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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21781
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, 2015 through July 31, 2016
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Classic
Balanced Fund
--------------------------------------------------------------------------------
Annual Report | July 31, 2016
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Ticker Symbols:
Class A AOBLX
Class C PCBCX
Class K PCBKX
Class R CBPRX
Class Y AYBLX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 11
Prices and Distributions 12
Performance Update 13
Comparing Ongoing Fund Expenses 18
Schedule of Investments 20
Financial Statements 47
Notes to Financial Statements 56
Report of Independent Registered Public Accounting Firm 68
Trustees, Officers and Service Providers 70
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 1
President's Letter
Dear Shareowner,
The first half of 2016 has featured some remarkable twists and turns in the
global economy. The year began on shaky footing as surging market volatility
brought about by fears of weaker global economic growth as well as falling oil
prices depressed returns for investors. In the US, both equity and fixed-income
markets declined significantly through the first six weeks of the year, only to
recover the losses by the end of the first quarter when market sentiment
shifted, due in part to accommodative monetary policies from the world's central
banks.
Midway through the first quarter, for example, the US Federal Reserve System
(the Fed) backed off plans to raise interest rates four times in 2016, and the
European Central Bank announced a more comprehensive asset-purchasing program in
the hopes of encouraging lending, and boosting both inflation and economic
growth. The markets responded with a solid rally. By the end of May, in fact, US
equities, as measured by the Standard & Poor's 500 Index, had generated a solid
year-to-date (YTD) return of 3.55%, and the YTD return (as of 5/31/16) of the
Barclays Aggregate Bond Index, a common measure of the US fixed-income market,
was 3.45%.
As markets began to settle down, the Brexit vote - the vote confirming that the
United Kingdom (UK) would exit the European Union (EU) - surprised many, and the
rollercoaster ride began once again. The market sold off sharply in the first
few days after the vote, then rallied as investors sought bargains created by
the initial post-Brexit sell-off, and as more, less ominous information about
the implications of the Brexit results came to light.
From a macroeconomic perspective, Pioneer believes the negative economic impact
of Brexit on the US should be more limited compared with its effects on the UK
and Europe. However, we expect reduced global demand due to a higher level of
uncertainty and risk aversion among investors. While the spillover effects on
the US economy are unclear, we think it possible that, in the event of a
significant negative economic impact, the Fed might consider other monetary
policy options. Globally, we believe that central banks are ready to act and
that their initial focus will be to stabilize the markets and provide liquidity,
if needed.
While the Brexit vote is now official, the expectation is that the actual
process of separating the UK from the EU could take at least two years. Only in
the next several months may we begin to see signs of what path Europe will
follow as it adapts to the reality of an EU without one of its most prominent
members. Over the medium-term, however, we believe uncertainties over the future
of Europe and central banks' reactions will likely dominate financial markets,
and we believe the news flow surrounding Brexit will continue to weigh on
riskier assets. Competing for headlines, too, is the current financial condition
of many European banks. Ultimately, we think that the political and monetary
policy responses will be the major variables when it comes to managing an
orderly
2 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
Brexit. In addition, as the second half of 2016 gets underway, we continue to
see central bank policies as generally supportive of the US economy -- for which
we maintain an expectation of modest growth this year.
Aside from the Brexit-caused uncertainties, economies around the world in both
developed and emerging markets are experiencing deep structural changes. Current
challenges include incomplete debt deleveraging in both emerging and developed
markets, where debt levels continue to grow, the transition of many emerging
markets economies from export/investment-driven models to more domestic
demand-driven models, and aging populations, which are reducing productivity and
limiting economic growth potential (primarily in the developed markets but also
in emerging markets such as China). Geopolitical instability on many fronts, the
rising risk of policy mistakes, and market liquidity issues combine to increase
the possibility of sharp swings in asset values. Meanwhile, in the US, as always
in a presidential election year, the political rhetoric of 2016 has the
potential to impact domestic sectors such as health care.
Throughout Pioneer's history, we have believed in the importance of active
management. During periods of market volatility, we view the value of active
management as even more compelling. Our experienced and tenured investment teams
focus on identifying value across global markets using proprietary research,
careful risk management, and a long-term perspective. We believe our shareowners
can benefit from the experience and tenure of our investment teams as well as
the insights generated from our extensive research process.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
July 31, 2016
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 3
Portfolio Management Discussion | 7/31/16
Both the domestic equity and fixed-income markets produced positive returns over
the 12-month period ended July 31, 2016, but not without encountering high
levels of volatility featuring several shifts, and even reversals in sentiment
as investors reacted to a series of contrasting events and concerns. In the
following interview, Walter Hunnewell, Jr., Charles Melchreit, and Brad Komenda
discuss the factors that affected the performance of Pioneer Classic Balanced
Fund during the 12-month period. Mr. Hunnewell, a vice president and portfolio
manager at Pioneer, Mr. Melchreit, Director of Investment-Grade Management, a
senior vice president, and a portfolio manager at Pioneer, and Mr. Komenda, a
vice president and portfolio manager at Pioneer, are responsible for the day-to-
day management of the Fund. Mr. Melchreit and Mr. Komenda became members of the
Fund's management team on March 18, 2016, following the retirement of Richard
Schlanger.
Q How did the Fund perform during the 12-month period ended July 31, 2016?
A Pioneer Classic Balanced Fund's Class A shares returned 0.88% at net asset
value during the 12-month period ended July 31, 2016, 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 5.60% and
6.78%, respectively. During the same period, the average return of the 566
mutual funds in Lipper's Mixed-Asset Target Allocation Moderate Funds
category was 2.03%, and the average return of the 898 mutual funds in
Morningstar's Moderate Allocation Funds category was 1.86%.
Q How would you describe the environment in the domestic equity and bond
markets during the 12-month period ended July 31, 2016?
A The U.S. equity and bond markets each endured successive waves of shifting
trends over the 12-month period, but each ended the Fund's fiscal year with
positive returns. During the first six months of the period, both markets
came under pressure generated by a host of concerns, including worries that
the domestic economy was slowing down, and could even fall back into
recession, as well as concerns exacerbated by falling energy prices, which
led to weakening levels of capital investment. Sluggish job growth and
wariness that the U.S. Federal Reserve (the Fed) might act too aggressively
in raising short-term interest rates - in the wake of the Fed's December
2015 rate hike - further increased investors' anxieties.
The domestic stock market slumped badly from January through the middle of
February 2016. January 2016 was, in fact, one of the worst opening months
of a calendar year for the market on record. In the fixed-income market,
the more credit-sensitive sectors moved in a parallel
4 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
direction to equities during the early part of the period as spreads on
corporate bonds - particularly high-yield corporates - declined. (Credit
spreads are commonly defined as the differences in yield between Treasuries
and other types of fixed-income securities with similar maturities.) Within
the credit sectors, the debt instruments issued by industrial companies
reliant on the energy industry performed particularly poorly as the effects
of falling oil prices worked their way into other parts of the economy. As
the credit spreads widened, Treasuries gained in value and outperformed.
Meanwhile, falling market interest rates led to outperformance by
longer-duration portfolios. (Duration is a measure of the sensitivity of
the price, or the value of principal, of a fixed-income investment to a
change in interest rates, expressed as a number of years.)
The market slump came to an abrupt end in the middle of February, however,
as oil prices stabilized and then rose, and the job market showed renewed
vitality. Stock prices started recovering and credit spreads finally
tightened, leading to stronger performance by credit-sensitive debt, with
the rally led by high-yield corporates. The strong rebound in both the
equity and fixed-income markets persisted almost unabated through the end
of the period on July 31, 2016, despite a dramatic - but temporary -
reversal in late June triggered by the surprising victory of the "leave"
side in the United Kingdom's (U.K.'s) referendum vote on leaving the
European Union ("Brexit").
While the credit-sensitive sectors of the fixed-income market were
rebounding in the final months of the Fund's fiscal year, long-term and
intermediate-term interest rates continued to move lower, benefitting
longer-duration investments, especially Treasuries and government-agency
bonds. Moreover, as international investors allocated additional money to
the United States late in the period in reaction to uncertainties created
by the Brexit vote, the U.S. dollar strengthened, adding fuel to the rally
in Treasuries.
Q Did you change the Fund's allocation between stocks and fixed-income
investments during the 12-month period ended July 31, 2016?
A The Fund's allocations to equities and fixed-income securities remained
relatively consistent over the 12 months. At the start of the period, 63%
of the Fund's assets were in equities, and at the conclusion of the period,
that number was at 62%. Fixed-income investments represented 37% of the
Fund's assets at the beginning of the 12-month period, and 38% as of July
31, 2016. The portfolio's exposure to equities did decline temporarily in
January and early February 2016 as a result of the market sell-offs that
characterized that timeframe, but the equity exposure moved back up as
stock prices rebounded in the middle of February.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 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, 2016?
A The Fund's equity portfolio faced a series of challenges during the period,
and ended up lagging the return of the benchmark S&P 500 for the full 12
months. The Fund's significant underweights in both the utilities and
telecommunication services sectors, which were the two top-performing
sectors in the S&P 500 over the 12-month period, detracted from
benchmark-relative returns. Historically, both sectors have tended to offer
above-average dividend yields, and that proved attractive to yield-oriented
investors during the period, given the low rates (yields) available in the
fixed-income market. While our investment strategy emphasizes dividend
yield when selecting stocks for the Fund's portfolio, we nevertheless
de-emphasized the utilities and telecom services sectors during the period,
in favor of owning shares of companies that are more growth and cyclically
driven, particularly those that we feel have the potential to increase
their dividends* over time. Our decision to significantly overweight the
portfolio in health care during the period also detracted from the Fund's
benchmark-relative returns, as the sector's performance lagged that of the
S&P 500 over the 12 months.
Despite underperforming the S&P 500, the Fund still saw solid performance
from a number of equity holdings during the 12-month period. The top
contributor to the Fund's benchmark-relative returns during the period was
a position in software company Microsoft, which performed well as investors
began appreciating the value of Microsoft's strong presence in the fast-
growing market for providing services in the cloud-based computing area of
the industry. The second-largest contributor to the Fund's relative
performance during the period was a position in Iron Mountain, a leading
provider of physical storage services for paper documents. The company
recently completed a successful acquisition, while at the same time
broadening its storage services and increasing its stock dividend. Shares
of value-oriented retail store chain Dollar General, a holding in the
consumer discretionary sector, was the Fund's third-best performance
contributor during the period. Dollar General benefited from the increased
spending power of its lower-income customer base, a positive side effect of
declining energy prices. Rounding out the top five contributors to the
Fund's benchmark-relative performance during the 12-month period were
positions in brewing company Molson-Coors and food products company
Hershey. Molson-Coors is likely to benefit from consolidation in the global
brewing industry, and Hershey showed surprising earnings strength resulting
from reduced input prices and cost actions by the company's management.
* Dividends are not guaranteed.
6 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
Positions that detracted from the Fund's benchmark-relative returns during
the period included biotech company Gilead, which was the biggest drag on
relative performance. Gilead's stock price declined when the market began
doubting the potential of the company's Hepatitis C franchise; those
concerns, in turn, overshadowed the strength of Gilead's HIV-related
business. Our dividend-income-focused stock selection strategy leaves some
room for investment in more growth-oriented, non-dividend-paying equities,
such as Gilead. When we made the initial investment in Gilead, the company
did not pay a dividend; however, it subsequently initiated one, which it
has continued to pay. We reduced the Fund's position in Gilead towards the
end of the 12-month period. The second-biggest detractor from
benchmark-relative returns during the period was a position in another
pharmaceutical firm, AbbVie. Despite the company's generous dividend, the
stock underperformed due to concerns about the patent life of its
rheumatoid arthritis drug Humira. We sold the Fund's position before period
end.
The third- and fourth-biggest detractors from the Fund's relative returns
during the period also were in the health care sector: drug-distribution
company McKesson, and pharmaceutical chain/prescription benefits manager
CVS Health. McKesson's stock underperformed as price inflation for generic
drugs eroded the company's earnings power. We sold the Fund's position
before period end. With regard to CVS, the Fund had an overweight position
in the stock, which produced disappointing results when the market
developed concerns about the company's ability to retain and win
institutional clients for its pharmaceutical benefits management business.
We retained the Fund's position in CVS, though, as the company has
demonstrated an ability to win and retain those clients. Finally, in the
financials sector, the Fund's shares of banking corporation Wells Fargo
detracted from benchmark-relative performance.
With regard to overall positioning within the equity portfolio, we
maintained the Fund's underweights to utilities and telecom services as of
the end of the period, despite the sectors' strong performance during the
past 12 months. The materials sector represents the portfolio's
third-largest underweight. The Fund's largest overweight at period end was
in health care. In addition, the Fund ended the 12-month period with
overweights in consumer staples and consumer discretionary. Over the 12
months, we added significantly to the portfolio's position in consumer
staples, which is one defensive sector where we believe both valuation and
dividend growth remain attractive. We also added to the Fund's holdings in
consumer discretionary and industrials. While health care remains the
Fund's largest overweight, we significantly reduced the portfolio's
exposure to the sector over the 12-month period. We also reduced the
weightings in the materials and information technology sectors.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 7
Q What investment strategies most affected the benchmark-relative performance
of the Fund's fixed-income portfolio during the 12-month period ended July
31, 2016?
A The return of the Fund's fixed-income portfolio trailed the return of the
benchmark Barclays Index over the 12-month period. The portfolio's short-
duration stance compared with the benchmark was the major factor holding
back the Fund's relative results. During the course of the Fund's fiscal
year, the portfolio's duration averaged 1.7 years less than that of the
Barclays index. The Fund's duration positioning proved to be a disadvantage
during the 12-month period as longer-maturity debt outperformed in the wake
of declining interest rates.
The negative effects of duration positioning on the Fund's benchmark-
relative returns were offset, somewhat, by good sector allocation
decisions, although individual security selection had a slight negative
influence on relative results. From the outset of the period, we were less
pessimistic on the economy than the overall market, and so we overweighted
the portfolio in the credit-sensitive sectors - especially corporate bonds
- while significantly underweighting U.S. Treasuries. In addition, when the
credit sectors underperformed early in the 12-month period, we took
advantage of the more attractive prices and increased the Fund's
allocation. While the tactic hurt benchmark-relative performance early in
the 12-month period, it turned out to be a major advantage when
credit-sensitive debt rallied over the final months of the Fund's fiscal
year. Significantly, we held and added to portfolio positions in the
corporate debt of energy issuers, especially those in the processing and
energy transportation industries, such as pipeline companies. That exposure
made a large contribution to the Fund's benchmark-relative performance over
the final months of the period.
As of July 31, 2016, the Fund was significantly underweight in U.S.
Treasuries and government-agency bonds, which represent more than 50% of
the Barclays Index. Finally, the portfolio's effective duration was 4.5
years as of period end.
Q Did the Fund have any investments in derivative securities during the
12-month period? If so, did the holdings affect benchmark-relative
performance?
A Yes, in the Fund's fixed-income portfolio, we invested in some Treasury
futures contracts as part of our strategy to keep a low duration. Because
the Fund's shorter-duration positioning detracted from benchmark-relative
performance, the use of Treasury futures was a slight negative factor. We
used no derivatives in the equity portfolio.
8 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
Q What factors affected the Fund's yield, or distributions to shareholders,
during the 12-month period ended July 31, 2016?
A The Fund's quarterly dividend distributions ended the period at the same
level as at the start, after moving down twice and moving back up twice
over the course of the 12 months. Declining market interest rates tended to
hold down the Fund's current income during the period, while our focus on
owning dividend-paying stocks in the equity portfolio tended to provide
support for the Fund's dividend level.
Q What is your investment outlook?
A We believe the domestic economy, as measured by gross domestic product
(GDP), should grow by 1.50% to 2.00% overall during 2016, supported by
continued monetary accommodation by the Fed. We believe strong consumer
spending, helped by an improving job market, should be the main factor
sustaining this GDP growth.
In managing the Fund's equity portfolio, we expect to remain cautious
because corporate earnings growth has been relatively modest of late. We
intend to favor investing in companies with a domestic orientation that we
believe can benefit from moderate growth in consumer spending. That said,
any weakening of the U.S. dollar (USD) would improve investment
opportunities in more export-oriented companies and potentially lead to a
resurgence in the industrials sector. So we plan to be watchful for any
such change in the USD. We retain our traditional preference for owning
shares of quality, large-cap companies that we believe can sustain solid
earnings growth.
In managing the Fund's fixed-income portfolio, we remain heavily
underweight to Treasuries relative to the Barclays Index, although we may
attempt to offset that positioning, to a certain degree, with a sizable
allocation to government-agency mortgages, which are not a benchmark
component. We are satisfied, at the present time, with the portfolio's
exposures to non-agency mortgages and floating-rate bank loans, but we are
analyzing the Fund's holdings of event-linked (insurance industry) bonds,
and may choose to reduce that allocation going forward. We believe the risk
of a backup in interest rates has increased, and so we remain comfortable
with the Fund's short-duration stance relative to the Barclays Index.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 9
Please refer to the Schedule of Investments on pages 20-46 for a full listing of
Fund Securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
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.
10 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
Portfolio Summary | 7/31/16
Portfolio Diversification*
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 59.0%
U.S. Corporate Bonds 12.7%
U.S. Government Securities 12.4%
International Corporate Bonds 5.1%
Collateralized Mortgage Obligations 3.4%
International Common Stocks 2.3%
Asset Backed Securities 1.6%
Municipal Bonds 1.1%
Senior Secured Loans 0.9%
U.S. Preferred Stocks 0.6%
Depositary Receipts for International Stocks 0.5%
Convertible Preferred Stocks 0.3%
Foreign Government Bonds 0.1%
* Includes investments in insurance-linked securities totaling 1.6% 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 22.8%
Information Technology 13.3%
Government 13.0%
Health Care 11.5%
Consumer Discretionary 10.2%
Industrials 8.5%
Consumer Staples 8.1%
Energy 7.0%
Utilities 2.1%
Telecommunication Services 1.8%
Materials 1.7%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)**
1. Pfizer, Inc. 3.35%
--------------------------------------------------------------------------------
2. Microsoft Corp. 3.22
--------------------------------------------------------------------------------
3. Alphabet, Inc. 2.49
--------------------------------------------------------------------------------
4. The Home Depot, Inc. 2.29
--------------------------------------------------------------------------------
5. Wells Fargo & Co. 2.16
--------------------------------------------------------------------------------
6. Johnson & Johnson 1.70
--------------------------------------------------------------------------------
7. Medtronic Plc 1.58
--------------------------------------------------------------------------------
8. Apple, Inc. 1.56
--------------------------------------------------------------------------------
9. The Hershey Co. 1.52
--------------------------------------------------------------------------------
10. CVS Health Corp. 1.49
--------------------------------------------------------------------------------
** This list excludes temporary cash investments and derivative instruments.
The Fund is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 11
Prices and Distributions | 7/31/16
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 7/31/16 7/31/15
--------------------------------------------------------------------------------
A $ 9.07 $ 9.36
--------------------------------------------------------------------------------
C $ 9.00 $ 9.30
--------------------------------------------------------------------------------
R $ 9.06 $ 9.36
--------------------------------------------------------------------------------
Y $ 9.11 $ 9.41
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 7/31/16 12/1/15*
--------------------------------------------------------------------------------
K $ 9.06 $ 9.01
--------------------------------------------------------------------------------
* Class K shares commenced operations on December 1, 2015.
Distributions per Share: 8/1/15-7/31/16
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ 0.1756 $ -- $ 0.1829
--------------------------------------------------------------------------------
C $ 0.1109 $ -- $ 0.1829
--------------------------------------------------------------------------------
K $ 0.1443 $ -- $ 0.0053
--------------------------------------------------------------------------------
R $ 0.1667 $ -- $ 0.1829
--------------------------------------------------------------------------------
Y $ 0.1921 $ -- $ 0.1829
--------------------------------------------------------------------------------
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 13-17.
12 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
Performance Update | 7/31/16 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer 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, 2016)
--------------------------------------------------------------------------------
Barclays
Govern-
Net Public ment/ Standard
Asset Offering Credit & Poor's
Value Price Bond 500
Period (NAV) (POP) Index Index
--------------------------------------------------------------------------------
10 Years 6.08% 5.59% 5.17% 7.74%
5 Years 7.97 6.98 3.88 13.36
1 Year 0.88 -3.65 6.78 5.60
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.32% 1.25%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Barclays Standard &
Classic Government/ Poor's 500
Balanced Fund Credit Bond Index Index
7/06 $ 9,550 $10,000 $10,000
7/07 $10,543 $10,568 $11,612
7/08 $ 9,750 $11,222 $10,325
7/09 $ 9,267 $12,023 $ 8,265
7/10 $10,201 $13,098 $ 9,409
7/11 $11,738 $13,690 $11,258
7/12 $12,208 $14,847 $12,283
7/13 $14,065 $14,550 $15,351
7/14 $15,982 $15,122 $17,949
7/15 $17,073 $15,507 $19,958
7/16 $17,223 $16,557 $21,077
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, 2017, 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. Please see the
financial highlights for more recent expense ratios. Expense ratios in the
financial highlights, unlike those shown in the prospectus, do not reflect
acquired fund fees and expenses.
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 | 7/31/16 13
Performance Update | 7/31/16 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer 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, 2016)
--------------------------------------------------------------------------------
Barclays
Govern-
ment/ Standard
Credit & Poor's
If If Re- Bond 500
Period Held deemed Index Index
--------------------------------------------------------------------------------
10 Years 5.19% 5.19% 5.17% 7.74%
5 Years 7.11 7.11 3.88 13.36
1 Year 0.04 0.04 6.78 5.60
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.02%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Barclays Standard &
Classic Government/ Poor's 500
Balanced Fund Credit Bond Index Index
7/06 $10,000 $10,000 $10,000
7/07 $10,954 $10,568 $11,612
7/08 $10,033 $11,222 $10,325
7/09 $ 9,452 $12,023 $ 8,265
7/10 $10,325 $13,098 $ 9,409
7/11 $11,769 $13,690 $11,258
7/12 $12,136 $14,847 $12,283
7/13 $13,877 $14,550 $15,351
7/14 $15,626 $15,122 $17,949
7/15 $16,586 $15,507 $19,958
7/16 $16,592 $16,557 $21,077
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.
Please see the financial highlights for more recent expense ratios. Expense
ratios in the financial highlights, unlike those shown in the prospectus, do not
reflect acquired fund fees and expenses.
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 Classic Balanced Fund | Annual Report | 7/31/16
Performance Update | 7/31/16 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class K shares of Pioneer 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, 2016)
--------------------------------------------------------------------------------
Barclays
Govern-
Net ment/ Standard
Asset Credit & Poor's
Value Bond 500
Period (NAV) Index Index
--------------------------------------------------------------------------------
10 Years 6.08% 5.17% 7.74%
5 Years 7.97 3.88 13.36
1 Year 0.87 6.78 5.60
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.89%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Barclays Standard &
Classic Government/ Poor's 500
Balanced Fund Credit Bond Index Index
7/06 $5,000,000 $5,000,000 $ 5,000,000
7/07 $5,521,060 $5,284,238 $ 5,806,246
7/08 $5,105,806 $5,610,777 $ 5,162,285
7/09 $4,852,942 $6,011,304 $ 4,132,450
7/10 $5,341,890 $6,548,941 $ 4,704,517
7/11 $6,146,796 $6,845,244 $ 5,628,859
7/12 $6,393,028 $7,423,314 $ 6,141,404
7/13 $7,365,637 $7,275,198 $ 7,675,672
7/14 $8,369,560 $7,560,916 $ 8,974,519
7/15 $8,940,892 $7,753,312 $ 9,979,210
7/16 $9,018,627 $8,278,635 $10,538,479
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, 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 K shares, the performance of Class K shares prior to their
inception on December 1, 2015, would have been higher than the performance
shown. For the period beginning December 1, 2015, 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.
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.
Please see the financial highlights for more recent expense ratios. Expense
ratios in the financial highlights, unlike those shown in the prospectus, do not
reflect acquired fund fees and expenses.
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 | 7/31/16 15
Performance Update | 7/31/16 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer 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, 2016)
--------------------------------------------------------------------------------
Barclays
Govern-
Net ment/ Standard
Asset Credit & Poor's
Value Bond 500
Period (NAV) Index Index
--------------------------------------------------------------------------------
10 Years 6.05% 5.17% 7.74%
5 Years 7.93 3.88 13.36
1 Year 0.67 6.78 5.60
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.64% 1.39%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Barclays Standard &
Classic Government/ Poor's 500
Balanced Fund Credit Bond Index Index
7/06 $10,000 $10,000 $10,000
7/07 $11,042 $10,568 $11,612
7/08 $10,212 $11,222 $10,325
7/09 $9,706 $12,023 $ 8,265
7/10 $10,684 $13,098 $ 9,409
7/11 $12,294 $13,690 $11,258
7/12 $12,786 $14,847 $12,283
7/13 $14,731 $14,550 $15,351
7/14 $16,739 $15,122 $17,949
7/15 $17,882 $15,507 $19,958
7/16 $18,001 $16,557 $21,077
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, 2017, 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. Please see the
financial highlights for more recent expense ratios. Expense ratios in the
financial highlights, unlike those shown in the prospectus, do not reflect
acquired fund fees and expenses.
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 | 7/31/16
Performance Update | 7/31/16 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer 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, 2016)
--------------------------------------------------------------------------------
Barclays
Govern-
Net ment/ Standard
Asset Credit & Poor's
Value Bond 500
Period (NAV) Index Index
--------------------------------------------------------------------------------
10 Years 6.39% 5.17% 7.74%
5 Years 8.26 3.88 13.36
1 Year 0.95 6.78 5.60
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.02%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Barclays Standard &
Classic Government/ Poor's 500
Balanced Fund Credit Bond Index Index
7/06 $5,000,000 $5,000,000 $ 5,000,000
7/07 $5,540,867 $5,284,238 $ 5,806,246
7/08 $5,139,323 $5,610,777 $ 5,162,285
7/09 $4,901,725 $6,011,304 $ 4,132,450
7/10 $5,420,349 $6,548,941 $ 4,704,517
7/11 $6,249,408 $6,845,244 $ 5,628,859
7/12 $6,524,549 $7,423,314 $ 6,141,404
7/13 $7,549,778 $7,275,198 $ 7,675,672
7/14 $8,589,543 $7,560,916 $ 8,974,519
7/15 $9,205,748 $7,753,312 $ 9,979,210
7/16 $9,293,276 $8,278,635 $10,538,479
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.
Please see the financial highlights for more recent expense ratios. Expense
ratios in the financial highlights, unlike those shown in the prospectus, do not
reflect acquired fund fees and expenses.
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 | 7/31/16 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, 2016 through July 31, 2016.
-------------------------------------------------------------------------------------------------------
Share Class A C K R Y
-------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/16
-------------------------------------------------------------------------------------------------------
Ending Account $1,076.86 $1,072.47 $1,076.96 $1,075.65 $1,076.34
Value (after expenses)
on 7/31/16
-------------------------------------------------------------------------------------------------------
Expenses Paid $ 5.99 $ 9.95 $ 5.06 $ 6.71 $ 4.90
During Period*
-------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.16%, 1.93%,
0.98%, 1.30%, and 0.95% for Class A, Class C, Class K, Class R, and Class Y
shares, respectively, multiplied by the average account value over the
period multiplied by 182/366 (to reflect the one-half year period).
18 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Classic Balanced Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from February 1, 2016 through July 31, 2016.
-------------------------------------------------------------------------------------------------------
Share Class A C K R Y
-------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/16
-------------------------------------------------------------------------------------------------------
Ending Account $1,019.10 $1,015.27 $1,019.99 $1,018.40 $1,020.14
Value (after expenses)
on 7/31/16
-------------------------------------------------------------------------------------------------------
Expenses Paid $ 5.82 $ 9.67 $ 4.92 $ 6.52 $ 4.77
During Period*
-------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.16%, 1.93%,
0.98%, 1.30%, and 0.95% for Class A, Class C, Class K, Class R, and Class Y
shares, respectively, multiplied by the average account value over the
period multiplied by 182/366 (to reflect the one-half year period).
