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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21108
Pioneer Series Trust X
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: March 31
Date of reporting period: April 1, 2015 through September 30, 2015
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Dynamic
Credit Fund
--------------------------------------------------------------------------------
Semiannual Report | September 30, 2015
--------------------------------------------------------------------------------
Ticker Symbols:
Class A RCRAX
Class C RCRCX
Class Y RCRYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.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 14
Schedule of Investments 16
Financial Statements 54
Notes to Financial Statements 61
Approval of Investment Advisory Agreements 77
Trustees, Officers and Service Providers 82
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 1
President's Letter
Dear Shareholder,
Through the first three quarters of 2015, global markets experienced pockets of
higher-than-average volatility due to significant cross-currents from different
geographic regions. All year, investors focused on the Federal Reserve System's
(the Fed's) deliberations over when to begin normalizing interest rates.
However, while there were signs of gradual economic improvement in the U.S.,
economies abroad increasingly diverged. In June, for example, investors grew
concerned about the debt crisis in Greece. That news, in turn, was followed by
evidence of an economic slowdown in China, which only served to exacerbate
existing worries about growth trends in the emerging markets, a segment of the
global economy already being negatively impacted by slumping commodity prices,
including the price of crude oil, which has been in near-steady decline for
almost a year. Through September 30, 2015, the pockets of heightened market
volatility alluded to above had resulted in the Standard & Poor's 500 Index
turning in a negative (-5.27%) return over the first nine months of the year.
However, the S&P 500 recovered nicely in October, returning 8.43% for the month,
which boosted the index's year-to-date return into positive territory, at 2.71%.
Despite the headwinds still vexing the global economy, our longer-term view of
the U.S. economy has remained positive. Economic conditions in the U.S. have
generally been constructive, based largely on improvements in employment
statistics and an uptick in the housing sector, which has aided the consumer
side of the economy, where household spending has been rising modestly. U.S.
consumers also stand to benefit, potentially, from lower energy prices as the
winter weather approaches. We continue to believe the U.S. economy remains on
a slow, steady growth trend, and that it is unlikely to be disrupted by a slow
pace of interest-rate normalization by the Fed.
Pioneer Investments believes that investors in today's environment can
potentially benefit from the consistent and disciplined investment approach we
have used since our founding in 1928. We focus on identifying value across
global markets using proprietary research, careful risk management, and a
long-term perspective. Our ongoing goal is to produce compelling returns
consistent with the stated objectives of our investment products, and with our
shareowners' expectations. We believe our shareowners can benefit from the
experience and tenure of our investment teams as well as the insights generated
from our extensive research process.
2 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate your trust in us in the past and look forward to
continuing to serve you in the future.
Sincerely,
/s/Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
November 2, 2015
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 3
Portfolio Management Discussion | 9/30/15
Most non-government-related sectors of the fixed-income market, including
high-yielding corporate bonds, weakened in performance during the six-month
period ended September 30, 2015, as global economic growth slowed and the
prices of oil and other commodities dropped. In the following interview, Michael
Temple, a senior vice president, portfolio manager, and Director of Fixed-Income
Credit Research at Pioneer, discusses the factors that affected the performance
of Pioneer Dynamic Credit Fund during the six-month period. Mr. Temple is
responsible for the day-to-day management of the Fund, along with Thomas Swaney,
a senior vice president, portfolio manager, and Head of Alternative Fixed Income
at Pioneer*.
Q How did the Fund perform during the six-month period ended September 30,
2015?
A Pioneer Dynamic Credit Fund's Class A shares returned -1.27% at net asset
value during the six-month period ended September 30, 2015, while the
Fund's benchmark, the Bank of America Merrill Lynch (BofA ML) U.S. Dollar
3-Month LIBOR Index (the BofA ML Index), returned 0.14%. During the same
period, the average return of the 277 mutual funds in Lipper's Alternative
Credit Focus Funds category was -2.37%, and the average return of the 496
mutual funds in Morningstar's Non-Traditional Bond Funds category was
-1.99%.
Q How would you describe the investment environment in the fixed-income
markets during the six-month period ended September 30, 2015?
A Declining commodity prices, particularly of oil, and growing evidence of
weakening in the global economy led to a difficult period for the more
credit-sensitive areas of the fixed-income market over the six-month period
ended September 30, 2015.
The period began in April 2015, in the wake of a strong recovery in the
credit-sensitive fixed-income sectors over the first quarter of the
calendar year. The rebound occurred following a severe sell-off in late
2014 that was driven by a collapse in oil prices; the bounce-back was the
result of better-than-expected economic growth data coupled with a recovery
in the crude oil market.
* Note to shareholders: Effective September 25, 2015, Thomas Swaney, Senior
Vice President and Head of Alternative Fixed Income, U.S., at Pioneer, was
added as a portfolio manager on the Fund, joining Michael Temple, Senior
Vice President and Director of Fixed-Income Credit Research at Pioneer, who
has been a portfolio manager on the Fund since its inception in 2011. Also
effective September 25, 2015, Andrew Feltus and Chin Liu no longer serve as
portfolio managers on the Fund.
4 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
During that early part of the calendar year, high-yielding corporate bonds,
emerging markets debt, bank loans and investment-grade corporates all
rallied, with energy-related bonds performing particularly well.
However, just as the Fund's fiscal period got underway, the global economic
outlook again soured, and the recovery in oil prices proved short-lived as
worldwide energy production continued to grow -- even in the face of weaker
demand. Oil prices again started falling, and the markets for high-yield
corporate bonds, emerging markets debt and investment-grade corporates all
weakened. Complicating matters further was the fact that the
investment-grade credit market began to see a powerful wave of new-bond
issuance, much of it directed towards funding corporate merger-and-
acquisition programs, stock buybacks and other equity-friendly actions that
did not necessarily favor the interests of bondholders. As a result, yield
spreads -- or the differences between the yields of higher-rated debt
(typically Treasuries) and lower-rated debt with similar maturities --
widened, and credit-linked securities underperformed. The high-yield
corporate sector, which tends to have a relatively large exposure to the
energy sector, and emerging markets bonds fared the worst during this
timeframe, while investment-grade debt also underperformed. Bank loans and
structured products such as asset-backed securities (ABS) and
mortgage-backed securities (MBS) were less affected.
Q How was the Fund positioned in that environment, and what were the effects
of that positioning on the Fund's performance during the six-month period
ended September 30, 2015?
A Starting in 2014, we had been positioning the Fund for a less-favorable
environment for credit-sensitive debt, and had been reducing the
portfolio's exposure to such securities. In the first quarter of 2015, as
energy-related securities rallied, we seized upon the opportunity to lock
in some gains and began to cut back the Fund's energy exposure. We also cut
back on investments in emerging markets debt and convertible bonds. In
addition, we upgraded the overall credit quality of the Fund's holdings. In
the high-yield portion of the portfolio, for example, we reduced exposure
to the lower-quality CCC-rated and B-rated credit tiers, and made
comparable moves within the Fund's allocation to convertible bonds. As we
did this, we increased exposure to floating-rate bank loans, which we found
attractive because of their higher ratings, the fact that they are secured
debt instruments, and perhaps most importantly, because their floating-rate
feature made them less sensitive to changes in interest rates. We also
maintained a relatively large hedge position in the portfolio, hedging
about one-half of the Fund's exposure to high-yield corporates.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 5
In general, the Fund's underperformance of its benchmark during the period
was attributable to the weak performance of the portfolio's credit-
sensitive holdings, given that most fixed-income sectors, other than
government-debt-related asset classes, turned in negative performance over
the full six months. However, our decisions to upgrade the Fund's credit
quality during the period and to hedge a larger portion of the portfolio
using derivatives, helped to limit the benchmark-relative underperformance,
while enabling the Fund to outperform its Lipper and Morningstar peer group
average returns.
At the end of the period, by sector, the largest allocation in the Fund's
total investment portfolio was to U.S. corporate bonds, at 36%, with
roughly 21% of that allocated to high-yield bonds; this was followed by
bank loans (24%), collateralized mortgages (15%) and international
corporates (13%). Other notable allocations included insurance-linked
securities issued by property-and-casualty insurers, which represented
roughly 8% of the Fund's total investment portfolio at period end.
Q Did the Fund use any derivative securities or contracts during the
six-month period ended September 30, 2015? If so, how did those investments
affect performance?
A Yes, as noted earlier, we hedged a relatively large portion of the Fund's
portfolio during the period, using a variety of derivatives in our hedging
strategy, including Standard & Poor's (S&P) futures contracts, credit
derivatives and volatility contracts. The hedging moves helped to buffer
the effects of the weak performance by the credit-sensitive securities in
the portfolio, and had a beneficial effect on the Fund's benchmark-relative
returns.
Q What factors affected the Fund's income-generation, or yield for
shareholders, during the six-month period ended September 30, 2015?
A The Fund's yield was basically unchanged during the period. However, we
have adjusted our hedging methodology, which we believe could increase the
Fund's potential to pay higher distributions to shareholders in the future.
Q What is your current view of the credit markets, and how has that outlook
affected your investment strategy, if at all?
A In the near term, we believe credit-linked securities appear more
attractive than they did earlier in 2015. As a result, we very recently
have increased the portfolio's credit risk by a little bit, although we
have maintained the overall up-in-quality positioning we implemented over
the past few months, focusing on the higher-quality tiers within the
high-yield corporate universe as well as other asset classes. At present,
we are trying to take advantage of some of the attractive opportunities
that have appeared as a result of the earlier sell-offs in the fixed-income
markets.
6 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
Looking further down the road, we intend to remain generally cautious with
regard to investments in the credit-sensitive markets, while maintaining
the flexibility to take advantage of good investment opportunities as they
emerge.
Please refer to the Schedule of Investments on pages 16-53 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
Pioneer Dynamic Credit Fund has the ability to invest in a wide variety of debt
securities.
The Fund may invest in underlying funds, including ETFs. In addition to the
Fund's operating expenses, you will indirectly bear the operating expenses of
investments in any underlying funds.
The Fund and some of the underlying funds utilize strategies that have a
leveraging effect on the Fund, which increases the volatility of investment
returns and subjects the Fund to magnified losses if the Fund's or an underlying
fund's investments decline in value.
The Fund and some of the underlying funds may use derivatives, such as options
and futures, which can be illiquid, may disproportionately increase losses, and
have a potentially large impact on Fund performance.
The Fund may invest in inflation-linked securities. As inflationary expectations
increase, inflation-linked securities may become more attractive, because they
protect future interest payments against inflation. Conversely, as inflationary
concerns decrease, inflation-linked securities will become less attractive and
less valuable.
The Fund may invest in credit default swaps, which may in some cases be
illiquid, and they increase credit risk since the Fund has exposure to both the
issuer of the referenced obligation and the counterparty to the credit default
swap.
The Fund may invest in floating-rate loans. The value of collateral, if any,
securing a floating-rate loan can decline or may be insufficient to meet the
issuer's obligations or may be difficult to liquidate.
The Fund may invest in event-linked bonds. The return of principal and the
payment of interest on event-linked bonds are contingent on the nonoccurrence of
a pre-defined "trigger" event, such as a hurricane or an earthquake of a
specific magnitude.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 7
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 Pioneer Investments 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 Dynamic Credit Fund | Semiannual Report | 9/30/15
Portfolio Summary | 9/30/15
Portfolio Diversification*
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 36.4%
Senior Secured Loans 23.6%
Collateralized Mortgage Obligations 14.7%
International Corporate Bonds 13.2%
Asset Backed Securities 4.6%
U.S. Government Securities 2.4%
U.S. Preferred Stocks 1.4%
Temporary Cash Investments 1.1%
Convertible Corporate Bonds 1.0%
Foreign Government Bonds 0.5%
Convertible Preferred Stocks 0.5%
U.S. Common Stocks 0.5%
International Preferred Stocks 0.1%
International Common Stocks 0.0%**
* Includes investments in insurance linked securities totaling 8.1% of total
investment portfolio.
** Amount rounds to less than 0.1%.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)***
1. Fannie Mae, 3.5%, 5/1/44 1.37%
------------------------------------------------------------------------------------------------
2. Verizon Communications, Inc., 4.15%, 3/15/24 0.65
------------------------------------------------------------------------------------------------
3. CD 2005-CD1 Commercial Mortgage Trust, Floating Rate Note, 7/15/44 0.62
------------------------------------------------------------------------------------------------
4. JPMorgan Chase & Co., Floating Rate Note, 8/29/49 0.61
------------------------------------------------------------------------------------------------
5. Gullane Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/22/17 0.58
------------------------------------------------------------------------------------------------
6. Versutus, Ltd., Series 2015-A, Variable Rate Notes, 12/31/17 0.57
------------------------------------------------------------------------------------------------
7. Pangaea Re, Series 2015-1, Principal at Risk Notes, 2/1/19 0.56
------------------------------------------------------------------------------------------------
8. Builders FirstSource, Inc., Initial Term Loan, 7/24/22 0.52
------------------------------------------------------------------------------------------------
9. Pangaea Re, Series 2015-2, Principal at Risk Notes, 11/30/19 0.52
------------------------------------------------------------------------------------------------
10. Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 0.51
------------------------------------------------------------------------------------------------
*** This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 9
Prices and Distributions | 9/30/15
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 9/30/15 3/31/15
--------------------------------------------------------------------------------
A $9.30 $9.54
--------------------------------------------------------------------------------
C $9.27 $9.51
--------------------------------------------------------------------------------
Y $9.33 $9.58
--------------------------------------------------------------------------------
Distributions per Share: 4/1/15-9/30/15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1200 $-- $--
--------------------------------------------------------------------------------
C $0.0858 $-- $--
--------------------------------------------------------------------------------
Y $0.1367 $-- $--
--------------------------------------------------------------------------------
The Bank of America Merrill Lynch U.S. Dollar 3-Month LIBOR Index is an
unmanaged index that tracks the performance of a synthetic asset paying the
London Interbank Offered Rate (LIBOR), with a constant 3-month average maturity.
The index is based on the assumed purchase at par value of a synthetic
instrument having exactly its stated maturity and with a coupon equal to that
day's 3-month LIBOR rate. Index returns assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees, expenses or sales charges. It is
not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-13.
10 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
Performance Update | 9/30/15 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Dynamic Credit Fund at public
offering price during the periods shown, compared to that of the Bank of America
(BofA) Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2015)
--------------------------------------------------------------------------------
BofA ML
Net Public U.S. Dollar
Asset Offering 3-Month
Value Price LIBOR
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 2.53% 1.47% 0.31%
1 Year -2.66 -7.09 0.25
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.14%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Dynamic BofA ML U.S.
Credit Fund Dollar 3-Month
4/11 $ 9,550 $10,000
9/11 $ 9,122 $10,009
9/12 $10,086 $10,058
9/13 $10,483 $10,090
9/14 $10,957 $10,114
9/15 $10,665 $10,140
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 4.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 11
Performance Update | 9/30/15 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Dynamic Credit Fund during the
periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML)
U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2015)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.71% 1.71% 0.31%
1 Year -3.39 -3.39 0.25
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.90%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Dynamic BofA ML U.S.
Credit Fund Dollar 3-Month
4/11 $10,000 $10,000
9/11 $ 9,517 $10,009
9/12 $10,434 $10,058
9/13 $10,753 $10,090
9/14 $11,156 $10,114
9/15 $10,778 $10,140
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
Performance Update | 9/30/15 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Dynamic Credit Fund during the
periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML)
U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2015)
--------------------------------------------------------------------------------
BofA ML
Net U.S. Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 2.90% 0.31%
1 Year -2.45 0.25
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.93% 0.85%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Dynamic BofA ML U.S.
Credit Fund Dollar 3-Month
4/11 $5,000,000 $5,000,000
9/11 $4,800,067 $5,004,742
9/12 $5,318,483 $5,028,849
9/13 $5,549,790 $5,044,939
9/14 $5,816,604 $5,057,112
9/15 $5,674,308 $5,069,978
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2017, for Class Y shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an invest-
ment of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Dynamic Credit Fund
Based on actual returns from April 1, 2015, through September 30, 2015.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 4/1/15
--------------------------------------------------------------------------------
Ending Account Value $ 987.30 $ 983.70 $ 988.00
(after expenses) on 9/30/15
--------------------------------------------------------------------------------
Expenses Paid $ 5.83 $ 9.60 $ 4.24
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of
1.17%,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 183/365 (to reflect the one-half year period).
14 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Dynamic Credit Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from April 1, 2015, through September 30, 2015.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 4/1/15
--------------------------------------------------------------------------------
Ending Account Value $1,019.20 $1,015.39 $1,020.81
(after expenses) on 9/30/15
--------------------------------------------------------------------------------
Expenses Paid $ 5.92 $ 9.75 $ 4.31
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of
1.17%,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 183/365 (to reflect the one-half year period).
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 15
Schedule of Investments | 9/30/15 (unaudited)
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE
BONDS -- 1.0%
ENERGY -- 0.0%+
Oil & Gas Equipment & Services -- 0.0%+
20,000 Energy XXI, Ltd., 3.0%, 12/15/18 $ 1,850
---------------
Total Energy $ 1,850
----------------------------------------------------------------------------------------------
MATERIALS -- 0.0%+
Diversified Metals & Mining -- 0.0%+
122,892 Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A)
(0.0% cash, 9.5% PIK) (PIK) $ 61,446
----------------------------------------------------------------------------------------------
Steel -- 0.0%+
EURO 67,741 New World Resources NV, 4.0%,
10/7/20 (144A) (4.0% cash, 8.0% PIK)
(PIK) (d) $ 15,126
---------------
Total Materials $ 76,572
----------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.2%
Electrical Components & Equipment -- 0.2%
1,000,000 SolarCity Corp., 1.625%, 11/1/19 (144A) $ 779,375
---------------
Total Capital Goods $ 779,375
----------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.2%
Homebuilding -- 0.2%
700,000 KB Home, 1.375%, 2/1/19 $ 650,125
---------------
Total Consumer Durables & Apparel $ 650,125
----------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.1%
Biotechnology -- 0.1%
593,000 PDL BioPharma, Inc., 4.0%, 2/1/18 $ 522,581
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 522,581
----------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.5%
Semiconductor Equipment -- 0.2%
2,000,000 SunEdison, Inc., 2.625%, 6/1/23 (144A) $ 1,007,500
----------------------------------------------------------------------------------------------
Semiconductors -- 0.3%
1,455,000 JinkoSolar Holding Co., Ltd., 4.0%,
2/1/19 (144A) $ 1,197,647
---------------
Total Semiconductors & Semiconductor
Equipment $ 2,205,147
----------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $5,051,322) $ 4,235,650
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 1.4%
BANKS -- 0.3%
Diversified Banks -- 0.3%
50,173 7.12 Citigroup, Inc., Floating Rate Note (Perpetual) $ 1,350,657
3,141 6.00 US Bancorp, Floating Rate Note (Perpetual) 82,703
---------------
$ 1,433,360
---------------
Total Banks $ 1,433,360
----------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.8%
Consumer Finance -- 0.4%
800 Ally Financial, Inc., 7.0% (Perpetual) (144A) $ 806,525
27,750 8.12 GMAC Capital Trust I, Floating Rate Note,
2/15/40 708,458
---------------
$ 1,514,983
----------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.4%
66,707 6.38 Morgan Stanley, Floating Rate Note (Perpetual) $ 1,697,026
---------------
Total Diversified Financials $ 3,212,009
----------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Property & Casualty Insurance -- 0.1%
17,164 5.95 Aspen Insurance Holdings, Ltd., Floating Rate
Note (Perpetual) $ 435,279
----------------------------------------------------------------------------------------------
Reinsurance -- 0.0%+
2,500 Lorenz Re, Ltd., Variable Rate Notes,
(Perpetual)* (g) $ 6,250
---------------
Total Insurance $ 441,529
----------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Diversified REIT -- 0.1%
400 Firstar Realty LLC, 8.875% (Perpetual) (144A) $ 496,750
---------------
Total Real Estate $ 496,750
----------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.0%+
Integrated Telecommunication
Services -- 0.0%+
4,400 Qwest Corp., 7.375%, 6/1/51 $ 112,244
---------------
Total Telecommunication Services $ 112,244
----------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Electric Utilities -- 0.1%
18,955 PPL Capital Funding, Inc., 5.9%, 4/30/73 $ 477,666
---------------
Total Utilities $ 477,666
----------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $6,035,574) $ 6,173,558
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 17
Schedule of Investments | 9/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS -- 0.5%
CONSUMER DURABLES & APPAREL -- 0.2%
Home Furnishings -- 0.2%
13,100 Sealy Corp., 8.0%, 7/15/16 (4.0% cash,
4.0% PIK) (PIK) $ 1,156,819
---------------
Total Consumer Durables & Apparel $ 1,156,819
----------------------------------------------------------------------------------------------
BANKS -- 0.3%
Diversified Banks -- 0.3%
1,050 Wells Fargo & Co., 7.5% (Perpetual) $ 1,226,400
---------------
Total Banks $ 1,226,400
----------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $2,270,227) $ 2,383,219
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Shares
----------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.0%+
ENERGY -- 0.0%+
Oil & Gas Exploration & Production -- 0.0%+
14,179 SandRidge Energy, Inc.* $ 3,828
---------------
Total Energy $ 3,828
----------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.0%+
Industrial Machinery -- 0.0%+
3,071 Liberty Tire Reclycling LLC (d) $ 31
---------------
Total Capital Goods $ 31
----------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 0.0%+
Diversified Support Services -- 0.0%+
4 IAP Worldwide Services, Inc. $ 3,955
---------------
Total Commercial Services & Supplies $ 3,955
----------------------------------------------------------------------------------------------
INSURANCE -- 0.0%+
Life & Health Insurance -- 0.0%+
34,794 TopCo. Ltd. (d) $ 8,416
---------------
Total Insurance $ 8,416
----------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $63,174) $ 16,230
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 4.3%
CONSUMER SERVICES -- 0.2%
Hotels, Resorts & Cruise Lines -- 0.2%
137,288 Westgate Resorts 2012-2 LLC, 9.0%,
1/21/25 (144A) $ 138,061
572,239 Westgate Resorts 2014-1 LLC, 5.5%,
12/20/26 (144A) 571,524
---------------
$ 709,585
---------------
Total Consumer Services $ 709,585
----------------------------------------------------------------------------------------------
BANKS -- 3.2%
Thrifts & Mortgage Finance -- 3.2%
499,993 Axis Equipment Finance Receivables III LLC,
5.27%, 5/20/20 (144A) $ 502,085
2,754 Bayview Financial Mortgage Pass-Through
Trust 2007-B, 6.407%, 8/28/37 (Step) 2,737
282,188 Bayview Opportunity Master Fund IIa Trust
2014-20NPL, 3.721%, 8/28/44 (Step) (144A) 282,982
883,931 3.72 Bayview Opportunity Master Fund Trust
2014-15RPL, Floating Rate Note, 10/28/19
(144A) 883,777
101,338 Bayview Opportunity Master Fund Trust IIIa
2014-12RPL, 3.6225%, 7/28/19 (Step)
(144A) 100,764
650,007 3.14 Drug Royalty II LP 2, Floating Rate Note,
7/15/23 (144A) 658,115
700,000 Flagship Credit Auto Trust 2013-1, 5.38%,
7/15/20 719,545
248,243 7.78 GE Mortgage Services LLC, Floating Rate Note,
3/25/27 170,668
769,349 GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 761,655
400,000 HLSS Servicer Advance Receivables Trust,
4.4584%, 1/15/48 (144A) 399,652
212,922 Icon Brand Holdings LLC, 4.352%, 1/25/43
(144A) 216,460
750,000 Leaf Receivables Funding 10 LLC, 5.21%,
7/15/21 (144A) 743,048
358,317 Leaf Receivables Funding 8 LLC, 5.5%,
9/15/20 (144A) 361,363
543,239 1.69 MortgageIT Trust 2005-1, Floating Rate Note,
2/25/35 486,000
349,497 1.99 MortgageIT Trust 2005-1, Floating Rate Note,
2/25/35 298,117
1,360,000 Nations Equipment Finance Funding I LLC,
5.5%, 5/20/21 (144A) 1,362,976
750,000 Navitas Equipment Receivables LLC 2013-1,
5.82%, 6/15/19 754,196
710,500 Navitas Equipment Receivables LLC 2015-1,
5.75%, 5/17/21 (144A) 717,594
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 19
Schedule of Investments | 9/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
600,000 4.72 NCF Dealer Floorplan Master Trust, Floating
Rate Note, 10/20/20 (144A) $ 600,000
213,689 Orange Lake Timeshare Trust 2012-A, 4.87%,
3/10/27 (144A) 221,702
500,000 Progreso Receivables Funding II LLC, 6.0%,
7/8/19 (144A) 505,209
235,397 RASC Series 2003-KS5 Trust, 4.96%,
7/25/33 (Step) 233,376
172,870 6.55 Security National Mortgage Loan Trust 2007-1,
Floating Rate Note, 4/25/37 (144A) 173,985
1,200,000 3.46 Silver Bay Realty 2014-1 Trust, Floating Rate
Note, 9/18/31 (144A) 1,154,290
450,000 SNAAC Auto Receivables Trust 2013-1, 4.56%,
4/15/20 (144A) 458,218
192,002 STORE Master Funding LLC, 4.16%, 3/20/43
(144A) 199,355
1,000,000 VOLT XXV LLC, 4.5%, 6/26/45 (Step) (144A) 982,211
---------------
$ 13,950,080
---------------
Total Banks $ 13,950,080
----------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.9%
Other Diversified Financial Services -- 0.5%
1,099,877 AXIS Equipment Finance Receivables II LLC,
4.94%, 7/20/18 (144A) $ 1,126,472
249,972 AXIS Equipment Finance Receivables II LLC,
6.41%, 10/22/18 (144A) 255,336
137,566 Sierra Timeshare 2011-3 Receivables Funding
LLC, 9.31%, 7/20/28 (144A) 145,371
500,000 Springleaf Funding Trust 2013-A, 5.0%,
9/15/21 (144A) 501,648
---------------
$ 2,028,827
----------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.4%
1,000,000 RMAT 2015-1 LLC, 5.0%, 7/27/20 (Step) (144A) $ 981,555
1,000,000 VOLT XXXVII LLC, 4.375%, 7/25/45 (Step) (144A) 987,929
---------------
$ 1,969,484
---------------
Total Diversified Financials $ 3,998,311
----------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $18,722,052) $ 18,657,976
----------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 13.4%
MATERIALS -- 0.1%
Forest Products -- 0.1%
180,000 TimberStar Trust I, 7.5296%, 10/15/36 (144A) $ 183,969
---------------
Total Materials $ 183,969
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
BANKS -- 12.9%
Thrifts & Mortgage Finance -- 12.9%
350,000 A10 Securitization 2013-1 LLC, 4.7%,
11/17/25 (144A) $ 349,768
139,000 A10 Securitization 2013-1 LLC, 6.41%,
11/17/25 (144A) 138,849
1,400,000 3.60 ACRE Commercial Mortgage Trust 2014-FL2,
Floating Rate Note, 8/15/31 (144A) 1,381,561
1,250,000 6.17 Banc of America Commercial Mortgage Trust
2007-5, Floating Rate Note, 2/10/51 1,282,170
153,377 2.11 Bear Stearns ALT-A Trust 2003-3, Floating Rate
Note, 10/25/33 141,360
100,000 5.21 Bear Stearns Commercial Mortgage Securities
Trust 2005-PWR7, Floating Rate Note, 2/11/41 99,920
1,600,000 5.29 Bear Stearns Commercial Mortgage Securities
Trust 2005-TOP20, Floating Rate Note, 10/12/42 1,597,805
2,000,000 5.90 Bear Stearns Commercial Mortgage Securities
Trust 2007-PWR16, Floating Rate Note, 6/11/40 2,029,098
500,000 2.79 Carefree Portfolio Trust 2014-CARE, Floating Rate
Note, 11/15/29 (144A) 485,032
2,500,000 5.34 CD 2005-CD1 Commercial Mortgage Trust,
Floating Rate Note, 7/15/44 2,497,212
1,000,000 4.80 CFCRE 2015-RUM Mortgage Trust, Floating Rate
Note, 7/15/30 (144A) 1,000,719
44,323 5.81 CHL Mortgage Pass-Through Trust 2002-32,
Floating Rate Note, 1/25/33 45,442
300,000 5.97 Citigroup Commercial Mortgage Trust 2006-C4,
Floating Rate Note, 3/17/49 304,817
1,000,000 3.21 Citigroup Commercial Mortgage Trust 2014-GC23
REMICS, Floating Rate Note, 7/12/47 (144A) 655,260
48,387 Citigroup Mortgage Loan Trust, Inc., 6.75%,
9/25/34 53,135
715,000 5.96 COBALT CMBS Commercial Mortgage Trust
2007-C3, Floating Rate Note, 5/15/46 683,548
220,000 5.96 COBALT CMBS Commercial Mortgage Trust
2007-C3, Floating Rate Note, 5/15/46 198,558
1,200,000 5.57 COBALT Commercial Mortgage Trust 2007-C2,
Floating Rate Note, 4/15/47 (144A) 1,206,557
1,000,000 5.99 COMM 2007-C9 Mortgage Trust, Floating Rate
Note, 12/10/49 (144A) 949,831
100,000 4.86 COMM 2012-CCRE2 Mortgage Trust, Floating
Rate Note, 8/17/45 (144A) 98,547
1,000,000 3.81 COMM 2015-CCRE23 Mortgage Trust, Floating
Rate Note, 5/12/48 968,239
1,600,000 6.25 Commercial Mortgage Trust 2007-GG11,
Floating Rate Note, 12/10/49 1,641,077
366,946 5.45 Credit Suisse First Boston Mortgage Securities
Corp., Floating Rate Note, 6/25/33 251,943
1,150,000 5.10 Credit Suisse First Boston Mortgage Securities
Corp., Floating Rate Note, 8/15/38 1,148,201
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 21
Schedule of Investments | 9/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
2,050,000 5.10 Credit Suisse First Boston Mortgage Securities
Corp., Floating Rate Note, 8/15/38 $ 2,053,178
1,100,000 0.00 CSMC Trust 2015-SAND, Floating Rate Note,
8/15/30 (144A) 1,100,040
113,538 5.46 DBUBS 2011-LC2 Mortgage Trust, Floating
Rate Note, 7/12/44 (144A) 125,442
530,000 3.65 EQTY 2014-INNS Mortgage Trust, Floating
Rate Note, 5/8/31 (144A) 524,491
277,838 4.95 EQTY 2014-MZ Mezzanine Trust, Floating
Rate Note, 5/10/19 (144A) 274,743
820,000 3.49 GAHR Commercial Mortgage Trust 2015-NRF,
Floating Rate Note, 12/15/34 (144A) 773,259
343,487 Global Mortgage Securitization, Ltd., 5.25%,
11/25/32 (144A) 317,564
164,446 Global Mortgage Securitization, Ltd., 5.25%,
11/25/32 (144A) 131,146
641,056 Global Mortgage Securitization, Ltd., 5.25%,
4/25/32 611,751
130,728 Global Mortgage Securitization, Ltd., 5.25%,
4/25/32 95,897
570,000 5.00 GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 541,303
890,000 4.94 GS Mortgage Securities Corp., II Series 2005-GG4,
Floating Rate Note, 7/10/39 863,324
1,000,000 GS Mortgage Securities Trust 14-NEW, 3.79%,
1/10/31 (144A) 973,254
1,000,000 5.74 GS Mortgage Securities Trust 2006-GG6,
Floating Rate Note, 4/10/38 999,388
705,000 4.11 GS Mortgage Securities Trust 2014-GSFL,
Floating Rate Note, 7/15/31 (144A) 699,727
151,154 Homeowner Assistance Program Reverse
Mortgage Loan Trust 2013-RM1, 4.0%,
5/26/53 (144A) 149,076
1,400,000 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-CIBC16, 5.623%,
5/12/45 1,378,265
1,400,000 6.10 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-LDP7 REMICS,
Floating Rate Note, 4/15/45 1,375,233
1,725,000 6.21 JP Morgan Chase Commercial Mortgage
Securities Trust 2007-LDP12, Floating Rate
Note, 2/15/51 1,747,834
1,850,000 6.43 JP Morgan Chase Commercial Mortgage
Securities Trust 2014-CBM MZ, Floating
Rate Note, 10/15/19 (144A) 1,852,312
1,100,000 3.70 JP Morgan Chase Commercial Mortgage
Securities Trust 2014-FBLU REMICS, Floating
Rate Note, 12/15/28 (144A) 1,099,294
The accompanying notes are an integral part of these financial statements.
22 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
764,449 4.25 La Hipotecaria Panamanian Mortgage Trust
2007-1, Floating Rate Note, 12/23/36 (144A) $ 749,160
1,200,000 5.35 LB-UBS Commercial Mortgage Trust 2005-C7,
Floating Rate Note, 11/15/40 1,232,650
213,057 Merrill Lynch Mortgage Investors Trust Series
2006-AF1, 5.75%, 8/25/36 170,107
1,400,000 5.48 ML-CFC Commercial Mortgage Trust 2006-3,
Floating Rate Note, 7/12/46 1,412,093
2,000,000 ML-CFC Commercial Mortgage Trust 2006-4,
5.239%, 12/12/49 2,008,206
1,800,000 5.57 Morgan Stanley Capital I Trust 2007-TOP25,
Floating Rate Note, 11/12/49 1,832,798
1,500,000 5.19 NorthStar 2013-1, Floating Rate Note,
8/27/29 (144A) 1,515,000
1,000,000 ORES 2014-LV3 LLC, 6.0%, 3/27/24 1,000,000
1,171,000 4.81 PFP 2015-2, Ltd., Floating Rate Note,
7/14/34 (144A) 1,171,192
98,905 RCMC LLC, 5.62346%, 12/17/18 (144A) 100,654
1,277,152 1.50 RESI Finance LP 2003-D, Floating Rate Note,
12/10/35 (144A) 1,074,842
200,000 5.30 Springleaf Mortgage Loan Trust 2012-3,
Floating Rate Note, 12/26/59 (144A) 200,409
250,000 5.58 Springleaf Mortgage Loan Trust 2013-1,
Floating Rate Note, 6/25/58 (144A) 251,367
118,610 1.72 Structured Asset Mortgage Investments Trust
2003-AR1, Floating Rate Note, 10/19/33 109,598
1,600,000 5.56 Wachovia Bank Commercial Mortgage Trust
Series 2005-C22, Floating Rate Note,
12/15/44 1,602,662
304,000 5.66 Wachovia Bank Commercial Mortgage Trust
Series 2006-C24, Floating Rate Note,
3/15/45 305,229
1,500,000 5.63 Wachovia Bank Commercial Mortgage Trust
Series 2006-C28, Floating Rate Note,
10/15/48 1,522,161
1,813,000 5.95 Wachovia Bank Commercial Mortgage Trust
Series 2007-C34, Floating Rate Note,
5/15/46 1,876,094
1,500,000 3.71 Wells Fargo Commercial Mortgage Trust
2014-TISH, Floating Rate Note, 1/15/27 (144A) 1,460,817
50,000 5.27 WFRBS Commercial Mortgage Trust 2011-C4,
Floating Rate Note, 6/17/44 (144A) 52,834
200,000 4.35 WFRBS Commercial Mortgage Trust 2013-C12,
Floating Rate Note, 3/17/48 (144A) 187,664
---------------
$ 56,730,707
---------------
Total Banks $ 56,730,707
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 23
Schedule of Investments | 9/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Other Diversified Financial Services -- 0.4%
1,300,000 5.21 Del Coronado Trust 2013-DEL MZ, Floating
Rate Note, 3/15/18 (144A) $ 1,293,500
489,532 Monty Parent Issuer 1 LLC, 4.25%, 11/20/28
(144A) 489,524
143,888 Rialto Capital Management LLC, 2.85%,
5/15/24 (144A) 143,651
---------------
$ 1,926,675
---------------
Total Diversified Financials $ 1,926,675
----------------------------------------------------------------------------------------------
GOVERNMENT -- 0.0%+
Government -- 0.0%+
175,000 4.18 Federal Home Loan Mortgage Corp., Floating
Rate Note, 5/25/45 (144A) $ 181,156
---------------
Total Government $ 181,156
----------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $58,866,627) $ 59,022,507
----------------------------------------------------------------------------------------------
CORPORATE BONDS -- 45.3%
ENERGY -- 4.7%
Oil & Gas Drilling -- 0.3%
1,950,000 Ensco Plc, 5.75%, 10/1/44 $ 1,348,992
----------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.4%
330,000 Calfrac Holdings LP, 7.5%, 12/1/20 (144A) $ 206,250
355,000 Key Energy Services, Inc., 6.75%, 3/1/21 122,475
2,000,000 Weatherford International, Ltd. Bermuda,
5.95%, 4/15/42 1,390,422
---------------
$ 1,719,147
----------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.5%
980,000 Bonanza Creek Energy, Inc., 5.75%, 2/1/23 $ 637,000
345,000 Bonanza Creek Energy, Inc., 6.75%, 4/15/21 240,638
865,000 EP Energy LLC, 6.375%, 6/15/23 638,474
1,190,000 Gulfport Energy Corp., 7.75%, 11/1/20 1,169,175
650,000 Legacy Reserves LP, 6.625%, 12/1/21 442,000
580,000 Memorial Production Partners LP, 6.875%,
8/1/22 353,800
515,000 Noble Energy, Inc., 5.625%, 5/1/21 518,090
665,000 Noble Energy, Inc., 5.875%, 6/1/22 663,746
1,075,000 RSP Permian, Inc., 6.625%, 10/1/22 1,032,000
1,285,000 Swift Energy Co., 7.875%, 3/1/22 340,525
675,000 WPX Energy, Inc., 7.5%, 8/1/20 617,625
---------------
$ 6,653,073
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 2.5%
2,000,000 Boardwalk Pipelines LP, 4.95%, 12/15/24 $ 1,852,526
373,000 Copano Energy LLC, 7.125%, 4/1/21 389,161
1,250,000 5.85 DCP Midstream LLC, Floating Rate Note,
5/21/43 (144A) 1,000,000
NOK 2,000,000 6.46 Golar LNG Partners LP, Floating Rate Note,
10/12/17 238,076
1,360,000 Kinder Morgan, Inc., Delaware, 5.55%, 6/1/45 1,129,664
1,450,000 ONEOK, Inc., 6.875%, 9/30/28 1,290,500
2,000,000 Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 1,855,000
100,000 Sabine Pass LNG LP, 6.5%, 11/1/20 96,750
1,500,000 Sunoco Logistics Partners Operations LP,
3.45%, 1/15/23 1,304,012
555,000 Targa Resources Partners LP, 4.25%, 11/15/23 462,038
2,000,000 The Williams Companies, Inc., 5.75%, 6/24/44 1,381,346
---------------
$ 10,999,073
----------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.0%+
250,000 James River Coal Co., 7.875%, 4/1/19 (e) $ 25
---------------
Total Energy $ 20,720,310
----------------------------------------------------------------------------------------------
MATERIALS -- 2.2%
Commodity Chemicals -- 0.4%
1,405,000 Axiall Corp., 4.875%, 5/15/23 $ 1,180,200
565,000 Hexion, Inc., 8.875%, 2/1/18 452,000
---------------
$ 1,632,200
----------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
600,000 INEOS Group Holdings SA, 5.875%, 2/15/19
(144A) $ 558,000
----------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.4%
707,758 Ardagh Finance Holdings SA, 8.625%, (0.00%
Cash, 8.625% PIK) 6/15/19 (144A) (PIK) $ 721,913
200,000 Beverage Packaging Holdings Luxembourg II SA,
5.625%, 12/15/16 (144A) 197,000
300,000 Beverage Packaging Holdings Luxembourg II SA,
6.0%, 6/15/17 (144A) 293,625
425,000 Reynolds Group Issuer, Inc., 8.25%, 2/15/21 423,938
330,000 Reynolds Group Issuer, Inc., 9.875%, 8/15/19 341,550
---------------
$ 1,978,026
----------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.4%
1,200,000 FMG Resources August 2006 Pty, Ltd., 9.75%,
3/1/22 (144A) $ 1,117,500
500,000 MMC Norilsk Nickel OJSC via MMC Finance,
Ltd., 5.55%, 10/28/20 (144A) 495,080
---------------
$ 1,612,580
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 25
Schedule of Investments | 9/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
Steel -- 0.7%
1,000,000 Cliffs Natural Resources, Inc., 8.25%,
3/31/20 (144A) $ 880,000
200,000 Glencore Funding LLC, 4.125%, 5/30/23
(144A) 157,375
200,000 Metalloinvest Finance, Ltd., 5.625%,
4/17/20 (144A) 188,240
EURO 38,709 0.00 New World Resources NV, Floating Rate Note,
10/7/20 (d) 12,965
EURO 29,032 0.00 New World Resources NV, Floating Rate Note,
10/7/20 (d) 4,214
1,940,000 Reliance Steel & Aluminum Co., 4.5%,
4/15/23 1,851,703
---------------
$ 3,094,497
----------------------------------------------------------------------------------------------
Paper Products -- 0.2%
1,110,000 Resolute Forest Products, Inc., 5.875%, 5/15/23 $ 826,950
---------------
Total Materials $ 9,702,253
----------------------------------------------------------------------------------------------
CAPITAL GOODS -- 2.2%
Building Products -- 0.8%
1,000,000 Gibraltar Industries, Inc., 6.25%, 2/1/21 $ 1,015,000
1,375,000 Griffon Corp., 5.25%, 3/1/22 1,307,969
1,000,000 Masco Corp., 4.45%, 4/1/25 1,012,500
---------------
$ 3,335,469
----------------------------------------------------------------------------------------------
Construction & Engineering -- 0.5%
635,000 AECOM, 5.75%, 10/15/22 (144A) $ 638,575
1,205,000 Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 1,186,925
500,000 Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 251,250
---------------
$ 2,076,750
----------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
450,000 Magnesita Finance, Ltd., 8.625% (Perpetual)
(144A) $ 294,750
400,000 Turkiye Sise ve Cam Fabrikalari AS, 4.25%,
5/9/20 (144A) 377,200
---------------
$ 671,950
----------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.2%
400,000 Commercial Vehicle Group, Inc., 7.875%,
4/15/19 $ 407,000
350,000 Cummins, Inc., 5.65%, 3/1/98 374,025
---------------
$ 781,025
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
Industrial Machinery -- 0.5%
750,000 Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A) $ 708,750
1,235,000 EnPro Industries, Inc., 5.875%, 9/15/22 1,244,262
63,982 Liberty Tire Recycling LLC, 11.0%, 3/31/21
(0.0% cash, 11.0% PIK) (144A) (PIK) (d) 40,948
168,000 Xerium Technologies, Inc., 8.875%, 6/15/18 170,520
---------------
$ 2,164,480
----------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.1%
600,000 Aircastle, Ltd., 6.25%, 12/1/19 $ 643,500
---------------
Total Capital Goods $ 9,673,174
----------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.8%
Commercial Printing -- 0.2%
1,210,000 Cenveo Corp., 6.0%, 8/1/19 (144A) $ 1,016,400
----------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.2%
865,000 Safway Group Holding LLC, 7.0%, 5/15/18 (144A) $ 885,544
----------------------------------------------------------------------------------------------
Diversified Support Services -- 0.4%
930,000 Allegion US Holding Co., Inc., 5.75%, 10/1/21 $ 953,250
805,000 Transfield Services, Ltd., 8.375%, 5/15/20
(144A) 828,144
---------------
$ 1,781,394
---------------
Total Commercial Services & Supplies $ 3,683,338
----------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.0%
Airlines -- 1.3%
464,229 Air Canada 2013-1 Class A Pass Through Trust,
4.125%, 11/15/26 (144A) $ 468,291
500,000 Air Canada 2013-1 Class C Pass Through Trust,
6.625%, 5/15/18 (144A) 518,700
1,478,549 American Airlines 2014-1 Class B Pass Through
Trust, 4.375%, 10/1/22 1,478,549
7,919 Continental Airlines 1997-4 Class B Pass
Through Trust, 6.9%, 1/2/17 8,142
49,861 Continental Airlines 2001-1 Class B Pass
Through Trust, 7.373%, 12/15/15 49,985
900,000 Delta Air Lines 2010-2 Class B Pass Through
Trust, 6.75%, 11/23/15 (144A) 911,250
540,000 Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 532,575
98,075 Hawaiian Airlines 2013-1 Class A Pass Through
Certificates, 3.9%, 1/15/26 96,603
1,350,000 Intrepid Aviation Group Holdings LLC, 6.875%,
2/15/19 (144A) 1,215,000
374,821 US Airways 2013-1 Class A Pass Through Trust,
3.95%, 5/15/27 376,246
193,381 US Airways 2013-1 Class B Pass Through Trust,
5.375%, 11/15/21 199,666
---------------
$ 5,855,007
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 27
Schedule of Investments | 9/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
Marine -- 0.1%
600,000 Navios South American Logistics, Inc.,
7.25%, 5/1/22 (144A) $ 540,000
----------------------------------------------------------------------------------------------
Railroads -- 0.3%
1,070,000 Florida East Coast Holdings Corp., 6.75%,
5/1/19 (144A) $ 1,048,600
----------------------------------------------------------------------------------------------
Trucking -- 0.3%
1,000,000 Jack Cooper Holdings Corp., 9.25%, 6/1/20
(144A) $ 900,000
325,000 Transnet SOC, Ltd., 4.0%, 7/26/22 (144A) 300,219
---------------
$ 1,200,219
----------------------------------------------------------------------------------------------
Airport Services -- 0.0%+
152,880 Aeropuertos Argentina 2000 SA, 10.75%,
12/1/20 (144A) $ 157,466
---------------
Total Transportation $ 8,801,292
----------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.4%
Auto Parts & Equipment -- 0.4%
400,000 International Automotive Components
Group SA, 9.125%, 6/1/18 (144A) $ 406,000
481,000 Pittsburgh Glass Works LLC, 8.0%, 11/15/18
(144A) 497,835
950,000 Stackpole International Intermediate, 7.75%,
10/15/21 (144A) 1,033,125
---------------
$ 1,936,960
---------------
Total Automobiles & Components $ 1,936,960
----------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.4%
Homebuilding -- 1.2%
95,000 CalAtlantic Group, Inc., 5.375%, 10/1/22 $ 95,950
1,000,000 CalAtlantic Group, Inc., 6.25%, 12/15/21 1,067,500
765,000 DR Horton, Inc., 5.75%, 8/15/23 828,112
500,000 KB Home, 7.0%, 12/15/21 501,250
200,000 KB Home, Inc., 8.0%, 3/15/20 212,000
675,000 Lennar Corp., 4.5%, 6/15/19 682,425
890,000 MDC Holdings, Inc., 5.5%, 1/15/24 898,900
1,000,000 Taylor Morrison Communities, Inc., 5.875%,
4/15/23 1,000,000
---------------
$ 5,286,137
----------------------------------------------------------------------------------------------
Household Appliances -- 0.1%
400,000 Arcelik AS, 5.0%, 4/3/23 (144A) $ 354,760
----------------------------------------------------------------------------------------------
Textiles -- 0.1%
400,000 Springs Industries, Inc., 6.25%, 6/1/21 $ 396,000
---------------
Total Consumer Durables & Apparel $ 6,036,897
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.6%
Casinos & Gaming -- 0.3%
800,000 Scientific Games International, Inc., 10.0%,
12/1/22 $ 698,000
750,000 Scientific Games International, Inc., 7.0%,
1/1/22 (144A) 738,750
---------------
$ 1,436,750
----------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.3%
1,135,000 Sotheby's, 5.25%, 10/1/22 (144A) $ 1,049,875
---------------
Total Consumer Services $ 2,486,625
----------------------------------------------------------------------------------------------
MEDIA -- 1.4%
Broadcasting -- 0.7%
1,000,000 DIRECTV Holdings LLC, 5.15%, 3/15/42 $ 939,681
1,120,000 Gannett Co., Inc., 6.375%, 10/15/23 1,176,000
825,000 Quebecor Media, Inc., 5.75%, 1/15/23 812,625
---------------
$ 2,928,306
----------------------------------------------------------------------------------------------
Cable & Satellite -- 0.7%
705,000 CCO Safari II LLC, 6.384%, 10/23/35 (144A) $ 713,282
250,000 Intelsat Jackson Holdings SA, 7.25%, 4/1/19 234,375
830,000 Sirius XM Radio, Inc., 4.625%, 5/15/23 (144A) 776,050
1,000,000 Virgin Media Secured Finance Plc, 5.25%,
1/15/26 (144A) 920,000
450,000 Virgin Media Secured Finance Plc, 5.375%,
4/15/21 (144A) 452,812
---------------
$ 3,096,519
----------------------------------------------------------------------------------------------
Publishing -- 0.0%+
100,000 MPL 2 Acquisition Canco, Inc., 9.875%,
8/15/18 (144A) $ 103,500
---------------
Total Media $ 6,128,325
----------------------------------------------------------------------------------------------
RETAILING -- 1.1%
Catalog Retail -- 0.3%
1,500,000 QVC, Inc., 4.45%, 2/15/25 $ 1,446,272
----------------------------------------------------------------------------------------------
Department Stores -- 0.1%
525,000 Grupo Famsa SAB de CV, 7.25%, 6/1/20
(144A) $ 460,688
----------------------------------------------------------------------------------------------
Computer & Electronics Retail -- 0.2%
930,000 Rent-A-Center, Inc., 6.625%, 11/15/20 $ 911,400
----------------------------------------------------------------------------------------------
Specialty Stores -- 0.2%
600,000 Radio Systems Corp., 8.375%, 11/1/19
(144A) $ 629,250
----------------------------------------------------------------------------------------------
Automotive Retail -- 0.3%
1,325,000 CST Brands, Inc., 5.0%, 5/1/23 $ 1,315,062
---------------
Total Retailing $ 4,762,672
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 29
Schedule of Investments | 9/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.5%
Food Retail -- 0.5%
1,150,000 C&S Group Enterprises LLC, 5.375%,
7/15/22 (144A) $ 1,046,500
1,060,000 Darling Ingredients, Inc., 5.375%, 1/15/22 1,038,800
---------------
$ 2,085,300
---------------
Total Food & Staples Retailing $ 2,085,300
----------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.2%
Agricultural Products -- 0.2%
800,000 Southern States Cooperative, Inc., 10.0%,
8/15/21 (144A) $ 704,000
----------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.8%
75,000 Agrokor dd, 8.875%, 2/1/20 (144A) $ 80,250
428,000 Chiquita Brands International, Inc., 7.875%,
2/1/21 454,750
400,000 Dole Food Co., Inc., 7.25%, 5/1/19 (144A) 399,000
300,000 FAGE Dairy Industry SA, 9.875%, 2/1/20
(144A) 312,000
1,105,000 Marfrig Holdings Europe BV, 6.875%, 6/24/19
(144A) 947,538
500,000 MHP SA, 8.25%, 4/2/20 (144A) 420,692
400,000 Minerva Luxembourg SA, 7.75%, 1/31/23
(144A) 350,000
550,000 Post Holdings, Inc., 7.375%, 2/15/22 558,250
200,000 Post Holdings, Inc., 7.75%, 3/15/24 (144A) 205,000
---------------
$ 3,727,480
----------------------------------------------------------------------------------------------
Tobacco -- 0.2%
800,000 Alliance One International, Inc., 9.875%,
7/15/21 $ 684,000
---------------
Total Food, Beverage & Tobacco $ 5,115,480
----------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 2.2%
Health Care Supplies -- 0.0%+
100,000 ConvaTec Healthcare E SA, 10.5%, 12/15/18
(144A) $ 103,250
100,000 Immucor, Inc., 11.125%, 8/15/19 103,000
---------------
$ 206,250
----------------------------------------------------------------------------------------------
Health Care Distributors -- 0.4%
1,500,000 McKesson Corp., 4.883%, 3/15/44 $ 1,525,960
----------------------------------------------------------------------------------------------
Health Care Services -- 0.3%
1,360,000 DaVita HealthCare Partners, Inc., 5.125%,
7/15/24 $ 1,335,520
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
Health Care Facilities -- 1.1%
545,000 Amsurg Corp., 5.625%, 7/15/22 $ 544,319
1,075,000 CHS, Inc., 8.0%, 11/15/19 1,118,672
1,000,000 HCA, Inc., 5.375%, 2/1/25 990,000
400,000 Kindred Healthcare, Inc., 6.375%, 4/15/22 397,000
1,480,000 Tenet Healthcare Corp., 4.375%, 10/1/21 1,443,000
265,000 Tenet Healthcare Corp., 4.5%, 4/1/21 261,025
---------------
$ 4,754,016
----------------------------------------------------------------------------------------------
Managed Health Care -- 0.4%
1,815,000 WellCare Health Plans, Inc., 5.75%,
11/15/20 $ 1,887,600
----------------------------------------------------------------------------------------------
Health Care Technology -- 0.0%+
175,000 MedAssets, Inc., 8.0%, 11/15/18 $ 178,500
---------------
Total Health Care Equipment & Services $ 9,887,846
----------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.7%
Biotechnology -- 0.4%
1,500,000 Amgen, Inc., 5.375%, 5/15/43 $ 1,599,264
----------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.3%
705,000 DPx Holdings BV, 7.5%, 2/1/22 (144A) $ 712,050
875,000 Endo Finance LLC, 5.375%, 1/15/23 (144A) 841,094
---------------
$ 1,553,144
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 3,152,408
----------------------------------------------------------------------------------------------
BANKS -- 2.6%
Diversified Banks -- 2.2%
800,000 6.38 Banco Santander SA, Floating Rate Note
(Perpetual) $ 747,000
400,000 Bank of America Corp., 6.11%, 1/29/37 460,096
800,000 6.50 Bank of America Corp., Floating Rate Note,
10/23/49 816,000
925,000 6.25 Bank of America Corp., Floating Rate Note,
9/29/49 904,188
1,500,000 5.90 Citigroup, Inc., Floating Rate Note (Perpetual) 1,462,500
640,000 5.95 Citigroup, Inc., Floating Rate Note (Perpetual) 621,200
1,900,000 6.62 Credit Agricole SA, Floating Rate Note
(Perpetual) (144A) 1,826,375
525,000 Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A) 606,360
500,000 Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A) 560,444
425,000 4.00 Oversea-Chinese Banking Corp., Ltd., Floating
Rate Note, 10/15/24 (144A) 435,153
1,150,000 5.88 Wells Fargo & Co., Floating Rate Note
(Perpetual) 1,177,312
---------------
$ 9,616,628
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 31
Schedule of Investments | 9/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
Regional Banks -- 0.2%
250,000 HSBC Bank USA NA New York NY, 6.0%, 8/9/17 $ 268,710
625,000 6.75 The PNC Financial Services Group, Inc.,
Floating Rate Note (Perpetual) 678,125
---------------
$ 946,835
----------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.2%
1,000,000 Provident Funding Associates LP, 6.75%,
6/15/21 (144A) $ 947,500
---------------
Total Banks $ 11,510,963
----------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.8%
Other Diversified Financial Services -- 1.5%
1,665,000 Carlyle Holdings II Finance LLC, 5.625%,
3/30/43 (144A) $ 1,754,306
1,000,000 Fixed Income Trust Series 2013-A, 10/15/97
(Step) (144A) (c) (d) 708,297
2,360,000 6.75 JPMorgan Chase & Co., Floating Rate Note,
8/29/49 2,457,350
500,000 SUAM Finance BV, 4.875%, 4/17/24 (144A) 500,000
1,030,000 Summit Midstream Holdings LLC, 7.5%, 7/1/21 988,800
100,000 0.00 Tiers Trust, Floating Rate Note, 10/15/97
(144A) (c) (d) 92,770
---------------
$ 6,501,523
----------------------------------------------------------------------------------------------
Specialized Finance -- 0.9%
500,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) $ 549,366
1,375,000 Fly Leasing, Ltd., 6.375%, 10/15/21 1,388,750
720,000 Nationstar Mortgage LLC, 6.5%, 6/1/22 574,200
725,000 Nationstar Mortgage LLC, 6.5%, 7/1/21 601,750
700,000 Oxford Finance LLC, 7.25%, 1/15/18 (144A) 712,250
---------------
$ 3,826,316
----------------------------------------------------------------------------------------------
Consumer Finance -- 0.4%
1,000,000 Ally Financial, Inc., 4.625%, 5/19/22 $ 983,750
66,670 Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 66,357
1,035,000 TMX Finance LLC, 8.5%, 9/15/18 (144A) 815,062
---------------
$ 1,865,169
----------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 1.4%
915,000 Affiliated Managers Group, Inc., 4.25%, 2/15/24 $ 930,474
300,000 Blackstone Holdings Finance Co., LLC, 5.0%,
6/15/44 (144A) 305,974
750,000 Blackstone Holdings Finance Co., LLC, 6.25%,
8/15/42 (144A) 912,867
500,000 JBS Investment Management, Ltd., 7.25%,
4/3/24 481,250
1,500,000 KKR Group Finance Co., II LLC, 5.5%, 2/1/43
(144A) 1,568,746
The accompanying notes are an integral part of these financial statements.
