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, Amundi Pioneer Asset Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: July 31
Date of reporting period: August 1, 2018 through July 31, 2019
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Balanced
ESG Fund
(Formerly Pioneer Classic Balanced Fund)*
--------------------------------------------------------------------------------
Annual Report | July 31, 2019
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Ticker Symbols:
Class A AOBLX
Class C PCBCX
Class K PCBKX
Class R CBPRX
Class Y AYBLX
* Effective September 1, 2019, Pioneer Classic Balanced Fund was renamed
Pioneer Balanced ESG Fund.
Beginning in March 2021, as permitted by regulations adopted by the Securities
and Exchange Commission, paper copies of the Fund's shareholder reports like
this one will no longer be sent by mail, unless you specifically request paper
copies of the reports from the Fund or from your financial intermediary, such
as a broker-dealer, bank or insurance company. Instead, the reports will be
made available on the Fund's website, and you will be notified by mail each
time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will
not be affected by this change and you need not take any action. You may elect
to receive shareholder reports and other communications electronically by
contacting your financial intermediary or, if you invest directly with the
Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you
invest directly with the Fund, you can inform the Fund that you wish to
continue receiving paper copies of your shareholder reports by calling
1-800-225-6292. If you invest through a financial intermediary, you can contact
your financial intermediary to request that you continue to receive paper
copies of your shareholder reports. Your election to receive reports in paper
will apply to all funds held in your account if you invest through your
financial intermediary or all funds held within the Pioneer Fund complex if you
invest directly.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com/us
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 46
Notes to Financial Statements 55
Report of Independent Registered Public Accounting Firm 68
Additional Information 70
Trustees, Officers and Service Providers 71
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 1
President's Letter
Since 1928, active portfolio management based on in-depth, fundamental
research, has been the foundation of Amundi Pioneer's investment approach. We
believe an active management investment strategy is a prudent approach to
investing, especially during periods of market volatility, which can result
from any number of risk factors, including slow U.S. economic growth, rising
interest rates, and geopolitical factors. Of course, in today's global economy,
risk factors extend well beyond U.S. borders. In fact, it's not unusual for
political and economic issues on the international front to cause or contribute
to volatility in U.S. markets.
At Amundi Pioneer, each security under consideration is researched by our team
of experienced investment professionals, who communicate directly with the
management teams of those companies. At the end of this research process, if we
have conviction in a company's business model and management team, and regard
the security as a potentially solid investment opportunity, an Amundi Pioneer
portfolio manager makes an active decision to invest in that security. The
portfolio resulting from these decisions represents an expression of his or her
convictions, and strives to balance overall risk and return opportunity.
As an example, the Standard & Poor's 500 Index -- the predominant benchmark for
many U.S. Large-Cap Core Equity funds -- has 500 stocks. An Amundi Pioneer
portfolio manager chooses to invest in only those companies that he or she
believes can offer the most attractive opportunities to pursue the fund's
investment objective, thus potentially benefiting the fund's shareowners. This
process results in a portfolio that does not own all 500 stocks, but a much
narrower universe.
The same active decision to invest in a company is also applied when we decide
to sell a security, due to changing fundamentals, valuation concerns, or market
risks. We apply this active decision-making across all of our equity,
fixed-income, and global portfolios.
Today, as investors, we have many options. It is our view that active
management can serve shareholders well not only when markets are thriving, but
also during periods of market volatility and uncertainty, thus making it a
compelling investment choice. As you consider the many choices today, we
encourage you to work with your financial advisor to develop an overall
investment plan that addresses both your short- and long-term goals, and to
implement such a plan in a disciplined manner.
2 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
July 31, 2019
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 3
Portfolio Management Discussion | 7/31/19
In the following interview, Walter Hunnewell, Jr., and Brad Komenda discuss the
factors that affected the performance of Pioneer Balanced ESG Fund* during the
12-month period ended July 31, 2019. Mr. Hunnewell, a vice president and
portfolio manager at Amundi Pioneer Investment Management, Inc. (Amundi
Pioneer), Mr. Komenda, Deputy Director of Investment-Grade Corporates, a senior
vice president, and a portfolio manager at Amundi Pioneer, and Lawrence Zeno, a
vice president and portfolio manager at Amundi Pioneer, are responsible for the
day-to-day management of the Fund.
Q How did the Fund perform during the 12-month period ended July 31, 2019?
A Pioneer Balanced ESG Fund's Class A shares returned 8.51% at net asset
value during the 12-month period ended July 31, 2019, while the Fund's
benchmarks, the Standard & Poor's 500 Index (the S&P 500) and the
Bloomberg Barclays U.S. Government/Credit Bond Index (the Bloomberg
Barclays Index), returned 7.99% and 8.60%, respectively. During the same
period, the average return of the 706 mutual funds in Morningstar's 50% to
70% Equity Allocation Funds category was 4.31%.
Q How would you describe the domestic investment environment during the
12-month period ended July 31, 2019, and the Fund's positioning during the
period?
A We saw significant ebbs and flows in the markets during the 12-month
period as investors' views concerning the economy, the direction of
interest rates, and the state of global trade relations adapted to
changing economic reports, which often resulted in bouts of volatility. By
the end of the period, however, both the stock and bond markets had
produced solid, positive results.
During the closing weeks of 2018, around the middle of the 12-month
period, the performance of both equities and fixed-income investments
struggled amid heightened market volatility. The spike in volatility
derived primarily from concerns about the possibility of decelerating
corporate profit growth and worries that the U.S. Federal Reserve (the
Fed) would continue to tighten monetary policy by increasing interest
rates for a fourth time during the calendar year. Reports of foundering
trade negotiations between the U.S. and some of its key trading partners
-- particularly China -- had a further adverse effect on the stock market.
The Fed did in fact raise rates again in December 2018, thus confirming
investors' earlier trepidations.
* Effective September 1, 2019, Pioneer Classic Balanced Fund was renamed
Pioneer Balanced ESG Fund, and the Fund adopted a new investment policy
(see Note 7).
