Hughes Satellite Systems Corp., 5.25%, 8/1/26 $ 1,344,837
1,520,000 Level 3 Financing, Inc., 5.375%, 5/1/25 1,538,696
2,750,000 Sprint Capital Corp., 6.875%, 11/15/28 2,643,438
300,000 Unison Ground Lease Funding LLC, 5.78%,
3/15/20 (144A) 297,977
400,000 WCP Issuer LLC, 6.657%, 8/15/20 (144A) 400,086
------------
Total Telecommunications $ 6,225,034
-------------------------------------------------------------------------------------------------------------------
Trucking & Leasing -- 0.2%
400,000 Fly Leasing, Ltd., 6.375%, 10/15/21 $ 405,000
------------
Total Trucking & Leasing $ 405,000
-------------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $86,537,452) $ 87,906,470
-------------------------------------------------------------------------------------------------------------------
INSURANCE-LINKED SECURITIES --
2.4% of Net Assets(e)
Catastrophe Linked Bonds -- 1.3%
Earthquakes -- California -- 0.5%
250,000(b) Ursa Re, 3.5% (ZERO + 350 bps), 5/27/20 (144A) $ 247,250
250,000(b) Ursa Re, 4.0% (ZERO + 400 bps), 12/10/19 (144A) 247,250
250,000(b) Ursa Re, 6.396% (3 Month U.S. Treasury Bill + 400 bps),
12/10/20 (144A) 247,000
250,000(b) Ursa Re, 7.646% (3 Month U.S. Treasury Bill + 525 bps),
12/10/20 (144A) 250,625
------------
$ 992,125
-------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. -- 0.4%
250,000(b) Kilimanjaro II Re, 11.831% (6 Month USD LIBOR +
949 bps), 4/20/21 (144A) $ 249,500
250,000(b) Residential Reinsurance 2016, 7.596% (3 Month U.S.
Treasury Bill + 520 bps), 12/6/20 (144A) 243,075
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 23
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. -- (continued)
250,000(b) Residential Reinsurance 2017, 7.936% (3 Month U.S.
Treasury Bill + 554 bps), 12/6/21 (144A) $ 244,500
------------
$ 737,075
-------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 0.4%
400,000(b) Galilei Re, 8.116% (6 Month USD LIBOR + 560 bps),
1/8/20 (144A) $ 398,280
250,000(b) Galilei Re, 9.296% (6 Month USD LIBOR + 678 bps),
1/8/20 (144A) 249,375
250,000(b) Galilei Re, 11.146% (6 Month USD LIBOR + 863 bps),
1/8/20 (144A) 250,000
------------
$ 897,655
------------
Total Catastrophe Linked Bonds $ 2,626,855
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
Face
Amount
USD ($)
-------------------------------------------------------------------------------------------------------------------
Collateralized Reinsurance -- 0.0%+
Multiperil -- Worldwide -- 0.0%+
250,000+(f) Cypress Re 2017, 1/10/20 $ 21,650
12,000+ Limestone Re 2016-1, 8/31/21 44,274
250,000+(f) Resilience Re 12/31/19 25
------------
Total Collateralized Reinsurance $ 65,949
-------------------------------------------------------------------------------------------------------------------
Reinsurance Sidecars -- 1.1%
Multiperil -- U.S. -- 0.7%
1,500,000+ Carnoustie Re 2015, 7/1/19 $ 4,800
500,000+ Carnoustie Re 2016, 11/30/20 13,500
500,000+(f) Carnoustie Re 2017, 11/30/21 127,100
250,000+(f) Carnoustie Re 2018, 12/31/21 47,475
1,500,000+(f) Harambee Re 2018, 12/31/21 1,321,800
700,000+(f) Prestwick Re 2015-1, 7/1/19 11,900
------------
$ 1,526,575
-------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 0.4%
500,000+(f) Arlington Re 2015, 2/1/20 $ 24,300
41,791+ Berwick Re 2018-1, 12/31/21 6,900
32,174+(f) Berwick Re 2019-1, 12/31/22 32,783
250,000+(f) Blue Lotus Re 2018, 12/31/21 265,925
25,000+(f) Eden Re II, 3/22/22 (144A) 60,557
250,000+(f) Lorenz Re 2017, 3/31/20 14,900
2,000,000+ Pangaea Re 2015-1, 2/1/20 3,600
2,000,000+ Pangaea Re 2015-2, 11/30/19 1,800
1,000,000+ Pangaea Re 2016-1, 11/30/20 1,300
1,000,000+ Pangaea Re 2017-1, 11/30/21 --
The accompanying notes are an integral part of these financial statements.
24 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------
Face
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- (continued)
217,248+(f) St. Andrews Re 2017-4, 6/1/19 $ 21,377
250,000+(f) Thopas Re 2018, 12/31/21 52,800
1,500,000+ Versutus Re 2017, 11/30/21 7,200
1,500,000+(f) Versutus Re 2018, 12/31/21 104,850
250,000+(f) Viribus Re 2018, 12/31/21 102,597
106,153+(f) Viribus Re 2019, 0.0%, 12/31/22 110,208
------------
$ 811,097
------------
Total Reinsurance Sidecars $ 2,337,672
-------------------------------------------------------------------------------------------------------------------
TOTAL INSURANCE-LINKED SECURITIES
(Cost $5,572,031) $ 5,030,476
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($)
-------------------------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE LOAN
INTERESTS -- 9.6% of Net Assets*(b)
Aerospace & Defense -- 0.4%
738,520 DAE Aviation Holdings, Inc., Initial Term Loan, 6.25%
(LIBOR + 375 bps), 7/7/22 $ 738,982
------------
Total Aerospace & Defense $ 738,982
-------------------------------------------------------------------------------------------------------------------
Automobile -- 0.6%
1,131,355 KAR Auction Services, Inc., Tranche B-4 Term Loan,
4.875% (LIBOR + 225 bps), 3/11/21 $ 1,128,998
------------
Total Automobile $ 1,128,998
-------------------------------------------------------------------------------------------------------------------
Beverage, Food & Tobacco -- 0.3%
611,893 Albertson's LLC, 2017-1 Term B-6 Loan, 5.479% (LIBOR +
300 bps), 6/22/23 $ 607,431
------------
Total Beverage, Food & Tobacco $ 607,431
-------------------------------------------------------------------------------------------------------------------
Buildings & Real Estate -- 0.6%
297,000 Beacon Roofing Supply, Inc., Initial Term Loan, 4.749%
(LIBOR + 225 bps), 1/2/25 $ 289,606
884,976 Builders FirstSource, Inc., Refinancing Term Loan,
5.601% (LIBOR + 300 bps), 2/29/24 859,164
------------
Total Buildings & Real Estate $ 1,148,770
-------------------------------------------------------------------------------------------------------------------
Chemicals, Plastics & Rubber -- 0.5%
1,001,478 Univar USA, Inc., Term B-3 Loan, 4.749% (LIBOR +
225 bps), 7/1/24 $ 991,933
------------
Total Chemicals, Plastics & Rubber $ 991,933
-------------------------------------------------------------------------------------------------------------------
Computers & Electronics -- 0.7%
985,000 Applied Systems, Inc., First Lien Closing Date Term
Loan, 5.499% (LIBOR + 300 bps), 9/19/24 $ 974,124
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 25
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------
Computers & Electronics -- (continued)
300,000 Energizer Holdings, Inc., Term B Loan (LIBOR +
225 bps), 12/17/25 $ 297,563