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 19
Schedule of Investments | 7/31/16
----------------------------------------------------------------------------------------------------
Floating
Rate (b)
(unaudited) Value
----------------------------------------------------------------------------------------------------
PREFERRED STOCK -- 0.0%+
BANKS -- 0.0%+
Diversified Banks -- 0.0%+
779 7.01 Citigroup Capital XIII, Floating Rate Note, 10/30/40 $ 20,402
----------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost $21,072) $ 20,402
----------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCK -- 0.3%
BANKS -- 0.3%
Diversified Banks -- 0.3%
700 Wells Fargo & Co., 7.5% (Perpetual) $ 931,882
----------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $730,069) $ 931,882
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Shares
----------------------------------------------------------------------------------------------------
COMMON STOCKS -- 61.9%
ENERGY -- 4.1%
Oil & Gas Equipment & Services -- 0.8%
51,580 Halliburton Co. $ 2,251,983
----------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 1.9%
41,248 Chevron Corp. $ 4,227,095
19,585 Occidental Petroleum Corp. 1,463,587
--------------
$ 5,690,682
----------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.4%
15,922 Phillips 66 $ 1,211,027
----------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.0%
47,773 Spectra Energy Corp. $ 1,718,395
29,715 Targa Resources Corp. 1,107,181
--------------
$ 2,825,576
--------------
Total Energy $ 11,979,268
----------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Fertilizers & Agricultural Chemicals -- 0.2%
5,215 Agrium, Inc. $ 473,313
--------------
Total Materials $ 473,313
----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 4.0%
Aerospace & Defense -- 1.5%
16,003 Honeywell International, Inc. $ 1,861,629
17,853 Raytheon Co. 2,491,029
--------------
$ 4,352,658
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------------
Industrial Machinery -- 2.5%
59,637 Ingersoll-Rand Plc $ 3,951,548
20,444 Snap-on, Inc. 3,213,183
--------------
$ 7,164,731
--------------
Total Capital Goods $ 11,517,389
----------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 2.3%
Diversified Support Services -- 1.8%
36,200 G&K Services, Inc. $ 2,903,602
57,121 KAR Auction Services, Inc. 2,443,065
--------------
$ 5,346,667
----------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.5%
27,236 Nielsen Holdings Plc $ 1,466,931
--------------
Total Commercial Services & Supplies $ 6,813,598
----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.4%
Railroads -- 0.4%
40,385 CSX Corp. $ 1,144,107
--------------
Total Transportation $ 1,144,107
----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.7%
Leisure Facilities -- 0.7%
34,541 Cedar Fair LP $ 2,044,827
----------------------------------------------------------------------------------------------------
Restaurants -- 1.0%
24,846 McDonald's Corp. $ 2,923,132
--------------
Total Consumer Services $ 4,967,959
----------------------------------------------------------------------------------------------------
MEDIA -- 2.7%
Broadcasting -- 1.0%
40,756 CBS Corp. (Class B) $ 2,128,278
73,107 Gannett Co., Inc. 932,845
--------------
$ 3,061,123
----------------------------------------------------------------------------------------------------
Movies & Entertainment -- 1.7%
62,451 Regal Entertainment Group $ 1,468,848
44,083 Time Warner, Inc. 3,378,962
--------------
$ 4,847,810
--------------
Total Media $ 7,908,933
----------------------------------------------------------------------------------------------------
RETAILING -- 4.2%
General Merchandise Stores -- 1.4%
44,533 Dollar General Corp.* $ 4,219,056
----------------------------------------------------------------------------------------------------
Home Improvement Retail -- 2.3%
48,361 The Home Depot, Inc. $ 6,685,425
----------------------------------------------------------------------------------------------------
Automotive Retail -- 0.5%
7,780 Advance Auto Parts, Inc. $ 1,321,511
--------------
Total Retailing $ 12,225,992
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 21
Schedule of Investments | 7/31/16 (continued)
----------------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 1.5%
Drug Retail -- 1.5%
46,811 CVS Health Corp. $ 4,340,316
--------------
Total Food & Staples Retailing $ 4,340,316
----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 5.9%
Brewers -- 0.6%
16,404 Molson Coors Brewing Co. (Class B) $ 1,675,833
----------------------------------------------------------------------------------------------------
Soft Drinks -- 1.2%
79,303 The Coca-Cola Co. $ 3,459,990
----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 2.7%
13,277 Kellogg Co. $ 1,098,141
26,730 Mead Johnson Nutrition Co. 2,384,316
40,165 The Hershey Co. 4,448,675
--------------
$ 7,931,132
----------------------------------------------------------------------------------------------------
Tobacco -- 1.4%
39,248 Altria Group, Inc. $ 2,657,090
27,100 Reynolds American, Inc. 1,356,626
--------------
$ 4,013,716
--------------
Total Food, Beverage & Tobacco $ 17,080,671
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 2.3%
Health Care Equipment -- 1.6%
52,577 Medtronic Plc $ 4,607,323
----------------------------------------------------------------------------------------------------
Managed Health Care -- 0.7%
11,777 Humana, Inc. $ 2,032,121
--------------
Total Health Care Equipment & Services $ 6,639,444
----------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 8.4%
Biotechnology -- 2.1%
30,227 Celgene Corp.* $ 3,391,167
36,049 Gilead Sciences, Inc.* 2,864,814
--------------
$ 6,255,981
----------------------------------------------------------------------------------------------------
Pharmaceuticals -- 6.3%
46,548 AstraZeneca Plc (A.D.R.) $ 1,589,149
39,695 Johnson & Johnson 4,971,005
264,886 Pfizer, Inc. 9,771,644
38,140 Zoetis, Inc. 1,924,926
--------------
$ 18,256,724
--------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 24,512,705
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------------
BANKS -- 4.0%
Diversified Banks -- 3.1%
179,753 Bank of America Corp. $ 2,604,621
131,728 Wells Fargo & Co. 6,318,992
--------------
$ 8,923,613
----------------------------------------------------------------------------------------------------
Regional Banks -- 0.9%
33,490 The PNC Financial Services Group, Inc. $ 2,767,948
--------------
Total Banks $ 11,691,561
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.6%
Specialized Finance -- 1.0%
29,253 CME Group, Inc. $ 2,990,827
----------------------------------------------------------------------------------------------------
Consumer Finance -- 0.8%
21,470 Discover Financial Services, Inc. $ 1,220,355
39,807 Synchrony Financial 1,109,819
--------------
$ 2,330,174
----------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 1.3%
107,845 Ares Capital Corp. $ 1,632,773
48,744 Golub Capital BDC, Inc. 928,086
79,470 TCP Capital Corp. 1,263,573
--------------
$ 3,824,432
----------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.5%
40,272 Lazard, Ltd. $ 1,439,321
--------------
Total Diversified Financials $ 10,584,754
----------------------------------------------------------------------------------------------------
REAL ESTATE -- 2.7%
Hotel & Resort REIT -- 1.0%
113,179 Chesapeake Lodging Trust $ 2,860,033
----------------------------------------------------------------------------------------------------
Specialized REIT -- 1.7%
63,206 Iron Mountain Inc. $ 2,604,719
24,914 Lamar Advertising Co. 1,690,664
35,736 Outfront Media, Inc. 831,577
--------------
$ 5,126,960
--------------
Total Real Estate $ 7,986,993
----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 8.1%
Internet Software & Services -- 4.2%
9,185 Alphabet, Inc. (Class A) $ 7,268,458
2,599 Alphabet, Inc. (Class C) 1,998,085
94,223 eBay, Inc.* 2,935,989
--------------
$ 12,202,532
----------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.4%
33,169 PayPal Holdings, Inc. $ 1,235,214
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 23
Schedule of Investments | 7/31/16 (continued)
----------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------
Systems Software -- 3.5%
11,501 Check Point Software Technologies, Ltd.* $ 884,197
165,584 Microsoft Corp. 9,385,301
--------------
$ 10,269,498
--------------
Total Software & Services $ 23,707,244
----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 2.4%
Communications Equipment -- 0.8%
77,891 Cisco Systems, Inc. $ 2,378,012
----------------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 1.6%
43,791 Apple, Inc. $ 4,563,460
--------------
Total Technology Hardware & Equipment $ 6,941,472
----------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 2.0%
Semiconductor Equipment -- 0.4%
11,644 Lam Research Corp.* $ 1,045,282
----------------------------------------------------------------------------------------------------
Semiconductors -- 1.6%
22,793 Analog Devices, Inc. $ 1,454,877
40,432 Microchip Technology, Inc. 2,249,636
77,354 Micron Technology, Inc.* 1,062,844
--------------
$ 4,767,357
--------------
Total Semiconductors & Semiconductor Equipment $ 5,812,639
----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.0%
Integrated Telecommunication Services -- 1.0%
52,252 Verizon Communications, Inc. $ 2,895,283
--------------
Total Telecommunication Services $ 2,895,283
----------------------------------------------------------------------------------------------------
UTILITIES -- 0.4%
Multi-Utilities -- 0.4%
26,022 CMS Energy Corp. $ 1,175,674
--------------
Total Utilities $ 1,175,674
----------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $152,466,358) $ 180,399,315
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited)
----------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 1.7%
BANKS -- 1.3%
Thrifts & Mortgage Finance -- 1.3%
250,000 Ascentium Equipment Receivables 2015-1 LLC,
3.24%, 1/10/22 (144A) $ 251,214
64,280 0.99 Bayview Financial Mortgage Pass-Through
Trust 2005-C, Floating Rate Note, 6/28/44 63,976
150,000 California Republic Auto Receivables Trust 2014-3,
3.61%, 6/15/21 151,240
The accompanying notes are an integral part of these financial statements.
24 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
55,949 Consumer Credit Origination Loan Trust 2015-1,
2.82%, 3/15/21 (144A) $ 56,001
250,000 CRG Issuer 2015-1, 4.07%, 7/11/22 (144A) 248,125
250,000 Flagship Credit Auto Trust 2013-1, 5.38%,
7/15/20 (144A) 249,172
158,893 FNA 2015-1 Trust, 3.24%, 12/10/23 (144A) 158,387
118,993 GO Financial Auto Securitization Trust 2015-2, 3.27%,
11/15/18 (144A) 118,729
250,000 Green Tree Agency Advance Funding Trust I, 4.6692%,
10/15/48 (144A) 250,100
189,803 Nations Equipment Finance Funding II LLC, 3.276%,
1/22/19 (144A) 187,736
350,000 Navitas Equipment Receivables LLC 2015-1, 4.5%,
5/17/21 (144A) 355,968
265,000 2.06 NovaStar Mortgage Funding Trust Series 2004-3,
Floating Rate Note, 12/25/34 251,239
435,000 1.08 PFS Financing Corp., Floating Rate Note, 2/15/19 (144A) 434,514
149,896 STORE Master Funding LLC, 5.77%, 8/20/42 (144A) 157,070
375,989 SVO 2012-A VOI Mortgage LLC, 2.0%, 9/20/29 (144A) 371,740
70,856 VOLT XIX LLC, 3.875%, 4/26/55 (Step) (144A) 70,881
283,598 Westgate Resorts 2016-1 LLC, 4.5%, 12/20/28 (144A) 281,612
--------------
$ 3,657,704
--------------
Total Banks $ 3,657,704
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Other Diversified Financial Services -- 0.3%
500,000 American Credit Acceptance Receivables Trust 2014-1,
5.2%, 4/12/21 (144A) $ 497,106
250,000 American Credit Acceptance Receivables Trust 2014-2,
4.96%, 5/10/21 (144A) 253,647
99,989 AXIS Equipment Finance Receivables II LLC, 3.81%,
4/20/18 (144A) 100,319
--------------
$ 851,072
----------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
250,000 AmeriCredit Automobile Receivables Trust 2012-4,
3.82%, 2/10/20 (144A) $ 252,021
--------------
Total Diversified Financials $ 1,103,093
----------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.0%+
114,358 2.49 Fannie Mae Connecticut Avenue Securities,
Floating Rate Note, 10/25/23 $ 115,396
--------------
Total Government $ 115,396
----------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $4,900,427) $ 4,876,193
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 25
Schedule of Investments | 7/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 3.4%
BANKS -- 2.5%
Thrifts & Mortgage Finance -- 2.5%
330,000 2.68 BAMLL Commercial Mortgage Securities
Trust 2014-FL1, Floating Rate Note, 12/17/31 (144A) $ 330,802
200,000 2.39 BAMLL Commercial Mortgage Securities
Trust 2014-INLD, Floating Rate Note, 12/17/29 (144A) 197,672
26,673 Banc of America Mortgage Trust 2004-11,
5.75%, 1/25/35 27,059
30,009 4.99 Bear Stearns Commercial Mortgage Securities
Trust 2005-PWR9, Floating Rate Note, 9/11/42 30,071
600,000 2.98 CDGJ Commercial Mortgage Trust 2014-BXCH,
Floating Rate Note, 12/15/27 (144A) 593,605
300,000 Citigroup Commercial Mortgage Trust 2014-GC25
REMICS, 3.371%, 10/11/47 320,696
168,000 COMM 2012-CCRE4 Mortgage Trust, 2.436%, 10/17/45 172,064
64,000 Credit Suisse First Boston Mortgage Securities Corp.,
4.877%, 4/15/37 58,157
485,482 3.50 CSMC Trust 2014-WIN2, Floating Rate Note,
10/25/44 (144A) 498,558
420,000 3.93 GAHR Commercial Mortgage Trust 2015-NRF,
Floating Rate Note, 12/15/34 (144A) 428,296
60,119 Global Mortgage Securitization, Ltd.,
5.25%, 4/25/32 (144A) 58,077
500,000 GS Mortgage Securities Corp. II, 3.377%, 5/10/45 537,291
176,980 1.07 Impac CMB Trust Series 2004-4, Floating Rate
Note, 9/25/34 167,813
500,000 JP Morgan Chase Commercial Mortgage Securities
Corp., 2.84%, 12/15/47 526,788
200,520 JP Morgan Chase Commercial Mortgage Securities
Trust 2010-C2, 3.6159%, 11/15/43 (144A) 204,915
450,000 1.40 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-INN, Floating Rate Note, 6/15/29 (144A) 446,618
876,433 3.00 JP Morgan Mortgage Trust 2014-2, Floating Rate
Note, 6/25/29 (144A) 902,042
30,177 1.27 Merrill Lynch Mortgage Investors Trust Series
MLCC 2004-D REMICS, Floating Rate Note, 9/25/29 26,277
566,930 3.25 NRP Mortgage Trust 2013-1, Floating Rate Note,
7/25/43 (144A) 582,010
38,860 RALI Series 2004-QS3 Trust, 5.0%, 3/25/19 38,731
63,598 2.25 Sequoia Mortgage Trust 2013-8, Floating Rate
Note, 6/25/43 63,661
647,550 3.00 Sequoia Mortgage Trust 2013-8, Floating Rate
Note, 6/25/43 659,287
86,878 3.32 Structured Adjustable Rate Mortgage Loan Trust
Class 1A1, Floating Rate Note, 3/25/34 86,048
The accompanying notes are an integral part of these financial statements.
26 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
359,405 2.88 Velocity Commercial Capital Loan Trust 2015-1,
Floating Rate Note, 6/25/45 (144A) $ 361,202
--------------
$ 7,317,740
--------------
Total Banks $ 7,317,740
----------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.9%
238,456 Fannie Mae, Series 2011-25 Class KA, 3.0%, 1/25/24 $ 243,580
781,494 Federal Home Loan Mortgage Corp., REMICS,
3.5%, 11/15/25 853,731
88,141 1.09 Federal Home Loan Mortgage Corp., REMICS,
Floating Rate Note, 2/15/24 90,301
69,877 0.84 Federal Home Loan Mortgage Corp., REMICS, Floating
Rate Note, 5/15/41 69,878
44,008 Federal Home Loan Mortgage Corp., 3.0%, 10/15/38 45,237
57,461 0.77 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/36 57,297
81,617 0.75 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/36 81,368
224,441 0.90 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/41 224,976
35,603 1.00 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 36,011
148,532 Freddie Mac, 2.5%, 8/15/25 150,708
361,913 Freddie Mac, 3.5%, 10/15/28 368,412
317,945 Freddie Mac, Series 3227 Class PR, 5.5%, 9/15/35 324,581
109,000 3.82 FREMF Mortgage Trust Class B, Floating Rate Note,
6/25/47 (144A) 113,337
41,954 0.95 Government National Mortgage Association, Floating
Rate Note, 11/20/30 42,251
--------------
$ 2,701,668
--------------
Total Government $ 2,701,668
----------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $9,875,919) $ 10,019,408
----------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 17.9%
ENERGY -- 3.0%
Oil & Gas Drilling -- 0.2%
235,000 Ensco Plc, 4.5%, 10/1/24 $ 161,562
240,000 Pride International, Inc., 6.875%, 8/15/20 227,550
100,000 Rowan Companies, Inc., 4.75%, 1/15/24 82,000
51,000 Rowan Companies, Inc., 5.85%, 1/15/44 36,848
--------------
$ 507,960
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 27
Schedule of Investments | 7/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.4%
250,000 ConocoPhillips Co., 2.875%, 11/15/21 $ 252,821
175,000 Exxon Mobil Corp., 2.397%, 3/6/22 181,194
185,000 Petroleos Mexicanos, 3.5%, 1/30/23 175,288
250,000 Sinopec Group Overseas Development 2014, Ltd.,
4.375%, 4/10/24 (144A) 274,568
250,000 Statoil ASA, 2.9%, 11/8/20 262,462
--------------
$ 1,146,333
----------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.2%
213,000 Canadian Natural Resources, Ltd., 6.25%, 3/15/38 $ 226,406
35,000 Canadian Natural Resources, Ltd., 6.75%, 2/1/39 39,171
200,000 Dolphin Energy, Ltd., 5.5%, 12/15/21 (144A) 227,994
--------------
$ 493,571
----------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.4%
300,000 GS Caltex Corp., 3.25%, 10/1/18 (144A) $ 308,841
360,000 Motiva Enterprises LLC, 5.75%, 1/15/20 (144A) 396,499
370,000 Valero Energy Corp., 9.375%, 3/15/19 439,639
--------------
$ 1,144,979
----------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.7%
250,000 Boardwalk Pipelines LP, 4.95%, 12/15/24 $ 247,284
330,000 Boardwalk Pipelines LP, 5.5%, 2/1/17 335,726
750,000 Boardwalk Pipelines LP, 5.95%, 6/1/26 785,632
183,000 Buckeye Partners LP, 5.85%, 11/15/43 181,547
200,000 DCP Midstream LLC, 9.75%, 3/15/19 (144A) 220,000
220,000 5.85 DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A) 166,100
250,000 1.28 Enbridge, Inc., Floating Rate Note, 10/1/16 249,291
250,000 Energy Transfer Partners LP, 2.5%, 6/15/18 251,972
250,000 Enterprise Products Operating LLC, 2.55%, 10/15/19 257,322
200,000 Kinder Morgan, Inc., Delaware, 3.05%, 12/1/19 205,058
105,000 MPLX LP, 4.875%, 12/1/24 (144A) 103,980
55,000 MPLX LP, 4.875%, 6/1/25 (144A) 54,951
105,000 MPLX LP, 5.5%, 2/15/23 (144A) 108,192
165,000 ONEOK Partners LP, 6.15%, 10/1/16 166,066
75,000 Plains All American Pipeline LP, 4.65%, 10/15/25 75,110
250,000 Plains All American Pipeline LP, 4.9%, 2/15/45 225,720
425,000 Questar Pipeline Co., 5.83%, 2/1/18 451,791
200,000 Spectra Energy Capital LLC, 6.75%, 7/15/18 214,187
175,000 Sunoco Logistics Partners Operations LP, 3.9%, 7/15/26 173,928
100,000 The Williams Companies, Inc., 5.75%, 6/24/44 91,750
242,000 The Williams Companies, Inc., 7.75%, 6/15/31 262,570
100,000 TransCanada PipeLines, Ltd., 1.875%, 1/12/18 100,568
200,000 6.35 TransCanada PipeLines, Ltd., Floating Rate Note, 5/15/67 150,126
--------------
$ 5,078,871
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.1%
250,000 Corp Nacional del Cobre de Chile, 5.625%,
10/18/43 (144A) $ 298,301
--------------
Total Energy $ 8,670,015
----------------------------------------------------------------------------------------------------
MATERIALS -- 0.9%
Fertilizers & Agricultural Chemicals -- 0.2%
250,000 Agrium, Inc., 4.125%, 3/15/35 $ 247,175
250,000 FMC Corp., 4.1%, 2/1/24 266,781
200,000 Monsanto Co., 1.15%, 6/30/17 199,899
--------------
$ 713,855
----------------------------------------------------------------------------------------------------
Industrial Gases -- 0.1%
250,000 Praxair Inc., 2.65%, 2/5/25 $ 260,422
----------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.0%+
100,000 The Valspar Corp., 3.3%, 2/1/25 $ 102,847
----------------------------------------------------------------------------------------------------
Construction Materials -- 0.1%
125,000 Holcim US Finance S.a.r.l. & Cie SCS, 6.0%,
12/30/19 (144A) $ 139,935
----------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.1%
175,000 Ball Corp., 4.0%, 11/15/23 $ 177,625
----------------------------------------------------------------------------------------------------
Paper Packaging -- 0.2%
250,000 International Paper Co., 3.8%, 1/15/26 $ 268,867
250,000 International Paper Co., 6.0%, 11/15/41 301,016
--------------
$ 569,883
----------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
60,000 Amsted Industries, Inc., 5.375%, 9/15/24 (144A) $ 60,000
----------------------------------------------------------------------------------------------------
Steel -- 0.2%
200,000 Glencore Funding LLC, 4.125%, 5/30/23 (144A) $ 192,600
250,000 Reliance Steel & Aluminum Co., 4.5%, 4/15/23 259,411
150,000 Worthington Industries, Inc., 4.55%, 4/15/26 156,834
--------------
$ 608,845
--------------
Total Materials $ 2,633,412
----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.9%
Aerospace & Defense -- 0.3%
155,000 DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) $ 149,962
100,000 Lockheed Martin Corp., 3.1%, 1/15/23 106,306
200,000 Rockwell Collins, Inc., 3.7%, 12/15/23 218,831
185,000 Spirit AeroSystems, Inc., 3.85%, 6/15/26 195,506
250,000 United Technologies Corp., 1.778%, 5/4/18 (Step) 252,076
--------------
$ 922,681
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 29
Schedule of Investments | 7/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Building Products -- 0.2%
450,000 Masco Corp., 4.45%, 4/1/25 $ 478,125
175,000 5.75 Stanley Black & Decker, Inc., Floating Rate
Note, 12/15/53 185,990
--------------
$ 664,115
----------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.1%
85,000 Amsted Industries, Inc., 5.0%, 3/15/22 (144A) $ 85,850
51,000 Valmont Industries, Inc., 6.625%, 4/20/20 58,105
--------------
$ 143,955
----------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
200,000 3M Co., 1.625%, 6/15/19 $ 203,502
----------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.2%
250,000 Cummins, Inc., 5.65%, 3/1/98 $ 281,607
250,000 Wabtec Corp. Delaware, 4.375%, 8/15/23 276,287
--------------
$ 557,894
--------------
Total Capital Goods $ 2,492,147
----------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Environmental & Facilities Services -- 0.0%+
75,000 Republic Services, Inc., 2.9%, 7/1/26 $ 76,973
----------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.1%
186,000 Verisk Analytics, Inc., 5.5%, 6/15/45 $ 200,653
--------------
Total Commercial Services & Supplies $ 277,626
----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.6%
Airlines -- 0.3%
132,115 Air Canada 2013-1 Class A Pass Through Trust,
4.125%, 11/15/26 (144A) $ 139,051
246,092 Air Canada 2015-1 Class A Pass Through Trust,
3.6%, 3/15/27 (144A) 254,398
1,094 Continental Airlines 1998-1 Class A Pass Through Trust,
6.648%, 9/15/17 1,119
53,316 Delta Air Lines 2010-2 Class A Pass Through Trust,
4.95%, 5/23/19 56,582
250,000 Southwest Airlines Co., 2.65%, 11/5/20 257,527
200,000 United Airlines 2016-1 Class AA Pass Through Trust,
3.1%, 7/7/28 208,000
--------------
$ 916,677
----------------------------------------------------------------------------------------------------
Railroads -- 0.2%
150,000 Burlington Northern Santa Fe LLC, 5.15%, 9/1/43 $ 191,451
250,000 TTX Co., 2.25%, 2/1/19 (144A) 254,024
--------------
$ 445,475
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Highways & Railtracks -- 0.1%
300,000 ERAC USA Finance LLC, 4.5%, 2/15/45 (144A) $ 327,584
--------------
Total Transportation $ 1,689,736
----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.2%
Auto Parts & Equipment -- 0.1%
250,000 Johnson Controls, Inc., 1.4%, 11/2/17 $ 250,336
----------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.1%
250,000 Ford Motor Credit Co., LLC, 2.875%, 10/1/18 $ 255,895
--------------
Total Automobiles & Components $ 506,231
----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.2%
Homebuilding -- 0.2%
200,000 DR Horton, Inc., 4.0%, 2/15/20 $ 208,000
250,000 PulteGroup, Inc., 4.25%, 3/1/21 258,438
--------------
$ 466,438
--------------
Total Consumer Durables & Apparel $ 466,438
----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Restaurants -- 0.0%+
140,000 Starbucks Corp., 0.875%, 12/5/16 $ 140,148
----------------------------------------------------------------------------------------------------
Education Services -- 0.1%
250,000 Colby College, 4.25%, 7/1/55 $ 259,955
--------------
Total Consumer Services $ 400,103
----------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Cable & Satellite -- 0.1%
225,000 Charter Communications Operating LLC, 6.384%,
10/23/35 (144A) $ 264,784
85,000 Sirius XM Radio, Inc., 5.375%, 7/15/26 (144A) 86,647
125,000 Sky Plc, 6.1%, 2/15/18 (144A) 133,132
25,000 Time Warner Cable, Inc., 6.55%, 5/1/37 29,998
--------------
$ 514,561
----------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
250,000 The Met, 3.4%, 7/1/45 $ 261,072
----------------------------------------------------------------------------------------------------
Publishing -- 0.1%
250,000 Thomson Reuters Corp., 1.3%, 2/23/17 $ 250,182
--------------
Total Media $ 1,025,815
----------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Catalog Retail -- 0.1%
225,000 QVC, Inc., 4.45%, 2/15/25 $ 228,411
----------------------------------------------------------------------------------------------------
Apparel Retail -- 0.1%
250,000 The TJX Companies, Inc., 2.75%, 6/15/21 $ 264,601
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 31
Schedule of Investments | 7/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.1%
250,000 The Home Depot, Inc., 2.625%, 6/1/22 $ 263,128
--------------
Total Retailing $ 756,140
----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Drug Retail -- 0.2%
250,000 CVS Health Corp., 3.5%, 7/20/22 $ 271,271
150,381 CVS Pass-Through Trust, 5.298%, 1/11/27 (144A) 164,831
106,567 CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) 120,722
--------------
$ 556,824
--------------
Total Food & Staples Retailing $ 556,824
----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.3%
Brewers -- 0.0%+
55,000 Anheuser-Busch InBev Worldwide, Inc., 7.75%, 1/15/19 $ 63,387
----------------------------------------------------------------------------------------------------
Distillers & Vintners -- 0.1%
250,000 Pernod Ricard SA, 3.25%, 6/8/26 (144A) $ 258,396
----------------------------------------------------------------------------------------------------
Agricultural Products -- 0.1%
410,000 Viterra, Inc., 5.95%, 8/1/20 (144A) $ 429,397
----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.1%
250,000 Kraft Heinz Foods Co., 3.5%, 6/6/22 $ 269,167
--------------
Total Food, Beverage & Tobacco $ 1,020,347
----------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.1%
200,000 Kimberly-Clark de Mexico SAB de CV, 3.8%,
4/8/24 (144A) $ 212,180
200,000 Reckitt Benckiser Treasury Services Plc, 2.125%,
9/21/18 (144A) 201,931
--------------
$ 414,111
--------------
Total Household & Personal Products $ 414,111
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.2%
Health Care Equipment -- 0.1%
250,000 Becton Dickinson and Co., 1.8%, 12/15/17 $ 251,734
150,000 Boston Scientific Corp., 2.65%, 10/1/18 153,850
--------------
$ 405,584
----------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
140,000 HCA, Inc., 5.375%, 2/1/25 $ 145,688
----------------------------------------------------------------------------------------------------
Managed Health Care -- 0.0%+
100,000 Anthem, Inc., 3.3%, 1/15/23 $ 104,882
--------------
Total Health Care Equipment & Services $ 656,154
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.5%
Biotechnology -- 0.2%
250,000 Biogen, Inc., 4.05%, 9/15/25 $ 273,676
165,000 Gilead Sciences, Inc., 3.25%, 9/1/22 175,940
--------------
$ 449,616
----------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.2%
300,000 Mylan NV, 3.95%, 6/15/26 (144A) $ 312,393
295,000 Teva Pharmaceutical Finance Netherlands III BV,
2.8%, 7/21/23 300,117
--------------
$ 612,510
----------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.1%
350,000 Thermo Fisher Scientific, Inc., 3.0%, 4/15/23 $ 361,115
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 1,423,241
----------------------------------------------------------------------------------------------------
BANKS -- 1.9%
Diversified Banks -- 1.3%
300,000 Bank of America Corp., 4.1%, 7/24/23 $ 326,836
305,000 Banque Ouest Africaine de Developpement, 5.5%,
5/6/21 (144A) 320,250
200,000 BPCE SA, 4.875%, 4/1/26 (144A) 208,034
250,000 Citigroup, Inc., 2.55%, 4/8/19 255,985
250,000 Citigroup, Inc., 3.875%, 3/26/25 259,004
200,000 Cooperatieve Rabobank UA, 3.875%, 2/8/22 218,327
300,000 Export-Import Bank of Korea, 2.875%, 9/17/18 308,450
200,000 HSBC Holdings Plc, 4.875%, 1/14/22 221,532
200,000 Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A) 227,869
250,000 Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A) 288,242
250,000 Nordea Bank AB, 4.25%, 9/21/22 (144A) 268,397
150,000 Royal Bank of Canada, 1.45%, 9/9/16 150,128
400,000 8.00 Royal Bank of Scotland Group Plc, Floating Rate Note,
12/31/49 (Perpetual) 397,500
200,000 Wells Fargo & Co., 4.125%, 8/15/23 217,051
--------------
$ 3,667,605
----------------------------------------------------------------------------------------------------
Regional Banks -- 0.6%
138,000 BB&T Corp., 1.6%, 8/15/17 $ 138,746
250,000 HSBC Bank USA NA New York NY, 6.0%, 8/9/17 260,385
300,000 KeyBank NA Cleveland Ohio, 2.25%, 3/16/20 304,717
250,000 KeyBank NA Cleveland Ohio, 2.35%, 3/8/19 255,191
370,000 PNC Bank NA, 5.25%, 1/15/17 376,774
300,000 SunTrust Bank, 1.35%, 2/15/17 300,264
210,000 6.75 The PNC Financial Services Group, Inc., Floating
Rate Note (Perpetual) 235,988
--------------
$ 1,872,065
--------------
Total Banks $ 5,539,670
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 33
Schedule of Investments | 7/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.9%
Other Diversified Financial Services -- 0.3%
400,000 Carlyle Holdings II Finance LLC, 5.625%,
3/30/43 (144A) $ 447,615
121,000 General Electric Co., 6.75%, 3/15/32 171,701
325,000 6.75 JPMorgan Chase & Co., Floating Rate Note, 8/29/49 365,999
--------------
$ 985,315
----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
175,000 Aviation Capital Group Corp., 6.75%, 4/6/21 (144A) $ 204,488
200,000 BM&FBovespa SA - Bolsa de Valores Mercadorias e
Futuros, 5.5%, 7/16/20 (144A) 212,100
500,000 Private Export Funding Corp., 2.3%, 9/15/20 518,467
250,000 USAA Capital Corp., 2.45%, 8/1/20 (144A) 259,999
--------------
$ 1,195,054
----------------------------------------------------------------------------------------------------
Consumer Finance -- 0.5%
250,000 Ally Financial, Inc., 4.625%, 3/30/25 $ 256,250
250,000 American Express Co., 1.55%, 5/22/18 251,232
360,000 Capital One Bank USA NA, 8.8%, 7/15/19 424,890
300,000 Capital One Financial Corp., 3.75%, 4/24/24 317,565
250,000 Capital One NA, 1.65%, 2/5/18 250,602
--------------
$ 1,500,539
----------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.2%
300,000 KKR Group Finance Co., II LLC, 5.5%, 2/1/43 (144A) $ 318,188
207,000 Neuberger Berman Group LLC, 4.875%, 4/15/45 (144A) 180,944
--------------
$ 499,132
----------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.2%
75,000 KKR Group Finance Co., III LLC, 5.125%, 6/1/44 (144A) $ 77,179
250,000 Morgan Stanley, 2.65%, 1/27/20 255,927
250,000 Morgan Stanley, 4.1%, 5/22/23 263,977
--------------
$ 597,083
----------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.3%
413,000 GE Capital International Funding Co., Unlimited Co.,
4.418%, 11/15/35 $ 476,033
400,000 2.30 ICBCIL Finance Co., Ltd., Floating Rate Note,
11/13/18 (144A) 402,137
--------------
$ 878,170
--------------
Total Diversified Financials $ 5,655,293
----------------------------------------------------------------------------------------------------
INSURANCE -- 2.4%
Life & Health Insurance -- 0.4%
220,000 Principal Financial Group, Inc., 3.3%, 9/15/22 $ 228,178
75,000 Principal Life Global Funding II, 1.5%, 4/18/19 (144A) 75,480
335,000 Protective Life Corp., 7.375%, 10/15/19 391,452
The accompanying notes are an integral part of these financial statements.