4 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
As the first half of 2019 progressed, however, equity markets rebounded as
the Fed adopted a less aggressive tone with regard to future rate hikes,
and even began hinting about future rate cuts. At the end of the period,
the Fed did reduce the federal funds rate, but news that trade talks had
once again reached an impasse had a slight dampening effect on the stock
market's recovery. Over the first half of the 12-month period, the
performance of both growth and value stocks seemed to move in lockstep.
Over the final six months, however, growth stocks, as measured by the
Russell 1000 Growth Index, significantly outperformed value stocks, as
measured by the Russell 1000 Value Index, and ended up doubling the full
12-month return of value stocks (10.82% for growth versus 5.20% for
value).
The second half of the 12-month period was also a good time to be in the
fixed-income market, as the performance of all major fixed-income indices
was strongly positive between January and July 2019. The rally helped
produce attractive returns across most asset classes for the full 12-month
period, with the Fund's fixed-income benchmark, the Bloomberg Barclays
Index (up by 8.60%), turning in one of the better performances.
With regard to the Fund's positioning, during the 12-month period we
consistently maintained the portfolio's equity allocation at roughly 62%
or 63% of invested assets, with 37% or 38% allocated to bonds and other
income-oriented investments.
Q What were the principal factors driving the Fund's benchmark-relative
performance during the 12-month period ended July 31, 2019?
A Within equities, positive stock selection results benefited the Fund's
performance versus the S&P 500. Throughout the 12-month period, we
maintained our core investment strategy with regard to equities, with good
portfolio exposures to both value and growth stocks. However, we did tilt
the Fund's holdings toward growth stocks, a tactic that aided
benchmark-relative returns.
Sector allocation results detracted from the Fund's benchmark-relative
performance within equities over the 12-month period, as the portfolio's
energy holdings underperformed (energy was the weakest sector within the
S&P 500 over the 12-month period). Meanwhile, the portfolio's underweights
to utilities and real estate also hurt relative returns, as those two
sectors were among the best performers in the S&P 500 over the period. On
the positive side, performance relative to the S&P 500 benefited from the
Fund's overweight to the consumer discretionary sector.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 5
Within fixed income, a short-duration portfolio stance of roughly --1 year
relative to the Bloomberg Barclays Index detracted from benchmark-relative
performance during the 12-month period, as longer-duration portfolios
outperformed in an environment featuring declining interest rates.
(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.)
Q What specific investments or portfolio allocations had noteworthy effects
on the Fund's benchmark-relative performance during the 12-month period
ended July 31, 2019?
A Individual stock positions held in the Fund that aided benchmark-relative
performance during the 12-month period included networking giant Cisco
Systems; Chipotle Mexican Grill, a restaurant chain specializing in
Mexican food; Motorola Solutions, a radio communications company focused
on first responders; and Microsoft, the software corporation. Cisco was
the top contributor to the Fund's benchmark-relative performance during
the period, as the company successfully introduced new products for its
corporate customer base. Motorola expanded its offerings during the
period, thus boosting the stock's performance, while Microsoft has
continued to experience great success in transforming its products to
cloud offerings.
Notable detractors from the Fund's benchmark-relative returns within
equities included positions in two energy companies: Occidental Petroleum,
which made an acquisition that was not well received by investors, and
Targa Resources, a natural gas processing and gas liquids pipeline
company. In addition, the Fund's position in Bank of America
underperformed during the period, and we opted to sell the stock due to,
among other reasons, concerns that the company's many workforce reductions
could potentially affect employee morale. In place of Bank of America, we
established an equity position in another financial firm, JPMorgan Chase.
Other notable equity investments we sold from the portfolio during the
period were Chevron (energy) and Amgen, a pharmaceutical company facing
legal challenges to the patent protections on some of its key products.
Stocks that we added to the portfolio during the 12-month period included
Amazon, the e-Commerce giant, and Novo Nordisk, a pharmaceutical
corporation with next-generation insulin products.
Within fixed income, aside from the duration positioning mentioned
earlier, the largest detractor from the Fund's benchmark-relative returns
was the portfolio's out-of-benchmark position in 30-year Treasury
Inflation-Protected Securities (TIPS), which largely underperformed many
other fixed-income groups over the 12-month period as breakeven inflation
6 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
levels declined sharply. Overall sector allocation results within fixed
income were positive, led by the Fund's holdings in the financials and
utilities groups. The Fund's underweighting of Treasury securities also
helped benchmark-relative performance in a market environment that saw
riskier assets outperform.
Other positive contributors to the Fund's benchmark-relative performance
within fixed income included individual security selection results and our
relative emphasis on owning risk-oriented securities, such as corporate
bonds.
Q Could you discuss the Fund's commitment to environmental, social, and
governance (ESG) investing?
A ESG refers to the three primary factors in measuring the sustainability
and ethical impact of an investment in a company or business. With its
focus on companies with sustainable business models, the portfolio follows
an ESG-friendly investment approach. The Fund's name change to Pioneer
Balanced ESG Fund and the adoption of a new investment philosophy to apply
certain ESG criteria to the Fund's investments, effective September 1 of
this year, emphasize our commitment to that process.
Per the prospectus, the Fund will not invest in companies significantly
involved in the production of alcohol, tobacco products, certain
controversial military weapons -- including cluster weapons,
anti-personnel mines, nuclear, biological, and chemical weapons -- and the
operation of coal mines, gambling casinos, and other gaming businesses. In
addition, the Fund's management team uses an ESG screening process, which
includes evaluating a company's deployment and treatment of human capital
(for example, employee morale), product safety, and social opportunities.
"Governance" assessment categories typically include corporate governance
and business ethics (such as accounting principles), among other
considerations.
Q Did you invest the Fund in any derivative securities during the 12-month
period ended July 31, 2019?
A Yes, we did invest in some Treasury futures during the period, primarily
to manage the portfolio's duration on the fixed-income side. Even though
the Fund's overall short-duration position detracted from
benchmark-relative performance during the period, the futures positions
had no material effect.
Q Did the Fund's yield, or distributions* to shareholders, change during the
12 months ended July 31, 2019?
A Overall, the Fund's yield remained relatively steady during the 12-month
period, despite some declines in Treasury rates.
* Distributions are not guaranteed.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 7
Q What is your investment outlook?
A We do not believe the U.S. economy is heading toward recession, and so we
have positioned the Fund in the expectation that there will be continued
economic growth.