32 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
Asset Management &
Custody Banks -- (continued)
1,250,000 Legg Mason, Inc., 3.95%, 7/15/24 $ 1,253,629
500,000 Legg Mason, Inc., 5.625%, 1/15/44 517,492
---------------
$ 5,970,432
----------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.6%
750,000 Morgan Stanley, 4.1%, 5/22/23 $ 759,085
250,000 Morgan Stanley, 4.875%, 11/1/22 266,357
300,000 The Goldman Sachs Group, Inc., 6.45%, 5/1/36 350,224
225,000 The Goldman Sachs Group, Inc., 6.75%, 10/1/37 268,407
1,050,000 UBS AG, 7.625%, 8/17/22 1,208,011
---------------
$ 2,852,084
---------------
Total Diversified Financials $ 21,015,524
----------------------------------------------------------------------------------------------
INSURANCE -- 8.0%
Life & Health Insurance -- 0.7%
500,000 Fidelity & Guaranty Life Holdings, Inc., 6.375%,
4/1/21 (144A) $ 520,000
1,500,000 5.88 Prudential Financial, Inc., Floating Rate Note,
9/15/42 1,586,250
GBP 202,103 TIG FINCO Plc, 8.75%, 4/2/20 280,332
GBP 35,665 0.00 TIG FINCO Plc, Floating Rate Note, 3/2/20 (144A) 56,145
615,000 5.65 Voya Financial, Inc., Floating Rate Note, 5/15/53 619,920
---------------
$ 3,062,647
----------------------------------------------------------------------------------------------
Reinsurance -- 7.3%
2,501,147 Altair Re, Variable Rate Notes, 6/30/16 (g) $ 175,581
1,000,000 Altair Re, Variable Rate Notes, 6/30/17(g) 1,043,000
500,000 Arlington Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 8/31/16 (g) 513,600
250,000 3.47 Atlas IX Capital, Ltd., Floating Rate Note,
1/17/19 (Cat Bond) (144A) 254,425
500,000 Berwick Segregated Account (Kane SAC Ltd.),
Variable Rate Note, 1/22/16 (g) 517,700
750,000 4.37 Blue Danube II, Ltd., Floating Rate Note,
5/23/18 (Cat Bond) (144A) 756,375
1,000,000 6.86 Caelus Re, Ltd., Floating Rate Note, 4/7/17
(Cat Bond) (144A) 1,033,000
1,500,000 Carnoustie Segregated Account (Kane SAC
Ltd.), Variable Rate Notes, 2/19/16 (g) 1,636,050
250,000 4.48 Citrus Re, Ltd., Floating Rate Note, 4/18/17
(Cat Bond) (144A) 251,800
350,000 4.30 Citrus Re, Ltd., Floating Rate Note, 4/24/17
(Cat Bond) (144A) 352,800
400,000 Clarendon Segregated Account (Kane SAC
Ltd.), Variable Rate Notes, 6/15/16 (g) 393,480
250,000 0.00 Compass Re II, Ltd., Floating Rate Note,
12/8/15 (Cat Bond) 247,050
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 33
Schedule of Investments | 9/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 9.06 East Lane Re V, Ltd., Floating Rate Note,
3/16/16 (Cat Bond) (144A) $ 257,950
1,050,525 Exeter Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/7/16 (g) 1,123,431
1,050,000 Fairfield Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 2/2/16 (g) 1,027,110
1,000,000 7.41 Galileo Re, Ltd., Floating Rate Note, 1/9/19
(Cat Bond) (144A) 1,019,700
600,000 6.69 Gator Re, Ltd., Floating Rate Note, 1/9/17
(Cat Bond) (144A) 554,400
250,000 2.21 Golden State Re II, Ltd., Floating Rate Note,
1/8/19 (Cat Bond) (144A) 248,575
2,100,000 Gullane Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/22/17 (g) 2,303,070
294,350 Hereford Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/7/16 (g) 338,090
250,000 4.57 Ibis Re II, Ltd., Floating Rate Note, 6/28/16
(Cat Bond) (144A) 255,800
650,000 4.77 Kilimanjaro Re, Ltd., Floating Rate Note,
4/30/18 (Cat Bond) (144A) 653,835
350,000 4.52 Kilimanjaro Re, Ltd., Floating Rate Note,
4/30/18 (Cat Bond) (144A) 347,585
250,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (g) 264,525
533,600 Muirfield Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/12/16 (g) 585,786
500,000 11.88 Mythen Re, Ltd., Series 2012-2 Class A,
Floating Rate Note, 11/10/16 (Cat Bond) (144A) 518,750
2,000,000 Pangaea Re, Series 2015-1, Principal at Risk
Notes, 2/1/19 (g) 2,258,600
2,000,000 Pangaea Re, Series 2015-2, Principal at Risk
Notes, 11/30/19 (g) 2,065,800
2,000,000 Pangaea Re., Variable Rate Notes, 7/1/18 (g) 36,000
1,503,871 PI-4, Series C -- 2014, (Kane SAC Ltd.),
Variable Rate Notes, 7/7/16 (g) 1,506,728
700,000 Prestwick Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 7/1/16 (g) 733,600
800,000 4.54 Residential Reinsurance 2012, Ltd., Floating
Rate Note, 12/6/16 (Cat Bond) (144A) 813,760
500,000 10.03 Residential Reinsurance 2012, Ltd., Floating
Rate Note, 6/6/16 (Cat Bond) (144A) 528,100
1,000,000 3.51 Sanders Re, Ltd., Floating Rate Note, 5/5/17
(Cat Bond) (144A) 1,003,500
500,000 3.87 Sanders Re, Ltd., Floating Rate Note, 6/7/17
(Cat Bond) (144A) 505,900
1,433 Sector Re V, Ltd., Variable Rate Notes, 12/1/18
(144A) (g) 6,124
500,000 Sector Re V, Ltd., Variable Rate Notes, 12/1/19
(144A) (g) 557,400
The accompanying notes are an integral part of these financial statements.
34 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,205 Sector Re V, Ltd., Variable Rate Notes, 3/30/19
(144A) (g) $ 28,219
400,000 Silverton Re, Ltd., Variable Rate Notes, 9/16/16
(144A) (g) 8,000
800,000 Silverton Re, Ltd., Variable Rate Notes, 9/18/17
(144A) (g) 904,000
1,200,000 St. Andrews Segregated Account (Kane SAC
Ltd.), Variable Rate Notes, 1/22/16 (g) 1,251,360
550,600 Troon Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/12/16 (g) 589,417
2,000,000 Versutus Ltd., Series 2015-A, Variable Rate
Notes, 12/31/2017 (g) 2,260,000
250,000 2.86 Vita Capital V, Ltd., Floating Rate Note,
1/15/17 (Cat Bond) (144A) 252,450
250,000 2.52 Vitality Re V, Ltd., Floating Rate Note, 1/7/19
(Cat Bond) (144A) 252,025
---------------
$ 32,234,451
---------------
Total Insurance $ 35,297,098
----------------------------------------------------------------------------------------------
REAL ESTATE -- 0.6%
Specialized REIT -- 0.6%
1,165,918 AAF Holdings LLC, 12.0%, 7/1/19 (144A)
(12.0% cash, 0.0% PIK) (PIK) $ 1,148,429
1,000,000 DuPont Fabros Technology LP, 5.875%, 9/15/21 1,025,000
500,000 Iron Mountain, Inc., 5.75%, 8/15/24 482,500
---------------
$ 2,655,929
---------------
Total Real Estate $ 2,655,929
----------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.7%
Internet Software & Services -- 0.4%
1,150,000 Bankrate, Inc., 6.125%, 8/15/18 (144A) $ 1,121,250
705,000 j2 Global, Inc., 8.0%, 8/1/20 750,825
---------------
$ 1,872,075
----------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.2%
1,000,000 Cardtronics, Inc., 5.125%, 8/1/22 $ 960,000
----------------------------------------------------------------------------------------------
Application Software -- 0.1%
200,000 Igloo Holdings Corp., 8.25%, 12/15/17
(8.25% Cash, 9.00% PIK) (144A) (PIK) $ 200,500
---------------
Total Software & Services $ 3,032,575
----------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.3%
Computer Hardware Storage &
Peripherals -- 0.6%
1,160,000 NCR Corp., 6.375%, 12/15/23 $ 1,136,800
900,000 Seagate HDD Cayman, 4.75%, 1/1/25 863,965
885,000 Seagate HDD Cayman, 4.75%, 6/1/23 873,446
---------------
$ 2,874,211
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 35
Schedule of Investments | 9/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
Electronic Components -- 0.4%
EURO 300,000 Belden, Inc., 5.5%, 4/15/23 $ 321,538
1,360,000 Belden, Inc., 5.5%, 9/1/22 (144A) 1,315,800
---------------
$ 1,637,338
----------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.3%
585,000 Flextronics International, Ltd., 4.625%, 2/15/20 $ 602,550
695,000 Flextronics International, Ltd., 5.0%, 2/15/23 695,000
---------------
$ 1,297,550
---------------
Total Technology Hardware & Equipment $ 5,809,099
----------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.3%
Semiconductor Equipment -- 0.2%
1,000,000 Entegris, Inc., 6.0%, 4/1/22 (144A) $ 1,015,000
----------------------------------------------------------------------------------------------
Semiconductors -- 0.1%
320,000 Advanced Micro Devices, Inc., 7.5%, 8/15/22 $ 204,800
---------------
Total Semiconductors & Semiconductor
Equipment $ 1,219,800
----------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.5%
Integrated Telecommunication Services -- 2.1%
2,000,000 AT&T, Inc., 3.9%, 3/11/24 $ 2,033,876
500,000 CenturyLink, Inc., 5.8%, 3/15/22 427,500
150,000 CenturyLink, Inc., 7.6%, 9/15/39 113,625
1,300,000 CenturyLink, Inc., 7.65%, 3/15/42 994,500
90,000 Frontier Communications Corp., 10.5%,
9/15/22 (144A) 87,750
250,000 Frontier Communications Corp., 7.625%,
4/15/24 208,750
500,000 Frontier Communications Corp., 8.75%,
4/15/22 445,265
90,000 Frontier Communications Corp., 8.875%,
9/15/20 (144A) 88,200
200,000 Frontier Communications Corp., 9.0%, 8/15/31 165,000
2,500,000 Verizon Communications, Inc., 4.15%, 3/15/24 2,585,950
576,000 Verizon Communications, Inc., 5.012%, 8/21/54 524,243
576,000 Verizon Communications, Inc., 6.55%, 9/15/43 680,512
1,305,000 Windstream Corp., 7.5%, 6/1/22 985,275
---------------
$ 9,340,446
----------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.4%
1,000,000 Altice Financing SA, 6.625%, 2/15/23 (144A) $ 961,875
2,225,000 Sprint Corp., 7.125%, 6/15/24 1,712,360
1,000,000 Sprint Corp., 7.25%, 9/15/21 818,750
1,500,000 T-Mobile USA, Inc., 6.625%, 4/1/23 1,485,000
300,000 Unison Ground Lease Funding LLC, 5.78%,
3/16/43 (144A) 299,862
The accompanying notes are an integral part of these financial statements.
36 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- (continued)
200,000 VimpelCom Holdings BV, 7.5043%, 3/1/22
(144A) $ 200,500
400,000 WCP Issuer llc, 6.657%, 8/15/20 (144A) 414,804
---------------
$ 5,893,151
---------------
Total Telecommunication Services $ 15,233,597
----------------------------------------------------------------------------------------------
UTILITIES -- 2.1%
Electric Utilities -- 1.3%
1,000,000 5.25 Electricite de France SA, Floating Rate Note
(Perpetual) (144A) $ 962,500
150,000 Enel Finance International NV, 5.125%,
10/7/19 (144A) 164,913
1,190,000 8.13 Enel S.p.A., Floating Rate Note, 9/24/73
(144A) 1,365,192
75,000 6.25 Southern California Edison Co., Floating Rate
Note (Perpetual) 83,438
525,000 Talen Energy Supply LLC, 4.6%, 12/15/21 436,012
1,880,000 Talen Energy Supply LLC, 4.625%, 7/15/19
(144A) 1,710,800
1,165,000 TerraForm Power, 9.75%, 8/15/22 (144A) 934,912
---------------
$ 5,657,767
----------------------------------------------------------------------------------------------
Gas Utilities -- 0.1%
300,000 DCP Midstream Operating LP, 5.6%, 4/1/44 $ 242,810
300,000 Transportadora de Gas del Peru SA, 4.25%,
4/30/28 (144A) 280,875
---------------
$ 523,685
----------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.7%
100,000 Inkia Energy, Ltd., 8.375%, 4/4/21 (144A) $ 103,750
1,000,000 Instituto Costarricense de Electricidad,
6.375%, 5/15/43 (144A) 800,000
650,000 InterGen NV, 7.0%, 6/30/23 (144A) 552,500
500,000 NRG Energy, Inc., 6.25%, 5/1/24 441,250
900,000 NRG Energy, Inc., 7.625%, 1/15/18 945,000
200,000 NRG Energy, Inc., 8.25%, 9/1/20 205,400
---------------
$ 3,047,900
---------------
Total Utilities $ 9,229,352
----------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $208,918,640) $ 199,176,817
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 37
Schedule of Investments | 9/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- 2.2%
5,256,972 Fannie Mae, 3.5%, 5/1/44 $ 5,490,132
1,032,512 Fannie Mae, 4.0%, 5/1/44 1,102,085
467,385 Fannie Mae, 4.0%, 9/1/43 503,071
941,026 Fannie Mae, 4.5%, 9/1/39 1,022,920
715,859 Fannie Mae, 4.5%, 9/1/40 776,527
703,614 Federal Home Loan Mortgage Corp., 4.5%,
6/1/41 763,194
---------------
$ 9,657,929
----------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $9,364,713) $ 9,657,929
----------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 0.5%
1,700,000 Commonwealth of the Bahamas, 5.75%,
1/16/24 (144A) $ 1,824,100
405,000 Kenya Government International Bond,
5.875%, 6/24/19 (144A) 387,650
---------------
$ 2,211,750
----------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $2,102,490) $ 2,211,750
----------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 21.3%**
ENERGY -- 0.8%
Oil & Gas Drilling -- 0.1%
50,343 5.75 Offshore Group Investment, Ltd., Term Loan,
3/28/19 $ 16,068
204,879 4.50 Pacific Drilling SA, Term Loan, 6/3/18 122,757
287,100 3.75 Paragon Offshore Finance, Term Loan, 7/16/21 112,448
---------------
$ 251,273
----------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.3%
1,026,327 5.25 ExGen Renewables I LLC, Term Loan, 2/5/21 $ 1,034,024
12,927 4.50 Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 12,895
835,125 4.00 Seadrill Operating LP, Initial Term Loan, 2/14/21 512,767
---------------
$ 1,559,686
----------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.0%+
176,667 3.50 EP Energy LLC, Tranche B-3 Loan, 5/24/18 $ 164,006
----------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.4%
1,080,649 4.25 Pilot Travel Centers LLC, Initial Tranche B,
9/30/21 $ 1,086,987
498,731 4.25 Western Refining, Inc., Term Loan 2013,
11/12/20 496,160
---------------
$ 1,583,147
---------------
Total Energy $ 3,558,112
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
MATERIALS -- 1.7%
Commodity Chemicals -- 0.3%
570,688 4.75 Eco Services Operations, Initial Term Loan,
10/8/21 $ 567,834
736,875 5.00 Nexeo Solutions LLC, Term Loan B3, 9/9/17 706,479
---------------
$ 1,274,313
----------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.6%
1,424,799 4.50 MacDermid, Inc., Tranche B Term Loan (First
Lien), 6/7/20 $ 1,382,946
680,750 4.00 PQ Corp., 2014 Term Loan, 8/7/17 679,687
171,486 2.75 WR Grace & Co-Conn, Delayed Draw Term
Loan, 1/23/21 170,629
476,534 2.75 WR Grace & Co-Conn, U.S. Term Loan, 1/23/21 474,151
---------------
$ 2,707,413
----------------------------------------------------------------------------------------------
Paper Packaging -- 0.1%
23,802 4.50 Coveris Holdings SA, USD Term Loan, 4/14/19 $ 23,846
246,250 4.25 Multi Packaging Solutions, Inc., Initial Dollar
Tranche B Term, 9/30/20 244,095
---------------
$ 267,941
----------------------------------------------------------------------------------------------
Aluminum -- 0.1%
540,375 5.50 TurboCombustor Technology, Inc., Initial Term
Loan, 10/18/20 $ 526,866
----------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
544,810 3.75 Fortescue Metals Group, Ltd., Bank Loan,
6/30/19 $ 448,106
----------------------------------------------------------------------------------------------
Steel -- 0.2%
346,500 7.50 Essar Steel Algoma Inc., Initial Term Loan,
8/9/19 $ 276,622
572,050 4.50 TMS International Corp., Term B Loan,
10/2/20 569,429
---------------
$ 846,051
----------------------------------------------------------------------------------------------
Paper Products -- 0.3%
1,083,645 6.50 Wausau Paper Corp., Term Loan, 7/20/20 $ 1,085,677
502,388 5.81 Appvion, Inc., Term Commitment, 6/28/19 472,559
---------------
$ 1,558,236
---------------
Total Materials $ 7,628,926
----------------------------------------------------------------------------------------------
CAPITAL GOODS -- 2.0%
Metal & Glass Containers -- 0.1%
327,838 4.75 Pro Mach Group, Inc., Dollar Term Loan,
10/22/21 $ 329,272
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 39
Schedule of Investments | 9/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
Aerospace & Defense -- 0.7%
785,905 4.00 Accudyne Industries Borrower SCA, Refinancing
Term Loan, 12/13/19 $ 630,944
687,677 3.75 DigitalGlobe, Inc., Term Loan, 1/25/20 784,808
787,396 6.25 DynCorp International, Inc., Term Loan, 7/7/16 798,810
815,805 7.02 TASC, Inc., New Term Loan (First Lien), 5/23/20 788,852
211,726 5.75 The SI Organization, Inc., Term Loan (First Lien),
11/19/19 211,991
---------------
$ 3,215,405
----------------------------------------------------------------------------------------------
Building Products -- 0.8%
2,081,129 6.00 Builders FirstSource, Inc., Initial Term Loan,
7/24/22 $ 2,071,048
989,981 5.50 Ultima Intermediate Sarl, Term Loan B (First
Lien), 7/2/20 998,643
259,245 4.25 Unifrax Corp., New Term B Loan, 12/31/19 257,733
---------------
$ 3,327,424
----------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.0%+
45,858 6.00 WireCo WorldGroup, Inc., Term Loan, 2/15/17 $ 45,944
----------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%+
17,764 5.00 Kloeckner Pentaplast Of America, 1st Lien
Term Loan, 4/22/20 $ 17,842
41,569 5.00 Kloeckner Pentaplast Of America, 1st Lien
Term Loan, 4/22/20 41,750
---------------
$ 59,592
----------------------------------------------------------------------------------------------
Industrial Machinery -- 0.4%
379,556 4.25 Gardner Denver, Inc., Initial Dollar Term Loan,
7/30/20 $ 360,314
813,699 6.00 NN, Inc., Term Loan, 8/27/21 815,733
625,039 5.25 Tank Holding Corp., Initial Term Loan, 7/9/19 624,064
---------------
$ 1,800,111
---------------
Total Capital Goods $ 8,777,748
----------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.8%
Environmental & Facilities Services -- 0.7%
479,116 5.50 Wastequip LLC, Term Loan, 8/9/19 $ 478,118
687,117 4.00 WCA Waste Corp., Term Loan, 3/23/18 684,218
1,901,341 5.00 Wheelabrator, Term B Loan, 10/15/21 1,866,484
84,291 5.00 Wheelabrator, Term C Loan, 10/15/21 82,746
---------------
$ 3,111,566
----------------------------------------------------------------------------------------------
Diversified Support Services -- 0.0%+
28,403 5.24 IAP Worldwide Services, Inc., Term Loan,
7/18/19 $ 28,545
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.1%
52,012 4.00 Garda World Security Corp., Term B Delayed
Draw Loan, 11/8/20 $ 51,281
203,321 4.00 Garda World Security Corp., Term B Loan,
11/1/20 200,462
---------------
$ 251,743
---------------
Total Commercial Services & Supplies $ 3,391,854
----------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.9%
Air Freight & Logistics -- 0.1%
171,063 6.75 Ozburn-Hessey Holding Co., LLC, Term Loan,
5/23/19 $ 170,742
691,206 5.25 Syncreon Group BV, Term Loan, 9/26/20 555,269
---------------
$ 726,011
----------------------------------------------------------------------------------------------
Airlines -- 0.5%
343,875 3.25 American Airlines, Inc., 2015 Term Loan
(New), 6/27/20 $ 341,618
175,000 3.50 American Airlines, Inc., 2015 Term Loan,
10/10/21 174,344
170,188 3.25 Delta Air Lines, Inc., 2014 Term B-1 Loan,
10/18/18 170,121
243,750 3.25 United Airlines, Inc., Class B Term Loan,
4/1/19 243,674
606,375 3.50 US Airways, Inc., Tranche B-1 Term Loan
(Consenting), 5/23/19 604,606
520,625 3.00 US Airways, Inc., Tranche B-2 Term Loan
(Consenting), 11/23/16 519,812
---------------
$ 2,054,175
----------------------------------------------------------------------------------------------
Marine -- 0.3%
498,721 7.50 Commercial Barge Line Co., Initial Term Loan
(First Lien), 9/22/19 $ 494,981
874,860 5.25 Navios Maritime Partners LP, Term Loan,
6/27/18 874,587
---------------
$ 1,369,568
---------------
Total Transportation $ 4,149,754
----------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.6%
Auto Parts & Equipment -- 0.8%
551,860 3.50 Allison Transmission, Inc., Term B-3 Loan,
8/23/19 $ 552,895
641,875 4.00 Cooper Standard Intermediate Holdco 2 LLC,
Term Loan, 3/28/21 638,987
1,393,457 3.75 MPG Holdco I, Inc., Initial Term Loan,
10/20/21 1,392,089
1,042,136 4.00 Tower Automotive Holdings USA LLC, Initial
Term Loan (2014), 4/23/20 1,033,017
---------------
$ 3,616,988
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 41
Schedule of Investments | 9/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.8%
1,994,625 3.25 Chrysler Group LLC, Tranche B Term Loan,
12/29/18 $ 1,980,164
1,215,984 6.00 Crown Group llc, Term Loan (First Lien),
9/30/20 1,212,184
---------------
$ 3,192,348
---------------
Total Automobiles & Components $ 6,809,336
----------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Housewares & Specialties -- 0.0%+
184,585 5.50 World Kitchen LLC, U.S. Term Loan, 3/4/19 $ 185,278
----------------------------------------------------------------------------------------------
Leisure Products -- 0.1%
400,857 3.75 Bombardier Recreational Products, Inc.,
Term B-2 Loan, 1/30/19 $ 401,294
---------------
Total Consumer Durables & Apparel $ 586,572
----------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.4%
Casinos & Gaming -- 0.4%
1,612,813 6.00 Scientific Games, Initial Term B-2, 10/1/21 $ 1,596,080
----------------------------------------------------------------------------------------------
Leisure Facilities -- 0.2%
907,921 5.50 L.A. Fitness International, LLC, Tranche B Term
Loan (First Lien), 4/25/20 $ 869,334
----------------------------------------------------------------------------------------------
Restaurants -- 0.2%
402,386 4.00 Landry's, Inc., B Term Loan, 4/24/18 $ 403,015
557,578 4.00 NPC International, Inc., Term Loan, 12/28/18 553,629
---------------
$ 956,644
----------------------------------------------------------------------------------------------
Education Services -- 0.4%
783,197 3.75 Bright Horizons Family Solutions, Inc., Term B
Loan, 1/14/20 $ 785,070
124,688 4.00 Houghton Mifflin Harcourt Publishers, Inc.,
Term Loan, 5/11/21 123,285
1,036,654 5.00 Laureate Education, Inc., New Series 2018
Extended Term Loan, 6/16/18 925,214
---------------
$ 1,833,569
----------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.2%
498,737 5.25 Genex Holdings, Inc., Term B Loan (First Lien),
5/22/21 $ 498,737
312,263 5.00 Prime Security Services Borrower LLC, (aka
Protection 1 Security Solutions) Term B Loan
(First Lien), 6/19/21 312,692
---------------
$ 811,429
---------------
Total Consumer Services $ 6,067,056
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
MEDIA -- 1.7%
Advertising -- 0.3%
498,053 6.75 Affinion Group, Inc., Tranche B Term Loan,
4/30/18 $ 903,572
956,794 4.50 Consolidated Precision Products, Inc., 1st Lien
Term Loan, 12/28/19 494,815
194,622 4.50 Crossmark Holdings, Inc., Term Loan (First Lien),
12/20/19 171,592
---------------
$ 1,569,979
----------------------------------------------------------------------------------------------
Broadcasting -- 0.2%
498,306 3.75 Gray Television, Inc., Term Loan (First Lien),
6/10/21 $ 497,735
233,710 3.25 Quebecor Media, Inc., Facility B-1 Tranche,
8/17/20 228,451
---------------
$ 726,186
----------------------------------------------------------------------------------------------
Cable & Satellite -- 0.7%
488,750 3.00 Charter Communications Operating LLC,
Term F Loan, 1/1/21 $ 483,295
289,851 3.75 Intelsat Jackson Holdings SA, Tranche B-2
Term Loan, 6/30/19 283,257
994,975 6.75 MediArena Acquisition BV, Dollar Term B Loan
(First Lien), 8/6/21 970,722
599,966 3.50 Telesat Canada, U.S. Term B Loan, 3/28/19 597,091
587,872 3.50 Ziggo BV, (USD) Tranche B-3 Term Loan,
1/15/22 579,299
---------------
$ 2,913,664
----------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.0%+
201,722 3.75 Rovi Solutions Corp., Term B Loan, 7/2/21 $ 198,444
----------------------------------------------------------------------------------------------
Publishing -- 0.5%
250,000 7.00 Cengage Learning Acquisitions Inc, Term Loan,
3/6/20 $ 249,188
1,866,750 6.25 McGraw-Hill School Education Holdings llc,
Term B Loan, 12/18/19 1,872,584
---------------
$ 2,121,772
---------------
Total Media $ 7,530,045
----------------------------------------------------------------------------------------------
RETAILING -- 0.7%
Home Improvement Retail -- 0.3%
1,232,582 4.50 Apex Tool Group LLC, Term Loan, 2/1/20 $ 1,206,005
----------------------------------------------------------------------------------------------
Specialty Stores -- 0.1%
498,750 4.25 PetSmart, Inc., Tranche B-1 Loan, 3/10/22 $ 498,698
----------------------------------------------------------------------------------------------
Automotive Retail -- 0.3%
1,359,375 5.25 CWGS Group LLC, Term Loan, 2/20/20 $ 1,361,924
---------------
Total Retailing $ 3,066,627
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 43
Schedule of Investments | 9/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.4%
Food Distributors -- 0.1%
244,582 4.26 Del Monte Foods Consumer Products, Inc.,
Term Loan (First Lien), 11/26/20 $ 232,353
----------------------------------------------------------------------------------------------
Food Retail -- 0.3%
887,705 5.38 Albertsons LLC, Term B-2 Loan, 3/21/19 $ 889,016
495,497 4.75 New Albertson's, Inc., Term Loan (First Lien),
6/24/21 495,436
---------------
$ 1,384,452
---------------
Total Food & Staples Retailing $ 1,616,805
----------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.4%
Packaged Foods & Meats -- 0.4%
738,689 4.50 Boulder Brands USA, Inc., Term Loan, 7/9/20 $ 727,300
940,500 4.50 Shearer's Foods, LLC, Term Loan (First Lien),
6/19/21 936,385
---------------
$ 1,663,685
---------------
Total Food, Beverage & Tobacco $ 1,663,685
----------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.6%
Household Products -- 0.2%
638,116 4.02 SRAM LLC, Term Loan (First Lien), 4/10/20 $ 621,365
----------------------------------------------------------------------------------------------
Personal Products -- 0.4%
591,000 4.25 Atrium Innovations, Inc., Term Loan, 1/29/21 $ 564,405
648,359 4.75 Federal-Mogul Corp., Tranche C Term,
4/15/21 618,372
750,000 3.50 NBTY, Inc., Term B-2 Loan, 10/1/17 746,812
---------------
$ 1,929,589
---------------
Total Household & Personal Products $ 2,550,954
----------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 2.4%
Health Care Equipment -- 0.2%
911,125 4.50 Accellent, Inc., Initial Term Loan (First Lien),
2/21/21 $ 910,442
----------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
576,384 5.00 Immucor, Inc., Term B-2 Loan, 8/19/18 $ 573,982
----------------------------------------------------------------------------------------------
Health Care Services -- 1.1%
845,635 4.25 Alliance HealthCare Services, Inc., Initial Term
Loan, 6/3/19 $ 842,993
487,281 6.25 BioScrip, Inc., Initial Term B Loan, 7/31/20 458,044
292,369 6.50 BioScrip, Inc., Term Loan, 7/31/20 274,827
62,705 3.50 DaVita HealthCare Partners, Inc., Tranche B
Loan (First Lien), 6/19/21 62,795
291,620 4.00 Envision Healthcare Corp., Initial Term Loan,
5/25/18 292,015
The accompanying notes are an integral part of these financial statements.
44 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
Health Care Services -- (continued)
132,691 7.75 inVentiv Health, Inc., Term B-3 Loan, 5/15/18 $ 132,580
1,144,192 4.25 National Mentor Holdings, Inc., Tranche B Term
Loan, 1/31/21 1,142,405
86,916 8.00 Rural, Term Loan, 6/30/18 87,351
984,849 4.50 Truven Health Analytics, Inc., New Tranche B
Term Loan, 6/6/19 978,989
736,355 4.25 US Renal Care, Inc., Tranche B-2 Term Loan
(First Lien), 7/3/19 735,894
---------------
$ 5,007,893
----------------------------------------------------------------------------------------------
Health Care Facilities -- 0.7%
120,738 3.08 CHS, Incremental 2019 Term G Loan,
12/31/19 $ 120,813
222,155 4.00 CHS, Incremental 2021 Term H Loan, 1/27/21 222,617
598,462 4.50 IASIS Healthcare LLC, Term B-2 Loan, 5/3/18 599,833
486,356 4.25 Kindred Healthcare, Inc., Tranche B Loan (First
Lien), 4/10/21 485,943
1,090,403 5.25 RegionalCare Hospital Partners, Inc., Term
Loan (First Lien), 4/21/19 1,084,269
20,527 3.75 Select Medical Corp., Series E Tranche B
Term Loan, 6/1/18 20,505
488,750 6.75 Steward Health Care System LLC, Term Loan,
4/10/20 488,292
---------------
$ 3,022,272
----------------------------------------------------------------------------------------------
Managed Health Care -- 0.0%+
24,057 9.75 MMM Holdings, Inc., Term Loan, 10/9/17 $ 18,043
17,489 9.75 MSO of Puerto Rico, Inc., MSO Term Loan,
12/12/17 13,117
---------------
$ 31,160
----------------------------------------------------------------------------------------------
Health Care Technology -- 0.3%
99,750 4.25 ConvaTec, Inc., Dollar Term Loan, 12/22/16 $ 99,750
769,989 3.75 Emdeon, Inc., Term B-2 Loan, 11/2/18 768,705
318,842 4.00 MedAssets, Inc., Term B Loan, 12/13/19 318,141
---------------
$ 1,186,596
---------------
Total Health Care Equipment & Services $ 10,732,345
----------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 1.1%
Biotechnology -- 0.4%
922,688 3.50 Alkermes, Inc., 2019 Term Loan, 9/25/19 $ 682,950
682,665 7.00 Lantheus Medical Imaging, Initial Term Loan,
6/25/22 876,553
---------------
$ 1,559,503
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 45
Schedule of Investments | 9/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.7%
686,651 5.50 Akorn, Inc., Term Loan B, 11/13/20 $ 685,506
98,500 3.20 Grifols Worldwide Operations USA, Inc.,
U.S. Tranche B Term Loam, 4/1/21 98,633
444,375 4.25 JLL, Initial Dollar Term Loan, 1/23/21 438,709
889,143 3.51 Prestige Brands, Inc., Term B-3 Loan, 9/3/21 890,162
298,478 3.75 Valeant Pharmaceuticals International, Inc.,
Series C-2 Tranche B Term Loan, 12/11/19 294,448
728,520 3.75 Valeant Pharmaceuticals International, Inc.,
Series E1 Tranche B Term Loan, 8/5/20 718,958
---------------
$ 3,126,416
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 4,685,919
----------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.9%
Other Diversified Financial Services -- 0.6%
696,495 3.50 Fly Funding II Sarl, Term Loan, 8/9/18 $ 694,101
708,688 5.00 Livingston International, Inc., Initial Term B-1
Loan (First Lien), 4/18/19 689,199
994,962 4.50 Nord Anglia Education, Initial Term Loan,
3/31/21 981,281
78,745 5.25 WorldPay, Facility B2A Term Loan, 8/6/17 79,041
---------------
$ 2,443,622
----------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
909,490 4.25 Mirror BidCo Corp., New Incremental Term
Loan, 12/18/19 $ 909,490
----------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.1%
473,813 4.00 Concentra, Inc., Tranche B Term Loan (First
Lien), 5/8/22 $ 473,513
---------------
Total Diversified Financials $ 3,826,625
----------------------------------------------------------------------------------------------
INSURANCE -- 0.2%
Property & Casualty Insurance -- 0.2%
906,964 5.75 Confie Seguros Holding II Co., Term B Loan
(First Lien), 11/9/18 $ 909,231
---------------
Total Insurance $ 909,231
----------------------------------------------------------------------------------------------
REAL ESTATE -- 0.6%
Retail REIT -- 0.4%
1,650,065 4.25 DTZ U.S. Borrower LLC, (DTZ AUS Holdco PTY,
Ltd.) 2015-1 Additional Term Loan (First Lien),
11/4/21 $ 1,636,401
----------------------------------------------------------------------------------------------
Real Estate Services -- 0.2%
1,126,426 4.50 Altisource Solutions Sarl, Term B Loan,
12/9/20 $ 1,002,519
---------------
Total Real Estate $ 2,638,920
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.6%
Internet Software & Services -- 0.1%
498,739 6.00 Vocus, Inc., Tranche B Loan (First Lien),
5/23/21 $ 495,207
----------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.3%
1,267,200 5.75 Evergreen Skills Lux Sarl, Initial Term Loan
(First Lien), 4/23/21 $ 1,146,816
113,275 4.50 PSAV Presentation Services, Tranche B Term
Loan (First Lien), 1/24/21 112,992
---------------
$ 1,259,808
----------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.2%
750,000 3.70 First Data Corp., 2018 New Dollar Term Loan,
3/24/18 $ 744,668
----------------------------------------------------------------------------------------------
Application Software -- 0.5%
745,869 4.50 Epiq Systems, Inc., Term Loan, 8/27/20 $ 585,524
586,992 7.50 Serena Software, Inc., Term Loan, 4/10/20 771,625
771,023 6.25 STG-Fairway Acquisitions, Inc., Term Loan
(First Lien), 3/4/19 746,801
---------------
$ 2,103,950
----------------------------------------------------------------------------------------------
Systems Software -- 0.3%
1,240,625 5.75 AVG Technologies N.V., Term Loan, 10/15/20 $ 1,248,379
----------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.2%
1,180,469 5.25 Micro Focus International, Term Loan B,
10/7/21 $ 1,182,068
---------------
Total Software & Services $ 7,034,080
----------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Communications Equipment -- 0.0%+
109,659 3.25 Commscope, Inc., Tranche 4 Term Loan,
1/14/18 $ 109,590
----------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.0%+
405 4.50 Sensus USA, Inc., Term Loan (First Lien),
5/9/17 $ 404
----------------------------------------------------------------------------------------------
Electronic Components -- 0.2%
292,950 6.25 FCI -- Fidji Luxembourg Bc4 Sarl , Term Loan,
12/19/20 $ 292,950
572,400 3.50 Generac Power Systems, Inc., Term Loan B,
5/31/20 559,693
---------------
$ 852,643
---------------
Total Technology Hardware & Equipment $ 962,637
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 47
Schedule of Investments | 9/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.0%+
Semiconductors -- 0.0%+
155,398 3.25 Microsemi Corp., Term Loan (First Lien),
3/14/21 $ 154,970
---------------
Total Semiconductors & Semiconductor
Equipment $ 154,970
----------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.8%
Integrated Telecommunication Services -- 0.6%
1,400,000 0.00 Level 3 Financing, Inc., Tranche B-II 2022
Term Loan, 5/31/22 (f) $ 1,392,416
531,924 4.75 Securus Technologies Holdings, Inc., Initial
Term Loan (First Lien), 4/30/20 477,004
490,493 3.50 Virgin Media Investment Holdings, Ltd., Term
Facility, 6/30/23 525,085
366,334 3.25 West Corp., B-10 Term Loan (First Lien),
6/30/18 362,814
---------------
$ 2,757,319
----------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.2%
647,209 3.00 Crown Castle International Corp., Tranche B-2
Term Loan (First Lien), 1/31/21 $ 646,421
---------------
Total Telecommunication Services $ 3,403,740
----------------------------------------------------------------------------------------------
UTILITIES -- 0.4%
Electric Utilities -- 0.3%
1,320,790 4.75 Atlantic Power LP, Term Loan, 2/20/21 $ 1,318,314
522,963 3.00 Calpine Construction Finance Co. LP, Term B-1
Loan, 5/3/20 510,760
---------------
$ 1,829,074
----------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.1%
210,024 3.75 NSG Holdings LLC, New Term Loan, 12/11/19 $ 208,449
---------------
Total Utilities $ 2,037,523
----------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $95,480,516) $ 93,783,464
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.0%
Repurchase Agreements -- 0.4%
425,000 $425,000 Bank of Nova Scotia, 0.12%, dated
9/30/15 plus accrued interest on 10/1/15
collateralized by the following:
$287,378 Federal National Mortgage
Association, 3.0-4.5%, 3/1/35-3/1/45
$146,124 Freddie Mac Giant, 3.5-4.0%,
10/1/44-9/1/45 $ 425,000
1,430,000 $1,430,000 RBC Capital Markets, Inc., 0.10%,
dated 9/30/15 plus accrued interest on
10/1/15 collateralized by the following:
$11,356 Federal Home Loan Mortgage Corp.,
2.229-2.476%, 3/1/43-5/1/45
$1,447,244 Federal National Mortgage
Association (ARM), 2.310-4.866%,
9/1/33-6/1/41 $ 1,430,000
---------------
$ 1,855,000
----------------------------------------------------------------------------------------------
Commercial Paper -- 0.6%
1,100,000 Mondelez International, Inc., Commercial
Paper, 10/1/15 (c) $ 1,099,992
1,100,000 Prudential Funding LLC, Discount Commercial
Paper, 10/1/15 (c) 1,099,996
390,000 Societe Generale SA, Commercial Paper,
10/1/15 (c) 390,000
---------------
$ 2,589,988
----------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $4,445,000) $ 4,444,988
----------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 90.9%
(Cost $411,320,335) (a) $ 399,764,088
----------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 9.1% $ 39,919,196
----------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 439,683,284
==============================================================================================
* Non-income producing security.
+ Rounds to less than 0.1%.
REIT Real Estate Investment Trust.
(Step) Bond issued with an initial coupon rate which converts to a
higher rate at a later date.
(Cat Bond) Catastrophe or event linked bond. At September 30, 2015 the value
of these securities amounted to $10,107,780 or 2.3% of total net
assets. See Notes to Financial Statements -- 1H.
(Perpetual) Security with no stated maturity date.
REMICS Real Estate Mortgage Investment Conduits.
(PIK) Represents a pay in kind security.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At September 30, 2015, the value of these
securities amounted to $116,836,395 or 26.6% of total net assets.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 49
Schedule of Investments | 9/30/15 (unaudited) (continued)
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically
redetermined by reference to a base lending rate plus a
premium. These base lending rates are generally (i) the lending
rate offered by one or more major European banks, such as LIBOR
(London InterBank Offered Rate), (ii) the prime rate offered by
one or more major United States banks, (iii) the rate of a
certificate of deposit or (iv) other base lending rates used by
commercial lenders. The rate shown is the coupon rate at period
end.
(a) At September 30, 2015, the net unrealized depreciation on
investments based on cost for federal income tax purposes of
$412,960,296 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 3,838,107
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (17,034,315)
------------
Net unrealized depreciation $(13,196,208)
============
(b) Debt obligation with a variable interest rate. Rate shown is rate
at end of period.
(c) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(d) Security is valued using fair value methods (other than prices
supplied by independent pricing services). See Notes to
Financial Statement -- Note 1A.
(e) Security is in default.
(f) Rate to be determined.
(g) Structured reinsurance investment. At September 30, 2015, the
value of these securities amounted to $22,132,921 or 5.0% of
total net assets. See Notes To Financial Statements -- Note 1H.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended September 30, 2015 aggregated $81,308,533 and $152,860,370,
respectively.
Principal amounts are denominated in U.S. Dollars unless otherwise noted:
EURO Euro
GBP British Pound Sterling
NOK Norwegian Krone
CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION
---------------------------------------------------------------------------------------------------------------------
Net
Premiums Unrealized
Notional Obligation Credit Expiration Paid Appreciation
Principal ($)(1) Counterparty Entity/Index Coupon Rating(2) Date (Received) (Depreciation)
---------------------------------------------------------------------------------------------------------------------
7,000,000 J.P. Morgan American Axle & 5.00% B+ 12/20/17 $ (7,499) $ 31,535
Securities LLC Manufacturing Co.,
10,480,000 Morgan Diamond Offshore 1.00% BBB+ 12/20/19 (74,553) (188,342)
Stanley Capital Drilling Co.
Services LLC
---------------------------------------------------------------------------------------------------------------------
$(82,052) $(156,807)
=====================================================================================================================
(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) Based on Standard & Poor's rating of the issuer or weighted average of all
the underlying securities of the index.
The accompanying notes are an integral part of these financial statements.
50 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Notes 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes to
Financial Statements -- Notes 1A.
The following is a summary of the inputs used as of September 30, 2015, in
valuing the Fund's investments:
----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------
Convertible Corporate Bonds
Materials
Steel $ -- $ -- $15,126 $ 15,126
All Other Convertible
Corporate Bonds -- 4,220,524 -- 4,220,524
Preferred Stocks
Diversified Financials
Consumer Finance 708,458 806,525 -- 1,514,983
Insurance
Reinsurance -- -- 6,250 6,250
Real Estate
Diversified REIT 496,750 -- 496,750
All Other Preferred Stocks 4,155,575 -- -- 4,155,575
Convertible Preferred Stocks
Consumer Durables & Apparel
Home Furnishings -- 1,156,819 -- 1,156,819
Banks
Diversified Banks -- 1,226,400 -- 1,226,400
Common Stocks
Energy
Oil & Gas Exploration
& Production 3,828 -- -- 3,828
Capital Goods
Industrial Machinery -- -- 31 31
Commercial Services & Supplies
Diversified Support Services -- 3,955 -- 3,955
Insurance
Life & Health Insurance -- -- 8,416 8,416
Asset Backed Securities -- 18,657,976 -- 18,657,976
Collateralized Mortgage Obligations -- 59,022,507 -- 59,022,507
Corporate Bonds
Materials
Steel -- 477,901 17,179 495,080
Capital Goods
Industrial Machinery -- 2,123,532 40,948 2,164,480
Diversified Financials
Other Diversified
Financial Services -- 5,700,456 801,067 6,501,523
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 51
Schedule of Investments | 9/30/15 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------------
Insurance
Reinsurance $ -- $ 10,107,780 $ 22,126,671 $ 32,234,451
All Other Corporate Bonds -- 157,781,283 -- 157,781,283
U.S. Government and
Agency Obligations -- 9,657,929 -- 9,657,929
Foreign Government Bonds -- 2,211,750 -- 2,211,750
Municipal Bonds -- -- -- --
Senior Floating Rate Loan Interests -- 93,783,464 -- 93,783,464
Repurchase Agreement -- 1,855,000 -- 1,855,000
Commercial Paper -- 2,589,988 -- 2,589,988
--------------------------------------------------------------------------------------------------
Total $ 4,867,861 $371,880,539 $ 23,015,688 $399,764,088
==================================================================================================
Other Financial Instruments
Net unrealized depreciation
on swap contracts $ -- $ (156,807) $ -- $ (156,807)
Net unrealized appreciation on
forward foreign currency contracts -- 5,064 -- 5,064
--------------------------------------------------------------------------------------------------
Total $ -- $ (151,743) $ -- $ (151,743)
==================================================================================================
The following is a summary of fund valuation of certain fund's assets and
liabilities as of September 30, 2015.
-------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------
Assets:
Foreign currencies,
at value (cost $36,420) $ -- $ 87,111 $ -- $ 87,111
Swap collateral -- 146,253 -- 146,253
Variation margin for swap contracts -- 743 -- 743
Liabilities:
Swap collateral -- (145,510) -- (145,510)
-------------------------------------------------------------------------------------------------
Total $ -- $ 88,597 $ -- $ 88,597
=================================================================================================
The accompanying notes are an integral part of these financial statements.
52 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
----------------------------------------------------------------------------------------------------
Convertible
Corporate Preferred Common Corporate
Bonds Stocks Stocks Bonds Total
----------------------------------------------------------------------------------------------------
Balance as of 3/31/15 $18,194 $ 2,494,900 $ 31 $24,273,166 $26,786,291
Realized gain (loss)(1) -- -- -- (2,512) (2,512)
Change in unrealized
appreciation (depreciation)(2) (3,068) (308,250) 149 (2,934,689) (3,245,858)
Purchases -- -- 8,267 3,579,517 3,587,784
Sales -- -- -- (4,110,017) (4,110,017)
Transfers in to Level 3* -- -- -- -- --
Transfers out of Level 3* -- -- -- -- --
Transfers in and out of
Level 3 activity -- $ (2,180,400) -- 2,180,400 --
----------------------------------------------------------------------------------------------------
Balance as of 9/30/15 $15,126 $ 6,250 $8,447 $22,985,865 $23,015,688
====================================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on the beginning of period values. During the six
months ended September 30, 2015, there were no transfers between Levels 1,
2 and 3.
Net change in unrealized appreciation (depreciation) of investments
still held as of 9/30/15 $(3,159,717)
===========
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 53
Statement of Assets and Liabilities | 9/30/15 (unaudited)
ASSETS:
Investment in securities (cost $411,320,335) $399,764,088
Cash 24,109,253
Foreign currencies, at value (cost $36,420) 87,111
Swap collateral 146,253
Receivables --
Investment securities sold 13,937,370
Fund shares sold 928,350
Interest 3,639,504
Dividends 34,885
Due from Pioneer Investment Management, Inc. 32,989
Variation margin on swap contracts 743
Net unrealized appreciation on forward foreign currency contracts 5,064
Other assets 52,743
----------------------------------------------------------------------------------------
Total assets $442,738,353
========================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 669,842
Fund shares repurchased 1,556,433
Distributions 199,606
Trustee fees 1,340
Swap collateral 145,510
Net unrealized depreciation on swap contracts 156,807
Swap contracts, premiums received 82,052
Due to affiliates 118,380
Accrued expenses 125,099
----------------------------------------------------------------------------------------
Total liabilities $ 3,055,069
========================================================================================
NET ASSETS:
Paid-in capital $483,688,351
Undistributed net investment income 3,939,212
Accumulated net realized loss on investments, foreign currency
transactions, swap contracts and futures contracts (36,213,862)
Net unrealized depreciation on investments (11,556,247)
Net unrealized depreciation on forward foreign currency contracts
and other assets and liabilities denominated in foreign currencies (17,363)
Net unrealized depreciation on swap contracts (156,807)
----------------------------------------------------------------------------------------
Total net assets $439,683,284
========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $65,879,207/7,087,597 shares) $ 9.30
Class C (based on $56,719,040/6,121,324 shares) $ 9.27
Class Y (based on $317,085,037/33,979,955 shares) $ 9.33
MAXIMUM OFFERING PRICE:
Class A ($9.30 (divided by) 95.5%) $ 9.74
========================================================================================
The accompanying notes are an integral part of these financial statements.
54 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
Statement of Operations (unaudited)
For the Six Months Ended 9/30/15
INVESTMENT INCOME:
Interest $ 12,815,925
Dividends 346,192
------------------------------------------------------------------------------------------------
Total investment income $ 13,162,117
------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,765,706
Transfer agent fees and expenses
Class A 6,916
Class C 3,608
Class Y 2,307
Class Z* 27
Distribution fees
Class A 100,470
Class C 316,003
Shareholder communications expense 239,495
Administrative expense 81,614
Custodian fees 48,247
Registration fees 64,426
Professional fees 36,296
Printing expense 14,681
Fees and expenses of nonaffiliated Trustees 12,815
Pricing expense 28,478
Miscellaneous 36,002
------------------------------------------------------------------------------------------------
Total expenses $ 2,757,091
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (145,225)
------------------------------------------------------------------------------------------------
Net expenses $ 2,611,866
------------------------------------------------------------------------------------------------
Net investment income $ 10,550,251
------------------------------------------------------------------------------------------------
* Class Z shares converted to Class Y shares on August 7, 2015.
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS, SWAP CONTRACTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $(10,146,793)
Swap contracts (591,427)
Futures contracts (77,067)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 83,807 $(10,731,480)
------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ (7,437,575)
Futures contracts 349,068
Swap contracts 1,999,300
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (124,835) $ (5,214,042)
------------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments, futures
contracts, swap contracts and foreign currency transactions $(15,945,522)
------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (5,395,271)
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 55
Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------------
Six Months
Ended
9/30/15 Year Ended
(unaudited) 3/31/15
-------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 10,550,251 $ 27,983,787
Net realized loss on investments, futures contracts, swap
contracts and foreign currency transactions (10,731,480) (20,634,227)
Change in net unrealized appreciation (depreciation) on
investments, futures contracts, swap contracts, and
foreign currency transactions (5,214,042) (17,767,905)
-------------------------------------------------------------------------------------------------
Net decrease in net assets resulting
from operations $ (5,395,271) $ (10,418,345)
-------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.12 and $0.33 per share, respectively) $ (1,017,988) $ (4,962,455)
Class C ($0.09 and $0.26 per share, respectively) (574,547) (2,322,800)
Class Y ($0.14 and $0.36 per share, respectively) (5,179,728) (17,280,907)
Class Z* ($0.09 and $0.33 per share, respectively) (1,754) (55,741)
-------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (6,774,017) $ (24,621,903)
-------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 39,749,747 $ 479,298,606
Reinvestment of distributions 5,499,605 20,074,632
Cost of shares repurchased (153,954,143) (555,768,538)
-------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (108,704,791) $ (56,395,300)
-------------------------------------------------------------------------------------------------
Net decrease in net assets $ (120,874,079) $ (91,435,548)
NET ASSETS:
Beginning of period 560,557,363 651,992,911
-------------------------------------------------------------------------------------------------
End of period $ 439,683,284 $ 560,557,363
-------------------------------------------------------------------------------------------------
Undistributed net investment income $ 3,939,212 $ 162,978
=================================================================================================
* Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
56 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
-----------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
9/30/15 9/30/15 Year Ended Year Ended
Shares Amount 3/31/15 3/31/15
(unaudited) (unaudited) Shares Amount
-----------------------------------------------------------------------------------------------
Class A
Shares sold 815,748 $ 7,688,805 10,733,797 $ 106,058,161
Reinvestment of distributions 99,556 942,161 469,156 4,575,600
Less shares repurchased (3,515,780) (33,286,421) (17,713,478) (172,921,032)
-----------------------------------------------------------------------------------------------
Net decrease (2,600,476) $ (24,655,455) (6,510,525) $ (62,287,271)
===============================================================================================
Class C
Shares sold 221,214 $ 2,088,918 2,714,172 $ 26,737,821
Reinvestment of distributions 52,952 499,389 207,145 2,006,684
Less shares repurchased (1,597,797) (15,120,297) (4,701,719) (45,380,077)
-----------------------------------------------------------------------------------------------
Net decrease (1,323,631) $ (12,531,990) (1,780,402) $ (16,635,572)
===============================================================================================
Class Y
Shares sold 3,144,045 $ 29,968,477 34,889,481 $ 345,939,487
Reinvestment of distributions 427,086 4,056,469 1,377,859 13,442,959
Less shares repurchased (11,073,993) (105,359,124) (34,372,056) (332,894,266)
-----------------------------------------------------------------------------------------------
Net increase
(decrease) (7,502,862) $ (71,334,178) 1,895,284 $ 26,488,180
===============================================================================================
Class Z*
Shares sold 375 $ 3,547 56,381 $ 563,137
Reinvestment of distributions 168 1,586 4,946 49,389
Less shares repurchased (20,094) (188,301) (457,902) (4,573,163)
-----------------------------------------------------------------------------------------------
Net decrease (19,551) $ (183,168) (396,575) $ (3,960,637)
===============================================================================================
* Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 57
Financial Highlights
--------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year
9/30/15 Ended Ended Ended 4/29/11
(unaudited) 3/31/15 3/31/14 3/31/13 to 3/31/12
--------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.54 $ 9.94 $ 10.04 $ 9.63 $ 10.00
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.20 $ 0.40 $ 0.41 $ 0.51 $ 0.39
Net realized and unrealized gain (loss) on investments (0.32) (0.47) (0.12) 0.45 (0.36)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.12) $ (0.07) $ 0.29 $ 0.96 $ 0.03
--------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.12) $ (0.33) $ (0.37) $ (0.55) $ (0.40)
Net realized gain -- -- (0.02) -- --
--------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.12) $ (0.33) $ (0.39) $ (0.55) $ (0.40)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.24) $ (0.40) $ (0.09) $ 0.41 $ (0.37)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.30 $ 9.54 $ 9.94 $ 10.04 $ 9.63
==========================================================================================================================
Total return* (1.27)% (0.71)% 2.95% 10.24% 0.38%(a)
Ratio of net expenses to average net assets 1.17%** 1.14% 1.19% 1.20% 1.20%**
Ratio of net investment income (loss) to average net assets 4.04%** 3.76% 3.89% 5.05% 4.87%**
Portfolio turnover rate 35%** 81% 95% 30% 17%
Net assets, end of period (in thousands) $65,879 $92,376 $161,097 $47,233 $ 7,365
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 1.17%** 1.14% 1.19% 1.48% 1.66%**
Net investment income (loss) to average net assets 4.04%** 3.76% 3.89% 4.77% 4.41%**
==========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) Not annualized.
