OMB APPROVAL
OMB Number: 3235-0570
Expires: January 31, 2017
Estimated average burden
hours per response.....20.6
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 811-21781
Pioneer Series Trust IV
(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: July 31
Date of reporting period: August 1, 2014 through July 31, 2015
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Classic
Balanced Fund
--------------------------------------------------------------------------------
Annual Report | July 31, 2015
--------------------------------------------------------------------------------
Ticker Symbols:
Class A AOBLX
Class C PCBCX
Class R CBPRX
Class Y AYBLX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
<Table>
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 12
Prices and Distributions 13
Performance Update 14
Comparing Ongoing Fund Expenses 18
Schedule of Investments 20
Financial Statements 47
Notes to Financial Statements 55
Report of Independent Registered Public Accounting Firm 66
Trustees, Officers and Service Providers 68
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 1
President's Letter
Dear Shareowner,
In the second half of 2015, two main issues have been dominating the attention
of global investors and policymakers alike, and shaping the current investment
environment: The Federal Reserve System's (the Fed's) deliberations over when to
begin normalizing interest rates in the U.S., and the increasing divergence in
economic activity around the globe. As 2015 began, market expectations were that
the Fed would likely begin raising interest rates by the middle of the year, but
a sluggish gross domestic product report in the first calendar quarter as well
as relatively benign inflation and wage growth contributed to the Fed's taking a
more cautionary approach and delaying the start of its rate-hike cycle. At the
same time, however, the U.S. labor market has continued its robust improvement,
moving the Fed closer to declaring victory on one of its main monetary policy
objectives -- full employment.
Meanwhile, global economic activity has continued to diverge, with developed
economies experiencing above-trend growth and most emerging markets economies
lagging the rest of the world. The slower pace of economic activity in the
emerging markets has been most evident in China, as the country's economy
continues to undergo a long, potentially painful adjustment from investment-led
growth to consumption-oriented growth. This divergence in global economic cycles
is likely to continue for some time, and we would expect an increased level of
volatility as global capital markets and policymakers adjust.
Pioneer Investments believes that investors in today's environment can
potentially benefit from the consistent and disciplined investment approach we
have used since our founding in 1928. We focus on identifying value across
global markets using proprietary research, careful risk management, and a
long-term perspective. Our ongoing goal is to produce compelling returns
consistent with the stated objectives of our investment products, and with our
2 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
shareowners' expectations. We believe our shareowners can benefit from the
experience and tenure of our investment teams as well as the insights generated
from our extensive research process.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short-and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate your trust in us in the past and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA, Inc.
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 Classic Balanced Fund | Annual Report | 7/31/15 3
Portfolio Management Discussion | 7/31/15
Stocks in the United States delivered positive returns during the 12-month
period ended July 31, 2015. In the fixed-income markets, longer-maturity,
higher-quality securities -- led by U.S. Treasuries -- tended to outperform more
credit-sensitive debt. In the following interview, Richard Schlanger and Walter
Hunnewell, Jr., discuss the market environment and the developments that
affected the performance of Pioneer Classic Balanced Fund during the 12-month
period. Mr. Schlanger, a vice president and a portfolio manager at Pioneer, and
Mr. Hunnewell, a 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 July 31, 2015?
A Pioneer Classic Balanced Fund's Class A shares returned 6.82% at net asset
value during the 12-month period ended July 31, 2015, while the Fund's
benchmarks, the Standard & Poor's 500 Index (the S&P 500) and the Barclays
Government/Credit Bond Index (the Barclays Index), returned 11.19% and
2.54%, respectively. During the same period, the average return of the 571
mutual funds in Lipper's Mixed-Asset Target Allocation Moderate Funds
category was 2.88%, and the average return of the 920 mutual funds in
Morningstar's Moderate Allocation Funds category was 4.25%.
Q How would you describe the environment for investing in the domestic equity
and fixed-income markets over the 12-month period ended July 31, 2015?
A Both the stock market and the bond market generated positive returns over
the 12 months. Volatility was prevalent throughout much of the period,
however, with investor sentiment's becoming influenced by a number of
factors, including: the perception that the U.S. economy was gaining
strength, as monthly job gains averaged more than 200,000; the accompanying
belief that the U.S. Federal Reserve System (the Fed) was preparing to
tighten monetary policy by raising short-term interest rates; volatility in
energy markets as oil prices declined early in the period, rose somewhat,
and then dropped again towards the end of the 12 months; concerns over the
effects of an economic slowdown in China; the start of a quantitative
easing (QE) policy by the European Central Bank (ECB); and certain global
political and economic developments, including the threat that Greece would
default on its debt obligations.
4 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
The domestic stock market, as measured by the S&P 500, the Fund's equity
benchmark, produced double-digit returns for the full period, despite a
sharp dip in October 2014 that coincided with dramatic underperformance
from the energy sector as oil prices plummeted. The declines in the prices
of oil and other commodities raised concerns about weakening global
economic growth trends, including in Europe, and the risk of deflation. Oil
prices appeared to bottom in January 2015, however, and the decision by the
ECB to initiate a QE program improved the outlook for Europe and increased
investors' confidence that the global economy was not heading into a
tailspin. After the rough month of October 2014, the stock market regained
its positive momentum, although the rest of the 12-month period did not
always feature smooth sailing for equities. Within the domestic equity
market (as represented by the S&P 500), defensive sectors that were most
directly linked to the health of the domestic economy - such as health
care, consumer discretionary and consumer staples - led the market advance.
Underperforming sectors in the S&P 500 included energy, materials and
telecommunication services.
With regard to fixed income, the market backdrop changed and became
somewhat more volatile after the midpoint of the 12-month period, with
longer-maturity government securities, notably U.S. Treasuries, giving up
some of their gains from earlier in the period. Overall, the yield curve --
which reflects the difference between yields of longer-maturity and
shorter-maturity securities -- flattened over the 12 months, with longer-
maturity government securities outperforming shorter-maturity ones. After
declining for a time, the yields of 10-Year Treasuries bottomed at 1.64% in
mid-January 2015, and then began moving higher.
Q How were the Fund's assets allocated between stocks and bonds during the
12-month period ended July 31, 2015, and how did the allocations affect the
Fund's performance?
A Throughout the 12 months, we kept the allocation to stocks in the Fund's
total investment portfolio at above 60%, which is close to our allowable
limit of 65% for equities. The higher allocation to equities had a positive
effect on the Fund's results, as stocks outperformed fixed-income
investments during the period. We maintained the heavier exposure to
equities over fixed-income in the portfolio because we continued to believe
that, in an improving economy with low interest rates, stocks offered the
better relative investment value.
As of July 31, 2015, stocks accounted for 59% of the Fund's total
investment portfolio, while fixed-income securities represented just over
41%.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 5
Q What investment strategies or individual holdings most affected the
benchmark-relative performance of the Fund's equity portfolio during the
12-month period ended July 31, 2015?
A The performance of the Fund's equity portfolio kept pace with that of the
benchmark S&P 500 Index over the 12-month period, as good stock selection
results offset some of the negative effects of our sector allocation
decisions.
The Fund's positioning in health care, where the portfolio was heavily
overweight, provided the greatest support to benchmark-relative returns
during the period, while good stock selection results in the industrials
sector also helped relative performance.
The Fund's underweight to the underperforming telecommunication services
sector made a slight positive contribution to benchmark-relative results.
Meanwhile, the Fund's underweight to the outperforming consumer staples
sector detracted from relative returns, but good stock selection within
consumer staples offset the negative effects of the underweight. We had
underweighted the portfolio to consumer staples because we were concerned
with the high valuations in the sector. In energy, a sector which
underperformed the overall market during the period, the portfolio's
overweight position was neutral for benchmark-relative performance, as
good stock selection results within the sector aided relative results.
The largest detractor from the Fund's benchmark-relative performance during
the period came from our stock picks in the financials sector, where
results were particularly weak among the portfolio's holdings in banks,
capital markets and insurance.
In terms of stock selection, the greatest boost to the Fund's
benchmark-relative performance came from our decision not to own any shares
of oil giants ExxonMobil and Chevron in the portfolio. In addition, the
Fund's large, overweight position in CVS Health, the pharmacy retail chain
and prescription benefits manager, gave a significant boost to relative
results, which were also helped by an investment in pharmaceutical company
Actavis (now named Allergan following its acquisition of Allergan). Shares
of Ross Stores, a discount retailer, also added to the Fund's
benchmark-relative performance.
Notable detractors from the Fund's relative results during the period were
positions in ConocoPhillips, one of the larger oil exploration-and-
production companies, and in Targa Resources, a provider of mid-stream
6 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
natural gas infrastructure services, which holds valuable assets along the
Gulf of Mexico coast. Also detracting from relative performance was the
Fund's investment in chemical firm LyondellBasell, which underperformed due
to investor worries about the company's end-product pricing power. Finally,
not owning any shares of Amazon, the giant online retailer, hurt relative
returns as the company outperformed over the 12-month period.
Q Could you discuss the changes you made to the Fund's equity portfolio
during the 12-month period ended July 31, 2015, and the Fund's current
positioning in equities?
A As of July 31, 2015, the largest equity allocations in the Fund were to
stocks that were most sensitive to the effects of an improving domestic
economy and a brightening employment picture. The portfolio's largest
equity overweights were in health care and in the financials sector, while
the most significant underweights were in consumer staples and utilities.
Among new holdings (added to the Fund's portfolio over the last six months
of the period) are shares of banking firms JPMorgan Chase and Wells Fargo.
We also initiated positions in pharmacy benefits manager Express Scripts,
health insurer Humana, and retailers Foot Locker and Dollar General.
With regard to sales, we liquidated the Fund's position in Bank of America
during the period, and also sold shares of tobacco company Lorillard after
it was acquired by Reynolds America. Finally, we sold positions in energy
companies Marathon Petroleum and ConocoPhillips.
Q Which of your investment strategies had the largest effects on the
benchmark-relative performance of the Fund's fixed-income portfolio during
the 12-month period ended July 31, 2015?
A The Fund's fixed-income portfolio outperformed its Barclays Index benchmark
during the 12-month period. Notable contributors to the Fund's relative
results were the portfolio's out-of-benchmark exposures to commercial
mortgage-backed securities, floating-rate bank loans, and event-linked
bonds issued by property-and-casualty insurers. In addition, an
out-of-benchmark allocation to government-agency mortgages, a position we
increased during the period, supported relative performance.
Holding back relative returns during the period was the portfolio's
positioning along the yield curve -- specifically, a shorter-than-
benchmark average duration and underweighted exposure to 30-year
securities, which outperformed as market interest rates decreased over
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 7
the full 12-month period. (Duration is a measure of the sensitivity of the
price - the value of principal - of a fixed-income investment to a change
in interest rates, expressed as a number of years.) During the period's
final six months, we did lengthen the portfolio's duration, but it remained
substantially shorter than that of the Barclays Index. In addition, the
Fund's significantly underweight position in U.S. Treasuries, which are
highly sensitive to changes in interest rates, did not help relative
performance. While Treasuries account for more than 50% of the Barclays
Index, we kept the Fund's allocation to roughly 4.5% of the total
fixed-income portfolio.
As of July 31, 2015, the largest allocation in the Fund's fixed-income
portfolio was to U.S. investment-grade corporate bonds, followed by
government-agency mortgages. The Fund also had allocations to other asset
classes such as international investment-grade debt, event-linked bonds,
asset-backed securities, and commercial mortgage-backed securities. U.S.
Treasuries accounted for a small portion (between 4% and 5%) of the Fund's
fixed-income investment portfolio as of period end.
Q Did the Fund have any investments in derivative securities during the
12-month period ended July 31, 2015? If so, did the holdings affect
benchmark-relative performance?
A We did hold some Treasury futures contracts in the portfolio as part of our
short-duration strategy. The futures had a negligible effect on the Fund's
performance. Meanwhile, the Fund had no exposure to derivatives in the
equity portion of the portfolio.
Q What factors affected the Fund's yield, or dividend distributions to
shareholders during the 12-month period ended July 31, 2015?
A The Fund's yield, or dividend*, remained relatively stable over the 12
months. With the Fund's equity investments, we strive to obtain current
income through dividends, at a rate superior to that of the S&P 500. During
the period, that goal was achieved, as the Fund's gross dividend yield from
equities (before fees and expenses) was approximately 2.3%. On the other
hand, the level of current income generated from the Fund's fixed-income
portfolio was affected by the extraordinarily low rates available in the
market over the full 12-month period. Market rates did, however, begin to
move higher during the final six months of the period. Therefore, we think
if the Fed, as expected, does increase short-term rates in the near future,
and market rates continue to
* Dividends are not guaranteed.
8 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
climb as they did over the final six months of the period, those
circumstances would increase the possibility that the level of income
generated by the Fund's fixed-income investments could start to rise.
Q What is your investment outlook and how have you positioned the portfolio
heading into the final months of 2015?
A We believe prospects for the U.S. economy look good, although uncertainties
continue to unsettle investor sentiment.
In the United States, the economy -- as measured by recently revised gross
domestic product (GDP) figures -- grew at an annual rate of nearly 4%
during the second quarter of 2015, a noticeable improvement over the slight
GDP increase of 0.6% in the first quarter. The job market continues to
improve and the housing market appears to be healing, with household
formation moving higher. All of those factors point to the Fed's starting
to raise short-term interest rates very gradually before the end of the
calendar year.
Nevertheless, the market remains volatile. Slowing growth trends in China,
combined with the devaluation of the Chinese currency and volatility in the
Chinese equity markets, have caused much consternation among market
participants. The debt situation in Greece remains a factor to be
monitored.
In light of mounting evidence that the domestic economy is strengthening,
we believe that the Fed probably will begin tightening monetary policy late
in 2015. We also anticipate that market rates for longer-maturity
securities will climb further, especially if we see additional evidence of
a pick-up in the domestic economy as well as the development of a market
consensus that oil prices have finally bottomed out. We believe rates on
longer-maturity securities are likely to remain volatile.
In the Fund's fixed-income portfolio, we have maintained a
shorter-than-benchmark duration stance as we enter the new fiscal year,
even though we did increase duration, somewhat, over the final six months
of the period as market rates increased. We also are maintaining the
fixed-income portfolio's underweights to long-maturity securities as well
as to debt instruments with maturities in the two-to-five-year range.
Meanwhile, we continue to overweight the Fund to securities with maturities
in the 10-year range. We have become more cautious about credit-sensitive
securities such as corporate bonds, as we have witnessed
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 9
many companies beginning to increase the amount of leverage on their
balance sheets. Therefore, we anticipate moving up in the capital structure
with the Fund's credit-sensitive investments.
In the Fund's equity portfolio, in light of our belief that the U.S.
economy will continue in its slow recovery phase, we currently favor owning
shares of companies that we believe can benefit from the improving labor
and housing markets in the United States -- and expand their profits. As
noted earlier, we continue to overweight the Fund's equity portfolio to
companies in the health care sector, in particular, even in the wake of the
sector's strong performance over the past 12 months. The Fund is also
overweight to financial companies that we feel have attractive valuations
and the potential to improve profit margins from cost-cutting and rising
interest rates. Conversely, we have maintained the equity portfolio's
underweights in the consumer staples and utilities sectors.
10 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
Please refer to the Schedule of Investments on pages 20-46 for a full listing of
Fund Securities.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of issuers of underlying securities and their inability to meet their
debt obligations.
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.
The securities issued by U.S. Government-sponsored entities (e.g., FNMA, Freddie
Mac) are neither guaranteed nor issued by the U.S. Government.
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.
Investments in high-yield or lower rated securities are subject to greater-than-
average price volatility, illiquidity and possibility of default.
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 REIT securities, the value of which can fall for a variety
of reasons, such as declines in rental income, fluctuating interest rates, poor
property management, environmental liabilities, uninsured damage, increased
competition, or changes in real estate tax laws.
At times, the Fund's investments may represent industries or sectors that are
interrelated or have common risks, making them 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.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 11
Portfolio Summary | 7/31/15
Portfolio Diversification*
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 54.7%
International Corporate Bonds 12.3%
U.S. Corporate Bonds 10.7%
U.S. Government Securities 10.4%
International Common Stocks 3.4%
Collateralized Mortgage Obligations 3.3%
Asset Backed Securities 1.5%
Municipal Bonds 1.3%
Senior Secured Loans 0.9%
Foreign Government Bonds 0.6%
Depositary Receipts for International Stocks 0.5%
U.S. Preferred Stocks 0.2%
Convertible Preferred Stocks 0.2%
* Includes investments in insurance linked securities totaling 1.6% of total
investment portfolio.
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)
Financials 38.8%
Health Care 14.5%
Information Technology 12.7%
Consumer Discretionary 9.2%
Industrials 7.0%
Energy 6.4%
Consumer Staples 3.7%
Materials 2.6%
Utilities 2.0%
Government 1.6%
Telecommunication Services 1.5%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)**
1. Microsoft Corp. 2.63%
--------------------------------------------------------------------------------
2. Apple, Inc. 2.12
--------------------------------------------------------------------------------
3. AbbVie, Inc. 2.05
--------------------------------------------------------------------------------
4. Gilead Sciences, Inc. 1.89
--------------------------------------------------------------------------------
5. CVS Health Corp. 1.82
--------------------------------------------------------------------------------
6. Pfizer, Inc. 1.60
--------------------------------------------------------------------------------
7. Merck & Co., Inc. 1.48
--------------------------------------------------------------------------------
8. Celgene Corp. 1.38
--------------------------------------------------------------------------------
9. JPMorgan Chase & Co. 1.36
--------------------------------------------------------------------------------
10. Lowe's Companies, Inc. 1.33
--------------------------------------------------------------------------------
** 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 Classic Balanced Fund | Annual Report | 7/31/15
Prices and Distributions | 7/31/15
Net Asset Value per Share
--------------------------------------------------------------------------------
Class 7/31/15 7/31/14
--------------------------------------------------------------------------------
A $9.36 $9.76
--------------------------------------------------------------------------------
C $9.30 $9.70
--------------------------------------------------------------------------------
Y $9.41 $9.79
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 7/31/15 7/1/15*
--------------------------------------------------------------------------------
R $9.36 $9.27
--------------------------------------------------------------------------------
Distributions per Share: 8/1/14-7/31/15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1838 $0.0578 $0.7997
--------------------------------------------------------------------------------
C $0.1191 $0.0578 $0.7997
--------------------------------------------------------------------------------
R $ -- $ -- $ --
--------------------------------------------------------------------------------
Y $0.1981 $0.0578 $0.7997
--------------------------------------------------------------------------------
Index Definitions
--------------------------------------------------------------------------------
The Standard & Poor's 500 Index is an unmanaged, commonly used measure of the
broad U.S. stock market. The Barclays Government/Credit Bond Index is unmanaged,
and measures the performance of debt obligations of the U.S. government agencies
and investment-grade domestic corporate debt. Index returns are calculated
monthly, 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 indices defined here pertain to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 14-17.
* Class R shares commenced operations on July 1, 2015.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 13
Performance Update | 7/31/15 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Classic Balanced Fund at public
offering price during the periods shown, compared to that of the Standard &
Poor's 500 Index and Barclays Government/Credit Bond Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
Barclays
Govern-
Net Public ment/ Standard
Asset Offering Credit & Poor's
Value Price Bond 500
Period (NAV) (POP) Index Index
--------------------------------------------------------------------------------
10 Years 6.76% 6.27% 4.58% 7.72%
5 Years 10.85 9.83 3.43 16.23
1 Year 6.82 2.02 2.54 11.19
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated July 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.25% 1.16%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Classic Barclays Government/ Standard & Poor's
Balanced Fund Credit Bond Index 500 Index
7/31/2005 $ 9,550 $10,000 $10,000
7/31/2006 $10,272 $10,090 $10,538
7/31/2007 $11,343 $10,664 $12,237
7/31/2008 $10,490 $11,323 $10,880
7/31/2009 $ 9,970 $12,131 $ 8,709
7/31/2010 $10,975 $13,216 $ 9,915
7/31/2011 $12,628 $13,814 $11,863
7/31/2012 $13,134 $14,981 $12,943
7/31/2013 $15,132 $14,682 $16,177
7/31/2014 $17,195 $15,258 $18,914
7/31/2015 $18,368 $15,647 $21,031
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.
POP returns reflect deduction of the maximum 4.50% sales charge. NAV results
represent the percent change in net asset value per share. Returns would have
been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through December 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 Classic Balanced Fund acquired the assets and liabilities of AmSouth
Balanced Fund on September 23, 2005. The performance shown for Class A shares of
the Fund for periods prior to September 23, 2005, is based on the performance of
AmSouth Balanced Fund's Class A shares prior to the reorganization, which has
been restated to reflect differences in any applicable sales charges (but not
differences in expenses). If the performance had been adjusted to reflect all
differences in expenses, the performance of Class A shares of the Fund would be
lower.
14 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
Performance Update | 7/31/15 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Classic Balanced Fund during the
periods shown, compared to that of the Standard & Poor's 500 Index and Barclays
Government/Credit Bond Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
Barclays
Govern-
ment/ Standard
Credit & Poor's
If If Re- Bond 500
Period Held deemed Index Index
--------------------------------------------------------------------------------
10 Years 5.92% 5.92% 4.58% 7.72%
5 Years 9.94 9.94 3.43 16.23
1 Year 6.14 6.14 2.54 11.19
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated July 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.95%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Classic Barclays Government/ Standard & Poor's
Balanced Fund Credit Bond Index 500 Index
7/31/2005 $10,000 $10,000 $10,000
7/31/2006 $10,714 $10,090 $10,538
7/31/2007 $11,736 $10,664 $12,237
7/31/2008 $10,750 $11,323 $10,880
7/31/2009 $10,127 $12,131 $ 8,709
7/31/2010 $11,062 $13,216 $ 9,915
7/31/2011 $12,609 $13,814 $11,863
7/31/2012 $13,002 $14,981 $12,943
7/31/2013 $14,868 $14,682 $16,177
7/31/2014 $16,742 $15,258 $18,914
7/31/2015 $17,770 $15,647 $21,031
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.
Pioneer Classic Balanced Fund acquired the assets and liabilities of AmSouth
Balanced Fund on September 23, 2005. The performance shown for Class C shares
for periods prior to September 23, 2005, is based upon the performance of
AmSouth Balanced Fund's Class B shares as adjusted to reflect sales charges
applicable to Class C shares (but not other differences in expenses). If the
performance had been adjusted to reflect all differences in expenses, the
performance of Class C shares of the Fund would be lower.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 15
Performance Update | 7/31/15 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Classic Balanced Fund during the
periods shown, compared to that of the Standard & Poor's 500 Index and Barclays
Government/Credit Bond Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
Barclays
Govern-
Net ment/ Standard
Asset Credit & Poor's
Value Bond 500
Period (NAV) Index Index
--------------------------------------------------------------------------------
10 Years 6.76% 4.58% 7.72%
5 Years 10.85 3.43 16.23
1 Year 6.82 2.54 11.19
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated July 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.53% 1.30%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Classic Barclays Government/ Standard & Poor's
Balanced Fund Credit Bond Index 500 Index
7/31/2005 $10,000 $10,000 $10,000
7/31/2006 $10,752 $10,090 $10,538
7/31/2007 $11,873 $10,664 $12,237
7/31/2008 $10,980 $11,323 $10,880
7/31/2009 $10,436 $12,131 $ 8,709
7/31/2010 $11,488 $13,216 $ 9,915
7/31/2011 $13,218 $13,814 $11,863
7/31/2012 $13,748 $14,981 $12,943
7/31/2013 $15,840 $14,682 $16,177
7/31/2014 $17,998 $15,258 $18,914
7/31/2015 $19,227 $15,647 $21,031
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 July 1, 2015, 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 R shares, the performance of Class R shares prior to their inception would
have been higher than the performance shown. For the period beginning July 1,
2015, 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.
The net expense ratio reflects the contractual expense limitation currently in
effect through December 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.
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 Classic Balanced Fund | Annual Report | 7/31/15
Performance Update | 7/31/15 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Classic Balanced Fund during the
periods shown, compared to that of the Standard & Poor's 500 Index and Barclays
Government/Credit Bond Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
Barclays
Govern-
Net ment/ Standard
Asset Credit & Poor's
Value Bond 500
Period (NAV) Index Index
--------------------------------------------------------------------------------
10 Years 7.10% 4.58% 7.72%
5 Years 11.17 3.43 16.23
1 Year 7.17 2.54 11.19
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated July 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.95%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Classic Barclays Government/ Standard & Poor's
Balanced Fund Credit Bond Index 500 Index
7/31/2005 $5,000,000 $5,000,000 $ 5,000,000
7/31/2006 $5,394,371 $5,045,106 $ 5,268,811
7/31/2007 $5,977,899 $5,331,906 $ 6,118,402
7/31/2008 $5,544,683 $5,661,393 $ 5,439,820
7/31/2009 $5,288,345 $6,065,534 $ 4,354,619
7/31/2010 $5,847,875 $6,608,020 $ 4,957,442
7/31/2011 $6,742,325 $6,906,996 $ 5,931,480
7/31/2012 $7,039,168 $7,490,281 $ 6,471,581
7/31/2013 $8,145,261 $7,340,828 $ 8,088,333
7/31/2014 $9,267,036 $7,629,124 $ 9,457,008
7/31/2015 $9,931,844 $7,823,256 $10,515,715
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.
Pioneer Classic Balanced Fund acquired the assets and liabilities of AmSouth
Balanced Fund on September 23, 2005. The performance shown for Class Y shares of
the Fund for periods prior to September 23, 2005, is based on the performance of
AmSouth Balanced Fund's Class I shares prior to the reorganization, which has
been restated to reflect differences in any applicable sales charges (but not
differences in expenses). If the performance had been adjusted to reflect all
differences in expenses, the performance of Class Y shares of the Fund would be
lower. 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 Classic Balanced Fund | Annual Report | 7/31/15 17
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Classic Balanced Fund
Based on actual returns from February 1, 2015 through July 31, 2015.
------------------------------------------------------------------------------------------------------
Share Class A C R Y
------------------------------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 2/1/15*
------------------------------------------------------------------------------------------------------
Ending Account $1,037.39 $1,033.19 $1,009.70 $1,038.27
Value (after expenses)
on 7/31/15
------------------------------------------------------------------------------------------------------
Expenses Paid $ 6.31 $ 10.18 $ 1.19 $ 5.21
During Period**
------------------------------------------------------------------------------------------------------
* Period begins July 1, 2015 (commencement of operations) for Class R shares.
** Expenses are equal to the Fund's annualized net expense ratio, plus ratio
of the underlying funds. These combined totals were 1.25%, 2.02%, 1.39% and
1.03% for Class A, Class C, Class R and Class Y shares, respectively. These
combined totals were multiplied by the average account value over the
period, then multiplied by 181/365 (31/365 for Class R shares)(to reflect
the one half-year period).
18 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Classic Balanced Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from February 1, 2015 through July 31, 2015.
------------------------------------------------------------------------------------------------------
Share Class A C R Y
------------------------------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 2/1/15*
------------------------------------------------------------------------------------------------------
Ending Account $1,018.60 $1,014.78 $1,003.07 $1,019.69
Value (after expenses)
on 7/31/15
------------------------------------------------------------------------------------------------------
Expenses Paid $ 6.26 $ 10.09 $ 1.18 $ 5.16
During Period**
------------------------------------------------------------------------------------------------------
* Period begins July 1, 2015 (commencement of operations) for Class R shares.
** Expenses are equal to the Fund's annualized net expense ratio, plus ratio
of the underlying funds. These combined totals were 1.25%, 2.02%, 1.39% and
1.03% for Class A, Class C, Class R and Class Y shares, respectively. These
combined totals were multiplied by the average account value over the
period, then multiplied by 181/365 (31/365 for Class R shares)(to reflect
the one half-year period).
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 19
Schedule of Investments | 7/31/15
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.2%
BANKS -- 0.0%+
Diversified Banks -- 0.0%+
1,789 7.88 Citigroup Capital XIII, Floating Rate Note, 10/30/40 $ 45,566
2,137 6.00 US Bancorp, Floating Rate Note (Perpetual) 57,485
---------------
$ 103,051
---------------
Total Banks $ 103,051
------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%+
Asset Management & Custody Banks -- 0.0%+
1,400 5.90 State Street Corp., Floating Rate Note, 12/31/73 $ 36,358
---------------
Total Diversified Financials $ 36,358
------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.2%
Property & Casualty Insurance -- 0.2%
20,649 5.10 The Allstate Corp., Floating Rate Note, 1/15/53 $ 536,874
---------------
Total Insurance $ 536,874
------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $653,519) $ 676,283
------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCK -- 0.3%
BANKS -- 0.3%
Diversified Banks -- 0.3%
700 Wells Fargo & Co., 7.5% (Perpetual) $ 834,477
------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $730,069) $ 834,477
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Shares
------------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 62.5%
ENERGY -- 4.2%
Oil & Gas Refining & Marketing -- 0.9%
15,701 Phillips 66 $ 1,248,230
19,994 Valero Energy Corp. 1,311,606
---------------
$ 2,559,836
------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 3.3%
98,108 Kinder Morgan, Inc. $ 3,398,461
47,111 Spectra Energy Corp. 1,425,579
14,544 Targa Resources Corp. 1,286,417
67,977 The Williams Companies, Inc. 3,567,433
---------------
$ 9,677,890
---------------
Total Energy $ 12,237,726
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
------------------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------------------
MATERIALS -- 1.6%
Commodity Chemicals -- 1.1%
34,887 LyondellBasell Industries NV $ 3,273,447
------------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.5%
14,974 Monsanto Co. $ 1,525,701
---------------
Total Materials $ 4,799,148
------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 3.6%
Aerospace & Defense -- 1.1%
30,162 Honeywell International, Inc. $ 3,168,518
------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.6%
15,599 Rockwell Automation, Inc. $ 1,821,651
------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy
Trucks -- 0.6%
12,339 Cummins, Inc. $ 1,598,271
------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.3%
26,648 Ingersoll-Rand Plc $ 1,636,187
13,618 Snap-on, Inc. 2,244,246
---------------
$ 3,880,433
---------------
Total Capital Goods $ 10,468,873
------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 1.5%
Diversified Support Services -- 1.1%
34,145 G&K Services, Inc. $ 2,238,546
27,405 KAR Auction Services, Inc. 1,066,877
---------------
$ 3,305,423
------------------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.4%
24,328 Nielsen NV* $ 1,178,935
---------------
Total Commercial Services & Supplies $ 4,484,358
------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.9%
Airlines -- 0.9%
64,310 American Airlines Group, Inc. $ 2,578,831
---------------
Total Transportation $ 2,578,831
------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.6%
Automobile Manufacturers -- 0.6%
109,518 Ford Motor Co. $ 1,624,152
---------------
Total Automobiles & Components $ 1,624,152
------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.6%
Restaurants -- 0.6%
19,085 McDonald's Corp. $ 1,905,828
---------------
Total Consumer Services $ 1,905,828
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 21
Schedule of Investments | 7/31/15 (continued)
------------------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------------------
MEDIA -- 2.7%
Broadcasting -- 0.9%
19,776 CBS Corp. (Class B) $ 1,057,423
21,937 Gannett Co., Inc. 277,503
43,874 TEGNA, Inc. 1,278,050
---------------
$ 2,612,976
------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 1.5%
58,905 Regal Entertainment Group $ 1,213,443
25,111 The Walt Disney Co. 3,013,320
---------------
$ 4,226,763
------------------------------------------------------------------------------------------------------------
Publishing -- 0.3%
40,399 Time, Inc. $ 901,706
---------------
Total Media $ 7,741,445
------------------------------------------------------------------------------------------------------------
RETAILING -- 3.7%
General Merchandise Stores -- 0.7%
23,500 Target Corp. $ 1,923,475
------------------------------------------------------------------------------------------------------------
Apparel Retail -- 1.7%
31,412 Foot Locker, Inc. $ 2,216,117
51,450 Ross Stores, Inc. 2,735,082
---------------
$ 4,951,199
------------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 1.3%
54,380 Lowe's Companies, Inc. $ 3,771,797
---------------
Total Retailing $ 10,646,471
------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 1.8%
Drug Retail -- 1.8%
46,162 CVS Health Corp. $ 5,191,840
---------------
Total Food & Staples Retailing $ 5,191,840
------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.6%
Brewers -- 0.3%
12,410 Molson Coors Brewing Co. (Class B) $ 882,847
------------------------------------------------------------------------------------------------------------
Soft Drinks -- 0.6%
38,149 The Coca-Cola Co. $ 1,567,161
------------------------------------------------------------------------------------------------------------
Tobacco -- 0.7%
38,704 Altria Group, Inc. $ 2,104,724
---------------
Total Food, Beverage & Tobacco $ 4,554,732
------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 4.4%
Health Care Equipment -- 0.9%
34,094 Medtronic Plc $ 2,672,629
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
------------------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------------------
Health Care Distributors -- 1.9%
21,134 Cardinal Health, Inc. $ 1,795,967
16,777 McKesson Corp. 3,700,503
---------------
$ 5,496,470
------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.9%
27,361 Express Scripts Holding Co.* $ 2,464,405
------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.7%
11,613 Humana, Inc. $ 2,114,611
---------------
Total Health Care Equipment & Services $ 12,748,115
------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 10.6%
Biotechnology -- 3.2%
29,808 Celgene Corp.* $ 3,912,300
45,706 Gilead Sciences, Inc.* 5,386,909
---------------
$ 9,299,209
------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 7.4%
83,213 AbbVie, Inc. $ 5,825,742
10,994 Allergan Plc 3,640,663
45,902 AstraZeneca Plc (A.D.R.) 1,551,029
12,334 Mallinckrodt Plc* 1,528,923
71,337 Merck & Co., Inc. 4,206,030
126,340 Pfizer, Inc. 4,555,820
---------------
$ 21,308,207
Total Pharmaceuticals, Biotechnology & ---------------
Life Sciences $ 30,607,416
------------------------------------------------------------------------------------------------------------
BANKS -- 5.9%
Diversified Banks -- 2.2%
56,539 JPMorgan Chase & Co. $ 3,874,618
44,636 Wells Fargo & Co. 2,583,085
---------------
$ 6,457,703
------------------------------------------------------------------------------------------------------------
Regional Banks -- 3.3%
60,896 Citizens Financial Group, Inc. $ 1,587,559
87,304 Huntington Bancshares, Inc. 1,018,838
89,645 KeyCorp 1,330,332
59,245 People's United Financial, Inc. 963,916
31,299 SunTrust Banks, Inc. 1,387,798
31,589 The PNC Financial Services Group, Inc. 3,101,408
---------------
$ 9,389,851
------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.4%
61,875 New York Community Bancorp, Inc. $ 1,177,481
---------------
Total Banks $ 17,025,035
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 23
Schedule of Investments | 7/31/15 (continued)
------------------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.0%
Specialized Finance -- 0.9%
27,592 CME Group, Inc./IL $ 2,649,936
------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.4%
20,251 Discover Financial Services, Inc. $ 1,130,208
------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 1.0%
101,721 Ares Capital Corp. $ 1,636,691
74,957 TCP Capital Corp. 1,140,096
---------------
$ 2,776,787
------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.7%
37,986 Lazard, Ltd. $ 2,104,804
---------------
Total Diversified Financials $ 8,661,735
------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 2.4%
Hotel & Resort REIT -- 1.2%
106,753 Chesapeake Lodging Trust $ 3,423,569
------------------------------------------------------------------------------------------------------------
Specialized REIT -- 1.2%
59,617 Iron Mountain, Inc. $ 1,791,491
15,719 Lamar Advertising Co. 943,926
33,707 Outfront Media, Inc. 847,057
---------------
$ 3,582,474
---------------
Total Real Estate $ 7,006,043
------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 7.3%
Internet Software & Services -- 3.7%
52,352 eBay, Inc.* $ 1,472,138
31,437 Facebook, Inc.* 2,955,392
5,709 Google, Inc. (Class A)* 3,753,668
4,016 Google, Inc. (Class C) 2,512,450
---------------
$ 10,693,648
------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.7%
52,352 PayPal Holdings, Inc. $ 2,026,022
------------------------------------------------------------------------------------------------------------
Systems Software -- 2.9%
10,848 Check Point Software Technologies, Ltd.* $ 876,193
159,919 Microsoft Corp. 7,468,217
---------------
$ 8,344,410
---------------
Total Software & Services $ 21,064,080
------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 3.5%
Communications Equipment -- 0.9%
19,292 F5 Networks, Inc.* $ 2,587,829
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
------------------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 2.6%
49,718 Apple, Inc. $ 6,030,793
54,692 EMC Corp. 1,470,668
---------------
$ 7,501,461
---------------
Total Technology Hardware & Equipment $ 10,089,290
------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.9%
Semiconductors -- 1.9%
21,499 Analog Devices, Inc. $ 1,254,037
25,142 Broadcom Corp. 1,272,437
48,766 Intel Corp. 1,411,776
38,136 Microchip Technology, Inc. 1,633,746
---------------
$ 5,571,996
---------------
Total Semiconductors & Semiconductor Equipment $ 5,571,996
------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.7%
Integrated Telecommunication Services -- 0.7%
40,804 Verizon Communications, Inc. $ 1,909,219
---------------
Total Telecommunication Services $ 1,909,219
------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $145,838,197) $ 180,916,333
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited)
------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 1.6%
CONSUMER SERVICES -- 0.2%
Hotels, Resorts & Cruise Lines -- 0.2%
414,765 Westgate Resorts 2014-1 LLC, 3.25%,
12/20/26 (144A) $ 412,650
140,230 Westgate Resorts LLC, 9.5%, 2/20/25 (144A) 140,115
---------------
$ 552,765
---------------
Total Consumer Services $ 552,765
------------------------------------------------------------------------------------------------------------
BANKS -- 1.1%
Thrifts & Mortgage Finance -- 1.1%
250,000 Ascentium Equipment Receivables 2015-1 LLC,
3.24%, 1/10/22 (144A) $ 251,111
117,075 0.69 Bayview Financial Mortgage Pass-Through
Trust 2005-C, Floating Rate Note, 6/28/44 116,173
150,000 California Republic Auto Receivables Trust 2014-3,
3.61%, 6/15/21 151,106
187,138 Consumer Credit Origination Loan Trust 2015-1,
2.82%, 3/15/21 (144A) 187,691
97,652 Credit-Based Asset Servicing and Securitization LLC,
5.33%, 7/25/35 (Step) 98,384
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 25
Schedule of Investments | 7/31/15 (continued)
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
54,258 Lehman ABS Manufactured Housing Contract
Trust 2001-B, 5.873%, 4/15/40 $ 57,213
189,803 Nations Equipment Finance Funding II LLC,
3.276%, 1/22/19 (144A) 191,319
350,000 Navitas Equipment Receivables LLC 2015-1,
4.5%, 6/17/19 (144A) 350,662
265,000 1.77 NovaStar Mortgage Funding Trust Series 2004-3,
Floating Rate Note, 12/25/34 252,458
335,000 0.79 PFS Financing Corp., Floating Rate Note,
2/15/19 (144A) 334,375
397,667 STORE Master Funding LLC, 4.21%, 4/20/44 (144A) 405,382
152,409 STORE Master Funding LLC, 5.77%, 8/20/42 (144A) 163,991
60,937 0.32 Structured Asset Securities Corp., Mortgage Loan
Trust 2007-BC2, Floating Rate Note, 3/25/37 60,666
514,926 SVO 2012-A VOI Mortgage LLC, 2.0%, 9/20/29 (144A) 509,193
127,520 VOLT XIX LLC, 3.875%, 4/26/55 (Step) 127,806
---------------
$ 3,257,530
---------------
Total Banks $ 3,257,530
------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Other Diversified Financial Services -- 0.0%+
99,989 AXIS Equipment Finance Receivables II LLC,
3.81%, 4/20/18 $ 101,491
------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
305,000 0.63 GE Dealer Floorplan Master Note Trust, Floating
Rate Note, 10/20/17 $ 304,970
------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
250,000 AmeriCredit Automobile Receivables Trust 2012-4,
3.82%, 2/10/20 (144A) $ 255,960
38,007 California Republic Auto Receivables Trust 2012-1,
1.18%, 8/15/17 (144A) 38,045
---------------
$ 294,005
---------------
Total Diversified Financials $ 700,466
------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.1%
171,389 2.19 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 10/25/23 $ 173,390
---------------
Total Government $ 173,390
------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $4,685,619) $ 4,684,151
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 3.6%
MATERIALS -- 0.1%
Forest Products -- 0.1%
350,000 TimberStar Trust I, 7.5296%, 10/15/36 (144A) $ 358,344
---------------
Total Materials $ 358,344
------------------------------------------------------------------------------------------------------------
BANKS -- 3.1%
Thrifts & Mortgage Finance -- 3.1%
234,510 0.49 ASG Resecuritization Trust 2010-3, Floating Rate
Note, 12/29/45 (144A) $ 225,784
330,000 2.39 BAMLL Commercial Mortgage Securities
Trust 2014-FL1, Floating Rate Note, 12/17/31 (144A) 330,674
200,000 2.14 BAMLL Commercial Mortgage Securities
Trust 2014-INLD, Floating Rate Note, 12/17/29 199,875
134,670 Banc of America Alternative Loan Trust 2003-2,
5.75%, 4/25/33 139,503
37,025 Banc of America Mortgage Trust 2004-11,
5.75%, 1/25/35 37,851
400,000 4.99 Bear Stearns Commercial Mortgage Securities
Trust 2005-PWR9, Floating Rate Note, 9/11/42 400,237
290,000 2.04 Carefree Portfolio Trust 2014-CARE, Floating Rate
Note, 11/15/19 (144A) 291,306
100,000 4.65 City Center Trust 2011-CCHP, Floating Rate Note,
7/17/28 (144A) 101,074
168,000 COMM 2012-CCRE4 Mortgage Trust, 2.436%, 10/17/45 168,984
18,852 4.89 Commercial Mortgage Trust 2005-GG3, Floating
Rate Note, 8/10/42 18,857
138,801 Credit Suisse First Boston Mortgage Securities Corp.,
4.877%, 4/15/37 138,909
333,000 1.49 Del Coronado Trust 2013-DEL, Floating Rate Note,
3/16/26 (144A) 332,728
781,515 Federal Home Loan Mortgage Corp., REMICS,
3.5%, 11/15/25 824,131
63,479 Federal Home Loan Mortgage Corp., 3.0%, 10/15/38 65,736
130,483 0.59 Federal National Mortgage Association, Floating Rate
Note, 2/25/41 131,068
420,000 3.49 GAHR Commercial Mortgage Trust 2015-NRF, Floating
Rate Note, 12/15/19 (144A) 418,656
77,585 Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 74,965
209,559 0.81 Impac CMB Trust Series 2004-4, Floating Rate
Note, 9/25/34 200,146
250,000 JP Morgan Chase Commercial Mortgage Securities
Trust 2010-C2, 3.6159%, 11/15/43 (144A) 259,962
1,051,265 3.00 JP Morgan Mortgage Trust 2014-2, Floating Rate
Note, 6/25/29 (144A) 1,069,867
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 27
Schedule of Investments | 7/31/15 (continued)
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
80,930 0.44 Lehman Brothers Small Balance Commercial, Floating
Rate Note, 2/25/30 (144A) $ 76,546
144,520 MASTR Alternative Loan Trust 2004-6, 6.0%, 7/25/34 147,038
33,458 0.97 Merrill Lynch Mortgage Investors Trust Series
MLCC 2004-D REMICS, Floating Rate Note, 9/25/29 28,971
267,711 5.47 ML-CFC Commercial Mortgage Trust 2006-1, Floating
Rate Note, 2/12/39 270,502
637,626 3.25 NRP Mortgage Trust 2013-1, Floating Rate Note,
7/25/43 (144A) 640,395
36,286 ORES NPL 2013-LV2 LLC, 3.081%, 9/25/25 (144A) 36,286
756,290 RALI Series 2003-QR24 Trust REMICS, 4.0%, 7/25/33 758,963
65,248 RALI Series 2004-QS3 Trust, 5.0%, 3/25/19 66,675
41,501 0.79 RALI Series 2004-QS5 Trust, Floating Rate
Note, 4/25/34 41,043
71,240 Residential Asset Securitization Trust 2004-A8,
5.25%, 11/25/34 72,090
250,000 2.34 Resource Capital Corp., CRE Notes 2013, Ltd.,
Floating Rate Note, 12/15/28 (144A) 250,130
82,375 2.25 Sequoia Mortgage Trust 2013-8, Floating Rate
Note, 6/25/43 79,650
136,717 3.00 Sequoia Mortgage Trust 2013-8, Floating Rate
Note, 6/25/43 133,203
98,816 2.86 Structured Adjustable Rate Mortgage Loan Trust
Class 1A1, Floating Rate Note, 3/25/34 98,359
99,970 2.40 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 1/25/35 99,154
105,816 2.63 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 9/25/34 105,483
505,152 2.62 Velocity Commercial Capital Loan Trust 2015-1,
Floating Rate Note, 6/25/45 (144A) 505,152
---------------
$ 8,839,953
---------------
Total Banks $ 8,839,953
------------------------------------------------------------------------------------------------------------
Government -- 0.4%
88,141 0.84 Federal Home Loan Mortgage Corp., REMICS,
Floating Rate Note, 2/15/24 $ 90,987
97,316 0.59 Federal Home Loan Mortgage Corp., REMICS,
Floating Rate Note, 5/15/41 97,947
70,581 0.51 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/36 70,934
114,637 3.26 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/39 112,821
106,396 0.49 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/36 106,604
The accompanying notes are an integral part of these financial statements.