Within equities, we have maintained the Fund's overweights relative to the
S&P 500 in the consumer discretionary and financial sectors, and in
materials and industrials. In information technology, real estate, and
energy, the Fund is equal-weighted relative to the S&P 500. Despite the
portfolio's current equity weightings, which imply an optimistic view of
the economy, we also are aware that things could change. For example, a
breakdown in trade negotiations could undermine investor confidence. For
this and other reasons, we are being especially selective regarding the
Fund's weightings in the industrials and materials sectors.
On the fixed-income side, we are closely monitoring foreign money flows
into the U.S. capital markets. Any significant changes in global cash
flows could affect the Fund's positioning, given that such changes could
very well affect valuations.
Overall, we think both consumers and corporate institutions are
financially healthy. Looking forward, we think the primary factor that
could signal the possibility of recession is the Treasury yield curve,
where long-term rates, which normally are higher than short-term rates,
have at times fallen below short-term rates in recent months, thus
creating an "inverted" curve. In the past, inverted yield curves have
sometimes foreshadowed a deterioration in economic conditions. Right now,
however, we believe the economy should continue along on a healthy path.
8 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
Please refer to the Schedule of Investments on pages 20-45 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
prepayments.
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.
The Fund generally excludes corporate issuers that are significantly involved
in certain business activities (ESG criteria). Excluding specific issuers
limits the universe of investments available to the Fund, which may mean
forgoing some investment opportunities available to funds without similar ESG
criteria.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 9
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 Amundi Pioneer Asset Management, Inc.,
for a prospectus or summary prospectus containing this information. Read it
carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
10 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
Portfolio Summary | 7/31/19
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Common Stocks 64.8%
U.S. Government and Agency Obligations 12.1%
Corporate Bonds 10.4%
Collateralized Mortgage Obligations 9.0%
Asset Backed Securities 1.2%
Senior Secured Floating Rate Loan Interests 0.9%
Insurance-Linked Securities 0.8%
Affiliated Closed-End Fund(l) 0.3%
Municipal Bonds 0.2%
Convertible Preferred Stocks 0.2%
Foreign Government Bonds 0.1%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Mortgage Securities 15.4%
Financials 14.6%
Information Technology 14.4%
Consumer Discretionary 8.6%
Health Care 8.0%
Industrials 7.7%
Communication Services 6.5%
Energy 4.9%
Government 4.3%
Consumer Staples 4.2%
Materials 3.0%
Asset Backed Securities 2.8%
Real Estate 2.1%
Consumer Non-Cyclical 1.6%
Utilities 1.4%
Consumer Cyclical 0.3%
Technology 0.2%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)*
1. Microsoft Corp. 4.45%
--------------------------------------------------------------------------------
2. Alphabet, Inc. 3.04
--------------------------------------------------------------------------------
3. Amazon.com, Inc. 2.92
--------------------------------------------------------------------------------
4. Cisco Systems, Inc. 2.36
--------------------------------------------------------------------------------
5. CME Group, Inc. 2.04
--------------------------------------------------------------------------------
6. Motorola Solutions, Inc. 1.96
--------------------------------------------------------------------------------
7. Apple, Inc. 1.89
--------------------------------------------------------------------------------
8. Procter & Gamble Co. 1.79
--------------------------------------------------------------------------------
9. JPMorgan Chase & Co. 1.76
--------------------------------------------------------------------------------
10. Discover Financial Services 1.62
--------------------------------------------------------------------------------
* Excludes temporary cash investments and all derivative contracts except
for options purchased. The Fund is actively managed, and current holdings
may be different. The holdings listed should not be considered
recommendations to buy or sell any securities.
(l) Pioneer ILS Interval Fund is an affiliated closed-end fund managed by
Amundi Pioneer Asset Management, Inc.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 11
Prices and Distributions | 7/31/19
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 7/31/19 7/31/18
--------------------------------------------------------------------------------
A $9.57 $9.64
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C $9.50 $9.57
--------------------------------------------------------------------------------
K $9.56 $9.63
--------------------------------------------------------------------------------
R $9.59 $9.64
--------------------------------------------------------------------------------
Y $9.64 $9.71
--------------------------------------------------------------------------------
Distributions per Share: 8/1/18-7/31/19
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1760 $ -- $0.6304
--------------------------------------------------------------------------------
C $0.1004 $ -- $0.6304
--------------------------------------------------------------------------------
K $0.1927 $ -- $0.6304
--------------------------------------------------------------------------------
R $0.1343 $ -- $0.6304
--------------------------------------------------------------------------------
Y $0.2029 $ -- $0.6304
--------------------------------------------------------------------------------
Index Definitions
--------------------------------------------------------------------------------
The Standard & Poor's 500 Index is an unmanaged, commonly used measure of the
broad U.S. stock market. The Bloomberg Barclays U.S. 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 Balanced ESG Fund | Annual Report | 7/31/19
Performance Update | 7/31/19 Class A Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Balanced ESG Fund at public
offering price during the periods shown, compared to that of the Standard &
Poor's 500 Index and Bloomberg Barclays U.S. Government/Credit Bond Index.
Average Annual Total Returns
(As of July 31, 2019)
-------------------------------------------------------------
Bloomberg
Barclays
U.S. Govern-
Net Public ment/
Asset Offering S&P Credit
Value Price 500 Bond
Period (NAV) (POP) Index Index
-------------------------------------------------------------
10 years 9.16% 8.66% 14.03% 3.92%
5 years 6.85 5.87 11.34 3.16
1 year 8.51 3.62 7.99 8.60
-------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2018)
-----------------------------------------------------------
Gross Net
-----------------------------------------------------------
1.07% 1.03%
-----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg
Pioneer Barclays U.S.
Balanced ESG S&P 500 Government/Credit
Fund Index Bond Index
7/09 $ 9,550 $10,000 $10,000
7/10 $10,512 $11,384 $10,894
7/11 $12,096 $13,621 $11,387
7/12 $12,581 $14,864 $12,349
7/13 $14,495 $18,580 $12,103
7/14 $16,470 $21,728 $12,578
7/15 $17,595 $24,163 $12,898
7/16 $17,749 $25,519 $13,772
7/17 $19,335 $29,613 $13,663
7/18 $21,140 $34,422 $13,531
7/19 $22,938 $37,171 $14,695
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. NAV
returns would have been lower had sales charges been reflected. POP returns
reflect deduction of the 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, 2019 for Class A shares. There can be no assurance
that Amundi Pioneer will extend the expense limitation beyond such time. Please
see the prospectus and financial statements for more information. 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.