34 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Life & Health Insurance -- (continued)
200,000 5.62 Prudential Financial, Inc., Floating Rate Note, 6/15/43 $ 214,150
150,000 5.88 Prudential Financial, Inc., Floating Rate Note, 9/15/42 166,238
--------------
$ 1,075,498
----------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.3%
200,000 AIG, 3.875%, 1/15/35 $ 195,126
250,000 AXA SA, 8.6%, 12/15/30 351,455
200,000 New York Life Global Funding, 1.125%, 3/1/17 (144A) 200,376
200,000 New York Life Global Funding, 1.45%, 12/15/17 (144A) 201,365
--------------
$ 948,322
----------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.1%
300,000 The Hanover Insurance Group, Inc., 4.5%, 4/15/26 $ 310,014
----------------------------------------------------------------------------------------------------
Reinsurance -- 1.6%
250,000 5.78 Alamo Re, Ltd., Floating Rate Note, 6/7/18
(Cat Bond) (144A) $ 257,200
250,000 4.00 Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19
(Cat Bond) (144A) 253,450
250,000 6.87 Kilimanjaro Re, Ltd., Floating Rate Note, 12/6/19
(Cat Bond) (144A) 253,975
250,000 9.46 Kilimanjaro Re, Ltd., Floating Rate Note, 12/6/19
(Cat Bond) (144A) 256,375
250,000 5.00 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 249,750
250,000 Kingsbarns Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 5/15/17 (d)(e) 234,850
250,000 Lahinch Re, Variable Rate Notes, 5/10/21 (d)(e) 243,525
100,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (d)(e) 7,000
150,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/19 (d)(e) 152,775
250,000 Madison Re, Variable Rate Notes, 3/31/19 (d)(e) 254,425
250,000 Pangaea Re, Variable Rate Notes, 12/20/16 (d)(e) 232,075
250,000 4.61 PennUnion Re, Ltd., Floating Rate Note, 12/7/18
(Cat Bond) (144A) 251,600
250,000 Port Rush Re, Variable Rate Notes, 6/15/17 (d)(e) 228,625
250,000 5.83 Queen Street X Re, Ltd., Floating Rate Note,
6/8/18 (Cat Bond) (144A) 250,450
250,000 5.30 Residential Reinsurance 2013, Ltd., Floating Rate
Note, 12/6/17 (Cat Bond) (144A) 248,800
300,000 Resilience Re, Ltd., Variable Rate Notes, 4/7/17 (d)(e) 277,800
250,000 3.26 Sanders Re, Ltd., Floating Rate Note, 5/25/18
(Cat Bond) (144A) 248,375
250,000 4.21 Sanders Re, Ltd., Floating Rate Note, 5/5/17
(Cat Bond) (144A) 248,225
250,000 4.03 Sanders Re, Ltd., Floating Rate Note, 6/7/17
(Cat Bond) (144A) 248,750
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 35
Schedule of Investments | 7/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 Sector Re V, Ltd., Variable Rate Notes, 3/1/21 (d)(e) $ 251,950
1,042 Sector Re V, Ltd., Variable Rate Notes, 3/1/20
(144A) (d)(e) 33,582
--------------
$ 4,683,557
--------------
Total Insurance $ 7,017,391
----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.6%
Diversified REIT -- 0.3%
200,000 DCT Industrial Operating Partnership LP, 4.5%, 10/15/23 $ 212,619
300,000 Duke Realty LP, 3.75%, 12/1/24 319,797
250,000 Essex Portfolio LP, 3.5%, 4/1/25 261,498
125,000 Ventas Realty LP, 3.125%, 6/15/23 127,687
--------------
$ 921,601
----------------------------------------------------------------------------------------------------
Office REIT -- 0.2%
100,000 Alexandria Real Estate Equities, Inc., 3.95%, 1/15/27 $ 104,524
110,000 Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22 119,320
250,000 Highwoods Realty LP, 3.625%, 1/15/23 256,215
128,000 Piedmont Operating Partnership LP, 3.4%, 6/1/23 126,360
--------------
$ 606,419
----------------------------------------------------------------------------------------------------
Health Care REIT -- 0.1%
280,000 Healthcare Trust of America Holdings LP, 3.5%, 8/1/26 $ 282,654
--------------
Total Real Estate $ 1,810,674
----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
Systems Software -- 0.1%
250,000 Oracle Corp., 2.5%, 5/15/22 $ 257,111
--------------
Total Software & Services $ 257,111
----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3%
Communications Equipment -- 0.0%+
145,000 Brocade Communications Systems, Inc.,
4.625%, 1/15/23 $ 140,650
----------------------------------------------------------------------------------------------------
Computer Hardware Storage & Peripherals -- 0.2%
250,000 Apple, Inc., 3.25%, 2/23/26 $ 267,431
160,000 NCR Corp., 6.375%, 12/15/23 165,600
--------------
$ 433,031
----------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.1%
250,000 Flextronics International, Ltd., 4.75%, 6/15/25 $ 263,380
--------------
Total Technology Hardware & Equipment $ 837,061
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.4%
Semiconductors -- 0.4%
250,000 Altera Corp., 2.5%, 11/15/18 $ 258,617
250,000 Intel Corp., 4.9%, 7/29/45 300,297
125,000 Micron Semiconductor Asia Pte, Ltd., 1.258%, 1/15/19 124,572
200,000 Texas Instruments, Inc., 0.875%, 3/12/17 200,105
150,000 Xilinx, Inc., 3.0%, 3/15/21 156,043
--------------
$ 1,039,634
--------------
Total Semiconductors & Semiconductor Equipment $ 1,039,634
----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.8%
Integrated Telecommunication Services -- 0.5%
250,000 AT&T, Inc., 4.75%, 5/15/46 $ 264,738
60,000 CenturyLink, Inc., 7.5%, 4/1/24 64,050
170,000 Frontier Communications Corp., 10.5%, 9/15/22 183,600
350,000 Telefonica Emisiones SAU, 5.462%, 2/16/21 402,131
300,000 Telefonica Emisiones SAU, 6.221%, 7/3/17 313,104
196,000 Verizon Communications, Inc., 6.55%, 9/15/43 266,670
--------------
$ 1,494,293
----------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.3%
250,000 Crown Castle Towers LLC, 3.222%, 5/15/22 (144A) $ 259,642
240,000 Crown Castle Towers LLC, 4.883%, 8/15/20 (144A) 261,955
140,000 Crown Castle Towers LLC, 6.113%, 1/15/20 (144A) 156,035
140,000 T-Mobile USA, Inc., 6.0%, 4/15/24 149,407
100,000 WCP Issuer llc, 6.657%, 8/15/20 (144A) 103,316
--------------
$ 930,355
--------------
Total Telecommunication Services $ 2,424,648
----------------------------------------------------------------------------------------------------
UTILITIES -- 1.6%
Electric Utilities -- 1.5%
225,000 Commonwealth Edison Co., 6.15%, 9/15/17 $ 237,744
230,000 Edison International, 2.95%, 3/15/23 235,109
100,000 Electricite de France SA, 6.0%, 1/22/14 (144A) 107,454
250,000 5.25 Electricite de France SA, Floating Rate Note
(Perpetual) (144A) 243,750
270,000 Enel Finance International NV, 5.125%, 10/7/19 (144A) 297,694
200,000 8.13 Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 231,750
250,000 Exelon Corp., 2.85%, 6/15/20 259,794
66,497 FPL Energy American Wind LLC, 6.639%, 6/20/23 (144A) 65,371
560,000 Iberdrola International BV, 6.75%, 7/15/36 761,582
200,000 Israel Electric Corp., Ltd., 6.7%, 2/10/17 (144A) 204,400
200,000 Israel Electric Corp., Ltd., 7.25%, 1/15/19 (144A) 222,650
125,000 Nevada Power Co., 6.5%, 8/1/18 138,191
250,000 NextEra Energy Capital Holdings, Inc., 2.056%, 9/1/17 251,566
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 37
Schedule of Investments | 7/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Electric Utilities -- (continued)
49,841 OrCal Geothermal, Inc., 6.21%, 12/30/20 (144A) $ 51,523
250,000 PPL Capital Funding, Inc., 3.1%, 5/15/26 255,102
275,000 Public Service Co. of New Mexico, 7.95%, 5/15/18 304,529
250,000 Southwestern Electric Power Co., 3.9%, 4/1/45 255,914
105,000 Talen Energy Supply LLC, 6.5%, 6/1/25 92,400
--------------
$ 4,216,523
----------------------------------------------------------------------------------------------------
Gas Utilities -- 0.1%
250,000 Southern California Gas Co., 5.125%, 11/15/40 $ 317,815
----------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.0%+
72,285 Alta Wind Holdings LLC, 7.0%, 6/30/35 (144A) $ 74,596
--------------
Total Utilities $ 4,608,934
----------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $49,737,331) $ 52,178,756
----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- 12.4%
106,570 Fannie Mae, 3.0%, 10/1/30 $ 112,396
24,917 Fannie Mae, 3.0%, 5/1/46 26,087
99,649 Fannie Mae, 3.0%, 5/1/46 104,540
255,318 Fannie Mae, 3.0%, 6/1/45 267,822
1,892,227 Fannie Mae, 3.5%, 12/1/45 1,998,287
1,501,854 Fannie Mae, 3.5%, 7/1/43 1,589,236
342,320 Fannie Mae, 3.5%, 7/1/45 361,509
1,106,474 Fannie Mae, 3.5%, 8/1/45 1,168,492
925,493 Fannie Mae, 3.5%, 9/1/44 977,367
520,791 Fannie Mae, 3.5%, 9/1/45 549,981
114,170 Fannie Mae, 4.0%, 1/1/41 122,845
465,967 Fannie Mae, 4.0%, 2/1/41 501,437
917,388 Fannie Mae, 4.0%, 2/1/41 987,184
564,134 Fannie Mae, 4.0%, 3/1/41 607,245
731,680 Fannie Mae, 4.0%, 6/1/42 788,869
603,242 Fannie Mae, 4.0%, 7/1/43 646,547
360,806 Fannie Mae, 4.0%, 7/1/44 386,537
224,764 Fannie Mae, 4.0%, 7/1/46 241,878
289,204 Fannie Mae, 4.0%, 8/1/43 310,288
321,830 Fannie Mae, 4.0%, 8/1/43 345,426
225,000 Fannie Mae, 4.0%, 8/1/46 242,131
475,959 Fannie Mae, 4.0%, 9/1/40 512,054
348,777 Fannie Mae, 4.0%, 9/1/40 375,408
267,532 Fannie Mae, 4.0%, 9/1/42 287,839
456,202 Fannie Mae, 4.0%, 9/1/44 488,852
23,826 Fannie Mae, 4.5%, 11/1/20 24,684
8,232 Fannie Mae, 4.5%, 12/1/43 9,102
The accompanying notes are an integral part of these financial statements.
38 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- (continued)
613,910 Fannie Mae, 4.5%, 12/1/43 $ 669,422
452,398 Fannie Mae, 4.5%, 4/1/41 495,451
618,624 Fannie Mae, 4.5%, 6/1/40 675,809
13,326 Fannie Mae, 5.0%, 5/1/18 13,679
23,294 Fannie Mae, 5.0%, 6/1/37 25,752
113,764 Fannie Mae, 5.5%, 10/1/35 128,675
13,819 Fannie Mae, 5.5%, 12/1/34 15,657
51,289 Fannie Mae, 5.5%, 12/1/35 57,893
51,044 Fannie Mae, 5.5%, 12/1/35 57,684
56,471 Fannie Mae, 5.5%, 3/1/23 61,353
6,814 Fannie Mae, 5.5%, 3/1/34 7,637
43,547 Fannie Mae, 5.5%, 5/1/37 48,879
173,350 Fannie Mae, 5.5%, 5/1/38 194,265
26,219 Fannie Mae, 6.0%, 10/1/37 29,906
29,018 Fannie Mae, 6.0%, 12/1/33 33,509
15,712 Fannie Mae, 6.0%, 12/1/37 17,970
3,325 Fannie Mae, 6.0%, 8/1/32 3,841
1,233 Fannie Mae, 6.0%, 9/1/29 1,422
12,050 Fannie Mae, 6.5%, 10/1/32 13,896
20,537 Fannie Mae, 6.5%, 4/1/29 23,660
32,611 Fannie Mae, 6.5%, 5/1/32 39,337
5,305 Fannie Mae, 6.5%, 7/1/29 6,118
24,603 Fannie Mae, 6.5%, 9/1/32 28,590
11,114 Fannie Mae, 7.0%, 1/1/36 12,290
174,408 Federal Home Loan Mortgage Corp., 3.0%, 6/1/46 182,432
601,645 Federal Home Loan Mortgage Corp., 3.5%, 1/1/45 635,197
223,788 Federal Home Loan Mortgage Corp., 3.5%, 11/1/28 240,258
191,816 Federal Home Loan Mortgage Corp., 3.5%, 3/1/26 203,446
403,413 Federal Home Loan Mortgage Corp., 3.5%, 3/1/42 427,293
1,817,285 Federal Home Loan Mortgage Corp., 3.5%, 3/1/45 1,918,628
630,700 Federal Home Loan Mortgage Corp., 3.5%, 6/1/45 665,872
662,702 Federal Home Loan Mortgage Corp., 3.5%, 7/1/44 699,959
87,793 Federal Home Loan Mortgage Corp., 3.5%, 8/1/44 92,710
1,684,614 Federal Home Loan Mortgage Corp., 3.5%, 9/1/42 1,785,074
449,906 Federal Home Loan Mortgage Corp., 4.0%, 1/1/41 483,685
1,025,250 Federal Home Loan Mortgage Corp., 4.0%, 10/1/44 1,097,485
666,653 Federal Home Loan Mortgage Corp., 4.0%, 11/1/40 716,599
786,946 Federal Home Loan Mortgage Corp., 4.0%, 11/1/40 846,049
355,199 Federal Home Loan Mortgage Corp., 4.0%, 11/1/44 380,116
363,950 Federal Home Loan Mortgage Corp., 4.0%, 2/1/40 391,315
1,148,530 Federal Home Loan Mortgage Corp., 4.0%, 6/1/44 1,228,808
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 39
Schedule of Investments | 7/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- (continued)
322,324 Federal Home Loan Mortgage Corp., 4.0%, 7/1/44 $ 344,992
339,768 Federal Home Loan Mortgage Corp., 4.0%, 9/1/44 363,642
288,605 Federal Home Loan Mortgage Corp., 4.5%, 5/1/40 315,838
291,807 Federal Home Loan Mortgage Corp., 4.5%, 5/1/41 319,907
150,249 Federal Home Loan Mortgage Corp., 4.5%, 7/1/40 164,036
79,673 Federal Home Loan Mortgage Corp., 4.5%, 8/1/34 87,138
54,146 Federal Home Loan Mortgage Corp., 5.0%, 11/1/34 60,145
57,252 Federal Home Loan Mortgage Corp., 5.0%, 8/1/37 63,294
1,052 Federal Home Loan Mortgage Corp., 5.5%, 10/1/16 1,053
29,998 Federal Home Loan Mortgage Corp., 5.5%, 11/1/34 33,921
23,622 Federal Home Loan Mortgage Corp., 6.0%, 1/1/38 27,045
38,281 Federal Home Loan Mortgage Corp., 6.0%, 10/1/38 43,741
33,748 Federal Home Loan Mortgage Corp., 6.0%, 4/1/33 38,445
11,838 Federal Home Loan Mortgage Corp., 6.5%, 10/1/33 14,087
74,411 Federal Home Loan Mortgage Corp., 7.0%, 10/1/46 84,989
697,014 Federal National Mortgage Association, 3.5%, 11/1/45 736,082
450,556 Federal National Mortgage Association, 4.0%, 9/1/45 483,144
779,237 Government National Mortgage Association I,
4.0%, 9/15/41 839,703
17,939 Government National Mortgage Association I,
5.0%, 2/15/18 18,242
23,728 Government National Mortgage Association I,
5.0%, 2/15/18 24,195
18,234 Government National Mortgage Association I,
5.5%, 8/15/33 20,973
22,377 Government National Mortgage Association I,
5.5%, 9/15/33 25,319
19,212 Government National Mortgage Association I,
6.0%, 10/15/33 22,436
19,078 Government National Mortgage Association I,
6.0%, 9/15/34 21,867
123,902 Government National Mortgage Association I,
6.0%, 9/15/38 142,448
18,141 Government National Mortgage Association I,
6.5%, 10/15/28 20,855
32,500 Government National Mortgage Association I,
6.5%, 12/15/32 39,513
38,546 Government National Mortgage Association I,
6.5%, 5/15/31 44,312
24,943 Government National Mortgage Association I,
6.5%, 5/15/33 28,675
32,088 Government National Mortgage Association I,
6.5%, 6/15/32 39,077
The accompanying notes are an integral part of these financial statements.
40 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- (continued)
457 Government National Mortgage Association I,
7.0%, 8/15/28 $ 550
3,215 Government National Mortgage Association I,
8.0%, 2/15/30 3,255
42,187 Government National Mortgage Association II,
5.5%, 2/20/34 47,435
65,668 Government National Mortgage Association II,
6.5%, 11/20/28 77,967
2,759 Government National Mortgage Association II,
7.5%, 9/20/29 3,450
950,000 U.S. Treasury Bonds, 3.125%, 2/15/43 1,143,488
510,095 U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/45 532,153
1,125,418 U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/46 1,261,772
--------------
$ 36,230,848
----------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $35,330,837) $ 36,230,848
----------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BOND -- 0.1%
200,000 Bahamas Government International Bond,
5.75%, 1/16/24 (144A) $ 209,000
----------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BOND
(Cost $200,000) $ 209,000
----------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 1.2% (f)
Municipal Education -- 0.0%+
100,000 Massachusetts Development Finance Agency,
4.844%, 9/1/43 $ 122,161
----------------------------------------------------------------------------------------------------
Municipal General -- 0.2%
100,000 Central Texas Regional Mobility Authority, 1/1/25 (c) $ 76,856
200,000 City of Raleigh North Carolina, 4.0%, 10/1/32 229,042
200,000 JobsOhio Beverage System, 3.985%, 1/1/29 230,434
--------------
$ 536,332
----------------------------------------------------------------------------------------------------
Higher Municipal Education -- 0.5%
100,000 Massachusetts Development Finance Agency,
Northeastern University-Series A, 5.0%, 3/1/39 $ 120,555
250,000 Massachusetts Institute of Technology, 5.6%, 7/1/11 366,669
300,000 The Board of Trustees of The Leland Stanford
Junior University, 4.75%, 5/1/19 328,507
250,000 The George Washington University, 1.827%, 9/15/17 251,910
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 41
Schedule of Investments | 7/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Higher Municipal Education -- (continued)
137,000 The George Washington University, 3.485%, 9/15/22 $ 147,052
200,000 University of California, 4.062%, 5/15/33 214,518
100,000 Virginia College Building Authority, 4.0%, 9/1/26 115,671
--------------
$ 1,544,882
----------------------------------------------------------------------------------------------------
Municipal Medical -- 0.1%
100,000 Health & Educational Facilities Authority of the
State of Missouri, 3.685%, 2/15/47 $ 110,746
150,000 Massachusetts Development Finance Agency,
5.0%, 7/1/39 175,672
--------------
$ 286,418
----------------------------------------------------------------------------------------------------
Municipal Power -- 0.1%
250,000 Energy Northwest, 5.0%, 7/1/35 $ 299,565
----------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.1%
180,000 Maine Turnpike Authority, 5.0%, 7/1/42 $ 211,887
----------------------------------------------------------------------------------------------------
Municipal Water -- 0.1%
150,000 County of King Washington Sewer Revenue,
4.25%, 1/1/36 $ 166,108
----------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.1%
250,000 City of Irving Texas, 4.0%, 9/15/27 (g) $ 291,060
----------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $3,045,035) $ 3,458,413
----------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 1.0%**
MATERIALS -- 0.1%
Commodity Chemicals -- 0.1%
198,990 4.00 Axiall Holdco, Inc., Initial Loan, 2/27/22 $ 199,446
--------------
Total Materials $ 199,446
----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.2%
Aerospace & Defense -- 0.1%
93,818 3.75 B/E Aerospace, Inc., Term Loan, 11/19/21 $ 94,815
153,405 3.25 Wesco Aircraft Hardare Corp., Tranche B Term
Loan (First Lien), 2/24/21 152,830
--------------
$ 247,645
----------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
246,250 4.00 Mueller Water Products, Inc., Initial Loan, 11/25/21 $ 247,532
--------------
Total Capital Goods $ 495,177
----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.1%
Automobile Manufacturers -- 0.1%
279,736 3.50 Chrysler Group LLC, Term Loan B, 5/24/17 $ 280,560
--------------
Total Automobiles & Components $ 280,560
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Leisure Facilities -- 0.1%
172,389 3.25 Six Flags Theme Parks, Inc., Tranche B Term
Loan, 6/30/22 $ 173,035
--------------
Total Consumer Services $ 173,035
----------------------------------------------------------------------------------------------------
MEDIA -- 0.1%
Broadcasting -- 0.0%+
72,931 3.00 Sinclair Television Group, Inc., New Tranche
B Term Loan, 4/19/20 $ 73,022
----------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
91,820 3.25 Kasima LLC, Term Loan, 5/17/21 $ 91,964
--------------
Total Media $ 164,986
----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.1%
Agricultural Products -- 0.1%
248,728 3.25 Darling International, Inc., Term B USD Loan, 12/19/20 $ 249,894
--------------
Total Food, Beverage & Tobacco $ 249,894
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Other Diversified Financial Services -- 0.1%
150,000 3.50 Delos Finance S.a.r.l., Tranche B Term Loan, 2/27/21 $ 150,825
145,833 3.50 Fly Funding II S.a.r.l., Loan, 8/9/19 145,924
--------------
$ 296,749
--------------
Total Diversified Financials $ 296,749
----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.0%+
IT Consulting & Other Services -- 0.0%+
53,320 3.75 NXP BV, Tranche B Loan, 10/30/20 $ 53,745
--------------
Total Software & Services $ 53,745
----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.0%+
Communications Equipment -- 0.0%+
130,608 3.54 CommScope, Inc., Tranche 4 Term Loan, 1/14/18 $ 130,771
--------------
Total Technology Hardware & Equipment $ 130,771
----------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.0%+
Semiconductors -- 0.0%+
116,867 4.25 Avago Technologies Finance, Term Loan
(First Lien), 11/13/22 $ 117,281
--------------
Total Semiconductors & Semiconductor Equipment $ 117,281
----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.0%+
Integrated Telecommunication Services -- 0.0%+
148,125 4.00 GCI Holdings, Inc., New Term B Loan, 2/2/22 $ 149,190
--------------
Total Telecommunication Services $ 149,190
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 43
Schedule of Investments | 7/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Electric Utilities -- 0.2%
287,854 5.63 APLP Holdings LP, Term Loan, 4/12/23 $ 288,394
219,363 3.25 Calpine Construction Finance Co. LP,
Term B-2 Loan, 1/3/22 216,895
--------------
$ 505,289
--------------
Total Utilities $ 505,289
----------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $2,796,576) $ 2,816,123
----------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.9%
(Cost $259,103,624) (a) $ 291,140,340
----------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.1% $ 345,571
----------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 291,485,911
====================================================================================================
* 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, 2016, the value of
these securities amounted to $2,766,950 or 1.0% of net assets.
See Notes to Financial Statements -- Note 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, 2016, the value of these securities
amounted to $24,141,050 or 8.3% of total net assets.
(a) At July 31, 2016, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $259,134,182 was
as follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $ 35,724,927
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (3,718,769)
------------
Net unrealized appreciation $ 32,006,158
============
(b) Debt obligation with a variable interest rate. Rate shown is rate
at period end.
The accompanying notes are an integral part of these financial statements.
44 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
(c) Security issued with a zero coupon. Income is earned through
accretion of discount.
(d) Structured reinsurance investment. At July 31, 2016, the value of
these securities amounted to $1,916,607 or 1.0% of net assets. See
Notes to Financial Statements -- Note 1H.
(e) Rate to be determined.
(f) Consists of Revenue Bonds unless otherwise indicated.
(g) Represents a General Obligation Bond.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended July 31, 2016 were as follows:
-----------------------------------------------------------------------------------------------------
Purchases Sales
-----------------------------------------------------------------------------------------------------
Long-Term U.S. Government $ 18,169,558 $ 11,987,539
Other Long-Term Securities $113,571,890 $133,802,890
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 -- quoted prices in active markets for identical securities.