28 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Government -- (continued)
289,637 0.64 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/41 $ 292,217
46,188 0.74 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 46,741
71,589 1.54 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 8/25/24 71,572
109,000 3.95 FREMF Mortgage Trust Class B, Floating Rate Note,
6/25/47 (144A) 113,225
48,842 0.69 Government National Mortgage Association, Floating
Rate Note, 11/20/30 49,196
---------------
$ 1,052,244
---------------
Total Government $ 1,052,244
------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $10,248,905) $ 10,250,541
------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 16.6%
ENERGY -- 2.6%
Oil & Gas Drilling -- 0.2%
250,000 Ensco Plc, 4.5%, 10/1/24 $ 229,091
225,000 Pride International, Inc., 6.875%, 8/15/20 252,099
100,000 Rowan Companies, Inc., 4.75%, 1/15/24 93,997
---------------
$ 575,187
------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.2%
250,000 Helmerich & Payne International Drilling Co.,
4.65%, 3/15/25 (144A) $ 257,547
250,000 Weatherford International, Ltd., Bermuda,
5.95%, 4/15/42 199,453
205,000 Weatherford International, Ltd., Bermuda,
9.625%, 3/1/19 234,006
---------------
$ 691,006
------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.3%
250,000 ConocoPhillips Co., 2.875%, 11/15/21 $ 250,528
175,000 Ecopetrol SA, 4.25%, 9/18/18 182,000
175,000 Exxon Mobil Corp., 2.397%, 3/6/22 172,192
250,000 Statoil ASA, 2.9%, 11/8/20 257,672
---------------
$ 862,392
------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.2%
200,000 Dolphin Energy, Ltd., 5.5%, 12/15/21 (144A) $ 227,600
400,000 Novatek OAO via Novatek Finance, Ltd., 4.422%,
12/13/22 (144A) 346,660
---------------
$ 574,260
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 29
Schedule of Investments | 7/31/15 (continued)
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.4%
300,000 GS Caltex Corp., 3.25%, 10/1/18 (144A) $ 306,262
360,000 Motiva Enterprises LLC, 5.75%, 1/15/20 (144A) 398,262
370,000 Valero Energy Corp., 9.375%, 3/15/19 455,312
---------------
$ 1,159,836
------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.1%
250,000 Boardwalk Pipelines LP, 4.95%, 12/15/24 $ 242,635
125,000 Buckeye Partners LP, 6.05%, 1/15/18 135,521
200,000 DCP Midstream LLC, 9.75%, 3/15/19 (144A) 226,058
250,000 5.85 DCP Midstream LLC, Floating Rate Note,
5/21/43 (144A) 188,750
250,000 Energy Transfer Partners LP, 2.5%, 6/15/18 250,367
250,000 Enterprise Products Operating LLC, 2.55%, 10/15/19 250,658
200,000 Kinder Morgan, Inc., Delaware, 3.05%, 12/1/19 198,341
250,000 Plains All American Pipeline LP, 4.9%, 2/15/45 237,188
425,000 Questar Pipeline Co., 5.83%, 2/1/18 465,335
200,000 Spectra Energy Capital LLC, 6.75%, 7/15/18 223,217
200,000 The Williams Companies, Inc., 5.75%, 6/24/44 175,167
242,000 The Williams Companies, Inc., 7.75%, 6/15/31 265,316
100,000 TransCanada PipeLines, Ltd., 1.875%, 1/12/18 100,506
200,000 6.35 TransCanada PipeLines, Ltd., Floating Rate
Note, 5/15/67 185,750
---------------
$ 3,144,809
------------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.1%
250,000 Corp Nacional del Cobre de Chile, 5.625%,
10/18/43 (144A) $ 264,888
------------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 0.1%
250,000 Sinopec Group Overseas Development 2014,
Ltd., 4.375%, 4/10/24 (144A) $ 261,978
---------------
Total Energy $ 7,534,356
------------------------------------------------------------------------------------------------------------
MATERIALS -- 1.0%
Fertilizers & Agricultural Chemicals -- 0.2%
250,000 Agrium, Inc., 4.125%, 3/15/35 $ 228,704
250,000 FMC Corp., 4.1%, 2/1/24 256,101
200,000 Monsanto Co., 1.15%, 6/30/17 198,729
---------------
$ 683,534
------------------------------------------------------------------------------------------------------------
Industrial Gases -- 0.1%
250,000 Praxair Inc., 2.65%, 2/5/25 $ 239,739
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
200,000 Cytec Industries, Inc., 3.5%, 4/1/23 $ 200,750
100,000 The Valspar Corp., 3.3%, 2/1/25 97,188
---------------
$ 297,938
------------------------------------------------------------------------------------------------------------
Construction Materials -- 0.1%
125,000 Holcim US Finance Sarl & Cie SCS, 6.0%,
12/30/19 (144A) $ 141,661
------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
350,000 Gold Fields Orogen Holdings BVI, Ltd., 4.875%,
10/7/20 (144A) $ 301,875
------------------------------------------------------------------------------------------------------------
Steel -- 0.2%
200,000 Glencore Funding LLC, 4.125%, 5/30/23 (144A) $ 189,172
250,000 Reliance Steel & Aluminum Co., 4.5%, 4/15/23 248,967
150,000 Worthington Industries, Inc., 4.55%, 4/15/26 153,783
---------------
$ 591,922
------------------------------------------------------------------------------------------------------------
Paper Products -- 0.2%
250,000 International Paper Co., 3.8%, 1/15/26 $ 243,855
250,000 International Paper Co., 6.0%, 11/15/41 271,910
---------------
$ 515,765
---------------
Total Materials $ 2,772,434
------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.7%
Aerospace & Defense -- 0.2%
200,000 Rockwell Collins, Inc., 3.7%, 12/15/23 $ 208,735
250,000 United Technologies Corp., 1.778%, 5/4/18 (Step) 250,240
---------------
$ 458,975
------------------------------------------------------------------------------------------------------------
Building Products -- 0.1%
250,000 Masco Corp., 4.45%, 4/1/25 $ 250,625
175,000 5.75 Stanley Black & Decker, Inc., Floating Rate
Note, 12/15/53 187,469
---------------
$ 438,094
------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
200,000 3M Co., 1.625%, 6/15/19 $ 200,507
------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.2%
250,000 Cummins, Inc., 5.65%, 3/1/98 $ 271,450
130,000 Cummins, Inc., 6.75%, 2/15/27 161,349
250,000 Wabtec Corp., Delaware, 4.375%, 8/15/23 261,954
---------------
$ 694,753
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 31
Schedule of Investments | 7/31/15 (continued)
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
200,000 CNH Industrial Capital LLC, 3.375%, 7/15/19 $ 196,750
51,000 Valmont Industries, Inc., 6.625%, 4/20/20 58,511
---------------
$ 255,261
---------------
Total Capital Goods $ 2,047,590
------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Environmental & Facilities Services -- 0.0%+
200,000 Waste Management, Inc., 3.125%, 3/1/25 $ 193,755
------------------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.1%
225,000 Verisk Analytics, Inc., 5.5%, 6/15/45 $ 224,866
---------------
Total Commercial Services & Supplies $ 418,621
------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Airlines -- 0.1%
139,269 Air Canada 2013-1 Class A Pass Through Trust,
4.125%, 5/15/25 (144A) $ 140,661
250,000 Air Canada 2015-1 Class A Pass Through Trust,
3.6%, 3/15/27 (144A) 242,550
1,996 Continental Airlines 1998-1 Class A Pass Through
Trust, 6.648%, 9/15/17 2,080
63,064 Delta Air Lines 2010-2 Class A Pass Through
Trust, 4.95%, 5/23/19 66,924
---------------
$ 452,215
------------------------------------------------------------------------------------------------------------
Railroads -- 0.1%
150,000 Burlington Northern Santa Fe LLC, 5.15%, 9/1/43 $ 164,058
------------------------------------------------------------------------------------------------------------
Highways & Railtracks -- 0.1%
300,000 ERAC USA Finance LLC, 4.5%, 2/15/45 (144A) $ 275,599
---------------
Total Transportation $ 891,872
------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.2%
Auto Parts & Equipment -- 0.1%
145,000 Delphi Corp., 4.15%, 3/15/24 $ 149,937
250,000 Johnson Controls, Inc., 1.4%, 11/2/17 248,678
---------------
$ 398,615
------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.1%
250,000 Ford Motor Credit Co., LLC, 2.875%, 10/1/18 $ 253,662
---------------
Total Automobiles & Components $ 652,277
------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Homebuilding -- 0.1%
200,000 DR Horton, Inc., 4.0%, 2/15/20 $ 204,000
---------------
Total Consumer Durables & Apparel $ 204,000
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.3%
Hotels, Resorts & Cruise Lines -- 0.1%
250,000 Marriott International, Inc., 3.125%, 10/15/21 $ 252,546
120,000 Marriott International, Inc., 3.375%, 10/15/20 123,799
---------------
$ 376,345
------------------------------------------------------------------------------------------------------------
Restaurants -- 0.1%
140,000 Starbucks Corp., 0.875%, 12/5/16 $ 140,046
------------------------------------------------------------------------------------------------------------
Education Services -- 0.1%
250,000 Colby College, 4.25%, 7/1/55 $ 228,863
---------------
Total Consumer Services $ 745,254
------------------------------------------------------------------------------------------------------------
MEDIA -- 0.6%
Broadcasting -- 0.3%
512,000 21st Century Fox America, Inc., 7.3%, 4/30/28 $ 640,247
200,000 CBS Corp., 4.3%, 2/15/21 210,577
---------------
$ 850,824
------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
250,000 CCO Safari II LLC, 6.384%, 10/23/35 (144A) $ 255,570
125,000 Sky Plc, 6.1%, 2/15/18 (144A) 137,131
---------------
$ 392,701
------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
250,000 The Met, 3.4%, 7/1/45 $ 225,590
------------------------------------------------------------------------------------------------------------
Publishing -- 0.1%
95,000 Thomson Reuters Corp., 0.875%, 5/23/16 $ 94,873
250,000 Thomson Reuters Corp., 1.3%, 2/23/17 249,684
---------------
$ 344,557
---------------
Total Media $ 1,813,672
------------------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Catalog Retail -- 0.1%
225,000 QVC, Inc., 4.45%, 2/15/25 $ 217,556
------------------------------------------------------------------------------------------------------------
Apparel Retail -- 0.1%
250,000 The TJX Companies, Inc., 2.75%, 6/15/21 $ 253,471
------------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.1%
250,000 The Home Depot, Inc., 2.625%, 6/1/22 $ 247,240
---------------
Total Retailing $ 718,267
------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Drug Retail -- 0.2%
250,000 CVS Health Corp., 3.5%, 7/20/22 $ 255,344
161,181 CVS Pass-Through Trust, 5.298%, 1/11/27 (144A) 174,752
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 33
Schedule of Investments | 7/31/15 (continued)
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Drug Retail -- (continued)
110,499 CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) $ 125,167
---------------
$ 555,263
---------------
Total Food & Staples Retailing $ 555,263
------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.3%
Brewers -- 0.0%+
55,000 Anheuser-Busch InBev Worldwide, Inc.,
7.75%, 1/15/19 $ 65,057
------------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.2%
410,000 Viterra, Inc., 5.95%, 8/1/20 (144A) $ 445,119
------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.1%
250,000 Kraft Foods Group, Inc., 3.5%, 6/6/22 $ 253,504
------------------------------------------------------------------------------------------------------------
Tobacco -- 0.0%+
50,000 Philip Morris International, Inc., 3.25%, 11/10/24 $ 49,675
---------------
Total Food, Beverage & Tobacco $ 813,355
------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.1%
200,000 Kimberly-Clark de Mexico SAB de CV, 3.8%,
4/8/24 (144A) $ 202,894
200,000 Reckitt Benckiser Treasury Services Plc, 2.125%,
9/21/18 (144A) 200,296
---------------
$ 403,190
---------------
Total Household & Personal Products $ 403,190
------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.3%
Health Care Equipment -- 0.2%
250,000 Becton Dickinson and Co., 1.8%, 12/15/17 $ 249,024
150,000 Boston Scientific Corp., 2.65%, 10/1/18 152,157
---------------
$ 401,181
------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.1%
100,000 Anthem, Inc., 3.3%, 1/15/23 $ 96,762
250,000 UnitedHealth Group, Inc., 3.35%, 7/15/22 255,096
---------------
$ 351,858
---------------
Total Health Care Equipment & Services $ 753,039
------------------------------------------------------------------------------------------------------------
BANKS -- 1.4%
Diversified Banks -- 1.0%
300,000 Bank of America Corp., 4.1%, 7/24/23 $ 310,079
250,000 Citigroup, Inc., 2.55%, 4/8/19 252,187
200,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank
BA Netherlands, 3.875%, 2/8/22 209,272
300,000 Export-Import Bank of Korea, 2.875%, 9/17/18 308,562
The accompanying notes are an integral part of these financial statements.
34 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
250,000 First Tennessee Bank NA, 2.95%, 12/1/19 $ 250,820
200,000 HSBC Holdings Plc, 4.875%, 1/14/22 222,138
250,000 Intesa Sanpaolo S.p.A., 3.125%, 1/15/16 251,938
200,000 Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A) 230,745
250,000 Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A) 284,372
250,000 Nordea Bank AB, 4.25%, 9/21/22 (144A) 257,538
150,000 Royal Bank of Canada, 1.45%, 9/9/16 151,080
200,000 Wells Fargo & Co., 4.125%, 8/15/23 206,847
---------------
$ 2,935,578
------------------------------------------------------------------------------------------------------------
Regional Banks -- 0.4%
138,000 BB&T Corp., 1.6%, 8/15/17 $ 138,507
250,000 HSBC Bank USA NA New York NY, 6.0%, 8/9/17 271,146
300,000 KeyBank NA Cleveland Ohio, 2.25%, 3/16/20 297,867
300,000 SunTrust Bank, 1.35%, 2/15/17 299,921
210,000 6.75 The PNC Financial Services Group, Inc., Floating
Rate Note (Perpetual) 233,100
---------------
$ 1,240,541
---------------
Total Banks $ 4,176,119
------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.1%
Other Diversified Financial Services -- 0.8%
290,000 Alterra Finance LLC, 6.25%, 9/30/20 $ 332,185
400,000 Carlyle Holdings II Finance LLC, 5.625%,
3/30/43 (144A) 426,601
250,000 General Electric Capital Corp., 5.625%, 9/15/17 272,260
420,000 General Electric Capital Corp., 6.75%, 3/15/32 557,317
650,000 6.75 JPMorgan Chase & Co., Floating Rate Note, 1/29/49 688,594
---------------
$ 2,276,957
------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.3%
175,000 Aviation Capital Group Corp., 6.75%, 4/6/21 (144A) $ 199,104
200,000 BM&FBovespa SA -- Bolsa de Valores Mercadorias
e Futuros, 5.5%, 7/16/20 (144A) 211,500
250,000 Private Export Funding Corp., 2.3%, 9/15/20 252,390
250,000 USAA Capital Corp., 2.45%, 8/1/20 (144A) 251,539
---------------
$ 914,533
------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.5%
250,000 Ally Financial, Inc., 3.6%, 5/21/18 $ 251,838
250,000 American Express Co., 1.55%, 5/22/18 248,558
360,000 Capital One Bank USA NA, 8.8%, 7/15/19 435,522
300,000 Capital One Financial Corp., 3.75%, 4/24/24 296,656
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 35
Schedule of Investments | 7/31/15 (continued)
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
250,000 Capital One NA, 1.65%, 2/5/18 $ 248,052
150,000 Toyota Motor Credit Corp., 0.75%, 3/3/17 (Step) 149,800
---------------
$ 1,630,426
------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.3%
300,000 KKR Group Finance Co., II LLC, 5.5%, 2/1/43 (144A) $ 308,126
250,000 Neuberger Berman Group LLC, 4.875%,
4/15/45 (144A) 228,955
250,000 4.50 The Bank of New York Mellon Corp., Floating Rate
Note (Perpetual) 231,250
---------------
$ 768,331
------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.2%
75,000 KKR Group Finance Co., III LLC, 5.125%,
6/1/44 (144A) $ 73,721
250,000 Morgan Stanley, 2.65%, 1/27/20 250,921
250,000 Morgan Stanley, 4.1%, 5/22/23 253,808
---------------
$ 578,450
---------------
Total Diversified Financials $ 6,168,697
------------------------------------------------------------------------------------------------------------
INSURANCE -- 2.5%
Life & Health Insurance -- 0.3%
220,000 Principal Financial Group, Inc., 3.3%, 9/15/22 $ 219,949
335,000 Protective Life Corp., 7.375%, 10/15/19 396,904
200,000 5.62 Prudential Financial, Inc., Floating Rate Note, 6/15/43 207,710
150,000 5.88 Prudential Financial, Inc., Floating Rate Note, 9/15/42 158,625
---------------
$ 983,188
------------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.3%
200,000 AIG, 3.875%, 1/15/35 $ 181,684
250,000 AXA SA, 8.6%, 12/15/30 335,625
200,000 New York Life Global Funding, 1.125%, 3/1/17 (144A) 200,271
200,000 New York Life Global Funding, 1.45%,
12/15/17 (144A) 200,185
---------------
$ 917,765
------------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.2%
200,000 OneBeacon US Holdings, Inc., 4.6%, 11/9/22 $ 206,235
250,000 The Hanover Insurance Group, Inc., 6.375%, 6/15/21 287,248
---------------
$ 493,483
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Reinsurance -- 1.7%
250,000 0.00 Acorn Re, Ltd., Floating Rate Note, 7/17/18
(Cat Bond) (144A) $ 250,550
250,000 5.91 Alamo Re, Ltd., Floating Rate Note, 6/7/18
(Cat Bond) (144A) 249,475
200,000 6.38 Aquarius + Investments Plc for Swiss Reinsurance
Co., Ltd., Floating Rate Note, 9/1/24 208,579
250,000 5.26 Caelus Re, Ltd., Floating Rate Note, 3/7/16
(Cat Bond) (144A) 245,725
250,000 0.00 Compass Re II, Ltd., Floating Rate Note, 12/8/15
(Cat Bond) 239,450
250,000 3.76 East Lane Re VI, Ltd., Floating Rate Note, 3/13/20
(Cat Bond) (144A) 247,575
274,050 Exeter Segregated Account (Kane SAC Ltd.), Variable
Rate Notes, 1/7/16 (d) 278,736
250,000 3.76 Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19
(Cat Bond) (144A) 246,000
250,000 4.77 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 244,200
250,000 Kingsbarns 2015 Segregated Account (Kane SAC
Ltd.), Variable Rate Notes, 12/18/15 (d) 235,082
250,000 3.97 Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16
(Cat Bond) (144A) 250,375
100,000 Lorenzo Re, Ltd., Variable Rate Notes, 3/31/18 (d) 103,190
222,333 Muirfield Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/12/16 (d) 227,425
250,000 5.75 Queen Street X Re, Ltd., Floating Rate Note, 6/8/18
(Cat Bond) (144A) 245,075
250,000 5.30 Residential Reinsurance 2013, Ltd., Floating Rate
Note, 12/6/17 (Cat Bond) (144A) 243,025
250,000 3.02 Sanders Re, Ltd., Floating Rate Note, 5/25/18
(Cat Bond) (144A) 242,500
250,000 4.02 Sanders Re, Ltd., Floating Rate Note, 5/5/17
(Cat Bond) (144A) 245,925
250,000 3.91 Sanders Re, Ltd., Floating Rate Note, 6/7/17
(Cat Bond) (144A) 247,125
250,000 Sector Re V, Ltd., Variable Rate Notes,
3/1/20 (144A) (d) 252,275
229,417 Troon Segregated Account (Kane SAC Ltd.), Variable
Rate Notes, 1/12/16 (d) 233,202
---------------
$ 4,735,489
---------------
Total Insurance $ 7,129,925
------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.4%
Diversified REIT -- 0.3%
200,000 DCT Industrial Operating Partnership LP,
4.5%, 10/15/23 $ 204,920
300,000 Duke Realty LP, 3.75%, 12/1/24 294,580
250,000 Essex Portfolio LP, 3.5%, 4/1/25 241,808
---------------
$ 741,308
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 37
Schedule of Investments | 7/31/15 (continued)
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Office REIT -- 0.1%
110,000 Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22 $ 116,631
250,000 Highwoods Realty LP, 3.625%, 1/15/23 248,732
---------------
$ 365,363
------------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.0%+
50,000 CubeSmart LP, 4.8%, 7/15/22 $ 54,074
---------------
Total Real Estate $ 1,160,745
------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
Data Processing & Outsourced Services -- 0.0%+
44,000 First Data Corp., 8.25%, 1/15/21 (144A) $ 46,585
------------------------------------------------------------------------------------------------------------
Systems Software -- 0.1%
250,000 Oracle Corp., 2.5%, 5/15/22 $ 242,947
---------------
Total Software & Services $ 289,532
------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3%
Communications Equipment -- 0.1%
150,000 Cisco Systems, Inc., 2.9%, 3/4/21 $ 153,483
250,000 Cisco Systems, Inc., 3.5%, 6/15/25 253,982
---------------
$ 407,465
------------------------------------------------------------------------------------------------------------
Computer Hardware Storage & Peripherals -- 0.1%
250,000 Seagate HDD Cayman, 4.875%, 6/1/27 (144A) $ 240,491
------------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.1%
250,000 Flextronics International, Ltd., 4.75%, 6/15/25 (144A) $ 244,062
---------------
Total Technology Hardware & Equipment $ 892,018
------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.4%
Semiconductors -- 0.4%
250,000 Altera Corp., 2.5%, 11/15/18 $ 254,291
250,000 Intel Corp., 4.9%, 7/29/45 256,775
175,000 Micron Semiconductor Asia Pte, Ltd.,
1.258%, 1/15/19 174,596
200,000 Texas Instruments, Inc., 0.875%, 3/12/17 200,278
150,000 Xilinx, Inc., 3.0%, 3/15/21 152,561
---------------
$ 1,038,501
---------------
Total Semiconductors & Semiconductor Equipment $ 1,038,501
------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.8%
Integrated Telecommunication Services -- 0.5%
250,000 AT&T, Inc., 4.75%, 5/15/46 $ 230,581
350,000 Telefonica Emisiones SAU, 5.462%, 2/16/21 390,208
300,000 Telefonica Emisiones SAU, 6.221%, 7/3/17 324,659
195,000 Verizon Communications, Inc., 5.012%, 8/21/54 180,251
The accompanying notes are an integral part of these financial statements.
38 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Integrated Telecommunication
Services -- (continued)
196,000 Verizon Communications, Inc., 6.55%, 9/15/43 $ 231,560
---------------
$ 1,357,259
------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.3%
250,000 Crown Castle Towers LLC, 3.222%, 5/15/22 (144A) $ 247,500
240,000 Crown Castle Towers LLC, 4.883%, 8/15/20 (144A) 257,836
250,000 Crown Castle Towers LLC, 5.495%, 1/15/17 (144A) 257,322
140,000 Crown Castle Towers LLC, 6.113%, 1/15/20 (144A) 156,064
100,000 WCP Issuer LLC, 6.657%, 8/15/20 (144A) 104,975
---------------
$ 1,023,697
---------------
Total Telecommunication Services $ 2,380,956
------------------------------------------------------------------------------------------------------------
UTILITIES -- 1.5%
Electric Utilities -- 1.2%
225,000 Commonwealth Edison Co., 6.15%, 9/15/17 $ 247,057
100,000 Electricite de France SA, 6.0%, 1/22/14 (144A) 111,853
250,000 5.25 Electricite de France SA, Floating Rate Note
(Perpetual) (144A) 256,250
270,000 Enel Finance International NV, 5.125%,
10/7/19 (144A) 297,804
200,000 8.13 Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 234,450
250,000 Exelon Corp., 2.85%, 6/15/20 251,146
76,781 FPL Energy American Wind LLC, 6.639%,
6/20/23 (144A) 78,824
13,318 FPL Energy Wind Funding LLC, 6.876%,
6/27/17 (144A) 13,052
560,000 Iberdrola International BV, 6.75%, 7/15/36 697,590
200,000 Israel Electric Corp., Ltd., 6.7%, 2/10/17 (144A) 213,100
200,000 Israel Electric Corp., Ltd., 7.25%, 1/15/19 (144A) 227,400
125,000 Nevada Power Co., 6.5%, 8/1/18 142,156
64,343 Orcal Geothermal, Inc., 6.21%, 12/30/20 (144A) 66,756
275,000 Public Service Co. of New Mexico, 7.95%, 5/15/18 319,092
250,000 Southwestern Electric Power Co., 3.9%, 4/1/45 222,864
---------------
$ 3,379,394
------------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.1%
150,000 DCP Midstream Operating LP, 3.25%, 10/1/15 $ 149,625
250,000 Southern California Gas Co., 5.125%, 11/15/40 288,790
---------------
$ 438,415
------------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.2%
415,000 New York State Electric & Gas Corp., 6.15%,
12/15/17 (144A) $ 456,350
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 39
Schedule of Investments | 7/31/15 (continued)
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.0%+
78,188 Alta Wind Holdings LLC, 7.0%, 6/30/35 (144A) $ 91,674
---------------
Total Utilities $ 4,365,833
------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $46,502,336) $ 47,925,516
------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 11.1%
1,717,400 Fannie Mae, 3.5%, 7/1/43 $ 1,785,119
4,191,002 Fannie Mae, 4.0%, 9/1/40-7/1/44 4,474,128
2,136,737 Fannie Mae, 4.5%, 11/1/20-12/1/43 2,321,740
100,328 Fannie Mae, 5.0%, 12/1/17-6/1/37 108,908
692,306 Fannie Mae, 5.5%, 9/1/17-5/1/38 774,560
121,968 Fannie Mae, 6.0%, 1/1/29-12/1/37 138,900
114,521 Fannie Mae, 6.5%, 4/1/29-10/1/32 132,973
20,101 Fannie Mae, 7.0%, 1/1/36 23,481
9,349 Fannie Mae, 8.0%, 2/1/29-5/1/31 11,025
6,449,231 Federal Home Loan Mortgage Corp., 3.5%,
11/1/28-6/1/45 6,702,354
6,947,896 Federal Home Loan Mortgage Corp., 4.0%,
2/1/40-12/1/44 7,386,727
1,034,232 Federal Home Loan Mortgage Corp., 4.5%,
8/1/34-5/1/41 1,127,586
152,103 Federal Home Loan Mortgage Corp., 5.0%,
11/1/34-8/1/37 167,984
42,753 Federal Home Loan Mortgage Corp., 5.5%,
10/1/16-11/1/34 47,368
119,988 Federal Home Loan Mortgage Corp., 6.0%,
4/1/33-10/1/38 135,493
13,368 Federal Home Loan Mortgage Corp., 6.5%, 10/1/33 15,804
75,042 Federal Home Loan Mortgage Corp., 7.0%, 10/1/46 85,321
109,734 2.02 Federal Home Loan Mortgage Corp., Floating
Rate Note, 11/1/35 113,044
1,034,369 Government National Mortgage Association I,
4.0%, 9/15/41 1,101,702
92,040 Government National Mortgage Association I,
5.0%, 2/15/18 95,630
49,112 Government National Mortgage Association I,
5.5%, 8/15/33-9/15/33 56,112
202,624 Government National Mortgage Association I,
6.0%, 10/15/33-9/15/38 232,203
180,238 Government National Mortgage Association I,
6.5%, 10/15/28-5/15/33 208,183
3,132 Government National Mortgage Association I,
7.0%, 4/15/28-8/15/28 3,564
The accompanying notes are an integral part of these financial statements.
40 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
3,337 Government National Mortgage Association I,
8.0%, 2/15/30 $ 3,383
115,215 Government National Mortgage Association II,
5.5%, 2/20/34-4/20/35 129,135
78,820 Government National Mortgage Association II,
6.5%, 11/20/28 92,913
3,094 Government National Mortgage Association II,
7.5%, 9/20/29 3,626
750,000 U.S. Treasury Bonds, 3.125%, 2/15/43 777,539
370,000 U.S. Treasury Bonds, 5.25%, 11/15/28 491,377
675,000 U.S. Treasury Bonds, 5.375%, 2/15/31 927,967
1,130,000 0.12 U.S. Treasury Notes, Floating Rate Note, 7/31/16 1,130,228
250,000 U.S. Treasury Notes, 2.25%, 11/15/24 251,230
750,000 U.S. Treasury Notes, 2.625%, 11/15/20 786,328
165,000 U.S. Treasury Notes, 3.125%, 5/15/19 176,318
115,000 U.S. Treasury Notes, 3.375%, 11/15/19 124,407
---------------
$ 32,144,360
------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $31,585,758) $ 32,144,360
------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 0.1%
200,000 Commonwealth of the Bahamas, 5.75%,
1/16/24 (144A) $ 216,500
EURO 75,000 Italy Buoni Poliennali Del Tesoro, 4.75%,
8/1/23 (144A) 102,037
---------------
$ 318,537
------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $297,577) $ 318,537
------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 1.4%
Municipal Airport -- 0.2%
250,000 Indianapolis Airport Authority, 5.1%, 1/15/17 $ 264,855
400,000 Massachusetts Port Authority, 5.0%, 7/1/16 416,064
---------------
$ 680,919
------------------------------------------------------------------------------------------------------------
Municipal Education -- 0.0%+
100,000 Massachusetts Development Finance Agency,
4.844%, 9/1/43 $ 109,195
------------------------------------------------------------------------------------------------------------
Municipal General -- 0.2%
100,000 Central Texas Regional Mobility Authority, 1/1/25 (c) $ 67,673
200,000 City of Raleigh North Carolina, 4.0%, 10/1/32 210,180
200,000 JobsOhio Beverage System, 3.985%, 1/1/29 208,624
---------------
$ 486,477
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 41
Schedule of Investments | 7/31/15 (continued)
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Higher Municipal Education -- 0.6%
100,000 Massachusetts Development Finance Agency,
Northeastern University-Series A, 5.0%, 3/1/39 $ 111,271
150,000 Massachusetts Development Finance Agency,
Williams College-Series P, 5.0%, 7/1/43 168,747
250,000 Massachusetts Institute of Technology, 5.6%, 7/1/11 313,866
300,000 The Board of Trustees of The Leland Stanford
Junior University, 4.75%, 5/1/19 334,214
250,000 The George Washington University, 1.827%, 9/15/17 253,224
137,000 The George Washington University, 3.485%, 9/15/22 140,310
200,000 University of California, 4.062%, 5/15/33 206,116
100,000 Virginia College Building Authority, 4.0%, 9/1/26 109,024
---------------
$ 1,636,772
------------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.1%
100,000 Health & Educational Facilities Authority of the
State of Missouri, 3.685%, 2/15/47 $ 98,416
150,000 Massachusetts Development Finance Agency,
5.0%, 7/1/39 164,784
---------------
$ 263,200
------------------------------------------------------------------------------------------------------------
Municipal Power -- 0.1%
250,000 Energy Northwest, 5.0%, 7/1/35 $ 280,352
------------------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.1%
180,000 Maine Turnpike Authority, 5.0%, 7/1/42 $ 200,898
------------------------------------------------------------------------------------------------------------
Municipal Water -- 0.0%+
150,000 County of King Washington Sewer Revenue,
4.25%, 1/1/36 $ 160,629
------------------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.1%
250,000 City of Irving Texas, 4.0%, 9/15/27 $ 271,230
------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $3,897,010) $ 4,089,672
------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 1.0%**
CAPITAL GOODS -- 0.2%
Aerospace & Defense -- 0.1%
93,818 4.00 B/E Aerospace, Inc., Term Loan, 11/19/21 $ 94,786
271,750 3.25 Wesco Aircraft Hardare Corp., Tranche B Term
Loan (First Lien), 2/24/21 271,240
---------------
$ 366,026
------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
248,750 4.00 Mueller Water Products, Inc., Initial Loan, 11/25/21 $ 250,272
---------------
Total Capital Goods $ 616,298
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.2%
Automobile Manufacturers -- 0.2%
480,000 3.50 Chrysler Group LLC, Term Loan B, 5/24/17 $ 480,480
---------------
Total Automobiles & Components $ 480,480
------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%+
Apparel, Accessories & Luxury Goods -- 0.0%+
63,744 3.25 PVH Corp., Tranche B Term Loan, 12/19/19 $ 64,113
---------------
Total Consumer Durables & Apparel $ 64,113
------------------------------------------------------------------------------------------------------------
MEDIA -- 0.1%
Broadcasting -- 0.0%+
73,683 3.00 Sinclair Television Group, Inc., New Tranche B Term
Loan, 4/19/20 $ 73,718
------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
131,526 3.25 Kasima LLC, Term Loan, 5/17/21 $ 131,471
---------------
Total Media $ 205,189
------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%+
Other Diversified Financial Services -- 0.0%+
150,000 3.50 Delos Finance SARL, Tranche B Term Loan, 2/27/21 $ 150,415
---------------
Total Diversified Financials $ 150,415
------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Communications Equipment -- 0.1%
180,482 3.25 Commscope, Inc., Tranche 4 Term Loan, 1/14/18 $ 180,875
---------------
Total Technology Hardware & Equipment $ 180,875
------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.0%+
Semiconductors -- 0.0%+
111,932 3.75 Avago Technologies Ltd., Tranche B Term Loan
(First Lien), 4/16/21 $ 112,244
---------------
Total Semiconductors & Semiconductor Equipment $ 112,244
------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.2%
Integrated Telecommunication Services -- 0.1%
149,625 4.00 GCI Holdings, Inc., 1st Lien Term Loan, 2/2/22 $ 150,311
------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
149,625 4.75 GCI Holdings, Inc., Tranche B Term Loan (First
Lien), 12/22/21 $ 150,560
---------------
Total Telecommunication Services $ 300,871
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 43
Schedule of Investments | 7/31/15 (continued)
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Electric Utilities -- 0.2%
329,741 4.75 Atlantic Power LP, Term Loan, 2/20/21 $ 331,183
221,618 3.25 Calpine Construction Finance Co. LP, Term B-2
Loan, 1/3/22 219,956
---------------
$ 551,139
---------------
Total Utilities $ 551,139
------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $2,795,857) $ 2,661,624
------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 98.4%
(Cost $247,234,847) (a) $ 284,501,494
------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 1.6% $ 4,813,825
------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 289,315,319
============================================================================================================
* Non-income producing security.
+ Amount rounds to less than 0.1%.
(A.D.R.) American Depositary Receipts.
(Perpetual) Security with no stated maturity date.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
REIT Real Estate Investment Trust.
REMICS Real Estate Mortgage Investment Conduits.
(Cat Bond) Catastrophe or event linked bond. At July 31, 2015 the value of
these securities amounted to $3,197,000 or 1.1% of total net
assets. See Notes to Financial Statements -- 1H.
** 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 U.S. banks,
(iii) the certificate of deposit or (iv) other base lending rates
used by commercial lenders. The rate shown is the coupon rate at
period end.
(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 July 31, 2015, the value of these
securities amounted to $23,564,442 or 8.1% of total net assets.
(a) At July 31, 2015, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $247,440,727 was
as follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $40,347,079
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (3,286,312)
-----------
Net unrealized appreciation $37,060,767
===========
(b) Debt obligation with a variable interest rate. Rate shown is
rate at period end.
(c) Security issued with a zero coupon. Income is earned through
accretion of discount.
The accompanying notes are an integral part of these financial statements.
44 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
(d) Structured reinsurance investment. At July 31, 2015, the value of
these securities amounted to $1,329,910 or 0.5% of total net assets.
See Notes To Financial Statements -- Note 1H.