The accompanying notes are an integral part of these financial statements.
58 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
-------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year
9/30/15 Ended Ended Ended 4/29/11
(unaudited) 3/31/15 3/31/14 3/31/13 to 3/31/12
-------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.51 $ 9.92 $ 10.02 $ 9.61 $ 10.00
-------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.16 $ 0.31 $ 0.34 $ 0.44 $ 0.34
Net realized and unrealized gain (loss) on investments (0.31) (0.46) (0.13) 0.45 (0.40)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.15) $ (0.15) $ 0.21 $ 0.89 $ (0.06)
-------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.09) $ (0.26) $ (0.29) $ (0.48) $ (0.33)
Net realized gain -- -- (0.02) -- --
-------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.09) $ (0.26) $ (0.31) $ (0.48) $ (0.33)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.24) $ (0.41) $ (0.10) $ 0.41 $ (0.39)
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.27 $ 9.51 $ 9.92 $ 10.02 $ 9.61
=========================================================================================================================
Total return* (1.63)% (1.58)% 2.19% 9.44% (0.47)%(a)
Ratio of net expenses to average net assets 1.93%** 1.90% 1.93% 1.95% 1.98%**
Ratio of net investment income (loss) to average net assets 3.30%** 3.04% 3.18% 4.29% 4.07%**
Portfolio turnover rate 35%** 81% 95% 30% 17%
Net assets, end of period (in thousands) $56,719 $70,793 $91,491 $28,796 $ 4,501
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 1.93%** 1.90% 1.93% 2.23% 2.46%**
Net investment income (loss) to average net assets 3.30%** 3.04% 3.18% 4.01% 3.59%**
=========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) Not annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 59
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year
9/30/15 Ended Ended Ended 4/29/11
(unaudited) 3/31/15 3/31/14 3/31/13 to 3/31/12
--------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.58 $ 9.98 $ 10.08 $ 9.66 $ 10.00
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.22 $ 0.41 $ 0.44 $ 0.55 $ 0.42
Net realized and unrealized gain (loss) on investments (0.33) $ (0.45) (0.12) 0.45 (0.34)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.11) $ (0.04) $ 0.32 $ 1.00 $ 0.08
--------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.14) $ (0.36) $ (0.40) $ (0.58) $ (0.42)
Net realized gain -- -- (0.02) -- --
--------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.14) $ (0.36) $ (0.42) $ (0.58) $ (0.42)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.25) $ (0.40) $ (0.10) $ 0.42 $ (0.34)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.33 $ 9.58 $ 9.98 $ 10.08 $ 9.66
==========================================================================================================================
Total return* (1.20)% (0.43)% 3.24% 10.69% 0.95%(a)
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 4.37%** 4.10% 4.24% 5.52% 5.48%**
Portfolio turnover rate 35%** 81% 95% 30% 17%
Net assets, end of period (in thousands) $317,085 $397,203 $395,245 $131,013 $41,606
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 0.93%** 0.93% 0.97% 1.21% 1.30%**
Net investment income (loss) to average net assets 4.29%** 4.02% 4.12% 5.16% 5.03%**
==========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
(a) Not annualized.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
Notes to Financial Statements |9/30/15 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Dynamic Credit Fund (formerly known as Pioneer Absolute Return Credit
Fund) (the Fund) is one of three portfolios comprising Pioneer Series Trust X, a
Delaware statutory trust. The Fund is registered under the Investment Company
Act of 1940 as a diversified, open-end management investment company. The
investment objective of the Fund is to seek a high level of current income.
Capital appreciation is a secondary objective.
The Fund offers three classes of shares designated as Class A, Class C and Class
Y shares. Class A, Class C and Class Y shares commenced operations on April 29,
2011. Class Z shares were converted to Class Y shares on August 7, 2015. Each
class of shares represents an interest in the same portfolio of investments of
the Fund and has identical rights (based on relative net asset values) to assets
and liquidation proceeds. Share classes can bear different rates of
class-specific fees and expenses, such as transfer agent and distribution fees.
Differences in class-specific fees and expenses will result in differences in
net investment income and, therefore, the payment of different dividends from
net investment income earned by each class. The Amended and Restated Declaration
of Trust of the Fund gives the Board the flexibility to specify either per-share
voting or dollar-weighted voting when submitting matters for shareholder
approval. Under per-share voting, each share of a class of the Fund is entitled
to one vote. Under dollar-weighted voting, a shareholder's voting power is
determined not by the number of shares owned, but by the dollar value of the
shares on the record date. Each share class has exclusive voting rights with
respect to matters affecting only that class, including with respect to the
distribution plan for that class. There is no distribution plan for Class Y
shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Fixed
income
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 61
securities are valued at prices supplied by independent pricing services,
which consider such factors as market prices, market events, quotations
from one or more brokers, Treasury spreads, yields, maturities and ratings.
Valuations may be supplemented by dealers and other sources, as required.
Senior floating rate loan interests (senior loans) are valued in accordance
with guidelines established by the Board of Trustees at the mean between
the last available bid and asked prices from one or more brokers or dealers
as obtained from Loan Pricing Corporation, an independent pricing service.
If price information is not available from Loan Pricing Corporation, or if
the price information is deemed to be unreliable, price information will be
obtained from an alternative loan interest pricing service. If no reliable
price quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited. Shares of money market mutual
funds are valued at such funds' net asset value. Event- linked bonds are
valued at the bid price obtained from an independent third party pricing
service. Other insurance-linked securities 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 method or techniques to provide an estimated value of the instrument.
Cash may include overnight time deposits at approved financial
institutions.
Securities or senior loans interests for which independent pricing services
are unable to supply prices or for which market prices and/or quotations
are not readily available or are considered to be unreliable are valued by
a fair valuation team comprised of certain personnel of Pioneer Investment
Management, Inc. (PIM), the Fund's investment adviser, pursuant to
procedures adopted by the Fund's Board of Trustees. PIMs fair valuation
team uses fair value methods approved by the Valuation Committee of the
Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices and
such differences could be material. PIM's fair valuation team is
responsible for monitoring developments that may impact fair valued
securities and for discussing and assessing fair values on an ongoing
basis, and at least quarterly, with the Valuation Committee of the Board of
Trustees.
At September 30, 2015, there were eight securities that were valued using
fair value methods (in addition to securities valued using prices supplied
by independent pricing services, broker dealers or using a third party
insurance industry pricing model) representing 0.2% of net assets.
62 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
B. Investment Income and Transactions
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on purchase prices of debt securities are accreted/-
amortized for financial reporting purposes over the life of the respective
securities, and such accretion/amortization is included in interest income.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income, including
interest on income bearing cash accounts, is recorded on the accrual basis,
net of unrecoverable foreign taxes withheld at the applicable country
rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on
foreign currency contracts, disposition of foreign currencies and the
difference between the amount of income accrued and the U.S. dollars
actually received. Further, the effects of changes in foreign currency
exchange rates on investments are not segregated in the statement of
operations from the effects of changes in the market price of those
securities but are included with the net realized and unrealized
appreciation or depreciation on investments.
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized appreciation or depreciation
are recorded in the Fund's financial statements. The Fund records realized
gains and losses at the time a contract is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 6).
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 63
E. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no provision for federal income taxes is
required. As of March 31, 2015, the Fund had not accrued any interest or
penalties with respect to uncertain tax positions, which, if applicable,
would be recorded as an income tax expense in the Statement of Operations.
Tax returns filed within the prior three years are subject to examination
by Federal and State tax authorities.
The amount and character of income and capital gain distributions to share-
owners are determined in accordance with federal income tax rules, which
may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended March 31, 2015 was as follows:
--------------------------------------------------------------------------------
2015
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $24,621,903
--------------------------------------------------------------------------------
Total $24,621,903
--------------------------------------------------------------------------------
The following shows components of distributable earnings on a federal
income tax basis at March 31, 2015.
--------------------------------------------------------------------------------
2015
--------------------------------------------------------------------------------
Undistributed ordinary income $ 299,325
Capital loss carryforward (25,870,315)
Dividend Payable (247,626)
Unrealized depreciation (6,017,163)
--------------------------------------------------------------------------------
Total $ (31,835,779)
--------------------------------------------------------------------------------
The difference between book-basis and tax-basis net unrealized depreciation
is attributable to the tax adjustments relating to catastrophe bonds and
credit default swaps, the mark-to-market of forward currency, option and
futures contracts, and adjustments relating to interest accruals on
preferred stock and defaulted bonds.
64 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
F. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $4,099 in underwriting commissions on the sale of Class
A shares during the six months ended September 30, 2015.
G. Class Allocations
Income, common expenses, and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y shares do not pay distribution fees. All expenses and fees
paid to the transfer agent, Pioneer Investment Management Shareholder
Services, Inc. (PIMSS), for its services are allocated among the classes of
shares based on the number of accounts in each class and the ratable
allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class C and Class Y shares can
reflect different transfer agent and distribution expense rates.
H. Risks
When interest rates rise, the prices of fixed-income securities in the Fund
will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities in the Fund will generally rise. Investments in the
Fund are subject to possible loss due to the financial failure of issuers
of underlying securities and the issuers' inability to meet their debt
obligations. The Fund's prospectus contains unaudited information regarding
the Fund's principal risks. Please refer to that document when considering
the Fund's principal risks.
The Fund invests in event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 65
actual losses. If a trigger event, as defined within the terms of an
event-linked bond occurs, the Fund may lose a portion or all of its accrued
interest and/or principal invested in such event-linked bond. The Fund is
entitled to receive principal and interest payments so long as no trigger
event occurs of the description and magnitude specified by the instrument.
In addition to the specified trigger events, event-linked bonds may expose
the Fund to other risks, including but not limited to issuer (credit)
default, adverse regulatory or jurisdictional interpretations and adverse
tax consequences.
In addition to event-linked bonds, the Fund also may invest in other
insurance-linked securities ("ILS"). The Fund's investments in ILS may
include special purpose vehicles ("SPVs") or similar instruments structured
to comprise a portion of a reinsurer's catastrophe-oriented business, known
as quota share instruments (sometimes referred to as reinsurance sidecars),
or to provide reinsurance relating to specific risks to insurance or
reinsurance companies through a collateralized instrument, known as
collateralized reinsurance. Structured reinsurance investments which also
may include industry loss warranties ("ILWs"), are subject to the same
risks as event-linked bonds. In addition, because quota share instruments
represent an interest in a basket of underlying reinsurance contracts, the
Fund has limited transparency into the individual underlying contracts and
therefore must rely upon the risk assessment and sound underwriting
practices of the issuer. Accordingly, it may be more difficult for PIM to
fully evaluate the underlying risk profile of the Fund's investment in
quota share instruments and therefore place the Fund's assets at greater
risk of loss than if PIM had more complete information. These securities
may be difficult to purchase, sell or unwind and may be difficult to value.
I. 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. Subsequent payments for futures contracts ("variation margin")
are paid or received by the Fund, depending on the daily fluctuation in the
value of the contracts, and are recorded by the Fund as unrealized
appreciation or depreciation. When the contract is closed, the Fund
realizes a gain or loss equal to the difference between the opening and
closing value of the contract as well as any fluctuation in foreign
currency exchange rates where applicable. Futures contracts are subject to
market risk, interest rate risk and currency exchange rate risk. Changes in
value of the contracts may not directly correlate to the
66 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
changes in value of the underlying securities. The average value of
contracts open during the six months ended September 30, 2015 was
$(35,014,717). There were no open futures contracts outstanding at
September 30, 2015.
J. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve as
the Fund's collateral for the obligation of the counterparty to repurchase
the securities. The value of the collateral, including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. The Fund's investment adviser, PIM 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.
K. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event. The Fund may sell
or buy credit default swap contracts to seek to increase the Fund's income,
or to attempt to hedge the risk of default on portfolio securities. A
credit default swap index is used to hedge risk or take a position on a
basket of credit entities or indices. As a seller of protection, the Fund
would be required to pay the notional (or other agreed-upon) value of the
referenced debt obligation to the counterparty in the event of a default by
a U.S. or foreign corporate issuer of a debt obligation, which would likely
result in a loss to the Fund. In return, the Fund would receive from the
counterparty a periodic stream of payments during the term of the contract
provided that no event of default occurred. The maximum exposure of loss to
the seller would be the notional value of the credit default swaps
outstanding. If no default occurs, the Fund would keep the stream of
payments and would have no payment obligation. The Fund may also buy credit
default swap contracts in order to hedge against the risk of default of
debt securities, in which case the Fund would function as the counterparty
referenced above.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 67
When the Fund enters into a credit default swap contract, the protection
buyer makes an upfront or periodic payment to the protection seller in
exchange for the right to receive a contingent payment. An upfront payment
made by the Fund, as the protection buyer, is recorded as an asset in the
Statement of Assets and Liabilities. Periodic payments received or paid by
the Fund are recorded as realized gains or losses in the Statement of
Operations.
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is
recorded as unrealized appreciation or depreciation in the Statement of
Assets and Liabilities. Payments received or made as a result of a credit
event or upon termination of the contract are recognized, net of the
appropriate amount of the upfront payment, as realized gains or losses in
the Statement of Operations.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund.
Certain swap contracts that are cleared through a central clearinghouse are
referred to as centrally cleared swaps. All payments made or received by
the Fund are pursuant to a centrally cleared swap contract with the central
clearing party rather than the original counterparty. Upon entering into a
centrally cleared swap contract, the Fund is required to make an initial
margin deposit, either in cash or in securities. The daily change in value
on open centrally cleared contracts is recorded as variation margin on
centrally cleared swaps on the Statement of Assets and Liabilities.
Open credit default swap contracts at September 30, 2015 are listed in the
Schedule of Investments. The average value of swap contracts open during
the six months ended September 30, 2015 was $(6,639,143).
L. Purchased Options
The Fund may purchase put and call options to seek increase total return.
Purchased call and put options entitle the Fund to buy and sell a specified
number of shares or units of a particular security, currency or index at a
specified price at a specific date or within a specific period of time.
Upon the purchase of a call or put option, the premium paid by the Fund is
included in the Statement of Assets and Liabilities as an investment. All
premiums are
68 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
marked-to-market daily, and any unrealized gains or losses are recorded in
the Fund's financial statements. As the purchaser of an index option, the
Fund has the right to receive a cash payment equal to any depreciation in
the value of the index below the strike price of the option (in the case of
a put) or equal to any appreciation in the value of the index over the
strike price of the option (in the case of a call) as of the valuation date
of the option. Premiums paid for purchased calls and put options which have
expired are treated as realized losses on investments in the Statement of
Operations. Upon the exercise or closing of a purchased put option, the
premium is offset against the proceeds on the sale of the underlying
security or financial instrument in order to determine the realized gain or
loss on investments. Upon the exercise or closing of a purchased call
option, the premium is added to the cost of the security or financial
instrument. The risk associated with purchasing options is limited to the
premium originally paid. The average value of purchased options open for
the six months ended September 30, 2015 was $44,911. There were no open
purchased options outstanding at September 30, 2015.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate equal to
0.70% of the Fund's average daily net assets up to $1 billion and 0.65% on
assets over $1 billion. For the six months ended September 30, 2015, the
effective management fee (excluding waivers and/or assumption of expenses) was
equivalent to 0.70% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 0.85% of the average daily net assets
attributable to Class Y shares. Fees waived and expenses reimbursed during the
six months ended September 30, 2015 are reflected on the Statement of
Operations. This expense limitation is in effect through August 1, 2017. There
can be no assurance that PIM will extend the expense limitation agreement for a
class of shares beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting, and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$16,502 in management fees, administrative costs and certain other
reimbursements payable to PIM at September 30, 2015.
3. Transfer Agent
Prior to November 2, 2015, PIMSS, a wholly owned indirect subsidiary of
UniCredit, provided substantially all transfer agent and shareowner services to
the Fund at negotiated rates.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 69
In addition, the Fund reimbursed PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the six months ended September 30, 2015, such out-of-pocket expenses by class of
shares were as follows:
-------------------------------------------------------------------------------
Shareholder Communications:
-------------------------------------------------------------------------------
Class A $ 29,461
Class C 27,047
Class Y 182,857
Class Z 130
-------------------------------------------------------------------------------
Total $239,495
===============================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $97,874 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at September 30, 2015.
Effective November 2, 2015, Boston Financial Data Services serves as the
transfer agent to the Fund at negotiated rates.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $4,004 in distribution fees payable to
PFD at September 30, 2015.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within 12 months of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares. There
is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. For the
six months ended September 30, 2015, CDSCs in the amount of $4,432 were paid to
PFD.
70 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended September 30, 2015, the Fund's
expenses were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At September 30, 2015, the Fund had entered into various forward foreign
currency contracts that obligate the Fund to deliver or take delivery of
currencies at specified future maturity dates. Alternatively, prior to the
settlement date of a forward foreign currency contract, the Fund may close out
such contract by entering into an offsetting contract. The average value of
contracts open during the six months ended September 30, 2015 was $(1,475,998).
As of September 30, 2015, outstanding forward foreign currency contracts were as
follows:
---------------------------------------------------------------------------------------------
In Net
Currency Currency Exchange Settlement Unrealized
Sold Deliver Purchased for Counterparty Date Appreciation
---------------------------------------------------------------------------------------------
GBP (British (227,167) USD 347,772 Citibank 11/3/15 $4,394
Pound Sterling)
EUR (Euro) (199,821) USD 223,831 Brown Brothers 10/23/15 670
Harriman And Co.
---------------------------------------------------------------------------------------------
Total $5,064
=============================================================================================
7. Assets and Liabilities Offsetting
The Fund has entered into an International Swaps and Derivatives Association,
Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with
substantially all its derivative counterparties. An ISDA Master Agreement is a
bilateral agreement between the Fund and a counterparty that governs the trading
of certain OTC derivatives and typically contains, among other things, close-out
and set-off provisions which apply upon the occurrence of event of a default
and/or termination event as defined under the relevant ISDA Master Agreement.
The ISDA Master Agreement may also give a party the right to terminate all
transactions traded under such agreement if, among other things, there is
deterioration in the credit quality of the other party. Upon an event of default
or a termination of the ISDA Master Agreement, the non-defaulting party has the
right to close out all transactions under such agreement and to net amounts owed
under each transaction to determine one net amount payable by one party to the
other. The right to close out and net payments across all transactions under the
ISDA Master Agreement could result in a reduction of the Fund's credit risk to
its counterparty equal to any amounts
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 71
payable by the Fund under the applicable transactions, if any. However, the
Fund's right to setoff may be restricted or prohibited by the bankruptcy or
insolvency laws of the particular jurisdiction to which a specific ISDA counter-
party is subject.
The collateral requirements for derivatives transactions under an ISDA Master
Agreement are governed by a credit support annex to the ISDA Master Agreement.
Collateral requirements are generally determined at the close of business each
day and are typically based on changes in market values for each transaction
under an ISDA Master Agreement and netted into one amount for such agreement.
Generally, the amount of collateral due from or to a counterparty is subject to
threshold (a "minimum transfer amount") before a transfer is required, which may
vary by counterparty. Collateral pledged for the benefit of the Fund and/or
counterparty is held in segregated accounts by the Fund's custodian and cannot
be sold, re-pledged, assigned or otherwise used while pledged. Cash that has
been segregated to cover the Fund's collateral obligations, if any, will be
reported separately in the Statement of Assets and Liabilities as "Futures
collateral", "Swap Collateral" or "Deposit with broker." Securities pledged by
the Fund as collateral, if any, are identified as such in the Schedule of
Investments.
Financial instruments subject to an enforceable master netting agreement such as
an ISDA Master Agreement have been offset on the Statement of Assets and
Liabilities. The following charts show gross assets and liabilities of the Fund
as of September 30, 2015.
---------------------------------------------------------------------------------------------------
Derivative Assets Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Received (a) Received (a) Assets (b)
---------------------------------------------------------------------------------------------------
JP Morgan $31,535 $ -- $ -- $ (31,535) $ --
Morgan Stanley -- -- -- -- --
Capital Services
LLC
Citibank 4,394 -- -- -- 4,394
Brown Brothers
Harriman and Co. 670 -- -- -- 670
---------------------------------------------------------------------------------------------------
$36,599 $ -- $ -- $ (31,535) $ 5,064
===================================================================================================
--------------------------------------------------------------------------------------------------------
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) Assets (c)
--------------------------------------------------------------------------------------------------------
JP Morgan $ -- $ -- $ -- $146,253 $146,253
Morgan Stanley 188,342 -- -- -- 188,342
Capital Services
LLC
Citibank -- -- -- -- --
Brown Brothers
Harriman and Co. -- -- -- -- --
--------------------------------------------------------------------------------------------------------
$ 188,342 $ -- $ -- $146,253 $334,595
========================================================================================================
(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.
72 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
(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.
8. Additional Disclosures about Derivative Instruments and Hedging Activities:
The Fund's use of derivatives subjects it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at September
30, 2015 was as follows:
----------------------------------------------------------------------------------------------------------
Statement of Assets and Interest Credit Foreign Exchange Equity Commodity
Liabilities Caption Rate Risk Risk Rate Risk Risk Risk
----------------------------------------------------------------------------------------------------------
Assets
Net unrealized appreciation
of forward foreign
currency contracts -- -- 5,064 -- --
----------------------------------------------------------------------------------------------------------
Total Value -- -- 5,064 -- --
Liabilities
Net unrealized depreciation
on swap contracts -- (156,807) -- -- --
----------------------------------------------------------------------------------------------------------
Total Value -- (156,807) -- -- --
==========================================================================================================
* Reflects unrealized appreciation/depreciation of futures contracts (see
Note 1I). The current day's variation margin is disclosed on the Statement
of Assets and Liabilities.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 73
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at September 30, 2015 was as follows:
----------------------------------------------------------------------------------------------
Statement of Operations Interest Rate Credit Foreign Exchange Equity Commodity
Caption Risk Risk Rate Risk Risk Risk
----------------------------------------------------------------------------------------------
Net realized gain (loss) on
Swap contracts -- (591,427) -- -- --
Futures contracts (77,067) -- -- -- --
Forward foreign currency
contracts and other assets
and liabilities denominated
in foreign currencies -- -- 29,805 -- --
----------------------------------------------------------------------------------------------
Total Value (77,067) (591,427) 29,805 -- --
==============================================================================================
Change in net unrealized
appreciation
(depreciation) on
Swap contracts -- 1,999,300 -- -- --
Futures contracts 349,068
Forward foreign currency
contracts and other assets
and liabilities denominated
in foreign currencies -- -- (102,720) -- --
----------------------------------------------------------------------------------------------
Total Value 349,068 1,999,300 (102,720) -- --
==============================================================================================
9. Bridge Loan Commitments
As of September 30, 2015, the Fund had one bridge loan commitment of $1,015,000,
which could be extended at the option of the borrower, pursuant to the following
loan agreement:
-------------------------------------------------------------------------------------
Unrealized
Loan Principal Cost Value Appreciation
-------------------------------------------------------------------------------------
Charter Communications 1,015,000 $1,015,000 $1,015,000 $ --
Operating Co.,
Bridge Loan
-------------------------------------------------------------------------------------
Total $ --
=====================================================================================
10. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until June 9, 2015 was in the amount of $215 million.
As of June 9, 2015, the facility is in the amount of $240 million. Under such
facility, depending on the type of loan, interest on borrowings is payable at
the London Interbank Offered Rate (LIBOR) plus 0.85% on an annualized basis, or
the alternate base rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the
74 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
federal funds rate on the borrowing date and (c) 2% plus the overnight
eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in the credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the six months ended September 30, 2015, the Fund had no
borrowings under the credit facility.
11. Conversion of Class Z shares
As of the close of business on August 7, 2015 (the "Conversion Date"), all
outstanding Class Z shares of the Pioneer funds were converted to Class Y
shares.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 75
ADDITIONAL INFORMATION
Pioneer Investment Management, Inc. (the "Adviser"), each fund's investment
adviser, is currently an indirect, wholly owned subsidiary of UniCredit S.p.A.
("UniCredit"). On November 11, 2015, UniCredit announced that it signed a
binding master agreement with Banco Santander and affiliates of Warburg Pincus
and General Atlantic (the "Private Equity Firms") with respect to Pioneer
Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
The Transaction, as described in the UniCredit announcement, will establish a
holding company, with the name Pioneer Investments, to be owned by UniCredit
(50%) and the Private Equity Firms (50% between them). The holding company
will control Pioneer's U.S. operations, including the Adviser. The holding
company also will own 66.7% of Pioneer's and SAM's combined operations outside
the U.S., while Banco Santander will own directly the remaining 33.3% stake. The
closing of the Transaction is expected to happen in 2016, subject to certain
regulatory and other approvals, and other conditions.
Under the Investment Company Act of 1940, completion of the Transaction will
cause each fund's current investment advisory agreement with the Adviser to
terminate. Accordingly, each fund's Board of Trustees will be asked to approve a
new investment advisory agreement. If approved by the Board, each fund's new
investment advisory agreement will be submitted to the shareholders of the
fund for their approval.
76 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Dynamic Credit Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in January 2015 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
Contract review materials were provided to the Trustees in March 2015 and July
2015. Supplemental contract review materials were provided to the Trustees in
September 2015. In addition, the Trustees reviewed and discussed the Fund's
performance at regularly scheduled meetings throughout the year and took into
account other information related to the Fund provided to the Trustees at
regularly scheduled meetings in connection with the review of the Fund's
investment advisory agreement.
In March 2015, the Trustees, among other things, discussed the memorandum
provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment advisory agreement, and reviewed and
discussed the qualifications of the investment management teams, as well as the
level of investment by the Fund's portfolio managers in the Fund. In July 2015,
the Trustees, among other things, reviewed the Fund's management fee and total
expense ratios, the financial statements of PIM and its parent companies, the
profitability analyses provided by PIM, and possible economies of scale. The
Trustees also reviewed the profitability of the institutional business of PIM
and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with
PIM, "Pioneer"), as compared to that of PIM's fund management business, and
considered the differences between the fees and expenses of the Fund and the
fees and expenses of Pioneer's institutional accounts, as well as the different
services provided by PIM to the Fund and by Pioneer to the institutional
accounts. The Trustees further considered contract review materials in September
2015.
At a meeting held on September 15, 2015, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In approving the
renewal of the investment advisory agreement, the Trustees considered various
factors that they determined were relevant, including the factors described
below. The Trustees did not identify any single factor as the controlling factor
in determining to approve the renewal of the agreement.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 77
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees also reviewed PIM's investment approach
for the Fund and its research process. The Trustees considered the resources of
PIM and the personnel of PIM who provide investment management services to the
Fund. They also reviewed the amount of non-Fund assets managed by the portfolio
managers of the Fund. The Trustees considered the non-investment resources and
personnel of PIM involved in PIM's services to the Fund, including PIM's
compliance and legal resources and personnel. The Trustees noted the substantial
attention and high priority given by PIM's senior management to the Pioneer fund
complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly review and discuss
throughout the year data prepared by PIM and information comparing the Fund's
performance with the performance of its peer group of funds as classified by
each of Morningstar, Inc. (Morningstar) and Lipper, and with the performance of
the Fund's benchmark index. They also discuss the Fund's performance with PIM on
a regular basis. The Trustees' regular reviews and discussions were factored
into the Trustees' deliberations concerning the renewal of the advisory
agreement. The Trustees indicated that the Fund's performance, when considered
in connection with the various other factors, was consistent with the renewal of
the investment advisory agreement.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight
78 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent
third party. In all quintile rankings referred to below, first quintile is most
favorable to the Fund's shareowners.
The Trustees considered that the Fund's management fee for the most recent
fiscal year was in the third quintile relative to the management fees paid by
other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoint in the management fee schedule and the
reduced fee rate above a certain asset level. The Trustees considered that the
expense ratio of the Fund's Class A shares the most recent fiscal year was in
the third quintile relative to its Morningstar peer group and in the third
quintile relative its Strategic Insight peer group, in each case for the
comparable period. The Trustees considered that the expense ratio of the Fund's
Class Y shares for the most recent fiscal year was in the second quintile
relative to its Morningstar peer group and in the second quintile relative its
Strategic Insight peer group, in each case for the comparable period. The
Trustees noted that PIM was waiving fees and/or reimbursing expenses in order to
limit the ordinary operating expenses of the Fund. The Trustees considered the
impact of transfer agency, sub-transfer agency, and other non-management fee
expenses on the expense ratios of the Fund. The Trustees noted that they
separately review the Fund's transfer agency, sub-transfer agency and
intermediary arrangements.
The Trustees reviewed management fees charged by Pioneer to institutional and
other clients, including publicly offered European funds sponsored by affiliates
of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory
capacity), and unaffiliated foreign and domestic separate accounts. The Trustees
also considered PIM's costs in providing services to the Fund and Pioneer's
costs in providing services to the other clients and considered the differences
in management fees and profit margins for Fund and non-Fund services. In
evaluating the fees associated with Pioneer's client accounts, the Trustees took
into account the respective demands, resources and complexity associated with
the Fund and client accounts. The Trustees noted that, in some instances, the
fee rates for those clients were lower than the management fee for the Fund and
considered that, under the investment advisory agreement with the Fund, PIM
performs additional services for the Fund that it does not provide to those
other clients or services that are broader in scope, including oversight of the
Fund's other service providers and activities related to compliance and the
extensive regulatory and tax regimes to which the Fund is subject. The Trustees
also considered the different entrepreneurial risks associated with PIM's
management of the Fund and Pioneer's management of the other client accounts.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 79
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services provided by PIM
to the Fund.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoint in the management fee schedule. The Trustees recognize that
economies of scale are difficult to identify and quantify, and that, among other
factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the Fund. The Trustees noted that
profitability also may be an indicator of the availability of any economies of
scale, although profitability may vary for other reasons including reductions in
expenses. The Trustees concluded that economies of scale, if any, were being
appropriately shared with the Funds.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. Pioneer is the
principal U.S. asset management business of Pioneer Global Asset Management, the
worldwide asset management business of UniCredit Group, which manages over $150
billion in assets (including the Funds). Pioneer and the Funds receive
reciprocal intangible benefits from the relationship, including mutual brand
recognition and, for the Funds, direct
80 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
and indirect access to the resources of a large global asset manager. The
Trustees concluded that any such benefits received by Pioneer as a result of its
relationship with the Funds were reasonable and their consideration of the
advisory agreement between the Fund and PIM and the fees thereunder were
unaffected by Pioneer's possible receipt of any such intangible benefits.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 81
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Ms. Monchak is a non-voting Advisory Trustee.
82 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
This page for your notes.
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15 83
This page for your notes.
84 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/15
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2015 Pioneer Investments 25266-04-1115
Pioneer Fundamental
Growth Fund
--------------------------------------------------------------------------------
Semiannual Report | September 30, 2015
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PIGFX
Class C FUNCX
Class K PFGKX
Class R PFGRX
Class Y FUNYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.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
Approval of Investment Advisory Agreement 39
Trustees, Officers and Service Providers 44
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 1
President's Letter
Dear Shareholder,
Through the first three quarters of 2015, global markets experienced pockets of
higher-than-average volatility due to significant cross-currents from different
geographic regions. All year, investors focused on the Federal Reserve System's
(the Fed's) deliberations over when to begin normalizing interest rates.
However, while there were signs of gradual economic improvement in the U.S.,
economies abroad increasingly diverged. In June, for example, investors grew
concerned about the debt crisis in Greece. That news, in turn, was followed by
evidence of an economic slowdown in China, which only served to exacerbate
existing worries about growth trends in the emerging markets, a segment of the
global economy already being negatively impacted by slumping commodity prices,
including the price of crude oil, which has been in near-steady decline for
almost a year. Through September 30, 2015, the pockets of heightened market
volatility alluded to above had resulted in the Standard & Poor's 500 Index
turning in a negative (-5.27%) return over the first nine months of the year.
However, the S&P 500 recovered nicely in October, returning 8.43% for the month,
which boosted the index's year-to-date return into positive territory, at 2.71%.
Despite the headwinds still vexing the global economy, our longer-term view of
the U.S. economy has remained positive. Economic conditions in the U.S. have
generally been constructive, based largely on improvements in employment
statistics and an uptick in the housing sector, which has aided the consumer
side of the economy, where household spending has been rising modestly. U.S.
consumers also stand to benefit, potentially, from lower energy prices as the
winter weather approaches. We continue to believe the U.S. economy remains on a
slow, steady growth trend, and that it is unlikely to be disrupted by a slow
pace of interest-rate normalization by the Fed.
Pioneer Investments believes that investors in today's environment can
potentially benefit from the consistent and disciplined investment approach we
have used since our founding in 1928. We focus on identifying value across
global markets using proprietary research, careful risk management, and a
long-term perspective. Our ongoing goal is to produce compelling returns
consistent with the stated objectives of our investment products, and with our
shareowners' expectations. We believe our shareowners can benefit from the
experience and tenure of our investment teams as well as the insights generated
from our extensive research process.
2 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate your trust in us in the past and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
November 2, 2015
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 3
Portfolio Management Discussion | 9/30/15
The U.S stock market grew volatile in the latter weeks of the six-month period
ended September 30, 2015, as investors became concerned about the possibility
that weakness in the global economy could become a drag on the domestic economy.
Led by sharp declines in energy, materials and industrials stocks, most stock
market averages declined for the full six-month period. In the following
interview, Andrew Acheson and Paul Cloonan discuss the factors that affected the
performance of Pioneer Fundamental Growth Fund during the six months. Mr.
Acheson and Mr. Cloonan, both senior vice presidents and portfolio managers at
Pioneer, are responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the six-month period ended September 30,
2015?
A Pioneer Fundamental Growth Fund's Class A shares returned -3.31% at net
asset value during the six-month period ended September 30, 2015, while the
Fund's benchmark, the Russell 1000 Growth Index (the Russell index),
returned -5.18%. During the same period, the average return of the 686
mutual funds in Lipper's Large Cap Growth Funds category was -5.71%, and
the average return of the 1,716 mutual funds in Morningstar's Large Growth
Funds category was -6.23%.
Q How would you describe the investment environment for domestic stocks
during the six-month period ended September 30, 2015?
A The backdrop for investing in U.S. stocks remained favorable as the period
began in April 2015, with most sectors continuing to appreciate. However,
growing concerns among investors that market volatility could increase led
to a sharp correction in equity prices, beginning in August, when stock
market indices began tumbling.
The initial catalyst for the change in the market's direction was the
announcement by the Chinese government that it was devaluing the Chinese
currency, the yuan. While the announcement itself might not have been
considered very significant, it proved to have a more major impact on world
markets, including the U.S. market, for several reasons.
First of all, it marked the first change in the value of the yuan outside
of its trading band on world currency markets in several years, and it
triggered a wider re-appraisal of the relative values of assets. Second, it
accelerated the pace of declines in the values of the already devaluating
currencies of many Latin American and Asian countries. Third, together with
falling prices of
4 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
commodities, most notably oil and raw materials, the yuan devaluation
raised concerns that commodity-dependent countries and industries would
have less access to the credit and equity markets.
Close on the heels of the Chinese announcement, the Greek sovereign-debt
problem re-surfaced and once again focused attention on economic conditions
in Europe. Although the European economy had appeared to be improving,
concerns grew about how Germany and other exporting nations would be
affected by weakening demand from China and the emerging markets.
The U.S. economy appeared to be the strongest over the period, as gross
domestic product (GDP) growth had accelerated to an annual 3.7% rate in the
second calendar quarter. In addition, steady new-job creation and a
reviving housing industry led to growing consumer confidence, which
particularly benefited domestically oriented companies. However, the energy
and materials sectors felt the effects of falling commodity prices. That,
in turn, weakened demand in the industrials sector. Problems in those
sectors, combined with fears of potential contagion effects of the global
economic weakening on the United States, led to the increased volatility in
the domestic equity market.
The consumer discretionary sector, which is more oriented to domestic than
to global economic issues, was the only Russell Index sector to produce
positive results for the six-month period. All other sectors in the Russell
Index posted negative returns, with energy, materials and industrials
stocks the weakest performers.
Q What were the principal factors affecting the Fund's performance relative
to the benchmark Russell Index during the six-month period ended September
30, 2015?
A The Fund's absolute return was negative over the period, which was
disappointing, but benchmark-relative returns were positive. The Fund's
benchmark-relative outperformance was driven by stock selection, which was
strong in every sector versus the Russell Index. Sector allocation results,
on the other hand, were a negative factor in the Fund's benchmark-relative
performance, but not enough to offset the positive effects of security
selection.
Our traditional emphasis on allocating the portfolio's assets among stocks
of what we view as higher-quality companies with strong balance sheets and
sustainable business models proved to be an advantage for the Fund during a
difficult period for equities in general. That was especially true in the
latter months of the six-month period, when the market became more volatile
and increasing numbers of investors sought out higher-quality equities.
Stock selection results relative to the benchmark were particularly good
for the Fund in the consumer discretionary and information technology
sectors. In consumer discretionary, the top-performing holding in the
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 5
portfolio was coffee chain Starbucks. Although it has become a global
company, Starbucks remains most heavily dependent on the domestic economy,
where it has successfully grown its same-shop revenues as it has expanded
both its beverage and food offerings.
In information technology, two strong performers in the portfolio during
the period were software company Microsoft and financial transaction
processor MasterCard. Microsoft, after performing poorly early in 2015,
rebounded as investors were buoyed by the belief that the company's new
Windows 10 computer operating system would help it recover from the
lingering effects of the disappointing Windows 8 system rollout.
MasterCard, a high-quality company with predictable growth dynamics,
produced solid performance over the six-month period as it benefited from
the increased use of credit- and debit-card transactions in place of check-
writing and cash transactions.
Among other sectors, while the last six months were a weak period for most
industrials stocks, the Fund's position in Precision Castparts performed
well as the company's share price regained some of its lost value, a
turnaround owing in part to its pending acquisition by Berkshire Hathaway,
the firm headed by renowned investor Warren Buffet. Also, the Fund's
position in tobacco company Reynolds American, a relatively recent addition
to the portfolio in the consumer staples sector, produced strong results
over the period. We had initiated a position in Reynolds American even
before it had completed its acquisition of Lorillard, another tobacco
company that was an existing Fund holding. We think the tobacco industry as
a whole has stabilized after experiencing some sales declines and we feel
that consolidation within the group will lead to greater efficiencies and
increased pricing power.
On the negative side, with the exception of Precision Castparts, several of
the Fund's other holdings in the industrials sector were notable detractors
from benchmark-relative performance during the period, including shares of
United Technologies, 3M and Cummins. All three companies saw demand for
their products slow because of slumping global economic activity. The
effects were exacerbated by the weakening currencies of many emerging
markets nations, which eroded the value of the companies' sales in those
countries. In addition, while the Fund's overall selection results in the
information technology sector were positive over the six months, the
portfolio's position in Qualcomm proved to be a noteworthy exception, as
the company's semiconductor chip design business felt the effects of
increased competition and greater pricing pressures. In consumer
discretionary, despite good overall benchmark-relative performance in the
sector, the Fund's position in media company Time Warner was a detractor
from relative returns. As new competition for advertising spending surfaced
6 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
from internet-based content providers and social media websites, investors
became concerned about the effects those new advertising options would have
on the revenues of traditional media platforms like Time Warner's. However,
we believe the trends have been evolving over a period of years, which has
afforded companies such as Time Warner time to adapt. Meanwhile, Time
Warner's media content properties, including Warner Brothers Studios and
its sports networks, are proving to be highly successful.
Q What noteworthy changes did you make in the Fund's portfolio during the
six-month period ended September 30, 2015?
A The most notable change was our decision in September to liquidate the
Fund's position in Praxair, a materials company specializing in producing
gases for industrial uses. The company's performance was hurt by its
emerging markets exposure, particularly in Brazil, where the economy has
entered into a severe recession.
Q Did the Fund have any exposure to derivative securities during the six-
month period ended September 30, 2015?
A No, the Fund had no investments in any derivative securities during the
period.
Q What is your investment outlook?
A While the domestic equity market has entered a more volatile period --
which we predicted in the Fund's last report six months ago -- we think
there remains the potential for equities to produce positive results over
the next 12 months, despite the many uncertainties which exist.
We believe diverging monetary policies of central banks around the globe --
that is, expected tightening actions by the U.S. Federal Reserve System
while other central banks are becoming more accommodative -- are likely to
create more imbalances in world currency markets. In the wake of the market
correction that began in August, most investors have become more bearish
and have positioned their portfolios somewhat defensively in order to
protect against the possibility that the global economic slowdown may lead
to less growth in the United States.
Despite the obvious dangers presented by slowing growth in China and the
emerging markets in general, mounting credit problems in Brazil and threats
of economic disruption because of violence in the Middle East, we think
investors have become too pessimistic. We believe threats to the Chinese
economy have been overstated, and that prospects for a re-acceleration of
economic growth in China have improved.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 7
Domestically, corporate earnings growth is relatively low, in part because
of the challenges faced by companies selling to overseas markets. However,
U.S. growth trends, including improvements in new-job creation and a
reviving housing industry, appear sustainable, and we believe the economic
expansion will continue. While cheaper commodity prices may have hurt
companies in some sectors, like energy, they can have a beneficial impact
on consumer spending while also lending support to the profit margins of
companies in other sectors by lowering their energy and input costs.
We continue to believe that our traditional emphasis on purchasing shares
of what we view as higher-quality, financially strong companies has the
Fund's portfolio well positioned for an uncertain, volatile market
environment. As always, we have emphasized owning companies with solid
balance sheets and the ability to generate sustained, high returns on
incremental capital. We think these types of investments are especially
well suited for periods of market stress.
Please refer to the Schedule of Investments on pages 18-21 for a full listing of
Fund securities.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
The Fund invests in a limited number of securities and, as a result, the Fund's
performance may be more volatile than the performance of other funds holding
more securities.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments 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 | Semiannual Report | 9/30/15
Portfolio Summary | 9/30/15
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 97.2%
International Common Stocks 2.8%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Information Technology 26.8%
Consumer Discretionary 20.2%
Health Care 19.9%
Consumer Staples 13.4%
Industrials 9.5%
Materials 4.0%
Financials 3.3%
Energy 2.9%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. Apple, Inc. 5.84%
--------------------------------------------------------------------------------
2. Microsoft Corp. 4.78
--------------------------------------------------------------------------------
3. MasterCard, Inc. 4.49
--------------------------------------------------------------------------------
4. The Home Depot, Inc. 4.26
--------------------------------------------------------------------------------
5. CVS Health Corp. 3.95
--------------------------------------------------------------------------------
6. Gilead Sciences, Inc. 3.74
--------------------------------------------------------------------------------
7. The Walt Disney Co. 3.73
--------------------------------------------------------------------------------
8. Starbucks Corp. 3.67
--------------------------------------------------------------------------------
9. Celgene Corp. 3.58
--------------------------------------------------------------------------------
10. Thermo Fisher Scientific, Inc. 3.30
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any securities listed.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 9
Prices and Distributions | 9/30/15
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 9/30/15 3/31/15
--------------------------------------------------------------------------------
A $18.43 $19.06
--------------------------------------------------------------------------------
C $17.16 $17.81
--------------------------------------------------------------------------------
K $18.46 $19.05
--------------------------------------------------------------------------------
R $18.21 $18.86
--------------------------------------------------------------------------------
Y $18.59 $19.20
--------------------------------------------------------------------------------
Distributions per Share: 4/1/15-9/30/15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $- $- $-
--------------------------------------------------------------------------------
C $- $- $-
--------------------------------------------------------------------------------
K $- $- $-
--------------------------------------------------------------------------------
R $- $- $-
--------------------------------------------------------------------------------
Y $- $- $-
--------------------------------------------------------------------------------
The Russell 1000 Growth Index is an unmanaged index that measures the
performance of large-cap U.S. growth stocks. Index returns assume reinvestment
of dividends and, unlike Fund returns, do not reflect any fees, expenses or
sales charges. It is not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-15.
10 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
Performance Update | 9/30/15 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Fundamental Growth Fund at public
offering price during the periods shown, compared to that of the Russell 1000
Growth Index.
Average Annual Total Returns
(As of September 30, 2015)
--------------------------------------------------------------------------------
Net Public Russell
Asset Offering 1000
Value Price Growth
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 Years 8.36% 7.72% 8.09%
--------------------------------------------------------------------------------
5 Years 14.77 13.42 14.47
--------------------------------------------------------------------------------
1 Year 5.31 -0.76 3.17%
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.13% 1.09%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
9/05 $ 9,425 $10,000
9/06 $ 9,854 $10,604
9/07 $11,474 $12,656
9/08 $ 9,677 $10,013
9/09 $ 9,738 $ 9,828
9/10 $10,567 $11,071
9/11 $11,138 $11,490
9/12 $14,352 $14,843
9/13 $16,712 $17,704
9/14 $19,982 $21,094
9/15 $21,043 $21,764
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2016, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 11
Performance Update | 9/30/15 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Fundamental Growth Fund during the
periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of September 30, 2015)
--------------------------------------------------------------------------------
Russell
1000
If If Growth
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
12/15/2005 7.44% 7.44% 7.72%
5 Years 13.92 13.92 14.47
1 Year 4.60 4.60 3.17
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.79%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
12/05 $10,000 $10,000
9/06 $10,331 $10,297
9/07 $11,936 $12,290
9/08 $ 9,978 $ 9,724
9/09 $ 9,963 $ 9,544
9/10 $10,719 $10,751
9/11 $11,217 $11,158
9/12 $14,335 $14,414
9/13 $16,572 $17,192
9/14 $19,665 $20,484
9/15 $20,569 $21,134
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
Performance Update | 9/30/15 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class K shares of Pioneer Fundamental Growth Fund during the
periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of September 30, 2015)
--------------------------------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 8.49% 8.09%
5 Years 15.03 14.47
1 Year 5.81 3.17
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.69%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
9/05 $10,000 $10,000
9/06 $10,453 $10,604
9/07 $12,172 $12,656
9/08 $10,266 $10,013
9/09 $10,330 $ 9,828
9/10 $11,210 $11,071
9/11 $11,816 $11,490
9/12 $15,225 $14,843
9/13 $17,789 $17,704
9/14 $21,342 $21,094
9/15 $22,581 $21,764
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on December 20, 2012, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. For the period
beginning December 20, 2012, the actual performance of Class K shares is
reflected. Class K shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 13
Performance Update | 9/30/15 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Fundamental Growth Fund during the
periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of September 30, 2015)
--------------------------------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 8.25% 8.09%
5 Years 14.54 14.47
1 Year 4.98 3.17
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.52% 1.40%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
9/05 $10,000 $10,000
9/06 $10,453 $10,604
9/07 $12,172 $12,656
9/08 $10,266 $10,013
9/09 $10,330 $ 9,828
9/10 $11,210 $11,071
9/11 $11,816 $11,490
9/12 $15,202 $14,843
9/13 $17,651 $17,704
9/14 $21,047 $21,094
9/15 $22,096 $21,764
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class R shares for the period prior to the
commencement of operations of Class R shares on April 2, 2012, is based on the
performance of Class A shares, reduced to reflect the higher distribution and
service fees of Class R shares. For the period beginning April 2, 2012, the
actual performance of Class R shares is reflected. Class R shares are not
subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2016, for Class R shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
Performance Update | 9/30/15 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Fundamental Growth Fund during the
periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of September 30, 2015)
--------------------------------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 8.61% 8.09%
5 Years 15.17 14.47
1 Year 5.66 3.17
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.80%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
9/05 $ 5,000,000 $ 5,000,000
9/06 $ 5,226,479 $ 5,301,791
9/07 $ 6,085,873 $ 6,327,905
9/08 $ 5,132,803 $ 5,006,740
9/09 $ 5,180,007 $ 4,913,965
9/10 $ 5,635,728 $ 5,535,666
9/11 $ 5,973,980 $ 5,744,825
9/12 $ 7,720,604 $ 7,421,634
9/13 $ 9,014,671 $ 8,852,130
9/14 $10,807,791 $10,547,098
9/15 $11,419,999 $10,881,803
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class Y shares for the period prior to the
commencement of operations of Class Y shares on April 8, 2009, is the net asset
value performance of the Fund's Class A shares, which has not been restated to
reflect any differences in expenses, including Rule 12b-1 fees applicable to
Class A shares. Since fees for Class A shares generally are higher than those of
Class Y shares, the performance of Class Y shares prior to their inception would
have been higher than the performance shown. For the period beginning April 8,
2009, the actual performance of Class Y shares is reflected. Class Y shares are
not subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 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 April 1, 2015 through September 30, 2015.
----------------------------------------------------------------------------------
Share Class A C K R Y
----------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $ 1,000.00
Value on 4/1/15
----------------------------------------------------------------------------------
Ending Account $ 966.90 $ 963.50 $ 969,00 $ 965.50 $ 968.20
Value (after expenses)
on 9/30/15
----------------------------------------------------------------------------------
Expenses Paid $ 5.37 $ 8.76 $ 3.31 $ 6.90 $ 3.90
During Period*
----------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.09%, 1.78%,
0.67%, 1.40% and 0.79% for Class A, Class C, Class K, Class R, and Class Y
shares, respectively, multiplied by the average account value over the
period, multiplied by 183/365 (to reflect the one-half year period).
16 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
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 Fundamental Growth Fund Based on
a hypothetical 5% per year return before expenses, reflecting the period from
April 1, 2015 through September 30, 2015.
--------------------------------------------------------------------------------
Share Class A C K R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 4/1/15
--------------------------------------------------------------------------------
Ending Account $1,019.60 $1,016.14 $1,021.71 $1,018.05 $1,021.11
Value (after expenses)
on 9/30/15
--------------------------------------------------------------------------------
Expenses Paid $ 5.52 $ 9.00 $ 3.40 $ 7.08 $ 4.00
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.09%, 1.78%,
0.67%, 1.40% and 0.79% for Class A, Class C, Class K, Class R, and Class Y
shares, respectively, multiplied by the average account value over the
period, multiplied by 183/365 (to reflect the one-half year period).
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 17
Schedule of Investments | 9/30/15 (unaudited)
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
COMMON STOCKS -- 97.7%
ENERGY -- 2.9%
Oil & Gas Equipment & Services -- 2.0%
768,958 Schlumberger, Ltd. $ 53,035,033
-------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.9%
1,138,729 Cabot Oil & Gas Corp. $ 24,892,616
--------------
Total Energy $ 77,927,649
-------------------------------------------------------------------------------------------
MATERIALS -- 4.0%
Fertilizers & Agricultural Chemicals -- 0.9%
266,484 Monsanto Co. $ 22,741,745
-------------------------------------------------------------------------------------------
Specialty Chemicals -- 3.1%
445,828 Ecolab, Inc. $ 48,916,248
324,450 International Flavors & Fragrances, Inc. 33,502,707
--------------
$ 82,418,955
--------------
Total Materials $ 105,160,700
-------------------------------------------------------------------------------------------
CAPITAL GOODS -- 7.7%
Aerospace & Defense -- 3.3%
200,049 Precision Castparts Corp. $ 45,953,256
473,145 United Technologies Corp. 42,105,174
--------------
$ 88,058,430
-------------------------------------------------------------------------------------------
Industrial Conglomerates -- 3.1%
590,639 3M Co. $ 83,734,891
-------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 1.3%
311,747 Cummins, Inc. $ 33,849,489
--------------
Total Capital Goods $ 205,642,810
-------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.6%
Air Freight & Logistics -- 1.6%
442,906 United Parcel Service, Inc. (Class B) $ 43,710,393
--------------
Total Transportation $ 43,710,393
-------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.6%
Footwear -- 1.6%
351,993 NIKE, Inc. (Class B) $ 43,284,579
--------------
Total Consumer Durables & Apparel $ 43,284,579
-------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 3.6%
Restaurants -- 3.6%
1,677,171 Starbucks Corp. $ 95,330,400
--------------
Total Consumer Services $ 95,330,400
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
MEDIA -- 6.0%
Movies & Entertainment -- 6.0%
947,201 The Walt Disney Co. $ 96,803,942
907,471 Time Warner, Inc. 62,388,631
--------------
$ 159,192,573
--------------
Total Media $ 159,192,573
-------------------------------------------------------------------------------------------
RETAILING -- 8.6%
Apparel Retail -- 2.7%
1,464,786 Ross Stores, Inc. $ 70,998,177
-------------------------------------------------------------------------------------------
Home Improvement Retail -- 4.1%
957,886 The Home Depot, Inc. $ 110,626,254
-------------------------------------------------------------------------------------------
Automotive Retail -- 1.8%
191,376 O'Reilly Automotive, Inc.* $ 47,844,000
--------------
Total Retailing $ 229,468,431
-------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 3.9%
Drug Retail -- 3.9%
1,062,335 CVS Health Corp. $ 102,494,081
--------------
Total Food & Staples Retailing $ 102,494,081
-------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 6.1%
Soft Drinks -- 3.2%
889,216 PepsiCo., Inc. $ 83,853,069
-------------------------------------------------------------------------------------------
Tobacco -- 2.9%
1,758,267 Reynolds American, Inc. $ 77,838,480
--------------
Total Food, Beverage & Tobacco $ 161,691,549
-------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 3.2%
Household Products -- 2.0%
842,941 Colgate-Palmolive Co. $ 53,493,036
-------------------------------------------------------------------------------------------
Personal Products -- 1.2%
401,046 The Estee Lauder Companies, Inc. $ 32,356,391
--------------
Total Household & Personal Products $ 85,849,427
-------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 4.2%
Health Care Equipment -- 2.0%
799,011 Medtronic PLC $ 53,485,796
-------------------------------------------------------------------------------------------
Health Care Services -- 2.2%
715,302 Express Scripts Holding Co.* $ 57,910,850
--------------
Total Health Care Equipment & Services $ 111,396,646
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 19
Schedule of Investments | 9/30/15 (unaudited) (continued)
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 15.3%
Biotechnology -- 7.8%
860,327 Celgene Corp.* $ 93,061,572
989,465 Gilead Sciences, Inc.* 97,155,568
158,207 Vertex Pharmaceuticals, Inc.* 16,475,677
--------------
$ 206,692,817
-------------------------------------------------------------------------------------------
Pharmaceuticals -- 4.3%
262,737 Allergan plc $ 71,414,544
453,753 Johnson & Johnson 42,357,843
--------------
$ 113,772,387
-------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 3.2%
701,062 Thermo Fisher Scientific, Inc. $ 85,725,861
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 406,191,065
-------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.8%
Specialized Finance -- 2.8%
315,990 Intercontinental Exchange, Inc. $ 74,254,490
--------------
Total Diversified Financials $ 74,254,490
-------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 16.2%
Internet Software & Services -- 5.7%
120,934 Google, Inc. (Class A)* $ 77,200,638
120,814 Google, Inc. (Class C) 73,505,654
--------------
$ 150,706,292
-------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 1.4%
607,565 Cognizant Technology Solutions Corp.* $ 38,039,645
-------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 4.4%
1,294,752 MasterCard, Inc. $ 116,683,050
-------------------------------------------------------------------------------------------
Systems Software -- 4.7%
2,808,063 Microsoft Corp. $ 124,284,868
--------------
Total Software & Services $ 429,713,855
-------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 8.9%
Communications Equipment -- 1.3%
644,702 Qualcomm, Inc. $ 34,639,838
-------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 7.6%
1,374,645 Apple, Inc. $ 151,623,344
2,135,644 EMC Corp. 51,597,159
--------------
$ 203,220,503
--------------
Total Technology Hardware & Equipment $ 237,860,341
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.1%
Semiconductors -- 1.1%
509,847 Analog Devices, Inc. $ 28,760,470
--------------
Total Semiconductors & Semiconductor Equipment $ 28,760,470
-------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $2,080,215,634) $2,597,929,459
-------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 97.7%
(Cost $2,080,215,634) (a) $2,597,929,459
-------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 2.3% $ 61,278,887
-------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $2,659,208,346
===========================================================================================
* Non-income producing security.