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of July 31, 2016, in valuing
the Fund's investments:
---------------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------------------------
Preferred Stocks $ 20,402 $ -- $ -- $ 20,402
Convertible Preferred Stock 931,882 -- -- 931,882
Common Stocks 180,399,315 -- -- 180,399,315
Asset Backed Securities -- 4,876,193 -- 4,876,193
Collateralized Mortgage Obligations -- 10,019,408 -- 10,019,408
Corporate Bonds
Insurance
Reinsurance -- 2,766,950 1,916,607 4,683,557
All Other Corporate Bonds -- 47,495,199 -- 47,495,199
U.S. Government and
Agency Obligations -- 36,230,848 -- 36,230,848
Foreign Government Bond -- 209,000 -- 209,000
Municipal Bonds -- 3,458,413 -- 3,458,413
Senior Floating Rate Loan Interests -- 2,816,123 -- 2,816,123
---------------------------------------------------------------------------------------------------------------
Total $181,351,599 $107,872,134 $1,916,607 $291,140,340
===============================================================================================================
Other Financial Instruments
Net unrealized appreciation on
futures contracts $ 21,115 $ -- $ -- $ 21,115
---------------------------------------------------------------------------------------------------------------
Total Other Financial Instruments $ 21,115 $ -- $ -- $ 21,115
===============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 45
Schedule of Investments | 7/31/16 (continued)
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
------------------------------------------------------------------------------------------------
Corporate
Bonds
------------------------------------------------------------------------------------------------
Balance as of 7/31/15 $ 1,329,910
Realized gain (loss)(1) 1,042
Change in unrealized appreciation (depreciation)(2) (36,815)
Purchases 1,848,270
Sales (1,225,800)
Transfers in to Level 3* --
Transfers out of Level 3* --
------------------------------------------------------------------------------------------------
Balance as of 7/31/16 $ 1,916,607
================================================================================================
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, 2016, there were no transfers between Levels
1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments
still held as of 7/31/16 $ (38,170)
---------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
Statement of Assets and Liabilities | 7/31/16
ASSETS:
Investment in securities (cost $259,103,624) $ 291,140,340
Cash 225,536
Restricted cash* 16,100
Receivables --
Investment securities sold 1,384,043
Fund shares sold 143,624
Dividends 142,800
Interest 717,421
Due from Pioneer Investment Management, Inc. 3,683
Other assets 53,577
-------------------------------------------------------------------------------------------------------
Total assets $ 293,827,124
=======================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 1,946,060
Fund shares repurchased 205,470
Distributions 809
Trustee fees 683
Variation margin for futures contracts 3,719
Due to affiliates 31,742
Accrued expenses 152,730
-------------------------------------------------------------------------------------------------------
Total liabilities $ 2,341,213
=======================================================================================================
NET ASSETS:
Paid-in capital $ 258,907,622
Undistributed net investment income 47,498
Accumulated net realized gain on investments, futures contracts
and foreign currency transactions 473,098
Net unrealized appreciation on investments 32,036,716
Net unrealized appreciation on futures contracts 21,115
Net unrealized depreciation on other assets and liabilities
denominated in foreign currencies (138)
-------------------------------------------------------------------------------------------------------
Total net assets $ 291,485,911
=======================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $178,013,105/19,634,954 shares) $ 9.07
Class C (based on $48,385,239/5,377,775 shares) $ 9.00
Class K (based on $10,059/1,110 shares) $ 9.06
Class R (based on $3,276,677/361,611 shares) $ 9.06
Class Y (based on $61,800,831/6,780,189 shares) $ 9.11
MAXIMUM OFFERING PRICE:
Class A ($9.07 / 95.5%) $ 9.50
=======================================================================================================
* Represents restricted cash deposited at the custodian and/or counterparty
for derivative contracts.
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 47
Statement of Operations
For the Year Ended 7/31/16
INVESTMENT INCOME:
Dividends $ 4,708,766
Interest 3,858,991
-------------------------------------------------------------------------------------------------------
Total investment income $ 8,567,757
-------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,838,132
Transfer agent fees
Class A 98,408
Class C 13,977
Class K* 6
Class R 38
Class Y 1,463
Distribution fees
Class A 431,076
Class C 443,050
Class R 9,183
Shareholder communications expense 283,875
Administrative expense 128,324
Custodian fees 30,832
Registration fees 99,144
Professional fees 77,612
Printing expense 41,755
Fees and expenses of nonaffiliated Trustees 9,419
Miscellaneous 89,858
-------------------------------------------------------------------------------------------------------
Total expenses $ 3,596,152
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (103,362)
-------------------------------------------------------------------------------------------------------
Net expenses $ 3,492,790
-------------------------------------------------------------------------------------------------------
Net investment income $ 5,074,967
-------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 2,282,090
Futures contracts 27,096
Other assets and liabilities denominated in foreign currencies 2,207 $ 2,311,393
-------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ (5,229,931)
Futures contracts 17,771
Other assets and liabilities denominated in foreign currencies 71 $ (5,212,089)
-------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, futures
contracts and foreign currency transactions $ (2,900,696)
-------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 2,174,271
=======================================================================================================
* Class K shares commenced operations on December 1, 2015.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------------------
Year Ended Year Ended
7/31/16 7/31/15
-------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 5,074,967 $ 4,750,540
Net realized gain (loss) on investments, futures contracts
and foreign currency transactions 2,311,393 9,502,075
Change in net unrealized appreciation (depreciation)
on investments, futures contracts and foreign
currency transactions (5,212,089) 1,948,163
-------------------------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations $ 2,174,271 $ 16,200,778
-------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.18 and $0.18 per share, respectively) $ (3,415,831) $ (3,247,104)
Class B ($0.00 and $0.02 per share, respectively)* -- (5,579)
Class C ($0.11 and $0.12 per share, respectively) (562,690) (410,104)
Class K ($0.14 and $0.00 per share, respectively)** (160) --
Class R ($0.17 and $0.00 per share, respectively)*** (34,295) --
Class Y ($0.19 and $0.20 per share, respectively) (1,389,439) (1,203,785)
Net realized gain:
Class A ($0.18 and $0.86 per share, respectively) (3,575,561) (13,760,167)
Class C ($0.18 and $0.86 per share, respectively) (893,146) (2,411,099)
Class K ($0.01 and $0.00 per share, respectively)** (6) --
Class R ($0.18 and $0.00 per share, respectively)*** (24,055) --
Class Y ($0.18 and $0.86 per share, respectively) (1,337,882) (4,036,355)
-------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (11,233,065) $ (25,074,193)
-------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 76,459,396 $128,341,390
Reinvestment of distributions 10,525,965 23,695,513
Cost of shares repurchased (75,755,975) (67,572,957)
-------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Fund
share transactions $ 11,229,386 $ 84,463,946
-------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 2,170,592 $ 75,590,531
NET ASSETS:
Beginning of year $ 289,315,319 $ 213,724,788
-------------------------------------------------------------------------------------------------------
End of year $ 291,485,911 $ 289,315,319
=======================================================================================================
Undistributed net investment income $ 47,498 $ 19,725
=======================================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
** Class K shares commenced operations on December 1, 2015.
*** Class R shares commenced operations on July 1, 2015.
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 49
Statements of Changes in Net Assets (continued)
-------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
7/31/16 7/31/16 7/31/15 7/31/15
Shares Amount Shares Amount
-------------------------------------------------------------------------------------------------------
Class A
Shares sold 4,684,605 $ 41,246,439 5,905,825 $ 56,175,868
Reinvestment of distributions 758,976 6,724,998 1,763,705 16,400,748
Less shares repurchased (5,001,152) (43,980,797) (3,817,875) (36,346,941)
-------------------------------------------------------------------------------------------------------
Net increase 442,429 $ 3,990,640 3,851,655 $ 36,229,675
=======================================================================================================
Class B*
Shares exchanged -- $ -- 3,770 $ 36,469
Reinvestment of distributions -- -- 525 5,167
Less shares repurchased -- -- (299,353) (2,964,042)
-------------------------------------------------------------------------------------------------------
Net decrease -- $ -- (295,058) $ (2,922,406)
=======================================================================================================
Class C
Shares sold 2,293,830 $ 20,079,184 2,415,816 $ 22,654,909
Reinvestment of distributions 145,141 1,277,307 281,939 2,601,914
Less shares repurchased (1,413,668) (12,333,741) (787,067) (7,372,667)
-------------------------------------------------------------------------------------------------------
Net increase 1,025,303 $ 9,022,750 1,910,688 $ 17,884,156
=======================================================================================================
Class K**
Shares sold 1,110 $ 10,000 -- $ --
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- -- --
-------------------------------------------------------------------------------------------------------
Net increase 1,110 $ 10,000 -- $ --
=======================================================================================================
Class R***
Shares sold 390,318 $ 3,431,470 14,871 $ 137,993
Reinvestment of distributions -- -- -- --
Less shares repurchased (43,578) (385,174) -- --
-------------------------------------------------------------------------------------------------------
Net increase 346,740 $ 3,046,296 14,871 $ 137,993
=======================================================================================================
Class Y
Shares sold 1,321,532 $ 11,692,303 5,198,013 $ 49,336,151
Reinvestment of distributions 283,483 2,523,660 501,481 4,687,684
Less shares repurchased (2,159,359) (19,056,263) (2,195,105) (20,889,307)
-------------------------------------------------------------------------------------------------------
Net increase (decrease) (554,344) $ (4,840,300) 3,504,389 $ 33,134,528
=======================================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
** Class K shares commenced operations on December 1, 2015.
*** 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 | 7/31/16
Financial Highlights
----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/16 7/31/15 7/31/14 7/31/13 7/31/12
----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.36 $ 9.76 $ 10.62 $ 9.64 $ 9.54
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.16(a) $ 0.18 $ 0.22 $ 0.22 $ 0.25
Net realized and unrealized gain (loss) on investments (0.09) 0.46 1.06 1.21 0.12
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.07 $ 0.64 $ 1.28 $ 1.43 $ 0.37
----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.18) $ (0.18) $ (0.22) $ (0.24) $ (0.26)
Net realized gain (0.18) (0.86) (1.92) (0.21) (0.01)
----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.36) $ (1.04) $ (2.14) $ (0.45) $ (0.27)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.29) $ (0.40) $ (0.86) $ 0.98 $ 0.10
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.07 $ 9.36 $ 9.76 $ 10.62 $ 9.64
============================================================================================================================
Total return* 0.88% 6.82% 13.63% 15.21% 4.01%
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 1.87% 1.89% 2.22% 2.20% 2.63%
Portfolio turnover rate 47% 44% 49% 41% 29%
Net assets, end of period (in thousands) $178,013 $179,691 $149,672 $134,933 $123,060
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 1.22% 1.23% 1.25% 1.28% 1.30%
Net investment income (loss) to average net assets 1.81% 1.82% 2.13% 2.08% 2.49%
============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 51
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/16 7/31/15 7/31/14 7/31/13 7/31/12
-------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.30 $ 9.70 $ 10.58 $ 9.61 $ 9.51
-------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10(a) $ 0.11 $ 0.15 $ 0.13 $ 0.17
Net realized and unrealized gain (loss) on investments (0.11) 0.47 1.04 1.22 0.12
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.01) $ 0.58 $ 1.19 $ 1.35 $ 0.29
-------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.11) $ (0.12) $ (0.15) $ (0.17) $ (0.18)
Net realized gain (0.18) (0.86) (1.92) (0.21) (0.01)
-------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.29) $ (0.98) $ (2.07) $ (0.38) $ (0.19)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.30) $ (0.40) $ (0.88) $ 0.97 $ 0.10
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.00 $ 9.30 $ 9.70 $ 10.58 $ 9.61
=========================================================================================================================
Total return* 0.04% 6.14%(b) 12.60% 14.35% 3.12%
Ratio of net expenses to average net assets 1.93% 1.93% 1.95% 2.01% 2.02%
Ratio of net investment income (loss) to average net assets 1.10% 1.10% 1.48% 1.25% 1.76%
Portfolio turnover rate 47% 44% 49% 41% 29%
Net assets, end of period (in thousands) $48,385 $40,470 $23,695 $28,019 $13,106
=========================================================================================================================
* Assumes initial investment at net asset value at the beginning of
each period, reinvestment of all distributions, the complete
redemption of the investment at net asset value at the end of each
period and no sales charges. Total return would be reduced if sales
charges were taken into account.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
(b) 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 | 7/31/16
--------------------------------------------------------------------------------------------
12/1/15 to
7/31/16
--------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.01
--------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.12(a)
Net realized and unrealized gain (loss) on investments 0.08
-------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.20
--------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $(0.14)
Net realized gain (0.01)
--------------------------------------------------------------------------------------------
Total distributions $(0.15)
--------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.05
--------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.06
============================================================================================
Total return* 2.29%(b)
Ratio of net expenses to average net assets 0.98%**
Ratio of net investment income (loss) to average net assets 2.00%**
Portfolio turnover rate 47%
Net assets, end of period (in thousands) $ 10
============================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
(b) Not annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 53
Financial Highlights (continued)
---------------------------------------------------------------------------------------------
Year
Ended 7/1/15 to
7/31/16 7/31/15
---------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 9.36 $9.27
---------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.15(c) $0.00(a)
Net realized and unrealized gain (loss) on investments (0.10) 0.09
---------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.05 $0.09
---------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $(0.17) $ --
Net realized gain (0.18) --
---------------------------------------------------------------------------------------------
Total distributions $(0.35) $ --
---------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.30) $0.09
---------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.06 $9.36
=============================================================================================
Total return* 0.67% 0.97%(b)
Ratio of net expenses to average net assets 1.30% 1.30%**
Ratio of net investment income (loss) to average
net assets 1.73% 2.73%**
Portfolio turnover rate 47% 44%
Net assets, end of period (in thousands) $3,277 $ 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 1.53% 1.67%**
Net investment income (loss) to average net assets 1.50% 2.36%**
=============================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
(a) Amount rounds to less than $0.01 or $(0.01) per share.
(b) Not annualized.
(c) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
54 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/16 7/31/15 7/31/14 7/31/13 7/31/12
----------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.41 $ 9.79 $ 10.66 $ 9.66 $ 9.54
----------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.18(a) $ 0.20 $ 0.24 $ 0.23 $ 0.28
Net realized and unrealized gain (loss) on investments (0.11) 0.48 1.06 1.24 0.12
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.07 $ 0.68 $ 1.30 $ 1.47 $ 0.40
----------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.19) $ (0.20) $ (0.25) $ (0.26) $ (0.27)
Net realized gain (0.18) (0.86) (1.92) (0.21) (0.01)
----------------------------------------------------------------------------------------------------------------
Total distributions $ (0.37) $ (1.06) $ (2.17) $ (0.47) $ (0.28)
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.30) $ (0.38) $ (0.87) $ 1.00 $ 0.12
----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.11 $ 9.41 $ 9.79 $ 10.66 $ 9.66
================================================================================================================
Total return* 0.95% 7.17% 13.77% 15.71% 4.40%
Ratio of net expenses to average net assets 0.95% 0.93% 0.95% 0.90% 0.88%
Ratio of net investment income (loss) to average net assets 2.08% 2.10% 2.47% 2.56% 2.91%
Portfolio turnover rate 47% 44% 49% 41% 29%
Net assets, end of period (in thousands) $61,801 $69,014 $37,507 $26,234 $136,597
================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 55
Notes to Financial Statements | 7/31/16
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 five classes of shares designated as Class A, Class C, Class K,
Class R and Class Y shares. Class K shares commenced operations on December 1,
2015. Each class of shares represents an interest in the same portfolio of
investments of the Fund and has identical rights (based on relative net asset
values) to assets and liquidation proceeds. Share classes can bear different
rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board of Trustees the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) 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 Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
56 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New
York Stock Exchange (NYSE) is open, as of the close of regular trading on
the NYSE.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices or, if both last bid and asked prices
are not available, at the last quoted bid price. Last sale and bid and asked
prices are provided by independent third party pricing services. In the case
of equity securities not traded on an exchange, prices are typically
determined by independent third party pricing services using a variety of
techniques and methods.
Foreign securities are valued in U.S. dollars based on foreign currency
exchange rate quotations supplied by a third party pricing service. Trading
in non-U.S. equity securities is substantially completed each day at various
times prior to the close of the NYSE. The values of such securities used in
computing the net asset value of the Fund's shares are determined as of such
times. The Fund may use a fair value model developed by an independent
pricing service to value non-U.S. equity securities.
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical trading
patterns in the market for fixed income securities and/or other factors.
Valuations may be supplemented by dealers and other sources, as required.
Non-U.S. debt securities that are listed on an exchange will be valued at
the bid price obtained from an independent third party pricing service.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the price
information is deemed to be unreliable, price information will be obtained
from an alternative loan interest pricing service. If no reliable price
quotes are available from either the primary or alternative pricing service,
broker quotes will be solicited.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 57
Event-linked bonds or catastrophe bonds are valued at the bid price obtained
from an independent third party pricing service. Other insurance-linked
securities (including sidecars, collateralized reinsurance and industry loss
warranties) may be valued at the bid price obtained from an independent
pricing service, or through a third party using a pricing matrix, insurance
industry valuation models, or other fair value methods or techniques to
provide an estimated value of the instrument.
Cash may include overnight time deposits at approved financial institutions.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Securities or loan interests for which independent pricing services are
unable to supply prices or for which market prices and/or quotations are not
readily available or are considered to be unreliable are valued by a fair
valuation team comprised of certain personnel of Pioneer Investment
Management, Inc. (PIM), the Fund's investment adviser, pursuant to
procedures adopted by the Fund's Board of Trustees. PIM's fair valuation
team uses fair value methods approved by the Valuation Committee of the
Board of Trustees. PIM's fair valuation team is responsible for monitoring
developments that may impact fair valued securities and for discussing and
assessing fair values on an ongoing basis, and at least quarterly, with the
Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may include
credit ratings, the financial condition of the company, current market
conditions and comparable securities. The Fund may use fair value methods if
it is determined that a significant event has occurred after the close of
the exchange or market on which the security trades and prior to the
determination of the Fund's net asset value. Examples of a significant event
might include political or economic news, corporate restructurings, natural
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, 2016, there were no securities valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model).
B. Investment Income and Transactions
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
58 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
respective securities, and such accretion/amortization is included in
interest income. Interest income, including interest on income-bearing cash
accounts, is recorded on the accrual basis, net of unrecoverable foreign
taxes withheld at the applicable country rates.
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.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually received.
Further, the effects of changes in foreign currency exchange rates on
investments are not segregated in the Statement of Operations from the
effects of changes in the market price of those securities, but are included
with the net realized and unrealized gain or loss on investments.
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its net taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of July 31, 2016, the Fund did not accrue any interest or penalties with
respect to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax returns filed
within the prior three years remain subject to examination by federal and
state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 59
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,
2016, the Fund reclassified $355,221 to increase undistributed net
investment income and $355,221 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
the net assets or results of operations.
The tax character of distributions paid during the year ended July 31, 2016
and July 31, 2015 were as follows:
----------------------------------------------------------------------------
2016 2015
----------------------------------------------------------------------------
Distributable paid from:
Ordinary income $ 5,402,415 $ 6,228,672
Long-term capital gain 5,830,650 18,845,521
----------------------------------------------------------------------------
Total $11,233,065 $25,074,193
============================================================================
The following shows the components of distributable earnings on a federal
income tax basis at July 31, 2016:
----------------------------------------------------------------------------
2016
----------------------------------------------------------------------------
Distributable earnings:
Undistributed long-term capital gain $ 572,269
Unrealized appreciation 32,006,020
----------------------------------------------------------------------------
Total $ 32,578,289
============================================================================
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.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned $39,511 in underwriting commissions on the sale of Class A shares
during the year ended July 31, 2016.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
60 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class C and Class R shares of the Fund,
respectively (see Note 4). Class K and Class Y shares do not pay
distribution fees. All expenses and fees paid to the Fund's transfer agent
for its services are allocated among the classes of shares based on the
number of accounts in each class and the ratable allocation of related
out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class K, Class R and Class
Y shares can reflect different transfer agent and distribution expense
rates.
G. Risks
Interest rates in the U.S. recently have been historically low, so the Fund
faces a heightened risk that interest rates may rise. A general rise in
interest rates may cause investors to move out of fixed income securities on
a large scale, which could adversely affect the price and liquidity of fixed
income securities and could also result in increased redemptions from the
Fund.
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 invests in below
investment grade (high yield) debt securities and preferred stocks. Some of
these high yield securities may be convertible into equity securities of the
issuer. Debt securities rated below investment grade are commonly referred
to as "junk bonds" and are considered speculative. These securities involve
greater risk of loss, are subject to greater price volatility, and are less
liquid, especially during periods of economic uncertainty or change, than
higher rated debt securities. The Fund's prospectus contains unaudited
information regarding the Fund's principal risks. Please refer to that
document when considering the Fund's principal risks.
H. Insurance-linked securities (ILS)
The Fund invests in event-linked bonds. Event-linked bonds are floating rate
debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event, as defined within the terms of
an event-linked 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
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 61
principal and interest payments so long as no trigger event occurs of the
description and magnitude specified by the instrument. In addition to the
specified trigger events, event-linked bonds may expose the Fund to other
risks, including but not limited to issuer (credit) default, adverse
regulatory or jurisdictional interpretations and adverse tax consequences.
The Fund's investments in ILS may include special purpose vehicles ("SPVs")
or similar instruments structured to comprise a portion of a reinsurer's
catastrophe-oriented business, known as quota share instruments (sometimes
referred to as reinsurance sidecars), or to provide reinsurance relating to
specific risks to insurance or reinsurance companies through a
collateralized instrument, known as collateralized reinsurance. Structured
reinsurance investments, which also may include industry loss warranties
("ILWs"). A traditional ILW takes the form of a bilateral reinsurance
contract, but there are also products that take the form of derivatives,
collateralized structures, or exchange traded instruments.
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILWs, generally are subject to
the same risks as event-linked bonds. In addition, where the instruments are
based on the performance of underlying reinsurance contracts, the Fund has
limited transparency into the individual underlying contracts and therefore
must rely upon the risk assessment and sound underwriting practices of the
issuer. Accordingly, it may be more difficult for PIM to fully evaluate the
underlying risk profile of the Fund's structured reinsurance investments and
therefore the Fund's assets are placed at greater risk of loss than if PIM
had more complete information. Structured reinsurance instruments generally
will be considered illiquid securities by the Fund. These securities may be
difficult to purchase, sell or unwind. Illiquid securities also may be
difficult to value. If the Fund is forced to sell an illiquid asset, the
Fund may be forced to sell at a loss.
I. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon the
agreement of the counterparty to repurchase the securities from the Fund at
a later date, and at a specific price, which is typically higher than the
purchase price paid by the Fund. The securities purchased serve as the
Fund's collateral for the obligation of the counterparty to repurchase the
securities. The value of the collateral, including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. The Fund's
investment adviser, PIM, is responsible for determining that the value of
the collateral remains at least equal to the
62 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
repurchase price. In the event of a default by the counterparty, the Fund
is entitled to sell the securities, but the Fund may not be able to sell
them for the price at which they were purchased, thus causing a loss to the
Fund. Additionally, if the counterparty becomes insolvent, there is some
risk that the Fund will not have a right to the securities, or the immediate
right to sell the securities. As of and for the year ended July 31, 2016,
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, 2016, was $16,100 and is recorded within "Restricted cash" in the
Statement of Assets and Liabilities. Subsequent payments for futures
contracts ("variation margin") are paid or received by the Fund, depending
on the daily fluctuation in the value of the contracts, and are recorded by
the Fund as unrealized appreciation or depreciation. When the contract is
closed, the Fund realizes a 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, 2016, was $224,577.
At July 31, 2016, open futures contracts were as follows:
-------------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation
Description Counterparty Long/(Short) Month Value (Depreciation)
-------------------------------------------------------------------------------------
U.S. Long
Bond (CBT) Citibank NA 2 9/16 $ 348,875 $ 24,345
U.S. Ultra
Bond (CBT) Citibank NA 1 9/16 190,531 4,114
U.S. 10 Year
Ultra Bond
(CBT) Citibank NA (10) 9/16 (1,462,031) (7,344)
-------------------------------------------------------------------------------------
Total $ (922,625) $ 21,115
=====================================================================================
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 63
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 Fund's average daily net assets over $5 billion. For
the year ended July 31, 2016, 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 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, 2017 for Class A
shares and Class R shares and were in effect through December 1, 2015 for Class
C shares. Fees waived and expenses reimbursed during the year ended July 31,
2016 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
$21,427 in management fees, administrative costs and certain other
reimbursements payable to PIM at July 31, 2016.
3. Transfer Agent
Effective November 2, 2015, Boston Financial Data Services, Inc. serves as the
transfer agent to the Fund at negotiated rates. Transfer agent fees and payables
shown on the Statement of Operations and the Statement of Assets and
Liabilities, respectively, include sub-transfer agent expenses incurred through
the Fund's omnibus relationship contracts.
Prior to November 2, 2015, Pioneer Investment Management Shareholder Services,
Inc., a wholly owned indirect subsidiary of UniCredit, provided substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings and outgoing phone calls. For the year
ended July 31, 2016, such out-of-pocket expenses by class of shares were as
follows:
64 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 159,971
Class C 34,800
Class K 4
Class R 3,600
Class Y 85,500
--------------------------------------------------------------------------------
Total $ 283,875
================================================================================
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 $10,315 in distribution fees payable
to PFD at July 31, 2016.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class 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, 2016, CDSCs in the amount of
$1,959 were paid to PFD.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 65
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until February 10, 2016, was in the amount of $240
million. As of February 10, 2016, the facility is in the amount of $220 million.
Under such facility, depending on the type of loan, interest on borrowings is
payable at the London Interbank Offered Rate (LIBOR) plus 0.85% on an annualized
basis, or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the year ended July 31, 2016, the Fund had no borrowings under
the credit facility.
6. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives subjects it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
66 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at July 31,
2016, was as follows:
-----------------------------------------------------------------------------------------
Statement of Interest Foreign
Assets and Rate Credit Exchange Equity Commodity
Liabilities Risk Risk Risk Risk Risk
-----------------------------------------------------------------------------------------
Assets
Net unrealized appreciation
on futures contracts* $21,115 $-- $-- $-- $--
-----------------------------------------------------------------------------------------
Total Value $21,115 $-- $-- $-- $--
=========================================================================================
* Reflects unrealized appreciation/depreciation of futures contracts (see Note
1J). The current day's variation margin is disclosed on the Statement of
Assets and Liabilities.
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at July 31, 2016 was as follows:
-----------------------------------------------------------------------------------------
Interest Foreign
Rate Credit Exchange Equity Commodity
Statement of Operations Risk Risk Rate Risk Risk Risk
-----------------------------------------------------------------------------------------
Net realized gain (loss) on
Futures contracts $27,096 $-- $-- $-- $--
-----------------------------------------------------------------------------------------
Total Value $27,096 $-- $-- $-- $--
=========================================================================================
Change in net unrealized
appreciation
(depreciation) on
Futures contracts $17,771 $-- $-- $-- $--
-----------------------------------------------------------------------------------------
Total Value $17,771 $-- $-- $-- $--
=========================================================================================
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 67
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, including
the schedule of investments, of Pioneer Classic Balanced Fund (the "Fund"), one
of the funds constituting Pioneer Series Trust IV (the "Trust"), as of July 31,
2016, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the three 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, and 2012,
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, 2016, by correspondence with the custodian,
brokers and agent banks; where replies were not received from brokers and agent
banks, we performed other auditing procedures. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Classic Balanced Fund as of July 31, 2016, the results of its operations
for the year then ended, the changes in its net assets for each of the two years
in the period then ended, and the financial highlights for each of the three
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 28, 2016
68 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
ADDITIONAL INFORMATION
For the year ended July 31, 2016, certain dividends paid by the Fund may be
subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax
Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to
the maximum amount of such dividends allowable under the Act, as taxed at a
maximum rate of 15%. Complete information will be computed and reported in
conjunction with your 2015 form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 39.05%.
The percentages of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
was 73.08%.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 69
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal
occupations during at least the past five years. Trustees who are interested
persons of the Fund within the meaning of the 1940 Act are referred to as
Interested Trustees. Trustees who are not interested persons of the Fund are
referred to as Independent Trustees. Each of the Trustees serves as a Trustee of
each of the 45 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.