Principal amounts are denominated in U.S. Dollars unless otherwise noted:
EURO Euro
Purchases and sales of securities (excluding temporary cash investments) for the
year ended July 31, 2015 aggregated $200,165,779 and $113,473,209, 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.).
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments).
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services or broker-dealers)
are categorized as Level 3.
The following is a summary of the inputs used as of July 31, 2015, in valuing
the Fund's assets:
------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------------------
Preferred Stocks $ 676,283 $ -- $ -- $ 676,283
Convertible Preferred Stock 834,477 -- -- 834,477
Common Stocks 180,916,333 -- -- 180,916,333
Asset Backed Securities -- 4,684,151 -- 4,684,151
Collateralized Mortgage Obligations -- 10,250,541 -- 10,250,541
Corporate Bonds
Insurance
Reinsurance -- 3,405,579 1,329,910 4,735,489
All Other Corporate Bonds -- 43,190,027 -- 43,190,027
U.S. Government and
Agency Obligations -- 32,144,360 -- 32,144,360
Foreign Government Bonds -- 318,537 -- 318,537
Municipal Bonds -- 4,089,672 -- 4,089,672
Senior Floating Rate
Loan Interests -- 2,661,624 -- 2,661,624
------------------------------------------------------------------------------------------------
Total $182,427,093 $100,744,491 $1,329,910 $284,501,494
================================================================================================
Other Financial Instruments
Net unrealized appreciation on
futures contracts $ 3,344 $ -- $ -- $ 3,344
------------------------------------------------------------------------------------------------
Total Other Financial Instruments $ 3,344 $ -- $ -- $ 3,344
================================================================================================
During the year ended July 31, 2015, there were no transfers between Levels 1, 2
and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 45
Schedule of Investments | 7/31/15 (continued)
The following is a summary of the fair valuation of certain Fund's assets and
liabilities as of July 31, 2015.
----------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------
Assets:
Futures collateral $ -- $16,100 $ -- $16,100
Variation margin for
futures contracts 1,563 -- -- 1,563
----------------------------------------------------------------------------------------------
Total: $1,563 $16,100 $ -- $17,663
==============================================================================================
----------------------------------------------------------------------------------------------
Corporate
Bonds
----------------------------------------------------------------------------------------------
Balance as of 7/31/14 $ --
Realized gain (loss)(1) --
Change in unrealized appreciation (depreciation)(2) 19,028
Purchases 1,310,882
Sales --
Transfers in to Level 3* --
Transfers out of Level 3* --
----------------------------------------------------------------------------------------------
Balance as of 7/31/15 $1,329,910
==============================================================================================
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 July 31, 2015, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments still
held as of 7/31/15 $19,028
-------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
Statement of Assets and Liabilities | 7/31/15
ASSETS:
Investment in securities (cost $247,234,847) $ 284,501,494
Cash 2,454,286
Foreign currencies, at value (cost $1,736) 1,681
Futures collateral 16,100
Receivables --
Investment securities sold 1,446,782
Fund shares sold 1,332,618
Dividends 277,287
Interest 713,581
Variation margin for futures contracts 1,563
Net unrealized appreciation on futures contracts 3,344
Other assets 14,709
-------------------------------------------------------------------------------------------
Total assets $ 290,763,445
===========================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 843,269
Fund shares repurchased 446,315
Dividends 859
Trustee fees 617
Due to affiliates 69,431
Accrued expenses 87,635
-------------------------------------------------------------------------------------------
Total liabilities $ 1,448,126
===========================================================================================
NET ASSETS:
Paid-in capital $ 247,678,236
Undistributed net investment income 19,725
Accumulated net realized gain on investments, futures contracts
and foreign currency transactions 4,347,576
Net unrealized appreciation on investments 37,266,647
Net unrealized appreciation on futures contracts 3,344
Net unrealized depreciation on other assets and liabilities
denominated in foreign currencies (209)
-------------------------------------------------------------------------------------------
Total net assets $ 289,315,319
===========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $179,691,499/19,192,525 shares) $ 9.36
Class C (based on $40,470,207/4,352,472 shares) $ 9.30
Class R (based on $139,175/14,871 shares) $ 9.36
Class Y (based on $69,014,438/7,334,533 shares) $ 9.41
MAXIMUM OFFERING PRICE:
Class A ($9.36 / 95.5%) $ 9.80
===========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 47
Statement of Operations
For the Year Ended 7/31/15
INVESTMENT INCOME:
Dividends $ 4,440,137
Interest 3,433,654
------------------------------------------------------------------------------------------------------
Total investment income $ 7,873,791
======================================================================================================
EXPENSES:
Management fees $ 1,680,734
Transfer agent fees
Class A 163,034
Class B* 4,928
Class C 19,127
Class Y 1,413
Distribution fees
Class A 418,104
Class B* 7,653
Class C 323,000
Class R 11
Shareholder communications expense 234,561
Administrative reimbursements 88,545
Custodian fees 38,428
Registration fees 62,299
Professional fees 59,184
Printing expense 42,358
Fees and expenses of nonaffiliated trustees 7,767
Miscellaneous 86,314
------------------------------------------------------------------------------------------------------
Total operating expenses $ 3,237,460
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (114,209)
------------------------------------------------------------------------------------------------------
Net operating expenses $ 3,123,251
------------------------------------------------------------------------------------------------------
Net investment income $ 4,750,540
------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
CLASS ACTIONS, FUTURES CONTRACTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 9,331,495
Class actions 143,677
Futures contracts 27,124
Other assets and liabilities denominated in foreign currencies (221) $ 9,502,075
------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 1,942,502
Futures contracts 5,805
Other assets and liabilities denominated in foreign currencies (144) $ 1,948,163
------------------------------------------------------------------------------------------------------
Net gain on investments, futures contracts and foreign
currency transactions $11,450,238
------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $16,200,778
======================================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------
Year Ended Year Ended
7/31/15 7/31/14
------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 4,750,540 $ 4,438,427
Net realized gain on investments, futures contracts and
foreign currency transactions 9,502,075 19,752,817
Change in net unrealized appreciation (depreciation)
on investments, futures contracts and foreign
currency transactions 1,948,163 1,957,242
------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 16,200,778 $ 26,148,486
------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.18 and $0.22 per share, respectively) $ (3,247,104) $ (3,241,238)
Class B ($0.02 and $0.14 per share, respectively)* (5,579) (51,908)
Class C ($0.12 and $0.15 per share, respectively) (410,104) (395,216)
Class Y ($0.20 and $0.25 per share, respectively) (1,203,785) (873,038)
Net realized gain:
Class A ($0.86 and $1.92 per share, respectively) (13,760,167) (24,555,210)
Class B ($0.00 and $1.92 per share, respectively)* -- (669,959)
Class C ($0.86 and $1.92 per share, respectively) (2,411,099) (5,326,542)
Class Y ($0.86 and $1.92 per share, respectively) (4,036,355) (5,681,789)
------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (25,074,193) $ (40,794,900)
------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 128,341,390 $ 61,086,610
Reinvestment of distributions 23,695,513 39,241,703
Cost of shares repurchased (67,572,957) (65,171,340)
------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Fund
share transactions $ 84,463,946 $ 35,156,973
------------------------------------------------------------------------------------------------
Net increase in net assets $ 75,590,531 $ 20,510,559
NET ASSETS:
Beginning of year $ 213,724,788 $ 193,214,229
------------------------------------------------------------------------------------------------
End of year $ 289,315,319 $ 213,724,788
================================================================================================
Undistributed net investment income $ 19,725 $ 68,022
================================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 49
Statements of Changes in Net Assets (continued)
----------------------------------------------------------------------------------------------------
'15 Shares '15 Amount '14 Shares '14 Amount
----------------------------------------------------------------------------------------------------
Class A
Shares sold 5,905,825 $ 56,175,868 2,714,573 $ 26,604,783
Reinvestment of distributions 1,763,705 16,400,748 2,886,844 26,731,682
Less shares repurchased (3,817,875) (36,346,941) (2,961,647) (28,898,918)
----------------------------------------------------------------------------------------------------
Net increase 3,851,655 $ 36,229,675 2,639,770 $ 24,437,547
====================================================================================================
Class B*
Shares exchanged 3,770 $ 36,469 14,897 $ 143,791
Reinvestment of distributions 525 5,167 73,831 675,584
Less shares repurchased (299,353) (2,964,042) (175,664) (1,701,571)
----------------------------------------------------------------------------------------------------
Net decrease (295,058) $ (2,922,406) (86,936) $ (882,196)
====================================================================================================
Class C
Shares sold 2,415,816 $ 22,654,909 1,387,081 $ 13,886,541
Reinvestment of distributions 281,939 2,601,914 590,108 5,419,508
Less shares repurchased (787,067) (7,372,667) (2,183,631) (21,049,691)
----------------------------------------------------------------------------------------------------
Net increase
(decrease) 1,910,688 $ 17,884,156 (206,442) $ (1,743,642)
====================================================================================================
Class R**
Shares sold 14,871 $ 137,993 -- $ --
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- -- --
----------------------------------------------------------------------------------------------------
Net increase 14,871 $ 137,993 -- $ --
====================================================================================================
Class Y
Shares sold 5,198,013 $ 49,336,151 2,073,197 $ 20,451,495
Reinvestment of distributions 501,481 4,687,684 689,325 6,414,929
Less shares repurchased (2,195,105) (20,889,307) (1,392,505) (13,521,160)
----------------------------------------------------------------------------------------------------
Net increase 3,504,389 $ 33,134,528 1,370,017 $ 13,345,264
====================================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
** Class R shares commenced operations on July 1, 2015.
The accompanying notes are an integral part of these financial statements.
50 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/15 7/31/14 7/31/13 7/31/12 7/31/11
------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.76 $ 10.62 $ 9.64 $ 9.54 $ 8.49
------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.18 $ 0.22 $ 0.22 $ 0.25 $ 0.22
Net realized and unrealized gain (loss) on investments 0.46 1.06 1.21 0.12 1.05
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.64 $ 1.28 $ 1.43 $ 0.37 $ 1.27
------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.18) $ (0.22) $ (0.24) $ (0.26) $ (0.22)
Net realized gain (0.86) (1.92) (0.21) (0.01) --
------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.04) $ (2.14) $ (0.45) $ (0.27) $ (0.22)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.40) $ (0.86) $ 0.98 $ 0.10 $ 1.05
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.36 $ 9.76 $ 10.62 $ 9.64 $ 9.54
==============================================================================================================================
Total return* 6.82% 13.63% 15.21% 4.01% 15.07%
Ratio of net expenses to average net assets 1.16% 1.16% 1.16% 1.16% 1.16%
Ratio of net investment income (loss) to average net assets 1.89% 2.22% 2.20% 2.63% 2.34%
Portfolio turnover rate 44% 49% 41% 29% 29%
Net assets, end of period (in thousands) $179,691 $149,672 $134,933 $123,060 $125,455
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 1.23% 1.25% 1.28% 1.30% 1.24%
Net investment income (loss) to average net assets 1.82% 2.13% 2.08% 2.49% 2.26%
==============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 51
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/15 7/31/14 7/31/13 7/31/12 7/31/11
---------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.70 $ 10.58 $ 9.61 $ 9.51 $ 8.47
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.11 $ 0.15 $ 0.13 $ 0.17 $ 0.14
Net realized and unrealized gain (loss) on investments 0.47 1.04 1.22 0.12 1.04
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.58 $ 1.19 $ 1.35 $ 0.29 $ 1.18
---------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.12) $ (0.15) $ (0.17) $ (0.18) $ (0.14)
Net realized gain (0.86) (1.92) (0.21) (0.01) --
---------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.98) $ (2.07) $ (0.38) $ (0.19) $ (0.14)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.40) $ (0.88) $ 0.97 $ 0.10 $ 1.04
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.30 $ 9.70 $ 10.58 $ 9.61 $ 9.51
===========================================================================================================================
Total return* 6.14%(a) 12.60% 14.35% 3.12% 13.99%
Ratio of net expenses to average net assets 1.93% 1.95% 2.01% 2.02% 1.98%
Ratio of net investment income (loss) to average net assets 1.10% 1.48% 1.25% 1.76% 1.52%
Portfolio turnover rate 44% 49% 41% 29% 29%
Net assets, end of period (in thousands) $40,470 $23,695 $28,019 $13,106 $13,492
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.93% 1.95% 2.01% 2.02% 1.98%
Net investment income (loss) to average net assets 1.10% 1.48% 1.25% 1.76% 1.52%
===========================================================================================================================
* 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) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended July 31, 2015, the total return would have been
6.03%.
The accompanying notes are an integral part of these financial statements.
52 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
----------------------------------------------------------------------------------------------------------------------------
7/1/15 to
7/31/15
----------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $9.27
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $0.00(a)
Net realized and unrealized gain (loss) on investments 0.09
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $0.09
----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ --
Net realized gain --
----------------------------------------------------------------------------------------------------------------------------
Total distributions $ --
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $0.09
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $9.36
============================================================================================================================
Total return* 0.97%(b)
Ratio of net expenses to average net assets 1.30%**
Ratio of net investment income (loss) to average net assets 2.73%**
Portfolio turnover rate 44%
Net assets, end of period (in thousands) $ 139
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 1.67%**
Net investment income (loss) to average net assets 2.36%**
============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
(a) Amount rounds to less than $0.01 or $(0.01) per share.
(b) Not Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 53
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/15 7/31/14 7/31/13 7/31/12 7/31/11
------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.79 $ 10.66 $ 9.66 $ 9.54 $ 8.49
------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.20 $ 0.24 $ 0.23 $ 0.28 $ 0.25
Net realized and unrealized gain (loss) on investments 0.48 1.06 1.24 0.12 1.04
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.68 $ 1.30 $ 1.47 $ 0.40 $ 1.29
------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.20) $ (0.25) $ (0.26) $ (0.27) $ (0.24)
Net realized gain (0.86) (1.92) (0.21) (0.01) --
------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.06) $ (2.17) $ (0.47) $ (0.28) $ (0.24)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.38) $ (0.87) $ 1.00 $ 0.12 $ 1.05
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.41 $ 9.79 $ 10.66 $ 9.66 $ 9.54
==============================================================================================================================
Total return* 7.17% 13.77% 15.71% 4.40% 15.30%
Ratio of net expenses to average net assets 0.93% 0.95% 0.90% 0.88% 0.84%
Ratio of net investment income (loss) to average net assets 2.10% 2.47% 2.56% 2.91% 2.67%
Portfolio turnover rate 44% 49% 41% 29% 29%
Net assets, end of period (in thousands) $69,014 $37,507 $26,234 $136,597 $139,451
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.93% 0.95% 0.90% 0.88% 0.84%
Net investment income (loss) to average net assets 2.10% 2.47% 2.56% 2.91% 2.67%
==============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
The accompanying notes are an integral part of these financial statements.
54 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
Notes to Financial Statements | 7/31/15
1. Organization and Significant Accounting Policies
Pioneer Classic Balanced Fund (the Fund) is one of three portfolios comprising
Pioneer Series Trust IV, 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 capital growth
and current income through a diversified portfolio of equity securities and
bonds.
The Fund offers four classes of shares designated as Class A, Class C, Class R
and Class Y shares. Class R shares commenced operations on July 1, 2015. Class B
shares were converted to Class A shares as of the close of business on November
10, 2014. 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 gain 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 Classic Balanced Fund | Annual Report | 7/31/15 55
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Equity
securities that have traded on an exchange are valued at the last sale
price on the principal exchange where they are traded. Equity securities
that have not traded on the date of valuation, or securities for which sale
prices are not available, generally are valued using the mean between the
last bid and asked prices. Fixed income securities are valued at prices
supplied by independent pricing services, which consider such factors as
market prices, market events, quotations from one or more brokers, Treasury
spreads, yields, maturities and ratings. Valuations may be supplemented by
dealers and other sources, as required. Senior floating rate loan interests
(senior loans) are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent pricing service. If price information is not
available from Loan Pricing Corporation, or if the price information is
deemed to be unreliable, price information will be obtained from an
alternative loan interest pricing service. If no reliable price quotes are
available from either the primary or alternative pricing service, broker
quotes will be solicited. Event-linked bonds are valued at the bid price
obtained from an independent third party pricing service. Other insurance
linked securities may be valued at the bid price obtained from an
independent pricing service, or through a third party using a pricing
matrix, insurance industry valuation models, or other fair value methods or
techniques to provide an estimated value of the instrument. Shares of money
market mutual funds are valued at such funds' asset value. Cash may include
overnight time deposits at approved financial institutions.
Trading in foreign securities is substantially completed each day at
various times prior to the close of the NYSE. The values of such securities
used in computing the net asset value of the Fund's shares are determined
as of such times.
Securities for which independent pricing services are unable to supply
prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued by a fair valuation
team comprised of certain personnel of Pioneer Investment Management, Inc.
(PIM), the Fund's investment adviser, pursuant to procedures adopted by the
Fund's Board of Trustees. PIM's fair valuation team uses fair 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.
56 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
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 July 31, 2015, there were no securities that were valued using fair
value methods (other than securities valued using prices supplied by
independent pricing services, broker-dealers or 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 is recorded on the accrual basis, net of
unrecoverable foreign taxes withheld at the applicable country rates.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence.
Interest income, including interest on income bearing cash accounts, is
recorded on the accrual basis, net of unrecoverable foreign taxes withheld
at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 57
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 gain or loss on investments.
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded
in the Fund's financial statements. The Fund records realized gains and
losses at the time a portfolio hedge is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 6).
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 taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of July 31, 2015, the Fund did not accrue any interest or penalties with
respect to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax returns filed
within the prior three years remain subject to examination by federal and
state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences. At
July 31, 2015, the Fund reclassified $67,735 to increase undistributed net
investment income and $67,735 to decrease accumulated net realized gain on
investments, futures contracts and foreign currency transactions to reflect
permanent book/tax differences. These adjustments have no impact on net
assets or the results of operations.
58 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
The tax character of distributions paid during the years ended July 31,
2015 and July 31, 2014 were as follows:
------------------------------------------------------------------------------------------
2015 2014
------------------------------------------------------------------------------------------
Distributable paid from:
Ordinary income $ 6,228,672 $ 5,765,911
Long-term capital gain 18,845,521 35,028,989
------------------------------------------------------------------------------------------
Total $ 25,074,193 $ 40,794,900
==========================================================================================
The following shows the components of distributable earnings on a federal
income tax basis at July 31, 2015:
------------------------------------------------------------------------------------------
2015
------------------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 14,569
Undistributed long-term gain 4,561,956
Unrealized appreciation 37,060,558
-----------------------------------------------------------------------------------------
Total $ 41,637,083
=========================================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, the tax treatment of premium and
amortization, the mark-to-market of futures contracts, tax basis
adjustments on Real Estate Investment Trust (REIT) holdings, interest
accruals on preferred stock, partnerships and other holdings.
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 $58,765 in underwriting commissions on the sale of
Class A shares during the year ended July 31, 2015.
G. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class C and Class R shares of the Fund,
respectively (see Note 4). Class Y shares do not pay distribution fees. All
expenses and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services are allocated among
the classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 59
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class R and Class Y shares
can reflect different transfer agent and distribution expense rates.
H. Risks
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. The Fund may invest in REIT
securities, the value of which can fall for a variety of reasons, such as
declines in rental income, fluctuating interest rates, poor property
management, environmental liabilities, uninsured damage, increased
competition, or changes in real estate tax laws. The Fund's prospectus
contains unaudited information regarding the Fund's principal risks. Please
refer to that document when considering the Fund's principal risks.
The Fund invests in event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event, as defined within the terms of
an event-linked bond occurs, the Fund may lose a portion or all of its
accrued interest and/or principal invested in such event-linked bond. The
Fund is entitled to receive principal and interest payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, event-linked bonds
may expose the Fund to other risks, including but not limited to issuer
(credit) default, adverse regulatory or jurisdictional interpretations and
adverse tax consequences.
In addition to event-linked bonds, the Fund also may invest in other
insurance-linked securities ("ILS"). The Fund's investments in ILS may
include special purpose vehicles ("SPVs") or similar instruments structured
to comprise a portion of a reinsurer's catastrophe-oriented business, known
as quota share instruments (sometimes referred to as reinsurance sidecars),
or to provide reinsurance relating to specific risks to insurance or
reinsurance companies through a collateralized instrument, known as
collateralized reinsurance. Structured reinsurance investments also may
include industry loss warranties ("ILWs"), are subject to the same risks as
event-linked bonds. In addition, because quota share instruments represent
an interest in a basket of underlying reinsurance contracts, the Fund has
limited transparency into the individual underlying contracts and therefore
must rely upon the risk
60 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
assessment and sound underwriting practices of the issuer. Accordingly, it
may be more difficult for PIM to fully evaluate the underlying risk profile
of the Fund's investment in quota share instruments and therefore place the
Fund's assets at greater risk of loss than if PIM had more complete
information. These securities may be difficult to purchase, sell or unwind
and may be difficult to value.
I. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. PIM is responsible for determining that the value of the collateral
remains at least equal to the repurchase price. At July 31, 2015, the Fund
had no open repurchase agreements.
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
July 31, 2015 was $16,100. Subsequent payments for futures contracts
("variation margin") are paid or received by the Fund, depending on the
daily fluctuation in the value of the contracts, and are recorded by the
Fund as unrealized appreciation or depreciation. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between
the opening and closing value of the contract. The use of futures contracts
involves, to varying degrees, elements of market, interest rate, currency
exchange rate and counterparty risks, which may exceed the amounts
recognized by the Fund. Changes in value of the contracts may not directly
correlate to the changes in value of the underlying securities. The average
value of contracts open during the year ended July 31, 2015 was $396,550.
At July 31, 2015, open futures contracts were as follows:
---------------------------------------------------------------------------------------
Number of
Contracts Settlement Unrealized
Type Long/(Short) Month/Year Value Appreciation
---------------------------------------------------------------------------------------
U.S. Long Bond (CBT) 2 9/15 $311,875 $3,344
---------------------------------------------------------------------------------------
$311,875 $3,344
=======================================================================================
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 61
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; 0.60% of the next $4
billion and 0.55% of the excess over $5 billion. For the year ended July 31,
2015, the effective management fee (excluding waivers and/or assumption of
expenses) was equivalent to 0.65% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.16%, 2.06% and 1.30% of the average daily
net assets attributable to Class A, Class C and Class R shares, respectively.
These expense limitations are in effect through December 1, 2016 for Class A
shares and Class R shares and December 1, 2015 for Class C shares. Fees waived
and expenses reimbursed during the year ended July 31, 2015 are reflected on the
Statement of Operations. There can be no assurance that PIM will extend the
expense limitation agreement for a class of shares beyond the dates 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
$10,648 in management fees, administrative costs and certain other
reimbursements payable to PIM at July 31, 2015.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended July 31, 2015, such out-of-pocket expenses by class of shares
were as follows:
----------------------------------------------------------------------------------
Shareholder Communications:
----------------------------------------------------------------------------------
Class A $132,153
Class B 2,255
Class C 23,141
Class Y 77,012
----------------------------------------------------------------------------------
Total $234,561
==================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $54,105 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at July 31, 2015.
62 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
4. Distribution Plan
The Fund has adopted a distribution plan (the Plan) pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A, Class C and
Class R shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average
daily net assets attributable to Class A shares as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of
the average daily net assets attributable to Class C shares. The fee for Class C
shares consists of a 0.25% service fee and a 0.75% distribution fee paid as
compensation for personal services and/or account maintenance services or
distribution services with regard to Class C shares. Pursuant to the plan, the
Fund further pays PFD 0.50% of the average daily net assets attributable to
Class R shares held by such plans. Included in "Due to affiliates" reflected on
the Statement of Assets and Liabilities is $4,678 in distribution fees payable
to PFD at July 31, 2015.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
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 R or 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 R or Class Y shares. Proceeds from the
CDSCs are paid to PFD. For the year ended July 31, 2015, CDSCs in the amount of
$5,623 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended July 31, 2015, the Fund's expenses were
not reduced under such arrangements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 63
6. Forward Foreign Currency Contracts
At July 31, 2015, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. There were no outstanding forward foreign
currency contracts open during July 31, 2015.
7. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until June 9, 2015 was in the amount of $215 million.
As of June 9, 2015, the facility is in the amount of $240 million. Under such
facility, depending on the type of loan, interest on borrowings is payable at
the London Interbank Offered Rate (LIBOR) plus 0.85% (0.90% as of February 12,
2014) 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 the 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 July 31, 2015, the Fund had no
borrowings under the credit agreement.
8. Additional Disclosures about Derivative Instruments and Hedging Activities
----------------------------------------------------------------------------------------
Derivatives Not Asset Derivatives Liabilities Derivatives
Accounted for as ------------------------------------------------------------
Hedging Instruments Statement of Statement of
Under Accounting Assets and Assets and
Standards Codification Liabilities Liabilities
(ASC) 815 Location Value Location Value
----------------------------------------------------------------------------------------
Futures contracts Net unrealized Net unrealized
appreciation on depreciation on
futures contracts $3,344 futures contracts $--
----------------------------------------------------------------------------------------
Total $3,344 $--
========================================================================================
64 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
The effect of derivative instruments on the Statement of Operations for the year
ended July 31, 2015 was as follows:
----------------------------------------------------------------------------------------
Change in
Derivatives Not Realized Unrealized
Accounted for as Gain or Appreciation
Hedging Instruments (Loss) on or (Depreciation)
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
----------------------------------------------------------------------------------------
Futures contracts Net realized gain (loss) on
futures contracts $27,124
Futures contracts Change in net unrealized
appreciation (depreciation)
on futures contracts $5,805
9. Conversion of Class B shares
As of the close of business on November 10, 2014 (the "Conversion Date"), all
outstanding Class B shares of the Fund were converted to Class A shares.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 65
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust IV and the Shareowners of
Pioneer Classic Balanced Fund:
---------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Classic Balanced Fund (the "Fund"), one of the portfolios constituting Pioneer
Series Trust IV (the "Trust"), including the schedule of investments, as of July
31, 2015, 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 July 31, 2013, 2012, and 2011 were audited by other auditors. Those
auditors expressed an unqualified opinion on those financial statements and
financial highlights in their report dated September 24, 2013.
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 July 31, 2015, 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 Classic Balanced Fund as of July 31, 2015, 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
September 24, 2015
66 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
ADDITIONAL INFORMATION (unaudited)
For the year ended July 31, 2015, 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 2015 form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 41.74%.
The percentage of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
and qualified short term gains were 31.85% and 22.01%, respectively.
PIM, the Fund's investment adviser, is currently an indirect, wholly-owned
subsidiary of UniCredit. On April 23, 2015, UniCredit announced that it signed a
preliminary and exclusive agreement with Banco Santander and affiliates of
Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to
Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
The Transaction, as described in the UniCredit announcement, will entail the
establishment of a holding company, with the name Pioneer Investments, to be
owned by UniCredit (50%) and the Private Equity Firms (50% between them). The
holding company will control Pioneer's U.S. operations, including the Adviser.
The holding company also will own 66.7% of Pioneer's and SAM's combined
operations outside the U.S., while Banco Santander will own directly the
remaining 33.3% stake. The completion of the Transaction is subject to the
signing of a definitive agreement, as well as certain regulatory and corporate
approvals, and other conditions.
Under the Investment Company Act of 1940, completion of the Transaction will
cause the Fund's investment advisory agreement with the Adviser to terminate. In
connection with the Transaction, the Fund's Board of Trustees will be asked to
approve a new investment advisory agreement for the Fund. If approved by the
Board, the Fund's new investment advisory agreement will be submitted to the
shareholders of the Fund for their approval.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 67
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
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
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 51 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.
68 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
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 (64) Trustee since Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board and 2006. Serves until present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
Trustee a successor Executive Officer (2008 - 2012), Quadriserv, Inc. communications and securities
trustee is elected (technology products for securities lending processing provider for
or earlier industry); and Senior Executive Vice President, financial services industry)
retirement or The Bank of New York (financial and securities (2009 - present); Director,
removal. services) (1986 - 2004) Quadriserv, Inc. (2005 -
2013); and Commissioner, New
Jersey State Civil Service
Commission (2011 - present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (71) Trustee since Managing Partner, Federal City Capital Advisors Director of New York Mortgage
Trustee 2005. Serves until (corporate advisory services company) (1997 - Trust(publicly-traded mortgage
a successor 2004 and 2008 - present); Interim Chief Executive REIT) (2004 - 2009, 2012 -
trustee is elected Officer, Oxford Analytica, Inc. (privately-held present); Director of The
or earlier research and consulting company) (2010); Executive Swiss Helvetia Fund, Inc.
retirement or Vice President and Chief Financial Officer, (closed-end fund) (2010 -
removal. I-trax, Inc. (publicly traded health care present); Director of Oxford
services company) (2004 - 2007); and Executive Analytica, Inc. (2008 -
Vice President and Chief Financial Officer, present); and Director of
Pedestal Inc. (internet-based mortgage trading Enterprise Community
company) (2000 - 2002); Private consultant (1995 Investment, Inc.
- 1997), Managing Director, (privately-held affordable
Lehman Brothers (investment banking firm) (1992 - housing finance company) (1985
1995); and Executive, The World Bank (1979 - - 2010)
1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (70) Trustee since William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee 2008. Serves until Economy, Harvard University (1972 - present) Funds Investment Trust and
a successor Mellon Institutional Funds
trustee is elected Master Portfolio (oversaw 17
or earlier portfolios in fund complex)
retirement or (1989-2008)
removal.
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 69
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (68) Trustee since Founding Director, Vice President and Corporate None
Trustee 2005. Serves until Secretary, The Winthrop Group, Inc. (consulting
a successor firm) (1982 - present); Desautels Faculty of
trustee is elected Management, McGill University (1999 - present);
or earlier and Manager of Research Operations and
retirement or Organizational Learning, Xerox PARC, Xerox's
removal. advance research center (1990 - 1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (67) Trustee since President and Chief Executive Officer, Newbury, Director of New America High
Trustee 2005. Serves until Piret & Company, Inc. (investment banking firm) Income Fund, Inc. (closed-end
a successor (1981 - present) investment company) (2004 -
trustee is elected present); and Member, Board of
or earlier Governors, Investment Company
retirement or Institute (2000 - 2006)
removal.
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (68) Trustee since Consultant (investment company services) (2012 - None
Trustee 2014. Serves until present); Executive Vice President, BNY Mellon
a successor (financial and investment company services) (1969
trustee is elected - 2012); Director, BNY International Financing
or earlier Corp. (financial services) (2002 - 2012); and
retirement or Director, Mellon Overseas Investment Corp.
removal. (financial services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
70 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
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 2008) and None
Trustee Serves until a Chief Investment Officer, U.S. (since 2010) of PIM-USA;
successor trustee is Executive Vice President of Pioneer (since 2008);
elected or earlier Executive Vice President of Pioneer Institutional Asset
retirement or Management, Inc. (since 2009); and Portfolio Manager of
removal. 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.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 71
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 (healthcare None
Advisory Trustee since 2014. workers union pension funds) (2001 - present); Vice
President - International Investments Group, American
International 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.
72 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
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 (53) Since 2014. Serves at Chair, Director, CEO and President of Pioneer None
President and Chief the discretion of the Investment Management-USA (since September 2014);
Executive Officer Board. Chair, Director, CEO and President of Pioneer
Investment Management, Inc. (since 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 (50) Since 2005. Serves at Vice President and Associate General Counsel of Pioneer None
Secretary and Chief Legal the discretion of the since January 2008; Secretary and Chief Legal Officer of
Officer Board. 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 (54) Since 2010. Serves at Fund Governance Director of Pioneer since December 2006 None
Assistant Secretary the discretion of the and Assistant Secretary of all the Pioneer Funds since
Board. 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 (52) Since 2010. Serves at Senior Counsel of Pioneer since May 2013 and Assistant None
Assistant Secretary the discretion of the Secretary of all the Pioneer Funds since June 2010; and
Board. Counsel of Pioneer from June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
5Mark E. Bradley (55) Since 2008. Serves at Vice President - Fund Treasury of Pioneer; Treasurer of None
Treasurer and Chief the discretion of the all of the Pioneer Funds since March 2008; Deputy
Financial and Accounting Board. Treasurer of Pioneer from March 2004 to February 2008;
Officer and Assistant Treasurer of all of the Pioneer Funds
from March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 73
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (50) Since 2005. Serves at Director - Fund Treasury of Pioneer; and Assistant None
Assistant Treasurer the discretion of the Treasurer of all of the Pioneer Funds
Board.
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (57) Since 2005. Serves at Fund Accounting Manager - Fund Treasury of Pioneer; and None
Assistant Treasurer the discretion of the Assistant Treasurer of all of the Pioneer Funds
Board.
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (35) Since 2009. Serves at Fund Administration Manager - Fund Treasury of Pioneer None
Assistant Treasurer the discretion of the since November 2008; Assistant Treasurer of all of the
Board. 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 (62) Since 2010. Serves at Chief Compliance Officer of Pioneer and of all the None
Chief Compliance Officer the discretion of the Pioneer Funds since March 2010; Chief Compliance Officer
Board. 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 (44) Since 2006. Serves at Director - Transfer Agency Compliance of Pioneer and None
Anti-Money Laundering the discretion of the Anti-Money Laundering Officer of all the Pioneer Funds
Officer Board. since 2006
------------------------------------------------------------------------------------------------------------------------------------
74 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
This page for your notes.
Pioneer Classic Balanced Fund | Annual Report | 7/31/15 75
This page for your notes.
76 Pioneer Classic Balanced Fund | Annual Report | 7/31/15
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2015 Pioneer Investments 19418-09-0915
Pioneer Government
Income Fund
--------------------------------------------------------------------------------
Annual Report | July 31, 2015
--------------------------------------------------------------------------------
Ticker Symbols:
Class A AMGEX
Class C GOVCX
Class Y ATGIX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 13
Schedule of Investments 15
Financial Statements 31
Notes to Financial Statements 38
Report of Independent Registered Public Accounting Firm 46
Trustees, Officers and Service Providers 48
Pioneer Government Income Fund | Annual Report | 7/31/15 1
President's Letter
Dear Shareowner,
In the second half of 2015, two main issues have been dominating the attention
of global investors and policymakers alike, and shaping the current investment
environment: The Federal Reserve System's (the Fed's) deliberations over when to
begin normalizing interest rates in the U.S., and the increasing divergence in
economic activity around the globe. As 2015 began, market expectations were that
the Fed would likely begin raising interest rates by the middle of the year, but
a sluggish gross domestic product report in the first calendar quarter as well
as relatively benign inflation and wage growth contributed to the Fed's taking a
more cautionary approach and delaying the start of its rate-hike cycle. At the
same time, however, the U.S. labor market has continued its robust improvement,
moving the Fed closer to declaring victory on one of its main monetary policy
objectives -- full employment.
Meanwhile, global economic activity has continued to diverge, with developed
economies experiencing above-trend growth and most emerging markets economies
lagging the rest of the world. The slower pace of economic activity in the
emerging markets has been most evident in China, as the country's economy
continues to undergo a long, potentially painful adjustment from investment-led
growth to consumption-oriented growth. This divergence in global economic cycles
is likely to continue for some time, and we would expect an increased level of
volatility as global capital markets and policymakers adjust.
Pioneer Investments believes that investors in today's environment can
potentially benefit from the consistent and disciplined investment approach we
have used since our founding in 1928. We focus on identifying value across
global markets using proprietary research, careful risk management, and a
long-term perspective. Our ongoing goal is to produce compelling returns
consistent with the stated objectives of our investment products, and with our
shareowners' expectations. We believe our shareowners can benefit from the
experience and tenure of our investment teams as well as the insights generated
from our extensive research process.
2 Pioneer Government Income Fund | Annual Report | 7/31/15
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short-and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate your trust in us in the past and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA, Inc.
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 Government Income Fund | Annual Report | 7/31/15 3
Portfolio Management Discussion | 7/31/15
Led by longer-maturity Treasuries, U.S. government securities produced positive
performance over the 12-month period ended July 31, 2015, although interest
rates began moving higher in the second half of the period, eroding some of the
gains realized during the first six months. In the following interview, Richard
Schlanger and Charles Melchreit discuss the investment environment and the
factors that affected the performance of Pioneer Government Income Fund during
the 12-month period. Mr. Schlanger, a vice president and a portfolio manager at
Pioneer, and Mr. Melchreit, Director of Investment-Grade Management, 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 July 31, 2015?
A Pioneer Government Income Fund's Class A shares returned 1.83% at net asset
value during the 12-month period ended July 31, 2015, while the Fund's
benchmarks, the Barclays Government Bond Index and the Barclays U.S.
Mortgage-Backed Securities Index, returned 3.26% and 3.54%, respectively.
During the same period, the average return of the 70 mutual funds in
Lipper's Intermediate U.S. Government Funds category was 2.22%, and the
average return of the 313 mutual funds in Morningstar's
Intermediate-Government Bond Funds category was 2.42%.
Q How would you describe the investment environment for government securities
during the 12-month period ended July 31, 2015?
A The investment backdrop changed and became somewhat more volatile after the
midpoint of the 12-month period, with longer-maturity government
securities, notably U.S. Treasuries, giving up some of their gains from
earlier in the period. Overall, the yield curve - which reflects the
difference between yields of longer-maturity and shorter-maturity
securities - flattened over the 12 months, with longer-maturity government
securities outperforming shorter-maturity ones. After declining for a time,
the yields of 10-Year Treasuries bottomed at 1.64% in mid-January 2015, and
then began moving higher.
The markets also became more volatile as a host of factors influenced
investor sentiment, including: the perception that the U.S. economy was
gaining strength, as monthly job gains averaged more than 200,000; the
accompanying belief that the U.S. Federal Reserve System (the Fed) was
preparing to tighten monetary policy by raising short-term interest rates;
volatility in energy markets as oil prices declined early in the period,
rose somewhat, and then dropped again towards the end of the 12 months;
4 Pioneer Government Income Fund | Annual Report | 7/31/15
concerns over the effects of an economic slowdown in China; the start of a
quantitative easing policy by the European Central Bank (ECB); and certain
global political and economic developments, including the threat that
Greece would default on its debt obligations.
In the government bond market, longer-maturity Treasuries outperformed
other types of securities, although the early performance advantage of
Treasuries was partially offset as the yield curve widened and longer-
maturity interest rates moved higher over the final six months of the
period.
Q What were the principal factors that influenced the Fund's performance
during the 12-month period ended July 31, 2015? Specifically, why did the
Fund underperform its benchmarks during the period?
A The Fund's benchmark-relative performance was hurt the most by the
portfolio's shorter-duration stance relative to the Barclays Government
Bond Index during the 12-month period. (Duration is a measure of the
sensitivity of the price - the value of principal - of a fixed-income
investment to a change in interest rates, expressed as a number of years.)
The Fund, on average, had a 1.5-year shorter-than-benchmark duration during
the period. We maintained the shorter positioning because we believed that
interest rates were likely to begin rising, as we felt that the lower
yields we were observing were inconsistent with a strengthening economy.
Nevertheless, market interest rates declined, especially during the first
half of the 12-month period, and longer-duration portfolios outperformed.
Yield-curve positioning also detracted from the Fund's benchmark-relative
performance, as the portfolio's underweight exposures to 30-year and
five-year securities did not help. Although we significantly underweighted
the Fund in outperforming U.S. Treasuries throughout the 12 months, the
yield advantages of the portfolio's holdings of government-agency
mortgages and government-agency debentures helped to compensate for the
lack of exposure to Treasuries. While Treasuries accounted for
approximately 90% of the Barclays Government Bond Index, they represented,
on average, just 20% of the Fund's total investment portfolio over the
fiscal year ended July 31, 2015.
Allocations that helped support the Fund's results over the 12-month period
included the portfolio's out-of-benchmark position in government-
guaranteed commercial mortgages, which were used primarily to finance
multi-family apartment developments. The securities performed quite well
over the 12 months. Exposure to government-agency mortgages as well as good
security selection results in the Fund's mortgage portfolio also helped
performance, as we favored owning securities with lower prepayment risks,
including higher-coupon mortgages with good state and servicer
diversification.
Pioneer Government Income Fund | Annual Report | 7/31/15 5
Q Did the Fund have any investments in derivative securities during the
12-month period ended July 31, 2015? If so, did the holdings affect
benchmark-relative performance?
A Yes, we invested in some Treasury futures contracts as part of our policy
to maintain the Fund's shorter-than-benchmark duration. Because the
shorter-duration positioning detracted from the Fund's benchmark-relative
performance during the 12-month period, the use of the futures contracts
detracted from relative returns.