207,107 Energy Acquisition LP (aka Electrical Components
International), First Lien Initial Term Loan, 6.851%
(LIBOR + 425 bps), 6/26/25 201,929
------------
Total Computers & Electronics $ 1,473,616
-------------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Manufacturing -- 0.1%
423,913 Commercial Barge Line Co., Initial Term Loan, 11.249%
(LIBOR + 875 bps), 11/12/20 $ 299,389
------------
Total Diversified & Conglomerate Manufacturing $ 299,389
-------------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Service -- 2.3%
985,000 Albany Molecular Research, Inc., First Lien Initial
Term Loan, 5.749% (LIBOR + 325 bps), 8/30/24 $ 969,405
642,963 Allied Universal Holdco LLC (fka USAGM Holdco LLC),
First Lien Initial Term Loan, 6.249% (LIBOR +
375 bps), 7/28/22 622,602
982,500 Constellis Holdings LLC, First Lien Term B Loan,
7.744% (LIBOR + 500 bps), 4/21/24 940,744
501,622 Filtration Group Corp., Initial Dollar Term Loan,
5.499% (LIBOR + 300 bps), 3/29/25 498,592
500,000 Outfront Media Capital LLC (Outfront Media Capital Corp.),
Term Loan, 4.49% (LIBOR + 200 bps), 3/18/24 498,188
1,249,053 WEX, Inc., Term B-2 Loan, 4.749% (LIBOR +
225 bps), 6/30/23 1,240,022
------------
Total Diversified & Conglomerate Service $ 4,769,553
-------------------------------------------------------------------------------------------------------------------
Electric & Electrical -- 0.2%
418,025 Rackspace Hosting, Inc., First Lien Term B Loan,
5.738% (LIBOR + 300 bps), 11/3/23 $ 392,421
------------
Total Electric & Electrical $ 392,421
-------------------------------------------------------------------------------------------------------------------
Electronics -- 0.2%
347,611 Avast Holding BV, 2018 Refinancing Dollar Term Loan,
5.101% (LIBOR + 250 bps), 9/29/23 $ 347,589
------------
Total Electronics $ 347,589
-------------------------------------------------------------------------------------------------------------------
Healthcare & Pharmaceuticals -- 0.7%
479,412 Acadia Healthcare Co., Inc., Tranche B-3 Term Loan,
4.999% (LIBOR + 250 bps), 2/11/22 $ 476,416
985,000 Alphabet Holding Co., Inc. (aka Nature's Bounty),
First Lien Initial Term Loan, 5.999% (LIBOR +
350 bps), 9/26/24 915,434
------------
Total Healthcare & Pharmaceuticals $ 1,391,850
-------------------------------------------------------------------------------------------------------------------
Healthcare, Education & Childcare -- 0.0%+
18,143 Select Medical Corp., Tranche B Term Loan, 4.99%
(LIBOR + 250 bps), 3/6/25 $ 18,075
-------------
Total Healthcare, Education & Childcare $ 18,075
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
-------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------
Hotel, Gaming & Leisure -- 0.2%
494,871 Eldorado Resorts, Inc., Term Loan, 4.875% (LIBOR +
225 bps), 4/17/24 $ 489,922
------------
Total Hotel, Gaming & Leisure $ 489,922
-------------------------------------------------------------------------------------------------------------------
Insurance -- 0.5%
985,000 USI, Inc. (fka Compass Investors, Inc.), 2017 New Term
Loan, 5.601% (LIBOR + 300 bps), 5/16/24 $ 952,988
------------
Total Insurance $ 952,988
-------------------------------------------------------------------------------------------------------------------
Leisure & Entertainment -- 0.4%
884,712 Fitness International LLC, Term B Loan, 5.749% (LIBOR
+ 325 bps), 4/18/25 $ 878,076
------------
Total Leisure & Entertainment $ 878,076
-------------------------------------------------------------------------------------------------------------------
Machinery -- 0.2%
442,907 NN, Inc., Tranche B Term Loan, 6.249% (LIBOR +
375 bps), 10/19/22 $ 436,263
------------
Total Machinery $ 436,263
-------------------------------------------------------------------------------------------------------------------
Printing & Publishing -- 0.3%
687,389 Trader Corp., First Lien 2017 Refinancing Term Loan,
5.496% (LIBOR + 300 bps), 9/28/23 $ 680,515
------------
Total Printing & Publishing $ 680,515
-------------------------------------------------------------------------------------------------------------------
Retail -- 0.2%
474,522 JC Penney Corp., Inc., Term Loan, 6.879% (LIBOR +
425 bps), 6/23/23 $ 420,545
------------
Total Retail $ 420,545
-------------------------------------------------------------------------------------------------------------------
Transport -- 0.2%
450,001 Navios Maritime Partners LP (Navios Partners Finance
(US), Inc.), Initial Term Loan, 7.6% (LIBOR +
500 bps), 9/14/20 $ 447,938
------------
Total Transport $ 447,938
-------------------------------------------------------------------------------------------------------------------
Utilities -- 1.0%
530,598 APLP Holdings, Ltd. Partnership, Term Loan, 5.249%
(LIBOR + 275 bps), 4/13/23 $ 531,925
552,908 Eastern Power LLC (Eastern Covert Midco LLC) (aka
TPF II LC LLC), Term Loan, 6.249% (LIBOR +
375 bps), 10/2/23 551,664
979,036 Vistra Operations Co. LLC (fka Tex Operations Co. LLC),
Initial Term Loan, 4.499% (LIBOR + 200 bps), 8/4/23 969,676
------------
Total Utilities $ 2,053,265
-------------------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE
LOAN INTERESTS
(Cost $20,188,637) $ 19,668,119
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 27
Schedule of Investments | 3/31/19 (continued)
-------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS --
13.3% of Net Assets
8,935,000(g) U.S. Treasury Bills, 4/9/19 $ 8,930,279
1,500,000(g) U.S. Treasury Bills, 4/16/19 1,498,520
6,840,000(g) U.S. Treasury Bills, 4/23/19 6,830,013
10,000,000 U.S. Treasury Notes, 2.125%, 12/31/22 9,958,985
-------------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $27,074,714) $ 27,217,797
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
Shares
-------------------------------------------------------------------------------------------------------------------
RIGHT/WARRANT -- 0.0% of Net Assets
Household Products -- 0.0%
15^(f)(h) LTR Intermediate Holdings, Inc. $ --
-----------
Total Household Products $ --
-------------------------------------------------------------------------------------------------------------------
TOTAL RIGHT/WARRANT
(Cost $--) $ --
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Notional Price Date
-------------------------------------------------------------------------------------------------------------------
EXCHANGE-TRADED PUT OPTION PURCHASED -- 0.1%
120 S&P 500 Index Citigroup Global USD 435,360 USD 2,600 5/17/19 $ 103,800
Markets, Inc.