70 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (66) Trustee since 2006. Serves Private investor (2004 - 2008 and 2013 - Director, Broadridge
Chairman of the Board until a successor trustee present); Chairman (2008 - 2013) and Chief Financial Solutions, Inc.
and Trustee is elected or earlier Executive Officer (2008 - 2012), Quadriserv, (investor communications
retirement or removal. Inc. (technology products for securities and securities processing
lending industry); and Senior Executive provider for financial
Vice President, The Bank of New York services industry) (2009
(financial and securities services) (1986 - present); Director,
- 2004) Quadriserv, Inc. (2005 -
2013); and Commissioner,
New Jersey State Civil
Service Commission (2011
- present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (72) Trustee since 2005. Serves Managing Partner, Federal City Capital Director of New York
Trustee until a successor trustee Advisors (corporate advisory services Mortgage Trust
is elected or earlier company) (1997 - 2004 and 2008 - present); (publicly-traded mortgage
retirement or removal. Interim Chief Executive Officer, Oxford REIT) (2004 - 2009, 2012
Analytica, Inc. (privately-held research - present); Director of
and consulting company) (2010); Executive The Swiss Helvetia Fund,
Vice President and Chief Financial Officer, Inc. (closed-end fund)
I-trax, Inc. (publicly traded health care (2010 - present);
services company) (2004 - 2007); and Director of Oxford
Executive Vice President and Chief Analytica, Inc. (2008 -
Financial Officer, Pedestal Inc. present); and Director of
(internet-based mortgage trading company) Enterprise Community
(2000 - 2002); Private consultant (1995 - Investment, Inc.
1997), Managing Director, Lehman Brothers (privately-held
(investment banking firm) (1992 - 1995); affordable housing finance
and Executive, The World Bank (1979 - 1992) company) (1985 - 2010)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (71) Trustee since 2008. Serves William Joseph Maier Professor of Political Trustee, Mellon
Trustee until a successor trustee Economy, Harvard University (1972 - Institutional Funds
is elected or earlier present) Investment Trust and
retirement or removal. Mellon Institutional
Funds Master Portfolio
(oversaw 17 portfolios in
fund complex) (1989 -
2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 71
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (69) Trustee since 2005. Serves Founding Director, Vice President and None
Trustee until a successor trustee Corporate Secretary, The Winthrop Group,
is elected or earlier Inc. (consulting firm) (1982 - present);
retirement or removal. Desautels Faculty of Management, McGill
University (1999 - present); and Manager of
Research Operations and Organizational
Learning, Xerox PARC, Xerox's advance
research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (68) Trustee since 2005. Serves President and Chief Executive Officer, Director of New America
Trustee until a successor trustee Newbury Piret Company (investment banking High Income Fund, Inc.
is elected or earlier firm) (1981 - present) (closed-end investment
retirement or removal. company) (2004 -
present); and Member,
Board of Governors,
Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (69) Trustee since 2014. Serves Consultant (investment company services) None
Trustee until a successor trustee (2012 - present); Executive Vice President,
is elected or earlier BNY Mellon (financial and investment company
retirement or removal. services) (1969 - 2012); Director, BNY
International Financing Corp. (financial
services) (2002 - 2012); and Director,
Mellon Overseas Investment Corp. (financial
services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
72 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
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 (58)* Trustee since 2014. Serves Director and Executive Vice President (since None
Trustee until a successor trustee 2008) and Chief Investment Officer, U.S.
is elected or earlier (since 2010) of PIM-USA; Executive Vice
retirement or removal. President of Pioneer (since 2008); Executive
Vice President of Pioneer Institutional
Asset Management, Inc. (since 2009); and
Portfolio Manager of Pioneer (since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's
investment adviser and certain of its affiliates.
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 73
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 (60)** Advisory Trustee since 2014. Chief Investment Officer, 1199 SEIU Funds Trustee of Pioneer
Advisory Trustee (healthcare workers union pension funds) closed-end investment
(2001 - present); Vice President - investment companies (5
International Investments Group, American portfolios) (Sept. 2015 -
International Group, Inc. (insurance present)
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.
74 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (54) Since 2014. Serves at the Chair, Director, CEO and President of Trustee of Pioneer
President and discretion of the Board. Pioneer Investment Management-USA (since closed-end investment
Chief Executive Officer September 2014); Chair, Director, CEO and companies (5 portfolios)
President of Pioneer Investment Management, (Sept. 2015 - present)
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 (51) Since 2005. Serves at the Vice President and Associate General Counsel None
Secretary and discretion of the Board. of Pioneer since January 2008; Secretary and
Chief Legal Officer Chief Legal Officer of all of the Pioneer
Funds since June 2010; Assistant Secretary
of all of the Pioneer Funds from September
2003 to May 2010; and Vice President and
Senior Counsel of Pioneer from July 2002 to
December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (55) Since 2010. Serves at the Fund Governance Director of Pioneer since None
Assistant Secretary discretion of the Board. December 2006 and Assistant Secretary of all
the Pioneer Funds since June 2010; Manager -
Fund Governance of Pioneer from December
2003 to November 2006; and Senior Paralegal
of Pioneer from January 2000 to November
2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (53) Since 2010. Serves at the Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary discretion of the Board. Assistant Secretary of all the Pioneer Funds
since June 2010; and Counsel of Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (56) Since 2008. Serves at the Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief discretion of the Board. Treasurer of all of the Pioneer Funds since
Financial March 2008; Deputy Treasurer of Pioneer from
and Accounting Officer March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Classic Balanced Fund | Annual Report | 7/31/16 75
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 (51) Since 2005. Serves at the Director - Fund Treasury of Pioneer; and None
Assistant Treasurer discretion of the Board. Assistant Treasurer of all of the Pioneer
Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (58) Since 2005. Serves at the Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer discretion of the Board. Pioneer; and Assistant Treasurer of all of
the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (36) Since 2009. Serves at the Fund Administration Manager - Fund Treasury None
Assistant Treasurer discretion of the Board. of Pioneer since November 2008; Assistant
Treasurer of all of the Pioneer Funds since
January 2009; and Client Service Manager -
Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (63) Since 2010. Serves at the Chief Compliance Officer of Pioneer and of None
Chief Compliance Officer discretion of the Board. all the Pioneer Funds since March 2010;
Chief Compliance Officer of Pioneer
Institutional Asset Management, Inc. since
January 2012; Chief Compliance Officer of
Vanderbilt Capital Advisors, LLC since July
2012: Director of Adviser and Portfolio
Compliance at Pioneer since October 2005;
and Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003
to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (45) Since 2006. Serves at the Director - Transfer Agency Compliance of None
Anti-Money Laundering discretion of the Board. Pioneer and Anti-Money Laundering Officer
Officer of all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
76 Pioneer Classic Balanced Fund | Annual Report | 7/31/16
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Pioneer Funds
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2016 Pioneer Investments 19418-10-0916
Pioneer Multi-Asset
Income Fund
--------------------------------------------------------------------------------
Annual Report | July 31, 2016
--------------------------------------------------------------------------------
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 45
Notes to Financial Statements 54
Report of Independent Registered Public Accounting Firm 70
Trustees, Officers and Service Providers 72
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 1
President's Letter
Dear Shareowner,
The first half of 2016 has featured some remarkable twists and turns in the
global economy. The year began on shaky footing as surging market volatility
brought about by fears of weaker global economic growth as well as falling oil
prices depressed returns for investors. In the US, both equity and fixed-income
markets declined significantly through the first six weeks of the year, only to
recover the losses by the end of the first quarter when market sentiment
shifted, due in part to accommodative monetary policies from the world's central
banks.
Midway through the first quarter, for example, the US Federal Reserve System
(the Fed) backed off plans to raise interest rates four times in 2016, and the
European Central Bank announced a more comprehensive asset-purchasing program in
the hopes of encouraging lending, and boosting both inflation and economic
growth. The markets responded with a solid rally. By the end of May, in fact, US
equities, as measured by the Standard & Poor's 500 Index, had generated a solid
year-to-date (YTD) return of 3.55%, and the YTD return (as of 5/31/16) of the
Barclays Aggregate Bond Index, a common measure of the US fixed-income market,
was 3.45%.
As markets began to settle down, the Brexit vote - the vote confirming that the
United Kingdom (UK) would exit the European Union (EU) - surprised many, and the
rollercoaster ride began once again. The market sold off sharply in the first
few days after the vote, then rallied as investors sought bargains created by
the initial post-Brexit sell-off, and as more, less ominous information about
the implications of the Brexit results came to light.
From a macroeconomic perspective, Pioneer believes the negative economic impact
of Brexit on the US should be more limited compared with its effects on the UK
and Europe. However, we expect reduced global demand due to a higher level of
uncertainty and risk aversion among investors. While the spillover effects on
the US economy are unclear, we think it possible that, in the event of a
significant negative economic impact, the Fed might consider other monetary
policy options. Globally, we believe that central banks are ready to act and
that their initial focus will be to stabilize the markets and provide liquidity,
if needed.
While the Brexit vote is now official, the expectation is that the actual
process of separating the UK from the EU could take at least two years. Only in
the next several months may we begin to see signs of what path Europe will
follow as it adapts to the reality of an EU without one of its most prominent
members. Over the medium-term, however, we believe uncertainties over the future
of Europe and central banks' reactions will likely dominate financial markets,
and we believe the news flow surrounding Brexit will continue to weigh on
riskier assets. Competing for headlines, too, is the current financial condition
of many European banks. Ultimately, we think that the political and monetary
policy responses will be the major variables when it comes to managing an
orderly
2 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
Brexit. In addition, as the second half of 2016 gets underway, we continue to
see central bank policies as generally supportive of the US economy -- for which
we maintain an expectation of modest growth this year.
Aside from the Brexit-caused uncertainties, economies around the world in both
developed and emerging markets are experiencing deep structural changes. Current
challenges include incomplete debt deleveraging in both emerging and developed
markets, where debt levels continue to grow, the transition of many emerging
markets economies from export/investment-driven models to more domestic
demand-driven models, and aging populations, which are reducing productivity and
limiting economic growth potential (primarily in the developed markets but also
in emerging markets such as China). Geopolitical instability on many fronts, the
rising risk of policy mistakes, and market liquidity issues combine to increase
the possibility of sharp swings in asset values. Meanwhile, in the US, as always
in a presidential election year, the political rhetoric of 2016 has the
potential to impact domestic sectors such as health care.
Throughout Pioneer's history, we have believed in the importance of active
management. During periods of market volatility, we view the value of active
management as even more compelling. Our experienced and tenured investment teams
focus on identifying value across global markets using proprietary research,
careful risk management, and a long-term perspective. We believe our shareowners
can benefit from the experience and tenure of our investment teams as well as
the insights generated from our extensive research process.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
July 31, 2016
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 3
Portfolio Management Discussion | 7/31/16
In the following interview, portfolio managers Marco Pirondini and Tracy Wright
discuss Pioneer Multi-Asset Income Fund's investment strategies and performance
during the 12-month reporting period ended July 31, 2016, 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, 2016?
A The Fund's Class A shares returned 0.81% at net asset value during the
12-month period ended July 31, 2016, 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 5.94% and -0.44%, respectively. During the same period,
the average return of the 353 mutual funds in Lipper's Mixed-Asset Target
Allocation Conservative Funds category was 2.89%, and the average return of
the 566 mutual funds in Morningstar's Conservative Allocation Funds
category was 2.59%.
Q How would you describe the global investment environment during the
12-month period ended July 31, 2016?
A The 12-month period was characterized by heightened volatility across many
asset classes, as investor sentiment shifted in response to global
macroeconomic conditions. During the first seven months of the period
(through about mid-February 2016), China's devaluation of its currency in
August 2015, concerns about credit and liquidity risk in the U.S. corporate
bond market at year-end 2015, and a renewed decline in oil prices in the
(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 | 7/31/16
early weeks of 2016 contributed to a sell-off in higher-risk assets. This, in
turn, spurred increased demand for more conservative investments, such as
U.S. Treasuries and investment-grade bonds.
In the middle of February 2016, the outlook started to brighten. High-yield
bonds, especially in the battered energy sector, began to recover after oil
prices appeared to bottom. Equities and the emerging markets soon followed suit
as better-than-expected U.S. employment and manufacturing data and supportive
monetary policies from central bankers around the globe also helped to lift
investors' spirits.
With the return of investor confidence, the markets rebounded for much of the
remainder of the 12-month period, with many higher-risk asset classes finishing
up in positive territory. The surprise victory by the "Leave" side in the United
Kingdom's June referendum vote to determine the country's future with regard to
membership in the European Union caused a brief market sell-off, but the
so-called "Brexit" decision did not interrupt the rally for long, as the markets
quickly regained their footing (and recovered their losses) within days of the
announcement.
In spite of the market volatility, global bonds and U.S. stocks each delivered
positive performance during the period. U.S. equities, as measured by the
Standard & Poor's 500 Index, returned 5.60% for the period, while global bonds,
as measured by the Citigroup World Government Bond Index, returned a robust
11.32%. During the second half of the 12-month period, the price recoveries in
U.S. high-yield bonds, commodities, and emerging markets debt were especially
noteworthy. On the other hand, international equities struggled, as the MSCI All
Country World (ex-U.S.) Index returned -5.08%, and the MSCI Europe Index
returned -9.75%. Most areas of the global economy advanced during the period,
led by the more defensive utilities, information technology, and
telecommunication services sectors. With their profits pinched by low, even
negative interest rates, companies in the financials sector struggled the most
during the period. The health care and energy sectors also struggled, although
energy companies did rebound somewhat after oil prices stabilized about six
weeks into 2016, and then began increasing.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 5
Q What were the primary factors driving the Fund's performance relative to
its benchmarks during the 12-month period ended July 31, 2016?
A In managing the Fund, we employ a flexible, go-anywhere investment approach
to adapt to changing market conditions and to generate both attractive
monthly income and total return performance. As a multi-asset portfolio
that can invest in a wide range of fixed-income and equity securities, the
Fund's performance will generally fall between that of the Barclays Index,
a pure bond index, and the MSCI Index, a pure equity index. This was
especially true during the 12-month period ended July 31, 2016, since the
markets at various times exhibited either extremely bearish (risk-off)
sentiment that favored bonds, or bullish (risk-on) sentiment that favored
stocks.
The Fund's underperformance relative to its benchmarks derived primarily
from an overweight portfolio exposure to the high-yield market as well as
an overweight to international equities. The final six months of 2015, and
the first month of 2016, were particularly difficult times for the
high-yield asset class, and for equities in general. However, with
investors beginning to regain confidence by February 2016, U.S. high-yield
bonds rallied for the balance of the 12-month period. Further monetary and
fiscal stimulus by global central banks and continued strength in U.S.
economic data reports also supported investor enthusiasm. The Federal
Reserve's (the Fed's) unexpectedly dovish announcement in March, which
signaled its expectation of a maximum of just two rate increases in 2016 -
down from an initial estimate of four in December 2015 when the Fed began
to tighten interest rates - was an additional tailwind. The rally in high
yield over the second half of the Fund's fiscal year was not enough,
however, to overcome the negative effects on benchmark-relative returns of
the portfolio's overweight allocation during the first half of the period,
when the performance of high-yield securities lagged.
During the early months of the period as the markets saw a flight to
quality, investment-grade corporate bonds and agency mortgage-backed
securities (MBS) rallied. Unfortunately, those asset classes, which offered
lower yields in exchange for greater safety, represented underweights in
the portfolio relative to the Barclays Index. The Fund is underweight in
those asset classes because we continued to believe that there was better
long-term value available in other areas of the fixed-income markets.
Accordingly, the Fund's underweights to agency MBS and investment-grade
corporates detracted from benchmark-relative performance when the asset
classes
6 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
rallied. On the other hand, allocations to insurance-linked securities and
municipal bonds, while representing small weightings in the portfolio,
augmented the Fund's benchmark-relative results during the 12-month
reporting period.
With regard to the portfolio's equity positioning, from a sector allocation
perspective, the Fund was overweight in health care and large, stable
information technology companies, and underweight in the poorer-performing
financials sector. All of those allocation decisions aided the Fund's
benchmark-relative returns during the period; however, as we mentioned
earlier, an overweight to international equities detracted from relative
performance and negated the positive effects of our sector allocation
decisions.
Q What changes did you make to the Fund's positioning during the 12-month
period ended July 31, 2016?
A We did not dramatically change the structure of the Fund's portfolio during
the reporting period. However, we did make some changes at the margins to
lock in gains and to reinvest the proceeds from those sales in securities
that we thought offered better value. In the second half of the reporting
period (February through July 2016), we increased the Fund's exposure to
emerging markets bonds. The decision proved rewarding, as the asset class
rallied strongly over the final months of the 12-month period. We believe
emerging markets bonds appear to be in a more resilient position, and feel
that they offer additional yield advantages over the compressed returns
available in developed markets. The dovish monetary policies of central
banks in the developed markets are also supportive of emerging markets
bonds, in our view.
As prospects for the high-yield market started to improve during the
12-month period, we increased the portfolio's allocation to the energy
sector, as the rebound in oil prices revealed attractive investment
opportunities. We also slightly increased the Fund's high-yield investments
in the health care and utilities sectors when we found compelling value
opportunities, thus diversifying* the portfolio's holdings and upgrading
the overall credit profile of its high-yield exposure.
* Diversification does not assure a profit nor protect against loss.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 7
On July 31, 2016, the Fund's investments had a strategic emphasis on U.S.
high-yield bonds and U.S. equities, given prevailing market conditions. At
period end, approximately 53% of the Fund's positions were in equities (32%
in U.S. stocks), and 47% were in fixed income (30% in U.S. corporate bonds,
the vast majority of which were high-yield securities).
Q Did the use of derivative investments have a material effect on the Fund's
performance during the 12-month period ended July 31, 2016?
A We hedged some of the portfolio's equity risk during the reporting period,
primarily through the use of short futures and put options tied to the
Standard & Poor's 500 Index, while deploying more cash from time to time to
reduce the pressure of market sell-offs. (A "short" futures contract is an
agreement to sell a commodity or financial instrument at a predetermined
price at a future date. A "put" option is an agreement giving the contract
holder the right, but not the obligation, to sell a security at a
pre-determined price for a pre-determined amount of time, regardless of the
current market price of the security.) The hedging strategy benefited the
Fund's performance when markets declined, but hindered performance to a
certain degree when markets rallied. The net result of the hedging strategy
was negligible from a performance perspective, but the Fund did experience
less volatility during the reporting period than otherwise would have been
the case.
We plan to continue to employ tactical hedges in the portfolio, as we
believe they help protect the Fund in times of stress, while not impairing
its ability to generate income.
Q Can you discuss the factors that influenced the Fund's yield, or
distributions to shareholders, during the 12-month period ended July 31,
2016?
A The Fund's share price encountered heightened volatility during the period,
but the income that the portfolio generated from its tactical allocations
among high-yield bonds and dividend-paying stocks helped to generate a very
competitive yield, allowing us to deliver on the Fund's primary goal of
maintaining a high level of monthly income for shareholders.
The Fund made a special distribution of $0.092 per share in December 2015,
which included the $0.0500 monthly dividend** as well as an extra $0.042
payout, which was the result of higher-than-expected income generation from
the portfolio's equity holdings.
** Dividends are not guaranteed.
8 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
Q What is your outlook for the coming months?
A We are cautious in our view of the markets given relatively high valuations
and geopolitical uncertainty. Other risks to our outlook include increased
market volatility as the Fed weighs the timing of short-term rate hikes,
the long-term impact of the Brexit vote, and the repercussions of lower -
even negative - interest rates.
With that in mind, we continue to favor U.S. stocks over European equities.
However, the recent sell-off in the United Kingdom and European equity
markets has created opportunities for investors with a medium- to long-term
outlook. In the high-yield market, we believe oil and commodity prices will
drive much of the asset class's returns for the foreseeable future.
Fundamentals in sectors outside of energy and metals & mining are much
stronger, and many companies continue to have strong profit margins and
healthy balance sheets.
In the current low-interest-rate, low-growth environment, with central
banks pledging to support the stability of the global financial system, we
are taking a defensive approach to risk assets, especially equities. After
five years of strong returns in both the fixed-income and equity markets,
we believe we are entering a phase of decent, but not robust returns.
Against that backdrop, we continue to believe the Fund's diversified
investment approach, both by geography and by asset class, can provide
investors with competitive returns accompanied by lower volatility than one
might expect from more traditional strategies that invest based on static
allocations, or have limited exposures to certain asset classes and
geographies.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 9
Please refer to the Schedule of Investments on pages 21-44 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
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 (including 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 | 7/31/16
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 | 7/31/16 11
Portfolio Summary | 7/31/16
Portfolio Diversification*
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 32.4%
U.S. Corporate Bonds 30.3%
International Common Stocks 20.6%
Foreign Government Bonds 6.0%
International Corporate Bonds 3.6%
Senior Secured Loans 1.5%
Equity Linked Note 1.4%
Asset Backed Securities 1.3%
Collateralized Mortgage Obligations 1.1%
Mutual Fund Closed End 0.5%
Mutual Funds 0.4%
Convertible Preferred Stocks 0.4%
Convertible Corporate Bonds 0.3%
International Preferred Stocks 0.2%
* Includes investments in Insurance Linked Securities totaling 0.6% 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 28.8%
Health Care 17.4%
Information Technology 10.5%
Consumer Discretionary 7.7%
Telecommunication Services 7.5%
Energy 6.2%
Materials 6.1%
Industrials 6.0%
Consumer Staples 4.8%
Government 3.0%
Utilities 2.0%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)**
1. Pfizer, Inc. 3.63%
--------------------------------------------------------------------------------
2. AT&T, Inc. 3.59
--------------------------------------------------------------------------------
3. Novartis AG 3.46
--------------------------------------------------------------------------------
4. Apple, Inc. 3.27
--------------------------------------------------------------------------------
5. Microsoft Corp. 2.74
--------------------------------------------------------------------------------
6. Johnson & Johnson 2.57
--------------------------------------------------------------------------------
7. Shire Plc 2.57
--------------------------------------------------------------------------------
8. Rio Tinto Plc 2.02
--------------------------------------------------------------------------------
9. Synchrony Financial 1.84
--------------------------------------------------------------------------------
10. Cardinal Health, Inc. 1.72
--------------------------------------------------------------------------------
** This list excludes temporary cash investments and derivative instruments.
The Fund is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
securities listed.
12 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
Prices and Distributions | 7/31/16
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 7/31/16 7/31/15
--------------------------------------------------------------------------------
A $10.57 $11.15
--------------------------------------------------------------------------------
C $10.55 $11.12
--------------------------------------------------------------------------------
K $10.69 $11.15
--------------------------------------------------------------------------------
R $10.62 $11.20
--------------------------------------------------------------------------------
Y $10.56 $11.14
--------------------------------------------------------------------------------
Distributions per Share: 8/1/15-7/31/16
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A 0.6324 $-- $--
--------------------------------------------------------------------------------
C 0.5459 $-- $--
--------------------------------------------------------------------------------
K 0.6601 $-- $--
--------------------------------------------------------------------------------
R 0.5916 $-- $--
--------------------------------------------------------------------------------
Y 0.6522 $-- $--
--------------------------------------------------------------------------------
Index Definitions
--------------------------------------------------------------------------------
The Barclays Aggregate Bond Index is an unmanaged measure of the U.S. bond
market. The MSCI All Country World ND (with Net Dividends) 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.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 13
Performance Update | 7/31/16 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Multi-Asset 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, 2016)
--------------------------------------------------------------------------------
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 7.62% 6.55% 3.15% 9.74%
1 Year 0.81 -3.77 5.94 -0.44
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.43% 1.33%
--------------------------------------------------------------------------------
[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
12/11 $ 9,550 $10,000 $10,000
7/12 $10,372 $10,378 $10,710
7/13 $11,775 $10,181 $12,905
7/14 $13,396 $10,585 $14,958
7/15 $13,249 $10,884 $15,382
7/16 $13,356 $11,530 $15,314
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, 2017, 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. Please see the financial highlights for more
recent expense ratios. Expense ratios in the financial highlights, unlike those
shown in the prospectus, do not reflect acquired fund fees and expenses.
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 | 7/31/16
Performance Update | 7/31/16 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Multi-Asset 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, 2016)
--------------------------------------------------------------------------------
MSCI
All
Barclays Country
Aggregate World
If If Bond ND
Period Held Redeemed Index Index
--------------------------------------------------------------------------------
Life-of-Class
12/22/11 6.73% 6.73% 3.15% 9.74%
1 Year 0.06 0.06 5.94 -0.44
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.17%
--------------------------------------------------------------------------------
[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
12/11 $10,000 $10,000 $10,000
7/12 $10,812 $10,378 $10,710
7/13 $12,151 $10,181 $12,905
7/14 $13,711 $10,585 $14,958
7/15 $13,452 $10,884 $15,382
7/16 $13,460 $11,530 $15,314
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.
Please see the financial highlights for more recent expense ratios. Expense
ratios in the financial highlights, unlike those shown in the prospectus, do not
reflect acquired fund fees and expenses.
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 | 7/31/16 15
Performance Update | 7/31/16 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class K shares of Pioneer Multi-Asset 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, 2016)
--------------------------------------------------------------------------------
MSCI
All
Net Barclays Country
Asset Aggregate World
Value Bond ND
Period (NAV) Index Index
--------------------------------------------------------------------------------
Life of Fund
12/22/11 7.99% 3.15% 9.74%
1 Year 2.20 5.94 -0.44
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.11%
--------------------------------------------------------------------------------
[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
12/11 $5,000,000 $5,000,000 $5,000,000
7/12 $5,429,039 $5,189,203 $5,355,020
7/13 $6,163,206 $5,090,349 $6,452,651
7/14 $7,011,748 $5,292,408 $7,479,183
7/15 $6,949,675 $5,441,860 $7,691,060
7/16 $7,102,827 $5,764,837 $7,657,028
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.
Please see the financial highlights for more recent expense ratios. Expense
ratios in the financial highlights, unlike those shown in the prospectus, do not
reflect acquired fund fees and expenses.
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 | 7/31/16
Performance Update | 7/31/16 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer 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, 2016)
--------------------------------------------------------------------------------
MSCI
All
Net Barclays Country
Asset Aggregate World
Value Bond ND
Period (NAV) Index Index
--------------------------------------------------------------------------------
Life of Fund
12/22/11 7.58% 3.15% 9.74%
1 Year 0.41 5.94 -0.44
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.88%
--------------------------------------------------------------------------------
[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
12/11 $10,000 $10,000 $10,000
7/12 $10,858 $10,378 $10,710
7/13 $12,326 $10,181 $12,905
7/14 $14,024 $10,585 $14,958
7/15 $13,903 $10,884 $15,382
7/16 $13,959 $11,530 $15,314
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.
Please see the financial highlights for more recent expense ratios. Expense
ratios in the financial highlights, unlike those shown in the prospectus, do
not reflect acquired fund fees and expenses.
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 | 7/31/16 17
Performance Update | 7/31/16 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Multi-Asset 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, 2016)
--------------------------------------------------------------------------------
MSCI
All
Net Barclays Country
Asset Aggregate World
Value Bond ND
Period (NAV) Index Index
--------------------------------------------------------------------------------
Life-of-Class
12/22/11 7.80% 3.15% 9.74%
1 Year 1.00 5.94 -0.44
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.19% 1.13%
--------------------------------------------------------------------------------
[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
12/11 $5,000,000 $5,000,000 $5,000,000
7/12 $5,438,634 $5,189,203 $5,355,020
7/13 $6,174,439 $5,090,349 $6,452,651
7/14 $7,039,302 $5,292,408 $7,479,183
7/15 $6,976,906 $5,441,860 $7,691,060
7/16 $7,046,997 $5,764,837 $7,657,028
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, 2017, for Class Y shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus for more information. Please see the financial highlights for more
recent expense ratios. Expense ratios in the financial highlights, unlike those
shown in the prospectus, do not reflect acquired fund fees and expenses.
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 | 7/31/16
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Income Fund
Based on actual returns from February 1, 2016, through July 31, 2016.
----------------------------------------------------------------------------------------------------
Share Class A C K R Y
----------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/16
----------------------------------------------------------------------------------------------------
Ending Account Value $1,103.32 $1,099.08 $1,116.09 $1,100.14 $1,104.43
(after expenses)
on 7/31/16
----------------------------------------------------------------------------------------------------
Expenses Paid $ 4.45 $ 8.82 $ 3.16 $ 7.15 $ 3.40
During Period*
----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.85%, 1.69%,
0.60%, 1.37%, and 0.65% for Class A, Class C, Class K, Class R, and Class Y
respectively, multiplied by the average account value over the period
multiplied by 182/366 (to reflect the one-half year period).
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 19
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Income Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from February 1, 2016, through July 31, 2016.
----------------------------------------------------------------------------------------------------
Share Class A C K R Y
----------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/16
----------------------------------------------------------------------------------------------------
Ending Account Value $1,020.64 $1,016.46 $1,021.88 $1,018.05 $1,021.63
(after expenses)
on 7/31/16
----------------------------------------------------------------------------------------------------
Expenses Paid $ 4.27 $ 8.47 $ 3.02 $ 6.87 $ 3.27
During Period*
----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.85%, 1.69%,
0.60%, 1.37%, and 0.65% for Class A, Class C, Class K, Class R, and Class Y
respectively, multiplied by the average account value over the period
multiplied by 182/366 (to reflect the one-half year period).