Q What factors affected the Fund's dividend distributions to shareholders
during the 12-month period ended July 31, 2015?
A The Fund's yield was relatively stable during the 12-month period. Looking
forward, if market interest rates continue to climb and it becomes more
likely that the Fed will start raising short-term rates, we think those
factors would increase the possibility that the Fund's distributions to
shareholders could start to rise.
Q What is your investment outlook and how have you positioned the portfolio
heading into the final months of 2015?
A We believe prospects for the U.S. economy look good, although uncertainties
continue to unsettle investor sentiment.
In the United States, the economy - as measured by recently revised gross
domestic product (GDP) figures - grew at an annual rate of nearly 4% during
the second quarter of 2015, a noticeable improvement over the slight GDP
increase of 0.6% in the first quarter. The job market continues to improve
and the housing market appears to be healing, with household formation
moving higher. All of those factors point to the Fed's starting to raise
short-term interest rates very gradually before the end of the calendar
year.
Nevertheless, the market remains volatile. Slowing growth trends in China,
combined with the devaluation of the Chinese currency and volatility in the
Chinese equity markets, have caused much consternation among market
participants. The debt situation in Greece remains a factor to be
monitored.
We have maintained the portfolio's short-duration stance relative to the
benchmark, as we think the chances are increasing that interest rates will
rise across the yield curve. We also continue to overweight the Fund in
government-agency mortgages, while de-emphasizing Treasuries, which are
highly interest-rate sensitive.
Overall, we believe the portfolio is well positioned for an environment of
continued economic growth in the United States, accompanied by gradually
rising interest rates.
6 Pioneer Government Income Fund | Annual Report | 7/31/15
Please refer to the Schedule of Investments on pages 15-30 for a full listing of
Fund securities.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of the issuers of underlying securities and their inability to meet
their debt obligations.
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.
The securities issued by U.S. government-sponsored entities (i.e., FNMA, Freddie
Mac) are neither guaranteed nor issued by the U.S. government.
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
prepayments.
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.
Pioneer Government Income Fund | Annual Report | 7/31/15 7
Portfolio Summary | 7/31/15
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Government Securities 75.0%
Collateralized Mortgage Obligations 13.9%
Foreign Government Bonds 5.8%
Asset Backed Securities 4.2%
Municipal Bonds 0.6%
U.S. Corporate Bonds 0.5%
Portfolio Maturity
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
0-2 Years 5.8%
2-5 Years 38.0%
5-7 Years 38.5%
7-10 Years 10.3%
20+ Years 7.4%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. U.S. Treasury Notes, 1.875%, 8/31/17 5.10%
--------------------------------------------------------------------------------
2. Fannie Mae, 4.5%, 12/1/43 4.93
--------------------------------------------------------------------------------
3. Private Export Funding Corp., 4.3%, 12/15/21 3.68
--------------------------------------------------------------------------------
4. Israel Government AID Bond, 5.5%, 4/26/24 3.52
--------------------------------------------------------------------------------
5. U.S. Treasury Notes, 2.625%, 11/15/20 3.52
--------------------------------------------------------------------------------
6. Private Export Funding Corp., 4.375%, 3/15/19 3.17
--------------------------------------------------------------------------------
7. U.S. Treasury Bonds, 4.25%, 5/15/39 2.98
--------------------------------------------------------------------------------
8. Federal National Mortgage Association, 4.92%, 7/25/20 2.98
--------------------------------------------------------------------------------
9. Fannie Mae, 4.0%, 4/1/39 2.89
--------------------------------------------------------------------------------
10. U.S. Treasury Notes, 0.625%, 5/31/17 2.87
--------------------------------------------------------------------------------
* 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.
8 Pioneer Government Income Fund | Annual Report | 7/31/15
Prices and Distributions | 7/31/15
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 7/31/15 7/31/14
--------------------------------------------------------------------------------
A $9.39 $9.42
--------------------------------------------------------------------------------
C $9.39 $9.42
--------------------------------------------------------------------------------
Y $9.40 $9.43
--------------------------------------------------------------------------------
Distributions per Share: 8/1/14-7/31/15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2020 $-- $--
--------------------------------------------------------------------------------
C $0.1326 $-- $--
--------------------------------------------------------------------------------
Y $0.2330 $-- $--
--------------------------------------------------------------------------------
Index Definitions
--------------------------------------------------------------------------------
The Barclays Government Bond Index is an unmanaged index that measures the
performance of the U.S. government bond market. The Barclays U.S.
Mortgage-Backed Securities Index is an unmanaged index including 15- and 30-year
fixed-rate securities backed by mortgage pools of the Government National
Mortgage Association (GNMA), Federal Home Loan Mortgage Corporation (FHLMC) and
Federal National Mortgage Association (FNMA). Index returns are calculated
monthly, 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 indices defined here pertain to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 10-12.
Pioneer Government Income Fund | Annual Report | 7/31/15 9
Performance Update | 7/31/15 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Government Income Fund at public
offering price during the periods shown, compared to that of the Barclays
Government Bond Index and the Barclays U.S. Mortgage-Backed Securities Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
Barclays
U.S.
Net Public Barclays Mortgage-
Asset Offering Government Backed
Value Price Bond Securities
Period (NAV) (POP) Index Index
--------------------------------------------------------------------------------
10 Years 3.69% 3.22% 4.20% 4.68%
5 Years 1.93 0.99 2.66 2.85
1 Year 1.83 -2.71 3.26 3.54
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.28%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays U.S.
Pioneer Government Barclays Government Mortgage-Backed
Income Fund Bond Index Securities Index
7/31/2005 $ 9,550 $10,000 $10,000
7/31/2006 $ 9,627 $10,124 $10,235
7/31/2007 $10,054 $10,711 $10,808
7/31/2008 $10,706 $11,634 $11,560
7/31/2009 $11,624 $12,411 $12,766
7/31/2010 $12,482 $13,238 $13,725
7/31/2011 $12,851 $13,670 $14,253
7/31/2012 $13,625 $14,703 $14,943
7/31/2013 $13,211 $14,330 $14,647
7/31/2014 $13,484 $14,618 $15,254
7/31/2015 $13,732 $15,095 $15,793
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.
Pioneer Government Income Fund acquired the assets and liabilities of AmSouth
Government Income Fund on September 23, 2005. The performance shown for Class A
shares of the Fund for periods prior to September 23, 2005, is based on the
performance of AmSouth Government Income Fund's Class A shares prior to the
reorganization, which has been restated to reflect differences in any applicable
sales charges (but not differences in expenses). If the performance had been
adjusted to reflect all differences in expenses, the performance of Class A
shares of the Fund would be lower than that shown.
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.
10 Pioneer Government Income Fund | Annual Report | 7/31/15
Performance Update | 7/31/15 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Government Income Fund during the
periods shown, compared to that of the Barclays Government Bond Index and the
Barclays U.S. Mortgage-Backed Securities Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
Barclays
U.S.
Barclays Mortgage-
Government Backed
If If Bond Securities
Period Held Redeemed Index Index
--------------------------------------------------------------------------------
10 Years 2.93% 2.93% 4.20% 4.68%
5 Years 1.21 1.21 2.66 2.85
1 Year 1.09 1.09 3.26 3.54
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.02%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays U.S.
Pioneer Government Barclays Government Mortgage-Backed
Income Fund Bond Index Securities Index
7/31/2005 $10,000 $10,000 $10,000
7/31/2006 $ 9,982 $10,124 $10,235
7/31/2007 $10,355 $10,711 $10,808
7/31/2008 $10,945 $11,634 $11,560
7/31/2009 $11,799 $12,411 $12,766
7/31/2010 $12,565 $13,238 $13,725
7/31/2011 $12,857 $13,670 $14,253
7/31/2012 $13,537 $14,703 $14,943
7/31/2013 $13,039 $14,330 $14,647
7/31/2014 $13,201 $14,618 $15,254
7/31/2015 $13,345 $15,095 $15,793
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.
Pioneer Government Income Fund acquired the assets and liabilities of AmSouth
Government Income Fund on September 23, 2005. The performance shown for Class C
shares of the Fund for periods prior to September 23, 2005, is based upon the
performance of the predecessor Fund's Class B shares as adjusted to reflect
sales charges applicable to Class C shares (but not other differences in
expenses). If the performance had been adjusted to reflect all differences in
expenses, the performance of Class C shares of the Fund would be lower than that
shown.
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 Government Income Fund | Annual Report | 7/31/15 11
Performance Update | 7/31/15 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Government Income Fund during the
periods shown, compared to that of the Barclays Government Bond Index and
Barclays U.S. Mortgage-Backed Securities Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
Barclays
U.S.
Barclays Mortgage-
Net Asset Government Backed
Value Bond Securities
Period (NAV) Index Index
--------------------------------------------------------------------------------
10 Years 4.12% 4.20% 4.68%
5 Years 2.33 2.66 2.85
1 Year 2.17 3.26 3.54
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.92%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Barclays U.S.
Pioneer Government Barclays Government Mortgage-Backed
Income Fund Bond Index Securities Index
7/31/2005 $5,000,000 $5,000,000 $5,000,000
7/31/2006 $5,054,027 $5,061,992 $5,117,317
7/31/2007 $5,301,322 $5,355,667 $5,403,957
7/31/2008 $5,671,289 $5,817,089 $5,779,866
7/31/2009 $6,192,340 $6,205,318 $6,382,901
7/31/2010 $6,672,230 $6,619,194 $6,862,699
7/31/2011 $6,893,775 $6,834,921 $7,126,654
7/31/2012 $7,345,963 $7,351,707 $7,471,733
7/31/2013 $7,151,504 $7,165,157 $7,323,706
7/31/2014 $7,328,811 $7,309,060 $7,626,872
7/31/2015 $7,487,675 $7,547,371 $7,896,508
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.
Pioneer Government Income Fund acquired the assets and liabilities of AmSouth
Government Income Fund on September 23, 2005. The performance shown for Class Y
shares of the Fund for periods prior to September 23, 2005, is based on the
performance of AmSouth Government Income Fund's Class I shares prior to the
reorganization, which has been restated to reflect differences in any applicable
sales charges (but not differences in expenses). If the performance had been
adjusted to reflect all differences in expenses, the performance of Class Y
shares of the Fund would be lower than that shown. 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.
12 Pioneer Government Income Fund | Annual Report | 7/31/15
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 Government Income Fund
Based on actual returns from February 1, 2015, through July 31, 2015.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 2/1/15
--------------------------------------------------------------------------------
Ending Account Value $ 993.95 $ 990.50 $ 996.68
(after expenses)
on 7/31/15
--------------------------------------------------------------------------------
Expenses Paid . $ 6.58 $ 9.97 $ 4.75
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.33%, 2.02%,
and 0.96% for Class A, C, and Y respectively, multiplied by the average
account value over the period, multiplied by 181/365 (to reflect the
one-half year period).
Pioneer Government Income Fund | Annual Report | 7/31/15 13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period. You may
use this information to compare the ongoing costs of investing in the Fund and
other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Government Income Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from February 1, 2015, through July 31, 2015.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 2/1/15
Ending Account Value $1,018.20 $1,014.78 $1,020.03
(after expenses)
on 7/31/15
Expenses Paid $ 6.66 $ 10.09 $ 4.81
During Period*
* Expenses are equal to the Fund's annualized expense ratio of 1.33%, 2.02%,
and 0.96% for Class A, C, and Y respectively, multiplied by the average
account value over the period, multiplied by 181/365 (to reflect the
one-half year period).
14 Pioneer Government Income Fund | Annual Report | 7/31/15
Schedule of Investments | 7/31/15
------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 4.1%
DIVERSIFIED FINANCIALS -- 4.1%
Other Diversified Financial Services -- 4.1%
301,904 Small Business Administration Participation
Certificates, 4.2%, 9/1/29 $ 322,022
538,769 Small Business Administration Participation
Certificates, 4.625%, 2/1/25 572,541
554,158 Small Business Administration Participation
Certificates, 4.84%, 5/1/25 591,991
636,493 Small Business Administration Participation
Certificates, 5.37%, 4/1/28 709,783
438,261 Small Business Administration Participation
Certificates, 5.63%, 10/1/28 488,504
129,690 Small Business Administration Participation
Certificates, 5.72%, 1/1/29 146,618
794,685 Small Business Administration Participation
Certificates, 6.02%, 8/1/28 901,921
148,985 Small Business Administration Participation
Certificates, 6.14%, 1/1/22 162,708
398,011 Small Business Administration Participation
Certificates, 6.22%, 12/1/28 452,768
-------------
$ 4,348,856
-------------
Total Diversified Financials $ 4,348,856
------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $4,035,535) $ 4,348,856
------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 13.7%
BANKS -- 4.2%
Thrifts & Mortgage Finance -- 4.2%
897,622 Government National Mortgage Association
REMICS, 3.25%, 4/16/27 $ 936,673
1,242,383 3.17 La Hipotecaria Panamanian Mortgage
Trust 2010-1, Floating Rate Note,
9/8/39 (144A) 1,283,537
280,109 3.26 La Hipotecaria Panamanian Mortgage
Trust 2014-1, Floating Rate Note,
11/24/42 (144A) 286,936
574,337 Vendee Mortgage Trust 2008-1, 5.25%, 1/15/32 637,879
1,174,449 Vendee Mortgage Trust 2010-1, 4.25%, 2/15/35 1,262,603
-------------
$ 4,407,628
-------------
Total Banks $ 4,407,628
------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Annual Report | 7/31/15 15
Schedule of Investments | 7/31/15 (continued)
------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.7%
Other Diversified Financial Services -- 1.7%
1,687,946 Federal National Mortgage Association
REMICS, 3.0%, 6/25/23 $ 1,760,724
-------------
Total Diversified Financials $ 1,760,724
------------------------------------------------------------------------------------------
GOVERNMENT -- 7.8%
Government -- 7.8%
131,094 0.59 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 12/15/20 $ 131,914
981,985 3.42 Federal National Mortgage Association
2004-T2, Floating Rate Note, 7/25/43 1,020,793
92,277 Federal National Mortgage Association
REMICS, 4.5%, 6/25/29 99,149
2,925,541 Federal National Mortgage Association,
4.92%, 7/25/20 3,107,492
1,451,380 Government National Mortgage Association
REMICS, 2.1%, 2/16/48 1,460,894
126,088 Government National Mortgage Association,
5.25%, 8/16/35 141,596
2,000,000 4.65 Government National Mortgage Association,
Floating Rate Note, 1/16/50 2,181,112
162,951 0.63 Government National Mortgage Association,
Floating Rate Note, 12/16/29 163,656
-------------
$ 8,306,606
-------------
Total Government $ 8,306,606
------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $13,966,877) $ 14,474,958
------------------------------------------------------------------------------------------
CORPORATE BONDS -- 0.5%
DIVERSIFIED FINANCIALS -- 0.5%
Other Diversified Financial Services -- 0.5%
501,785 Helios Leasing I LLC, 2.018%, 5/29/24 $ 500,487
-------------
Total Diversified Financials $ 500,487
------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $541,524) $ 500,487
------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 74.0%
356,380 Fannie Mae, 3.5%, 4/1/45 $ 370,185
1,297,573 Fannie Mae, 3.763%, 12/1/20 1,395,797
2,715,042 Fannie Mae, 4.0%, 10/1/41 2,901,082
552,685 Fannie Mae, 4.0%, 4/1/25 589,720
2,832,586 Fannie Mae, 4.0%, 4/1/39 3,014,282
1,800,827 Fannie Mae, 4.0%, 4/1/41 1,925,533
The accompanying notes are an integral part of these financial statements.
16 Pioneer Government Income Fund | Annual Report | 7/31/15
------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
831,997 Fannie Mae, 4.0%, 7/1/44 $ 886,942
78,525 Fannie Mae, 4.0%, 9/1/20 82,368
23,027 Fannie Mae, 4.5%, 11/1/20 24,142
4,682,260 Fannie Mae, 4.5%, 12/1/43 5,146,968
109,452 Fannie Mae, 5.0%, 1/1/20 117,366
264,376 Fannie Mae, 5.0%, 10/1/34 287,846
1,348,575 Fannie Mae, 5.0%, 2/1/39 1,495,222
114,487 Fannie Mae, 5.0%, 3/1/23 123,723
271,846 Fannie Mae, 5.0%, 7/1/34 295,488
92,862 Fannie Mae, 5.0%, 8/1/18 97,211
63,616 Fannie Mae, 5.72%, 11/1/28 72,345
47,112 Fannie Mae, 5.72%, 6/1/29 53,622
62,884 Fannie Mae, 5.75%, 3/1/33 71,933
31,968 Fannie Mae, 5.9%, 11/1/27 36,409
17,509 Fannie Mae, 5.9%, 2/1/28 17,615
89,591 Fannie Mae, 5.9%, 4/1/28 102,008
325,022 Fannie Mae, 6.0%, 11/1/34 371,044
32,358 Fannie Mae, 6.0%, 11/1/34 36,700
50,317 Fannie Mae, 6.0%, 12/1/37 57,005
69,874 Fannie Mae, 6.5%, 11/1/47 78,064
128,295 Fannie Mae, 6.5%, 7/1/32 149,013
933,400 Federal Home Loan Mortgage Corp.,
3.5%, 12/1/44 967,770
1,189,493 Federal Home Loan Mortgage Corp.,
3.5%, 4/1/45 1,233,293
745,443 Federal Home Loan Mortgage Corp.,
4.0%, 6/1/42 791,801
110,400 Federal Home Loan Mortgage Corp.,
5.0%, 10/1/38 121,360
102,249 Federal Home Loan Mortgage Corp.,
5.0%, 9/1/38 112,396
20,387 Federal Home Loan Mortgage Corp.,
5.5%, 1/1/34 22,765
114,068 Federal Home Loan Mortgage Corp.,
6.0%, 1/1/33 130,265
140,697 Federal Home Loan Mortgage Corp.,
6.0%, 1/1/38 158,874
51,928 Federal Home Loan Mortgage Corp.,
6.0%, 11/1/33 58,776
3,336 Federal Home Loan Mortgage Corp.,
6.0%, 5/1/16 3,384
3,027 Federal Home Loan Mortgage Corp.,
6.0%, 6/1/16 3,074
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Annual Report | 7/31/15 17
Schedule of Investments | 7/31/15 (continued)
------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
73,160 Federal Home Loan Mortgage Corp.,
6.0%, 7/1/36 $ 82,818
20,834 Federal Home Loan Mortgage Corp.,
6.0%, 7/1/36 23,744
138,495 Federal Home Loan Mortgage Corp.,
6.0%, 7/1/38 156,370
14,417 Federal Home Loan Mortgage Corp.,
6.0%, 8/1/18 16,276
10,767 Federal Home Loan Mortgage Corp.,
6.5%, 5/1/31 12,303
75,429 Federal Home Loan Mortgage Corp.,
7.0%, 10/1/46 85,760
4,226 Federal Home Loan Mortgage Corp.,
7.0%, 6/1/31 4,240
923,178 Federal National Mortgage Association,
3.0%, 12/1/21 962,308
2,000,000 Financing Corp. Fico, 5/11/18 (c) 1,933,442
914,659 Government National Mortgage Association I,
3.5%, 1/15/44 960,396
688,668 Government National Mortgage Association I,
3.5%, 1/15/45 719,753
895,597 Government National Mortgage Association I,
3.5%, 7/15/42 939,625
600,558 Government National Mortgage Association I,
4.0%, 1/15/45 641,964
135,044 Government National Mortgage Association I,
4.0%, 3/15/44 143,835
261,701 Government National Mortgage Association I,
4.0%, 7/15/41 279,251
386,911 Government National Mortgage Association I,
4.0%, 8/15/40 413,157
133,351 Government National Mortgage Association I,
4.0%, 9/15/40 142,137
186,718 Government National Mortgage Association I,
4.0%, 9/15/44 198,873
27,943 Government National Mortgage Association I,
4.5%, 12/15/19 29,621
28,742 Government National Mortgage Association I,
4.5%, 4/15/18 30,097
74,896 Government National Mortgage Association I,
4.5%, 4/15/20 79,396
61,064 Government National Mortgage Association I,
4.5%, 6/15/19 64,907
263,510 Government National Mortgage Association I,
4.5%, 6/15/25 280,320
The accompanying notes are an integral part of these financial statements.
18 Pioneer Government Income Fund | Annual Report | 7/31/15
------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
18,613 Government National Mortgage Association I,
4.5%, 8/15/19 $ 19,587
77,222 Government National Mortgage Association I,
5.0%, 2/15/19 82,336
322,242 Government National Mortgage Association I,
5.0%, 7/15/40 357,369
56,334 Government National Mortgage Association I,
5.5%, 1/15/29 63,317
70,238 Government National Mortgage Association I,
5.5%, 10/15/19 73,872
81,865 Government National Mortgage Association I,
5.5%, 10/15/33 94,017
57,471 Government National Mortgage Association I,
5.5%, 10/15/34 65,514
29,799 Government National Mortgage Association I,
5.5%, 4/15/19 31,061
39,934 Government National Mortgage Association I,
5.5%, 4/15/31 44,866
23,870 Government National Mortgage Association I,
5.5%, 6/15/18 24,744
169,936 Government National Mortgage Association I,
5.5%, 8/15/33 195,412
81,528 Government National Mortgage Association I,
5.5%, 9/15/33 92,712
21,166 Government National Mortgage Association I,
5.72%, 4/15/29 23,803
19,504 Government National Mortgage Association I,
6.0%, 1/15/24 22,254
41,535 Government National Mortgage Association I,
6.0%, 1/15/33 48,098
71,192 Government National Mortgage Association I,
6.0%, 1/15/33 82,877
8,060 Government National Mortgage Association I,
6.0%, 10/15/28 9,236
19,051 Government National Mortgage Association I,
6.0%, 10/15/32 21,525
75,403 Government National Mortgage Association I,
6.0%, 10/15/32 85,194
87,915 Government National Mortgage Association I,
6.0%, 10/15/34 101,980
67,679 Government National Mortgage Association I,
6.0%, 10/15/34 77,165
180,616 Government National Mortgage Association I,
6.0%, 10/15/34 210,104
8,474 Government National Mortgage Association I,
6.0%, 11/15/32 9,575
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Annual Report | 7/31/15 19
Schedule of Investments | 7/31/15 (continued)
------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
10,034 Government National Mortgage Association I,
6.0%, 11/15/32 $ 11,480
144,178 Government National Mortgage Association I,
6.0%, 11/15/33 164,868
59,260 Government National Mortgage Association I,
6.0%, 11/15/37 67,445
222,596 Government National Mortgage Association I,
6.0%, 12/15/23 251,499
157,281 Government National Mortgage Association I,
6.0%, 12/15/32 178,966
433,307 Government National Mortgage Association I,
6.0%, 12/15/32 501,600
119,327 Government National Mortgage Association I,
6.0%, 12/15/32 138,334
21,731 Government National Mortgage Association I,
6.0%, 12/15/32 25,297
93,595 Government National Mortgage Association I,
6.0%, 12/15/32 106,810
220,530 Government National Mortgage Association I,
6.0%, 12/15/32 251,413
23,021 Government National Mortgage Association I,
6.0%, 12/15/32 26,777
86,835 Government National Mortgage Association I,
6.0%, 2/15/29 101,012
123,105 Government National Mortgage Association I,
6.0%, 2/15/33 143,314
30,365 Government National Mortgage Association I,
6.0%, 2/15/33 34,308
172,863 Government National Mortgage Association I,
6.0%, 2/15/33 201,752
103,641 Government National Mortgage Association I,
6.0%, 2/15/33 118,698
54,184 Government National Mortgage Association I,
6.0%, 3/15/19 61,219
76,913 Government National Mortgage Association I,
6.0%, 3/15/33 86,899
57,820 Government National Mortgage Association I,
6.0%, 3/15/33 66,185
46,319 Government National Mortgage Association I,
6.0%, 3/15/33 53,849
220,536 Government National Mortgage Association I,
6.0%, 3/15/34 256,624
63,783 Government National Mortgage Association I,
6.0%, 4/15/28 74,266
24,527 Government National Mortgage Association I,
6.0%, 4/15/33 28,095
The accompanying notes are an integral part of these financial statements.
20 Pioneer Government Income Fund | Annual Report | 7/31/15
------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
43,427 Government National Mortgage Association I,
6.0%, 5/15/33 $ 49,703
116,148 Government National Mortgage Association I,
6.0%, 6/15/31 132,446
82,182 Government National Mortgage Association I,
6.0%, 6/15/34 95,696
45,781 Government National Mortgage Association I,
6.0%, 8/15/34 52,037
211,125 Government National Mortgage Association I,
6.0%, 8/15/34 242,018
127,859 Government National Mortgage Association I,
6.0%, 8/15/38 145,739
309,476 Government National Mortgage Association I,
6.0%, 9/15/32 354,138
78,608 Government National Mortgage Association I,
6.0%, 9/15/32 89,852
19,619 Government National Mortgage Association I,
6.0%, 9/15/33 22,166
31,904 Government National Mortgage Association I,
6.0%, 9/15/34 36,608
178,617 Government National Mortgage Association I,
6.0%, 9/15/35 207,808
54,750 Government National Mortgage Association I,
6.5%, 1/15/32 62,476
35,231 Government National Mortgage Association I,
6.5%, 10/15/24 40,307
26,374 Government National Mortgage Association I,
6.5%, 10/15/28 30,337
6,716 Government National Mortgage Association I,
6.5%, 10/15/28 7,664
46,562 Government National Mortgage Association I,
6.5%, 11/15/31 53,133
15,160 Government National Mortgage Association I,
6.5%, 2/15/28 17,299
26,665 Government National Mortgage Association I,
6.5%, 2/15/29 31,052
31,007 Government National Mortgage Association I,
6.5%, 2/15/32 35,382
29,558 Government National Mortgage Association I,
6.5%, 2/15/32 35,415
22,246 Government National Mortgage Association I,
6.5%, 2/15/32 26,331
10,395 Government National Mortgage Association I,
6.5%, 2/15/32 11,862
19,353 Government National Mortgage Association I,
6.5%, 2/15/32 22,789
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Annual Report | 7/31/15 21
Schedule of Investments | 7/31/15 (continued)
------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
19,172 Government National Mortgage Association I,
6.5%, 3/15/29 $ 21,878
91,144 Government National Mortgage Association I,
6.5%, 3/15/29 104,006
105,632 Government National Mortgage Association I,
6.5%, 3/15/32 121,859
12,065 Government National Mortgage Association I,
6.5%, 4/15/17 12,178
14,525 Government National Mortgage Association I,
6.5%, 4/15/28 16,575
81,371 Government National Mortgage Association I,
6.5%, 4/15/28 92,854
96,179 Government National Mortgage Association I,
6.5%, 4/15/32 113,563
7,858 Government National Mortgage Association I,
6.5%, 4/15/32 8,967
17,496 Government National Mortgage Association I,
6.5%, 4/15/32 20,365
50,614 Government National Mortgage Association I,
6.5%, 4/15/33 57,762
6,709 Government National Mortgage Association I,
6.5%, 5/15/29 7,656
41,284 Government National Mortgage Association I,
6.5%, 5/15/31 47,110
19,209 Government National Mortgage Association I,
6.5%, 5/15/32 22,852
8,291 Government National Mortgage Association I,
6.5%, 5/15/32 9,606
45,143 Government National Mortgage Association I,
6.5%, 5/15/32 51,513
6,237 Government National Mortgage Association I,
6.5%, 5/15/32 7,118
10,244 Government National Mortgage Association I,
6.5%, 6/15/17 10,272
12,061 Government National Mortgage Association I,
6.5%, 6/15/28 14,084
27,876 Government National Mortgage Association I,
6.5%, 6/15/29 31,810
8,409 Government National Mortgage Association I,
6.5%, 6/15/31 9,596
22,187 Government National Mortgage Association I,
6.5%, 6/15/32 25,318
17,463 Government National Mortgage Association I,
6.5%, 6/15/32 20,053
38,989 Government National Mortgage Association I,
6.5%, 7/15/31 44,491
The accompanying notes are an integral part of these financial statements.
22 Pioneer Government Income Fund | Annual Report | 7/31/15
------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
10,714 Government National Mortgage Association I,
6.5%, 7/15/32 $ 12,226
9,380 Government National Mortgage Association I,
6.5%, 7/15/32 10,704
10,004 Government National Mortgage Association I,
6.5%, 8/15/28 11,415
36,782 Government National Mortgage Association I,
6.5%, 8/15/32 41,973
51,935 Government National Mortgage Association I,
6.5%, 8/15/32 59,622
24,174 Government National Mortgage Association I,
6.5%, 9/15/31 27,585
24,992 Government National Mortgage Association I,
6.5%, 9/15/32 30,113
45,668 Government National Mortgage Association I,
6.5%, 9/15/32 52,201
47,041 Government National Mortgage Association I,
6.5%, 9/15/32 53,912
8,400 Government National Mortgage Association I,
6.75%, 4/15/26 9,585
19,437 Government National Mortgage Association I,
7.0%, 1/15/28 21,864
144,044 Government National Mortgage Association I,
7.0%, 1/15/31 155,097
3,438 Government National Mortgage Association I,
7.0%, 10/15/16 3,448
12,871 Government National Mortgage Association I,
7.0%, 11/15/26 14,884
69,390 Government National Mortgage Association I,
7.0%, 11/15/29 79,325
8,735 Government National Mortgage Association I,
7.0%, 11/15/31 9,075
33,309 Government National Mortgage Association I,
7.0%, 12/15/30 34,366
41,446 Government National Mortgage Association I,
7.0%, 12/15/30 42,522
47,893 Government National Mortgage Association I,
7.0%, 12/15/30 57,536
27,246 Government National Mortgage Association I,
7.0%, 2/15/28 30,465
27,154 Government National Mortgage Association I,
7.0%, 3/15/28 30,298
58,941 Government National Mortgage Association I,
7.0%, 3/15/32 66,704
33,575 Government National Mortgage Association I,
7.0%, 4/15/28 37,477
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Annual Report | 7/31/15 23
Schedule of Investments | 7/31/15 (continued)
------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
29,235 Government National Mortgage Association I,
7.0%, 4/15/29 $ 32,600
15,464 Government National Mortgage Association I,
7.0%, 4/15/31 16,623
48,422 Government National Mortgage Association I,
7.0%, 4/15/32 55,156
68,625 Government National Mortgage Association I,
7.0%, 5/15/29 76,744
8,705 Government National Mortgage Association I,
7.0%, 5/15/31 9,126
28,550 Government National Mortgage Association I,
7.0%, 6/15/27 33,623
5,202 Government National Mortgage Association I,
7.0%, 6/15/29 5,243
36,971 Government National Mortgage Association I,
7.0%, 7/15/25 42,469
6,575 Government National Mortgage Association I,
7.0%, 7/15/28 6,632
29,934 Government National Mortgage Association I,
7.0%, 7/15/28 33,955
16,247 Government National Mortgage Association I,
7.0%, 7/15/29 18,645
28,202 Government National Mortgage Association I,
7.0%, 8/15/23 31,083
83,283 Government National Mortgage Association I,
7.0%, 9/15/24 97,190
42,292 Government National Mortgage Association I,
7.0%, 9/15/31 47,797
44,604 Government National Mortgage Association I,
7.5%, 10/15/23 50,193
57,934 Government National Mortgage Association I,
7.5%, 10/15/27 67,250
13,906 Government National Mortgage Association I,
7.5%, 10/15/29 15,869
4,557 Government National Mortgage Association I,
7.5%, 12/15/25 4,750
24,471 Government National Mortgage Association I,
7.5%, 2/15/27 27,722
16,938 Government National Mortgage Association I,
7.5%, 2/15/31 17,699
10,370 Government National Mortgage Association I,
7.5%, 3/15/23 11,365
44,616 Government National Mortgage Association I,
7.5%, 3/15/27 54,218
7,955 Government National Mortgage Association I,
7.5%, 3/15/31 8,314
The accompanying notes are an integral part of these financial statements.
24 Pioneer Government Income Fund | Annual Report | 7/31/15
------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
27,577 Government National Mortgage Association I,
7.5%, 4/15/23 $ 27,960
1,753 Government National Mortgage Association I,
7.5%, 6/15/24 1,825
17,697 Government National Mortgage Association I,
7.5%, 6/15/29 20,257
11,510 Government National Mortgage Association I,
7.5%, 8/15/25 11,858
1,142 Government National Mortgage Association I,
7.5%, 8/15/29 1,156
2,996 Government National Mortgage Association I,
7.5%, 8/15/29 3,081
6,952 Government National Mortgage Association I,
7.5%, 9/15/25 7,855
3,889 Government National Mortgage Association I,
7.5%, 9/15/25 3,903
66,938 Government National Mortgage Association I,
7.5%, 9/15/29 70,230
38,264 Government National Mortgage Association I,
8.25%, 5/15/20 41,897
2,126 Government National Mortgage Association I,
8.5%, 8/15/21 2,136
9,510 Government National Mortgage Association I,
9.0%, 1/15/20 9,715
1,289 Government National Mortgage Association I,
9.0%, 12/15/19 1,409
2,303 Government National Mortgage Association I,
9.0%, 6/15/22 2,416
292 Government National Mortgage Association I,
9.0%, 9/15/21 323
188,396 Government National Mortgage Association II,
4.0%, 10/20/44 200,172
36,906 Government National Mortgage Association II,
5.0%, 1/20/20 39,452
101,036 Government National Mortgage Association II,
5.0%, 12/20/18 107,172
69,135 Government National Mortgage Association II,
5.0%, 2/20/19 73,325
236,588 Government National Mortgage Association II,
5.5%, 10/20/37 265,556
68,482 Government National Mortgage Association II,
5.75%, 4/20/33 76,740
155,867 Government National Mortgage Association II,
5.75%, 6/20/33 174,652
29,210 Government National Mortgage Association II,
5.9%, 1/20/28 32,787
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Annual Report | 7/31/15 25
Schedule of Investments | 7/31/15 (continued)
------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
57,749 Government National Mortgage Association II,
5.9%, 11/20/27 $ 64,269
109,569 Government National Mortgage Association II,
5.9%, 7/20/28 120,922
119,846 Government National Mortgage Association II,
6.0%, 1/20/33 138,177
29,103 Government National Mortgage Association II,
6.0%, 10/20/31 33,218
138,645 Government National Mortgage Association II,
6.0%, 10/20/33 159,514
44,823 Government National Mortgage Association II,
6.0%, 12/20/18 46,616
79,999 Government National Mortgage Association II,
6.0%, 6/20/34 91,713
10,766 Government National Mortgage Association II,
6.0%, 7/20/17 11,070
25,495 Government National Mortgage Association II,
6.0%, 7/20/19 26,671
90,744 Government National Mortgage Association II,
6.45%, 1/20/33 103,538
49,179 Government National Mortgage Association II,
6.45%, 11/20/32 56,096
51,209 Government National Mortgage Association II,
6.45%, 7/20/32 58,414
33,173 Government National Mortgage Association II,
6.5%, 1/20/24 37,884
56,375 Government National Mortgage Association II,
6.5%, 10/20/32 67,889
70,519 Government National Mortgage Association II,
6.5%, 3/20/34 85,389
17,833 Government National Mortgage Association II,
6.5%, 4/20/31 21,240
12,979 Government National Mortgage Association II,
6.5%, 6/20/31 15,293
61,224 Government National Mortgage Association II,
6.5%, 8/20/28 71,987
14,519 Government National Mortgage Association II,
7.0%, 1/20/31 17,708
13,255 Government National Mortgage Association II,
7.0%, 11/20/31 15,974
9,634 Government National Mortgage Association II,
7.0%, 2/20/29 11,633
6,896 Government National Mortgage Association II,
7.0%, 3/20/31 8,430
13,190 Government National Mortgage Association II,
7.0%, 5/20/26 15,458
The accompanying notes are an integral part of these financial statements.
26 Pioneer Government Income Fund | Annual Report | 7/31/15
------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
27,436 Government National Mortgage Association II,
7.0%, 6/20/28 $ 32,862
32,938 Government National Mortgage Association II,
7.0%, 7/20/31 40,304
26,138 Government National Mortgage Association II,
7.0%, 8/20/27 30,928
8,379 Government National Mortgage Association II,
7.5%, 12/20/30 10,414
13,766 Government National Mortgage Association II,
7.5%, 5/20/30 15,795
4,584 Government National Mortgage Association II,
7.5%, 6/20/30 5,694
14,171 Government National Mortgage Association II,
7.5%, 7/20/30 17,519
14,727 Government National Mortgage Association II,
7.5%, 8/20/30 18,310
11,819 Government National Mortgage Association II,
8.0%, 3/20/30 14,879
28,674 Government National Mortgage Association II,
8.0%, 4/20/30 36,132
56 Government National Mortgage Association II,
8.0%, 5/20/25 63
15,349 Government National Mortgage Association II,
8.0%, 5/20/30 19,306
18,023 Government National Mortgage Association II,
8.0%, 6/20/30 22,770
2,783 Government National Mortgage Association II,
9.0%, 11/20/24 2,796
2,879 Government National Mortgage Association II,
9.0%, 3/20/22 2,878
406 Government National Mortgage Association II,
9.0%, 4/20/22 406
1,610 Government National Mortgage Association II,
9.0%, 9/20/21 1,768
600,000 Private Export Funding Corp., 2.25%, 12/15/17 615,118
1,300,000 Private Export Funding Corp., 2.8%, 5/15/22 1,323,912
3,420,000 Private Export Funding Corp., 4.3%, 12/15/21 3,838,256
3,000,000 Private Export Funding Corp., 4.375%, 3/15/19 3,308,061
1,655,000 Private Export Funding Corp., 5.45%, 9/15/17 1,809,327
1,118,085 Tennessee Valley Authority, 4.929%, 1/15/21 1,234,247
800,000 Tennessee Valley Authority, 5.5%, 6/15/38 1,021,658
1,500,000 U.S. Treasury Bonds, 3.0%, 5/15/42 1,522,500
2,500,000 U.S. Treasury Bonds, 4.25%, 5/15/39 3,114,648
1,650,000 U.S. Treasury Bonds, 4.5%, 5/15/38 2,130,434
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Annual Report | 7/31/15 27
Schedule of Investments | 7/31/15 (continued)
------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
2,503,775 U.S. Treasury Inflation Indexed Bonds,
0.125%, 7/15/24 $ 2,431,596
465,000 0.12 U.S. Treasury Note, Floating Rate
Note, 7/31/16 465,094
3,000,000 U.S. Treasury Notes, 0.625%, 5/31/17 2,998,827
5,200,000 U.S. Treasury Notes, 1.875%, 8/31/17 5,324,706
3,500,000 U.S. Treasury Notes, 2.625%, 11/15/20 3,669,533
------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $75,195,130) $ 78,257,440
------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 5.8%
3,000,000 Israel Government AID Bond, 5.5%, 4/26/24 $ 3,676,848
2,000,000 Israel Government AID Bond, 5.5%, 9/18/23 2,436,186
------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $5,856,680) $ 6,113,034
------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.6% (d)
Municipal General -- 0.3%
125,000 Virginia Commonwealth Transportation Board,
4.0%, 5/15/31 $ 131,624
125,000 Virginia Commonwealth Transportation Board,
4.0%, 5/15/32 131,136
-------------
$ 262,760
------------------------------------------------------------------------------------------
Higher Municipal Education -- 0.1%
100,000 New Jersey Educational Facilities Authority,
4.0%, 7/1/45 $ 104,242
------------------------------------------------------------------------------------------
Municipal School District -- 0.1%
100,000 Frisco Independent School District, 4.0%,
8/15/40 (e) $ 101,988
50,000 Frisco Independent School District, 4.0%,
8/15/45 (e) 50,793
-------------
$ 257,023
------------------------------------------------------------------------------------------
Municipal Obligation -- 0.1%
150,000 State of Texas, 4.0%, 10/1/44 (e) $ 154,881
------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $671,430) $ 674,664
------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 98.7%
(Cost $100,267,176) (a) $ 104,369,439
------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 1.3% $ 1,421,190
------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 105,790,629
==========================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer Government Income Fund | Annual Report | 7/31/15
(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 July 31, 2015, the value of these securities
amounted to $1,570,473 or 1.5% of total net assets.
REMICS Real estate mortgage investment conduits.
(a) At July 31, 2015, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $100,483,012 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $4,341,580
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (455,153)
----------
Net unrealized appreciation $3,886,427
==========
(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) Consists of Revenue Bonds unless otherwise indicated.
(e) Represents a General Obligation Bond.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended July 31, 2015 aggregated $29,682,955 and $39,112,663, respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical
securities.