-------------------------------------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED PUT OPTION PURCHASED
(Premiums paid $435,360) $ 103,800
-------------------------------------------------------------------------------------------------------------------
OVER THE COUNTER (OTC) CALL OPTIONS PURCHASED -- 0.0%+
650 S&P 500 Index Citibank NA GBP 118,869 GBP 8,000 6/21/19 $ 2,841
5,000 S&P 500 Index Citibank NA EUR 346,765 EUR 3,650 7/21/19 18,147
-----------
$ 20,988
-------------------------------------------------------------------------------------------------------------------
TOTAL OVER THE COUNTER (OTC) CALL OPTIONS PURCHASED
(Premiums paid $465,634) $ 20,988
-------------------------------------------------------------------------------------------------------------------
TOTAL OPTIONS PURCHASED
(Premiums paid $900,994) $ 124,788
-------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 97.3%
(Cost $199,343,688) $199,069,956
-------------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 2.7% $ 5,434,523
-------------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $204,504,479
===================================================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
bps Basis Points.
ICE Intercontinental Exchange.
LIBOR London Interbank Offered Rate.
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 March 31, 2019, the value of these securities
amounted to $91,515,960, or 44.8% of net assets.
+ 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 March 31, 2019.
+ Security that used significant unobservable inputs to determine
its value.
^ Security is valued using fair value methods (other than supplied by
independent pricing services).
(a) The interest rate is subject to change periodically. The interest
rate and/or reference index and spread is shown at March 31, 2019.
(b) Floating rate note. Coupon rate, reference index and spread shown
at March 31, 2019.
(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
March 31, 2019.
(e) Securities are restricted as to resale.
(f) Non-income producing security.
(g) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(h) LTR Intermediate Holdings, Inc. warrant is exercisable into 15
shares.
FORWARD FOREIGN CURRENCY CONTRACTS
----------------------------------------------------------------------------------------------------------
Unrealized
Currency In Currency Settlement Appreciation
Purchased Exchange for Sold Deliver Counterparty Date (Depreciation)
----------------------------------------------------------------------------------------------------------
EUR 606,467 USD (689,682) State Street
Bank & Trust Co. 5/24/19 $(6,533)
USD 293,108 JPY (32,252,211) State Street
Bank & Trust Co. 5/24/19 858
----------------------------------------------------------------------------------------------------------
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS $(5,675)
==========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 29
Schedule of Investments | 3/31/19 (continued)
FUTURES CONTRACTS
FIXED INCOME INTEREST FUTURES CONTRACTS
--------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Long Description Date Amount Value Appreciation
--------------------------------------------------------------------------------------
170 U.S. 5 Year 6/28/19 $19,527,422 $19,690,781 $163,359
Note (CBT)
70 U.S. 10 Year 6/19/19 8,581,563 8,695,313 113,750
Note (CBT)
--------------------------------------------------------------------------------------
TOTAL FUTURES CONTRACTS $28,108,985 $28,386,094 $277,109
======================================================================================
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT -- BUY PROTECTION
---------------------------------------------------------------------------------------------------------------------------------
Annual
Notional Obligation Pay/ Fixed Expiration Premiums Unrealized Market
Amount ($)(1) Reference/Index Receive(2) Rate Date (Received) Appreciation Value
---------------------------------------------------------------------------------------------------------------------------------
EUR24,000,000 Markit iTraxx Europe Crossover Pay 5.00% 6/20/24 $(3,056,575) $68,965 $(2,987,610)
---------------------------------------------------------------------------------------------------------------------------------
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION
------------------------------------------------------------------------------------------------------------------------------------
Annual Unrealized
Notional Obligation Pay/ Fixed Expiration Premiums Appreciation Market
Amount ($)(1) Reference/Index Receive(3) Rate Date Paid (Depreciation) Value
------------------------------------------------------------------------------------------------------------------------------------
5,674,500 Markit CDX North America Receive 5.00% 6/20/22 $ 418,033 $ (16,127) $ 401,906
High Yield Index Series 28
5,684,000 Markit CDX North America Receive 5.00% 12/20/22 385,242 21,587 406,829
High Yield Index Series 29
10,045,000 Markit CDX North America Receive 5.00% 6/20/23 626,205 112,713 738,918
High Yield Index Series 30
19,355,000 Markit CDX North America Receive 5.00% 12/20/23 1,202,426 130,994 1,333,420
High Yield Index Series 31
EUR 9,126,605 Markit iTraxx Europe Crossover Receive 5.00% 6/20/22 1,179,561 (288,601) 890,960
------------------------------------------------------------------------------------------------------------------------------------
TOTAL CENTRALLY CLEARED CREDIT DEFAULT
SWAP CONTRACTS -- SELL PROTECTION $3,811,467 $ (39,434) $3,772,033
====================================================================================================================================
TOTAL SWAP CONTRACTS $ 754,892 $ 29,531 $ 784,423
====================================================================================================================================
(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) Pays Quarterly.
(3) Receives Quarterly.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
Principal amounts are denominated in U.S. dollars ("USD") unless otherwise
noted.
EUR -- Euro
GBP -- Great British Pound
JPY -- Japanese Yen
Purchases and sales of securities (excluding temporary cash investments) for
the year ended March 31, 2019, were as follows:
---------------------------------------------------------------------------
Purchases Sales
---------------------------------------------------------------------------
Long-Term U.S. Government $ 30,670,414 $ 30,608,031
Other Long-Term Securities $118,700,806 $173,327,516
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 effected at current market prices. During the year ended March 31,
2019, the Fund engaged in purchases of $7,944,945 and sales $1,914,356 pursuant
to these procedures, which resulted in a net realized gain/(loss) of
$(124,418).
At March 31, 2019, the net unrealized appreciation on investments based on cost
for federal tax purposes of $199,529,675 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 3,694,804
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (3,098,666)
-----------
Net unrealized appreciation $ 596,138
===========
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 | Annual Report | 3/31/19 31
Schedule of Investments | 3/31/19 (continued)
The following is a summary of the inputs used as of March 31, 2019, in valuing
the Fund's investments:
-------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 29,457,522 $ -- $ 29,457,522
Collateralized Mortgage Obligations -- 29,664,784 -- 29,664,784
Corporate Bonds
Diversified Financial Services -- 3,004,657 1,316,208 4,320,865
All Other Corporate Bonds -- 83,585,605 -- 83,585,605
Insurance-Linked Securities
Collateralized Reinsurance
Multiperil - Worldwide -- -- 65,949 65,949
Reinsurance Sidecars
Multiperil - U.S. -- -- 1,526,575 1,526,575
Multiperil - Worldwide -- -- 811,097 811,097
All Other Insurance-Linked
Securities -- 2,626,855 -- 2,626,855
Senior Secured Floating Rate
Loan Interests -- 19,668,119 -- 19,668,119
U.S. Government and Agency
Obligations -- 27,217,797 -- 27,217,797
Right/Warrant
Household Products -- -- --* --*
Exchange-Traded Put Option
Purchased -- 103,800 -- 103,800
Over The Counter (OTC) Call
Options Purchased -- 20,988 -- 20,988
-------------------------------------------------------------------------------------------------------
Total Investments in Securities $ -- $195,350,127 $3,719,829 $199,069,956
-------------------------------------------------------------------------------------------------------
Other Financial Instruments
Net unrealized depreciation
on forward foreign currency
contracts $ -- $ (5,675) $ -- $ (5,675)
Net unrealized appreciation
on futures contracts 277,109 -- -- 277,109
Swap contracts, at value -- 784,423 -- 784,423
-------------------------------------------------------------------------------------------------------
Total Other Financial Instruments $277,109 $ 778,748 $ -- $ 1,055,857
=======================================================================================================
* Security valued at $0.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
------------------------------------------------------------------------------------------------------
Insurance-
Common Corporate Linked Right/
Stocks Bonds Securities Warrant Total
------------------------------------------------------------------------------------------------------
Balance as of 03/31/18 $ 31 $1,276,397 $ 6,483,918(a) $ -- $ 7,760,346
Realized gain (loss)(1) (31) -- (203,342) -- (203,373)
Change in unrealized
appreciation (depreciation)(2) -- 92,020 (421,044) --+ (329,024)
Accrued discounts/premiums -- 4,098 (157) -- 3,941
Purchases -- -- 374,327 --+ 374,327
Sales -- (56,307) (3,830,081) -- (3,886,388)
Transfers in to Level 3* -- -- -- --
Transfers out of Level 3* -- -- -- -- --
------------------------------------------------------------------------------------------------------
Balance as of 03/31/19 $ -- $1,316,208 $ 2,403,621 $ --** $ 3,719,829
======================================================================================================
+ Amount rounds to less than $1.
