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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 March 31, 2016
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Dynamic
Credit Fund
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Annual Report | March 31, 2016
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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 39
Notes to Financial Statements 46
Report of Independent Registered Public Accounting Firm 67
Trustees, Officers and Service Providers 69
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 1
President's Letter
Dear Shareowner,
Global financial markets began 2016 on shaky footing, delivering the kind of
volatility that challenged investors in 2015. US equities fell by 10% through
the first six weeks of the year, only to recover the losses by the end of the
first quarter. Fixed-income markets were also acutely affected, with concerns
about falling oil prices and a weak global economy leading to a sell-off in
credit-sensitive sectors, especially high-yield bonds, as investors fled to the
perceived safety of government bonds. Like equities, credit markets recovered
much of their lost ground by the end of the first quarter.
Midway through the first quarter, market sentiment shifted, as expectations grew
that major central banks would extend their accommodative monetary policies in
the hopes of driving economic growth. The US Federal Reserve (the Fed) backed
off plans to raise interest rates four times in 2016, and the European Central
Bank announced a more comprehensive asset-purchasing program in the hopes of
encouraging lending, and boosting both inflation and economic growth. The Bank
of Japan also followed a monetary easing path, announcing negative interest
rates in January.
As 2016 moves along, we continue to see central bank policies as generally
supportive of the US economy - for which we maintain an expectation of modest
growth this year - against an overall global economic backdrop that remains
unsettled and points towards generally lower growth. Economies around the world
in both developed and emerging markets are experiencing deep structural changes.
Current challenges include incomplete debt deleveraging in both emerging and
developed markets, where debt levels continue to grow, the transition of many
emerging markets economies from export/investment-driven models to more domestic
demand-driven models, and aging populations, which are reducing productivity and
limiting economic growth potential (primarily in the developed markets but also
in emerging markets such as China). Geopolitical instability on many fronts, the
rising risk of policy mistakes, and market liquidity issues combine to increase
the possibility of sharp swings in asset values. Meanwhile, in the US, as always
in a presidential election year, the political rhetoric of 2016 has the
potential to impact domestic sectors such as health care.
Throughout Pioneer's history, we have believed in the importance of active
management. During periods of market volatility, we view the value of active
management as even more compelling. Our experienced and tenured investment teams
focus on identifying value across global markets using proprietary research,
careful risk management, and a long-term perspective. 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 | Annual Report | 3/31/16
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
March 31, 2016
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 | Annual Report | 3/31/16 3
Portfolio Management Discussion | 3/31/16
Credit-sensitive sectors of the fixed-income market fell into disfavor during
most of the 12-month period ended March 31, 2016, before staging a rally over
the closing weeks. 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 12-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, US, at
Pioneer*.
Q How did the Fund perform during the 12-month period ended March 31, 2016?
A Pioneer Dynamic Credit Fund's Class A shares returned -1.62% at net asset
value during the 12-month period ended March 31, 2016, while the Fund's
benchmark, the Bank of America Merrill Lynch US Dollar 3-Month LIBOR Index
(the BofA ML Index), returned 0.33%. During the same period, the average
return of the 268 mutual funds in Lipper's Alternative Credit Focus Funds
category was -3.05%, and the average return of the 484 mutual funds in
Morningstar's Non-Traditional Bond Funds category was -2.24%.
Q How would you describe the investment environment in the fixed-income
markets during the 12-month period ended March 31, 2016, and how did that
environment influence the Fund's strategy?
A The more credit-sensitive groups in the fixed-income market underperformed
during most of the period, mainly due to investor fears about the impact of
weakening global economic growth trends and rising worries that the US
economy could slip back into recession. At the start of the period, in
April 2015, we thought the relative values in the credit sectors were less
compelling than in earlier periods, as a substantial rally in the credit
markets during the previous couple of years, supported by the quantitative
easing (QE) policy of the US Federal Reserve (the Fed), had bid-up many
fixed-income asset classes. As a result, we thought valuations in the
credit sectors were perhaps too high and would soon become challenged,
especially in light of weakening fundamentals in some sectors of the
domestic economy, most notably manufacturing and in industries reliant on
overseas demand. In addition, the credit-sensitive sectors appeared less
attractive due to the increasing probability that the Fed would
* Note to shareholders: Effective September 25, 2015, Thomas Swaney, Senior
Vice President and Head of Alternative Fixed Income, US, at Pioneer, became
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. In
addition, effective September 25, 2015, Andrew Feltus and Chin Liu no
longer serve as portfolio managers on the Fund.
4 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
begin tightening monetary policy further by raising short-term interest
rates after ending its QE program at the end of 2014. In fact, the Fed (as
anticipated) raised the Federal funds discount rate by 0.25% in December
2015, the first rate hike in nine years.
Given our concern about the valuation challenges facing the
credit-sensitive markets, and the relatively tight interest-rate advantages
of highly credit-sensitive securities compared with higher-quality debt,
we reduced the Fund's exposure to more credit-sensitive securities over the
first six months of the fiscal year (April 1, 2015, through September 30,
2015). We did this, primarily, by lowering the portfolio's exposure to
domestic high-yield corporate bonds, especially energy-related bonds, as
well as to emerging markets debt and convertible securities. We also cut
back exposure to the lower-rated credit tiers, such as debt instruments
rated CCC and B, while adding more bank loans and investment-grade debt to
the portfolio.
In the final quarter of 2015, however, after the credit-sensitive sectors
had underperformed for most of the year and credit spreads had widened, we
began to add, cautiously, more corporate credit exposure back into the
portfolio. (Credit spreads are commonly defined as the differences in yield
between Treasuries and other types of fixed-income securities with similar
maturities.) This process continued through the first quarter of 2016 --
the final three months of the Fund's fiscal year. We added to the Fund's
credit exposure very conservatively, continuing to avoid the lower-rated
credit tiers while increasing exposure to BB-rated high-yield as well as
investment-grade securities. We even added back some exposure to the energy
sector, although not in the classic oil exploration-and-production bonds
that had fallen hard during the extended rout of oil and other commodity
prices. Instead, we invested the Fund in some energy master limited
partnerships (MLPs), including the debt of some pipeline companies such as
Kinder Morgan, Williams Companies, and ETE Energy.
Q How did the Fund's positioning affect benchmark-relative performance over
the 12-month period ended March 31, 2016?
A The Fund's underperformance of the BofA ML Index can be traced back to the
early part of the fiscal year, as the portfolio's continuing exposure to
the more credit-sensitive sectors held back returns in a market concerned
about slowing economic growth overseas and evidence of weakening in the US
manufacturing sector. While we reduced the portfolio's exposure to lower-
quality credit-sensitive debt throughout the first half of the period, the
reduction was not enough to inoculate the Fund fully from the negative
effects of the slump in credit-sensitive debt during that part of the
12-month period.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 5
However, the upgrade in the portfolio's credit quality and our greater
emphasis on both investment-grade debt and the upper tiers of the high-yield
corporate sector did set up the Fund to benefit from the revival in higher-
quality credit-linked debt in the first quarter of 2016. The rally took on
momentum after the high-yield market bottomed out in early February 2016,
then rebounded in the final weeks of the 12-month period. The Fund's
performance relative to both its BofA ML benchmark index and its competitive
peers gained traction during those final weeks of the period amidst the
rally in the upper tiers of the credit market, and the Fund ended up beating
the returns of both its Lipper and Morningstar peer groups over the full
12-month period. During the rally, the portfolio's increased exposure to the
energy industry aided the Fund's relative returns, as did increased
weightings in lower-tier issues of US banks, including the junior
subordinated tranches of institutions such as Citigroup, Bank of America,
and JPMorgan Chase. The Fund's increased investments in the debt of
telecommunication services companies such as Frontier Communications and
CenturyLink, where we found attractive value, also helped relative returns.
Q Did the Fund use any derivative securities or contracts during the 12-month
period ended March 31, 2016? If so, how did those investments affect
performance?
A In an attempt to hedge the risks associated with investments in credit-
linked debt, we invested the portfolio in credit default swaps during the
early months of the period. However, we moved away from credit default
swaps as the period progressed, preferring to invest in equity options as a
potential hedge against credit risk. While the hedges had a marginal,
positive influence on relative performance, they were not the main driver
of relative returns during a period when the Fund underperformed its
benchmark. To a lesser extent, we also employed a variety of other
derivative strategies during the period, but they did not have a material
impact on the Fund's results.
Q What factors affected the Fund's income-generation, or yield, for
shareholders during the 12-month period ended March 31, 2016?
A As we reduced the portfolio's credit risk in the first half of the fiscal
year, the income used to generate yield for the Fund declined. However, the
Fund's yield to shareholders increased in the second half of the 12-month
period as we increased the portfolio's credit risk and current income by
using more equity options as part of our investment strategy.
Q What is your investment outlook?
A We think the US economy should continue to grow at a moderate pace during
2016, with gross domestic product (GDP) expanding at an annual rate of
perhaps 2% to 2.5%. Given the modest pace of growth and lingering
6 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
weakness in some parts of the economy, we expect that the Fed is likely to
be cautious and will not raise the Federal funds rate more than once or
twice in 2016.
While we would not call valuations of credit-sensitive securities "cheap"
right now, we are still able to find pockets of attractive values. We
intend to be cautious in looking at the credit-sensitive markets, and plan
to concentrate on opportunities in groups such as investment-grade bonds,
the upper tiers of the high-yield market, and floating-rate bank loans.
Please refer to the Schedule of Investments on pages 16-38 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Pioneer Dynamic Credit Fund has the ability to invest in a wide variety of debt
securities.
The Fund may invest in underlying funds, including ETFs. In addition to the
Fund's operating expenses, you will indirectly bear the operating expenses of
investments in any underlying funds.
The Fund and some of the underlying funds utilize strategies that have a
leveraging effect on the Fund, which increases the volatility of investment
returns and subjects the Fund to magnified losses if the Fund's or an underlying
fund's investments decline in value.
The Fund and some of the underlying funds may use derivatives, such as options
and futures, which can be illiquid, may disproportionately increase losses, and
have a potentially large impact on Fund performance.
The Fund may invest in inflation-linked securities. As inflationary expectations
increase, inflation-linked securities may become more attractive, because they
protect future interest payments against inflation. Conversely, as inflationary
concerns decrease, inflation-linked securities will become less attractive and
less valuable.
The Fund may invest in credit default swaps, which may in some cases be
illiquid, and they increase credit risk since the Fund has exposure to both the
issuer of the referenced obligation and the counterparty to the credit default
swap.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 7
The Fund may invest in floating-rate loans. The value of collateral, if any,
securing a floating-rate loan can decline or may be insufficient to meet the
issuer's obligations or may be difficult to liquidate.
The Fund may invest in event-linked bonds. The return of principal and the
payment of interest on event-linked bonds are contingent on the nonoccurrence of
a pre-defined "trigger" event, such as a hurricane or an earthquake of a
specific magnitude.
The Fund may invest in zero coupon bonds and payment-in-kind securities, which
may be more speculative and fluctuate more in value than other fixed income
securities. The accrual of income from these securities are payable as taxable
annual dividends to shareholders.
Investments in equity securities are subject to price fluctuation.
Investments in fixed-income securities involve interest rate, credit, inflation,
and reinvestment risks. As interest rates rise, the value of fixed-income
securities generally falls.
The Fund may invest in mortgage-backed securities, which during times of fluc-
tuating 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.
8 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
Portfolio Summary | 3/31/16
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 59.1%
International Corporate Bonds 12.6%
Senior Secured Loans 10.8%
Collateralized Mortgage Obligations 10.6%
Asset Backed Securities 4.4%
Foreign Government Bonds 1.4%
International Common Stocks 0.4%
Convertible Preferred Stocks 0.4%
Convertible Corporate Bonds 0.2%
Temporary Cash Investments 0.1%
U.S. Preferred Stocks 0.0%**
U.S. Common Stocks 0.0%**
* Includes investments in insurance linked securities totaling 5.6% of total
investment portfolio.
** Amount rounds to less than 0.1%.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)***
1. UBS AG, 7.625%, 8/17/22 1.67%
--------------------------------------------------------------------------------
2. JPMorgan Chase & Co., Floating Rate Note, 8/29/49 1.65
--------------------------------------------------------------------------------
3. Bank of America Corp., Floating Rate Note (Perpetual) 1.64
--------------------------------------------------------------------------------
4. Boardwalk Pipelines LP, 4.95%, 12/15/24 1.50
--------------------------------------------------------------------------------
5. Transocean, Inc., 5.55%, 12/15/16 1.49
--------------------------------------------------------------------------------
6. Citigroup, Inc., Floating Rate Note (Perpetual) 1.43
--------------------------------------------------------------------------------
7. FMG Resources August 2006 Pty, Ltd., Loan, 6/30/19 1.40
--------------------------------------------------------------------------------
8. Kenya Government International Bond, 5.875%, 6/24/19 (144A) 1.40
--------------------------------------------------------------------------------
9. Ball Corp., 5.25%, 7/1/25 1.34
--------------------------------------------------------------------------------
10. ZF North America Capital, Inc., 4.75%, 4/29/25 (144A) 1.32
--------------------------------------------------------------------------------
*** 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 | Annual Report | 3/31/16 9
Prices and Distributions | 3/31/16
Net Asset Value per Share
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--------------------------------------------------------------------------------
Class 3/31/16 3/31/15
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A $8.99 $9.54
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C $8.97 $9.51
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Y $9.03 $9.58
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Distributions per Share: 4/1/15-3/31/16
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--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.3930 $ -- $ --
--------------------------------------------------------------------------------
C $0.3243 $ -- $ --
--------------------------------------------------------------------------------
Y $0.4261 $ -- $ --
--------------------------------------------------------------------------------
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 | Annual Report | 3/31/16
Performance Update | 3/31/16 Class A Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000 invest-
ment 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 March 31, 2016)
--------------------------------------------------------------------------------
BofA ML
Net Public U.S. Dollar
Asset Offering 3-Month
Value Price LIBOR
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 2.19% 1.24% 0.32%
1 Year -1.62 -6.05 0.33
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.14%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Dynamic BofA ML U.S. Dollar
Credit Fund 3-Month LIBOR Index
4/11 $ 9,550 $10,000
3/12 $ 9,587 $10,032
3/13 $10,569 $10,075
3/14 $10,880 $10,103
3/15 $10,803 $10,126
3/16 $10,627 $10,159
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 | Annual Report | 3/31/16 11
Performance Update | 3/31/16 Class C Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000 invest-
ment 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 March 31, 2016)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.40% 1.40% 0.32%
1 Year -2.25 -2.25 0.33
--------------------------------------------------------------------------------
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. Dollar
Credit Fund 3-Month LIBOR Index
4/11 $10,000 $10,000
3/12 $ 9,953 $10,032
3/13 $10,893 $10,075
3/14 $11,132 $10,103
3/15 $10,957 $10,126
3/16 $10,710 $10,159
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 | Annual Report | 3/31/16
Performance Update | 3/31/16 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 March 31, 2016)
--------------------------------------------------------------------------------
BofA ML
Net U.S. Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 2.59% 0.32%
1 Year -1.26 0.33
--------------------------------------------------------------------------------
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. Dollar
Credit Fund 3-Month LIBOR Index
4/11 $5,000,000 $5,000,000
3/12 $5,047,246 $5,016,143
3/13 $5,586,945 $5,037,507
3/14 $5,768,187 $5,051,252
3/15 $5,743,143 $5,063,025
3/16 $5,670,517 $5,079,487
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 | Annual Report | 3/31/16 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 investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Dynamic Credit Fund
Based on actual returns from October 1, 2015, through March 31, 2016.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 10/1/15
--------------------------------------------------------------------------------
Ending Account Value $ 996.45 $ 993.70 $ 999.39
(after expenses) on 3/31/16
--------------------------------------------------------------------------------
Expenses Paid $ 5.94 $ 9.72 $ 4.25
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.19%,
1.95%, and 0.85% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
183/366 (to reflect the one-half year period).
14 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Dynamic Credit Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from October 1, 2015, through March 31, 2016.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 10/1/15
--------------------------------------------------------------------------------
Ending Account Value $1,019.05 $1,015.25 $1,020.75
(after expenses) on 3/31/16
--------------------------------------------------------------------------------
Expenses Paid $ 6.01 $ 9.82 $ 4.29
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.19%,
1.95%, and 0.85% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
183/366 (to reflect the one-half year period).
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 15
Schedule of Investments | 3/31/16
---------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 0.2%
MATERIALS -- 0.0%+
Diversified Metals & Mining -- 0.0%+
128,729 Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A)
(0.0% cash, 9.5% PIK) (PIK) $ 47,630
---------------------------------------------------------------------------------------------------------------
Steel -- 0.0%+
EUR 73,160 New World Resources NV, 4.0%, 10/7/20 (144A)
(4.0% cash, 8.0% PIK) (PIK) (d) $ 12,499
---------------
Total Materials $ 60,129
---------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 0.2%
Biotechnology -- 0.2%
593,000 PDL BioPharma, Inc., 4.0%, 2/1/18 $ 535,553
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 535,553
---------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $774,522) $ 595,682
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Shares
---------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.1%
INSURANCE -- 0.0%+
Reinsurance -- 0.0%+
2,500 Lorenz Re, Ltd., Variable Rate Notes,
(Perpetual)* (f)(g) $ 6,250
---------------
Total Insurance $ 6,250
---------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Integrated Telecommunication Services -- 0.1%
4,400 Qwest Corp., 7.375%, 6/1/51 $ 112,332
---------------
Total Telecommunication Services $ 112,332
---------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $110,000) $ 118,582
---------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCK -- 0.4%
CONSUMER DURABLES & APPAREL -- 0.4%
Home Furnishings -- 0.4%
13,100 Sealy Corp., 8.0%, 7/15/16 (4.0% cash,
4.0% PIK) (PIK) $ 1,195,375
---------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $1,021,800) $ 1,195,375
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
---------------------------------------------------------------------------------------------------------------
Floating
Rate (b)
Shares (unaudited) Value
---------------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.0%+
CAPITAL GOODS -- 0.0%+
Industrial Machinery -- 0.0%+
3,071 Liberty Tire Recycling LLC (d) $ 31
---------------
Total Capital Goods $ 31
---------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.0%+
Diversified Support Services -- 0.0%+
4 IAP Worldwide Services, Inc. $ 4,854
---------------
Total Commercial Services & Supplies $ 4,854
---------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.0%+
Life & Health Insurance -- 0.0%+
34,794 TopCo., Ltd. (d) $ 500
---------------
Total Insurance $ 500
---------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $11,354) $ 5,385
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Principal
Amount ($)
---------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 4.1%
CONSUMER SERVICES -- 0.2%
Hotels, Resorts & Cruise Lines -- 0.2%
487,839 Westgate Resorts 2014-1 LLC, 5.5%,
12/20/26 (144A) $ 482,048
---------------
Total Consumer Services $ 482,048
---------------------------------------------------------------------------------------------------------------
BANKS -- 3.5%
Thrifts & Mortgage Finance -- 3.5%
499,993 Axis Equipment Finance Receivables III LLC,
5.27%, 5/20/20 (144A) $ 502,095
195,622 Bayview Opportunity Master Fund IIa Trust
2014-20NPL, 3.721%, 8/28/44 (Step) (144A) 195,605
617,655 3.72 Bayview Opportunity Master Fund Trust 2014-15RPL,
Floating Rate Note, 10/28/19 (144A) 615,428
236,798 7.78 GE Mortgage Services LLC, Floating Rate Note,
3/25/27 142,080
494,842 GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 484,945
750,000 Leaf Receivables Funding 10 LLC, 5.21%,
7/15/21 (144A) 739,852
482,941 1.93 MortgageIT Trust 2005-1, Floating Rate Note,
2/25/35 432,433
310,703 2.23 MortgageIT Trust 2005-1, Floating Rate Note,
2/25/35 265,401
750,000 Navitas Equipment Receivables LLC 2013-1,
5.82%, 6/15/19 750,734
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 17
Schedule of Investments | 3/31/16 (continued)
---------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
710,500 Navitas Equipment Receivables LLC 2015-1,
5.75%, 5/17/21 (144A) $ 715,808
600,000 4.93 NCF Dealer Floorplan Master Trust, Floating Rate
Note, 10/20/20 (144A) 587,250
500,000 Progreso Receivables Funding II LLC, 6.0%,
7/8/19 (144A) 502,476
220,301 RASC Series 2003-KS5 Trust, 4.96%, 7/25/33 (Step) 218,441
122,303 6.55 Security National Mortgage Loan Trust 2007-1,
Floating Rate Note, 4/25/37 (144A) 122,416
1,200,000 3.69 Silver Bay Realty 2014-1 Trust, Floating Rate
Note, 9/18/31 (144A) 1,131,054
2,000,000 Solarcity Lmc Series VI LLC, 4.8%, 9/21/48 (144A) 1,977,344
999,619 VOLT XXV LLC, 4.5%, 6/26/45 (Step) (144A) 960,063
---------------
$ 10,343,425
---------------
Total Banks $ 10,343,425
---------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Other Diversified Financial Services -- 0.1%
249,972 AXIS Equipment Finance Receivables II LLC, 6.41%,
10/22/18 (144A) $ 249,900
107,506 Sierra Timeshare 2011-3 Receivables Funding
LLC, 9.31%, 7/20/28 (144A) 109,757
---------------
$ 359,657
---------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.3%
1,000,000 RMAT 2015-1 LLC, 5.0%, 7/27/20 (Step) (144A) $ 964,247
---------------
Total Diversified Financials $ 1,323,904
---------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $12,419,520) $ 12,149,377
---------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 9.9%
BANKS -- 9.8%
Thrifts & Mortgage Finance -- 9.8%
350,000 A10 Securitization 2013-1 LLC, 4.7%,
11/17/25 (144A) $ 348,825
139,000 A10 Securitization 2013-1 LLC, 6.41%,
11/17/25 (144A) 138,562
1,400,000 3.84 ACRE Commercial Mortgage Trust 2014-FL2,
Floating Rate Note, 8/15/31 (144A) 1,362,978
150,363 2.36 Bear Stearns ALT-A Trust 2003-3, Floating Rate
Note, 10/25/33 138,340
96,109 5.21 Bear Stearns Commercial Mortgage Securities
Trust 2005-PWR7, Floating Rate Note, 2/11/41 96,040
1,600,000 5.31 Bear Stearns Commercial Mortgage Securities
Trust 2005-TOP20, Floating Rate Note, 10/12/42 1,581,748
The accompanying notes are an integral part of these financial statements.
18 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
---------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,000,000 5.72 Bear Stearns Commercial Mortgage Securities
Trust 2007-PWR16, Floating Rate Note, 6/11/40 $ 1,912,192
1,139,149 5.45 CD 2005-CD1 Commercial Mortgage Trust, Floating
Rate Note, 7/15/44 1,138,502
39,030 5.87 CHL Mortgage Pass-Through Trust 2002-32, Floating
Rate Note, 1/25/33 39,966
300,000 6.27 Citigroup Commercial Mortgage Trust 2006-C4,
Floating Rate Note, 3/17/49 298,603
1,000,000 3.21 Citigroup Commercial Mortgage Trust 2014-GC23
REMICS, Floating Rate Note, 7/12/47 (144A) 645,316
715,000 5.96 COBALT CMBS Commercial Mortgage Trust 2007-C3,
Floating Rate Note, 5/15/46 668,985
220,000 5.96 COBALT CMBS Commercial Mortgage Trust 2007-C3,
Floating Rate Note, 5/15/46 195,158
1,000,000 5.81 COMM 2007-C9 Mortgage Trust, Floating Rate Note,
12/10/49 (144A) 918,608
100,000 5.02 COMM 2012-CCRE2 Mortgage Trust, Floating Rate
Note, 8/17/45 (144A) 94,839
1,600,000 6.24 Commercial Mortgage Trust 2007-GG11, Floating
Rate Note, 12/10/49 1,573,582
337,277 5.45 Credit Suisse First Boston Mortgage Securities Corp.,
Floating Rate Note, 6/25/33 205,655
1,150,000 5.10 Credit Suisse First Boston Mortgage Securities Corp.,
Floating Rate Note, 8/15/38 1,147,441
2,050,000 5.10 Credit Suisse First Boston Mortgage Securities Corp.,
Floating Rate Note, 8/15/38 1,926,027
113,538 5.67 DBUBS 2011-LC2 Mortgage Trust, Floating Rate
Note, 7/12/44 (144A) 122,454
277,838 5.19 EQTY 2014-MZ Mezzanine Trust, Floating Rate
Note, 5/10/19 (144A) 277,358
381,096 Global Mortgage Securitization, Ltd., 5.25%,
11/25/32 (144A) 244,209
139,509 Global Mortgage Securitization, Ltd., 5.25%,
11/25/32 (144A) 84,403
580,510 Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 553,100
118,381 Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 83,532
570,000 5.00 GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 534,408
1,000,000 GS Mortgage Securities Trust 14-NEW, 3.79%,
1/10/31 (144A) 962,108
705,000 4.34 GS Mortgage Securities Trust 2014-GSFL, Floating
Rate Note, 7/15/31 (144A) 677,120
128,928 Homeowner Assistance Program Reverse Mortgage
Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 126,672
1,400,000 JP Morgan Chase Commercial Mortgage Securities
Trust 2006-CIBC16, 5.623%, 5/12/45 1,355,217
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 19
Schedule of Investments | 3/31/16 (continued)
---------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,400,000 6.15 JP Morgan Chase Commercial Mortgage Securities
Trust 2006-LDP7 REMICS, Floating Rate Note,
4/17/45 $ 1,062,556
1,850,000 6.66 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-CBM MZ, Floating Rate Note,
10/15/19 (144A) 1,703,092
696,553 4.77 La Hipotecaria Panamanian Mortgage Trust 2007-1,
Floating Rate Note, 12/23/36 (144A) 682,622
198,987 Merrill Lynch Mortgage Investors Trust Series
2006-AF1, 5.75%, 8/25/36 156,149
2,000,000 ML-CFC Commercial Mortgage Trust 2006-4,
5.239%, 12/12/49 1,945,097
1,800,000 5.57 Morgan Stanley Capital I Trust 2007-TOP25,
Floating Rate Note, 11/12/49 1,730,749
1,000,000 ORES 2014-LV3 LLC, 6.0%, 3/27/24 994,408
75,227 RCMC LLC, 5.62346%, 12/17/18 (144A) 75,674
1,118,501 1.74 RESI Finance LP 2003-D, Floating Rate Note,
12/10/35 (144A) 937,817
250,000 5.58 Springleaf Mortgage Loan Trust 2013-1, Floating
Rate Note, 6/25/58 (144A) 249,338
33,787 5.66 Wachovia Bank Commercial Mortgage Trust
Series 2006-C24, Floating Rate Note, 3/15/45 33,739
---------------
$ 29,023,189
---------------
Total Banks $ 29,023,189
---------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Other Diversified Financial Services -- 0.1%
57,418 Monty Parent Issuer 1 LLC, 4.25%, 11/20/28 (144A) $ 57,401
135,187 Rialto Capital Management LLC, 2.85%,
5/15/24 (144A) 134,909
---------------
$ 192,310
---------------
Total Diversified Financials $ 192,310
---------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $30,536,425) $ 29,215,499
---------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 66.5%
ENERGY -- 12.0%
Oil & Gas Drilling -- 1.8%
2,393,000 Rowan Companies, Inc., 5.85%, 1/15/44 $ 1,394,794
4,090,000 Transocean, Inc., 5.55%, 12/15/16 4,077,730
---------------
$ 5,472,524
---------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.5%
2,000,000 Weatherford International, Ltd., Bermuda,
5.95%, 4/15/42 $ 1,390,000
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
---------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 1.1%
3,210,000 Petrobras Global Finance BV, 3.5%, 2/6/17 $ 3,159,282
---------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.0%+
1,285,000 Swift Energy Co., 7.875%, 3/1/22 (e) $ 64,250
---------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 8.6%
4,500,000 Boardwalk Pipelines LP, 4.95%, 12/15/24 $ 4,115,318
373,000 Copano Energy LLC, 7.125%, 4/1/21 383,387
1,140,000 5.85 DCP Midstream LLC, Floating Rate Note,
5/21/43 (144A) 587,100
3,125,000 Enbridge Energy Partners LP, 7.375%, 10/15/45 3,158,412
NOK 2,000,000 6.31 Golar LNG Partners LP, Floating Rate Note, 10/12/17 236,585
2,100,000 Kinder Morgan, Inc., Delaware, 4.3%, 6/1/25 1,997,488
750,000 Kinder Morgan, Inc., Delaware, 5.3%, 12/1/34 645,523
1,360,000 Kinder Morgan, Inc., Delaware, 5.55%, 6/1/45 1,208,670
1,450,000 ONEOK, Inc., 6.875%, 9/30/28 1,225,250
3,625,000 Plains All American Pipeline LP, 4.65%, 10/15/25 3,351,378
2,500,000 Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 2,403,125
2,200,000 Sabine Pass Liquefaction LLC, 6.25%, 3/15/22 2,153,250
3,000,000 The Williams Companies, Inc., 4.55%, 6/24/24 2,280,000
2,625,000 The Williams Companies, Inc., 5.75%, 6/24/44 1,745,625
---------------
$ 25,491,111
---------------
Total Energy $ 35,577,167
---------------------------------------------------------------------------------------------------------------
MATERIALS -- 1.9%
Metal & Glass Containers -- 1.5%
738,280 Ardagh Finance Holdings SA, 8.625%, (0.00%
Cash, 8.625% PIK) 6/15/19 (144A) (PIK) $ 712,440
3,500,000 Ball Corp., 5.25%, 7/1/25 3,675,000
---------------
$ 4,387,440
---------------------------------------------------------------------------------------------------------------
Steel -- 0.4%
1,000,000 Commercial Metals Co., 4.875%, 5/15/23 $ 885,000
200,000 Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 198,087
EUR 38,709 0.00 New World Resources NV, Floating Rate Note, 10/7/20 (d) 9,259
EUR 29,032 0.00 New World Resources NV, Floating Rate Note, 10/7/20 (d) 4,299
---------------
$ 1,096,645
---------------
Total Materials $ 5,484,085
---------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 2.2%
Building Products -- 1.1%
1,375,000 Griffon Corp., 5.25%, 3/1/22 $ 1,371,562
1,000,000 Masco Corp., 4.45%, 4/1/25 1,037,300
945,000 Standard Industries, Inc., 5.375%, 11/15/24 (144A) 959,175
---------------
$ 3,368,037
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 21
Schedule of Investments | 3/31/16 (continued)
---------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.6%
635,000 AECOM, 5.75%, 10/15/22 $ 658,812
1,205,000 Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 1,195,962
---------------
$ 1,854,774
---------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.5%
1,320,000 Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A) $ 1,247,400
67,501 Liberty Tire Recycling LLC, 11.0%, 3/31/21 (0.0%
cash, 11.0% PIK) (144A) (PIK) (d) 49,951
168,000 Xerium Technologies, Inc., 8.875%, 6/15/18 138,600
---------------
$ 1,435,951
---------------
Total Capital Goods $ 6,658,762
---------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.6%
Environmental & Facilities Services -- 0.3%
865,000 Safway Group Holding LLC, 7.0%, 5/15/18 (144A) $ 867,162
---------------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.3%
805,000 Broadspectrum, Ltd., 8.375%, 5/15/20 (144A) $ 823,112
---------------
Total Commercial Services & Supplies $ 1,690,274
---------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.8%
Airlines -- 0.8%
500,000 Air Canada 2013-1 Class C Pass Through Trust,
6.625%, 5/15/18 (144A) $ 491,875
516,767 Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 499,972
1,350,000 Intrepid Aviation Group Holdings LLC, 6.875%,
2/15/19 (144A) 1,103,625
187,137 US Airways 2013-1 Class B Pass Through Trust,
5.375%, 11/15/21 192,868
---------------
$ 2,288,340
---------------
Total Transportation $ 2,288,340
---------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 2.2%
Tires & Rubber -- 1.0%
2,825,000 The Goodyear Tire & Rubber Co., 5.125%, 11/15/23 $ 2,888,562
---------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 1.2%
3,635,000 ZF North America Capital, Inc., 4.75%,
4/29/25 (144A) $ 3,616,825
---------------
Total Automobiles & Components $ 6,505,387
---------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.5%
Homebuilding -- 1.5%
1,000,000 CalAtlantic Group, Inc., 6.25%, 12/15/21 $ 1,072,500
765,000 DR Horton, Inc., 5.75%, 8/15/23 826,200
The accompanying notes are an integral part of these financial statements.
22 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
---------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Homebuilding -- (continued)
2,500,000 KB Home, 7.0%, 12/15/21 $ 2,500,000
---------------
$ 4,398,700
---------------
Total Consumer Durables & Apparel $ 4,398,700
---------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.4%
Casinos & Gaming -- 0.4%
1,150,000 Scientific Games International, Inc., 7.0%,
1/1/22 (144A) $ 1,173,000
---------------
Total Consumer Services $ 1,173,000
---------------------------------------------------------------------------------------------------------------
MEDIA -- 5.6%
Broadcasting -- 0.3%
825,000 Quebecor Media, Inc., 5.75%, 1/15/23 $ 849,750
---------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 5.3%
655,000 CCO Safari II LLC, 6.384%, 10/23/35 (144A) $ 723,093
3,060,000 CCOH Safari LLC, 5.75%, 2/15/26 (144A) 3,167,100
3,050,000 DISH DBS Corp., 5.875%, 7/15/22 2,889,875
830,000 Sirius XM Radio, Inc., 4.625%, 5/15/23 (144A) 816,512
1,815,000 Sirius XM Radio, Inc., 6.0%, 7/15/24 (144A) 1,910,288
2,050,000 Time Warner Cable, Inc., 6.55%, 5/1/37 2,246,466
3,500,000 Virgin Media Secured Finance Plc, 5.25%,
1/15/26 (144A) 3,500,000
450,000 Virgin Media Secured Finance Plc, 5.375%,
4/15/21 (144A) 469,125
---------------
$ 15,722,459
---------------------------------------------------------------------------------------------------------------
Publishing -- 0.0%+
100,000 Trader Corp., 9.875%, 8/15/18 (144A) $ 103,750
---------------
Total Media $ 16,675,959
---------------------------------------------------------------------------------------------------------------
RETAILING -- 0.5%
Department Stores -- 0.0%+
112,000 Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) $ 98,840
---------------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.5%
1,325,000 CST Brands, Inc., 5.0%, 5/1/23 $ 1,341,562
---------------
Total Retailing $ 1,440,402
---------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.4%
Food Retail -- 0.4%
1,060,000 Darling Ingredients, Inc., 5.375%, 1/15/22 $ 1,084,518
---------------
Total Food & Staples Retailing $ 1,084,518
---------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.4%
Agricultural Products -- 0.1%
800,000 Southern States Cooperative, Inc., 10.0%,
8/15/21 (144A) $ 492,000
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 23
Schedule of Investments | 3/31/16 (continued)
---------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.3%
550,000 Post Holdings, Inc., 7.375%, 2/15/22 $ 581,625
200,000 Post Holdings, Inc., 7.75%, 3/15/24 (144A) 219,500
---------------
$ 801,125
---------------
Total Food, Beverage & Tobacco $ 1,293,125
---------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 1.1%
Personal Products -- 0.2%
480,000 Revlon Consumer Products Corp., 5.75%, 2/15/21 $ 493,200
---------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.9%
2,530,000 Centene Escrow Corp., 6.125%, 2/15/24 (144A) $ 2,662,825
---------------
Total Household & Personal Products $ 3,156,025
---------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 3.9%
Health Care Supplies -- 0.0%+
100,000 ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) $ 103,000
---------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.5%
1,360,000 DaVita HealthCare Partners, Inc., 5.125%, 7/15/24 $ 1,373,600
---------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 1.6%
590,000 Centene Escrow Corp., 5.625%, 2/15/21 (144A) $ 615,075
1,000,000 HCA, Inc., 5.375%, 2/1/25 1,010,940
3,000,000 LifePoint Health, Inc., 5.875%, 12/1/23 3,135,000
---------------
$ 4,761,015
---------------------------------------------------------------------------------------------------------------
Managed Health Care -- 1.8%
3,270,000 Molina Healthcare, Inc., 5.375%, 11/15/22 (144A) $ 3,359,925
1,815,000 WellCare Health Plans, Inc., 5.75%, 11/15/20 1,878,525
---------------
$ 5,238,450
---------------
Total Health Care Equipment & Services $ 11,476,065
---------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.6%
Pharmaceuticals -- 0.6%
2,200,000 Valeant Pharmaceuticals International, Inc.,
5.875%, 5/15/23 (144A) $ 1,724,250
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 1,724,250
---------------------------------------------------------------------------------------------------------------
BANKS -- 5.8%
Diversified Banks -- 5.1%
4,355,000 6.30 Bank of America Corp., Floating Rate Note (Perpetual) $ 4,485,650
2,950,000 7.62 BNP Paribas SA, Floating Rate Note
(Perpetual) (144A) 2,966,225
3,980,000 5.90 Citigroup, Inc., Floating Rate Note (Perpetual) 3,910,350
640,000 5.95 Citigroup, Inc., Floating Rate Note (Perpetual) 616,600
The accompanying notes are an integral part of these financial statements.
24 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
---------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
575,000 6.62 Credit Agricole SA, Floating Rate Note
(Perpetual) (144A) $ 540,362
1,325,000 8.12 Credit Agricole SA, Floating Rate Note
(Perpetual) (144A) 1,321,794
1,400,000 8.00 Royal Bank of Scotland Group Plc, Floating
Rate Note (Perpetual) 1,334,900
---------------
$ 15,175,881
---------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.7%
2,000,000 Provident Funding Associates LP, 6.75%,
6/15/21 (144A) $ 1,895,000
---------------
Total Banks $ 17,070,881
---------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 7.8%
Other Diversified Financial Services -- 2.6%
2,315,000 Carlyle Holdings II Finance LLC, 5.625%,
3/30/43 (144A) $ 2,516,495
1,000,000 Fixed Income Trust Series 2013-A, 10/15/97
(Step) (144A) (c)(d) 698,726
4,100,000 6.75 JPMorgan Chase & Co., Floating Rate Note, 8/29/49 4,501,800
100,000 0.00 Tiers Trust, Floating Rate Note, 10/15/97 (144A) (d) 94,942
---------------
$ 7,811,963
---------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.7%
720,000 Nationstar Mortgage LLC, 6.5%, 6/1/22 $ 621,000
725,000 Nationstar Mortgage LLC, 6.5%, 7/1/21 643,438
700,000 Oxford Finance LLC, 7.25%, 1/15/18 (144A) 693,000
---------------
$ 1,957,438
---------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.9%
1,000,000 Ally Financial, Inc., 4.625%, 3/30/25 $ 986,250
1,000,000 Ally Financial, Inc., 4.625%, 5/19/22 1,005,000
720,000 Ally Financial, Inc., 5.75%, 11/20/25 703,800
---------------
$ 2,695,050
---------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 2.0%
1,630,000 Blackstone Holdings Finance Co., LLC, 5.0%,
6/15/44 (144A) $ 1,653,475
750,000 Blackstone Holdings Finance Co., LLC, 6.25%,
8/15/42 (144A) 903,799
2,000,000 JBS Investment Management, Ltd., 7.25%, 4/3/24 1,815,000
1,500,000 KKR Group Finance Co., II LLC, 5.5%, 2/1/43 (144A) 1,532,826
---------------
$ 5,905,100
---------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.6%
3,990,000 UBS AG, 7.625%, 8/17/22 $ 4,569,862
---------------
Total Diversified Financials $ 22,939,413
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 25
Schedule of Investments | 3/31/16 (continued)
---------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
INSURANCE -- 6.3%
Life & Health Insurance -- 1.1%
1,500,000 5.88 Prudential Financial, Inc., Floating Rate
Note, 9/15/42 $ 1,567,500
GBP 202,103 TIG FINCO Plc, 8.50%, 4/2/20 234,049
GBP 35,665 8.50 TIG FINCO Plc, Floating Rate Note, 3/2/20 (144A) 52,065
1,615,000 5.65 Voya Financial, Inc., Floating Rate Note, 5/15/53 1,501,950
---------------
$ 3,355,564
---------------------------------------------------------------------------------------------------------------
Reinsurance -- 5.2%
2,501,147 Altair Re, Variable Rate Notes, 6/30/16 (f)(g) $ 139,564
695,760 Altair Re, Variable Rate Notes, 6/30/17 (f)(g) 281,783
500,000 Arlington Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 8/31/16 (f)(g) 563,350
250,000 3.80 Atlas IX Capital DAC, Floating Rate Note, 1/17/19
(Cat Bond) (144A) 254,700
500,000 Berwick Segregated Account (Kane SAC Ltd.),
Variable Rate Note, 1/22/16 (f)(g) 15,000
750,000 4.56 Blue Danube II, Ltd., Floating Rate Note, 5/23/16
(Cat Bond) (144A) 749,775
500,000 6.85 Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat
Bond) (144A) 506,300
500,000 Carnosutie 2016-N,Segregated Account (Kane
SAC Ltd.), Variable Rate Notes, 11/30/20 (f)(g) 507,600
1,500,000 Carnoustie Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 2/19/16 (f)(g) 30,600
250,000 4.46 Citrus Re, Ltd., Floating Rate Note, 4/18/17
(Cat Bond) (144A) 246,200
350,000 4.28 Citrus Re, Ltd., Floating Rate Note, 4/24/17
(Cat Bond) (144A) 345,695
400,000 Clarendon Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 6/15/16 (f)(g) 399,920
500,000 7.40 Galileo Re, Ltd., Floating Rate Note, 1/9/17
(Cat Bond) (144A) 505,750
600,000 6.68 Gator Re, Ltd., Floating Rate Note, 1/9/17
(Cat Bond) (144A) 580,500
250,000 2.20 Golden State Re II, Ltd., Floating Rate Note, 1/8/19
(Cat Bond) (144A) 246,100
2,100,000 Gullane Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/22/17 (f)(g) 56,700
250,000 4.50 Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat
Bond) (144A) 250,600
400,000 4.75 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 398,960
350,000 4.50 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 347,690
250,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (f)(g) 17,500
The accompanying notes are an integral part of these financial statements.
26 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
---------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
2,000,000 Pangaea Re, Series 2015-1, Principal at Risk
Notes, 2/1/19 (f)(g) $ 59,800
2,000,000 Pangaea Re, Series 2015-2, Principal at Risk
Notes, 11/30/19 (f)(g) 2,166,200
1,000,000 Pangaea Re., Variable Rate Notes, 2/1/20 (f)(g) 1,011,000
2,000,000 Pangaea Re., Variable Rate Notes, 7/1/18 (f)(g) 36,000
1,503,871 PI-4, Series C -- 2014, (Kane SAC Ltd.), Variable
Rate Notes, 7/7/16 (f)(g) 1,507,631
700,000 Prestwick Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 7/1/16 (f)(g) 52,430
800,000 4.50 Residential Reinsurance 2012, Ltd., Floating
Rate Note, 12/6/16 (Cat Bond) (144A) 799,200
500,000 10.00 Residential Reinsurance 2012, Ltd., Floating
Rate Note, 6/6/16 (Cat Bond) (144A) 504,650
500,000 3.84 Sanders Re, Ltd., Floating Rate Note, 6/7/17 (Cat
Bond) (144A) 500,500
3,777 Sector Re V, Ltd., Variable Rate Notes,
12/1/19 (144A) (f)(g) 26,439
400,000 Silverton Re, Ltd., Variable Rate Notes,
9/16/16 (144A) (f)(g) 1,840
500,000 Silverton Re, Ltd., Variable Rate Notes,
9/18/18 (144A) (f)(g) 514,100
1,200,000 St. Andrews Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/22/16 (f)(g) 51,240
1,250,000 Versutus 2016, Class A-1, Variable Rate Notes,
11/30/20 (f)(g) 1,277,125
2,000,000 Versutus Ltd., Series 2015-A, Variable Rate Notes,
12/31/17 (f)(g) 29,200
250,000 3.26 Vita Capital V, Ltd., Floating Rate Note, 1/15/17 (Cat
Bond) (144A) 252,550
---------------
$ 15,234,192
---------------
Total Insurance $ 18,589,756
---------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.2%
Specialized REIT -- 1.2%
1,203,081 AAF Holdings LLC, 12.0%, 7/1/19 (144A) (12.0%
cash, 0.0% PIK) (PIK) $ 1,046,680
1,000,000 DuPont Fabros Technology LP, 5.875%, 9/15/21 1,047,500
1,500,000 Equinix, Inc., 5.375%, 4/1/23 1,552,500
---------------
$ 3,646,680
---------------
Total Real Estate $ 3,646,680
---------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.3%
Data Processing & Outsourced Services -- 0.3%
1,000,000 Cardtronics, Inc., 5.125%, 8/1/22 $ 987,500
---------------
Total Software & Services $ 987,500
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 27
Schedule of Investments | 3/31/16 (continued)
---------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.6%
Electronic Components -- 0.6%
EUR 300,000 Belden, Inc., 5.5%, 4/15/23 $ 340,880
1,360,000 Belden, Inc., 5.5%, 9/1/22 (144A) 1,366,800
---------------
$ 1,707,680
---------------
Total Technology Hardware & Equipment $ 1,707,680
---------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.3%
Semiconductor Equipment -- 0.3%
950,000 Sensata Technologies BV, 5.0%, 10/1/25 (144A) $ 957,125
---------------
Total Semiconductors & Semiconductor Equipment $ 957,125
---------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 5.7%
Integrated Telecommunication Services -- 3.6%
2,000,000 CenturyLink, Inc., 5.8%, 3/15/22 $ 1,924,200
150,000 CenturyLink, Inc., 7.6%, 9/15/39 123,375
1,300,000 CenturyLink, Inc., 7.65%, 3/15/42 1,072,500
3,140,000 Frontier Communications Corp., 10.5%,
9/15/22 (144A) 3,218,500
250,000 Frontier Communications Corp., 7.625%, 4/15/24 221,875
500,000 Frontier Communications Corp., 8.75%, 4/15/22 487,500
90,000 Frontier Communications Corp., 8.875%,
9/15/20 (144A) 93,488
200,000 Frontier Communications Corp., 9.0%, 8/15/31 172,000
2,000,000 GCI, Inc., 6.75%, 6/1/21 2,040,000
1,400,000 Level 3 Financing, Inc., 5.375%, 5/1/25 1,417,500
---------------
$ 10,770,938
---------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 2.1%
1,000,000 Altice Financing SA, 6.625%, 2/15/23 (144A) $ 1,002,500
1,000,000 Sprint Corp., 7.25%, 9/15/21 763,750
1,965,000 T-Mobile USA, Inc., 6.5%, 1/15/24 2,043,600
1,500,000 T-Mobile USA, Inc., 6.625%, 4/1/23 1,578,750
300,000 Unison Ground Lease Funding LLC, 5.78%,
3/15/20 (144A) 291,483
400,000 WCP Issuer LLC, 6.657%, 8/15/20 (144A) 415,172
---------------
$ 6,095,255
---------------
Total Telecommunication Services $ 16,866,193
---------------------------------------------------------------------------------------------------------------
UTILITIES -- 4.4%
Electric Utilities -- 1.7%
1,190,000 8.75 Enel S.p.A., Floating Rate Note, 9/24/73 (144A) $ 1,323,875
525,000 Talen Energy Supply LLC, 4.6%, 12/15/21 420,000
2,680,000 Talen Energy Supply LLC, 4.625%, 7/15/19 (144A) 2,324,900
250,000 Talen Energy Supply LLC, 6.5%, 6/1/25 207,500
The accompanying notes are an integral part of these financial statements.