Level 2 - other significant observable inputs (including quoted
prices for similar securities, interest rates, prepayment
speeds, credit risk, etc.) See Notes to Financial Statements
-- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's
own assumptions in determining fair value of investments)
See Notes to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services or broker-dealers)
as Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of July 31, 2015, in valuing
the Fund's assets:
---------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 4,348,856 $ -- $ 4,348,856
Collateralized Mortgage Obligations -- 14,474,958 -- 14,474,958
Corporate Bonds -- 500,487 -- 500,487
U.S. Government and
Agency Obligations -- 78,257,440 -- 78,257,440
Foreign Government Bonds -- 6,113,034 -- 6,113,034
Municipal Bonds -- 674,664 -- 674,664
---------------------------------------------------------------------------------------------
Total $ -- $104,369,439 $ -- $104,369,439
=============================================================================================
Other Financial Instruments
Net unrealized appreciation on
futures contracts $86,203 $ -- $ -- $ 86,203
---------------------------------------------------------------------------------------------
Total Other Financial Instruments $86,203 $ -- $ -- $ 86,203
=============================================================================================
During the year ended July 31, 2015, there were no transfers between Levels 1, 2
and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Annual Report | 7/31/15 29
Schedule of Investments | 7/31/15 (continued)
The following is a summary of the fair valuation of certain Fund's assets and
liabilities as of July 31, 2015.
---------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------
Assets:
Futures collateral $ -- $286,270 $ -- $286,270
Liabilities:
Variation margin for futures contracts (52,687) -- -- (52,687)
---------------------------------------------------------------------------------------------
Total $(52,687) $286,270 $ -- $233,583
=============================================================================================
The accompanying notes are an integral part of these financial statements.
30 Pioneer Government Income Fund | Annual Report | 7/31/15
Statement of Assets and Liabilities | 7/31/15
ASSETS:
Investment in securities (cost $100,267,176) $104,369,439
Cash 704,686
Futures collateral 286,270
Receivables --
Fund shares sold 32,367
Interest 587,583
Net unrealized appreciation on futures contracts 86,203
Other assets 66,986
------------------------------------------------------------------------------------------
Total assets $106,133,534
==========================================================================================
LIABILITIES:
Payables --
Fund shares repurchased $ 137,975
Trustee fees 706
Variation margin 52,687
Due to affiliates 44,975
Accrued expenses 106,562
------------------------------------------------------------------------------------------
Total liabilities $ 342,905
==========================================================================================
NET ASSETS:
Paid-in capital $111,355,402
Distributions in excess of net investment income (176,497)
Accumulated net realized loss on investments and futures contracts (9,576,742)
Net unrealized appreciation on investments 4,102,263
Net unrealized appreciation on futures contracts 86,203
------------------------------------------------------------------------------------------
Total net assets $105,790,629
==========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $89,273,118/9,508,510 shares) $ 9.39
Class C (based on $12,043,067/1,282,279 shares) $ 9.39
Class Y (based on $4,474,444/476,122 shares) $ 9.40
MAXIMUM OFFERING PRICE:
Class A ($9.39 (divided by) 95.5%) $ 9.83
==========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Annual Report | 7/31/15 31
Statement of Operations
For the Year Ended 7/31/15
INVESTMENT INCOME:
Interest $3,431,064
---------------------------------------------------------------------------------------------
Total investment income $3,431,064
---------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 556,947
Transfer agent fees and expenses
Class A 134,438
Class B* 4,455
Class C 12,662
Class Y 738
Distribution fees
Class A 230,421
Class B* 6,385
Class C 134,482
Shareholder communications expense 143,706
Administrative reimbursement 48,479
Custodian fees 40,255
Registration fees 61,375
Professional fees 67,777
Printing expense 31,599
Fees and expenses of nonaffiliated Trustees 6,796
Pricing fees 41,661
Miscellaneous 39,762
---------------------------------------------------------------------------------------------
Total expenses $1,561,938
=============================================================================================
Net investment income $1,869,126
---------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FUTURES CONTRACTS:
Net realized gain (loss) on:
Investments $ 209,984
Futures contracts (672,887) $ (462,903)
---------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 519,863
Futures contracts (21,313) $ 498,550
---------------------------------------------------------------------------------------------
Net gain on investments and futures contracts $ 35,647
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $1,904,773
=============================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Government Income Fund | Annual Report | 7/31/15
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------
Year Ended Year Ended
7/31/15 7/31/14
--------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 1,869,126 $ 3,357,783
Net realized loss on investments and futures contracts (462,903) (4,775,069)
Change in net unrealized appreciation (depreciation)
on investments and futures contracts 498,550 3,858,890
--------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 1,904,773 $ 2,441,604
--------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.20 and $0.44 per share, respectively) $ (1,974,181) $ (4,602,730)
Class B* ($0.03 and $0.34 per share, respectively) (6,643) (107,545)
Class C ($0.13 and $0.38 per share, respectively) (189,668) (623,375)
Class Y ($0.23 and $0.48 per share, respectively) (127,229) (523,818)
--------------------------------------------------------------------------------------------
Total distributions to shareowners $ (2,297,721) $ (5,857,468)
--------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 23,282,963 $ 19,165,020
Reinvestment of distributions 2,212,993 4,972,391
Cost of shares repurchased (36,408,126) (49,877,652)
--------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (10,912,170) $(25,740,241)
--------------------------------------------------------------------------------------------
Net decrease in net assets $ (11,305,118) $(29,156,105)
NET ASSETS:
Beginning of year 117,095,747 146,251,852
--------------------------------------------------------------------------------------------
End of year $ 105,790,629 $117,095,747
--------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (176,497) $ (379,204)
============================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Annual Report | 7/31/15 33
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------
' 15 Shares '15 Amount '14 Shares '14 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 1,885,188 $ 17,800,006 1,314,683 $ 12,471,203
Reinvestment of distributions 206,177 1,947,677 424,193 4,016,128
Less shares repurchased (2,231,395) (21,057,191) (3,363,699) (32,033,970)
------------------------------------------------------------------------------------------------
Net decrease (140,030) $ (1,309,508) (1,624,823) $(15,546,639)
================================================================================================
Class B*
Shares sold or exchanged 81 $ 2,319 1,307 $ 13,715
Reinvestment of distributions 797 6,643 10,129 95,816
Less shares repurchased (251,008) (2,362,723) (165,758) (1,579,633)
------------------------------------------------------------------------------------------------
Net decrease (250,130) $ (2,353,761) (154,322) $ (1,470,102)
================================================================================================
Class C
Shares sold 396,429 $ 3,747,195 223,502 $ 2,128,412
Reinvestment of distributions 13,912 131,444 40,663 384,816
Less shares repurchased (569,714) (5,384,080) (809,347) (7,710,044)
------------------------------------------------------------------------------------------------
Net decrease (159,373) $ (1,505,441) (545,182) $ (5,196,816)
================================================================================================
Class Y
Shares sold 182,373 $ 1,733,443 479,348 $ 4,551,690
Reinvestment of distributions 14,620 127,229 50,177 475,631
Less shares repurchased (804,736) (7,604,132) (897,536) (8,554,005)
------------------------------------------------------------------------------------------------
Net decrease (607,743) $ (5,743,460) (368,011) $ (3,526,684)
================================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Government Income Fund | Annual Report | 7/31/15
Financial Highlights
------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/15 7/31/14 7/31/13 7/31/12 7/31/11
------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.42 $ 9.67 $ 10.33 $ 10.07 $ 10.15
------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.16 $ 0.26 $ 0.38 $ 0.27 $ 0.32
Net realized and unrealized gain (loss) on investments 0.01 (0.07) (0.69) 0.33 (0.03)
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.17 $ 0.19 $ (0.31) $ 0.60 $ 0.29
------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.20) $ (0.44) $ (0.35) $ (0.34) $ (0.37)
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ (0.25) $ (0.66) $ 0.26 $ (0.08)
------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.39 $ 9.42 $ 9.67 $ 10.33 $ 10.07
===================================================================================================================
Total return* 1.83% 2.07% (3.04)% 6.03% 2.95%
Ratio of net expenses to average net assets 1.33% 1.28% 1.22% 1.14% 1.17%
Ratio of net investment income (loss) to average net assets 1.75% 2.70% 3.72% 2.57% 3.29%
Portfolio turnover rate 27% 16% 19% 67% 19%
Net assets, end of period (in thousands) $89,273 $90,932 $109,054 $152,020 $131,758
===================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Annual Report | 7/31/15 35
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/15 7/31/14 7/31/13 7/31/12 7/31/11
----------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.42 $ 9.68 $ 10.34 $ 10.08 $ 10.15
----------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10 $ 0.20 $ 0.32 $ 0.22 $ 0.25
Net realized and unrealized gain (loss) on investments 0.00(a) (0.08) (0.69) 0.31 (0.02)
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.10 $ 0.12 $ (0.37) $ 0.53 $ 0.23
----------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.13) $ (0.38) $ (0.29) $ (0.27) $ (0.30)
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ (0.26) $ (0.66) $ 0.26 $ (0.07)
----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.39 $ 9.42 $ 9.68 $ 10.34 $ 10.08
================================================================================================================
Total return* 1.09% 1.24% (3.68)% 5.29% 2.32%
Ratio of net expenses to average net assets 2.02% 2.02% 1.90% 1.83% 1.87%
Ratio of net investment income (loss) to average net assets 1.06% 1.98% 3.10% 1.73% 2.61%
Portfolio turnover rate 27% 16% 19% 67% 19%
Net assets, end of period (in thousands) $12,043 $13,586 $19,225 $50,230 $26,113
================================================================================================================
* 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) Amount rounds to less than $0.01 or $(0.01) per share.
The accompanying notes are an integral part of these financial statements.
36 Pioneer Government Income Fund | Annual Report | 7/31/15
------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/15 7/31/14 7/31/13 7/31/12 7/31/11
------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.43 $ 9.68 $ 10.34 $ 10.07 $ 10.16
------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.16 $ 0.33 $ 0.39 $ 0.33 $ 0.36
Net realized and unrealized gain (loss) on investments 0.04 (0.10) (0.65) 0.32 (0.03)
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.20 $ 0.23 $ (0.26) $ 0.65 $ 0.33
------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.23) $ (0.48) $ (0.40) $ (0.38) $ (0.42)
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ (0.25) $ (0.66) $ 0.27 $ (0.09)
------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.40 $ 9.43 $ 9.68 $ 10.34 $ 10.07
==================================================================================================================
Total return* 2.17% 2.48% (2.65)% 6.56% 3.32%
Ratio of net expenses to average net assets 0.96% 0.92% 0.85% 0.74% 0.69%
Ratio of net investment income (loss) to average net assets 2.11% 3.03% 3.80% 2.83% 3.85%
Portfolio turnover rate 27% 16% 19% 67% 19%
Net assets, end of period (in thousands) $ 4,474 $10,219 $14,057 $13,092 $ 6,496
==================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Annual Report | 7/31/15 37
Notes to Financial Statements | 7/31/15
1. Organization and Significant Accounting Policies
Pioneer Government Income Fund (the Fund) is one of three portfolios comprising
Pioneer Series Trust IV, 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 current income as
is consistent with preservation of capital.
The Fund offers three classes of shares designated as Class A, Class C and Class
Y shares. Class C shares were first publicly offered on September 23, 2005. The
Fund ceased to offer Class B shares on November 10, 2014. Class B shares were
converted to Class A shares as of the close of business on November 10, 2014.
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.
38 Pioneer Government Income Fund | Annual Report | 7/31/15
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Fixed
income securities are valued at prices supplied by independent pricing
services, which consider such factors as market prices, market events,
quotations from one or more brokers, Treasury spreads, yields, maturities
and ratings. Valuations may be supplemented by dealers and other sources,
as required. Shares of money market mutual funds are valued at such funds'
net asset value. Cash may include overnight time deposits at approved
financial institutions.
Securities 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 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 July 31, 2015, there were no securities that were valued using fair
value methods (other than securities valued using prices supplied by
independent pricing services or broker-dealers).
Pioneer Government Income Fund | Annual Report | 7/31/15 39
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.
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 taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of July 31, 2015, the Fund did not accrue any interest or penalties with
respect to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax returns filed
within the prior three years remain subject to examination by Federal and
State tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences. At
July 31, 2015, the Fund reclassified $2,465,526 to decrease paid in
capital, $631,302 to decrease undistributed net investment loss, and
$1,834,224 to decrease accumulated net realized loss on investments and
future contracts to reflect permanent book/tax differences. These
adjustments have no impact on net assets or the results of operations.
40 Pioneer Government Income Fund | Annual Report | 7/31/15
At July 31, 2015, the Fund was permitted to carry forward indefinitely
$844,011 of short-term losses and $5,845,546 of long-term losses under the
Regulated Investment Company Modernization Act of 2010 without limitation.
Additionally, at July 31, 2015, the Fund had a net capital loss
carryforward of $2,793,238 of which the amount will expire in 2016 if not
utilized.
During the year ended July 31, 2015, a capital loss carryforward of
$2,465,526 was utilized to offset net realized gains by the fund.
The tax character of distributions paid during the year ended July 31, 2015
and July 31, 2014 was as follows:
--------------------------------------------------------------------------------
2015 2014
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $2,297,721 $5,857,468
--------------------------------------------------------------------------------
Total $2,297,721 $5,857,468
================================================================================
The following shows the components of distributable earnings on a federal
income tax basis at July 31, 2015:
--------------------------------------------------------------------------------
2015
--------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 31,595
Capital loss carryforward (9,482,795)
Net unrealized appreciation 3,886,427
--------------------------------------------------------------------------------
Total $ (5,564,773)
================================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales, the tax
treatment of premium and amortization and the mark-to-market on futures
contracts.
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 $5,552 in underwriting commissions on the sale of Class
A shares during the year ended July 31, 2015.
E. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Pioneer Government Income Fund | Annual Report | 7/31/15 41
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y shares do not pay distribution fees. All expenses and fees
paid to the transfer agent, Pioneer Investment Management Shareholder
Services, Inc. (PIMSS), for its services are allocated among the classes of
shares based on the number of accounts in each class and the ratable
allocation of related out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C and Class Y shares can
reflect different transfer agent and distribution expense rates.
F. Risks
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
prepayments. 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
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. PIM is responsible for determining that the value of the collateral
remains at least equal to the repurchase price. At July 31, 2015, the Fund
had no open repurchase agreements.
H. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency rates or
to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
July 31, 2015 was $286,270. Subsequent payments for futures contracts
("variation margin") are paid or
42 Pioneer Government Income Fund | Annual Report | 7/31/15
received by the Fund, depending on the daily fluctuation in the value of
the contracts, and are recorded by the Fund as unrealized appreciation or
depreciation. When the contract is closed, the Fund realizes a gain or loss
equal to the difference between the opening and closing value of the
contract. The use of futures contracts involves, to varying degrees,
elements of market, interest rate, currency exchange rates and counterparty
risks, which may exceed the amounts recognized by the Fund. Changes in
value of the contracts may not directly correlate to the changes in value
of the underlying securities. The average value of contracts open for the
year ended July 31, 2015 was $(9,931,887).
At July 31, 2015, open futures contracts were as follows.
-----------------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation/
Type Long/(Short) Month/Year Value (Depreciation)
-----------------------------------------------------------------------------------------
US Long Bond (CBT) (71) 9/15 $ (11,071,563) $ (118,703)
US 10 Year Note (CBT) (47) 9/15 (5,989,562) (15,422)
US 5 Year Note (CBT) (10) 9/15 (1,198,437) (5,703)
US 2 Year Note (CBT) 17 9/15 3,724,062 8,500
US Ultra Bond (CBT) 46 9/15 7,338,437 217,531
-----------------------------------------------------------------------------------------
Total $ (7,197,063) $ 86,203
-----------------------------------------------------------------------------------------
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 0.50% of
the Fund's average daily net assets up to $1 billion and 0.45% on assets over $1
billion. For the year ended July 31, 2015, the effective management fee
(excluding waivers and/or assumption of expenses) was equivalent to 0.50% of the
Fund's average daily net assets.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$3,027 in management fees, administrative costs and certain other reimbursements
payable to PIM at July 31, 2015.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
Pioneer Government Income Fund | Annual Report | 7/31/15 43
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended July 31, 2015, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $117,709
Class B 2,278
Class C 16,332
Class Y 7,387
--------------------------------------------------------------------------------
Total $143,706
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $40,059 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at July 31, 2015. 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 $1,889 in distribution fees payable to
PFD at July 31, 2015.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within 12 months of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares. There
is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. For the
year ended July 31, 2015, CDSCs in the amount of $1,571 were paid to PFD.
44 Pioneer Government Income Fund | Annual Report | 7/31/15
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS, which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended July 31, 2015, the Fund's expenses were
not reduced under such arrangements.
6. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of July 31, 2015 were as follows:
----------------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Asset Derivatives Liabilities Derivatives
Hedging Instruments ---------------------------------------------------------------------
Under Accounting Statement of Value Statement of Value
Standards Codification Assets and Liabilities Assets and Liabilities
(ASC) 815 Location Location
----------------------------------------------------------------------------------------------------
Futures contracts Net unrealized Net unrealized
appreciation on depreciation on
futures contracts $86,203 futures contracts $ --
----------------------------------------------------------------------------------------------------
Total $86,203 $ --
====================================================================================================
The effect of derivative instruments on the Statement of Operations for the year
ended July 31, 2015 was as follows:
----------------------------------------------------------------------------------------------------
Change in
Derivatives Not Unrealized
Accounted for as Realized Appreciation/
Hedging Instruments Gain/(Loss) (Depreciation)
Under Accounting Location of Gain/(Loss) on Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
----------------------------------------------------------------------------------------------------
Futures contracts Net realized gain (loss) on
futures contracts $(672,887)
Futures contracts Change in net unrealized appreciation
(depreciation) on futures contracts $(21,313)
7. Conversion of Class B 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.
Pioneer Government Income Fund | Annual Report | 7/31/15 45
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust IV and the Shareowners of
Pioneer Government Income Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Government Income Fund (the "Fund"), one of the portfolios constituting Pioneer
Series Trust IV (the "Trust"), including the schedule of investments, as of July
31, 2015, 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 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 July 31, 2013,
2012, and 2011 were audited by other auditors. Those auditors expressed an
unqualified opinion on those financial statements and financial highlights in
their report dated September 24, 2013.
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 July 31, 2015, 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
provides 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 Government Income Fund as of July 31, 2015, 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
September 24, 2015
46 Pioneer Government Income Fund | Annual Report | 7/31/15
ADDITIONAL INFORMATION (unaudited)
The percentage of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
was 92.1%.
PIM, the Fund's investment adviser, is currently an indirect, wholly-owned
subsidiary of UniCredit. On April 23, 2015, UniCredit announced that it signed a
preliminary and exclusive agreement with Banco Santander and affiliates of
Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to
Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
The Transaction, as described in the UniCredit announcement, will entail the
establishment of a holding company, with the name Pioneer Investments, to be
owned by UniCredit (50%) and the Private Equity Firms (50% between them). The
holding company will control Pioneer's U.S. operations, including the Adviser.
The holding company also will own 66.7% of Pioneer's and SAM's combined
operations outside the U.S., while Banco Santander will own directly the
remaining 33.3% stake. The completion of the Transaction is subject to the
signing of a definitive agreement, as well as certain regulatory and corporate
approvals, and other conditions.
Under the Investment Company Act of 1940, completion of the Transaction will
cause the Fund's investment advisory agreement with the Adviser to terminate. In
connection with the Transaction, the Fund's Board of Trustees will be asked to
approve a new investment advisory agreement for the Fund. If approved by the
Board, the Fund's new investment advisory agreement will be submitted to the
shareholders of the Fund for their approval.
Pioneer Government Income Fund | Annual Report | 7/31/15 47
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
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
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 51 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.
48 Pioneer Government Income Fund | Annual Report | 7/31/15
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 (64) Trustee since Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board and 2006. Serves until present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
Trustee a successor Executive Officer (2008 - 2012), Quadriserv, Inc. communications and securities
trustee is elected (technology products for securities lending processing provider for
or earlier industry); and Senior Executive Vice President, financial services industry)
retirement or The Bank of New York (financial and securities (2009 - present); Director,
removal. services) (1986 - 2004) Quadriserv, Inc. (2005 -
2013); and Commissioner, New
Jersey State Civil Service
Commission (2011 - present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (71) Trustee since Managing Partner, Federal City Capital Advisors Director of New York Mortgage
Trustee 2005. Serves until (corporate advisory services company) (1997 - Trust(publicly-traded mortgage
a successor 2004 and 2008 - present); Interim Chief Executive REIT) (2004 - 2009, 2012 -
trustee is elected Officer, Oxford Analytica, Inc. (privately-held present); Director of The
or earlier research and consulting company) (2010); Executive Swiss Helvetia Fund, Inc.
retirement or Vice President and Chief Financial Officer, (closed-end fund) (2010 -
removal. I-trax, Inc. (publicly traded health care present); Director of Oxford
services company) (2004 - 2007); and Executive Analytica, Inc. (2008 -
Vice President and Chief Financial Officer, present); and Director of
Pedestal Inc. (internet-based mortgage trading Enterprise Community
company) (2000 - 2002); Private consultant (1995 Investment, Inc.
- 1997), Managing Director, (privately-held affordable
Lehman Brothers (investment banking firm) (1992 - housing finance company) (1985
1995); and Executive, The World Bank (1979 - - 2010)
1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (70) Trustee since William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee 2008. Serves until Economy, Harvard University (1972 - present) Funds Investment Trust and
a successor Mellon Institutional Funds
trustee is elected Master Portfolio (oversaw 17
or earlier portfolios in fund complex)
retirement or (1989-2008)
removal.
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Government Income Fund | Annual Report | 7/31/15 49
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships Held by
Position Held with the Fund Length of Service Principal Occupation Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (68) Trustee since Founding Director, Vice President and Corporate None
Trustee 2005. Serves until Secretary, The Winthrop Group, Inc. (consulting
a successor firm) (1982 - present); Desautels Faculty of
trustee is elected Management, McGill University (1999 - present);
or earlier and Manager of Research Operations and
retirement or Organizational Learning, Xerox PARC, Xerox's
removal. advance research center (1990 - 1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (67) Trustee since President and Chief Executive Officer, Newbury, Director of New America High
Trustee 2005. Serves until Piret & Company, Inc. (investment banking firm) Income Fund, Inc. (closed-end
a successor (1981 - present) investment company) (2004 -
trustee is elected present); and Member, Board of
or earlier Governors, Investment Company
retirement or Institute (2000 - 2006)
removal.
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (68) Trustee since Consultant (investment company services) (2012 - None
Trustee 2014. Serves until present); Executive Vice President, BNY Mellon
a successor (financial and investment company services) (1969
trustee is elected -2012); Director, BNY International Financing
or earlier Corp. (financial services) (2002 - 2012); and
retirement or Director, Mellon Overseas Investment Corp.
removal. (financial services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
50 Pioneer Government Income Fund | Annual Report | 7/31/15
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 2008) and None
Trustee Serves until a Chief Investment Officer, U.S. (since 2010) of PIM-USA;
successor trustee is Executive Vice President of Pioneer (since 2008);
elected or earlier Executive Vice President of Pioneer Institutional Asset
retirement or Management, Inc. (since 2009); and Portfolio Manager of
removal. 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.
Pioneer Government Income Fund | Annual Report | 7/31/15 51
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 (healthcare None
Advisory Trustee since 2014. workers union pension funds) (2001 - present); Vice
President - International Investments Group, American
International 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.
52 Pioneer Government Income Fund | Annual Report | 7/31/15
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 (53) Since 2014. Serves at Chair, Director, CEO and President of Pioneer None
President and Chief the discretion of the Investment Management-USA (since September 2014);
Executive Officer Board. Chair, Director, CEO and President of Pioneer
Investment Management, Inc. (since 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 (50) Since 2005. Serves at Vice President and Associate General Counsel of Pioneer None
Secretary and Chief Legal the discretion of the since January 2008; Secretary and Chief Legal Officer of
Officer Board. 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 (54) Since 2010. Serves at Fund Governance Director of Pioneer since December 2006 None
Assistant Secretary the discretion of the and Assistant Secretary of all the Pioneer Funds since
Board. 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 (52) Since 2010. Serves at Senior Counsel of Pioneer since May 2013 and Assistant None
Assistant Secretary the discretion of the Secretary of all the Pioneer Funds since June 2010; and
Board. Counsel of Pioneer from June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (55) Since 2008. Serves at Vice President - Fund Treasury of Pioneer; Treasurer of None
Treasurer and Chief the discretion of the all of the Pioneer Funds since March 2008; Deputy
Financial and Accounting Board. Treasurer of Pioneer from March 2004 to February 2008;
Officer and Assistant Treasurer of all of the Pioneer Funds
from March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Government Income Fund | Annual Report | 7/31/15 53
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (50) Since 2005. Serves at Director - Fund Treasury of Pioneer; and Assistant None
Assistant Treasurer the discretion of the Treasurer of all of the Pioneer Funds
Board.
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (57) Since 2005. Serves at Fund Accounting Manager - Fund Treasury of Pioneer; and None
Assistant Treasurer the discretion of the Assistant Treasurer of all of the Pioneer Funds
Board.
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (35) Since 2009. Serves at Fund Administration Manager - Fund Treasury of Pioneer None
Assistant Treasurer the discretion of the since November 2008; Assistant Treasurer of all of the
Board. 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 (62) Chief Since 2010. Serves at Chief Compliance Officer of Pioneer and of all the None
Compliance Officer the discretion of the Pioneer Funds since March 2010; Chief Compliance Officer
Board. 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 (44) Since 2006. Serves at Director - Transfer Agency Compliance of Pioneer and None
Anti-Money Laundering the discretion of the Anti-Money Laundering Officer of all the Pioneer Funds
Officer Board. since 2006
------------------------------------------------------------------------------------------------------------------------------------
54 Pioneer Government Income Fund | Annual Report | 7/31/15
This page for your notes.
Pioneer Government Income Fund | Annual Report | 7/31/15 55
This page for your notes.
56 Pioneer Government Income Fund | Annual Report | 7/31/15
This page for your notes.
Pioneer Government Income Fund | Annual Report | 7/31/15 57
This page for your notes.
58 Pioneer Government Income Fund | Annual Report | 7/31/15
This page for your notes.
Pioneer Government Income Fund | Annual Report | 7/31/15 59
This page for your notes.
60 Pioneer Government Income Fund | Annual Report | 7/31/15
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2015 Pioneer Investments 19422-09-0915
Pioneer Multi-Asset
Income Fund
--------------------------------------------------------------------------------
Annual Report | July 31, 2015
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PMAIX
Class C PMACX
Class K PMFKX
Class R PMFRX
Class Y PMFYX
[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 53
Notes to Financial Statements 62
Report of Independent Registered Public Accounting Firm 78
Trustees, Officers and Service Providers 80
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 1
President's Letter
Dear Shareholder,
In the second half of 2015, two main issues have been dominating the attention
of global investors and policymakers alike, and shaping the current investment
environment: The Federal Reserve System's (the Fed's) deliberations over when to
begin normalizing interest rates in the U.S., and the increasing divergence in
economic activity around the globe. As 2015 began, market expectations were that
the Fed would likely begin raising interest rates by the middle of the year, but
a sluggish gross domestic product report in the first calendar quarter as well
as relatively benign inflation and wage growth contributed to the Fed's taking a
more cautionary approach and delaying the start of its rate-hike cycle. At the
same time, however, the U.S. labor market has continued its robust improvement,
moving the Fed closer to declaring victory on one of its main monetary policy
objectives -- full employment.
Meanwhile, global economic activity has continued to diverge, with developed
economies experiencing above-trend growth and most emerging markets economies
lagging the rest of the world. The slower pace of economic activity in the
emerging markets has been most evident in China, as the country's economy
continues to undergo a long, potentially painful adjustment from investment-led
growth to consumption-oriented growth. This divergence in global economic cycles
is likely to continue for some time, and we would expect an increased level of
volatility as global capital markets and policymakers adjust.
Pioneer Investments believes that investors in today's environment can
potentially benefit from the consistent and disciplined investment approach we
have used since our founding in 1928. We focus on identifying value across
global markets using proprietary research, careful risk management, and a
long-term perspective. Our ongoing goal is to produce compelling returns
consistent with the stated objectives of our investment products, and with our
shareowners' expectations. We believe our shareowners can benefit from the
experience and tenure of our investment teams as well as the insights generated
from our extensive research process.
2 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short-and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate your trust in us in the past and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA, Inc.
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 Income Fund | Annual Report | 7/31/15 3
Portfolio Management Discussion | 7/31/15
In the following interview, portfolio managers Marco Pirondini and Tracy Wright
discuss Pioneer Multi-Asset Income Fund's investment strategies during the
12-period ended July 31, 2015, along with their outlook for the coming months.
Mr. Pirondini, Executive Vice President, Head of Equities, U.S., and a portfolio
manager at Pioneer, and Ms. Wright, a senior vice president and portfolio
manager at Pioneer, co-manage the Fund along with Michele Garau, a senior vice
president and a portfolio manager at Pioneer, and Charles Melchreit, a senior
vice president, Director of Investment Grade, and a portfolio manager at
Pioneer.
Q How did the Fund perform during the 12-month period ended July 31, 2015?
A The Fund's Class A shares returned -1.10% at net asset value during the
12-month period ended July 31, 2015, while the Fund's benchmarks, the
Barclays Aggregate Bond Index (the Barclays Index) and the Morgan Stanley
Capital International Index (MSCI) All Country World ND Index (the MSCI
Index)1, returned 2.82% and 2.83%, respectively. During the same period,
the average return of the 369 mutual funds in Lipper's Mixed-Asset Target
Allocation Conservative Funds category was 1.59%, and the average return of
the 806 mutual funds in Morningstar's Conservative Allocation Funds
category was 1.17%.
Q How would you characterize the global investment environment during the
12-month period ended July 31, 2015?
A The global financial markets produced wide-ranging results for the 12-month
period, as investors absorbed a steady flow of macroeconomic and
geopolitical news and a meaningful rise in volatility. Prospects for the
U.S. economy generally improved over the period, despite occasional
setbacks such as a weak gross domestic product report for the first
calendar quarter of 2015. As a result of the better domestic economic news,
speculation about the timing of the Fed's first increase in the benchmark
1 The MSCI information may only be used for your internal use, may not be
reproduced or redisseminated in any form and may not be used as a basis
for or a component of any financial instruments or products or indices.
None of the MSCI information is intended to constitute investment advice or
a recommendation to make (or refrain from making) any kind of investment
decision and may not be relied on as such. Historical data and analysis
should not be taken as an indication or guarantee of any future performance
analysis, forecast or prediction. The MSCI information is provided on an
"as is" basis and the user of this information assumes the entire risk of
any use made of this information. MSCI, each of its affiliates and each
other person involved in or related to compiling, computing or creating any
MSCI information (collectively, the "MSCI Parties") expressly disclaims all
warranties (including, without limitation, any warranties of originality,
accuracy, completeness, timeliness, non-infringement, merchantability and
fitness for a particular purpose) with respect to this information. Without
limiting any of the foregoing, in no event shall any MSCI Party have any
liability for any direct, indirect, special, incidental, punitive,
consequential (including, without limitation, lost profits) or any other
damages.
4 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
Federal funds rate dominated investor discourse for the balance of the
12-month period, and the uncertainty pressured interest-rate-sensitive
investments, including high-yield bonds.
With the exception of Japan, international equity and fixed-income markets
posted weak or even negative results for the 12-month period. The Greek
debt crisis, geopolitical tensions in the Ukraine and the Middle East, and
sluggish economic growth in many emerging markets -- particularly China --
headed a list of challenges facing international investors. In addition,
oil prices began to decline significantly in late 2014/early 2015. While
prices eventually recovered, somewhat, from their March 2015 trough, crude
oil still finished the 12-month period well behind July 2014 price levels.
The development added yet another dimension to the debate about global
economic growth, given the speed and magnitude of the price drop.
The interplay of those and other factors rippled across industry sectors,
countries, and asset classes. Commodities, international stocks and bonds,
and the emerging markets generally felt the weight of the developments most
acutely. On the other hand, U.S. stocks, by and large, delivered solid
results for the 12-month period, despite challenges presented to U.S.
multinational corporations by a strong U.S. dollar. U.S. stocks
outperformed most international indices by a considerable margin during the
period, and Japanese stocks also delivered solid results.
Q What were the main factors behind the Fund's underperformance of its
benchmarks (the Barclays Index and the MSCI Index) during the 12-month
period ended July 31, 2015?
A The Fund's lagging absolute and benchmark-relative performance was driven
largely by the portfolio's high-yield bond allocation, particularly
holdings of bonds issued by companies with exposure to falling oil and gas
prices. Debt issued by companies in energy-related industries accounts for
a relatively large portion of the high-yield market (more than 15%), and so
the sharp drop in oil prices had a profoundly negative effect on the asset
class during the period. Based on our belief that oil is likely to face
continued price weakness over the foreseeable future, we reduced the
portfolio's exposure to energy bonds in the high-yield market towards the
end of the first half of the reporting period and sold all of the
portfolio's oil-related stocks by the end of 2014. We believe the decision
was helpful in limiting portfolio volatility in the second half of the
reporting period, but that was not enough to offset the negative influence
of the high-yield energy
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 5
holdings on the Fund's performance over the full 12 months. Going forward,
we do not believe the performance of the energy sector will be a large
driver of the Fund's performance.
Other drags on the Fund's benchmark-relative performance during the period
included an underweight to U.S. Treasuries as well as exposure to
international equities.
With regard to Treasuries, the asset class delivered decent performance
relative to other fixed-income alternatives, especially in the fourth
quarter of 2014 when they outperformed riskier credit-sensitive assets.
That said, we continue to believe that there is better value to be found
outside the government sector within fixed income, and have maintained a
portfolio overweight to higher-yielding, lower-rated corporate bonds.
Lower-quality bonds also may be less sensitive to rising interest rates
than other asset classes, such as investment-grade bonds and emerging
markets securities.
International equities lagged U.S. stocks during the period, with the
underperformance compounded by their performance results being translated
back into the stronger U.S. dollar-denominated returns. An accommodative
European Central Bank (ECB) has been proactive in its efforts to avoid a
deflationary spiral in the euro zone, but slower growth caused the euro to
fall to a multi-year low versus the U.S. dollar during the period. In the
Pacific Rim, the Japanese economy contracted and investor enthusiasm for
"Abenomics" faded during the period. However, Japan's stock market fared
reasonably well as earnings of Japanese companies improved -- a trend that
we expect to continue in the second half of 2015.
Individual securities which detracted from the Fund's performance during
the period included a portfolio position in American Realty, a real estate
investment trust (REIT). The company's performance suffered when it
disclosed accounting irregularities and a subsequent cover-up, thus
inviting a regulatory probe. We immediately sold the holding from the
portfolio following the announcement. On the fixed-income side of the
portfolio, the debt of Samson Investment, an oil and gas
exploration-and-production company, was one of the holdings from the energy
sector that detracted from the Fund's performance. We sold the position
earlier this year as part of our strategy to reduce the portfolio's
exposure to high-yield energy bonds.
6 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
Q Which of your investment decisions had a positive effect on the Fund's
performance during the 12-month period ended July 31, 2015?
A Positive security selection results among the Fund's holdings in health
care made a strong contribution to relative returns during the period.
Within the sector, shares of Pfizer and Johnson & Johnson augmented the
Fund's performance. In addition, our decision to limit the portfolio's
exposure to energy, commodities and basic materials helped relative
returns. Among the Fund's Japanese equity holdings, positions in Mitsubishi
UFJ Financial, Japan Tobacco, and NTT were solid contributors to
performance during the 12-month period as the Japanese stock market
outperformed its international peers.
Q Did the use of derivative investments have a material effect on the Fund's
performance during the 12-month period ended July 31, 2015?
A During the reporting period, we saw a high degree of currency fluctuations
that proved to be performance headwinds for the Fund. That was especially
true for the portfolio's international equity holdings when, as noted
above, their performance gains in local currencies were converted back into
the stronger U.S. dollar.
To mitigate that risk, we used forward currency contracts in an attempt to
"hedge" the impact of currency movements on certain positions within the
portfolio.
Also, as an equity hedge, we purchased a "put" option on the Standard &
Poor's 500 Index in an attempt to protect the Fund should any stock market
correction occur. The option will expire in October 2015. (A "put" option
is a contractual agreement that gives the contract owner the right, but not
the obligation, to sell a security at a pre-determined, fixed price for a
certain period of time, regardless of the current market price of that
security.)
The use of these derivatives did not have a material effect on the Fund's
performance during the period.
Q Could you discuss the status of the Fund's yield during the 12-month period
ended July 31, 2015?
A The income generated by the portfolio's holdings contributed to a very
competitive yield during the 12-month period.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 7
The Fund made a special distribution of $0.1423 per share in December 2014,
which included the $0.0500 monthly dividend* as well as an extra $0.0923
payout resulting from higher-than-expected income generation from the
portfolio's equity holdings. Beginning in January 2015, the Fund's monthly
dividend was slightly reduced compared with 2014 levels. This development
was a reflection of weak global economic growth trends, subdued global
inflation and, by extension, the continuing low-interest-rate environment
in both the United States and abroad, which had a limiting effect on the
amount of income the portfolio's investments could generate.
Q Did the Fund's asset allocation change during the course of the 12-month
period ended July 31, 2015?
A We did not implement any major shifts in the Fund's investment strategy
during the period; however, we did take advantage of market corrections to
invest selectively in what we considered to be attractively priced
securities in the international equity and high-yield bond markets. We also
pared back the Fund's already limited exposure to business development
companies and REITs and invested the proceeds from those sales in the
stocks of U.S. and Japanese financial firms. By the midpoint of the
12-month reporting period, we had evenly spread the Fund's assets between
income-oriented equities -- with an emphasis on less-cyclical investments,
such as pharmaceutical firms, in an attempt to reduce market volatility --
and fixed-income securities with more of a cyclical orientation. We believe
this approach may position the Fund's portfolio to be more sensitive to an
improving economy rather than to interest-rate movements. Within the
fixed-income portion of the portfolio, as mentioned earlier, we continued
to overweight U.S. high-yield debt (even though we reduced energy
exposure), given the solid domestic economic backdrop.
Q What is your outlook for the coming months?
A Looking ahead, we expect to maintain a more conservative bias in the
portfolio, given signs of a deceleration in global economic growth. China's
slowdown is proving to be a big headwind for global growth, and that fact
became even more apparent in the weeks following the close of the reporting
period when the markets had a sharply negative reaction to the Chinese
government's decision to devalue the yuan.
* Dividends are not guaranteed.
8 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
Accordingly, we believe China's slump, currency trends, and questions about the
timing of the Fed's first rate hike will be some of the dominant topics
contributing to heightened market volatility in the coming months. Against this
complex backdrop, we would expect the performance of the various asset classes
to be more varied, making asset allocation decisions as important as security
selection to overall performance. As such, we believe the portfolio's current
positioning, with an emphasis on U.S. high-yield bonds within the fixed-income
allocation and large overweights in the health care and financials sectors
within the equity portion, will have the greatest effect on the Fund's returns
going forward.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 9
Please refer to the Schedule of Investments on pages 21-52 for a full listing of
Fund securities.
High yield bonds possess greater price volatility, illiquidity, and possibility
of default.
Investments in fixed-income securities involve interest rate, credit, inflation,
and reinvestment risks. As interest rates rise, the value of fixed income
securities falls.
Prepayment risk is the chance that an issuer may exercise the 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.
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.
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.
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.
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 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 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 underlying funds (ETFs). In addition to the Fund's
operating expenses, you will indirectly bear the operating expenses of
investments in any underlying funds.
10 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
Investments in equity securities are subject to price fluctuation.
Investments in small-and mid-cap stocks involve greater risks and volatility
than investments in large-cap stocks.
The Fund may invest in Master Limited Partnerships, which are subject to
increased risks of liquidity, price valuation, control, voting rights and
taxation. In addition, the structure affords fewer protections to investors in
the Partnership than direct investors in a corporation.
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 is payable as taxable
annual dividends to shareholders.
The Fund and some of the underlying funds in which the Fund invests 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 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 and some of the underlying funds employ leverage, which increases the
volatility of investment returns and subjects the Fund to magnified losses if an
underlying fund's investments decline in value.