(a) At September 30, 2015, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $2,081,794,080 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 574,683,609
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (58,548,230)
--------------
Net unrealized appreciation $ 516,135,379
==============
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended September 30, 2015 aggregated $470,324,820 and $94,487,990,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of September 30, 2015, in
valuing the Fund's investments:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Common Stocks $2,597,929,459 $-- $-- $2,597,929,459
--------------------------------------------------------------------------------
Total $2,597,929,459 $-- $-- $2,597,929,459
--------------------------------------------------------------------------------
During the six months ended September 30, 2015, there were no transfers between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 21
Statement of Assets and Liabilities | 9/30/15 (unaudited)
ASSETS:
Investment in securities (cost $2,080,215,634) $2,597,929,459
Cash 82,688,121
Receivables --
Investment securities sold 1,669,995
Fund shares sold 7,300,149
Dividends 2,045,247
Due to Pioneer Investment Management, Inc. 63,017
Other Assets 114,492
--------------------------------------------------------------------------------
Total assets $2,691,810,480
--------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 27,293,653
Fund shares repurchased 4,516,159
Due to affiliates 691,405
Accrued expenses 100,917
--------------------------------------------------------------------------------
Total liabilities $ 32,602,134
--------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $2,020,556,950
Undistributed net investment income 9,248,491
Accumulated net realized gain on investments 111,689,080
Net unrealized appreciation on investments 517,713,825
--------------------------------------------------------------------------------
Total net assets $2,659,208,346
--------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $816,533,867/44,309,083 shares) $ 18.43
Class C (based on $264,003,821/15,386,353 shares) $ 17.16
Class K (based on $104,266,242/5,648,697 shares) $ 18.46
Class R (based on $45,590,012/2,503,562 shares) $ 18.21
Class Y (based on $1,428,814,404/76,864,815 shares) $ 18.59
MAXIMUM OFFERING PRICE:
Class A ($18.43 (divided by) 94.25%) $ 19.55
================================================================================
The accompanying notes are an integral part of these financial statements.
22 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
Statement of Operations (unaudited)
For the Six Months Ended 9/30/15
INVESTMENT INCOME:
Dividends $ 19,519,232
Interest 12,269
--------------------------------------------------------------------------------------------------
Total investment income $ 19,531,501
--------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 8,203,058
Transfer agent fees
Class A 132,659
Class C 22,546
Class K 27
Class R 5,381
Class Y 5,246
Class Z* 251
Distribution fees
Class A 1,034,797
Class C 1,312,390
Class R 104,406
Shareholder communications expense 1,715,420
Administrative expense 387,042
Custodian fees 16,092
Registration fees 73,563
Professional fees 56,386
Printing expense 11,752
Fees and expenses of nonaffiliated Trustees 57,416
Miscellaneous 22,323
--------------------------------------------------------------------------------------------------
Total operating expenses $ 13,160,755
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (86,534)
--------------------------------------------------------------------------------------------------
Net operating expenses $ 13,074,221
--------------------------------------------------------------------------------------------------
Net investment income $ 6,457,280
--------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments $ 14,762,465
Change in net unrealized depreciation on investments $ (116,274,609)
--------------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments $ (101,512,144)
--------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (95,054,864)
==================================================================================================
* Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 23
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------
Six Months
Ended
9/30/15 Year Ended
(unaudited) 3/31/15
------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 6,457,280 $ 9,125,781
Net realized gain on investments 14,762,465 125,298,386
Change in net unrealized appreciation (depreciation)
on investments (116,274,609) 181,601,642
------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ (95,054,864) $ 316,025,809
------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.00 and $0.05 per share, respectively) $ -- $ (1,878,797)
Class K ($0.00 and $0.12 per share, respectively) -- (269,640)
Class Y ($0.00 and $0.10 per share, respectively) -- (5,956,917)
Class Z ($0.00 and $0.08 per share, respectively)** -- (11,941)
Net realized gain:
Class A ($0.00 and $0.47 per share, respectively) -- (17,853,702)
Class B ($0.00 and $0.00 per share, respectively)* -- --
Class C ($0.00 and $0.47 per share, respectively) -- (5,512,482)
Class K ($0.00 and $0.47 per share, respectively) -- (1,078,395)
Class R ($0.00 and $0.47 per share, respectively) -- (835,064)
Class Y ($0.00 and $0.47 per share, respectively) -- (26,141,183)
Class Z ($0.00 and $0.47 per share, respectively)** -- (65,055)
------------------------------------------------------------------------------------------------
Total distributions to shareowners $ -- $ (59,603,176)
------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 605,762,007 $ 991,290,489
Reinvestment of distributions -- 52,453,024
Cost of shares repurchased (296,233,076) (593,937,145)
------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 309,528,931 $ 449,806,368
------------------------------------------------------------------------------------------------
Net increase in net assets $ 214,474,067 $ 706,229,001
NET ASSETS:
Beginning of period 2,444,734,279 1,738,505,278
------------------------------------------------------------------------------------------------
End of period $ 2,659,208,346 $ 2,444,734,279
------------------------------------------------------------------------------------------------
Undistributed net investment income $ 9,248,491 $ 2,791,211
------------------------------------------------------------------------------------------------
* Class B shares converted to Class A shares on November 10, 2014.
** Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
-----------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
9/30/15 9/30/15 Year Ended Year Ended
Shares Amount 3/31/15 3/31/15
(unaudited) (unaudited) Shares Amount
-----------------------------------------------------------------------------------------
Class A
Shares sold 7,765,536 $ 149,792,756 15,036,362 $ 274,201,233
Reinvestment of distributions -- -- 937,391 17,489,419
Less shares repurchased (5,258,383) (101,557,269) (12,861,620) (231,236,932)
-----------------------------------------------------------------------------------------
Net increase 2,507,153 $ 48,235,487 3,112,133 $ 60,453,720
=========================================================================================
Class B*
Shares sold or exchanged -- $ -- 36,067 $ 587,911
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- (237,960) (4,042,482)
-----------------------------------------------------------------------------------------
Net decrease -- $ -- (201,893) $ (3,454,571)
=========================================================================================
Class C
Shares sold 2,619,990 $ 47,228,231 4,493,019 $ 77,274,336
Reinvestment of distributions -- -- 246,472 4,293,542
Less shares repurchased (1,082,029) (19,496,845) (2,038,629) (34,334,848)
-----------------------------------------------------------------------------------------
Net increase 1,537,961 $ 27,731,386 2,700,862 $ 47,233,030
=========================================================================================
Class K
Shares sold 1,470,977 $ 28,387,388 3,621,619 $ 67,520,968
Reinvestment of distributions -- -- 72,149 1,348,035
Less shares repurchased (917,655) (17,895,735) (491,338) (8,895,211)
-----------------------------------------------------------------------------------------
Net increase 553,322 $ 10,491,653 3,202,430 $ 59,973,792
=========================================================================================
Class R
Shares sold 734,026 $ 14,051,846 1,235,064 $ 22,131,079
Reinvestment of distributions -- -- 38,654 712,401
Less shares repurchased (207,158) (3,979,840) (1,763,621) (31,500,220)
-----------------------------------------------------------------------------------------
Net increase (decrease) 526,868 $ 10,072,006 (489,903) $ (8,656,740)
=========================================================================================
Class Y
Shares sold 18,605,196 $ 363,674,583 29,577,154 $ 547,481,140
Reinvestment of distributions -- -- 1,516,299 28,532,632
Less shares repurchased (7,567,395) (146,965,206) (15,515,618) (283,571,107)
-----------------------------------------------------------------------------------------
Net increase 11,037,801 $ 216,709,377 15,577,835 $ 292,442,665
=========================================================================================
Class Z**
Shares sold 136,233 $ 2,627,203 115,242 $ 2,093,822
Reinvestment of distributions -- -- 4,127 76,995
Less shares repurchased (320,712) (6,338,181) (19,275) (356,345)
-----------------------------------------------------------------------------------------
Net increase (decrease) (184,479) $ (3,710,978) 100,094 $ 1,814,472
=========================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
** Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 25
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/15 Ended Ended Ended Ended Ended
(unaudited) 3/31/15 3/31/14 3/31/13 3/31/12 3/31/11
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 19.06 $ 16.66 $ 14.33 $ 13.23 $ 11.86 $ 10.96
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.03 $ 0.06 $ 0.06 $ 0.07 $ 0.02 $ 0.03
Net realized and unrealized gain (loss) on investments (0.66) 2.86 2.95 1.20 1.68 1.17
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.63) $ 2.92 $ 3.01 $ 1.27 $ 1.70 $ 1.20
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ -- $ (0.05) $ (0.06) $ (0.06) $ (0.03) $ (0.02)
Net realized gain -- (0.47) (0.62) (0.11) (0.30) (0.28)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (0.52) $ (0.68) $ (0.17) $ (0.33) $ (0.30)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.63) $ 2.40 $ 2.33 $ 1.10 $ 1.37 $ 0.90
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.43 $ 19.06 $ 16.66 $ 14.33 $ 13.23 $ 11.86
====================================================================================================================================
Total return* (3.31)% 17.60% 21.16% 9.64% 14.84% 11.23%
Ratio of net expenses plus interest expense to
average net assets 1.09%** 1.09% 1.08% 1.09% 1.19% 1.25%
Ratio of net investment income (loss) to average net assets 0.38%** 0.38% 0.46% 0.54% 0.28% 0.25%
Portfolio turnover rate 7%** 12% 21% 28% 16% 18%
Net assets, end of period (in thousands) $ 816,534 $796,689 $644,527 $436,682 $346,987 $123,305
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses plus interest expense to average net assets 1.11%** 1.13% 1.13% 1.20% 1.19% 1.28%
Net investment income (loss) to average net assets 0.36%** 0.34% 0.41% 0.43% 0.28% 0.22%
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
26 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/15 Ended Ended Ended Ended Ended
(unaudited) 3/31/15 3/31/14 3/31/13 3/31/12 3/31/11
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 17.81 $ 15.66 $ 13.55 $ 12.57 $ 11.34 $ 10.56
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.02) $ (0.03) $ (0.04) $ (0.02)(a) $ (0.04) $ (0.05)(a)
Net realized and unrealized gain (loss) on
investments (0.63) 2.65 2.77 1.12 1.57 1.11
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.65) $ 2.62 $ 2.73 $ 1.10 $ 1.53 $ 1.06
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ -- $ -- $ -- $ (0.01) $ -- $ --
Net realized gain -- (0.47) (0.62) (0.11) (0.30) (0.28)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (0.47) $ (0.62) $ (0.12) $ (0.30) $ (0.28)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.65) $ 2.15 $ 2.11 $ 0.98 $ 1.23 $ 0.78
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 17.16 $ 17.81 $ 15.66 $ 13.55 $ 12.57 $ 11.34
====================================================================================================================================
Total return* (3.65)% 16.81% 20.29% 8.77% 13.98% 10.33%
Ratio of net expenses plus interest expense to
average net assets 1.78%** 1.79% 1.83% 1.91% 1.96% 2.03%
Ratio of net investment income (loss) to average
net assets (0.31)%** (0.32)% (0.28)% (0.23)% (0.50)% (0.52)%
Portfolio turnover rate 7%** 12% 21% 28% 16% 18%
Net assets, end of period (in thousands) $ 264,004 $ 246,593 $ 174,565 $89,299 $ 33,880 $ 15,149
====================================================================================================================================
(a) The amount shown for a share outstanding does not correspond with the
aggregate gain on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating fair values of the
investments of the Fund.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 27
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year
9/30/15 Ended Ended 12/20/12 to
(unaudited) 3/31/15 3/31/14 3/31/13
------------------------------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 19.05 $ 16.64 $ 14.30 $ 13.37
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.08 $ 0.16 $ 0.06 $ 0.03
Net realized and unrealized gain (loss) on investments (0.67) 2.84 3.01 1.00
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.59) $ 3.00 $ 3.07 $ 1.03
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ -- $ (0.12) $ (0.11) $ (0.10)
Net realized gain -- (0.47) (0.62) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (0.59) $ (0.73) $ (0.10)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.59) $ 2.41 $ 2.34 $ 0.93
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.46 $ 19.05 $ 16.64 $ 14.30
====================================================================================================================================
Total return* (3.10)% 18.11% 21.61% 7.77%(a)(b)
Ratio of net expenses plus interest expense to average net assets 0.67%** 0.69% 0.71% 0.77%**
Ratio of net investment income (loss) to average net assets 0.80%** 0.81% 0.85% 0.77%**
Portfolio turnover rate 7%** 12% 21% 28%
Net assets, end of period (in thousands) $ 104,266 $97,063 $31,501 $ 11
====================================================================================================================================
(a) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended March 31, 2013, the total return would have been
7.74%.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year
9/30/15 Ended Ended 4/2/12 to
(unaudited) 3/31/15 3/31/14 3/31/13
------------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 18.86 $ 16.50 $ 14.25 $ 13.34
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.02 $ (0.00)(a) $ 0.01 $ 0.06
Net realized and unrealized gain (loss) on investments (0.67) 2.83 2.94 1.05
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.65) $ 2.83 $ 2.95 $ 1.11
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ -- $ -- $ (0.08) $ (0.09)
Net realized gain -- (0.47) (0.62) (0.11)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (0.47) $ (0.70) $ (0.20)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.65) $ 2.36 $ 2.25 $ 0.91
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.21 $ 18.86 $ 16.50 $ 14.25
====================================================================================================================================
Total return* (3.45)% 17.23% 20.84% 8.42%(b)(c)
Ratio of net expenses plus interest expense to average net assets 1.40%** 1.40% 1.39% 1.40%**
Ratio of net investment income (loss) to average net assets 0.08%** 0.05% 0.18% 0.27%**
Portfolio turnover rate 7%** 12% 21% 28%
Net assets, end of period (in thousands) $ 45,590 $ 37,285 $40,703 $ 2,437
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses plus interest expense to average net assets 1.46%** 1.52% 1.39% 1.45%**
Net investment income (loss) to average net assets 0.02%** (0.07)% 0.18% 0.21%**
====================================================================================================================================
(a) Amount rounds to less than $0.01 or $(0.01) per share.
(b) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended March 31, 2013, the total return would have been
8.41%.
(c) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 29
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/15 Ended Ended Ended Ended Ended
(unaudited) 3/31/15 3/31/14 3/31/13 3/31/12 3/31/11
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 19.20 $ 16.77 $ 14.41 $ 13.30 $ 11.91 $ 10.99
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.06 $ 0.10 $ 0.10 $ 0.10 $ 0.07 $ 0.08
Net realized and unrealized gain (loss) on
investments (0.67) 2.90 2.97 1.22 1.69 1.19
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.61) $ 3.00 $ 3.07 $ 1.32 $ 1.76 $ 1.27
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ -- $ (0.10) $ (0.09) $ (0.10) $ (0.07) $ (0.07)
Net realized gain -- (0.47) (0.62) (0.11) (0.30) (0.28)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (0.57) $ (0.71) $ (0.21) $ (0.37) $ (0.35)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.61) $ 2.43 $ 2.36 $ 1.11 $ 1.39 $ 0.92
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.59 $ 19.20 $ 16.77 $ 14.41 $ 13.30 $ 11.91
====================================================================================================================================
Total return* (3.18)% 17.98% 21.44% 9.99%(a) 15.29% 11.84%
Ratio of net expenses plus interest expense to average
net assets 0.79%** 0.80% 0.82% 0.81% 0.78% 0.78%
Ratio of net investment income (loss) to average
net assets 0.69%** 0.68% 0.72% 0.85% 0.67% 0.72%
Portfolio turnover rate 7%** 12% 21% 28% 16% 18%
Net assets, end of period (in thousands) $ 1,428,814 $1,263,594 $842,680 $558,383 $403,490 $226,409
====================================================================================================================================
(a) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended March 31, 2013, the total return would have been
9.96%.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
Notes to Financial Statements | 9/30/15 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Fundamental Growth Fund (the Fund) is a series of Pioneer Series Trust
X, a Delaware statutory trust. The Fund is registered under the Investment
Company Act of 1940 as a diversified, open-end management investment company.
The Fund's investment objective is to seek long-term capital growth.
The Fund offers five classes of shares designated as Class A, Class C, Class K,
Class R and Class Y shares. Class Y shares were first publicly offered on April
7, 2009. Class R shares were first publicly offered on April 2, 2012. Class K
shares were first publicly offered on December 20, 2012. The Fund ceased to
offer Class B shares on November 10, 2014. Class B shares were converted to
Class A shares as of the close of business on November 10, 2014. The Fund ceased
to offer Class Z shares on August 7, 2015. Class Z shares were converted to
Class Y shares as of the close of business on August 7, 2015. Each class of
shares represents an interest in the same portfolio of investments of the Fund
and has identical rights (based on relative net asset values) to assets and
liquidation proceeds. Share classes can bear different rates of class-specific
fees and expenses such as transfer agent and distribution fees. Differences in
class-specific fees and expenses will result in differences in net investment
income and, therefore, the payment of different dividends from net investment
income earned by each class. The Amended and Restated Declaration of Trust of
the Fund gives the Board the flexibility to specify either per share voting or
dollar-weighted voting when submitting matters for shareholder approval. Under
per share voting, each share of a class of the Fund is entitled to one vote.
Under dollar-weighted voting, a shareholder's voting power is determined not by
the number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class K or Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 31
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In
computing the net asset value, securities that have traded on an exchange
are valued at the last sale price on the principal exchange where they are
traded. Securities that have not traded on the date of valuation, or
securities for which sale prices are not available, generally are valued at
the mean between the last bid and asked prices. Shares of money market
mutual funds are valued at such funds' net asset value. Cash may include
overnight time deposits at approved financial institutions.
Trading in foreign securities is substantially completed each day at
various times prior to the close of the NYSE. The values of such securities
used in computing the net asset value of the Fund's shares are determined
as of such times.
Securities for which independent pricing services are unable to supply
prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued by a fair valuation
team comprised of certain personnel of Pioneer Investment Management, Inc.
(PIM), the Fund's investment adviser, pursuant to procedures adopted by the
Fund's Board of Trustees. PIM's fair valuation team uses fair valued
methods approved by the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices and
such differences could be material. PIM's fair valuation team is
responsible for monitoring developments that may impact fair valued
securities and for discussing and assessing fair values on an ongoing
basis, and at least quarterly, with the Valuation Committee.
At September 30, 2015, there were no securities that were valued using fair
value methods (other than securities that were valued using prices supplied
by independent pricing services or broker-dealers).
32 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
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.
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, 2015, the Fund did not accrue any interest or
penalties with respect to uncertain tax positions, which, if applicable,
would be recorded as an income tax expense in the Statement of Operations.
Tax returns filed within the prior three years remain subject to
examination by Federal and State tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the years ended March 31, 2015 and March 31, 2014 were as
follows:
--------------------------------------------------------------------------
2015
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 8,706,828
Long-term capital gain 50,896,348
--------------------------------------------------------------------------
Total $59,603,176
==========================================================================
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 33
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2015:
--------------------------------------------------------------------------
2015
--------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 4,329,640
Undistributed long-term capital gain 96,966,632
Net unrealized appreciation 632,409,988
--------------------------------------------------------------------------
Total $733,706,260
==========================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD) is the principal underwriter for the
Fund and a wholly-owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $105,439 in underwriting commissions on the sale of
Class A shares during the six months ended September 30, 2015.
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 Y shares do not pay distribution
fees. All expenses and fees paid to the transfer agent, Pioneer Investment
Management Shareholder Services, Inc. (PIMSS), for its services are
allocated among the classes of shares based on the number of accounts in
each class and the ratable allocation of related out-of-pocket expenses
(see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class R and Class Y shares
can reflect different transfer agent and distribution expense rates.
F. Risks
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. The Fund's prospectus
contains unaudited information regarding the Fund's principal risks. Please
refer to that document when considering the Fund's principal risks.
34 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
G. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve as
the Fund's collateral for the obligation of the counterparty to repurchase
the securities. The value of the collateral, including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. The Fund's investment adviser, PIM 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.
2. Management Agreement
PIM, a wholly-owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.65% of
the Fund's average daily net assets up to $1 billion and 0.60% on assets over $1
billion. For the six months ended September 30, 2015, the effective management
fee (excluding waivers and/or assumption of expenses) was equivalent to 0.62% of
the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.09%, 1.40% and 0.83% of the average daily
net assets attributable to Class A, Class R, and Class Y, respectively. Class C
and Class K shares do not have an expense limitation. Fees waived and expenses
reimbursed during the six months ended September 31, 2015 are reflected on the
Statement of Operations. These expense limitations are in effect through August
1, 2017. There can be no assurance that PIM will extend the expense limitation
agreement for a class of shares beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$86,077 in management fees, administrative costs and certain other
reimbursements payable to PIM at September 31, 2015.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 35
3. Transfer Agent
Prior to November 2, 2015 PIMSS, a wholly owned indirect subsidiary of
UniCredit, provided substantially all transfer agent and shareowner services to
the Fund at negotiated rates.
In addition, the Fund reimbursed PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the six months ended September 30, 2015, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 663,000
Class C 126,877
Class K 963
Class R 55,985
Class Y 866,574
Class Z 2,021
--------------------------------------------------------------------------------
Total $1,715,420
================================================================================
Included in "Due from affiliates" reflected on the Statement of Assets and
Liabilities is $579,064 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at September 30, 2015.
Effective November 2, 2015, Boston Financial Data Services serves as the
transfer agent to the fund at negotiated rates.
4. Distribution and Service Plans
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class C and Class R
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the
average daily net assets attributable to Class C shares. The fee for Class C
shares consists of a 0.25% service fee and a 0.75% distribution fee paid as
compensation for personal services and/or account maintenance services or
distribution services with regard to Class C shares. Pursuant to the Plan, the
Fund further pays PFD 0.50% of the average daily net assets attributable to
Class R shares for distribution services. Included in "Due to affiliates"
reflected on the Statement of Assets and Liabilities is $26,264 in distribution
fees payable to PFD at September 30, 2015.
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
36 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class K, Class R and
Class Y shares) may be subject to a contingent deferred sales charge (CDSC). A
CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases
of Class A shares within 12 months of purchase. Redemptions of Class C shares
within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower
of cost or market value of shares being redeemed. Shares purchased as part of an
exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class K, Class R or Class Y shares. Proceeds
from the CDSCs are paid to PFD. For the six months ended September 30, 2015,
CDSCs in the amount of $17,881 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended September 30, 2015, the Fund's
expenses were not reduced under such arrangements.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until June 9, 2015, was in the amount of $215 million.
As of June 9, 2015, the facility is in the amount of $240 million. Under such
facility, depending on the type of loan, interest on borrowings is payable at
the London Interbank Offered Rate (LIBOR) plus 0.85% on an annualized basis, or
the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the six months ended September 30, 2015, the Fund had no
borrowings under the credit facility.
7. Conversion of Class Z Shares
As of the close of business on August 7, 2015 (the "Conversion Date"), all
outstanding Class Z shares of the Fund were converted to Class Y shares.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 37
Additional Information
Pioneer Investment Management, Inc. (the "Adviser"), each fund's investment
adviser, is currently an indirect, wholly owned subsidiary of UniCredit S.p.A.
("UniCredit"). On November 11, 2015, UniCredit announced that it signed a
binding master agreement with Banco Santander and affiliates of Warburg Pincus
and General Atlantic (the "Private Equity Firms") with respect to Pioneer
Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
The Transaction, as described in the UniCredit announcement, will establish a
holding company, with the name Pioneer Investments, to be owned by UniCredit
(50%) and the Private Equity Firms (50% between them). The holding company will
control Pioneer's U.S. operations, including the Adviser. The holding company
also will own 66.7% of Pioneer's and SAM's combined operations outside the U.S.,
while Banco Santander will own directly the remaining 33.3% stake. The closing
of the Transaction is expected to happen in 2016, subject to certain regulatory
and other approvals, and other conditions.
Under the Investment Company Act of 1940, completion of the Transaction will
cause each fund's current investment advisory agreement with the Adviser to
terminate. Accordingly, each fund's Board of Trustees will be asked to approve a
new investment advisory agreement. If approved by the Board, each fund's new
investment advisory agreement will be submitted to the shareholders of the fund
for their approval.
38 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Fundamental Growth Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in January 2015 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
Contract review materials were provided to the Trustees in March 2015 and July
2015. Supplemental contract review materials were provided to the Trustees in
September 2015. In addition, the Trustees reviewed and discussed the Fund's
performance at regularly scheduled meetings throughout the year and took into
account other information related to the Fund provided to the Trustees at
regularly scheduled meetings in connection with the review of the Fund's
investment advisory agreement.
In March 2015, the Trustees, among other things, discussed the memorandum
provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment advisory agreement, and reviewed and
discussed the qualifications of the investment management teams, as well as the
level of investment by the Fund's portfolio managers in the Fund. In July 2015,
the Trustees, among other things, reviewed the Fund's management fee and total
expense ratios, the financial statements of PIM and its parent companies, the
profitability analyses provided by PIM, and possible economies of scale. The
Trustees also reviewed the profitability of the institutional business of PIM
and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with
PIM, "Pioneer"), as compared to that of PIM's fund management business, and
considered the differences between the fees and expenses of the Fund and the
fees and expenses of Pioneer's institutional accounts, as well as the different
services provided by PIM to the Fund and by Pioneer to the institutional
accounts. The Trustees further considered contract review materials in September
2015.
At a meeting held on September 15, 2015, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In approving the
renewal of the investment advisory agreement, the Trustees considered various
factors that they determined were relevant, including the factors described
below. The Trustees did not identify any single factor as the controlling factor
in determining to approve the renewal of the agreement.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 39
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees also reviewed PIM's investment approach
for the Fund and its research process. The Trustees considered the resources of
PIM and the personnel of PIM who provide investment management services to the
Fund. They also reviewed the amount of non-Fund assets managed by the portfolio
managers of the Fund. The Trustees considered the non-investment resources and
personnel of PIM involved in PIM's services to the Fund, including PIM's
compliance and legal resources and personnel. The Trustees noted the substantial
attention and high priority given by PIM's senior management to the Pioneer fund
complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly review and discuss
throughout the year data prepared by PIM and information comparing the Fund's
performance with the performance of its peer group of funds as classified by
each of Morningstar, Inc. (Morningstar) and Lipper, and with the performance of
the Fund's benchmark index. They also discuss the Fund's performance with PIM on
a regular basis. The Trustees' regular reviews and discussions were factored
into the Trustees' deliberations concerning the renewal of the advisory
agreement. The Trustees indicated that the Fund's performance, when considered
in connection with the various other factors, was consistent with the renewal of
the investment advisory agreement.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight
40 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent
third party. In all quintile rankings referred to below, first quintile is most
favorable to the Fund's shareowners.
The Trustees considered that the Fund's management fee for the most recent
fiscal year was in the second quintile relative to the management fees paid by
other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoint in the management fee schedule and the
reduced fee rate above a certain asset level. The Trustees considered that the
expense ratio of the Fund's Class A shares for the most recent fiscal year was
in the third quintile relative to its Morningstar peer group and in the second
quintile relative its Strategic Insight peer group, in each case for the
comparable period. The Trustees considered that the expense ratio of the Fund's
Class Y shares for the most recent fiscal year was in the third quintile
relative to its Morningstar peer group and in the second quintile relative its
Strategic Insight peer group, in each case for the comparable period. The
Trustees considered the impact of transfer agency, sub-transfer agency, and
other non-management fee expenses on the expense ratios of the Fund. The
Trustees noted that they separately review the Fund's transfer agency,
sub-transfer agency and intermediary arrangements.
The Trustees reviewed management fees charged by Pioneer to institutional and
other clients, including publicly offered European funds sponsored by affiliates
of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory
capacity), and unaffiliated foreign and domestic separate accounts. The Trustees
also considered PIM's costs in providing services to the Fund and Pioneer's
costs in providing services to the other clients and considered the differences
in management fees and profit margins for Fund and non-Fund services. In
evaluating the fees associated with Pioneer's client accounts, the Trustees took
into account the respective demands, resources and complexity associated with
the Fund and client accounts. The Trustees noted that, in some instances, the
fee rates for those clients were lower than the management fee for the Fund and
considered that, under the investment advisory agreement with the Fund, PIM
performs additional services for the Fund that it does not provide to those
other clients or services that are broader in scope, including oversight of the
Fund's other service providers and activities related to compliance and the
extensive regulatory and tax regimes to which the Fund is subject. The Trustees
also considered the different entrepreneurial risks associated with PIM's
management of the Fund and Pioneer's management of the other client accounts.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services provided by PIM
to the Fund.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 41
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoint in the management fee schedule. The Trustees recognize that
economies of scale are difficult to identify and quantify, and that, among other
factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the Fund. The Trustees noted that
profitability also may be an indicator of the availability of any economies of
scale, although profitability may vary for other reasons including reductions in
expenses. The Trustees concluded that economies of scale, if any, were being
appropriately shared with the Funds.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. Pioneer is the
principal U.S. asset management business of Pioneer Global Asset Management, the
worldwide asset management business of UniCredit Group, which manages over $150
billion in assets (including the Funds). Pioneer and the Funds receive
reciprocal intangible benefits from the relationship, including mutual brand
recognition and, for the Funds, direct and indirect access to the resources of a
large global asset manager. The Trustees concluded that any such benefits
received by Pioneer as a result of its relationship with the Funds were
reasonable and their consideration of the advisory agreement between the Fund
and PIM and the fees thereunder were unaffected by Pioneer's possible receipt of
any such intangible benefits.
42 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15 43
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Ms. Monchak is a non-voting Advisory Trustee.
44 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/15
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2015 Pioneer Investments 19434-09-1115
Pioneer Multi-Asset
Ultrashort Income Fund
--------------------------------------------------------------------------------
Semiannual Report | September 30, 2015
--------------------------------------------------------------------------------
Ticker Symbols:
Class A MAFRX
Class C MCFRX
Class C2 MAUCX
Class K MAUKX
Class Y MYFRX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.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 94
Notes to Financial Statements 103
Approval of Investment Advisory Agreement 113
Trustees, Officers and Service Providers 118
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 1
President's Letter
Dear Shareowner,
Through the first three quarters of 2015, global markets experienced pockets of
higher-than-average volatility due to significant cross-currents from different
geographic regions. All year, investors focused on the Federal Reserve System's
(the Fed's) deliberations over when to begin normalizing interest rates.
However, while there were signs of gradual economic improvement in the U.S.,
economies abroad increasingly diverged. In June, for example, investors grew
concerned about the debt crisis in Greece. That news, in turn, was followed by
evidence of an economic slowdown in China, which only served to exacerbate
existing worries about growth trends in the emerging markets, a segment of the
global economy already being negatively impacted by slumping commodity prices,
including the price of crude oil, which has been in near-steady decline for
almost a year. Through September 30, 2015, the pockets of heightened market
volatility alluded to above had resulted in the Standard & Poor's 500 Index
turning in a negative (-5.27%) return over the first nine months of the year.
However, the S&P 500 recovered nicely in October, returning 8.43% for the month,
which boosted the index's year-to-date return into positive territory, at 2.71%.
Despite the headwinds still vexing the global economy, our longer-term view of
the U.S. economy has remained positive. Economic conditions in the U.S. have
generally been constructive, based largely on improvements in employment
statistics and an uptick in the housing sector, which has aided the consumer
side of the economy, where household spending has been rising modestly. U.S.
consumers also stand to benefit, potentially, from lower energy prices as the
winter weather approaches. We continue to believe the U.S. economy remains on
a slow, steady growth trend, and that it is unlikely to be disrupted by a slow
pace of interest-rate normalization by the Fed.
Pioneer Investments believes that investors in today's environment can
potentially benefit from the consistent and disciplined investment approach we
have used since our founding in 1928. We focus on identifying value across
global markets using proprietary research, careful risk management, and a
long-term perspective. Our ongoing goal is to produce compelling returns
consistent with the stated objectives of our investment products, and with our
shareowners' expectations. We believe our shareowners can benefit from the
experience and tenure of our investment teams as well as the insights generated
from our extensive research process.
2 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate your trust in us in the past and look forward to
continuing to serve you in the future.
Sincerely,
/s/Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
November 2, 2015
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 3
Portfolio Management Discussion | 9/30/15
In the following interview, portfolio managers Charles Melchreit, Seth Roman and
Jonathan Sharkey discuss the factors that influenced Pioneer Multi-Asset
Ultrashort Income Fund's performance during the six-month period ended September
30, 2015. Mr. Melchreit, Director of Investment-Grade Management, a senior vice
president and a portfolio manager at Pioneer, Mr. Roman, a vice president and a
portfolio manager at Pioneer, and Mr. Sharkey, a senior vice president and a
portfolio manager at Pioneer, are responsible for the day-to-day management of
the Fund.
Q How did the Fund perform during the six-month period ended September 30,
2015?
A Pioneer Multi-Asset Ultrashort Income Fund's Class A shares returned 0.30%
at net asset value during the six-month period ended September 30, 2015,
while the Fund's benchmark, the Bank of America Merrill Lynch 3-Month U.S.
Dollar LIBOR Index (the BofA ML Index), returned 0.14%. During the same
period, the average return of the 119 mutual funds in Lipper's Ultrashort
Obligations Funds category was -0.05%, and the average return of the 155
mutual funds in Morningstar's Ultrashort Bond category was -0.04%.
Q Can you describe the market environment for fixed-income investors over the
six-month period ended September 30, 2015?
A The second calendar quarter of 2015, which was also the first three months
of the Fund's semiannual reporting period, saw the U.S. economy resume its
upward trajectory, following a winter in which growth was constrained by
severe weather, and labor disruptions at West Coast shipping terminals.
Nonetheless, the U.S. Federal Reserve System (the Fed) continued to display
patience with respect to implementing any shift towards less-accommodative
monetary policy (that is, raising interest rates), as economic growth
overseas remained tenuous and global investor sentiment was further
undermined by the threat of debt-riddled Greece exiting the euro zone. In
addition, a strong U.S. dollar combined with low energy prices served to
dampen inflationary pressures on the domestic front.
As the period progressed, slowing economic growth in China increasingly
dominated financial headlines, and the August devaluation of that nation's
currency, the yuan, raised the possibility of further global currency
devaluations and spurred dramatic spikes in both equity and fixed-income
market volatility. The U.S. economy remained the leading source of growth
among developed economies, with strengthening observed in key areas such as
employment and housing, while consumers benefited from a further
4 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
drop in energy prices, led by the plummeting price of oil, which started
declining in late 2014, briefly recovered at the beginning of 2015, and
began falling again throughout the rest of the six-month period.
Against a backdrop of elevated geopolitical uncertainty combined with a
lack of upward price pressure at home, expectations were further pushed
back with respect to the timing of the Fed's first hike in short-term
interest rates. U.S. Treasury yields generally rose during the six months
ended September 30, 2015, and the yield curve steepened. To illustrate, the
two-year Treasury yield rose from 0.56% to 0.64% over the six months; the
five-year Treasury yield finished the period unchanged, at 1.37%; the
10-year Treasury yield rose from 1.94% to 2.06%; and the 30-year Treasury
yield rose from 2.54% to 2.86%. While the period saw some widening of
credit spreads, price declines on shorter-maturity securities were
generally modest. (Credit spreads are commonly defined as the differences
in yield between Treasuries and other types of fixed-income securities with
similar maturities.)
Q Can you review your principal strategies in managing the Fund during the
six-month period ended September 30, 2015?
A During the period we continued to maintain a portfolio which seeks to
provide income, while also seeking to provide protection to shareholders'
principal against a rise in market interest rates. Our strategy entailed
investing the Fund's assets in a wide range of mostly high-quality,
floating-rate securities as well as fixed-rate instruments with very short
remaining maturities. At period end, well over 90% of the Fund's invested
assets were allocated either to floating-rate issues with interest rates
tied to a short-term reference rate such as LIBOR (London InterBank Offered
Rate), or fixed-rate issues with less than one year remaining to maturity.
Unlike many other floating-rate vehicles, the Fund's investments are
typically focused primarily on investment-grade asset classes. At the same
time, we did seek to have the Fund's performance benefit from credit
spreads - or the incremental yield available from issues that trade at a
yield premium to Treasuries - during the period. In doing so, we sought at
all times to maintain the portfolio's broadly diversified* exposure to a
number of different spread sectors. (Spread sectors represent
non-governmental fixed-income investments with higher yields - at greater
risk - than governmental investments.)
The Fund's largest weighting during the period was in the securitized
sectors, including asset-backed securities (ABS), along with residential
and commercial mortgage-backed securities (RMBS and CMBS).
* Diversification does not assure a profit nor protect against loss.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 5
Q How did your investment strategies affect the Fund's performance during the
six-month period ended September 30, 2015?
A The leading positive contributor to the Fund's relative returns over the
six-month period was the portfolio's allocation to event-linked
securities, or "catastrophe" bonds, issued by insurance companies seeking
to mitigate the risk of having to pay claims after a natural disaster. In
addition to providing incremental income, catastrophe bonds have a very low
correlation to other areas of the bond market, and we therefore view the
asset class as a valuable source of diversification. Moreover, we have been
careful to diversify the Fund's holdings within the catastrophe bond sector
according to both peril (for example, hurricanes, floods, earthquakes), and
geographic region.
The Fund's allocations to ABS, RMBS and CMBS also contributed to relative
performance during the period, as housing and consumer fundamentals
remained on an upward trend in the U.S., and those securities provided
incremental income. Within ABS, we have emphasized credit card-backed
receivables in recent months, as the fundamentals there have been supported
by consumers' restraint in borrowing. Conversely, we have minimized the
Fund's exposure to subprime auto loans in view of some deterioration in
underwriting standards in that sector.
While our primary investment focus in the Fund's portfolio is on
investment-grade sectors, we also include below-investment-grade asset
categories where we believe the incremental income provides an attractive
tradeoff between risk and reward. In that vein, the Fund's position in
floating-rate, leveraged bank loans was a modest positive contributor to
relative performance during the period, based on the attractive coupon
income offered by the asset class, which helped offset the price erosion
experienced in the second half of the period as oil and other commodities
came under renewed pricing pressure. In addition, we have taken care to
avoid undue concentration on energy-related credits within the loan market,
while focusing the Fund's energy-related holdings on asset-rich companies
that we view as providing a "margin of safety" when it comes to loan
principal amounts ultimately being repaid.
On the downside, the Fund's allocation to investment-grade corporates
detracted modestly from relative performance, as credit-sensitive fixed-
income sectors softened over the period due to the news coming out of China
as well as global growth concerns. With that said, corporate bond issuers
have continued to be supported by generally strong profitability and
cash-rich balance sheets. Our investment focus within investment-grade
corporates has been on two- to three-year floating-rate issues within the
financials sector. The portfolio also has allocations to fixed-rate issues
with maturities of 15 months or less, with a focus on U.S. bank issuers, as
we find
6 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
U.S. banks compelling because of their strengthened capital structures and
lower earnings volatility in the wake of reforms following the financial
crisis of several years ago.
While we manage the Fund with a focus on total return, as always, we are
mindful that many investors view the Fund as a source of liquidity in their
portfolios. As such, we continued to maintain significant liquidity in the
portfolio. With a relatively flat money market yield curve, we have been
focusing on purchasing very short-term issues with maturities between one
day and one week in order to maintain the requisite liquidity in the Fund's
portfolio. Given the sharp increase in volatility in both equity and fixed-
income markets as the six-month period progressed, we are pleased that the
Fund's net asset value remained relatively stable, as Class A shares
experienced a modest decline from $10.00 to $9.97 between April 1, 2015,
and September 30, 2015.
Q Can you discuss the factors that affected the Fund's income-generation (or
yield), either positively or negatively, during the six-month period ended
September 30, 2015?
A The Fund's yield/income generation was fairly stable throughout the six-
month period, as the Fund's portfolio was invested principally in
short-term fixed-income instruments across a broad range of spread sectors
that trade at a yield advantage versus U.S. Treasuries.
Q Did you use any derivative strategies in managing the Fund during the six-
month period ended September 30, 2015?
A No. The Fund had no exposure to derivatives during the period.
Q What is your assessment of the current investment climate for the Fund
heading into the final months of 2015?
A With continued modest economic growth and low inflation in the United
States, we expect that conditions will remain supportive of credit-sector
fundamentals. In recent quarters, spreads versus Treasuries have become
somewhat more attractive, and we are seeking to selectively add to the
Fund's exposure to the credit-sensitive areas of the market, while
maintaining a portfolio bias toward higher-quality securities. In all
cases, we are being careful not to assume any risk for which the Fund is
not adequately compensated. While the portfolio's sector allocations will
shift around the margins to reflect our view of relative risk and reward,
the Fund continues to be broadly diversified with respect to its allocation
across asset categories.
Within the Fund's allocation to investment-grade corporates, we are
maintaining a preference for U.S. financials, which have seen significant
balance-sheet strengthening along with lower risk profiles in the wake of
recent regulatory initiatives. In contrast, we are being cautious with
respect
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 7
to issuers in the industrials sector, which has seen an increase in
leverage driven by measures perceived as friendly to equity stakeholders,
such as share buybacks as well as mergers and acquisitions.
In all investment environments, however, we will continue to seek to
provide shareholders with higher income than cash vehicles while striving
to provide protection against any future rise in market interest rates.
(Please note that the Fund is not a money market fund.)
Please refer to the Schedule of Investments on pages 19-93 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
Pioneer Multi-Asset Ultrashort Income Fund ("The Fund") has the ability to
invest in a wide variety of debt securities.
The Fund may invest in underlying funds (including ETFs). In addition to the
Fund's operating expenses, you will indirectly bear the operating expenses of
investments in any underlying funds.
The Fund and some of the underlying funds may utilize strategies that have a
leveraging effect on the Fund, which increases the volatility of investment
returns and subjects the Fund to magnified losses if the Fund's or an underlying
fund's investments decline in value.
The Fund and some of the underlying funds may use derivatives, such as options
and futures, which can be illiquid, may disproportionately increase losses, and
have a potentially large impact on Fund performance.
The Fund may invest in inflation-linked securities. As inflationary expectations
increase, inflation-linked securities may become more attractive, because they
protect future interest payments against inflation. Conversely, as inflationary
concerns decrease, inflation-linked securities will become less attractive and
less valuable.
The Fund may invest in credit default swaps, which may in some cases be
illiquid, and they increase credit risk since the Fund has exposure to both the
issuer of the referenced obligation and the counterparty to the credit default
swap.
The Fund may invest in subordinated securities which may be
disproportionately adversely affected by a default or even a perceived decline
in creditworthiness of the issuer.
The Fund may invest in floating-rate loans. The value of collateral, if any,
securing a floating-rate loan can decline or may be insufficient to meet the
issuer's obligations or may be difficult to liquidate.
The Fund may invest in event-linked bonds. The return of principal and the
payment of interest on event-linked bonds are contingent on the non-occurrence
of a pre-defined "trigger" event, such as a hurricane or an earthquake of a
specific magnitude.
8 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
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.
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 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 Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 9
Portfolio Summary | 9/30/15
Portfolio Diversification*
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Collateralized Mortgage Obligations 28.6%
Asset Backed Securities 24.5%
U.S. Corporate Bonds 20.5%
International Corporate Bonds 9.4%
U.S. Government Securities 6.8%
Senior Secured Loans 6.6%
Temporary Cash Investment 3.3%
Municipal Bonds 0.3%
* Includes investments in Insurance Linked Securities totaling 4.5% of total
investment portfolio.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)**
1. U.S. Treasury Note, Floating Rate Note, 4/30/17 1.46%
----------------------------------------------------------------------------------------------
2. Societe Generale SA, Commercial Paper, 10/1/15 0.75
----------------------------------------------------------------------------------------------
3. U.S. Treasury Note, Floating Rate Note, 4/30/16 0.74
----------------------------------------------------------------------------------------------
4. U.S. Treasury Note, Floating Rate Note, 10/31/16 0.74
----------------------------------------------------------------------------------------------
5. U.S. Treasury Note, Floating Rate Note, 7/31/17 0.73
----------------------------------------------------------------------------------------------
6. U.S. Treasury Note, Floating Rate Note, 1/31/17 0.73
----------------------------------------------------------------------------------------------
7. U.S. Treasury Note, Floating Rate Note, 7/31/16 0.49
----------------------------------------------------------------------------------------------
8. Federal National Mortgage Association, Floating Rate Note, 2/25/38 0.48
----------------------------------------------------------------------------------------------
9. World Financial Network Credit Card Master Trust, Floating Rate Note, 12/16/19 0.38
----------------------------------------------------------------------------------------------
10. Federal Farm Credit Banks, Floating Rate Note, 6/20/16 0.36
----------------------------------------------------------------------------------------------
** This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed and current holdings may be different.
The holdings listed should not be considered recommendations to buy or
sell any security listed.
10 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
Prices and Distributions | 9/30/15
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 9/30/15 3/31/15
--------------------------------------------------------------------------------
A $9.97 $10.00
--------------------------------------------------------------------------------
C $9.96 $ 9.99
--------------------------------------------------------------------------------
C2 $9.95 $ 9.99
--------------------------------------------------------------------------------
K $9.98 $10.01
--------------------------------------------------------------------------------
Y $9.97 $10.01
--------------------------------------------------------------------------------
Distributions per Share: 4/1/15-9/30/15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.0595 $ $
--------------------------------------------------------------------------------
C $0.0451 $ $
--------------------------------------------------------------------------------
C2 $0.0448 $ $
--------------------------------------------------------------------------------
K $0.0714 $ $
--------------------------------------------------------------------------------
Y $0.0667 $ $
--------------------------------------------------------------------------------
The Bank of America Merrill Lynch U.S. Dollar 3-Month LIBOR Index is an
unmanaged index that tracks the performance of a synthetic asset paying the
London Interbank Offered Rate (LIBOR), with a constant 3-month average maturity.
The index is based on the assumed purchase at par value of a synthetic
instrument having exactly its stated maturity and with a coupon equal to that
day's 3-month LIBOR rate. Index returns assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees, expenses or sales charges. It is
not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 12-16.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 11
Performance Update | 9/30/15 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Multi-Asset Ultrashort Income Fund
at public offering price during the periods shown, compared to that of the Bank
of America (BofA) Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2015)
--------------------------------------------------------------------------------
BofA ML
Net Public U.S. Dollar
Asset Offering 3-Month
Value Price LIBOR
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.22% 0.63% 0.31%
1 Year 0.52 -2.01 0.25
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.63%
--------------------------------------------------------------------------------
Value of $10,000 Investment
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer Multi-Asset BofA ML U.S. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/11 $ 9,750 $ 10,000
9/11 $ 9,756 $ 10,009
9/12 $ 10,037 $ 10,058
9/13 $ 10,124 $ 10,090
9/14 $ 10,228 $ 10,114
9/15 $ 10,282 $ 10,140
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 2.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
Performance Update | 9/30/15 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Multi-Asset Ultrashort Income Fund
during the periods shown, compared to that of the Bank of America (BofA) Merrill
Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2015)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 0.78% 0.78% 0.31%
1 Year 0.23 0.23 0.25
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.94%
--------------------------------------------------------------------------------
Value of $10,000 Investment
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer Multi-Asset BofA ML U.S. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/11 $ 10,000 $ 10,000
9/11 $ 9,975 $ 10,009
9/12 $ 10,191 $ 10,058
9/13 $ 10,252 $ 10,090
9/14 $ 10,325 $ 10,114
9/15 $ 10,349 $ 10,140
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 13
Performance Update | 9/30/15 Class C2 Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C2 shares of Pioneer Multi-Asset Ultrashort Income Fund
during the periods shown, compared to that of the Bank of America (BofA) Merrill
Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2015)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 0.75% 0.75% 0.31%
1 Year 0.11 0.11 0.25
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.95%
--------------------------------------------------------------------------------
Value of $10,000 Investment
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer Multi-Asset BofA ML U.S. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/11 $ 10,000 $ 10,000
9/11 $ 9,975 $ 10,009
9/12 $ 10,191 $ 10,058
9/13 $ 10,250 $ 10,090
9/14 $ 10,324 $ 10,114
9/15 $ 10,336 $ 10,140
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C2 shares held for less than 1 year are subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percentage change
in net asset value per share. Returns would have been lower had sales charges
been reflected. All results are historical and assume the reinvestment of
dividends and capital gains. Other share classes are available for which
performance and expenses will differ.
The performance shown for periods prior to the commencement of operations of
Class C2 shares on August 1, 2013, is the net asset value performance of the
Fund's Class C shares, which has not been restated to reflect any differences in
expenses. For the period beginning August 1, 2013, the actual performance of
Class C2 shares is reflected.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
Performance Update | 9/30/15 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class K shares of Pioneer Multi-Asset Ultrashort Income Fund
during the periods shown, compared to that of the Bank of America (BofA) Merrill
Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2015)
--------------------------------------------------------------------------------
BofA ML
Net U.S. Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.38% 0.31%
1 Year 0.74 0.25
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.41%
--------------------------------------------------------------------------------
Value of $10,000 Investment
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer Multi-Asset BofA ML U.S. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/11 $ 10,000 $ 10,000
9/11 $ 10,010 $ 10,009
9/12 $ 10,298 $ 10,058
9/13 $ 10,416 $ 10,090
9/14 $ 10,546 $ 10,114
9/15 $ 10,624 $ 10,140
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on December 20, 2012, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. For the period
beginning on December 20, 2012, the actual performance of Class K shares is
reflected. Class K shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 15
Performance Update | 9/30/15 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Multi-Asset Ultrashort Income Fund
during the periods shown, compared to that of the Bank of America (BofA) Merrill
Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2015)
--------------------------------------------------------------------------------
BofA ML
Net U.S. Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.40% 0.31%
1 Year 0.57 0.25
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.51%
--------------------------------------------------------------------------------
Value of $5 Million Investment
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer Multi-Asset BofA ML U.S. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/11 $ 5,000,000 $ 5,000,000
9/11 $ 5,008,825 $ 5,004,742
9/12 $ 5,169,696 $ 5,028,849
9/13 $ 5,224,861 $ 5,044,939
9/14 $ 5,286,365 $ 5,057,112
9/15 $ 5,316,328 $ 5,069,978
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
16 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
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 Multi-Asset Ultrashort
Income Fund
Based on actual returns from April 1, 2015, through September 30, 2015.
--------------------------------------------------------------------------------
Share Class A C C2 K Y
--------------------------------------------------------------------------------
Beginning Account Value
on 4/1/15 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
--------------------------------------------------------------------------------
Ending Account Value
(after expenses)
on 9/30/15 $1,003.00 $1,001.50 $1,000.50 $1,004.10 $1,002.70
--------------------------------------------------------------------------------
Expenses Paid During
Period* $ 3.16 $ 4.72 $ 4.71 $ 2.06 $ 2.51
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.63%, 0.94%,
0.94%, 0.41%, and 0.50% for class A, C, C2, K, and Y shares respectively,
multiplied by the average account value over the period, multiplied by
183/365 (to reflect the one-half year period).
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 17
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Ultrashort Income
Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from April 1, 2015, through September 30, 2015.
--------------------------------------------------------------------------------
Share Class A C C2 K Y
--------------------------------------------------------------------------------
Beginning Account Value
on 4/1/15 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
--------------------------------------------------------------------------------
Ending Account Value
(after expenses)
on 9/30/15 $1,021.91 $1,020.36 $1,020.36 $1,023.01 $1,022.56
--------------------------------------------------------------------------------
Expenses Paid During
Period* $ 3.19 $ 4.76 $ 4.76 $ 2.08 $ 2.54
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.63%, 0.94%,
0.94%, 0.41% and 0.50% for class A, C, C2, K, and Y shares respectively,
multiplied by the average account value over the period, multiplied by
183/365 (to reflect the one-half year period).