28 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
---------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Electric Utilities -- (continued)
1,165,000 TerraForm Power, 9.75%, 8/15/22 (144A) $ 873,750
---------------
$ 5,150,025
---------------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.5%
1,500,000 DCP Midstream Operating LP, 3.875%, 3/15/23 $ 1,231,857
300,000 DCP Midstream Operating LP, 5.6%, 4/1/44 220,786
---------------
$ 1,452,643
---------------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 2.2%
2,000,000 Calpine Corp., 5.75%, 1/15/25 $ 1,920,000
100,000 Inkia Energy, Ltd., 8.375%, 4/4/21 (144A) 99,500
1,000,000 Instituto Costarricense de Electricidad, 6.375%,
5/15/43 (144A) 740,000
1,000,000 NRG Energy, Inc., 6.25%, 5/1/24 917,500
1,755,000 NRG Energy, Inc., 7.875%, 5/15/21 1,748,419
200,000 NRG Energy, Inc., 8.25%, 9/1/20 201,500
1,000,000 TerraForm Power Operating LLC, 5.875%,
2/1/23 (144A) 810,000
---------------
$ 6,436,919
---------------
Total Utilities $ 13,039,587
---------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $200,487,246) $ 196,430,874
---------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BOND -- 1.3%
3,905,000 Kenya Government International Bond, 5.875%,
6/24/19 (144A) $ 3,833,148
---------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BOND
(Cost $3,805,937) $ 3,833,148
---------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 10.0%**
ENERGY -- 0.2%
Oil & Gas Drilling -- 0.0%+
286,375 3.50 Paragon Offshore Finance, Term Loan, 7/16/21 $ 63,480
---------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.2%
3,203 4.50 Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 $ 3,195
830,875 4.00 Seadrill Operating LP, Initial Term Loan, 2/14/21 370,431
---------------
$ 373,626
---------------
Total Energy $ 437,106
---------------------------------------------------------------------------------------------------------------
MATERIALS -- 1.5%
Diversified Metals & Mining -- 1.3%
4,531,800 4.25 Fortescue Metals Group, Ltd., Bank Loan, 6/30/19 $ 3,840,700
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 29
Schedule of Investments | 3/31/16 (continued)
---------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Steel -- 0.2%
569,101 4.50 TMS International Corp., Term B Loan, 10/2/20 $ 506,499
---------------
Total Materials $ 4,347,199
---------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.7%
Aerospace & Defense -- 0.7%
671,979 4.00 Accudyne Industries Borrower SCA, Refinancing
Term Loan, 12/13/19 $ 588,402
815,805 6.25 DynCorp International, Inc., Term Loan, 7/7/16 791,331
756,798 7.00 TASC, Inc. Virginia, New Term Loan (First
Lien), 5/23/20 753,638
---------------
$ 2,133,371
---------------
Total Capital Goods $ 2,133,371
---------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.7%
Environmental & Facilities Services -- 0.7%
1,891,762 5.00 Wheelabrator, Term B Loan, 10/15/21 $ 1,771,951
84,291 5.00 Wheelabrator, Term C Loan, 10/15/21 78,953
---------------
$ 1,850,904
---------------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.0%+
28,259 9.01 IAP Worldwide Services, Inc., Term Loan, 7/18/19 $ 28,401
---------------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.0%+
51,748 4.00 Garda World Security Corp., Term B Loan, 11/8/20 $ 49,839
---------------
Total Commercial Services & Supplies $ 1,929,144
---------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.4%
Air Freight & Logistics -- 0.0%+
1,771 5.25 Syncreon Group BV, Term Loan, 9/26/20 $ 1,468
---------------------------------------------------------------------------------------------------------------
Marine -- 0.4%
498,721 9.75 Commercial Barge Line Co., Initial Term
Loan, 11/6/20 $ 450,096
868,479 5.25 Navios Maritime Partners LP, Term Loan, 6/27/18 768,604
---------------
$ 1,218,700
---------------
Total Transportation $ 1,220,168
---------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.9%
Auto Parts & Equipment -- 0.5%
645,088 4.75 Federal-Mogul Corp., Tranche C Term, 4/15/21 $ 586,493
911,947 4.00 Tower Automotive Holdings USA LLC, Initial Term
Loan (2014), 4/23/20 907,387
---------------
$ 1,493,880
---------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.4%
1,209,842 6.00 Crown Group LLC, Term Loan (First Lien), 9/30/20 $ 1,161,449
---------------
Total Automobiles & Components $ 2,655,329
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
---------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.1%
Casinos & Gaming -- 0.5%
1,604,688 6.00 Scientific Games, Initial Term B-2, 10/1/21 $ 1,560,308
---------------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.3%
903,324 5.50 L.A. Fitness International, LLC, Tranche B Term
Loan (First Lien), 4/25/20 $ 873,966
---------------------------------------------------------------------------------------------------------------
Education Services -- 0.3%
1,031,273 5.00 Laureate Education, Inc., New Series 2018
Extended Term Loan, 6/16/18 $ 894,630
---------------
Total Consumer Services $ 3,328,904
---------------------------------------------------------------------------------------------------------------
MEDIA -- 0.7%
Publishing -- 0.7%
1,857,250 6.25 McGraw-Hill School Education Holdings llc,
Term B Loan, 12/18/19 $ 1,852,607
---------------
Total Media $ 1,852,607
---------------------------------------------------------------------------------------------------------------
RETAILING -- 0.4%
Automotive Retail -- 0.4%
1,323,125 5.75 CWGS Group LLC, Term Loan, 2/20/20 $ 1,312,375
---------------
Total Retailing $ 1,312,375
---------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.3%
Food Retail -- 0.3%
885,311 5.50 Albertsons LLC, Term B-2 Loan, 3/21/19 $ 886,655
---------------
Total Food & Staples Retailing $ 886,655
---------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.2%
Personal Products -- 0.2%
588,000 4.25 Atrium Innovations, Inc., Term Loan, 1/29/21 $ 532,140
---------------
Total Household & Personal Products $ 532,140
---------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.7%
Health Care Supplies -- 0.0%+
1,562 5.00 Immucor, Inc., Term B-2 Loan, 8/19/18 $ 1,515
---------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
480,418 6.50 BioScrip, Inc., Initial Term B Loan, 7/31/20 $ 433,577
288,251 6.50 BioScrip, Inc., Term Loan, 7/31/20 260,146
---------------
$ 693,723
---------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.5%
885,222 6.00 RegionalCare Hospital Partners, Inc., Term B-2
Loan (2015), 4/23/19 $ 885,775
20,250 6.00 Select Medical Corp., Series E Tranche B Term
Loan, 6/1/18 20,250
487,500 6.75 Steward Health Care System LLC, Term
Loan, 4/10/20 470,438
---------------
$ 1,376,463
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 31
Schedule of Investments | 3/31/16 (continued)
---------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.0%+
23,247 9.75 MMM Holdings, Inc., Term Loan, 10/9/17 (e) $ 14,529
16,900 9.75 MSO of Puerto Rico, Inc., MSO Term Loan,
12/12/17 (e) 10,563
---------------
$ 25,092
---------------
Total Health Care Equipment & Services $ 2,096,793
---------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.2%
Biotechnology -- 0.2%
670,347 7.00 Lantheus Medical Imaging, Inc., Initial Term
Loan, 6/25/22 $ 586,554
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 586,554
---------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Other Diversified Financial Services -- 0.4%
677,413 3.50 Fly Funding II Sarl, Loan, 8/9/19 $ 673,285
705,063 5.00 Livingston International, Inc., Initial Term B-1
Loan (First Lien), 4/18/19 646,895
---------------
$ 1,320,180
---------------
Total Diversified Financials $ 1,320,180
---------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.5%
Application Software -- 0.7%
584,082 4.50 Epiq Systems, Inc., Term Loan, 8/27/20 $ 578,241
749,318 7.50 Serena Software, Inc., Term Loan, 4/10/20 748,383
745,869 6.25 STG-Fairway Acquisitions, Inc., Term Loan (First
Lien), 3/4/19 729,087
---------------
$ 2,055,711
---------------------------------------------------------------------------------------------------------------
Systems Software -- 0.4%
1,234,375 5.75 AVG Technologies N.V., Term Loan, 10/15/20 $ 1,231,289
---------------------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.4%
1,173,761 5.25 Micro Focus International, Term Loan B, 10/7/21 $ 1,174,348
---------------
Total Software & Services $ 4,461,348
---------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Integrated Telecommunication Services -- 0.1%
383,434 4.75 Securus Technologies Holdings, Inc., Initial Term
Loan (First Lien), 4/30/20 $ 356,977
---------------
Total Telecommunication Services $ 356,977
---------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $30,569,248) $ 29,456,850
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
---------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENT -- 0.1%
Commercial Paper -- 0.1%
355,000 Prudendial Funding, Inc., Commercial Paper,
4/1/16 (c) $ 354,997
---------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENT
(Cost $355,000) $ 354,997
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Price Date
---------------------------------------------------------------------------------------------------------------
PUT OPTIONS PURCHASED -- 0.1%
848 S&P500 EMINI Citigroup Global
Markets, Inc. $ 1,610 4/15/16 $ 4,240
734 S&P500 EMINI Citigroup Global
Markets, Inc. 1,410 6/17/16 34,865
848 S&P500 EMINI Citigroup Global
Markets, Inc. 1,910 4/15/16 46,640
734 S&P500 EMINI Citigroup Global
Markets, Inc. 1,710 6/17/16 190,840
---------------
$ 276,585
---------------------------------------------------------------------------------------------------------------
TOTAL PUT OPTIONS PURCHASED
(Premiums paid $4,935,487) $ 276,585
---------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 92.7%
(Cost $285,026,539) (a) $ 273,632,354
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Price Date
---------------------------------------------------------------------------------------------------------------
PUT OPTIONS WRITTEN -- (0.1)%
(734) S&P500 EMINI Citigroup Global
Markets, Inc. $ 1,610 6/17/16 $ (102,760)
(734) S&P500 EMINI Citigroup Global
Markets, Inc. 1,510 6/17/16 (58,720)
(848) S&P500 EMINI Citigroup Global
Markets, Inc. 1,810 4/15/16 (19,080)
(848) S&P500 EMINI Citigroup Global
Markets, Inc. 1,710 4/15/16 (8,480)
---------------
$ (189,040)
---------------------------------------------------------------------------------------------------------------
TOTAL PUT OPTIONS WRITTEN
(Premiums received $(3,744,961)) $ (189,040)
---------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 7.4% $ 21,809,428
---------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 295,252,742
===============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 33
Schedule of Investments | 3/31/16 (continued)
* 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 March 31, 2016 the value of
these securities amounted to $6,489,170 or 2.2% of total net assets.
See Notes to Financial Statements -- 1I.
(Perpetual) Security with no stated maturity date.
REMICS Real Estate Mortgage Investment Conduits.
(PIK) Represents a pay in kind security.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At March 31, 2016, the value of these securities
amounted to $94,032,870 or 31.9% of total net assets.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major United
States banks, (iii) the rate of a certificate of deposit or (iv)
other base lending rates used by commercial lenders. The rate
shown is the coupon rate at period end.
(a) At March 31, 2016, the net unrealized depreciation on investments
based on cost for federal income tax purposes of $285,924,781 was
as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 3,812,381
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (16,104,808)
------------
Net unrealized depreciation $(12,292,427)
============
(b) Debt obligation with a variable interest rate. Rate shown is rate at
end of period.
(c) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(d) Security is valued using fair value methods (other than prices
supplied by independent pricing services). See Notes to Financial
Statement -- Note 1A.
(e) Security is in default and is non-income producing.
(f) Rate to be determined.
(g) Structured reinsurance investment. At March 31, 2016, the value of
these securities amounted to $8,751,272 or 3.0% of total net
assets. See Notes to Financial Statements -- Note 1I.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended March 31, 2016 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government Securities $ -- $ 27,891,399
Other Long-Term Securities $223,960,225 $389,193,813
The accompanying notes are an integral part of these financial statements.
34 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
Principal amounts are denominated in U.S. Dollars unless otherwise noted:
EURO Euro
GBP British Pound Sterling
NOK Norwegian Krone
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENT - SELL PROTECTION
---------------------------------------------------------------------------------------------------------------------
Premiums Net
Notional Obligation Credit Expiration Received Unrealized
Principal ($)(1) Exchange Entity/Index Coupon Rating(2) Date (Paid) Appreciation
---------------------------------------------------------------------------------------------------------------------
31,360,327 Chicago Markit CDX 5.00% BBB+ 12/20/20 $ (446,789) $1,624,873
Mercentile North America
Exchange High Yield Index
=====================================================================================================================
CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION
---------------------------------------------------------------------------------------------------------------------
Net
Obligation Premiums Unrealized
Notional Entity/ Credit Expiration Received Appreciation
Principal ($)(1) Counterparty Index Coupon Rating(2) Date (Paid) (Depreciation)
---------------------------------------------------------------------------------------------------------------------
1,735,000 Goldman Hovnanian 5.00% CCC 12/20/16 $ (60,725) $ 83,663
Sachs Enterprises,
International Inc.
3,880,000 Goldman Markit CDX 5.00% BBB+ 12/20/17 (415,888) 90,918
Sachs North America
International Investment
Grade Index
2,464,077 Goldman Markit CDX 5.00% BBB+ 12/20/17 (1,073,414) 135,739
Sachs North America
International Investment
Grade Index
2,467,885 Goldman Markit CDX 5.00% BBB+ 12/20/17 (1,072,759) 133,635
Sachs North America
International Investment
Grade Index
4,175,000 Barclays Hovnanian 5.00% CCC 12/20/16 (198,312) 200,742
Bank Plc Enterprises,
Inc.
4,175,000 Barclays Bombardier 5.00% B 12/20/16 41,750 (12,205)
Bank Plc Capital, Inc.
4,175,000 JP Morgan Sprint 5.00% B 12/20/16 45,118 (543)
Chase Bank NA Communications,
Inc.
3,880,000 Barclays Teck 5.00% B+ 12/20/16 (130,950) 100,440
Bank Plc Resources, Ltd.
1,665,000 Morgan Transocean, 1.00% BB+ 12/20/16 (141,525) 97,034
Stanley Capital Inc.
Services LLC
1,685,000 Goldman Bombardier 5.00% B 12/20/16 10,531 22,690
Sachs Capital, Inc.
International
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 35
Schedule of Investments | 3/31/16 (continued)
CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION (continued)
---------------------------------------------------------------------------------------------------------------------
Net
Obligation Premiums Unrealized
Notional Entity/ Credit Expiration Received Appreciation
Principal ($)(1) Counterparty Index Coupon Rating(2) Date (Paid) (Depreciation)
---------------------------------------------------------------------------------------------------------------------
4,200,000 Goldman AK Steel 5.00% CCC+ 12/20/16 $ (409,500) $ 463,332
Sachs Holding
International Corp.
2,045,000 Barclays Frontier 5.00% BB- 6/20/21 (74,214) (35,666)
Bank Plc Communications
Corp.
2,545,000 JP Morgan Frontier 5.00% BB- 6/20/21 (97,295) (39,450)
Chase Bank NA Communications
Corp.
3,360,000 Goldman Ally 5.00% BB+ 6/20/21 345,873 (37,105)
Sachs Financial, Inc.
International
EUR 2,750,000 Goldman Arcelormittal 5.00% BB 6/20/21 (62,221) (46,795)
Sachs SA
International
700,000 JP Morgan Ally 5.00% BB+ 6/20/21 73,907 (9,581)
Chase Bank NA Financial, Inc.
---------------------------------------------------------------------------------------------------------------------
$(3,219,624) $ 1,146,848
=====================================================================================================================
(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.
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise noted:
EUR Euro
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 accompanying notes are an integral part of these financial statements.
36 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
The following is a summary of the inputs used as of March 31, 2016, in valuing
the Fund's investments:
-----------------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------------------------
Convertible Corporate Bonds
Materials
Steel $ -- $ -- $ 12,499 $ 12,499
All Other Convertible Corporate Bonds -- 583,183 -- 583,183
Preferred Stocks
Insurance
Reinsurance -- -- 6,250 6,250
Telecommunication Services
Integrated Telecommunication
Services 112,332 -- -- 112,332
Convertible Preferred Stocks -- 1,195,375 -- 1,195,375
Common Stocks
Capital Goods
Industrial Machinery -- -- 31 31
Commercial Services & Supplies
Diversified Support Services -- 4,854 -- 4,854
Insurance
Life & Health Insurance -- -- 500 500
Asset Backed Securities -- 12,149,377 -- 12,149,377
Collateralized Mortgage Obligations -- 29,215,499 -- 29,215,499
Corporate Bonds -- -- -- --
Materials
Steel -- 1,083,087 13,558 1,096,645
Capital Goods
Industrial Machinery -- 1,386,000 49,951 1,435,951
Diversified Financials
Other Diversified Financial Services -- 7,018,295 793,668 7,811,963
Insurance
Reinsurance -- 6,489,170 8,745,022 15,234,192
All Other Corporate Bonds -- 170,852,123 -- 170,852,123
Foreign Government Bonds -- 3,833,148 -- 3,833,148
Senior Floating Rate Loan Interests -- 29,456,850 -- 29,456,850
Commercial Paper -- 354,997 -- 354,997
Put Options Purchased 276,585 -- -- 276,585
-----------------------------------------------------------------------------------------------------------------
Total $ 388,917 $ 263,621,958 $ 9,621,479 $273,632,354
=================================================================================================================
Other Financial Instruments
Put Options Written $ (189,040) $ -- $ -- $ (189,040)
Net unrealized appreciation on
credit default swaps -- 2,771,721 -- 2,771,721
Net unrealized depreciation on
futures contracts (29,618) -- -- (29,618)
Unrealized appreciation on
forward foreign currency contracts -- 362,804 -- 362,804
Unrealized depreciation on
forward foreign currency contracts -- (1,726,202) -- (1,726,202)
-----------------------------------------------------------------------------------------------------------------
Total other financial instruments $ (218,658) $ 1,408,323 $ -- $ 1,189,665
=================================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 37
Schedule of Investments | 3/31/16 (continued)
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) -- -- -- (13,706) (13,706)
Change in unrealized
appreciation (depreciation)(2) (11,679) (308,250) (7,767) (14,479,001) (14,806,697)
Purchases 5,984 -- 8,267 6,839,768 6,854,019
Sales -- -- -- (9,198,428) (9,198,428)
Transfers in to Level 3 * -- -- -- -- --
Transfers out of Level 3 * -- -- -- -- --
Transfers in and out of
Level 3 categories -- (2,180,400) -- 2,180,400 --
---------------------------------------------------------------------------------------------------------
Balance as of 3/31/16 $ 12,499 $ 6,250 $ 531 $ 9,602,199 $ 9,621,479
=========================================================================================================
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 year
ended March 31, 2016, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments
still held as of 3/31/16 $(14,552,196)
============
The following is a summary of the fair valuation of certain Fund's assets and
liabilities as of March 31, 2016.
--------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------------
Assets:
Foreign currencies, at value $ -- $ 476,711 $ -- $ 476,711
Restricted Cash -- 7,785,462 -- 7,785,462
Variation margin for centrally
cleared swap contracts -- 90,897 -- 90,897
Variation margin for futures contracts 75,750 -- -- 75,750
--------------------------------------------------------------------------------------------------
Total $ 75,750 $8,353,070 $ -- $8,428,820
==================================================================================================
The accompanying notes are an integral part of these financial statements.
38 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
Statement of Assets and Liabilities | 3/31/16
ASSETS:
Investment in securities (cost $285,026,539) $273,632,354
Cash 136,752
Foreign currencies, at value (cost $452,872) 476,711
Restricted cash* 7,785,462
Receivables --
Investment securities sold 14,448,133
Fund shares sold 720,634
Interest 5,890,594
Variation margin on centrally cleared swap contracts 90,897
Variation margin on futures contracts 75,750
Unrealized appreciation on forward foreign currency contracts 362,804
Unrealized appreciation on swap contracts 1,328,193
Other assets 35,357
---------------------------------------------------------------------------------------------------
Total assets $304,983,641
===================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 2,161,339
Fund shares repurchased 976,005
Distributions 284,314
Trustee fees 1,264
Unrealized depreciation on forward foreign currency contracts 1,726,202
Unrealized depreciation on swap contracts 181,345
Swap contracts, premiums received 3,666,413
Written options (premiums received $3,744,961) 189,040
Due to affiliates 124,863
Accrued expenses 420,114
---------------------------------------------------------------------------------------------------
Total liabilities $ 9,730,899
===================================================================================================
NET ASSETS:
Paid-in capital $353,647,368
Undistributed net investment income 1,219,897
Accumulated net realized loss on investments, foreign currency
transactions, written options, swap contracts and futures contracts (53,179,188)
Net unrealized depreciation on investments (11,394,185)
Net unrealized depreciation on futures contracts (29,618)
Net unrealized appreciation on written options 3,555,921
Net unrealized depreciation on forward foreign currency contracts
and other assets and liabilities denominated in foreign currencies (1,339,174)
Net unrealized appreciation on swap contracts 2,771,721
---------------------------------------------------------------------------------------------------
Total net assets $295,252,742
===================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $47,310,538/5,261,852 shares) $ 8.99
Class C (based on $44,206,566/4,931,006 shares) $ 8.97
Class Y (based on $203,735,638/22,566,662 shares) $ 9.03
MAXIMUM OFFERING PRICE:
Class A ($8.99 (divided by) 95.5%) $ 9.41
===================================================================================================
* Represents restricted cash deposited at the counterparty for derivative
contracts
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 39
Statement of Operations
For the Year Ended 3/31/16
INVESTMENT INCOME:
Interest $ 24,400,713
Dividends 546,730
------------------------------------------------------------------------------------------------------
Total investment income $ 24,947,443
------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 3,033,511
Transfer agent fees
Class A 10,808
Class C 5,445
Class Y 10,175
Class Z* 27
Distribution fees
Class A 168,248
Class C 564,647
Shareholder communications expense 442,828
Administrative expense 144,355
Custodian fees 95,389
Registration fees 128,017
Professional fees 81,737
Printing expense 44,078
Fees and expenses of nonaffiliated Trustees 19,470
Pricing expense 57,688
Miscellaneous 78,208
------------------------------------------------------------------------------------------------------
Total expenses $ 4,884,631
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (347,691)
------------------------------------------------------------------------------------------------------
Net expenses $ 4,536,940
------------------------------------------------------------------------------------------------------
Net investment income $ 20,410,503
------------------------------------------------------------------------------------------------------
* Class Z shares converted to Class Y shares on August 7, 2015.
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, SWAP CONTRACTS, WRITTEN OPTIONS, FUTURES
CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ (26,841,268)
Swap contracts (4,618,782)
Written options 1,715,818
Futures contracts 936,380
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (411,946) $(29,219,798)
------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ (7,275,513)
Swap contracts 4,927,828
Written options 3,555,921
Futures contracts 319,450
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (1,446,646) $ 81,040
------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, swap
contracts, written options, futures contracts and foreign
currency transactions $(29,138,758)
------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (8,728,255)
======================================================================================================
The accompanying notes are an integral part of these financial statements.
40 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Year Ended Year Ended
3/31/16 3/31/15
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 20,410,503 $ 27,983,787
Net realized gain (loss) on investments, swap
contracts, written options, futures contracts
and foreign currency transactions (29,219,798) (20,634,227)
Change in net unrealized appreciation (depreciation) on
investments, swap contracts, written options, futures
contracts, and foreign currency transactions 81,040 (17,767,905)
--------------------------------------------------------------------------------------------------
Net decrease in net assets resulting
from operations $ (8,728,255) $ (10,418,345)
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.39 and $0.33 per share, respectively) $ (2,618,684) $ (4,962,455)
Class C ($0.32 and $0.26 per share, respectively) (1,878,294) (2,322,800)
Class Y ($0.43 and $0.36 per share, respectively) (13,331,860) (17,280,907)
Class Z* ($0.09 and $0.33 per share, respectively) (1,754) (55,741)
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (17,830,592) $ (24,621,903)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 72,835,334 $ 479,298,606
Reinvestment of distributions 14,313,443 20,074,632
Cost of shares repurchased (325,894,551) (555,768,538)
--------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (238,745,774) $ (56,395,300)
--------------------------------------------------------------------------------------------------
Net decrease in net assets $ (265,304,621) $ (91,435,548)
NET ASSETS:
Beginning of year 560,557,363 651,992,911
--------------------------------------------------------------------------------------------------
End of year $ 295,252,742 $ 560,557,363
--------------------------------------------------------------------------------------------------
Undistributed net investment income $ 1,219,897 $ 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.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 41
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
3/31/16 3/31/16 3/31/15 3/31/15
Shares Amount Shares Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 1,244,960 $ 11,593,608 10,733,797 $ 106,058,161
Reinvestment of distributions 264,559 2,423,099 469,156 4,575,600
Less shares repurchased (5,935,740) (55,248,307) (17,713,478) (172,921,032)
------------------------------------------------------------------------------------------------
Net decrease (4,426,221) $ (41,231,600) (6,510,525) $ (62,287,271)
================================================================================================
Class C
Shares sold 438,954 $ 4,062,878 2,714,172 $ 26,737,821
Reinvestment of distributions 179,912 1,634,242 207,145 2,006,684
Less shares repurchased (3,132,815) (28,907,096) (4,701,719) (45,380,077)
------------------------------------------------------------------------------------------------
Net decrease (2,513,949) $ (23,209,976) (1,780,402) $ (16,635,572)
================================================================================================
Class Y
Shares sold 6,124,396 $ 57,175,301 34,889,481 $ 345,939,487
Reinvestment of distributions 1,114,428 10,254,516 1,377,859 13,442,959
Less shares repurchased (26,154,979) (241,550,847) (34,372,056) (332,894,266)
------------------------------------------------------------------------------------------------
Net increase
(decrease) (18,916,155) $ (174,121,030) 1,895,284 $ 26,488,180
================================================================================================
Class Z*
Shares sold or exchanged 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.
42 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended 4/29/11
3/31/16 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) $ 0.42(b) $ 0.40 $ 0.41 $ 0.51 $ 0.39
Net realized and unrealized gain (loss) on investments (0.58) (0.47) (0.12) 0.45 (0.36)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.16) $ (0.07) $ 0.29 $ 0.96 $ 0.03
-----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.39) $ (0.33) $ (0.37) $ (0.55) $ (0.40)
Net realized gain -- -- (0.02) -- --
-----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.39) $ (0.33) $ (0.39) $ (0.55) $ (0.40)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.55) $ (0.40) $ (0.09) $ 0.41 $ (0.37)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.99 $ 9.54 $ 9.94 $ 10.04 $ 9.63
=============================================================================================================================
Total return* (1.62)% (0.71)% 2.95% 10.24% 0.38%(a)
Ratio of net expenses to average net assets 1.19% 1.14% 1.19% 1.20% 1.20%**
Ratio of net investment income (loss) to average net assets 4.52% 3.76% 3.89% 5.05% 4.87%**
Portfolio turnover rate 56% 81% 95% 30% 17%
Net assets, end of period (in thousands) $47,311 $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 1.19% 1.14% 1.19% 1.48% 1.66%**
Net investment income (loss) to average net assets 4.52% 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.
(b) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 43
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended 4/29/11
3/31/16 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) $ 0.36(b) $ 0.31 $ 0.34 $ 0.44 $ 0.34
Net realized and unrealized gain (loss) on investments (0.58) (0.46) (0.13) 0.45 (0.40)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.22) $ (0.15) $ 0.21 $ 0.89 $ (0.06)
-----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.32) $ (0.26) $ (0.29) $ (0.48) $ (0.33)
Net realized gain -- -- (0.02) -- --
-----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.32) $ (0.26) $ (0.31) $ (0.48) $ (0.33)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.54) $ (0.41) $ (0.10) $ 0.41 $ (0.39)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.97 $ 9.51 $ 9.92 $ 10.02 $ 9.61
=============================================================================================================================
Total return* (2.25)% (1.58)% 2.19% 9.44% (0.47)%(a)
Ratio of net expenses to average net assets 1.95% 1.90% 1.93% 1.95% 1.98%**
Ratio of net investment income (loss) to average net assets 3.86% 3.04% 3.18% 4.29% 4.07%**
Portfolio turnover rate 56% 81% 95% 30% 17%
Net assets, end of period (in thousands) $44,207 $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 1.95% 1.90% 1.93% 2.23% 2.46%**
Net investment income (loss) to average net assets 3.86% 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.
(b) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
44 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended 4/29/11
3/31/16 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) $ 0.46(b) $ 0.41 $ 0.44 $ 0.55 $ 0.42
Net realized and unrealized gain (loss) on investments (0.58) $ (0.45) (0.12) 0.45 (0.34)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.12) $ (0.04) $ 0.32 $ 1.00 $ 0.08
-----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.43) $ (0.36) $ (0.40) $ (0.58) $ (0.42)
Net realized gain -- -- (0.02) -- --
-----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.43) $ (0.36) $ (0.42) $ (0.58) $ (0.42)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.55) $ (0.40) $ (0.10) $ 0.42 $ (0.34)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.03 $ 9.58 $ 9.98 $ 10.08 $ 9.66
=============================================================================================================================
Total return* (1.26)% (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 4.90% 4.10% 4.24% 5.52% 5.48%**
Portfolio turnover rate 56% 81% 95% 30% 17%
Net assets, end of period (in thousands) $203,736 $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 0.96% 0.93% 0.97% 1.21% 1.30%**
Net investment income (loss) to average net assets 4.79% 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.
(b) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 45
Notes to Financial Statements |3/31/16
1. Organization and Significant Accounting Policies
Pioneer Dynamic Credit Fund (the Fund) is one of three portfolios comprising
Pioneer Series Trust X, a Delaware statutory trust. The Fund is registered under
the Investment Company Act of 1940 as a diversified, open-end management
investment company. The investment objective of the Fund is to seek a high level
of current income. Capital appreciation is a secondary objective.
The Fund offers three classes of shares designated as Class A, Class C and Class
Y shares. 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 of Trustees the flexibility to specify
either per-share voting or dollar-weighted voting when submitting matters for
shareholder approval. Under per-share voting, each share of a class of the Fund
is entitled to one vote. Under dollar-weighted voting, a shareholder's voting
power is determined not by the number of shares owned, but by the dollar value
of the shares on the record date. Each share class has exclusive voting rights
with respect to matters affecting only that class, including with respect to the
distribution plan for that class. There is no distribution plan for Class Y
shares.
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:
46 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New
York Stock Exchange (NYSE) is open, as of the close of regular trading on
the NYSE.
Fixed income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed income securities and/or other
factors. Valuations may be supplemented by dealers and other sources, as
required. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the price
information is deemed to be unreliable, price information will be obtained
from an alternative loan interest pricing service. If no reliable price
quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other insurance
linked securities (including sidecars, collateralized reinsurance and
industry loss warranties) may be valued at the bid price obtained from an
independent pricing service, or through a third party using a pricing
matrix, insurance industry valuation models, or other fair value methods or
techniques to provide an estimated value of the instrument.
Foreign securities are valued in U.S. dollars based on foreign currency
exchange rate quotations supplied by a third party pricing service. Trading
in non-U.S. equity securities is substantially completed each day at
various times prior to the close of the NYSE. The values of such securities
used in computing the net asset value of the Fund's shares are determined
as of such times. The fund may use a fair value model developed by an
independent pricing service to value non-U.S. equity securities.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 47
Swap contracts, including interest rate swaps, caps and floors (other than
centrally cleared swap contracts) are valued at the dealer quotations
obtained from reputable International Swap Dealer association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Option contracts are generally valued at the mean between the last bid and
ask prices on the principal exchange where they are traded.
Over-the-counter ("OTC") options and options on swaps ("swaptions") are
valued using prices supplied by independent pricing services, which
consider such factors as market prices, market events, quotations from one
or more brokers, Treasury spreads, yields, maturities and ratings, or may
use a pricing matrix or other fair value methods or techniques to provide
an estimated value of the security or instrument.
Forward foreign currency exchange contracts are valued daily using the
foreign exchange rate or, for longer term forward contract positions, the
spot currency rate, in each case provided by a third party pricing service.
Contracts whose forward settlement date falls between two quoted days are
valued by interpolation.
Cash may include overnight time deposits at approved financial
institutions.
Securities or loan interests for which independent pricing services are
unable to supply prices or for which market prices and/or quotations are
not readily available or are considered to be unreliable are valued 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 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.
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
48 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
disasters, terrorist activity or trading halts. Thus, the valuation of the
Fund's securities may differ significantly from exchange prices and such
differences could be material.
At March 31, 2016, eight securities were valued using fair value methods
(in addition to securities valued using prices supplied by independent
pricing services, broker-dealers or using a third party insurance industry
pricing model) representing 0.3% of net assets.
B. Investment Income and Transactions
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on purchase prices of debt securities are accreted/-
amortized for financial reporting purposes over the life of the respective
securities, and such accretion/amortization is included in interest income.
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.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the statement of operations from
the effects of changes in the market price of those securities but are
included with the net realized and unrealized appreciation or depreciation
on investments.
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 49
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).
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, 2016, 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. At
March 31, 2016, the Fund reclassified $1,522,992 to decrease net investment
income and $1,522,992 to increase accumulated net realized loss on
investments, foreign currency transactions, written options, swap contracts
and futures contracts to reflect permanent book/tax differences. These
adjustments have no impact on net assets or the results of operations.
At March 31, 2016, the Fund was permitted to carry forward indefinitely
$27,479,795 of short-term losses and $26,826,553 in long-term losses under
the Regulated Investment Company Modernization Act of 2010 without
limitation.
50 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
The tax character of distributions paid during the years ended March 31,
2016 and March 31, 2015 were as follows:
---------------------------------------------------------------------------------------
2016 2015
---------------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $17,830,592 $24,621,903
---------------------------------------------------------------------------------------
Total $17,830,592 $24,621,903
=======================================================================================
The following shows components of distributable earnings on a federal
income tax basis at March 31, 2016.
--------------------------------------------------------------------------------------
2016
--------------------------------------------------------------------------------------
Undistributed ordinary income $ 4,319,675
Capital loss carryforward (54,306,348)
Current year dividend payable (284,314)
Unrealized depreciation (8,123,639)
--------------------------------------------------------------------------------------
Total $(58,394,626)
======================================================================================
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.
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 $7,986 in underwriting commissions on the sale of Class
A shares during the year ended March 31, 2016.
G. Class Allocations
Income, common expenses, and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y shares do not pay distribution fees. All expenses and fees
paid to the Fund's transfer agent, for its services are allocated among the
classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 51
the Fund with respect to each class of shares are calculated in the same
manner and at the same time except that net investment income dividends to
Class A, Class C and Class Y shares can reflect different transfer agent
and distribution expense rates.
H. Risks
The value of securities held by the fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real or
perceived adverse economic, political or regulatory conditions, inflation,
changes in interest rates, lack of liquidity in the bond markets or adverse
investor sentiment. In the past several years, financial markets have
experienced increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty. These conditions may continue, recur, worsen or
spread. When interest rates rise, the prices of fixed-income securities in
the Fund will generally fall. Conversely, when interest rates fall, the
prices of fixed-income securities in the Fund will generally rise. Interest
rates in the U.S. recently have been historically low, so the Fund faces a
heightened risk that interest rates may rise. A general rise in interest
rates may cause investors to move out of fixed income securities on a large
scale, which could adversely affect the price and liquidity of fixed income
securities and could also result in increased redemptions from the Fund.
Investments in the Fund are subject to possible loss due to the financial
failure of issuers of underlying securities and the issuers' inability to
meet their debt obligations. Certain securities in which the Fund invests,
including floating rate loans, once sold, may not settle for an extended
period (for example, several weeks or even longer). The Fund will not
receive its sale proceeds until that time, which may constrain the Fund's
ability to meet its obligations (including obligations to redeeming
shareholders). The Fund's prospectus contains unaudited information
regarding the Fund's principal risks. Please refer to that document when
considering the Fund's principal risks.
I. Insurance Linked Securities (ILS)
The Fund invests in event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event, 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
52 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
specified trigger events, event-linked bonds may expose the Fund to other
risks, including but not limited to issuer (credit) default, adverse
regulatory or jurisdictional interpretations and adverse tax consequences.
The Fund's investments in ILS may include special purpose vehicles ("SPVs")
or similar instruments structured to comprise a portion of a reinsurer's
catastrophe-oriented business, known as quota share instruments (sometimes
referred to as reinsurance sidecars), or to provide reinsurance relating to
specific risks to insurance or reinsurance companies through a
collateralized instrument, known as collateralized reinsurance. Structured
reinsurance investments also may include industry loss warranties ("ILWs").
A traditional ILW takes the form of a bilateral reinsurance contract, but
there are also products that take the form of derivatives, collateralized
structures, or exchange traded instruments.
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILW's are generally subject to
the same risks as event-linked bonds. In addition, where the instruments
are based on the performance of underlying reinsurance contracts, the Fund
has limited transparency into the individual underlying contracts and
therefore must rely upon the risk assessment and sound underwriting
practices of the issuer. Accordingly, it may be more difficult for PIM to
fully evaluate the underlying risk profile of the Fund's structured
reinsurance investments and therefore the Fund's assets are placed at
greater risk of loss than if PIM had more complete information. Structured
reinsurance instruments generally will be considered illiquid securities by
the Fund. These securities may be difficult to purchase, sell or unwind.
Illiquid securities also may be difficult to value. If the Fund is forced
to sell an illiquid asset, the Fund may be forced to sell at a loss.
J. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
March 31, 2016 was $392,000 and is recorded within "Restricted Cash" on the
Statement of Assets and Liabilities. Subsequent payments for futures
contracts ("variation margin") are paid or received by the Fund, depending
on the daily fluctuation in the value of the contracts, and are recorded by
the Fund as unrealized appreciation or depreciation. When the contract is
closed, the Fund realizes a
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 53
gain or loss equal to the difference between the opening and closing value
of the contract as well as any fluctuation in foreign currency exchange
rates where applicable. Futures contracts are subject to market risk,
interest rate risk and currency exchange rate risk. Changes in value of the
contracts may not directly correlate to the changes in value of the
underlying securities. The average value of contracts open during the year
ended March 31, 2016 was $(10,586,053).
At March 31, 2016, open futures contracts were as follows:
---------------------------------------------------------------------------------------
Contracts Settlement Unrealized
Long/ Month/ Appreciation/
Description Counterparty (Short) Year Value (Depreciation)
---------------------------------------------------------------------------------------
U.S. 10 Yr Note Citibank NA 245 6/16 $31,945,703 $(47,896)
U.S. Long Bond Citibank NA 2 6/16 328,875 (1,951)
U.S. Ultra Bond Citibank NA (17) 6/16 (2,933,031) 20,229
---------------------------------------------------------------------------------------
Total $29,341,547 $(29,618)
=======================================================================================
K. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve as
the Fund's collateral for the obligation of the counterparty to repurchase
the securities. The value of the collateral, including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. The 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. As of and for the year ended March 31, 2016,
the Fund had no open repurchase agreements.
L. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event. 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
54 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
obligation to the counterparty in the event of a default by a U.S. or
foreign corporate issuer of a debt obligation, which would likely result in
a loss to the Fund. In return, the Fund would receive from the counterparty
a periodic stream of payments during the term of the contract provided that
no event of default occurred. The maximum exposure of loss to the seller
would be the notional value of the credit default swaps outstanding. If no
default occurs, the Fund would keep the stream of payments and would have
no payment obligation. The Fund may also buy credit default swap contracts
in order to hedge against the risk of default of debt securities, in which
case the Fund would function as the counterparty referenced above.
When the Fund enters into a credit default swap contract, the protection
buyer makes an upfront or periodic payment to the protection seller in
exchange for the right to receive a contingent payment. An upfront payment
made by the Fund, as the protection buyer, is recorded as 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.
The amount of cash deposited with a broker as collateral at March 31, 2016
was $6,725,000 and is recorded within "Restricted Cash" on the Statement of
Assets and Liabilities.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 55
Open credit default swap contracts at March 31, 2016 are listed in the
Schedule of Investments. The average value of swap contracts open during
the year ended March 31, 2016 was $(4,034,601).
M. Total Return Swap Contracts
The Fund may enter into a total return swap to attempt to manage and/or
gain exposure to a security or market. Pursuant to a total return swap
agreement, the Fund negotiates with a counterparty to exchange a periodic
stream of payments. One party makes payments based on the total return of a
reference asset (such as a security or a basket of securities or securities
index), and in return receives fixed or floating rate interest payments.
The total return of the reference asset typically includes appreciation or
depreciation on the reference asset, plus any interest or dividend
payments. To the extent that the total return of the reference asset
exceeds or falls short of the offsetting interest rate obligation, the Fund
will receive a payment from or make a payment to the counterparty.
Total return 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 are recorded as realized
gains or losses in the Statement of Operations. Total return swap contracts
are subject to counterparty risk and unanticipated movements in value of
exchange rates, interest rates, securities or the index.
The average value of swap contracts open during the year ended March 31,
2016 was $(1,859). There were no total return swaps outstanding at March
31, 2016.
N. Purchased Options
The Fund may purchase put and call options to seek increase total return.
Purchased call and put options entitle the Fund to buy and sell a specified
number of shares or units of a particular security, currency or index at a
specified price at a specific date or within a specific period of time.
Upon the purchase of a call or put option, the premium paid by the Fund is
included in the Statement of Assets and Liabilities as an investment. All
premiums are marked-to-market daily, and any unrealized gains or losses are
recorded in the Fund's financial statements. As the purchaser of an index
option, the Fund has the right to receive a cash payment equal to any
depreciation in the value of the index below the strike price of the option
(in the case of a put) or equal to any appreciation in the value of the
index over the strike price of the option (in the case of a call) as of the
valuation date of the option. Premiums paid for purchased calls and put
options which have expired are treated as realized losses on investments in
the Statement of Operations. Upon the
56 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
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 year ended March
31, 2016 was $981,147. Purchased option contracts outstanding at period end
are listed within the Schedule of Investments.
O. Option Writing
The Fund may write put and covered call options to seek to increase total
return. When an option is written, the Fund receives a premium and becomes
obligated to purchase or sell the underlying security at a fixed price upon
the exercise of the option. When the Fund writes an option, an amount equal
to the premium received by the Fund is recorded as a liability and is
subsequently adjusted to the current value of the option written. Premiums
received from writing options that expire unexercised are treated by the
Fund on the expiration date as realized gains from investments. The
difference between the premium and the amount paid on effecting a closing
purchase transaction, including brokerage commissions, is also treated as a
realized gain or, if the premium is less than the amount paid for the
closing purchase transaction, as a realized loss. If a call option is
exercised, the premium is added to the proceeds from the sale of the
underlying security in determining whether the Fund has realized a gain or
loss. The Fund as writer of an option bears the market risk of an
unfavorable change in the price of the security underlying the written
option.
The average value of written option contracts open during the year ended
March 31, 2016 was $(691,838). Written option contracts outstanding at
March 31, 2016 are listed in the Schedule of Investments.
The Fund held four written options that were open at March 31, 2016. If the
options were exercised at March 31, 2016, the maximum amount the Fund would
have been required to pay was $3,774,961.
Transactions in written options for the year ended March 31, 2016 are
summarized as follows:
-------------------------------------------------------------------------------
Number of Premiums
Contracts Received
-------------------------------------------------------------------------------
Options open at beginning of period -- $ --
Options opened (4,860) (5,722,633)
Options exercised 1,696 1,977,672
Options closed -- --
Options expired -- --
-------------------------------------------------------------------------------
Options open at end of period (3,164) $ (3,744,961)
================================================================================
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 57
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 year ended March 31, 2016, 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
year ended March 31, 2016 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
$11,389 in management fees, administrative costs and certain other
reimbursements payable to PIM at March 31, 2016.
3. Transfer Agent
Prior to November 2, 2015, Pioneer Investment Management Shareholder Services,
Inc. (PIMSS), a wholly owned indirect subsidiary of UniCredit, provided
substantially all transfer agent and shareowner services to the Fund at
negotiated rates.
Effective November 2, 2015, Boston Financial Data Services serves as the
transfer agent to the Fund at negotiated rates.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings, outgoing phone calls and omnibus
relationship contracts. For the year ended March 31, 2016, such out-of-pocket
expenses by class of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 53,616
Class C 50,463
Class Y 338,619
Class Z 130
--------------------------------------------------------------------------------
Total $442,828
================================================================================
58 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $110,430 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at March 31, 2016.
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 $3,044 in distribution fees payable to
PFD at March 31, 2016.
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
year ended March 31, 2016, CDSCs in the amount of $5,677 were paid to PFD.
5. Forward Foreign Currency Contracts
At March 31, 2016, 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 year ended March 31, 2016 was $(5,915,241).
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 59
As of March 31, 2016, outstanding forward foreign currency contracts were as
follows:
--------------------------------------------------------------------------------------------------------------
Currency Currency In Settlement Unrealized
Sold Deliver Purchased Exchange for Counterparty Date Appreciation
--------------------------------------------------------------------------------------------------------------
USD (933,949) (ZAR) South 14,118,043 Brown Brothers 5/25/16 $ 13,863
African Rand Harriman & Co.
USD (2,384,038) (SEK) 19,419,455 Brown Brothers 4/25/16 9,821
Swedish Krona Harriman & Co.
USD (2,275,739) (SGD) 3,076,412 Brown Brothers 4/25/16 7,115
Singapore Dollar Harriman & Co.
USD (3,761,378) (CZK) Czech 89,814,781 Citibank NA 4/25/16 22,536
Koruna
USD (1,424,301) (CAD) 1,855,391 Citibank NA 5/25/16 6,735
Canadian Dollar)
USD (2,498,480) (PLN) Polish Zloty 9,375,889 Citibank NA 5/25/16 15,434
USD (1,285,562) (SEK) Swedish 10,955,000 Citibank NA 4/25/16 64,874
Krona
USD (206,659) (EUR) Euro 190,000 Citibank NA 5/25/16 10,095
USD (45,065) (EUR) Euro 40,237 JP Morgan 6/16/16 871
Chase Bank NA
USD (920,035) (MXN) 16,600,000 Citibank NA 5/23/16 37,310
Mexican Peso
USD (2,274,411) (HUF) 630,736,362 Citibank NA 5/25/16 12,031
Hungarian Forint
USD (2,267,049) (INR) Indian 155,935,000 Goldman Sachs 4/21/16 78,823
Rupee International
(NZD) New (2,410,443) (AUD) 2,235,000 JP Morgan 5/23/16 47,545
Zealand Dollar Australian Dollar Chase Bank NA
(JPY) (261,641,112) USD 2,336,606 JP Morgan 5/25/16 7,460
Japanese Yen Chase Bank NA
USD (1,683,300) (AUD) 2,200,946 JP Morgan 5/25/16 2,149
Australian Dollar Chase Bank NA
USD (1,893,772) (EUR) Euro 1,668,595 JP Morgan 5/25/16 9,783
Chase Bank NA
USD (1,928,851) (CHF) Swiss 1,853,199 JP Morgan 5/25/16 6,140
Franc Chase Bank NA
USD (1,511,803) (RUB) 103,377,059 JP Morgan 5/23/16 10,219
Russian Ruble Chase Bank NA
--------------------------------------------------------------------------------------------------------------
Total $362,804
==============================================================================================================
60 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------------
Currency Currency In Settlement Unrealized
Sold Deliver Purchased Exchange for Counterparty Date Depreciation
--------------------------------------------------------------------------------------------------------------
(PLN) Polish (3,569,041) (EUR) Euro 828,735 Brown Brothers 5/23/16 $ (11,601)
Zloty Harriman & Co.
(CZK) (89,854,357) USD 3,597,591 Citibank NA 4/25/16 (187,990)
Czech Koruna
(CAD) (1,857,194) USD 1,344,841 Citibank NA 5/25/16 (87,586)
Canadian
Dollar)
(PLN) Polish (9,385,000) USD 2,356,824 Citibank NA 5/25/16 (159,533)
Zloty
USD (4,463,044) (KRW) 5,097,019,590 JP Morgan 4/21/16 (14,141)
South Chase Bank NA
Korean Won
(KRW) South (5,098,985,397) USD 4,215,431 JP Morgan 4/21/16 (235,188)
Korean Won Chase Bank NA
(SGD) (3,077,809) USD 2,136,485 JP Morgan 4/25/16 (147,405)
Singapore Chase Bank NA
Dollar
(CAD) (4,509,935) (MXN) 58,854,052 JP Morgan 4/25/16 (75,366)
Canadian Mexican Peso Chase Bank NA
Dollar)
(SEK) (30,383,254) USD 3,552,125 JP Morgan 4/25/16 (193,255)
Swedish Krona Chase Bank NA
(TWD) New (143,123,273) USD 4,297,351 JP Morgan 5/18/16 (148,042)
Taiwan Dollar Chase Bank NA
USD (4,453,634) (TWD) New 143,001,738 JP Morgan 5/18/16 (12,016)
Taiwan Dollar Chase Bank NA
(AUD) (2,203,084) USD 1,586,818 JP Morgan 5/25/16 (100,269)
Australian Chase Bank NA
Dollar
(ZAR) South (14,131,718) USD 913,003 JP Morgan 5/25/16 (35,727)
African Rand Chase Bank NA
(HUF) (631,349,261) USD 2,261,881 JP Morgan 5/25/16 (26,784)
Hungarian Chase Bank NA
Forint
(NZD) New (4,209,187) USD 2,795,270 JP Morgan 5/25/16 (110,395)
Zealand Dollar Chase Bank NA
USD (2,907,433) (NZD) New 4,205,102 JP Morgan 5/25/16 (4,588)
Zealand Dollar Chase Bank NA
(EUR) Euro (1,860,215) USD 2,056,607 JP Morgan 5/25/16 (65,550)
Chase Bank NA
(GBP) British (213,821) USD 296,620 JP Morgan 5/3/16 (10,817)
Pound Sterling Chase Bank NA
(CHF) Swiss (1,855,000) USD 1,874,684 JP Morgan 5/25/16 (62,188)
Franc Chase Bank NA
(CLP) (636,370,000) USD 918,495 JP Morgan 5/25/16 (28,773)
Chilean Peso Chase Bank NA
USD (1,499,069) (IDR) 19,912,129,207 JP Morgan 5/23/16 (8,988)
Indonesian Chase Bank NA
Rupiah
--------------------------------------------------------------------------------------------------------------
Total $(1,726,202)
==============================================================================================================
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 61
6. Assets and Liabilities Offsetting
The Fund has entered into an International Swaps and Derivatives Association,
Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with
substantially all its derivative counterparties. An ISDA Master Agreement is a
bilateral agreement between the Fund and a counterparty that governs the
trading of certain OTC derivatives and typically contains, among other things,
close-out and set-off provisions which apply upon the occurrence of event of a
default and/or termination event as defined under the relevant ISDA Master
Agreement. The ISDA Master Agreement may also give a party the right to
terminate all transactions traded under such agreement if, among other things,
there is deterioration in the credit quality of the other party. Upon an event
of default or a termination of the ISDA Master Agreement, the non-defaulting
party has the right to close out all transactions under such agreement and to
net amounts owed under each transaction to determine one net amount payable by
one party to the other. The right to close out and net payments across all
transactions under the ISDA Master Agreement could result in a reduction of the
Fund's credit risk to its counterparty equal to any amounts payable by the Fund
under the applicable transactions, if any. However, the Fund's right to setoff
may be restricted or prohibited by the bankruptcy or insolvency laws of the
particular jurisdiction to which a specific ISDA counterparty is subject.
The collateral requirements for derivatives transactions under an ISDA Master
Agreement are governed by a credit support annex to the ISDA Master Agreement.
Collateral requirements are generally determined at the close of business each
day and are typically based on changes in market values for each transaction
under an ISDA Master Agreement and netted into one amount for such agreement.
Generally, the amount of collateral due from or to a counterparty is subject to
threshold (a "minimum transfer amount") before a transfer is required, which may
vary by counterparty. Collateral pledged for the benefit of the Fund and/or
counterparty is held in segregated accounts by the Fund's custodian and cannot
be sold, re-pledged, assigned or otherwise used while pledged. Cash that has
been segregated to cover the Fund's collateral obligations, if any, will be
reported separately in the Statement of Assets and Liabilities as "Restricted
cash." Securities pledged by the Fund as collateral, if any, are identified as
such in the Schedule of Investments.
62 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
Financial instruments subject to an enforceable master netting agreement such as
an ISDA Master Agreement have not been offset on the Statement of Assets and
Liabilities. The following charts show gross assets and liabilities of the Fund
as of March 31, 2016.
-------------------------------------------------------------------------------------------------------------------
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)
-------------------------------------------------------------------------------------------------------------------
JPMorgan Chase
Bank NA $ 84,167 $ (84,167) $ -- $ -- $ --
Morgan Stanley
Capital
Services LLC 97,034 -- -- -- 97,034
Citibank NA 169,015 (169,015) -- -- --
Goldman Sachs
International 1,008,800 (83,900) -- -- 924,900
Barclays Bank Plc 301,181 (47,871) -- -- 253,310
Brown Brothers
Harriman & Co. 30,799 (11,601) -- -- 19,198
-------------------------------------------------------------------------------------------------------------------
Total $1,690,996 $ (396,554) $ -- $ -- $ 1,294,442
===================================================================================================================
--------------------------------------------------------------------------------------------------------------
Derivative
Liabilities Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Pledged (a) Pledged (a) Liabilities (c)
--------------------------------------------------------------------------------------------------------------
JPMorgan Chase
Bank NA $1,329,066 $ (84,167) $ -- $ (1,244,899) $ --
Morgan Stanley
Capital
Services LLC -- -- -- -- --
Citibank NA 435,109 (169,015) -- -- 266,094
Goldman Sachs
International 83,900 (83,900) -- -- --
Barclays Bank Plc 47,871 (47,871) -- -- --
Brown Brothers
Harriman & Co. 11,601 (11,601) -- -- --
--------------------------------------------------------------------------------------------------------------
Total $1,907,547 $ (396,554) $ -- $ (1,244,899) $ 266,094
==============================================================================================================
(a) The amount presented here may be less than the total amount of collateral
received/pledged as the net amount of derivative assets and liabilities
cannot be less than $0.
(b) Represents the net amount due from the counterparty in the event of
default.
(c) Represents the net amount payable to the counterparty in the event of
default.