Please see the financial highlights for a more current expense ratio.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 13
Performance Update | 7/31/19 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Balanced ESG Fund during the
periods shown, compared to that of the Standard & Poor's 500 Index and
Bloomberg Barclays U.S. Government/Credit Bond Index.
Average Annual Total Returns
(As of July 31, 2019)
-------------------------------------------------------------
Bloomberg
Barclays
U.S. Govern-
ment/
S&P Credit
If If Re- 500 Bond
Period Held deemed Index Index
-------------------------------------------------------------
10 years 8.30% 8.30% 14.03% 3.92%
5 years 6.07 6.07 11.34 3.16
1 year 7.68 7.68 7.99 8.60
-------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2018)
-----------------------------------------------------------
Gross
-----------------------------------------------------------
1.80%
-----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg
Pioneer Barclays U.S.
Balanced ESG S&P 500 Government/Credit
Fund Index Bond Index
7/09 $10,000 $10,000 $10,000
7/10 $10,923 $11,384 $10,894
7/11 $12,451 $13,621 $11,387
7/12 $12,839 $14,864 $12,349
7/13 $14,681 $18,580 $12,103
7/14 $16,532 $21,728 $12,578
7/15 $17,547 $24,163 $12,898
7/16 $17,553 $25,519 $13,772
7/17 $18,975 $29,613 $13,663
7/18 $20,612 $34,422 $13,531
7/19 $22,196 $37,171 $14,695
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. NAV 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.
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.
Please see the financial highlights for a more current expense ratio.
14 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
Performance Update | 7/31/19 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class K shares of Pioneer Balanced ESG Fund during the
periods shown, compared to that of the Standard & Poor's 500 Index and
Bloomberg Barclays U.S. Government/Credit Bond Index.
Average Annual Total Returns
(As of July 31, 2019)
----------------------------------------------------------
Bloomberg
Barclays
U.S. Govern-
Net ment/
Asset S&P Credit
Value 500 Bond
Period (NAV) Index Index
----------------------------------------------------------
10 years 9.25% 14.03% 3.92%
5 years 7.04 11.34 3.16
1 year 8.72 7.99 8.60
----------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2018)
-----------------------------------------------------------
Gross
-----------------------------------------------------------
0.75%
-----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Bloomberg
Pioneer Barclays U.S.
Balanced ESG S&P 500 Government/Credit
Fund Index Bond Index
7/09 $ 5,000,000 $ 5,000,000 $5,000,000
7/10 $ 5,503,765 $ 5,691,838 $5,447,198
7/11 $ 6,333,062 $ 6,810,343 $5,693,647
7/12 $ 6,586,755 $ 7,432,245 $6,174,476
7/13 $ 7,588,838 $ 9,290,125 $6,051,260
7/14 $ 8,623,183 $10,863,884 $6,288,901
7/15 $ 9,211,827 $12,081,407 $6,448,954
7/16 $ 9,291,918 $12,759,653 $6,885,885
7/17 $10,162,048 $14,806,561 $6,831,576
7/18 $11,144,051 $17,211,172 $6,765,640
7/19 $12,115,541 $18,585,623 $7,347,628
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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.
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.
Please see the financial highlights for a more current expense ratio.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 15
Performance Update | 7/31/19 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Balanced ESG Fund during the
periods shown, compared to that of the Standard & Poor's 500 Index and
Bloomberg Barclays U.S. Government/Credit Bond Index.
Average Annual Total Returns
(As of July 31, 2019)
-----------------------------------------------------------
Bloomberg
Barclays
U.S. Govern-
Net ment/
Asset S&P Credit
Value 500 Bond
Period (NAV) Index Index
-----------------------------------------------------------
10 years 9.08% 14.03% 3.92%
5 years 6.69 11.34 3.16
1 year 8.24 7.99 8.60
-----------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2018)
-----------------------------------------------------------
Gross Net
-----------------------------------------------------------
1.47% 1.34%
-----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg
Pioneer Barclays U.S.
Balanced ESG S&P 500 Government/Credit
Fund Index Bond Index
7/09 $10,000 $10,000 $10,000
7/10 $11,008 $11,384 $10,894
7/11 $12,666 $13,621 $11,387
7/12 $13,174 $14,864 $12,349
7/13 $15,178 $18,580 $12,103
7/14 $17,246 $21,728 $12,578
7/15 $18,424 $24,163 $12,898
7/16 $18,547 $25,519 $13,772
7/17 $20,175 $29,613 $13,663
7/18 $22,026 $34,422 $13,531
7/19 $23,839 $37,171 $14,695
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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.
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, 2019 for Class R shares. There can be no assurance
that Amundi Pioneer will extend the expense limitation beyond such time. Please
see the prospectus and financial statements for more information. 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.
Please see the financial highlights for a more current expense ratio.
16 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
Performance Update | 7/31/19 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Balanced ESG Fund during the
periods shown, compared to that of the Standard & Poor's 500 Index and
Bloomberg Barclays U.S. Government/Credit Bond Index.
Average Annual Total Returns
(As of July 31, 2019)
-------------------------------------------------------------
Bloomberg
Barclays
U.S. Govern-
Net ment/
Asset S&P Credit
Value 500 Bond
Period (NAV) Index Index
-------------------------------------------------------------
10 years 9.47% 14.03% 3.92%
5 years 7.11 11.34 3.16
1 year 8.77 7.99 8.60
-------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2018)
-----------------------------------------------------------
Gross Net
-----------------------------------------------------------
0.83% 0.69%
-----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Bloomberg
Pioneer Barclays U.S.