18 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
Schedule of Investments | 9/30/15 (unaudited)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 24.6%
ENERGY -- 0.3%
Oil & Gas Exploration & Production -- 0.3%
4,219,417 GCAT 2015-2, 3.75%, 7/25/20 (Step) (144A) $ 4,219,214
3,000,000 1.72 NCF Dealer Floorplan Master Trust, Floating
Rate Note, 10/20/20 (144A) 2,999,998
1,673,075 Oscar US Funding Trust 2014-1, 1.0%,
8/15/17 (144A) 1,674,521
---------------
$ 8,893,733
---------------
Total Energy $ 8,893,733
---------------------------------------------------------------------------------------------------------
MATERIALS -- 0.1%
Steel -- 0.1%
2,450,000 0.67 First NLC Trust 2005-2, Floating Rate Note, 9/25/35 $ 2,401,662
---------------
Total Materials $ 2,401,662
---------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.0%+
Trucking -- 0.0%+
882,781 0.60 Hertz Fleet Lease Funding LP, Floating
Rate Note, 4/10/28 (144A) $ 881,243
---------------------------------------------------------------------------------------------------------
Marine Ports & Services -- 0.0%+
720,299 Global Container Assets 2013-1, Ltd., 2.2%,
11/6/28 (144A) $ 719,927
---------------
Total Transportation $ 1,601,170
---------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%+
Homebuilding -- 0.0%+
283,300 1.09 Manufactured Housing Contract Trust Pass-Through
Certificates Series 2001-1, Floating Rate
Note, 4/20/32 $ 282,841
---------------
Total Consumer Durables & Apparel $ 282,841
---------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
205,933 Westgate Resorts 2012-2 LLC, 9.0%,
1/21/25 (144A) $ 207,092
3,128,517 Westgate Resorts 2012-A LLC, 3.75%,
8/20/25 (144A) 3,159,456
71,530 Westgate Resorts 2014-1 LLC, 2.15%,
12/20/26 (144A) 71,038
78,258 Westgate Resorts LLC, 2.5%, 3/20/25 (144A) 78,308
---------------
$ 3,515,894
---------------
Total Consumer Services $ 3,515,894
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 19
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Health Care Distributors -- 0.1%
2,500,000 0.91 Oscar US Funding Trust II, Floating
Rate Note, 2/15/18 (144A) $ 2,500,000
---------------
Total Health Care Equipment & Services $ 2,500,000
---------------------------------------------------------------------------------------------------------
BANKS -- 15.9%
Diversified Banks -- 0.0%+
68,425 0.60 KeyCorp Student Loan Trust 2004-A, Floating Rate
Note, 10/28/41 $ 67,759
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 15.9%
1,269,872 0.44 321 Henderson Receivables I LLC, Floating Rate
Note, 11/15/40 (144A) $ 1,214,997
3,216,644 0.41 321 Henderson Receivables I LLC, Floating Rate
Note, 12/15/41 (144A) 3,153,045
658,792 0.56 321 Henderson Receivables I LLC, Floating Rate
Note, 9/15/45 (144A) 651,917
3,291,495 0.41 321 Henderson Receivables II LLC, Floating Rate
Note, 9/15/41 (144A) 3,199,511
1,502,040 0.94 ABFC 2005-HE2 Trust, Floating Rate Note, 6/25/35 1,485,424
674,368 0.81 ABFC 2005-WF1 Trust, Floating Rate Note, 12/25/34 670,920
777,323 0.52 ACAS CLO 2007-1, Ltd., Floating Rate Note, 4/20/21 769,096
891,123 0.60 Accredited Mortgage Loan Trust 2005-2, Floating Rate
Note, 7/25/35 878,691
2,917,797 0.39 ACE Securities Corp Home Equity Loan Trust Series
2006-ASAP2, Floating Rate Note, 3/25/36 2,865,136
39,150 6.50 ACE Securities Corp. Manufactured Housing Trust
Series 2003-MH1, Floating Rate Note,
8/15/30 (144A) 39,180
417,777 1.29 Aegis Asset Backed Securities Trust Mortgage
Pass- Through Ctfs Series 2004-3, Floating Rate
Note, 9/25/34 412,943
1,082,896 1.15 Aegis Asset Backed Securities Trust Mortgage
Pass-Through Certificates Series 2004-2, Floating
Rate Note, 6/25/34 1,075,884
1,092,942 1.29 Aegis Asset Backed Securities Trust Mortgage
Pass-Through Certificates Series 2004-4, Floating
Rate Note, 10/25/34 1,081,239
330,176 0.56 Aegis Asset Backed Securities Trust Mortgage
Pass-Through Ctfs Ser 2005-4, Floating Rate
Note, 10/25/35 324,986
4,500,000 American Credit Acceptance Receivables Trust
2015-3 Class A, 9/12/19 (144A) 4,499,698
2,600,000 0.49 American Express Credit Account Master Trust,
Floating Rate Note, 1/15/20 2,600,125
1,500,000 1.60 American Homes 4 Rent 2014-SFR1, Floating Rate
Note, 6/17/31 1,471,090
The accompanying notes are an integral part of these financial statements.
20 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,125,000 0.60 AmeriCredit Automobile Receivables Trust 2015-2,
Floating Rate Note, 9/10/18 $ 2,125,793
48,195 0.62 Ameriquest Mortgage Securities Inc Asset-Backed
Pass-Through Ctfs Ser 2005-R5, Floating Rate
Note, 7/25/35 48,075
440,778 0.53 Ameriquest Mortgage Securities, Inc., Asset Backed
Pass-Through Ctfs Series 2005-R11, Floating Rate
Note, 1/25/36 432,644
241,559 3.95 Ameriquest Mortgage Securities, Inc., Asset-Backed
Pass-Through Ctfs Series 03-AR3, Floating Rate
Note, 6/25/33 245,609
4,769,259 0.80 Ameriquest Mortgage Securities, Inc., Asset-Backed
Pass-Through Ctfs Series 2004-R11, Floating Rate
Note, 11/25/34 4,747,201
982,905 0.87 Ameriquest Mortgage Securities, Inc., Asset-Backed
Pass-Through Ctfs Series 2005-R1, Floating Rate
Note, 3/25/35 980,461
1,000,000 1.74 Apidos Quattro CDO, Floating Rate Note,
1/20/19 (144A) 992,211
1,152,502 0.51 ARI Fleet Lease Trust 2012-B, Floating Rate Note,
1/15/21 (144A) 1,150,536
582,710 ARI Fleet Lease Trust 2013-A, 0.92%, 7/15/21 (144A) 582,547
1,787,015 ARI Fleet Lease Trust 2014-A, 0.81%,
11/15/22 (144A) 1,786,602
188,216 0.87 Asset Backed Securities Corp Home Equity Loan Trust
Series 2005-HE2, Floating Rate Note, 2/25/35 188,019
392,137 0.90 Asset Backed Securities Corp Home Equity Loan Trust
Series 2005-HE3, Floating Rate Note, 4/25/35 387,476
949,578 0.39 Asset Backed Securities Corp Home Equity Loan Trust
Series AEG 2006-HE1, Floating Rate Note, 1/25/36 906,704
989,019 0.70 Asset Backed Securities Corp Home Equity Loan Trust
Series OOMC 2005-HE6, Floating Rate Note, 7/25/35 981,536
1,108,347 0.81 Asset-Backed Pass-Through Certificates Series
2004-R2, Floating Rate Note, 4/25/34 1,088,518
1,126,693 Bank of The West Auto Trust 2014-1, 0.69%,
7/17/17 (144A) 1,126,458
1,100,000 0.56 Barclays Dryrock Issuance Trust, Floating Rate Note,
12/16/19 1,097,549
1,800,000 0.54 Barclays Dryrock Issuance Trust, Floating Rate Note,
3/16/20 1,797,336
45,284 Bayview Financial Acquisition Trust, 6.205%,
5/28/37 (Step) 47,570
785,377 0.87 Bayview Financial Mortgage Pass-Through Trust
2004-A, Floating Rate Note, 2/28/44 782,358
3,004,022 0.69 Bayview Financial Mortgage Pass-Through Trust
2005-C, Floating Rate Note, 6/28/44 2,980,645
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 21
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
730,584 0.49 Bayview Financial Mortgage Pass-Through Trust
2006-B, Floating Rate Note, 4/28/36 $ 718,599
571,169 0.46 Bayview Financial Mortgage Pass-Through Trust
2006-B, Floating Rate Note, 4/28/36 561,799
1,001,318 0.64 Bayview Financial Mortgage Pass-Through Trust
Series 2005-B, Floating Rate Note, 4/28/39 994,351
907,909 3.72 Bayview Opportunity Master Fund IIa Trust
2014-20NPL, 3.721%, 8/28/44 (Step) (144A) (e) 910,464
496,558 Bayview Opportunity Master Fund Trust IIIa
2014-12RPL, 3.6225%, 7/28/19 (Step) (144A) 493,745
1,565,213 0.69 Bear Stearns Asset Backed Securities I Trust
2005-FR1, Floating Rate Note, 6/25/35 1,558,273
783,852 0.96 Bear Stearns Asset Backed Securities I Trust
2005-HE9, Floating Rate Note, 10/25/35 779,143
796,776 1.39 Bear Stearns Asset Backed Securities Trust 2004-2,
Floating Rate Note, 8/25/34 796,609
248,064 0.76 Bear Stearns Asset Backed Securities Trust 2004-SD3,
Floating Rate Note, 9/25/34 243,632
66,771 0.59 Bear Stearns Asset Backed Securities Trust 2005-SD1,
Floating Rate Note, 8/25/43 65,759
1,376,795 0.66 Bear Stearns Asset Backed Securities Trust 2005-SD2,
Floating Rate Note, 3/25/35 1,366,686
594,408 0.59 Bear Stearns Asset Backed Securities Trust 2005-SD2,
Floating Rate Note, 3/25/35 589,311
532,838 0.47 Bear Stearns Asset Backed Securities Trust 2006-1,
Floating Rate Note, 2/25/36 531,534
2,178,785 0.57 Bear Stearns Asset Backed Securities Trust 2006-SD2,
Floating Rate Note, 6/25/36 2,129,399
830,160 1.19 Bear Stearns Structured Products Trust 2007-EMX1,
Floating Rate Note, 3/25/37 (144A) 819,801
2,895,000 0.69 Cabela's Credit Card Master Note Trust, Floating
Rate Note, 6/15/20 (144A) 2,893,503
1,000,000 0.49 Capital One Multi-Asset Execution Trust, Floating
Rate Note, 11/15/19 998,903
1,213,005 CarMax Auto Owner Trust 2013-3, 0.97%, 4/16/18 1,213,383
2,500,000 0.49 CarMax Auto Owner Trust 2015-2, Floating
Rate Note, 6/15/18 2,497,628
3,500,000 Carnow Auto Receivables Trust 2015-1, 1.69%,
1/15/20 (144A) 3,499,999
1,148,835 0.93 Carrington Mortgage Loan Trust Series 2005-NC1,
Floating Rate Note, 2/26/35 1,148,429
16,073 0.60 Carrington Mortgage Loan Trust Series 2005-NC4,
Floating Rate Note, 9/25/35 16,012
1,668,891 0.37 Carrington Mortgage Loan Trust Series 2006-OPT1,
Floating Rate Note, 12/25/35 1,618,901
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,274,450 Cazenovia Creek Funding I LLC, 2.0%,
12/10/23 (144A) $ 2,278,317
1,514,845 Cazenovia Creek Funding I LLC, 2.773%,
12/10/23 (144A) 1,517,981
1,315,238 CCG Receivables Trust 2014-1, 1.06%,
11/14/21 (144A) 1,312,787
2,750,000 CCG Receivables Trust 2015-1, 0.55%,
9/14/16 (144A) 2,750,230
136,620 CCG Receivables Truste 2013-1, 1.05%,
4/14/20 (144A) 136,618
5,220,000 1.55 Cent CLO 16 LP, Floating Rate Note, 8/1/24 (144A) 5,204,714
372,006 3.65 Centex Home Equity Loan Trust 2003-A, Floating
Rate Note, 3/25/33 371,427
313,022 Chase Funding Trust Series 2004-2, 5.323%, 2/26/35 316,943
200,000 0.46 Chase Issuance Trust, Floating Rate Note, 12/16/19 199,332
7,750,000 0.45 Chase Issuance Trust, Floating Rate Note, 5/15/19 7,740,064
2,500,000 CIT Equipment Collateral 2014-VT1, 0.86%,
5/22/17 (144A) 2,500,345
1,465,285 Citi Held For Asset Issuance 2015-PM1, 1.85%,
12/15/21 (144A) 1,468,199
55,801 0.68 Citigroup Global Markets Mortgage Securities VII, Inc.,
Floating Rate Note, 3/25/28 55,324
1,747,858 0.39 Citigroup Mortgage Loan Trust 2006-SHL1, Floating
Rate Note, 11/27/45 (144A) 1,693,321
1,307,325 1.02 Citigroup Mortgage Loan Trust Series 2004-OPT1
Asset Backed Pass-Through Certifi, Floating Rate
Note, 10/25/34 1,306,210
228,793 1.21 Citigroup Mortgage Loan Trust, Inc., Floating Rate
Note, 11/25/34 215,159
3,724,759 0.95 Citigroup Mortgage Loan Trust, Inc., Floating Rate
Note, 5/25/35 (144A) 3,705,644
750,000 CNH Equipment Trust 2013-B, 0.99%, 11/15/18 748,862
2,300,000 2.10 Colony American Homes 2014-1, Floating Rate
Note, 5/19/31 (144A) 2,248,275
4,000,000 Conn's Receivables Funding 2015-A LLC, 4.565%,
9/15/20 (144A) 4,000,000
206,505 1.71 Conseco Finance Home Equity Loan Trust 2002-C,
Floating Rate Note, 4/15/32 202,442
4,272 Conseco Financial Corp., 7.05%, 1/15/19 4,367
1,617,995 Consumer Credit Origination Loan Trust 2015-1,
2.82%, 3/15/21 (144A) 1,624,446
2,026,162 1.03 Countrywide Asset-Backed Certificates, Floating Rate
Note, 10/25/34 2,018,926
221,846 0.78 Countrywide Asset-Backed Certificates, Floating Rate
Note, 11/25/35 219,518
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 23
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,656,429 1.09 Countrywide Asset-Backed Certificates, Floating Rate
Note, 3/25/35 $ 1,642,255
10,134 0.96 Countrywide Asset-Backed Certificates, Floating Rate
Note, 5/25/35 10,129
34,607 1.01 Countrywide Asset-Backed Certificates, Floating Rate
Note, 5/25/35 34,584
171,873 0.87 Countrywide Asset-Backed Certificates, Floating Rate
Note, 6/25/33 (144A) 166,451
36,745 1.09 Countrywide Asset-Backed Certificates, Floating Rate
Note, 6/25/33 (144A) 35,407
1,550,862 CPS Auto Receivables Trust 2015-B, 1.65%, 11/15/19 1,542,600
441,162 Credit Acceptance Auto Loan Trust 2013-1, 1.21%,
10/15/20 (144A) 441,266
129,973 0.46 Credit Suisse Mortgage Capital Certificates, Floating
Rate Note, 10/27/36 (144A) 127,994
549,112 0.85 Credit-Based Asset Servicing and Securitization LLC,
Floating Rate Note, 7/25/34 547,820
4,121,610 0.50 Credit-Based Asset Servicing and Securitization LLC,
Floating Rate Note, 7/25/36 4,077,875
4,114,690 1.24 CWABS Asset-Backed Certificates Trust 2004-7,
Floating Rate Note, 12/25/34 4,092,779
547 Delta Funding Home Equity Loan Trust 1997-2,
7.04%, 6/25/27 550
1,603,351 3.14 Drug Royalty II LP 2, Floating Rate Note,
7/15/23 (144A) 1,623,351
1,146,992 DT Auto Owner Trust 2015-1, 1.06%, 9/17/18 (144A) 1,146,282
2,053,955 DT Auto Owner Trust 2015-2, 1.24%, 9/17/18 (144A) 2,052,431
2,832,566 1.09 Ellington Loan Acquisition Trust 2007-1, Floating Rate
Note, 5/26/37 (144A) 2,796,171
327,534 1.09 Ellington Loan Acquisition Trust 2007-2, Floating Rate
Note, 5/26/37 (144A) 326,799
14,400 0.66 Encore Credit Receivables Trust 2005-3, Floating Rate
Note, 10/25/35 14,395
2,600,000 Enterprise Fleet Financing LLC, 1.59%,
2/22/21 (144A) 2,608,169
18,544 EquiVantage Home Equity Loan Trust 1997-1,
8.05%, 3/25/28 (Step) 18,430
1,000,000 Exeter Automobile Receivables Trust 2012-2,
3.06%, 7/16/18 (144A) 1,003,269
1,000,000 Exeter Automobile Receivables Trust 2013-1,
2.41%, 5/15/18 (144A) 1,003,230
459,191 Exeter Automobile Receivables Trust 2014-2,
1.06%, 8/15/18 458,439
1,179,361 Exeter Automobile Receivables Trust 2015-1, 1.6%,
6/17/19 (144A) 1,180,373
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,819,581 Exeter Automobile Receivables Trust 2015-2,
1.54%, 11/15/19 (144A) $ 2,820,456
718,809 1.92 Fieldstone Mortgage Investment Trust Series 2004-5,
Floating Rate Note, 2/25/35 711,094
275,529 1.27 Fieldstone Mortgage Investment Trust Series 2005-1,
Floating Rate Note, 3/25/35 275,478
1,377,527 0.70 First Franklin Mortgage Loan Trust 2005-FFH3,
Floating Rate Note, 9/25/35 1,369,567
264,349 0.45 First Franklin Mortgage Loan Trust Series 2005-FF12,
Floating Rate Note, 11/25/36 260,578
1,890 0.59 First NLC Trust 2005-2, Floating Rate Note, 9/25/35 1,889
3,400,640 1.98 Flagship Credit Auto Trust 2015-2, 1.98%, 10/15/20
(144A) (e) 3,408,118
1,569,532 0.57 Foothill CLO, Ltd., Floating Rate Note, 2/22/21 (144A) 1,561,580
2,600,000 0.44 Ford Credit Auto Owner Trust 2015-B, Floating Rate
Note, 3/15/18 2,597,852
80,342 0.53 Fore CLO, Ltd., Floating Rate Note, 7/20/19 (144A) 80,259
553,000 2.15 Four Corners CLO II, Ltd., Floating Rate Note,
1/26/20 (144A) 541,316
539,687 0.53 Gale Force 3 CLO, Ltd., Floating Rate Note,
4/19/21 (144A) 528,843
2,174,145 GCAT 2015-1 LLC, 3.625%, 5/26/20 (Step) (144A) 2,172,760
540,670 GE Equipment Small Ticket LLC Series 2014-1,
0.59%, 8/24/16 540,639
1,641,277 GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 1,624,864
2,840,085 GMAT 2013-1 Trust, 3.9669%, 8/25/53 (Step) 2,855,104
1,300,000 0.71 GMF Floorplan Owner Revolving Trust, Floating Rate
Note, 5/15/20 (144A) 1,293,570
300,000 0.53 Golden Credit Card Trust, Floating Rate Note,
3/15/19 (144A) 298,905
590,000 0.65 Golden Credit Card Trust, Floating Rate Note,
3/15/21 (144A) 587,755
728,966 0.85 GSAA Home Equity Trust 2004-11, Floating Rate Note,
12/25/34 714,385
1,142,805 0.99 GSAA Trust, Floating Rate Note, 6/25/35 1,134,321
2,131,142 0.84 GSAMP Trust 2004-SEA2, Floating Rate Note, 3/25/34 2,130,157
407,900 0.94 GSAMP Trust 2005-HE1, Floating Rate Note, 12/25/34 400,638
96,131 0.55 GSAMP Trust 2005-HE6, Floating Rate Note, 11/25/35 94,814
805,594 0.40 GSAMP Trust 2006-HE1, Floating Rate Note, 12/26/45 792,607
67,950 0.65 GSAMP Trust 2006-SD1, Floating Rate Note, 7/25/45 67,919
1,311,367 0.49 GSAMP Trust 2006-SEA1, Floating Rate Note,
5/25/36 (144A) 1,297,473
972,764 1.54 GSRPM Mortgage Loan Trust 2003-2, Floating Rate
Note, 6/25/33 937,588
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 25
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
909,293 0.49 GSRPM Mortgage Loan Trust 2006-1, Floating Rate
Note, 3/25/35 (144A) $ 892,291
625,827 0.49 GSRPM Mortgage Loan Trust 2006-2, Floating Rate
Note, 9/25/36 (144A) 595,344
1,500,000 2.04 Harch CLO III, Ltd., Floating Rate Note,
4/17/20 (144A) 1,485,387
3,200,000 1.70 Hertz Fleet Lease Funding LP, Floating Rate Note,
7/10/29 (144A) 3,200,000
2,600,000 2.50 Hertz Fleet Lease Funding LP, Floating Rate Note,
7/10/29 (144A) 2,570,490
5,600,000 HLSS Servicer Advance Receivables Trust, 1.4953%,
1/16/46 (144A) 5,594,400
489,929 0.96 Home Equity Asset Trust 2005-2, Floating Rate
Note, 7/25/35 488,919
2,485,707 0.66 Home Equity Asset Trust 2005-6, Floating Rate
Note, 12/25/35 2,478,376
3,242,079 0.57 Home Equity Asset Trust 2005-7, Floating Rate
Note, 1/25/36 3,226,222
229,069 0.36 Home Equity Asset Trust 2006-4, Floating Rate
Note, 8/25/36 225,298
1,349,577 0.30 Home Equity Asset Trust 2006-8, Floating Rate
Note, 3/25/37 1,332,840
2,621,467 0.94 HomeBanc Mortgage Trust 2004-2, Floating Rate
Note, 12/25/34 2,476,385
404,074 0.61 HomeBanc Mortgage Trust 2005-2, Floating Rate
Note, 5/25/25 403,318
534,655 0.65 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 1/25/35 533,955
4,735,514 0.46 HSBC Home Equity Loan Trust USA 2006-3, Floating
Rate Note, 3/20/36 4,708,995
501,412 0.45 HSBC Home Equity Loan Trust USA 2006-4, Floating
Rate Note, 3/20/36 498,250
1,943,008 0.42 HSBC Home Equity Loan Trust USA 2007-1, Floating
Rate Note, 3/20/36 1,932,805
500,519 0.52 HSBC Home Equity Loan Trust USA 2007-2, Floating
Rate Note, 7/20/36 497,221
503,180 0.41 HSBC Home Equity Loan Trust USA 2007-2, Floating
Rate Note, 7/20/36 499,377
5,829 1.37 HSBC Home Equity Loan Trust USA 2007-3, Floating
Rate Note, 11/20/36 5,830
2,537,728 1.42 HSBC Home Equity Loan Trust USA 2007-3, Floating
Rate Note, 11/20/36 2,530,247
3,916,199 1.05 Impac Secured Assets CMN Owner Trust, Floating
Rate Note, 2/25/35 3,868,077
1,800,000 2.10 Invitation Homes 2013-SFR1 Trust, Floating Rate
Note, 12/19/30 (144A) 1,769,362
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,840,000 2.31 Invitation Homes 2014-SFR1 Trust REMICS, Floating
Rate Note, 6/17/31 (144A) $ 2,809,791
2,100,000 1.81 Invitation Homes 2014-SFR2 Trust, Floating Rate
Note, 9/18/31 (144A) 2,056,272
2,000,000 1.41 Invitation Homes 2014-SFR3 Trust, Floating Rate
Note, 12/18/31 (144A) 1,967,582
2,550,000 2.21 Invitation Homes 2015-SFR2 Trust, Floating Rate
Note, 6/17/32 (144A) 2,499,426
3,500,000 1.96 Invitation Homes 2015-SFR3 Trust, Floating Rate
Note, 8/19/32 (144A) 3,412,143
817,691 0.51 Inwood Park CDO, Ltd., Floating Rate Note,
1/20/21 (144A) 816,639
3,569,933 0.42 Irwin Home Equity Loan Trust 2005-1, Floating Rate Note,
6/25/25 3,332,025
1,342,583 1.69 Irwin Whole Loan Home Equity Trust 2003-C, Floating
Rate Note, 6/25/28 1,326,555
2,591,859 0.66 Irwin Whole Loan Home Equity Trust 2005-B, Floating
Rate Note, 12/25/29 2,530,082
579,771 0.98 IXIS Real Estate Capital Trust 2005-HE1, Floating
Rate Note, 6/25/35 568,600
464,408 0.88 IXIS Real Estate Capital Trust 2005-HE4, Floating
Rate Note, 2/25/36 458,128
2,575,000 0.97 JP Morgan Mortgage Acquisition Corp 2005-FLD1,
Floating Rate Note, 7/25/35 2,545,815
791,166 0.41 JP Morgan Mortgage Acquisition Corp 2005-FRE1,
Floating Rate Note, 10/25/35 781,387
2,118,020 0.34 JP Morgan Mortgage Acquisition Trust 2006-ACC1,
Floating Rate Note, 5/25/36 2,103,274
3,702,000 2.95 Kabbage Funding 2014-1 Resecuritization Trust,
Floating Rate Note, 3/8/18 (144A) 3,683,490
1,250,000 1.77 KKR Financial CLO 2007-1, Ltd., Floating Rate
Note, 5/15/21 (144A) 1,244,881
683,166 Leaf Receivables Funding 8 LLC, 1.55%,
11/15/17 (144A) 683,343
2,750,000 Leaf Receivables Funding 8 LLC, 5.5%,
9/15/20 (144A) 2,777,522
800,000 LEAF Receivables Funding 9 LLC, 1.98%,
9/15/21 (144A) 801,471
138,211 0.66 Lehman ABS Manufactured Housing Contract Trust
2002-A, Floating Rate Note, 6/15/33 134,934
1,666,667 1.25 Lockwood Grove CLO, Ltd., Floating Rate Note,
1/25/24 (144A) 1,665,713
70,918 2.44 Madison Avenue Manufactured Housing Contract
Trust 2002-A, Floating Rate Note, 3/25/32 70,912
1,700,000 Master Credit Card Trust II, 1.64%, 1/22/18 (144A) 1,704,848
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 27
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,095,892 0.83 MASTR Adjustable Rate Mortgages Trust 2004-11,
Floating Rate Note, 11/25/34 $ 1,091,345
1,150,000 MMCA Auto Owner Trust 2012-A, 3.27%,
7/16/18 (144A) 1,151,082
985,296 1.12 Morgan Stanley ABS Capital I Inc Trust 2004-SD3,
Floating Rate Note, 6/25/34 (144A) 986,190
17,606 0.97 Morgan Stanley ABS Capital I Inc Trust 2005-HE3,
Floating Rate Note, 7/25/35 17,585
2,500,000 0.99 Morgan Stanley ABS Capital I Inc Trust 2005-HE3,
Floating Rate Note, 7/25/35 2,414,182
51,627 0.90 Morgan Stanley ABS Capital I Inc Trust 2005-WMC3,
Floating Rate Note, 3/25/35 51,446
1,355,632 0.83 Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2,
Floating Rate Note, 3/25/35 1,345,718
174,443 0.27 Morgan Stanley Structured Trust, Floating Rate Note,
6/25/37 172,829
2,600,000 0.79 MOTOR 2015-1 Plc, Floating Rate Note,
6/27/22 (144A) 2,601,012
924,746 Nations Equipment Finance Funding II LLC, 1.558%,
7/20/18 (144A) 925,065
409,436 0.34 Nationstar Home Equity Loan Trust 2007-A, Floating
Rate Note, 3/25/37 400,811
803,247 0.90 New Century Home Equity Loan Trust 2005-1, Floating
Rate Note, 3/25/35 796,728
2,600,000 1.95 NextGear Floorplan Master Owner Trust, Floating Rate
Note, 7/15/19 (144A) 2,601,045
38,209 0.40 Nomura Home Equity Loan Inc Home Equity Loan
Trust Series 2006-HE1, Floating Rate Note, 2/25/36 38,171
368,901 0.97 NovaStar Mortgage Funding Trust Series 2003-1,
Floating Rate Note, 5/25/33 360,376
2,443,000 1.84 NovaStar Mortgage Funding Trust Series 2004-4,
Floating Rate Note, 3/25/35 2,405,427
624,641 1.27 NovaStar Mortgage Funding Trust Series 2004-4,
Floating Rate Note, 3/25/35 624,810
5,200,000 NRZ Advance Receivables Trust Advance Receivables
Backed 2015-T1, 2.3147%, 8/15/46 (144A) 5,199,997
2,531,520 OAK Hill Advisors Residential Loan Trust 2014-NPL2,
3.475%, 4/25/54 (Step) (144A) 2,526,791
1,700,000 Ocwen Master Advance Receivables Trus, 2.5365%,
9/17/46 (144A) 1,700,000
2,397,580 0.99 Option One Mortgage Loan Trust 2005-1, Floating
Rate Note, 2/25/35 2,349,329
1,208,194 0.45 Option One Mortgage Loan Trust 2005-4 Asset-Backed
Certificates Series 2005-4, Floating Rate
Note, 11/25/35 1,195,602
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
39,142 Option One Mortgage Loan Trust 2007-FXD2, 5.9%,
3/25/37 (Step) $ 35,936
708,589 1.32 Option One Woodbridge Loan Trust 2002-1, Floating
Rate Note, 3/25/32 (144A) 702,117
874,365 5.46 Origen Manufactured Housing Contract Trust 2004-B,
Floating Rate Note, 11/15/35 887,706
2,600,000 Oscar US Funding Trust III, 0.6%, 10/17/16 (144A) 2,600,000
415,551 0.77 Ownit Mortgage Loan Trust Series 2005-5, Floating
Rate Note, 10/25/36 412,605
847,456 1.21 Park Place Securities Inc Asset-Backed Pass-Through
Certificates Series 2004-WCW, Floating Rate
Note, 9/25/34 840,869
1,297,522 1.14 Park Place Securities Inc Asset-Backed Pass-Through
Ctfs Ser 2004-WHQ2, Floating Rate Note, 1/25/35 1,293,324
228,248 0.45 Park Place Securities Inc Asset-Backed Pass-Through
Ctfs Ser 2005-WHQ4, Floating Rate Note, 9/25/35 219,155
240,457 1.13 Park Place Securities, Inc. Asset-Backed Pass-Through
Certificates Series 2004-MCW, Floating Rate
Note, 10/25/34 239,693
1,770,249 0.56 Park Place Securities, Inc. Asset-Backed Pass-Through
Certificates Series 2005-WHQ4, Floating Rate
Note, 9/25/35 1,758,730
1,400,000 0.81 PFS Financing Corp., Floating Rate Note,
10/15/19 (144A) 1,393,671
1,700,000 1.06 PFS Financing Corp., Floating Rate Note,
10/15/19 (144A) 1,695,978
3,240,000 0.76 PFS Financing Corp., Floating Rate Note,
2/15/18 (144A) 3,238,053
4,145,000 0.81 PFS Financing Corp., Floating Rate Note,
2/15/19 (144A) 4,133,249
950,000 0.83 PFS Financing Corp., Floating Rate Note,
4/15/20 (144A) 944,649
1,424,260 Prestige Auto Receivables Trust 2013-1, 1.33%,
5/15/19 (144A) 1,427,370
4,141,806 Pretium Mortgage Credit Partners I 2015-NPL2 LLC,
3.75%, 5/27/30 (Step) (144A) 4,141,202
4,750,000 Progreso Receivables Funding II LLC, 3.5%,
7/8/19 (144A) 4,771,021
3,050,000 Progreso Receivables Funding III LLC, 3.625%,
1/30/25 (144A) 3,064,171
1,700,000 Progreso Receivables Funding LLC, 3.0%, 7/8/20 1,703,108
3,000,000 2.61 Progress Residential 2015-SFR1 Trust, Floating
Rate Note, 2/20/32 (144A) 2,975,325
2,972,413 0.85 Quest Trust REMICS, Floating Rate Note,
3/25/34 (144A) 2,895,894
768,566 1.14 RAAC Series 2005-RP1 Trust, Floating Rate Note,
7/25/37 (144A) 759,769
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 29
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,206,248 0.99 RAAC Series 2005-RP3 Trust, Floating Rate Note,
5/25/39 (144A) $ 1,182,516
138,085 0.49 RAAC Series 2006-RP1 Trust, Floating Rate Note,
10/25/45 (144A) 137,780
1,962,819 0.44 RAAC Series 2006-RP2 Trust, Floating Rate Note,
2/25/37 (144A) 1,937,597
761,633 1.13 RAMP Series 2004-RS11 Trust, Floating Rate Note,
11/25/34 751,227
1,094,019 0.68 RAMP Series 2004-RZ1 Trust, Floating Rate Note,
3/25/34 1,090,570
858,266 0.60 RAMP Series 2005-EFC4 Trust, Floating Rate Note,
9/25/35 857,146
357,392 0.69 RAMP Series 2005-RS6 Trust, Floating Rate Note,
6/25/35 355,289
424,371 0.59 RAMP Series 2005-RZ3 Trust, Floating Rate Note,
9/25/35 422,055
162,167 0.38 RAMP Series 2006-NC1 Trust, Floating Rate Note,
12/25/35 161,545
1,464,420 0.35 RAMP Series 2006-RZ3 Trust, Floating Rate Note,
10/25/35 1,447,065
582,675 0.97 RASC Series 2004-KS10 Trust, Floating Rate
Note, 11/25/34 582,661
85,139 0.84 RASC Series 2005-KS3 Trust, Floating Rate
Note, 4/25/35 85,149
107,511 0.92 RASC Series 2005-KS5 Trust, Floating Rate
Note, 6/25/35 107,504
2,048,512 RBSHD 2013-1 Trust, 4.6853%, 10/25/47
(Step) (144A) 2,050,731
109,925 1.09 Salomon Mortgage Loan Trust Series 2001-CB4,
Floating Rate Note, 11/25/33 108,791
920,171 0.74 SASCO Mortgage Loan Trust 2005-GEL1, Floating
Rate Note, 12/25/34 898,552
263,766 0.76 SASCO Mortgage Loan Trust 2005-GEL2, Floating
Rate Note, 4/25/35 262,025
15,080 2.67 SASCO Mortgage Pass-Through Certificates Series
2004-S4, Floating Rate Note, 12/25/34 15,079
3,269,435 0.66 Saxon Asset Securities Trust 2005-3, Floating
Rate Note, 11/25/35 3,224,020
985,497 0.43 Saxon Asset Securities Trust 2005-4, Floating
Rate Note, 11/25/37 980,582
3,778,000 2.26 Silver Bay Realty 2014-1 Trust, Floating
Rate Note, 9/18/31 (144A) 3,686,043
190,158 Small Business Administration Participation
Certificates, 0.58%, 10/17/16 (144A) 190,103
128,633 SMART ABS Series 2012-2US Trust, 1.59%,
10/14/16 (144A) 128,787
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
58,854 0.66 SMART ABS Series 2013-1US Trust, Floating Rate
Note, 9/14/16 $ 58,857
755,392 0.64 SMART ABS Series 2013-2US Trust, Floating Rate
Note, 1/17/17 755,354
2,250,000 0.63 SMART ABS Series 2015-1US Trust, Floating Rate
Note, 8/14/17 2,250,292
2,400,000 SNAAC Auto Receivables Trust 2013-1, 4.56%,
4/15/20 (144A) 2,443,831
169,853 SNAAC Auto Receivables Trust 2014-1, 1.03%,
9/17/18 (144A) 169,823
1,463,997 0.92 Soundview Home Loan Trust 2005-DO1, Floating
Rate Note, 5/25/35 1,453,070
656,886 0.46 Soundview Home Loan Trust 2005-OPT4, Floating
Rate Note, 12/25/35 645,279
329,015 0.58 Specialty Underwriting & Residential Finance Trust
Series 2005-AB2, Floating Rate Note, 6/25/36 327,284
542,247 0.52 Specialty Underwriting & Residential Finance Trust
Series 2005-AB2, Floating Rate Note, 6/25/36 539,290
250,485 0.39 Specialty Underwriting & Residential Finance Trust
Series 2006-BC1, Floating Rate Note, 12/25/36 248,878
3,640,376 0.49 Specialty Underwriting & Residential Finance Trust
Series 2006-BC1, Floating Rate Note, 12/25/36 3,530,739
756,157 Springleaf Funding Trust 2013-A, 2.58%,
9/15/21 (144A) 757,909
2,854,104 0.92 Structured Asset Investment Loan Trust 2005-6,
Floating Rate Note, 7/25/35 2,846,737
843,702 0.39 Structured Asset Investment Loan Trust 2006-1,
Floating Rate Note, 1/25/36 826,429
973,084 0.79 Structured Asset Securities Corp Mortgage Loan
Trust 2005-S7, Floating Rate Note, 12/25/35 (144A) 954,040
2,331,871 0.34 Structured Asset Securities Corp Mortgage Loan
Trust 2006-EQ1, Floating Rate Note, 7/25/36 2,271,447
1,323,064 0.41 Structured Asset Securities Corp Mortgage Loan
Trust 2006-GEL4, Floating Rate Note,
10/25/36 (144A) 1,311,362
4,034,172 0.50 Structured Asset Securities Corp Mortgage Loan
Trust 2007-TC1, Floating Rate Note, 4/25/31 (144A) 3,809,747
834,485 0.41 Structured Asset Securities Corp Trust 2005-AR1,
Floating Rate Note, 9/25/35 826,423
1,938,267 Sunset Mortgage Loan Co 2014-NPL2 LLC, 3.721%,
11/16/44 (Step) (144A) 1,936,619
4,559,977 1.51 SWAY Residential 2014-1 Trust, Floating Rate
Note, 1/20/32 (144A) 4,507,246
739,447 1.13 Terwin Mortgage Trust Series TMTS 2003-8HE,
Floating Rate Note, 12/25/34 719,473
2,610,295 0.64 Terwin Mortgage Trust Series TMTS 2005-10HE,
Floating Rate Note, 6/25/36 2,601,321
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 31
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,073,236 Toyota Auto Receivables 2014-C Owner Trust,
0.51%, 2/15/17 1,072,553
3,079,000 1.45 Trade MAPS 1, Ltd., Floating Rate Note,
12/10/18 (144A) 3,070,256
2,795,000 0.90 Trade MAPS 1, Ltd., Floating Rate Note,
12/10/18 (144A) 2,795,903
1,400,000 1.16 Trafigura Securitisation Finance Plc. 2014-1,
Floating Rate Note, 4/16/18 (144A) 1,400,444
750,501 1.90 Truman Capital Mortgage Loan Trust, Floating Rate
Note, 1/25/34 734,179
4,229,138 U.S. Residential Opportunity Fund IV Trust 2015-1,
3.7213%, 2/27/35 (144A) 4,222,752
342,567 United Auto Credit Securitization Trust 2013-1, 2.9%,
12/15/17 (144A) 343,395
2,500,000 United Auto Credit Securitization Trust 2013-1, 4.4%,
4/15/19 (144A) 2,507,310
2,500,000 United Auto Credit Securitization Trust 2015-1, 1.68%,
9/15/17 (144A) 2,507,495
3,629,559 US Residential Opportunity Fund III Trust 2015-1,
3.7213%, 1/29/35 (144A) 3,624,013
686,014 VOLT XIX LLC, 3.875%, 4/26/55 (Step) 687,486
2,307,837 VOLT XXV LLC, 3.5%, 6/26/45 (Step) (144A) 2,294,553
2,694,703 VOLT XXXI LLC, 3.375%, 2/25/55 (Step) (144A) 2,685,495
2,274,654 VOLT XXXIII LLC, 3.5%, 3/25/55 (Step) (144A) 2,265,921
2,352,288 VOLT XXXVI LLC, 3.625%, 7/25/45 (Step) (144A) 2,341,000
3,700,000 VOLT XXXVIII LLC, 3.875%, 9/25/45 (Step) (144A) 3,696,892
749,397 0.57 Wells Fargo Home Equity Asset-Backed Securities
2005-3 Trust, Floating Rate Note, 12/25/35 742,844
1,300,000 0.44 Wells Fargo Home Equity Asset-Backed Securities
2006-1 Trust REMICS, Floating Rate Note, 7/25/36 1,217,286
2,600,000 0.96 Westlake Automobile Receivables Trust 2015-2,
Floating Rate Note, 7/16/18 (144A) 2,600,387
703,991 Wheels SPV 2 LLC, 0.84%, 3/20/23 (144A) 702,435
28,929 0.48 Wilshire Mortgage Loan Trust, Floating Rate Note,
5/25/28 28,074
10,375,000 0.58 World Financial Network Credit Card Master Trust,
Floating Rate Note, 12/16/19 10,375,000
1,550,000 0.68 World Financial Network Credit Card Master Trust,
Floating Rate Note, 2/15/22 1,546,678
---------------
$ 444,000,598
---------------
Total Banks $ 444,068,357
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 7.7%
Other Diversified Financial Services -- 2.2%
2,401,979 0.41 321 Henderson Receivables I LLC, Floating Rate
Note, 6/15/41 (144A) $ 2,331,188
314,528 Ascentium Equipment Receivables 2014-1 LLC,
1.04%, 1/10/17 (144A) 314,458
1,700,000 Ascentium Equipment Receivables 2014-1 LLC,
1.58%, 10/10/18 (144A) 1,704,956
220,996 AXIS Equipment Finance Receivables II LLC,
1.75%, 6/20/16 220,796
2,886,477 BCC Funding VIII LLC, 1.794%, 6/22/20 (144A) 2,887,804
3,200,000 Capital Auto Receivables Asset Trust 2013-1,
1.74%, 10/22/18 3,212,643
1,001,000 Chase Issuance Trust, 0.54%, 10/16/17 1,000,999
2,700,000 0.35 Chase Issuance Trust, Floating Rate Note, 10/16/17 2,700,000
2,500,000 0.45 Chase Issuance Trust, Floating Rate Note, 11/15/18 2,498,502
6,480,000 0.25 Chase Issuance Trust, Floating Rate Note, 4/15/19 6,459,355
150,000 0.45 Chase Issuance Trust, Floating Rate Note, 4/15/19 149,261
3,000,000 0.42 Chase Issuance Trust, Floating Rate Note, 4/16/18 2,997,975
2,310,000 CNH Equipment Trust 2012-A, 2.09%, 8/15/18 2,317,866
855,623 CNH Equipment Trust 2013-A, 0.69%, 6/15/18 855,655
1,550,000 0.81 CNH Wholesale Master Note Trust, Floating Rate
Note, 8/15/19 (144A) 1,547,024
2,100,000 2.11 Colony American Homes 2014-2, Floating Rate
Note, 7/19/31 (144A) 2,054,501
3,125,000 Discover Card Execution Note Trust, 0.69%, 8/15/18 3,124,981
3,915,000 0.39 Discover Card Execution Note Trust, Floating Rate
Note, 10/15/18 3,915,525
1,263,808 Enterprise Fleet Financing LLC, 0.87%, 9/20/19 1,262,449
1,337,705 Enterprise Fleet Financing LLC, 0.93%,
4/20/18 (144A) 1,337,409
962,703 0.43 Fifth Third Auto Trust 2014-3, Floating Rate
Note, 5/15/17 962,756
1,726,813 FNA 2014-1 Trust, 1.296%, 12/10/22 (144A) 1,722,225
1,300,000 1.05 Gracechurch Card Funding Plc, Floating Rate
Note, 5/15/19 (144A) 1,306,280
311,241 Kubota Credit Owner Trust 2014-1, 0.58%, 2/15/17 311,097
1,606,926 0.42 Mastr Asset Backed Securities Trust 2006-AB1
REMICS, Floating Rate Note, 2/25/36 1,593,571
1,320,791 0.38 Mastr Asset Backed Securities Trust 2006-NC1,
Floating Rate Note, 1/25/36 1,309,202
3,625,869 0.49 Mastr Specialized Loan Trust, Floating Rate
Note, 1/25/36 (144A) 3,526,545
234,393 0.37 Nelnet Student Loan Trust 2005-1, Floating Rate
Note, 10/26/20 234,003
697,760 PFS Tax Lien Trust 2014-1, 1.44%, 5/15/29 697,922
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 33
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
830,709 Prestige Auto Receivables Trust 2014-1, 0.97%,
3/15/18 (144A) $ 830,121
1,900,288 Sierra Timeshare 2013-1 Receivables Funding LLC,
2.39%, 11/20/29 (144A) 1,901,402
72,917 0.41 TAL Advantage I LLC, Floating Rate Note,
4/20/21 (144A) 72,670
923,548 TAL Advantage V LLC, 1.7%, 5/20/39 (144A) 919,247
1,685,433 0.43 World Omni Auto Receivables Trust 2014-B, Floating
Rate Note, 1/16/18 1,685,278
1,919,035 0.42 World Omni Automobile Lease Securitization
Trust 2014-A, Floating Rate Note, 3/15/17 1,914,775
---------------
$ 61,880,441
---------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.5%
300,000 0.58 Ally Master Owner Trust, Floating Rate Note, 1/16/18 $ 299,972
2,600,000 0.61 Ally Master Owner Trust, Floating Rate Note, 6/17/19 2,596,355
830,158 Alterna Funding I LLC, 1.639%, 2/15/21 (144A) 827,302
237,897 1.56 Conseco Finance Corp., Floating Rate Note, 11/17/31 231,322
3,255,000 0.65 GE Dealer Floorplan Master Note Trust, Floating
Rate Note, 10/20/19 3,238,188
1,190,000 0.60 GE Dealer Floorplan Master Note Trust, Floating
Rate Note, 4/20/18 1,188,816
2,670,000 0.58 GE Dealer Floorplan Master Note Trust, Floating
Rate Note, 7/22/19 2,651,112
1,422,964 NYCTL 2014-A Trust, 1.03%, 11/10/27 (144A) 1,421,851
---------------
$ 12,454,918
---------------------------------------------------------------------------------------------------------
Consumer Finance -- 3.9%
288,097 0.42 Ally Auto Receivables Trust 2014-SN1, Floating
Rate Note, 10/20/16 $ 288,058
1,889,783 0.60 Ally Auto Receivables Trust 2015-SN1, Floating
Rate Note, 6/20/17 1,889,932
103,939 American Credit Acceptance Receivables Trust
2013-1, 1.45%, 4/16/18 (144A) 103,940
3,600,000 American Credit Acceptance Receivables Trust
2013-1, 4.94%, 6/15/20 (144A) 3,648,362
157,114 American Credit Acceptance Receivables Trust
2014-1, 1.14%, 3/12/18 (144A) 157,098
356,251 American Credit Acceptance Receivables Trust
2014-2, 0.99%, 10/10/17 (144A) 356,111
385,552 American Credit Acceptance Receivables Trust
2014-3, 0.99%, 8/10/18 (144A) 385,219
990,775 American Credit Acceptance Receivables Trust
2014-4, 1.33%, 7/10/18 (144A) 990,408
350,000 0.47 American Express Credit Account Master Trust,
Floating Rate Note, 1/15/20 350,148
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
3,300,000 0.49 American Express Credit Account Master Trust,
Floating Rate Note, 5/15/20 $ 3,293,304
991,695 AmeriCredit Automobile Receivables Trust 2012-1,
2.67%, 1/8/18 995,343
152,706 AmeriCredit Automobile Receivables Trust 2013-2,
0.65%, 12/8/17 152,720
438,623 0.48 AmeriCredit Automobile Receivables Trust 2014-2,
Floating Rate Note, 10/10/17 438,472
2,000,000 0.49 BA Credit Card Trust, Floating Rate Note, 1/15/20 1,998,846
6,400,000 0.47 BA Credit Card Trust, Floating Rate Note, 9/16/19 6,396,288
2,350,000 0.73 Cabela's Credit Card Master Note Trust, Floating
Rate Note, 2/18/20 (144A) 2,351,276
1,600,000 0.55 Cabela's Credit Card Master Note Trust, Floating
Rate Note, 3/16/20 1,597,304
3,630,000 0.80 Cabela's Credit Card Master Note Trust, Floating
Rate Note, 6/17/19 (144A) 3,635,158
75,574 California Republic Auto Receivables Trust 2012-1,
1.18%, 8/15/17 (144A) 75,585
154,312 California Republic Auto Receivables Trust 2013-1,
1.41%, 9/17/18 (144A) 154,743
3,400,000 0.28 Capital One Multi-Asset Execution Trust, Floating
Rate Note, 12/16/19 3,389,613
1,950,000 0.38 Capital One Multi-Asset Execution Trust, Floating
Rate Note, 2/15/19 1,949,846
5,470,000 0.29 Capital One Multi-Asset Execution Trust, Floating
Rate Note, 6/17/19 5,455,937
6,945,000 0.29 Capital One Multi-Asset Execution Trust, Floating
Rate Note, 8/15/18 6,944,306
4,600,000 0.66 CarMax Auto Owner Trust 2015-3, Floating Rate
Note, 11/15/18 4,596,587
18,313 0.93 Chase Funding Trust Series 2002-4, Floating Rate
Note, 10/25/32 16,991
6,300,000 0.25 Chase Issuance Trust, Floating Rate Note, 3/15/19 6,276,306
1,650,000 Citibank Credit Card Issuance Trust, 5.1%, 11/20/17 1,659,877
3,490,000 0.51 Citibank Credit Card Issuance Trust, Floating Rate
Note, 11/7/18 3,488,621
9,931,000 0.43 Citibank Credit Card Issuance Trust, Floating Rate
Note, 2/7/18 9,931,000
5,495,000 0.40 Citibank Credit Card Issuance Trust, Floating Rate
Note, 5/9/18 5,493,906
259,100 CPS Auto Receivables Trust 2013-B, 1.82%,
9/15/20 (144A) 258,171
282,775 CPS Auto Receivables Trust 2014-A, 1.21%, 8/15/18 282,189
1,565,720 CPS Auto Receivables Trust 2014-C, 1.31%,
2/15/19 (144A) 1,556,254
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 35
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
267,158 CPS Auto Trust, 1.48%, 3/16/20 (144A) $ 266,720
330,274 CPS Auto Trust, 1.82%, 12/16/19 (144A) 329,781
330,000 Credit Acceptance Auto Loan Trust 2013-2, 1.5%,
4/15/21 (144A) 330,244
1,200,160 Dell Equipment Finance Trust 2014-1, 0.64%,
7/22/16 (144A) 1,199,410
5,059 First Investors Auto Owner Trust 2012-2, 1.47%,
5/15/18 (144A) 5,062
1,775,000 First Investors Auto Owner Trust 2013-1, 2.53%,
1/15/20 (144A) 1,772,309
1,022,475 First Investors Auto Owner Trust 2013-2, 1.23%,
3/15/19 (144A) 1,022,647
1,060,656 First Investors Auto Owner Trust 2014-2, 0.86%,
8/15/18 (144A) 1,059,855
1,392,326 First Investors Auto Owner Trust 2014-3, 1.06%,
11/15/18 (144A) 1,392,069
4,400,000 1.04 First National Master Note Trust, Floating Rate
Note, 9/15/20 4,400,080
1,093,932 0.37 Ford Credit Auto Lease Trust 2014-B, Floating Rate
Note, 3/15/17 1,093,675
2,305,110 0.46 Ford Credit Auto Owner Trust 2015-A, Floating Rate
Note, 1/15/18 2,303,883
350,000 0.59 Ford Credit Floorplan Master Owner Trust A, Floating
Rate Note, 1/15/18 349,927
900,000 0.61 Ford Credit Floorplan Master Owner Trust A, Floating
Rate Note, 2/15/19 898,024
4,300,000 0.45 Golden Credit Card Trust, Floating Rate Note,
2/15/18 (144A) 4,299,170
990,000 0.63 Golden Credit Card Trust, Floating Rate Note,
9/15/18 (144A) 990,514
286,172 Honda Auto Receivables 2012-4 Owner Trust,
0.52%, 8/18/16 286,120
66,736 Honda Auto Receivables 2013-1 Owner Trust,
0.48%, 11/21/16 66,720
359,040 Honda Auto Receivables 2013-2 Owner Trust,
0.53%, 2/16/17 358,885
417,938 Honda Auto Receivables 2014-1 Owner Trust,
0.41%, 9/21/16 417,820
225,794 Hyundai Auto Receivables Trust 2012-A, 0.95%,
12/15/16 225,809
18,067 Hyundai Auto Receivables Trust 2014-B, 0.44%,
2/15/17 18,062
1,825,000 0.63 Master Credit Card Trust II, Floating Rate Note,
1/22/18 (144A) 1,825,827
39,603 0.38 Mercedes Benz Auto Lease Trust 2014-A, Floating
Rate Note, 6/15/16 39,602
The accompanying notes are an integral part of these financial statements.
36 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
655,039 Nissan Auto Receivables 2013-A Owner Trust,
0.5%, 5/15/17 $ 654,776
782,987 Volkswagen Auto Lease Trust 2014-A, 0.52%,
10/20/16 782,732
202,846 0.43 Volkswagen Auto Lease Trust 2014-A, Floating Rate
Note, 10/20/16 202,382
538,652 Volvo Financial Equipment LLC Series 2013-1,
0.74%, 3/15/17 (144A) 538,664
350,659 Volvo Financial Equipment LLC Series 2014-1,
0.54%, 11/15/16 (144A) 350,597
---------------
$ 108,039,285
---------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.6%
566,565 0.75 Accredited Mortgage Loan Trust 2005-1, Floating Rate
Note, 4/25/35 $ 562,738
4,702,608 Engs Commercial Finance Trust 2015-1, 0.7%,
8/22/16 (144A) 4,702,622
595,563 Horizon Funding Trust 2013-1, 3.0%, 5/15/18 (144A) 597,424
349,465 Navitas Equipment Receivables LLC 2013-1, 1.95%,
11/15/16 349,483
5,024,700 Newstar Commercial Lease Funding 2015-1 LLC,
3.27%, 4/15/19 (144A) 5,013,741
1,957,866 RMAT 2015-1 LLC, 4.09%, 7/27/20 (Step) (144A) 1,959,108
3,700,828 VOLT XXXVII LLC, 3.625%, 7/25/45 (Step) (144A) 3,693,552
---------------
$ 16,878,668
---------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.5%
235,996 0.95 Chesapeake Funding LLC, Floating Rate Note,
11/7/23 (144A) $ 235,996
250,000 2.20 Chesapeake Funding LLC, Floating Rate Note,
11/7/23 (144A) 250,200
2,700,000 0.70 Chesapeake Funding LLC, Floating Rate Note,
2/7/27 (144A) 2,680,668
1,000,000 1.95 Chesapeake Funding LLC, Floating Rate Note,
2/7/27 (144A) 1,001,569
2,047,901 0.62 Chesapeake Funding LLC, Floating Rate Note, 3/7/26 2,041,647
600,081 1.45 Chesapeake Funding LLC, Floating Rate Note,
4/7/24 (144A) 601,376
675,595 0.65 Chesapeake Funding LLC, Floating Rate Note,
5/7/24 (144A) 675,181
3,534,000 2.05 Chesapeake Funding LLC, Floating Rate Note,
5/7/24 (144A) 3,536,029
1,709,252 Westlake Automobile Receivables Trust 2014-1,
0.7%, 5/15/17 (144A) 1,708,654
---------------
$ 12,731,320
---------------
Total Diversified Financials $ 211,984,632
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 37
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Real Estate Services -- 0.0%+
412,446 0.38 HSI Asset Securitization Corp. Trust 2006-OPT1,
Floating Rate Note, 12/25/35 $ 405,250
---------------
Total Real Estate $ 405,250
---------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.2%
Government -- 0.2%
2,685,214 2.19 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 10/25/23 $ 2,709,977
610,435 Federal Home Loan Banks, 2.9%, 4/20/17 625,865
1,355,642 1.64 Freddie Mac Structured Agency Credit Risk Debt Notes,
Floating Rate Note, 11/25/23 1,357,098
421,094 0.84 Fremont Home Loan Trust 2005-B, Floating Rate
Note, 4/25/35 420,357
---------------
$ 5,113,297
---------------
Total Government $ 5,113,297
---------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $680,704,525) $ 680,766,836
---------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 28.1%
ENERGY -- 0.1%
Oil & Gas Exploration & Production -- 0.1%
3,535,061 0.55 Four Corners CLO III, Ltd., Floating Rate Note,
7/22/20 (144A) $ 3,504,350
---------------
Total Energy $ 3,504,350
---------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.0%+
Trucking -- 0.0%+
613,025 0.75 Hertz Fleet Lease Funding LP, Floating Rate Note,
12/10/27 (144A) $ 613,025
500,000 1.25 Hertz Fleet Lease Funding LP, Floating Rate Note,
12/10/27 (144A) 499,802
---------------
$ 1,112,827
---------------
Total Transportation $ 1,112,827
---------------------------------------------------------------------------------------------------------
BANKS -- 21.4%
Thrifts & Mortgage Finance -- 21.4%
276,997 A10 Securitization 2013-1 LLC, 2.4%,
11/17/25 (144A) $ 277,876
3,209,653 0.95 Aberdeen Loan Funding, Ltd., Floating Rate Note,
11/1/18 (144A) 3,181,741
1,750,000 1.95 Aberdeen Loan Funding, Ltd., Floating Rate Note,
11/1/18 (144A) 1,745,119
2,256,444 0.50 ACAS CLO 2007-1, Ltd., Floating Rate Note,
4/20/21 (144A) 2,249,873
The accompanying notes are an integral part of these financial statements.