7. Additional Disclosures about Derivative Instruments and Hedging Activities:
The Fund's use of derivatives 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.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 63
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 March 31,
2016 was as follows:
------------------------------------------------------------------------------------------------------------
Foreign
Statement of Assets and Interest Credit Exchange Equity Commodity
Liabilities Rate Risk Risk Rate Risk Risk
------------------------------------------------------------------------------------------------------------
Assets
Unrealized appreciation
of forward foreign
currency contracts $ -- $ -- $ 362,804 $ -- $ --
Unrealized
appreciation of
swap contracts -- 2,953,066 -- -- --
------------------------------------------------------------------------------------------------------------
Total Value $ -- $ 2,953,066 $ 362,804 $ -- $ --
============================================================================================================
Liabilities
Unrealized depreciation
of forward foreign
currency contracts $ -- $ -- $1,726,202 $ -- $ --
Net unrealized
depreciation on
futures contracts 29,618 -- -- -- --
Unrealized depreciation
of swap contracts -- 181,345 -- -- --
Written options -- -- -- 189,040 --
------------------------------------------------------------------------------------------------------------
Total Value $ 29,618 $ 181,345 $1,726,202 $ 189,040 $ --
============================================================================================================
64 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure for the year ended March 31, 2016 was as follows:
--------------------------------------------------------------------------------------------------------
Foreign
Interest Credit Exchange Equity Commodity
Statement of Operations Rate Risk Risk Rate Risk Risk Risk
--------------------------------------------------------------------------------------------------------
Net realized gain (loss) on
Swap contracts $ -- $ (4,618,782) $ -- $ -- $ --
Futures contracts 322,009 -- -- 614,371 --
Written options -- -- -- 1,715,818 --
Forward foreign
currency contracts* -- -- (497,226) -- --
--------------------------------------------------------------------------------------------------------
Total Value $ 322,009 $ (4,618,782) $ (497,226) $ 2,330,189 $ --
========================================================================================================
Change in net
unrealized appreciation
(depreciation) on
Swap contracts $ -- $ 4,927,828 $ -- $ -- $ --
Futures contracts 415,773 -- -- (96,323) --
Written options -- -- -- 3,555,921 --
Forward foreign
currency contracts* -- -- (1,471,182) -- --
--------------------------------------------------------------------------------------------------------
Total Value $ 415,773 $ 4,927,828 $ (1,471,182) $ 3,459,598 $ --
========================================================================================================
* Included in the amount shown on the Statement of Operations as foward
foreign currency contracts and other assets and liabilities denominated in
foreign currencies.
8. Bridge Loan Commitments
Bridge loans are designed to provide temporary or "bridge" financing to a
borrower pending the sale of identified assets or the arrangement of longer term
loans or the issuance and sale of debt obligations.
As of March 31, 2016, the Fund had two bridge loan commitments worth $367,754,
which could be extended at the option of the borrower, pursuant to the following
loan agreement:
----------------------------------------------------------------------------------------------
Unrealized
Appreciation/
Loan Principal Cost Value (Depreciation)
----------------------------------------------------------------------------------------------
Charter Communications
Operating Co.,
Bridge Loan 51,486 $ 51,486 $ 51,486 $ --
CCO Holding Co., Bridge
Loan 316,268 316,268 316,268 --
----------------------------------------------------------------------------------------------
Total 367,754 $367,754 $367,754 $ --
==============================================================================================
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 65
9. 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 February 10, 2016, was in the amount of $240
million. As of February 10, 2016, the facility is in the amount of $220 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 year ended March 31, 2016, the Fund had no borrowings under
the credit facility.
10. 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.
66 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust X and the Shareowners of
Pioneer Dynamic Credit Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Dynamic Credit Fund, one of the
portfolios constituting Pioneer Series Trust X, (the "Fund") as of March 31,
2016, and the related statement of operations for the year then ended and the
statements of changes in net assets and the financial highlights for each of the
two years in the period then ended. These financial statements and the financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits. The financial highlights for the years ended March 31,
2014, 2013, and 2012 were audited by other auditors. Those auditors expressed an
unqualified opinion on those financial highlights in their report dated May 22,
2014.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Fund
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Fund's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of March 31, 2016, by correspondence with the custodian,
brokers and agent banks; where replies were not received from brokers and agent
banks, we performed other auditing procedures. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Dynamic Credit Fund as of March 31, 2016, the results of its operations
for the year then ended and the changes in its net assets and the financial
highlights for each of the two years in the period then ended, in conformity
with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
May 24, 2016
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 67
ADDITIONAL INFORMATION (unaudited)
PIM, the 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 previously announced by UniCredit, will establish a hold-
ing 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 PIM. 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.
Under the Investment Company Act of 1940, completion of the Transaction will
cause the Fund's current investment advisory agreement with PIM to terminate.
Accordingly, the Fund's Board of Trustees will be asked to approve a new
investment advisory agreement. If approved by the Board, the Fund's new
investment advisory agreement will be submitted to the shareholders of the Fund
for their approval.
The percentages of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
was 75.16%.
68 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal
occupations during at least the past five years. Trustees who are interested
persons of the Fund within the meaning of the 1940 Act are referred to as
Interested Trustees. Trustees who are not interested persons of the Fund are
referred to as Independent Trustees. Each of the Trustees serves as a trustee of
each of the 50 U.S. registered investment portfolios for which Pioneer serves as
investment adviser (the "Pioneer Funds"). The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 69
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (66) Trustee since 2011. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board Serves until a present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
and Trustee successor trustee Executive Officer (2008 - 2012), Quadriserv, communications and securities
is elected or Inc. (technology products for securities processing provider for
earlier retirement lending industry); and Senior Executive Vice financial services industry)
or removal. President, The Bank of New York (financial and (2009 - present); Director,
securities services) (1986 - 2004) Quadriserv, Inc. (2005 - 2013);
and Commissioner, New Jersey
State Civil Service Commission
(2011 - present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (72) Trustee since 2011. Managing Partner, Federal City Capital Advisors Director of New York Mortgage
Trustee Serves until a (corporate advisory services company) (1997 - Trust (publicly-traded mortgage
successor trustee 2004 and 2008 - present); Interim Chief REIT) (2004 - 2009, 2012 -
is elected or Executive Officer, Oxford Analytica, Inc. present); Director of The Swiss
earlier retirement (privately-held research and consulting Helvetia Fund, Inc. (closed-end
or removal. company) (2010); Executive Vice President and fund) (2010 - present);
Chief Financial Officer, I-trax, Inc. (publicly Director of Oxford Analytica,
traded health care services company) (2004 - Inc. (2008 - present); and
2007); and Executive Vice President and Chief Director of Enterprise
Financial Officer, Pedestal Inc. (internet-based Community Investment, Inc.
mortgage trading company) (2000 - 2002); (privately-held affordable
Private consultant (1995-1997), Managing housing finance company) (1985 -
Director, Lehman Brothers (investment banking 2010)
firm) (1992-1995); and Executive, The World Bank
(1979-1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (71) Trustee since 2011. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
successor trustee Mellon Institutional Funds
is elected or Master Portfolio (oversaw 17
earlier retirement portfolios in fund complex)
or removal. (1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
70 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (68) Trustee since 2011. Founding Director, Vice President and Corporate None
Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting
successor trustee is firm) (1982 - present); Desautels Faculty of
elected or earlier Management, McGill University (1999 - present);
retirement or and Manager of Research Operations and
removal. Organizational Learning, Xerox PARC, Xerox's
advance research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (67) Trustee since 2011. President and Chief Executive Officer, Newbury, Director of New America High
Trustee Serves until a Piret & Company, Inc. (investment banking firm) Income Fund, Inc. (closed-end
successor trustee is (1981 - present) investment company) (2004 -
elected or earlier present); and Member, Board of
retirement or Governors, Investment Company
removal. Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (69) Trustee since 2014. Consultant (investment company services) (2012 None
Trustee Serves until a - present); Executive Vice President, BNY
successor trustee is Mellon (financial and investment company
elected or earlier services) (1969 - 2012); Director, BNY
retirement or International Financing Corp. (financial
removal. services) (2002 - 2012); and Director, Mellon
Overseas Investment Corp. (financial services)
(2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 71
Interested Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (57)* Trustee since 2014. Director and Executive Vice President (since None
Trustee Serves until a 2008) and Chief Investment Officer, U.S. (since
successor trustee is 2010) of PIM-USA; Executive Vice President of
elected or earlier Pioneer (since 2008); Executive Vice President
retirement or of Pioneer Institutional Asset Management, Inc.
removal. (since 2009); and Portfolio Manager of Pioneer
(since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's
investment adviser and certain of its affiliates.
72 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lorraine Monchak (59)** Advisory Trustee Chief Investment Officer, 1199 SEIU Funds Trustee of Pioneer closed-end
Advisory Trustee since 2014. (healthcare workers union pension funds) (2001 investment companies (5
- present); Vice President - International portfolios) (Sept. 2015 -
Investments Group, American International present)
Group, Inc. (insurance company) (1993 - 2001);
Vice President Corporate Finance and Treasury
Group, Citibank, N.A.(1980 - 1986 and 1990 -
1993); Vice President - Asset/Liability
Management Group, Federal Farm Funding
Corporation (government-sponsored issuer of
debt securities) (1988 - 1990); Mortgage
Strategies Group, Shearson Lehman Hutton, Inc.
(investment bank) (1987 - 1988); and Mortgage
Strategies Group, Drexel Burnham Lambert, Ltd.
(investment bank) (1986 - 1987)
------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee.
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 73
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (54) Since 2014. Serves Chair, Director, CEO and President of Pioneer Trustee of Pioneer closed-end
President and Chief at the discretion of Investment Management-USA (since September investment companies (5
Executive Officer the Board. 2014); Chair, Director, CEO and President of portfolios) (Sept. 2015 -
Pioneer Investment Management, Inc. (since present)
September 2014); Chair, Director, CEO and
President of Pioneer Funds Distributor, Inc.
(since September 2014); Chair, Director, CEO
and President of Pioneer Institutional Asset
Management, Inc. (since September 2014); and
Chair, Director, and CEO of Pioneer Investment
Management Shareholder Services, Inc. (since
September 2014); Managing Director, Morgan
Stanley Investment Management (2010 - 2013);
and Director of Institutional Business, CEO of
International, Eaton Vance Management (2005 -
2010)
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (51) Since 2011. Serves Vice President and Associate General Counsel of None
Secretary and Chief Legal at the discretion of Pioneer since January 2008; Secretary and Chief
Officer the Board. Legal Officer of all of the Pioneer Funds since
June 2010; Assistant Secretary of all of the
Pioneer Funds from September 2003 to May 2010;
and Vice President and Senior Counsel of
Pioneer from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (55) Since 2011. Serves Fund Governance Director of Pioneer since None
Assistant Secretary at the discretion of December 2006 and Assistant Secretary of all
the Board. the Pioneer Funds since June 2010; Manager -
Fund Governance of Pioneer from December 2003
to November 2006; and Senior Paralegal of
Pioneer from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (53) Since 2011. Serves Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary at the discretion of Assistant Secretary of all the Pioneer Funds
the Board. since June 2010; and Counsel of Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (56) Since 2011. Serves Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief Financial at the discretion of Treasurer of all of the Pioneer Funds since
and Accounting Officer the Board. March 2008; Deputy Treasurer of Pioneer from
March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
74 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (50) Since 2011. Serves Director - Fund Treasury of Pioneer; and None
Assistant Treasurer at the discretion Assistant Treasurer of all of the Pioneer Funds
of the Board.
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (57) Since 2011. Serves Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer at the discretion Pioneer; and Assistant Treasurer of all of the
of the Board. Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (36) Since 2011. Serves Fund Administration Manager - Fund Treasury of None
Assistant Treasurer at the discretion Pioneer since November 2008; Assistant Treasurer
of the Board. of all of the Pioneer Funds since January 2009;
and Client Service Manager - Institutional
Investor Services at State Street Bank from
March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (63) Since 2011. Serves Chief Compliance Officer of Pioneer and of all None
Chief Compliance Officer at the discretion the Pioneer Funds since March 2010; Chief
of the Board. Compliance Officer of Pioneer Institutional Asset
Management, Inc. since January 2012; Chief
Compliance Officer of Vanderbilt Capital
Advisors, LLC since July 2012: Director of
Adviser and Portfolio Compliance at Pioneer
since October 2005; and Senior Compliance Officer
for Columbia Management Advisers, Inc. from
October 2003 to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (45) Since 2011. Serves Director - Transfer Agency Compliance of Pioneer None
Anti-Money Laundering Officer at the discretion and Anti-Money Laundering Officer of all the
of the Board. Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund | Annual Report | 3/31/16 75
This page for your notes.
76 Pioneer Dynamic Credit Fund | Annual Report | 3/31/16
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:
--------------------------------------------------------------------------------
Pioneer Funds
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) 2016 Pioneer Investments 25667-04-0516
Pioneer Fundamental
Growth Fund
--------------------------------------------------------------------------------
Annual Report | March 31, 2016
--------------------------------------------------------------------------------
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
Report of Independent Registered Public Accounting Firm 39
Trustees, Officers and Service Providers 41
Pioneer Fundamental Growth Fund | Annual Report | 3/31/16 1
President's Letter
Dear Shareowner,
Global financial markets began 2016 on shaky footing, delivering the kind of
volatility that challenged investors in 2015. US equities fell by 10% through
the first six weeks of the year, only to recover the losses by the end of the
first quarter. Fixed-income markets were also acutely affected, with concerns
about falling oil prices and a weak global economy leading to a sell-off in
credit-sensitive sectors, especially high-yield bonds, as investors fled to the
perceived safety of government bonds. Like equities, credit markets recovered
much of their lost ground by the end of the first quarter.
Midway through the first quarter, market sentiment shifted, as expectations grew
that major central banks would extend their accommodative monetary policies in
the hopes of driving economic growth. The US Federal Reserve (the Fed) backed
off plans to raise interest rates four times in 2016, and the European Central
Bank announced a more comprehensive asset-purchasing program in the hopes of
encouraging lending, and boosting both inflation and economic growth. The Bank
of Japan also followed a monetary easing path, announcing negative interest
rates in January.
As 2016 moves along, we continue to see central bank policies as generally
supportive of the US economy - for which we maintain an expectation of modest
growth this year - against an overall global economic backdrop that remains
unsettled and points towards generally lower growth. Economies around the world
in both developed and emerging markets are experiencing deep structural changes.
Current challenges include incomplete debt deleveraging in both emerging and
developed markets, where debt levels continue to grow, the transition of many
emerging markets economies from export/investment-driven models to more domestic
demand-driven models, and aging populations, which are reducing productivity and
limiting economic growth potential (primarily in the developed markets but also
in emerging markets such as China). Geopolitical instability on many fronts, the
rising risk of policy mistakes, and market liquidity issues combine to increase
the possibility of sharp swings in asset values. Meanwhile, in the US, as always
in a presidential election year, the political rhetoric of 2016 has the
potential to impact domestic sectors such as health care.
Throughout Pioneer's history, we have believed in the importance of active
management. During periods of market volatility, we view the value of active
management as even more compelling. Our experienced and tenured investment teams
focus on identifying value across global markets using proprietary research,
careful risk management, and a long-term perspective. 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 | Annual Report | 3/31/16
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
March 31, 2016
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 | Annual Report | 3/31/16 3
Portfolio Management Discussion | 3/31/16
The domestic equity market grew more volatile during the 12-month period ended
March 31, 2016, as stock prices swung up and down with increasing frequency.
Rising concerns about the global economy and falling commodity prices
contributed to investor unease as the rate of corporate earnings growth slowed
over the period's final months. In the following interview, Andrew Acheson and
Paul Cloonan discuss the factors that affected the performance of Pioneer
Fundamental Growth Fund during the 12-month period. Mr. Acheson 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 12-month period ended March 31, 2016?
A Pioneer Fundamental Growth Fund's Class A shares returned 4.00% at net
asset value during the 12-month period ended March 31, 2016, while the
Fund's benchmark, the Russell 1000 Growth Index (the Russell Index),
returned 2.52%. During the same period, the average return of the 663
mutual funds in Lipper's Large Cap Growth Funds category was -1.43%, and
the average return of the 1,663 mutual funds in Morningstar's Large Growth
Funds category was -2.37%.
Q How would you describe the investment environment for domestic stocks
during the 12-month period ended March 31, 2016?
A Over the 12 months, persistent worries about slowing global economic
growth trends, falling commodity prices, and rising geopolitical pressures
competed for investors' attention against evidence of an improving
employment situation as well as strong housing and auto sales in the
United States. Early in the period, the domestic equity market was
relatively stable, with stocks trading in a somewhat narrow range and
displaying little of the price volatility that characterized trading in
other asset classes. The backdrop for the equity market started changing
in August 2015, however, with the announcement of the devaluation of the
Chinese currency, the yuan, which signaled new evidence of economic
weakening in China and perhaps in the broader emerging markets universe.
The devaluation of the yuan was the initial catalyst that shook the stock
market. At the same time, currency markets grew more volatile, new
concerns arose about the danger of negative interest rates, and commodity
prices - most notably those of oil and metals - declined further. In that
unsettled atmosphere, the US dollar (USD) gained
4 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
new strength as investors came to view it as the safest currency. The
USD's rally, in turn, had negative implications for US corporations that
derive significant revenues and profits from overseas markets.
In October 2015, the US stock market began to recover again, as investors
anticipated that the US Federal Reserve (the Fed) was much less likely to
tighten monetary policy aggressively after opting not to raise interest
rates at the September FOMC (Federal Open Market Committee) meeting.
Worries about the contagion effects of economic weakness overseas and the
Fed's belief that the dangers of near-term wage and price inflation in the
United States were not imminent drove the decision to delay interest-rate
hikes.
The market recovery continued through the end of 2015, and the Fed
finally initiated a small rate increase of 0.25% in December 2015.
However, January 2016 brought a sharp market reversal and stock values
fell precipitously, due in part to concerns over a slowdown in corporate
profit growth during the final two quarters of 2015. Once again, though,
the stock market bounced back in late February and March 2016, the final
weeks of the Fund's fiscal year, with positive news about the domestic job
market, a modest recovery in oil prices, and signals that the Fed intended
to act very cautiously with regard to raising interest rates during 2016
driving the rally.
Over the full 12-month period, the Fund's benchmark, the Russell
Index, produced a modestly positive return, although performance
significantly diverged from one sector to another. Six of the 10 sectors
in the Russell Index generated positive performance over the 12-month
period, while four finished in negative territory. The top-performing
sector in the Russell Index during the period was telecom services,
followed by consumer staples and consumer discretionary stocks. The four
sectors that finished in negative territory were energy (the worst by
far), followed by health care, materials, and industrials, in descending
order. The poor performance of the energy sector reflected the impact of
falling oil/commodity prices in an era of rising supply. Materials and
industrials stocks fell as demand in China and other emerging markets
weakened. The disappointing performance of health care stocks came after a
sustained period of strong outperformance by the sector. The main external
factors behind the decline of health care stocks over the period were
worries about drug prices coming under pressure in the future as a result
of political controversies, and concerns that consolidation in the managed
care insurance segment of the market could limit the pricing power of
pharmaceutical and health care equipment companies.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/16 5
Q What were the principal factors affecting the Fund's performance relative
to the benchmark Russell Index during the 12-month period ended March 31,
2016?
A The Fund outperformed the Russell Index over the full 12-month period,
with stock selection results the main impetus behind the strong relative
returns. Sector allocation decisions were a slight drag on benchmark-
relative results, however, primarily because of the Fund's overweight in
energy (the effects of which were counteracted by very strong security
selection), and our emphasis on health care stocks. With regard to stock
selection, the Fund's benchmark-relative results were most successful in
information technology, followed by health care, consumer discretionary,
and energy.
As for individual positions, the Fund's shares of software company
Microsoft provided the most support to benchmark-relative performance
during the period, as the firm took advantage of the mass migration to
cloud-based computing, while also benefiting from the popularity of its
Office 365 system as well as increasing revenues from subscription-based
services. Tobacco products company Reynolds America, technology company
Alphabet (new corporate name of Google), coffee chain Starbucks, and
hardware chain Home Depot were among other portfolio positions that
contributed positively to the Fund's benchmark-relative returns. Reynolds
America proved to be a popular stock because of its high dividend*, which
has been repeatedly increased at a time when consolidation within the
industry promised to lead to greater pricing power. Alphabet showed strong
earnings growth over the second half of 2015; Starbucks grew its profits
from rising revenues as it expanded both its beverage and food products;
and Home Depot executed very well in a positive environment supported by
growth in both housing construction and remodeling activity.
On the negative side within stock selection, the largest detractors
from the Fund's benchmark-relative results came from our decisions not to
own the shares of several high-valuation stocks, which fared well during
the period. Among the Fund's holdings, industrials companies Cummins and
United Technologies underperformed during the period and held back
relative returns, as the slowdown in demand from China hurt both
companies. Cummins, an engine manufacturer, also struggled due to cyclical
pressures on large truck sales in the United States. We sold the Fund's
position in Cummins, but retained an investment in United Technologies, as
we believe the company has the potential to recover more quickly.
* Dividends are not guaranteed.
6 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
Q Did the Fund have any exposure to derivative securities during the
12-month period ended March 31, 2016?
A No, the Fund did not invest in any derivatives during the period.
Q What is your investment outlook?
A While we are cautious overall, we think stocks of the types of
better-quality large-cap companies that we favor owning in the portfolio
should continue to offer investment opportunity. We also believe US
corporate earnings may improve over the course of the current year. Recent
weakening of the USD should boost overseas earnings of US multinationals,
and commodity prices appear to have stabilized, or even rebounded.
To be sure, the market is not without some risk, and we believe
volatility is likely to continue to be higher than in recent years. Over
the long term, we believe continued pressure on commodity prices, the
overall strength of the USD, slowing economic growth in the emerging
markets, and weakness in the industrials sector may result in corporate
earnings growing modestly, at best. In addition, we think that the Fed
remains committed to increasing short-term interest rates at least once in
2016 in an effort to stem the rise of any inflationary pressures -- unless
there is clear evidence of a slowdown in the domestic economy. We also
believe the combination of the current interest-rate outlook, the presence
of geopolitical risks, and the fact that we are in a US presidential
election year will likely lead to further volatility in the equity market.
Despite underperformance by health care stocks over the past year, we
continue to favor the sector in the Fund's portfolio due to the
longer-term growth in health care spending and the continued creation of
innovative new products, despite some concerns over pricing. We think
consumer staples stocks also should do relatively well because of the more
resilient cash flows of companies in the sector. In particular, we favor
the growing snack foods group as well as tobacco companies.
We think reasonably priced stocks of what we believe to be
better-quality large-cap companies should continue to perform well because
of the ability of those companies to sustain profitability and improve
earnings in different economic environments.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/16 7
Please refer to the Schedule of Investments on pages 18-21 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
The Fund invests in a limited number of securities and, as a result, the Fund's
performance may be more volatile than the performance of other funds holding
more securities.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or 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 | Annual Report | 3/31/16
Portfolio Summary | 3/31/16
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 96.3%
International Common Stocks 2.6%
U.S. Government Securities 1.1%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Information Technology 27.7%
Consumer Discretionary 19.3%
Health Care 18.6%
Consumer Staples 16.8%
Industrials 9.0%
Financials 3.5%
Materials 2.9%
Energy 2.2%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. Apple, Inc. 6.04%
--------------------------------------------------------------------------------
2. Microsoft Corp. 5.10
--------------------------------------------------------------------------------
3. The Home Depot, Inc. 4.48
--------------------------------------------------------------------------------
4. MasterCard, Inc. 4.43
--------------------------------------------------------------------------------
5. CVS Health Corp. 4.25
--------------------------------------------------------------------------------
6. Alphabet, Inc. 3.49
--------------------------------------------------------------------------------
7. 3M Co. 3.49
--------------------------------------------------------------------------------
8. Thermo Fisher Scientific, Inc. 3.40
--------------------------------------------------------------------------------
9. Reynolds American, Inc. 3.38
--------------------------------------------------------------------------------
10. PepsiCo, Inc. 3.31
--------------------------------------------------------------------------------
* 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 | Annual Report | 3/31/16 9
Prices and Distributions | 3/31/16
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/16 3/31/15
--------------------------------------------------------------------------------
A $19.00 $19.06
--------------------------------------------------------------------------------
C $17.63 $17.81
--------------------------------------------------------------------------------
K $19.00 $19.05
--------------------------------------------------------------------------------
R $18.76 $18.86
--------------------------------------------------------------------------------
Y $19.15 $19.20
--------------------------------------------------------------------------------
Distributions per Share: 4/1/15-3/31/16
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.0543 $0.0120 $0.7676
--------------------------------------------------------------------------------
C $ -- $0.0120 $0.7676
--------------------------------------------------------------------------------
K $0.1246 $0.0120 $0.7676
--------------------------------------------------------------------------------
R $0.0306 $0.0120 $0.7676
--------------------------------------------------------------------------------
Y $0.1064 $0.0120 $0.7676
--------------------------------------------------------------------------------
The Russell 1000 Growth Index is an unmanaged index that measures the
performance of large-cap U.S. growth stocks. Index returns assume reinvestment
of dividends and, unlike Fund returns, do not reflect any fees, expenses or
sales charges. It is not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-15.
10 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
Performance Update | 3/31/16 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Fundamental Growth Fund at public
offering price during the periods shown, compared to that of the Russell 1000
Growth Index.
Average Annual Total Returns
(As of March 31, 2016)
--------------------------------------------------------------------------------
Net Public Russell
Asset Offering 1000
Value Price Growth
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 Years 8.68% 8.04% 8.28%
5 Years 13.28 11.96 12.38
1 Year 4.00 -1.97 2.52
--------------------------------------------------------------------------------
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
3/06 $ 9,425 $10,000
3/07 $ 9,935 $10,706
3/08 $10,172 $10,626
3/09 $ 7,431 $ 6,983
3/10 $10,440 $10,457
3/11 $11,613 $12,366
3/12 $13,337 $13,729
3/13 $14,622 $15,114
3/14 $17,716 $18,623
3/15 $20,834 $21,619
3/16 $21,667 $22,163
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 | Annual Report | 3/31/16 11
Performance Update | 3/31/16 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Fundamental Growth Fund during the
periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of March 31, 2016)
--------------------------------------------------------------------------------
Russell
1000
If If Growth
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 7.84% 7.84% 8.28%
5 Years 12.47 12.47 12.38
1 Year 3.29 3.29 2.52
--------------------------------------------------------------------------------
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
3/06 $10,000 $10,000
3/07 $10,450 $10,706
3/08 $10,608 $10,626
3/09 $ 7,690 $ 6,983
3/10 $10,712 $10,457
3/11 $11,818 $12,366
3/12 $13,471 $13,729
3/13 $14,652 $15,114
3/14 $17,625 $18,623
3/15 $20,587 $21,619
3/16 $21,265 $22,163
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 | Annual Report | 3/31/16
Performance Update | 3/31/16 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 March 31, 2016)
--------------------------------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 8.83% 8.28%
5 Years 13.59 12.38
1 Year 4.43 2.52
--------------------------------------------------------------------------------
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
3/06 $10,000 $10,000
3/07 $10,541 $10,706
3/08 $10,793 $10,626
3/09 $ 7,884 $ 6,983
3/10 $11,077 $10,457
3/11 $12,322 $12,366
3/12 $14,150 $13,729
3/13 $15,534 $15,114
3/14 $18,892 $18,623
3/15 $22,313 $21,619
3/16 $23,301 $22,163
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 | Annual Report | 3/31/16 13
Performance Update | 3/31/16 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Fundamental Growth Fund during the
periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of March 31, 2016)
--------------------------------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 8.55% 8.28%
5 Years 13.02 12.38
1 Year 3.70 2.52
--------------------------------------------------------------------------------
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
3/06 $10,000 $10,000
3/07 $10,541 $10,706
3/08 $10,793 $10,626
3/09 $ 7,884 $ 6,983
3/10 $11,077 $10,457
3/11 $12,322 $12,366
3/12 $14,150 $13,729
3/13 $15,469 $15,114
3/14 $18,692 $18,623
3/15 $21,912 $21,619
3/16 $22,723 $22,163
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 | Annual Report | 3/31/16
Performance Update | 3/31/16 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Fundamental Growth Fund during the
periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of March 31, 2016)
--------------------------------------------------------------------------------
Net Russell
Asset 1000
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 8.95% 8.28%
5 Years 13.64 12.38
1 Year 4.29 2.52
--------------------------------------------------------------------------------
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
3/06 $ 5,000,000 $ 5,000,000
3/07 $ 5,270,455 $ 5,352,885
3/08 $ 5,396,330 $ 5,312,832
3/09 $ 3,942,240 $ 3,491,380
3/10 $ 5,558,268 $ 5,228,390
3/11 $ 6,216,144 $ 6,182,857
3/12 $ 7,166,464 $ 6,864,481
3/13 $ 7,882,482 $ 7,556,927
3/14 $ 9,572,565 $ 9,311,551
3/15 $11,293,903 $10,809,655
3/16 $11,778,996 $11,081,729
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 | Annual Report | 3/31/16 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's
number in the third row under the heading entitled "Expenses Paid During
Period" to estimate the expenses you paid on your account during this
period.
Expenses Paid on a $1,000 Investment in Pioneer Fundamental Growth Fund
Based on actual returns from October 1, 2015, through March 31, 2016.
-----------------------------------------------------------------------------------------------------
Share Class A C K R Y
-----------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 10/1/15
-----------------------------------------------------------------------------------------------------
Ending Account $1,075.60 $1,072.03 $1,077.71 $1,074.05 $1,077.15
Value (after expenses)
on 3/31/16
-----------------------------------------------------------------------------------------------------
Expenses Paid $ 5.66 $ 9.17 $ 3.48 $ 7.26 $ 4.10
During Period*
-----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.09%,
1.77%, 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 183/366 (to reflect the one-half year period).
16 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Fundamental Growth Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from October 1, 2015, through March 31, 2016.
----------------------------------------------------------------------------------------------------
Share Class A C K R Y
----------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 10/1/15
----------------------------------------------------------------------------------------------------
Ending Account $1,019.55 $1,016.15 $1,021.65 $1,018.00 $1,021.05
Value (after expenses)
on 3/31/16
----------------------------------------------------------------------------------------------------
Expenses Paid $ 5.50 $ 8.92 $ 3.39 $ 7.06 $ 3.99
During Period*
----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.09%,
1.77%, 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 183/366 (to reflect the one-half year period).
Pioneer Fundamental Growth Fund | Annual Report | 3/31/16 17
Schedule of Investments | 3/31/16
---------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------
COMMON STOCKS -- 96.7%
ENERGY -- 1.8%
Oil & Gas Equipment & Services -- 1.0%
485,665 Schlumberger, Ltd. $ 35,817,794
---------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.8%
1,325,826 Cabot Oil & Gas Corp. $ 30,109,508
-------------
Total Energy $ 65,927,302
---------------------------------------------------------------------------------------
MATERIALS -- 2.9%
Specialty Chemicals -- 2.9%
521,879 Ecolab, Inc. $ 58,199,946
391,463 International Flavors & Fragrances, Inc. 44,536,746
-------------
$ 102,736,692
-------------
Total Materials $ 102,736,692
---------------------------------------------------------------------------------------
CAPITAL GOODS -- 6.9%
Aerospace & Defense -- 3.5%
624,268 Raytheon Co. $ 76,553,985
463,551 United Technologies Corp. 46,401,455
-------------
$ 122,955,440
---------------------------------------------------------------------------------------
Industrial Conglomerates -- 3.4%
728,020 3M Co. $ 121,309,973
-------------
Total Capital Goods $ 244,265,413
---------------------------------------------------------------------------------------
TRANSPORTATION -- 1.9%
Air Freight & Logistics -- 1.9%
656,665 United Parcel Service, Inc. (Class B) $ 69,258,458
-------------
Total Transportation $ 69,258,458
---------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.8%
Footwear -- 1.8%
1,036,400 NIKE, Inc. (Class B) $ 63,707,508
-------------
Total Consumer Durables & Apparel $ 63,707,508
---------------------------------------------------------------------------------------
CONSUMER SERVICES -- 3.1%
Restaurants -- 3.1%
1,858,371 Starbucks Corp. $ 110,944,749
-------------
Total Consumer Services $ 110,944,749
---------------------------------------------------------------------------------------
MEDIA -- 5.5%
Movies & Entertainment -- 5.5%
1,114,820 The Walt Disney Co. $ 110,712,774
1,166,559 Time Warner, Inc. 84,633,855
-------------
$ 195,346,629
-------------
Total Media $ 195,346,629
---------------------------------------------------------------------------------------
RETAILING -- 8.5%
Apparel Retail -- 2.2%
1,379,054 Ross Stores, Inc. $ 79,847,227
---------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
---------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------
Home Improvement Retail -- 4.4%
1,167,384 The Home Depot, Inc. $ 155,764,047
---------------------------------------------------------------------------------------
Automotive Retail -- 1.9%
246,459 O'Reilly Automotive, Inc.* $ 67,445,970
-------------
Total Retailing $ 303,057,244
---------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 4.1%
Drug Retail -- 4.1%
1,426,411 CVS Health Corp. $ 147,961,613
-------------
Total Food & Staples Retailing $ 147,961,613
---------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 7.9%
Soft Drinks -- 3.3%
1,123,055 PepsiCo., Inc. $ 115,090,676
---------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.3%
513,449 The Hershey Co. $ 47,283,518
---------------------------------------------------------------------------------------
Tobacco -- 3.3%
2,334,860 Reynolds American, Inc. $ 117,466,807
-------------
Total Food, Beverage & Tobacco $ 279,841,001
---------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 4.5%
Household Products -- 3.2%
1,003,680 Colgate-Palmolive Co. $ 70,909,992
325,406 Kimberly-Clark Corp. 43,770,361
-------------
$ 114,680,353
---------------------------------------------------------------------------------------
Personal Products -- 1.3%
469,445 The Estee Lauder Companies, Inc. $ 44,273,358
-------------
Total Household & Personal Products $ 158,953,711
---------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 3.7%
Health Care Equipment -- 3.7%
708,024 Edwards Lifesciences Corp.* $ 62,454,797
942,893 Medtronic Plc 70,716,975
-------------
$ 133,171,772
-------------
Total Health Care Equipment & Services $ 133,171,772
---------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 14.5%
Biotechnology -- 6.7%
1,053,787 Celgene Corp.* $ 105,473,541
1,233,910 Gilead Sciences, Inc.* 113,346,973
241,104 Vertex Pharmaceuticals, Inc.* 19,165,357
-------------
$ 237,985,871
---------------------------------------------------------------------------------------
Pharmaceuticals -- 4.5%
344,324 Allergan Plc $ 92,289,162
617,875 Johnson & Johnson 66,854,075
-------------
$ 159,143,237
---------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/16 19
Schedule of Investments | 3/31/16 (continued)
----------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 3.3%
835,534 Thermo Fisher Scientific, Inc. $ 118,303,259
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 515,432,367
----------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.5%
Specialized Finance -- 2.5%
380,715 Intercontinental Exchange, Inc. $ 89,521,325
--------------
Total Diversified Financials $ 89,521,325
----------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 16.9%
Internet Software & Services -- 5.6%
104,891 Alphabet, Inc. (Class A) $ 80,021,344
162,882 Alphabet, Inc. (Class C) 121,338,946
--------------
$ 201,360,290
----------------------------------------------------------------------------------------
IT Consulting & Other Services -- 2.0%
1,125,589 Cognizant Technology Solutions Corp.* $ 70,574,430
----------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 4.3%
1,630,823 MasterCard, Inc. $ 154,112,774
----------------------------------------------------------------------------------------
Systems Software -- 5.0%
3,212,903 Microsoft Corp. $ 177,448,633
--------------
Total Software & Services $ 603,496,127
----------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 8.4%
Computer Storage & Peripherals -- 8.4%
1,929,000 Apple, Inc. $ 210,241,708
3,302,425 EMC Corp. 88,009,626
--------------
$ 298,251,334
--------------
Total Technology Hardware & Equipment $ 298,251,334
----------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.8%
Semiconductors -- 1.8%
1,065,006 Analog Devices, Inc. $ 63,037,705
--------------
Total Semiconductors & Semiconductor Equipment $ 63,037,705
----------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $2,708,949,707) $3,444,910,950
----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
----------------------------------------------------------------------------------------
Principal
Amount ($) Value
----------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 1.0%
34,900,000 U.S. Treasury Bills, 4/28/16 (b) $ 34,895,498
----------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $34,894,857) $ 34,895,498
----------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 97.7%
(Cost $2,743,844,564) (a) $3,479,806,448
----------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 2.3% $ 82,128,956
----------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $3,561,935,404
========================================================================================
* Non-income producing security.
(a) At March 31, 2016, the net unrealized appreciation on investments based
on cost for federal income tax purposes of $2,746,859,640 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 761,351,778
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (28,404,970)
--------------
Net unrealized appreciation $ 732,946,808
==============
(b) Security issued with a zero coupon. Income is earned through accretion of
discount.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended March 31, 2016, aggregated $1,384,912,872 and $375,507,313,
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 March 31, 2016, in valuing
the Fund's investments:
-----------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------
Common Stocks $3,444,910,950 $ -- $ -- $3,444,910,950
U.S. Government And
Agency Obligations -- 34,895,498 -- 34,895,498
-----------------------------------------------------------------------------------
Total $3,444,910,950 $ 34,895,498 $ -- $3,479,806,448
===================================================================================
During the year ended March 31, 2016, there were no transfers between Levels 1,
2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/16 21
Statement of Assets and Liabilities | 3/31/16
ASSETS:
Investment in securities (cost $2,743,844,564) $3,479,806,448
Cash 78,482,741
Receivables --
Investment securities sold 4,157,325
Fund shares sold 36,721,190
Dividends 2,576,666
Due from Pioneer Investment Management, Inc. 8,763
Other assets 118,715
-----------------------------------------------------------------------------------
Total assets $3,601,871,848
-----------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 32,623,902
Fund shares repurchased 6,283,250
Due to affiliates 848,107
Accrued expenses 181,185
-----------------------------------------------------------------------------------
Total liabilities $ 39,936,444
-----------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $2,833,039,237
Undistributed net investment income 3,952,570
Accumulated net realized loss on investments (11,018,287)
Net unrealized appreciation on investments 735,961,884
-----------------------------------------------------------------------------------
Total net assets $3,561,935,404
-----------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $992,927,254/52,257,928 shares) $ 19.00
Class C (based on $356,675,084/20,232,737 shares) $ 17.63
Class K (based on $131,812,807/6,936,778 shares) $ 19.00
Class R (based on $79,518,542/4,238,432 shares) $ 18.76
Class Y (based on $2,001,001,717/104,484,427 shares) $ 19.15
MAXIMUM OFFERING PRICE:
Class A ($19.00 (divided by) 94.25%) $ 20.16
===================================================================================
The accompanying notes are an integral part of these financial statements.
22 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
Statement of Operations
For the Year Ended 3/31/16
INVESTMENT INCOME:
Interest $ 72,471
Dividends 42,259,750
-------------------------------------------------------------------------------------------------
Total investment income $ 42,332,221
=================================================================================================
EXPENSES:
Management fees $17,658,893
Transfer agent fees
Class A 203,645
Class C 36,584
Class K 3,105
Class R 8,187
Class Y 49,833
Class Z* 252
Distribution fees
Class A 2,172,271
Class C 2,831,483
Class R 263,213
Shareholder communications expense 3,623,465
Administrative expense 869,298
Custodian fees 33,506
Registration fees 197,779
Professional fees 133,917
Printing expense 45,223
Fees and expenses of nonaffiliated Trustees 126,183
Miscellaneous 94,117
-------------------------------------------------------------------------------------------------
Total expenses $ 28,350,954
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (216,564)
-------------------------------------------------------------------------------------------------
Net expenses $ 28,134,390
-------------------------------------------------------------------------------------------------
Net investment income $ 14,197,831
-------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments $ 9,980,418
Change in net unrealized appreciation (depreciation) on investments $101,973,450
-------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $111,953,868
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $126,151,699
=================================================================================================
* 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 | Annual Report | 3/31/16 23
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------
Year Ended Year Ended
3/31/16 3/31/15
---------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 14,197,831 $ 9,125,781
Net realized gain (loss) on investments 9,980,418 125,298,386
Change in net unrealized appreciation (depreciation)
on investments 101,973,450 181,601,642
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 126,151,699 $ 316,025,809
---------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.05 and $0.05 per share, respectively) $ (2,669,945) $ (1,878,797)
Class K ($0.12 and $0.12 per share, respectively) (727,413) (269,640)
Class R ($0.03 and $0.00 per share, respectively) (104,862) --
Class Y ($0.11 and $0.10 per share, respectively) (9,253,189) (5,956,917)
Class Z* ($0.00 and $0.08 per share, respectively) -- (11,941)
Net realized gain:
Class A ($0.78 and $0.47 per share, respectively) (35,186,557) (17,853,702)
Class C ($0.78 and $0.47 per share, respectively) (12,456,231) (5,512,482)
Class K ($0.78 and $0.47 per share, respectively) (4,433,100) (1,078,395)
Class R ($0.78 and $0.47 per share, respectively) (2,395,330) (835,064)
Class Y ($0.78 and $0.47 per share, respectively) (63,735,165) (26,141,183)
Class Z* ($0.00 and $0.47 per share, respectively) -- (65,055)
---------------------------------------------------------------------------------------------
Total distributions to shareowners $ (130,961,792) $ (59,603,176)
=============================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $1,753,884,150 $ 991,290,489
Reinvestment of distributions 115,858,316 52,453,024
Cost of shares repurchased (747,731,248) (593,937,145)
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $1,122,011,218 $ 449,806,368
---------------------------------------------------------------------------------------------
Net increase in net assets $1,117,201,125 $ 706,229,001
NET ASSETS:
Beginning of year 2,444,734,279 1,738,505,278
---------------------------------------------------------------------------------------------
End of year $3,561,935,404 $2,444,734,279
---------------------------------------------------------------------------------------------
Undistributed net investment income $ 3,952,570 $ 2,791,211
============================================================================================
* 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 | Annual Report | 3/31/16
---------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
3/31/16 3/31/16 3/31/15 3/31/15
Shares Amount Shares Amount
---------------------------------------------------------------------------------------------------------------
Class A
Shares sold 23,003,470 $ 435,979,169 15,036,362 $ 274,201,233
Reinvestment of distributions 1,750,351 33,835,338 937,391 17,489,419
Less shares repurchased (14,297,823) (271,236,947) (12,861,620) (231,236,932)
---------------------------------------------------------------------------------------------------------------
Net increase 10,455,998 $ 198,577,560 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 8,598,180 $ 151,496,282 4,493,019 $ 77,274,336
Reinvestment of distributions 561,864 10,079,840 246,472 4,293,542
Less shares repurchased (2,775,699) (48,911,523) (2,038,629) (34,334,848)
---------------------------------------------------------------------------------------------------------------
Net increase 6,384,345 $ 112,664,599 2,700,862 $ 47,233,030
===============================================================================================================
Class K
Shares sold 3,072,202 $ 57,993,315 3,621,619 $ 67,520,968
Reinvestment of distributions 181,277 3,506,305 72,149 1,348,035
Less shares repurchased (1,412,076) (27,182,315) (491,338) (8,895,211)
---------------------------------------------------------------------------------------------------------------
Net increase 1,841,403 $ 34,317,305 3,202,430 $ 59,973,792
===============================================================================================================
Class R
Shares sold 2,856,682 $ 53,709,457 1,235,064 $ 22,131,079
Reinvestment of distributions 90,416 1,726,047 38,654 712,401
Less shares repurchased (685,360) (12,873,092) (1,763,621) (31,500,220)
---------------------------------------------------------------------------------------------------------------
Net increase (decrease) 2,261,738 $ 42,562,412 (489,903) $ (8,656,740)
===============================================================================================================
Class Y
Shares sold 55,314,333 $ 1,052,078,724 29,577,154 $ 547,481,140
Reinvestment of distributions 3,422,765 66,710,786 1,516,299 28,532,632
Less shares repurchased (20,079,685) (381,189,190) (15,515,618) (283,571,107)
---------------------------------------------------------------------------------------------------------------
Net increase 38,657,413 $ 737,600,320 15,577,835 $ 292,442,665
===============================================================================================================
Class Z**
Shares sold or exchanged 136,232 $ 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) (184,480) $ (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 | Annual Report | 3/31/16 25
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/16 3/31/15 3/31/14 3/31/13 3/31/12
------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 19.06 $ 16.66 $ 14.33 $ 13.23 $ 11.86
------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.07(a) $ 0.06 $ 0.06 $ 0.07 $ 0.02
Net realized and unrealized gain (loss) on investments 0.70 2.86 2.95 1.20 1.68
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.77 $ 2.92 $ 3.01 $ 1.27 $ 1.70
------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.05) $ (0.05) $ (0.06) $ (0.06) $ (0.03)
Net realized gain (0.78) (0.47) (0.62) (0.11) (0.30)
------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.83) $ (0.52) $ (0.68) $ (0.17) $ (0.33)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.06) $ 2.40 $ 2.33 $ 1.10 $ 1.37
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.00 $ 19.06 $ 16.66 $ 14.33 $ 13.23
==============================================================================================================================
Total return* 4.00% 17.60% 21.16% 9.64% 14.84%
Ratio of net expenses to average net assets 1.09% 1.09% 1.08% 1.09% 1.19%
Ratio of net investment income (loss) to average net assets 0.38% 0.38% 0.46% 0.54% 0.28%
Portfolio turnover rate 13% 12% 21% 28% 16%
Net assets, end of period (in thousands) $992,927 $796,689 $644,527 $436,682 $346,987
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.11% 1.13% 1.13% 1.20% 1.19%
Net investment income (loss) to average net assets 0.36% 0.34% 0.41% 0.43% 0.28%
==============================================================================================================================
* 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.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
26 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
---------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/16 3/31/15 3/31/14 3/31/13 3/31/12
---------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 17.81 $ 15.66 $ 13.55 $ 12.57 $ 11.34
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.05)(a)(b) $ (0.03) $ (0.04) $ (0.02)(a) $ (0.04)
Net realized and unrealized gain (loss) on investments 0.65 2.65 2.77 1.12 1.57
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.60 $ 2.62 $ 2.73 $ 1.10 $ 1.53
---------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ -- $ -- $ -- $ (0.01) $ --
Net realized gain (0.78) (0.47) (0.62) (0.11) (0.30)
---------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.78) $ (0.47) $ (0.62) $ (0.12) $ (0.30)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.18) $ 2.15 $ 2.11 $ 0.98 $ 1.23
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 17.63 $ 17.81 $ 15.66 $ 13.55 $ 12.57
=================================================================================================================================
Total return* 3.29% 16.81% 20.29% 8.77% 13.98%
Ratio of net expenses to average net assets 1.77% 1.79% 1.83% 1.91% 1.96%
Ratio of net investment income (loss) to average net assets (0.29)% (0.32)% (0.28)% (0.23)% (0.50)%
Portfolio turnover rate 13% 12% 21% 28% 16%
Net assets, end of period (in thousands) $ 356,675 $ 246,593 $ 174,565 $89,299 $ 33,880
=================================================================================================================================
* 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.
(a) The amount shown for a share outstanding does not correspond with net
investment income on the Statement of Operations for the period due to
timing of the sales and repurchase of shares.
(b) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/16 27
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended 12/20/12 to
3/31/16 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) $ 0.15(c) $ 0.16 $ 0.06 $ 0.03
Net realized and unrealized gain (loss) on investments 0.70 2.84 3.01 1.00
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.85 $ 3.00 $ 3.07 $ 1.03
-----------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.12) $ (0.12) $ (0.11) $ (0.10)
Net realized gain (0.78) (0.47) (0.62) --
-----------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.90) $ (0.59) $ (0.73) $ (0.10)
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.05) $ 2.41 $ 2.34 $ 0.93
-----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.00 $ 19.05 $ 16.64 $ 14.30
=======================================================================================================================
Total return* 4.43% 18.11% 21.61% 7.77%(a)(b)
Ratio of net expenses 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 13% 12% 21% 28%
Net assets, end of period (in thousands) $131,813 $97,063 $31,501 $ 11
=======================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended March 31, 2013, the total return would have been
7.74%.
(b) Not annualized.
(c) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
---------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended 4/2/12 to
3/31/16 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(d) $ (0.00)(c) $ 0.01 $ 0.06
Net realized and unrealized gain (loss) on investments 0.69 2.83 2.94 1.05
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.71 $ 2.83 $ 2.95 $ 1.11
---------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.03) $ -- $ (0.08) $ (0.09)
Net realized gain (0.78) (0.47) (0.62) (0.11)
---------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.81) $ (0.47) $ (0.70) $ (0.20)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.10) $ 2.36 $ 2.25 $ 0.91
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.76 $ 18.86 $ 16.50 $ 14.25
===========================================================================================================================
Total return* 3.70% 17.23% 20.84% 8.42%(a)(b)
Ratio of net expenses to average net assets 1.40% 1.40% 1.39% 1.40%**
Ratio of net investment income (loss) to average net assets 0.10% 0.05% 0.18% 0.27%**
Portfolio turnover rate 13% 12% 21% 28%
Net assets, end of period (in thousands) $79,519 $ 37,285 $40,703 $ 2,437
Ratios with no waiver of fees and assumption of expenses by the Adviser
and no reduction for fees paid indirectly:
Total expenses to average net assets 1.43% 1.52% 1.39% 1.45%**
Net investment income (loss) to average net assets 0.07% (0.07)% 0.18% 0.21%**
===========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, 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) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended March 31, 2013, the total return would have been
8.41%.
(b) Not annualized.
(c) Amount rounds to less than $0.01 or $(0.01) per share.
(d) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/16 29
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/16 3/31/15 3/31/14 3/31/13 3/31/12
---------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 19.20 $ 16.77 $ 14.41 $ 13.30 $ 11.91
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.13(b) $ 0.10 $ 0.10 $ 0.10 $ 0.07
Net realized and unrealized gain (loss) on investments 0.71 2.90 2.97 1.22 1.69
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.84 $ 3.00 $ 3.07 $ 1.32 $ 1.76
---------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.11) $ (0.10) $ (0.09) $ (0.10) $ (0.07)
Net realized gain (0.78) (0.47) (0.62) (0.11) (0.30)
---------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.89) $ (0.57) $ (0.71) $ (0.21) $ (0.37)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.05) $ 2.43 $ 2.36 $ 1.11 $ 1.39
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.15 $ 19.20 $ 16.77 $ 14.41 $ 13.30
===========================================================================================================================
Total return* 4.29% 17.98% 21.44% 9.99%(a) 15.29%
Ratio of net expenses to average net assets 0.79% 0.80% 0.82% 0.81% 0.78%
Ratio of net investment income (loss) to average net assets 0.70% 0.68% 0.72% 0.85% 0.67%
Portfolio turnover rate 13% 12% 21% 28% 16%
Net assets, end of period (in thousands) $2,001,002 $1,263,594 $842,680 $558,383 $403,490
===========================================================================================================================
* 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.
(a) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended March 31, 2013, the total return would have been
9.96%.