Balanced ESG S&P 500 Government/Credit
Fund Index Bond Index
7/09 $ 5,000,000 $ 5,000,000 $5,000,000
7/10 $ 5,529,022 $ 5,691,838 $5,447,198
7/11 $ 6,374,702 $ 6,810,343 $5,693,647
7/12 $ 6,655,360 $ 7,432,245 $6,174,476
7/13 $ 7,701,144 $ 9,290,125 $6,051,260
7/14 $ 8,761,755 $10,863,884 $6,288,901
7/15 $ 9,390,314 $12,081,407 $6,448,954
7/16 $ 9,479,597 $12,759,653 $6,885,885
7/17 $10,357,193 $14,806,561 $6,831,576
7/18 $11,358,931 $17,211,172 $6,765,640
7/19 $12,354,963 $18,585,623 $7,347,628
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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, 2019 for Class Y shares. There can be no assurance
that Amundi Pioneer will extend the expense limitation beyond such time. Please
see the prospectus and financial statements for more information. 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.
Please see the financial highlights for a more current expense ratio.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 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 Balanced ESG Fund
Based on actual returns from February 1, 2019 through July 31, 2019.
------------------------------------------------------------------------------------------
Share Class A C K R Y
------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/19
------------------------------------------------------------------------------------------
Ending Account $1,105.78 $1,103.05 $1,107.13 $1,061.18 $1,107.41
Value (after expenses)
on 7/31/19
------------------------------------------------------------------------------------------
Expenses Paid $5.27 $9.13 $3.97 $6.64 $3.61
During Period*
------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.01%, 1.75%,
0.76%, 1.30%, and 0.69% for Class A, Class C, Class K, Class R, and Class
Y shares respectively, and multiplied by the average account value over
the period multiplied by 181/365 (to reflect the partial year period)
18 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the
period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Balanced ESG Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from February 1, 2019 through July 31, 2019.
------------------------------------------------------------------------------------------
Share Class A C K R Y
------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/19
------------------------------------------------------------------------------------------
Ending Account $1,019.79 $1,016.12 $1,021.03 $1,018.35 $1,021.37
Value (after expenses)
on 7/31/19
------------------------------------------------------------------------------------------
Expenses Paid $5.06 $8.75 $3.81 $6.51 $3.46
During Period*
------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.01%, 1.75%,
0.76%, 1.30%, and 0.69% for Class A, Class C, Class K, Class R, and Class
Y shares respectively, and multiplied by the average account value over
the period multiplied by 181/365 (to reflect the partial year period)
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 19
Schedule of Investments | 7/31/19
-----------------------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 96.3%
COMMON STOCKS -- 62.6% of Net Assets
Aerospace & Defense -- 1.4%
22,865 Raytheon Co. $ 4,168,061
------------
Total Aerospace & Defense $ 4,168,061
-----------------------------------------------------------------------------------------------------------------------
Banks -- 2.2%
20,756 Comerica, Inc. $ 1,519,339
44,262 JPMorgan Chase & Co. 5,134,392
------------
Total Banks $ 6,653,731
-----------------------------------------------------------------------------------------------------------------------
Beverages -- 1.3%
31,852 PepsiCo., Inc. $ 4,071,004
------------
Total Beverages $ 4,071,004
-----------------------------------------------------------------------------------------------------------------------
Building Products -- 0.1%
19,057(a) Resideo Technologies, Inc. $ 359,415
------------
Total Building Products $ 359,415
-----------------------------------------------------------------------------------------------------------------------
Capital Markets -- 3.0%
3,283 BlackRock, Inc. $ 1,535,393
30,664 CME Group, Inc. 5,961,695
12,958 T.Rowe Price Group, Inc. 1,469,308
------------
Total Capital Markets $ 8,966,396
-----------------------------------------------------------------------------------------------------------------------
Chemicals -- 1.2%
31,275 Dow, Inc. $ 1,514,961
7,164 Ecolab, Inc. 1,445,193
16,959 HB Fuller Co. 810,810
------------
Total Chemicals $ 3,770,964
-----------------------------------------------------------------------------------------------------------------------
Commercial Services & Supplies -- 2.2%
90,476(a) IAA, Inc. $ 4,229,753
90,476 KAR Auction Services, Inc. 2,419,328
------------
Total Commercial Services & Supplies $ 6,649,081
-----------------------------------------------------------------------------------------------------------------------
Communications Equipment -- 4.2%
124,358 Cisco Systems, Inc. $ 6,889,433
34,398 Motorola Solutions, Inc. 5,708,692
------------
Total Communications Equipment $ 12,598,125
-----------------------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.6%
52,615 Discover Financial Services $ 4,721,670
------------
Total Consumer Finance $ 4,721,670
-----------------------------------------------------------------------------------------------------------------------
Containers & Packaging -- 0.8%
18,439 Ball Corp. $ 1,318,020
23,546 International Paper Co. 1,033,905
------------
Total Containers & Packaging $ 2,351,925
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
-----------------------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------------------