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 not a
guarantee of future results.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 11
Portfolio Summary | 7/31/15
Portfolio Diversification*
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 34.5%
International Common Stocks 26.9%
U.S. Common Stocks 25.6%
International Corporate Bonds 5.8%
Collateralized Mortgage Obligations 1.8%
Exchange Traded Funds 1.4%
Asset Backed Securities 1.1%
Senior Secured Loans 1.0%
Municipal Bonds 0.9%
Convertible Corporate Bonds 0.3%
U.S. Preferred Stocks 0.2%
Convertible Preferred Stocks 0.2%
Foreign Government Bonds 0.2%
Purchased Put Options 0.1%
* Includes investments in Insurance Linked Securities totaling 2.3% of total
investment portfolio.
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 26.5%
Health Care 15.8%
Consumer Discretionary 10.6%
Energy 9.8%
Information Technology 9.4%
Consumer Staples 9.2%
Industrials 6.4%
Telecommunication Services 4.9%
Materials 4.4%
Utilities 2.1%
Government 0.9%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)**
1. Pfizer, Inc. 3.18%
--------------------------------------------------------------------------------
2. Johnson & Johnson 2.73
--------------------------------------------------------------------------------
3. Avance Gas Holding, Ltd. 1.72
--------------------------------------------------------------------------------
4. Dhabi Commercial Bank PJSC 1.72
--------------------------------------------------------------------------------
5. Apollo Investment Corp. 1.68
--------------------------------------------------------------------------------
6. Merck & Co., Inc. 1.60
--------------------------------------------------------------------------------
7. Roche Holding AG 1.46
--------------------------------------------------------------------------------
8. Japan Tobacco, Inc. 1.45
--------------------------------------------------------------------------------
9. JPMorgan Chase & Co. 1.40
--------------------------------------------------------------------------------
10. Microsoft Corp. 1.36
--------------------------------------------------------------------------------
** This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
12 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
Prices and Distributions | 7/31/15
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 7/31/15 7/31/14
--------------------------------------------------------------------------------
A $11.15 $11.94
--------------------------------------------------------------------------------
C $11.12 $11.91
--------------------------------------------------------------------------------
Y $11.14 $11.93
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 7/31/15 12/1/14*
--------------------------------------------------------------------------------
K $11.15 $11.50
--------------------------------------------------------------------------------
R $11.20 $11.50
--------------------------------------------------------------------------------
Distributions per Share: 8/1/14-7/31/15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.6573 $-- $--
--------------------------------------------------------------------------------
C $0.5644 $-- $--
--------------------------------------------------------------------------------
K $0.4768 $-- $--
--------------------------------------------------------------------------------
R $0.4286 $-- $--
--------------------------------------------------------------------------------
Y $0.6813 $-- $--
--------------------------------------------------------------------------------
Index Definitions
--------------------------------------------------------------------------------
The Barclays Aggregate Bond Index is an unmanaged measure of the U.S. bond
market. Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any fees, expenses or sales charges.
The MSCI All Country World ND Index is an unmanaged, free float-adjusted, market
capitalization-weighted index that is designed to measure the equity market
performance of developed and emerging markets. The Index consists of 45 country
indices comprising 24 developed and 21 emerging market country indices. Index
returns are calculated monthly, 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 indices defined here pertains to the "Value of $10,000 Investment" and
"Value of $5 Million Investment" charts on pages 14-18.
* Share classes commenced operations on December 1, 2014.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 13
Performance Update | 7/31/15 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Multi-Asset Income Fund at public
offering price during the periods shown, compared to that of the Barclays
Aggregate Bond Index and the MSCI All Country World ND Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
MSCI
All
Net Public Barclays Country
Asset Offering Aggregate World
Value Price Bond ND
Period (NAV) (POP) Index Index
--------------------------------------------------------------------------------
Life-of-Class
12/22/11 9.58% 8.20% 2.50% 12.89%
1 Year -1.10 -5.53 2.82 2.83
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2014)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.40% 1.25%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset Barclays Aggregate MSCI All Country
Income Fund Bond Index World ND Index
12/31/2011 $ 9,550 $10,000 $10,000
7/31/2012 $10,372 $10,378 $10,710
7/31/2013 $11,775 $10,181 $12,905
7/31/2014 $13,396 $10,585 $14,958
7/31/2015 $13,249 $10,884 $15,382
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 4.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through December 1, 2015, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
Performance Update | 7/31/15 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Multi-Asset Income Fund during the
periods shown, compared to that of the Barclays Aggregate Bond Index and the
MSCI All Country World ND Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
MSCI
All
Barclays Country
Aggregate World
If If Bond ND
Period Held Redeemed Index Index
--------------------------------------------------------------------------------
Life-of-Class
12/22/11 8.66% 8.66% 2.50% 12.89%
1 Year -1.89 -1.89 2.82 2.83
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.12%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset Barclays Aggregate MSCI All Country
Income Fund Bond Index World ND Index
12/31/2011 $10,000 $10,000 $10,000
7/31/2012 $10,812 $10,378 $10,710
7/31/2013 $12,151 $10,181 $12,905
7/31/2014 $13,711 $10,585 $14,958
7/31/2015 $13,452 $10,884 $15,382
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.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 15
Performance Update | 7/31/15 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class K shares of Pioneer Multi-Asset Income Fund during the
periods shown, compared to that of the Barclays Aggregate Bond Index and the
MSCI All Country World ND Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
MSCI
All
Net Barclays Country
Asset Aggregate World
Value Bond ND
Period (NAV) Index Index
--------------------------------------------------------------------------------
Life-of-Class
12/22/11 9.65% 2.50% 12.89%
1 Year -0.89 2.82 2.83
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.05%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset Barclays Aggregate MSCI All Country
Income Fund Bond Index World ND Index
12/31/2011 $10,000 $10,000 $10,000
7/31/2012 $10,858 $10,378 $10,710
7/31/2013 $12,326 $10,181 $12,905
7/31/2014 $14,024 $10,585 $14,958
7/31/2015 $13,899 $10,884 $15,382
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 1, 2014, 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 1, 2014, 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.
16 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
Performance Update | 7/31/15 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Multi-Asset Income Fund during the
periods shown, compared to that of the Barclays Aggregate Bond Index and the
MSCI All Country World ND Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
MSCI
All
Net Barclays Country
Asset Aggregate World
Value Bond ND
Period (NAV) Index Index
--------------------------------------------------------------------------------
Life-of-Class
12/22/11 9.65% 2.50% 12.89%
1 Year -0.86 2.82 2.83
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.70%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset Barclays Aggregate MSCI All Country
Income Fund Bond Index World ND Index
12/31/2011 $10,000 $10,000 $10,000
7/31/2012 $10,858 $10,378 $10,710
7/31/2013 $12,326 $10,181 $12,905
7/31/2014 $14,024 $10,585 $14,958
7/31/2015 $13,903 $10,884 $15,382
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 December 1, 2014, 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 December 1, 2014,
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 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 Income Fund | Annual Report | 7/31/15 17
Performance Update | 7/31/15 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Multi-Asset Income Fund during the
periods shown, compared to that of the Barclays Aggregate Bond Index and the
MSCI All Country World ND Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
MSCI
All
Net Barclays Country
Asset Aggregate World
Value Bond ND
Period (NAV) Index Index
--------------------------------------------------------------------------------
Life-of-Class
12/22/11 9.76% 2.50% 12.89%
1 Year -0.89 2.82 2.83
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2014)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.11% 1.05%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Multi-Asset Barclays Aggregate MSCI All Country
Income Fund Bond Index World ND Index
12/31/2011 $5,000,000 $5,000,000 $5,000,000
7/31/2012 $5,438,634 $5,189,203 $5,355,020
7/31/2013 $6,174,439 $5,090,349 $6,452,651
7/31/2014 $7,039,302 $5,292,408 $7,479,183
7/31/2015 $6,976,906 $5,441,860 $7,691,060
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 December 1, 2015, 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.
18 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Income Fund
Based on actual returns from February 1, 2015, through July 31, 2015.
---------------------------------------------------------------------------------
Share Class A C K R Y
---------------------------------------------------------------------------------
Beginning Account
Value on 2/1/15 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
---------------------------------------------------------------------------------
Ending Account Value
(after expenses)
on 7/31/15 $1,029.46 $1,025.50 $1,051.79 $1,053.20 $1,031.43
---------------------------------------------------------------------------------
Expenses Paid
During Period* $ 6.69 $ 10.90 $ 5.65 $ 9.57 $ 5.69
---------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.33%, 2.17%,
1.11%, 1.88% and 1.13% 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 181/365 (to reflect the one-half year period).
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 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 Income Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from February 1, 2015, through July 31, 2015.
---------------------------------------------------------------------------------
Share Class A C K R Y
---------------------------------------------------------------------------------
Beginning Account
Value on 2/1/15 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
---------------------------------------------------------------------------------
Ending Account Value
(after expenses)
on 7/31/15 $1,018.20 $1,014.03 $1,019.29 $1,015.47 $1,019.19
---------------------------------------------------------------------------------
Expenses Paid
During Period* $ 6.66 $ 10.84 $ 5.56 $ 9.39 $ 5.66
---------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.33%, 2.17%,
1.11%, 1.88% and 1.13% 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 181/365 (to reflect the one-half year period).
20 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
Schedule of Investments | 7/31/15
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 0.3%
ENERGY -- 0.1%
Oil & Gas Exploration & Production -- 0.1%
1,300,000 Cobalt International Energy, Inc.,
2.625%, 12/1/19 $ 872,625
3,330,000 Energy XXI, Ltd., 3.0%, 12/15/18 430,819
---------------
$ 1,303,444
---------------
Total Energy $ 1,303,444
-------------------------------------------------------------------------------------------------------
MATERIALS -- 0.0%+
Diversified Metals & Mining -- 0.0%+
27,430 Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A)
(0.0% cash, 9.5% PIK) (PIK) (e) $ 19,475
---------------
Total Materials $ 19,475
-------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.1%
Electrical Components & Equipment -- 0.1%
1,410,000 General Cable Corp., 4.5%, 11/15/29 (Step) $ 1,054,856
---------------
Total Capital Goods $ 1,054,856
-------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.0%+
Biotechnology -- 0.0%+
250,000 Corsicanto, Ltd., 3.5%, 1/15/32 $ 253,906
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 253,906
-------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Mortgage REIT -- 0.1%
595,000 Apollo Commercial Real Estate Finance, Inc.,
5.5%, 3/15/19 $ 596,116
---------------
Total Real Estate $ 596,116
-------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $6,231,628) $ 3,227,797
-------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.2%
TRANSPORTATION -- 0.0%+
Air Freight & Logistics -- 0.0%+
49 CEVA Group Plc, 12/31/14 (f)* $ 35,927
---------------
Total Transportation $ 35,927
-------------------------------------------------------------------------------------------------------
BANKS -- 0.1%
Diversified Banks -- 0.1%
36,754 7.12 Citigroup, Inc., Floating Rate Note (Perpetual) $ 1,027,274
---------------
Total Banks $ 1,027,274
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 21
Schedule of Investments | 7/31/15 (continued)
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Investment Banking & Brokerage -- 0.1%
30,000 7.12 Morgan Stanley, Floating Rate Note (Perpetual) $ 839,400
---------------
Total Diversified Financials $ 839,400
-------------------------------------------------------------------------------------------------------
UTILITIES -- 0.0%+
Electric Utilities -- 0.0%+
10,000 PPL Capital Funding, Inc., 5.9%, 4/30/73 $ 256,900
---------------
Total Utilities $ 256,900
-------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $1,967,400) $ 2,159,501
-------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS -- 0.3%
ENERGY -- 0.0%+
Oil & Gas Exploration & Production -- 0.0%+
500 Halcon Resources Corp., 5.75% (Perpetual) $ 88,250
6,300 Penn VirginiaCorp., 6.0% (Perpetual) (144A) 82,026
---------------
$ 170,276
---------------
Total Energy $ 170,276
-------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.3%
Integrated Telecommunication Services -- 0.3%
21,750 Frontier Communications Corp.,
11.125%, 6/29/18 $ 2,126,062
---------------
Total Telecommunication Services $ 2,126,062
-------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $3,160,000) $ 2,296,338
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Shares
-------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 50.2%
ENERGY -- 2.0%
Oil & Gas Exploration & Production -- 0.0%+
26,968 Societatea Nationala de Gaze
Naturale ROMGAZ SA $ 230,902
-------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.1
275,692 Chevron Lubricants Lanka Plc $ 846,206
-------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.7%
953,089 Avance Gas Holding, Ltd. $ 15,920,618
-------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.2%
2,650,351 Indo Tambangraya Megah Tbk PT $ 1,900,552
---------------
Total Energy $ 18,898,278
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
-------------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------------
MATERIALS -- 0.0%+
Diversified Metals & Mining -- 0.0%+
159,303 Mirabela Nickel, Ltd.* $ 11,398
---------------
Total Materials $ 11,398
-------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.5%
Electrical Components & Equipment -- 0.1%
41,330 Prysmian S.p.A. $ 947,549
-------------------------------------------------------------------------------------------------------
Heavy Electrical Equipment -- 0.4%
350,000 Mitsubishi Electric Corp. $ 3,756,474
-------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.0%+
3,071 Liberty Tire Reclycling LLC (e) $ 31
---------------
Total Capital Goods $ 4,704,054
-------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.0%+
Diversified Support Services -- 0.0%+
8,516 TransUnion $ 213,752
---------------
Total Commercial Services & Supplies $ 213,752
-------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.9%
Air Freight & Logistics -- 0.0%+
22 CEVA Group Plc* $ 16,598
-------------------------------------------------------------------------------------------------------
Airlines -- 0.9%
68,034 American Airlines Group, Inc. 2,728,163
232,555 easyJet Plc 5,971,092
---------------
$ 8,699,255
---------------
Total Transportation $ 8,715,853
-------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.8%
Auto Parts & Equipment -- 0.4%
253,885 SAF-Holland SA* $ 3,839,617
-------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.7%
181,500 Bridgestone Corp. $ 6,845,949
-------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.7%
56,423 Daimler AG $ 5,043,613
25,200 Toyota Motor Corp. 1,679,645
---------------
$ 6,723,258
---------------
Total Automobiles & Components $ 17,408,824
-------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.2%
Homebuilding -- 0.6%
571,000 Sekisui Chemical Co., Ltd. $ 6,359,496
-------------------------------------------------------------------------------------------------------
Footwear -- 0.2%
1,705,000 Belle International Holdings, Ltd. $ 1,765,018
-------------------------------------------------------------------------------------------------------
Textiles -- 0.4%
2,321,000 Pacific Textiles Holdings, Ltd. $ 3,688,695
---------------
Total Consumer Durables & Apparel $ 11,813,209
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 23
Schedule of Investments | 7/31/15 (continued)
-------------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Advertising -- 0.3%
33,646 Publicis Groupe SA $ 2,544,627
---------------
Total Media $ 2,544,627
-------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.4%
Drug Retail -- 0.4%
30,570 CVS Health Corp. $ 3,438,208
---------------
Total Food & Staples Retailing $ 3,438,208
-------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 5.6%
Distillers & Vintners -- 1.2%
1,309,837,958 Vina San Pedro Tarapaca SA $ 11,090,117
-------------------------------------------------------------------------------------------------------
Soft Drinks -- 0.6%
578,931 Britvic Plc $ 6,208,505
-------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.6%
69,876 Keurig Green Mountain, Inc. (k) $ 5,243,495
75,552 The Kraft Heinz Co. 6,004,117
WH Group, Ltd.* 4,143,905
---------------
$ 15,391,517
-------------------------------------------------------------------------------------------------------
Tobacco -- 2.2%
142,212 Altria Group, Inc. $ 7,733,489
343,800 Japan Tobacco, Inc. 13,342,311
---------------
$ 21,075,800
---------------
Total Food, Beverage & Tobacco $ 53,765,939
-------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.6%
Health Care Distributors -- 0.6%
67,629 Cardinal Health, Inc. $ 5,747,112
---------------
Total Health Care Equipment & Services $ 5,747,112
-------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 11.8%
Biotechnology -- 0.8%
66,330 Gilead Sciences, Inc.* $ 7,817,654
-------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 11.0%
83,726 AbbVie, Inc. $ 5,861,657
251,520 Johnson & Johnson 25,204,819
250,287 Merck & Co., Inc. 14,756,922
65,780 Novartis AG 6,831,645
813,946 Pfizer, Inc. 29,350,900
46,646 Roche Holding AG 13,451,587
114,369 Shire Plc 10,165,622
---------------
$ 105,623,152
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 113,440,806
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
-------------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------------
BANKS -- 6.9%
Diversified Banks -- 5.9%
7,045,044 Abu Dhabi Commercial Bank PJSC $ 15,869,648
124,085,622 Corpbanca SA 1,251,160
124,968 Doha Bank QSC 1,818,972
1,071,924 First Gulf Bank PJSC 4,523,810
98,170 HSBC Holdings Plc 889,845
188,686 JPMorgan Chase & Co. 12,930,652
983,900 Mitsubishi UFJ Financial Group, Inc. 7,137,754
744,543 Nordea Bank AB 9,263,931
161,853 Swedbank AB 3,789,423
---------------
$ 57,475,195
-------------------------------------------------------------------------------------------------------
Regional Banks -- 1.0%
95,943 The PNC Financial Services Group, Inc. $ 9,419,684
---------------
Total Banks $ 66,894,879
-------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 5.7%
Asset Management & Custody Banks -- 3.6%
242,155 Aberdeen Asset Management Plc $ 1,377,893
2,256,587 Apollo Investment Corp. 15,480,187
295,316 Ares Capital Corp. 4,751,634
590,815 TCP Capital Corp. 8,986,296
300,000 TriplePoint Venture Growth BDC Corp. 3,858,000
---------------
$ 34,454,010
-------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 2.1%
331,672 Credit Suisse Group AG $ 9,755,134
461,105 UBS Group AG 10,595,144
---------------
$ 20,350,278
---------------
Total Diversified Financials $ 54,804,288
-------------------------------------------------------------------------------------------------------
INSURANCE -- 1.3%
Multi-line Insurance -- 1.3
42,922 Allianz SE* $ 7,031,813
18,758 Zurich Insurance Group AG 5,706,776
---------------
$ 12,738,589
---------------
Total Insurance $ 12,738,589
-------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.9%
Diversified REIT -- 0.2%
345 Premier Investment Corp. $ 1,805,869
-------------------------------------------------------------------------------------------------------
Industrial REIT -- 0.7%
4,041,200 Mapletree Industrial Trust $ 4,491,583
2,260,200 Mapletree Logistics Trust 1,829,506
498,730 PLA Administradora Industrial S de RL de CV 1,007,857
---------------
$ 7,328,946
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 25
Schedule of Investments | 7/31/15 (continued)
-------------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------------
Office REIT -- 0.2%
118,954 Alstria Office REIT-AG $ 1,645,838
-------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.8%
138,202 EPR Properties $ 7,894,098
---------------
Total Real Estate $ 18,674,751
-------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 3.3%
Internet Software & Services -- 1.0%
174,456 eBay, Inc.* $ 4,905,703
7,294 Google, Inc. (Class A)* 4,795,805
---------------
$ 9,701,508
-------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 1.0%
57,642 International Business Machines Corp. $ 9,337,428
-------------------------------------------------------------------------------------------------------
Systems Software -- 1.3%
268,433 Microsoft Corp. $ 12,535,821
---------------
Total Software & Services $ 31,574,757
-------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 3.3%
Communications Equipment -- 0.4%
57,975 Qualcomm, Inc. $ 3,733,010
-------------------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 1.1%
85,746 Apple, Inc. $ 10,400,990
-------------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.5%
1,369,000 PAX Global Technology, Ltd.* $ 2,184,380
2,240,000 Wasion Group Holdings, Ltd. 2,951,443
---------------
$ 5,135,823
-------------------------------------------------------------------------------------------------------
Electronic Components -- 0.4%
2,719,000 Yageo Corp. $ 3,857,678
-------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.1%
315,000 Global Display Co., Ltd. $ 1,213,179
-------------------------------------------------------------------------------------------------------
Technology Hardware, Storage &
Peripherals -- 0.8%
197,000 Asustek Computer, Inc. $ 1,774,290
50,223 Neopost SA 2,019,077
130,072 NetApp, Inc. 4,051,743
---------------
$ 7,845,110
---------------
Total Technology Hardware & Equipment $ 32,185,790
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
-------------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.6%
Semiconductors -- 0.6%
1,273,000 Advanced Semiconductor Engineering, Inc. $ 1,459,551
1,542,000 Transcend Information, Inc. 4,568,071
---------------
$ 6,027,622
---------------
Total Semiconductors & Semiconductor
Equipment $ 6,027,622
-------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 2.0%
Integrated Telecommunication Services -- 2.0%
3,767,346 Bezeq The Israeli Telecommunication Corp, Ltd. $ 6,937,160
100,600 Nippon Telegraph & Telephone Corp. 3,875,218
322,085 Orange SA 5,282,774
432,294 TDC A/S 3,257,926
---------------
$ 19,353,078
---------------
Total Telecommunication Services $ 19,353,078
-------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Multi-Utilities -- 0.2%
113,831 Engie $ 2,184,006
---------------
Total Utilities $ 2,184,006
-------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $482,591,280) $ 485,139,820
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited)
-------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 1.0%
CONSUMER SERVICES -- 0.2%
Hotels, Resorts & Cruise Lines -- 0.2%
603,295 Westgate Resorts 2014-1 LLC, 5.5%,
12/20/26 (144A) $ 601,726
1,044,931 Westgate Resorts LLC, 9.5%, 2/20/25 (144A) 1,044,074
---------------
$ 1,645,800
---------------
Total Consumer Services $ 1,645,800
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.8%
2,424 6.50 ACE Securities Corp. Manufactured Housing
Trust Series 2003-MH1, Floating Rate Note,
8/15/30 (144A) $ 2,429
800,000 Ascentium Equipment Receivables 2015-1 LLC,
5.92%, 6/12/23 (144A) 802,742
499,993 Axis Equipment Finance Receivables III LLC,
5.27%, 5/20/20 (144A) 498,990
7,542 Bayview Financial Mortgage Pass-Through Trust
2007-B, 6.407%, 8/28/47 (Step) 7,504
300,226 Bayview Opportunity Master Fund IIa Trust
2014-20NPL, 3.475%, 8/28/44 (Step) (144A) (f) 300,837
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 27
Schedule of Investments | 7/31/15 (continued)
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,403,670 3.72 Bayview Opportunity Master Fund Trust
2014-15RPL, Floating Rate Note,
10/28/19 (144A) $ 1,402,471
55,298 Bear Stearns Asset Backed Securities Trust,
8.41%, 10/25/29 (Step) 56,214
205,000 Countrywide Asset-Backed Certificates,
5.56%, 1/25/36 (Step) 205,617
50,125 5.24 Countrywide Asset-Backed Certificates, Floating
Rate Note, 1/25/36 51,442
70,017 7.78 GE Mortgage Services LLC, Floating Rate
Note, 3/25/27 49,174
579,353 GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 576,890
750,000 Leaf Receivables Funding 10 LLC, 5.21%,
7/15/21 (144A) 740,674
200,000 Nations Equipment Finance Funding I LLC, 5.5%,
5/20/21 (144A) 200,500
250,000 Navitas Equipment Receivables LLC 2013-1,
5.82%, 6/15/19 251,052
1,000,000 Navitas Equipment Receivables LLC 2015-1,
5.75%, 5/17/21 (144A) 1,002,256
600,000 4.69 NCF Dealer Floorplan Master Trust, Floating Rate
Note, 10/20/20 (144A) 600,000
83,260 RASC Series 2003-KS5 Trust, 4.46%,
7/25/33 (Step) 82,533
1,200,000 3.44 Silver Bay Realty 2014-1 Trust, Floating Rate
Note, 9/18/31 (144A) 1,172,719
---------------
$ 8,004,044
---------------
Total Banks $ 8,004,044
-------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%+
Other Diversified Financial Services -- 0.0%+
178,395 Spirit Master Funding LLC, 5.74%,
3/20/42 (144A) $ 195,024
---------------
Total Diversified Financials $ 195,024
-------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $9,906,800) $ 9,844,868
-------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 1.7%
BANKS -- 1.7%
Thrifts & Mortgage Finance -- 1.7%
100,000 A10 Securitization 2013-1 LLC, 4.7%,
11/17/25 (144A) $ 100,105
100,000 A10 Securitization 2013-1 LLC, 6.41%,
11/17/25 (144A) 100,055
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
200,000 5.22 Bear Stearns Commercial Mortgage Securities
Trust 2004-TOP16, Floating Rate Note,
2/13/46 (144A) $ 206,843
100,000 5.21 Bear Stearns Commercial Mortgage Securities
Trust 2005-PWR7, Floating Rate Note, 2/11/41 99,939
1,500,000 5.07 Bear Stearns Commercial Mortgage Securities
Trust 2005-TOP20, Floating Rate Note, 10/12/42 1,500,264
767,493 Bear Stearns Commercial Mortgage Securities
Trust 2006-PWR14, 5.273%, 12/11/38 778,553
14,073 5.79 CHL Mortgage Pass-Through Trust 2002-32,
Floating Rate Note, 1/25/33 14,423
50,000 5.78 Citigroup Commercial Mortgage Trust 2006-C4,
Floating Rate Note, 3/17/49 51,229
18,022 Credit Suisse First Boston Mortgage Securities
Corp., 5.5%, 6/25/33 18,263
100,000 5.14 Credit Suisse First Boston Mortgage Securities
Corp., Floating Rate Note, 10/15/39 (144A) 101,712
855,000 5.10 Credit Suisse First Boston Mortgage Securities
Corp., Floating Rate Note, 8/15/38 854,606
100,000 5.46 DBUBS 2011-LC2 Mortgage Trust, Floating
Rate Note, 7/12/44 (144A) 110,765
250,000 5.14 GE Capital Commercial Mortgage Corp., Floating
Rate Note, 7/10/45 (144A) 249,716
163,819 Global Mortgage Securitization, Ltd., 5.25%,
11/25/32 (144A) 151,620
64,421 Global Mortgage Securitization, Ltd., 5.25%,
11/25/32 (144A) 61,996
65,094 Global Mortgage Securitization, Ltd., 5.25%,
11/25/32 (144A) 52,563
36,659 Global Mortgage Securitization, Ltd.,
5.25%, 4/25/32 26,939
210,000 5.00 GMAT 2013-1 Trust, Floating Rate Note, 11/25/43 201,231
675,000 4.09 GS Mortgage Securities Trust 2014-GSFL, Floating
Rate Note, 7/15/31 (144A) 668,889
225,000 6.01 JP Morgan Chase Commercial Mortgage Securities
Trust 2007-LDP12, Floating Rate Note, 2/15/51 229,145
1,960,000 6.41 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-CBM MZ, Floating Rate Note,
10/15/19 (144A) 1,966,272
1,250,000 3.69 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FBLU REMICS, Floating Rate Note,
12/15/28 (144A) 1,249,411
23,411 2.86 MASTR Adjustable Rate Mortgages Trust, Floating
Rate Note, 1/25/35 23,250
63,227 MASTR Alternative Loan Trust 2004-6, 6.0%,
7/25/34 64,329
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 29
Schedule of Investments | 7/31/15 (continued)
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
89,937 Merrill Lynch Mortgage Investors Trust
Series 2006-AF1, 5.75%, 8/25/36 $ 72,111
2,300,000 5.33 Merrill Lynch Mortgage Trust 2005-CKI1, Floating
Rate Note, 11/12/37 2,299,867
3,000,000 ML-CFC Commercial Mortgage Trust 2006-4,
5.239%, 12/12/49 3,026,184
100,000 5.30 Springleaf Mortgage Loan Trust 2012-3, Floating
Rate Note, 12/26/59 (144A) 102,799
250,000 5.58 Springleaf Mortgage Loan Trust 2013-1, Floating
Rate Note, 6/25/58 (144A) 257,617
1,000,000 7.11 Velocity Commercial Capital Loan Trust 2015-1,
Floating Rate Note, 6/25/45 (144A) 1,002,100
84,000 5.66 Wachovia Bank Commercial Mortgage Trust
Series 2006-C24, Floating Rate Note, 3/15/45 84,613
25,000 5.95 Wachovia Bank Commercial Mortgage Trust
Series 2007-C34, Floating Rate Note, 5/15/46 26,004
100,000 5.34 WFRBS Commercial Mortgage Trust 2011-C3,
Floating Rate Note, 3/15/44 (144A) 109,256
100,000 4.35 WFRBS Commercial Mortgage Trust 2013-C12,
Floating Rate Note, 3/17/48 (144A) 97,458
---------------
$ 15,960,127
---------------
Total Banks $ 15,960,127
-------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%+
Other Diversified Financial Services -- 0.0%+
200,000 5.19 Del Coronado Trust 2013-DEL MZ, Floating
Rate Note, 3/15/18 (144A) $ 199,500
100,000 5.91 Morgan Stanley Capital I Trust 2007-IQ15, Floating
Rate Note, 6/11/49 106,032
---------------
$ 305,532
---------------
Total Diversified Financials $ 305,532
-------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.0%+
Government -- 0.0%+
50,000 4.30 Federal Home Loan Mortgage Corp., Floating
Rate Note, 9/26/44 (144A) $ 51,925
126,255 Federal National Mortgage Association REMICS,
3.5%, 1/25/29 6,337
100,000 4.35 FREMF Mortgage Trust 2011-K12, Floating
Rate Note, 1/25/46 (144A) 107,398
24,181 6.46 Government National Mortgage Association
REMICS, Floating Rate Note, 6/20/38 2,098
---------------
$ 167,758
---------------
Total Government $ 167,758
-------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $16,327,695) $ 16,433,417
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 38.4%
ENERGY -- 6.8%
Oil & Gas Drilling -- 0.1%
210,000 Ocean Rig UDW, Inc., 7.25%, 4/1/19 (144A) $ 132,300
170,000 Parker Drilling Co., 7.5%, 8/1/20 147,900
775,000 Pioneer Energy Services Corp., 6.125%, 3/15/22 538,625
---------------
$ 818,825
-------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.4%
700,000 Exterran Partners LP, 6.0%, 4/1/21 $ 638,750
500,000 Forum Energy Technologies, Inc., 6.25%, 10/1/21 482,500
1,395,000 7.78 FTS International, Inc., Floating Rate Note,
6/15/20 (144A) 1,340,216
370,000 Hiland Partners LP, 5.5%, 5/15/22 (144A) 381,562
600,000 Hiland Partners LP, 7.25%, 10/1/20 (144A) 647,250
295,000 Key Energy Services, Inc., 6.75%, 3/1/21 144,550
860,000 McDermott International, Inc., 8.0%,
5/1/21 (144A) 741,750
---------------
$ 4,376,578
-------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.5%
144,000 Energy XXI Gulf Coast, Inc., 6.875%, 3/15/24 $ 31,320
4,392,000 Lukoil International Finance BV, 6.125%,
11/9/20 (144A) 4,458,231
---------------
$ 4,489,551
-------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 4.1%
1,580,000 Approach Resources, Inc., 7.0%, 6/15/21 $ 1,339,050
700,000 Berry Petroleum Co., LLC, 6.375%, 9/15/22 469,000
935,000 Bonanza Creek Energy, Inc., 5.75%, 2/1/23 757,350
1,185,000 Bonanza Creek Energy, Inc., 6.75%, 4/15/21 1,025,025
430,000 BreitBurn Energy Partners LP, 7.875%, 4/15/22 296,700
2,695,000 Carrizo Oil & Gas, Inc., 6.25%, 4/15/23 2,586,661
2,105,000 Chaparral Energy, Inc., 7.625%, 11/15/22 1,231,425
1,110,000 Comstock Resources, Inc., 7.75%, 4/1/19 399,600
1,250,000 Denbury Resources, Inc., 4.625%, 7/15/23 900,000
1,125,000 Denbury Resources, Inc., 5.5%, 5/1/22 891,562
2,465,000 EP Energy LLC, 6.375%, 6/15/23 (144A) 2,304,775
50,000 EPL Oil & Gas, Inc., 8.25%, 2/15/18 24,250
1,270,000 Gulfport Energy Corp., 6.625%, 5/1/23 (144A) 1,270,000
2,205,000 Gulfport Energy Corp., 7.75%, 11/1/20 2,260,125
235,000 Halcon Resources Corp., 8.875%, 5/15/21 122,200
1,230,000 Halcon Resources Corp., 9.75%, 7/15/20 664,200
1,025,000 Legacy Reserves LP, 6.625%, 12/1/21 794,375
2,100,000 Linn Energy LLC, 6.25%, 11/1/19 1,271,802
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 31
Schedule of Investments | 7/31/15 (continued)
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- (continued)
1,200,000 Linn Energy LLC, 6.5%, 9/15/21 $ 690,000
130,000 Linn Energy LLC, 7.75%, 2/1/21 76,050
2,965,000 Memorial Production Partners LP, 6.875%, 8/1/22 2,372,000
740,000 Memorial Production Partners LP, 7.625%, 5/1/21 621,600
630,000 Memorial Resource Development Corp.,
5.875%, 7/1/22 593,775
1,370,000 Noble Energy, Inc., 5.875%, 6/1/22 1,469,807
680,000 Noble Energy, Inc., 5.875%, 6/1/24 737,864
1,365,000 Northern Oil and Gas, Inc., 8.0%, 6/1/20 (144A) 1,201,200
250,000 Oasis Petroleum, Inc., 6.875%, 3/15/22 230,000
1,570,000 Parsley Energy LLC, 7.5%, 2/15/22 (144A) 1,573,925
200,000 PDC Energy, Inc., 7.75%, 10/15/22 206,250
200,000 Penn Virginia Corp., 7.25%, 4/15/19 85,500
650,000 Penn Virginia Corp., 8.5%, 5/1/20 305,500
785,000 Rice Energy Inc., 6.25%, 5/1/22 741,825
1,115,000 RSP Permian, Inc., 6.625%, 10/1/22 (144A) 1,123,362
2,830,000 Sanchez Energy Corp., 6.125%, 1/15/23 2,292,300
50,000 SandRidge Energy, Inc., 7.5%, 2/15/23 15,250
380,000 SandRidge Energy, Inc., 7.5%, 3/15/21 114,000
1,300,000 SM Energy Co., 5.0%, 1/15/24 1,189,500
485,000 SM Energy Co., 5.625%, 6/1/25 458,325
1,195,000 Swift Energy Co., 7.875%, 3/1/22 298,750
355,000 Swift Energy Co., 8.875%, 1/15/20 92,300
1,300,000 WPX Energy, Inc., 7.5%, 8/1/20 1,319,500
2,900,000 WPX Energy, Inc., 8.25%, 8/1/23 2,947,125
---------------
$ 39,363,808
-------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.5%
3,550,000 Calumet Specialty Products Partners LP,
6.5%, 4/15/21 $ 3,491,780
170,000 Calumet Specialty Products Partners LP,
7.625%, 1/15/22 172,243
1,275,000 Calumet Specialty Products Partners LP,
7.75%, 4/15/23 (144A) 1,295,719
100,000 Valero Energy Corp., 6.625%, 6/15/37 114,201
---------------
$ 5,073,943
-------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.2%
385,000 Crestwood Midstream Partners LP,
6.125%, 3/1/22 $ 380,188
300,000 5.85 DCP Midstream LLC, Floating Rate Note,
5/21/43 (144A) 226,500
790,000 Energy Transfer Equity LP, 5.875%, 1/15/24 803,825
1,655,000 Global Partners LP, 6.25%, 7/15/22 1,551,562
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- (continued)
2,070,000 Global Partners LP, 7.0%, 6/15/23 (144A) $ 1,992,375
100,000 Kinder Morgan Energy Partners LP, 5.0%, 8/15/42 85,287
690,000 PBF Logistics LP, 6.875%, 5/15/23 (144A) 688,275
226,000 Penn Virginia Resource Partners LP,
6.5%, 5/15/21 240,125
690,000 Sabine Pass Liquefaction LLC, 5.625%,
3/1/25 (144A) 679,650
1,365,000 Sabine Pass Liquefaction LLC, 5.75%, 5/15/24 1,357,322
3,225,000 Sunoco LP, 6.375%, 4/1/23 (144A) 3,313,688
---------------
$ 11,318,797
-------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.0%+
950,000 Alpha Natural Resources, Inc., 6.0%, 6/1/19 (f) $ 30,875
---------------
Total Energy $ 65,472,377
-------------------------------------------------------------------------------------------------------
MATERIALS -- 4.3%
Commodity Chemicals -- 1.2%
2,145,000 Axiall Corp., 4.875%, 5/15/23 $ 2,064,562
680,000 Hexion, Inc., 6.625%, 4/15/20 623,050
2,430,000 Hexion, Inc., 9.0%, 11/15/20 1,725,300
950,000 Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 928,625
2,375,000 Rain CII Carbon LLC, 8.25%, 1/15/21 (144A) 2,321,562
2,500,000 Tronox Finance LLC, 6.375%, 8/15/20 2,050,000
2,535,000 Tronox Finance LLC, 7.5%, 3/15/22 (144A) 2,078,700
---------------
$ 11,791,799
-------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.2%
2,350,000 WR Grace & Co-Conn, 5.625%, 10/1/24 (144A) $ 2,397,000
-------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.4%
1,695,000 A Schulman, Inc., 6.875%, 6/1/23 (144A) $ 1,716,188
1,875,000 Rentech Nitrogen Partners LP, 6.5%,
4/15/21 (144A) 1,832,812
---------------
$ 3,549,000
-------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.5%
1,306,630 Ardagh Finance Holdings SA, 8.625%,
(0.00% Cash, 8.625% PIK) 6/15/19
(144A) (PIK) $ 1,365,428
1,000,000 Ardagh Packaging Finance Plc, 6.75%,
1/31/21 (144A) 1,025,000
2,800,000 Coveris Holdings SA, 7.875%, 11/1/19 (144A) 2,764,132
---------------
$ 5,154,560
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 33
Schedule of Investments | 7/31/15 (continued)
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.3%
200,000 Coveris Holding Corp., 10.0%, 6/1/18 (144A) $ 209,000
2,350,000 Sealed Air Corp., 6.875%, 7/15/33 (144A) 2,397,000
---------------
$ 2,606,000
-------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.5%
465,000 Ausdrill Finance Pty, Ltd., 6.875%,
11/1/19 (144A) $ 360,375
4,385,000 FMG Resources August 2006 Pty, Ltd.,
9.75%, 3/1/22 (144A) 4,034,200
50,000 Prince Mineral Holding Corp., 11.5%,
12/15/19 (144A) 45,250
---------------
$ 4,439,825
-------------------------------------------------------------------------------------------------------
Gold -- 0.1%
1,200,000 IAMGOLD Corp., 6.75%, 10/1/20 (144A) $ 882,000
-------------------------------------------------------------------------------------------------------
Steel -- 0.7%
1,950,000 Cliffs Natural Resources, Inc., 8.25%,
3/31/20 (144A) $ 1,769,625
745,000 Commercial Metals Co., 4.875%, 5/15/23 681,675
1,350,000 JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 1,198,125
1,455,000 Steel Dynamics, Inc., 5.125%, 10/1/21 1,451,362
1,760,000 SunCoke Energy Partners LP, 7.375%,
2/1/20 (144A) 1,724,800
---------------
$ 6,825,587
-------------------------------------------------------------------------------------------------------
Forest Products -- 0.1%
1,460,000 Millar Western Forest Products, Ltd.,
8.5%, 4/1/21 $ 1,372,400
-------------------------------------------------------------------------------------------------------
Paper Products -- 0.3%
435,000 Appvion, Inc., 9.0%, 6/1/20 (144A) $ 239,250
515,000 Rayonier AM Products, Inc., 5.5%, 6/1/24 (144A) 436,462
2,155,000 Resolute Forest Products, Inc., 5.875%, 5/15/23 1,799,425
---------------
$ 2,475,137
---------------
Total Materials $ 41,493,308
-------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 2.5%
Aerospace & Defense -- 0.7%
1,280,000 DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) $ 1,228,800
1,885,000 DynCorp International, Inc., 10.375%, 7/1/17 1,432,600
1,615,000 LMI Aerospace, Inc., 7.375%, 7/15/19 1,562,512
1,875,000 Lockheed Martin Corp., 3.8%, 3/1/45 1,663,843
550,000 Triumph Group, Inc., 5.25%, 6/1/22 541,750
---------------
$ 6,429,505
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Building Products -- 0.2%
1,755,000 Griffon Corp., 5.25%, 3/1/22 $ 1,711,125
-------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.1%
1,685,000 MasTec, Inc., 4.875%, 3/15/23 $ 1,470,162
-------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.3%
1,210,000 EnerSys, 5.0%, 4/30/23 (144A) $ 1,182,775
2,090,000 General Cable Corp., 5.75%, 10/1/22 1,917,575
---------------
$ 3,100,350
-------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.3%
225,000 JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A) $ 243,562
2,505,000 Waterjet Holdings, Inc., 7.625%, 2/1/20 (144A) 2,573,888
---------------
$ 2,817,450
-------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy
Trucks -- 0.1%
350,000 Commercial Vehicle Group, Inc., 7.875%, 4/15/19 $ 360,500
645,000 Meritor, Inc., 6.25%, 2/15/24 646,612
555,000 Titan International, Inc., 6.875%, 10/1/20 490,687
---------------
$ 1,497,799
-------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.5%
2,250,000 Apex Tool Group LLC, 7.0%, 2/1/21 (144A) $ 2,013,750
1,270,000 EnPro Industries, Inc., 5.875%, 9/15/22 1,282,700
63,000 Liberty Tire Recycling LLC, 11.0%, 3/31/21
(0.0% cash, 11.0% PIK) (144A) (PIK) (e) 40,320
1,130,000 Xerium Technologies, Inc., 8.875%, 6/15/18 1,163,900
---------------
$ 4,500,670
-------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.3%
2,200,000 H&E Equipment Services, Inc., 7.0%, 9/1/22 $ 2,189,000
50,000 TRAC Intermodal LLC, 11.0%, 8/15/19 54,250
640,000 United Rentals North America, Inc.,
5.75%, 11/15/24 625,600
---------------
$ 2,868,850
---------------
Total Capital Goods $ 24,395,911
-------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 1.1%
Commercial Printing -- 0.3%
3,455,000 Cenveo Corp., 6.0%, 8/1/19 (144A) $ 3,092,225
-------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.1%
500,000 Safway Group Holding LLC, 7.0%, 5/15/18 (144A) $ 510,000
-------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.5%
2,580,000 NANA Development Corp., 9.5%,
3/15/19 (144A) $ 2,425,200
2,005,000 TMS International Corp., 7.625%,
10/15/21 (144A) 1,943,779
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 35
Schedule of Investments | 7/31/15 (continued)
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Diversified Support Services -- (continued)
635,000 Transfield Services, Ltd., 8.375%,
5/15/20 (144A) $ 669,925
---------------
$ 5,038,904
-------------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.2%
2,065,000 CEB, Inc., 5.625%, 6/15/23 (144A) $ 2,070,162
---------------
Total Commercial Services & Supplies $ 10,711,291
-------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.9%
Air Freight & Logistics -- 0.1%
1,375,000 XPO Logistics, Inc., 7.875%, 9/1/19 (144A) $ 1,469,531
-------------------------------------------------------------------------------------------------------
Airlines -- 0.5%
1,960,000 Gol LuxCo SA, 8.875%, 1/24/22 (144A) $ 1,577,800
2,960,000 Intrepid Aviation Group Holdings LLC, 6.875%,
2/15/19 (144A) 2,760,200
145,036 US Airways 2013-1 Class B Pass Through Trust,
5.375%, 11/15/21 149,024
---------------
$ 4,487,024
-------------------------------------------------------------------------------------------------------
Railroads -- 0.2%
1,015,000 Florida East Coast Holdings Corp., 6.75%,
5/1/19 (144A) $ 1,025,150
1,330,000 Florida East Coast Holdings Corp., 9.75%,
5/1/20 (144A) 1,256,850
---------------
$ 2,282,000
-------------------------------------------------------------------------------------------------------
Trucking -- 0.1%
760,000 Jack Cooper Holdings Corp., 9.25%,
6/1/20 (144A) $ 697,300
-------------------------------------------------------------------------------------------------------
Airport Services -- 0.0%+
135,520 Aeropuertos Argentina 2000 SA, 10.75%,
12/1/20 (144A) $ 144,735
---------------
Total Transportation $ 9,080,590
-------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.3%
Auto Parts & Equipment -- 0.3%
2,675,000 Stackpole International Intermediate, 7.75%,
10/15/21 (144A) $ 2,561,312
---------------
Total Automobiles & Components $ 2,561,312
-------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.5%
Homebuilding -- 1.0%
2,375,000 Brookfield Residential Properties, Inc.,
6.375%, 5/15/25 (144A) $ 2,309,688
4,305,000 KB Home, 7.625%, 5/15/23 4,509,488
50,000 KB Home, Inc., 8.0%, 3/15/20 55,250
The accompanying notes are an integral part of these financial statements.