(b) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
Notes to Financial Statements | 3/31/16
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 B shares were converted to Class A shares as
of the close of business on November 10, 2014. 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 of Trustees the flexibility to specify either per share
voting or dollar-weighted voting when submitting matters for shareholder
approval. Under per share voting, each share of a class of the Fund is entitled
to one vote. Under dollar-weighted voting, a shareholder's voting power is
determined not by the number of shares owned, but by the dollar value of the
shares on the record date. Each share class has exclusive voting rights with
respect to matters affecting only that class, including with respect to the
distribution plan for that class. There is no distribution plan for Class K or
Class Y shares.
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 | Annual Report | 3/31/16 31
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the
New York Stock Exchange (NYSE) is open, as of the close of regular trading
on the NYSE.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities
for which sale prices are not available, generally are valued using the
mean between the last bid and asked prices or, if both last bid and asked
prices are not available, at the last quoted bid price. Last sale and bid
and asked prices are provided by independent third party pricing services.
In the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
Foreign securities are valued in U.S. dollars based on foreign currency
exchange rate quotations supplied by a third party pricing service.
Trading in non-U.S. equity securities is substantially completed each day
at various times prior to the close of the NYSE. The values of such
securities used in computing the net asset value of the Fund's shares are
determined as of such times. The fund may use a fair value model developed
by an independent pricing service to value non-U.S. equity securities.
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 Board of Trustees. PIM's 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.
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.
32 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
At March 31, 2016, there were no securities that were valued using fair
value methods (other than securities valued using prices supplied by
independent pricing services, broker-dealers).
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.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its net taxable income and net realized capital gains,
if any, to its shareowners. Therefore, no provision for federal income
taxes is required. As of March 31, 2016, 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. At March 31, 2016, the Fund reclassified $281,063 to decrease
undistributed net investment income and 281,063 to decrease accumulated
net realized loss on investments to reflect permanent book/tax
differences. These adjustments have no impact on net assets or the results
of operations.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/16 33
The Fund has elected to defer $7,236,288 of capital losses recognized
between November 1, 2015, and March 31, 2016, to its fiscal year ending
March 31, 2017.
The tax character of distributions paid during the years ended March
31, 2016, and March 31, 2015, were as follows:
---------------------------------------------------------------------------
2016 2015
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 14,574,901 $ 8,706,828
Long-term capital gain 116,386,891 50,896,348
---------------------------------------------------------------------------
Total $130,961,792 $ 59,603,176
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2016:
---------------------------------------------------------------------------
2016
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 3,185,647
Current year late year loss (7,236,288)
Net unrealized appreciation 732,946,808
---------------------------------------------------------------------------
Total $728,896,167
===========================================================================
The difference between book-basis and tax-basis net unrealized
appreciation is attributable to the tax deferral of losses on wash sales
and tax basis adjustments on common stock.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $297,426 in underwriting commissions on the sale of
Class A shares during the year ended March 31, 2016.
E. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day. Distribution fees are calculated based on the average daily
net asset value attributable to Class A, Class C and Class R shares of the
Fund, respectively (see Note 4). Class K and Class Y shares do not pay
distribution fees. All expenses and fees paid to the Fund's transfer agent
for its services are
34 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
allocated among the classes of shares based on the number of accounts in
each class and the ratable allocation of related out-of-pocket expenses
(see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class K, Class R and
Class Y shares can reflect different transfer agent and distribution
expense rates.
F. Risks
The value of securities held by the fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real
or perceived adverse economic, political or regulatory conditions,
inflation, changes in interest rates, lack of liquidity in the bond
markets or adverse investor sentiment. In the past several years,
financial markets have experienced increased volatility, depressed
valuations, decreased liquidity and heightened uncertainty. These
conditions may continue, recur, worsen or spread. At times, the Fund's
investments may represent industries or industry sectors that are
interrelated or have common risks, making the Fund more susceptible to any
economic, political, or regulatory developments or other risks affecting
those industries and sectors. The Fund's prospectus contains unaudited
information regarding the Fund's principal risks. Please refer to that
document when considering the Fund's principal risks.
G. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve
as the Fund's collateral for the obligation of the counterparty to
repurchase the securities. The value of the collateral, including accrued
interest, is required to be equal to or in excess of the repurchase price.
The collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. The 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
Pioneer Fundamental Growth Fund | Annual Report | 3/31/16 35
the Fund will not have a right to the securities, or the immediate right
to sell the securities. As of and for the year ended March 31, 2016, the
Fund had no open repurchase agreements.
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 year ended March 31, 2016, 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 shares, respectively.
Class C and Class K shares do not have an expense limitation. Fees waived and
expenses reimbursed during the year ended March 31, 2016 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
$119,386 in management fees, administrative costs and certain other
reimbursements payable to PIM at March 31, 2016.
3. Transfer Agent
Prior to November 2, 2015, Pioneer Investment Management Shareholder Services,
Inc. (PIMSS), a wholly owned indirect subsidiary of UniCredit, provided
substantially all transfer agent and shareowner services to the Fund at
negotiated rates.
Effective November 2, 2015, Boston Financial Data Services serves as the
transfer agent to the Fund at negotiated rates.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings, outgoing phone calls and omnibus
relationship contracts. For the year ended March 31, 2016, such out-of-pocket
expenses by class of shares were as follows:
36 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $1,479,028
Class C 256,074
Class K 3,000
Class R 128,371
Class Y 1,754,971
Class Z 2,021
--------------------------------------------------------------------------------
Total $3,623,465
================================================================================
Included in "Due from affiliates" reflected on the Statement of Assets and
Liabilities is $693,808 in transfer agent fees and out-of-pocket reimbursements
payable to the transfer agent at March 31, 2016.
4. Distribution and Service Plans
The Fund has adopted a distribution plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class C and Class R
shares (the Plan). Pursuant to the Plan, the Fund pays 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 $34,913 in distribution
fees payable to PFD at March 31, 2016.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class K, Class R and
Class Y shares) may be subject to a contingent deferred sales charge (CDSC). A
CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases
of Class A shares within 12 months of purchase. Redemptions of Class C shares
within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower
of cost or market value of shares being redeemed. Shares purchased as part of an
exchange remain subject to any CDSC that applied to
Pioneer Fundamental Growth Fund | Annual Report | 3/31/16 37
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 year ended
March 31, 2016, CDSCs in the amount of $56,649 were paid to PFD.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until February 10, 2016, was in the amount of $240
million. As of February 10, 2016, the facility is in the amount of $220 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 year ended March 31, 2016, the Fund had no borrowings under
the credit facility.
6. Conversion of Class B and Z Shares
As of the close of business on November 10, 2014, all outstanding Class B shares
of the Fund were converted to Class A shares.
As of the close of business on August 7, 2015, all outstanding Class Z shares of
the Fund were converted to Class Y shares.
38 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust X and
the Shareowners of Pioneer Fundamental Growth Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Fundamental Growth Fund, one of the
funds constituting Pioneer Series Trust X, (the "Fund") as of March 31, 2016,
and the related statement of operations for the year then ended and the
statements of changes in net assets and the financial highlights for each of the
two years in the period then ended. These financial statements and the financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits. The financial highlights for the years ended March 31,
2014, 2013, and 2012 were audited by other auditors. Those auditors expressed an
unqualified opinion on those financial highlights in their report dated May 22,
2014.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Fund
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Fund's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of March 31, 2016, by correspondence with the custodian
and brokers. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Fundamental Growth Fund as of March 31, 2016, the results of its
operations for the year then ended and the changes in its net assets and the
financial highlights for each of the two years in the period then ended, in
conformity with accounting principles generally accepted in the United States of
America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
May 24, 2016
Pioneer Fundamental Growth Fund | Annual Report | 3/31/16 39
Additional Information (unaudited)
PIM, the Fund's investment adviser, is currently an indirect, wholly owned
subsidiary of 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 previously announced by UniCredit, 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 PIM. 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.
Under the Investment Company Act of 1940, completion of the Transaction will
cause the Fund's current investment advisory agreement with PIM to terminate.
Accordingly, the Fund's Board of Trustees will be asked to approve a new
investment advisory agreement. If approved by the Board, the Fund's new
investment advisory agreement will be submitted to the shareholders of the Fund
for their approval.
For the year ended March 30, 2016, certain dividends paid by the Fund may be
subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax
Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to
the maximum amount of such dividends allowable under the Act, as taxed at a
maximum rate of 15%. Complete information will be computed and reported in
conjunction with your 2016 form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 100.00%.
Qualified interest income is exempt from nonresident alien (NRA) tax
withholding. The percentage of the Fund's ordinary income distributions derived
from qualified interest income and qualified short term gains were 0.00% and
11.93%, respectively.
40 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal
occupations during at least the past five years. Trustees who are interested
persons of the Fund within the meaning of the 1940 Act are referred to as
Interested Trustees. Trustees who are not interested persons of the Fund are
referred to as Independent Trustees. Each of the Trustees serves as a trustee of
each of the 50 U.S. registered investment portfolios for which Pioneer serves as
investment adviser (the "Pioneer Funds"). The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/16 41
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (66) Trustee since 2006. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board Serves until a present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
and Trustee successor trustee Executive Officer (2008 - 2012), Quadriserv, communications and securities
is elected or Inc. (technology products for securities processing provider for
earlier retirement lending industry); and Senior Executive Vice financial services industry)
or removal. President, The Bank of New York (financial and (2009 - present); Director,
securities services) (1986 - 2004) Quadriserv, Inc. (2005 - 2013);
and Commissioner, New Jersey
State Civil Service Commission
(2011 - present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (72) Trustee since 2005. Managing Partner, Federal City Capital Advisors Director of New York Mortgage
Trustee Serves until a (corporate advisory services company) (1997 - Trust (publicly-traded mortgage
successor trustee 2004 and 2008 - present); Interim Chief REIT) (2004 - 2009, 2012 -
is elected or Executive Officer, Oxford Analytica, Inc. present); Director of The Swiss
earlier retirement (privately-held research and consulting Helvetia Fund, Inc. (closed-end
or removal. company) (2010); Executive Vice President and fund) (2010 - present);
Chief Financial Officer, I-trax, Inc. (publicly Director of Oxford Analytica,
traded health care services company) (2004 - Inc. (2008 - present); and
2007); and Executive Vice President and Chief Director of Enterprise
Financial Officer, Pedestal Inc. (internet-based Community Investment, Inc.
mortgage trading company) (2000 - 2002); (privately-held affordable
Private consultant (1995-1997), Managing housing finance company) (1985 -
Director, Lehman Brothers (investment banking 2010)
firm) (1992-1995); and Executive, The World Bank
(1979-1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (71) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
successor trustee Mellon Institutional Funds
is elected or Master Portfolio (oversaw 17
earlier retirement portfolios in fund complex)
or removal. (1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
42 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (68) Trustee since 2002. Founding Director, Vice President and Corporate None
Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting
successor trustee is firm) (1982 - present); Desautels Faculty of
elected or earlier Management, McGill University (1999 - present);
retirement or and Manager of Research Operations and
removal. Organizational Learning, Xerox PARC, Xerox's
advance research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (67) Trustee since 2002. President and Chief Executive Officer, Newbury, Director of New America High
Trustee Serves until a Piret & Company, Inc. (investment banking firm) Income Fund, Inc. (closed-end
successor trustee is (1981 - present) investment company) (2004 -
elected or earlier present); and Member, Board of
retirement or Governors, Investment Company
removal. Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (69) Trustee since 2014. Consultant (investment company services) (2012 None
Trustee Serves until a - present); Executive Vice President, BNY
successor trustee is Mellon (financial and investment company
elected or earlier services) (1969 - 2012); Director, BNY
retirement or International Financing Corp. (financial
removal. services) (2002 - 2012); and Director, Mellon
Overseas Investment Corp. (financial services)
(2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund | Annual Report | 3/31/16 43
Interested Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (57)* Trustee since 2014. Director and Executive Vice President (since None
Trustee Serves until a 2008) and Chief Investment Officer, U.S. (since
successor trustee is 2010) of PIM-USA; Executive Vice President of
elected or earlier Pioneer (since 2008); Executive Vice President
retirement or of Pioneer Institutional Asset Management, Inc.
removal. (since 2009); and Portfolio Manager of Pioneer
(since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's
investment adviser and certain of its affiliates.
44 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lorraine Monchak (59)** Advisory Trustee Chief Investment Officer, 1199 SEIU Funds Trustee of Pioneer closed-end
Advisory Trustee since 2014. (healthcare workers union pension funds) (2001 investment companies (5
- present); Vice President - International portfolios) (Sept. 2015 -
Investments Group, American International present)
Group, Inc. (insurance company) (1993 - 2001);
Vice President Corporate Finance and Treasury
Group, Citibank, N.A.(1980 - 1986 and 1990 -
1993); Vice President - Asset/Liability
Management Group, Federal Farm Funding
Corporation (government-sponsored issuer of
debt securities) (1988 - 1990); Mortgage
Strategies Group, Shearson Lehman Hutton, Inc.
(investment bank) (1987 - 1988); and Mortgage
Strategies Group, Drexel Burnham Lambert, Ltd.
(investment bank) (1986 - 1987)
------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/16 45
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (54) Since 2014. Serves Chair, Director, CEO and President of Pioneer Trustee of Pioneer closed-end
President and Chief at the discretion of Investment Management-USA (since September investment companies (5
Executive Officer the Board. 2014); Chair, Director, CEO and President of portfolios) (Sept. 2015 -
Pioneer Investment Management, Inc. (since present)
September 2014); Chair, Director, CEO and
President of Pioneer Funds Distributor, Inc.
(since September 2014); Chair, Director, CEO
and President of Pioneer Institutional Asset
Management, Inc. (since September 2014); and
Chair, Director, and CEO of Pioneer Investment
Management Shareholder Services, Inc. (since
September 2014); Managing Director, Morgan
Stanley Investment Management (2010 - 2013);
and Director of Institutional Business, CEO of
International, Eaton Vance Management (2005 -
2010)
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (51) Since 2003. Serves Vice President and Associate General Counsel of None
Secretary and Chief Legal at the discretion of Pioneer since January 2008; Secretary and Chief
Officer the Board. Legal Officer of all of the Pioneer Funds since
June 2010; Assistant Secretary of all of the
Pioneer Funds from September 2003 to May 2010;
and Vice President and Senior Counsel of
Pioneer from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (55) Since 2010. Serves Fund Governance Director of Pioneer since None
Assistant Secretary at the discretion of December 2006 and Assistant Secretary of all
the Board. the Pioneer Funds since June 2010; Manager -
Fund Governance of Pioneer from December 2003
to November 2006; and Senior Paralegal of
Pioneer from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (53) Since 2010. Serves Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary at the discretion of Assistant Secretary of all the Pioneer Funds
the Board. since June 2010; and Counsel of Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (56) Since 2008. Serves Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief Financial at the discretion of Treasurer of all of the Pioneer Funds since
and Accounting Officer the Board. March 2008; Deputy Treasurer of Pioneer from
March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
46 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (50) Since 2002. Serves Director - Fund Treasury of Pioneer; and None
Assistant Treasurer at the discretion Assistant Treasurer of all of the Pioneer Funds
of the Board.
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (57) Since 2002. Serves Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer at the discretion Pioneer; and Assistant Treasurer of all of the
of the Board. Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (36) Since 2009. Serves Fund Administration Manager - Fund Treasury of None
Assistant Treasurer at the discretion Pioneer since November 2008; Assistant Treasurer
of the Board. of all of the Pioneer Funds since January 2009;
and Client Service Manager - Institutional
Investor Services at State Street Bank from
March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (63) Since 2010. Serves Chief Compliance Officer of Pioneer and of all None
Chief Compliance Officer at the discretion the Pioneer Funds since March 2010; Chief
of the Board. Compliance Officer of Pioneer Institutional Asset
Management, Inc. since January 2012; Chief
Compliance Officer of Vanderbilt Capital
Advisors, LLC since July 2012: Director of
Adviser and Portfolio Compliance at Pioneer
since October 2005; and Senior Compliance Officer
for Columbia Management Advisers, Inc. from
October 2003 to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (45) Since 2006. Serves Director - Transfer Agency Compliance of Pioneer None
Anti-Money Laundering Officer at the discretion and Anti-Money Laundering Officer of all the
of the Board. Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund | Annual Report | 3/31/16 47
This page for your notes.
48 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
This page for your notes.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/16 49
This page for your notes.
50 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
This page for your notes.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/16 51
This page for your notes.
52 Pioneer Fundamental Growth Fund | Annual Report | 3/31/16
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:
--------------------------------------------------------------------------------
Pioneer Funds
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) 2016 Pioneer Investments 19341-10-0516
Pioneer Multi-Asset
Ultrashort Income Fund
--------------------------------------------------------------------------------
Annual Report | March 31, 2016
--------------------------------------------------------------------------------
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 12
Prices and Distributions 13
Performance Update 14
Comparing Ongoing Fund Expenses 19
Schedule of Investments 21
Financial Statements 94
Notes to Financial Statements 103
Report of Independent Registered Public Accounting Firm 113
Trustees, Officers and Service Providers 115
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 1
President's Letter
Dear Shareowner,
Global financial markets began 2016 on shaky footing, delivering the kind of
volatility that challenged investors in 2015. US equities fell by 10% through
the first six weeks of the year, only to recover the losses by the end of the
first quarter. Fixed-income markets were also acutely affected, with concerns
about falling oil prices and a weak global economy leading to a sell-off in
credit-sensitive sectors, especially high-yield bonds, as investors fled to the
perceived safety of government bonds. Like equities, credit markets recovered
much of their lost ground by the end of the first quarter.
Midway through the first quarter, market sentiment shifted, as expectations grew
that major central banks would extend their accommodative monetary policies in
the hopes of driving economic growth. The US Federal Reserve (the Fed) backed
off plans to raise interest rates four times in 2016, and the European Central
Bank announced a more comprehensive asset-purchasing program in the hopes of
encouraging lending, and boosting both inflation and economic growth. The Bank
of Japan also followed a monetary easing path, announcing negative interest
rates in January.
As 2016 moves along, we continue to see central bank policies as generally
supportive of the US economy - for which we maintain an expectation of modest
growth this year - against an overall global economic backdrop that remains
unsettled and points towards generally lower growth. Economies around the world
in both developed and emerging markets are experiencing deep structural changes.
Current challenges include incomplete debt deleveraging in both emerging and
developed markets, where debt levels continue to grow, the transition of many
emerging markets economies from export/investment-driven models to more domestic
demand-driven models, and aging populations, which are reducing productivity and
limiting economic growth potential (primarily in the developed markets but also
in emerging markets such as China). Geopolitical instability on many fronts, the
rising risk of policy mistakes, and market liquidity issues combine to increase
the possibility of sharp swings in asset values. Meanwhile, in the US, as always
in a presidential election year, the political rhetoric of 2016 has the
potential to impact domestic sectors such as health care.
Throughout Pioneer's history, we have believed in the importance of active
management. During periods of market volatility, we view the value of active
management as even more compelling. Our experienced and tenured investment teams
focus on identifying value across global markets using proprietary research,
careful risk management, and a long-term perspective. 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 | Annual Report | 3/31/16
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
March 31, 2016
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 | Annual Report | 3/31/16 3
Portfolio Management Discussion | 3/31/16
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 12-month period ended March 31,
2016. 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 12-month period ended March 31, 2016?
A Pioneer Multi-Asset Ultrashort Income Fund's Class A shares returned 0.41%
at net asset value during the 12-month period ended March 31, 2016, while
the Fund's benchmark, the Bank of America Merrill Lynch 3-Month US Dollar
LIBOR Index (the BofA ML Index), returned 0.33%. During the same period,
the average return of the 120 mutual funds in Lipper's Ultrashort
Obligations Funds category was 0.06%, and the average return of the 147
mutual funds in Morningstar's Ultrashort Bond category was 0.13%.
Q How would you describe the market environment for fixed-income investors
over the 12-month period ended March 31, 2016?
A At the outset of the period, the second quarter of 2015 (April 1 through
June 30), credit-sector fundamentals received support as the US economy
resumed its upward trajectory following a winter (2014-2015) during which
growth was constrained by severe weather in many regions as well as labor
disruptions at West Coast shipping terminals. Nonetheless, the US Federal
Reserve (the Fed) continued to display patience with respect to
implementing any shift towards a less accommodative monetary policy, given
that economic growth overseas remained tenuous and global market sentiment
softened due to the threat of Greece exiting the euro zone. In addition, a
strong US dollar combined with low energy prices served to tamp down US
inflationary pressures.
Implications of slowing economic growth in China would soon supplant the
market's concerns about Greece, as the August 2015 devaluation of the yuan
by the Chinese government raised the specter of a global currency war.
Valuations for credit-based assets slackened in the ensuing weeks on
concerns over China's economy, and as energy prices resumed their
4 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
decline after a brief bounce-back. The US economy remained the leading
source of growth among developed economies, with strengthening in key areas
such as employment and housing, while consumers benefited from low energy
prices. However, against a backdrop of elevated geopolitical uncertainty
and lack of upward price pressure at home, expectations with respect to the
timing of the Fed's first hike in short-term interest rates were pushed
back further.
In the fourth quarter of 2015, encouraging US economic data led investors
to anticipate that the Fed would initiate a rate-hiking cycle at its
December meeting. The Fed fulfilled the expectation by increasing the
Federal funds rate by 25 basis points, or 0.25%, in December, and markets
prepared for as many as four additional rate hikes in 2016.
In January 2016, however, market volatility flared up over concerns about
China's slowing growth rate as well as yet another downward move in oil
prices. As a result, prices of credit-sensitive assets dipped noticeably in
January and February, and both the Fed and the markets eased back on
expectations for future rate hikes, with the Fed eventually signaling that
it may increase rates one or two more times this year, down from its
initial estimate of four. The market recovered some of the lost performance
in March as investors took comfort in the Fed's willingness to calibrate
policy to suit current conditions, and in decisive efforts by central banks
overseas, such as the European Central Bank (ECB), to stimulate the
economies in their regions. In addition, a rebound in crude oil prices,
from a January low of well under $30 to the $40 range late in the period,
helped bolster market sentiment.
For the 12-month period ended March 31, 2016, short-term US Treasury yields
rose as investors repositioned for the Fed's tightening cycle, while the
middle of the Treasury yield curve experienced declines. To illustrate, the
two-year Treasury yield rose from 0.56% to 0.73% during the period, while
the five-year yield declined from 1.37% to 1.21%, and the 10-year yield
declined from 1.94% to 1.78%. While the 12-month 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.)
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 5
Q Can you review the Fund's principal strategies during the 12-month period
ended March 31, 2016, and their effects on performance?
A During the period, we continued to maintain a portfolio that seeks to
provide the Fund with income, while also striving to protect 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 in 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 to fixed-rate issues with less than one year duration.
(Duration is a measure of the sensitivity of the price, or the value of
principal, of a fixed-income investment to a change in interest rates,
expressed as a number of years.)
Unlike many other floating-rate vehicles, we typically invest the Fund's
assets with a primary focus on investment-grade asset classes. At the same
time, we did seek to have the Fund's performance benefit from credit
spreads during the period. In doing so, we sought at all times to maintain
the portfolio's broadly diversified* exposure to a number of different
spread sectors. (Spread sectors represent non-governmental fixed-income
investments with higher yields - at greater risk - than governmental
investments.)
Allocations to credit-based areas of the fixed-income market supported the
Fund's outperformance of the BofA ML Index benchmark over the full 12-month
period. While the Fund's net asset value (NAV) declined from $10.00 to
$9.92 during the fiscal year, the income generated from the portfolio's
credit exposures outweighed the impact of price declines on the assets and
resulted in a positive total return for shareholders.
The Fund's largest weighting during the period was to the securitized
sectors, including asset-backed securities (ABS) and residential and
commercial mortgage-backed securities (RMBS, CMBS). The allocation to
securitized assets contributed to the Fund's benchmark-relative
outperformance, as domestic housing and consumer fundamentals remained on
an upward trend and the securities provided incremental income. In
particular, the portfolio's exposure to home equity loans within the ABS
sector was a source of positive relative returns for the Fund. We have
continued to limit the Fund's exposure to subprime auto loans within
ABS, however, in light of some deterioration in underwriting standards.
* Diversification does not assure a profit nor protect against loss.
6 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
While we do focus primarily on the investment-grade sectors, we also
include below-investment-grade asset categories in the Fund's portfolio if
we believe the incremental income available provides an attractive tradeoff
between risk and reward. In that vein, a portfolio allocation to
floating-rate bank loans was another leading contributor to the Fund's
relative performance during the period, as the attractive coupon income
offered by the asset class offset the price erosion brought about when oil
and other commodities came under pressure during the period. We have taken
care to avoid undue concentration on energy-related credits within the loan
market, instead focusing the Fund's energy holdings on asset-rich companies
that we view as providing a "margin of safety" when it comes to the
ultimate repayment of loan principal.
Another positive contributor to the Fund's relative returns over the
12-month period was a position in event-linked, or insurance-linked
securities (ILS) sponsored by insurance companies looking to mitigate the
risk of having to pay claims after a natural disaster. These securities, in
addition to providing incremental income, have a very low correlation to
other areas of the bond market, and we therefore view the issues as a
valuable source of portfolio diversification. (Correlation is the degree to
which certain types of assets or asset-class prices have moved in relation
to one another. Correlation is expressed by a coefficient that ranges from
-1, which means the assets always move in opposite directions, through 0,
which means they are absolutely independent of one another, to 1,which
means they always move together.) We are careful to diversify the Fund's
holdings quite extensively within the catastrophe bond sector by both peril
(for example, a hurricane, flood, or earthquake), and geographic region.
Finally, the Fund's allocation to investment-grade corporate bonds added
modestly to relative performance during the period. Within this allocation,
the portfolio held a significant position in fixed-rate issues with
maturities of 15 months or less, with a focus on US bank issuers, which we
find compelling because of the banks' strengthened capital structures and
lower earnings volatility in the wake of reforms following the financial
crisis of 2008-2009. The securities held up relatively well against a
backdrop of stressed credit markets during the period, and the Fund also
benefited from the income they provided.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 7
There were no positions or allocations that detracted materially from the
Fund's benchmark-relative performance over the 12-month period. While we
manage the portfolio with a focus on total return, we are mindful that many
investors view the Fund as a source of liquidity in their portfolios. As
such, we strive to maintain significant liquidity to help reduce
fluctuations in the Fund's NAV. At present, with a relatively flat money
market yield curve, we have been focusing on holding very short-term issues
with maturities between one-day and one-week in order to maintain the
requisite liquidity in the portfolio.
Q Can you discuss the factors that affected the Fund's income-generation, or
yield, either positively or negatively, during the 12-month period ended
March 31, 2016?
A The Fund's yield/income generation was fairly stable throughout the
12-month period, as we invested the portfolio principally in short-term
fixed-income instruments across a broad range of spread sectors that trade
at a yield advantage versus US Treasuries.
Q Did you use any derivative strategies in managing the Fund during the
12-month period ended March 31, 2016?
A No. The Fund had no exposure to derivatives during the period.
Q What is your assessment of the current investment climate in the fixed-
income markets, and how have you positioned the Fund's portfolio based on
that view?
A With continued modest economic growth rates and low inflation in the United
States, we believe that conditions remain supportive of credit-sector
fundamentals. We have taken advantage of recent spread widening, driven by
concerns over China and energy prices, to add incrementally to the Fund's
position in CMBS. In addition, we are evaluating opportunities to add to
the Fund's exposure to floating-rate bank loans, in anticipation of the Fed
eventually resuming the process of normalizing interest rates. Conversely,
we view catastrophe bonds as relatively fully valued, and we are more
likely to trim the Fund's allocation to the asset class.
Within the Fund's allocation to investment-grade corporates, we are
maintaining a preference for US financials, which have seen significant
strengthening of balance sheets along with a lower risk profile in the wake
of recent regulatory initiatives. In contrast, we remain cautious with
respect to the industrials sector, which has seen an increase in the amount
of leverage due to measures perceived as friendly to equity stakeholders,
such as share buybacks and acquisitions.
8 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
In all cases, we are being careful not to assume any risk for which we feel
the Fund does not receive adequate compensation. While the portfolio's
sector allocations will shift around the margins to reflect our view of
relative risk and reward, the Fund remains broadly diversified with respect
to its allocation across the various asset categories.
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 21-93 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Pioneer Multi-Asset Ultrashort Income Fund ("The Fund") has the ability to
invest in a wide variety of debt securities.
The Fund may invest in underlying funds (including ETFs). In addition to the
Fund's operating expenses, you will indirectly bear the operating expenses of
investments in any underlying funds.
The Fund and some of the underlying funds may utilize strategies that have a
leveraging effect on the Fund, which increases the volatility of investment
returns and subjects the Fund to magnified losses if the Fund's or an underlying
fund's investments decline in value.
The Fund and some of the underlying funds may use derivatives, such as options
and futures, which can be illiquid, may disproportionately increase losses, and
have a potentially large impact on Fund performance.
The Fund may invest in inflation-linked securities. As inflationary expectations
increase, inflation-linked securities may become more attractive, because they
protect future interest payments against inflation. Conversely, as inflationary
concerns decrease, inflation-linked securities will become less attractive and
less valuable.
The Fund may invest in credit default swaps, which may in some cases be
illiquid, and they increase credit risk since the Fund has exposure to both the
issuer of the referenced obligation and the counterparty to the credit default
swap.
The Fund may invest in subordinated securities which may be disproportionately
adversely affected by a default or even a perceived decline in creditworthiness
of the issuer.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 9
The Fund may invest in floating-rate loans. The value of collateral, if any,
securing a floating-rate loan can decline or may be insufficient to meet the
issuer's obligations or may be difficult to liquidate.
The Fund may invest in event-linked bonds. The return of principal and the
payment of interest on event-linked bonds are contingent on the non-occurrence
of a pre-defined "trigger" event, such as a hurricane or an earthquake of a
specific magnitude.
The Fund may invest in zero-coupon bonds and payment-in-kind securities, which
may be more speculative and fluctuate more in value than other fixed income
securities. The accrual of income from these securities are payable as taxable
annual dividends to shareholders.
Investments in equity securities are subject to price fluctuation.
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.
10 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
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 | Annual Report | 3/31/16 11
Portfolio Summary | 3/31/16
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 31.4%
Asset Backed Securities 27.5%
U.S. Corporate Bonds 19.5%
International Corporate Bonds 9.7%
Senior Secured Loans 6.5%
U.S. Government Securities 3.8%
Temporary Cash Investment 1.2%
Municipal Bonds 0.3%
Foreign Government Bonds 0.1%
* Includes investments in Insurance Linked Securities totaling 5.8% 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 1.52%
--------------------------------------------------------------------------------
2. U.S. Treasury Note, Floating Rate Note, 7/31/17 0.76
--------------------------------------------------------------------------------
3. U.S. Treasury Note, Floating Rate Note, 10/31/17 0.52
--------------------------------------------------------------------------------
4. Federal National Mortgage Association, Floating Rate Note, 2/25/38 0.45
--------------------------------------------------------------------------------
5. Verizon Communications, Inc., Floating Rate Note, 9/15/16 0.45
--------------------------------------------------------------------------------
6. Federal Farm Credit Banks, Floating Rate Note, 6/20/16 0.38
--------------------------------------------------------------------------------
7. Aon Corp., 3.125%, 5/27/16 0.35
--------------------------------------------------------------------------------
8. CGWF Commercial Mortgage Trust 2013-RKWH REMICS,
Floating Rate Note, 11/15/30 (144A) 0.34
--------------------------------------------------------------------------------
9. Federal National Mortgage Association, Floating Rate Note, 10/3/16 0.34
--------------------------------------------------------------------------------
10. British Telecommunications Plc, 1.625%, 6/28/16 0.33
--------------------------------------------------------------------------------
** 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.
12 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
Prices and Distributions | 3/31/16
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/16 3/31/15
--------------------------------------------------------------------------------
A $9.92 $10.00
--------------------------------------------------------------------------------
C $9.91 $ 9.99
--------------------------------------------------------------------------------
C2 $9.91 $ 9.99
--------------------------------------------------------------------------------
K $9.93 $10.01
--------------------------------------------------------------------------------
Y $9.93 $10.01
--------------------------------------------------------------------------------
Distributions per Share: 4/1/15-3/31/16
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1209 $-- $--
--------------------------------------------------------------------------------
C $0.0912 $-- $--
--------------------------------------------------------------------------------
C2 $0.0907 $-- $--
--------------------------------------------------------------------------------
K $0.1434 $-- $--
--------------------------------------------------------------------------------
Y $0.1341 $-- $--
--------------------------------------------------------------------------------
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 14-18.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 13
Performance Update | 3/31/16 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 March 31, 2016)
--------------------------------------------------------------------------------
BofA ML
Net Public U.S. Dollar
Asset Offering 3-Month
Value Price LIBOR
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.12% 0.59% 0.32%
1 Year 0.41 -2.13 0.33
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.63%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset BofA ML U.S. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/11 $ 9,750 $10,000
3/12 $ 9,891 $10,032
3/13 $10,103 $10,075
3/14 $10,196 $10,103
3/15 $10,252 $10,126
3/16 $10,294 $10,159
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.
14 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
Performance Update | 3/31/16 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 March 31, 2016)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 0.69% 0.69% 0.32%
1 Year 0.11 0.11 0.33
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.94%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset BofA ML U.S. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/11 $10,000 $10,000
3/12 $10,082 $10,032
3/13 $10,243 $10,075
3/14 $10,298 $10,103
3/15 $10,333 $10,126
3/16 $10,345 $10,159
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 | Annual Report | 3/31/16 15
Performance Update | 3/31/16 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 March 31, 2016)
--------------------------------------------------------------------------------
BofA ML
U.S. Dollar
3-Month
If If LIBOR
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 0.69% 0.69% 0.32%
1 Year 0.11 0.11 0.33
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.95%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset BofA ML U.S. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/11 $10,000 $10,000
3/12 $10,082 $10,032
3/13 $10,243 $10,075
3/14 $10,297 $10,103
3/15 $10,331 $10,126
3/16 $10,342 $10,159
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.
16 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
Performance Update | 3/31/16 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 March 31, 2016)
--------------------------------------------------------------------------------
BofA ML
Net U.S. Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.28% 0.32%
1 Year 0.64 0.33
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.41%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset BofA ML U.S. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/11 $10,000 $10,000
3/12 $10,148 $10,032
3/13 $10,372 $10,075
3/14 $10,493 $10,103
3/15 $10,580 $10,126
3/16 $10,648 $10,159
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 | Annual Report | 3/31/16 17
Performance Update | 3/31/16 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 March 31, 2016)
--------------------------------------------------------------------------------
BofA ML
Net U.S. Dollar
Asset 3-Month
Value LIBOR
Period (NAV) Index
--------------------------------------------------------------------------------
Life-of-Class
(4/29/11) 1.31% 0.32%
1 Year 0.54 0.33
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.51%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Multi-Asset BofA ML U.S. Dollar
Ultrashort Income Fund 3-Month LIBOR Index
4/11 $5,000,000 $5,000,000
3/12 $5,089,498 $5,016,143
3/13 $5,208,889 $5,037,507
3/14 $5,260,398 $5,051,252
3/15 $5,302,158 $5,063,025
3/16 $5,331,017 $5,079,487
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.
18 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Ultrashort Income
Fund
Based on actual returns from October 1, 2015, through March 31, 2016.
--------------------------------------------------------------------------------
Share Class A C C2 K Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 10/1/15
--------------------------------------------------------------------------------
Ending Account Value $1,001.10 $ 999.60 $1,000.60 $1,002.29 $1,002.69
(after expenses)
on 3/31/16
--------------------------------------------------------------------------------
Expenses Paid $ 3.15 $ 4.70 $ 4.70 $ 2.10 $ 2.55
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.63%,
0.94%, 0.94%, 0.42% and 0.51% for Class A, Class C, Class C2, Class K, and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 183/366 (to reflect the one-half year period).
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 19
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Ultrashort Income
Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from October 1, 2015, through March 31, 2016.
--------------------------------------------------------------------------------
Share Class A C C2 K Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 10/1/15
--------------------------------------------------------------------------------
Ending Account Value $1,021.85 $1,020.30 $1,020.30 $1,022.90 $1,022.45
(after expenses)
on 3/31/16
--------------------------------------------------------------------------------
Expenses Paid $ 3.18 $ 4.75 $ 4.75 $ 2.12 $ 2.58
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.63%,
0.94%, 0.94%, 0.42% and 0.51% for Class A, Class C, Class C2, Class K, and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 183/366 (to reflect the one-half year period).