Diversified Telecommunication Services -- 2.1%
131,514 AT&T, Inc. $ 4,478,052
147,191 CenturyLink, Inc. 1,779,539
------------
Total Diversified Telecommunication Services $ 6,257,591
-----------------------------------------------------------------------------------------------------------------------
Electrical Equipment -- 0.4%
17,407 Emerson Electric Co. $ 1,129,366
------------
Total Electrical Equipment $ 1,129,366
-----------------------------------------------------------------------------------------------------------------------
Electronic Equipment, Instruments & Components -- 0.5%
17,217 TE Connectivity, Ltd. $ 1,590,851
------------
Total Electronic Equipment, Instruments & Components $ 1,590,851
-----------------------------------------------------------------------------------------------------------------------
Entertainment -- 0.7%
22,459(a) Electronic Arts, Inc. $ 2,077,458
------------
Total Entertainment $ 2,077,458
-----------------------------------------------------------------------------------------------------------------------
Equity Real Estate Investment Trusts (REITs) -- 1.9%
17,769 Crown Castle International Corp. $ 2,367,897
8,878 Digital Realty Trust, Inc. 1,015,288
2,549 Equinix, Inc. 1,279,853
7,714 Simon Property Group, Inc. 1,251,211
------------
Total Equity Real Estate Investment Trusts (REITs) $ 5,914,249
-----------------------------------------------------------------------------------------------------------------------
Food & Staples Retailing -- 0.4%
16,545 Sysco Corp. $ 1,134,491
------------
Total Food & Staples Retailing $ 1,134,491
-----------------------------------------------------------------------------------------------------------------------
Food Products -- 0.6%
10,963 Hershey Co. $ 1,663,526
------------
Total Food Products $ 1,663,526
-----------------------------------------------------------------------------------------------------------------------
Health Care Equipment & Supplies -- 2.5%
27,955 Abbott Laboratories $ 2,434,881
9,779 Becton Dickinson and Co. 2,472,131
3,958 Cooper Cos., Inc. 1,335,429
9,965 ResMed, Inc. 1,282,496
------------
Total Health Care Equipment & Supplies $ 7,524,937
-----------------------------------------------------------------------------------------------------------------------
Hotels, Restaurants & Leisure -- 2.4%
41,550 Cedar Fair LP $ 2,097,028
2,102(a) Chipotle Mexican Grill, Inc. 1,672,204
15,887 McDonald's Corp. 3,347,709
------------
Total Hotels, Restaurants & Leisure $ 7,116,941
-----------------------------------------------------------------------------------------------------------------------
Household Products -- 1.7%
44,254 Procter & Gamble Co. $ 5,223,742
------------
Total Household Products $ 5,223,742
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 21
Schedule of Investments | 7/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 1.5%
25,510 Honeywell International, Inc. $ 4,399,454
------------
Total Industrial Conglomerates $ 4,399,454
-----------------------------------------------------------------------------------------------------------------------
Insurance -- 2.5%
23,379 American International Group, Inc. $ 1,308,990
51,735 Progressive Corp. 4,189,500
55,163 Sun Life Financial, Inc. 2,283,197
------------
Total Insurance $ 7,781,687
-----------------------------------------------------------------------------------------------------------------------
Interactive Media & Services -- 2.9%
7,278(a) Alphabet, Inc. $ 8,866,059
------------
Total Interactive Media & Services $ 8,866,059
-----------------------------------------------------------------------------------------------------------------------
Internet & Direct Marketing Retail -- 3.1%
4,566(a) Amazon.com, Inc. $ 8,523,718
17,557 eBay, Inc. 723,173
------------
Total Internet & Direct Marketing Retail $ 9,246,891
-----------------------------------------------------------------------------------------------------------------------
IT Services -- 0.6%
9,750 Accenture Plc $ 1,877,655
------------
Total IT Services $ 1,877,655
-----------------------------------------------------------------------------------------------------------------------
Leisure Products -- 0.2%
3,872 Hasbro, Inc. $ 469,132
------------
Total Leisure Products $ 469,132
-----------------------------------------------------------------------------------------------------------------------
Machinery -- 0.5%
28,714 Komatsu, Ltd. (A.D.R.) $ 641,184
21,380 Timken Co. 977,280
------------
Total Machinery $ 1,618,464
-----------------------------------------------------------------------------------------------------------------------
Metals & Mining -- 0.3%
17,287 Nucor Corp. $ 940,067
------------
Total Metals & Mining $ 940,067
-----------------------------------------------------------------------------------------------------------------------
Multiline Retail -- 0.4%
8,946 Dollar General Corp. $ 1,198,943
------------
Total Multiline Retail $ 1,198,943
-----------------------------------------------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 3.1%
14,127 EOG Resources, Inc. $ 1,212,803
33,845 Occidental Petroleum Corp. 1,738,279
12,018 Phillips 66 1,232,566
24,124 Royal Dutch Shell Plc (A.D.R.) 1,517,158
58,991 Targa Resources Corp. 2,295,340
14,879 Valero Energy Corp. 1,268,435
------------
Total Oil, Gas & Consumable Fuels $ 9,264,581
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
-----------------------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 5.2%
63,872 AstraZeneca Plc (A.D.R.) $ 2,772,683
4,910(a) Elanco Animal Health, Inc. 161,834
24,899 Eli Lilly & Co. 2,712,746