36 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Homebuilding -- (continued)
950,000 Rialto Holdings LLC, 7.0%, 12/1/18 (144A) $ 978,500
1,840,000 Taylor Morrison Communities, Inc.,
5.875%, 4/15/23 1,842,300
205,000 The Ryland Group, Inc., 5.375%, 10/1/22 207,562
---------------
$ 9,902,788
-------------------------------------------------------------------------------------------------------
Textiles -- 0.5%
500,000 AVINTIV Specialty Materials, Inc., 6.875%,
6/1/19 (144A) $ 510,000
4,445,000 Springs Industries, Inc., 6.25%, 6/1/21 4,422,775
---------------
$ 4,932,775
---------------
Total Consumer Durables & Apparel $ 14,835,563
-------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 2.1%
Casinos & Gaming -- 1.1%
2,835,000 MGM Resorts International, 6.0%, 3/15/23 $ 2,884,612
4,100,000 Scientific Games International, Inc.,
10.0%, 12/1/22 3,982,125
3,125,000 Scientific Games International, Inc.,
6.25%, 9/1/20 2,487,359
1,120,000 Wynn Macau Ltd., 5.25%, 10/15/21 (144A) 1,065,400
---------------
$ 10,419,496
-------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.2%
1,785,000 Sabre GLBL, Inc., 5.375%, 4/15/23 (144A) $ 1,776,075
-------------------------------------------------------------------------------------------------------
Education Services -- 0.0%+
100,000 Cambium Learning Group, Inc., 9.75%, 2/15/17 $ 101,000
-------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.8%
4,390,000 Constellis Holdings LLC, 9.75%, 5/15/20 (144A) $ 4,192,450
2,635,000 Sotheby's, 5.25%, 10/1/22 (144A) 2,575,712
855,000 StoneMor Partners LP, 7.875%, 6/1/21 889,200
---------------
$ 7,657,362
---------------
Total Consumer Services $ 19,953,933
-------------------------------------------------------------------------------------------------------
MEDIA -- 1.7%
Broadcasting -- 0.3%
1,505,000 Gannett Co., Inc., 6.375%, 10/15/23 $ 1,591,538
1,060,000 Univision Communications, Inc., 5.125%,
2/15/25 (144A) 1,062,650
---------------
$ 2,654,188
-------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.5%
165,000 CCO Holdings LLC, 5.75%, 1/15/24 $ 167,991
1,440,000 CCO Holdings LLC, 5.75%, 9/1/23 1,474,200
1,625,000 Comcast Corp., 4.75%, 3/1/44 1,698,372
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 37
Schedule of Investments | 7/31/15 (continued)
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Cable & Satellite -- (continued)
1,720,000 DISH DBS Corp., 5.875%, 11/15/24 $ 1,668,400
---------------
$ 5,008,963
-------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.8%
2,000,000 Regal Entertainment Group, Inc., 5.75%, 2/1/25 $ 1,942,500
2,650,000 SFX Entertainment, Inc., 9.625%, 2/1/19 (144A) 2,265,750
1,900,000 WMG Acquisition Corp., 5.625%, 4/15/22 (144A) 1,919,000
1,625,000 WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 1,568,125
---------------
$ 7,695,375
-------------------------------------------------------------------------------------------------------
Publishing -- 0.1%
1,000,000 MPL 2 Acquisition Canco, Inc., 9.875%,
8/15/18 (144A) $ 1,052,500
---------------
Total Media $ 16,411,026
-------------------------------------------------------------------------------------------------------
RETAILING -- 1.5%
Department Stores -- 0.3%
1,550,000 Argos Merger Sub, Inc., 7.125%, 3/15/23 (144A) $ 1,639,125
1,645,000 Dollar Tree, Inc., 5.75%, 3/1/23 (144A) 1,735,475
---------------
$ 3,374,600
-------------------------------------------------------------------------------------------------------
Computer & Electronics Retail -- 0.3%
1,985,000 Rent-A-Center, Inc., 4.75%, 5/1/21 $ 1,736,875
1,135,000 Rent-A-Center, Inc., 6.625%, 11/15/20 1,122,231
---------------
$ 2,859,106
-------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.5%
4,150,000 Outerwall, Inc., 5.875%, 6/15/21 $ 3,952,875
460,000 Petco Holdings, Inc., 8.5%, 10/15/17
(8.50% Cash, 9.25% PIK) (144A) (PIK) 472,362
250,000 Radio Systems Corp., 8.375%, 11/1/19 (144A) 264,375
---------------
$ 4,689,612
-------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.4%
4,130,000 DriveTime Automotive Group, Inc., 8.0%,
6/1/21 (144A) $ 3,880,065
---------------
Total Retailing $ 14,803,383
-------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.4%
Food Distributors -- 0.1%
685,000 KeHE Distributors LLC, 7.625%, 8/15/21 (144A) $ 724,388
-------------------------------------------------------------------------------------------------------
Food Retail -- 0.3%
455,000 Darling Ingredients, Inc., 5.375%, 1/15/22 $ 460,688
2,825,000 Tops Holding LLC, 8.0%, 6/15/22 (144A) 2,803,812
---------------
$ 3,264,500
---------------
Total Food & Staples Retailing $ 3,988,888
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.3%
Agricultural Products -- 0.1%
270,000 Southern States Cooperative, Inc., 10.0%,
8/15/21 (144A) $ 245,700
550,000 Tonon Luxembourg SA, 10.5%, 5/14/24 (144A) 324,500
---------------
$ 570,200
-------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.9%
214,000 Chiquita Brands International, Inc.,
7.875%, 2/1/21 $ 229,515
1,710,000 Dole Food Co., Inc., 7.25%, 5/1/19 (144A) 1,735,650
125,000 FAGE Dairy Industry SA, 9.875%,
2/1/20 (144A) 130,938
325,000 JBS Investments GmbH, 7.75%,
10/28/20 (144A) 351,000
1,350,000 Pilgrim's Pride Corp., 5.75%, 3/15/25 (144A) 1,380,375
1,775,000 Post Holdings, Inc., 6.0%, 12/15/22 (144A) 1,721,750
3,375,000 Post Holdings, Inc., 6.75%, 12/1/21 (144A) 3,400,312
---------------
$ 8,949,540
-------------------------------------------------------------------------------------------------------
Tobacco -- 0.3%
3,300,000 Alliance One International, Inc.,
9.875%, 7/15/21 $ 2,895,750
---------------
Total Food, Beverage & Tobacco $ 12,415,490
-------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.5%
Household Products -- 0.1%
1,205,000 Energizer Holdings, Inc., 5.5%, 6/15/25 (144A) $ 1,177,888
-------------------------------------------------------------------------------------------------------
Personal Products -- 0.4%
965,256 Monitronics International, Inc., 9.125%, 4/1/20 $ 936,298
2,400,000 Revlon Consumer Products Corp., 5.75%, 2/15/21 2,400,000
---------------
$ 3,336,298
---------------
Total Household & Personal Products $ 4,514,186
-------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.6%
Health Care Equipment -- 0.2%
1,675,000 Medtronic, Inc., 4.625%, 3/15/45 (144A) $ 1,694,613
-------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.2%
1,345,000 Sterigenics-Nordion Holdings LLC, 6.5%,
5/15/23 (144A) $ 1,375,262
-------------------------------------------------------------------------------------------------------
Health Care Services -- 0.3%
1,555,000 BioScrip, Inc., 8.875%, 2/15/21 $ 1,282,875
1,210,000 ExamWorks Group, Inc., 5.625%, 4/15/23 1,241,762
430,000 Kindred Healthcare, Inc., 8.0%, 1/15/20 (144A) 465,475
80,000 Truven Health Analytics, Inc., 10.625%, 6/1/20 83,600
---------------
$ 3,073,712
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 39
Schedule of Investments | 7/31/15 (continued)
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.9%
2,540,000 CHS, 6.875%, 2/1/22 $ 2,717,800
1,065,000 CHS, Inc., 8.0%, 11/15/19 1,119,570
3,175,000 Kindred Healthcare Inc., 6.375%, 4/15/22 3,250,406
2,085,000 Universal Hospital Services, Inc.,
7.625%, 8/15/20 1,949,475
---------------
$ 9,037,251
-------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.0%+
100,000 MedAssets, Inc., 8.0%, 11/15/18 $ 103,125
---------------
Total Health Care Equipment & Services $ 15,283,963
-------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.9%
Pharmaceuticals -- 0.9%
1,255,000 Endo Finance LLC, 5.375%, 1/15/23 (144A) $ 1,268,328
1,260,000 Endo Finance LLC, 5.75%, 1/15/22 (144A) 1,297,800
2,885,000 Endo, Ltd., 6.0%, 7/15/23 (144A) 3,000,400
3,000,000 Mallinckrodt International Finance SA,
5.5%, 4/15/25 (144A) 3,022,500
---------------
$ 8,589,028
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 8,589,028
-------------------------------------------------------------------------------------------------------
BANKS -- 0.9%
Diversified Banks -- 0.6%
1,675,000 6.50 Bank of America Corp., Floating Rate
Note, 10/23/49 $ 1,729,438
1,950,000 6.25 Bank of America Corp., Floating Rate
Note, 9/29/49 1,951,814
2,100,000 5.88 Wells Fargo & Company, Floating Rate
Note (Perpetual) 2,149,875
---------------
$ 5,831,127
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.3%
3,325,000 Provident Funding Associates LP, 6.75%,
6/15/21 (144A) $ 3,192,000
---------------
Total Banks $ 9,023,127
-------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.6%
Other Diversified Financial Services -- 0.5%
IDR 23,720,000,000 European Investment Bank, 7.2%,
7/9/19 (144A) $ 1,634,843
1,375,000 General Electric Capital Corp., 5.875%, 1/14/38 1,686,523
540,000 6.75 JPMorgan Chase & Co., Floating Rate
Note, 1/29/49 572,062
325,000 Summit Midstream Holdings LLC, 7.5%, 7/1/21 339,625
---------------
$ 4,233,053
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.5%
100,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) $ 111,921
1,995,000 Nationstar Mortgage LLC, 6.5%, 6/1/22 1,815,450
1,915,000 Nationstar Mortgage LLC, 6.5%, 7/1/21 1,788,131
455,000 Nationstar Mortgage LLC, 6.5%, 8/1/18 450,732
450,000 Oxford Finance LLC, 7.25%, 1/15/18 (144A) 461,250
---------------
$ 4,627,484
-------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
1,290,000 TMX Finance LLC, 8.5%, 9/15/18 (144A) $ 1,025,550
-------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.2%
1,800,000 JBS Investment Management, Ltd.,
7.25%, 4/3/24 $ 1,849,500
400,000 4.50 The Bank of New York Mellon Corp., Floating
Rate Note (Perpetual) 370,000
---------------
$ 2,219,500
-------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.3%
3,300,000 Quicken Loans, Inc., 5.75%, 5/1/25 (144A) $ 3,192,750
---------------
Total Diversified Financials $ 15,298,337
-------------------------------------------------------------------------------------------------------
INSURANCE -- 2.2%
Life & Health Insurance -- 0.0%+
300,000 5.65 Voya Financial, Inc., Floating Rate Note, 5/15/53 $ 306,480
-------------------------------------------------------------------------------------------------------
Reinsurance -- 2.2%
187,586 Altair Re, Variable Rate Notes, 6/30/16 (g) $ 31,965
1,000,000 Arlington Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 8/31/16 (g) 1,014,200
250,000 4.37 Blue Danube II, Ltd., Floating Rate Note,
5/23/16 (Cat Bond) (144A) 248,750
250,000 5.26 Caelus Re, Ltd., Floating Rate Note, 3/7/16
(Cat Bond) (144A) 245,725
500,000 6.86 Caelus Re, Ltd., Floating Rate Note, 4/7/17
(Cat Bond) (144A) 505,800
700,000 Carnoustie Segregated Account (Kane SAC
Ltd.), Variable Rate Notes, 2/19/16 (g) 749,280
800,000 Clarendon Segregated Account (Kane SAC
Ltd.), Variable Rate Notes, 6/15/16 (g) 773,840
500,000 0.00 Compass Re II, Ltd., Floating Rate Note,
12/8/15 (Cat Bond) 478,900
275,000 5.01 Embarcadero Reinsurance, Ltd., Floating Rate
Note, 2/7/17 (Cat Bond) (144A) 275,138
1,141,875 Exeter Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/7/16 (g) 1,161,401
550,000 2.21 Golden State Re II, Ltd., Floating Rate Note,
1/8/19 (Cat Bond) (144A) 546,700
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 41
Schedule of Investments | 7/31/15 (continued)
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,300,000 Gullane Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/22/17 (g) $ 1,375,270
420,500 Hereford Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/7/16 (g) 435,091
700,000 3.76 Kilimanjaro Re, Ltd., Floating Rate Note,
11/25/19 (Cat Bond) (144A) 688,800
1,000,000 Lorenzo Re, Ltd., Variable Rate Notes, 3/31/18 (g) 1,031,900
800,400 Muirfield Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/12/16 (g) 818,729
500,000 8.60 Mythen Re, Ltd., Series 2012-2 Class A, Floating
Rate Note, 1/5/17 (Cat Bond) (144A) 504,650
250,000 11.83 Mythen Re, Ltd., Series 2012-2 Class A, Floating
Rate Note, 11/10/16 (Cat Bond) (144A) 248,850
1,200,000 Pangaea Re, Series 2015-1, Principal at Risk
Notes, 2/1/19 (g) 1,288,680
2,000,000 Pangaea Re, Series 2015-2, Principal at Risk
Notes, 11/30/19 (g) 2,031,600
1,050,000 Pangaea Re., Variable Rate Notes, 7/1/18 (g) 18,900
500,000 8.61 Queen Street VII Re, Ltd., Floating Rate Note,
4/8/16 (Cat Bond) (144A) 500,650
600,000 5.76 Residential Reinsurance 2012, Ltd., Floating
Rate Note, 12/6/16 (Cat Bond) (144A) 606,960
500,000 4.51 Residential Reinsurance 2012, Ltd., Floating
Rate Note, 12/6/16 (Cat Bond) (144A) 501,250
250,000 10.01 Residential Reinsurance 2012, Ltd., Floating
Rate Note, 6/6/16 (Cat Bond) (144A) 259,150
500,000 3.02 Sanders Re, Ltd., Floating Rate Note, 5/25/18
(Cat Bond) (144A) 485,000
250,000 4.02 Sanders Re, Ltd., Floating Rate Note, 5/5/17
(Cat Bond) (144A) 245,925
1,400,000 Sector Re V, Ltd., Variable Rate Notes,
3/1/20 (144A) (g) 1,412,740
700,000 Silverton RE, Ltd., Variable Rate Notes,
9/18/17 (144A) (g) 776,020
250,000 16.26 Successor X, Ltd., Floating Rate Note,
11/10/15 (Cat Bond) (144A) 241,600
825,900 Troon Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 1/12/16 (g) 839,527
800,000 Versutus Ltd., Series 2015-A, Variable Rate
Notes, 12/31/2017 (g) 854,880
---------------
$ 21,197,871
---------------
Total Insurance $ 21,504,351
-------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.5%
Diversified REIT -- 0.1%
1,130,000 MPT Operating Partnership LP, 5.5%, 5/1/24 $ 1,163,900
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.1%
1,038,146 AAF Holdings LLC, 12.0%, 7/1/19 (144A)
(12.0% cash, 0.0% PIK) (PIK) $ 1,030,360
-------------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 0.2%
1,260,000 Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) $ 1,285,200
-------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.1%
1,210,000 Kennedy-Wilson, Inc., 5.875%, 4/1/24 $ 1,199,412
---------------
Total Real Estate $ 4,678,872
-------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.8%
Internet Software & Services -- 0.2%
1,245,000 Bankrate, Inc., 6.125%, 8/15/18 (144A) $ 1,210,762
325,000 j2 Global, Inc., 8.0%, 8/1/20 349,781
---------------
$ 1,560,543
-------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.4%
1,700,000 Audatex North America, Inc., 6.125%,
11/1/23 (144A) $ 1,661,750
130,000 First Data Corp., 11.75%, 8/15/21 147,550
2,650,000 NeuStar, Inc., 4.5%, 1/15/23 2,252,500
---------------
$ 4,061,800
-------------------------------------------------------------------------------------------------------
Systems Software -- 0.2%
1,825,000 Oracle Corp., 4.125%, 5/15/45 $ 1,723,419
---------------
Total Software & Services $ 7,345,762
-------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3%
Communications Equipment -- 0.2%
570,000 CommScope Holding Co., Inc., 6.625%, 6/1/20
(6.625% Cash, 7.375% PIK) (144A) (PIK) $ 592,800
1,190,000 CommScope Technologies Finance LLC, 6.0%,
6/15/25 (144A) 1,175,125
---------------
$ 1,767,925
-------------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.1%
1,150,000 Zebra Technologies Corp., 7.25%,
10/15/22 (144A) $ 1,259,250
---------------
Total Technology Hardware & Equipment $ 3,027,175
-------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.6%
Semiconductor Equipment -- 0.2%
2,100,000 Entegris, Inc., 6.0%, 4/1/22 (144A) $ 2,152,500
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 43
Schedule of Investments | 7/31/15 (continued)
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Semiconductors -- 0.4%
395,000 Advanced Micro Devices, Inc., 6.75%, 3/1/19 $ 287,362
2,600,000 Advanced Micro Devices, Inc., 7.0%, 7/1/24 1,729,000
835,000 Advanced Micro Devices, Inc., 7.5%, 8/15/22 576,150
1,225,000 Micron Technology, Inc., 5.5%, 2/1/25 (144A) 1,186,719
---------------
$ 3,779,231
---------------
Total Semiconductors &
Semiconductor Equipment $ 5,931,731
-------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 2.4%
Integrated Telecommunication Services -- 1.6%
200,000 CenturyLink, Inc., 5.8%, 3/15/22 $ 194,250
700,000 CenturyLink, Inc., 6.45%, 6/15/21 714,000
1,325,000 CenturyLink, Inc., 6.75%, 12/1/23 1,328,312
450,000 CenturyLink, Inc., 7.6%, 9/15/39 400,500
4,200,000 Frontier Communications Corp.,
7.125%, 1/15/23 3,790,500
157,000 Frontier Communications Corp., 8.5%, 4/15/20 162,495
160,000 Frontier Communications Corp., 8.75%, 4/15/22 158,700
800,000 Frontier Communications Corp., 9.25%, 7/1/21 832,000
1,200,000 GCI, Inc., 6.75%, 6/1/21 1,227,000
3,000,000 GCI, Inc., 6.875%, 4/15/25 3,052,500
770,000 Windstream Corp., 7.5%, 6/1/22 633,325
2,680,000 Windstream Services LLC, 6.375%, 8/1/23 2,077,000
590,000 Windstream Services LLC, 7.75%, 10/1/21 498,550
---------------
$ 15,069,132
-------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.8%
200,000 Altice Finco SA, 8.125%, 1/15/24 (144A) $ 208,000
2,455,000 Sprint Corp., 7.125%, 6/15/24 2,246,325
2,000,000 Sprint Corp., 7.25%, 9/15/21 1,912,500
3,000,000 T-Mobile USA, Inc., 6.0%, 3/1/23 3,127,500
215,000 T-Mobile USA, Inc., 6.5%, 1/15/24 227,027
335,000 T-Mobile USA, Inc., 6.836%, 4/28/23 358,450
100,000 Unison Ground Lease Funding LLC, 5.78%,
3/15/43 (144A) 99,861
100,000 WCP Issuer llc, 6.657%, 8/15/20 (144A) 104,975
---------------
$ 8,284,638
---------------
Total Telecommunication Services $ 23,353,770
-------------------------------------------------------------------------------------------------------
UTILITIES -- 1.7%
Electric Utilities -- 0.5%
865,000 ContourGlobal Power Holdings SA, 7.125%,
6/1/19 (144A) $ 899,600
The accompanying notes are an integral part of these financial statements.
44 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Electric Utilities -- (continued)
2,765,000 Talen Energy Supply LLC, 5.125%,
7/15/19 (144A) $ 2,682,050
925,000 Talen Energy Supply LLC, 6.5%, 6/1/25 (144A) 906,500
---------------
$ 4,488,150
-------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.3%
625,000 Ferrellgas LP, 6.5%, 5/1/21 $ 626,562
2,305,000 Ferrellgas LP, 6.75%, 1/15/22 2,322,288
---------------
$ 2,948,850
-------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.7%
2,500,000 AES Corp., 5.5%, 4/15/25 $ 2,393,750
2,825,000 NRG Energy, Inc., 6.25%, 5/1/24 2,775,562
600,000 NRG Energy, Inc., 6.25%, 7/15/22 601,500
635,000 NRG Energy, Inc., 6.625%, 3/15/23 644,525
825,000 TerraForm Power Operating LLC, 6.125%,
6/15/25 (144A) 827,062
---------------
$ 7,242,399
-------------------------------------------------------------------------------------------------------
Renewable Electricity -- 0.2%
2,000,000 TerraForm Power, 9.75%, 8/15/22 (144A) $ 1,975,060
---------------
Total Utilities $ 16,654,459
-------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $392,283,697) $ 371,327,833
-------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 0.2%
IDR 11,501,000,000 Indonesia Treasury Bond, 8.375%, 3/15/24 $ 837,441
IDR 11,014,000,000 Indonesia Treasury Bond, 9.0%, 3/15/29 828,442
-------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $1,905,424) $ 1,665,883
-------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.8% (h)
Higher Municipal Education -- 0.7%
900,000 New Jersey Educational Facilities Authority,
Princeton University Series D, 4.0%, 7/1/45 $ 938,178
5,000,000 University of Virginia, Green Bond Series A,
5.0%, 4/1/45 5,779,050
---------------
$ 6,717,228
-------------------------------------------------------------------------------------------------------
Municipal School District -- 0.1%
800,000 Frisco Independent School District, 4.0%,
8/15/40 (i) $ 815,904
500,000 Frisco Independent School District, 4.0%,
8/15/45 (i) 507,930
---------------
$ 1,323,834
-------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $7,985,770) $ 8,041,062
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 45
Schedule of Investments | 7/31/15 (continued)
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 0.9%**
ENERGY -- 0.3%
Oil & Gas Drilling -- 0.1%
1,034,680 7.50 Jonah Energy LLC, Term Loan (Second
Lien), 5/8/21 $ 946,732
-------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.2%
856,610 8.38 Fieldwood Energy LLC, Closing Date Loan
(Second Lien), 9/30/20 $ 473,813
2,955,000 8.50 Templar Energy LLC, New Term Loan, 11/25/20 1,856,724
---------------
$ 2,330,537
---------------
Total Energy $ 3,277,269
-------------------------------------------------------------------------------------------------------
MATERIALS -- 0.0%+
Diversified Metals & Mining -- 0.0%+
372,500 3.75 Fortescue Metals Group Ltd., Bank
Loan, 6/30/19 $ 306,187
---------------
Total Materials $ 306,187
-------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.0%+
Electrical Components & Equipment -- 0.0%+
229,612 5.25 Pelican Products, Inc., Term Loan (First
Lien), 4/8/20 $ 230,760
-------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%+
50,532 8.25 Filtration Group Corp., Initial Term Loan
(Second Lien), 11/15/21 $ 50,932
---------------
Total Capital Goods $ 281,692
-------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.0%+
Security & Alarm Services -- 0.0%+
26,232 4.25 Monitronics International, Inc., Term B
Loan, 3/23/18 $ 26,355
---------------
Total Commercial Services & Supplies $ 26,355
-------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%+
Leisure Products -- 0.0%+
113,143 3.75 Bombardier Recreational Products, Inc.,
Term B-2 Loan, 1/30/19 $ 113,527
---------------
Total Consumer Durables & Apparel $ 113,527
-------------------------------------------------------------------------------------------------------
MEDIA -- 0.1%
Broadcasting -- 0.0%+
58,600 4.00 Univision Communications, Inc., Replacement
First-Lien Term Loan, 3/1/20 $ 58,641
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Publishing -- 0.1%
886,500 6.25 McGraw-Hill School Education Holdings llc,
Term B Loan, 12/18/19 $ 893,703
---------------
Total Media $ 952,344
-------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Food Distributors -- 0.1%
700,000 8.25 Del Monte Foods Consumer Products,Term
Loan (Second Lien), 5/26/21 $ 638,312
---------------
Total Food & Staples Retailing $ 638,312
-------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Health Care Services -- 0.1%
67,836 0.00 Ardent Legacy Acquisitions, Inc., Tranche B Term
Loan (First Lien), 7/31/21 (j) $ 68,260
182,576 7.50 Ardent Medical Services, Inc., 1st Lien Term
Loan, 5/2/18 183,109
89,103 6.25 BioScrip, Inc., Initial Term B Loan, 7/31/20 88,713
44,551 6.50 BioScrip, Inc., Term Loan, 7/31/20 44,357
---------------
$ 384,439
---------------
Total Health Care Equipment & Services $ 384,439
-------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.0%+
Biotechnology -- 0.0%+
250,000 7.00 Lantheus Medical Imaging, Inc., Tranche B
Term Loan (First Lien), 6/25/22 $ 247,188
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 247,188
-------------------------------------------------------------------------------------------------------
BANKS -- 0.0%+
Thrifts & Mortgage Finance -- 0.0%+
108,016 3.94 Ocwen Financial Corp., Initial Term Loan, 1/15/18 $ 107,864
---------------
Total Banks $ 107,864
-------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Investment Banking & Brokerage -- 0.2%
2,025,000 8.28 MJ Acquisition Corp., Term Loan (Second
Lien), 4/8/23 $ 2,036,340
---------------
Total Diversified Financials $ 2,036,340
-------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
IT Consulting & Other Services -- 0.1%
742,500 5.75 Evergreen Skills Lux Sarl, Initial Term Loan
(First Lien), 4/23/21 $ 724,247
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 47
Schedule of Investments | 7/31/15 (continued)
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Application Software -- 0.0%+
95,549 4.25 Vertafore, Inc., Term Loan (2013), 10/3/19 $ 95,823
---------------
Total Software & Services $ 820,070
-------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $10,726,062) $ 9,191,587
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Shares
-------------------------------------------------------------------------------------------------------
EXCHANGE TRADED FUNDS -- 1.3%
DIVERSIFIED FINANCIALS -- 1.3%
Asset Management & Custody Banks -- 1.3%
671,115 BlackRock MuniVest Fund, Inc. $ 6,409,148
463,299 BlackRock MuniYield Fund, Inc. 6,476,920
---------------
$ 12,886,068
---------------
Total Diversified Financials $ 12,886,068
-------------------------------------------------------------------------------------------------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $12,901,493) $ 12,886,068
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Shares
-------------------------------------------------------------------------------------------------------
PURCHASED PUT OPTIONS -- 0.1%
45,092 SPX @ 2,001.46, 10/16/15 $ 1,041,482
-------------------------------------------------------------------------------------------------------
TOTAL PURCHASED PUT OPTIONS
(Premiums paid $1,894,766) $ 1,041,482
-------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 94.2%
(Cost $947,882,015) (a) $ 923,255,656
-------------------------------------------------------------------------------------------------------
WRITTEN PUT OPTIONS -- (0.0)%+
(45,092) SPX @ 1,790.78, 10/16/15 $ (245,730)
(349) Keurig Green Mountain @ 70.00, 8/21/15 (80,445)
-------------------------------------------------------------------------------------------------------
TOTAL WRITTEN PUT OPTIONS
(Premiums receive $665,695) $ (326,175)
-------------------------------------------------------------------------------------------------------
WRITTEN CALL OPTIONS -- (0.0)%+
(349) Keurig Green Mountain @ 71.00, 8/21/15 $ (230,340)
(349) Keurig Green Mountain @ 73.00, 8/21/15 (188,460)
-------------------------------------------------------------------------------------------------------
TOTAL WRITTEN CALL OPTIONS
(Premiums receive $317,640) $ (418,800)
-------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 4.6% $ 44,004,045
-------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 966,514,726
=======================================================================================================
+ Amount rounds to less than 0.1% or (0.1)%.
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
(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 July 31, 2015, the value of these securities
amounted to $191,206,392 or 19.8% of total net assets.
REIT Real Estate Investment Trust.
(Step) Step up 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 July 31, 2015, the value of
these securities amounted to $6,583,848 or 0.7% of total net
assets. See Notes to Financial Statements -- Note 1H.
(Perpetual) Security with no stated maturity date.
REMICS Real Estate Mortgage Investment Conduits.
** 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 U.S. banks,
(iii) the 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 July 31, 2015, the net unrealized depreciation on investments
based on cost for federal income tax purposes of $949,975,787 was
as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 36,499,318
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (63,219,449)
------------
Net unrealized depreciation $(26,720,131)
============
(b) Debt obligation with a variable interest rate. Rate shown is rate
at period end.
(c) Security represents the interest only portion payments on a pool
of underlying mortgages or mortgage-backed securities.
(e) Security is valued using fair value methods (other than prices
supplied by independent pricing services or broker-dealers). See
Notes to Financial Statements -- Note 1A.
(f) Security is in default and is non-income producing.
(g) Structured reinsurance investment. At July 31, 2015, the value of
these securities amounted to $14,614,023 or 1.5% of total net
assets. See Notes to Financial Statements -- Note 1H.
(h) Consists of Revenue Bonds unless otherwise indicated.
(i) Represents a General Obligation bond.
(j) Rate to be determined.
(k) A portion of this security has been pledged as collateral for
options contracts. Principal amounts are denominated in U.S.
Dollars unless otherwise noted:
IDR Indonesian Rupiah
Purchases and sales of securities (excluding temporary cash investments) for the
period ended July 31, 2015 aggregated $1,286,043,882, and $1,001,554,693,
respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 49
Schedule of Investments | 7/31/15 (continued)
CREDIT DEFAULT SWAP AGREEMENTS -- SELL PROTECTION
-------------------------------------------------------------------------------------------------------------
Notional Obligation Credit Expiration Premiums Unrealized
Principal ($)(1) Counterparty Entity/Index Coupon Rating(2) Date Paid Appreciation
-------------------------------------------------------------------------------------------------------------
2,000,000 Morgan MBIA 5.00% A- 12/20/15 $(110,000) $61,113
Stanley Insurance
Capital Corp.
Services LLC
(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.
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.).
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments).
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3.
The following is a summary of the inputs used as of July 31, 2015, in valuing
the Fund's assets:
----------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $3,227,797 $ -- $3,227,797
Preferred Stocks
Transportation
Air Freight & Logistics -- 35,927 -- 35,927
All Other Preferred Stocks 2,123,574 -- -- 2,123,574
Convertible Preferred Stocks
Energy
Oil & Gas Exploration
& Production -- 170,276 -- 170,276
All Other Convertible
Preferred Stocks 2,126,062 -- -- 2,126,062
Common Stocks
Capital Goods
Industrial Machinery -- -- 31 31
Commercial Services
& Supplies
Diversified Support Services 213,752 -- -- 213,752
Transportation
Airlines 2,728,163 5,971,092 -- 8,699,255
Food & Staples Retailing
Drug Retail 3,438,208 -- -- 3,438,208
The accompanying notes are an integral part of these financial statements.
50 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
--------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------
Food, Beverage & Tobacco
Distillers & Vintners $ 11,090,117 $ -- $ -- $ 11,090,117
Packaged Foods & Meats 11,247,612 4,143,905 -- 15,391,517
Tobacco 7,733,489 13,342,311 -- 21,075,800
Health Care Equipment
& Services
Health Care Distributors 5,747,112 -- -- 5,747,112
Pharmaceuticals, Biotechnology
& Life Sciences
Biotechnology 7,817,654 -- -- 7,817,654
Pharmaceuticals 75,174,298 30,448,854 -- 105,623,152
Banks
Diversified Banks 14,181,812 43,293,383 -- 57,475,195
Regional Banks 9,419,684 -- -- 9,419,684
Diversified Financials
Asset Management &
Custody Banks 33,076,117 1,377,893 -- 34,454,010
Real Estate
Industrial REIT 1,007,857 6,321,089 -- 7,328,946
Specialized REIT 7,894,098 -- -- 7,894,098
Software & Services
Internet Software & Services 9,701,508 -- -- 9,701,508
IT Consulting &
Other Services 9,337,428 -- -- 9,337,428
Systems Software 12,535,821 -- -- 12,535,821
Technology Hardware
& Equipment
Communications Equipment 3,733,010 -- -- 3,733,010
Computer Storage &
Peripherals 10,400,990 -- -- 10,400,990
Technology Hardware, Storage
& Peripherals 4,051,743 3,793,367 -- 7,845,110
All Other Common Stocks -- 135,917,422 -- 135,917,422
Asset Backed Securities -- 9,844,868 -- 9,844,868
Collateralized Mortgage
Obligations -- 16,433,417 -- 16,433,417
Corporate Bonds
Capital Goods
Industrial Machinery -- 4,460,350 40,320 4,500,670
Insurance
Reinsurance -- 6,583,848 14,614,023 21,197,871
All Other Corporate Bonds -- 345,629,292 -- 345,629,292
Foreign Government Bonds -- 1,665,883 -- 1,665,883
Municipal Bonds -- 8,041,062 -- 8,041,062
Senior Floating Rate
Loan Interests -- 9,191,587 -- 9,191,587
Exchange Traded Funds 12,886,068 -- -- 12,886,068
Purchased Put Options -- 1,041,482 -- 1,041,482
--------------------------------------------------------------------------------------------
Total $257,666,177 $ 650,935,105 $ 14,654,374 $923,255,656
============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 51
Schedule of Investments | 7/31/15 (continued)
-------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------
Other Financial Instruments
Net unrealized appreciation on
futures contracts $18,975 $ -- $ -- $ 18,975
Net unrealized appreciation on
written options 238,360 -- 238,360
Net unrealized appreciation on
swap contracts -- 61,113 -- 61,113
Net unrealized depreciation on
forward foreign
currency contracts -- (146) -- (146)
-------------------------------------------------------------------------------
Total Other
Financial Instruments $18,975 $ 299,327 $ -- $318,302
===============================================================================
The following is a reconciliation of assets valued using significant observable
inputs (Level 3):
------------------------------------------------------------------------------------------
Convertible
Corporate Preferred Common Corporate
Bond Stocks Stocks Bond Total
------------------------------------------------------------------------------------------
Balance as of 7/31/14 $ 25,000 $1,446,495 $ -- $ 1,555,050 $ 3,026,545
Realized gain (loss)(1) (3,750) (6,689) -- 223 (10,216)
Change in unrealized
appreciation
(depreciation)(2) -- 176,300 -- (684,851) (508,551)
Purchases -- 31 13,987,649 13,987,680
Sales (21,250) (169,611) -- (1,650,223) (1,841,084)
Transfers in and out of
Level 3 Categories (1,446,495) 1,446,495 --
Transfers in and out to
Level 3* -- -- -- -- --
------------------------------------------------------------------------------------------
Balance as of 7/31/15 $ -- $ -- $ 31 $14,654,343 $14,654,374
==========================================================================================
(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 July 31, 2015, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments
still held as of 7/31/15 $(1,332,525.00)
--------------
The following is a summary of the fair valuation of certain Portfolio's assets
as of July 31, 2015:
--------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------
Assets:
Futures collateral $ -- $5,495,500 $-- $5,495,500
Options collateral -- 2,443,000 -- 2,443,000
Options collateral received from broker -- 778,983 -- 778,983
Variation margin for futures contracts 84,792 -- -- 84,792
--------------------------------------------------------------------------------------------
Total $ 84,792 $8,717,483 $-- $8,802,275
============================================================================================
The accompanying notes are an integral part of these financial statements.