20 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
Schedule of Investments | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 27.8%
ENERGY -- 0.6%
Oil & Gas Exploration & Production -- 0.6%
3,641,210 GCAT 2015-2, 3.75%, 7/25/20 (Step) (144A) $ 3,623,405
3,000,000 1.93 NCF Dealer Floorplan Master Trust, Floating
Rate Note, 10/20/20 (144A) 2,999,998
537,450 Oscar US Funding Trust 2014-1, 1.0%,
8/15/17 (144A) 536,408
4,214,452 Pretium Mortgage Credit Partners I 2015-NPL3
LLC, 4.125%, 10/27/30 (Step) (144A) 4,189,856
3,979,712 WVUE 2015-1, 4.5%, 9/25/20 (Step) (144A) 3,962,066
---------------
$ 15,311,733
---------------
Total Energy $ 15,311,733
--------------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Steel -- 0.2%
2,174,757 0.91 First NLC Trust 2005-2, Floating Rate Note, 9/25/35 $ 2,126,575
2,155,709 0.67 RASC Series 2005-AHL3 Trust, Floating Rate
Note, 9/25/35 2,123,290
342,823 0.89 Wells Fargo Home Equity Asset-Backed Securities
2005-2 Trust, Floating Rate Note, 11/25/35 329,324
---------------
$ 4,579,189
---------------
Total Materials $ 4,579,189
--------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.0%+
Trucking -- 0.0%+
622,580 0.83 Hertz Fleet Lease Funding LP, Floating Rate Note,
4/10/28 (144A) $ 621,136
--------------------------------------------------------------------------------------------------------
Marine Ports & Services -- 0.0%+
460,318 Global Container Assets 2013-1, Ltd., 2.2%,
11/6/28 (144A) $ 459,637
---------------
Total Transportation $ 1,080,773
--------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
2,286,062 Westgate Resorts 2012-A LLC, 3.75%,
8/20/25 (144A) $ 2,284,697
1,707,436 Westgate Resorts 2014-1 LLC, 2.15%,
12/20/26 (144A) 1,677,556
39,424 Westgate Resorts LLC, 2.5%, 3/20/25 (144A) 39,399
---------------
$ 4,001,652
---------------
Total Consumer Services $ 4,001,652
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 21
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.0%+
Health Care Distributors -- 0.0%+
1,594,758 1.14 Oscar US Funding Trust II, Floating Rate Note,
2/15/18 (144A) $ 1,594,477
---------------
Total Health Care Equipment & Services $ 1,594,477
--------------------------------------------------------------------------------------------------------
BANKS -- 20.9%
Diversified Banks -- 0.0%+
45,471 0.92 KeyCorp Student Loan Trust 2004-A, Floating
Rate Note, 10/28/41 $ 45,175
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 20.9%
1,142,071 0.67 321 Henderson Receivables I LLC, Floating
Rate Note, 11/15/40 (144A) $ 1,092,299
4,903,151 0.64 321 Henderson Receivables I LLC, Floating
Rate Note, 12/15/41 (144A) 4,753,433
1,073,005 0.64 321 Henderson Receivables I LLC, Floating
Rate Note, 3/15/41 (144A) 1,039,679
577,580 0.79 321 Henderson Receivables I LLC, Floating
Rate Note, 9/15/45 (144A) 571,007
2,802,762 0.64 321 Henderson Receivables II LLC, Floating
Rate Note, 9/15/41 (144A) 2,685,662
1,211,962 1.18 ABFC 2005-HE2 Trust, Floating Rate Note, 6/25/35 1,198,792
459,484 1.05 ABFC 2005-WF1 Trust, Floating Rate Note, 12/25/34 457,684
520,307 0.85 ACAS CLO 2007-1, Ltd., Floating Rate Note,
4/20/21 (144A) 516,051
605,581 1.04 Accredited Mortgage Loan Trust 2005-2, Floating
Rate Note, 7/25/35 600,463
319,131 0.80 Accredited Mortgage Loan Trust 2005-3, Floating
Rate Note, 9/25/35 318,965
3,823,313 0.63 ACE Securities Corp., Home Equity Loan Trust Series
2006-ASAP2, Floating Rate Note, 3/25/36 3,695,733
612,091 0.90 Aegis Asset Backed Securities Trust 2005-3,
Floating Rate Note, 8/25/35 603,325
349,191 1.53 Aegis Asset Backed Securities Trust Mortgage
Pass-Through Certificates Series 2004-3, Floating
Rate Note, 9/25/34 345,275
611,519 1.39 Aegis Asset Backed Securities Trust Mortgage
Pass-Through Certificates Series 2004-2, Floating
Rate Note, 6/25/34 609,284
892,616 1.53 Aegis Asset Backed Securities Trust Mortgage
Pass-Through Certificates Series 2004-4, Floating
Rate Note, 10/25/34 883,584
239,420 0.80 Aegis Asset Backed Securities Trust Mortgage
Pass-Through Certificates Series 2005-4, Floating Rate
Note, 10/25/35 235,797
3,268,307 American Credit Acceptance Receivables Trust
2015-3, 1.95%, 9/12/19 (144A) 3,261,294
1,207,696 American Credit Acceptance Receivables Trust
2016-1A, 2.37%, 5/12/20 (144A) 1,207,325
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,600,000 0.72 American Express Credit Account Master Trust,
Floating Rate Note, 1/15/20 $ 2,601,138
1,500,000 1.79 American Homes 4 Rent 2014-SFR1, Floating
Rate Note, 6/17/31 1,451,169
3,000,000 1.19 AmeriCredit Automobile Receivables 2015-4,
Floating Rate Note, 4/8/19 3,002,036
1,223,789 0.84 AmeriCredit Automobile Receivables Trust 2015-2,
Floating Rate Note, 9/10/18 1,222,277
28,556 0.86 Ameriquest Mortgage Securities Inc Asset-Backed
Pass-Through Certificates Series 2005-R5, Floating
Rate Note, 7/25/35 28,536
367,198 0.76 Ameriquest Mortgage Securities, Inc., Asset Backed
Pass-Through Certificates Series 2005-R11, Floating
Rate Note, 1/25/36 360,067
151,751 4.19 Ameriquest Mortgage Securities, Inc., Asset-Backed
Pass-Through Certificates Series 03-AR3, Floating Rate
Note, 6/25/33 151,397
3,080,439 1.04 Ameriquest Mortgage Securities, Inc., Asset-Backed
Pass-Through Certificates Series 2004-R11, Floating
Rate Note, 11/25/34 3,063,001
677,928 1.11 Ameriquest Mortgage Securities, Inc., Asset-Backed
Pass-Through Certificates Series 2005-R1, Floating Rate
Note, 3/25/35 676,664
673,209 0.74 ARI Fleet Lease Trust 2012-B, Floating Rate Note,
1/15/21 (144A) 672,404
378,629 ARI Fleet Lease Trust 2013-A, 0.92%, 7/15/21 (144A) 378,303
1,065,638 ARI Fleet Lease Trust 2014-A, 0.81%,
11/15/22 (144A) 1,063,208
200,415 1.14 Asset Backed Securities Corp., Home Equity Loan
Trust Series 2005-HE3, Floating Rate Note, 4/25/35 199,092
783,139 0.63 Asset Backed Securities Corp., Home Equity Loan Trust
Series AEG 2006-HE1, Floating Rate Note, 1/25/36 761,489
1,800,000 0.86 Asset Backed Securities Corp., Home Equity Loan Trust
Series NC 2005-HE8, Floating Rate Note, 11/25/35 1,751,177
948,924 1.20 Asset Backed Securities Corp., Home Equity Loan Trust
Series OOMC 2005-HE6, Floating Rate Note, 7/25/35 943,227
104,542 1.13 Asset-Backed Pass-Through Certificates Series
2004-R2, Floating Rate Note, 4/25/34 102,644
961,303 1.06 Asset-Backed Pass-Through Certificates Series
2004-R2, Floating Rate Note, 4/25/34 942,045
148,290 Bank of The West Auto Trust 2014-1, 0.69%,
7/17/17 (144A) 148,263
1,100,000 0.79 Barclays Dryrock Issuance Trust, Floating Rate Note,
12/16/19 1,099,670
1,800,000 0.77 Barclays Dryrock Issuance Trust, Floating Rate Note,
3/16/20 1,798,727
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 23
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
40,647 Bayview Financial Acquisition Trust, 6.205%,
5/28/37 (Step) $ 42,460
140,007 1.06 Bayview Financial Acquisition Trust, Floating Rate
Note, 8/28/44 139,831
409,245 1.10 Bayview Financial Acquisition Trust, Floating Rate
Note, 8/28/44 406,572
817,616 1.11 Bayview Financial Mortgage Pass-Through Trust
2004-A, Floating Rate Note, 2/28/44 815,969
2,128,836 0.93 Bayview Financial Mortgage Pass-Through Trust
2005-C, Floating Rate Note, 6/28/44 2,116,192
535,307 0.73 Bayview Financial Mortgage Pass-Through Trust
2006-B, Floating Rate Note, 4/28/36 528,072
418,502 0.70 Bayview Financial Mortgage Pass-Through Trust
2006-B, Floating Rate Note, 4/28/36 412,799
1,514,005 0.88 Bayview Financial Mortgage Pass-Through Trust
Series 2005-B, Floating Rate Note, 4/28/39 1,506,261
629,392 Bayview Opportunity Master Fund IIa Trust
2014-20NPL, 3.721%, 8/28/44 (Step) (144A) 629,339
2,366,242 0.93 Bear Stearns Asset Backed Securities I Trust
2005-FR1, Floating Rate Note, 6/25/35 2,349,600
407,596 1.20 Bear Stearns Asset Backed Securities I Trust
2005-HE9, Floating Rate Note, 10/25/35 406,337
2,496,359 0.88 Bear Stearns Asset Backed Securities I Trust
2005-TC1, Floating Rate Note, 5/25/35 2,342,771
3,915,861 0.83 Bear Stearns Asset Backed Securities I Trust
2006-EC2, Floating Rate Note, 2/25/36 3,718,000
600,939 1.63 Bear Stearns Asset Backed Securities Trust
2004-2, Floating Rate Note, 8/25/34 601,247
190,314 1.00 Bear Stearns Asset Backed Securities Trust
2004-SD3, Floating Rate Note, 9/25/34 186,952
52,730 0.83 Bear Stearns Asset Backed Securities Trust
2005-SD1, Floating Rate Note, 8/25/43 51,891
1,104,615 0.90 Bear Stearns Asset Backed Securities Trust
2005-SD2, Floating Rate Note, 3/25/35 1,096,639
1,135,826 0.83 Bear Stearns Asset Backed Securities Trust
2005-SD2, Floating Rate Note, 3/25/35 1,126,439
105,376 0.71 Bear Stearns Asset Backed Securities Trust
2006-1, Floating Rate Note, 2/25/36 105,335
1,922,215 0.81 Bear Stearns Asset Backed Securities Trust
2006-SD2, Floating Rate Note, 6/25/36 1,874,550
690,110 1.43 Bear Stearns Structured Products Trust 2007-EMX1,
Floating Rate Note, 3/25/37 (144A) 681,041
2,895,000 0.92 Cabela's Credit Card Master Note Trust, Floating
Rate Note, 6/15/20 (144A) 2,890,378
2,000,000 0.82 Capital One Multi-Asset Execution Trust, Floating
Rate Note, 11/15/19 1,999,283
2,500,000 CarMax Auto Owner Trust 2012-2, 1.73%, 2/15/18 2,504,474
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
19,000 CarMax Auto Owner Trust 2013-1, 1.99%, 8/15/19 $ 18,833
721,963 CarMax Auto Owner Trust 2013-3, 0.97%, 4/16/18 721,819
1,755,803 0.72 CarMax Auto Owner Trust 2015-2, Floating Rate
Note, 6/15/18 1,755,802
2,500,000 1.04 CarMax Auto Owner Trust 2015-4, Floating Rate
Note, 4/15/19 2,503,704
2,130,000 0.97 CarMax Auto Owner Trust 2016-1, Floating Rate
Note, 4/15/19 2,128,607
2,059,377 Carnow Auto Receivables Trust 2015-1, 1.69%,
1/15/20 (144A) 2,054,055
3,188,149 0.61 Carrington Mortgage Loan Trust Series 2006-OPT1,
Floating Rate Note, 12/25/35 3,099,177
2,145,263 Cazenovia Creek Funding I LLC, 2.0%,
12/10/23 (144A) 2,121,799
1,428,803 Cazenovia Creek Funding I LLC, 2.773%,
12/10/23 (144A) 1,410,999
885,033 CCG Receivables Trust 2014-1, 1.06%,
11/15/21 (144A) 882,828
972,373 CCG Receivables Trust 2015-1, 0.55%,
9/14/16 (144A) 972,374
50,282 CCG Receivables Truste 2013-1, 1.05%,
4/14/20 (144A) 50,269
5,220,000 1.58 Cent CLO, Floating Rate Note, 8/1/24 (144A) 5,209,508
372,006 3.65 Centex Home Equity Loan Trust 2003-A, Floating
Rate Note, 3/25/33 371,327
66,334 Chase Funding Trust Series 2004-2, 5.323%, 2/26/35 66,735
200,000 0.70 Chase Issuance Trust, Floating Rate Note, 12/16/19 199,960
7,750,000 0.69 Chase Issuance Trust, Floating Rate Note, 5/15/19 7,748,452
2,500,000 0.00 Chesapeake Funding II LLC, Floating Rate Note,
3/15/28 (144A) 2,500,000
1,170,298 CIT Equipment Collateral 2014-VT1, 0.86%,
5/22/17 (144A) 1,168,447
865,829 Citi Held For Asset Issuance 2015-PM1, 1.85%,
12/15/21 (144A) 864,089
5,700,000 Citibank Credit Card Issuance Trust, 1.02%, 2/22/19 5,701,521
2,174,000 1.58 Citibank Credit Card Issuance Trust, Floating
Rate Note, 1/23/20 2,205,084
2,750,000 1.81 Citibank Credit Card Issuance Trust, Floating Rate
Note, 5/20/20 2,810,935
1,595,000 0.71 Citibank Credit Card Issuance Trust, Floating Rate
Note, 5/26/20 1,592,934
3,622,043 Citicorp Residential Mortgage Trust Series 2006-1,
5.63788%, 7/25/36 (Step) 3,714,297
9,524 0.92 Citigroup Global Markets Mortgage Securities VII, Inc.,
Floating Rate Note, 3/25/28 9,507
1,416,148 0.63 Citigroup Mortgage Loan Trust 2006-SHL1, Floating
Rate Note, 11/27/45 (144A) 1,370,120
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 25
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,243,432 1.26 Citigroup Mortgage Loan Trust Series 2004-OPT1
Asset Backed Pass-Through Certificates, Floating
Rate Note, 10/25/34 $ 1,243,454
203,870 1.45 Citigroup Mortgage Loan Trust, Inc., Floating Rate
Note, 11/25/34 190,617
2,994,428 1.18 Citigroup Mortgage Loan Trust, Inc., Floating Rate
Note, 5/25/35 (144A) 2,981,253
750,000 CNH Equipment Trust 2013-B, 0.99%, 11/15/18 747,334
2,400,000 2.29 Colony American Homes 2014-1, Floating Rate
Note, 5/19/31 (144A) 2,303,302
1,726,940 Conn's Receivables Funding 2015-A LLC, 4.565%,
9/15/20 (144A) 1,723,702
3,600,000 Conn's Receivables Funding 2016-A LLC, 4.68%,
4/16/18 (144A) 3,601,777
187,821 1.94 Conseco Finance Home Equity Loan Trust 2002-C,
Floating Rate Note, 4/15/32 183,575
2,538 Conseco Financial Corp., 7.05%, 1/15/19 2,585
928,743 Consumer Credit Origination Loan Trust 2015-1,
2.82%, 3/15/21 (144A) 929,003
1,351,432 1.27 Countrywide Asset-Backed Certificates, Floating
Rate Note, 10/25/34 1,347,219
169,003 1.02 Countrywide Asset-Backed Certificates, Floating
Rate Note, 11/25/35 167,476
1,656,429 1.33 Countrywide Asset-Backed Certificates, Floating
Rate Note, 3/25/35 1,643,133
171,873 1.11 Countrywide Asset-Backed Certificates, Floating
Rate Note, 6/25/33 (144A) 166,144
36,745 1.33 Countrywide Asset-Backed Certificates, Floating
Rate Note, 6/25/33 (144A) 35,313
1,253,913 CPS Auto Receivables Trust 2015-B, 1.65%,
11/15/19 (144A) 1,245,686
2,501,505 CPS Auto Receivables Trust 2016-A, 2.25%,
10/15/19 (144A) 2,500,428
1,312,302 1.08 Credit Suisse First Boston Mortgage Securities
Corp., Floating Rate Note, 2/25/32 1,266,841
665,129 0.71 Credit Suisse Mortgage Capital Certificates, Floating
Rate Note, 10/27/36 (144A) 655,009
423,196 1.09 Credit-Based Asset Servicing and Securitization LLC,
Floating Rate Note, 7/25/34 421,978
2,917,226 0.74 Credit-Based Asset Servicing and Securitization LLC,
Floating Rate Note, 7/25/36 2,892,051
5,051,039 1.48 CWABS Asset-Backed Certificates Trust 2004-7,
Floating Rate Note, 12/25/34 5,034,947
2,600,000 1.33 Dell Equipment Finance Trust 2015-2, Floating
Rate Note, 12/22/17 (144A) 2,599,744
487 Delta Funding Home Equity Loan Trust 1997-2,
7.04%, 6/25/27 488
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,000,000 0.82 Discover Card Execution Note Trust, Floating Rate
Note, 8/15/19 $ 1,998,563
300,000 0.79 Discover Card Execution Note Trust, Floating Rate
Note, 8/17/20 299,851
2,418,681 3.47 Drug Royalty II LP 2, Floating Rate Note,
7/15/23 (144A) 2,445,707
423,470 DT Auto Owner Trust 2015-1, 1.06%, 9/17/18 (144A) 423,171
1,102,683 DT Auto Owner Trust 2015-2, 1.24%, 9/17/18 (144A) 1,101,582
1,984,445 DT Auto Owner Trust 2015-3, 1.66%, 3/15/19 (144A) 1,980,283
1,455,716 DT Auto Owner Trust 2016-1, 2.0%, 9/16/19 (144A) 1,458,929
1,697,841 1.33 Ellington Loan Acquisition Trust 2007-1, Floating
Rate Note, 5/26/37 (144A) 1,683,808
2,600,000 Enterprise Fleet Financing LLC, 1.59%,
2/22/21 (144A) 2,595,126
5,461 EquiVantage Home Equity Loan Trust 1997-1, 8.05%,
3/25/28 (Step) 5,430
1,000,000 Exeter Automobile Receivables Trust 2012-2,
3.06%, 7/16/18 (144A) 1,000,626
437,634 Exeter Automobile Receivables Trust 2013-1,
2.41%, 5/15/18 (144A) 437,623
192,936 Exeter Automobile Receivables Trust 2014-2,
1.06%, 8/15/18 (144A) 192,592
708,208 Exeter Automobile Receivables Trust 2015-1,
1.6%, 6/17/19 (144A) 706,907
1,874,990 Exeter Automobile Receivables Trust 2015-2,
1.54%, 11/15/19 (144A) 1,867,999
427,754 1.17 FBR Securitization Trust, Floating Rate Note, 11/25/35 422,936
3,001,266 1.16 FFMLT Trust 2005-FF2, Floating Rate Note, 3/25/35 2,974,177
493,048 2.16 Fieldstone Mortgage Investment Trust Series 2004-5,
Floating Rate Note, 2/25/35 488,329
129,901 1.51 Fieldstone Mortgage Investment Trust Series 2005-1,
Floating Rate Note, 3/25/35 129,902
132,569 1.73 First Franklin Mortgage Loan Trust 2003-FFC, Floating
Rate Note, 11/25/32 127,679
1,248,682 1.25 First Franklin Mortgage Loan Trust 2005-FFH2,
Floating Rate Note, 4/25/35 (144A) 1,168,338
991,013 0.94 First Franklin Mortgage Loan Trust 2005-FFH3,
Floating Rate Note, 9/25/35 986,513
1,709,997 0.67 First Franklin Mortgage Loan Trust 2006-FF1,
Floating Rate Note, 1/25/36 1,683,063
1,211,360 0.69 First Franklin Mortgage Loan Trust Series 2005-FF12,
Floating Rate Note, 11/25/36 1,192,567
1,250,000 Flagship Credit Auto Trust 2013-1, 5.38%,
7/15/20 (144A) 1,233,355
2,709,198 Flagship Credit Auto Trust 2015-2, 1.98%,
10/15/20 (144A) 2,704,155
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 27
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,643,479 Flagship Credit Auto Trust 2015-3, 2.38%,
10/15/20 (144A) $ 2,636,901
2,421,023 FNA 2015-1 Trust, 3.24%, 12/10/23 (144A) 2,413,300
578,305 0.86 Foothill CLO, Ltd., Floating Rate Note, 2/22/21 (144A) 576,611
1,628,587 0.67 Ford Credit Auto Owner Trust 2015-B, Floating Rate
Note, 3/15/18 1,628,192
1,300,000 0.84 Ford Credit Auto Owner Trust 2016-A, Floating Rate
Note, 12/15/18 1,301,154
2,620,000 Ford Credit Floorplan Master Owner Trust A,
1.92%, 1/15/19 2,631,681
4,000,000 1.34 Ford Credit Floorplan Master Owner Trust A, Floating
Rate Note, 2/15/21 3,999,999
553,000 2.47 Four Corners CLO II, Ltd., Floating Rate Note,
1/26/20 (144A) 516,653
766,501 1.16 Fremont Home Loan Trust 2005-2, Floating Rate
Note, 6/25/35 749,160
435,384 0.68 Fremont Home Loan Trust 2005-D, Floating Rate
Note, 11/25/35 433,367
477,515 0.86 Gale Force 3 CLO, Ltd., Floating Rate Note,
4/19/21 (144A) 467,976
1,733,491 GCAT 2015-1 LLC, 3.625%, 5/26/20 (Step) (144A) 1,719,430
1,055,663 GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 1,034,550
3,250,000 GM Financial Automobile Leasing Trust 2014-1,
1.99%, 5/21/18 (144A) 3,253,817
1,000,000 1.01 GM Financial Automobile Leasing Trust 2015-3,
Floating Rate Note, 6/20/18 1,000,351
2,370,925 GMAT 2013-1 Trust, 3.9669%, 8/25/53 (Step) 2,368,442
4,564,071 GMAT 2015-1 Trust, 4.25%, 9/25/20 (Step) (144A) 4,551,292
1,300,000 0.94 GMF Floorplan Owner Revolving Trust, Floating Rate
Note, 5/15/20 (144A) 1,290,012
1,869,184 GO Financial Auto Securitization Trust 2015-2,
3.27%, 11/15/18 (144A) 1,858,109
4,000,000 1.03 Golden Credit Card Trust, Floating Rate Note,
1/15/20 (144A) 4,001,139
300,000 0.75 Golden Credit Card Trust, Floating Rate Note,
3/15/19 (144A) 298,982
590,000 0.88 Golden Credit Card Trust, Floating Rate Note,
3/15/21 (144A) 583,108
7,000,000 Green Tree Agency Advance Funding Trust I Series
2015-T1, 2.3019%, 10/15/46 (144A) 6,991,040
2,200,000 Green Tree Agency Advance Funding Trust I Series
2015-T1, 3.9305%, 10/15/46 (144A) 2,197,008
621,132 1.09 GSAA Home Equity Trust 2004-11, Floating Rate
Note, 12/25/34 601,110
74,263 1.23 GSAA Trust, Floating Rate Note, 6/25/35 74,188
1,587,003 1.41 GSAMP Trust 2004-SEA2, Floating Rate Note, 3/25/34 1,587,003
1,448,701 1.18 GSAMP Trust 2005-HE1, Floating Rate Note, 12/25/34 1,430,902
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
71,221 0.79 GSAMP Trust 2005-HE6, Floating Rate Note,
11/25/35 $ 70,444
2,248,601 0.64 GSAMP Trust 2006-HE1, Floating Rate Note, 12/26/45 2,232,601
3,731,195 0.61 GSAMP Trust 2006-HE2, Floating Rate Note, 3/25/46 3,696,398
1,053,363 0.73 GSAMP Trust 2006-SEA1, Floating Rate Note,
5/25/36 (144A) 1,045,685
943,663 1.78 GSRPM Mortgage Loan Trust 2003-2, Floating Rate
Note, 6/25/33 905,998
826,153 0.73 GSRPM Mortgage Loan Trust 2006-1, Floating Rate
Note, 3/25/35 (144A) 809,871
537,320 0.73 GSRPM Mortgage Loan Trust 2006-2, Floating Rate
Note, 9/25/36 (144A) 510,085
1,500,000 2.37 Harch CLO III, Ltd., Floating Rate Note,
4/17/20 (144A) 1,470,819
3,200,000 1.94 Hertz Fleet Lease Funding LP, Floating Rate Note,
7/10/29 (144A) 3,210,416
2,600,000 2.74 Hertz Fleet Lease Funding LP, Floating Rate Note,
7/10/29 (144A) 2,576,080
467,709 1.11 Home Equity Asset Trust 2004-6, Floating Rate
Note, 12/25/34 465,371
283,678 1.20 Home Equity Asset Trust 2005-2, Floating Rate
Note, 7/25/35 283,369
1,662,345 0.90 Home Equity Asset Trust 2005-6, Floating Rate
Note, 12/25/35 1,659,598
2,477,745 0.81 Home Equity Asset Trust 2005-7, Floating Rate
Note, 1/25/36 2,470,936
173,330 0.60 Home Equity Asset Trust 2006-4, Floating Rate
Note, 8/25/36 170,759
848,204 0.54 Home Equity Asset Trust 2006-8, Floating Rate
Note, 3/25/37 842,504
6,387,306 0.80 Home Equity Mortgage Loan Asset-Backed Trust
Series INABS 2005-C, Floating Rate Note, 10/25/35 6,324,207
2,364,713 1.18 HomeBanc Mortgage Trust 2004-2, Floating Rate
Note, 12/25/34 2,203,614
81,881 1.35 Homestar Mortgage Acceptance Corp., Floating
Rate Note, 1/25/35 81,802
3,339,542 0.67 HSBC Home Equity Loan Trust USA 2006-3, Floating
Rate Note, 3/20/36 3,312,942
1,519,329 0.63 HSBC Home Equity Loan Trust USA 2007-1, Floating
Rate Note, 3/20/36 1,512,786
410,128 0.73 HSBC Home Equity Loan Trust USA 2007-2, Floating
Rate Note, 7/20/36 407,613
412,308 0.62 HSBC Home Equity Loan Trust USA 2007-2, Floating
Rate Note, 7/20/36 409,405
1,800,000 0.98 Hyundai Auto Lease Securitization Trust 2016-A,
Floating Rate Note, 7/16/18 (144A) 1,801,451
3,010,738 1.29 Impac Secured Assets CMN Owner Trust, Floating
Rate Note, 2/25/35 2,943,157
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 29
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,800,000 2.29 Invitation Homes 2013-SFR1 Trust, Floating Rate
Note, 12/19/30 (144A) $ 1,738,841
3,340,000 2.54 Invitation Homes 2014-SFR1 Trust REMICS, Floating
Rate Note, 6/19/31 (144A) 3,232,594
2,100,000 2.04 Invitation Homes 2014-SFR2 Trust, Floating Rate
Note, 9/18/31 (144A) 2,047,521
1,995,969 1.64 Invitation Homes 2014-SFR3 Trust, Floating Rate
Note, 12/18/31 (144A) 1,958,615
2,550,000 2.44 Invitation Homes 2015-SFR2 Trust, Floating Rate
Note, 6/17/32 (144A) 2,429,734
3,500,000 2.19 Invitation Homes 2015-SFR3 Trust, Floating Rate
Note, 8/19/32 (144A) 3,398,594
599,517 0.85 Inwood Park CDO, Ltd., Floating Rate Note,
1/20/21 (144A) 598,470
3,468,945 0.88 Irwin Home Equity Loan Trust 2005-1, Floating Rate
Note, 6/25/25 3,220,710
1,040,531 1.93 Irwin Whole Loan Home Equity Trust 2003-C, Floating
Rate Note, 6/25/28 1,026,290
1,968,644 1.14 Irwin Whole Loan Home Equity Trust 2005-B, Floating
Rate Note, 12/25/29 1,920,960
387,850 1.21 IXIS Real Estate Capital Trust 2005-HE1, Floating
Rate Note, 6/25/35 387,271
342,422 1.11 IXIS Real Estate Capital Trust 2005-HE4, Floating
Rate Note, 2/25/36 338,580
2,462,924 1.21 JP Morgan Mortgage Acquisition Corp., 2005-FLD1,
Floating Rate Note, 7/25/35 2,439,832
698,489 0.65 JP Morgan Mortgage Acquisition Corp., 2005-FRE1,
Floating Rate Note, 10/25/35 690,733
1,430,237 0.58 JP Morgan Mortgage Acquisition Trust 2006-ACC1,
Floating Rate Note, 5/25/36 1,424,079
776,892 0.57 JP Morgan Mortgage Acquisition Trust 2006-CH1,
Floating Rate Note, 1/25/35 772,536
5,702,000 3.19 Kabbage Funding 2014-1 Resecuritization Trust,
Floating Rate Note, 3/8/18 (144A) 5,610,679
1,250,000 2.07 KKR Financial CLO 2007-1, Ltd., Floating Rate Note,
5/15/21 (144A) 1,227,566
2,750,000 Leaf Receivables Funding 8 LLC, 5.5%,
9/15/20 (144A) 2,753,549
775,900 LEAF Receivables Funding 9 LLC, 1.98%,
9/15/21 (144A) 775,117
111,435 0.89 Lehman ABS Manufactured Housing Contract Trust
2002-A, Floating Rate Note, 6/15/33 108,954
1,700,000 Master Credit Card Trust II, 1.64%, 1/22/18 (144A) 1,701,145
800,685 1.07 MASTR Adjustable Rate Mortgages Trust 2004-11,
Floating Rate Note, 11/25/34 799,119
2,500,000 0.76 Mercedes-Benz Master Owner Trust 2015-A, Floating
Rate Note, 4/15/19 (144A) 2,496,568
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
467,367 1.35 Morgan Stanley ABS Capital I, Inc., Trust 2004-SD3,
Floating Rate Note, 6/25/34 (144A) $ 467,767
5,479 1.21 Morgan Stanley ABS Capital I, Inc., Trust 2005-HE3,
Floating Rate Note, 7/25/35 5,490
2,500,000 1.23 Morgan Stanley ABS Capital I, Inc., Trust 2005-HE3,
Floating Rate Note, 7/25/35 2,420,762
2,169,309 1.17 Morgan Stanley ABS Capital I, Inc., Trust 2005-WMC1,
Floating Rate Note, 1/25/35 2,091,312
41,543 1.14 Morgan Stanley ABS Capital I, Inc., Trust 2005-WMC3,
Floating Rate Note, 3/25/35 41,419
980,389 1.07 Morgan Stanley ABS Capital I, Inc., Trust 2005-NC2,
Floating Rate Note, 3/25/35 974,902
107,262 0.51 Morgan Stanley Structured Trust, Floating Rate Note,
6/25/37 106,675
2,600,000 1.03 MOTOR 2015-1 Plc, Floating Rate Note,
6/27/22 (144A) 2,600,620
592,146 Nations Equipment Finance Funding II LLC, 1.558%,
7/20/18 (144A) 591,892
2,124,818 Nations Equipment Finance Funding III LLC, 3.61%,
2/22/21 (144A) 2,126,071
302,716 0.58 Nationstar Home Equity Loan Trust 2007-A, Floating
Rate Note, 3/25/37 297,144
803,247 1.13 New Century Home Equity Loan Trust 2005-1, Floating
Rate Note, 3/25/35 798,225
712,000 0.92 New Century Home Equity Loan Trust 2005-3 REMICS,
Floating Rate Note, 7/25/35 688,066
2,600,000 2.18 NextGear Floorplan Master Owner Trust, Floating
Rate Note, 7/15/19 (144A) 2,573,756
1,500,000 0.78 Nissan Auto Receivables 2015-C Owner Trust,
Floating Rate Note, 11/15/18 1,501,208
2,750,000 0.79 Nissan Auto Receivables 2016-A Owner Trust,
Floating Rate Note, 2/15/19 2,750,858
329,735 1.21 NovaStar Mortgage Funding Trust Series 2003-1,
Floating Rate Note, 5/25/33 304,052
2,435,051 2.08 NovaStar Mortgage Funding Trust Series 2004-4,
Floating Rate Note, 3/25/35 2,405,636
5,200,000 NRZ Advance Receivables Trust Advance Receivables
Backed 2015-T1, 2.3147%, 8/15/46 (144A) 5,193,570
1,849,238 OAK Hill Advisors Residential Loan Trust 2014-NPL2,
3.3517%, 4/25/54 (Step) (144A) 1,833,645
4,573,000 Ocwen Master Advance Receivables Trust, 2.532%,
11/15/46 (144A) 4,567,284
1,700,000 Ocwen Master Advance Receivables Trust, 2.5365%,
9/17/46 (144A) 1,699,058
3,900,000 OneMain Financial Issuance Trust 2014-2, 2.47%,
9/18/24 (144A) 3,884,779
1,994,672 1.23 Option One Mortgage Loan Trust 2005-1, Floating
Rate Note, 2/25/35 1,983,412
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 31
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
943,616 0.69 Option One Mortgage Loan Trust 2005-4 Asset-Backed
Certificates Series 2005-4, Floating Rate
Note, 11/25/35 $ 936,602
37,560 Option One Mortgage Loan Trust 2007-FXD2, 5.9%,
3/25/37 (Step) 34,103
419,385 1.56 Option One Woodbridge Loan Trust 2002-1, Floating
Rate Note, 3/25/32 (144A) 416,868
176,263 Orange Lake Timeshare Trust 2012-A, 4.87%,
3/10/27 (144A) 179,945
719,911 Oscar US Funding Trust III, 0.6%, 10/17/16 (144A) 719,602
2,000,000 0.00 Oscar US Funding Trust IV, Floating Rate Note,
7/15/20 (144A) 2,000,000
265,421 1.01 Ownit Mortgage Loan Trust Series 2005-5, Floating
Rate Note, 10/25/36 264,117
523,112 1.45 Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates Series 2004-WCW, Floating Rate Note,
9/25/34 521,358
182,110 0.69 Park Place Securities, Inc., Asset-Backed Pass-Through
Ctfs Ser 2005-WHQ4, Floating Rate Note, 9/25/35 175,442
82,821 1.37 Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates Series 2004-MCW, Floating Rate Note,
10/25/34 82,732
1,360,280 0.80 Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates Series 2005-WHQ4, Floating Rate Note,
9/25/35 1,353,175
2,290,000 1.04 PFS Financing Corp., Floating Rate Note,
10/15/19 (144A) 2,268,259
1,700,000 1.29 PFS Financing Corp., Floating Rate Note,
10/15/19 (144A) 1,677,609
4,145,000 1.04 PFS Financing Corp., Floating Rate Note,
2/15/19 (144A) 4,129,637
4,000,000 1.64 PFS Financing Corp., Floating Rate Note,
2/18/20 (144A) 3,996,545
1,250,000 2.19 PFS Financing Corp., Floating Rate Note,
2/18/20 (144A) 1,248,399
950,000 1.05 PFS Financing Corp., Floating Rate Note,
4/15/20 (144A) 937,849
350,831 0.75 Popular ABS Mortgage Pass-Through Trust 2006-A,
Floating Rate Note, 2/25/36 344,296
674,921 Prestige Auto Receivables Trust 2013-1, 1.33%,
5/15/19 (144A) 674,791
3,788,458 Pretium Mortgage Credit Partners I 2015-NPL2 LLC,
3.75%, 5/27/30 (Step) (144A) 3,739,803
3,000,000 Pretium Mortgage Credit Partners LLC, 4.375%,
2/27/31 (Step) (144A) 2,993,713
4,750,000 Progreso Receivables Funding II LLC, 3.5%,
7/8/19 (144A) 4,756,757
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,050,000 Progreso Receivables Funding III LLC, 3.625%,
1/30/25 (144A) $ 3,047,551
1,700,000 Progreso Receivables Funding IV LLC, 3.0%,
7/8/20 (144A) 1,690,720
3,000,000 2.84 Progress Residential 2015-SFR1 Trust, Floating
Rate Note, 2/20/32 (144A) 2,912,470
2,436,735 PURCHASING POWER FUNDING 2015-A LLC,
3.5%, 12/15/19 (144A) 2,436,735
2,398,574 1.09 Quest Trust REMICS, Floating Rate Note,
3/25/34 (144A) 2,331,248
504,010 1.38 RAAC Series 2005-RP1 Trust, Floating Rate Note,
7/25/37 (144A) 500,092
987,826 1.23 RAAC Series 2005-RP3 Trust, Floating Rate Note,
5/25/39 (144A) 950,629
1,683,340 0.68 RAAC Series 2006-RP2 Trust, Floating Rate Note,
2/25/37 (144A) 1,661,330
581,764 1.37 RAMP Series 2004-RS11 Trust, Floating Rate Note,
11/25/34 576,446
766,174 0.92 RAMP Series 2004-RZ1 Trust, Floating Rate Note,
3/25/34 769,017
120,296 1.18 RAMP Series 2005-RS6 Trust, Floating Rate Note,
6/25/35 120,076
220,856 0.83 RAMP Series 2005-RZ3 Trust, Floating Rate Note,
9/25/35 220,174
147,490 0.62 RAMP Series 2006-NC1 Trust, Floating Rate Note,
12/25/35 147,323
956,257 0.59 RAMP Series 2006-RZ3 Trust, Floating Rate Note,
10/25/35 948,787
644,795 0.86 RASC Series 2005-KS9 Trust, Floating Rate Note,
10/25/35 634,351
1,338,144 RBSHD 2013-1 Trust, 4.6853%, 10/25/47
(Step) (144A) 1,338,109
101,448 1.33 Salomon Mortgage Loan Trust Series 2001-CB4,
Floating Rate Note, 11/25/33 100,201
751,729 1.26 SASCO Mortgage Loan Trust 2005-GEL1, Floating
Rate Note, 12/25/34 732,622
2,566,699 0.89 Saxon Asset Securities Trust 2005-3, Floating Rate
Note, 11/25/35 2,529,714
684,002 0.66 Saxon Asset Securities Trust 2005-4, Floating Rate
Note, 11/25/37 681,613
3,778,000 2.49 Silver Bay Realty 2014-1 Trust, Floating Rate Note,
9/18/31 (144A) 3,562,761
2,091,929 Skopos Auto Receivables Trust 2015-2, 3.55%,
2/17/20 (144A) 2,089,603
1,190,650 0.86 SMART ABS Series 2015-1US Trust, Floating Rate
Note, 8/14/17 1,190,795
3,650,000 1.19 SMART ABS Series 2015-3US Trust, Floating
Rate Note, 4/16/18 3,646,339
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 33
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,400,000 SNAAC Auto Receivables Trust 2013-1, 4.56%,
4/15/20 (144A) $ 2,402,666
21,862 SNAAC Auto Receivables Trust 2014-1, 1.03%,
9/17/18 (144A) 21,861
1,800,000 0.00 Sofi Professional Loan Program 2016-A LLC, Floating
Rate Note, 8/25/36 (144A) 1,787,402
1,064,553 1.16 Soundview Home Loan Trust 2005-DO1, Floating Rate
Note, 5/25/35 1,058,336
533,612 0.69 Soundview Home Loan Trust 2005-OPT4, Floating
Rate Note, 12/25/35 524,040
231,484 0.82 Specialty Underwriting & Residential Finance Trust
Series 2005-AB2, Floating Rate Note, 6/25/36 230,628
381,506 0.76 Specialty Underwriting & Residential Finance Trust
Series 2005-AB2, Floating Rate Note, 6/25/36 380,038
104,369 0.63 Specialty Underwriting & Residential Finance Trust
Series 2006-BC1, Floating Rate Note, 12/25/36 104,062
3,640,376 0.73 Specialty Underwriting & Residential Finance Trust
Series 2006-BC1, Floating Rate Note, 12/25/36 3,525,168
521,867 1.50 Structured Asset Investment Loan Trust 2004-10,
Floating Rate Note, 11/25/34 518,199
1,933,122 1.47 Structured Asset Investment Loan Trust 2004-BNC2,
Floating Rate Note, 12/25/34 1,921,434
2,332,816 1.16 Structured Asset Investment Loan Trust 2005-6,
Floating Rate Note, 7/25/35 2,325,515
1,185,035 1.14 Structured Asset Investment Loan Trust 2005-HE1,
Floating Rate Note, 7/25/35 1,158,815
982,014 0.63 Structured Asset Investment Loan Trust 2006-1,
Floating Rate Note, 1/25/36 960,688
551,010 1.03 Structured Asset Securities Corp., Mortgage Loan
Trust 2005-S7, Floating Rate Note, 12/25/35 (144A) 543,562
2,049,821 0.58 Structured Asset Securities Corp., Mortgage Loan Trust
2006-EQ1, Floating Rate Note, 7/25/36 (144A) 1,991,107
963,469 0.65 Structured Asset Securities Corp., Mortgage Loan Trust
2006-GEL4, Floating Rate Note, 10/25/36 (144A) 956,745
3,665,724 0.73 Structured Asset Securities Corp., Mortgage Loan Trust
2007-TC1, Floating Rate Note, 4/25/31 (144A) 3,441,284
1,072,992 1.93 Structured Asset Securities Corp., Mortgage
Pass-Through Ctfs Ser 2003-BC2, Floating Rate
Note, 3/25/33 1,066,071
430,693 0.65 Structured Asset Securities Corp., Trust 2005-AR1,
Floating Rate Note, 9/25/35 428,192
1,394,342 Sunset Mortgage Loan Co., 2014-NPL2 LLC, 3.721%,
11/16/44 (Step) (144A) 1,386,673
3,521,299 Sunset Mortgage Loan Co., 2015-NPL1 LLC, 4.4586%,
9/16/45 (Step) (144A) 3,522,690
4,559,977 1.74 SWAY Residential 2014-1 Trust, Floating Rate Note,
1/20/32 (144A) 4,484,439
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
739,447 1.37 Terwin Mortgage Trust Series TMTS 2003-8HE,
Floating Rate Note, 12/25/34 $ 718,064
1,786,599 0.88 Terwin Mortgage Trust Series TMTS 2005-10HE,
Floating Rate Note, 6/25/36 1,781,287
1,211,445 0.74 Terwin Mortgage Trust Series TMTS 2005-12ALT,
Floating Rate Note, 7/25/36 1,184,440
1,400,000 Tidewater Auto Receivables Trust 2016-A, 2.3%,
9/15/19 (144A) 1,399,888
2,116,160 Toyota Auto Receivables 2014-A Owner Trust, 0.67%,
12/15/17 2,113,369
107,591 Toyota Auto Receivables 2014-C Owner Trust, 0.51%,
2/15/17 107,571
3,079,000 1.69 Trade MAPS 1, Ltd., Floating Rate Note,
12/10/18 (144A) 3,046,961
2,795,000 1.14 Trade MAPS 1, Ltd., Floating Rate Note,
12/10/18 (144A) 2,776,991
2,523,000 1.39 Trafigura Securitisation Finance Plc., 2014-1,
Floating Rate Note, 4/16/18 (144A) 2,484,000
4,150,000 2.09 Tricon American Homes 2015-SFR1 Trust REMICS,
Floating Rate Note, 5/19/32 (144A) 4,019,901
656,368 2.13 Truman Capital Mortgage Loan Trust, Floating Rate
Note, 1/25/34 643,067
934,473 0.69 Truman Capital Mortgage Loan Trust, Floating Rate
Note, 3/25/36 (144A) 811,468
3,484,289 U.S. Residential Opportunity Fund IV Trust 2015-1,
3.7213%, 2/27/35 (144A) 3,458,053
2,195,446 United Auto Credit Securitization Trust 2015-1,
1.68%, 9/15/17 (144A) 2,191,999
1,149,108 United Auto Credit Securitization Trust 2016-1, 2.0%,
10/16/17 (144A) 1,148,307
2,831,927 US Residential Opportunity Fund III Trust 2015-1,
3.7213%, 1/29/35 (144A) 2,808,409
531,636 VOLT XIX LLC, 3.875%, 4/26/55 (Step) 531,661
2,092,717 VOLT XXV LLC, 3.5%, 6/26/45 (Step) (144A) 2,057,924
2,466,947 VOLT XXXI LLC, 3.375%, 2/25/55 (Step) (144A) 2,430,896
2,009,155 VOLT XXXIII LLC, 3.5%, 3/25/55 (Step) (144A) 1,973,323
6,845,024 VOLT XXXIX LLC, 4.125%, 10/25/45 (Step) (144A) 6,810,028
2,042,387 VOLT XXXVI LLC, 3.625%, 7/25/45 (Step) (144A) 2,027,868
3,422,070 VOLT XXXVII LLC, 3.625%, 7/25/45 (Step) (144A) 3,391,879
3,366,831 VOLT XXXVIII LLC, 3.875%, 9/25/45 (Step) (144A) 3,321,201
336,195 0.81 Wells Fargo Home Equity Asset-Backed Securities
2005-3 Trust, Floating Rate Note, 12/25/35 334,807
1,300,000 0.68 Wells Fargo Home Equity Asset-Backed Securities
2006-1 Trust REMICS, Floating Rate Note, 7/25/36 1,218,956
2,089,418 1.19 Westlake Automobile Receivables Trust 2015-2,
Floating Rate Note, 7/16/18 (144A) 2,089,902
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 35
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
6,300,000 1.37 Westlake Automobile Receivables Trust 2015-3,
Floating Rate Note, 5/17/21 (144A) $ 6,306,817
2,730,000 1.49 Westlake Automobile Receivables Trust 2016-1,
Floating Rate Note, 1/15/19 (144A) 2,731,706
438,573 Wheels SPV 2 LLC, 0.84%, 3/20/23 (144A) 437,160
26,484 0.71 Wilshire Mortgage Loan Trust, Floating Rate Note,
5/25/28 25,605
3,000,000 World Financial Network Credit Card Master Trust,
1.26%, 3/15/21 2,996,767
1,725,000 0.91 World Financial Network Credit Card Master Trust,
Floating Rate Note, 2/15/22 1,720,814
3,000,000 0.84 World Omni Auto Receivables Trust 2015-B, Floating
Rate Note, 7/15/19 2,999,434
---------------
$ 549,199,564
---------------
Total Banks $ 549,244,739
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 5.7%
Other Diversified Financial Services -- 1.7%
2,112,175 0.64 321 Henderson Receivables I LLC, Floating Rate Note,
6/15/41 (144A) $ 2,045,498
1,300,000 American Credit Acceptance Receivables Trust
2014-1, 5.2%, 4/12/21 (144A) 1,308,394
1,368,716 Ascentium Equipment Receivables 2014-1 LLC,
1.58%, 10/10/18 (144A) 1,368,598
43,843 AXIS Equipment Finance Receivables II LLC, 1.75%,
6/20/16 43,840
1,840,824 BCC Funding VIII LLC, 1.794%, 6/22/20 (144A) 1,825,365
3,200,000 Capital Auto Receivables Asset Trust 2013-1, 1.74%,
10/22/18 3,200,915
2,500,000 0.69 Chase Issuance Trust, Floating Rate Note, 11/15/18 2,500,090
6,480,000 0.49 Chase Issuance Trust, Floating Rate Note, 4/15/19 6,469,161
150,000 0.69 Chase Issuance Trust, Floating Rate Note, 4/15/19 149,417
3,000,000 0.45 Chase Issuance Trust, Floating Rate Note, 4/16/18 3,000,272
108,627 CNH Equipment Trust 2013-A, 0.69%, 6/15/18 108,588
1,550,000 1.04 CNH Wholesale Master Note Trust, Floating Rate Note,
8/15/19 (144A) 1,548,008
2,100,000 2.34 Colony American Homes 2014-2, Floating Rate Note,
7/19/31 (144A) 2,014,471
3,915,000 0.62 Discover Card Execution Note Trust, Floating Rate
Note, 10/15/18 3,915,000
786,583 Enterprise Fleet Financing LLC, 0.87%, 9/20/19 784,211
594,083 Enterprise Fleet Financing LLC, 0.93%,
4/20/18 (144A) 593,728
157,931 0.66 Fifth Third Auto Trust 2014-3, Floating Rate Note,
5/15/17 157,911
1,163,192 FNA 2014-1 Trust, 1.296%, 12/10/22 (144A) 1,151,924
The accompanying notes are an integral part of these financial statements.
36 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
1,300,000 1.28 Gracechurch Card Funding Plc, Floating Rate Note,
5/15/19 (144A) $ 1,306,942
1,323,612 0.66 Master Asset Backed Securities Trust 2006-AB1
REMICS, Floating Rate Note, 2/25/36 1,313,313
322,956 0.62 Master Asset Backed Securities Trust 2006-NC1,
Floating Rate Note, 1/25/36 322,165
3,141,683 0.73 Master Specialized Loan Trust, Floating Rate Note,
1/25/36 (144A) 3,049,925
83,674 0.69 Nelnet Student Loan Trust 2005-1, Floating Rate
Note, 10/26/20 83,567
949,812 PFS Tax Lien Trust 2014-1, 1.44%, 5/15/29 946,857
269,195 Prestige Auto Receivables Trust 2014-1, 0.97%,
3/15/18 (144A) 269,036
1,527,089 Sierra Timeshare 2013-1 Receivables Funding LLC,
2.39%, 11/20/29 (144A) 1,508,706
744,879 TAL Advantage V LLC, 1.7%, 5/20/39 (144A) 735,431
553,680 0.66 World Omni Auto Receivables Trust 2014-B, Floating
Rate Note, 1/16/18 553,577
1,179,719 0.65 World Omni Automobile Lease Securitization Trust
2014-A, Floating Rate Note, 3/15/17 1,178,705
---------------
$ 43,453,615
--------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
2,600,000 0.84 Ally Master Owner Trust, Floating Rate Note, 6/17/19 $ 2,588,308
721,250 Alterna Funding I LLC, 1.639%, 2/15/21 (144A) 714,488
170,280 1.78 Conseco Finance Corp., Floating Rate Note, 11/17/31 166,477
3,255,000 0.88 GE Dealer Floorplan Master Note Trust, Floating Rate
Note, 10/21/19 3,234,508
1,190,000 0.83 GE Dealer Floorplan Master Note Trust, Floating Rate
Note, 4/20/18 1,190,000
2,670,000 0.81 GE Dealer Floorplan Master Note Trust, Floating Rate
Note, 7/22/19 2,658,492
---------------
$ 10,552,273
--------------------------------------------------------------------------------------------------------
Consumer Finance -- 2.9%
1,136,186 0.81 Ally Auto Receivables Trust 2015-SN1, Floating Rate
Note, 6/20/17 $ 1,135,794
3,600,000 American Credit Acceptance Receivables Trust
2013-1, 4.94%, 6/15/20 (144A) 3,626,297
14,047 American Credit Acceptance Receivables Trust
2014-3, 0.99%, 8/10/18 (144A) 14,045
351,020 American Credit Acceptance Receivables Trust
2014-4, 1.33%, 7/10/18 (144A) 350,621
350,000 0.70 American Express Credit Account Master Trust,
Floating Rate Note, 1/15/20 350,209
3,300,000 0.72 American Express Credit Account Master Trust,
Floating Rate Note, 5/15/20 3,300,000
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 37
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
2,100,000 1.23 American Express Credit Account Secured Note
Trust 2012-4, Floating Rate Note, 5/15/20 (144A) $ 2,097,887
45,918 AmeriCredit Automobile Receivables Trust 2012-1,
2.67%, 1/8/18 45,929
2,750,000 0.72 BA Credit Card Trust, Floating Rate Note, 1/15/20 2,750,820
6,400,000 0.70 BA Credit Card Trust, Floating Rate Note, 9/16/19 6,399,999
2,350,000 0.96 Cabela's Credit Card Master Note Trust, Floating Rate
Note, 2/18/20 (144A) 2,348,784
1,600,000 0.79 Cabela's Credit Card Master Note Trust, Floating Rate
Note, 3/16/20 1,597,902
3,630,000 1.03 Cabela's Credit Card Master Note Trust, Floating Rate
Note, 6/17/19 (144A) 3,631,478
100,665 California Republic Auto Receivables Trust 2013-1,
1.41%, 9/17/18 (144A) 100,671
2,635,000 0.48 Capital One Multi-Asset Execution Trust, Floating Rate
Note, 11/15/19 2,630,813
3,400,000 0.51 Capital One Multi-Asset Execution Trust, Floating Rate
Note, 12/16/19 3,394,051
1,950,000 0.62 Capital One Multi-Asset Execution Trust, Floating Rate
Note, 2/15/19 1,950,000
5,470,000 0.53 Capital One Multi-Asset Execution Trust, Floating Rate
Note, 6/17/19 5,466,976
4,291,119 0.89 CarMax Auto Owner Trust 2015-3, Floating Rate
Note, 11/15/18 4,292,690
18,313 1.17 Chase Funding Trust Series 2002-4, Floating Rate
Note, 10/25/32 16,934
6,300,000 0.48 Chase Issuance Trust, Floating Rate Note, 3/15/19 6,282,250
3,490,000 0.57 Citibank Credit Card Issuance Trust, Floating Rate
Note, 11/7/18 3,490,310
5,495,000 0.63 Citibank Credit Card Issuance Trust, Floating Rate
Note, 5/9/18 5,495,466
198,781 CPS Auto Receivables Trust 2013-B, 1.82%,
9/15/20 (144A) 198,364
168,996 CPS Auto Receivables Trust 2014-A, 1.21%,
8/15/18 (144A) 168,419
1,070,875 CPS Auto Receivables Trust 2014-C, 1.31%,
2/15/19 (144A) 1,065,047
198,205 CPS Auto Trust, 1.48%, 3/16/20 (144A) 197,176
236,374 CPS Auto Trust, 1.82%, 12/16/19 (144A) 235,964
148,045 Credit Acceptance Auto Loan Trust 2013-2, 1.5%,
4/15/21 (144A) 147,955
1,775,000 First Investors Auto Owner Trust 2013-1, 2.53%,
1/15/20 (144A) 1,759,057
505,552 First Investors Auto Owner Trust 2013-2, 1.23%,
3/15/19 (144A) 505,024
320,547 First Investors Auto Owner Trust 2014-2, 0.86%,
8/15/18 (144A) 320,332
The accompanying notes are an integral part of these financial statements.
38 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
646,028 First Investors Auto Owner Trust 2014-3, 1.06%,
11/15/18 (144A) $ 645,045
4,400,000 1.20 First National Master Note Trust 2015-1, Floating
Rate Note, 9/15/20 4,402,394
1,136,481 0.69 Ford Credit Auto Owner Trust 2015-A, Floating Rate
Note, 1/15/18 1,136,164
900,000 0.84 Ford Credit Floorplan Master Owner Trust A, Floating
Rate Note, 2/15/19 898,385
2,045,000 0.86 Golden Credit Card Trust, Floating Rate Note,
9/15/18 (144A) 2,045,000
60,529 Honda Auto Receivables 2013-2 Owner Trust,
0.53%, 2/16/17 60,514
1,925,000 0.86 Master Credit Card Trust II, Floating Rate Note,
1/22/18 (144A) 1,922,571
59,020 Volvo Financial Equipment LLC Series 2013-1,
0.74%, 3/15/17 (144A) 59,010
---------------
$ 76,536,347
--------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.2%
273,159 1.00 Accredited Mortgage Loan Trust 2005-1, Floating
Rate Note, 4/25/35 $ 272,212
450,705 Engs Commercial Finance Trust 2015-1, 0.7%,
8/22/16 (144A) 450,705
268,313 Horizon Funding Trust 2013-1, 3.0%, 5/15/18 (144A) 267,810
104,371 Navitas Equipment Receivables LLC 2013-1,
1.95%, 11/15/16 104,332
3,457,572 NewStar Commercial Lease Funding 2015-1 LLC,
3.27%, 4/15/19 (144A) 3,444,198
1,822,249 RMAT 2015-1 LLC, 4.09%, 7/27/20 (Step) (144A) 1,812,120
---------------
$ 6,351,377
--------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.5%
2,628,968 0.94 Chesapeake Funding LLC, Floating Rate Note,
2/7/27 (144A) $ 2,620,493
1,750,000 2.19 Chesapeake Funding LLC, Floating Rate Note,
2/7/27 (144A) 1,720,626
3,646,197 0.85 Chesapeake Funding LLC, Floating Rate Note,
3/9/26 (144A) 3,635,885
414,421 1.69 Chesapeake Funding LLC, Floating Rate Note,
4/7/24 (144A) 414,425
244,066 0.89 Chesapeake Funding LLC, Floating Rate Note,
5/7/24 (144A) 244,042
3,534,000 2.29 Chesapeake Funding LLC, Floating Rate Note,
5/7/24 (144A) 3,533,482
---------------
$ 12,168,953
---------------
Total Diversified Financials $ 149,062,565
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 39
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Real Estate Services -- 0.1%
1,499,000 3.72 Home Partners of America 2016-1 Trust, Floating
Rate Note, 3/18/33 (144A) $ 1,443,688
591,661 0.62 HSI Asset Securitization Corp., Trust 2006-OPT1,
Floating Rate Note, 12/25/35 582,318
---------------
$ 2,026,006
---------------
Total Real Estate $ 2,026,006
--------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.2%
2,255,989 2.43 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 10/25/23 $ 2,264,907
541,510 Federal Home Loan Banks, 2.9%, 4/20/17 550,783
1,110,909 1.89 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 11/25/23 1,111,260
856,082 1.08 Fremont Home Loan Trust 2005-B, Floating Rate
Note, 4/25/35 855,556
---------------
$ 4,782,506
---------------
Total Government $ 4,782,506
--------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $733,828,011) $ 731,683,640
--------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 31.3%
ENERGY -- 0.1%
Oil & Gas Exploration & Production -- 0.1%
2,556,396 0.87 Four Corners CLO III, Ltd., Floating Rate Note,
7/22/20 (144A) $ 2,540,207
---------------
Total Energy $ 2,540,207
--------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.0%+
Trucking -- 0.0%+
386,340 0.99 Hertz Fleet Lease Funding LP, Floating Rate Note,
12/10/27 (144A) $ 385,672
500,000 1.49 Hertz Fleet Lease Funding LP, Floating Rate Note,
12/10/27 (144A) 500,196
---------------
$ 885,868
---------------
Total Transportation $ 885,868
--------------------------------------------------------------------------------------------------------
BANKS -- 23.2%
Thrifts & Mortgage Finance -- 23.2%
15,914 A10 Securitization 2013-1 LLC, 2.4%,
11/17/25 (144A) $ 15,915
3,128,925 A10 Term Asset Financing 2014-1 LLC, 1.72%,
4/15/33 (144A) 3,096,351
5,217,457 1.27 Aberdeen Loan Funding, Ltd., Floating Rate Note,
11/1/18 (144A) 5,169,385
The accompanying notes are an integral part of these financial statements.
40 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,750,000 2.27 Aberdeen Loan Funding, Ltd., Floating Rate Note,
11/1/18 (144A) $ 1,738,235
866,772 0.83 ACAS CLO 2007-1, Ltd., Floating Rate Note,
4/20/21 (144A) 866,059
2,500,000 1.89 ACRE Commercial Mortgage Trust 2014-FL2, Floating
Rate Note, 8/15/31 (144A) 2,466,184
1,740,107 1.44 ACRE Commercial Mortgage Trust 2014-FL2, Floating
Rate Note, 8/15/31 (144A) 1,728,038
693,864 1.21 Adjustable Rate Mortgage Trust 2005-2, Floating
Rate Note, 6/25/35 683,675
911,874 0.71 Adjustable Rate Mortgage Trust 2005-5, Floating
Rate Note, 9/25/35 846,806
437,974 1.06 Alternative Loan Trust 2003-3T1, Floating Rate
Note, 5/25/33 425,496
1,873,481 1.01 Alternative Loan Trust 2004-6CB, Floating Rate
Note, 4/25/34 1,791,244
901,272 1.33 Alternative Loan Trust 2004-J13, Floating Rate
Note, 2/25/35 878,815
3,000,000 1.92 Apidos CLO IX, Floating Rate Note, 7/17/23 (144A) 2,991,547
5,000,000 2.19 Arbor Realty Collateralized Loan Obligation
2015-FL1, Ltd., Floating Rate Note, 3/17/25 (144A) 4,850,000
2,000,000 3.35 Babson CLO, Ltd., 2011-I, Floating Rate Note,
9/28/21 (144A) 1,901,053
3,613,000 2.64 BAMLL Commercial Mortgage Securities Trust
2014-FL1, Floating Rate Note, 12/17/31 (144A) 3,565,194
1,920,000 1.54 BAMLL Commercial Mortgage Securities Trust
2014-ICTS, Floating Rate Note, 6/15/28 (144A) 1,924,899
3,490,000 3.03 BAMLL Commercial Mortgage Securities Trust
2014-INLD REMICS, Floating Rate Note,
12/17/29 (144A) 3,406,981
5,500,000 0.00 BAMLL Commercial Mortgage Securities Trust
2016-ASHF, Floating Rate Note, 3/15/28 (144A) 5,494,500
4,700,000 5.37 BAMLL Re-REMIC Trust 2014-FRR5, Floating Rate
Note, 3/29/45 (144A) 4,560,469
7,000,000 2.69 BAMLL Re-REMIC Trust 2014-FRR7, Floating Rate
Note, 10/26/44 (144A) 6,834,588
893,083 5.46 Bank of America Commercial Mortgage Trust 2006-1,
Floating Rate Note, 9/10/45 892,592
1,543,088 0.74 Bank of America Funding 2005-A Trust, Floating Rate
Note, 2/20/35 1,477,821
83,612 3.43 Bank of America Mortgage 2003-A Trust, Floating
Rate Note, 2/25/33 81,660
295,509 2.75 Bank of America Mortgage 2003-F Trust, Floating
Rate Note, 7/25/33 295,059
1,227,490 2.72 Bank of America Mortgage 2004-D Trust, Floating
Rate Note, 5/25/34 1,213,613
339,323 2.75 Bank of America Mortgage 2004-I Trust, Floating
Rate Note, 10/25/34 329,500
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 41
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,383,137 2.04 BBCMS Trust 2014-BXO REMICS, Floating Rate
Note, 8/16/27 (144A) $ 2,344,282
3,150,000 2.44 BBCMS Trust 2015-SLP, Floating Rate Note,
2/15/28 (144A) 3,029,931
1,182,446 2.98 BCAP LLC 2009-RR13-I Trust, Floating Rate Note,
9/26/35 (144A) 1,192,031
597,300 2.60 BCAP LLC 2013-RR3 Trust, Floating Rate Note,
5/28/36 (144A) 597,603
818,729 3.18 BCAP LLC 2013-RR7 Trust, Floating Rate Note,
12/27/34 (144A) 834,157
804,258 1.27 Bear Stearns ALT-A Trust 2004-11, Floating Rate
Note, 11/25/34 778,074
1,539,587 1.13 Bear Stearns ALT-A Trust 2004-12, Floating Rate
Note, 1/25/35 1,482,982
4,113,722 1.27 Bear Stearns ALT-A Trust 2004-12, Floating Rate
Note, 1/25/35 3,848,825
2,496,537 1.27 Bear Stearns ALT-A Trust 2004-12, Floating Rate
Note, 1/25/35 2,344,276
2,480,868 1.13 Bear Stearns ALT-A Trust 2004-12, Floating Rate
Note, 1/25/35 2,423,191
459,917 1.17 Bear Stearns ALT-A Trust 2004-13, Floating Rate
Note, 11/25/34 447,452
1,995,529 1.03 Bear Stearns ALT-A Trust 2004-4, Floating Rate
Note, 6/25/34 1,886,886
797,524 0.93 Bear Stearns ALT-A Trust 2005-2, Floating Rate
Note, 3/25/35 773,825
1,052,562 2.88 Bear Stearns ARM Trust 2003-3, Floating Rate
Note, 5/25/33 1,045,389
268,112 2.95 Bear Stearns ARM Trust 2004-3, Floating Rate
Note, 7/25/34 257,242
430,998 2.38 Bear Stearns ARM Trust 2005-5, Floating Rate
Note, 8/25/35 431,749
216,017 1.53 Bear Stearns Asset Backed Securities Trust 2003-AC5,
Floating Rate Note, 10/25/33 199,540
315,689 4.99 Bear Stearns Commercial Mortgage Securities Trust
2005-PWR9, Floating Rate Note, 9/11/42 316,022
886,911 5.79 Bear Stearns Commercial Mortgage Securities Trust
2006-PWR12, Floating Rate Note, 9/11/38 885,889
324,648 2.83 Bear Stearns Mortgage Securities, Inc., Floating Rate
Note, 6/25/30 327,341
2,130,397 2.94 Bellemeade Re, Ltd., Floating Rate Note,
7/25/25 (144A) 2,099,027
4,100,000 2.39 BHMS 2014-ATLS Mortgage Trust REMICS, Floating
Rate Note, 7/8/33 (144A) 3,989,130
4,500,000 1.01 Black Diamond CLO 2006-1 Luxembourg SA, Floating
Rate Note, 4/29/19 (144A) 4,224,002
2,490,000 1.79 BLCP Hotel Trust, Floating Rate Note, 8/15/29 (144A) 2,408,407
The accompanying notes are an integral part of these financial statements.