38 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,500,000 1.65 ACRE Commercial Mortgage Trust 2014-FL2, Floating
Rate Note, 8/15/31 (144A) $ 2,500,602
3,282,334 1.20 ACRE Commercial Mortgage Trust 2014-FL2, Floating
Rate Note, 8/15/31 (144A) 3,262,263
1,030,751 0.47 Adjustable Rate Mortgage Trust 2005-5, Floating
Rate Note, 9/25/35 967,334
480,321 0.82 Alternative Loan Trust 2003-3T1, Floating Rate
Note, 5/25/33 473,847
86,189 Alternative Loan Trust 2004-4CB, 4.25%, 4/25/34 86,282
2,068,274 0.77 Alternative Loan Trust 2004-6CB, Floating Rate
Note, 4/25/34 2,003,018
1,000,000 1.09 Alternative Loan Trust 2004-J13, Floating Rate
Note, 2/25/35 972,907
3,000,000 1.59 Apidos CLO IX, Floating Rate Note, 7/17/23 (144A) 2,993,221
5,000,000 1.96 Arbor Realty Collateralized Loan Obligation 2015-FL1,
Ltd., Floating Rate Note, 3/15/25 (144A) 5,000,000
1,223,070 1.72 Arran Residential Mortgages Funding 2010-1 Plc,
Floating Rate Note, 5/16/47 (144A) 1,224,793
1,925,976 0.48 ASG Resecuritization Trust 2010-3, Floating Rate
Note, 12/29/45 (144A) 1,852,808
3,613,000 2.41 BAMLL Commercial Mortgage Securities Trust
2014-FL1, Floating Rate Note, 12/17/31 (144A) 3,610,785
1,920,000 1.31 BAMLL Commercial Mortgage Securities Trust
2014-ICTS, Floating Rate Note, 6/15/28 (144A) (e) 1,914,104
3,490,000 2.81 BAMLL Commercial Mortgage Securities Trust
2014-INLD REMICS, Floating Rate Note,
12/17/29 (144A) 3,486,287
7,000,000 2.44 BAMLL Re-REMIC Trust 2014-FRR7, Floating Rate
Note, 10/26/44 (144A) 6,894,594
882,607 5.37 Banc of America Commercial Mortgage Trust 2006-1,
Floating Rate Note, 9/10/45 883,376
3,590,000 5.46 Banc of America Commercial Mortgage Trust 2006-1,
Floating Rate Note, 9/10/45 3,616,451
1,941,555 0.53 Banc of America Funding 2005-A Trust, Floating Rate
Note, 2/20/35 1,877,270
1,201,520 5.32 Banc of America Merrill Lynch Commercial Mortgage,
Inc., Floating Rate Note, 9/10/47 1,200,266
100,807 3.14 Banc of America Mortgage 2003-A Trust, Floating
Rate Note, 2/25/33 99,810
325,506 2.75 Banc of America Mortgage 2003-F Trust, Floating
Rate Note, 7/25/33 327,910
1,468,788 2.73 Banc of America Mortgage 2004-D Trust, Floating
Rate Note, 5/25/34 1,474,659
379,746 2.55 Banc of America Mortgage 2004-I Trust, Floating
Rate Note, 10/25/34 371,260
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 39
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
331,897 1.19 Bayview Commercial Asset Trust 2008-1, Floating
Rate Note, 1/25/38 (144A) $ 331,503
3,971,802 1.81 BBCMS Trust 2014-BXO REMICS, Floating Rate
Note, 8/16/27 (144A) 3,933,879
3,150,000 2.21 BBCMS Trust 2015-SLP, Floating Rate Note,
2/15/28 (144A) 3,111,472
1,596,852 2.97 BCAP LLC 2009-RR13-I Trust, Floating Rate Note,
9/26/35 (144A) 1,628,297
681,728 2.55 BCAP LLC 2013-RR3 Trust, Floating Rate Note,
5/28/36 (144A) 687,434
937,306 2.98 BCAP LLC 2013-RR7 Trust, Floating Rate Note,
12/27/34 964,490
987,538 1.03 Bear Stearns ALT-A Trust 2004-11, Floating Rate
Note, 11/25/34 966,660
1,762,504 0.89 Bear Stearns ALT-A Trust 2004-12, Floating Rate
Note, 1/25/35 1,719,460
1,116,898 1.03 Bear Stearns ALT-A Trust 2004-12, Floating Rate
Note, 1/25/35 1,056,718
2,833,387 1.03 Bear Stearns ALT-A Trust 2004-12, Floating Rate
Note, 1/25/35 2,692,293
2,815,604 0.89 Bear Stearns ALT-A Trust 2004-12, Floating Rate
Note, 1/25/35 2,747,281
519,710 0.93 Bear Stearns ALT-A Trust 2004-13, Floating Rate
Note, 11/25/34 512,230
2,406,636 0.79 Bear Stearns ALT-A Trust 2004-4, Floating Rate
Note, 6/25/34 2,304,111
1,107,147 2.59 Bear Stearns ARM Trust 2003-3, Floating Rate
Note, 5/25/33 1,111,614
324,016 2.92 Bear Stearns ARM Trust 2004-3, Floating Rate
Note, 7/25/34 314,677
478,037 2.38 Bear Stearns ARM Trust 2005-5, Floating Rate
Note, 8/25/35 482,760
241,123 1.29 Bear Stearns Asset Backed Securities Trust 2003-AC5,
Floating Rate Note, 10/25/33 223,767
1,262,624 5.40 Bear Stearns Commercial Mortgage Securities
Trust 2005-PWR10, Floating Rate Note, 12/11/40 1,262,659
755,160 4.99 Bear Stearns Commercial Mortgage Securities
Trust 2005-PWR9, Floating Rate Note, 9/11/42 756,072
2,949,769 5.60 Bear Stearns Commercial Mortgage Securities
Trust 2006-PWR11, Floating Rate Note, 3/11/39 2,972,857
2,774,753 5.89 Bear Stearns Commercial Mortgage Securities
Trust 2006-PWR12, Floating Rate Note, 9/11/38 2,824,551
381,746 2.74 Bear Stearns Mortgage Securities, Inc., Floating
Rate Note, 6/25/30 390,139
2,957,456 2.69 Bellemeade Re, Ltd., Floating Rate Note,
7/25/25 (144A) 2,955,608
The accompanying notes are an integral part of these financial statements.
40 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
150,000 1.56 BLCP Hotel Trust, Floating Rate Note,
8/15/29 (144A) $ 147,979
1,375,000 1.96 Boca Hotel Portfolio Trust 2013-BOCA, Floating
Rate Note, 8/17/26 (144A) 1,372,027
3,823,000 3.06 BXHTL 2015-JWRZ Mortgage Trust, Floating Rate
Note, 5/15/29 (144A) 3,780,760
2,794,054 0.55 Callidus Debt Partners Clo Fund VI, Ltd., Floating
Rate Note, 10/23/21 (144A) 2,736,086
3,300,000 2.06 Carefree Portfolio Trust 2014-CARE, Floating
Rate Note, 11/15/29 (144A) 3,316,903
4,900,000 2.71 CDGJ Commercial Mortgage Trust 2014-BXCH,
Floating Rate Note, 12/15/27 (144A) 4,869,860
4,500,000 2.35 CFCRE 2015-RUM Mortgage Trust, Floating Rate
Note, 7/15/30 (144A) 4,426,866
1,050,000 1.41 CGBAM Commercial Mortgage Trust 2014-HD,
Floating Rate Note, 2/18/31 (144A) 1,042,797
5,670,000 1.16 CG-CCRE Commercial Mortgage Trust 2014-FL1,
Floating Rate Note, 6/16/31 (144A) 5,645,829
6,770,000 2.11 CGWF Commercial Mortgage Trust 2013-RKWH
REMICS, Floating Rate Note, 11/15/30 (144A) 6,768,010
118,138 Chase Mortgage Finance Trust Series 2005-S1,
5.5%, 5/25/35 118,755
110,299 0.52 Chevy Chase Funding LLC Mortgage-Backed
Certificates Series 2004-1, Floating Rate Note,
1/25/35 (144A) 100,072
50,355 0.49 Chevy Chase Funding LLC Mortgage-Backed
Certificates Series 2004-3, Floating Rate Note,
8/25/35 (144A) 46,371
657,856 0.69 CHL Mortgage Pass-Through Trust 2003-15 REMICS,
Floating Rate Note, 6/25/18 642,130
169,799 0.57 CIFC Funding 2007-I, Ltd., Floating Rate Note,
5/10/21 (144A) 167,587
6,492 Citicorp Mortgage Securities REMIC Pass-Through
Certificates Trust Series 2005-4, 5.0%, 7/25/20 6,710
1,124,754 Citicorp Mortgage Securities REMIC Pass-Through
Certificates Trust Series 2005-7, 5.0%, 10/25/35 1,149,454
4,900,000 5.97 Citigroup Commercial Mortgage Trust 2006-C4,
Floating Rate Note, 3/17/49 4,978,679
3,000,000 2.31 Citigroup Commercial Mortgage Trust 2015-SSHP
REMICS, Floating Rate Note, 9/15/27 (144A) 3,001,437
1,759,359 Citigroup Mortgage Loan Trust 2010-4 REMICS,
5.0%, 10/25/35 (144A) 1,826,078
110,813 1.20 Citigroup Mortgage Loan Trust 2010-7 REMICS,
Floating Rate Note, 9/25/37 (144A) 110,735
2,022 Citigroup Mortgage Loan Trust, Inc., 6.5%, 6/25/16 2,019
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 41
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
950,000 4.65 City Center Trust 2011-CCHP, Floating Rate Note,
7/17/28 (144A) $ 957,484
1,311,961 0.79 CNL Commercial Mortgage Loan Trust 2002-1, Floating
Rate Note, 10/25/28 (144A) 1,259,483
4,500,000 2.10 Colony Mortgage Capital Series 2015-FL3, Ltd., Floating
Rate Note, 9/5/32 (144A) 4,500,000
2,956,529 5.95 COMM 2006-C7 Mortgage Trust, Floating Rate
Note, 6/10/46 3,000,135
4,970,000 2.36 COMM 2014-FL5 Mortgage Trust, Floating Rate
Note, 10/17/31 (144A) 4,943,475
5,740,000 1.84 COMM 2014-KYO Mortgage Trust, Floating Rate
Note, 6/11/27 (144A) 5,670,121
2,300,000 1.01 COMM 2014-PAT Mortgage Trust REMICS, Floating
Rate Note, 8/13/27 (144A) 2,277,046
2,722,000 1.80 COMM 2014-PAT Mortgage Trust, Floating Rate
Note, 8/13/27 (144A) 2,671,866
5,454,000 1.96 COMM 2014-SAVA Mortgage Trust, Floating Rate
Note, 6/15/34 (144A) 5,425,852
7,340,000 1.81 COMM 2014-TWC Mortgage Trust, Floating Rate
Note, 2/13/32 (144A) 7,319,499
697,463 2.14 Commercial Mortgage Pass Through Certificates,
Floating Rate Note, 11/19/26 (144A) 696,206
3,500,000 1.80 Commercial Mortgage Pass Through Certificates,
Floating Rate Note, 11/19/26 (144A) 3,497,392
2,533,631 5.28 Commercial Mortgage Trust 2005-GG5, Floating
Rate Note, 4/10/37 2,532,866
4,500,000 2.73 Cratos CLO, Ltd., Floating Rate Note, 5/19/21 (144A) 4,488,813
3,450,988 5.61 Credit Suisse Commercial Mortgage Trust Series
2006-C1, Floating Rate Note, 2/15/39 3,454,881
1,907,194 5.86 Credit Suisse Commercial Mortgage Trust Series
2006-C2, Floating Rate Note, 3/15/39 1,930,468
4,434,000 6.01 Credit Suisse Commercial Mortgage Trust Series
2006-C3 REMICS, Floating Rate Note, 6/15/38 4,548,951
352,836 0.93 Credit Suisse First Boston Mortgage Securities Corp.,
Floating Rate Note, 6/25/34 342,174
1,539,893 0.46 Credit Suisse First Boston Mortgage Securities, 05-6,
Floating Rate Note, 7/25/35 1,504,394
841,173 2.80 Credit Suisse Mortgage Capital Certificates REMICS,
Floating Rate Note, 7/27/36 (144A) 850,618
3,624,899 1.78 Crown Point CLO, Ltd., Floating Rate Note,
11/21/22 (144A) 3,610,743
2,300,000 2.46 CSMC 2015-TWNI Trust, Floating Rate Note,
3/15/28 (144A) 2,280,673
6,470,000 1.45 CSMC Series 2014-ICE, Floating Rate Note,
4/15/27 (144A) 6,439,313
The accompanying notes are an integral part of these financial statements.
42 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,500,000 2.06 CSMC Trust 2015-DEAL, Floating Rate Note,
4/16/29 (144A) $ 3,467,226
3,750,000 3.06 CSMC Trust 2015-SAND, Floating Rate Note,
8/15/30 (144A) 3,750,360
1,460,000 1.51 Del Coronado Trust 2013-DEL, Floating Rate Note,
3/16/26 (144A) 1,455,912
1,850,000 1.80 EQTY 2014-INNS Mortgage Trust REMICS, Floating
Rate Note, 5/8/31 (144A) 1,822,862
3,530,000 1.40 EQTY 2014-INNS Mortgage Trust, Floating Rate
Note, 5/8/31 (144A) 3,492,554
139,391 1.30 Extended Stay America Trust 2013-ESH, Floating Rate
Note, 12/5/31 (144A) 138,783
785,627 2.71 First Horizon Mortgage Pass-Through Trust 2003-AR3,
Floating Rate Note, 9/25/33 786,682
1,750,000 0.74 Fore CLO, Ltd., Floating Rate Note, 7/20/19 (144A) 1,732,434
2,555,760 Freddie Mac, 4.0%, 12/15/23 2,601,828
7,251,735 4.20 FREMF Mortgage Trust 2014-KF05 REMICS, Floating
Rate Note, 9/25/21 (144A) 7,255,715
3,750,000 1.69 Gale Force 3 Clo, Ltd., Floating Rate Note,
4/19/21 (144A) 3,554,716
690,115 Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 666,944
371,436 0.51 Global Mortgage Securitization, Ltd., Floating Rate
Note, 11/25/32 (144A) 361,488
3,570,630 0.46 Global Mortgage Securitization, Ltd., Floating Rate
Note, 4/25/32 3,419,250
3,764,123 5.23 GMAC Commercial Mortgage Securities Inc Series
2006-C1 Trust, Floating Rate Note, 11/10/45 3,770,537
3,500,000 3.05 Goldman Sachs Asset Management CLO Plc, Floating
Rate Note, 8/1/22 (144A) 3,484,348
3,350,000 1.51 GP Portfolio Trust 2014-GGP, Floating Rate Note,
2/16/27 (144A) 3,314,406
2,072,134 5.55 GS Mortgage Securities Trust 2006-GG6 REMICS,
Floating Rate Note, 4/10/38 2,072,215
2,000,000 1.96 GS Mortgage Securities Trust 2014-GSFL, Floating
Rate Note, 7/15/31 (144A) 1,989,728
1,179,189 0.97 GSAA Home Equity Trust 2004-6, Floating Rate
Note, 6/25/34 1,144,807
246,040 0.93 GSAA Home Equity Trust 2004-8, Floating Rate
Note, 9/25/34 242,462
678,794 2.72 HarborView Mortgage Loan Trust 2004-1, Floating
Rate Note, 4/19/34 677,397
248,553 1.32 HarborView Mortgage Loan Trust 2004-4, Floating
Rate Note, 6/19/34 240,176
1,421,425 1.29 Homestar Mortgage Acceptance Corp. REMICS,
Floating Rate Note, 9/25/34 1,407,924
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 43
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
4,009,668 0.83 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 3/25/34 $ 3,845,172
739,019 0.89 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 6/25/34 727,886
1,498,713 0.64 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 7/25/34 1,486,373
1,545,624 0.77 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 7/25/34 1,539,602
2,480,000 1.91 Hyatt Hotel Portfolio Trust 2015-HYT, Floating Rate
Note, 11/15/29 (144A) 2,487,641
479,904 1.10 Impac CMB Trust Series 2003-8, Floating Rate
Note, 10/25/33 462,277
1,932,608 0.84 Impac CMB Trust Series 2004-4, Floating Rate
Note, 9/25/34 1,846,537
1,684,431 0.82 Impac CMB Trust Series 2004-4, Floating Rate
Note, 9/25/34 1,609,893
474,259 1.04 Impac CMB Trust Series 2004-5, Floating Rate
Note, 8/25/34 465,549
481,353 0.99 Impac CMB Trust Series 2004-6, Floating Rate
Note, 10/25/34 458,740
1,599,513 1.02 Impac CMB Trust Series 2004-8, Floating Rate
Note, 8/25/34 1,542,223
233,276 2.82 Impac CMB Trust Series 2004-8, Floating Rate
Note, 8/25/34 223,933
816,001 0.55 Impac Secured Assets Trust 2006-2, Floating Rate
Note, 8/25/36 796,456
763,799 0.40 Impac Secured Assets Trust 2006-5, Floating Rate
Note, 12/25/36 722,426
111,750 6.45 JP Morgan Chase Commercial Mortgage Securities
Corp. Pass-Through Certificates Series 2002 CIBC4,
Floating Rate Note, 5/12/34 115,000
222,600 4.84 JP Morgan Chase Commercial Mortgage Securities
Trust 2004-LN2, Floating Rate Note, 7/15/41 221,778
2,808,513 5.04 JP Morgan Chase Commercial Mortgage Securities
Trust 2005-LDP4, Floating Rate Note, 10/15/42 2,807,797
1,525,646 0.49 JP Morgan Chase Commercial Mortgage Securities
Trust 2006-FL2, Floating Rate Note, 11/15/18 (144A) 1,495,545
167,333 0.57 JP Morgan Chase Commercial Mortgage Securities
Trust 2006-FL2, Floating Rate Note, 11/15/18 (144A) 160,146
3,512,000 5.56 JP Morgan Chase Commercial Mortgage Securities
Trust 2006-LDP6, Floating Rate Note, 4/15/43 3,542,438
71,491 0.36 JP Morgan Chase Commercial Mortgage Securities
Trust 2006-LDP9, Floating Rate Note, 5/15/47 70,848
5,876,568 JP Morgan Chase Commercial Mortgage Securities
Trust 2007-CIBC18, 5.44%, 6/12/47 6,087,455
The accompanying notes are an integral part of these financial statements.
44 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
5,600,000 1.46 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-BXH, Floating Rate Note, 4/15/27 (144A) $ 5,591,454
4,280,000 1.61 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-CBM, Floating Rate Note,
10/15/29 (144A) 4,241,493
3,470,000 2.16 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-CBM, Floating Rate Note,
10/15/29 (144A) 3,436,469
3,510,000 1.70 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FBLU REMICS, Floating Rate Note,
12/15/28 (144A) 3,508,800
2,910,000 2.20 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FBLU, Floating Rate Note,
12/15/28 (144A) 2,911,406
1,700,000 1.96 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL4, Floating Rate Note, 12/16/30 (144A) 1,697,618
2,500,000 2.31 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL5 REMICS, Floating Rate Note,
7/15/31 (144A) 2,487,478
4,240,000 1.61 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL6, Floating Rate Note, 11/17/31 (144A) 4,221,654
3,750,000 1.13 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-INN, Floating Rate Note, 6/15/29 (144A) 3,723,045
3,500,000 1.91 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-INN, Floating Rate Note, 6/15/29 (144A) 3,484,159
3,770,000 1.81 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-PHH, Floating Rate Note, 8/16/27 (144A) 3,765,084
4,000,000 2.46 JP Morgan Chase Commercial Mortgage Securities
Trust 2015-COSMO, Floating Rate Note,
1/15/32 (144A) 3,971,296
3,600,000 2.01 JP Morgan Chase Commercial Mortgage Securities
Trust 2015-FL7, Floating Rate Note, 5/15/28 3,552,793
4,500,000 2.94 JP Morgan Chase Commercial Mortgage Securities
Trust 2015-SGP, Floating Rate Note, 7/15/36 (144A) 4,500,000
5,900,278 0.69 JP Morgan Seasoned Mortgage Trust 2014-1,
Floating Rate Note, 5/25/33 (144A) 5,631,530
3,687,713 1.73 Lanark Master Issuer Plc, Floating Rate Note,
12/22/54 (144A) 3,700,799
1,059,967 0.83 Lanark Master Issuer Plc, Floating Rate Note,
12/22/54 (144A) 1,060,438
80,144 LB-UBS Commercial Mortgage Trust 2004-C1,
4.568%, 1/15/31 80,895
2,048,302 LB-UBS Commercial Mortgage Trust 2006-C1
REMICS, 5.156%, 2/15/31 2,051,429
3,800,000 6.05 LB-UBS Commercial Mortgage Trust 2006-C4,
Floating Rate Note, 6/15/38 3,882,908
463,320 1.55 LCM X LP, Floating Rate Note, 4/15/22 (144A) 462,881
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 45
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
804,370 1.15 Lehman Brothers Small Balance Commercial
Mortgage Trust 2007-3 Class 1A4, Floating Rate
Note, 10/25/37 (144A) $ 800,356
1,213,249 1.25 Lehman Brothers Small Balance Commercial
Mortgage Trust 2007-3, Floating Rate Note,
10/25/37 (144A) 1,207,861
770,347 0.42 Lehman Brothers Small Balance Commercial,
Floating Rate Note, 4/25/31 (144A) 732,522
2,021,839 0.43 Lehman Brothers Small Balance Commercial,
Floating Rate Note, 4/25/31 (144A) 1,929,263
2,190,928 0.90 Lehman XS Trust Series 2005-2, Floating Rate
Note, 8/25/35 2,075,438
7,319,332 2.20 LSTAR Securities Investment Trust 2014-2, Floating
Rate Note, 11/1/19 (144A) 7,282,707
3,461,166 2.20 LSTAR Securities Investment Trust 2015-5, Floating
Rate Note, 4/1/20 (144A) 3,450,751
4,130,442 2.19 LSTAR Securities Investment Trust 2015-7, Floating
Rate Note, 7/1/20 (144A) 4,073,087
2,884,471 2.20 LSTAR Securities Investment Trust 2015-8, Floating
Rate Note, 8/1/20 (144A) 2,849,924
701,901 2.24 MASTR Adjustable Rate Mortgages Trust 2003-3,
Floating Rate Note, 9/25/33 703,924
1,330,601 0.54 MASTR Alternative Loan Trust 2005-1, Floating
Rate Note, 2/25/35 1,304,842
141,042 0.60 MASTR Asset Securitization Trust 2003-6, Floating
Rate Note, 7/25/18 136,923
1,101,332 0.65 Mellon Residential Funding Corp. Mortgage
Pass-Through Trust Series 2000-TBC3, Floating
Rate Note, 12/15/30 1,050,195
1,070,281 2.55 Merrill Lynch Mortgage Investors Trust Series 2005-A9,
Floating Rate Note, 12/25/35 1,063,283
1,422,103 1.35 Merrill Lynch Mortgage Investors Trust Series
MLCC 2003-A, Floating Rate Note, 3/25/28 1,326,754
1,393,156 0.87 Merrill Lynch Mortgage Investors Trust Series
MLCC 2003-B, Floating Rate Note, 4/25/28 1,348,221
1,813,931 0.85 Merrill Lynch Mortgage Investors Trust Series
MLCC 2003-C REMICS, Floating Rate Note, 6/25/28 1,724,854
1,309,592 1.14 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-C, Floating Rate Note, 6/25/28 1,290,925
1,592,488 0.81 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-E, Floating Rate Note, 10/25/28 1,520,532
731,878 0.83 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-G, Floating Rate Note, 1/25/29 700,674
190,092 1.86 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-G, Floating Rate Note, 1/25/29 189,222
1,271,228 0.83 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-H, Floating Rate Note, 1/25/29 1,251,939
The accompanying notes are an integral part of these financial statements.
46 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,773,393 0.65 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-A REMICS, Floating Rate Note, 4/25/29 $ 1,702,195
371,246 0.96 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-B, Floating Rate Note, 5/25/29 360,659
2,061,464 0.75 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-C, Floating Rate Note, 7/25/29 1,922,233
111,766 1.44 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-C, Floating Rate Note, 7/25/29 106,996
689,850 2.10 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-D, Floating Rate Note, 9/25/29 689,816
2,442,852 1.25 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-E, Floating Rate Note, 11/25/29 2,359,054
2,336,177 0.75 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-G, Floating Rate Note, 1/25/30 2,199,179
1,111,846 1.04 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-G, Floating Rate Note, 1/25/30 1,080,953
2,142,108 0.65 Merrill Lynch Mortgage Investors Trust Series MLCC
2005-A, Floating Rate Note, 3/25/30 2,080,704
2,118,318 5.29 Merrill Lynch Mortgage Trust 2005-LC1, Floating Rate
Note, 1/12/44 2,117,770
6,475,000 5.78 Merrill Lynch Mortgage Trust 2006-C2, Floating Rate
Note, 8/12/43 6,667,573
5,410,000 6.03 Merrill Lynch Mortgage Trust 2007-C1, Floating Rate
Note, 6/12/50 5,641,326
3,700,000 6.07 ML-CFC Commercial Mortgage Trust 2006-2, Floating
Rate Note, 6/12/46 3,776,527
3,200,000 5.79 Morgan Stanley Capital I Trust 2006-HQ9, Floating
Rate Note, 7/12/44 3,281,059
137,820 5.16 Morgan Stanley Capital I Trust 2006-TOP21, Floating
Rate Note, 10/12/52 137,672
2,145,094 6.01 Morgan Stanley Capital I Trust 2006-TOP23, Floating
Rate Note, 8/12/41 2,187,367
1,591,178 5.51 Morgan Stanley Capital I Trust 2007-TOP25, Floating
Rate Note, 11/12/49 1,651,268
3,860,000 1.96 Morgan Stanley Capital I Trust 2015-XLF1, Floating
Rate Note, 8/14/31 (144A) 3,840,673
2,870,000 2.41 Morgan Stanley Capital I Trust 2015-XLF1, Floating
Rate Note, 8/14/31 (144A) 2,853,833
2,369,398 0.46 Morgan Stanley Mortgage Loan Trust 2005-5AR,
Floating Rate Note, 9/25/35 2,347,266
1,699,094 0.47 Morgan Stanley Mortgage Loan Trust 2005-6AR,
Floating Rate Note, 11/25/35 1,641,306
451,812 0.46 Morgan Stanley Mortgage Loan Trust 2005-6AR,
Floating Rate Note, 11/25/35 449,266
2,502,204 0.97 MortgageIT Trust 2004-1, Floating Rate Note,
11/25/34 2,394,739
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 47
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
5,326,846 0.93 MortgageIT Trust 2004-2, Floating Rate Note,
12/25/34 $ 5,148,908
1,435,069 0.71 MortgageIT Trust 2005-2, Floating Rate Note,
5/25/35 1,370,168
370,555 0.56 NewStar Commercial Loan Trust 2007-1, Floating
Rate Note, 9/30/22 (144A) 366,148
2,750,000 2.19 Newstar Trust, Floating Rate Note, 1/20/23 (144A) 2,741,255
3,561,150 3.11 Nomura Resecuritization Trust 2011-4R, Floating
Rate Note, 6/26/47 (144A) 3,572,064
1,686,794 2.04 NorthStar 2013-1, Floating Rate Note,
8/27/29 (144A) 1,688,377
4,989,520 0.58 Opteum Mortgage Acceptance Corp Trust 2005-4,
Floating Rate Note, 11/25/35 4,603,461
4,337,620 0.50 Opteum Mortgage Acceptance Corp Trust 2005-4,
Floating Rate Note, 11/25/35 4,074,452
905,905 3.00 ORES 2014-LV3 LLC, 3.0%, 3/27/24 (144A) (e) 905,905
295,284 ORES NPL 2013-LV2 LLC, 3.081%, 9/25/25 (144A) 294,989
3,500,000 0.54 Pepper Residential Securities Trust No 14, Floating
Rate Note, 6/12/16 3,499,758
3,750,000 1.66 PFP 2015-2, Ltd., Floating Rate Note,
7/14/34 (144A) 3,750,251
5,200,000 2.35 RAIT 2014-FL2 Trust, Floating Rate Note,
5/15/31 (144A) 5,152,430
3,695,314 1.45 RAIT 2014-FL3 Trust, Floating Rate Note,
12/15/31 (144A) (e) 3,686,046
57,604 0.75 RALI Series 2002-QS16 Trust, Floating Rate
Note, 10/25/17 55,847
585,448 0.60 RALI Series 2003-QS10 Trust, Floating Rate
Note, 5/25/33 570,463
1,852,345 0.70 RALI Series 2003-QS11 Trust, Floating Rate
Note, 6/25/33 1,724,427
788,078 0.65 RALI Series 2003-QS22 Trust, Floating Rate
Note, 12/26/33 713,868
629,770 0.65 RALI Series 2003-QS5 Trust, Floating Rate
Note, 3/25/18 615,196
846,196 0.65 RALI Series 2003-QS9 Trust, Floating Rate
Note, 5/25/18 827,663
422,502 RALI Series 2004-QS5 Trust, 4.75%, 4/25/34 432,270
431,185 0.80 RALI Series 2004-QS5 Trust, Floating Rate
Note, 4/25/34 425,785
3,012,435 0.49 RALI Series 2005-QA1 Trust, Floating Rate
Note, 1/25/35 2,876,429
198,887 0.59 Regatta Funding, Ltd., Floating Rate Note,
6/15/20 (144A) 197,859
5,197,397 1.65 RESI Finance LP 2003-CB1, Floating Rate
Note, 7/9/35 4,811,905
The accompanying notes are an integral part of these financial statements.
48 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,205,764 1.04 RESI MAC, 2014-1A, Floating Rate Note, 6/12/19 $ 2,203,116
531,202 0.65 Residential Asset Securitization Trust 2003-A15,
Floating Rate Note, 2/25/34 490,526
340,149 0.60 Residential Asset Securitization Trust 2003-A2,
Floating Rate Note, 5/25/33 312,537
4,920,000 1.26 Resource Capital Corp 2014-CRE2, Ltd., Floating
Rate Note, 4/15/32 (144A) 4,886,677
2,000,000 1.59 Resource Capital Corp 2015-CRE4, Ltd., Floating
Rate Note, 8/17/32 (144A) (e) 2,000,000
3,000,000 2.36 Resource Capital Corp. CRE Notes 2013, Ltd., Floating
Rate Note, 6/15/16 (144A) 3,000,777
2,719,775 RREF 2015-LT7 LLC, 3.0%, 12/25/32 (144A) 2,719,384
2,532,725 Selene Non-Performing Loans LLC, 2.9814%, 5/25/54
(Step) (144A) 2,510,974
151,326 0.98 Sequoia Mortgage Trust 10, Floating Rate Note,
10/20/27 142,211
459,488 1.08 Sequoia Mortgage Trust 2003-2, Floating Rate
Note, 6/20/33 447,382
2,137,798 0.84 Sequoia Mortgage Trust 2003-5, Floating Rate
Note, 9/20/33 2,084,242
239,632 0.86 Sequoia Mortgage Trust 2003-8, Floating Rate
Note, 1/20/34 228,790
477,253 0.86 Sequoia Mortgage Trust 2004-10, Floating Rate
Note, 11/20/34 450,116
319,388 1.78 Sequoia Mortgage Trust 2004-7, Floating Rate
Note, 8/20/34 321,556
2,849,114 0.68 Sequoia Mortgage Trust 2005-1, Floating Rate
Note, 2/20/35 2,680,392
1,057,080 0.96 Sequoia Mortgage Trust 2005-1, Floating Rate
Note, 2/20/35 1,000,703
1,035,218 0.92 Sequoia Mortgage Trust 4, Floating Rate
Note, 11/22/24 1,030,619
298,230 1.57 Springleaf Mortgage Loan Trust 2012-3, Floating Rate
Note, 12/26/59 (144A) 298,149
920,230 1.78 Springleaf Mortgage Loan Trust 2013-2, Floating Rate
Note, 12/28/65 (144A) 920,853
372,282 2.92 Structured Adjustable Rate Mortgage Loan Trust
Class 1A1, Floating Rate Note, 3/25/34 369,764
449,712 2.50 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 11/25/34 444,463
3,192,140 1.04 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 11/25/34 2,936,768
491,985 2.44 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 3/25/34 496,226
17,621 0.59 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 6/25/35 17,618
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 49
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,153,686 0.56 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 7/25/34 $ 2,073,388
738,754 0.92 Structured Asset Mortgage Investments II Trust
2004-AR1, Floating Rate Note, 3/19/34 705,284
3,993,081 0.90 Structured Asset Mortgage Investments II Trust
2004-AR8, Floating Rate Note, 5/19/35 3,879,838
1,679,960 1.12 Structured Asset Mortgage Investments Trust
2002-AR5, Floating Rate Note, 5/19/33 1,641,057
159,950 2.56 Structured Asset Securities Corp. Mortgage
Certificates Series 2003-31A, Floating Rate
Note, 10/25/33 158,668
1,149,549 1.13 Structured Asset Securities Corp. Mortgage
Pass-Through Certificates Series 1998-8, Floating
Rate Note, 8/25/28 1,136,781
903,631 2.42 Structured Asset Securities Corp. Mortgage
Pass-Through Certificates Series 2003-24A,
Floating Rate Note, 7/25/33 889,528
145,904 0.69 Structured Asset Securities Corp. Mortgage
Pass-Through Certificates Series 2003-35,
Floating Rate Note, 12/25/33 144,718
352,112 0.50 Structured Asset Securities Corp. Trust 2005-14,
Floating Rate Note, 7/25/35 300,122
3,050,000 1.56 Symphony CLO, Ltd., Floating Rate Note,
7/23/23 (144A) 3,043,997
592,166 1.74 Thornburg Mortgage Securities Trust 2004-4, Floating
Rate Note, 12/25/44 583,187
2,096,598 2.19 Velocity Commercial Capital Loan Trust 2014-1,
Floating Rate Note, 9/25/44 (144A) 2,091,356
750,000 1.63 Venture XII CLO, Ltd., Floating Rate Note,
2/28/24 (144A) 748,478
1,218,873 VFC 2014-2 LLC, 2.75%, 7/20/30 (144A) 1,218,302
1,189,488 VFC 2015-3 LLC, 2.75%, 12/20/31 (144A) 1,187,742
1,959,598 VOLT NPL X LLC, 3.375%, 10/26/54 (Step) (144A) 1,957,294
2,068,668 3.63 VOLT XXX LLC, 3.625%, 10/25/57 (Step) (e) 2,065,706
3,000,000 1.61 Voya CLO, Ltd., Floating Rate Note, 10/15/22 (144A) 2,994,255
4,350,000 5.52 Wachovia Bank Commercial Mortgage Trust Series
2006-C23 REMICS, Floating Rate Note, 1/15/45 4,382,647
1,685,434 5.42 Wachovia Bank Commercial Mortgage Trust Series
2006-C23 REMICS, Floating Rate Note, 1/15/45 1,686,337
2,782,696 5.90 Wachovia Bank Commercial Mortgage Trust Series
2006-C25, Floating Rate Note, 5/15/43 2,804,755
4,500,000 5.60 Wachovia Bank Commercial Mortgage Trust Series
2006-C28 REMICS, Floating Rate Note, 10/15/48 4,665,938
2,500,000 2.06 Wells Fargo Commercial Mortgage Trust 2014-TISH
REMICS, Floating Rate Note, 2/16/27 (144A) 2,455,995
The accompanying notes are an integral part of these financial statements.
50 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,000,000 2.97 Wells Fargo Credit Risk Transfer Securities Trust 2015,
Floating Rate Note, 11/25/25 (144A) $ 3,000,000
5,752,834 2.74 Wells Fargo Mortgage Backed Securities 2005-AR13
Trust, Floating Rate Note, 5/25/35 5,781,414
1,062,228 0.52 Westwood CDO II, Ltd., Floating Rate Note,
4/25/22 (144A) 1,045,606
---------------
$ 592,734,474
---------------
Total Banks $ 592,734,474
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.2%
Other Diversified Financial Services -- 0.9%
5,502,440 5.89 Credit Suisse Commercial Mortgage Trust Series
2007-C3, Floating Rate Note, 6/15/39 $ 5,750,952
7,219,623 6.15 Credit Suisse Commercial Mortgage Trust Series
2007-C4 REMICS, Floating Rate Note, 9/15/39 7,633,033
2,200,850 0.35 Crusade Global Trust No 1 of 2007, Floating Rate
Note, 4/19/38 2,171,848
2,087,280 0.38 Crusade Global Trust No.2 of 2006, Floating Rate
Note, 11/15/37 2,079,963
4,040,407 1.70 Hilton USA Trust 2013-HLF, Floating Rate Note,
11/5/30 (144A) 4,034,096
1,300,814 2.10 Hilton USA Trust 2013-HLF, Floating Rate Note,
11/5/30 (144A) 1,297,968
2,000,000 0.53 Pepper Residential Securities Trust, Floating Rate
Note, 4/10/16 (144A) 1,998,638
287,775 2.85 Rialto Capital Management LLC, 2.85%, 5/15/24
(144A) (e) 287,303
---------------
$ 25,253,801
---------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
579,477 1.69 Fosse Master Issuer Plc, Floating Rate Note,
10/19/54 (144A) $ 579,712
73,471 2.31 Nomura Asset Acceptance Corp. Alternative Loan
Trust Series 2004-AR4, Floating Rate Note, 12/25/34 73,679
7,016 Nomura Asset Acceptance Corp. Alternative Loan
Trust Series 2005-WF1, 4.786%, 3/25/35 7,024
887,000 1.89 Permanent Master Issuer Plc, Floating Rate Note,
7/15/42 (144A) 887,325
---------------
$ 1,547,740
---------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.2%
4,591,427 Banc of America Commercial Mortgage Trust 2007-1,
5.451%, 1/15/49 $ 4,793,427
---------------
Total Diversified Financials $ 31,594,968
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 51
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
GOVERNMENT -- 5.4%
Government -- 5.4%
2,610,023 1.15 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 5/25/24 $ 2,585,645
3,810,799 1.39 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 7/25/24 3,802,472
1,892,313 0.54 Fannie Mae Trust 2003-W6, Floating Rate Note,
9/25/42 1,882,486
200,002 2.29 Fannie Mae Trust 2005-W4, Floating Rate Note,
6/25/45 210,876
1,797,382 0.45 Fannie Mae Whole Loan, Floating Rate Note,
11/25/46 1,800,948
2,593,752 Fannie Mae, 3.0%, 6/25/22 2,671,593
1,326,313 Fannie Mae, 4.5%, 9/25/35 1,366,019
650,921 Fannie Mae, 5.0%, 6/25/34 661,518
216,541 Federal Home Loan Mortgage Corp. REMICS,
3.5%, 6/15/28 217,659
19,363 Federal Home Loan Mortgage Corp. REMICS,
4.0%, 11/15/23 19,442
976,768 0.60 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 1/15/33 985,409
289,621 0.50 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 1/15/36 289,842
3,085,446 0.50 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 1/15/37 3,095,168
90,522 0.35 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 10/15/20 90,460
84,147 1.15 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 10/15/31 86,217
1,041,927 0.78 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 10/15/37 1,055,261
503,931 0.82 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 10/15/37 510,957
98,147 0.80 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 11/15/31 99,785
263,895 1.20 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 11/15/33 270,525
159,092 0.55 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 11/15/35 159,659
798,584 0.55 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 11/15/36 802,732
399,896 0.55 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 11/15/36 401,747
457,882 0.60 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 11/15/40 458,976
124,804 0.60 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/20 125,563
The accompanying notes are an integral part of these financial statements.
52 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Government -- (continued)
411,785 0.65 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/28 $ 416,525
157,268 0.55 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/32 158,655
26,075 0.70 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/32 26,299
502,432 0.60 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/32 504,619
663,476 0.60 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/32 666,992
800,440 0.90 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/39 811,501
562,367 0.55 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/41 563,812
199,670 0.43 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/19 199,717
315,122 0.50 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/25 315,840
227,600 0.55 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/29 229,462
747,484 0.50 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/30 747,584
596,976 0.60 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/33 602,750
344,522 0.75 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/33 348,607
761,099 0.50 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/36 762,655
312,553 0.55 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/36 313,643
866,923 0.50 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/37 867,877
525,893 0.50 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/39 527,330
1,237,409 1.25 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 3/15/24 1,268,793
591,080 1.20 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 3/15/32 606,669
181,315 0.90 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 3/15/32 184,640
843,260 1.20 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 3/15/32 870,024
898,984 0.50 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 3/15/36 904,928
183,162 0.65 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 3/15/39 184,166
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 53
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Government -- (continued)
2,218,424 0.60 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 3/15/41 $ 2,226,792
546,550 0.50 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 4/15/36 548,487
106,442 0.55 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 5/15/29 107,078
358,918 1.70 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 5/15/33 372,907
791,666 0.54 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 5/15/35 793,048
421,082 0.50 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 5/15/35 422,166
434,836 0.60 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 5/15/36 438,250
245,633 0.54 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 5/15/37 246,764
191,134 1.45 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 5/15/37 195,515
88,302 0.55 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 5/15/41 88,539
72,382 0.65 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 6/15/23 72,683
447,126 0.60 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 6/15/33 450,152
464,078 0.62 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 6/15/36 467,466
1,849,561 0.51 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 6/15/36 1,857,334
462,095 0.60 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 6/15/38 463,649
150,587 0.44 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 7/15/21 150,914
503,668 0.60 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 7/15/23 505,844
526,794 0.44 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 7/15/34 525,675
954,688 0.70 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 7/15/36 961,134
36,633 0.60 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 7/15/36 36,843
658,307 0.40 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 7/15/36 659,051
447,820 0.55 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 7/15/40 448,887
398,931 0.40 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 8/15/26 398,852
The accompanying notes are an integral part of these financial statements.
54 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Government -- (continued)
701,807 0.45 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 8/15/35 $ 700,339
362,269 0.45 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 8/15/35 361,924
703,169 0.45 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 8/15/36 704,283
719,362 0.50 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 9/15/26 720,871
150,111 0.80 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 9/15/32 152,460
320,465 0.62 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 9/15/36 322,621
257,163 0.60 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 9/15/36 258,728
1,578,255 Federal Home Loan Mortgage Corp., 3.0%, 12/15/24 1,615,575
637,302 0.45 Federal Home Loan Mortgage Corp., Floating Rate
Note, 1/15/35 640,675
412,724 0.55 Federal Home Loan Mortgage Corp., Floating Rate
Note, 2/15/18 413,948
499,394 1.20 Federal Home Loan Mortgage Corp., Floating Rate
Note, 3/15/32 512,565
498,029 0.80 Federal Home Loan Mortgage Corp., Floating Rate
Note, 4/15/28 506,235
292,243 0.80 Federal Home Loan Mortgage Corp., Floating Rate
Note, 6/15/31 297,032
3,988,659 0.90 Federal Home Loan Mortgage Corp., Floating Rate
Note, 8/15/35 4,041,249
9,738 Federal National Mortgage Association REMICS,
4.5%, 1/25/39 9,805
209,016 0.86 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/18/32 212,727
330,659 0.89 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/25/32 337,171
139,020 0.84 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/25/33 141,676
369,644 0.70 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/25/33 373,978
356,206 0.74 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/25/40 361,985
537,233 0.50 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/35 538,584
17,358 0.49 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/35 17,381
2,228,363 0.59 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/36 2,237,925
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 55
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Government -- (continued)
108,395 0.75 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/37 $ 109,641
581,699 0.79 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/37 588,012
540,993 1.41 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/38 554,837
1,827,489 0.39 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/27/37 1,817,456
1,646,736 1.21 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/18/32 1,690,331
385,150 0.79 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/31 391,619
338,932 0.79 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/31 344,625
646,598 0.69 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/33 650,994
542,976 0.49 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/34 546,075
294,530 0.51 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/36 295,084
91,973 0.79 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/23 93,287
287,153 1.19 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/23 292,869
83,701 0.74 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/30 85,076
788,854 1.09 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/31 807,069
334,263 0.80 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/32 339,157
221,618 0.43 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/36 222,472
543,296 0.81 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/37 550,573
193,066 0.59 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/38 193,264
1,023 0.64 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/17 1,024
301,731 0.94 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/33 308,024
676,988 0.54 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/33 682,348
711,840 0.50 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/35 712,845
620,042 0.44 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/37 620,746
The accompanying notes are an integral part of these financial statements.
56 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Government -- (continued)
411,792 0.39 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/37 $ 411,710
200,702 0.89 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/38 202,817
357,106 0.64 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/38 358,662
107,147 0.69 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/23 107,669
470,912 0.69 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/24 476,370
262,895 0.64 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/28 264,240
1,190,283 0.59 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/34 1,198,686
102,247 0.49 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/36 102,767
193,207 1.19 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 198,326
700,471 0.44 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 703,017
403,975 0.45 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 404,211
1,694,458 0.41 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/45 1,698,130
66,335 0.49 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/25 66,417
1,792,517 1.10 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/32 1,833,888
886,451 0.69 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/33 896,429
404,400 0.69 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/42 408,728
336,907 0.70 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/33 341,065
584,956 0.54 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/36 587,502
1,139,338 0.50 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/36 1,141,883
917,630 0.59 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/37 921,345
207,979 0.79 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/40 210,591
996,236 0.69 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/40 1,001,418
886,807 0.74 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/40 893,429
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 57
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Government -- (continued)
217,160 0.59 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/23 $ 218,014
689,759 0.64 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/36 694,783
774,366 0.43 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 773,438
66,254 0.42 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 66,180
297,588 0.44 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 297,621
81,147 0.64 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 81,821
50,818 0.71 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/18/27 51,455
372,754 0.79 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/31 379,016
262,971 0.79 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/31 267,501
170,088 1.19 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/32 173,514
415,633 0.59 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/34 420,067
136,073 0.64 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/34 137,334
1,755,515 0.50 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/35 1,756,416
2,121,269 0.44 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/35 2,120,913
239,010 0.48 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/36 240,194
243,394 0.59 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/37 244,460
194,495 0.69 Federal National Mortgage Association REMICS,
Floating Rate Note, 8/25/31 196,965
75,624 0.79 Federal National Mortgage Association REMICS,
Floating Rate Note, 8/25/32 76,868
252,112 0.69 Federal National Mortgage Association REMICS,
Floating Rate Note, 8/25/32 255,159
12,327 0.59 Federal National Mortgage Association REMICS,
Floating Rate Note, 8/25/33 12,379
236,099 0.74 Federal National Mortgage Association REMICS,
Floating Rate Note, 8/25/36 238,082
15,023 0.99 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/20 15,109
65,764 1.09 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/21 66,958
The accompanying notes are an integral part of these financial statements.
58 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Government -- (continued)
318,319 0.69 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/32 $ 322,383
1,765,473 0.70 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/33 1,786,311
602,844 0.76 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/36 609,139
643,953 0.69 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 651,082
335,863 0.64 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 338,227
333,867 0.76 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 337,637
190,275 0.74 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 192,474
287,153 2.04 Federal National Mortgage Association, Floating
Rate Note, 12/25/23 295,729
6,210,285 0.49 Federal National Mortgage Association, Floating
Rate Note, 12/25/33 6,230,381
12,915,738 0.64 Federal National Mortgage Association, Floating
Rate Note, 2/25/38 13,041,511
1,377,773 0.49 Federal National Mortgage Association, Floating
Rate Note, 3/25/18 1,380,153
117,808 2.71 Federal National Mortgage Association, Floating
Rate Note, 4/25/35 125,819
513,440 0.55 Freddie Mac Strips, Floating Rate Note, 12/15/36 515,505
388,924 0.45 Freddie Mac Strips, Floating Rate Note, 8/15/36 389,422
1,681,333 0.50 Freddie Mac Strips, Floating Rate Note, 8/15/36 1,686,411
540,941 1.59 Freddie Mac Structured Agency Credit Risk Debt Notes,
Floating Rate Note, 10/25/24 540,992
1,342,483 1.19 Freddie Mac Structured Agency Credit Risk Debt Notes,
Floating Rate Note, 2/25/24 1,342,483
826,685 1.54 Freddie Mac Structured Agency Credit Risk Debt Notes,
Floating Rate Note, 8/25/24 826,560
1,764,494 Freddie Mac, 2.0%, 2/15/25 1,789,892
620,274 Freddie Mac, 3.0%, 7/15/36 629,188
3,500,000 3.54 FREMF Mortgage Trust Class C, Floating Rate
Note, 11/25/46 (144A) 3,526,698
483,207 Government National Mortgage Association,
4.0%, 7/20/34 487,094
762,045 0.40 Government National Mortgage Association, Floating
Rate Note, 1/16/33 763,756
1,059,457 0.45 Government National Mortgage Association, Floating
Rate Note, 1/16/35 1,060,300
300,804 0.88 Government National Mortgage Association, Floating
Rate Note, 10/16/39 306,262
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 59
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Government -- (continued)
694,791 0.60 Government National Mortgage Association, Floating
Rate Note, 10/20/38 $ 696,505
1,011,210 0.45 Government National Mortgage Association, Floating
Rate Note, 2/20/35 1,013,056
215,373 0.75 Government National Mortgage Association, Floating
Rate Note, 4/16/32 218,002
434,818 0.60 Government National Mortgage Association, Floating
Rate Note, 5/16/38 435,227
210,777 0.70 Government National Mortgage Association, Floating
Rate Note, 6/16/31 211,708
419,916 1.20 Government National Mortgage Association, Floating
Rate Note, 8/16/39 430,620
372,883 0.70 Government National Mortgage Association, Floating
Rate Note, 8/20/38 375,124
574,216 0.45 Government National Mortgage Association, Floating
Rate Note, 9/16/31 575,765
821,642 0.76 NCUA Guaranteed Notes Trust REMICS, Floating Rate
Note, 12/8/20 827,388
1,014,285 0.73 NCUA Guaranteed Notes Trust REMICS, Floating Rate
Note, 3/2/21 (e) 1,015,038
870,803 0.64 NCUA Guaranteed Notes Trust, Floating Rate
Note, 10/7/20 875,086
2,458,255 0.57 NCUA Guaranteed Notes Trust, Floating Rate
Note, 11/6/17 2,462,522
259,853 0.76 NCUA Guaranteed Notes Trust, Floating Rate
Note, 12/8/20 261,592
894,674 0.59 NCUA Guaranteed Notes Trust, Floating Rate
Note, 3/11/20 897,315
852,504 0.57 NCUA Guaranteed Notes Trust, Floating Rate
Note, 4/6/20 852,721
---------------
$ 149,085,867
---------------
Total Government $ 149,085,867
---------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $780,613,631) $ 778,032,486
---------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 29.7%
ENERGY -- 1.9%
Integrated Oil & Gas -- 0.7%
2,640,000 0.38 Chevron Corp., Floating Rate Note, 11/9/16 $ 2,638,836
2,550,000 0.45 Chevron Corp., Floating Rate Note, 3/2/18 2,534,532
1,980,000 0.33 Exxon Mobil Corp., Floating Rate Note, 3/15/17 1,977,329
3,020,000 0.48 Shell International Finance BV, Floating Rate
Note, 11/15/16 3,020,048
2,140,000 0.48 Statoil ASA, Floating Rate Note, 11/9/17 2,126,927
The accompanying notes are an integral part of these financial statements.
60 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- (continued)
3,355,000 0.66 Total Capital Canada, Ltd., Floating Rate
Note, 1/15/16 $ 3,357,204
2,500,000 Total Capital International SA, 0.75%, 1/25/16 2,502,318
---------------
$ 18,157,194
---------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.8%
7,849,000 0.66 Canadian Natural Resources, Ltd., Floating Rate
Note, 3/30/16 $ 7,831,709
4,815,000 0.74 Devon Energy Corp., Floating Rate Note, 12/15/15 4,810,464
6,604,000 Marathon Oil Corp., 0.9%, 11/1/15 6,602,560
640,000 Total Capital SA, 2.3%, 3/15/16 645,361
1,730,000 Total Capital SA, 3.125%, 10/2/15 1,730,000
---------------
$ 21,620,094
---------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.4%
3,320,000 Boardwalk Pipelines LP, 5.5%, 2/1/17 $ 3,417,226
1,650,000 0.93 Enbridge, Inc., Floating Rate Note, 10/1/16 1,641,915
3,355,000 Enterprise Products Operating LLC, 3.2%, 2/1/16 3,377,844
3,544,000 0.96 TransCanada PipeLines, Ltd., Floating Rate
Note, 6/30/16 3,542,182
---------------
$ 11,979,167
---------------
Total Energy $ 51,756,455
---------------------------------------------------------------------------------------------------------
MATERIALS -- 0.3%
Fertilizers & Agricultural Chemicals -- 0.1%
2,145,000 Monsanto Co., 2.75%, 4/15/16 $ 2,167,181
---------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
1,795,000 0.53 BHP Billiton Finance USA, Ltd., Floating Rate
Note, 9/30/16 $ 1,791,864
1,130,000 1.12 Rio Tinto Finance USA Plc, Floating Rate
Note, 6/17/16 1,130,738
---------------
$ 2,922,602
---------------------------------------------------------------------------------------------------------
Steel -- 0.1%
2,500,000 1.35 Glencore Funding LLC, Floating Rate Note,
4/16/18 (144A) $ 2,159,770
1,800,000 1.49 Glencore Funding LLC, Floating Rate Note,
5/27/16 (144A) 1,698,739
---------------
$ 3,858,509
---------------
Total Materials $ 8,948,292
---------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.6%
Industrial Conglomerates -- 0.2%
6,330,000 0.49 Tyco Electronics Group SA, Floating Rate
Note, 1/29/16 $ 6,327,398
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 61
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy
Trucks -- 0.3%
2,500,000 0.42 Caterpillar Financial Services Corp., Floating Rate
Note, 3/3/17 $ 2,493,062
1,500,000 0.57 John Deere Capital Corp., Floating Rate Note,
10/11/16 1,501,958
1,800,000 0.40 John Deere Capital Corp., Floating Rate Note,
12/10/15 1,799,984
2,883,000 0.38 John Deere Capital Corp., Floating Rate Note,
2/25/16 2,883,222
---------------
$ 8,678,226
---------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
2,650,000 Xylem, Inc. New York, 3.55%, 9/20/16 $ 2,705,311
---------------
Total Capital Goods $ 17,710,935
---------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Railroads -- 0.1%
1,670,000 0.44 Canadian National Railway Co., Floating Rate
Note, 11/14/17 $ 1,654,708
---------------
Total Transportation $ 1,654,708
---------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.9%
Automobile Manufacturers -- 1.9%
1,500,000 0.63 Daimler Finance North America LLC, Floating Rate
Note, 3/10/17 (144A) $ 1,488,062
1,275,000 0.75 Daimler Finance North America LLC, Floating Rate
Note, 3/2/18 (144A) 1,259,467
2,370,000 0.77 Daimler Finance North America LLC, Floating Rate
Note, 5/18/18 (144A) 2,340,574
2,845,000 0.98 Daimler Finance North America LLC, Floating Rate
Note, 8/1/16 (144A) 2,843,785
2,061,000 0.62 Daimler Finance North America LLC, Floating Rate
Note, 8/1/17 (144A) 2,038,618
2,665,000 1.01 Daimler Finance North America LLC, Floating Rate
Note, 8/3/17 (144A) 2,652,930
1,375,000 Ford Motor Credit Co. LLC, 1.7%, 5/9/16 1,378,900
2,600,000 1.22 Ford Motor Credit Co. LLC, Floating Rate
Note, 1/9/18 2,576,376
1,715,000 0.73 Ford Motor Credit Co. LLC, Floating Rate
Note, 11/8/16 1,704,633
3,500,000 0.91 Ford Motor Credit Co. LLC, Floating Rate
Note, 3/27/17 3,450,720
2,600,000 0.80 Ford Motor Credit Co. LLC, Floating Rate
Note, 9/8/17 2,547,342
1,300,000 Nissan Motor Acceptance Corp., 1.0%,
3/15/16 (144A) 1,299,912
The accompanying notes are an integral part of these financial statements.