(a) Securities were classified as Corporate Bonds on the March 31, 2018
financial statements.
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
year ended March 31, 2019, there were no transfers between Levels 1, 2 and
3.
** Security valued at $0.
Net change in unrealized appreciation (depreciation) of Level 3 investments
still held and considered Level 3 at March 31, 2019: $(266,298)
=========
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 33
Statement of Assets and Liabilities | 3/31/19
ASSETS:
Investments in unaffiliated issuers, at value (cost $199,343,688) $199,069,956
Cash 846,977
Foreign currencies, at value (cost $23,597) 6,359
Futures collateral 739,005
Swaps collateral 2,118,222
Variation margin for swap contracts 10,520
Net unrealized appreciation on futures contracts 277,109
Swap contracts, at value (net premiums paid $754,892) 784,423
Receivables --
Investment securities sold 1,211,553
Fund shares sold 189,295
Interest 1,740,553
Due from the Adviser 66,791
Other assets 40,850
---------------------------------------------------------------------------------------------
Total assets $207,101,613
=============================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 476,100
Fund shares repurchased 704,743
Distributions 181,947
Trustees' fees 174
Professional fees 54,866
Due to broker for futures 275,265
Due to broker for swaps 753,499
Variation margin for futures contracts 58,203
Net unrealized depreciation on forward foreign currency contracts 5,675
Due to affiliates 24,112
Accrued expenses 62,550
---------------------------------------------------------------------------------------------
Total liabilities $ 2,597,134
=============================================================================================
NET ASSETS:
Paid-in capital $261,667,898
Distributable earnings (loss) (57,163,419)
---------------------------------------------------------------------------------------------
Net assets $204,504,479
=============================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $27,960,046/3,093,976 shares) $ 9.04
Class C (based on $21,702,017/2,410,542 shares) $ 9.00
Class Y (based on $154,842,416/17,063,113 shares) $ 9.07
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $9.04 net asset value per share/100% - 4.50%
maximum sales charge) $ 9.47
=============================================================================================
The accompanying notes are an integral part of these financial statements.
34 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
Statement of Operations
For the Year Ended 3/31/19
INVESTMENT INCOME:
Interest from unaffiliated issuers (net of foreign taxes
withheld $38,212) $11,604,368
Dividends from unaffiliated issuers 304,295
Dividends from affiliated issuers 833,683
-----------------------------------------------------------------------------------------------------------
Total investment income $12,742,346
-----------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,847,048
Administrative expense 126,319
Transfer agent fees
Class A 15,999
Class C 24,119
Class Y 194,101
Distribution fees
Class A 77,677
Class C 277,367
Shareowner communications expense 21,406
Custodian fees 42,033
Registration fees 98,762
Professional fees 76,928
Printing expense 36,269
Pricing fees 27,791
Trustees' fees 9,267
Insurance expense 3,808
Miscellaneous 77,026
-----------------------------------------------------------------------------------------------------------
Total expenses $ 2,955,920
Less fees waived and expenses reimbursed by the Adviser (322,115)
-----------------------------------------------------------------------------------------------------------
Net expenses $ 2,633,805
-----------------------------------------------------------------------------------------------------------
Net investment income $10,108,541
-----------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $(5,295,864)
Investments in affiliated issuers (1,997,546)
Forward foreign currency contracts (1,329,618)
Futures contracts (6,578)
Swap contracts 472,814
Other assets and liabilities denominated in foreign currencies 300,363 $(7,856,429)
-----------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $ 987,849
Investments in affiliated issuers 714,780
Forward foreign currency contracts 377,498
Futures contracts 450,164
Swap contracts (301,845)
Other assets and liabilities denominated in foreign currencies (10,890) $ 2,217,556
-----------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $(5,638,873)
-----------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 4,469,668
===========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 35
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------------------
Year Ended Year Ended
3/31/19 3/31/18
-----------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 10,108,541 $ 11,319,279
Net realized gain (loss) on investments (7,856,429) 3,977,252
Change in net unrealized appreciation (depreciation)
on investments 2,217,556 (8,280,093)
-----------------------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations $ 4,469,668 $ 7,016,438
-----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Class A ($0.27 and $0.41 per share, respectively) $ (942,711) $ (1,613,347)*
Class C ($0.22 and $0.34 per share, respectively) (693,951) (1,366,959)*
Class Y ($0.28 and $0.44 per share, respectively) (6,862,964) (10,745,678)*
Tax return of capital:
Class A ($0.10 and $-- per share, respectively) $ (311,815) $ --
Class C ($0.08 and $-- per share, respectively) (213,174) --
Class Y ($0.11 and $-- per share, respectively) (1,921,221) --
-----------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (10,945,836) $ (13,725,984)
-----------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 65,851,989 $ 136,615,893
Reinvestment of distributions 8,926,110 11,661,332
Cost of shares repurchased (171,790,151) (104,857,974)
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ (97,012,052) $ 43,419,251
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $(103,488,220) $ 36,709,705
NET ASSETS:**
Beginning of year $ 307,992,699 $ 271,282,994
-----------------------------------------------------------------------------------------------------
End of year $ 204,504,479 $ 307,992,699
=====================================================================================================
* For the year ended March 31, 2018, distributions to shareowners were presented as net investment
income.