42 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,900,000 2.19 Boca Hotel Portfolio Trust 2013-BOCA, Floating Rate
Note, 8/17/26 (144A) $ 3,892,062
3,823,000 3.29 BXHTL 2015-JWRZ Mortgage Trust, Floating Rate Note,
5/15/29 (144A) 3,616,760
2,530,550 0.88 Callidus Debt Partners Clo Fund VI, Ltd., Floating Rate
Note, 10/23/21 (144A) 2,459,208
3,300,000 2.29 Carefree Portfolio Trust 2014-CARE, Floating Rate
Note, 11/15/29 (144A) 3,264,169
500,000 3.02 Carefree Portfolio Trust 2014-CARE, Floating Rate
Note, 11/15/29 (144A) 453,153
2,200,000 0.00 Cathedral Lake CLO 2015-3, Ltd., Floating Rate
Note, 1/15/26 (144A) 2,199,991
6,045,000 2.94 CDGJ Commercial Mortgage Trust 2014-BXCH,
Floating Rate Note, 12/15/27 (144A) 5,868,360
7,200,000 2.59 CFCRE 2015-RUM Mortgage Trust, Floating Rate
Note, 7/15/30 (144A) 6,982,013
1,000,000 5.04 CFCRE 2015-RUM Mortgage Trust, Floating Rate
Note, 7/15/30 (144A) 972,387
1,050,000 1.64 CGBAM Commercial Mortgage Trust 2014-HD,
Floating Rate Note, 2/18/31 (144A) 1,038,363
5,670,000 1.39 CG-CCRE Commercial Mortgage Trust 2014-FL1,
Floating Rate Note, 6/16/31 (144A) 5,658,335
3,650,000 2.10 CGGS Commercial Mortgage Trust 2016-RND,
Floating Rate Note, 2/9/33 (144A) 3,650,000
9,130,000 2.34 CGWF Commercial Mortgage Trust 2013-RKWH
REMICS, Floating Rate Note, 11/15/30 (144A) 9,088,065
106,660 0.76 Chevy Chase Funding LLC Mortgage-Backed Certificates
Series 2004-1, Floating Rate Note, 1/25/35 (144A) 95,470
46,667 0.73 Chevy Chase Funding LLC Mortgage-Backed Certificates
Series 2004-3, Floating Rate Note, 8/25/35 (144A) 41,452
505,342 0.93 CHL Mortgage Pass-Through Trust 2003-15 REMICS,
Floating Rate Note, 6/25/18 491,930
114,788 0.88 CIFC Funding 2007-I, Ltd., Floating Rate Note,
5/10/21 (144A) 113,428
2,517,308 2.44 CIM Trust 2015-4AG, Floating Rate Note,
11/25/57 (144A) 2,474,390
5,874 Citicorp Mortgage Securities REMIC Pass-Through
Certificates Trust Series 2005-4, 5.0%, 7/25/20 6,034
745,466 Citicorp Mortgage Securities REMIC Pass-Through
Certificates Trust Series 2005-7, 5.0%, 10/25/35 753,781
4,900,000 6.03 Citigroup Commercial Mortgage Trust 2006-C4,
Floating Rate Note, 3/17/49 4,877,179
3,840,000 1.48 Citigroup Commercial Mortgage Trust 2014-388G
REMICS, Floating Rate Note, 6/16/33 (144A) 3,737,487
1,500,000 3.74 Citigroup Commercial Mortgage Trust 2015-SHP2,
Floating Rate Note, 7/15/27 (144A) 1,467,857
5,000,000 2.54 Citigroup Commercial Mortgage Trust 2015-SSHP
REMICS, Floating Rate Note, 9/15/27 (144A) 4,840,800
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 43
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,151,864 Citigroup Mortgage Loan Trust 2010-4 REMICS, 5.0%,
10/25/35 (144A) $ 1,180,471
1,005 Citigroup Mortgage Loan Trust, Inc., 6.5%, 6/25/16 1,019
950,000 4.65 City Center Trust 2011-CCHP, Floating Rate Note,
7/17/28 (144A) 951,412
1,189,898 1.03 CNL Commercial Mortgage Loan Trust 2002-1, Floating
Rate Note, 10/25/28 (144A) 1,121,479
4,500,000 2.38 Colony Mortgage Capital Series 2015-FL3, Ltd.,
Floating Rate Note, 9/5/32 (144A) 4,494,150
876,480 5.84 COMM 2006-C7 Mortgage Trust, Floating Rate Note,
6/10/46 875,538
6,000,000 1.24 Comm 2014-BBG Mortgage Trust REMICS, Floating
Rate Note, 3/15/29 (144A) 5,857,355
5,600,000 2.89 COMM 2014-FL4 Mortgage Trust REMICS, Floating
Rate Note, 7/15/31 (144A) 5,430,380
4,970,000 2.59 COMM 2014-FL5 Mortgage Trust, Floating Rate
Note, 10/17/31 (144A) 4,873,395
5,740,000 2.08 COMM 2014-KYO Mortgage Trust, Floating Rate
Note, 6/11/27 (144A) 5,628,151
6,980,000 1.24 COMM 2014-PAT Mortgage Trust REMICS, Floating
Rate Note, 8/13/27 (144A) 6,817,869
2,722,000 2.03 COMM 2014-PAT Mortgage Trust, Floating Rate Note,
8/13/27 (144A) 2,628,604
5,589,000 2.19 COMM 2014-SAVA Mortgage Trust, Floating Rate Note,
6/15/34 (144A) 5,470,819
7,340,000 2.04 COMM 2014-TWC Mortgage Trust, Floating Rate Note,
2/13/32 (144A) 7,167,597
4,500,000 3.02 Cratos CLO, Ltd., Floating Rate Note, 5/19/21 (144A) 4,475,902
4,434,000 5.81 Credit Suisse Commercial Mortgage Trust Series
2006-C3 REMICS, Floating Rate Note, 6/15/38 4,444,453
352,836 1.17 Credit Suisse First Boston Mortgage Securities Corp.,
Floating Rate Note, 6/25/34 337,444
1,929,767 0.70 Credit Suisse First Boston Mortgage Securities, 05-6,
Floating Rate Note, 7/25/35 1,877,882
475,334 2.94 Credit Suisse Mortgage Capital Certificates REMICS,
Floating Rate Note, 7/27/36 (144A) 475,275
2,894,322 1.87 Crown Point CLO, Ltd., Floating Rate Note,
11/21/22 (144A) 2,888,493
2,300,000 2.69 CSMC 2015-TWNI Trust, Floating Rate Note,
3/15/28 (144A) 2,222,059
3,500,000 2.29 CSMC Trust 2015-DEAL, Floating Rate Note,
4/16/29 (144A) 3,380,276
3,750,000 3.29 CSMC Trust 2015-SAND, Floating Rate Note,
8/15/30 (144A) 3,603,619
1,100,000 5.14 CSMC Trust 2015-SAND, Floating Rate Note,
8/15/30 (144A) 1,068,887
The accompanying notes are an integral part of these financial statements.
44 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,850,000 2.04 EQTY 2014-INNS Mortgage Trust REMICS, Floating
Rate Note, 5/8/31 (144A) $ 1,780,881
3,530,000 1.64 EQTY 2014-INNS Mortgage Trust, Floating Rate Note,
5/8/31 (144A) 3,405,158
721,726 2.68 First Horizon Mortgage Pass-Through Trust 2003-AR3,
Floating Rate Note, 9/25/33 717,391
1,522,540 0.77 Fore CLO, Ltd., Floating Rate Note, 7/20/19 (144A) 1,505,272
1,927,175 1.74 GAHR Commercial Mortgage Trust 2015-NRF, Floating
Rate Note, 12/15/16 (144A) 1,910,597
4,450,000 2.02 Gale Force 3 Clo, Ltd., Floating Rate Note,
4/19/21 (144A) 3,912,824
611,695 Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 590,022
296,476 0.75 Global Mortgage Securitization, Ltd., Floating Rate
Note, 11/25/32 (144A) 277,484
2,979,705 0.70 Global Mortgage Securitization, Ltd., Floating Rate
Note, 4/25/32 2,845,244
1,786,000 1.01 Golden Knight CDO, Ltd./Golden Knight CDO Corp,
Floating Rate Note, 4/15/19 (144A) 1,744,348
3,500,000 3.37 Goldman Sachs Asset Management CLO Plc, Floating
Rate Note, 8/1/22 (144A) 3,368,112
2,600,000 1.37 Gosforth Funding 2016-1 Plc, Floating Rate Note,
2/15/58 (144A) 2,600,000
3,350,000 1.74 GP Portfolio Trust 2014-GGP, Floating Rate Note,
2/16/27 (144A) 3,282,272
3,500,000 3.69 GS Mortgage Securities Corp., Trust 2016-ICE2,
Floating Rate Note, 2/15/33 (144A) 3,501,226
7,476,057 5.79 GS Mortgage Securities Trust 2007-GG10 REMICS,
Floating Rate Note, 8/10/45 7,700,441
2,000,000 2.18 GS Mortgage Securities Trust 2014-GSFL, Floating
Rate Note, 7/15/31 (144A) 1,993,114
1,088,416 1.21 GSAA Home Equity Trust 2004-6, Floating Rate Note,
6/25/34 1,044,354
522,633 1.17 GSAA Home Equity Trust 2004-8, Floating Rate Note,
9/25/34 512,042
601,909 2.80 HarborView Mortgage Loan Trust 2004-1, Floating
Rate Note, 4/19/34 595,486
243,316 1.56 HarborView Mortgage Loan Trust 2004-4, Floating
Rate Note, 6/19/34 231,795
1,411,188 1.53 Homestar Mortgage Acceptance Corp., REMICS,
Floating Rate Note, 9/25/34 1,378,750
5,037,842 1.07 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 3/25/34 4,770,750
684,675 1.13 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 6/25/34 665,408
1,323,548 0.88 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 7/25/34 1,298,214
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 45
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,364,976 1.01 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 7/25/34 $ 1,344,573
3,500,000 2.02 Hudsons Bay Simon JV Trust 2015-HBS, Floating Rate
Note, 8/7/34 (144A) 3,491,866
2,480,000 2.14 Hyatt Hotel Portfolio Trust 2015-HYT, Floating Rate
Note, 11/15/29 (144A) 2,416,151
664,814 1.34 Impac CMB Trust Series 2003-8, Floating Rate
Note, 10/25/33 631,154
1,786,776 1.07 Impac CMB Trust Series 2004-4, Floating Rate
Note, 9/25/34 1,679,568
1,557,326 1.05 Impac CMB Trust Series 2004-4, Floating Rate Note,
9/25/34 1,469,636
469,160 1.28 Impac CMB Trust Series 2004-5, Floating Rate Note,
8/25/34 454,518
444,078 1.23 Impac CMB Trust Series 2004-6, Floating Rate Note,
10/25/34 403,438
1,575,567 1.26 Impac CMB Trust Series 2004-8, Floating Rate Note,
8/25/34 1,499,870
229,784 3.06 Impac CMB Trust Series 2004-8, Floating Rate Note,
8/25/34 220,694
371,528 1.49 Impac Secured Assets CMN Owner Trust, Floating Rate
Note, 11/25/34 365,019
682,179 0.63 Impac Secured Assets Trust 2006-5, Floating Rate
Note, 12/25/36 633,083
97,465 6.45 JP Morgan Chase Commercial Mortgage Securities
Corp., Pass-Through Certificates Series 2002 CIBC4,
Floating Rate Note, 5/12/34 99,364
221,614 4.84 JP Morgan Chase Commercial Mortgage Securities
Trust 2004-LN2, Floating Rate Note, 7/15/41 (144A) 220,991
5,046,268 5.56 JP Morgan Chase Commercial Mortgage Securities
Trust 2006-LDP6, Floating Rate Note, 4/15/43 5,039,915
67,456 0.59 JP Morgan Chase Commercial Mortgage Securities
Trust 2006-LDP9, Floating Rate Note, 5/15/47 66,988
5,573,636 JP Morgan Chase Commercial Mortgage Securities
Trust 2007-CIBC18, 5.44%, 6/12/47 5,671,357
5,600,000 1.69 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-BXH, Floating Rate Note, 4/15/27 (144A) 5,503,083
4,280,000 1.84 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-CBM, Floating Rate Note, 10/15/29 (144A) 4,162,653
3,470,000 2.39 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-CBM, Floating Rate Note, 10/15/29 (144A) 3,364,487
1,418,847 2.19 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL4, Floating Rate Note, 12/16/30 (144A) 1,404,657
2,500,000 2.54 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL5 REMICS, Floating Rate Note,
7/15/31 (144A) 2,443,825
The accompanying notes are an integral part of these financial statements.
46 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,927,098 1.84 JP Morgan Chase Commercial Mortgage Securities Trust
2014-FL6, Floating Rate Note, 11/17/31 (144A) $ 3,929,097
3,750,000 1.36 JP Morgan Chase Commercial Mortgage Securities Trust
2014-INN, Floating Rate Note, 6/15/29 (144A) 3,660,539
3,500,000 2.14 JP Morgan Chase Commercial Mortgage Securities Trust
2014-INN, Floating Rate Note, 6/15/29 (144A) 3,346,194
3,770,000 2.04 JP Morgan Chase Commercial Mortgage Securities Trust
2014-PHH, Floating Rate Note, 8/16/27 (144A) 3,682,665
4,650,000 2.69 JP Morgan Chase Commercial Mortgage Securities Trust
2015-COSMO, Floating Rate Note, 1/15/32 (144A) 4,525,979
3,600,000 2.24 JP Morgan Chase Commercial Mortgage Securities Trust
2015-FL7, Floating Rate Note, 5/15/28 (144A) 3,525,526
4,500,000 3.19 JP Morgan Chase Commercial Mortgage Securities Trust
2015-SGP, Floating Rate Note, 7/15/36 (144A) 4,458,945
5,590,123 0.93 JP Morgan Seasoned Mortgage Trust 2014-1, Floating
Rate Note, 5/25/33 (144A) 5,325,063
992,401 1.12 Lanark Master Issuer Plc, Floating Rate Note,
12/22/54 (144A) 992,588
59,064 LB-UBS Commercial Mortgage Trust 2004-C1,
4.568%, 1/15/31 59,237
6,970,000 5.87 LB-UBS Commercial Mortgage Trust 2006-C4, Floating
Rate Note, 6/15/38 6,954,676
3,496,743 1.88 LCM X LP, Floating Rate Note, 4/15/22 (144A) 3,469,108
585,104 1.39 Lehman Brothers Small Balance Commercial Mortgage
Trust 2007-3 Class 1A4, Floating Rate Note,
10/25/37 (144A) 582,893
882,526 1.49 Lehman Brothers Small Balance Commercial Mortgage
Trust 2007-3, Floating Rate Note, 10/25/37 (144A) 879,387
609,384 0.66 Lehman Brothers Small Balance Commercial, Floating
Rate Note, 4/25/31 (144A) 573,734
1,363,214 0.67 Lehman Brothers Small Balance Commercial, Floating
Rate Note, 4/25/31 (144A) 1,286,789
1,882,748 1.14 Lehman XS Trust Series 2005-2, Floating Rate Note,
8/25/35 1,764,143
5,893,748 2.44 LSTAR Securities Investment 2016-1, Floating Rate
Note, 1/1/21 (144A) 5,713,399
6,748,737 2.44 LSTAR Securities Investment Trust 2014-2, Floating
Rate Note, 11/1/19 (144A) 6,647,506
4,329,460 2.44 LSTAR Securities Investment Trust 2015-1, Floating
Rate Note, 1/2/20 (144A) 4,248,217
4,837,235 2.44 LSTAR Securities Investment Trust 2015-3, Floating
Rate Note, 3/2/20 (144A) 4,726,123
3,570,278 2.44 LSTAR Securities Investment Trust 2015-4, Floating
Rate Note, 4/1/20 (144A) 3,463,170
3,204,909 2.44 LSTAR Securities Investment Trust 2015-5, Floating
Rate Note, 4/1/20 (144A) 3,129,342
3,862,405 2.44 LSTAR Securities Investment Trust 2015-7, Floating
Rate Note, 7/1/17 (144A) 3,799,637
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 47
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
5,812,989 2.44 LSTAR Securities Investment Trust 2015-9, Floating
Rate Note, 10/1/20 (144A) $ 5,698,374
2,690,139 2.44 LSTAR Securities Investment, Ltd. 2015-8, Floating
Rate Note, 8/3/20 (144A) 2,635,878
993,447 0.78 MASTR Alternative Loan Trust 2005-1, Floating Rate
Note, 2/25/35 970,636
105,660 0.84 MASTR Asset Securitization Trust 2003-6, Floating
Rate Note, 7/25/18 105,365
1,218,567 0.88 Mellon Residential Funding Corp., Mortgage
Pass-Through Trust Series 2000-TBC3, Floating Rate
Note, 12/15/30 1,154,191
494,572 2.68 Merrill Lynch Mortgage Investors Trust Series 2005-A9,
Floating Rate Note, 12/25/35 491,523
1,236,767 1.70 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-A, Floating Rate Note, 3/25/28 1,147,066
1,258,446 1.11 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-B, Floating Rate Note, 4/25/28 1,205,196
1,644,846 1.09 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-C REMICS, Floating Rate Note, 6/25/28 1,552,314
1,248,535 1.53 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-C, Floating Rate Note, 6/25/28 1,221,737
1,471,440 1.05 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-E, Floating Rate Note, 10/25/28 1,395,266
677,255 1.07 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-G, Floating Rate Note, 1/25/29 643,101
188,055 2.01 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-G, Floating Rate Note, 1/25/29 185,771
1,399,753 1.07 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-H, Floating Rate Note, 1/25/29 1,367,047
1,560,005 0.89 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-A REMICS, Floating Rate Note, 4/25/29 1,454,025
344,378 1.17 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-B, Floating Rate Note, 5/25/29 338,275
2,000,292 0.99 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-C, Floating Rate Note, 7/25/29 1,839,627
103,278 1.83 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-C, Floating Rate Note, 7/25/29 98,340
663,510 2.29 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-D, Floating Rate Note, 9/25/29 657,451
2,212,137 1.63 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-E, Floating Rate Note, 11/25/29 2,119,478
2,069,138 0.99 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-G, Floating Rate Note, 1/25/30 1,916,048
1,003,870 1.43 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-G, Floating Rate Note, 1/25/30 968,920
1,892,260 0.89 Merrill Lynch Mortgage Investors Trust Series MLCC
2005-A, Floating Rate Note, 3/25/30 1,822,885
The accompanying notes are an integral part of these financial statements.
48 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
6,475,000 5.78 Merrill Lynch Mortgage Trust 2006-C2, Floating Rate
Note, 8/12/43 $ 6,507,117
3,700,000 5.95 ML-CFC Commercial Mortgage Trust 2006-2, Floating
Rate Note, 6/12/46 3,717,905
3,200,000 5.79 Morgan Stanley Capital I Trust 2006-HQ9, Floating
Rate Note, 7/12/44 3,213,057
811,844 5.89 Morgan Stanley Capital I Trust 2006-TOP23, Floating
Rate Note, 8/12/41 813,391
1,306,953 5.51 Morgan Stanley Capital I Trust 2007-TOP25, Floating
Rate Note, 11/12/49 1,325,160
3,860,000 2.19 Morgan Stanley Capital I Trust 2015-XLF1, Floating
Rate Note, 8/14/31 (144A) 3,834,472
2,870,000 2.64 Morgan Stanley Capital I Trust 2015-XLF1, Floating
Rate Note, 8/14/31 (144A) 2,833,291
3,000,000 3.19 Morgan Stanley Capital I Trust 2015-XLF1, Floating
Rate Note, 8/17/26 (144A) 3,000,000
3,095,988 0.70 Morgan Stanley Mortgage Loan Trust 2005-5AR,
Floating Rate Note, 9/25/35 3,045,091
2,337,571 0.71 Morgan Stanley Mortgage Loan Trust 2005-6AR,
Floating Rate Note, 11/25/35 2,237,530
309,524 0.70 Morgan Stanley Mortgage Loan Trust 2005-6AR,
Floating Rate Note, 11/25/35 306,851
3,364,734 1.21 MortgageIT Trust 2004-1, Floating Rate Note,
11/25/34 3,176,954
4,643,937 1.17 MortgageIT Trust 2004-2, Floating Rate Note,
12/25/34 4,428,610
1,283,887 0.95 MortgageIT Trust 2005-2, Floating Rate Note, 5/25/35 1,209,622
4,147,781 0.88 NewStar Commercial Loan Trust 2007-1, Floating Rate
Note, 9/30/22 (144A) 4,131,156
2,750,000 2.52 Newstar Trust, Floating Rate Note, 1/20/23 (144A) 2,734,735
1,522,195 0.59 Nomura Resecuritization Trust 2014-1R, Floating Rate
Note, 10/26/36 (144A) 1,466,989
556,508 2.28 NorthStar 2013-1, Floating Rate Note,
8/27/29 (144A) 557,030
4,405,190 0.82 Opteum Mortgage Acceptance Corp., Trust 2005-4,
Floating Rate Note, 11/25/35 3,983,964
3,829,634 0.74 Opteum Mortgage Acceptance Corp., Trust 2005-4,
Floating Rate Note, 11/25/35 3,555,333
848,371 ORES 2014-LV3 LLC, 3.0%, 3/27/24 (144A) 842,873
789,339 ORES NPL 2013-LV2 LLC, 3.081%, 9/25/25 (144A) 785,392
3,500,000 0.77 Pepper Residential Securities Trust No. 14, Floating
Rate Note, 6/12/16 3,494,344
3,700,000 0.00 Pepper Residential Securities Trust No. 16, Floating
Rate Note, 3/13/17 (144A) 3,700,767
3,750,000 1.89 PFP 2015-2, Ltd., Floating Rate Note, 7/14/34 (144A) 3,708,173
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 49
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
5,200,000 2.59 RAIT 2014-FL2 Trust, Floating Rate Note,
5/15/31 (144A) $ 5,116,371
2,800,149 1.69 RAIT 2014-FL3 Trust, Floating Rate Note,
12/15/31 (144A) 2,756,717
40,664 0.99 RALI Series 2002-QS16 Trust, Floating Rate Note,
10/25/17 39,812
1,689,287 0.94 RALI Series 2003-QS11 Trust, Floating Rate Note,
6/25/33 1,553,532
426,783 0.89 RALI Series 2003-QS5 Trust, Floating Rate Note,
3/25/18 417,993
602,692 0.89 RALI Series 2003-QS9 Trust, Floating Rate Note,
5/25/18 591,777
386,808 RALI Series 2004-QS5 Trust, 4.75%, 4/25/34 390,718
297,014 1.04 RALI Series 2004-QS5 Trust, Floating Rate Note,
4/25/34 292,705
2,567,374 0.73 RALI Series 2005-QA1 Trust, Floating Rate Note,
1/25/35 2,427,247
39,805 0.88 Regatta Funding, Ltd., Floating Rate Note,
6/15/20 (144A) 39,711
2,200,000 1.93 Regatta Funding, Ltd., Floating Rate Note,
6/15/20 (144A) 2,154,474
4,698,214 1.89 RESI Finance LP 2003-CB1, Floating Rate Note,
7/9/35 4,195,162
1,900,689 1.33 RESI MAC, 2014-1A, Floating Rate Note, 6/12/19 1,887,295
471,087 0.89 Residential Asset Securitization Trust 2003-A15,
Floating Rate Note, 2/25/34 420,753
303,161 0.84 Residential Asset Securitization Trust 2003-A2,
Floating Rate Note, 5/25/33 274,818
3,540,209 1.49 Resource Capital Corp., 2014-CRE2, Ltd., Floating
Rate Note, 4/15/32 (144A) 3,473,996
2,000,000 1.84 Resource Capital Corp., 2015-CRE4, Ltd., Floating Rate
Note, 8/17/32 (144A) 1,963,566
117,257 2.59 Resource Capital Corp., CRE Notes 2013, Ltd., Floating
Rate Note, 6/15/16 (144A) 117,292
281,751 RREF 2014-LT6 LLC, 2.75%, 9/15/24 (144A) 281,072
2,040,416 RREF 2015-LT7 LLC, 3.0%, 12/25/32 (144A) 2,040,416
1,555,340 Selene Non-Performing Loans LLC, 2.9814%, 5/25/54
(Step) (144A) 1,541,264
143,981 1.19 Sequoia Mortgage Trust 10, Floating Rate Note,
10/20/27 134,296
439,109 1.20 Sequoia Mortgage Trust 2003-2, Floating Rate Note,
6/20/33 424,988
2,753,000 1.05 Sequoia Mortgage Trust 2003-5, Floating Rate Note,
9/20/33 2,660,473
212,083 1.07 Sequoia Mortgage Trust 2003-8, Floating Rate Note,
1/20/34 200,489
The accompanying notes are an integral part of these financial statements.
50 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
428,444 1.07 Sequoia Mortgage Trust 2004-10, Floating Rate Note,
11/20/34 $ 392,315
282,646 1.83 Sequoia Mortgage Trust 2004-7, Floating Rate Note,
8/20/34 282,850
2,546,218 0.89 Sequoia Mortgage Trust 2005-1, Floating Rate Note,
2/20/35 2,384,753
844,537 1.35 Sequoia Mortgage Trust 2005-1, Floating Rate Note,
2/20/35 793,572
945,262 1.15 Sequoia Mortgage Trust 4, Floating Rate Note,
11/22/24 932,701
773,999 1.78 Springleaf Mortgage Loan Trust 2013-2, Floating Rate
Note, 12/28/65 (144A) 774,209
360,124 3.19 Structured Adjustable Rate Mortgage Loan Trust Class
1A1, Floating Rate Note, 3/25/34 354,655
2,866,648 1.19 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 11/25/34 2,540,066
458,744 2.70 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 3/25/34 456,953
2,153,686 0.80 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 7/25/34 2,058,371
680,443 1.13 Structured Asset Mortgage Investments II Trust
2004-AR1, Floating Rate Note, 3/19/34 654,213
3,601,526 1.11 Structured Asset Mortgage Investments II Trust
2004-AR8, Floating Rate Note, 5/19/35 3,449,851
1,510,203 1.33 Structured Asset Mortgage Investments Trust
2002-AR5, Floating Rate Note, 5/19/33 1,475,502
930,127 1.37 Structured Asset Securities Corp., Mortgage
Pass-Through Certificates Series 1998-8, Floating
Rate Note, 8/25/28 918,433
744,864 2.55 Structured Asset Securities Corp., Mortgage
Pass-Through Certificates Series 2003-24A, Floating
Rate Note, 7/25/33 725,906
101,560 0.93 Structured Asset Securities Corp., Mortgage
Pass-Through Certificates Series 2003-35, Floating
Rate Note, 12/25/33 100,772
332,594 0.74 Structured Asset Securities Corp., Trust 2005-14,
Floating Rate Note, 7/25/35 276,991
4,500,000 2.37 Symphony CLO VIII LP, Floating Rate Note,
1/9/23 (144A) 4,402,833
3,050,000 1.89 Symphony CLO X, Ltd., Floating Rate Note,
7/23/23 (144A) 3,042,465
555,598 2.13 Thornburg Mortgage Securities Trust 2004-4,
Floating Rate Note, 12/25/44 543,628
1,641,742 2.43 Velocity Commercial Capital Loan Trust 2014-1,
Floating Rate Note, 9/25/44 (144A) 1,631,071
500,000 1.94 Venture XII CLO, Ltd., Floating Rate Note,
2/28/24 (144A) 498,945
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 51
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
121,642 VFC 2014-2 LLC, 2.75%, 7/20/30 (144A) $ 121,465
115,552 VFC 2015-3 LLC, 2.75%, 12/20/31 (144A) 115,500
1,248,921 VOLT NPL X LLC, 3.375%, 10/26/54 (Step) (144A) 1,235,657
1,883,278 VOLT XXX LLC, 3.625%, 10/25/57 (Step) (144A) 1,855,143
3,000,000 1.94 Voya CLO 2012-3, Ltd., Floating Rate Note,
10/15/22 (144A) 2,991,394
6,200,000 5.76 Wachovia Bank Commercial Mortgage Trust Series
2006-C25, Floating Rate Note, 5/15/43 6,168,811
4,500,000 5.60 Wachovia Bank Commercial Mortgage Trust Series
2006-C28 REMICS, Floating Rate Note, 10/15/48 4,557,141
696,153 WaMu Mortgage Pass-Through Certificates Series
2003-S10, 5.0%, 10/25/18 701,455
2,500,000 2.29 Wells Fargo Commercial Mortgage Trust 2014-TISH
REMICS, Floating Rate Note, 2/16/27 (144A) 2,420,533
1,500,000 3.94 Wells Fargo Commercial Mortgage Trust 2014-TISH,
Floating Rate Note, 1/15/27 (144A) 1,443,464
2,759,719 3.18 Wells Fargo Credit Risk Transfer Securities Trust 2015,
Floating Rate Note, 11/25/25 (144A) 2,759,719
4,616,512 2.74 Wells Fargo Mortgage Backed Securities 2005-AR13
Trust, Floating Rate Note, 5/25/35 4,608,727
880,116 0.84 Westwood CDO II, Ltd., Floating Rate Note,
4/25/22 (144A) 859,518
---------------
$ 611,495,007
---------------
Total Banks $ 611,495,007
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.3%
Other Diversified Financial Services -- 1.2%
5,444,129 5.70 Credit Suisse Commercial Mortgage Trust Series
2007-C3, Floating Rate Note, 6/15/39 $ 5,566,988
1,329,682 5.95 Credit Suisse Commercial Mortgage Trust Series
2007-C4 REMICS, Floating Rate Note, 9/15/39 1,377,696
5,000,000 6.14 Credit Suisse Commercial Mortgage Trust Series
2007-C4, Floating Rate Note, 9/15/39 4,996,227
1,943,719 0.68 Crusade Global Trust No. 1 of 2007, Floating Rate
Note, 4/19/38 1,921,374
1,876,609 0.68 Crusade Global Trust No. 2 of 2006, Floating Rate
Note, 11/15/37 1,872,214
5,168,272 1.94 Hilton USA Trust 2013-HLF, Floating Rate Note,
11/5/30 (144A) 5,141,826
1,196,863 2.34 Hilton USA Trust 2013-HLF, Floating Rate Note,
11/5/30 (144A) 1,190,739
3,520,914 Morgan Stanley Capital I Trust 2006-HQ10, 5.328%,
11/12/41 3,536,935
4,040,478 5.64 Morgan Stanley Capital I Trust 2007-TOP27 REMICS,
Floating Rate Note, 6/11/42 4,202,084
The accompanying notes are an integral part of these financial statements.
52 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
2,000,000 0.77 Pepper Residential Securities Trust, Floating Rate
Note, 4/10/16 (144A) $ 1,999,943
270,373 Rialto Capital Management LLC, 2.85%, 5/15/24
(144A) 269,819
---------------
$ 32,075,845
--------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.1%
2,955,348 Bear Stearns Commercial Mortgage Securities Trust
2007-PWR15 REMICS, 5.331%, 2/11/44 $ 3,015,964
---------------
Total Diversified Financials $ 35,091,809
--------------------------------------------------------------------------------------------------------
GOVERNMENT -- 6.7%
2,245,724 1.38 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 5/25/24 $ 2,216,428
3,058,977 1.63 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 7/25/24 3,049,392
2,763,360 2.03 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 4/25/28 2,762,491
2,487,965 2.38 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 8/25/28 2,486,021
2,200,000 2.59 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 9/25/28 2,202,428
1,789,257 0.79 Fannie Mae Trust 2003-W6, Floating Rate Note,
9/25/42 1,779,987
185,679 2.45 Fannie Mae Trust 2005-W4, Floating Rate Note,
6/25/45 195,694
1,581,392 0.70 Fannie Mae Whole Loan, Floating Rate Note,
11/25/46 1,584,221
2,287,932 Fannie Mae, 3.0%, 11/25/18 2,326,251
371,513 Fannie Mae, 3.0%, 8/25/25 377,493
734,037 Fannie Mae, 3.5%, 10/25/23 741,874
970,056 Fannie Mae, 4.5%, 9/25/35 988,513
319,447 Fannie Mae, 5.0%, 6/25/34 321,970
52,973 Federal Home Loan Mortgage Corp., REMICS, 3.5%,
6/15/28 52,966
891,024 0.83 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 1/15/33 898,697
243,967 0.73 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 1/15/36 244,215
2,628,690 0.73 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 1/15/37 2,638,399
66,622 0.58 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 10/15/20 66,482
61,307 1.38 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 10/15/31 62,375
897,058 1.01 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 10/15/37 907,456
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 53
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Government -- (continued)
414,851 1.05 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 10/15/37 $ 420,278
90,778 1.03 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 11/15/31 92,131
227,867 1.43 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 11/15/33 233,070
144,883 0.78 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 11/15/35 145,420
681,904 0.78 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 11/15/36 685,212
356,731 0.78 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 11/15/36 358,538
367,457 0.83 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 11/15/40 367,473
106,258 0.84 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 12/15/20 106,833
379,690 0.88 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 12/15/28 383,806
122,593 0.78 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 12/15/32 123,677
22,733 0.93 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 12/15/32 22,913
415,444 0.83 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 12/15/32 417,057
498,000 0.83 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 12/15/32 500,527
748,964 1.13 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 12/15/39 759,138
504,618 0.78 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 12/15/41 505,128
136,830 0.66 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 2/15/19 136,068
242,806 0.73 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 2/15/25 243,231
206,074 0.78 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 2/15/29 207,505
656,535 0.73 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 2/15/30 656,676
499,500 0.83 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 2/15/33 504,119
293,599 0.98 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 2/15/33 297,003
689,371 0.73 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 2/15/36 690,928
270,650 0.78 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 2/15/36 271,617
The accompanying notes are an integral part of these financial statements.
54 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
<c>
Government -- (continued)
458,276 0.73 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 2/15/39 $ 459,656
1,103,261 1.48 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 3/15/24 1,129,066
521,188 1.43 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 3/15/32 533,342
165,888 1.13 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 3/15/32 167,960
762,583 1.43 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 3/15/32 784,492
777,498 0.73 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 3/15/36 776,653
144,099 0.88 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 3/15/39 144,725
1,871,119 0.83 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 3/15/41 1,878,593
470,701 0.73 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 4/15/36 470,150
94,441 0.78 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 5/15/29 95,025
313,933 1.94 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 5/15/33 324,794
723,112 0.77 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 5/15/35 724,939
322,618 0.73 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 5/15/35 323,378
371,757 0.83 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 5/15/36 371,172
200,874 0.77 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 5/15/37 200,472
135,947 1.68 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 5/15/37 138,787
77,794 0.78 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 5/15/41 77,985
51,530 0.88 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 6/15/23 51,707
393,951 0.83 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 6/15/33 397,146
390,698 0.85 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 6/15/36 393,892
1,614,693 0.74 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 6/15/36 1,619,115
286,321 0.83 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 6/15/38 286,967
99,267 0.68 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 7/15/21 99,450
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 55
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Government -- (continued)
435,166 0.83 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 7/15/23 $ 437,120
461,067 0.67 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 7/15/34 460,236
858,096 0.93 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 7/15/36 863,642
31,585 0.83 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 7/15/36 31,767
500,526 0.63 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 7/15/36 500,671
390,536 0.78 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 7/15/40 391,391
345,103 0.63 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 8/15/26 345,236
614,796 0.68 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 8/15/35 614,587
322,417 0.68 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 8/15/35 322,499
601,943 0.68 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 8/15/36 602,872
643,314 0.73 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 9/15/26 644,957
137,583 1.03 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 9/15/32 139,533
297,434 0.85 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 9/15/36 299,053
209,792 0.83 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 9/15/36 211,108
3,830,140 Federal Home Loan Mortgage Corp., 3.0%, 12/15/24 3,896,070
531,639 0.68 Federal Home Loan Mortgage Corp., Floating Rate
Note, 1/15/35 534,543
285,256 0.78 Federal Home Loan Mortgage Corp., Floating Rate
Note, 2/15/18 285,928
440,344 1.43 Federal Home Loan Mortgage Corp., Floating Rate
Note, 3/15/32 450,612
457,961 1.03 Federal Home Loan Mortgage Corp., Floating Rate
Note, 4/15/28 465,455
262,998 1.03 Federal Home Loan Mortgage Corp., Floating Rate
Note, 6/15/31 266,876
3,469,484 1.13 Federal Home Loan Mortgage Corp., Floating Rate
Note, 8/15/35 3,499,590
184,463 1.08 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/18/32 187,357
297,256 1.14 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/25/32 302,582
119,077 1.09 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/25/33 121,185
The accompanying notes are an integral part of these financial statements.
56 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Government -- (continued)
328,044 0.94 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/25/33 $ 329,910
283,221 0.99 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/25/40 287,532
473,934 0.74 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/35 474,765
10,865 0.74 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/35 10,881
2,041,149 0.84 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/36 2,050,679
97,416 0.99 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/37 97,924
544,197 1.04 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/37 550,102
471,454 1.66 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/38 480,863
1,568,924 0.63 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/27/37 1,561,952
1,485,688 1.43 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/18/32 1,519,618
356,268 1.04 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/31 361,779
313,516 1.04 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/31 318,366
574,732 0.94 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/33 577,824
452,964 0.74 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/34 455,315
264,722 0.76 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/36 265,338
83,480 1.04 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/23 84,647
251,957 1.44 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/23 255,775
75,534 0.98 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/30 76,728
708,372 1.34 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/31 720,229
295,218 1.04 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/32 297,793
184,247 0.68 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/36 184,672
479,465 1.06 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/37 482,102
164,937 0.84 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/38 165,237
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 57
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Government -- (continued)
267,774 1.19 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/33 $ 272,821
618,747 0.79 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/33 623,574
671,694 0.75 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/35 672,561
550,507 0.69 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/37 551,385
389,169 0.64 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/37 389,152
193,017 1.14 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/38 195,289
242,063 0.89 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/38 242,859
78,517 0.94 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/23 78,660
431,980 0.94 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/24 436,882
230,903 1.00 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/28 232,016
1,079,925 0.84 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/34 1,089,670
93,823 0.74 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/36 94,361
165,829 1.44 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 170,119
683,509 0.69 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 685,818
346,199 0.69 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 344,124
1,534,856 0.66 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/45 1,492,696
216,481 0.74 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/25 216,260
1,613,984 1.34 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/32 1,641,361
830,810 0.94 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/33 840,231
380,125 0.94 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/42 383,997
296,746 0.94 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/33 298,444
398,250 0.79 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/36 399,337
1,005,302 0.75 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/36 1,007,508
The accompanying notes are an integral part of these financial statements.
58 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Government -- (continued)
645,786 0.84 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/37 $ 649,258
183,287 1.04 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/40 185,503
872,046 0.94 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/40 873,476
758,379 0.99 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/40 763,158
203,088 0.84 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/23 203,948
610,913 0.89 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/36 610,521
689,248 0.68 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 688,102
60,759 0.67 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 60,775
248,992 0.69 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 249,462
72,713 0.89 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 72,659
47,396 0.93 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/18/27 47,984
344,802 1.04 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/31 350,136
243,978 1.04 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/31 247,961
151,860 1.44 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/32 154,511
378,588 0.84 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/34 382,266
123,963 0.89 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/34 124,438
1,593,665 0.74 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/35 1,589,090
1,790,212 0.69 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/35 1,789,871
215,895 0.73 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/36 216,835
222,640 0.84 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/37 222,784
174,559 0.94 Federal National Mortgage Association REMICS,
Floating Rate Note, 8/25/31 176,766
67,686 1.04 Federal National Mortgage Association REMICS,
Floating Rate Note, 8/25/32 68,675
225,410 0.94 Federal National Mortgage Association REMICS,
Floating Rate Note, 8/25/32 228,120
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 59
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Government -- (continued)
9,435 0.84 Federal National Mortgage Association REMICS,
Floating Rate Note, 8/25/33 $ 9,474
208,089 0.99 Federal National Mortgage Association REMICS,
Floating Rate Note, 8/25/36 208,162
8,703 1.24 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/20 8,740
60,622 1.34 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/21 61,651
287,188 0.94 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/32 290,524
1,564,903 0.94 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/33 1,571,268
471,327 1.01 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/36 473,440
595,181 0.94 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 597,681
294,452 1.01 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 297,560
166,884 0.99 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 168,811
251,957 2.06 Federal National Mortgage Association, Floating Rate
Note, 12/25/23 260,306
5,623,256 0.74 Federal National Mortgage Association, Floating Rate
Note, 12/25/33 5,640,698
11,841,829 0.89 Federal National Mortgage Association, Floating Rate
Note, 2/25/38 11,958,876
951,797 0.74 Federal National Mortgage Association, Floating Rate
Note, 3/25/18 951,467
110,504 2.80 Federal National Mortgage Association, Floating Rate
Note, 4/25/45 118,946
435,753 0.78 Freddie Mac Strips, Floating Rate Note, 12/15/36 434,361
332,936 0.68 Freddie Mac Strips, Floating Rate Note, 8/15/36 330,744
1,439,292 0.74 Freddie Mac Strips, Floating Rate Note, 8/15/36 1,437,262
1,495,332 1.44 Freddie Mac Structured Agency Credit Risk Debt Notes,
Floating Rate Note, 2/25/24 1,494,393
1,747,756 2.84 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 10/25/24 1,763,526
2,155,915 1.79 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 4/25/28 2,159,411
2,564,047 1.89 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 7/25/28 2,562,081
741,948 2.84 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 8/25/24 748,380
2,250,000 2.19 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 9/25/28 2,255,016
2,823,396 Fannie Mae, 4.5%, 9/25/18 2,912,222
The accompanying notes are an integral part of these financial statements.
60 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Government -- (continued)
950,932 Freddie Mac, 2.0%, 8/15/20 $ 967,106
347,336 Freddie Mac, 3.0%, 7/15/36 350,141
1,384,813 Freddie Mac, 4.0%, 12/15/23 1,394,647
3,089,550 Freddie Mac, 5.0%, 10/15/26 3,125,132
1,314,952 Freddie Mac, 3.0%, 4/15/24 1,332,453
941,900 Freddie Mac, 2.0%, 11/15/20 955,408
3,119,351 2.76 FREMF Mortgage Trust 2014-KF04 REMICS, Floating
Rate Note, 6/25/21 (144A) 3,019,534
4,930,622 4.44 FREMF Mortgage Trust 2014-KF05 REMICS, Floating
Rate Note, 9/25/21 (144A) 4,933,598
5,450,588 5.44 FREMF Mortgage Trust 2014-KS02 REMICS, Floating
Rate Note, 8/25/23 (144A) 5,443,774
2,500,000 3.36 FREMF Mortgage Trust Class C, Floating Rate Note,
11/25/46 (144A) 2,506,315
99,732 Government National Mortgage Association, 4.0%,
7/20/34 99,793
3,926,532 Government National Mortgage Association, 4.5%,
7/20/21 3,974,318
983,605 0.93 Government National Mortgage Association, Floating
Rate Note, 4/16/30 990,061
625,989 0.63 Government National Mortgage Association, Floating
Rate Note, 1/16/33 627,344
962,949 0.68 Government National Mortgage Association, Floating
Rate Note, 1/16/35 964,384
261,538 1.11 Government National Mortgage Association, Floating
Rate Note, 10/16/39 264,776
520,853 0.83 Government National Mortgage Association, Floating
Rate Note, 10/20/38 522,367
907,351 0.68 Government National Mortgage Association, Floating
Rate Note, 2/20/35 909,125
195,678 0.98 Government National Mortgage Association, Floating
Rate Note, 4/16/32 197,947
351,563 0.83 Government National Mortgage Association, Floating
Rate Note, 5/16/38 351,831
193,075 0.93 Government National Mortgage Association, Floating
Rate Note, 6/16/31 193,888
364,563 1.43 Government National Mortgage Association, Floating
Rate Note, 8/16/39 371,641
331,544 0.93 Government National Mortgage Association, Floating
Rate Note, 8/20/38 333,514
764,138 1.00 NCUA Guaranteed Notes Trust REMICS, Floating Rate
Note, 12/8/20 765,231
904,412 1.02 NCUA Guaranteed Notes Trust REMICS, Floating Rate
Note, 3/9/21 900,463
777,734 0.88 NCUA Guaranteed Notes Trust, Floating Rate Note,
10/7/20 777,259
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 61
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Government -- (continued)
2,171,069 0.80 NCUA Guaranteed Notes Trust, Floating Rate Note,
11/6/17 $ 2,168,832
244,863 0.99 NCUA Guaranteed Notes Trust, Floating Rate Note,
12/8/20 245,218
807,078 0.84 NCUA Guaranteed Notes Trust, Floating Rate Note,
3/11/20 808,060
390,403 0.80 NCUA Guaranteed Notes Trust, Floating Rate Note,
4/6/20 390,453
---------------
$ 173,881,105
---------------
Total Government $ 173,881,105
--------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $833,514,784) $ 823,893,996
--------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 29.4%
ENERGY -- 1.4%
Integrated Oil & Gas -- 0.9%
1,385,000 1.13 Chevron Corp., Floating Rate Note, 11/16/18 $ 1,377,330
2,640,000 0.72 Chevron Corp., Floating Rate Note, 11/9/16 2,638,522
2,550,000 0.59 Chevron Corp., Floating Rate Note, 3/2/18 2,530,459
2,700,000 1.23 Exxon Mobil Corp., Floating Rate Note, 2/28/18 2,708,173
1,980,000 0.67 Exxon Mobil Corp., Floating Rate Note, 3/15/17 1,973,565
2,780,000 1.20 Shell International Finance BV, Floating Rate Note,
11/10/18 2,757,538
3,020,000 0.83 Shell International Finance BV, Floating Rate Note,
11/15/16 3,019,595
1,390,000 0.66 Shell International Finance BV, Floating Rate Note,
5/10/17 1,387,403
3,280,000 0.82 Statoil ASA, Floating Rate Note, 11/9/17 3,239,663
2,555,000 0.91 Statoil ASA, Floating Rate Note, 5/15/18 2,522,654
---------------
$ 24,154,902
--------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.5%
3,320,000 Boardwalk Pipelines LP, 5.5%, 2/1/17 $ 3,319,851
3,000,000 1.26 Enbridge, Inc., Floating Rate Note, 10/1/16 2,970,708
1,850,000 ONEOK Partners LP, 6.15%, 10/1/16 1,898,662
3,544,000 1.28 TransCanada PipeLines, Ltd., Floating Rate Note,
6/30/16 3,540,842
---------------
$ 11,730,063
---------------
Total Energy $ 35,884,965
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
62 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
MATERIALS -- 0.3%
Fertilizers & Agricultural Chemicals -- 0.1%
2,145,000 Monsanto Co., 2.75%, 4/15/16 $ 2,146,145
--------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
1,795,000 0.85 BHP Billiton Finance USA, Ltd., Floating Rate Note,
9/30/16 $ 1,789,491
1,130,000 1.37 Rio Tinto Finance USA Plc, Floating Rate Note,
6/17/16 1,129,904
---------------
$ 2,919,395
--------------------------------------------------------------------------------------------------------
Steel -- 0.1%
2,500,000 1.68 Glencore Funding LLC, Floating Rate Note,
4/16/18 (144A) $ 2,250,000
1,800,000 1.80 Glencore Funding LLC, Floating Rate Note,
5/27/16 (144A) 1,792,818
---------------
$ 4,042,818
---------------
Total Materials $ 9,108,358
--------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.3%
Construction & Farm Machinery &
Heavy Trucks -- 0.2%
2,500,000 0.77 Caterpillar Financial Services Corp., Floating Rate
Note, 3/3/17 $ 2,499,500
1,500,000 0.61 John Deere Capital Corp., Floating Rate Note,
10/11/16 1,501,676
---------------
$ 4,001,176
--------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
2,650,000 Xylem, Inc. New York, 3.55%, 9/20/16 $ 2,652,361
---------------
Total Capital Goods $ 6,653,537
--------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Railroads -- 0.1%
1,670,000 0.79 Canadian National Railway Co., Floating Rate Note,
11/14/17 $ 1,665,825
---------------
Total Transportation $ 1,665,825
--------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 2.0%
Automobile Manufacturers -- 2.0%
1,500,000 0.84 Daimler Finance North America LLC, Floating Rate
Note, 3/10/17 (144A) $ 1,493,386
1,275,000 1.05 Daimler Finance North America LLC, Floating Rate
Note, 3/2/18 (144A) 1,261,176
2,370,000 1.07 Daimler Finance North America LLC, Floating Rate
Note, 5/18/18 (144A) 2,341,783
2,845,000 1.30 Daimler Finance North America LLC, Floating Rate
Note, 8/1/16 (144A) 2,847,077
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 63
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- (continued)
2,061,000 0.96 Daimler Finance North America LLC, Floating Rate
Note, 8/1/17 (144A) $ 2,048,772
3,215,000 1.33 Daimler Finance North America LLC, Floating Rate
Note, 8/3/17 (144A) 3,214,193
1,375,000 Ford Motor Credit Co., LLC, 1.7%, 5/9/16 1,375,923
2,600,000 1.56 Ford Motor Credit Co., LLC, Floating Rate Note,
1/9/18 2,569,806
1,715,000 1.07 Ford Motor Credit Co., LLC, Floating Rate Note,
11/8/16 1,709,342
3,500,000 1.23 Ford Motor Credit Co., LLC, Floating Rate Note,
3/27/17 3,483,406
2,600,000 1.15 Ford Motor Credit Co., LLC, Floating Rate Note,
9/8/17 2,567,201
2,350,000 0.97 Nissan Motor Acceptance Corp., Floating Rate
Note, 3/3/17 (144A) 2,350,886
4,000,000 1.33 Nissan Motor Acceptance Corp., Floating Rate
Note, 9/26/16 (144A) 4,004,132
2,600,000 Toyota Motor Credit Corp., 2.0%, 9/15/16 2,615,696
2,700,000 1.44 Toyota Motor Credit Corp., Floating Rate Note,
2/19/19 2,712,080
2,589,000 0.56 Toyota Motor Credit Corp., Floating Rate Note,
5/16/17 2,590,015
3,800,000 0.65 Toyota Motor Credit Corp., Floating Rate Note,
5/17/16 3,801,782
2,250,000 1.08 Toyota Motor Credit Corp., Floating Rate Note,
7/13/18 2,249,163
650,000 0.62 Toyota Motor Credit Corp., Floating Rate Note,
9/23/16 649,231
2,500,000 1.06 Volkswagen Group of America Finance LLC, Floating
Rate Note, 11/20/17 (144A) 2,452,890
1,900,000 0.60 Volkswagen Group of America Finance LLC, Floating
Rate Note, 5/23/16 (144A) 1,895,598
1,750,000 0.80 Volkswagen International Finance NV, Floating
Rate Note, 11/18/16 (144A) 1,741,486
---------------
$ 51,975,024
---------------
Total Automobiles & Components $ 51,975,024
--------------------------------------------------------------------------------------------------------
MEDIA -- 0.4%
Broadcasting -- 0.3%
5,669,000 1.16 NBC Universal Enterprise, Inc., Floating Rate
Note, 4/15/16 (144A) $ 5,669,986
1,300,000 1.01 NBC Universal Enterprise, Inc., Floating Rate
Note, 4/15/18 (144A) 1,298,103
---------------
$ 6,968,089
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
64 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
2,835,000 The Walt Disney Co., 1.35%, 8/16/16 $ 2,843,857
---------------
Total Media $ 9,811,946
--------------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Home Improvement Retail -- 0.1%
2,600,000 1.00 The Home Depot, Inc., Floating Rate Note, 9/15/17 $ 2,609,100
--------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.0%+
1,230,000 0.90 Volkswagen Group of America Finance LLC, Floating
Rate Note, 11/22/16 (144A) $ 1,219,450
---------------
Total Retailing $ 3,828,550
--------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.0%+
Hypermarkets & Super Centers -- 0.0%+
955,000 Wal-Mart Stores, Inc., 0.6%, 4/11/16 $ 955,019
---------------
Total Food & Staples Retailing $ 955,019
--------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Brewers -- 0.1%
1,900,000 0.81 Anheuser-Busch InBev Finance, Inc., Floating
Rate Note, 1/27/17 $ 1,897,268
--------------------------------------------------------------------------------------------------------
Tobacco -- 0.1%
2,750,000 Reynolds American, Inc., 3.5%, 8/4/16 $ 2,767,168
---------------
Total Food, Beverage & Tobacco $ 4,664,436
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.6%
Health Care Equipment -- 0.3%
4,020,000 0.96 Becton Dickinson and Co., Floating Rate
Note, 6/15/16 $ 4,020,273
2,680,000 1.43 Medtronic, Inc., Floating Rate Note, 3/15/20 2,673,110
---------------
$ 6,693,383
--------------------------------------------------------------------------------------------------------
Health Care Distributors -- 0.2%
5,375,000 McKesson Corp., 1.292%, 3/10/17 $ 5,384,772
--------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.1%
800,000 UnitedHealth Group, Inc., 1.875%, 11/15/16 $ 805,589
2,600,000 0.77 UnitedHealth Group, Inc., Floating Rate
Note, 1/17/17 2,602,220
---------------
$ 3,407,809
---------------
Total Health Care Equipment & Services $ 15,485,964
--------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 1.0%
Biotechnology -- 0.2%
2,725,000 0.76 Amgen, Inc., Floating Rate Note, 5/22/17 $ 2,718,743
2,500,000 1.37 Baxalta, Inc., Floating Rate Note, 6/22/18 (144A) 2,449,825
---------------
$ 5,168,568
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 65
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.7%
1,400,000 0.61 Bayer US Finance LLC, Floating Rate Note,
10/6/17 (144A) $ 1,397,694
5,300,000 0.57 Bayer US Finance LLC, Floating Rate Note,
10/7/16 (144A) 5,300,710
3,000,000 0.99 EMD Finance LLC, Floating Rate Note,
3/17/17 (144A) 2,989,437
3,650,000 Merck & Co, Inc., 0.7%, 5/18/16 3,650,708
2,500,000 0.47 Merck & Co., Inc., Floating Rate Note, 2/10/17 2,501,818
500,000 0.55 Merck & Co., Inc., Floating Rate Note, 5/18/16 500,162
2,100,000 0.51 Pfizer, Inc., Floating Rate Note, 5/15/17 2,093,606
---------------
$ 18,434,135
--------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.1%
2,600,000 Thermo Fisher Scientific, Inc., 1.3%, 2/1/17 $ 2,598,294
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 26,200,997
--------------------------------------------------------------------------------------------------------
BANKS -- 8.9%
Diversified Banks -- 5.6%
1,725,000 1.42 ABN AMRO Bank NV, Floating Rate Note,
10/28/16 (144A) $ 1,727,960
1,325,000 Bank of America Corp., 3.75%, 7/12/16 1,334,662
1,600,000 Bank of America Corp., 3.875%, 3/22/17 1,637,024
1,350,000 1.36 Bank of America Corp., Floating Rate Note, 1/15/19 1,343,346
1,423,000 1.00 Bank of America Corp., Floating Rate Note, 8/25/17 1,417,467
5,135,000 1.09 Bank of America NA, Floating Rate Note, 6/5/17 5,128,083
2,300,000 0.87 Bank of Montreal, Floating Rate Note, 7/14/17 2,293,884
2,665,000 0.93 Bank of Montreal, Floating Rate Note, 7/31/18 2,656,869
821,000 0.94 Barclays Bank Plc, Floating Rate Note, 2/17/17 820,302
2,590,000 1.28 Caisse Centrale Desjardins, Floating Rate
Note, 1/29/18 (144A) 2,581,976
2,670,000 Citigroup, Inc., 1.35%, 3/10/17 2,671,097
3,200,000 1.04 Citigroup, Inc., Floating Rate Note, 11/15/16 3,204,515
2,630,000 1.08 Citigroup, Inc., Floating Rate Note, 11/24/17 2,617,592
1,325,000 1.40 Citigroup, Inc., Floating Rate Note, 4/1/16 1,325,000
2,700,000 1.01 Citigroup, Inc., Floating Rate Note, 4/27/18 2,681,537
1,330,000 2.32 Citigroup, Inc., Floating Rate Note, 5/15/18 1,348,971
2,500,000 0.91 Citigroup, Inc., Floating Rate Note, 6/9/16 2,498,560
3,700,000 1.58 Citigroup, Inc., Floating Rate Note, 7/25/16 3,706,105
2,000,000 0.99 Commonwealth Bank of Australia, Floating Rate
Note, 3/13/17 (144A) 1,998,684
2,740,000 0.65 Cooperatieve Rabobank UA New York, Floating Rate
Note, 4/28/17 2,739,926
The accompanying notes are an integral part of these financial statements.