62 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- (continued)
2,000,000 0.83 Nissan Motor Acceptance Corp., Floating Rate
Note, 3/3/17 (144A) $ 1,993,872
1,500,000 0.98 Nissan Motor Acceptance Corp., Floating Rate
Note, 9/26/16 (144A) 1,500,116
2,600,000 Toyota Motor Credit Corp., 2.0%, 9/15/16 2,630,433
2,589,000 0.52 Toyota Motor Credit Corp., Floating Rate
Note, 5/16/17 2,583,291
3,800,000 0.61 Toyota Motor Credit Corp., Floating Rate
Note, 5/17/16 3,803,466
2,250,000 0.75 Toyota Motor Credit Corp., Floating Rate
Note, 7/13/18 2,246,897
650,000 0.37 Toyota Motor Credit Corp., Floating Rate
Note, 9/23/16 649,687
2,500,000 0.77 Volkswagen Group of America Finance LLC, Floating
Rate Note, 11/20/17 (144A) 2,321,702
1,900,000 0.55 Volkswagen Group of America Finance LLC, Floating
Rate Note, 5/23/16 (144A) 1,870,793
6,790,000 Volkswagen International Finance NV, 1.15%,
11/20/15 (144A) 6,782,864
1,750,000 0.76 Volkswagen International Finance NV, Floating Rate
Note, 11/18/16 (144A) 1,700,400
---------------
$ 53,664,840
---------------
Total Automobiles & Components $ 53,664,840
---------------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Broadcasting -- 0.2%
3,744,000 0.83 NBCUniversal Enterprise, Inc., Floating Rate
Note, 4/15/16 (144A) $ 3,748,122
1,300,000 0.97 NBCUniversal Enterprise, Inc., Floating Rate
Note, 4/15/18 (144A) 1,298,760
---------------
$ 5,046,882
---------------
Total Media $ 5,046,882
---------------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Internet Retail -- 0.2%
5,450,000 Amazon.com, Inc., 0.65%, 11/27/15 $ 5,451,771
---------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.1%
2,600,000 0.71 The Home Depot, Inc., Floating Rate
Note, 9/15/17 $ 2,604,043
---------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.0%+
1,230,000 0.61 Volkswagen Group of America Finance LLC, Floating
Rate Note, 11/22/16 (144A) $ 1,192,233
---------------
Total Retailing $ 9,248,047
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 63
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.0%+
Hypermarkets & Super Centers -- 0.0%+
955,000 Wal-Mart Stores, Inc., 0.6%, 4/11/16 $ 956,014
---------------
Total Food & Staples Retailing $ 956,014
---------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.5%
Brewers -- 0.2%
3,700,000 Anheuser-Busch InBev Finance, Inc., 0.8%, 1/15/16 $ 3,703,367
1,900,000 0.49 Anheuser-Busch InBev Finance, Inc., Floating
Rate Note, 1/27/17 1,894,946
---------------
$ 5,598,313
---------------------------------------------------------------------------------------------------------
Soft Drinks -- 0.1%
3,460,000 0.49 PepsiCo, Inc., Floating Rate Note, 2/26/16 $ 3,461,287
---------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.2%
1,895,000 0.49 General Mills, Inc., Floating Rate Note, 1/28/16 $ 1,895,313
1,765,000 0.59 General Mills, Inc., Floating Rate Note, 1/29/16 1,764,020
---------------
$ 3,659,333
---------------
Total Food, Beverage & Tobacco $ 12,718,933
---------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.1%
2,950,000 The Procter & Gamble Co., 1.8%, 11/15/15 $ 2,954,956
---------------
Total Household & Personal Products $ 2,954,956
---------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.6%
Health Care Equipment -- 0.2%
4,020,000 0.79 Becton Dickinson and Co., Floating Rate
Note, 6/15/16 $ 4,019,256
1,695,000 St. Jude Medical, Inc., 2.5%, 1/15/16 1,703,306
---------------
$ 5,722,562
---------------------------------------------------------------------------------------------------------
Health Care Distributors -- 0.1%
2,993,000 McKesson Corp., 3.25%, 3/1/16 $ 3,019,234
---------------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
4,494,000 Express Scripts Holding Co., 3.125%, 5/15/16 $ 4,545,142
---------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.1%
2,600,000 0.74 UnitedHealth Group, Inc., Floating Rate
Note, 1/17/17 $ 2,599,953
---------------
Total Health Care Equipment & Services $ 15,886,891
---------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 0.8%
Biotechnology -- 0.1%
2,500,000 1.06 Baxalta, Inc., Floating Rate Note, 6/22/18 (144A) $ 2,504,432
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
64 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.6%
5,300,000 0.53 Bayer US Finance LLC, Floating Rate Note,
10/7/16 (144A) $ 5,289,352
3,000,000 0.68 EMD Finance LLC, Floating Rate Note,
3/17/17 (144A) 2,987,148
3,650,000 Merck & Co, Inc., 0.7%, 5/18/16 3,655,599
2,500,000 0.40 Merck & Co., Inc., Floating Rate Note, 2/10/17 2,497,960
500,000 0.47 Merck & Co., Inc., Floating Rate Note, 5/18/16 500,274
2,100,000 0.42 Pfizer, Inc., Floating Rate Note, 5/15/17 2,098,408
---------------
$ 17,028,741
---------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.1%
1,300,000 Thermo Fisher Scientific, Inc., 3.2%, 3/1/16 $ 1,312,035
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 20,845,208
---------------------------------------------------------------------------------------------------------
BANKS -- 8.5%
Diversified Banks -- 5.4%
1,725,000 1.08 ABN AMRO Bank NV, Floating Rate Note,
10/28/16 (144A) $ 1,731,538
1,000,000 Bank of America Corp., 1.25%, 1/11/16 1,001,494
1,325,000 Bank of America Corp., 3.75%, 7/12/16 1,351,399
6,000,000 1.10 Bank of America Corp., Floating Rate Note, 3/22/16 6,010,806
1,423,000 0.89 Bank of America Corp., Floating Rate Note, 8/25/17 1,420,416
2,455,000 0.73 Bank of America NA, Floating Rate Note, 6/5/17 2,448,732
2,965,000 Bank of Montreal, 0.8%, 11/6/15 2,965,898
2,300,000 0.53 Bank of Montreal, Floating Rate Note, 7/14/17 2,291,439
2,665,000 0.91 Bank of Montreal, Floating Rate Note, 7/31/18 2,661,991
1,640,000 0.54 Bank of Nova Scotia Houston, Floating Rate Note,
10/23/15 1,640,085
821,000 0.90 Barclays Bank Plc, Floating Rate Note, 2/17/17 820,467
2,590,000 0.94 Caisse Centrale Desjardins, Floating Rate Note,
1/29/18 (144A) 2,599,674
3,200,000 0.95 Citigroup, Inc., Floating Rate Note, 11/15/16 3,203,933
2,630,000 0.98 Citigroup, Inc., Floating Rate Note, 11/24/17 2,632,427
1,325,000 1.07 Citigroup, Inc., Floating Rate Note, 4/1/16 1,326,544
2,500,000 0.55 Citigroup, Inc., Floating Rate Note, 6/9/16 2,487,510
3,700,000 1.24 Citigroup, Inc., Floating Rate Note, 7/25/16 3,710,841
1,800,000 0.49 Commonwealth Bank of Australia, Floating Rate Note,
12/4/15 (144A) 1,800,162
2,000,000 0.65 Commonwealth Bank of Australia, Floating Rate Note,
3/13/17 (144A) 1,997,640
2,500,000 0.41 Cooperatieve Centrale Raiffeisen-Boerenleenbank
BA New York, Floating Rate Note, 10/23/15 2,499,980
3,975,000 0.77 Cooperatieve Centrale Raiffeisen-Boerenleenbank
BA New York, Floating Rate Note, 3/18/16 3,980,334
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 65
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
1,000,000 HSBC Bank Middle East, Ltd., 3.0%, 10/21/15 $ 999,867
2,690,000 1.10 ING Bank NV, Floating Rate Note, 8/17/18 (144A) 2,693,744
1,528,000 JPMorgan Chase & Co., 1.1%, 10/15/15 1,528,351
2,000,000 0.94 JPMorgan Chase & Co., Floating Rate Note, 10/15/15 2,000,218
2,000,000 0.79 JPMorgan Chase & Co., Floating Rate Note, 2/15/17 1,998,444
1,800,000 0.90 JPMorgan Chase & Co., Floating Rate Note, 2/26/16 1,801,669
3,800,000 0.79 JPMorgan Chase & Co., Floating Rate Note, 3/1/18 3,779,594
2,500,000 0.82 Lloyds Bank Plc, Floating Rate Note, 5/14/18 2,485,830
2,600,000 1.10 Lloyds Bank Plc, Floating Rate Note, 8/17/18 2,598,487
2,500,000 0.93 Macquarie Bank, Ltd., Floating Rate Note,
10/27/17 (144A) 2,488,670
1,670,000 0.92 Mizuho Bank, Ltd., Floating Rate Note,
3/26/18 (144A) 1,665,312
2,000,000 0.72 Mizuho Bank, Ltd., Floating Rate Note,
4/16/17 (144A) 1,992,660
2,425,000 0.85 MUFG Americas Holdings Corp., Floating Rate
Note, 2/9/18 2,427,634
1,950,000 0.65 National Australia Bank, Ltd., Floating Rate Note,
3/17/17 (144A) 1,948,226
2,650,000 Nordea Bank AB, 0.875%, 5/13/16 (144A) 2,649,936
2,175,000 0.63 Nordea Bank AB, Floating Rate Note, 4/4/17 2,172,090
2,700,000 0.74 Nordea Bank AB, Floating Rate Note, 5/13/16 (144A) 2,704,433
2,600,000 1.17 Nordea Bank AB, Floating Rate Note, 9/17/18 (144A) 2,606,932
1,300,000 Royal Bank of Canada, 0.8%, 10/30/15 1,300,403
1,000,000 Royal Bank of Canada, 1.45%, 9/9/16 1,007,024
1,875,000 0.61 Royal Bank of Canada, Floating Rate Note, 1/23/17 1,876,132
2,500,000 0.54 Royal Bank of Canada, Floating Rate Note, 10/13/17 2,490,412
1,800,000 0.51 Royal Bank of Canada, Floating Rate Note, 12/16/15 1,800,194
500,000 0.57 Royal Bank of Canada, Floating Rate Note, 2/3/17 499,568
2,200,000 0.53 Royal Bank of Canada, Floating Rate Note, 6/16/17 2,192,175
1,325,000 0.84 Royal Bank of Canada, Floating Rate Note, 7/30/18 1,323,497
2,000,000 0.74 Royal Bank of Canada, Floating Rate Note, 9/9/16 2,004,572
2,600,000 0.71 Sumitomo Mitsui Banking Corp., Floating Rate
Note, 1/10/17 2,597,683
1,500,000 0.96 Sumitomo Mitsui Banking Corp., Floating Rate
Note, 7/19/16 1,503,150
1,500,000 1.11 Sumitomo Mitsui Trust Bank, Ltd., Floating Rate
Note, 9/16/16 (144A) 1,504,300
4,735,000 0.73 Svenska Handelsbanken AB, Floating Rate
Note, 3/21/16 4,740,871
3,650,000 0.75 Svenska Handelsbanken AB, Floating Rate
Note, 9/23/16 3,657,800
1,800,000 0.71 The Bank of Nova Scotia, Floating Rate
Note, 12/13/16 1,801,202
The accompanying notes are an integral part of these financial statements.
66 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
3,255,000 0.69 The Bank of Nova Scotia, Floating Rate Note,
3/15/16 $ 3,257,171
1,500,000 0.80 The Bank of Nova Scotia, Floating Rate Note,
7/15/16 1,503,928
1,000,000 0.69 The Bank of Tokyo-Mitsubishi UFJ, Ltd., Floating Rate
Note, 3/10/17 (144A) 997,457
2,525,000 0.59 The Bank of Tokyo-Mitsubishi UFJ, Ltd., Floating Rate
Note, 9/8/17 (144A) 2,511,075
2,000,000 0.70 The Huntington National Bank, Floating Rate
Note, 4/24/17 1,986,844
4,025,000 0.48 The Toronto-Dominion Bank, Floating Rate
Note, 11/6/15 4,025,423
2,000,000 0.52 The Toronto-Dominion Bank, Floating Rate
Note, 5/2/17 1,994,850
2,600,000 0.83 The Toronto-Dominion Bank, Floating Rate
Note, 7/23/18 2,597,080
1,320,000 0.45 The Toronto-Dominion Bank, Floating Rate
Note, 7/8/16 1,320,784
2,800,000 0.74 The Toronto-Dominion Bank, Floating Rate
Note, 9/9/16 2,806,664
2,500,000 0.91 Wells Fargo & Co., Floating Rate Note, 4/23/18 2,509,398
2,000,000 0.61 Westpac Banking Corp., Floating Rate
Note, 5/19/17 1,997,502
---------------
$ 148,932,566
---------------------------------------------------------------------------------------------------------
Regional Banks -- 3.1%
6,390,000 0.73 American Express Centurion Bank, Floating Rate
Note, 11/13/15 $ 6,391,917
2,500,000 BB&T Corp., 3.2%, 3/15/16 2,521,728
500,000 0.58 Branch Banking & Trust Co., Floating Rate
Note, 5/23/17 497,132
6,144,000 0.61 Branch Banking & Trust Co., Floating Rate
Note, 9/13/16 6,133,481
4,150,000 0.73 Capital One NA, Floating Rate Note, 3/22/16 4,146,149
1,000,000 1.47 Capital One NA, Floating Rate Note, 8/17/18 1,002,799
3,790,000 Fifth Third Bancorp, 3.625%, 1/25/16 3,823,382
1,727,000 0.70 Fifth Third Bancorp, Floating Rate Note, 12/20/16 1,716,315
1,735,000 Fifth Third Bank Cincinnati Ohio, 1.15%, 11/18/16 1,735,743
1,800,000 0.79 Fifth Third Bank Cincinnati Ohio, Floating Rate
Note, 11/18/16 1,798,276
3,330,000 0.69 Fifth Third Bank Cincinnati Ohio, Floating Rate
Note, 2/26/16 3,329,870
4,500,000 0.82 KeyBank NA Cleveland Ohio, Floating Rate
Note, 11/25/16 4,500,986
2,500,000 0.80 KeyBank NA Cleveland Ohio, Floating Rate
Note, 6/1/18 2,495,892
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 67
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
2,710,000 0.65 Manufacturers & Traders Trust Co., Floating Rate
Note, 1/30/17 $ 2,706,474
2,400,000 0.58 Manufacturers & Traders Trust Co., Floating Rate
Note, 7/25/17 2,397,722
6,200,000 1.03 MUFG Union Bank NA, Floating Rate Note, 9/26/16 6,207,973
2,850,000 0.64 National City Bank Cleveland Ohio, Floating Rate
Note, 12/15/16 2,839,355
2,225,000 0.47 Nordea Bank Finland Plc New York, Floating Rate
Note, 6/13/16 2,224,907
650,000 PNC Bank NA, 0.8%, 1/28/16 650,441
2,250,000 0.59 PNC Bank NA, Floating Rate Note, 1/28/16 2,251,375
2,500,000 0.70 PNC Bank NA, Floating Rate Note, 6/1/18 2,485,420
2,500,000 0.60 PNC Bank NA, Floating Rate Note, 8/1/17 2,489,298
3,645,000 0.71 SunTrust Bank, Floating Rate Note, 2/15/17 3,634,499
2,500,000 0.84 UBS AG, Floating Rate Note, 6/1/17 2,498,182
2,600,000 0.60 US Bank NA Cincinnati Ohio, Floating Rate
Note, 1/26/18 2,601,071
2,025,000 0.53 US Bank NA Cincinnati Ohio, Floating Rate
Note, 1/30/17 2,022,874
2,000,000 0.42 US Bank NA Cincinnati Ohio, Floating Rate
Note, 4/22/16 1,999,892
1,983,000 0.64 Wachovia Corp., Floating Rate Note, 10/28/15 1,983,153
1,999,000 0.56 Wachovia Corp., Floating Rate Note, 6/15/17 1,992,437
2,503,000 0.48 Wells Fargo & Co., Floating Rate Note, 10/28/15 2,503,143
3,105,000 0.81 Wells Fargo & Co., Floating Rate Note, 7/20/16 3,112,728
975,000 0.49 Wells Fargo Bank NA, Floating Rate Note, 5/16/16 973,969
---------------
$ 87,668,583
---------------
Total Banks $ 236,601,149
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 5.0%
Other Diversified Financial Services -- 0.5%
2,000,000 0.74 Bank of America NA, Floating Rate Note, 2/14/17 $ 1,996,040
1,865,000 0.51 General Electric Capital Corp., Floating Rate
Note, 1/14/16 1,865,267
4,124,000 0.87 General Electric Capital Corp., Floating Rate
Note, 1/8/16 4,128,252
1,000,000 0.48 General Electric Capital Corp., Floating Rate
Note, 5/11/16 1,000,903
2,000,000 0.55 General Electric Capital Corp., Floating Rate
Note, 5/15/17 2,002,010
2,372,000 0.93 General Electric Capital Corp., Floating Rate
Note, 7/12/16 2,381,626
500,000 1.38 General Electric Capital Corp., Floating Rate
Note, 8/1/17 506,151
The accompanying notes are an integral part of these financial statements.
68 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
1,950,000 1.09 Hyundai Capital Services, Inc., Floating Rate
Note, 3/18/17 (144A) $ 1,945,421
---------------
$ 15,825,670
---------------------------------------------------------------------------------------------------------
Multi-Sector Holdings -- 0.3%
1,855,000 0.43 Berkshire Hathaway Finance Corp., Floating Rate
Note, 1/10/17 $ 1,854,510
2,500,000 0.43 Berkshire Hathaway Finance Corp., Floating Rate
Note, 8/14/17 2,494,932
2,775,000 Berkshire Hathaway, Inc., 2.2%, 8/15/16 2,811,899
---------------
$ 7,161,341
---------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.5%
7,060,000 MassMutual Global Funding II, 3.125%,
4/14/16 (144A) $ 7,156,228
3,290,000 0.41 MassMutual Global Funding II, Floating Rate
Note, 12/11/15 (144A) 3,290,030
1,800,000 0.58 National Rural Utilities Cooperative Finance Corp.,
Floating Rate Note, 11/23/16 1,801,181
---------------
$ 12,247,439
---------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.4%
1,300,000 American Express Credit Corp., 1.3%, 7/29/16 $ 1,305,018
5,642,000 0.79 American Express Credit Corp., Floating Rate
Note, 7/29/16 5,647,264
2,650,000 0.31 American Honda Finance Corp., Floating Rate
Note, 1/11/16 2,649,732
4,885,000 0.78 American Honda Finance Corp., Floating Rate
Note, 10/7/16 4,899,631
2,570,000 0.64 American Honda Finance Corp., Floating Rate
Note, 12/11/17 2,559,553
3,050,000 0.66 American Honda Finance Corp., Floating Rate
Note, 5/26/16 (144A) 3,054,523
1,330,000 0.78 American Honda Finance Corp., Floating Rate
Note, 9/20/17 1,330,015
3,600,000 Capital One Financial Corp., 1.0%, 11/6/15 3,600,871
2,500,000 Capital One Financial Corp., 3.15%, 7/15/16 2,540,682
2,930,000 0.94 Capital One Financial Corp., Floating Rate
Note, 11/6/15 2,930,615
1,500,000 0.52 Caterpillar Financial Services Corp., Floating Rate
Note, 2/26/16 1,500,686
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 69
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
2,500,000 1.63 General Motors Financial Co, Inc., Floating Rate
Note, 4/10/18 $ 2,497,525
910,000 PACCAR Financial Corp., 0.7%, 11/16/15 910,025
1,290,000 0.47 PACCAR Financial Corp., Floating Rate Note, 6/6/17 1,288,293
2,250,000 Toyota Motor Credit Corp., 0.75%, 3/3/17 (Step) 2,249,662
---------------
$ 38,964,095
---------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.9%
7,480,000 0.48 State Street Bank & Trust Co., Floating Rate
Note, 12/8/15 $ 7,477,330
3,750,000 State Street Corp., 2.875%, 3/7/16 3,786,608
2,850,000 The Bank of New York Mellon Corp., 0.7%, 3/4/16 2,853,112
835,000 The Bank of New York Mellon Corp., 2.5%, 1/15/16 839,942
3,533,000 0.52 The Bank of New York Mellon Corp., Floating Rate
Note, 10/23/15 3,533,095
3,275,000 0.51 The Bank of New York Mellon Corp., Floating Rate
Note, 3/4/16 3,276,526
2,465,000 0.95 The Goldman Sachs Group, Inc., Floating Rate
Note, 5/22/17 2,463,627
---------------
$ 24,230,240
---------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.4%
1,210,000 1.30 Macquarie Group, Ltd., Floating Rate Note,
1/31/17 (144A) $ 1,215,470
1,300,000 Morgan Stanley, 1.75%, 2/25/16 1,304,163
2,700,000 1.01 Morgan Stanley, Floating Rate Note, 1/5/18 2,698,974
1,598,000 0.76 Morgan Stanley, Floating Rate Note, 10/15/15 1,598,117
4,350,000 1.53 Morgan Stanley, Floating Rate Note, 2/25/16 4,360,240
7,834,000 Raymond James Financial, Inc., 4.25%, 4/15/16 7,962,470
2,465,000 0.67 The Bear Stearns Companies LLC, Floating Rate
Note, 11/21/16 2,460,031
8,285,000 The Charles Schwab Corp., 0.85%, 12/4/15 8,291,247
3,422,000 The Goldman Sachs Group, Inc., 1.6%, 11/23/15 3,426,688
1,305,000 The Goldman Sachs Group, Inc., 5.35%, 1/15/16 1,321,673
4,300,000 0.73 The Goldman Sachs Group, Inc., Floating Rate
Note, 3/22/16 4,299,024
---------------
$ 38,938,097
---------------
Total Diversified Financials $ 137,366,882
---------------------------------------------------------------------------------------------------------
INSURANCE -- 6.2%
Insurance Brokers -- 0.3%
250,000 0.00 ACE Securities Corp, 7/12/16 (d) $ 232,100
7,325,000 Aon Corp., 3.125%, 5/27/16 7,428,722
---------------
$ 7,660,822
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
70 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.7%
5,100,000 0.54 Jackson National Life Global Funding, Floating Rate
Note, 7/29/16 (144A) $ 5,098,501
1,500,000 0.47 Pricoa Global Funding I, Floating Rate Note,
5/16/16 (144A) 1,499,103
3,255,000 0.49 Pricoa Global Funding I, Floating Rate Note,
6/24/16 (144A) 3,251,446
3,770,000 Principal Life Global Funding II, 1.0%,
12/11/15 (144A) 3,772,835
2,530,000 0.65 Principal Life Global Funding II, Floating Rate Note,
5/27/16 (144A) 2,531,404
2,500,000 Prudential Financial, Inc., 3.0%, 5/12/16 2,530,500
---------------
$ 18,683,789
---------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.7%
4,126,000 American International Group, Inc., 5.05%, 10/1/15 $ 4,126,000
690,000 Metropolitan Life Global Funding I, 3.125%,
1/11/16 (144A) 694,977
2,500,000 0.82 Metropolitan Life Global Funding I, Floating Rate
Note, 7/15/16 (144A) 2,506,745
750,000 0.29 New York Life Global Funding, Floating Rate Note,
10/29/15 (144A) 749,932
6,650,000 0.57 New York Life Global Funding, Floating Rate Note,
12/15/17 (144A) 6,666,565
3,650,000 0.64 New York Life Global Funding, Floating Rate Note,
5/23/16 (144A) 3,656,804
2,675,000 0.35 New York Life Global Funding, Floating Rate Note,
8/5/16 (144A) 2,674,521
---------------
$ 21,075,544
---------------------------------------------------------------------------------------------------------
Reinsurance -- 4.5%
1,250,000 3.66 Acorn Re, Ltd., Floating Rate Note, 7/17/18 (Cat
Bond) (144A) $ 1,258,500
1,000,000 5.29 Alamo Re, Ltd., Floating Rate Note, 6/7/17 (Cat
Bond) (144A) 1,031,100
1,250,000 5.95 Alamo Re, Ltd., Floating Rate Note, 6/7/18 (Cat
Bond) (144A) 1,292,000
1,000,000 Altair Re, Variable Rate Notes, 6/30/17 (f) 1,043,000
500,000 Arlington Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 8/31/16 (f) 513,600
1,500,000 3.47 Atlas IX Capital, Ltd., Floating Rate Note, 1/17/19
(Cat Bond) (144A) 1,526,550
1,000,000 8.15 Atlas Reinsurance VII, Ltd., Floating Rate Note,
1/7/16 (Cat Bond) (144A) 1,012,600
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 71
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
3,325,000 4.37 Blue Danube II, Ltd., Floating Rate Note,
5/23/18 (Cat Bond) (144A) $ 3,353,262
750,000 2.53 Bosphorus Re, Ltd., Floating Rate Note,
5/3/16 (Cat Bond) (144A) 748,050
750,000 3.58 Bosphorus, Ltd., Floating Rate Note, 8/17/18
(Cat Bond) (144A) 744,525
2,250,000 5.30 Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat
Bond) (144A) 2,273,400
2,550,000 6.86 Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat
Bond) (144A) 2,634,150
250,000 4.48 Citrus Re, Ltd., Floating Rate Note, 4/18/17 (Cat
Bond) (144A) 251,800
1,350,000 4.30 Citrus Re, Ltd., Floating Rate Note, 4/24/17 (Cat
Bond) (144A) 1,360,800
500,000 Clarendon Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 6/15/16 (f) 491,850
1,000,000 0.00 Compass Re II, Ltd., Floating Rate Note, 12/8/15
(Cat Bond) 988,200
1,000,000 3.8 Cranberry Re, Ltd., Floating Rate Note, 7/6/18 (Cat
Bond) (144A) 1,020,500
250,000 9.06 East Lane Re V, Ltd., Floating Rate Note, 3/16/16
(Cat Bond) (144A) 257,950
2,200,000 3.78 East Lane Re VI, Ltd., Floating Rate Note, 3/13/20
(Cat Bond) (144A) 2,216,500
2,000,000 2.78 East Lane Re VI, Ltd., Floating Rate Note, 3/14/18
(Cat Bond) (144A) 1,983,600
1,300,000 Eden Re II, Ltd., Variable Rate Notes, 4/19/18
(144A) (f) 1,374,750
2,375,100 Exeter Segregated Account (Kane SAC Ltd.), Variable
Rate Notes, 1/7/16 (f) 2,539,932
750,000 Fairfield Segregated Account (KANE SAC Ltd.), Variable
Rate Notes, 2/2/16 (f) 733,650
1,250,000 7.41 Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat
Bond) (144A) 1,274,625
2,000,000 6.69 Gator Re, Ltd., Floating Rate Note, 1/9/17 (Cat
Bond) (144A) 1,848,000
2,650,000 2.21 Golden State Re II, Ltd., Floating Rate Note,
1/8/19 (Cat Bond) (144A) 2,634,895
2,600,000 Gullane Segregated Account (Kane SAC Ltd.), Variable
Rate Notes, 1/22/17 (f) 2,851,420
420,500 Hereford Segregated Account (Kane SAC Ltd.), Variable
Rate Notes, 1/7/16 (f) 482,986
1,000,000 4.57 Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat
Bond) (144A) 1,023,200
2,500,000 4.07 Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat
Bond) (144A) 2,551,500
2,350,000 3.76 Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19
(Cat Bond) (144A) 2,328,145
The accompanying notes are an integral part of these financial statements.
72 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
2,300,000 4.77 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) $ 2,313,570
1,000,000 4.52 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 993,100
2,600,000 Kingsbarn 2015 Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 12/18/15 (f) 2,508,740
1,800,000 2.27 Kizuna Re II, Ltd., Floating Rate Note, 4/6/18 (Cat
Bond) (144A) 1,803,420
1,000,000 Lahinch Re, Variable Rate Notes, 6/15/16 (f) 996,000
1,910,000 4.27 Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16
(Cat Bond) (144A) 1,937,695
750,000 3.75 Longpoint Re, Ltd. III, Floating Rate Note, 5/24/21
(Cat Bond) (144A) 762,900
750,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (f) 793,575
2,000,000 2.01 Merna Re V, Ltd., Floating Rate Note, 4/7/17 (Cat
Bond) (144A) 1,996,200
1,500,000 4.51 MetroCat Re, Ltd., Floating Rate Note, 8/5/16 (Cat
Bond) (144A) 1,535,700
1,111,667 Muirfield Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/12/16 (f) 1,220,388
1,750,000 7.57 Multicat Mexico Re, Ltd., Floating Rate Note,
12/4/15 (Cat Bond)(144A) 1,744,750
2,250,000 8.65 Mythen Re, Ltd., Series 2012-2 Class A, Floating
Rate Note, 1/5/17 (Cat Bond) (144A) 2,328,525
500,000 11.88 Mythen Re, Ltd., Series 2012-2 Class A, Floating
Rate Note, 11/10/16 (Cat Bond) (144A) 518,750
2,250,000 7.27 Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat
Bond) (144A) 2,303,775
2,500,000 Pangaea Re, Series 2015-1, Principal at Risk Notes,
2/1/19 (f) 2,823,250
2,800,000 Pangaea Re, Series 2015-2, Principal at Risk Notes,
11/30/19 (f) 2,892,120
2,300,000 Pangaea Re., Variable Rate Notes, 7/1/18 (f) 41,400
1,750,000 3.53 Queen City Re, Floating Rate Note, 1/6/19 (Cat
Bond) (144A) 1,749,125
1,750,000 8.60 Queen Street VII Re, Ltd., Floating Rate Note,
4/8/16 (Cat Bond) (144A) 1,769,250
1,000,000 5.75 Queen Street X Re, Ltd., Floating Rate Note,
6/8/18 (Cat Bond) (144A) 998,400
1,500,000 8.93 Residential Reinsurance 2011, Ltd., Floating Rate
Note, 6/6/17 (Cat Bond) (144A) 1,510,200
1,000,000 12.79 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 12/6/16 (Cat Bond) (144A) 1,061,100
2,900,000 4.54 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 12/6/16 (Cat Bond) (144A) 2,949,880
1,500,000 5.78 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 12/6/16 (Cat Bond) (144A) 1,540,200
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 73
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
900,000 10.03 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 6/6/16 (Cat Bond) (144A) $ 950,580
750,000 8.04 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 6/6/16 (Cat Bond) (144A) 783,225
850,000 9.28 Residential Reinsurance 2013, Ltd., Floating Rate
Note, 6/6/17 (Cat Bond) (144A) 899,555
750,000 3.53 Residential Reinsurance 2014, Ltd., Floating Rate
Note, 6/6/18 (Cat Bond) (144A) 759,975
1,000,000 3.02 Sanders Re, Ltd., Floating Rate Note, 5/25/18 (Cat
Bond) (144A) 992,700
2,500,000 3.51 Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat
Bond) (144A) 2,508,750
1,250,000 4.02 Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat
Bond) (144A) 1,259,500
3,000,000 3.87 Sanders Re, Ltd., Floating Rate Note, 6/7/17 (Cat
Bond) (144A) 3,035,400
500,000 Sector Re V, Ltd., Variable Rate Notes, 12/1/19
(144A) (f) 557,400
1,250,000 Sector Re V, Ltd., Variable Rate Notes, 3/1/20
(144A) (f) 1,310,375
1,500,000 8.49 Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat
Bond) (144A) 1,557,000
750,000 5.01 Tradewynd Re, Ltd., Floating Rate Note, 1/8/18 (Cat
Bond) (144A) 749,250
1,750,000 3.26 Tramline RE II, Ltd., Floating Rate Note, 7/7/17
(Cat Bond) (144A) 1,729,000
250,000 9.77 Tramline Re II, Ltd., Floating Rate Note, 1/4/19 (Cat
Bond) (144A) 256,475
1,147,083 Troon Segregated Account (Kane SAC Ltd.), Variable
Rate Notes, 1/12/16 (f) 1,227,953
2,500,000 0.0 Ursa Re, Ltd., Floating Rate Note, 9/21/18 (Cat
Bond) (144A) 2,499,000
2,500,000 Versutus Ltd., Series 2015-A, Variable Rate Notes,
12/31/2017 (f) 2,825,000
3,750,000 3.56 Vita Capital V, Ltd., Floating Rate Note, 1/15/17 (Cat
Bond) (144A) 3,790,875
1,500,000 2.86 Vita Capital V, Ltd., Floating Rate Note, 1/15/17 (Cat
Bond) (144A) 1,514,700
2,750,000 3.80 Vitality Re IV, Ltd., Floating Rate Note, 1/9/18 (Cat
Bond) (144A) 2,803,350
1,000,000 2.77 Vitality Re IV, Ltd., Floating Rate Note, 1/9/17 (Cat
Bond) (144A) 1,010,000
3,800,000 1.77 Vitality Re V, Ltd., Floating Rate Note, 1/7/19 (Cat
Bond) (144A) 3,773,020
---------------
$ 123,530,136
---------------
Total Insurance $ 170,950,291
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
74 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Application Software -- 0.0%+
1,250,000 Igloo Holdings Corp., 8.25%, 12/15/17 (8.25%
Cash, 9.00% PIK) (144A) (PIK) $ 1,253,125
---------------------------------------------------------------------------------------------------------
Systems Software -- 0.2%
3,215,000 Oracle Corp., 5.25%, 1/15/16 $ 3,258,013
1,937,000 0.48 Oracle Corp., Floating Rate Note, 7/7/17 1,935,632
---------------
$ 5,193,645
---------------
Total Software & Services $ 6,446,770
---------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Communications Equipment -- 0.2%
2,580,000 0.56 Cisco Systems, Inc., Floating Rate Note, 3/3/17 $ 2,579,966
2,550,000 0.65 Cisco Systems, Inc., Floating Rate Note, 6/15/18 2,538,905
---------------
$ 5,118,871
---------------------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.0%+
1,500,000 0.33 Apple, Inc., Floating Rate Note, 5/3/16 $ 1,500,022
---------------
Total Technology Hardware & Equipment $ 6,618,893
---------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.1%
Integrated Telecommunication Services -- 0.9%
3,925,000 AT&T, Inc., 2.4%, 8/15/16 $ 3,968,842
3,875,000 AT&T, Inc., 2.95%, 5/15/16 3,921,194
2,735,000 0.70 AT&T, Inc., Floating Rate Note, 2/12/16 2,732,366
2,881,000 British Telecommunications Plc, 1.625%, 6/28/16 2,892,576
3,300,000 Verizon Communications, Inc., 0.7%, 11/2/15 3,300,568
8,530,000 1.87 Verizon Communications, Inc., Floating Rate Note,
9/15/16 8,610,975
---------------
$ 25,426,521
---------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.2%
1,250,000 Altice Financing SA, 7.875%, 12/15/19 (144A) $ 1,293,750
1,500,000 1.29 America Movil SAB de CV, Floating Rate
Note, 9/12/16 1,499,606
1,150,000 0.66 Vodafone Group Plc, Floating Rate Note, 2/19/16 1,149,252
---------------
$ 3,942,608
---------------
Total Telecommunication Services $ 29,369,129
---------------------------------------------------------------------------------------------------------
UTILITIES -- 1.2%
Electric Utilities -- 0.8%
1,740,000 0.66 Duke Energy Corp., Floating Rate Note, 4/3/17 $ 1,735,098
2,285,000 0.64 Duke Energy Indiana, Inc., Floating Rate
Note, 7/11/16 2,284,979
5,100,000 0.48 Duke Energy Progress LLC, Floating Rate Note,
11/20/17 5,042,666
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 75
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Electric Utilities -- (continued)
1,275,000 0.48 Duke Energy Progress LLC, Floating Rate
Note, 3/6/17 $ 1,270,680
1,865,000 0.75 Electricite de France SA, Floating Rate Note,
1/20/17 (144A) 1,864,123
1,040,000 Georgia Power Co., 0.625%, 11/15/15 1,039,942
1,090,000 0.61 Georgia Power Co., Floating Rate Note, 3/15/16 1,089,131
1,000,000 0.72 Georgia Power Co., Floating Rate Note, 8/15/16 998,007
2,500,000 LG&E and KU Energy LLC, 2.125%, 11/15/15 2,504,078
1,013,000 0.56 NSTAR Electric Co., Floating Rate Note, 5/17/16 1,011,441
1,665,000 0.88 TECO Finance, Inc., Floating Rate Note, 4/10/18 1,653,460
---------------
$ 20,493,605
---------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.0%+
1,000,000 DCP Midstream Operating LP, 3.25%, 10/1/15 $ 1,000,000
---------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.3%
2,376,000 Dominion Resources, Inc. Virginia, 1.95%, 8/15/16 $ 2,392,095
2,500,000 San Diego Gas & Electric Co., 5.3%, 11/15/15 2,513,450
2,500,000 0.48 San Diego Gas & Electric Co., Floating Rate
Note, 3/9/17 2,494,420
---------------
$ 7,399,965
---------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.1%
1,250,000 NRG Energy, Inc., 8.25%, 9/1/20 $ 1,283,750
2,500,000 PSEG Power LLC, 2.75%, 9/15/16 2,534,950
---------------
$ 3,818,700
---------------
Total Utilities $ 32,712,270
---------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $820,426,803) $ 821,457,545
---------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 6.8%
4,616 Fannie Mae, 7.0%, 10/1/17 $ 4,782
21,820 2.32 Fannie Mae, Floating Rate Note, 1/1/48 23,174
25,691 2.64 Fannie Mae, Floating Rate Note, 10/1/32 26,419
7,254 2.25 Fannie Mae, Floating Rate Note, 11/1/23 7,490
23,050 2.30 Fannie Mae, Floating Rate Note, 2/1/34 23,276
18,687 2.36 Fannie Mae, Floating Rate Note, 9/1/32 19,825
2,133,000 Federal Farm Credit Banks, 0.39%, 4/25/16 2,132,558
2,560,000 0.15 Federal Farm Credit Banks, Floating Rate
Note, 10/26/15 2,559,990
2,610,000 0.14 Federal Farm Credit Banks, Floating Rate
Note, 2/18/16 2,608,760
The accompanying notes are an integral part of these financial statements.
76 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
10,000,000 0.27 Federal Farm Credit Banks, Floating Rate
Note, 6/20/16 $ 10,003,380
10,000,000 0.21 Federal Home Loan Banks, Floating Rate
Note, 10/1/15 10,000,000
6,000,000 0.22 Federal Home Loan Banks, Floating Rate
Note, 10/7/15 6,000,024
2,640,000 0.22 Federal Home Loan Banks, Floating Rate
Note, 10/7/15 2,640,011
6,744 2.45 Federal Home Loan Mortgage Corp., Floating Rate
Note, 10/1/23 6,953
14,047 2.61 Federal Home Loan Mortgage Corp., Floating Rate
Note, 11/1/33 14,641
6,902 2.59 Federal Home Loan Mortgage Corp., Floating Rate
Note, 6/1/35 6,990
8,925,000 0.48 Federal National Mortgage Association, Floating Rate
Note, 10/3/16 8,945,287
6,085,000 0.22 Federal National Mortgage Association, Floating Rate
Note, 8/26/16 6,086,606
10,515 1.75 Government National Mortgage Association II,
Floating Rate Note, 1/20/22 10,887
2,600,000 Private Export Funding Corp., 2.125%, 7/15/16 2,631,611
20,070,000 0.10 U.S. Treasury Note, Floating Rate Note, 1/31/17 20,064,641
20,180,000 0.07 U.S. Treasury Note, Floating Rate Note, 10/31/16 20,174,007
20,175,000 0.08 U.S. Treasury Note, Floating Rate Note, 4/30/16 20,176,957
40,175,000 0.09 U.S. Treasury Note, Floating Rate Note, 4/30/17 40,147,065
13,470,000 0.09 U.S. Treasury Note, Floating Rate Note, 7/31/16 13,471,131
20,095,000 0.09 U.S. Treasury Note, Floating Rate Note, 7/31/17 20,074,302
---------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $187,936,832) $ 187,860,767
---------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.1% (g)
Higher Municipal Education -- 0.0%+
675,000 President and Fellows of Harvard College,
6.3%, 10/1/37 $ 693,671
---------------------------------------------------------------------------------------------------------
Municipal Student Loan -- 0.1%
834,488 1.18 Louisiana Public Facilities Authority, Floating Rate
Note, 4/26/27 $ 840,330
---------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $1,531,822) $ 1,534,001
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 77
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 6.5%**
ENERGY -- 0.3%
Oil & Gas Drilling -- 0.0%+
705,822 6.00 Drillships Financing Holding, Inc., Tranche B-1 Term
Loan, 3/31/21 $ 418,199
62,929 5.75 Offshore Group Investment, Ltd., Term Loan, 3/28/19 20,085
866,250 3.75 Paragon Offshore Finance, Term Loan, 7/16/21 339,282
---------------
$ 777,566
---------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.1%
1,431,875 3.75 77 Energy, Tranche B Loan (First Lien), 6/17/21 $ 1,218,286
1,986,270 3.88 Fieldwood Energy LLC, Closing Date Loan, 9/25/18 1,705,709
493,750 5.25 McDermott International, Inc., Tranche B Loan (First
Lien), 4/11/19 490,047
---------------
$ 3,414,042
---------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.1%
11,241 4.50 Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 $ 11,213
2,701,875 4.00 Seadrill Operating LP, Initial Term Loan, 2/14/21 1,658,951
997,500 0.00 Terraform AP Acquisition Holdings, Term Loan (First
Lien), 6/26/22 (d) 972,562
---------------
$ 2,642,726
---------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.1%
997,494 0.00 Penn Products Terminals LLC, Term Loan (First Lien),
4/1/22 (d) $ 992,506
---------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.0%+
444,347 4.25 Western Refining, Inc., Term Loan 2013, 11/12/20 $ 442,056
---------------
Total Energy $ 8,268,896
---------------------------------------------------------------------------------------------------------
MATERIALS -- 0.4%
Commodity Chemicals -- 0.1%
1,759,189 4.50 AZ Chem US, Inc., Tranche B Term Loan (First
Lien), 6/9/21 $ 1,760,014
381,456 4.25 Tronox Pigments Holland BV, New Term Loan, 3/19/20 334,039
---------------
$ 2,094,053
---------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.0%+
498,750 0.00 Chemours Company LLC, Term Loan (First Lien),
5/12/22 (d) $ 435,575
---------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
1,016,046 3.75 Axalta Coating Systems US Holdings, Inc., Refinanced
Term B Loan, 2/1/20 $ 1,010,825
71,429 3.50 Chemtura Corp., New Term Loan, 8/29/16 71,414
The accompanying notes are an integral part of these financial statements.
78 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Specialty Chemicals -- (continued)
923,875 4.00 PQ Corp., 2014 Term Loan, 8/7/17 $ 922,432
287,833 2.75 WR Grace & Co-Conn, Delayed Draw Term Loan,
1/23/21 286,394
799,843 2.75 WR Grace & Co-Conn, U.S. Term Loan, 1/23/21 795,843
---------------
$ 3,086,908
---------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.1%
673,740 4.00 Ardagh Holdings USA, Inc., Tranche B-3 Term Loan
(First Lien), 12/17/19 672,224
997,500 0.00 Owens-Brockway Glass Container Inc., Term Loan
(First Lien), 8/14/22 (d) $ 1,001,964
---------------
$ 1,674,188
---------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.0%+
172,375 4.25 Multi Packaging Solutions, Inc., Initial Dollar
Tranche B Term, 9/30/20 $ 170,867
---------------------------------------------------------------------------------------------------------
Aluminum -- 0.1%
115,800 5.75 Noranda Aluminum Acquisition Corp., Term B
Loan, 2/28/19 $ 79,612
1,412,203 0.00 Novelis Inc., Term Loan (First Lien), 5/28/22 (d) 1,396,463
---------------
$ 1,476,075
---------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
1,104,569 3.75 Fortescue Metals Group Ltd., Bank Loan, 6/30/19 $ 908,508
---------------------------------------------------------------------------------------------------------
Steel -- 0.0%+
354,764 4.75 JMC Steel Group, Inc., Term Loan, 4/1/17 $ 349,442
145,449 4.50 TMS International Corp., Term B Loan, 10/2/20 144,782
---------------
$ 494,224
---------------
Total Materials $ 10,340,398
---------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.5%
Aerospace & Defense -- 0.2%
1,865,803 3.75 DigitalGlobe, Inc., Term Loan, 1/25/20 $ 1,859,670
143,055 6.25 DynCorp International, Inc., Term Loan, 7/7/16 140,075
1,280,637 3.75 TransDigm, Inc., Tranche C Term Loan, 2/28/20 1,270,313
2,355,167 3.25 Wesco Aircraft Hardare Corp., Tranche B Term Loan
(First Lien), 2/24/21 2,309,045
---------------
$ 5,579,103
---------------------------------------------------------------------------------------------------------
Building Products -- 0.1%
1,072,744 3.50 Armstrong World Industries, Inc., Term
Loan B, 3/15/20 $ 1,070,733
852,173 4.00 Quikrete Holdings, Inc., Initial Loan (First Lien),
9/26/20 850,894
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 79
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Building Products -- (continued)
796,449 4.25 Unifrax Corp., New Term B Loan, 12/31/19 $ 791,803
---------------
$ 2,713,430
---------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
1,059,245 3.00 Southwire Co., Term Loan, 1/31/21 $ 1,040,709
825,437 6.00 WireCo WorldGroup, Inc., Term Loan, 2/15/17 826,984
---------------
$ 1,867,693
---------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%+
67,550 0.00 Kloeckner Pentaplast of America, Term Loan (First
Lien), 4/22/20 (d) $ 67,845
158,066 0.00 Kloeckner Pentaplast of America, Term Loan (First
Lien), 4/22/20 (d) 158,757
452,994 0.00 Milacron LLC, Term Loan (First Lien), 9/28/20 (d) 456,392
---------------
$ 682,994
---------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy
Trucks -- 0.0%+
71,613 3.25 Manitowoc Co. Inc. (The), Term B Loan, 12/18/20 $ 71,097
306,461 3.50 Terex Corp., U.S. Term Loan, 8/13/21 306,997
---------------
$ 378,094
---------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
233,348 4.25 Gardner Denver, Inc., Initial Dollar Term Loan,
7/30/20 $ 221,518
726,517 6.00 NN, Inc., Term Loan, 8/27/21 728,333
1,489,642 4.25 Schaeffler AG, Facility B-USD, 5/15/20 1,493,134
78,201 5.75 Xerium Technologies, Inc., Initial Term Loan, 5/17/19 78,348
---------------
$ 2,521,333
---------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%+
700,000 0.00 Beacon Roofing Supply Inc, Term Loan (First Lien),
9/25/22 (d) $ 700,000
318,295 3.75 WESCO Distribution, Inc., Tranche B-1 Loan,
12/12/19 318,593
---------------
$ 1,018,593
---------------
Total Capital Goods $ 14,761,240
---------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Environmental & Facilities Services -- 0.1%
149,250 0.00 Waste Industries USA Inc., Term Loan (First Lien),
2/20/20 (d) $ 150,182
2,852,011 5.00 Wheelabrator, Term B Loan, 10/15/21 2,799,726
126,437 5.00 Wheelabrator, Term C Loan, 10/15/21 124,119
---------------
$ 3,074,027
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
80 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.0%+
834,186 6.50 Language Line LLC, Term Loan (First Lien), 7/2/21 $ 836,271
---------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.1%
509,664 4.25 Allied Security Holdings LLC, Closing Date Term Loan
(First Lien), 2/12/21 $ 506,797
316,931 4.00 Garda World Security Corp., Term B Delayed Draw
Loan, 11/8/20 312,474
1,238,912 4.00 Garda World Security Corp., Term B Loan, 11/1/20 1,221,491
90,966 4.25 Monitronics International, Inc., Term B Loan, 3/23/18 90,625
---------------
$ 2,131,387
---------------------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.0%+
708,489 0.00 On Assignment Inc., Term Loan (First Lien), 6/5/22 (d) $ 709,703
---------------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.0%+
166,109 5.00 Wyle, Tranche B Loan (First Lien), 5/22/21 $ 165,900
---------------
Total Commercial Services & Supplies $ 6,917,288
---------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Air Freight & Logistics -- 0.0%+
196,500 5.25 Syncreon Group BV, Term Loan, 9/26/20 $ 157,855
---------------------------------------------------------------------------------------------------------
Airlines -- 0.2%
500,000 0.00 American Airlines Inc., Term Loan (First Lien),
10/10/21 (d) $ 498,125
2,505,375 0.00 American Airlines Inc., Term Loan (First Lien),
6/27/20 (d) 2,488,935
729,375 3.25 Delta Air Lines, Inc., 2014 Term B-1 Loan, 10/18/18 729,090
300,000 0.00 Delta Air Lines, Inc., Term Loan (First Lien),
8/24/22 (d) 300,225
243,750 3.25 United Airlines, Inc., Class B Term Loan, 4/1/19 243,674
---------------
$ 4,260,049
---------------------------------------------------------------------------------------------------------
Marine -- 0.0%+
1,405,726 5.25 Navios Maritime Partners LP, Term Loan, 6/27/18 $ 1,405,287
---------------
Total Transportation $ 5,823,191
---------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.4%
Auto Parts & Equipment -- 0.2%
767,374 3.50 Allison Transmission, Inc., Term B-3 Loan, 8/23/19 $ 768,813
995,000 6.00 BBB Industries US, Initial Term Loan, 10/15/21 1,001,829
748,111 0.00 Key Safety Systems, Inc., Term Loan (First Lien),
7/28/21 (d) 731,278
1,242,018 3.75 MPG Holdco I, Inc., Initial Term Loan, 10/20/21 1,240,798
410,279 0.00 TI Group Automotive Systems LLC, Term Loan (First
Lien), 6/25/22 (d) 403,441
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 81
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Auto Parts & Equipment -- (continued)
1,187,945 4.00 Tower Automotive Holdings USA LLC, Initial Term
Loan (2014), 4/23/20 $ 1,177,551
---------------
$ 5,323,710
---------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.0%+
666,667 3.75 The Goodyear Tire & Rubber Co., Term Loan (Second
Lien), 3/27/19 $ 669,054
---------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.2%
371,124 3.50 Chrysler Group LLC, Term Loan B, 5/24/17 $ 370,524
2,856,500 3.25 Chrysler Group LLC, Tranche B Term Loan, 12/29/18 2,835,790
495,000 6.00 Crown Group llc, Term Loan (First Lien), 9/30/20 493,453
---------------
$ 3,699,767
---------------------------------------------------------------------------------------------------------
Personal Products -- 0.0%+
291,667 3.50 Visteon Corp., Tranche B Loan (First Lien), 4/8/21 $ 290,753
---------------
Total Automobiles & Components $ 9,983,284
---------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Home Furnishings -- 0.0%+
62,272 3.50 Tempur Sealy International, Inc., New Term B
Loan, 3/18/20 $ 62,389
---------------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 0.1%
497,500 0.00 Hanes Brands, Inc., Term Loan (First Lien),
4/15/22 (d) $ 501,024
958,411 3.25 PVH Corp., Tranche B Term Loan, 12/19/19 964,062
---------------
$ 1,465,086
---------------
Total Consumer Durables & Apparel $ 1,527,475
---------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.3%
Casinos & Gaming -- 0.1%
1,215,625 3.50 MGM Resorts International, Term B Loan, 12/20/19 $ 1,207,838
90,250 3.75 Pinnacle Entertainment, Inc., Tranche B-2 Term
Loan, 8/13/20 90,322
1,985,000 6.00 Scientific Games, Initial Term B-2, 10/1/21 1,964,406
---------------
$ 3,262,566
---------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.1%
489,002 3.50 Four Seasons Holdings Inc., Term Loan, 6/27/20 $ 486,557
1,353,618 3.50 Hilton Worldwide Finance LLC, Initial Term Loan,
9/23/20 1,354,183
---------------
$ 1,840,740
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
82 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.0%+
96,885 3.25 Cedar Fair LP, U.S. Term Facility, 3/6/20 $ 97,293
1,147,125 0.00 Six Flags Theme Parks, Inc., Term Loan (First Lien),
6/30/22 (d) 1,149,993
---------------
$ 1,247,286
---------------------------------------------------------------------------------------------------------
Restaurants -- 0.1%
469,382 3.75 1011778 BC ULC, Term B-2 Loan, 12/12/21 $ 469,170
364,084 4.00 Landry's, Inc., B Term Loan, 4/24/18 364,653
154,400 4.00 NPC International, Inc., Term Loan, 12/28/18 153,306
830,551 4.25 PF Chang's China Bistro, Inc., Term Borrowing, 7/2/19 816,016
---------------
$ 1,803,145
---------------------------------------------------------------------------------------------------------
Education Services -- 0.0%+
592,260 3.75 Bright Horizons Family Solutions, Inc., Term B
Loan, 1/14/20 $ 593,677
595,500 4.25 Bright Horizons Family Solutions, Inc., Term B-1
Loan, 1/30/20 596,493
---------------
$ 1,190,170
---------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.0%+
383,810 4.00 Weight Watchers International, Inc., Initial
Tranche B-2 Term Loan, 4/2/20 $ 208,697
---------------
Total Consumer Services $ 9,552,604
---------------------------------------------------------------------------------------------------------
MEDIA -- 1.0%
Broadcasting -- 0.4%
1,629,423 3.00 CBS Outdoor Americas Capital llc, Tranche B Term
Loan (First Lien), 1/15/21 $ 1,623,652
997,449 2.70 CSC Holdings LLC, Term B Loan, 4/17/20 993,352
1,000,000 5.00 CSC Holdings LLC, Term Loan (First Lien), 9/25/22 994,464
325,905 4.02 Entercom Radio llc, Term B-2 Loan, 11/23/18 325,956
522,358 3.50 EW Scripps, Term Loan (First Lien), 11/26/20 522,685
1,002,368 3.75 Gray Television, Inc., Term Loan (First Lien), 6/10/21 1,001,220
609,488 4.25 NEP, Amendment No. 4 Incremental Term Loan (First
Lien), 1/22/20 598,060
493,703 3.25 Quebecor Media, Inc., Facility B-1 Tranche, 8/17/20 482,594
1,324,782 3.00 Sinclair Television Group, Inc., New Tranche B Term
Loan, 4/19/20 1,312,983
997,500 3.50 Sinclair Television Group, Incremental Loan, 7/30/21 992,512
1,443,537 3.81 Tribune Company, Term B Loan, 12/27/20 1,439,478
657,963 4.00 Univision Communications, Inc., Replacement First-
Lien Term Loan, 3/1/20 653,119
---------------
$ 10,940,075
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 83
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.4%
1,000,000 3.50 CCO Safari III LLC, Term Loan (First Lien), 1/23/23 $ 995,391
1,106,207 3.50 Cequel Communications LLC, Term Loan, 2/14/19 1,099,288
1,295,188 3.00 Charter Communications Operating LLC, Term F
Loan, 1/1/21 1,280,732
521,732 3.75 Intelsat Jackson Holdings SA, Tranche B-2 Term
Loan, 6/30/19 509,863
727,500 4.00 MCC Georgia LLC, Tranche G Term Loan, 2/8/20 727,651
1,379,000 2.66 Mediacom Illinois LLC, Tranche F Term Loan, 3/31/18 1,373,829
655,383 3.50 Telesat Canada, U.S. Term B Loan, 3/28/19 652,242
218,649 4.50 WideOpenWest Finance LLC, Replacement Term B
Loan, 4/1/19 217,487
1,136,553 3.50 Ziggo BV, (USD) Tranche B-3 Term Loan, 1/15/22 1,119,979
1,072,383 3.50 Ziggo BV, Tranche B-1 Term Loan (First Lien), 1/15/22 1,056,744
691,064 3.50 Ziggo BV, Tranche B-2 Term Loan (First Lien), 1/15/22 680,986
---------------
$ 9,714,192
---------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
1,446,509 3.50 AMC Entertainment, Inc., Initial Term Loan, 4/30/20 $ 1,446,509
962,264 3.25 Kasima LLC, Term Loan, 5/17/21 961,261
762,440 3.50 Live Nation Entertainment, Inc., Term B-1
Loan, 8/17/20 762,955
1,013,204 3.75 Rovi Solutions Corp., Term B Loan, 7/2/21 996,739
586,500 3.50 Seminole Hard Rock Entertainment, Inc., New Term
Loan B, 5/14/20 576,236
1,078,000 3.75 WMG Acquisition Corp., Tranche B Refinancing Term
Loan, 7/1/20 1,058,192
---------------
$ 5,801,892
---------------
Total Media $ 26,456,159
---------------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Computer & Electronics Retail -- 0.1%
1,723,750 3.75 Rent-A-Center, Inc., Term Loan (2014), 2/6/21 $ 1,721,595
---------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.0%+
1,218,750 4.50 Apex Tool Group LLC, Term Loan, 2/1/20 $ 1,192,471
---------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.1%
977,500 3.75 Michaels Stores, Inc., Term B Loan, 1/28/20 976,787
1,000,000 0.00 Staples, Inc., Term Loan (First Lien), 4/24/21 (d) $ 997,560
---------------
$ 1,974,347
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
84 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.1%
1,269,824 3.00 Avis Budget Car Rental LLC, Tranche B Term
Loan, 3/15/19 $ 1,269,538
382,166 5.25 CWGS Group LLC, Term Loan, 2/20/20 382,882
729,375 3.75 The Hertz Corp., Tranche B1 Term Loan, 3/11/18 728,099
---------------
$ 2,380,519
---------------
Total Retailing $ 7,268,932
---------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Food Distributors -- 0.0%+
184,036 5.75 AdvancePierre Foods, Inc., Term Loan (First
Lien), 7/10/17 $ 184,409
---------------------------------------------------------------------------------------------------------
Food Retail -- 0.1%
1,492,464 5.38 Albertsons LLC, Term B-2 Loan, 3/21/19 $ 1,494,668
495,000 4.75 New Albertson's, Inc., Term Loan (First Lien), 6/24/21 494,938
---------------
$ 1,989,606
---------------
Total Food & Staples Retailing $ 2,174,015
---------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Beverages -- 0.0%+
750,000 0.00 JBS USA LLC, Term Loan (First Lien), 11/18/22 (d) $ 750,463
---------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.1%
1,566,150 3.25 Darling International, Inc., Term B USD Loan,
12/19/20 $ 1,567,129
---------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.1%
874,626 3.75 JBS USA LLC, Initial Term Loan, 5/25/18 $ 873,117
2,158,833 3.00 Pinnacle Foods Finance LLC, New Term Loan G,
4/29/20 2,157,820
235,423 3.75 Post Holdings, Inc., Tranche B Loan (First Lien),
5/23/21 235,754
---------------
$ 3,266,691
---------------
Total Food, Beverage & Tobacco $ 5,584,283
---------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.0%+
165,000 3.82 Spectrum Brands, Inc., Term Loan (First Lien),
6/16/22 $ 165,787
---------------------------------------------------------------------------------------------------------
Personal Products -- 0.1%
400,000 3.50 NBTY, Inc., Term B-2 Loan, 10/1/17 $ 398,300
361,812 4.00 Revlon Consumer Products Corp., Acquisition
Term Loan, 8/19/19 362,083
958,583 3.25 Revlon Consumer Products Corp., Replacement
Term Loan, 11/19/17 958,942
---------------
$ 1,719,325
---------------
Total Household & Personal Products $ 1,885,112
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 85
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.6%
Health Care Equipment -- 0.1%
1,480,058 4.50 Kinetic Concepts, Inc., Term DTL-E1 loan, 5/4/18 $ 1,480,522
---------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.0%+
1,000,000 0.00 Sterigenics-Nordion Holdings LLC, Term Loan (First
Lien), 4/27/22 (d) $ 998,750
---------------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
548,191 6.25 BioScrip, Inc., Initial Term B Loan, 7/31/20 $ 515,300
328,915 6.50 BioScrip, Inc., Term Loan, 7/31/20 309,180
593,611 4.00 BSN Medical GmbH & Co. KG, Facility B1A, 8/28/19 593,611
470,288 3.50 DaVita HealthCare Partners, Inc., Tranche B Loan
(First Lien), 6/19/21 470,958
1,239,384 4.00 Envision Healthcare Corp., Initial Term Loan, 5/25/18 1,241,062
1,470,000 2.33 Fresenius US Finance I, Inc., Tranche B Term
Loan, 8/7/19 1,473,675
66,145 7.75 inVentiv Health, Inc., Term B-3 Loan, 5/15/18 66,090
497,475 4.25 National Mentor Holdings, Inc., Tranche B Term Loan,
1/31/21 496,698
910,219 0.00 Pharmaceutical Product Development, Term Loan
(First Lien), 8/6/22 (d) 904,435
338,691 4.50 Truven Health Analytics, Inc., New Tranche B Term
Loan, 6/6/19 336,675
---------------
$ 6,407,684
---------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.2%
25,101 3.08 CHS, Incremental 2019 Term G Loan, 12/31/19 $ 25,117
46,186 4.00 CHS, Incremental 2021 Term H Loan, 1/27/21 46,282
1,994,911 2.95 HCA, Inc., Tranche B-5 Term Loan, 3/31/17 1,995,460
483,788 4.50 IASIS Healthcare LLC, Term B-2 Loan, 5/3/18 484,897
1,100,000 4.25 Kindred Healthcare, Inc., Tranche B Loan (First
Lien), 4/10/21 1,099,065
487,590 5.25 RegionalCare Hospital Partners, Inc., Term Loan
(First Lien), 4/21/19 484,848
227,883 3.75 Select Medical Corp., Series E Tranche B Term
Loan, 6/1/18 227,646
977,500 6.75 Steward Health Care System LLC, Term Loan,
4/10/20 976,584
---------------
$ 5,339,899
---------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
837,900 4.25 ConvaTec, Inc., Dollar Term Loan, 12/22/16 $ 837,900
1,591,694 3.75 Emdeon, Inc., Term B-2 Loan, 11/2/18 1,589,041
---------------
$ 2,426,941
---------------
Total Health Care Equipment & Services $ 16,653,796
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
86 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 0.3%
Biotechnology -- 0.0%+
1,116,966 3.50 Alkermes, Inc., 2019 Term Loan, 9/25/19 $ 1,117,432
---------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.3%
421,301 3.75 Endo International, Term Loan (First Lien), 6/24/22 $ 420,742
517,125 3.20 Grifols Worldwide Operations USA, Inc., U.S.