**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.
36 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
---------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
3/31/19 3/31/19 3/31/18 3/31/18
Shares Amount Shares Amount
---------------------------------------------------------------------------------------------------
Class A
Shares sold 1,168,099 $ 10,608,335 1,505,716 $ 14,205,603
Reinvestment of distributions 131,743 1,189,927 161,205 1,514,544
Less shares repurchased (1,958,195) (17,706,029) (1,682,619) (15,826,568)
---------------------------------------------------------------------------------------------------
Net decrease (658,353) $ (5,907,767) (15,698) $ (106,421)
===================================================================================================
Class C
Shares sold 254,349 $ 2,308,677 653,061 $ 6,142,289
Reinvestment of distributions 90,083 810,845 127,693 1,195,849
Less shares repurchased (1,621,670) (14,576,084) (1,101,128) (10,300,897)
---------------------------------------------------------------------------------------------------
Net decrease (1,277,238) $ (11,456,562) (320,374) $ (2,962,759)
===================================================================================================
Class Y
Shares sold 5,797,248 $ 52,934,977 12,310,544 $116,268,001
Reinvestment of distributions 763,624 6,925,338 949,618 8,950,939
Less shares repurchased (15,431,991) (139,508,038) (8,376,442) (78,730,509)
---------------------------------------------------------------------------------------------------
Net increase (decrease) (8,871,119) $ (79,647,723) 4,883,720 $ 46,488,431
===================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 37
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/19 3/31/18 3/31/17* 3/31/16* 3/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.20 $ 9.39 $ 8.99 $ 9.54 $ 9.94
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.33(a) $ 0.34(a) $ 0.44(a) $ 0.42(a) $ 0.40
Net realized and unrealized gain (loss) on investments (0.12) (0.12) 0.54 (0.58) (0.47)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.21 $ 0.22 $ 0.98 $ (0.16) $ (0.07)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.27) $ (0.41) $ (0.58) $ (0.39) $ (0.33)
Tax return of capital (0.10) -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.37) $ (0.41) $ (0.58) $ (0.39) $ (0.33)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.16) $ (0.19) $ 0.40 $ (0.55) $ (0.40)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.04 $ 9.20 $ 9.39 $ 8.99 $ 9.54
====================================================================================================================================
Total return (b) 2.33% 2.37% 11.13% (1.62)% (0.71)%
Ratio of net expenses to average net assets 1.15% 1.14% 1.18% 1.19% 1.14%
Ratio of net investment income (loss) to average net assets 3.69% 3.61% 4.71% 4.52% 3.76%
Portfolio turnover rate 65% 76% 114% 56% 81%
Net assets, end of period (in thousands) $27,960 $34,538 $35,375 $47,311 $92,376
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 1.21% 1.14% 1.19% 1.19% 1.14%
Net investment income (loss) to average net assets 3.63% 3.61% 4.70% 4.52% 3.76%
====================================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
38 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/19 3/31/18 3/31/17* 3/31/16* 3/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.17 $ 9.36 $ 8.97 $ 9.51 $ 9.92
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.26(a) $ 0.27(a) $ 0.36(a) $ 0.36(a) $ 0.31
Net realized and unrealized gain (loss) on investments (0.13) (0.12) 0.54 (0.58) (0.46)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.13 $ 0.15 $ 0.90 $ (0.22) $ (0.15)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.22) $ (0.34) $ (0.51) $ (0.32) $ (0.26)
Tax return of capital (0.08) -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.30) $ (0.34) $ (0.51) $ (0.32) $ (0.26)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.17) $ (0.19) $ 0.39 $ (0.54) $ (0.41)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.00 $ 9.17 $ 9.36 $ 8.97 $ 9.51
====================================================================================================================================
Total return (b) 1.44% 1.61% 10.18% (2.25)% (1.58)%
Ratio of net expenses to average net assets 1.93% 1.90% 1.94% 1.95% 1.90%
Ratio of net investment income (loss) to average net assets 2.91% 2.86% 3.94% 3.86% 3.04%
Portfolio turnover rate 65% 76% 114% 56% 81%
Net assets, end of period (in thousands) $21,702 $33,824 $37,510 $44,207 $70,793
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 2.00% 1.90% 1.95% 1.95% 1.90%
Net investment income (loss) to average net assets 2.84% 2.86% 3.93% 3.86% 3.04%
====================================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 39
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/19 3/31/18 3/31/17* 3/31/16* 3/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.24 $ 9.42 $ 9.03 $ 9.58 $ 9.98
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.36(a) $ 0.37(a) $ 0.47(a) $ 0.46(a) $ 0.41
Net realized and unrealized gain (loss) on investments (0.14) (0.11) 0.53 (0.58) (0.45)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.22 $ 0.26 $ 1.00 $ (0.12) $ (0.04)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.28) $ (0.44) $ (0.61) $ (0.43) $ (0.36)
Tax return of capital (0.11) -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.39) $ (0.44) $ (0.61) $ (0.43) $ (0.36)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.17) $ (0.18) $ 0.39 $ (0.55) $ (0.40)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.07 $ 9.24 $ 9.42 $ 9.03 $ 9.58
====================================================================================================================================
Total return (b) 2.50% 2.77% 11.35% (1.26)% (0.43)%
Ratio of net expenses to average net assets 0.85% 0.85% 0.85% 0.85% 0.85%
Ratio of net investment income (loss) to average net assets 3.98% 3.90% 5.01% 4.90% 4.10%
Portfolio turnover rate 65% 76% 114% 56% 81%
Net assets, end of period (in thousands) $154,842 $239,630 $198,398 $203,736 $397,203
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 0.99% 0.90% 0.96% 0.96% 0.93%
Net investment income (loss) to average net assets 3.84% 3.85% 4.90% 4.79% 4.02%
====================================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
40 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
Notes to Financial Statements | 3/31/19
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
March 31, 2019. 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.
Amundi Pioneer Asset Management, Inc., an indirect wholly owned subsidiary of
Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the
Fund's investment adviser (the "Adviser"). Amundi Pioneer Distributor, Inc., an
affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund's
distributor (the "Distributor").
In August 2018, the Securities and Exchange Commission ("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 is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the
Fund to make estimates and assumptions that affect the
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 41
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 following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the
New York Stock Exchange ("NYSE") is open, as of the close of regular
trading on the NYSE.
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed-income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to
supply prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the
price information is deemed to be unreliable, price information will be
obtained from an 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.
42 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities
for which sale prices are not available, generally are valued using the
mean between the last bid and asked prices or, if both last bid and asked
prices are not available, at the last quoted bid price. Last sale and bid
and asked prices are provided by independent third party pricing services.
In the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
The value of foreign securities is translated into U.S. dollars based on
foreign currency exchange rate quotations supplied by a third party
pricing source. Trading in non-U.S. equity securities is substantially
completed each day at various times prior to the close of the NYSE. The
values of such securities used in computing the net asset value of the
Fund's shares are determined as of such times. The Fund may use a fair
value model developed by an independent pricing service to value non-U.S.
equity securities.
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.
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 exchange-listed closed-end funds are valued by using the last
sale price on the principal exchange where they are traded.
Shares of closed-end interval funds that offer their shares at net asset
value are valued at such funds' net asset value.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 43
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 March 31, 2019, 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 0.64% of net assets. The value of these fair valued
securities was $1,316,208.
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence.
Interest income, including interest on income-bearing cash accounts, is
recorded on the accrual basis. Dividend and interest income are reported
net of unrecoverable foreign taxes withheld at the applicable country
rates 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
44 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
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. 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, 2019, 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.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 45
At March 31, 2019, the Fund reclassified $77,108 to decrease distributable
earnings (loss) and $77,108 to decrease paid-in capital to reflect
permanent book/tax differences. These adjustments have no impact on net
assets or the results of operations.
At March 31, 2019, the Fund was permitted to carry forward indefinitely
$24,272,978 of short-term losses and $32,971,176 of long-term losses under
the Regulated Investment Company Modernization Act of 2010 without
limitation.