20 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
Schedule of Investments | 7/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 0.2%
ENERGY -- 0.0%+
Oil & Gas Exploration & Production -- 0.0%+
515,000 Cobalt International Energy, Inc., 2.625%, 12/1/19 $ 230,141
---------------
Total Energy $ 230,141
--------------------------------------------------------------------------------------------------------
MATERIALS -- 0.0%+
Diversified Metals & Mining -- 0.0%+
30,096 Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A)
(0.0% cash, 9.5% PIK) (PIK) (c) $ 2,558
---------------
Total Materials $ 2,558
--------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.1%
Electrical Components & Equipment -- 0.1%
1,410,000 General Cable Corp., 4.5%, 11/15/29 (Step) $ 946,462
---------------
Total Capital Goods $ 946,462
--------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Mortgage REIT -- 0.1%
595,000 Apollo Commercial Real Estate Finance, Inc.,
5.5%, 3/15/19 $ 608,016
---------------
Total Real Estate $ 608,016
--------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $2,474,789) $ 1,787,177
--------------------------------------------------------------------------------------------------------
PREFERRED STOCK -- 0.0%+
TRANSPORTATION -- 0.0%+
Air Freight & Logistics -- 0.0%+
49 CEVA Group Plc* (e) $ 16,992
--------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost $48,550) $ 16,992
--------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS -- 0.6%
ENERGY -- 0.0%+
Oil & Gas Exploration & Production -- 0.0%+
500 Halcon Resources Corp., 5.75%,
12/31/49 (Perpetual) $ 21,500
---------------
Total Energy $ 21,500
--------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.2%
Pharmaceuticals -- 0.2%
1,325 Allergan Plc, 5.5%, 3/1/18 $ 1,187,650
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 1,187,650
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 21
Schedule of Investments | 7/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
BANKS -- 0.4%
Diversified Banks -- 0.4%
730 Bank of America Corp., 7.25%,
12/31/49 (Perpetual) $ 880,380
1,876 Wells Fargo & Co., 7.5% (Perpetual) 2,497,444
---------------
$ 3,377,824
---------------
Total Banks $ 3,377,824
--------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $4,622,097) $ 4,586,974
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 51.8%
ENERGY -- 0.5%
Oil & Gas Exploration & Production -- 0.0%
40,000 Societatea Nationala de Gaze Naturale
ROMGAZ SA $ 228,574
--------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.5%
1,000,000 Avance Gas Holding, Ltd. $ 3,226,725
---------------
Total Energy $ 3,455,299
--------------------------------------------------------------------------------------------------------
MATERIALS -- 2.4%
Commodity Chemicals -- 0.1%
719,162 Chevron Lubricants Lanka Plc $ 812,537
--------------------------------------------------------------------------------------------------------
Construction Materials -- 0.3%
77,307 CRH Plc $ 2,356,289
--------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 2.0%
451,263 Rio Tinto Plc $ 14,707,334
---------------
Total Materials $ 17,876,160
--------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.9%
Aerospace & Defense -- 0.4%
426,927 BAE Systems Plc $ 3,018,556
--------------------------------------------------------------------------------------------------------
Building Products -- 0.2%
2,118,256 Ras Al Khaimah Ceramics* $ 1,845,522
--------------------------------------------------------------------------------------------------------
Heavy Electrical Equipment -- 0.3%
156,000 Mitsubishi Electric Corp. $ 1,861,785
--------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.0%+
3,071 Liberty Tire Recycling LLC (c) $ 31
---------------
Total Capital Goods $ 6,725,894
--------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.4%
Air Freight & Logistics -- 0.0%+
22 CEVA Group Plc* $ 7,850
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
--------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------
Airlines -- 0.4%
203,558 easyJet Plc $ 2,805,713
---------------
Total Transportation $ 2,813,563
--------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.2%
Automobile Manufacturers -- 0.2%
45,100 Fuji Heavy Industries, Ltd. $ 1,774,999
---------------
Total Automobiles & Components $ 1,774,999
--------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.5%
Homebuilding -- 1.0%
158,167 PulteGroup, Inc. $ 3,349,977
290,800 Sekisui Chemical Co., Ltd. 4,301,497
---------------
$ 7,651,474
--------------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 0.5%
97,851 Burberry Group Plc $ 1,710,187
89,267 Moncler S.p.A.* 1,564,872
---------------
$ 3,275,059
---------------
Total Consumer Durables & Apparel $ 10,926,533
--------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Hotels, Resorts & Cruise Lines -- 0.2%
29,493 InterContinental Hotels Group Plc $ 1,180,097
---------------
Total Consumer Services $ 1,180,097
--------------------------------------------------------------------------------------------------------
MEDIA -- 0.7%
Advertising -- 0.4%
39,014 Publicis Groupe SA $ 2,904,936
--------------------------------------------------------------------------------------------------------
Broadcasting -- 0.1%
288,100 ITV Plc $ 747,659
--------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
40,370 Viacom, Inc. (Class B) $ 1,835,624
---------------
Total Media $ 5,488,219
--------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 1.4%
Drug Retail -- 1.4%
115,818 CVS Health Corp. $ 10,738,645
---------------
Total Food & Staples Retailing $ 10,738,645
--------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.5%
Distillers & Vintners -- 0.1%
74,741,212 Vina San Pedro Tarapaca SA $ 775,969
--------------------------------------------------------------------------------------------------------
Soft Drinks -- 1.4%
1,250,777 Britvic Plc $ 10,350,570
--------------------------------------------------------------------------------------------------------
Tobacco -- 0.0%+
5,275 Altria Group, Inc. $ 357,118
---------------
Total Food, Beverage & Tobacco $ 11,483,657
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 23
Schedule of Investments | 7/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 2.1%
Health Care Equipment -- 0.4%
33,501 Medtronic Plc $ 2,935,693
--------------------------------------------------------------------------------------------------------
Health Care Distributors -- 1.7%
149,991 Cardinal Health, Inc. $ 12,539,248
---------------
Total Health Care Equipment & Services $ 15,474,941
--------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 11.9%
Biotechnology -- 2.5%
290,884 Shire Plc $ 18,760,411
--------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 9.4%
149,947 Johnson & Johnson $ 18,777,863
304,570 Novartis AG 25,252,422
716,774 Pfizer, Inc. 26,441,793
---------------
$ 70,472,078
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 89,232,489
--------------------------------------------------------------------------------------------------------
BANKS -- 2.0%
Diversified Banks -- 0.8%
979,962 Aldermore Group Plc $ 1,804,848
131,063 Grupo Financiero Banorte SAB de CV 717,321
60,026 JPMorgan Chase & Co. 3,839,863
---------------
$ 6,362,032
--------------------------------------------------------------------------------------------------------
Regional Banks -- 1.2%
107,298 The PNC Financial Services Group, Inc. $ 8,868,180
---------------
Total Banks $ 15,230,212
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 8.0%
Specialized Finance -- 0.4%
192,400 Japan Exchange Group, Inc. $ 2,772,416
--------------------------------------------------------------------------------------------------------
Consumer Finance -- 3.1%
166,148 Discover Financial Services, Inc. $ 9,443,852
480,127 Synchrony Financial 13,385,941
---------------
$ 22,829,793
--------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 4.5%
1,923,283 Apollo Investment Corp. $ 11,078,110
739,396 Ares Capital Corp. 11,194,455
1,229,677 Fifth Street Finance Corp. 6,886,191
31,950 State Street Corp. 2,101,671
10,000 TCP Capital Corp. 159,000
209,367 TriplePoint Venture Growth BDC Corp. 2,397,252
---------------
$ 33,816,679
---------------
Total Diversified Financials $ 59,418,888
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
--------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------
INSURANCE -- 0.3%
Reinsurance -- 0.3%
23,316 Swiss Re AG $ 1,958,448
---------------
Total Insurance $ 1,958,448
--------------------------------------------------------------------------------------------------------
REAL ESTATE -- 5.4%
Diversified REIT -- 0.3%
206,098 Merlin Properties Socimi SA $ 2,359,476
--------------------------------------------------------------------------------------------------------
Industrial REIT -- 1.5%
4,606,700 Mapletree Industrial Trust $ 6,221,786
4,707,400 Mapletree Logistics Trust 3,705,784
694,055 PLA Administradora Industrial S de RL de CV 1,148,837
---------------
$ 11,076,407
--------------------------------------------------------------------------------------------------------
Hotel & Resort REIT -- 0.2%
1,500 Japan Hotel Real Estate Investment Trust
Investment Corp. $ 1,267,461
--------------------------------------------------------------------------------------------------------
Office REIT -- 0.3%
169,405 Alstria Office REIT-AG $ 2,357,965
--------------------------------------------------------------------------------------------------------
Retail REIT -- 0.2%
24,932 Wereldhave NV $ 1,206,386
--------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.9%
78,144 EPR Properties $ 6,565,659
30,400 Keppel DC Real Estate Investment Trust 27,448
---------------
$ 6,593,107
--------------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 1.3%
1,398,300 Leopalace21 Corp. $ 10,156,745
--------------------------------------------------------------------------------------------------------
Real Estate Development -- 0.5%
284,731 TAG Immobilien AG $ 4,052,331
--------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.2%
151,030 Savills Plc $ 1,397,799
---------------
Total Real Estate $ 40,467,677
--------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 2.7%
Systems Software -- 2.7%
352,187 Microsoft Corp. $ 19,961,959
---------------
Total Software & Services $ 19,961,959
--------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 5.4%
Communications Equipment -- 1.6%
385,216 Cisco Systems, Inc. $ 11,760,644
--------------------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 3.2%
228,623 Apple, Inc. $ 23,824,803
--------------------------------------------------------------------------------------------------------
Computer Hardware Storage &
Peripherals -- 0.3%
70,283 Neopost SA $ 1,951,838
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 25
Schedule of Investments | 7/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.2%
112,278 Fitbit, Inc. $ 1,533,717
--------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.1%
315,000 Global Display Co., Ltd. $ 986,458
---------------
Total Technology Hardware & Equipment $ 40,057,460
--------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.6%
Semiconductors -- 0.6%
807,000 Taiwan Semiconductor Manufacturing Co., Ltd. $ 4,375,530
---------------
Total Semiconductors & Semiconductor
Equipment $ 4,375,530
--------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.7%
Integrated Telecommunication Services -- 3.5%
605,189 AT&T, Inc. $ 26,198,632
--------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.2%
576,449 Vodafone Group Plc $ 1,752,034
---------------
Total Telecommunication Services $ 27,950,666
--------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $392,931,179) $ 386,591,336
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited)
--------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 1.3%
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
431,651 Westgate Resorts 2014-1 LLC, 5.5%,
12/20/26 (144A) $ 428,007
---------------
Total Consumer Services $ 428,007
--------------------------------------------------------------------------------------------------------
BANKS -- 1.2%
Thrifts & Mortgage Finance -- 1.2%
800,000 Ascentium Equipment Receivables 2015-1 LLC,
5.92%, 6/12/23 (144A) $ 793,248
499,993 Axis Equipment Finance Receivables III LLC,
5.27%, 5/20/20 (144A) 479,324
165,041 Bayview Opportunity Master Fund IIa Trust
2014-20NPL, 3.721%, 8/28/44 (Step) (144A) 165,813
575,604 3.72 Bayview Opportunity Master Fund Trust
2014-15RPL, Floating Rate Note, 10/28/19 (144A) 573,858
47,335 Bear Stearns Asset Backed Securities Trust,
8.41%, 10/25/29 (Step) 47,697
61,857 7.78 GE Mortgage Services LLC, Floating Rate
Note, 3/25/27 37,736
223,448 GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 219,537
2,250,000 Green Tree Agency Advance Funding Trust I,
4.6692%, 10/15/48 (144A) 2,250,900
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
750,000 Leaf Receivables Funding 10 LLC, 5.21%,
7/15/21 (144A) $ 745,485
500,000 Leaf Receivables Funding 11 LLC, 6.0%,
6/15/24 (144A) 463,579
250,000 Navitas Equipment Receivables LLC 2013-1,
5.82%, 6/15/19 (144A) 250,094
1,000,000 Navitas Equipment Receivables LLC 2015-1,
5.75%, 5/17/21 (144A) 968,842
600,000 4.99 NCF Dealer Floorplan Master Trust, Floating
Rate Note, 10/20/20 (144A) 588,245
400,000 8.99 NCF Dealer Floorplan Master Trust, Floating
Rate Note, 3/21/22 (144A) 395,095
73,771 RASC Series 2003-KS5 Trust, 4.46%,
7/25/33 (Step) 73,159
1,200,000 3.73 Silver Bay Realty 2014-1 Trust, Floating Rate
Note, 9/18/31 (144A) 1,173,407
---------------
$ 9,226,019
---------------
Total Banks $ 9,226,019
--------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $9,770,788) $ 9,654,026
--------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 1.1%
BANKS -- 1.1%
Thrifts & Mortgage Finance -- 1.1%
100,000 A10 Securitization 2013-1 LLC, 4.7%,
11/17/25 (144A) $ 100,038
100,000 A10 Securitization 2013-1 LLC, 6.41%,
11/17/25 (144A) 100,050
92,919 5.21 Bear Stearns Commercial Mortgage Securities
Trust 2005-PWR7, Floating Rate Note, 2/11/41 92,791
1,500,000 5.14 Bear Stearns Commercial Mortgage Securities
Trust 2005-TOP20, Floating Rate Note, 10/12/42 1,485,977
10,714 5.88 CHL Mortgage Pass-Through Trust 2002-32,
Floating Rate Note, 1/25/33 10,980
14,219 Credit Suisse First Boston Mortgage Securities
Corp., 5.5%, 6/25/33 14,376
855,000 5.10 Credit Suisse First Boston Mortgage Securities
Corp., Floating Rate Note, 8/15/38 865,760
331,167 Global Mortgage Securitization, Ltd., 5.25%,
11/25/32 (144A) 209,461
45,626 Global Mortgage Securitization, Ltd., 5.25%,
11/25/32 (144A) 35,978
46,102 Global Mortgage Securitization, Ltd., 5.25%,
11/25/32 (144A) 25,587
28,406 Global Mortgage Securitization, Ltd., 5.25%,
4/25/32 (144A) 18,818
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 27
Schedule of Investments | 7/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
210,000 5.00 GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 $ 199,940
675,000 4.38 GS Mortgage Securities Trust 2014-GSFL,
Floating Rate Note, 7/15/31 (144A) 651,014
1,960,000 6.71 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-CBM MZ, Floating Rate Note,
10/15/19 (144A) 1,872,937
78,202 Merrill Lynch Mortgage Investors Trust Series
2006-AF1, 5.75%, 8/25/36 62,018
1,144,253 5.35 Merrill Lynch Mortgage Trust 2005-CKI1,
Floating Rate Note, 11/12/37 1,118,125
250,000 5.58 Springleaf Mortgage Loan Trust 2013-1,
Floating Rate Note, 6/25/58 (144A) 249,379
1,000,000 7.10 Velocity Commercial Capital Loan Trust 2015-1,
Floating Rate Note, 6/25/45 (144A) 955,000
8,115 5.66 Wachovia Bank Commercial Mortgage Trust
Series 2006-C24, Floating Rate Note, 3/15/45 8,106
---------------
$ 8,076,335
---------------
Total Banks $ 8,076,335
--------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.0%+
11,647 6.20 Government National Mortgage Association
REMICS, Floating Rate Note, 6/20/38 $ 459
---------------
Total Government $ 459
--------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $8,348,213) $ 8,076,794
--------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 33.1%
ENERGY -- 5.6%
Oil & Gas Drilling -- 0.0%+
210,000 Drill Rigs Holdings, Inc., 6.5%, 10/1/17 (144A) $ 96,600
--------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.3%
700,000 Archrock Partners LP, 6.0%, 4/1/21 $ 645,750
1,395,000 8.15 FTS International, Inc., Floating Rate Note,
6/15/20 (144A) 1,129,349
860,000 McDermott International, Inc., 8.0%,
5/1/21 (144A) 765,400
---------------
$ 2,540,499
--------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 2.1%
2,195,000 Carrizo Oil & Gas, Inc., 6.25%, 4/15/23 $ 2,079,762
695,000 Denbury Resources, Inc., 4.625%, 7/15/23 430,900
600,000 Denbury Resources, Inc., 5.5%, 5/1/22 381,000
1,965,000 EP Energy LLC, 6.375%, 6/15/23 982,500
50,000 EPL Oil & Gas, Inc., 8.25%, 2/15/18 7,250
2,205,000 Gulfport Energy Corp., 7.75%, 11/1/20 2,260,125
929,000 Halcon Resources Corp., 12.0%, 2/15/22 (144A) 836,100
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- (continued)
1,293,000 Memorial Resource Development Corp.,
5.875%, 7/1/22 $ 1,293,272
1,355,000 Oasis Petroleum, Inc., 7.25%, 2/1/19 1,270,312
1,070,000 Parsley Energy LLC, 7.5%, 2/15/22 (144A) 1,096,750
785,000 Rice Energy Inc., 6.25%, 5/1/22 765,375
2,330,000 Sanchez Energy Corp., 6.125%, 1/15/23 1,566,925
1,245,000 Whiting Petroleum Corp., 5.75%, 3/15/21 1,042,688
1,300,000 WPX Energy, Inc., 7.5%, 8/1/20 1,280,500
470,000 WPX Energy, Inc., 8.25%, 8/1/23 460,891
---------------
$ 15,754,350
--------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.7%
3,550,000 Calumet Specialty Products Partners LP,
6.5%, 4/15/21 $ 2,600,375
170,000 Calumet Specialty Products Partners LP, 7.
625%, 1/15/22 123,038
1,275,000 Calumet Specialty Products Partners LP,
7.75%, 4/15/23 922,781
458,000 EnLink Midstream Partners LP, 5.05%, 4/1/45 382,149
1,328,000 EnLink Midstream Partners LP, 5.6%, 4/1/44 1,224,364
---------------
$ 5,252,707
--------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 2.3%
850,000 Blue Racer Midstream LLC, 6.125%,
11/15/22 (144A) $ 799,000
300,000 5.85 DCP Midstream LLC, Floating Rate Note,
5/21/43 (144A) 226,500
1,655,000 Global Partners LP, 6.25%, 7/15/22 1,415,025
2,070,000 Global Partners LP, 7.0%, 6/15/23 1,754,325
100,000 Kinder Morgan Energy Partners LP, 5.0%, 8/15/42 95,427
650,000 ONEOK, Inc., 7.5%, 9/1/23 711,750
690,000 PBF Logistics LP, 6.875%, 5/15/23 690,000
690,000 Sabine Pass Liquefaction LLC, 5.625%, 3/1/25 704,449
1,365,000 Sabine Pass Liquefaction LLC, 5.75%, 5/15/24 1,399,125
745,000 Sabine Pass Liquefaction LLC, 5.875%,
6/30/26 (144A) 764,556
2,225,000 Sunoco LP, 6.375%, 4/1/23 (144A) 2,263,938
1,000,000 Targa Resources Partners LP, 4.125%, 11/15/19 996,250
1,750,000 Targa Resources Partners LP, 6.75%,
3/15/24 (144A) 1,824,375
3,000,000 The Williams Companies, Inc., 7.5%, 1/15/31 3,225,000
---------------
$ 16,869,720
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 29
Schedule of Investments | 7/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.2%
950,000 Alpha Natural Resources, Inc., 6.0%, 6/1/19 (d) $ 3,562
1,460,000 SunCoke Energy Partners LP, 7.375%, 2/1/20 1,241,000
---------------
$ 1,244,562
---------------
Total Energy $ 41,758,438
--------------------------------------------------------------------------------------------------------
MATERIALS -- 3.1%
Commodity Chemicals -- 0.7%
680,000 Hexion, Inc., 6.625%, 4/15/20 $ 574,600
2,375,000 Rain CII Carbon LLC, 8.25%, 1/15/21 (144A) 1,983,125
700,000 Tronox Finance LLC, 6.375%, 8/15/20 567,000
2,535,000 Tronox Finance LLC, 7.5%, 3/15/22 (144A) 2,012,156
---------------
$ 5,136,881
--------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.1%
760,000 CVR Partners LP, 9.25%, 6/15/23 (144A) $ 777,100
--------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.3%
1,695,000 A Schulman, Inc., 6.875%, 6/1/23 (144A) $ 1,720,425
610,000 Platform Specialty Products Corp., 10.375%,
5/1/21 (144A) 613,050
---------------
$ 2,333,475
--------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.7%
1,421,756 Ardagh Finance Holdings SA, 8.625%, (0.00%
Cash, 8.625% PIK) 6/15/19 (144A) (PIK) $ 1,464,409
1,000,000 Ardagh Packaging Finance Plc, 6.75%,
1/31/21 (144A) 1,028,800
2,800,000 Coveris Holdings SA, 7.875%, 11/1/19 (144A) 2,814,000
---------------
$ 5,307,209
--------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.4%
200,000 Coveris Holding Corp., 10.0%, 6/1/18 (144A) $ 205,720
2,350,000 Sealed Air Corp., 6.875%, 7/15/33 (144A) 2,491,000
---------------
$ 2,696,720
--------------------------------------------------------------------------------------------------------
Aluminum -- 0.1%
1,000,000 Novelis, Inc., 8.375%, 12/15/17 $ 1,021,250
--------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.4%
465,000 Ausdrill Finance Pty, Ltd., 6.875%,
11/1/19 (144A) $ 427,800
1,285,000 FMG Resources August 2006 Pty, Ltd., 9.75%,
3/1/22 (144A) 1,439,200
1,200,000 IAMGOLD Corp., 6.75%, 10/1/20 (144A) 1,122,000
---------------
$ 2,989,000
--------------------------------------------------------------------------------------------------------
Forest Products -- 0.1%
1,460,000 Millar Western Forest Products, Ltd., 8.5%, 4/1/21 $ 708,100
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Paper Products -- 0.3%
435,000 Appvion, Inc., 9.0%, 6/1/20 (144A) $ 261,000
2,155,000 Resolute Forest Products, Inc., 5.875%, 5/15/23 1,767,100
---------------
$ 2,028,100
---------------
Total Materials $ 22,997,835
--------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.9%
Aerospace & Defense -- 0.7%
1,715,000 DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) $ 1,659,262
1,693,544 DynCorp International, Inc., 11.875%,
11/30/20 (PIK) 1,287,093
1,615,000 LMI Aerospace, Inc., 7.375%, 7/15/19 1,643,262
550,000 Triumph Group, Inc., 5.25%, 6/1/22 523,875
---------------
$ 5,113,492
--------------------------------------------------------------------------------------------------------
Building Products -- 0.2%
1,755,000 Griffon Corp., 5.25%, 3/1/22 $ 1,757,194
--------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.2%
1,685,000 MasTec, Inc., 4.875%, 3/15/23 $ 1,613,388
--------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.2%
2,090,000 General Cable Corp., 5.75%, 10/1/22 $ 1,964,600
--------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.3%
330,000 Commercial Vehicle Group, Inc., 7.875%, 4/15/19 $ 322,575
1,315,000 Meritor, Inc., 6.25%, 2/15/24 1,157,200
555,000 Titan International, Inc., 6.875%, 10/1/20 511,988
---------------
$ 1,991,763
--------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.3%
2,250,000 Apex Tool Group LLC, 7.0%, 2/1/21 (144A) $ 2,019,375
69,714 Liberty Tire Recycling LLC, 11.0%, 3/31/21
(0.0% cash, 11.0% PIK) (144A) (PIK) (c) 51,588
---------------
$ 2,070,963
--------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%+
24,000 TRAC Intermodal LLC, 11.0%, 8/15/19 $ 25,320
---------------
Total Capital Goods $ 14,536,720
--------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 1.2%
Commercial Printing -- 0.4%
3,455,000 Cenveo Corp., 6.0%, 8/1/19 (144A) $ 3,005,850
--------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.0%+
500,000 Safway Group Holding LLC, 7.0%, 5/15/18 (144A) $ 509,375
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 31
Schedule of Investments | 7/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.5%
2,580,000 NANA Development Corp., 9.5%, 3/15/19 (144A) $ 2,283,300
2,005,000 TMS International Corp., 7.625%,
10/15/21 (144A) 1,443,600
---------------
$ 3,726,900
--------------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.3%
2,065,000 CEB, Inc., 5.625%, 6/15/23 (144A) $ 2,090,812
---------------
Total Commercial Services & Supplies $ 9,332,937
--------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.0%
Air Freight & Logistics -- 0.2%
1,375,000 XPO Logistics, Inc., 7.875%, 9/1/19 (144A) $ 1,426,562
--------------------------------------------------------------------------------------------------------
Airlines -- 0.4%
2,960,000 Intrepid Aviation Group Holdings LLC, 6.875%,
2/15/19 (144A) $ 2,671,400
135,999 US Airways 2013-1 Class B Pass Through Trust,
5.375%, 11/15/21 139,059
---------------
$ 2,810,459
--------------------------------------------------------------------------------------------------------
Railroads -- 0.3%
1,015,000 Florida East Coast Holdings Corp., 6.75%,
5/1/19 (144A) $ 1,040,375
1,330,000 Florida East Coast Holdings Corp., 9.75%,
5/1/20 (144A) 1,177,050
---------------
$ 2,217,425
--------------------------------------------------------------------------------------------------------
Trucking -- 0.1%
1,485,000 Jack Cooper Holdings Corp., 9.25%, 6/1/20 $ 1,069,200
--------------------------------------------------------------------------------------------------------
Airport Services -- 0.0%+
110,880 Aeropuertos Argentina 2000 SA, 10.75%,
12/1/20 (144A) $ 121,829
---------------
Total Transportation $ 7,645,475
--------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.3%
Homebuilding -- 1.0%
4,305,000 KB Home, 7.625%, 5/15/23 $ 4,498,725
50,000 KB Home, Inc., 8.0%, 3/15/20 55,250
950,000 Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 969,570
1,840,000 Taylor Morrison Communities, Inc., 5.875%,
4/15/23 (144A) 1,895,200
---------------
$ 7,418,745
--------------------------------------------------------------------------------------------------------
Textiles -- 0.3%
2,445,000 Springs Industries, Inc., 6.25%, 6/1/21 $ 2,530,575
---------------
Total Consumer Durables & Apparel $ 9,949,320
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.5%
Casinos & Gaming -- 0.5%
2,049,000 Scientific Games International, Inc.,
10.0%, 12/1/22 $ 1,821,049
3,125,000 Scientific Games International, Inc., 6.25%, 9/1/20 2,125,000
---------------
$ 3,946,049
--------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 1.0%
3,750,000 Constellis Holdings LLC, 9.75%, 5/15/20 (144A) $ 3,656,250
1,500,000 Prime Security Services Borrower LLC, 9.25%,
5/15/23 (144A) 1,601,250
1,045,000 Sotheby's, 5.25%, 10/1/22 (144A) 992,750
855,000 StoneMor Partners LP, 7.875%, 6/1/21 852,862
---------------
$ 7,103,112
---------------
Total Consumer Services $ 11,049,161
--------------------------------------------------------------------------------------------------------
MEDIA -- 1.5%
Advertising -- 0.2%
1,345,000 MDC Partners, Inc., 6.5%, 5/1/24 (144A) $ 1,301,288
--------------------------------------------------------------------------------------------------------
Broadcasting -- 0.5%
2,295,000 CCO Holdings LLC, 5.5%, 5/1/26 (144A) $ 2,395,406
1,505,000 Gannett Co., Inc., 6.375%, 10/15/23 1,617,875
---------------
$ 4,013,281
--------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.5%
1,720,000 DISH DBS Corp., 5.875%, 11/15/24 $ 1,659,800
840,000 DISH DBS Corp., 7.75%, 7/1/26 (144A) 870,975
1,220,000 Neptune Finco Corp., 6.625%, 10/15/25 (144A) 1,314,550
---------------
$ 3,845,325
--------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
1,000,000 Regal Entertainment Group, Inc., 5.75%, 2/1/25 $ 1,012,500
2,650,000 SFX Entertainment, Inc., 9.625%,
2/1/19 (144A) (d) 26,500
---------------
$ 1,039,000
--------------------------------------------------------------------------------------------------------
Publishing -- 0.1%
750,000 Trader Corp., 9.875%, 8/15/18 (144A) $ 767,812
---------------
Total Media $ 10,966,706
--------------------------------------------------------------------------------------------------------
RETAILING -- 0.9%
Department Stores -- 0.1%
720,000 Argos Merger Sub, Inc., 7.125%, 3/15/23 (144A) $ 752,400
--------------------------------------------------------------------------------------------------------
Computer & Electronics Retail -- 0.2%