47,184 Merck & Co., Inc. 3,915,800
34,254 Novo Nordisk AS (A.D.R.) 1,641,452
40,147 Zoetis, Inc. 4,612,489
------------
Total Pharmaceuticals $ 15,817,004
-----------------------------------------------------------------------------------------------------------------------
Semiconductors & Semiconductor Equipment -- 1.7%
10,549 Lam Research Corp. $ 2,200,627
34,734(a) Micron Technology, Inc. 1,559,209
16,411 MKS Instruments, Inc. 1,397,068
------------
Total Semiconductors & Semiconductor Equipment $ 5,156,904
-----------------------------------------------------------------------------------------------------------------------
Software -- 4.3%
95,348 Microsoft Corp. $ 12,993,072
------------
Total Software $ 12,993,072
-----------------------------------------------------------------------------------------------------------------------
Specialty Retail -- 1.8%
17,843 Home Depot, Inc. $ 3,812,871
30,297 TJX Cos., Inc. 1,653,004
------------
Total Specialty Retail $ 5,465,875
-----------------------------------------------------------------------------------------------------------------------
Technology Hardware, Storage & Peripherals -- 2.5%
25,895 Apple, Inc. $ 5,516,671
18,511 HP, Inc. 389,471
30,005 NetApp, Inc. 1,754,992
------------
Total Technology Hardware, Storage & Peripherals $ 7,661,134
-----------------------------------------------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods -- 0.5%
15,418 Carter's, Inc. $ 1,434,182
------------
Total Textiles, Apparel & Luxury Goods $ 1,434,182
-----------------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.3%
8,279(a) United Rentals, Inc. $ 1,047,707
------------
Total Trading Companies & Distributors $ 1,047,707
-----------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $147,232,359) $189,182,335
-----------------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCK -- 0.1%
of Net Assets
Banks -- 0.1%
291(b) Bank of America Corp., 7.25% $ 412,475
------------
Total Banks $ 412,475
-----------------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $361,167) $ 412,475
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 23
Schedule of Investments | 7/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 1.2% of Net Assets
100,000 AXIS Equipment Finance Receivables VI LLC,
Series 2018-2A, Class C, 4.27%, 1/20/23 (144A) $ 103,450
300,000 AXIS Equipment Finance Receivables VI LLC,
Series 2018-2A, Class D, 4.45%, 6/20/23 (144A) 309,759
200,000 BCC Funding XIV LLC, Series 2018-1A, Class B, 3.39%,
8/21/23 (144A) 202,979
427,734 BXG Receivables Note Trust, Series 2018-A, Class C,
4.44%, 2/2/34 (144A) 439,377
4 Drive Auto Receivables Trust, Series 2016-BA, Class D,
4.53%, 8/15/23 (144A) 4
380,000 Exeter Automobile Receivables Trust, Series 2018-4A,
Class C, 3.97%, 9/15/23 (144A) 386,952
150,000 Home Partners of America Trust, Series 2019-1, Class D,
3.406%, 9/17/39 (144A) 149,999
570,000(c) Invitation Homes Trust, Series 2018-SFR3, Class E,
4.314% (1 Month USD LIBOR + 200 bps),
7/17/37 (144A) 570,612
300,000 Progress Residential Trust, Series 2018-SFR3, Class E,
4.873%, 10/17/35 (144A) 312,484
210,000 Progress Residential Trust, Series 2019-SFR2, Class E,
4.142%, 5/17/36 (144A) 214,637
236,950 SpringCastle Funding Asset-Backed Notes, Series 2019-AA,
Class A, 3.2%, 5/27/36 (144A) 238,440
492,889 Welk Resorts LLC, Series 2019-AA, Class C, 3.34%,
6/15/38 (144A) 492,363
96,250 Westgate Resorts LLC, Series 2016-1A, Class B, 4.5%,
12/20/28 (144A) 96,166
-----------------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $3,462,263) $ 3,517,222
-----------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 8.6%
of Net Assets
110,000(d) Angel Oak Mortgage Trust I LLC, Series 2019-1, Class M1,
4.5%, 11/25/48 (144A) $ 114,014
200,000(d) BAMLL Commercial Mortgage Securities Trust, Series
2016-FR14, Class A, 2.976%, 2/27/48 (144A) 199,158
500,000 BANK, Series 2017-BNK7, Class AS, 3.748%, 9/15/60 525,689
389,817(c) Bear Stearns ALT-A Trust, Series 2005-7, Class 11A1,
2.806% (1 Month USD LIBOR + 54 bps), 8/25/35 392,327
310,000(c) Bellemeade Re, Ltd., Series 2018-1A, Class M1B, 3.866%
(1 Month USD LIBOR + 160 bps), 4/25/28 (144A) 310,798
150,000(c) Bellemeade Re, Ltd., Series 2018-3A, Class M1B, 4.116%
(1 Month USD LIBOR + 185 bps), 10/25/27 (144A) 150,214
150,000(c) Bellemeade Re, Ltd., Series 2019-1A, Class M1B, 4.016%
(1 Month USD LIBOR + 175 bps), 3/25/29 (144A) 150,666
The accompanying notes are an integral part of these financial statements.
24 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- (continued)
100,000 CD Mortgage Trust, Series 2018-CD7, Class A3,
4.013%, 8/15/51 $ 110,085
250,000 CFCRE Commercial Mortgage Trust, Series 2016-C3,
Class A2, 3.597%, 1/10/48 263,021
250,000(c) CHC Commercial Mortgage Trust, Series 2019-CHC, Class E,
4.75% (1 Month USD LIBOR + 235 bps), 6/15/34 (144A) 250,391
500,000(d) Citigroup Commercial Mortgage Trust, Series 2014-GC19,
Class B, 4.805%, 3/10/47 538,370
556,403(d) Citigroup Mortgage Loan Trust, Series 2018-RP2,
Class A1, 3.5%, 2/25/58 (144A) 566,618
511,128(d) Citigroup Mortgage Loan Trust, Inc., Series 2018-RP1,
Class A1, 3.0%, 9/25/64 (144A) 516,215
500,000 COMM Mortgage Trust, Series 2012-CR2, Class AM,
3.791%, 8/15/45 513,907
337,284 COMM Mortgage Trust, Series 2014-UBS3, Class A3,
3.546%, 6/10/47 353,481
750,000 COMM Mortgage Trust, Series 2015-3BP, Class A,
3.178%, 2/10/35 (144A) 777,567
250,000(d) COMM Mortgage Trust, Series 2015-CR23, Class CMD,
3.685%, 5/10/48 (144A) 250,157
118,945(c) Connecticut Avenue Securities Trust, Series 2018-R07,
Class 1M1, 3.016% (1 Month USD LIBOR + 75 bps),
4/25/31 (144A) 119,025
850,000(c) Connecticut Avenue Securities Trust, Series 2019-R02,