The Fund has elected to defer $316,083 of ordinary losses recognized
between November 1, 2018 and March 31, 2019 to its fiscal year ending
March 31, 2020.
The tax character of distributions paid during the years ended March 31,
2019 and March 31, 2018, were as follows:
--------------------------------------------------------------------------
2019 2018
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 8,499,626 $13,725,984
Return of capital 2,446,210 --
--------------------------------------------------------------------------
Total $10,945,836 $13,725,984
==========================================================================
The following shows the components of distributable earnings (losses) on a
federal income tax basis at March 31, 2019:
--------------------------------------------------------------------------
2019
--------------------------------------------------------------------------
Distributable earnings:
Capital loss carryforward $(57,244,154)
Current year late year loss (316,083)
Current year dividend payable (181,947)
Unrealized appreciation 578,765
--------------------------------------------------------------------------
Total $(57,163,419)
==========================================================================
The difference between book basis and tax basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, the tax treatment of premium and
amortization, the mark to market of forward and futures contracts, tax
basis adjustments on Real Estate Investment Trust (REIT) holdings,
interest accruals on preferred stock, partnerships and other holdings.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $2,113 in underwriting commissions on the sale of Class
A shares during the year ended March 31, 2019.
46 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset
value attributable to Class A and Class C shares of the Fund, respectively
(see Note 4). Class Y 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.
G. Risks
The value of securities held by the Fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real
or perceived adverse economic, political or regulatory conditions,
inflation, changes in interest rates, lack of liquidity in the bond
markets or adverse investor sentiment. In the past several years,
financial markets have experienced increased volatility, depressed
valuations, decreased liquidity and heightened uncertainty. These
conditions may continue, recur, worsen or spread.
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.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 47
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 the 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 the Fund shareowners to effect
share purchases, redemptions or exchanges or receive distributions, loss
of or unauthorized access to private shareowner 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.
48 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
H. Insurance-Linked Securities ("ILS")
The Fund invests in ILS. The Fund could lose a portion or all of the
principal it has invested in an ILS, and the right to additional interest
or dividend 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 and/or dividend 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 event-linked bonds. ILS also 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 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. There was no investment in Pioneer ILS Interval Fund at March 31,
2019.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 49
I. 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
year ended March 31, 2019 was $308,467. Open purchased options at March
31, 2019, are listed in the Fund's Schedule of Investments.
J. 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 6).
At March 31, 2019, the Fund had entered into various forward foreign
currency contracts that obligated 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.
50 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
The average market value of forward foreign currency contracts open during
the year ended March 31, 2019, was $(5,116,412). Open forward foreign
currency contracts outstanding at March 31, 2019, are listed in the
Schedule of Investments.
K. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on
a futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
March 31, 2019, 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
reduced counterparty credit risk to the Fund since futures are
exchange-traded and the exchange's clearinghouse, as counterparty to all
exchange-traded futures, guarantees the futures against default.
The average market value of contracts open during the year ended March 31,
2019, was $11,030,541. Open futures contracts outstanding at March 31,
2019, are listed in the Schedule of Investments.
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 or 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
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 51
Fund's income, or to attempt to hedge the risk of default on portfolio
securities. A credit default swap index is used to hedge risk or take a
position on a basket of credit entities or indices.
As a seller of protection, the Fund would be required to pay the notional
(or other agreed-upon) value of the referenced debt obligation to the
counterparty in the event of a default by a U.S. or foreign corporate
issuer of a debt obligation, which would likely result in a loss to the
Fund. In return, the Fund would receive from the counterparty a periodic
stream of payments during the term of the contract, provided that no event
of default occurred. The maximum exposure of loss to the seller would be
the notional value of the credit default swaps outstanding. If no default
occurs, the Fund would keep the stream of payments and would have no
payment obligation. The Fund may also buy credit default swap contracts in
order to hedge against the risk of default of debt securities, in which
case the Fund would function as the counterparty referenced above.
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. In
addition, obligations under sell protection credit default swaps may be
partially offset by net amounts received from settlement of buy protection
credit default swaps entered into by the Fund for the same reference
obligation with the same counterparty.
52 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
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 March 31, 2019, is recorded as
"Swaps collateral" on the Statement of Assets and Liabilities.
The average market value of credit default swap contracts open during the
year ended March 31, 2019 was $3,484,998. Open credit default swap
contracts at March 31, 2019, 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 year ended March 31,
2019 the effective management fee (excluding waivers and/or assumption of
expenses) was equivalent to 0.70% of the Fund's average daily net assets.
The Adviser has agreed to waive its management fee with respect to any portion
of the Fund's assets invested in Pioneer ILS Interval Fund, an affiliated fund
managed by the Adviser. For the year ended March 31, 2019, the Adviser waived
$175,244 in management fees with respect to the Fund, which is reflected on the
Statement of Operations as an expense waiver.
The Adviser has contractually agreed to limit ordinary operating expenses
(ordinary operating expenses means all fund expenses other than extraordinary
expenses, such as litigation, taxes, brokerage commissions and acquired fund
fees and expenses) of the Fund to the extent required to reduce Fund expenses
to 1.20% and 0.85% of the average daily net assets attributable to Class A and
Class Y shares, respectively. 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.
Fees waived and expenses reimbursed during the year ended March 31, 2019 are
reflected on the Statement of Operations.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 53
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
$20,182 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at March 31, 2019.
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 year
ended March 31, 2019, such out-of-pocket expenses by class of shares were as
follows:
--------------------------------------------------------------------------------
Shareowner Communications:
--------------------------------------------------------------------------------
Class A $ 5,452
Class C 4,093
Class Y 11,861
--------------------------------------------------------------------------------
Total $21,406
================================================================================
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 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 $3,930 in distribution fees payable to the Distributor at March
31, 2019.
In addition, redemptions of Class A and Class C 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
54 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
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 year ended March 31, 2019, CDSCs in the amount of $9,867
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 year ended March 31, 2019 the Fund had no
borrowings under the credit facility.
6. Master Netting Agreements
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 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.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 55
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 Master Agreement 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 March 31, 2019.
-------------------------------------------------------------------------------------------------------------------------------
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)
-------------------------------------------------------------------------------------------------------------------------------
Citibank NA $20,988 $ -- $ -- $ -- $20,988
State Street
Bank & Trust Co. 858 (858) -- -- --
-------------------------------------------------------------------------------------------------------------------------------
Total $21,846 $(858) $ -- $ -- $20,988
===============================================================================================================================
-------------------------------------------------------------------------------------------------------------------------------
Derivative Liabilities Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Pledged (a) Pledged (a) Liabilities (c)
-------------------------------------------------------------------------------------------------------------------------------
Citibank NA $ -- $ -- $ -- $ -- $ --
State Street
Bank & Trust Co. 6,533 (858) -- -- 5,675
-------------------------------------------------------------------------------------------------------------------------------
Total $6,533 $(858) $ -- $ -- $ 5,675
===============================================================================================================================
(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.
56 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
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.