1,985,000 Rent-A-Center, Inc., 4.75%, 5/1/21 $ 1,667,400
--------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.1%
250,000 Radio Systems Corp., 8.375%, 11/1/19 (144A) $ 262,812
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 33
Schedule of Investments | 7/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.5%
4,130,000 DriveTime Automotive Group, Inc., 8.0%,
6/1/21 (144A) $ 3,923,500
---------------
Total Retailing $ 6,606,112
--------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.2%
Agricultural Products -- 0.0%+
550,000 Tonon Luxembourg SA, 10.5%, 5/14/24 (144A) (d) $ 225,500
--------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.8%
1,210,000 Dole Food Co., Inc., 7.25%, 5/1/19 (144A) $ 1,219,075
1,350,000 Pilgrim's Pride Corp., 5.75%, 3/15/25 (144A) 1,366,875
1,775,000 Post Holdings, Inc., 6.0%, 12/15/22 (144A) 1,872,625
1,375,000 Post Holdings, Inc., 6.75%, 12/1/21 (144A) 1,467,812
---------------
$ 5,926,387
--------------------------------------------------------------------------------------------------------
Tobacco -- 0.4%
2,960,000 Alliance One International, Inc., 9.875%, 7/15/21 $ 2,604,800
---------------
Total Food, Beverage & Tobacco $ 8,756,687
--------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.2%
Personal Products -- 0.2%
1,400,000 Revlon Consumer Products Corp.,
5.75%, 2/15/21 $ 1,421,000
---------------
Total Household & Personal Products $ 1,421,000
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.9%
Health Care Services -- 0.3%
1,555,000 BioScrip, Inc., 8.875%, 2/15/21 $ 1,434,488
1,200,000 RegionalCare Hospital Partners Holdings, Inc.,
8.25%, 5/1/23 (144A) 1,249,488
---------------
$ 2,683,976
--------------------------------------------------------------------------------------------------------
Health Care Facilities -- 1.3%
2,040,000 CHS, 6.875%, 2/1/22 $ 1,754,400
1,065,000 CHS, Inc., 8.0%, 11/15/19 1,023,731
3,175,000 Kindred Healthcare Inc., 6.375%, 4/15/22 2,928,938
430,000 Kindred Healthcare, Inc., 8.0%, 1/15/20 439,675
1,485,000 Quorum Health Corp., 11.625%, 4/15/23 (144A) 1,507,275
2,085,000 Universal Hospital Services, Inc.,
7.625%, 8/15/20 1,939,050
---------------
$ 9,593,069
--------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.3%
1,105,000 Centene Corp., 5.625%, 2/15/21 $ 1,167,156
960,000 Centene Corp., 6.125%, 2/15/24 1,031,405
---------------
$ 2,198,561
---------------
Total Health Care Equipment & Services $ 14,475,606
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.6%
Pharmaceuticals -- 0.6%
2,885,000 Endo, Ltd., 6.0%, 7/15/23 (144A) $ 2,515,374
2,555,000 Valeant Pharmaceuticals International, Inc.,
5.875%, 5/15/23 (144A) 2,127,038
---------------
$ 4,642,412
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 4,642,412
--------------------------------------------------------------------------------------------------------
BANKS -- 1.4%
Diversified Banks -- 0.9%
945,000 6.50 Bank of America Corp., Floating Rate
Note, 10/23/49 $ 1,031,822
1,885,000 8.12 Credit Agricole SA, Floating Rate Note,
12/31/49 (Perpetual) (144A) 1,983,962
1,150,000 8.00 Royal Bank of Scotland Group Plc, Floating
Rate Note, 12/31/49 (Perpetual) 1,142,812
2,350,000 7.50 Royal Bank of Scotland Group Plc, Floating
Rate Note, 12/31/49 (Perpetual) 2,281,850
---------------
$ 6,440,446
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.5%
4,125,000 Provident Funding Associates LP, 6.75%,
6/15/21 (144A) $ 3,939,375
---------------
Total Banks $ 10,379,821
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.4%
Other Diversified Financial Services -- 0.1%
265,000 6.75 JPMorgan Chase & Co., Floating Rate
Note, 8/29/49 $ 298,430
--------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.7%
1,195,000 MSCI, Inc., 5.75%, 8/15/25 (144A) $ 1,301,594
1,995,000 Nationstar Mortgage LLC, 6.5%, 6/1/22 1,675,800
1,915,000 Nationstar Mortgage LLC, 6.5%, 7/1/21 1,646,900
455,000 Nationstar Mortgage LLC, 6.5%, 8/1/18 436,800
450,000 Oxford Finance LLC, 7.25%, 1/15/18 (144A) 451,125
---------------
$ 5,512,219
--------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.3%
1,290,000 Navient Corp., 6.625%, 7/26/21 $ 1,302,900
1,290,000 TMX Finance LLC, 8.5%, 9/15/18 (144A) 1,012,650
---------------
$ 2,315,550
--------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.3%
2,210,000 Quicken Loans, Inc., 5.75%, 5/1/25 (144A) $ 2,190,662
---------------
Total Diversified Financials $ 10,316,861
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 35
Schedule of Investments | 7/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
INSURANCE -- 0.6%
Reinsurance -- 0.6%
1,000,000 Arlington Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 8/31/16 (f)(g) $ 48,600
900,000 Berwick 2016-1 Segregated Account (Kane SAC
Ltd.), Variable Rate Notes, 2/1/18 (f)(g) 926,820
700,000 Carnosutie 2016-N,Segregated Account (Kane
SAC Ltd.), Variable Rate Notes, 11/30/20 (f)(g) 724,640
700,000 Carnoustie Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 2/19/16 (f)(g) 14,280
1,000,000 Lorenz Re, Ltd., Variable Rate Notes,
3/31/18 (f)(g) 70,000
1,200,000 Pangaea Re, Series 2015-1, Principal at Risk
Notes, 2/1/19 (f)(g) 47,040
2,000,000 Pangaea Re, Series 2015-2, Principal at Risk
Notes, 11/30/19 (f)(g) 208,800
1,200,000 Pangaea Re., Variable Rate Notes, 2/1/20 (f)(g) 1,228,440
1,050,000 Pangaea Re., Variable Rate Notes, 7/1/18 (f)(g) 18,900
3,333 Sector Re V, Ltd., Variable Rate Notes,
3/1/20 (144A) (f)(g) 107,418
700,000 Silverton Re, Ltd., Variable Rate Notes,
9/18/17 (144A) (f)(g) 17,290
1,000,000 Versutus 2016, Class A-1, Variable Rate
Notes, 11/30/20 (f)(g) 1,001,500
800,000 Versutus Ltd., Series 2015-A, Variable Rate
Notes, 12/31/2017 (f)(g) 11,680
---------------
$ 4,425,408
---------------
Total Insurance $ 4,425,408
--------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.0%
Diversified REIT -- 0.1%
1,130,000 MPT Operating Partnership LP, 5.5%, 5/1/24 $ 1,169,550
--------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.5%
1,105,381 AAF Holdings LLC, 12.0%, 7/1/19 (144A)
(12.0% cash, 0.0% PIK) (PIK) $ 1,133,016
2,500,000 Communications Sales & Leasing, Inc., 6.0%,
4/15/23 (144A) 2,579,700
---------------
$ 3,712,716
--------------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 0.2%
1,260,000 Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) $ 1,326,150
--------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.2%
1,210,000 Kennedy-Wilson, Inc., 5.875%, 4/1/24 $ 1,222,100
---------------
Total Real Estate $ 7,430,516
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.7%
Internet Software & Services -- 0.2%
1,000,000 Cimpress NV, 7.0%, 4/1/22 (144A) $ 1,020,000
325,000 j2 Cloud Services, Inc., 8.0%, 8/1/20 339,424
---------------
$ 1,359,424
--------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.1%
550,000 Diamond 1 Finance Corp., 5.875%,
6/15/21 (144A) $ 574,748
500,000 Diamond 1 Finance Corp., 7.125%,
6/15/24 (144A) 537,986
---------------
$ 1,112,734
--------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.4%
540,000 First Data Corp., 5.75%, 1/15/24 (144A) $ 542,689
1,340,000 First Data Corp., 7.0%, 12/1/23 (144A) 1,378,525
1,145,000 NeuStar, Inc., 4.5%, 1/15/23 1,011,894
---------------
$ 2,933,108
---------------
Total Software & Services $ 5,405,266
--------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.5%
Computer Hardware Storage & Peripherals -- 0.5%
1,885,000 Diebold, Inc., 8.5%, 4/15/24 (144A) $ 1,887,356
1,540,000 NCR Corp., 6.375%, 12/15/23 1,593,900
---------------
$ 3,481,256
---------------
Total Technology Hardware & Equipment $ 3,481,256
--------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.4%
Semiconductor Equipment -- 0.3%
2,100,000 Entegris, Inc., 6.0%, 4/1/22 (144A) $ 2,163,000
--------------------------------------------------------------------------------------------------------
Semiconductors -- 0.1%
1,225,000 Micron Technology, Inc., 5.5%, 2/1/25 $ 1,099,438
---------------
Total Semiconductors & Semiconductor
Equipment $ 3,262,438
--------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.6%
Integrated Telecommunication Services -- 2.3%
700,000 CenturyLink, Inc., 6.45%, 6/15/21 $ 747,250
1,325,000 CenturyLink, Inc., 6.75%, 12/1/23 1,378,000
450,000 CenturyLink, Inc., 7.6%, 9/15/39 402,750
1,920,000 Frontier Communications Corp., 11.0%, 9/15/25 2,049,600
4,200,000 Frontier Communications Corp., 7.125%, 1/15/23 3,895,500
160,000 Frontier Communications Corp., 8.75%, 4/15/22 165,600
800,000 Frontier Communications Corp., 9.25%, 7/1/21 870,592
1,200,000 GCI, Inc., 6.75%, 6/1/21 1,236,000
3,000,000 GCI, Inc., 6.875%, 4/15/25 3,112,500
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 37
Schedule of Investments | 7/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Integrated Telecommunication
Services -- (continued)
770,000 Windstream Corp., 7.5%, 6/1/22 $ 708,400
2,680,000 Windstream Services LLC, 6.375%, 8/1/23 2,318,200
590,000 Windstream Services LLC, 7.75%, 10/1/21 560,500
---------------
$ 17,444,892
--------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.3%
200,000 Altice Finco SA, 8.125%, 1/15/24 (144A) $ 202,500
5,555,000 Sprint Corp., 7.125%, 6/15/24 4,909,509
2,000,000 Sprint Corp., 7.25%, 9/15/21 1,866,260
2,000,000 T-Mobile USA, Inc., 6.625%, 4/1/23 2,146,600
100,000 Unison Ground Lease Funding LLC, 5.78%,
3/16/43 (144A) 98,105
100,000 WCP Issuer LLC, 6.657%, 8/15/20 (144A) 103,316
---------------
$ 9,326,290
---------------
Total Telecommunication Services $ 26,771,182
--------------------------------------------------------------------------------------------------------
UTILITIES -- 1.6%
Electric Utilities -- 0.9%
2,765,000 Talen Energy Supply LLC, 4.625%, 7/15/19 (144A) $ 2,619,838
1,740,000 Talen Energy Supply LLC, 6.5%, 6/1/25 1,531,200
2,415,000 TerraForm Power, 9.75%, 8/15/22 (144A) 2,421,038
---------------
$ 6,572,076
--------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.5%
895,000 DCP Midstream Operating LP, 5.6%, 4/1/44 $ 814,450
625,000 Ferrellgas LP, 6.5%, 5/1/21 568,750
2,305,000 Ferrellgas LP, 6.75%, 1/15/22 2,086,025
---------------
$ 3,469,225
--------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.2%
965,000 NRG Energy, Inc., 7.25%, 5/15/26 (144A) $ 990,331
825,000 TerraForm Power Operating LLC, 6.125%,
6/15/25 (144A) 820,875
---------------
$ 1,811,206
---------------
Total Utilities $ 11,852,507
--------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $261,465,741) $ 247,463,664
--------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 5.9%
IDR 56,876,000,000 Indonesia Treasury Bond, 7.875%, 4/15/19 $ 4,476,997
IDR 46,591,000,000 Indonesia Treasury Bond, 8.25%, 7/15/21 3,786,020
IDR 128,202,000,000 Indonesia Treasury Bond, 8.375%, 3/15/24 10,619,473
IDR 135,330,000,000 Indonesia Treasury Bond, 8.75%, 5/15/31 11,758,052
The accompanying notes are an integral part of these financial statements.
38 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- (continued)
IDR 76,164,000,000 Indonesia Treasury Bond, 9.0%, 3/15/29 $ 6,657,845
MXN 69,745,500 Mexican Bonos, 10.0%, 12/5/24 4,731,610
PHP 76,000,000 Philippine Government International Bond,
6.25%, 1/14/36 1,884,495
---------------
$ 43,914,492
--------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $40,800,422) $ 43,914,492
--------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 1.4%**
MATERIALS -- 0.5%
Diversified Metals & Mining -- 0.2%
1,611,565 4.25 Fortescue Metals Group, Ltd., Bank
Loan, 6/30/19 $ 1,581,725
--------------------------------------------------------------------------------------------------------
Steel -- 0.3%
2,335,000 6.00 Zekelman Industries, Inc., Term Loan, 6/8/21 $ 2,349,594
---------------
Total Materials $ 3,931,319
--------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.2%
Aerospace & Defense -- 0.2%
1,625,000 4.65 DynCorp International, Inc., Term Loan B2, 7/7/20 $ 1,623,138
--------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.0%+
223,353 5.25 Pelican Products, Inc., Term Loan (First
Lien), 4/8/20 $ 220,003
--------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%+
50,532 8.25 Filtration Group Corp., Initial Term Loan
(Second Lien), 11/15/21 $ 49,985
---------------
Total Capital Goods $ 1,893,126
--------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.0%+
Security & Alarm Services -- 0.0%+
26,232 4.25 Monitronics International, Inc., Term B
Loan, 3/23/18 $ 26,073
---------------
Total Commercial Services & Supplies $ 26,073
--------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%+
Leisure Products -- 0.0%+
62,045 3.75 BRP US, Inc., Term B Loan, 6/30/23 $ 61,942
---------------
Total Consumer Durables & Apparel $ 61,942
--------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Education Services -- 0.1%
875,000 5.00 McGraw-Hill Global Education Holdings LLC,
Term B Loan (First Lien), 5/2/22 $ 880,688
---------------
Total Consumer Services $ 880,688
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 39
Schedule of Investments | 7/31/16 (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
MEDIA -- 0.0%+
Broadcasting -- 0.0%+
57,983 4.00 Univision Communications, Inc., Replacement
First-Lien Term Loan (C-4), 3/1/20 $ 58,037
---------------
Total Media $ 58,037
--------------------------------------------------------------------------------------------------------
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 $ 508,667
---------------
Total Food & Staples Retailing $ 508,667
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Health Care Services -- 0.0%+
67,327 6.50 Ardent Legacy Acquisitions, Inc., Term
Loan, 7/31/21 $ 67,580
86,593 6.50 BioScrip, Inc., Initial Term B Loan, 7/31/20 82,913
43,296 6.50 BioScrip, Inc., Term Loan, 7/31/20 41,456
---------------
$ 191,949
--------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
450,000 4.25 Kindred Healthcare, Inc., Tranche B Loan
(First Lien), 4/10/21 $ 448,500
---------------
Total Health Care Equipment & Services $ 640,449
--------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.0%+
Biotechnology -- 0.0%+
119,657 7.00 Lantheus Medical Imaging, Inc., Initial Term
Loan, 6/25/22 $ 108,888
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 108,888
--------------------------------------------------------------------------------------------------------
BANKS -- 0.0%+
Thrifts & Mortgage Finance -- 0.0%+
38,817 5.50 Ocwen Financial Corp., Initial Term Loan, 1/15/18 $ 38,332
---------------
Total Banks $ 38,332
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Investment Banking & Brokerage -- 0.3%
2,025,000 8.63 Concentra, Inc., Initial Term Loan (Second
Lien), 4/8/23 $ 1,985,108
---------------
Total Diversified Financials $ 1,985,108
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
IT Consulting & Other Services -- 0.1%
735,000 5.75 Evergreen Skills Lux Sarl, Initial Term Loan
(First Lien), 4/23/21 $ 605,456
---------------
Total Software & Services $ 605,456
--------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $10,579,155) $ 10,738,085
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------------
EQUITY LINKED NOTE -- 1.3%
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.3%
Computer Storage & Peripherals -- 1.3%
99,920 1.00 Apple, Inc., 8/2/16 $ 9,962,024
--------------------------------------------------------------------------------------------------------
TOTAL EQUITY LINKED NOTE
(Cost $10,000,593) $ 9,962,024
--------------------------------------------------------------------------------------------------------
EXCHANGE TRADED FUNDS -- 0.4%
DIVERSIFIED FINANCIALS -- 0.4%
Asset Management & Custody Banks -- 0.4%
138,219 BlackRock MuniVest Fund, Inc. $ 1,524,556
94,301 BlackRock MuniYield Fund, Inc. 1,512,588
---------------
$ 3,037,144
---------------
Total Diversified Financials $ 3,037,144
--------------------------------------------------------------------------------------------------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $2,557,184) $ 3,037,144
--------------------------------------------------------------------------------------------------------
MUTUAL FUND -- 0.5%
DIVERSIFIED FINANCIALS -- 0.5%
Asset Management & Custody Banks -- 0.5%
320,755 Pioneer ILS Interval Fund (h) $ 3,416,038
---------------
Total Diversified Financials $ 3,416,038
--------------------------------------------------------------------------------------------------------
TOTAL MUTUAL FUND
(Cost $3,400,000) $ 3,416,038
--------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 97.6%
(Cost $746,998,711) (a) $ 729,244,746
--------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 2.4% $ 17,747,796
---------------
NET ASSETS -- 100.0% $ 746,992,542
========================================================================================================
+ Amount rounds to less than 0.1%.
* Non-income producing security.
(PIK) Represents a pay-in-kind security.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 41
Schedule of Investments | 7/31/16 (continued)
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At July 31, 2016, the value of these securities
amounted to $127,067,020 or 17.0% of net assets.
REIT Real Estate Investment Trust.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
(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, 2016, the net unrealized depreciation on investments
based on cost for federal income tax purposes of $752,098,440 was
as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 34,622,102
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (57,475,796)
------------
Net unrealized depreciation $(22,853,694)
============
(b) Debt obligation with a variable interest rate. Rate shown is rate
at period end.
(c) 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.
(d) Security is in default.
(e) Security issued with a zero coupon. Income is earned through
accretion of discount.
(f) Structured reinsurance investment. At July 31, 2016, the value of
these securities amounted to $4,425,408 or 0.6% of net assets. See
Notes to Financial Statements -- Note 1I.
(g) Rate to be determined.
(h) Affiliated funds managed by Pioneer Investment Management, Inc.
Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
IDR Indonesian Rupiah
MXN Mexican Peso
PHP Philippine Peso
Purchases and sales of securities (excluding temporary cash investments) for the
year ended July 31, 2016 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government $ 36,593,991 $ 36,648,071
Other Long-Term Securities $820,038,373 $951,397,121
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which PIM serves as the investment
adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940,
pursuant to procedures adopted by the Board of Trustees. Under these procedures,
cross trades are effected at current market prices.
The accompanying notes are an integral part of these financial statements.
42 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
During the year ended July 31, 2016, the Fund engaged in purchases and sales
pursuant to these procedures amounting to $9,768,260 and $12,454,918,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes to
Financial Statements -- Note 1A.
The following is a summary of the inputs used as of July 31, 2016, in valuing
the Fund's investments:
----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------
Convertible Corporate Bonds
Materials
Diversified Metals & Mining $ -- $ -- $ 2,558 $ 2,558
All Other Convertible
Corporate Bonds -- 1,784,619 -- 1,784,619
Preferred Stocks -- 16,992 -- 16,992
Convertible Preferred Stocks
Energy
Oil & Gas Exploration
& Production -- 21,500 -- 21,500
All Other Convertible
Preferred Stocks 4,565,474 -- -- 4,565,474
Common Stocks
Capital Goods
Industrial Machinery -- -- 31 31
Transportation
Air Freight & Logistics -- 7,850 -- 7,850
All Other Common Stocks 386,583,455 -- -- 386,583,455
Asset Backed Securities -- 9,654,026 -- 9,654,026
Collateralized Mortgage
Obligations -- 8,076,794 -- 8,076,794
Corporate Bonds
Capital Goods
Industrial Machinery -- 2,019,375 51,588 2,070,963
Insurance
Reinsurance -- -- 4,425,408 4,425,408
All Other Corporate Bonds -- 240,967,293 -- 240,967,293
Foreign Government Bonds -- 43,914,492 -- 43,914,492
Senior Floating Rate
Loan Interests -- 10,738,085 -- 10,738,085
Equity Linked Note -- 9,962,024 -- 9,962,024
Exchange Traded Funds 3,037,144 -- -- 3,037,144
Mutual Funds -- 3,416,038 -- 3,416,038
----------------------------------------------------------------------------------------------------
Total $ 394,186,073 $ 330,579,088 $4,479,585 $729,244,746
====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 43
Schedule of Investments | 7/31/16 (continued)
-----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------------
Other Financial Instruments
Net unrealized depreciation
on futures contracts $ (1,773,288) $ -- $ -- $ (1,773,288)
-----------------------------------------------------------------------------------------------------
Total Other Financial
Instruments $ (1,773,288) $ -- $ -- $ (1,773,288)
=====================================================================================================
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
--------------------------------------------------------------------------------------------------------
Convertible
Corporate Common Corporate
Bonds Stocks Bonds Total
--------------------------------------------------------------------------------------------------------
Balance as of 7/31/15 $ -- $ 31 $ 14,654,343 $ 14,654,374
Realized gain (loss)(1) -- -- 12,390 12,390
Change in unrealized appreciation
(depreciation)(2) (19,583) -- 109,146 89,563
Purchases 2,666 -- 4,806,714 4,809,380
Sales -- -- (15,105,597) (15,105,597)
Transfers in to Level 3* 19,475 -- -- 19,475
Transfers out of Level 3* -- -- -- --
Transfers in and out of Level 3
Categories -- -- -- --
--------------------------------------------------------------------------------------------------------
Balance as of 7/31/16 $ 2,558 $ 31 $ 4,476,996 $ 4,479,585
========================================================================================================
1 Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on beginning of period values. During the year
ended July 31, 2016, an investment having a value of $19,475 was
transferred from Level 2 to Level 3. The change in the level designation
within the fair value hierarchy was due to valuing the security using
unobservable inputs. In addition, investments having a value of $70,034,370
transferred from level 2 to level 1. The change in the level designation
within the fair value hierarchy was due to the Fund discontinuing the use
of adjusted quotes. There were no other transfers between levels 1, 2 and
3.
Net change in unrealized appreciation (depreciation) of investments still
held as of 7/31/16 $227,096
========
The accompanying notes are an integral part of these financial statements.
44 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
Statement of Assets and Liabilities | 7/31/16
ASSETS:
Investment in securities of unaffiliated issuers, at value (cost $743,598,711) $725,828,708
Investment in securities of affiliated issuers, at value (cost $3,400,000) 3,416,038
------------------------------------------------------------------------------------------------
Total investment in securities, at value (cost $746,998,711) $729,244,706
Cash 9,572,834
Restricted cash* 3,231,259
Receivables --
Investment securities sold 7,074,710
Fund shares sold 1,066,315
Dividends 1,657,847
Interest 5,684,055
Due from Pioneer Investment Management, Inc. 66,902
Other assets 85,087
------------------------------------------------------------------------------------------------
Total assets $757,683,755
================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 5,476,826
Fund shares repurchased 3,033,772
Distributions 216,192
Trustee fees 3,110
Variation margin for futures contracts 372,138
Due to custodian (Cost $771,114) 822,414
Due to affiliates 82,178
Accrued expenses 201,930
Reserve for repatriation taxes 482,653
------------------------------------------------------------------------------------------------
Total liabilities $ 10,691,213
================================================================================================
NET ASSETS:
Paid-in capital $851,294,110
Undistributed net investment income 914,067
Accumulated net realized loss on investments, futures contracts,
written options, swap contracts and foreign currency transactions (85,632,689)
Net unrealized depreciation on investments (17,753,965)
Unrealized depreciation on futures contracts (1,773,288)
Net unrealized depreciation on other assets and liabilities
denominated in foreign currencies (55,693)
------------------------------------------------------------------------------------------------
Total net assets $746,992,542
================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $238,779,471/22,584,041 shares) $ 10.57
Class C (based on $304,609,497/28,886,754 shares) $ 10.55
Class K (based on $244,683/22,890 shares) $ 10.69
Class R (based on $1,224,923/115,378 shares) $ 10.62
Class Y (based on $202,133,968/19,143,339 shares) $ 10.56
MAXIMUM OFFERING PRICE:
Class A ($10.57 / 95.5%) $ 11.07
================================================================================================
* Represents restricted cash deposited at the custodian and/or counterparty
for derivative contracts.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 45
Statement of Operations
For the Year Ended 7/31/16
INVESTMENT INCOME:
Interest (net of foreign taxes withheld of $61,906) $ 30,635,918
Dividends (net of foreign taxes withheld of $1,139,084) 24,813,772
--------------------------------------------------------------------------------------------------
Total investment income $ 55,449,690
==================================================================================================
EXPENSES:
Management fees $ 4,065,226
Transfer agent fees
Class A 28,628
Class C 16,728
Class K 40
Class R 572
Class Y 3,523
Distribution fees
Class A 600,787
Class C 3,211,267
Class R 4,697
Shareholder communication expense 680,951
Administrative expense 280,936
Custodian fees 160,943
Registration fees 148,011
Professional fees 101,085
Printing expense 52,601
Fees and expenses of nonaffiliated Trustees 35,090
Miscellaneous 89,964
--------------------------------------------------------------------------------------------------
Total expenses $ 9,481,049
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (366,404)
--------------------------------------------------------------------------------------------------
Net expenses $ 9,114,645
--------------------------------------------------------------------------------------------------
Net investment income $ 46,335,045
--------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS, WRITTEN OPTIONS, SWAP CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ (68,023,492)
Futures contracts 5,973,660
Written options 769,286
Swap contracts 159,430
Foreign currency contracts and other assets
and liabilities denominated in foreign currencies (988,059) $ (62,109,175)
--------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments (including from affiliated issuer of $16,038) $ 6,872,394
Futures contracts (1,792,263)
Written options (238,360)
Swap contracts (61,113)
Foreign currency contracts and other assets
and liabilities denominated in foreign currencies (26,338) $ 4,754,320
--------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments,
futures contracts, written options, swap contracts and
foreign currency transactions $ (57,354,855)
--------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (11,019,810)
==================================================================================================
The accompanying notes are an integral part of these financial statements.