66 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
2,675,000 1.75 ING Bank NV, Floating Rate Note, 3/22/19 (144A) $ 2,674,968
2,690,000 1.14 ING Bank NV, Floating Rate Note, 8/17/18 (144A) 2,681,556
1,435,000 JPMorgan Chase & Co., 3.15%, 7/5/16 1,444,029
2,800,000 1.22 JPMorgan Chase & Co., Floating Rate Note,
1/25/18 2,808,658
2,000,000 1.14 JPMorgan Chase & Co., Floating Rate Note,
2/15/17 2,001,498
3,800,000 1.15 JPMorgan Chase & Co., Floating Rate Note, 3/1/18 3,764,907
1,350,000 0.83 JPMorgan Chase Bank NA, Floating Rate
Note, 6/13/16 1,350,112
3,500,000 1.16 Lloyds Bank Plc, Floating Rate Note, 5/14/18 3,475,906
2,600,000 1.14 Lloyds Bank Plc, Floating Rate Note, 8/17/18 2,591,924
2,500,000 1.25 Macquarie Bank, Ltd., Floating Rate Note,
10/27/17 (144A) 2,489,900
2,800,000 1.81 Mizuho Bank, Ltd., Floating Rate Note,
10/20/18 (144A) 2,808,134
1,670,000 1.24 Mizuho Bank, Ltd., Floating Rate Note,
3/26/18 (144A) 1,661,747
2,000,000 1.05 Mizuho Bank, Ltd., Floating Rate Note,
4/16/17 (144A) 1,992,124
2,425,000 0.91 MUFG Americas Holdings Corp., Floating Rate
Note, 2/9/18 2,409,349
1,950,000 0.90 National Australia Bank, Ltd., Floating Rate
Note, 3/17/17 (144A) 1,949,721
4,050,000 Nordea Bank AB, 0.875%, 5/13/16 (144A) 4,051,523
2,175,000 0.97 Nordea Bank AB, Floating Rate Note, 4/4/17 2,174,241
2,700,000 0.82 Nordea Bank AB, Floating Rate Note,
5/13/16 (144A) 2,701,191
2,600,000 1.37 Nordea Bank AB, Floating Rate Note,
9/17/18 (144A) 2,594,296
1,000,000 Royal Bank of Canada, 1.45%, 9/9/16 1,002,743
1,875,000 0.95 Royal Bank of Canada, Floating Rate Note, 1/23/17 1,874,477
2,500,000 0.88 Royal Bank of Canada, Floating Rate
Note, 10/13/17 2,489,905
500,000 0.88 Royal Bank of Canada, Floating Rate Note, 2/3/17 499,618
2,200,000 0.88 Royal Bank of Canada, Floating Rate Note, 6/16/17 2,194,962
1,325,000 0.86 Royal Bank of Canada, Floating Rate Note, 7/30/18 1,317,567
2,000,000 1.10 Royal Bank of Canada, Floating Rate Note, 9/9/16 2,002,524
2,600,000 0.75 Sumitomo Mitsui Banking Corp., Floating Rate
Note, 1/10/17 2,597,403
1,500,000 1.29 Sumitomo Mitsui Banking Corp., Floating Rate
Note, 7/19/16 1,502,007
1,500,000 1.42 Sumitomo Mitsui Trust Bank, Ltd., Floating Rate
Note, 9/16/16 (144A) 1,503,108
2,650,000 Svenska Handelsbanken AB, 3.125%, 7/12/16 2,666,536
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 67
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
4,405,000 1.06 Svenska Handelsbanken AB, Floating Rate
Note, 9/23/16 $ 4,410,105
1,800,000 1.05 The Bank of Nova Scotia, Floating Rate
Note, 12/13/16 1,802,277
1,500,000 1.14 The Bank of Nova Scotia, Floating Rate
Note, 7/15/16 1,502,044
1,000,000 1.05 The Bank of Tokyo-Mitsubishi UFJ, Ltd., Floating
Rate Note, 3/10/17 (144A) 998,291
2,525,000 0.77 The Bank of Tokyo-Mitsubishi UFJ, Ltd., Floating
Rate Note, 9/8/17 (144A) 2,512,888
2,000,000 1.04 The Huntington National Bank, Floating Rate
Note, 4/24/17 1,993,372
2,000,000 0.85 The Toronto-Dominion Bank, Floating Rate
Note, 5/2/17 1,997,680
2,600,000 1.16 The Toronto-Dominion Bank, Floating Rate
Note, 7/23/18 2,593,877
1,320,000 0.69 The Toronto-Dominion Bank, Floating Rate
Note, 7/8/16 1,320,290
2,800,000 0.94 The Toronto-Dominion Bank, Floating Rate
Note, 9/9/16 2,804,169
2,650,000 0.72 US Bancorp, Floating Rate Note, 4/25/19 2,630,409
6,675,000 1.25 Wells Fargo & Co., Floating Rate Note, 4/23/18 6,673,979
2,000,000 0.95 Westpac Banking Corp., Floating Rate
Note, 5/19/17 1,998,546
---------------
$ 146,248,121
--------------------------------------------------------------------------------------------------------
Regional Banks -- 3.3%
6,074,000 Branch Banking & Trust Co., 1.45%, 10/3/16 $ 6,089,234
500,000 0.68 Branch Banking & Trust Co., Floating Rate
Note, 5/23/17 498,436
6,144,000 0.82 Branch Banking & Trust Co., Floating Rate
Note, 9/13/16 6,139,724
1,250,000 1.01 Capital One NA, Floating Rate Note, 2/5/18 1,244,186
3,700,000 1.77 Capital One NA, Floating Rate Note, 8/17/18 3,709,968
1,727,000 0.99 Fifth Third Bancorp, Floating Rate Note, 12/20/16 1,721,018
5,920,000 Fifth Third Bank Cincinnati Ohio, 1.15%, 11/18/16 5,929,543
1,800,000 0.87 Fifth Third Bank Cincinnati Ohio, Floating Rate
Note, 11/18/16 1,802,705
4,500,000 0.88 KeyBank NA Cleveland Ohio, Floating Rate
Note, 11/25/16 4,501,732
2,500,000 1.16 KeyBank NA Cleveland Ohio, Floating Rate
Note, 6/1/18 2,486,605
2,710,000 0.99 Manufacturers & Traders Trust Co., Floating Rate
Note, 1/30/17 2,706,285
2,400,000 0.92 Manufacturers & Traders Trust Co., Floating Rate
Note, 7/25/17 2,393,083
The accompanying notes are an integral part of these financial statements.
68 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
6,200,000 1.35 MUFG Union Bank NA, Floating Rate Note, 9/26/16 $ 6,211,433
2,850,000 0.86 National City Bank Cleveland Ohio, Floating Rate
Note, 12/15/16 2,842,838
2,225,000 0.68 Nordea Bank Finland Plc New York, Floating Rate
Note, 6/13/16 2,226,351
2,700,000 PNC Bank NA, 1.125%, 1/27/17 2,702,911
1,750,000 PNC Bank NA, 5.25%, 1/15/17 1,804,856
2,500,000 1.06 PNC Bank NA, Floating Rate Note, 6/1/18 2,475,900
2,500,000 0.92 PNC Bank NA, Floating Rate Note, 8/1/17 2,489,450
1,045,000 PNC Funding Corp., 2.7%, 9/19/16 1,052,220
3,645,000 0.80 SunTrust Bank, Floating Rate Note, 2/15/17 3,636,212
800,000 1.30 UBS AG, Floating Rate Note, 3/26/18 798,733
2,500,000 0.97 UBS AG, Floating Rate Note, 6/1/17 2,498,190
3,000,000 1.10 UBS AG, Floating Rate Note, 9/26/16 3,002,763
2,600,000 0.92 US Bank NA Cincinnati Ohio, Floating Rate
Note, 1/26/18 2,588,677
2,400,000 1.20 US Bank NA Cincinnati Ohio, Floating Rate
Note, 1/29/18 2,400,343
2,025,000 0.85 US Bank NA Cincinnati Ohio, Floating Rate
Note, 1/30/17 2,025,893
1,999,000 0.78 Wachovia Corp., Floating Rate Note, 6/15/17 1,991,346
3,265,000 0.85 Wells Fargo & Co., Floating Rate Note, 7/20/16 3,269,153
2,700,000 1.36 Wells Fargo Bank NA, Floating Rate Note, 1/22/18 2,707,997
975,000 0.57 Wells Fargo Bank NA, Floating Rate Note, 5/16/16 974,623
1,285,000 1.17 Wells Fargo Bank NA, Floating Rate Note, 9/7/17 1,286,183
---------------
$ 88,208,591
---------------
Total Banks $ 234,456,712
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.4%
Other Diversified Financial Services -- 0.3%
2,000,000 1.09 Bank of America NA, Floating Rate Note, 2/14/17 $ 2,000,136
1,000,000 0.82 General Electric Co., Floating Rate Note, 5/11/16 1,000,261
2,000,000 0.90 General Electric Co., Floating Rate Note, 5/15/17 2,002,910
850,000 0.97 General Electric Co., Floating Rate Note, 7/12/16 851,508
1,950,000 1.44 Hyundai Capital Services, Inc., Floating Rate
Note, 3/18/17 (144A) 1,949,922
---------------
$ 7,804,737
--------------------------------------------------------------------------------------------------------
Multi-Sector Holdings -- 0.3%
1,855,000 0.77 Berkshire Hathaway Finance Corp., Floating Rate
Note, 1/10/17 $ 1,855,091
2,500,000 0.74 Berkshire Hathaway Finance Corp., Floating Rate
Note, 8/14/17 2,496,665
2,775,000 Berkshire Hathaway, Inc., 2.2%, 8/15/16 2,790,926
---------------
$ 7,142,682
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 69
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.3%
7,060,000 MassMutual Global Funding II, 3.125%,
4/14/16 (144A) $ 7,064,271
1,800,000 0.68 National Rural Utilities Cooperative Finance Corp.,
Floating Rate Note, 11/23/16 1,800,299
---------------
$ 8,864,570
--------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.4%
1,300,000 American Express Credit Corp., 1.3%, 7/29/16 $ 1,302,129
7,142,000 1.13 American Express Credit Corp., Floating Rate
Note, 7/29/16 7,151,077
5,965,000 0.82 American Honda Finance Corp., Floating Rate
Note, 10/7/16 5,977,413
2,570,000 0.80 American Honda Finance Corp., Floating Rate
Note, 12/11/17 2,565,174
3,050,000 0.78 American Honda Finance Corp., Floating Rate
Note, 5/26/16 (144A) 3,052,187
1,330,000 1.02 American Honda Finance Corp., Floating Rate
Note, 9/20/17 1,332,480
2,750,000 Capital One Bank USA NA, 1.15%, 11/21/16 2,750,239
2,699,000 Capital One Financial Corp., 3.15%, 7/15/16 2,714,376
6,975,000 2.68 General Motors Financial Co, Inc., Floating Rate
Note, 1/15/19 6,939,658
2,500,000 1.98 General Motors Financial Co, Inc., Floating Rate
Note, 4/10/18 2,477,230
1,290,000 0.64 PACCAR Financial Corp., Floating Rate Note, 6/6/17 1,288,871
---------------
$ 37,550,834
--------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.1%
1,090,000 0.89 The Bank of New York Mellon Corp., Floating Rate
Note, 3/6/18 $ 1,090,207
2,465,000 1.29 The Goldman Sachs Group, Inc., Floating Rate
Note, 5/22/17 2,463,186
---------------
$ 3,553,393
--------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.9%
1,210,000 1.62 Macquarie Group, Ltd., Floating Rate Note,
1/31/17 (144A) $ 1,209,793
2,700,000 1.06 Morgan Stanley, Floating Rate Note, 1/5/18 2,690,709
5,400,000 2.00 Morgan Stanley, Floating Rate Note, 2/1/19 5,451,289
7,834,000 Raymond James Financial, Inc., 4.25%, 4/15/16 7,841,372
2,465,000 0.77 The Bear Stearns Companies LLC, Floating Rate
Note, 11/21/16 2,464,019
2,600,000 1.82 The Goldman Sachs Group, Inc., Floating Rate
Note, 4/30/18 2,610,998
---------------
$ 22,268,180
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
70 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.1%
2,916,000 GE Capital International Funding Co., 0.964%,
4/15/16 (144A) $ 2,916,160
---------------
Total Diversified Financials $ 90,100,556
--------------------------------------------------------------------------------------------------------
INSURANCE -- 7.9%
Insurance Brokers -- 0.4%
9,225,000 Aon Corp., 3.125%, 5/27/16 $ 9,256,826
--------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.8%
2,600,000 0.90 Jackson National Life Global Funding, Floating
Rate Note, 10/13/17 (144A) $ 2,601,479
5,100,000 0.87 Jackson National Life Global Funding, Floating
Rate Note, 7/29/16 (144A) 5,103,126
1,500,000 0.77 Pricoa Global Funding I, Floating Rate Note,
5/16/16 (144A) 1,500,321
3,255,000 0.80 Pricoa Global Funding I, Floating Rate Note,
6/24/16 (144A) 3,255,400
2,755,000 0.98 Principal Life Global Funding II, Floating Rate
Note, 12/1/17 (144A) 2,753,231
2,680,000 0.78 Principal Life Global Funding II, Floating Rate
Note, 5/27/16 (144A) 2,681,857
2,500,000 Prudential Financial, Inc., 3.0%, 5/12/16 2,504,988
---------------
$ 20,400,402
--------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.9%
1,745,000 0.52 Metropolitan Life Global Funding I, Floating Rate
Note, 7/14/16 (144A) $ 1,745,754
2,500,000 1.15 Metropolitan Life Global Funding I, Floating Rate
Note, 7/15/16 (144A) 2,503,220
1,500,000 New York Life Global Funding, 1.125%,
3/1/17 (144A) 1,503,945
6,650,000 0.91 New York Life Global Funding, Floating Rate
Note, 12/15/17 (144A) 6,666,186
3,650,000 0.97 New York Life Global Funding, Floating Rate
Note, 5/23/16 (144A) 3,651,982
2,675,000 0.67 New York Life Global Funding, Floating Rate
Note, 8/5/16 (144A) 2,673,708
6,135,000 The Hartford Financial Services Group, Inc.,
5.5%, 10/15/16 6,270,271
---------------
$ 25,015,066
--------------------------------------------------------------------------------------------------------
Reinsurance -- 5.8%
250,000 Ace Syndicated 2015, Variable Rate Notes,
7/12/16 (d)(e) $ 245,500
1,250,000 4.05 Acorn Re, Ltd., Floating Rate Note, 7/17/18 (Cat
Bond) (144A) 1,261,250
1,000,000 5.24 Alamo Re, Ltd., Floating Rate Note, 6/7/17 (Cat
Bond) (144A) 1,011,800
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 71
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
2,500,000 5.90 Alamo Re, Ltd., Floating Rate Note, 6/7/18 (Cat
Bond) (144A) $ 2,552,750
695,760 Altair Re, Variable Rate Notes, 6/30/17 (d)(e) 281,783
500,000 0.00 Aozora Re, Ltd., Floating Rate Note, 4/7/23 (Cat
Bond) (144A) 500,150
500,000 Arlington Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 8/31/16 (d)(e) 563,350
1,500,000 3.80 Atlas IX Capital DAC, Floating Rate Note, 1/17/19
(Cat Bond) (144A) 1,528,200
1,250,000 Berwick 2016-1 Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 2/1/18 (d)(e) 1,268,875
3,325,000 4.56 Blue Danube II, Ltd., Floating Rate Note, 5/23/16
(Cat Bond) (144A) 3,324,002
1,050,000 2.50 Bosphorus Re, Ltd., Floating Rate Note, 5/3/16
(Cat Bond) (144A) 1,048,005
750,000 3.73 Bosphorus, Ltd., Floating Rate Note, 8/17/18
(Cat Bond) (144A) 742,575
2,000,000 0.00 Caelus Re IV, Ltd., Floating Rate Note, 3/6/20
(Cat Bond) (144A) 2,006,600
3,050,000 6.85 Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat
Bond) (144A) 3,088,430
750,000 Carnosutie 2016-N,Segregated Account (Kane SAC
Ltd.), Variable Rate Notes, 11/30/20 (d)(e) 761,400
250,000 4.46 Citrus Re, Ltd., Floating Rate Note, 4/18/17 (Cat
Bond) (144A) 246,200
1,350,000 4.28 Citrus Re, Ltd., Floating Rate Note, 4/24/17 (Cat
Bond) (144A) 1,333,395
500,000 Clarendon Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 6/15/16 (d)(e) 499,900
1,000,000 3.80 Cranberry Re, Ltd., Floating Rate Note, 7/6/18
(Cat Bond) (144A) 1,013,200
2,000,000 2.75 East Lane Re VI, Ltd., Floating Rate Note, 3/14/18
(Cat Bond) (144A) 1,969,800
13,000 Eden Re II, Ltd., Variable Rate Notes, 4/19/18
(144A) (d)(e) 109,798
1,287,000 Eden Re II, Variable Rate Notes, 4/23/19 (d)(e) 1,307,592
1,250,000 7.40 Galileo Re, Ltd., Floating Rate Note, 1/9/17 (Cat
Bond) (144A) 1,264,375
2,000,000 6.27 Gator Re, Ltd., Floating Rate Note, 1/9/17 (Cat
Bond) (144A) 1,935,000
1,300,000 Gleneagles Segregated Account (Kane SAC Ltd),
Variable Rate Notes, 11/30/20 (d)(e) 1,332,370
2,650,000 2.20 Golden State Re II, Ltd., Floating Rate Note, 1/8/19
(Cat Bond) (144A) 2,608,660
2,600,000 Gullane Segregated Account (Kane SAC Ltd.),
Variable Rate Note 11/30/20 (d)(e) 2,652,780
The accompanying notes are an integral part of these financial statements.
72 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
2,600,000 Gullane Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/22/17 $ 70,200
3,500,000 4.00 Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat
Bond) (144A) 3,504,200
1,000,000 4.50 Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat
Bond) (144A) 1,002,400
2,350,000 3.75 Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19
(Cat Bond)(144A) 2,324,385
2,500,000 6.75 Kilimanjaro Re, Ltd., Floating Rate Note, 12/6/19
(Cat Bond)(144A) 2,517,250
2,000,000 9.25 Kilimanjaro Re, Ltd., Floating Rate Note, 12/6/19
(Cat Bond)(144A) 2,017,600
3,300,000 4.75 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 3,291,420
1,000,000 4.50 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 993,400
1,800,000 2.25 Kizuna Re II, Ltd., Floating Rate Note, 4/6/18 (Cat
Bond) (144A) 1,792,800
1,000,000 Lahinch Re, Variable Rate Notes, 6/15/16 (d)(e) 1,010,600
7,975,000 4.20 Longpoint Re, Ltd., III, Floating Rate Note, 5/18/16
(Cat Bond) (144A) 7,971,810
4,000,000 3.75 Longpoint Re, Ltd., III, Floating Rate Note, 5/23/18
(Cat Bond) (144A) 4,035,600
2,500,000 Lorenz Re, Floating Rate Note, 3/31/19 (d)(e) 2,500,000
750,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (d)(e) 52,500
2,000,000 2.00 Merna Re V, Ltd., Floating Rate Note, 4/7/17 (Cat
Bond) (144A) 1,991,200
1,500,000 4.50 MetroCat Re, Ltd., Floating Rate Note, 8/5/16 (Cat
Bond) (144A) 1,505,250
2,250,000 9.03 Mythen Re, Ltd., Series 2012-2 Class A, Floating
Rate Note, 1/5/17 (Cat Bond) (144A) 2,290,500
2,250,000 7.25 Northshore Re, Ltd., Floating Rate Note, 7/5/16
(Cat Bond) (144A) 2,262,150
2,500,000 Pangaea Re, Series 2015-1, Principal at Risk
Notes, 2/1/19 (d)(e) 74,750
2,800,000 Pangaea Re, Series 2015-2, Principal at Risk
Notes, 11/30/19 (d)(e) 3,032,680
2,500,000 Pangaea Re., Variable Rate Notes, 2/1/20 (d)(e) 2,527,500
2,300,000 Pangaea Re., Variable Rate Notes, 7/1/18 (d)(e) 41,400
3,500,000 4.50 PennUnion Re, Ltd., Floating Rate Note, 12/7/18
(Cat Bond) (144A) 3,502,800
1,750,000 3.50 Queen City Re, Floating Rate Note, 1/6/17 (Cat
Bond) (144A) 1,720,775
1,750,000 8.60 Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16
(Cat Bond) (144A) 1,745,800
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 73
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,500,000 5.75 Queen Street X Re, Ltd., Floating Rate Note, 6/8/18
(Cat Bond) (144A) $ 1,496,700
1,750,000 6.15 Queen Street XI Re Dac, Floating Rate Note, 6/7/19
(Cat Bond) (144A) 1,754,375
1,000,000 12.75 Residential Reinsurance 2012, Ltd., Floating
Rate Note, 12/6/16 (Cat Bond) (144A) 1,016,600
1,500,000 5.75 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 12/6/16 (Cat Bond) (144A) 1,505,250
2,900,000 4.50 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 12/6/16 (Cat Bond) (144A) 2,897,100
750,000 8.00 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 6/6/16 (Cat Bond) (144A) 753,225
900,000 10.00 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 6/6/16 (Cat Bond) (144A) 908,370
850,000 9.25 Residential Reinsurance 2013, Ltd., Floating Rate
Note, 6/6/17 (Cat Bond) (144A) 877,795
750,000 3.50 Residential Reinsurance 2014, Ltd., Floating Rate
Note, 6/6/18 (Cat Bond) (144A) 747,450
1,000,000 7.25 Residential Reinsurance 2015, Ltd., Floating Rate
Note, 12/6/19 (Cat Bond) (144A) 989,000
3,000,000 3.00 Sanders Re, Ltd., Floating Rate Note, 5/25/18 (Cat
Bond) (144A) 2,933,400
1,250,000 4.00 Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat
Bond) (144A) 1,246,250
2,500,000 3.50 Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat
Bond) (144A) 2,480,000
3,000,000 3.84 Sanders Re, Ltd., Floating Rate Note, 6/7/17 (Cat
Bond) (144A) 3,003,000
3,777 Sector Re V, Ltd., Variable Rate Notes, 12/1/19
(144A) (d)(e) 26,439
500,000 Sector Re V, Ltd., Variable Rate Notes, 12/1/20
(144A) (d)(e) 510,350
1,250,000 Sector Re V, Ltd., Variable Rate Notes, 3/1/20
(144A) (d)(e) 1,415,750
1,000,000 Silverton Re, Ltd., Variable Rate Notes, 9/18/18
(144A) (d)(e) 1,028,200
1,250,000 St. Andrews Segregated Account (Kane SAC Ltd.),
Variance Rate Notes, 2/1/18 (d)(e) 1,279,125
8,050,000 8.50 Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat
Bond) (144A) 8,094,919
750,000 5.31 Tradewynd Re, Ltd., Floating Rate Note, 1/8/18
(Cat Bond) (144A) 748,350
250,000 9.75 Tramline Re II, Ltd., Floating Rate Note, 1/4/19
(Cat Bond) (144A) 250,450
1,750,000 3.25 Tramline Re II, Ltd., Floating Rate Note, 7/7/17
(Cat Bond) (144A) 1,735,650
2,500,000 5.00 Ursa Re, Ltd., Floating Rate Note, 9/21/18 (Cat
Bond) (144A) 2,515,250
The accompanying notes are an integral part of these financial statements.
74 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
2,700,000 Versutus 2016, Class A-1, Variable Rate Notes,
11/30/20 (d)(e) $ 2,758,590
2,500,000 Versutus Ltd., Series 2015-A, Variable Rate Notes,
12/31/2017 (d)(e) 36,500
7,500,000 3.96 Vita Capital V, Ltd., Floating Rate Note, 1/15/17
(Cat Bond) (144A) 7,577,250
1,500,000 3.26 Vita Capital V, Ltd., Floating Rate Note, 1/15/17
(Cat Bond) (144A) 1,515,300
2,750,000 3.75 Vitality Re IV, Ltd., Floating Rate Note, 1/9/17 (Cat
Bond) (144A) 2,771,725
1,000,000 2.75 Vitality Re IV, Ltd., Floating Rate Note, 1/9/17 (Cat
Bond) (144A) 1,002,600
3,800,000 1.75 Vitality Re V, Ltd., Floating Rate Note, 1/7/19 (Cat
Bond) (144A) 3,753,260
2,000,000 0.00 Vitality Re VII, Ltd., Floating Rate Note, 1/7/20
(Cat Bond) (144A) 1,998,400
1,000,000 0.00 Vitality Re VII, Ltd., Floating Rate Note, 1/7/20
(Cat Bond) (144A) 999,300
---------------
$ 152,862,633
---------------
Total Insurance $ 207,534,927
--------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
Systems Software -- 0.1%
1,937,000 0.52 Oracle Corp., Floating Rate Note, 7/7/17 $ 1,939,537
---------------
Total Software & Services $ 1,939,537
--------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Computer Storage & Peripherals -- 0.1%
1,500,000 0.67 Apple, Inc., Floating Rate Note, 5/3/16 $ 1,500,294
---------------
Total Technology Hardware & Equipment $ 1,500,294
--------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductors -- 0.1%
2,800,000 Intel Corp., 1.95%, 10/1/16 $ 2,819,435
---------------
Total Semiconductors & Semiconductor Equipment $ 2,819,435
--------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.3%
Integrated Telecommunication Services -- 1.2%
1,250,000 AT&T, Inc., 2.4%, 3/15/17 $ 1,264,589
3,925,000 AT&T, Inc., 2.4%, 8/15/16 3,948,786
3,875,000 AT&T, Inc., 2.95%, 5/15/16 3,884,075
8,646,000 British Telecommunications Plc, 1.625%, 6/28/16 8,656,808
2,750,000 Orange SA, 2.75%, 9/14/16 2,770,413
11,835,000 2.04 Verizon Communications, Inc., Floating Rate
Note, 9/15/16 11,899,122
---------------
$ 32,423,793
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 75
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
1,250,000 Altice Financing SA, 7.875%, 12/15/19 (144A) $ 1,306,250
1,500,000 1.50 America Movil SAB de CV, Floating Rate
Note, 9/12/16 1,499,404
---------------
$ 2,805,654
---------------
Total Telecommunication Services $ 35,229,447
--------------------------------------------------------------------------------------------------------
UTILITIES -- 1.1%
Electric Utilities -- 0.8%
2,610,000 0.99 Duke Energy Corp., Floating Rate Note, 4/3/17 $ 2,592,503
2,285,000 0.97 Duke Energy Indiana LLC, Floating Rate
Note, 7/11/16 2,285,695
7,095,000 0.57 Duke Energy Progress LLC, Floating Rate
Note, 11/20/17 7,003,978
1,275,000 0.65 Duke Energy Progress LLC, Floating Rate
Note, 3/6/17 1,271,815
1,865,000 1.08 Electricite de France SA, Floating Rate
Note, 1/20/17 (144A) 1,860,520
1,000,000 1.02 Georgia Power Co., Floating Rate Note, 8/15/16 999,972
1,013,000 0.60 NSTAR Electric Co., Floating Rate Note, 5/17/16 1,013,009
1,370,000 PECO Energy Co., 1.2%, 10/15/16 1,372,310
2,700,000 The Dayton Power & Light Co., 1.875%, 9/15/16 2,711,065
---------------
$ 21,110,867
--------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.2%
2,376,000 Dominion Resources, Inc., Virginia, 1.95%, 8/15/16 $ 2,383,506
2,500,000 0.84 San Diego Gas & Electric Co., Floating Rate
Note, 3/9/17 2,489,975
---------------
$ 4,873,481
--------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.1%
1,250,000 NRG Energy, Inc., 8.25%, 9/1/20 $ 1,259,375
2,500,000 PSEG Power LLC, 2.75%, 9/15/16 2,519,978
---------------
$ 3,779,353
---------------
Total Utilities $ 29,763,701
--------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.1%
2,800,000 0.80 Svensk Exportkredit AB, Floating Rate
Note, 11/10/17 $ 2,794,646
---------------
Total Government $ 2,794,646
--------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $772,385,499) $ 772,373,876
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
76 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 3.9%
3,439 Fannie Mae, 7.0%, 10/1/17 $ 3,524
16,811 2.52 Fannie Mae, Floating Rate Note, 1/1/48 17,679
25,004 3.01 Fannie Mae, Floating Rate Note, 10/1/32 25,694
5,582 2.42 Fannie Mae, Floating Rate Note, 11/1/23 5,780
22,574 2.67 Fannie Mae, Floating Rate Note, 2/1/34 22,732
17,720 2.36 Fannie Mae, Floating Rate Note, 9/1/32 18,751
10,000,000 0.52 Federal Farm Credit Banks, Floating Rate
Note, 6/20/16 10,000,220
5,792 2.56 Federal Home Loan Mortgage Corp., Floating Rate
Note, 10/1/23 5,937
13,745 2.88 Federal Home Loan Mortgage Corp., Floating Rate
Note, 11/1/33 14,288
6,523 2.59 Federal Home Loan Mortgage Corp., Floating Rate
Note, 6/1/35 6,615
8,925,000 0.73 Federal National Mortgage Association, Floating Rate
Note, 10/3/16 8,935,469
9,586 1.75 Government National Mortgage Association II, Floating
Rate Note, 1/20/22 9,878
2,600,000 Private Export Funding Corp., 2.125%, 7/15/16 2,612,168
13,780,000 0.47 U.S. Treasury Note, Floating Rate Note, 10/31/17 13,778,980
40,175,000 0.37 U.S. Treasury Note, Floating Rate Note, 4/30/17 40,169,820
20,095,000 0.38 U.S. Treasury Note, Floating Rate Note, 7/31/17 20,082,039
6,085,000 U.S. Treasury Notes, 0.625%, 7/15/16 6,089,752
---------------
$ 101,799,326
--------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $101,813,127) $ 101,799,326
--------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BOND -- 0.1%
2,775,000 Province of Ontario Canada, 1.6%, 9/21/16 $ 2,785,989
--------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BOND
(Cost $2,788,129) $ 2,785,989
--------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.0%+ (f)
Higher Municipal Education -- 0.0%+
675,000 President and Fellows of Harvard College,
6.3%, 10/1/37 $ 675,000
--------------------------------------------------------------------------------------------------------
Municipal Student Loan -- 0.0%+
728,075 1.52 Louisiana Public Facilities Authority, Taxable Student
Loan Backed-A, Floating Rate Note, 4/26/27 $ 719,134
--------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $1,406,011) $ 1,394,134
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 77
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 6.6%**
ENERGY -- 0.1%
Oil & Gas Drilling -- 0.0%+
702,221 6.00 Drillships Financing Holding, Inc., Tranche B-1
Term Loan, 3/31/21 $ 255,726
864,063 3.50 Paragon Offshore Finance, Term Loan, 7/16/21 191,534
---------------
$ 447,260
--------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.1%
2,785 4.50 Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 $ 2,778
2,688,125 4.00 Seadrill Operating LP, Initial Term Loan, 2/14/21 1,198,455
---------------
$ 1,201,233
--------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.0%+
222,647 4.25 Western Refining, Inc., Term Loan 2013, 11/12/20 $ 217,080
--------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.0%+
934,002 4.75 Penn Products Terminals LLC, Tranche B Term
Loan, 4/1/22 $ 859,282
---------------
Total Energy $ 2,724,855
--------------------------------------------------------------------------------------------------------
MATERIALS -- 0.3%
Commodity Chemicals -- 0.0%+
379,505 4.50 Tronox Pigments Holland BV, New Term Loan,
3/19/20 $ 354,047
--------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.0%+
496,250 3.75 Chemours Co., LLC, Term Loan (First Lien), 5/12/22 $ 473,195
--------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
963,311 3.75 Axalta Coating Systems US Holdings, Inc.,
Refinanced Term B Loan, 2/1/20 $ 958,419
71,429 3.50 Chemtura Corp., New Term Loan, 8/29/16 71,674
249,375 3.75 PolyOne Corp., Initial Loan, 11/6/22 249,609
919,125 4.00 PQ Corp., 2014 Term Loan, 8/7/17 912,396
473,757 2.75 WR Grace & Co-Conn, U.S. Term Loan, 1/23/21 470,323
---------------
$ 2,662,421
--------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.1%
670,320 4.00 Ardagh Holdings USA, Inc., Tranche B-3 Term Loan
(First Lien), 12/17/19 $ 670,459
987,500 3.50 Owens-Brockway Glass Container, Inc., Term Loan B
Facility, 8/14/22 989,866
---------------
$ 1,660,325
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
78 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.0%+
138,916 4.25 Multi Packaging Solutions, Inc., Initial Dollar
Tranche B Term, 9/30/20 $ 138,569
--------------------------------------------------------------------------------------------------------
Aluminum -- 0.1%
1,405,124 4.00 Novelis, Inc., Initial Term Loan, 5/28/22 $ 1,374,095
--------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
811,569 4.25 Fortescue Metals Group, Ltd., Bank Loan, 6/30/19 $ 687,805
--------------------------------------------------------------------------------------------------------
Steel -- 0.0%+
317,934 4.75 JMC Steel Group, Inc., Term Loan, 4/1/17 $ 317,533
144,699 4.50 TMS International Corp., Term B Loan, 10/2/20 128,782
---------------
$ 446,315
---------------
Total Materials $ 7,796,772
--------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.6%
Aerospace & Defense -- 0.3%
1,856,235 4.75 DigitalGlobe, Inc., Term Loan, 1/25/20 $ 1,852,369
143,055 6.25 DynCorp International, Inc., Term Loan, 7/7/16 138,764
1,243,565 5.75 The SI Organization, Inc., Term Loan (First Lien),
11/19/19 1,238,383
1,274,053 3.75 TransDigm, Inc., Tranche C Term Loan, 2/28/20 1,260,288
2,355,167 3.25 Wesco Aircraft Hardare Corp., Tranche B Term Loan
(First Lien), 2/24/21 2,231,520
---------------
$ 6,721,324
--------------------------------------------------------------------------------------------------------
Building Products -- 0.1%
965,000 4.00 Armstrong World Industries, Inc., 1st Lien Term
Loan, 2/23/23 $ 965,000
1,067,243 3.50 Armstrong World Industries, Inc., Term Loan B,
3/15/20 1,069,244
852,173 4.00 Quikrete Holdings, Inc., Initial Loan (First Lien),
9/26/20 848,711
784,464 4.25 Unifrax Corp., New Term B Loan, 12/31/19 709,940
---------------
$ 3,592,895
--------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
1,053,868 3.25 Southwire Co., Term Loan, 1/31/21 $ 1,002,492
821,182 6.00 WireCo WorldGroup, Inc., Term Loan, 2/15/17 809,891
---------------
$ 1,812,383
--------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%+
157,274 5.00 Kloeckner Pentaplast of America, Inc., Initial U.S.