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at March 31,
2019 was as follows:
----------------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Assets and Liabilities Rate Risk Risk Rate Risk Risk Risk
----------------------------------------------------------------------------------------
Assets
Options Purchased* $ -- $ -- $ -- $124,788 $ --
Net unrealized
appreciation on
futures contracts 277,109 -- -- -- --
Swap contracts, at value -- 784,423 -- -- --
----------------------------------------------------------------------------------------
Total Value $277,109 $784,423 $ -- $124,788 $ --
========================================================================================
Liabilities
Net unrealized
depreciation on
forward foreign
currency contracts $ -- $ -- $(5,675) $ -- $ --
----------------------------------------------------------------------------------------
Total Value $ -- $ -- $(5,675) $ -- $ --
========================================================================================
* Reflects the market value of purchased option contracts (see Note 1I.).
These amounts are included in investments in unaffiliated issuers, at
value, on the Statement of Assets and Liabilities.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 57
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at March 31, 2019 was as follows:
------------------------------------------------------------------------------------------------
Foreign
Interest Credit Exchange Equity Commodity
Statement of Operations Rate Risk Risk Rate Risk Risk Risk
------------------------------------------------------------------------------------------------
Net realized gain
(loss) on:
Options purchased* $ -- $ -- $ -- $ 466,106 $ --
Forward foreign
currency contracts -- -- (1,329,618) -- --
Futures contracts (6,578) -- -- -- --
Swap contracts -- 472,814 -- -- --
------------------------------------------------------------------------------------------------
Total Value $ (6,578) $ 472,814 $(1,329,618) $ 466,106 $ --
================================================================================================
Change in net unrealized
appreciation
(depreciation) on:
Options purchased** $ -- $ -- $ -- $(890,603) $ --
Forward foreign
currency contracts -- -- 377,498 -- --
Futures contracts 450,164 -- -- -- --
Swap contracts -- (301,845) -- -- --
------------------------------------------------------------------------------------------------
Total Value $450,164 $(301,845) $ 377,498 $(890,603) $ --
================================================================================================
* Reflects the net realized gain (loss) on purchased option contracts (see
Note 1I). These amounts are included in net realized gain (loss) on
investments in unaffiliated issuers, on the Statements of Operations.
** Reflects the change in net unrealized appreciation (depreciation) on
purchased option contracts (see Note 1I.). These amounts are included in
change in net unrealized appreciation (depreciation) on Investments in
unaffiliated issuers, on the Statements of Operations.
58 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust X and the Shareholders of
Pioneer Dynamic Credit Fund:
--------------------------------------------------------------------------------
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer
Dynamic Credit Fund (the "Fund") (one of the funds constituting Pioneer Series
Trust X (the "Trust")), including the schedule of investments, as of March 31,
2019, and the related statements of operations, changes in net assets and the
financial highlights for the year then ended and the related notes, and the
statement of changes in net assets and financial highlights for the year ended
March 31, 2018 (collectively referred to as the "financial statements"). The
financial highlights for the periods ended March 31, 2015, March 31, 2016 and
March 31, 2017 were audited by another independent registered public accounting
firm whose report, dated May 26, 2017, expressed an unqualified opinion on
those financial highlights. In our opinion, the financial statements present
fairly, in all material respects, the financial position of Pioneer Dynamic
Credit Fund (one of the funds constituting Pioneer Series Trust X) at March 31,
2019, the results of its operations, the changes in its net assets, and the
financial highlights for the year ended, and the statement of changes in net
assets and the financial highlights for the year ended March 31, 2018, in
conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust's management.
Our responsibility is to express an opinion on the Fund's financial statements
based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) ("PCAOB") and are required
to be independent with respect to the Trust in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and
Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. The Trust is not required to have,
nor were we engaged to perform, an audit of the Trust's internal control over
financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting, but not for the
purpose of expressing an opinion on the effectiveness of the Trust's internal
control over financial reporting. Accordingly, we express no such opinion.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 59
Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of March 31, 2019, by correspondence with the custodian and brokers.
Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audits provide a
reasonable basis for our opinion.
/s/ Ernst & Young LLP
We have served as the Trust's auditor since 2017.
Boston, Massachusetts
May 30, 2019
60 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
ADDITIONAL INFORMATION
The percentages of the Fund's ordinary income distributions that are exempt
from nonresident alien (NRA) tax withholding resulting from qualified interest
income was 100%.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 61
Trustees, Officers and Service Providers
Investment Adviser
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
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.
Trustees and Officers
The Fund's Trustees and Officers are listed below, together with their
principal occupations and other directorships they have held during at least
the past five years. Trustees who are interested persons of the Fund within the
meaning of the 1940 Act are referred to as Interested Trustees. Trustees who
are not interested persons of the Fund are referred to as Independent Trustees.
Each of the Trustees serves as a Trustee of each of the 43 U.S. registered
investment portfolios for which Amundi Pioneer serves as investment adviser
(the "Pioneer Funds"). The address for all Trustees and all officers of the
Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
62 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (68) Trustee since 2011. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board Serves until a successor present); Chairman (2008 - 2013) and Solutions, Inc. (investor
and Trustee trustee is elected or Chief Executive Officer (2008 - 2012), communications and securities
earlier retirement or Quadriserv, Inc. (technology products processing provider for
removal. for securities lending industry); and financial services industry)
Senior Executive Vice President, The (2009 - present); Director,
Bank of New York (financial and Quadriserv, Inc. (2005 -
securities services) (1986 - 2004) 2013); and Commissioner, New
Jersey State Civil Service
Commission (2011 - 2015)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (75) Trustee since 2011. Managing Partner, Federal City Capital Director of New York
Trustee Serves until a successor Advisors (corporate advisory services Mortgage Trust (publicly-
trustee is elected or company) (1997 - 2004 and 2008 - traded mortgage REIT)
earlier retirement or present); Interim Chief Executive (2004 - 2009, 2012 -
removal. Officer, Oxford Analytica, Inc. present); Director
(privately held research and consulting of The Swiss Helvetia
company) (2010); Executive Vice Fund, Inc. (closed-end
President and Chief Financial Officer, fund) (2010 - 2017);
I-trax, Inc. (publicly traded health Director of Oxford
care services company) (2004 - 2007); Analytica, Inc. (2008 -
and Executive Vice President and Chief 2015); and Director of
Financial Officer, Pedestal Inc. Enterprise Community
(internet-based mortgage trading Investment, Inc.
company) (2000 - 2002); Private (privately-held
Consultant (1995 - 1997); Managing affordable housing
Director, Lehman Brothers (1992 - finance company)
1995); and Executive, The World Bank (1985 - 2010)
(1979 - 1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (74) Trustee since 2011. William Joseph Maier Professor of Trustee, Mellon Institutional
Trustee Serves until a successor Political Economy, Harvard University Funds Investment Trust and
trustee is elected or (1972 - present) Mellon Institutional Funds
earlier retirement or Master Portfolio (oversaw
removal. 17 portfolios in fund
complex) (1989 - 2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 63
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (71) Trustee since 2011. Founding Director, Vice-President and None
Trustee Serves until a successor Corporate Secretary, The Winthrop
trustee is elected or earlier Group, Inc. (consulting firm) (1982 -
retirement or removal. present); Desautels Faculty of
Management, McGill University (1999 -
2017); and Manager of Research
Operations and Organizational Learning,
Xerox PARC, Xerox's advance research
center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Lorraine H. Monchak (62) Trustee since 2017. Chief Investment Officer, 1199 SEIU None
Trustee (Advisory Trustee from Funds (healthcare workers union pension
2014 - 2017) Serves until funds) (2001 - present); Vice
a successor trustee is President - International Investments
elected or earlier Group, American International Group,
retirement or removal. Inc. (insurance company) (1993 - 2001);
Vice President - Corporate Finance and
Treasury Group, Citibank, N.A. (1980 -
1986 and 1990 - 1993); Vice President -
Asset/Liability Management Group,
Federal Farm Funding Corporation
(government-sponsored issuer of debt
securities) (1988 - 1990); Mortgage
Strategies Group, Shearson Lehman
Hutton, Inc. (investment bank) (1987 -
1988); and Mortgage Strategies Group,
Drexel Burnham Lambert, Ltd.