52 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
Statement of Assets and Liabilities | 7/31/15
ASSETS:
Investment in securities (cost $947,882,015) $ 923,255,656
Cash 33,287,698
Foreign Currencies (cost $1,628,630) 1,629,490
Futures collateral 5,495,500
Options collateral 2,443,000
Options collateral received from broker 778,983
Receivables --
Investment securities sold 5,700,206
Fund shares sold 5,289,193
Dividends 1,048,617
Interest 6,854,293
Due from Pioneer Investment Management, Inc. 124,593
Variation margin for futures contracts 84,792
Net unrealized appreciation on futures contracts 18,975
Net unrealized appreciation on swap contracts 61,113
Prepaid Expenses 61,301
-----------------------------------------------------------------------------------------
Total assets $ 986,133,410
=========================================================================================
LIABILITIES:
Credit default swaps, premiums paid $ 110,000
Payables --
Investment securities purchased 16,144,388
Fund shares repurchased 2,272,765
Dividends 43,886
Trustee fees 3,731
Net unrealized depreciation on forward foreign currency contracts 146
Due to affiliates 155,224
Accrued expenses 143,569
Written options (premiums received $983,335) 744,975
-----------------------------------------------------------------------------------------
Total liabilities $ 19,618,684
=========================================================================================
NET ASSETS:
Paid-in capital $1,011,633,276
Undistributed net investment income 4,227,839
Accumulated net realized loss on investments, foreign currency
transactions, swap contracts and futures contracts (25,009,123)
Net unrealized depreciation on investments (24,626,359)
Net unrealized appreciation on futures contracts 18,975
Net unrealized appreciation on swap contracts 61,113
Net unrealized appreciation on written option contracts 238,360
Net unrealized depreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (29,355)
-----------------------------------------------------------------------------------------
Total net assets $ 966,514,726
=========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $266,898,878/23,933,966 shares) $ 11.15
Class C (based on $353,686,400/31,812,453 shares) $ 11.12
Class K (based on $37,935,226/3,401,056 shares) $ 11.15
Class R (based on $456,016/40,716 shares) $ 11.20
Class Y (based on $307,538,206/27,616,023 shares) $ 11.14
MAXIMUM OFFERING PRICE:
Class A ($11.15 / 95.5%) $ 11.68
=========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 53
Statement of Operations
For the Year Ended 7/31/15
INVESTMENT INCOME:
Interest (net of foreign taxes withheld of $80,359) $ 26,084,412
Dividends (net of foreign taxes withheld of $992,407) 27,872,105
--------------------------------------------------------------------------------------------------
Total investment income $ 53,956,517
--------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 4,319,827
Transfer agent fees
Class A 50,179
Class C 27,004
Class Y 8,553
Distribution fees
Class A 601,574
Class C 3,052,123
Class R 96
Shareholder communication expense 745,953
Administrative reimbursement 254,405
Custodian fees 166,189
Registration fees 152,842
Professional fees 92,739
Printing expense 54,402
Fees and expenses of nonaffiliated Trustees 31,933
Miscellaneous 138,090
--------------------------------------------------------------------------------------------------
Total operating expenses $ 9,695,909
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (432,186)
--------------------------------------------------------------------------------------------------
Net operating expenses $ 9,263,723
--------------------------------------------------------------------------------------------------
Net investment income $ 44,692,794
--------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
SWAP CONTRACTS, FUTURES CONTRACTS, WRITTEN OPTIONS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $(16,386,941)
Futures contracts (8,018,520)
Swap contracts 4,846,097
Foreign currency contracts and other assets
and liabilities denominated in foreign currencies (1,070,129) $(20,629,493)
--------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $(39,496,319)
Futures contracts (304,384)
Written Option 238,360
Swap contracts (120,268)
Foreign currency contracts and other assets
and liabilities denominated in foreign currencies (294,910) $(39,977,521)
--------------------------------------------------------------------------------------------------
Net loss on investments, futures contracts, swap contracts
and foreign currency transactions $(60,607,014)
--------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $(15,914,220)
==================================================================================================
The accompanying notes are an integral part of these financial statements.
54 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
Statement of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Year Ended Year Ended
7/31/15 7/31/14
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 44,692,794 $ 22,351,386
Net realized loss on investments, futures contracts,
swap contracts and foreign currency transactions (20,629,493) (2,121,104)
Change in net unrealized appreciation (depreciation) on
investments, futures contracts, option contracts, swap
contracts, and foreign currency transactions (39,977,521) 14,666,344
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ (15,914,220) $ 34,896,626
==================================================================================================
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.66 and $0.62 per share, respectively) $ (13,714,853) $ (6,109,178)
Class C ($0.56 and $0.52 per share, respectively) (14,917,936) (4,936,682)
Class K ($0.48 and $0.00 per share, respectively) (499,383) --
Class R ($0.43 and $0.00 per share, respectively) (882) --
Class Y ($0.68 and $0.65 per share, respectively) (18,374,823) (6,520,657)
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (47,507,877) $ (17,566,517)
==================================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 619,264,135 $ 700,789,233
Reinvestment of distributions 46,599,296 17,101,658
Cost of shares repurchased (385,902,803) (102,074,592)
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 279,960,628 $ 615,816,299
--------------------------------------------------------------------------------------------------
Net increase in net assets $ 216,538,531 $ 633,146,408
NET ASSETS:
Beginning of year $ 749,976,195 $ 116,829,787
--------------------------------------------------------------------------------------------------
End of year $ 966,514,726 $ 749,976,195
--------------------------------------------------------------------------------------------------
Undistributed net investment income $ 4,227,839 $ 5,044,300
==================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 55
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------
'15 Shares '15 Amount '14 Shares '14 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 15,185,837 $ 175,230,678 17,494,130 $ 205,342,178
Reinvestment of distributions 1,152,400 13,134,497 496,300 5,852,109
Less shares repurchased (10,534,463) (120,092,929) (4,311,532) (50,401,779)
------------------------------------------------------------------------------------------------
Net increase 5,803,774 $ 68,272,246 13,678,898 $ 160,792,508
================================================================================================
Class C
Shares sold 16,115,144 $ 185,166,940 18,657,545 $ 218,747,591
Reinvestment of distributions 1,291,986 14,666,404 407,291 4,804,556
Less shares repurchased (6,135,870) (69,536,580) (1,700,748) (19,586,446)
------------------------------------------------------------------------------------------------
Net increase 11,271,260 $ 130,296,764 17,364,088 $ 203,965,701
================================================================================================
Class K*
Shares sold 3,358,223 $ 38,969,021 -- $ --
Reinvestment of distributions 43,703 494,440 -- --
Less shares repurchased (870) (9,991) -- --
------------------------------------------------------------------------------------------------
Net increase 3,401,056 $ 39,453,470 -- $ --
================================================================================================
Class R*
Shares sold 40,700 $ 455,831 -- $ --
Reinvestment of distributions 16 182 -- --
Less shares repurchased -- -- -- --
------------------------------------------------------------------------------------------------
Net increase 40,716 $ 456,013 -- $ --
================================================================================================
Class Y
Shares sold 19,066,332 $ 219,441,665 23,500,058 $ 276,699,464
Reinvestment of distributions 1,607,246 18,303,773 544,431 6,444,993
Less shares repurchased (17,270,776) (196,263,303) (2,769,499) (32,086,367)
------------------------------------------------------------------------------------------------
Net increase 3,402,802 $ 41,482,135 21,274,990 $ 251,058,090
================================================================================================
* Class K and Class R shares commenced operations on December 1, 2014.
The accompanying notes are an integral part of these financial statements.
56 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
Financial Highlights
-------------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended 12/22/11
7/31/15 7/31/14 7/31/13 to 7/31/12
-------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.94 $ 11.07 $ 10.61 $ 10.00
-------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.60 $ 0.69 $ 0.61 $ 0.36
Net realized and unrealized gain (loss) on investments (0.73) 0.80 0.78 0.53
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.13) $ 1.49 $ 1.39 $ 0.89
-------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.66) $ (0.62) $ (0.73) $ (0.28)
Net realized gain -- -- (0.20) --
-------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.66) $ (0.62) $ (0.93) $ (0.28)
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.79) $ 0.87 $ 0.46 $ 0.61
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.15 $ 11.94 $ 11.07 $ 10.61
===============================================================================================================================
Total return* (1.10)% 13.77% 13.52% 8.91%***
Ratio of net expenses to average net assets 0.85% 0.85% 0.85% 0.85%**
Ratio of net investment income (loss) to average net assets 5.38% 6.62% 6.19% 5.99%**
Portfolio turnover rate 120% 99% 119% 42%***
Net assets, end of period (in thousands) $266,899 $216,565 $49,263 $ 6,545
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 0.95% 1.00% 1.37% 2.51%**
Net investment income (loss) to average net assets 5.28% 6.47% 5.67% 4.33%**
===============================================================================================================================
* 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.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 57
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended 12/22/11
7/31/15 7/31/14 7/31/13 to 7/31/12
-------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.91 $ 11.04 $ 10.60 $ 10.00
-------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.51 $ 0.57 $ 0.52 $ 0.32
Net realized and unrealized gain (loss) on investments (0.74) 0.82 0.75 0.52
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.23) $ 1.39 $ 1.27 $ 0.84
-------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.56) $ (0.52) $ (0.63) $ (0.24)
Net realized gain -- -- (0.20) --
-------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.56) $ (0.52) $ (0.83) $ (0.24)
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.79) $ 0.87 $ 0.44 $ 0.60
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.12 $ 11.91 $ 11.04 $ 10.60
===============================================================================================================================
Total return* (1.89)% 12.84% 12.39% 8.45%***
Ratio of net expenses to average net assets 1.69% 1.72% 1.71% 1.67%**
Ratio of net investment income (loss) to average net assets 4.59% 5.73% 5.24% 5.17%**
Portfolio turnover rate 120% 99% 119% 42%***
Net assets, end of period (in thousands) $353,686 $244,574 $35,074 $ 5,831
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 1.69% 1.72% 2.13% 3.26%**
Net investment income (loss) to average net assets 4.59% 5.73% 4.81% 3.58%**
===============================================================================================================================
* 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.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
58 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
--------------------------------------------------------------------------------
12/1/14
to 7/31/15
--------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 11.50
--------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.50
Net realized and unrealized gain (loss) on investments (0.37)
--------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.13
--------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.48)
Net realized gain --
--------------------------------------------------------------------------------
Total distributions $ (0.48)
--------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.35)
--------------------------------------------------------------------------------
Net asset value, end of period $ 11.15
================================================================================
Total return* 1.13%***
Ratio of net expenses to average net assets 0.63%**
Ratio of net investment income (loss) to average net assets 5.63%**
Portfolio turnover rate 120%**
Net assets, end of period (in thousands) $37,935
================================================================================
* 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.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 59
Financial Highlights (continued)
--------------------------------------------------------------------------------
12/1/14
to 7/31/15
--------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 11.50
--------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.43
Net realized and unrealized gain (loss) on investments (0.30)
--------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.13
--------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.43)
Net realized gain --
--------------------------------------------------------------------------------
Total distributions $ (0.43)
--------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.30)
--------------------------------------------------------------------------------
Net asset value, end of period $ 11.20
================================================================================
Total return* 1.16%***
Ratio of net expenses to average net assets 1.40%**
Ratio of net investment income (loss) to average net assets 4.20%**
Portfolio turnover rate 120%**
Net assets, end of period (in thousands) $ 456
================================================================================
* 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.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
-------------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended 12/22/11
7/31/15 7/31/14 7/31/13 to 7/31/12
-------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 11.93 $ 11.06 $ 10.62 $ 10.00
-------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.63 $ 0.68 $ 0.63 $ 0.39
Net realized and unrealized gain (loss) on investments (0.74) 0.84 0.76 0.51
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.11) $ 1.52 $ 1.39 $ 0.90
-------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.68) $ (0.65) $ (0.75) $ (0.28)
Net realized gain -- -- (0.20) --
-------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.68) $ (0.65) $ (0.95) $ (0.28)
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.79) $ 0.87 $ 0.44 $ 0.62
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.14 $ 11.93 $ 11.06 $ 10.62
===============================================================================================================================
Total return* (0.89)% 14.01% 13.53% 9.10%***
Ratio of net expenses to average net assets 0.65% 0.65% 0.65% 0.65%**
Ratio of net investment income (loss) to average net assets 5.58% 6.58% 6.23% 6.16%**
Portfolio turnover rate 120% 99% 119% 42%***
Net assets, end of period (in thousands) $307,538 $288,838 $32,492 $ 5,418
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 0.71% 0.71% 1.10% 2.25%**
Net investment income (loss) to average net assets 5.52% 6.52% 5.79% 4.56%**
===============================================================================================================================
* 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.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 61
Notes to Financial Statements | 7/31/15
1. Organization and Significant Accounting Policies
Pioneer Multi-Asset Income Fund (the Fund) is one of three portfolios comprising
Pioneer Series Trust IV, 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 K,
Class R and Class Y shares. Class A, Class C and Class Y shares commenced
operations on December 22, 2011. Class K and Class R shares commenced operations
on December 1, 2014. Each class of shares represents an interest in the same
portfolio of investments of the Fund and has identical rights (based on relative
net asset values) to assets and liquidation proceeds. Share classes can bear
different rates of class-specific fees and expenses, such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board the flexibility to
specify either per-share voting or dollar-weighted voting when submitting
matters for shareholder approval. Under per-share voting, each share of a class
of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements.
62 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Fixed
income securities are valued at prices supplied by independent pricing
services, which consider such factors as market prices, market events,
quotations from one or more brokers, Treasury spreads, yields, maturities
and ratings. Valuations may be supplemented by dealers and other sources,
as required. Senior floating rate loan interests (senior loans) are valued
in accordance with guidelines established by the Board of Trustees at the
mean between the last available bid and asked prices from one or more
brokers or dealers as obtained from Loan Pricing Corporation, an
independent pricing service. If price information is not available from
Loan Pricing Corporation, or if the price information is deemed to be
unreliable, price information will be obtained from an alternative loan
interest pricing service. If no reliable price quotes are available from
either the primary or alternative pricing service, broker quotes will be
solicited. Event-linked bonds are valued at the bid price obtained from an
independent third party pricing service. Other insurance linked securities
may be valued at the bid price obtained from an independent pricing
service, or through a third party using a pricing matrix, insurance
industry valuation models, or other fair value methods or techniques to
provide an estimated value of the instrument. Credit default swaps are
valued by an independent pricing service based upon valuation models
incorporating default probabilities, estimated recovery rates, actual
reported transactions, and other available market data. Equity securities
that have traded on an exchange are valued at the last sale price on the
principal exchange where they are traded. Equity securities that have not
traded on the date of valuation, or securities for which sale prices are
not available, generally are valued using the mean between the last bid and
asked prices. Shares of money market mutual funds are valued at such funds'
net asset value. Cash may include overnight time deposits at approved
financial institutions.
Securities 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.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 63
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 July 31, 2015, three securities were valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services or broker-dealers or using a third party insurance industry
pricing model) representing less than 0.0% 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.
Dividend and interest income are reported net of unrecoverable foreign
taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
C. 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
64 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
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 gain or loss on investments.
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded
in the Fund's financial statements. The Fund records realized gains and
losses at the time a portfolio hedge is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 6).
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 taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of July 31, 2015, the Fund did not accrue any interest or penalties with
respect to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax returns filed
within the prior three years remain subject to examination by federal and
state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences. At
July 31, 2015, the Fund reclassified $1,998,622 to increase undistributed
net investment income and $1,998,622 to increase accumulated net realized
loss on investments, foreign currency transactions, swap contracts and
futures contracts to reflect permanent book/tax differences. These
adjustments have no impact on the net assets or results of operations.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 65
At July 31, 2015, the Fund was permitted to carry forward indefinitely
$23,820,576 of short-term losses under the Regulated Investment Company
Modernization Act of 2010 without limitation.
The tax character of distributions paid during the year ended July 31, 2015
and July 31, 2014 was as follows:
---------------------------------------------------------------------------
2015 2014
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $47,507,877 $17,566,517
---------------------------------------------------------------------------
Total $47,507,877 $17,566,517
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at July 31, 2015:
---------------------------------------------------------------------------
2015
---------------------------------------------------------------------------
Distribution paid from:
Undistributed ordinary income $ 5,314,120
Capital loss carryforward (23,820,576)
Current year dividend payable (43,886)
Unrealized depreciation (26,568,208)
---------------------------------------------------------------------------
Total $(45,118,550)
===========================================================================
The difference between book-basis and tax-basis net unrealized depreciation
is attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, the tax treatment of premium and amortizing,
the mark to market of forward and futures contracts, tax basis adjustments
on Real Estate Investment Trust (REIT) holdings, interest accruals on
preferred stock, partnerships and other holdings.
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 $282,446 in underwriting commissions on the sale of
Class A shares during the year ended July 31, 2015.
G. Class Allocations
Income, common expenses, and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, 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 transfer agent,
Pioneer Investment Management
66 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
Shareholder Services, Inc. (PIMSS), for its services are allocated among
the classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class C, Class K, Class R and Class
Y shares can reflect different transfer agent and distribution expense
rates.
H. Risks
When interest rates rise, the prices of fixed-income securities in the Fund
will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities in the Fund will generally rise. Investments in the
Fund are subject to possible loss due to the financial failure of
underlying issuers and their inability to meet their debt obligations. The
Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
The Fund invests in event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event, as defined within the terms of
an event-linked bond occurs, the Fund may lose a portion or all of its
accrued interest and/or principal invested in such event-linked bond. The
Fund is entitled to receive principal and interest payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, event-linked bonds
may expose the Fund to other risks, including but not limited to issuer
(credit) default, adverse regulatory or jurisdictional interpretations and
adverse tax consequences.
In addition to event-linked bonds, the Fund also may invest in other
insurance-linked securities ("ILS"). The Fund's investments in ILS may
include special purpose vehicles ("SPVs") or similar instruments structured
to comprise a portion of a reinsurer's catastrophe-oriented business, known
as quota share instruments (sometimes referred to as reinsurance sidecars),
or to provide reinsurance relating to specific risks to insurance or
reinsurance companies through a collateralized instrument, known as
collateralized reinsurance. Structured reinsurance investments also may
include industry
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 67
loss warranties ("ILWs"), are subject to the same risks as event-linked
bonds. In addition, because quota share instruments represent an interest
in a basket of underlying reinsurance contracts, the Fund has limited
transparency into the individual underlying contracts and therefore must
rely upon the risk assessment and sound underwriting practices of the
issuer. Accordingly, it may be more difficult for PIM to fully evaluate the
underlying risk profile of the Fund's investment in quota share instruments
and therefore place the Fund's assets at greater risk of loss than if PIM
had more complete information. These securities may be difficult to
purchase, sell or unwind and may be difficult to value.
I. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
July 31, 2015 was $5,495,500. 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 and depreciation. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between
the opening and closing value of the contract as well as any fluctuation in
foreign currency exchange rates where applicable. The use of futures
contracts involves, to varying degrees, elements of market, interest rate,
currency exchange rate and counterparty risks, which may exceed the amounts
recognized by the Fund. Changes in value of the contracts may not directly
correlate to the changes in value of the underlying securities. The average
value of contracts open during the year ended July 31, 2015 was
($57,301,969).
At July 31, 2015, open futures contracts were as follows:
----------------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation/
Type Long/(Short) Month/Year Value Depreciation
----------------------------------------------------------------------------------------
F/C JPN YEN 289 9/15 $ 29,143,844 $ (35,469)
F/C EURO STOXX 50 (250) 9/15 (9,872,013) 8,231
F/C S&P500 EMINI (800) 9/15 (83,936,000) (249,637)
F/C EURO FX (214) 9/15 (29,347,425) 295,850
----------------------------------------------------------------------------------------
$(94,011,594) $ 18,975
========================================================================================
68 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
J. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. (PIM), is responsible for determining that the value of the
collateral remains at least equal to the repurchase price. At July 31,
2015, the Fund had no outstanding repurchase agreements.
K. Credit Default Swaps
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. As a
seller of protection, the Fund would be required to pay the notional (or
other agreed upon) value of the referenced debt obligation to the
counterparty in the event of a default by a U.S. or foreign corporate
issuer of a debt obligation, which would likely result in a loss to the
Fund. In return, the Fund would receive from the counterparty a periodic
stream of payments during the term of the contract provided that no event
of default occurred. The maximum exposure of loss to the Fund as seller of
protection would be the notional value of the credit default swaps
outstanding. If no default occurs, the Fund would keep the stream of
payments and would have no payment obligation. The Fund may also buy credit
default swap contracts in order to hedge against the risk of default of
debt securities, in which case the Fund would function as the counterparty
described above.
When the Fund enters into a credit default swap contract, either the buyer
or seller of protection will make a rebalancing payment to the other party.
The amount of the rebalancing payment is determined based on the value of
the contract on the trade date. Periodic payments received or paid by the
Fund are recorded as realized gains or losses.
The credit default swap contracts are marked-to-market daily using
valuations supplied by independent sources and the change in value, if any,
is recorded as unrealized appreciation or depreciation. Payments received
or made as a result of a credit event or upon termination of the contract
are recognized, net of the appropriate amount of the upfront payment, as
realized gains or losses.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 69
buyer and no credit event occurs, it will lose its investment. If the Fund
is a protection seller and a credit event occurs, the value of the
referenced debt instrument received by the Fund, together with the periodic
payments received, may be less than the amount the Fund pays to the
protection buyer, resulting in a loss to the Fund. In addition, obligations
under sell protection credit default swaps may be partially offset by net
amounts received from settlement of buy protection credit default swaps
entered into by the Fund for the same reference obligation with the same
counterparty.
Certain swap contracts that are cleared through a central clearinghouse are
referred to as centrally cleared swaps. All payments made or received by
the Fund are pursuant to a centrally cleared swap contract with the central
clearing party rather than the original counterparty. Upon entering into a
centrally cleared swap contract, the Fund is required to make an initial
margin deposit, either in cash or in securities. The daily change in value
on open centrally cleared contracts is recorded as variation margin on
centrally cleared swaps on the Statement of Assets and Liabilities.
Open credit default swap contracts at July 31, 2015 are listed in the
Schedule of Investments. The average value of credit default swap contracts
open during the year ended July 31, 2015 was ($43,142).
L. Total Return Swap Agreements
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 total return swap contracts open during the year ended
July 31, 2015 was $411,782. At July 31, 2015, the Fund had no open total
return swap contracts.
70 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
M. 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 options contracts open during the year ended
July 31, 2015 was ($117,534). Written call and put option contracts
outstanding at period end are listed at the end of the Fund's schedule of
investments.
The Fund held two written put option contracts that were open at July 31,
2015. If the put options were exercised at July 31, 2015, the maximum
amount the Fund would have been required to pay was $665,695.
The Fund held two written call option contracts that were open at July 31,
2015. If the put options were exercised at July 31, 2015, the maximum
amount the Fund would have been required to pay was $317,640.
---------------------------------------------------------------------------
Number of
Contracts Premium Paid
---------------------------------------------------------------------------
Options open at beginning of period -- $ --
Options opened (46,139) (983,335)
Options exercised -- --
Options closed -- --
Options expired -- --
---------------------------------------------------------------------------
Options open at end of period (46,139) $ (983,335)
===========================================================================
N. Purchased Options
The Fund may purchase put and call options in order to seek to increase
total return. Purchased call and put options entitle the Fund to buy and
sell a specified number of shares or units of a particular security,
currency or index at a specified price at a specific date or within a
specific period of time. Upon the purchase of a call or put option, the
premium paid by the Fund is included in the Statement of Assets and
Liabilities as an investment. All premiums are marked-to-market daily, and
any unrealized appreciation or
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 71
depreciation are recorded in the Fund's financial statements. As the
purchaser of an index option, the Fund has the right to receive a cash
payment equal to any depreciation in the value of the index below the
strike price of the option (in the case of a put) or equal to any
appreciation in the value of the index over the strike price of the option
(in the case of a call) as of the valuation date of the option. Premiums
paid for purchased calls and put options which have expired are treated as
realized losses on investments in the Statement of Operations. Upon the
exercise or closing of a purchased put option, the premium is offset
against the proceeds on the sale of the underlying security or financial
instrument in order to determine the realized gain or loss on investments.
Upon the exercise or closing of a purchased call option, the premium is
added to the cost of the security or financial instrument. The risk
associated with purchasing options is limited to the premium originally
paid.
The average value of purchased options contracts open during the year ended
July 31, 2015 was $262,876. Purchased option contracts outstanding at
period end are listed within 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 of 0.50% of
the Fund's average daily net assets up to $1 billion and 0.45% on assets over $1
billion. For the year ended July 31, 2015, the effective management fee
(excluding waivers and/or assumption of expenses) was equal to 0.50% of the
Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 0.85%, 1.75%, and 0.65% of the average daily
net assets attributable to Class A, Class C and Class Y shares, respectively.
Fees waived and expenses reimbursed during the year ended July 31, 2015 are
reflected on the Statement of Operations. These expense limitations are in
effect through December 1, 2016. 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
$27,541 in management fees, administrative costs and certain other
reimbursements payable from PIM at July 31, 2015.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
72 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended July 31, 2015, such out-of-pocket expenses by class of shares
were as follows:
---------------------------------------------------------------------------------
Shareholder Communications:
---------------------------------------------------------------------------------
Class A $187,036
Class C 231,001
Class R 55
Class Y 327,861
---------------------------------------------------------------------------------
Total $745,953
=================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $104,697 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at July 31, 2015.
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 R
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the
average daily net assets attributable to Class C shares. The fee for Class C
shares consists of a 0.25% service fee and a 0.75% distribution fee paid as
compensation for personal services and/or account maintenance services or
distribution services with regard to Class C shares. Pursuant to the Plan, the
Fund also pays PFD 0.50% of the average daily net assets attributable to Class R
shares. Separate service plan provides for payment to financial intermediaries
of up to 0.25% of average daily net assets attributable to Class R shares.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $22,986 in distribution fees payable to PFD at July 31, 2015.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within 12 months of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares. There
is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. For the
year ended July 31, 2015, CDSC's in the amount of $75,541 were paid to PFD.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 73
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS, which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended July 31, 2015, the Fund's expenses were
not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At July 31, 2015, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of forward foreign
currency contracts open during the year ended July 31, 2015 was ($1,517,280).
As of July 31, 2015, open forward foreign currency contracts were as follows:
----------------------------------------------------------------------------------------------
Quantity/
Shares
Purchased/
Currency (Sold) Settlement US $ Value Unrealized
Description Counterparty to Deliver Book Value Date at 7/31/15 Depreciation
----------------------------------------------------------------------------------------------
AUD
(Australian Bank of
Dollar) New York (118,035) $(86,060) 8/4/15 $(86,206) $(146)
7. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until June 9, 2015, was in the amount of $215 million.
As of June 9, 2015, the facility is in the amount of $240 million. Under such
facility, depending on the type of loan, interest on borrowings is payable at
the London Interbank Offered Rate (LIBOR) plus 0.90% (0.85% as of February 12,
2014) 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 July 31, 2015, the average daily amount of borrowings
outstanding during the period was $206,575. The related weighted average
annualized interest rate for the period was 0.97% and the total interest expense
on such borrowings was $3,301, which is included in miscellaneous expense,
located on the Statement of Operations. As of July 31, 2015, there were no
borrowings outstanding.
74 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
8. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of July 31, 2015 were as follows:
------------------------------------------------------------------------------------------------
Derivatives Not Asset Derivatives Liabilities Derivatives
Accounted for as -------------------------------------------------------------------
Hedging Instruments Statement of Statement of
Under Accounting Assets and Assets and
Standards Codification Liabilities Liabilities
(ASC) 815 Location Value Location Value
------------------------------------------------------------------------------------------------
Forward Foreign Net unrealized Net unrealized
currency contracts appreciation on depreciation on
forward foreign forward foreign
currency contracts $ -- currency contracts $ (146)
Swap contracts Net unrealized Net unrealized
appreciation on depreciation on
swap contracts $61,113 swap contracts $ --
Futures contracts Net unrealized Net unrealized
appreciation on depreciation on
futures contracts $18,975 futures contracts $ --
Written options Written options $ -- Written options $ 744,975
------------------------------------------------------------------------------------------------
Total $80,088 $ 745,121
================================================================================================
The effect of derivative instruments on the Statement of Operations for the year
ended July 31, 2015 was as follows:
-------------------------------------------------------------------------------------------------
Change in
Derivatives Not Unrealized
Accounted for as Realized Appreciation or
Hedging Instruments Gain or (Loss) (Depreciation)
Under Accounting Location of Gain or (Loss) on Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
-------------------------------------------------------------------------------------------------
Forward foreign Net realized gain (loss) on forward
currency contracts foreign currency contracts $ 546,346
Forward foreign Change in unrealized appreciation
currency contracts (depreciation) on forward foreign
currency contracts $(323,145)
Futures contracts Net realized gain (loss) on
futures contracts $(8,018,520)
Futures contracts Change in net unrealized appreciation
(depreciation) on futures contracts $(304,384)
Swap contracts Net realized gain (loss) on
swap contracts $ 4,846,097
Swap contracts Change in net unrealized appreciation
(depreciation) on swap contracts $(120,268)
Written options Net realized gain (loss) on
written options $ --
Written options Change in net unrealized appreciation
(depreciation) on written options $ 238,360
================================================================================================
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 75
9. Bridge Loan Commitments
As of July 31, 2015, the Portfolio had five bridge loan commitments of
$17,959,348, which could be extended at the option of the borrower, pursuant
to the following loan agreements:
-----------------------------------------------------------------------------------
Unrealized
Loan Principal Cost Value Appreciation
-----------------------------------------------------------------------------------
Charter Communications
Operating Co. 2,724,348 $ 2,724,348 $ 2,724,348 $ --
Builders FirstSource, Inc. 4,485,000 4,485,000 4,485,000 --
Alliant Holdings I, L.P. 3,610,000 3,610,000 3,610,000 --
Rite Aid Corporation 4,185,000 4,185,000 4,185,000 --
Templar Energy LLC 2,955,000 2,955,000 2,955,000 --
-----------------------------------------------------------------------------------
Total $17,959,348 $17,959,348 $ --
-----------------------------------------------------------------------------------
10. Assets and Liabilities Offsetting
Financial instruments subject to an enforceable master netting agreement have
been offset on the Statement of Assets and Liabilities. The following charts
show gross assets and liabilities of the Fund as of July 31, 2015.
--------------------------------------------------------------------------------------------------
Assets:
Gross
Amounts Net Gross Amounts Not Offset
Offset Amounts of in the Statement of
in the Assets Assets and Liabilities
Gross Statement Presented in ------------------------------
Amounts of of Assets the Statement Cash
Recognized and of Assets and Financial Collateral Net
Description Assets Liabilities Liabilities Instruments Received* Amount
--------------------------------------------------------------------------------------------------
Forward foreign
currency
contracts $ -- $ -- $ -- $ -- $ -- $ --
Swap contracts 61,113 -- 61,113 -- -- 61,113
Written options -- -- -- -- -- --
--------------------------------------------------------------------------------------------------
$61,113 $ -- $61,113 $ -- $ -- $61,113
==================================================================================================
76 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
----------------------------------------------------------------------------------------------------
Liabilities:
Gross
Amounts Net Gross Amounts Not Offset
Offset Amounts of in the Statement of
in the Liabilities Assets and Liabilities
Gross Statement Presented in ------------------------------
Amounts of of Assets the Statement Cash
Recognized and of Assets and Financial Collateral Net
Description Liabilities Liabilities Liabilities Instruments Pledged* Amount
----------------------------------------------------------------------------------------------------
Forward foreign
currency
contracts $ 146 $ -- $ 146 $ -- $ -- $ 146
Swap
contracts -- -- -- -- -- --
Written
options 744,975 -- 744,975 -- 744,975 --
----------------------------------------------------------------------------------------------------
$745,121 $ -- $745,121 $ -- $744,975 $ 146
====================================================================================================
* 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.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 77
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust IV and the Shareowners of
Pioneer Multi-Asset Income Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Multi-Asset Income Fund (the "Fund"), one of the portfolios constituting Pioneer
Series Trust IV (the "Trust"), including the schedule of investments, as of July
31, 2015, and the related statement of operations for the year then ended and
the statements of changes in net assets and the financial highlights each of the
two years in the period then ended. These financial statements and 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 July 31, 2013,
2012, and 2011 were audited by other auditors. Those auditors expressed an
unqualified opinion on those financial statements and financial highlights in
their report dated September 24, 2013.
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 July 31, 2015, 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
provides 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 Income Fund as of July 31, 2015, 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
September 24, 2015
78 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
ADDITIONAL INFORMATION (unaudited)
For the year ended July 31, 2015, 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 2015 form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 20.94%.
The percentages of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
was 39.41%.
PIM, the Fund's investment adviser, is currently an indirect, wholly-owned
subsidiary of UniCredit. On April 23, 2015, UniCredit announced that it signed a
preliminary and exclusive agreement with Banco Santander and affiliates of
Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to
Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
The Transaction, as described in the UniCredit announcement, will entail the
establishment of a holding company, with the name Pioneer Investments, to be
owned by UniCredit (50%) and the Private Equity Firms (50% between them). The
holding company will control Pioneer's U.S. operations, including the Adviser.
The holding company also will own 66.7% of Pioneer's and SAM's combined
operations outside the U.S., while Banco Santander will own directly the
remaining 33.3% stake. The completion of the Transaction is subject to the
signing of a definitive agreement, as well as certain regulatory and corporate
approvals, and other conditions.
Under the Investment Company Act of 1940, completion of the Transaction will
cause the Fund's investment advisory agreement with the Adviser to terminate. In
connection with the Transaction, the Fund's Board of Trustees will be asked to
approve a new investment advisory agreement for the Fund. If approved by the
Board, the Fund's new investment advisory agreement will be submitted to the
shareholders of the Fund for their approval.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 79
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
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
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 51 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.
80 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held with the Trust Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (64) Trustee since 2011. Private investor (2004-2008 and 2013-present); Director, Broadridge Financial
Chairman of the Board Serves until a Chairman (2008 - 2013) and Chief Executive Officer Solutions Inc. (investor
and Trustee successor trustee (2008 - 2012), Quadriserv, Inc. (technology communications and, securities
is elected or products for securities lending industry); and processing provider for
earlier retirement Senior Executive Vice President, The Bank of New financial services industry)
or removal. York (financial and securities services) (1986 - (2009 - present); Director,
2004) Quadriserv, Inc. (2005 -
2013); and Commissioner, New
Jersey State Civil Service
Commission (2011 - present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (71) Trustee since 2011. Managing Partner, Federal City Capital Advisors Director of New York Mortgage
Trustee Serves until a (corporate advisory services company) (1997 - 2004 Trust (publicly traded mortgage
successor trustee and 2008 - present); Interim Chief Executive REIT) (2004 - 2009, 2012 -
is elected or Officer, Oxford Analytica, Inc. (privately-held present); Director of The
earlier retirement research and consulting company) (2010); Executive Swiss Helvetia Fund, Inc.
or removal. Vice President and Chief Financial Officer, I-trax, (closed-end fund) (2010 -
Inc. (publicly traded health care services present); Director of Oxford
company) (2004 - 2007); Executive Vice President Analytica, Inc. (2008 -
and Chief Financial Officer, Pedestal Inc. present); and Director of
(internet-based mortgage trading company) (2000 - Enterprise Community
2002); Private Consultant (1995 - 1997); Managing Investment, Inc.
Director, Lehman Brothers (1992 -1995); and (privately-held affordable
Executive, The World Bank (1979 - 1992) housing finance company) (1985
- 2010)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman Trustee since 2011. William Joseph Maier Professor of Political Trustee, Mellon Institutional
(70) Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
successor trustee Mellon Institutional Funds
is elected or Master Portfolio (over saw 17
earlier retirement portfolios in fund complex)
or removal. (1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 81
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held with the Trust Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham Trustee since 2011. Founding Director, Vice President and Corporate None
(68) Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting firm)
successor trustee (1982 - present); Desautels Faculty of Management,
is elected or McGill University (1999 - present); and Manager of
earlier retirement Research Operations and Organizational Learning,
or removal. Xerox PARC, Xerox's advance research center (1990 -
1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (67) Trustee since 2011. President and Chief Executive Officer, Newbury, Piret Director of New America
Trustee Serves until a & Company, Inc. (investment banking firm) (1981 - High Income Fund, Inc.
successor trustee present) (closed-end investment
is elected or company) (2004 - present);
earlier retirement and member, Board of
or removal. Governors, Investment
Company Institute (2000 -
2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (68) Trustee since 2014. Consultant (investment company services) (2012 - None
Trustee Serves until a present); Executive Vice President, BNY Mellon
successor trustee (financial and investment company services) (1969
is elected or - 2012); Director, BNY International Financing Corp.
earlier retirement (financial services) (2002 - 2012); and Director,
or removal. Mellon Overseas Investment Corp. (financial services)
(2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
82 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
------------------------------------------------------------------------------------------------------------------------------------
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 2008) None
Trustee Serves until a and Chief Investment Officer, U.S. (since 2010), of
successor trustee is PIM-USA; Executive Vice President of Pioneer (since
elected or earlier 2008); Executive Vice President of Pioneer
retirement or Institutional Asset Management, Inc. (since 2009);
removal. Portfolio Manager of Pioneer (since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer or director of
the Fund's investment adviser and certain of its affiliates.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 83
Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Trust Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lorraine H. Monchak (59)** Advisory Trustee Chief Investment Officer, 1199 SEIU Funds (health care None
since 2014. workers union pension Funds) (2001 - present); Vice
President - International Investments Group, American
International 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 Corp. (government-sponsored Issuer
of debt securities) (1988 - 1990); Mortgage Strategies
Group, Shearson Lehman Hutton, Inc. (investment bank)
(1987 - 1988); and Mortgage Securities Group, Drexel
Burnham Lambert, Ltd. (investment bank) (1986 - 1987)
------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak in a non-voting Advisory Trustee.
84 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
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 (53) Since 2014. Serves at Chair, Director, CEO and President of Pioneer None
President and Chief the discretion of the Investment Management-USA (since September 2014); Chair,
Executive Officer Board. Director, CEO and President of Pioneer Investment
Management, Inc. (since 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 (50) Since 2011. Serves at Vice President and Associate General Counsel of Pioneer None
Secretary and Chief Legal the discretion of the since January 2008; Secretary and Chief Legal Officer of
Officer Board. 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 (54) Since 2011. Serves at Fund Governance Director of Pioneer since December 2006 None
Assistant Secretary the discretion of the and Assistant Secretary of all the Pioneer Funds since
Board. 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 (52) Assistant Since 2011. Serves at Senior Counsel of Pioneer since May 2013 and Assistant None
Secretary the discretion of the Secretary of all the Pioneer Funds since June 2010; and
Board. Counsel of Pioneer from June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (55) Since 2011. Serves at Vice President - Fund Treasury of Pioneer; Treasurer of None
Treasurer and Chief the discretion of the all of the Pioneer Funds since March 2008; Deputy
Financial and Accounting Board. Treasurer of Pioneer from March 2004 to February 2008;
Officer and Assistant Treasurer of all of the Pioneer Funds
from March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 85
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Held Term of Office and Other Directorships
with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (49) Since 2011. Serves at Director - Fund Treasury of Pioneer; and Assistant None
Assistant Treasurer the discretion of the Treasurer of all of the Pioneer Funds
Board.
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (56) Since 2011. Serves at Fund Accounting Manager - Fund Treasury of Pioneer; None
Assistant Treasurer the discretion of the and Assistant Treasurer of all of the Pioneer Funds
Board.
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (35) Since 2011. Serves at Fund Administration Manager - Fund Treasury of Pioneer None
Assistant Treasurer the discretion of the since November 2008; Assistant Treasurer of all of the
Board. 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 (62) Chief Since 2011. Serves at Chief Compliance Officer of Pioneer and of all the None
Compliance Officer the discretion of the Pioneer Funds since March 2010; Chief Compliance
Board. 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 (44) Since 2011. Serves at Director - Transfer Agency Compliance of Pioneer and None
Anti-Money Laundering the discretion of the Anti-Money Laundering Officer of all the Pioneer Funds
Officer Board. since 2006
------------------------------------------------------------------------------------------------------------------------------------
86 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
This page for your notes.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 87
This page for your notes.
88 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
This page for your notes.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 89
This page for your notes.
90 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
This page for your notes.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15 91
This page for your notes.
92 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/15
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2015 Pioneer Investments 25962-03-0915
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 $130,877
payable to Deloitte & Touche LLP for the year ended
July 31, 2015 and $118,330 for the year ended July 31, 2014.
(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 fees for audit-related or other services
provided to the Trust during the fiscal years ended
July 31, 2015 and 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 $24,600
payable to Deloitte & Touche LLP for the year ended
July 31, 2015 and $21,300 for the year ended July 31, 2014.
(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 fees for audit-related or other services
provided to the Trust during the fiscal years ended
July 31, 2015 and 2014.
(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 July 31 2015 and 2014, 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 $24,600
payable to Deloitte & Touche LLP for the year ended
July 31, 2015 and $21,300 for the year ended July 31, 2014.
(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 Trust'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 IV
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date September 29, 2015
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date September 29, 2015
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date September 29, 2015
* Print the name and title of each signing officer under his or her signature.