Borrower Dollar Term Loan, 4/22/20 $ 157,470
67,211 5.00 KP Germany Erste GmbH, Initial German Borrower
Dollar Term Loan, 4/22/20 67,295
452,994 4.50 Milacron LLC, Term Loan, 9/28/20 450,729
---------------
$ 675,494
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 79
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy
Trucks -- 0.0%+
304,913 3.50 Terex Corp., U.S. Term Loan, 8/13/21 $ 298,053
305,687 4.50 Terex Corp., Term Loan (First Lien), 12/15/22 300,338
---------------
$ 598,391
--------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
232,157 4.25 Gardner Denver, Inc., Initial Dollar Term Loan,
7/30/20 $ 210,682
746,250 0.00 NN, Inc., Initial Term Loan, 10/2/22 735,056
575,249 6.25 Xerium Technologies, Inc., Initial Term Loan, 5/17/19 562,306
---------------
$ 1,508,044
--------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%+
698,250 4.00 Beacon Roofing Supply, Inc., Initial Term
Loan, 9/25/22 $ 698,250
318,295 3.75 WESCO Distribution, Inc., Tranche B-1 Loan,
12/12/19 319,289
---------------
$ 1,017,539
---------------
Total Capital Goods $ 15,926,070
--------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.3%
Environmental & Facilities Services -- 0.1%
148,500 4.25 Waste Industries USA, Inc., Initial Term Loan, 2/20/20 $ 149,335
2,837,644 5.00 Wheelabrator, Term B Loan, 10/15/21 2,657,927
126,437 5.00 Wheelabrator, Term C Loan, 10/15/21 118,429
---------------
$ 2,925,691
--------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.0%+
779,616 6.50 Language Line LLC, Initial Term Loan (First Lien),
7/2/21 $ 765,973
--------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.1%
507,204 4.25 Allied Security Holdings LLC, Closing Date Term
Loan (First Lien), 2/12/21 $ 498,751
1,232,607 4.00 Garda World Security Corp., Term B Loan, 11/1/20 1,187,155
315,318 4.00 Garda World Security Corp., Term B Loan, 11/8/20 303,691
90,966 4.25 Monitronics International, Inc., Term B Loan,
3/23/18 86,228
---------------
$ 2,075,825
--------------------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.1%
1,158,041 3.75 On Assignment, Inc., Initial Term B Loan, 6/5/22 $ 1,161,901
---------------
Total Commercial Services & Supplies $ 6,929,390
--------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Air Freight & Logistics -- 0.0%+
196,000 5.25 Syncreon Group BV, Term Loan, 9/26/20 $ 162,435
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
80 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Airlines -- 0.2%
2,505,375 3.25 American Airlines, Inc., 2015 Term Loan (New),
6/27/20 $ 2,495,784
495,000 3.50 American Airlines, Inc., 2015 Term Loan, 10/10/21 494,779
298,500 3.25 Delta Air Lines Inc., Term Loan (First Lien), 8/24/22 298,607
725,625 3.25 Delta Air Lines, Inc., 2014 Term B-1 Loan, 10/18/18 726,683
242,500 3.25 United Airlines, Inc., Class B Term Loan, 4/1/19 241,995
---------------
$ 4,257,848
--------------------------------------------------------------------------------------------------------
Marine -- 0.0%+
1,395,472 5.25 Navios Maritime Partners LP, Term Loan, 6/27/18 $ 1,234,993
---------------
Total Transportation $ 5,655,276
--------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.4%
Auto Parts & Equipment -- 0.3%
763,469 3.50 Allison Transmission, Inc., Term B-3 Loan, 8/23/19 $ 764,105
990,000 6.00 BBB Industries US, Initial Term Loan, 10/15/21 985,979
342,258 4.00 Cooper Standard Intermediate Holdco 2 LLC, Term
Loan, 3/28/21 340,012
744,332 4.75 Key Safety Systems, Inc., Initial Term Loan, 7/28/21 741,076
1,235,519 3.75 MPG Holdco I, Inc., Tranche B-1 Term Loan (2015),
10/20/21 1,221,620
569,950 4.25 Schaeffler AG, Facility B-USD, 5/15/20 572,444
806,228 4.50 TI Group Automotive Systems LLC, Initial US Term
Loan, 6/25/22 801,189
1,039,541 4.00 Tower Automotive Holdings USA LLC, Initial Term
Loan (2014), 4/23/20 1,034,343
---------------
$ 6,460,768
--------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.0%+
400,000 3.75 The Goodyear Tire & Rubber Co., Term Loan
(Second Lien), 3/27/19 $ 400,875
--------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.1%
216,850 3.50 Chrysler Group LLC, Term Loan B, 5/24/17 $ 217,062
1,669,364 3.25 Chrysler Group LLC, Tranche B Term Loan, 12/29/18 1,668,947
492,500 6.00 Crown Group LLC, Term Loan (First Lien), 9/30/20 472,800
---------------
$ 2,358,809
--------------------------------------------------------------------------------------------------------
Personal Products -- 0.0%+
291,667 3.50 Visteon Corp., Tranche B Loan (First Lien), 4/8/21 $ 290,755
---------------
Total Automobiles & Components $ 9,511,207
--------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Home Furnishings -- 0.0%+
60,920 3.50 Tempur Sealy International, Inc., New Term B
Loan, 3/18/20 $ 60,920
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 81
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 0.1%
495,000 3.25 Hanesbrands, Inc., New Term B Loan, 4/15/22 $ 498,032
779,512 3.25 PVH Corp., Tranche B Term Loan, 12/19/19 785,706
---------------
$ 1,283,738
---------------
Total Consumer Durables & Apparel $ 1,344,658
--------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.4%
Casinos & Gaming -- 0.1%
1,209,375 3.50 MGM Resorts International, Term B Loan, 12/20/19 $ 1,208,368
49,250 3.75 Pinnacle Entertainment, Inc., Tranche B-2 Term
Loan, 8/13/20 49,275
1,975,000 6.00 Scientific Games, Initial Term B-2, 10/1/21 1,920,379
---------------
$ 3,178,022
--------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.1%
486,595 3.50 Four Seasons Holdings Inc., Term Loan, 6/27/20 $ 484,365
1,322,321 3.50 Hilton Worldwide Finance LLC, Initial Term
Loan, 9/23/20 1,324,305
---------------
$ 1,808,670
--------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.1%
96,885 3.25 Cedar Fair LP, U.S. Term Facility, 3/6/20 $ 97,147
1,141,375 3.50 Six Flags Theme Parks, Inc., Tranche B Term
Loan, 6/30/22 1,143,278
---------------
$ 1,240,425
--------------------------------------------------------------------------------------------------------
Restaurants -- 0.1%
467,012 3.75 1011778 BC ULC, Term B-2 Loan, 12/12/21 $ 467,207
345,835 4.00 Landry's, Inc., B Term Loan, 4/24/18 345,056
152,735 4.75 NPC International, Inc., Term Loan, 12/28/18 151,972
826,171 4.25 PF Chang's China Bistro, Inc., Term Borrowing, 7/2/19 787,960
---------------
$ 1,752,195
--------------------------------------------------------------------------------------------------------
Education Services -- 0.0%+
589,215 3.75 Bright Horizons Family Solutions, Inc., Term B
Loan, 1/14/20 $ 589,337
592,500 4.25 Bright Horizons Family Solutions, Inc., Term B-1
Loan, 1/30/20 593,703
---------------
$ 1,183,040
--------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.0%+
381,842 4.00 Weight Watchers International, Inc., Initial Tranche B-2
Term Loan, 4/2/20 $ 283,518
---------------
Total Consumer Services $ 9,445,870
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
82 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
MEDIA -- 0.9%
Broadcasting -- 0.4%
1,527,584 3.00 CBS Outdoor Americas Capital LLC, Tranche B Term
Loan (First Lien), 1/15/21 $ 1,522,493
992,347 2.94 CSC Holdings LLC, Term B Loan, 4/17/20 992,192
311,656 4.00 Entercom Radio LLC, Term B-2 Loan, 11/23/18 311,007
1,002,368 3.94 Gray Television, Inc., Term Loan (First Lien), 6/10/21 1,001,366
1,000,000 5.00 Neptune Finco Corp., Initial Term Loan, 9/25/22 1,003,500
491,184 3.25 Quebecor Media, Inc., Facility B-1 Tranche, 8/17/20 485,863
1,318,001 3.00 Sinclair Television Group, Inc., New Tranche B Term
Loan, 4/19/20 1,310,793
992,500 3.50 Sinclair Television Group, Incremental Loan, 7/30/21 991,880
519,717 3.50 The EW Scripps Co., Term Loan, 11/26/20 517,118
1,436,301 4.10 Tribune Media Co., Term B Loan, 12/27/20 1,432,100
654,488 4.00 Univision Communications, Inc., Replacement
First-Lien Term Loan (C-4), 3/1/20 648,878
---------------
$ 10,217,190
--------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.3%
1,000,000 3.50 CCO Safari III LLC, Term I Loan, 1/23/23 $ 1,002,411
1,288,563 3.00 Charter Communications Operating LLC, Term F
Loan, 1/1/21 1,284,837
521,732 3.75 Intelsat Jackson Holdings SA, Tranche B-2 Term
Loan, 6/30/19 487,983
1,372,000 2.90 Mediacom Illinois LLC, Tranche F Term Loan, 3/31/18 1,350,992
652,022 3.50 Telesat Canada, U.S. Term B Loan, 3/28/19 650,115
1,136,553 3.60 Ziggo BV, (USD) Tranche B-3 Term Loan, 1/15/22 1,124,477
1,072,383 3.50 Ziggo BV, Tranche B-1 Term Loan (First Lien), 1/15/22 1,060,989
691,064 3.51 Ziggo BV, Tranche B-2 Term Loan (First Lien), 1/15/22 683,721
---------------
$ 7,645,525
--------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
1,442,892 4.00 AMC Entertainment, Inc., Initial Term Loan, 4/30/20 $ 1,448,453
830,189 3.25 Kasima LLC, Term Loan, 5/17/21 825,260
758,550 3.50 Live Nation Entertainment, Inc., Term B-1
Loan, 8/17/20 760,130
1,008,074 3.75 Rovi Solutions Corp., Term B Loan, 7/2/21 998,832
583,500 3.50 Seminole Hard Rock Entertainment, Inc., Term
Loan, 5/14/20 579,124
1,072,500 3.75 WMG Acquisition Corp., Tranche B Refinancing Term
Loan, 7/1/20 1,058,826
---------------
$ 5,670,625
--------------------------------------------------------------------------------------------------------
Publishing -- 0.0%+
736,569 0.00 Quincy Newspapers, Inc., Term Loan B, 10/19/22 $ 728,283
---------------
Total Media $ 24,261,623
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 83
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Computer & Electronics Retail -- 0.0%+
508,227 3.68 Rent-A-Center, Inc., Term Loan (2014), 2/6/21 $ 487,580
--------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.0%+
1,212,500 4.50 Apex Tool Group LLC, Term Loan, 2/1/20 $ 1,169,052
--------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.1%
972,500 3.75 Michaels Stores, Inc., Term B Loan, 1/28/20 $ 971,791
1,000,000 4.75 Staples Escrow LLC, Initial Loan, 1/29/22 999,286
---------------
$ 1,971,077
--------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.1%
1,263,312 3.00 Avis Budget Car Rental LLC, Tranche B Term
Loan, 3/15/19 $ 1,261,733
371,975 5.75 CWGS Group LLC, Term Loan, 2/20/20 368,952
725,625 3.75 The Hertz Corp., Tranche B1 Term Loan, 3/11/18 726,079
---------------
$ 2,356,764
---------------
Total Retailing $ 5,984,473
--------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Food Distributors -- 0.0%+
183,090 5.75 AdvancePierre Foods, Inc., Term Loan (First Lien),
7/10/17 $ 183,433
--------------------------------------------------------------------------------------------------------
Food Retail -- 0.1%
1,488,439 5.50 Albertsons LLC, Term B-2 Loan, 3/21/19 $ 1,490,699
498,750 5.50 Albertsons LLC, Term B-5 Loan, 12/21/22 499,373
---------------
$ 1,990,072
---------------
Total Food & Staples Retailing $ 2,173,505
--------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.3%
Agricultural Products -- 0.1%
1,558,200 3.25 Darling International, Inc., Term B USD Loan,
12/19/20 $ 1,554,792
--------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.2%
533,425 3.75 B&G Foods, Inc., Tranche B Term Loan, 10/5/22 $ 535,592
874,626 3.75 JBS USA LLC, Initial Term Loan, 5/25/18 871,893
748,125 4.00 JBS USA LLC, 2015 Incremental Term Loan,
9/18/22 745,632
568,000 5.25 Keurig Green Mountain, Inc., Term B USD
Loan, 2/10/23 570,722
2,158,833 3.00 Pinnacle Foods Finance LLC, Tranche G Term
Loan, 4/29/20 2,160,374
235,423 3.75 Post Holdings, Inc., Tranche B Loan (First Lien),
5/23/21 236,282
---------------
$ 5,120,495
---------------
Total Food, Beverage & Tobacco $ 6,675,287
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
84 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.0%+
662,917 3.50 Spectrum Brands, Inc., USD Term Loan, 6/16/22 $ 666,025
--------------------------------------------------------------------------------------------------------
Personal Products -- 0.1%
384,485 3.50 NBTY, Inc., Term B-2 Loan, 10/1/17 $ 383,332
354,627 4.00 Revlon Consumer Products Corp., Acquisition Term
Loan, 8/19/19 354,738
941,944 3.25 Revlon Consumer Products Corp., Replacement
Term Loan, 11/19/17 941,944
---------------
$ 1,680,014
---------------
Total Household & Personal Products $ 2,346,039
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.6%
Health Care Equipment -- 0.1%
1,472,526 4.50 Kinetic Concepts, Inc., Term DTL-E1 loan, 5/4/18 $ 1,466,314
--------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.0%+
995,000 4.25 Sterigenics-Nordion Holdings LLC, Initial Term
Loan, 4/27/22 $ 982,562
--------------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
540,470 6.50 BioScrip, Inc., Initial Term B Loan, 7/31/20 $ 487,774
324,282 6.50 BioScrip, Inc., Term Loan, 7/31/20 292,665
593,611 4.00 BSN Medical GmbH & Co. KG, Facility B1A, 8/28/19 587,675
467,907 3.50 DaVita HealthCare Partners, Inc., Tranche B Loan
(First Lien), 6/19/21 469,442
1,232,908 4.25 Envision Healthcare Corp., Initial Term Loan, 5/25/18 1,234,758
66,145 7.75 inVentiv Health, Inc., Term B-3 Loan, 5/15/18 65,980
494,949 4.25 National Mentor Holdings, Inc., Tranche B Term
Loan, 1/31/21 490,774
905,656 4.25 Pharmaceutical Product Development LLC, Initial
Term Loan, 8/6/22 898,864
336,954 4.50 Truven Health Analytics, Inc., New Tranche B Term
Loan, 6/6/19 336,743
---------------
$ 4,864,675
--------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.2%
24,975 3.38 CHS, Incremental 2019 Term G Loan, 12/31/19 $ 24,587
45,954 4.00 CHS, Incremental 2021 Term H Loan, 1/27/21 45,274
1,966,718 3.69 HCA, Inc., Tranche B-6 Term Loan, 3/8/23 1,977,605
482,544 4.50 IASIS Healthcare LLC, Term B-2 Loan, 5/3/18 480,735
1,091,667 4.25 Kindred Healthcare, Inc., Tranche B Loan (First
Lien), 4/10/21 1,063,010
395,841 6.00 RegionalCare Hospital Partners, Inc., Term B-2
Loan (2015), 4/23/19 396,088
224,806 6.00 Select Medical Corp., Series E Tranche B Term
Loan, 6/1/18 224,806
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 85
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Health Care Facilities -- (continued)
1,000,000 6.00 Select Medical Corp., Series F Tranche B Term
Loan, 3/4/21 $ 994,375
975,000 6.75 Steward Health Care System LLC, Term Loan,
4/10/20 940,875
500,000 6.25 Vizient, Inc., Initial Term Loan, 2/9/23 503,958
---------------
$ 6,651,313
--------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
824,741 4.25 ConvaTec, Inc., Dollar Term Loan, 12/22/16 $ 822,680
1,583,532 3.75 Emdeon, Inc., Term B-2 Loan, 11/2/18 1,578,583
---------------
$ 2,401,263
---------------
Total Health Care Equipment & Services $ 16,366,127
--------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 0.3%
Biotechnology -- 0.0%+
1,111,208 3.50 Alkermes, Inc., 2019 Term Loan, 9/25/19 $ 1,094,540
--------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.3%
1,246,875 5.25 Concordia Healthcare Corp., Initial Dollar Term
Loan, 10/20/21 $ 1,218,820
299,663 4.25 DPx Holdings BV, 2015 Incremental Dollar Term
Loan, 1/23/21 289,487
694,560 3.75 Endo Luxembourg Finance I Co., Sarl, 2015
Incremental Term B Loan, 6/24/22 685,010
514,500 3.44 Grifols Worldwide Operations USA, Inc., U.S. Tranche
B Term Loam, 4/1/21 515,026
955,500 3.25 Mallinckrodt International Finance SA, Initial Term B
Loan, 3/6/21 925,470
726,743 3.50 Prestige Brands, Inc., Term B-3 Loan, 9/3/21 728,333
614,473 3.25 RPI Finance Trust, Term B-3 Term Loan, 11/9/18 614,537
999,423 3.50 RPI Finance Trust, Term B-4 Term Loan, 11/9/20 1,002,754
511,676 5.50 Valeant Pharmaceuticals International, Inc., Series
C-2 Tranche B Term Loan, 12/11/19 484,067
213,198 5.25 Valeant Pharmaceuticals International, Inc., Series
D-2 Tranche B Term Loan, 2/13/19 202,272
1,313,724 3.75 Valeant Pharmaceuticals International, Inc., Series
E-1 Tranche B Term Loan, 8/5/20 1,237,950
---------------
$ 7,903,726
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 8,998,266
--------------------------------------------------------------------------------------------------------
BANKS -- 0.0%+
Thrifts & Mortgage Finance -- 0.0%+
410,710 5.50 Ocwen Financial Corp., Initial Term Loan, 1/15/18 $ 404,036
---------------
Total Banks $ 404,036
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
86 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Other Diversified Financial Services -- 0.1%
330,486 3.50 AWAS Finance Luxembourg 2012 SA, Term
Loan, 7/16/18 $ 330,692
1,295,000 3.50 Delos Finance SARL, Tranche B Term Loan, 2/27/21 1,299,856
2,023,084 3.50 Fly Funding II Sarl, Loan, 8/9/19 2,010,755
486,250 5.00 Livingston International, Inc., Initial Term B-1 Loan
(First Lien), 4/18/19 446,134
---------------
$ 4,087,437
--------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
993,746 4.25 Mirror BidCo Corp., New Incremental Term
Loan, 12/18/19 $ 986,708
589,500 3.25 SBA Senior Finance II LLC, Incremental Tranche B-1
Term Loan, 3/31/21 587,916
---------------
$ 1,574,624
---------------
Total Diversified Financials $ 5,662,061
--------------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Insurance Brokers -- 0.1%
1,074,133 4.25 USI Insurance Services LLC, Term B Loan, 12/30/19 $ 1,059,364
--------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.0%+
47,222 6.75 Integro, Ltd., Delayed Draw Term Loan (First Lien),
10/9/22 $ 45,569
701,021 6.75 Integro, Ltd., Initial Term Loan (First Lien), 10/9/22 676,485
---------------
$ 722,054
--------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.0%+
71,943 4.50 Alliant Holdings I LLC, Initial Term Loan, 7/28/22 $ 71,224
--------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.0%+
487,337 5.75 Confie Seguros Holding II Co., Term B Loan (First
Lien), 11/9/18 $ 479,418
---------------
Total Insurance $ 2,332,060
--------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Mortgage REIT -- 0.1%
1,565,865 3.50 Starwood Property Trust, Inc., Term Loan, 4/17/20 $ 1,553,142
--------------------------------------------------------------------------------------------------------
Retail REIT -- 0.1%
1,693,416 4.25 DTZ US Borrower LLC, 2015-1 Additional Term Loan
(First Lien), 11/4/21 $ 1,679,305
--------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.0%+
397,000 5.00 Communications Sales & Leasing, Inc., Term
Loan, 10/16/22 $ 385,189
974,943 3.25 The GEO Group, Inc., Term Loan, 4/3/20 973,115
---------------
$ 1,358,304
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 87
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.0%+
974,520 4.50 Altisource Solutions Sarl, Term B Loan, 12/9/20 $ 867,323
---------------
Total Real Estate $ 5,458,074
--------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
IT Consulting & Other Services -- 0.0%+
394,000 5.75 Evergreen Skills Lux Sarl, Initial Term Loan (First
Lien), 4/23/21 $ 317,827
324,188 3.75 NXP BV, Tranche B Loan, 10/30/20 325,428
225,400 4.50 PSAV Presentation Services, Tranche B Term Loan
(First Lien), 1/24/21 214,130
---------------
$ 857,385
--------------------------------------------------------------------------------------------------------
Application Software -- 0.0%+
462,398 4.50 Epiq Systems, Inc., Term Loan, 8/27/20 $ 457,774
10,555 8.50 Expert Global Solutions, Inc., Term B Advance (First
Lien), 4/3/18 10,370
325,732 3.50 Verint Systems, Inc., Tranche B-2 Term Loan (First
Lien), 9/6/19 326,424
---------------
$ 794,568
--------------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.1%
844,838 3.25 Activision Blizzard, Inc., Term Loan, 7/26/20 $ 849,260
204,132 5.25 Micro Focus International, Term Loan B, 10/7/21 204,234
---------------
$ 1,053,494
---------------
Total Software & Services $ 2,705,447
--------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Communications Equipment -- 0.1%
119,741 3.31 Commscope, Inc., Tranche 4 Term Loan, 1/14/18 $ 119,777
1,990,000 3.83 CommScope, Inc., Tranche 5 Term Loan (2015),
12/29/22 1,982,538
---------------
$ 2,102,315
--------------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.0%+
888,636 4.75 Zebra Technologies, Term Loan B, 9/30/21 $ 894,392
--------------------------------------------------------------------------------------------------------
Electronic Components -- 0.1%
1,825,833 3.41 Belden Finance 2013 LP, Initial Term Loan, 9/9/20 $ 1,820,127
--------------------------------------------------------------------------------------------------------
Technology Distributors -- 0.0%+
1,144,104 3.25 CDW LLC, Term Loan, 4/25/20 $ 1,142,138
286,518 5.00 Deltek, Inc., Term Loan (First Lien), 12/31/22 285,622
---------------
$ 1,427,760
---------------
Total Technology Hardware & Equipment $ 6,244,594
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
88 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.2%
Semiconductor Equipment -- 0.1%
1,914,969 2.88 Sensata Technologies BV, Sixth Amendment Term
Loan, 10/14/21 $ 1,909,983
--------------------------------------------------------------------------------------------------------
Semiconductors -- 0.1%
2,375,000 4.25 Avago Technologies Finance, Term Loan (First
Lien), 11/13/22 $ 2,366,258
138,971 5.25 Microsemi Corp., Closing Date Term B Loan,
12/17/22 139,787
875,000 5.25 ON Semiconductor Corp., Term Loan B, 3/31/23 878,062
---------------
$ 3,384,107
---------------
Total Semiconductors & Semiconductor Equipment $ 5,294,090
--------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.3%
Integrated Telecommunication Services -- 0.2%
1,218,750 4.00 Cincinnati Bell, Inc., Tranche B Term Loan, 9/10/20 $ 1,204,531
653,400 4.00 GCI Holdings, Inc., New Term B Loan, 2/2/22 654,217
1,000,000 0.00 Level 3 Financing, Inc., Tranche B-II 2022 Term
Loan, 5/31/22 999,479
1,484,673 3.50 Virgin Media Investment Holdings, Ltd., F Facility,
6/30/23 1,474,235
990,493 3.25 West Corp., B-10 Term Loan (First Lien), 6/30/18 987,166
699,829 3.50 Windstream Services LLC, Tranche B-5 Term
Loan, 8/8/19 682,771
---------------
$ 6,002,399
--------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
1,103,441 4.25 Altice US Finance I Corp., Initial Term Loan,
12/14/22 $ 1,101,487
264,726 4.50 Numericable U.S. LLC, Tranche B-1 Term Loan,
4/23/20 263,310
229,024 4.50 Numericable-SFR, Tranche B-2 Loan (First Lien),
4/23/20 227,799
727,141 4.00 Syniverse Holdings, Inc., Tranche B Term Loan,
4/23/19 545,356
349,125 3.50 T-Mobile USA, Inc., Senior Lien Term Loan, 11/3/22 350,919
---------------
$ 2,488,871
---------------
Total Telecommunication Services $ 8,491,270
--------------------------------------------------------------------------------------------------------
UTILITIES -- 0.4%
Electric Utilities -- 0.2%
2,351,254 4.75 Atlantic Power LP, Term Loan, 2/20/21 $ 2,349,784
1,167,000 3.00 Calpine Construction Finance Co. LP, Term B-1
Loan, 5/3/20 1,146,578
1,282,724 5.25 Terra-Gen Finance Co., Term Loan, 11/26/21 1,083,902
---------------
$ 4,580,264
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 89
Schedule of Investments | 3/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.2%
548,625 0.00 Calpine Corp., Term Loan (2015), 1/15/23 $ 546,396
287,825 3.50 Calpine Corp., Term Loan, 5/28/22 284,654
748,540 4.00 Calpine Corp., Term Loan, 9/27/19 746,045
448,846 4.00 Dynegy, Inc., Tranche B-2 Term Loan, 4/23/20 442,674
1,651,739 2.75 NRG Energy, Inc., Term Loan (2013), 7/1/18 1,638,447
1,448,686 3.75 NSG Holdings LLC, New Term Loan, 12/11/19 1,412,469
958,642 5.00 TerraForm AP Acquisition Holdings LLC, Term
Loan, 6/26/22 872,363
---------------
$ 5,943,048
---------------
Total Utilities $ 10,523,312
--------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $177,978,703) $ 173,254,363
--------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.3%
Repurchase Agreements -- 0.8%
6,650,000 $6,650,000 ScotiaBank, 0.32%, dated
3/31/16 plus accrued interest on 4/1/16
collateralized by $6,783,061 Federal National
Mortgage Association, 4.0%, 10/1/45 $ 6,650,000
6,650,000 $6,650,000 RBC Capital Markets LLC, 0.28%,
dated 3/31/16 plus accrued interest on 4/1/16
collateralized by the following:
$11,268 Freddie Mac Giant, 3.0%, 3/1/46 --
4/1/46
$6,771,733 Government National Mortgage
Association I, 4.0%, 5/20/45 6,650,000
6,650,000 $6,650,000 TD Securities USA LLC, 0.30%, dated
3/31/16 plus accrued interest on 4/1/16
collateralized by $6,783,000 Freddie Mac Giant,
4.0%, 10/1/41 6,650,000
---------------
$ 19,950,000
--------------------------------------------------------------------------------------------------------
Commercial Paper -- 0.4%
6,650,000 BNP Paribas SA Commercial Paper, 4/5/16 (c) $ 6,649,937
2,800,000 Nissan Mortor Acceptance Corp., Commercial
Paper, 4/5/16 (c) 2,799,827
---------------
$ 9,449,764
--------------------------------------------------------------------------------------------------------
Certificates of Deposit -- 0.1%
1,715,000 0.98 Sumitomo Mitsui Banking Corp., New York, CD,
Floating Rate Note, 5/2/17 $ 1,706,425
2,500,000 0.80 Svenska Handelsbanken New York NY, CD, Floating
Rate Note, 8/17/16 2,501,335
---------------
$ 4,207,760
--------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $33,614,324) $ 33,607,524
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
90 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 100.4%
(Cost $2,657,328,588) (a) $ 2,640,792,847
--------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- (0.4)% $ (9,624,666)
--------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 2,631,168,181
========================================================================================================
+ Amount rounds to less than 0.1%.
(Cat Bond) Catastrophe or Event Linked Bond. At March 31, 2016, the value
of these securities amounted to $127,474,701, or 4.8% of total net
assets. See Notes to Financial Statements -- Note 1H.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At March 31, 2016, the value of these securities
amounted to $1,102,479,391 or 41.9% of total net assets.
REIT Real Estate Investment Trust.
REMICS Real Estate Mortgage Investment Conduits.
ARM Adjustable Rate Mortgage.
Strips Separate trading of Registered interest and principal of securities.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
** 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 March 31, 2016, the net unrealized depreciation on investments
based on cost for federal income tax purposes of $2,661,858,330 was
as follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $ 4,342,447
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (25,407,930)
-------------
Net unrealized depreciation $(21,065,483)
=============
(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) Structured reinsurance investment. At March 31, 2016, the value of
these securities amounted to $25,387,932 or 1.0% of total net assets.
See Notes to Financial Statements -- Note 1H.
(f) Consists of Revenue Bonds unless otherwise indicated.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 91
Schedule of Investments | 3/31/16 (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
year ended March 31, 2016 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government Securities $ 191,310,032 $ 153,209,584
Other Long-Term Securities $1,425,168,748 $1,331,726,087
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 March 31, 2016, in valuing
the Fund's assets:
-----------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 731,683,640 $ -- $ 731,683,640
Collateralized Mortgage
Obligations -- 823,893,996 -- 823,893,996
Corporate Bonds
Insurance
Reinsurance -- 127,474,701 25,387,932 152,862,633
All Other Corporate Bonds -- 619,511,243 -- 619,511,243
U.S. Government and
Agency Obligations -- 101,799,326 -- 101,799,326
Foreign Government Bond -- 2,785,989 -- 2,785,989
Municipal Bonds -- 1,394,134 -- 1,394,134
Senior Floating Rate
Loan Interests -- 173,254,362 -- 173,254,362
Repurchase Agreements -- 19,950,000 -- 19,950,000
Commercial Paper -- 9,449,764 -- 9,449,764
Certificates of Deposit -- 4,207,760 -- 4,207,760
-----------------------------------------------------------------------------------
Total $ -- $2,615,404,915 $25,387,932 $2,640,792,847
===================================================================================
The accompanying notes are an integral part of these financial statements.
92 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
The following is a reconciliation of assets valued using significant
unobservable 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) -- (243,346) (243,346)
Change in unrealized appreciation
(depreciation)(2) -- (10,356,380) (10,356,380)
Purchases -- 24,252,702 24,252,702
Sales -- (13,273,121) (13,273,121)
Transfers in to Level 3* -- 1,314,300 1,314,300
Transfers out of Level 3* -- -- --
Transfers in and out of Level 3 categories $ (2,507,460) 2,507,460 --
---------------------------------------------------------------------------------------
Balance as of 3/31/16 $ -- $ 25,387,932 $ 25,387,932
=======================================================================================
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 beginning of period values. During the year
ended March 31, 2016, an investment having a value of $1,314,300 was
transferred from Level 2 to Level 3. The change in the level designation
within the fair value hierarchy was due to a change in classification from
a Catastrophe Bond to a Sidecar. There were no other transfers between
levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments
still held as of 3/31/16 $(10,337,842)
-------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 93
Statement of Assets and Liabilities | 3/31/16
ASSETS:
Investment in securities (cost $2,657,328,588) $2,640,792,847
Cash 18,327,657
Receivables --
Investment securities sold 4,910,071
Fund shares sold 24,591,302
Interest 7,985,377
Other assets 51,419
---------------------------------------------------------------------------------
Total assets $2,696,658,673
=================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 24,154,731
Fund shares repurchased 40,010,239
Distributions 325,266
Trustee fees 1,416
Due to affiliates 605,562
Accrued expenses 393,278
---------------------------------------------------------------------------------
Total liabilities $ 65,490,492
=================================================================================
NET ASSETS:
Paid-in capital $2,668,138,690
Distributions in excess of net investment income (926,302)
Accumulated net realized loss on investments (19,508,466)
Net unrealized depreciation on investments (16,535,741)
---------------------------------------------------------------------------------
Total net assets $2,631,168,181
=================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $673,351,942/67,852,008 shares) $ 9.92
Class C (based on $524,029,759/52,876,416 shares) $ 9.91
Class C2 (based on $10,292,372/1,038,810 shares) $ 9.91
Class K (based on $5,026,255/506,122 shares) $ 9.93
Class Y (based on $1,418,467,853/142,890,048 shares) $ 9.93
MAXIMUM OFFERING PRICE:
Class A ($9.92 (divided by) 97.5%) $ 10.17
=================================================================================
The accompanying notes are an integral part of these financial statements.
94 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
Statement of Operations
For the Year Ended 3/31/16
INVESTMENT INCOME:
Interest $43,588,320
Dividends 60,416
---------------------------------------------------------------------------------------------------
Total investment income $ 43,648,736
===================================================================================================
EXPENSES:
Management fees $ 8,439,915
Transfer agent fees
Class A 44,691
Class C 34,621
Class C2 226
Class K 359
Class Y 42,400
Class Z* 167
Distribution fees
Class A 1,423,062
Class C 2,824,713
Class C2 55,925
Shareholder communications expense 1,828,105
Administrative expense 797,859
Custodian fees 186,646
Registration fees 360,286
Professional fees 156,233
Printing expense 62,517
Fees and expenses of nonaffiliated Trustees 126,250
Pricing expense 261,071
Miscellaneous 140,609
---------------------------------------------------------------------------------------------------
Total expenses $ 16,785,655
---------------------------------------------------------------------------------------------------
Net investment income $ 26,863,081
---------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments: $ (2,690,112)
---------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments: $ (13,516,703)
---------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ (16,206,815)
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 10,656,266
===================================================================================================
* 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 | Annual Report | 3/31/16 95
Statements of Changes in Net Assets
----------------------------------------------------------------------------------------------
Year Ended Year Ended
3/31/16 3/31/15
----------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 26,863,081 $ 23,237,352
Net realized gain (loss) on investments (2,690,112) (141,464)
Change in net unrealized appreciation (depreciation)
on investments (13,516,703) (9,437,084)
----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 10,656,266 $ 13,658,804
----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.12 and $0.12 per share, respectively) $ (8,586,311) $ (8,726,818)
Class C ($0.09 and $0.09 per share, respectively) (5,163,777) (5,456,629)
Class C2 ($0.09 and $0.09 per share, respectively) (101,540) (78,135)
Class K ($0.14 and $0.14 per share, respectively) (73,029) (29,911)
Class Y ($0.13 and $0.14 per share, respectively) (18,130,486) (16,320,776)
Class Z* ($0.04 and $0.13 per share, respectively) (7,120) (68,790)
----------------------------------------------------------------------------------------------
Total distributions to shareowners $ (32,062,263) $ (30,681,059)
----------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 2,214,104,786 $ 2,848,851,687
Reinvestment of distributions 28,171,903 26,801,350
Cost of shares repurchased (2,084,487,736) (2,430,043,835)
----------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 157,788,953 $ 445,609,202
----------------------------------------------------------------------------------------------
Net increase in net assets $ 136,382,956 $ 428,586,947
NET ASSETS:
Beginning of year $ 2,494,785,225 $ 2,066,198,278
----------------------------------------------------------------------------------------------
End of year $ 2,631,168,181 $ 2,494,785,225
----------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (926,302) $ (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 | Annual Report | 3/31/16
-------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
3/31/16 3/31/16 3/31/15 3/31/15
Shares Amount Shares Amount
-------------------------------------------------------------------------------------------------
Class A
Shares sold 51,394,899 $ 512,589,367 83,933,411 $ 843,718,437
Reinvestment of distributions 790,234 7,870,694 802,331 8,051,015
Less shares repurchased (53,732,161) (535,574,030) (72,000,258) (723,312,357)
-------------------------------------------------------------------------------------------------
Net increase (decrease) (1,547,028) $ (15,113,969) 12,735,484 $ 128,457,095
=================================================================================================
Class C
Shares sold 26,952,712 $ 268,378,600 46,730,296 $ 468,963,898
Reinvestment of distributions 512,978 5,102,845 537,145 5,379,841
Less shares repurchased (34,073,846) (339,162,010) (45,018,482) (451,628,403)
-------------------------------------------------------------------------------------------------
Net increase (decrease) (6,608,156) $ (65,680,565) 2,248,959 $ 22,715,336
=================================================================================================
Class C2
Shares sold 480,794 $ 4,784,862 977,969 $ 9,812,274
Reinvestment of distributions 5,430 54,011 4,313 43,166
Less shares repurchased (574,432) (5,713,727) (223,142) (2,236,434)
-------------------------------------------------------------------------------------------------
Net increase (decrease) (88,208) $ (874,854) 759,140 $ 7,619,006
=================================================================================================
Class K
Shares sold 55,702 $ 556,671 508,487 $ 5,104,776
Reinvestment of distributions 7,329 73,038 2,980 29,827
Less shares repurchased (65,441) (652,957) (3,926) (39,320)
-------------------------------------------------------------------------------------------------
Net increase (decrease) (2,410) $ (23,248) 507,541 $ 5,095,283
=================================================================================================
Class Y
Shares sold 143,234,574 $ 1,427,512,361 150,302,046 $ 1,510,576,398
Reinvestment of distributions 1,512,571 15,066,282 1,318,376 13,231,801
Less shares repurchased (120,600,180) (1,201,274,155) (123,502,586) (1,240,201,155)
-------------------------------------------------------------------------------------------------
Net increase 24,146,965 $ 241,304,488 28,117,836 $ 283,607,044
=================================================================================================
Class Z*
Shares sold or exchanged 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 | Annual Report | 3/31/16 97
Financial Highlights
----------------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended 5/1/11
3/31/16 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) $ 0.10(b) $ 0.10 $ 0.10 $ 0.13 $ 0.12
Net realized and unrealized gain (loss) on investments (0.06) (0.05) (0.01) 0.08 0.03
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.04 $ 0.05 $ 0.09 $ 0.21 $ 0.15
----------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.12) $ (0.12) $ (0.10) $ (0.15) $ (0.13)
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.08) $ (0.07) $ (0.01) $ 0.06 $ 0.02
----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.92 $ 10.00 $ 10.07 $ 10.08 $ 10.02
======================================================================================================================
Total return* 0.41% 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 1.01% 0.95% 0.93% 0.94% 1.45%**
Portfolio turnover rate 58% 45% 47% 101% 51%
Net assets, end of period (in thousands) $673,352 $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 1.01% 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.
(b) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
98 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
----------------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended 5/1/11
3/31/16 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) $ 0.07(b) $ 0.07 $ 0.08 $ 0.09 $ 0.05
Net realized and unrealized gain (loss) on investments (0.06) (0.04) (0.03) 0.07 0.03
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.01 $ 0.03 $ 0.05 $ 0.16 $ 0.08
----------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.09) $ (0.09) $ (0.07) $ (0.11) $ (0.06)
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.08) $ (0.06) $ (0.02) $ 0.05 $ 0.02
----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.91 $ 9.99 $ 10.05 $ 10.07 $ 10.02
======================================================================================================================
Total return* 0.11% 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 0.70% 0.66% 0.62% 0.63% 0.52%**
Portfolio turnover rate 58% 45% 47% 101% 51%
Net assets, end of period (in thousands) $524,030 $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 0.70% 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) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 99
Financial Highlights (continued)
--------------------------------------------------------------------------------
Year Year
Ended Ended 8/1/13
3/31/16 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) $ 0.07(b) $ 0.06 $ 0.07
Net realized and unrealized gain
(loss) on investments (0.06) (0.03) (0.01)
--------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ 0.01 $ 0.03 $ 0.06
--------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.09) $ (0.09) $ (0.05)
--------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.08) $ (0.06) $ 0.01
--------------------------------------------------------------------------------
Net asset value, end of period $ 9.91 $ 9.99 $ 10.05
================================================================================
Total return* 0.11% 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 0.69% 0.66% 0.68%**
Portfolio turnover rate 58% 45% 47%
Net assets, end of period (in thousands) $10,292 $11,258 $ 3,699
================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) Not Annualized.
(b) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
100 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
-----------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended 12/20/12
3/31/16 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) $ 0.12(c) $ 0.14 $ 0.12 $ 0.03
Net realized and unrealized gain (loss) on investments (0.06) (0.06) (0.00)(a) 0.01
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.06 $ 0.08 $ 0.12 $ 0.04
-----------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.14) $ (0.14) $ (0.13) $ (0.05)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.08) $ (0.06) $ (0.01) $ (0.01)
-----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.93 $ 10.01 $ 10.07 $ 10.08
===========================================================================================================
Total return* 0.64% 0.83% 1.16% 0.43%(b)
Ratio of net expenses to average net assets 0.42% 0.41% 0.41% 0.53%**
Ratio of net investment income (loss) to average net assets 1.24% 1.28% 1.19% 1.25%**
Portfolio turnover rate 58% 45% 47% 101%
Net assets, end of period (in thousands) $ 5,026 $ 5,091 $ 10 $ 10
===========================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) Amount rounds to less than $0.01 or $(0.01) per share.
(b) Not Annualized.
(c) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 101
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended 5/1/11
3/31/16 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) $ 0.11 $ 0.11 $ 0.12 $ 0.14 $ 0.14
Net realized and unrealized gain (loss) on investments (0.06) (0.03) (0.02) 0.09 0.04
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.05 $ 0.08 $ 0.10 $ 0.23 $ 0.18
------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.13) $ (0.14) $ (0.12) $ (0.17) $ (0.15)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.08) $ (0.06) $ (0.02) $ 0.06 $ 0.03
------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.93 $ 10.01 $ 10.07 $ 10.09 $ 10.03
========================================================================================================================
Total return* 0.54% 0.79% 0.99% 2.35% 1.79%(a)
Ratio of net expenses to average net assets 0.51% 0.51% 0.54% 0.55% 0.67%**
Ratio of net investment income (loss) to average net assets 1.15% 1.08% 1.05% 1.11% 1.72%**
Portfolio turnover rate 58% 45% 47% 101% 51%
Net assets, end of period (in thousands) $1,418,468 $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 0.51% 0.51% 0.54% 0.55% 0.80%**
Net investment income (loss) to average net assets 1.15% 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.
(b) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
102 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
Notes to Financial Statements | 3/31/16
1. Organization and Significant Accounting Policies
Pioneer Multi-Asset Ultrashort Income Fund (the Fund) is one of three portfolios
comprising Pioneer Series Trust X, a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to seek a
high level of current income to the extent consistent with a relatively high
level of stability of principal.
The Fund offers five classes of shares designated as Class A, Class C, Class C2,
Class K and Class Y shares. 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 of
Trustees the flexibility to specify either per-share voting or dollar-weighted
voting when submitting matters for shareholder approval. Under per-share voting,
each share of a class of the Fund is entitled to one vote. Under dollar-weighted
voting, a shareholder's voting power is determined not by the number of shares
owned, but by the dollar value of the shares on the record date. Each share
class has exclusive voting rights with respect to matters affecting only that
class, including with respect to the distribution plan for that class. There is
no distribution plan for Class K or Class Y shares.
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
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.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 103
Fixed income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed income securities and/or other
factors. Valuations may be supplemented by dealers and other sources, as
required. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the price
information is deemed to be unreliable, price information will be obtained
from an alternative loan interest pricing service. If no reliable price
quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other insurance
linked securities (including sidecars, collateralized reinsurance and
industry loss warranties) may be valued at the bid price obtained from an
independent pricing service, or through a third party using a pricing
matrix, insurance industry valuation models, or other fair value methods or
techniques to provide an estimated value of the instrument.
Foreign securities are valued in U.S. dollars based on foreign currency
exchange rate quotations supplied by a third party pricing service. Trading
in non-U.S. equity securities is substantially completed each day at
various times prior to the close of the NYSE. The values of such securities
used in computing the net asset value of the Fund's shares are determined
as of such times. The fund may use a fair value model developed by an
independent pricing service to value non-U.S. equity securities.
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such funds' net asset value. Repurchase
agreements are valued at par. Cash may include overnight time deposits at
approved financial institutions.
104 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
Securities or loan interests for which independent pricing services are
unable to supply prices or for which market prices and/or quotations are
not readily available or are considered to be unreliable are valued 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 Board of Trustees. PIM's 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.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices and
such differences could be material.
At March 31, 2016, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model).
B. Investment Income and Transactions
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
respective securities, and such accretion/amortization is included in
interest income. Interest income, including interest on income bearing cash
accounts, is recorded on the accrual basis, net of unrecoverable foreign
taxes withheld at the applicable country rates.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 105
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the Statement of Operations from
the effects of changes in the market prices of those securities but are
included with the net realized and unrealized appreciation or depreciation
on investments.
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no provision for federal income taxes is
required. As of March 31, 2016, 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. At
March 31, 2016, the Fund reclassified $8,682,327 to decrease distributions
in excess of net investment income and $8,682,327 to increase accumulated
net realized loss on investments to reflect permanent book/tax differences.
These adjustments have no impact on net assets or the results of
operations.
At March 31, 2016, the Fund was permitted to carry forward indefinitely
$15,781,004 of short-term losses and $3,725,705 of long-term losses under
the Regulated Investment Company Modernization Act of 2010 without
limitation.
106 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
The tax character of distributions paid during the years ended March 31,
2016 and March 31, 2015 were as follows:
---------------------------------------------------------------------------
2016 2015
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $32,062,263 $30,681,059
---------------------------------------------------------------------------
Total $32,062,263 $30,681,059
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2016:
---------------------------------------------------------------------------
2016
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 3,926,949
Capital loss carryforward (19,506,709)
Dividends payable (325,266)
Unrealized depreciation (21,065,483)
---------------------------------------------------------------------------
Total $(36,970,509)
===========================================================================
The difference between book-basis and tax-basis unrealized depreciation is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds and the tax treatment of premium and
amortization.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $5,397 in underwriting commissions on the sale of Class
A shares during the year ended March 31, 2016.
F. Class Allocations
Income, common expenses, and realized and unrealized appreciation and
depreciation are calculated at the Fund level and allocated daily to each
class of shares based on its respective percentage of adjusted net assets
at the beginning of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class C and Class C2 shares of the Fund,
respectively (see Note 4). Class K and Class Y shares do not pay
distribution fees. All expenses and fees paid to the Fund's transfer agent,
for its services are allocated among the classes of shares based on the
number of accounts in each class and the ratable allocation of related
out-of-pocket expenses (see Note 3).
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 107
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class C, Class C2, Class K and
Class Y shares can reflect different transfer agent and distribution
expense rates.
G. Risks
The value of securities held by the fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real or
perceived adverse economic, political or regulatory conditions, inflation,
changes in interest rates, lack of liquidity in the bond markets or adverse
investor sentiment. In the past several years, financial markets have
experienced increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty. These conditions may continue, recur, worsen or
spread. When interest rates rise, the prices of fixed-income securities in
the Fund will generally fall. Conversely, when interest rates fall, the
prices of fixed-income securities in the Fund will generally rise. Interest
rates in the U.S. recently have been historically low, so the Fund faces a
heightened risk that interest rates may rise. A general rise in interest
rates may cause investors to move out of fixed income securities on a large
scale, which could adversely affect the price and liquidity of fixed income
securities and could also result in increased redemptions from the Fund.
Investments in the Fund are subject to possible loss due to the financial
failure of issuers of underlying securities and the issuers' inability to
meet their debt obligations. Certain securities in which the Fund invests,
including floating rate loans, once sold, may not settle for an extended
period (for example, several weeks or even longer). The Fund will not
receive its sale proceeds until that time, which may constrain the Fund's
ability to meet its obligations (including obligations to redeeming
shareholders). The Fund's prospectus contains unaudited information
regarding the Fund's principal risks. Please refer to that document when
considering the Fund's principal risks.
H. Insurance Linked Securities (ILS)
The Fund invests in event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event, as defined within the terms of
an event-linked
108 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
bond occurs, the Fund may lose a portion or all of its accrued interest
and/or principal invested in such event-linked bond. The Fund is entitled
to receive principal and interest payments so long as no trigger event
occurs of the description and magnitude specified by the instrument. In
addition to the specified trigger events, event-linked bonds may expose the
Fund to other risks, including but not limited to issuer (credit) default,
adverse regulatory or jurisdictional interpretations and adverse tax
consequences.
The Fund's investments in ILS may include special purpose vehicles ("SPVs")
or similar instruments structured to comprise a portion of a reinsurer's
catastrophe-oriented business, known as quota share instruments (sometimes
referred to as reinsurance sidecars), or to provide reinsurance relating to
specific risks to insurance or reinsurance companies through a
collateralized instrument, known as collateralized reinsurance. Structured
reinsurance investments also may include industry loss warranties ("ILWs").
A traditional ILW takes the form of a bilateral reinsurance contract, but
there are also products that take the form of derivatives, collateralized
structures, or exchange traded instruments.
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILW's are generally subject to
the same risks as event-linked bonds. In addition, where the instruments
are based on the performance of underlying reinsurance contracts, the Fund
has limited transparency into the individual underlying contracts and
therefore must rely upon the risk assessment and sound underwriting
practices of the issuer. Accordingly, it may be more difficult for PIM to
fully evaluate the underlying risk profile of the Fund's structured
reinsurance investments and therefore the Fund's assets are placed at
greater risk of loss than if PIM had more complete information. Structured
reinsurance instruments generally will be considered illiquid securities by
the Fund. These securities may be difficult to purchase, sell or unwind.
Illiquid securities also may be difficult to value. If the Fund is forced
to sell an illiquid asset, the Fund may be forced to sell at a loss.
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
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 109
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. Open repurchase agreements at year
end are disclosed in the Fund's Schedule of Investments.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate equal to
0.35% of the Fund's average daily net assets up to $1 billion and 0.30% on
assets over $1 billion. For the year ended March 31, 2016, 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, if any,
during the year ended March 31, 2016 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
$48,986 in management fees, administrative costs and certain other
reimbursements payable to PIM at March 31, 2016.
3. Transfer Agent
Prior to November 2, 2015, Pioneer Investment Management Shareholder Services,
Inc. (PIMSS), a wholly owned indirect subsidiary of UniCredit, provided
substantially all transfer agent and shareowner services to the Fund at
negotiated rates.
Effective November 2, 2015, Boston Financial Data Services serves as the
transfer agent to the Fund at negotiated rates.
110 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings, outgoing phone calls and omnibus
relationship contracts. For the year ended March 31, 2016, such out-of-pocket
expenses by class of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 199,985
Class C 203,438
Class C2 4,798
Class K 502
Class Y 1,418,061
Class Z 1,321
--------------------------------------------------------------------------------
Total $1,828,105
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $534,668 in transfer agent fees and out-of-pocket reimbursements
payable to the transfer agent at March 31, 2016.
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. Included in "Due to affiliates" reflected on the Statement of Assets
and Liabilities is $21,908 in distribution fees payable to PFD at March 31,
2016.
In addition, redemptions of each class of shares (except Class K and Class Y
shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of
1.00% may be imposed on redemptions of certain net asset value purchases of
Class A shares within 12 months of purchase. For Class C2 shares redemptions of
shares within 12 months of purchase are subject to a CDSC of 1.00%, based on the
lower of cost or market value of shares being redeemed. Shares purchased as part
of an exchange remain subject to any CDSC that applied to the original purchase
of those shares. There is no CDSC for Class K and Class Y shares. Proceeds from
the CDSCs are paid to PFD. For the year ended March 31, 2016, CDSCs of $110,682
were paid to PFD.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 111
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until February 10, 2016, was in the amount of $240
million. As of February 10, 2016, the facility is in the amount of $220 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 year ended March 31, 2016, the Fund had no borrowings under
the credit facility.
6. 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.
112 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust X and the Shareowners of
Pioneer Multi-Asset Ultrashort Income Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Multi-Asset Ultrashort Income Fund, one
of the portfolios constituting Pioneer Series Trust X, (the "Fund") as of March
31, 2016, and the related statement of operations for the year then ended and
the statements of changes in net assets and the financial highlights for each of
the two years in the period then ended. These financial statements and the
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The financial highlights for the years
ended March 31, 2014, 2013, and 2012 were audited by other auditors. Those
auditors expressed an unqualified opinion on those financial highlights in their
report dated May 22, 2014.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Fund
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Fund's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of March 31, 2016, by correspondence with the custodian,
brokers and agent banks; where replies were not received from brokers and agent
banks, we performed other auditing procedures. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Multi-Asset Ultrashort Income Fund as of March 31, 2016, the results of
its operations for the year then ended and the changes in its net assets and the
financial highlights for each of the two years in the period then ended, in
conformity with accounting principles generally accepted in the United States of
America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
May 24, 2016
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 113
ADDITIONAL INFORMATION (unaudited)
PIM, the 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 previously announced by UniCredit, 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 PIM. 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 the Fund's current investment advisory agreement with PIM to terminate.
Accordingly, the Fund's Board of Trustees will be asked to approve a new
investment advisory agreement. If approved by the Board, the Fund's new
investment advisory agreement will be submitted to the shareholders of the Fund
for their approval.
The percentages of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
was 79.06%.
114 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal
occupations during at least the past five years. Trustees who are interested
persons of the Fund within the meaning of the 1940 Act are referred to as
Interested Trustees. Trustees who are not interested persons of the Fund are
referred to as Independent Trustees. Each of the Trustees serves as a trustee of
each of the 50 U.S. registered investment portfolios for which Pioneer serves as
investment adviser (the "Pioneer Funds"). The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 115
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (66) Trustee since 2011. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board Serves until a present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
and Trustee successor trustee Executive Officer (2008 - 2012), Quadriserv, communications and securities
is elected or Inc. (technology products for securities processing provider for
earlier retirement lending industry); and Senior Executive Vice financial services industry)
or removal. President, The Bank of New York (financial and (2009 - present); Director,
securities services) (1986 - 2004) Quadriserv, Inc. (2005 - 2013);
and Commissioner, New Jersey
State Civil Service Commission
(2011 - present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (72) Trustee since 2011. Managing Partner, Federal City Capital Advisors Director of New York Mortgage
Trustee Serves until a (corporate advisory services company) (1997 - Trust (publicly-traded mortgage
successor trustee 2004 and 2008 - present); Interim Chief REIT) (2004 - 2009, 2012 -
is elected or Executive Officer, Oxford Analytica, Inc. present); Director of The Swiss
earlier retirement (privately-held research and consulting Helvetia Fund, Inc. (closed-end
or removal. company) (2010); Executive Vice President and fund) (2010 - present);
Chief Financial Officer, I-trax, Inc. (publicly Director of Oxford Analytica,
traded health care services company) (2004 - Inc. (2008 - present); and
2007); and Executive Vice President and Chief Director of Enterprise
Financial Officer, Pedestal Inc. (internet-based Community Investment, Inc.
mortgage trading company) (2000 - 2002); (privately-held affordable
Private consultant (1995-1997), Managing housing finance company) (1985 -
Director, Lehman Brothers (investment banking 2010)
firm) (1992-1995); and Executive, The World Bank
(1979-1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (71) Trustee since 2011. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
successor trustee Mellon Institutional Funds
is elected or Master Portfolio (oversaw 17
earlier retirement portfolios in fund complex)
or removal. (1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
116 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (68) Trustee since 2011. Founding Director, Vice President and Corporate None
Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting
successor trustee is firm) (1982 - present); Desautels Faculty of
elected or earlier Management, McGill University (1999 - present);
retirement or and Manager of Research Operations and
removal. Organizational Learning, Xerox PARC, Xerox's
advance research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (67) Trustee since 2011. President and Chief Executive Officer, Newbury, Director of New America High
Trustee Serves until a Piret & Company, Inc. (investment banking firm) Income Fund, Inc. (closed-end
successor trustee is (1981 - present) investment company) (2004 -
elected or earlier present); and Member, Board of
retirement or Governors, Investment Company
removal. Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (69) Trustee since 2014. Consultant (investment company services) (2012 None
Trustee Serves until a - present); Executive Vice President, BNY
successor trustee is Mellon (financial and investment company
elected or earlier services) (1969 - 2012); Director, BNY
retirement or International Financing Corp. (financial
removal. services) (2002 - 2012); and Director, Mellon
Overseas Investment Corp. (financial services)
(2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 117
Interested Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (57)* Trustee since 2014. Director and Executive Vice President (since None
Trustee Serves until a 2008) and Chief Investment Officer, U.S. (since
successor trustee is 2010) of PIM-USA; Executive Vice President of
elected or earlier Pioneer (since 2008); Executive Vice President
retirement or of Pioneer Institutional Asset Management, Inc.
removal. (since 2009); and Portfolio Manager of Pioneer
(since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's
investment adviser and certain of its affiliates.
118 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lorraine Monchak (59)** Advisory Trustee Chief Investment Officer, 1199 SEIU Funds Trustee of Pioneer closed-end
Advisory Trustee since 2014. (healthcare workers union pension funds) (2001 investment companies (5
- present); Vice President - International portfolios) (Sept. 2015 -
Investments Group, American International present)
Group, Inc. (insurance company) (1993 - 2001);
Vice President Corporate Finance and Treasury
Group, Citibank, N.A.(1980 - 1986 and 1990 -
1993); Vice President - Asset/Liability
Management Group, Federal Farm Funding
Corporation (government-sponsored issuer of
debt securities) (1988 - 1990); Mortgage
Strategies Group, Shearson Lehman Hutton, Inc.
(investment bank) (1987 - 1988); and Mortgage
Strategies Group, Drexel Burnham Lambert, Ltd.
(investment bank) (1986 - 1987)
------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 119
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (54) Since 2014. Serves Chair, Director, CEO and President of Pioneer Trustee of Pioneer closed-end
President and Chief at the discretion of Investment Management-USA (since September investment companies (5
Executive Officer the Board. 2014); Chair, Director, CEO and President of portfolios) (Sept. 2015 -
Pioneer Investment Management, Inc. (since present)
September 2014); Chair, Director, CEO and
President of Pioneer Funds Distributor, Inc.
(since September 2014); Chair, Director, CEO
and President of Pioneer Institutional Asset
Management, Inc. (since September 2014); and
Chair, Director, and CEO of Pioneer Investment
Management Shareholder Services, Inc. (since
September 2014); Managing Director, Morgan
Stanley Investment Management (2010 - 2013);
and Director of Institutional Business, CEO of
International, Eaton Vance Management (2005 -
2010)
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (51) Since 2011. Serves Vice President and Associate General Counsel of None
Secretary and Chief Legal at the discretion of Pioneer since January 2008; Secretary and Chief
Officer the Board. Legal Officer of all of the Pioneer Funds since
June 2010; Assistant Secretary of all of the
Pioneer Funds from September 2003 to May 2010;
and Vice President and Senior Counsel of
Pioneer from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (55) Since 2011. Serves Fund Governance Director of Pioneer since None
Assistant Secretary at the discretion of December 2006 and Assistant Secretary of all
the Board. the Pioneer Funds since June 2010; Manager -
Fund Governance of Pioneer from December 2003
to November 2006; and Senior Paralegal of
Pioneer from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (53) Since 2011. Serves Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary at the discretion of Assistant Secretary of all the Pioneer Funds
the Board. since June 2010; and Counsel of Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (56) Since 2011. Serves Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief Financial at the discretion of Treasurer of all of the Pioneer Funds since
and Accounting Officer the Board. March 2008; Deputy Treasurer of Pioneer from
March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
120 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (50) Since 2011. Serves Director - Fund Treasury of Pioneer; and None
Assistant Treasurer at the discretion Assistant Treasurer of all of the Pioneer Funds
of the Board.
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (57) Since 2011. Serves Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer at the discretion Pioneer; and Assistant Treasurer of all of the
of the Board. Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (36) Since 2011. Serves Fund Administration Manager - Fund Treasury of None
Assistant Treasurer at the discretion Pioneer since November 2008; Assistant Treasurer
of the Board. of all of the Pioneer Funds since January 2009;
and Client Service Manager - Institutional
Investor Services at State Street Bank from
March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (63) Since 2011. Serves Chief Compliance Officer of Pioneer and of all None
Chief Compliance Officer at the discretion the Pioneer Funds since March 2010; Chief
of the Board. Compliance Officer of Pioneer Institutional Asset
Management, Inc. since January 2012; Chief
Compliance Officer of Vanderbilt Capital
Advisors, LLC since July 2012: Director of
Adviser and Portfolio Compliance at Pioneer
since October 2005; and Senior Compliance Officer
for Columbia Management Advisers, Inc. from
October 2003 to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (45) Since 2011. Serves Director - Transfer Agency Compliance of Pioneer None
Anti-Money Laundering Officer at the discretion and Anti-Money Laundering Officer of all the
of the Board. Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 121
This page for your notes.
122 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
This page for your notes.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16 123
This page for your notes.
124 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/16
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:
--------------------------------------------------------------------------------
Pioneer Funds
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) 2016 Pioneer Investments 25671-04-0516
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.
The audit fees for the Trust were $128,294
payable to Deloitte & Touche LLP for the year ended
March 31, 2016 and $122,474 for the year ended March 31, 2015.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
There were no audit-related services in 2015 or 2014.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
The tax fees for the Trust were $23,034
payable to Deloitte & Touche LLP for the year ended
March 31, 2016 and $22,950 for the year ended March 31, 2015.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
There were no other fees in 2016 or 2015.
(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.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Trust's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Trust. For the
years ended March 31 2016 and 2015, there were no
services provided to an affiliate that required the
Trust's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Trust were $23,034
payable to Deloitte & Touche LLP for the year ended
March 31, 2016 and $22,950 for the year ended March 31, 2015.
(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 May 31, 2016
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 May 31, 2016
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date May 31, 2016
* Print the name and title of each signing officer under his or her signature.