Tranche B Term Loam, 4/1/21 517,825
301,188 4.25 JLL, Initial Dollar Term Loan, 1/23/21 297,347
960,375 3.25 Mallinckrodt International Finance SA, Initial
Term B Loan, 3/6/21 945,770
1,749,974 4.25 PharMEDium Healthcare Corp., Initial Term Loan
(First Lien), 1/23/21 1,733,204
735,633 3.51 Prestige Brands, Inc., Term B-3 Loan, 9/3/21 736,476
617,624 3.25 RPI Finance Trust, Term B-3 Term Loan, 11/9/18 619,169
1,004,483 3.50 RPI Finance Trust, Term B-4 Term Loan, 11/9/20 1,003,855
511,676 3.75 Valeant Pharmaceuticals International, Inc.,
Series C-2 Tranche B Term Loan, 12/11/19 504,768
213,198 3.50 Valeant Pharmaceuticals International, Inc.,
Series D-2 Tranche B Term Loan, 2/13/19 210,067
1,313,724 3.75 Valeant Pharmaceuticals International, Inc.,
Series E1 Tranche B Term Loan, 8/5/20 1,296,482
---------------
$ 8,285,705
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 9,403,137
---------------------------------------------------------------------------------------------------------
BANKS -- 0.0%+
Thrifts & Mortgage Finance -- 0.0%+
763,188 5.00 Ocwen Financial Corp., Initial Term Loan, 1/15/18 $ 763,427
---------------
Total Banks $ 763,427
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Other Diversified Financial Services -- 0.1%
343,954 3.50 AWAS Finance Luxembourg 2012 SA, Term
Loan, 7/16/18 $ 343,094
1,295,000 3.50 Delos Finance SARL, Tranche B Term Loan, 2/27/21 1,295,135
2,080,072 3.50 Fly Funding II Sarl, Term Loan, 8/9/18 2,072,923
488,750 5.00 Livingston International, Inc., Initial Term B-1 Loan
(First Lien), 4/18/19 475,309
78,745 5.25 WorldPay, Facility B2A Term Loan, 8/6/17 79,041
---------------
$ 4,265,502
---------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
998,829 4.25 Mirror BidCo Corp., New Incremental Term Loan,
12/18/19 $ 998,829
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 87
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Specialized Finance -- (continued)
592,500 3.25 SBA Senior Finance II LLC, Incremental Tranche B-1
Term Loan, 3/31/21 $ 587,131
---------------
$ 1,585,960
---------------
Total Diversified Financials $ 5,851,462
---------------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Insurance Brokers -- 0.1%
1,079,641 4.25 USI Insurance Services LLC, Term B Loan, 12/30/19 $ 1,071,994
---------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.0%+
72,306 0.00 Alliant Holdings LLC, Term Loan (First Lien),
7/28/22 (d) $ 72,125
---------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.0%+
489,861 5.75 Confie Seguros Holding II Co., Term B Loan (First
Lien), 11/9/18 $ 491,085
---------------
Total Insurance $ 1,635,204
---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Mortgage REIT -- 0.1%
1,573,936 3.50 Starwood Property Trust, Inc., Term Loan (First
Lien), 4/17/20 $ 1,564,755
---------------------------------------------------------------------------------------------------------
Retail REIT -- 0.1%
1,701,947 0.00 DTZ US Borrower LLC, Term Loan (First Lien),
11/4/21 (d) $ 1,687,853
---------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.0%+
399,000 0.00 Communications Sales & Leasing, Inc., Term Loan
(First Lien), 10/16/22 (d) $ 374,561
979,956 3.25 The GEO Group, Inc., Term Loan, 4/3/20 981,793
---------------
$ 1,356,354
---------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.0%+
979,933 4.50 Altisource Solutions Sarl, Term B Loan, 12/9/20 $ 872,141
---------------
Total Real Estate $ 5,481,103
---------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
Internet Software & Services -- 0.0%+
954,022 3.50 Dealertrack Technologies, Inc., Term Loan, 2/27/21 $ 952,233
---------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.0%+
396,000 5.75 Evergreen Skills Lux Sarl, Initial Term Loan (First
Lien), 4/23/21 $ 358,380
226,550 4.50 PSAV Presentation Services, Tranche B Term Loan
(First Lien), 1/24/21 225,984
---------------
$ 584,364
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
88 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Application Software -- 0.0%+
464,702 4.50 Epiq Systems, Inc., Term Loan, 8/27/20 $ 463,540
10,555 8.50 Expert Global Solutions, Inc., Term B Advance (First
Lien), 4/3/18 10,568
325,732 3.50 Verint Systems, Inc., Tranche B-2 Term Loan (First
Lien), 9/6/19 326,098
---------------
$ 800,206
---------------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.1%
1,411,209 3.25 Activision Blizzard, Inc., Term Loan, 7/26/20 $ 1,413,071
205,299 5.25 Micro Focus International, Term Loan B, 10/7/21 205,577
---------------
$ 1,618,648
---------------
Total Software & Services $ 3,955,451
---------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Communications Equipment -- 0.1%
2,000,000 3.75 Commscope, Inc., Term Loan (First Lien), 5/29/22 $ 1,999,688
165,466 3.25 Commscope, Inc., Tranche 4 Term Loan, 1/14/18 165,362
---------------
$ 2,165,050
---------------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.0%+
940,909 4.75 Zebra Technologies, Term Loan B, 9/30/21 $ 948,254
---------------------------------------------------------------------------------------------------------
Electronic Components -- 0.1%
637,000 3.25 Belden Finance 2013 LP, Initial Term Loan, 9/9/20 $ 637,390
976,500 6.25 FCI -- Fidji Luxembourg Bc4 Sarl, Term Loan,
12/19/20 976,500
---------------
$ 1,613,890
---------------------------------------------------------------------------------------------------------
Technology Distributors -- 0.0%+
292,487 0.00 Deltek Systems, Inc., Term Loan (First Lien),
12/31/22 (d) $ 292,792
---------------
Total Technology Hardware & Equipment $ 5,019,986
---------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.1%
1,924,641 2.58 Sensata Technologies, Term Loan (First Lien),
10/14/21 $ 1,925,170
---------------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%+
1,116,072 3.75 Avago Technologies Ltd., Tranche B Term Loan (First
Lien), 4/16/21 $ 1,116,666
116,543 3.25 Microsemi Corp., Term Loan (First Lien), 3/14/21 116,223
---------------
$ 1,232,889
---------------
Total Semiconductors & Semiconductor Equipment $ 3,158,059
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 89
Schedule of Investments | 9/30/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.3%
Integrated Telecommunication Services -- 0.2%
1,225,000 4.00 Cincinnati Bell, Inc., Tranche B Term Loan, 9/10/20 $ 1,219,488
656,700 4.00 GCI Holdings, Inc., New Term B Loan, 2/2/22 661,215
1,000,000 0.00 Level 3 Financing, Inc., Term Loan (First Lien),
5/31/22 (d) 994,583
1,484,673 0.00 Virgin Media, Term Loan (First Lien), 6/30/23 (d) 1,465,585
1,004,821 3.25 West Corp., B-10 Term Loan (First Lien), 6/30/18 995,165
703,409 3.50 Windstream Services LLC, Tranche B-5 Term
Loan, 8/8/19 673,514
---------------
$ 6,009,550
---------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
2,168,728 3.00 Crown Castle International Corp., Tranche B-2 Term
Loan (First Lien), 1/31/21 $ 2,166,086
266,066 4.50 Numericable U.S. LLC, Tranche B-1 Term Loan,
4/23/20 264,695
230,184 4.50 Numericable-SFR, Tranche B-2 Loan (First Lien),
4/23/20 228,997
727,141 4.00 Syniverse Holdings, Inc., Tranche B Term Loan,
4/23/19 668,970
---------------
$ 3,328,748
---------------
Total Telecommunication Services $ 9,338,298
---------------------------------------------------------------------------------------------------------
UTILITIES -- 0.3%
Electric Utilities -- 0.2%
2,546,004 4.75 Atlantic Power LP, Term Loan, 2/20/21 $ 2,541,230
1,173,000 3.00 Calpine Construction Finance Co. LP, Term B-1
Loan, 5/3/20 1,145,630
1,321,238 5.25 Terra-Gen Finance Company, Term Loan, 11/26/21 1,294,813
---------------
$ 4,981,673
---------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.1%
289,275 0.00 Calpine Corp, Term Loan (First Lien), 5/28/22 (d) $ 285,478
752,419 4.00 Calpine Corp., Term Loan, 9/27/19 752,157
451,154 4.00 Dynegy, Inc., Tranche B-2 Term Loan, 4/23/20 451,114
1,660,253 2.75 NRG Energy, Inc., Term Loan (2013), 7/1/18 1,630,968
1,497,055 3.75 NSG Holdings LLC, New Term Loan, 12/11/19 1,485,827
---------------
$ 4,605,544
---------------
Total Utilities $ 9,587,217
---------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $184,858,655) $ 181,390,017
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
90 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.8%
Repurchase Agreements -- 0.7%
20,650,000 $20,650,000 Bank of Nova Scotia, 0.12%, dated
9/30/15 plus accrued interest on 10/1/15
collateralized by the following:
$6,710,253 Freddie Mac Giant, 3.5-4.0%,
9/1/28 -- 8/1/45
$10,339 Federal National Mortgage Association
(ARM), 2.0%, 12/1/42
$14,133,520 Federal National Mortgage Association,
3.0 -- 6.0%, 3/1/26 -- 9/1/45
$208,958 Government National Mortgage
Association II, 5.0%, 5/20/45 $ 20,650,000
20,650,000 $20,650,000 RBC Capital Markets LLC, 0.10%,
dated 9/30/15 plus accrued interest on 10/1/15
collateralized by the following:
$38,597 Federal Home Loan Mortgage Corp,
2.342 -- 2.476%, 6/1/42 -- 3/1/43
$3,086,387 Federal National Mortgage Association
(ARM), 2.858 -3.856%, 12/1/40 -- 12/1/44
$12,625,286 Federal National Mortgage Association,
3.5 -- 4.0%, 2/1/34 -- 9/1/45
$5,312,730 Government National Mortgage
Association II, 4.0 -- 4.5%, 4/20/41 -- 9/20/45 20,650,000
20,650,000 $20,650,000 TD Securities USA LLC, 0.07%,
dated 9/30/15 plus accrued interest on 10/1/15
collateralized by the following:
$21,063,061 U.S. Treasury Notes, 1.625%, 8/15/22 20,650,000
---------------
$ 61,950,000
---------------------------------------------------------------------------------------------------------
Commercial Paper -- 1.1%
2,650,000 0.40 Mizuho Bank, Ltd. New York, Floating Rate
Note, 2/5/16 $ 2,650,000
2,575,000 0.60 Skandinaviska Enskilda Banken AB New York NY,
Floating Rate Note, 1/4/16 2,575,857
20,650,000 Societe Generale SA, Commercial Paper, 10/1/15 (c) 20,650,004
1,715,000 0.65 Sumitomo Mitsui Banking Corp. New York, Floating
Rate Note, 5/2/17 1,714,341
2,500,000 0.50 Svenska Handelsbanken New York NY, Floating Rate
Note, 8/17/16 2,500,430
---------------
$ 30,090,632
---------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $92,039,823) $ 92,040,632
---------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.1%
(Cost $2,748,112,091) (a) $ 2,743,082,284
---------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.9% $ 25,059,439
---------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 2,768,141,723
=========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 91
Schedule of Investments | 9/30/15 (unaudited) (continued)
+ Amount rounds to less than 0.1%.
(Cat Bond) Catastrophe or Event Linked Bond. At September 30, 2015, the value of
these securities amounted to $96,302,747, or 3.5% of total net
assets. See Notes to Financial Statements -- Note 1H.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At September 30, 2015, the value of these securities
amounted to $929,766,458, or 33.6% of total net assets.
REIT Real Estate Investment Trust.
REMICS Real Estate Mortgage Investment Conduits.
(PIK) Represents a pay-in kind security.
ARM Adjustable Rate Mortgage.
Strips Separate trading of Registered interest and principal of securities.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined by
reference to a base lending rate plus a premium. These base lending
rates are generally (i) the lending rate offered by one or more major
European banks, such as LIBOR (London InterBank Offered Rate), (ii)
the prime rate offered by one or more major United States banks,
(iii) the certificate of deposit rate or (iv) other base lending
rates used by commercial lenders. The rate shown is the coupon rate
at period end.
(a) At September 30, 2015, the net unrealized appreciation (depreciation)
on investments based on cost for federal income tax purposes of
$2,752,822,385 was as follows:
Aggregate gross unrealized appreciation for all investments
in which there is an excess of value over tax cost $ 2,146,826
Aggregate gross unrealized depreciation for all investments
in which there is an excess of tax cost over value (11,886,927)
------------
Net unrealized depreciation $ (9,740,101)
============
(b) Debt obligation with a variable interest rate. Rate shown is rate at
end of period.
(c) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(d) Rate to be determined.
(e) Security is in default.
(f) Structured reinsurance investment. At September 30, 2015, the value
of these securities amounted to $27,227,389 or 1.0% of total net
assets. See Notes to Financial Statements -- Note 1H.
(g) Consists of Revenue Bonds unless otherwise indicated.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended September 30, 2015 aggregated $933,346,492 and $675,235,144,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
92 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
The following is a summary of the inputs used as of September 30, 2015, in
valuing the Fund's assets:
--------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 680,766,836 $ -- $ 680,766,836
Collateralized Mortgage
Obligations -- 778,032,486 -- 778,032,486
Corporate Bonds
Insurance
Reinsurance -- 96,302,747 27,227,389 123,530,136
All Other Corporate Bonds -- 697,927,409 -- 697,927,409
U.S. Government and
Agency Obligations -- 187,860,767 -- 187,860,767
Foreign Government Bonds -- -- -- --
Municipal Bonds -- 1,534,001 -- 1,534,001
Senior Floating Rate
Loan Interests -- 181,390,017 -- 181,390,017
Repurchase Agreements -- 61,950,000 -- 61,950,000
Commercial Paper -- 30,090,632 -- 30,090,632
--------------------------------------------------------------------------------------------------
Total $ -- $2,715,854,895 $ 27,227,389 $2,743,082,284
==================================================================================================
The following is a reconciliation of assets valued using significant observable
inputs (Level 3):
--------------------------------------------------------------------------------------------------
Preferred Corporate
Stocks Bonds Total
--------------------------------------------------------------------------------------------------
Balance as of 3/31/15 $ 2,507,460 $21,186,317 $23,693,777
Realized gain (loss)(1) -- (900) (900)
Change in unrealized appreciation
(depreciation)(2) -- (575,805) (575,805)
Purchases -- 9,746,397 9,746,397
Sales -- (5,636,080) (5,636,080)
Transfers in and out of Level 3 categories* (2,507,460) 2,507,460 --
Transfers in and out of Level 3* -- -- --
--------------------------------------------------------------------------------------------------
Balance as of 9/30/15 $ -- $27,227,389 $27,227,389
==================================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on the beginning of period values. During the six
months ended September 30, 2015, there were no transfers between Levels 1,
2 and 3.
Net change in unrealized appreciation (depreciation) of investments still
held as of 9/30/15 $(536,481)
----------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 93
Statement of Assets and Liabilities | 9/30/15 (unaudited)
ASSETS:
Investment in securities (cost $2,748,112,091) $2,743,082,284
Cash 41,617,612
Receivables --
Investment securities sold 3,622,358
Fund shares sold 58,581,987
Interest 4,226,952
Other assets 175,768
--------------------------------------------------------------------------------
Total assets $2,851,306,961
================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 72,324,337
Fund shares repurchased 9,878,562
Distributions 299,925
Due to affiliates 419,063
Accrued expenses 243,351
--------------------------------------------------------------------------------
Total liabilities $ 83,165,238
================================================================================
NET ASSETS:
Paid-in capital $2,792,380,505
Distributions in excess of net investment income (11,097,629)
Accumulated net realized loss on investments (8,111,346)
Net unrealized depreciation on investments (5,029,807)
--------------------------------------------------------------------------------
Total net assets $2,768,141,723
================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $741,412,328/74,358,226 shares) $ 9.97
Class C (based on $584,661,895/58,717,658 shares) $ 9.96
Class C2 (based on $11,230,461/1,128,140 shares) $ 9.95
Class K (based on $5,156,660/516,848 shares) $ 9.98
Class Y (based on $1,425,680,379/142,955,130 shares) $ 9.97
MAXIMUM OFFERING PRICE:
Class A ($9.97/97.5%) $ 10.23
================================================================================
The accompanying notes are an integral part of these financial statements.
94 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
Statement of Operations (unaudited)
For the Six Months Ended 9/30/15
INVESTMENT INCOME:
Interest $16,835,723
------------------------------------------------------------------------------------
Total investment income $ 16,835,723
------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 4,115,390
Transfer agent fees and expenses
Class A 21,953
Class C 16,560
Class C2 9
Class K 134
Class Y 4,782
Class Z* 167
Distribution fees
Class A 725,163
Class C 1,439,399
Class C2 29,196
Administrative expense 376,859
Shareholder communication expense 895,563
Custodian fees 89,160
Registration fees 141,070
Professional fees 70,993
Printing expense 21,465
Fees and expenses of nonaffiliated Trustees 61,945
Miscellaneous 180,367
------------------------------------------------------------------------------------
Total expenses $ 8,190,175
------------------------------------------------------------------------------------
Net investment income $ 8,645,548
------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments $ 24,681
Change in net unrealized depreciation on investments (2,010,769)
------------------------------------------------------------------------------------
Net realized and unrealized loss on investments $ (1,986,088)
------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 6,659,460
====================================================================================
* Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 95
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------
Six Months
Ended
9/30/15 Year Ended
(unaudited) 3/31/15
------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 8,645,548 $ 23,237,352
Net realized gain (loss) on investments 24,681 (141,464)
Change in net unrealized appreciation (depreciation)
on investments (2,010,769) (9,437,084)
------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 6,659,460 $ 13,658,804
------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.06 and $0.12 per share, respectively) $ (4,284,417) $ (8,726,818)
Class C ($0.05 and $0.09 per share, respectively) (2,596,419) (5,456,629)
Class C2 ($0.04 and $0.09 per share, respectively) (52,234) (78,135)
Class K ($0.07 and $0.14 per share, respectively) (35,913) (29,911)
Class Y ($0.07 and $0.14 per share, respectively) (8,357,627) (16,320,776)
Class Z ($0.04 and $0.13 per share, respectively)* (7,120) (68,790)
------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (15,333,730) $ (30,681,059)
------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $1,214,437,668 $ 2,848,851,687
Reinvestment of distributions 13,492,647 26,801,350
Cost of shares repurchased (945,899,547) (2,430,043,835)
------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Fund
share transactions $ 282,030,768 $ 445,609,202
------------------------------------------------------------------------------------------------
Net increase in net assets $ 273,356,498 $ 428,586,947
NET ASSETS:
Beginning of period $2,494,785,225 $ 2,066,198,278
------------------------------------------------------------------------------------------------
End of period $2,768,141,723 $ 2,494,785,225
------------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (11,097,629) $ (4,409,447)
================================================================================================
* Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
96 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
9/30/15 9/30/15 Year Ended Year Ended
Shares Amount 3/31/15 3/31/15
(unaudited) (unaudited) Shares Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 32,528,171 $ 325,109,108 83,933,411 $ 843,718,437
Reinvestment of distributions 394,678 3,942,020 802,331 8,051,015
Less shares repurchased (27,963,659) (279,442,042) (72,000,258) (723,312,357)
------------------------------------------------------------------------------------------------
Net increase 4,959,190 $ 49,609,086 12,735,484 $ 128,457,095
================================================================================================
Class C
Shares sold 16,492,270 $ 164,534,541 46,730,296 $ 468,963,898
Reinvestment of distributions 257,407 2,567,690 537,145 5,379,841
Less shares repurchased (17,516,591) (174,802,789) (45,018,482) (451,628,403)
------------------------------------------------------------------------------------------------
Net increase
(decrease) (766,914) $ (7,700,558) 2,248,959 $ 22,715,336
================================================================================================
Class C2
Shares sold 284,297 $ 2,834,483 977,969 $ 9,812,274
Reinvestment of distributions 2,931 29,225 4,313 43,166
Less shares repurchased (286,106) (2,851,672) (223,142) (2,236,434)
------------------------------------------------------------------------------------------------
Net increase 1,122 $ 12,036 759,140 $ 7,619,006
================================================================================================
Class K
Shares sold 47,305 $ 473,049 508,487 $ 5,104,776
Reinvestment of distributions 3,593 35,913 2,980 29,827
Less shares repurchased (42,582) (425,934) (3,926) (39,320)
------------------------------------------------------------------------------------------------
Net increase 8,316 $ 83,028 507,541 $ 5,095,283
================================================================================================
Class Y
Shares sold 72,173,297 $ 721,203,562 150,302,046 $ 1,510,576,398
Reinvestment of distributions 691,985 6,912,766 1,318,376 13,231,801
Less shares repurchased (48,653,235) (486,266,253) (123,502,586) (1,240,201,155)
------------------------------------------------------------------------------------------------
Net increase 24,212,047 $ 241,850,075 28,117,836 $ 283,607,044
================================================================================================
Class Z*
Shares sold 28,442 $ 282,925 1,062,915 $ 10,675,904
Reinvestment of distributions 506 5,033 6,556 65,700
Less shares repurchased (212,381) (2,110,857) (1,259,589) (12,626,166)
------------------------------------------------------------------------------------------------
Net decrease (183,433) $ (1,822,899) (190,118) $ (1,884,562)
================================================================================================
* Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 97
Financial Highlights
----------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year
9/30/15 Ended Ended Ended 4/29/11
(unaudited) 3/31/15 3/31/14 3/31/13 to 3/31/12
----------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.00 $ 10.07 $ 10.08 $ 10.02 $ 10.00
----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.04 $ 0.10 $ 0.10 $ 0.13 $ 0.12
Net realized and unrealized gain (loss) on investments (0.01) (0.05) (0.01) 0.08 0.03
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.03 $ 0.05 $ 0.09 $ 0.21 $ 0.15
----------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.06) $ (0.12) $ (0.10) $ (0.15) $ (0.13)
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ (0.07) $ (0.01) $ 0.06 $ 0.02
----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.97 $ 10.00 $ 10.07 $ 10.08 $ 10.02
======================================================================================================================
Total return* 0.30% 0.54% 0.92% 2.14% 1.48%(a)
Ratio of net expenses to average net assets 0.63%** 0.63% 0.66% 0.72% 0.90%**
Ratio of net investment income (loss) to average net assets 0.68%** 0.95% 0.93% 0.94% 1.45%**
Portfolio turnover rate 54%** 45% 47% 101% 51%
Net assets, end of period (in thousands) $741,412 $694,221 $570,468 $381,267 $48,160
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.63%** 0.63% 0.66% 0.72% 1.03%**
Net investment income (loss) to average net assets 0.68%** 0.95% 0.93% 0.94% 1.32%**
======================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) Not Annualized.
The accompanying notes are an integral part of these financial statements.
98 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year
9/30/15 Ended Ended Ended 4/29/11
(unaudited) 3/31/15 3/31/14 3/31/13 to 3/31/12
----------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.99 $ 10.05 $ 10.07 $ 10.02 $ 10.00
----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.02 $ 0.07 $ 0.08 $ 0.09 $ 0.05
Net realized and unrealized gain (loss) on investments 0.00(b) (0.04) (0.03) 0.07 0.03
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.02 $ 0.03 $ 0.05 $ 0.16 $ 0.08
----------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.05) $ (0.09) $ (0.07) $ (0.11) $ (0.06)
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ (0.06) $ (0.02) $ 0.05 $ 0.02
----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.96 $ 9.99 $ 10.05 $ 10.07 $ 10.02
======================================================================================================================
Total return* 0.15% 0.34% 0.54% 1.61% 0.82%(a)
Ratio of net expenses to average net assets 0.94%** 0.94% 0.97% 1.03% 1.75%**
Ratio of net investment income (loss) to average net assets 0.38%** 0.66% 0.62% 0.63% 0.52%**
Portfolio turnover rate 54%** 45% 47% 101% 51%
Net assets, end of period (in thousands) $584,662 $594,283 $575,457 $330,828 $11,643
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.94%** 0.94% 0.97% 1.03% 1.87%**
Net investment income (loss) to average net assets 0.38%** 0.66% 0.62% 0.63% 0.40%**
======================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) Not Annualized.
(b) Amount rounds to less than $0.01 or $(0.01) per share.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 99
Financial Highlights (continued)
------------------------------------------------------------------------------------
Six Months
Ended Year
9/30/15 Ended 8/1/13
(unaudited) 3/31/15 to 3/31/14
------------------------------------------------------------------------------------
Class C2
Net asset value, beginning of period $ 9.99 $ 10.05 $ 10.04
------------------------------------------------------------------------------------
Increase (decrease) from
investment operations:
Net investment income (loss) $ 0.02 $ 0.06 $ 0.07
Net realized and unrealized gain
(loss) on investments (0.02) (0.03) (0.01)
------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ -- $ 0.03 $ 0.06
------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.04) $ (0.09) $ (0.05)
------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.04) $ (0.06) $ 0.01
------------------------------------------------------------------------------------
Net asset value, end of period $ 9.95 $ 9.99 $ 10.05
====================================================================================
Total return* 0.05% 0.33% 0.56%(a)
Ratio of net expenses to average net assets 0.94%** 0.95% 0.99%**
Ratio of net investment income
(loss) to average net assets 0.37%** 0.66% 0.68%**
Portfolio turnover rate 54%** 45% 47%
Net assets, end of period (in thousands) $ 11,230 $11,258 $ 3,699
====================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
(a) Not Annualized.
The accompanying notes are an integral part of these financial statements.
100 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year
9/30/15 Ended Ended 12/20/12
(unaudited) 3/31/15 3/31/14 to 3/31/13
------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 10.01 $ 10.07 $ 10.08 $ 10.09
------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.05 $ 0.14 $ 0.12 $ 0.03
Net realized and unrealized gain (loss) on investments (0.01) (0.06) (0.00)(a) 0.01
------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.04 $ 0.08 $ 0.12 $ 0.04
------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.07) $ (0.14) $ (0.13) $ (0.05)
------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ (0.06) $ (0.01) $ (0.01)
------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.98 $ 10.01 $ 10.07 $ 10.08
============================================================================================================
Total return* 0.41% 0.83% 1.16% 0.43%(b)
Ratio of net expenses to average net assets 0.41%** 0.41% 0.41% 0.53%**
Ratio of net investment income (loss) to average net assets 0.90%** 1.28% 1.19% 1.25%**
Portfolio turnover rate 54%** 45% 47% 101%
Net assets, end of period (in thousands) $ 5,157 $ 5,091 $ 10 $ 10
============================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
(a) Amount rounds to less than $0.01 or $(0.01) per share.
(b) Not Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 101
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year
9/30/15 Ended Ended Ended 4/29/11
(unaudited) 3/31/15 3/31/14 3/31/13 to 3/31/12
--------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.01 $ 10.07 $ 10.09 $ 10.03 $ 10.00
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.05 $ 0.11 $ 0.12 $ 0.14 $ 0.14
Net realized and unrealized gain (loss) on investments (0.02) (0.03) (0.02) 0.09 0.04
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.03 $ 0.08 $ 0.10 $ 0.23 $ 0.18
--------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.07) $ (0.14) $ (0.12) $ (0.17) $ (0.15)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.04) $ (0.06) $ (0.02) $ 0.06 $ 0.03
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.97 $ 10.01 $ 10.07 $ 10.09 $ 10.03
==========================================================================================================================
Total return* 0.27% 0.79% 0.99% 2.35% 1.79%(a)
Ratio of net expenses to average net assets 0.50%** 0.51% 0.54% 0.55% 0.67%**
Ratio of net investment income (loss) to average net assets 0.81%** 1.08% 1.05% 1.11% 1.72%**
Portfolio turnover rate 54%** 45% 47% 101% 51%
Net assets, end of period (in thousands) $1,425,680 $1,188,107 $912,810 $608,818 $99,533
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.50%** 0.51% 0.54% 0.55% 0.80%**
Net investment income (loss) to average net assets 0.81%** 1.08% 1.05% 1.11% 1.59%**
==========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
(a) Not Annualized.
The accompanying notes are an integral part of these financial statements.
102 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
Notes to Financial Statements | 9/30/15 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Multi-Asset Ultrashort Income Fund (formerly known as Pioneer
Multi-Asset Floating Rate Fund) (the Fund) is one of three portfolios comprising
Pioneer Series Trust X, a Delaware statutory trust. The Fund is registered under
the Investment Company Act of 1940 as a diversified, open-end management
investment company. The investment objective of the Fund is to seek a high level
of current income to the extent consistent with a relatively high level of
stability of principal. Prior to December 1, 2013, the investment objective of
the Fund was to seek a high level of current income. Capital appreciation was a
secondary objective.
The Fund offers five classes of shares designated as Class A, Class C, Class C2,
Class K and Class Y shares. Class A, Class C and Class Y shares were commenced
operations on April 29, 2011. Class K shares commenced operations on December
20, 2012. Class C2 shares commenced operations on August 1, 2013. The Fund
ceased to offer Class Z shares on August 7, 2015. Class Z shares were converted
to Class Y shares as of the close of business on August 7, 2015. Each class of
shares represents an interest in the same portfolio of investments of the Fund
and has identical rights (based on relative net asset values) to assets and
liquidation proceeds. Share classes can bear different rates of class-specific
fees and expenses, such as transfer agent and distribution fees. Differences in
class-specific fees and expenses will result in differences in net investment
income and, therefore, the payment of different dividends from net investment
income earned by each class. The Amended and Restated Declaration of Trust of
the Fund gives the Board the flexibility to specify either per-share voting or
dollar-weighted voting when submitting matters for shareholder approval. Under
per-share voting, each share of a class of the Fund is entitled to one vote.
Under dollar-weighted voting, a shareholder's voting power is determined not by
the number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class K or Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 103
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Fixed
income securities are valued at prices supplied by independent pricing
services, which consider such factors as market prices, market events,
quotations from one or more brokers, Treasury spreads, yields, maturities
and ratings. Valuations may be supplemented by dealers and other sources,
as required. Senior floating rate loan interests (senior loans) are valued
in accordance with guidelines established by the Board of Trustees at the
mean between the last available bid and asked prices from one or more
brokers or dealers as obtained from Loan Pricing Corporation, an
independent pricing service. If price information is not available from
Loan Pricing Corporation, or if the price information is deemed to be
unreliable, price information will be obtained from an alternative loan
interest pricing service. If no reliable price quotes are available from
either the primary or alternative pricing service, broker quotes will be
solicited. Event-linked bonds are valued at the bid price obtained from an
independent third party pricing service. Other insurance-linked securities
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. Shares of money market mutual
funds are valued at such funds' net asset value. Cash may include overnight
time deposits at approved financial institutions.
Securities or senior loans for which independent pricing services are
unable to supply prices or for which market prices and/or quotations are
not readily available or are considered to be unreliable are valued by a
fair valuation team comprised of certain personnel of Pioneer Investment
Management, Inc. (PIM), the Fund's investment adviser, pursuant to
procedures adopted by the Fund's Board of Trustees. PIMs fair valuation
team uses fair value methods approved by the Valuation Committee of the
Board of Trustees. PIM's fair valuation team is responsible for monitoring
developments that may impact fair valued securities and for discussing and
assessing fair values on an ongoing basis, and at least quarterly, with the
Valuation Committee of the Board of Trustees.
104 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
The Fund may use fair value methods if it is determined that a significant
event has occurred after the close of the exchange or market on which the
security trades and prior to the determination of the Fund's net asset
value. Examples of a significant event might include political or economic
news, corporate restructurings, natural disasters, terrorist activity or
trading halts. Thus, the valuation of the Fund's securities may differ
significantly from exchange prices and such differences could be material.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities.
At September 30, 2015, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services or broker-dealers or using a third party insurance industry
pricing model).
B. Investment Income and Transactions
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
respective securities, and such accretion/amortization is included in
interest income. Interest income, including interest on income bearing cash
accounts, is recorded on the accrual basis, net of unrecoverable foreign
taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates. Net realized gains and losses on foreign currency
transactions, if any, represent, among other things, the net realized gains
and losses on foreign currency contracts, disposition of foreign currencies
and the difference between the amount of income accrued and the U.S.
dollars actually received. Further, the effects of changes in foreign
currency exchange rates on investments are not segregated in the Statement
of Operations from the effects of changes in the market prices of those
securities but are included with the net realized and unrealized
appreciation or depreciation on investments.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 105
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized appreciation or depreciation
are recorded in the Fund's financial statements. The Fund records realized
gain and loss at the time a contract is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar.
E. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no provision for federal income taxes is
required. As of March 31, 2015, the Fund had not accrued any interest or
penalties with respect to uncertain tax positions, which, if applicable,
would be recorded as an income tax expense in the Statement of Operations.
Tax returns filed within the prior three years are subject to examination
by Federal and State tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended March 31, 2015 was as follows:
---------------------------------------------------------------------------
2015
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $30,681,059
---------------------------------------------------------------------------
Total $30,681,059
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2015:
106 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
---------------------------------------------------------------------------
2015
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 592,672
Capital loss carryforward (8,135,597)
Dividends payable (292,255)
Unrealized depreciation (7,729,332)
---------------------------------------------------------------------------
Total $ (15,564,512)
===========================================================================
The difference between book-basis and tax-basis unrealized depreciation is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds and the tax treatment of premium and
amortization.
F. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $3,301 in underwriting commissions on the sale of Class
A shares during the six months ended September 30, 2015.
G. Class Allocations
Income, common expenses, and realized and unrealized appreciation and
depreciation are calculated at the Fund level and allocated daily to each
class of shares based on its respective percentage of adjusted net assets
at the beginning of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class C and Class C2 shares of the Fund,
respectively (see Note 4). Class K and Class Y shares do not pay
distribution fees. All expenses and fees paid to the transfer agent,
Pioneer Investment Management Shareholder Services, Inc. (PIMSS), for its
services are allocated among the classes of shares based on the number of
accounts in each class and the ratable allocation of related out-of-pocket
expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class C, Class C2, Class K and
Class Y shares can reflect different transfer agent and distribution
expense rates.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 107
H. Risks
When interest rates rise, the prices of fixed-income securities in the Fund
will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities in the Fund will generally rise. Investments in the
Fund are subject to possible loss due to the financial failure of issuers
of underlying securities and the issuers' inability to meet their debt
obligations. The Fund's prospectus contains unaudited information regarding
the Fund's principal risks. Please refer to that document when considering
the Fund's principal risks.
The Fund invests in event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event, as defined within the terms of
an event-linked bond occurs, the Fund may lose a portion or all of its
accrued interest and/or principal invested in such event-linked bond. The
Fund is entitled to receive principal and interest payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, event-linked bonds
may expose the Fund to other risks, including but not limited to issuer
(credit) default, adverse regulatory or jurisdictional interpretations and
adverse tax consequences.
In addition to event-linked bonds, the Fund also may invest in other
insurance-linked securities ("ILS"). The Fund's investments in ILS may
include special purpose vehicles ("SPVs") or similar instruments structured
to comprise a portion of a reinsurer's catastrophe-oriented business, known
as quota share instruments (sometimes referred to as reinsurance sidecars),
or to provide reinsurance relating to specific risks to insurance or
reinsurance companies through a collateralized instrument, known as
collateralized reinsurance. Structured reinsurance investments also may
include industry loss warranties ("ILWs"), are subject to the same risks as
event-linked bonds. In addition, because quota share instruments represent
an interest in a basket of underlying reinsurance contracts, the Fund has
limited transparency into the individual underlying contracts and therefore
must rely upon the risk assessment and sound underwriting practices of the
issuer. Accordingly, it may be more difficult for PIM to fully evaluate the
underlying risk profile of the Fund's investment in quota share instruments
and therefore place the Fund's assets at greater risk of loss than if PIM
had more complete information. These securities may be difficult to
purchase, sell or unwind and may be difficult to value.
108 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
I. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve as
the Fund's collateral for the obligation of the counterparty to repurchase
the securities. The value of the collateral, including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. The Fund's investment adviser, PIM 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.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate equal to
0.35% of the Fund's average daily net assets up to $1 billion and 0.30% on
assets over $1 billion. Prior to January 1, 2012, the Fund paid management fees
calculated at the annual rate of 0.40% of the Fund's average daily net assets up
to $1 billion and 0.35% on assets over $1 billion. For the six months ended
September 30, 2015, the effective management fee (excluding waivers and/or
assumption of expenses) was equivalent to 0.32% of the Fund's average daily net
assets.
PIM contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.15% of the average daily net assets
attributable to Class C2 shares. Fees waived and expenses reimbursed during the
six months ended September 30, 2015 are reflected on the Statement of
Operations. The expense limitation was in effect through August 1, 2015.
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
$45,785 in management fees, administrative costs and certain other
reimbursements payable to PIM at September 30, 2015.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 109
3. Transfer Agent
Prior to November 2, 2015, PIMSS, a wholly owned indirect subsidiary of
UniCredit, provided substantially all transfer agent and shareowner services to
the Fund at negotiated rates.
In addition, the Fund reimbursed PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the six months ended September 30, 2015, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $106,752
Class C 105,755
Class C2 2,492
Class K 387
Class Y 678,856
Class Z 1,321
--------------------------------------------------------------------------------
Total $895,563
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $349,131 in transfer agent fees and out-of-pocket reimbursements
payable from PIMSS at September 30, 2015.
Effective November 2, 2015, Boston Financial Data Services serves as the
transfer agent to the fund at negotiated rates.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class C and Class C2
shares. Pursuant to the Plan, the Fund pays PFD 0.20% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays PFD 0.50% of the
average daily net assets attributable to Class C and Class C2 shares. The fee
for Class C and Class C2 shares consists of a 0.25% service fee and a 0.25%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class C and Class
C2 shares. Prior to July 1, 2012, the Fund paid PFD 0.25% of the average daily
net assets attributable to Class A shares and 1.00% of the average daily net
assets attributable to Class C shares. Included in "Due to affiliates" reflected
on the Statement of Assets and Liabilities is $24,147 in distribution fees
payable to PFD at September 30, 2015.
110 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
In addition, redemptions of each class of shares (except Class K, Class Y and
Class Z shares) may be subject to a contingent deferred sales charge (CDSC). A
CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases
of Class A shares within 12 months of purchase. For Class C shares purchased
prior to July 1, 2012 and Class C2 shares redemptions of shares within 12 months
of purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares. For
Class C shares purchased on or after July 1, 2012, no contingent deferred sales
charge is charged. There is no CDSC for Class K, Class Y and Class Z shares.
Proceeds from the CDSCs are paid to PFD. For the six months ended September 30,
2015, CDSCs of $58,331 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS, which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended September 30, 2015, the Fund's
expenses were not reduced under such arrangements.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until June 9, 2015, was in the amount of $215 million.
As of June 9, 2015, the facility is in the amount of $240 million. Under such
facility, depending on the type of loan, interest on borrowings is payable at
the London Interbank Offered Rate (LIBOR) plus 0.90% 0.85% on an annualized
basis, or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the six months ended September 30, 2015, the Fund had no
borrowings under the credit facility.
7. Conversion of Class Z shares
As of the close of business on August 7, 2015 (the "Conversion Date"), all
outstanding Class Z shares of the Fund were converted to Class Y shares.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 111
ADDITIONAL INFORMATION
Pioneer Investment Management, Inc. (the "Adviser"), each fund's investment
adviser, is currently an indirect, wholly owned subsidiary of UniCredit S.p.A.
("UniCredit"). On November 11, 2015, UniCredit announced that it signed a
binding master agreement with Banco Santander and affiliates of Warburg Pincus
and General Atlantic (the "Private Equity Firms") with respect to Pioneer
Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
The Transaction, as described in the UniCredit announcement, will establish a
holding company, with the name Pioneer Investments, to be owned by UniCredit
(50%) and the Private Equity Firms (50% between them). The holding company will
control Pioneer's U.S. operations, including the Adviser. The holding company
also will own 66.7% of Pioneer's and SAM's combined operations outside the U.S.,
while Banco Santander will own directly the remaining 33.3% stake. The closing
of the Transaction is expected to happen in 2016, subject to certain regulatory
and other approvals, and other conditions.
Under the Investment Company Act of 1940, completion of the Transaction will
cause each fund's current investment advisory agreement with the Adviser to
terminate. Accordingly, each fund's Board of Trustees will be asked to approve a
new investment advisory agreement. If approved by the Board, each fund's new
investment advisory agreement will be submitted to the shareholders of the fund
for their approval.
112 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Multi-Asset Ultrashort Income Fund (the Fund) pursuant to an investment
advisory agreement between PIM and the Fund. In order for PIM to remain the
investment adviser of the Fund, the Trustees of the Fund must determine annually
whether to renew the investment advisory agreement for the Fund.
The contract review process began in January 2015 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
Contract review materials were provided to the Trustees in March 2015 and July
2015. Supplemental contract review materials were provided to the Trustees in
September 2015. In addition, the Trustees reviewed and discussed the Fund's
performance at regularly scheduled meetings throughout the year and took into
account other information related to the Fund provided to the Trustees at
regularly scheduled meetings in connection with the review of the Fund's
investment advisory agreement.
In March 2015, the Trustees, among other things, discussed the memorandum
provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment advisory agreement, and reviewed and
discussed the qualifications of the investment management teams, as well as the
level of investment by the Fund's portfolio managers in the Fund. In July 2015,
the Trustees, among other things, reviewed the Fund's management fee and total
expense ratios, the financial statements of PIM and its parent companies, the
profitability analyses provided by PIM, and possible economies of scale. The
Trustees also reviewed the profitability of the institutional business of PIM
and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with
PIM, "Pioneer"), as compared to that of PIM's fund management business, and
considered the differences between the fees and expenses of the Fund and the
fees and expenses of Pioneer's institutional accounts, as well as the different
services provided by PIM to the Fund and by Pioneer to the institutional
accounts. The Trustees further considered contract review materials in September
2015.
At a meeting held on September 15, 2015, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In approving the
renewal of the investment advisory agreement, the Trustees
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 113
considered various factors that they determined were relevant, including the
factors described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees also reviewed PIM's investment approach
for the Fund and its research process. The Trustees considered the resources of
PIM and the personnel of PIM who provide investment management services to the
Fund. They also reviewed the amount of non-Fund assets managed by the portfolio
managers of the Fund. The Trustees considered the non-investment resources and
personnel of PIM involved in PIM's services to the Fund, including PIM's
compliance and legal resources and personnel. The Trustees noted the substantial
attention and high priority given by PIM's senior management to the Pioneer fund
complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly review and discuss
throughout the year data prepared by PIM and information comparing the Fund's
performance with the performance of its peer group of funds as classified by
each of Morningstar, Inc. (Morningstar) and Lipper, and with the performance of
the Fund's benchmark index. They also discuss the Fund's performance with PIM on
a regular basis. The Trustees' regular reviews and discussions were factored
into the Trustees' deliberations concerning the renewal of the advisory
agreement. The Trustees indicated that the Fund's performance, when considered
in connection with the various other factors, was consistent with the renewal of
the investment advisory agreement.
114 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Fund Research
and Consulting, LLC (Strategic Insight), an independent third party. In all
quintile rankings referred to below, first quintile is most favorable to the
Fund's shareowners.
The Trustees considered that the Fund's management fee for the most recent
fiscal year was in the third quintile relative to the management fees paid by
other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoint in the management fee schedule and the
reduced fee rate above a certain asset level. The Trustees considered that the
expense ratio of the Fund's Class A shares for the most recent fiscal year was
in the second quintile relative to its Morningstar peer group and in the second
quintile relative its Strategic Insight peer group, in each case for the
comparable period. The Trustees considered that the expense ratio of the Fund's
Class Y shares for the most recent fiscal year was in the fourth quintile
relative to its Morningstar peer group and in the fifth quintile relative its
Strategic Insight peer group, in each case for the comparable period. The
Trustees considered the impact of transfer agency, sub-transfer agency, and
other non-management fee expenses on the expense ratios of the Fund. The
Trustees noted that they separately review the Fund's transfer agency,
sub-transfer agency and intermediary arrangements.
The Trustees reviewed management fees charged by Pioneer to institutional and
other clients, including publicly offered European funds sponsored by affiliates
of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory
capacity), and unaffiliated foreign and domestic separate accounts. The Trustees
also considered PIM's costs in providing services to the Fund and Pioneer's
costs in providing services to the other clients and considered the differences
in management fees and profit margins for Fund and non-Fund services. In
evaluating the fees associated with Pioneer's client accounts, the Trustees took
into account the respective demands, resources and complexity associated with
the Fund and client accounts. The Trustees noted that, in some instances, the
fee rates for those clients were lower than the management fee for the Fund and
considered that, under the investment advisory agreement with the Fund, PIM
performs additional services for the Fund that it does not provide to those
other clients or services that are broader in scope, including oversight of the
Fund's other service providers and activities related to compliance and the
extensive regulatory and tax regimes to
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 115
which the Fund is subject. The Trustees also considered the different
entrepreneurial risks associated with PIM's management of the Fund and Pioneer's
management of the other client accounts.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services provided by PIM
to the Fund.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoint in the management fee schedule. The Trustees recognize that
economies of scale are difficult to identify and quantify, and that, among other
factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the Fund. The Trustees noted that
profitability also may be an indicator of the availability of any economies of
scale, although profitability may vary for other reasons including reductions in
expenses. The Trustees concluded that economies of scale, if any, were being
appropriately shared with the Funds.
116 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. Pioneer is the
principal U.S. asset management business of Pioneer Global Asset Management, the
worldwide asset management business of UniCredit Group, which manages over $150
billion in assets (including the Funds). Pioneer and the Funds receive
reciprocal intangible benefits from the relationship, including mutual brand
recognition and, for the Funds, direct and indirect access to the resources of a
large global asset manager. The Trustees concluded that any such benefits
received by Pioneer as a result of its relationship with the Funds were
reasonable and their consideration of the advisory agreement between the Fund
and PIM and the fees thereunder were unaffected by Pioneer's possible receipt of
any such intangible benefits.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 117
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Ms. Monchak is a non-voting Advisory Trustee.
118 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
This page for your notes.
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This page for your notes.
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This page for your notes.
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This page for your notes.
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This page for your notes.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15 123
This page for your notes.
124 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/15
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2015 Pioneer Investments 25249-04-1115
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
n/a
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
n/a
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
n/a
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
n/a
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
n/a
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
n/a
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust X
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date November 30, 2015
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date November 30, 2015
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date November 30, 2015
* Print the name and title of each signing officer under his or her signature.