(investment bank) (1986 - 1987)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (70) Trustee since 2011. President and Chief Executive Officer, Director of New America
Trustee Serves until a successor Metric Financial Inc. (formerly known High Income Fund, Inc.
trustee is elected or earlier as Newbury Piret Company) (investment (closed-end investment
retirement or removal. banking firm) (1981 - present) company) (2004 - present);
and Member, Board of
Governors, Investment
Company Institute
(2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (72) Trustee since 2014. Consultant (investment company None
Trustee Serves until a successor services) (2012 - present); Executive
trustee is elected or earlier Vice President, BNY Mellon (financial
retirement or removal. and investment company services)
(1969 - 2012); Director, BNY
International Financing Corp.
(financial services) (2002 - 2012);
Director, Mellon Overseas Investment
Corp. (financial services) (2009 - 2012);
Director, Financial Models (technology)
(2005-2007); Director, BNY Hamilton
Funds, reland (offshore investment
companies) (2004-2007); Chairman/
Director, AIB/BNY Securities Services,
Ltd., Ireland (financial services)
(1999-2006); and Chairman, BNY
Alternative Investment Services, Inc.
(financial services) (2005-2007)
------------------------------------------------------------------------------------------------------------------------------------
64 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (57)* Trustee since 2017. Director, CEO and President of Amundi None
Trustee, President and Serves until a successor Pioneer Asset Management USA, Inc.
Chief Executive Officer trustee is elected or earlier (since September 2014); Director, CEO
retirement or removal and President of Amundi Pioneer Asset
Management, Inc. (since September 2014);
Director, CEO and President of Amundi
Pioneer Distributor, Inc. (since
September 2014); Director, CEO and
President of Amundi Pioneer
Institutional Asset Management, Inc.
(since September 2014); Chair, Amundi
Pioneer Asset Management USA, Inc.,
Amundi Pioneer Distributor, Inc. and
Amundi Pioneer Institutional Asset
Management, Inc. (September 2014 -
2018); Managing Director, Morgan
Stanley Investment Management (2010 -
2013); Director of Institutional
Business, CEO of International, Eaton
Vance Management (2005 - 2010); and
Director of Amundi USA, Inc.
(since 2017)
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (60)* Trustee since 2014. Director and Executive Vice President None
Trustee Serves until a successor (since 2008) and Chief Investment
trustee is elected or earlier Officer, U.S. (since 2010) of Amundi
retirement or removal Pioneer Asset Management USA, Inc.;
Director and Executive Vice President
and Chief Investment Officer, U.S. of
Amundi Pioneer (since 2008); Executive
Vice President and Chief Investment
Officer, U.S. of Amundi Pioneer
Institutional Asset Management, Inc.
(since 2009); Portfolio Manager of
Amundi Pioneer (since 1999); and
Director of Amundi USA, Inc.
(since 2017)
------------------------------------------------------------------------------------------------------------------------------------
* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund's investment adviser and
certain of its affiliates.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 65
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (54) Since 2011. Serves at Vice President and Associate General None
Secretary and Chief the discretion of the Board Counsel of Amundi Pioneer since January
Legal Officer 2008; Secretary and Chief Legal Officer
of all of the Pioneer Funds since June
2010; Assistant Secretary of all of the
Pioneer Funds from September 2003 to
May 2010; and Vice President and Senior
Counsel of Amundi Pioneer from July
2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (58) Since 2011. Serves at Fund Governance Director of Amundi None
Assistant Secretary the discretion of the Board Pioneer since December 2006 and
Assistant Secretary of all the Pioneer
Funds since June 2010; Manager - Fund
Governance of Amundi Pioneer from
December 2003 to November 2006; and
Senior Paralegal of Amundi Pioneer
from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (56) Since 2011. Serves at Senior Counsel of Amundi Pioneer since None
Assistant Secretary the discretion of the Board May 2013 and Assistant Secretary of all
the Pioneer Funds since June 2010; and
Counsel of Amundi Pioneer from June 2007
to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (59) Since 2011. Serves at Vice President - Fund Treasury of None
Treasurer and Chief the discretion of the Board Amundi Pioneer; Treasurer of all of the
Financial and Accounting Pioneer Funds since March 2008; Deputy
Officer Treasurer of Amundi Pioneer from March
2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds
from March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (53) Since 2011. Serves at Director - Fund Treasury of Amundi None
Assistant Treasurer the discretion of the Board Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
66 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (60) Since 2011. Serves at Senior Manager - Fund Treasury of Amundi None
Assistant Treasurer the discretion of the Board Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (39) Since 2011. Serves at Senior Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Board Amundi Pioneer since November 2008;
Assistant Treasurer of all of the
Pioneer Funds since January 2009; and
Client Service Manager - Institutional
Investor Services at State Street Bank
from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
John Malone (48) Since 2018. Serves at Managing Director, Chief Compliance None
Chief Compliance Officer the discretion of the Board Officer of Amundi Pioneer Asset
Management; Amundi Pioneer
Institutional Asset Management, Inc.;
and the Pioneer Funds since September
2018; and Chief Compliance Officer of
Amundi Pioneer Distributor, Inc.
since January 2014.
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (48) Since 2011. Serves at Vice President - Amundi Pioneer Asset None
Anti-Money the discretion of the Board Management; and Anti-Money Laundering
Laundering Officer Officer of all the Pioneer Funds
since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund | Annual Report | 3/31/19 67
This page is for your notes.
68 Pioneer Dynamic Credit Fund | Annual Report | 3/31/19
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 219427
Kansas City, MO 64121-9427
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 portfolio holdings with the Securities
and Exchange Commission for the first and third quarters of each fiscal year as
an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form
N-PORT by visiting the Commission's web site at https://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] 2019 Amundi Pioneer Asset Management 25667-07-0519
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)).
Mr. David R. Bock, 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.
The audit fees for the Trust were $122,500
payable to Ernst & Young LLP for the year ended
March 31, 2019 and $110,500
for the year ended March 31, 2018.
(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.
There were no audit-related services in 2019 or 2018.
(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.
The tax fees for the Trust were $28,258
payable to Ernst & Young LLP for the year ended
March 31, 2019 and $28,258
for the year ended March 31, 2018.
(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.
There were no other fees in 2019 or 2018.
(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.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Trust's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Trust. For the
years ended March 31 2019 and 2018, there were no
services provided to an affiliate that required the
Trust's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Trust were $28,258
payable to Ernst & Young LLP for the year ended
March 31, 2019 and $28,258 for the year
ended March 31, 2018.
(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 June 3, 2019
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 June 3, 2019
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date June 3, 2019
* Print the name and title of each signing officer under his or her signature.