46 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
Statement of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Year Ended Year Ended
7/31/16 7/31/15
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 46,335,045 $ 44,692,794
Net realized gain (loss) on investments, futures contracts,
written options, swap contracts and foreign
currency transactions (62,109,175) (20,629,493)
Change in net unrealized appreciation (depreciation) on
investments, futures contracts, written options, swap
contracts, and foreign currency transactions 4,754,320 (39,977,521)
--------------------------------------------------------------------------------------------------
Net decrease in net assets resulting
from operations $ (11,019,810) $ (15,914,220)
==================================================================================================
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.63 and $0.66 per share, respectively) $ (14,818,563) $ (13,714,853)
Class C ($0.55 and $0.56 per share, respectively) (17,162,624) (14,917,936)
Class K ($0.66 and $0.48 per share, respectively) (1,245,936) (499,383)
Class R ($0.59 and $0.43 per share, respectively) (53,471) (882)
Class Y ($0.65 and $0.68 per share, respectively) (14,882,614) (18,374,823)
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (48,163,208) $ (47,507,877)
==================================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 228,470,653 $ 619,264,135
Reinvestment of distributions 47,104,660 46,599,296
Cost of shares repurchased (435,914,479) (385,902,803)
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ (160,339,166) $ 279,960,628
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (219,522,184) $ 216,538,531
NET ASSETS:
Beginning of year $ 966,514,726 $ 749,976,195
--------------------------------------------------------------------------------------------------
End of year $ 746,992,542 $ 966,514,726
--------------------------------------------------------------------------------------------------
Undistributed net investment income $ 914,067 $ 4,227,839
==================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 47
Statement of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
7/31/16 7/31/16 7/31/15 7/31/15
Shares Amount Shares Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 6,281,455 $ 64,920,390 15,185,837 $ 175,230,678
Reinvestment of distributions 1,387,216 14,232,424 1,152,400 13,134,497
Less shares repurchased (9,018,596) (92,585,236) (10,534,463) (120,092,929)
------------------------------------------------------------------------------------------------
Net increase (decrease) (1,349,925) $ (13,432,422) 5,803,774 $ 68,272,246
================================================================================================
Class C
Shares sold 7,019,556 $ 72,804,357 16,115,144 $ 185,166,940
Reinvestment of distributions 1,649,567 16,872,843 1,291,986 14,666,404
Less shares repurchased (11,594,822) (118,628,340) (6,135,870) (69,536,580)
------------------------------------------------------------------------------------------------
Net increase (decrease) (2,925,699) $ (28,951,140) 11,271,260 $ 130,296,764
================================================================================================
Class K*
Shares sold 22,755 $ 236,429 3,358,223 $ 38,969,021
Reinvestment of distributions 117,504 1,210,213 43,703 494,440
Less shares repurchased (3,518,425) (34,350,031) (870) (9,991)
------------------------------------------------------------------------------------------------
Net increase (decrease) (3,378,166) $ (32,903,389) 3,401,056 $ 39,453,470
================================================================================================
Class R*
Shares sold 98,278 $ 1,019,289 40,700 $ 455,831
Reinvestment of distributions 334 3,421 16 182
Less shares repurchased (23,950) (249,286) -- --
------------------------------------------------------------------------------------------------
Net increase 74,662 $ 773,424 40,716 $ 456,013
================================================================================================
Class Y
Shares sold 8,647,619 $ 89,490,188 19,066,332 $ 219,441,665
Reinvestment of distributions 1,440,715 14,785,759 1,607,246 18,303,773
Less shares repurchased (18,561,018) (190,101,586) (17,270,776) (196,263,303)
------------------------------------------------------------------------------------------------
Net increase (decrease) (8,472,684) $ (85,825,639) 3,402,802 $ 41,482,135
================================================================================================
* Class K and Class R shares commenced operations on December 1, 2014.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
Financial Highlights
----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended 12/22/11
7/31/16 7/31/15 7/31/14 7/31/13 to 7/31/12
----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.15 $ 11.94 $ 11.07 $ 10.61 $ 10.00
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.62(a) $ 0.60 $ 0.69 $ 0.61 $ 0.36
Net realized and unrealized gain (loss) on investments (0.57) (0.73) 0.80 0.78 0.53
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.05 $ (0.13) $ 1.49 $ 1.39 $ 0.89
----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.63) $ (0.66) $ (0.62) $ (0.73) $ (0.28)
Net realized gain -- -- -- (0.20) --
----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.63) $ (0.66) $ (0.62) $ (0.93) $ (0.28)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.58) $ (0.79) $ 0.87 $ 0.46 $ 0.61
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.57 $ 11.15 $ 11.94 $ 11.07 $ 10.61
============================================================================================================================
Total return* 0.81% (1.10)% 13.77% 13.52% 8.91%***
Ratio of net expenses to average net assets 0.85% 0.85% 0.85% 0.85% 0.85%**
Ratio of net investment income (loss) to average net assets 5.99% 5.38% 6.62% 6.19% 5.99%**
Portfolio turnover rate 109% 120% 99% 119% 42%***
Net assets, end of period (in thousands) $238,779 $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 0.94% 0.95% 1.00% 1.37% 2.51%**
Net investment income (loss) to average net assets 5.90% 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.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 49
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended 12/22/11
7/31/16 7/31/15 7/31/14 7/31/13 to 7/31/12
---------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.12 $ 11.91 $ 11.04 $ 10.60 $ 10.00
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.53(a) $ 0.51 $ 0.57 $ 0.52 $ 0.32
Net realized and unrealized gain (loss) on investments (0.55) (0.74) 0.82 0.75 0.52
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.02) $ (0.23) $ 1.39 $ 1.27 $ 0.84
---------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.55) $ (0.56) $ (0.52) $ (0.63) $ (0.24)
Net realized gain -- -- -- (0.20) --
---------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.55) $ (0.56) $ (0.52) $ (0.83) $ (0.24)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.57) $ (0.79) $ 0.87 $ 0.44 $ 0.60
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.55 $ 11.12 $ 11.91 $ 11.04 $ 10.60
===========================================================================================================================
Total return* 0.06% (1.89)% 12.84% 12.39% 8.45%***
Ratio of net expenses to average net assets 1.69% 1.69% 1.72% 1.71% 1.67%**
Ratio of net investment income (loss) to average net assets 5.16% 4.59% 5.73% 5.24% 5.17%**
Portfolio turnover rate 109% 120% 99% 119% 42%***
Net assets, end of period (in thousands) $304,609 $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% 1.69% 1.72% 2.13% 3.26%**
Net investment income (loss) to average net assets 5.16% 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.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
50 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------
Year
Ended 12/1/14
7/31/16 to 7/31/15
----------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 11.15 $ 11.50
----------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.57(a) $ 0.50
Net realized and unrealized gain (loss) on investments (0.37) (0.37)
----------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.20 $ 0.13
----------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.66) $ (0.48)
Net realized gain -- --
----------------------------------------------------------------------------------------------
Total distributions $ (0.66) $ (0.48)
----------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.46) $ (0.35)
----------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.69 $ 11.15
==============================================================================================
Total return* 2.20% 1.13%***
Ratio of net expenses to average net assets 0.60% 0.63%**
Ratio of net investment income (loss) to average net assets 5.51% 5.63%**
Portfolio turnover rate 109% 120%**
Net assets, end of period (in thousands) $ 245 $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.
** Annualized.
*** Not annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 51
Financial Highlights (continued)
----------------------------------------------------------------------------------------------
Year
Ended 12/1/14
7/31/16 to 7/31/15
----------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 11.20 $ 11.50
----------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.59(a) $ 0.43
Net realized and unrealized gain (loss) on investments (0.58) (0.30)
----------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.01 $ 0.13
----------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.59) $ (0.43)
Net realized gain -- --
----------------------------------------------------------------------------------------------
Total distributions $ (0.59) $ (0.43)
----------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.58) $ (0.30)
----------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.62 $ 11.20
==============================================================================================
Total return* 0.41% 1.16%***
Ratio of net expenses to average net assets 1.37% 1.40%**
Ratio of net investment income (loss) to average net assets 5.68% 4.20%**
Portfolio turnover rate 109% 120%**
Net assets, end of period (in thousands) $ 1,225 $ 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.
** Annualized.
*** Not annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
52 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended 12/22/11
7/31/16 7/31/15 7/31/14 7/31/13 to 7/31/12
-----------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 11.14 $ 11.93 $ 11.06 $ 10.62 $ 10.00
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.63(a) $ 0.63 $ 0.68 $ 0.63 $ 0.39
Net realized and unrealized gain (loss) on investments (0.56) (0.74) 0.84 0.76 0.51
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.07 $ (0.11) $ 1.52 $ 1.39 $ 0.90
-----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.65) $ (0.68) $ (0.65) $ (0.75) $ (0.28)
Net realized gain -- -- -- (0.20) --
-----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.65) $ (0.68) $ (0.65) $ (0.95) $ (0.28)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.58) $ (0.79) $ 0.87 $ 0.44 $ 0.62
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.56 $ 11.14 $ 11.93 $ 11.06 $ 10.62
=============================================================================================================================
Total return* 1.00% (0.89)% 14.01% 13.53% 9.10%***
Ratio of net expenses to average net assets 0.65% 0.65% 0.65% 0.65% 0.65%**
Ratio of net investment income (loss) to average net assets 6.10% 5.58% 6.58% 6.23% 6.16%**
Portfolio turnover rate 109% 120% 99% 119% 42%***
Net assets, end of period (in thousands) $202,134 $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 0.72% 0.71% 0.71% 1.10% 2.25%**
Net investment income (loss) to average net assets 6.04% 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.
** Annualized.
*** Not annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 53
Notes to Financial Statements | 7/31/16
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. 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 (U.S. GAAP) 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 Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
54 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New
York Stock Exchange (NYSE) is open, as of the close of regular trading on
the NYSE.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices or, if both last bid and asked prices
are not available, at the last quoted bid price. Last sale and bid and
asked prices are provided by independent third party pricing services. In
the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
Foreign securities are valued in U.S. dollars based on foreign currency
exchange rate quotations supplied by a third party pricing service. Trading
in non-U.S. equity securities is substantially completed each day at
various times prior to the close of the NYSE. The values of such securities
used in computing the net asset value of the Fund's shares are determined
as of such times. The Fund may use a fair value model developed by an
independent pricing service to value non-U.S. equity securities.
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed income securities and/or other
factors. Valuations may be supplemented by dealers and other sources, as
required. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the price
information is deemed to be unreliable, price information will be obtained
from an alternative loan interest pricing service. If no reliable price
quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 55
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other
insurance-linked securities (including sidecars, collateralized reinsurance
and industry loss warranties) may be valued at the bid price obtained from
an independent pricing service, or through a third party using a pricing
matrix, insurance industry valuation models, or other fair value methods or
techniques to provide an estimated value of the instrument.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Swap contracts, including interest rate swaps, caps and floors (other than
centrally cleared swap contracts) are valued at the dealer quotations
obtained from reputable International Swap Dealer association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Options contracts are generally valued at the mean between the last bid and
ask prices on the principal exchange where they are traded.
Over-the-counter ("OTC") options and options on swaps ("swaptions") are
valued using prices supplied by independent pricing services, which
consider such factors as market prices, market events, quotations from one
or more brokers, Treasury spreads, yields, maturities and ratings, or may
use a pricing matrix or other fair value methods or techniques to provide
an estimated value of the security or instrument.
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such funds' net asset value. Repurchase
agreements are valued at par. Cash may include overnight time deposits at
approved financial institutions.
Securities or loan interests for which independent pricing services 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
56 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
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, 2016, three securities were valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services, broker-dealers or through a third party using an insurance
valuation model) representing 0.1% 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.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 57
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 5).
E. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no provision for federal income taxes is
required. As of July 31, 2016, the Fund did not accrue any interest or
penalties with respect to uncertain tax positions, which, if applicable,
would be recorded as an income tax expense in the Statement of Operations.
Tax returns filed within the prior three years remain subject to
examination by federal and state tax authorities.
In determining the daily net asset value, the Fund estimates the reserve
for the repatriation of taxes, if any, associated with its investments in
certain countries. The estimated reserve for capital gains is based on the
net unrealized appreciation on certain portfolio securities, the holding
period of such securities and the related tax rates, tax loss carryforwards
(if applicable) and other such factors. As of July 31, 2016, the Fund had
accrued $482,653 in reserve for repatriation taxes related to capital
gains.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary 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, 2016, the Fund reclassified
$1,485,609
58 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
to decrease undistributed net investment income and $1,485,609 to decrease
accumulated net realized loss on investments, futures contracts, written
options, swap contracts and foreign currency transactions to reflect
permanent book/tax differences. These adjustments have no impact on the net
assets or results of operations.
At July 31, 2016, the Fund was permitted to carry forward indefinitely
$50,595,684 of short-term losses and $33,311,867 of long-term losses under
the Regulated Investment Company Modernization Act of 2010 without
limitation.
The tax character of distributions paid during the years ended July 31,
2016 and July 31, 2015 were as follows:
---------------------------------------------------------------------------
2016 2015
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $48,163,208 $47,507,877
---------------------------------------------------------------------------
Total $48,163,208 $47,507,877
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at July 31, 2016:
---------------------------------------------------------------------------
2016
---------------------------------------------------------------------------
Distribution paid from:
Undistributed ordinary income $ 2,731,562
Capital loss carryforward (83,907,551)
Current year dividend payable (216,192)
Unrealized depreciation (22,909,387)
---------------------------------------------------------------------------
Total $(104,301,568)
===========================================================================
The difference between book basis and tax basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds and PFIC's, the mark to market of futures
contracts, tax basis adjustments on Real Estate Investment Trust (REIT)
holdings, Business Development Company (BDC) and interest on defaulted
bonds.
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 $149,832 in underwriting commissions on the sale of
Class A shares during the year ended July 31, 2016.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 59
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 Fund's transfer agent
for its services are allocated among the classes of shares based on the
number of accounts in each class and the ratable allocation of related
out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class C, Class K, Class R and Class
Y shares can reflect different transfer agent and distribution expense
rates.
H. Risks
Interest rates in the U.S. recently have been historically low, so the Fund
faces a heightened risk that interest rates may rise. A general rise in
interest rates may cause investors to move out of fixed income securities
on a large scale, which could adversely affect the price and liquidity of
fixed income securities and could also result in increased redemptions from
the Fund.
Certain securities in which the Fund invests, including floating rate
loans, once sold, may not settle for an extended period (for example,
several weeks or even longer). The Fund will not receive its sale proceeds
until that time, which may constrain the Fund's ability to meet its
obligations.
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.
I. Insurance-linked securities (ILS)
The Fund invests in event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's
60 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
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.
The Fund's investments in ILS may include special purpose vehicles ("SPVs")
or similar instruments structured to comprise a portion of a reinsurer's
catastrophe-oriented business, known as quota share instruments (sometimes
referred to as reinsurance sidecars), or to provide reinsurance relating to
specific risks to insurance or reinsurance companies through a
collateralized instrument, known as collateralized reinsurance. Structured
reinsurance investments, which also may include industry loss warranties
("ILWs"). A traditional ILW takes the form of a bilateral reinsurance
contract, but there are also products that take the form of derivatives,
collateralized structures, or exchange traded instruments.
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILWs, generally are subject to
the same risks as event-linked bonds. In addition, where the instruments
are based on the performance of underlying reinsurance contracts, the Fund
has limited transparency into the individual underlying contracts and
therefore must rely upon the risk assessment and sound underwriting
practices of the issuer. Accordingly, it may be more difficult for PIM to
fully evaluate the underlying risk profile of the Fund's structured
reinsurance investments and therefore the Fund's assets are placed at
greater risk of loss than if PIM had more complete information. Structured
reinsurance instruments generally will be considered illiquid securities by
the Fund. These securities may be difficult to purchase, sell or unwind.
Illiquid securities also may be difficult to value. If the Fund is forced
to sell an illiquid asset, the Fund may be forced to sell at a loss.
J. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 61
of cash deposited with the broker as collateral at July 31, 2016, was
$3,265,000 and is recorded within "Restricted cash" in the Statement of
Assets and Liabilities. Subsequent payments for futures contracts
("variation margin") are paid or received by the Fund, depending on the
daily fluctuation in the value of the contracts, and are recorded by the
Fund as unrealized appreciation 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, 2016, was
$(67,997,722).
At July 31, 2016, open futures contracts were as follows:
-----------------------------------------------------------------------------------------
Number of
Contracts Settlement Unrealized
Description Counterparty Long/(Short) Month/Year Value Depreciation
-----------------------------------------------------------------------------------------
S&P500 EMINI Citibank N.A. (700) 9/16 $(75,887,000) $(1,602,647)
JPY FX Citibank N.A. (63) 9/16 (7,732,856) (170,641)
-----------------------------------------------------------------------------------------
Total $(83,619,856) $(1,773,288)
=========================================================================================
K. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve as
the Fund's collateral for the obligation of the counterparty to repurchase
the securities. The value of the collateral, including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. The Fund's investment adviser, PIM is responsible for determining
that the value of the collateral remains at least equal to the repurchase
price. In the event of a default by the counterparty, the Fund is entitled
to sell the securities, but the Fund may not be able to sell them for the
price at which they were purchased, thus causing a loss to the Fund.
Additionally, if the counterparty becomes insolvent, there is some risk
that the Fund will not have a right to the securities, or the immediate
right to sell the securities. As of and for the year ended July 31, 2016,
the Fund had no open repurchase agreements.
62 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
L. 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 on an underlying
reference obligation, which may be a single security or a basket or index
of securities. 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 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.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 63
Certain swap contracts that are cleared through a central clearinghouse are
referred to as centrally cleared swaps. All payments made or received by
the Fund are pursuant to a centrally cleared swap contract with the central
clearing party rather than the original counterparty. Upon entering into a
centrally cleared swap contract, the Fund is required to make an initial
margin deposit, either in cash or in securities. The daily change in value
on open centrally cleared contracts is recorded as variation margin on
centrally cleared swaps on the Statement of Assets and Liabilities.
The average value of credit default swap contracts open during the year
ended July 31, 2016 was $(12,328). There were no open credit default swap
contracts at July 31, 2016.
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, 2016 was $(63,231). There were no open written options contracts
at July 31, 2016. Transactions in written options for the year ended July
31, 2016 were as follows:
--------------------------------------------------------------------------------
Number of Premium
Contracts Paid
--------------------------------------------------------------------------------
Options open at beginning of period (46,139) $ (983,335)
Options opened 45,092 541,104
Options exercised (524) (176,585)
Options closed 349 124,591
Options expired 1,222 494,225
--------------------------------------------------------------------------------
Options open at end of period -- $ --
================================================================================
64 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
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 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, 2016 was $650,963. There were no open purchased options contracts
at July 31, 2016.
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, 2016, 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, 2016 are
reflected on the Statement of Operations. These expense limitations are in
effect through December 1, 2016 for Class C shares and December 1, 2017 for
Class A shares and Class Y shares. There can be no assurance that PIM will
extend the expense limitation agreement for a class of shares beyond the date
referred to above.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 65
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
$42,361 in management fees, administrative costs and certain other
reimbursements payable from PIM at July 31, 2016.
3. Transfer Agent
Effective November 2, 2015, Boston Financial Data Services, Inc. serves as the
transfer agent to the Fund at negotiated rates. Transfer agent fees and payables
shown on the Statement of Operations and the Statement of Assets and
Liabilities, respectively, include sub-transfer agent expenses incurred through
the Fund's omnibus relationship contracts.
Prior to November 2, 2015, Pioneer Investment Management Shareholder Services,
Inc., a wholly owned indirect subsidiary of UniCredit, provided substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings and outgoing phone calls. For the year
ended July 31, 2016, such out-of-pocket expenses by class of shares were as
follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $163,295
Class C 251,438
Class K 11
Class R 1,869
Class Y 264,338
--------------------------------------------------------------------------------
Total $680,951
================================================================================
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
66 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
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 $39,817 in distribution fees payable to PFD at January 31,
2016.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within 12 months of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares. There
is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. For the
year ended July 31, 2016, CDSC's in the amount of $24,611 were paid to PFD.
5. Forward Foreign Currency Contracts
At July 31, 2016, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract. The average value of forward foreign
currency contracts open during the year ended July 31, 2016 was $(300,303).
There were no open forward foreign currency contracts at July 31, 2016.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until February 9, 2016, was in the amount of $240
million. Effective February 10, 2016, the facility is in the amount of $220
million. Under such facility, depending on the type of loan, interest on
borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.85% on
an annualized basis, or the Alternate Base Rate, which is the greater of (a) the
facility's administrative agent's daily announced prime rate on the borrowing
date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus
the overnight Eurodollar rate on the borrowing date. The Funds pay an annual
commitment fee to participate in a credit facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth in
the credit agreement. For the year ended July 31, 2016, the Fund had no
borrowings under the credit facility.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 67
7. Additional Disclosures about Derivative Instruments and Hedging Activities:
The Fund's use of derivatives subjects it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at July 31,
2016, was as follows:
----------------------------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Assets and Liabilities Rate Risk Risk Rate Risk Risk Risk
----------------------------------------------------------------------------------------------------
Liabilities
Futures contracts* $-- $-- $170,641 $1,602,647 $ --
----------------------------------------------------------------------------------------------------
Total Value $-- $-- $170,641 $1,602,647 $ --
====================================================================================================
* Reflects unrealized appreciation/depreciation of futures contracts (see
Note 1J). The current day's variation margin is disclosed on the Statement
of Assets and Liabilities.
68 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at July 31, 2016, was as follows:
--------------------------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Operations Rate Risk Risk Rate Risk Risk Risk
--------------------------------------------------------------------------------------------------
Net realized gain
(loss) on
Futures contracts $(53,250) $ -- $ 119,622 $ 5,907,288 $ --
Written options -- -- -- 769,286 --
Swap contracts -- 159,430 -- -- --
Forward foreign
currency
contracts** -- -- (42,452) -- --
--------------------------------------------------------------------------------------------------
Total Value $(53,250) $159,430 $ 77,170 $ 6,676,574 $ --
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Operations Rate Risk Risk Rate Risk Risk Risk
--------------------------------------------------------------------------------------------------
Change in net
unrealized
appreciation
(depreciation) on
Futures contracts $ -- $ -- $(431,022) $(1,361,241) $ --
Written options -- -- -- 238,360 --
Swap contracts -- 61,113 -- -- --
Forward foreign
currency
contracts** -- -- 146 -- --
--------------------------------------------------------------------------------------------------
Total Value $ -- $ 61,113 $(430,876) $(1,122,881) $ --
==================================================================================================
** Included in the amount shown on the Statement of Operations as forward
foreign currency contracts and other assets and liabilities denominated in
foreign currencies.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 69
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, including
the schedule of investments, of Pioneer Multi-Asset Income Fund (the "Fund"),
one of the funds constituting Pioneer Series Trust IV, as of July 31, 2016, and
the related statement of operations for the year then ended, the statements of
changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the three 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, and 2012, 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, 2016, by correspondence with the custodian,
brokers and agent banks; where replies were not received from brokers and agent
banks, we performed other auditing procedures. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Multi-Asset Income Fund as of July 31, 2016, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each of
the three 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 28, 2016
70 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
ADDITIONAL INFORMATION (unaudited)
For the year ended July 31, 2016, certain dividends paid by the Fund may be
subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax
Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to
the maximum amount of such dividends allowable under the Act, as taxed at a
maximum rate of 15%. Complete information will be computed and reported in
conjunction with your 2015 form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 14.97%.
The percentages of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
was 44.37%.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 71
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal
occupations during at least the past five years. Trustees who are interested
persons of the Fund within the meaning of the 1940 Act are referred to as
Interested Trustees. Trustees who are not interested persons of the Fund are
referred to as Independent Trustees. Each of the Trustees serves as a Trustee of
each of the 45 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.
72 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (66) Trustee since 2011. Serves Private investor (2004 - 2008 and 2013 - Director, Broadridge
Chairman of the Board until a successor trustee present); Chairman (2008 - 2013) and Chief Financial Solutions, Inc.
and Trustee is elected or earlier Executive Officer (2008 - 2012), Quadriserv, (investor communications
retirement or removal. Inc. (technology products for securities and securities processing
lending industry); and Senior Executive provider for financial
Vice President, The Bank of New York services industry) (2009
(financial and securities services) (1986 - - present); Director,
2004) Quadriserv, Inc. (2005 -
2013); and Commissioner,
New Jersey State Civil
Service Commission (2011
- present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (72) Trustee since 2011. Serves Managing Partner, Federal City Capital Director of New York
Trustee until a successor trustee Advisors (corporate advisory services Mortgage Trust
is elected or earlier company) (1997 - 2004 and 2008 - present); (publicly-traded mortgage
retirement or removal. Interim Chief Executive Officer, Oxford REIT) (2004 - 2009, 2012
Analytica, Inc. (privately-held research - present); Director of
and consulting company) (2010); Executive The Swiss Helvetia Fund,
Vice President and Chief Financial Officer, Inc. (closed-end fund)
I-trax, Inc. (publicly traded health care (2010 - present);
services company) (2004 - 2007); and Director of Oxford
Executive Vice President and Chief Analytica, Inc. (2008 -
Financial Officer, Pedestal Inc. present); and Director of
(internet-based mortgage trading company) Enterprise Community
(2000 - 2002); Private consultant (1995 - Investment, Inc.
1997), Managing Director, Lehman Brothers (privately-held
(investment banking firm) (1992 - 1995); and affordable housing finance
Executive, The World Bank (1979 - 1992) company) (1985 - 2010)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (71) Trustee since 2011. Serves William Joseph Maier Professor of Political Trustee, Mellon
Trustee until a successor trustee Economy, Harvard University (1972 - Institutional Funds
is elected or earlier present) Investment Trust and
retirement or removal. Mellon Institutional
Funds Master Portfolio
(oversaw 17 portfolios in
fund complex) (1989 -
2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 73
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (69) Trustee since 2011. Serves Founding Director, Vice President and None
Trustee until a successor trustee Corporate Secretary, The Winthrop Group,
is elected or earlier Inc. (consulting firm) (1982 - present);
retirement or removal. Desautels Faculty of Management, McGill
University (1999 - present); and Manager of
Research Operations and Organizational
Learning, Xerox PARC, Xerox's advance
research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (68) Trustee since 2011. Serves President and Chief Executive Officer, Director of New America
Trustee until a successor trustee Newbury Piret Company (investment banking High Income Fund, Inc.
is elected or earlier firm) (1981 - present) (closed-end investment
retirement or removal. company) (2004 -
present); and Member,
Board of Governors,
Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (69) Trustee since 2014. Serves Consultant (investment company services) None
Trustee until a successor trustee (2012 - present); Executive Vice President,
is elected or earlier BNY Mellon (financial and investment company
retirement or removal. services) (1969 - 2012); Director, BNY
International Financing Corp. (financial
services) (2002 - 2012); and Director,
Mellon Overseas Investment Corp. (financial
services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
74 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
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 (58)* Trustee since 2014. Serves Director and Executive Vice President (since None
Trustee until a successor trustee 2008) and Chief Investment Officer, U.S.
is elected or earlier (since 2010) of PIM-USA; Executive Vice
retirement or removal. President of Pioneer (since 2008); Executive
Vice President of Pioneer Institutional
Asset Management, Inc. (since 2009); and
Portfolio Manager of Pioneer (since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's
investment adviser and certain of its affiliates.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 75
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 (60)** Advisory Trustee since 2014. Chief Investment Officer, 1199 SEIU Funds Trustee of Pioneer
Advisory Trustee (healthcare workers union pension funds) closed-end investment
(2001 - present); Vice President - investment companies (5
International Investments Group, American portfolios) (Sept. 2015 -
International Group, Inc. (insurance present)
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.
76 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (54) Since 2014. Serves at the Chair, Director, CEO and President of Trustee of Pioneer
President and discretion of the Board. Pioneer Investment Management-USA (since closed-end investment
Chief Executive Officer September 2014); Chair, Director, CEO and companies (5 portfolios)
President of Pioneer Investment Management, (Sept. 2015 - present)
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 (51) Since 2011. Serves at the Vice President and Associate General Counsel None
Secretary and discretion of the Board. of Pioneer since January 2008; Secretary and
Chief Legal Officer Chief Legal Officer of all of the Pioneer
Funds since June 2010; Assistant Secretary
of all of the Pioneer Funds from September
2003 to May 2010; and Vice President and
Senior Counsel of Pioneer from July 2002 to
December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (55) Since 2011. Serves at the Fund Governance Director of Pioneer since None
Assistant Secretary discretion of the Board. December 2006 and Assistant Secretary of all
the Pioneer Funds since June 2010; Manager -
Fund Governance of Pioneer from December
2003 to November 2006; and Senior Paralegal
of Pioneer from January 2000 to November
2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (53) Since 2011. Serves at the Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary discretion of the Board. Assistant Secretary of all the Pioneer Funds
since June 2010; and Counsel of Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (56) Since 2011. Serves at the Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief discretion of the Board. Treasurer of all of the Pioneer Funds since
Financial March 2008; Deputy Treasurer of Pioneer from
and Accounting Officer March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 77
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 (51) Since 2011. Serves at the Director - Fund Treasury of Pioneer; and None
Assistant Treasurer discretion of the Board. Assistant Treasurer of all of the Pioneer
Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (58) Since 2011. Serves at the Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer discretion of the Board. Pioneer; and Assistant Treasurer of all of
the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (36) Since 2011. Serves at the Fund Administration Manager - Fund Treasury None
Assistant Treasurer discretion of the Board. of Pioneer since November 2008; Assistant
Treasurer of all of the Pioneer Funds since
January 2009; and Client Service Manager -
Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (63) Since 2011. Serves at the Chief Compliance Officer of Pioneer and of None
Chief Compliance Officer discretion of the Board. all the Pioneer Funds since March 2010;
Chief Compliance Officer of Pioneer
Institutional Asset Management, Inc. since
January 2012; Chief Compliance Officer of
Vanderbilt Capital Advisors, LLC since July
2012: Director of Adviser and Portfolio
Compliance at Pioneer since October 2005;
and Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003
to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (45) Since 2011. Serves at the Director - Transfer Agency Compliance of None
Anti-Money Laundering discretion of the Board. Pioneer and Anti-Money Laundering Officer of
Officer all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
78 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
This page for your notes.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 79
This page for your notes.
80 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
This page for your notes.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 81
This page for your notes.
82 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
This page for your notes.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16 83
This page for your notes.
84 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/16
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Pioneer Funds
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2016 Pioneer Investments 25962-04-0916
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 $91,957
payable to Deloitte & Touche LLP for the year ended
July 31, 2016 and $130,877 for the year ended July 31, 2015.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
There were no audit-related services in 2016 or 2015.
(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 $17,556
payable to Deloitte & Touche LLP for the year ended
July 31, 2016 and $24,600 for the year ended July 31, 2015.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
There were no audit-related services in 2016 or 2015.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Trust's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Trust. For the
years ended July 31 2016 and 2015, there were no
services provided to an affiliate that required the
Trust's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Trust were $17,556
payable to Deloitte & Touche LLP for the year ended
July 31, 2016 and $24,600 for the year ended July 31, 2015.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust IV
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date September 29, 2016
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date September 29, 2016
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date September 29, 2016
* Print the name and title of each signing officer under his or her signature.