Class 1M2, 4.566% (1 Month USD LIBOR + 230 bps),
8/25/31 (144A) 856,493
3,302 Credit Suisse First Boston Mortgage Securities Corp., Series
2005-C2, Class AMFX, 4.877%, 4/15/37 3,227
400,000(c) Credit Suisse Mortgage Capital Certificates, Series
2019-ICE4, Class E, 4.475% (1 Month USD LIBOR +
215 bps), 5/15/36 (144A) 402,502
100,000(d) CSAIL Commercial Mortgage Trust, Series 2015-C4,
Class B, 4.331%, 11/15/48 106,249
500,000(d) CSAIL Commercial Mortgage Trust, Series 2016-C5,
Class C, 4.536%, 11/15/48 530,479
772,953(d) CSMC Trust, Series 2019-RPL1, Class A1A, 3.65%,
7/25/58 (144A) 792,131
240,000(c) Eagle Re, Ltd., Series 2018-1, Class M1, 3.966% (1 Month
USD LIBOR + 170 bps), 11/25/28 (144A) 239,726
350,000(c) Eagle Re, Ltd., Series 2019-1, Class M1B, 4.066%
(1 Month USD LIBOR + 180 bps), 4/25/29 (144A) 349,185
253,819(d) EverBank Mortgage Loan Trust, Series 2013-2, Class A,
3.0%, 6/25/43 (144A) 254,023
340,000(c) Fannie Mae Connecticut Avenue Securities, Series 2018-C03,
Class 1M2, 4.416% (1 Month USD LIBOR +
215 bps), 10/25/30 342,544
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 25
Schedule of Investments | 7/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- (continued)
88,141(c) Federal Home Loan Mortgage Corp. REMICS, Series 1671,
Class S, 2.975% (1 Month USD LIBOR +
65 bps), 2/15/24 $ 89,455
781,427 Federal Home Loan Mortgage Corp. REMICS, Series 3816,
Class HA, 3.5%, 11/15/25 811,899
33,019(c) Federal Home Loan Mortgage Corp. REMICS, Series 3868,
Class FA, 2.725% (1 Month USD LIBOR +
40 bps), 5/15/41 32,639
5,251 Federal Home Loan Mortgage Corp. REMICS, Series 3909,
Class UG, 2.5%, 8/15/25 5,246
251,070(c)(e) Federal Home Loan Mortgage Corp. REMICS, Series 4091,
Class SH, 4.225% (1 Month USD LIBOR +
655 bps), 8/15/42 55,075
42,420(c) Federal National Mortgage Association REMICS, Series
2006-23, Class FP, 2.566% (1 Month USD LIBOR +
30 bps), 4/25/36 42,298
31,210(c) Federal National Mortgage Association REMICS, Series
2006-104, Class GF, 2.586% (1 Month USD LIBOR +
32 bps), 11/25/36 31,143
18,583(c) Federal National Mortgage Association REMICS, Series
2007-93, Class FD, 2.816% (1 Month USD LIBOR +
55 bps), 9/25/37 18,520
105,157(c) Federal National Mortgage Association REMICS, Series
2011-63, Class FG, 2.716% (1 Month USD LIBOR +
45 bps), 7/25/41 105,379
271,828(d) Flagstar Mortgage Trust, Series 2018-5, Class A7, 4.0%,
9/25/48 (144A) 275,657
350,000(c) Freddie Mac Stacr Trust, Series 2018-HQA2, Class M1,
3.016% (1 Month USD LIBOR + 75 bps),
10/25/48 (144A) 350,396
350,000(c) Freddie Mac Stacr Trust, Series 2019-DNA2, Class M2,
4.716% (1 Month USD LIBOR + 245 bps),
3/25/49 (144A) 354,051
190,000(c) Freddie Mac Stacr Trust, Series 2019-DNA3, Class M2,
4.35% (1 Month USD LIBOR + 205 bps), 7/25/49 (144A) 190,312
80,000(c) Freddie Mac Stacr Trust, Series 2019-HQA1, Class M2,
4.616% (1 Month USD LIBOR + 235 bps), 2/25/49 (144A) 80,795
310,000(c) Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2017-DNA3, Class M2, 4.766% (1 Month USD
LIBOR + 250 bps), 3/25/30 317,139
26,335(c) Government National Mortgage Association, Series
2000-36, Class FG, 2.772% (1 Month USD LIBOR +
50 bps), 11/20/30 26,337
1,808,103(d)(e) Government National Mortgage Association, Series
2017-21, Class IO, 0.795%, 10/16/58 127,364
290,000 GS Mortgage Securities Trust, Series 2015-GC28,
Class A5, 3.396%, 2/10/48 302,831
The accompanying notes are an integral part of these financial statements.
26 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- (continued)
150,000(c) Home Re, Ltd., Series 2018-1, Class M1, 3.866% (1 Month
USD LIBOR + 160 bps), 10/25/28 (144A) $ 149,767
250,000(c) Home Re, Ltd., Series 2019-1, Class M1, 3.916% (1 Month
USD LIBOR + 165 bps), 5/25/29 (144A) 250,284
375,000 JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2018-WPT, Class AFX, 4.248%, 7/5/33 (144A) 399,373
602,769(d) JP Morgan Mortgage Trust, Series 2017-2, Class A5, 3.5%,
5/25/47 (144A) 611,027
444,889(d) JP Morgan Mortgage Trust, Series 2017-4, Class A6, 3.0%,
11/25/48 (144A) 447,934
513,414(d) JP Morgan Mortgage Trust, Series 2018-9, Class A5, 4.0%,
2/25/49 (144A) 520,622
456,910(d) JP Morgan Mortgage Trust, Series 2019-1, Class A4, 4.0%,
5/25/49 (144A) 463,050
329,907(d) JP Morgan Mortgage Trust, Series 2019-2, Class A6, 4.0%,
8/25/49 (144A) 339,258
250,000 JPMDB Commercial Mortgage Securities Trust, Series,
2018-C8 Class A4, 4.211%, 6/15/51 277,193
2,450,000(d)(e) JPMDB Commercial Mortgage Securities Trust, Series
2018-C8, Class XB, 0.113%, 6/15/51 28,101
950,000(d) Mill City Mortgage Loan Trust, Series 2018-4, Class A1B,
3.5%, 4/25/66 (144A) 958,970
300,000 Morgan Stanley Capital I Trust, Series 2018-MP, Class A,
4.418%, 7/11/40 (144A) 335,628
500,000 New Residential Mortgage Loan Trust, Series 2019-RPL2,
Class A1, 3.25%, 2/25/49 (144A) 506,705
265,000(c) NovaStar Mortgage Funding Trust, Series 2004-3,
Class M4, 3.841% (1 Month USD LIBOR +
158 bps), 12/25/34 268,132
519,942(d) PMT Loan Trust, Series 2013-J1, Class A11, 3.5%,
9/25/43 (144A) 528,328
126,878(c) Radnor Re, Ltd., Series 2018-1, Class M1, 3.666%
(1 Month USD LIBOR + 140 bps), 3/25/28 (144A) 127,184
300,000(c) Radnor Re, Ltd., Series 2019-1, Class M1B, 4.216%
(1 Month USD LIBOR + 195 bps), 2/25/29 (144A) 300,407
542,342(d) Sequoia Mortgage Trust, Series 2013-8, Class A1,
3.0%, 6/25/43 543,064
823,221(d) Sequoia Mortgage Trust, Series 2015-3, Class A4, 3.5%,
7/25/45 (144A) 833,730
436,131(d) Sequoia Mortgage Trust, Series 2018-8, Class A4, 4.0%,
11/25/48 (144A) 441,992
280,000(c) STACR Trust, Series 2018-DNA3, Class M2, 4.366%
(1 Month USD LIBOR + 210 bps), 9/25/48 (144A) 280,789
330,000(c) STACR Trust, Series 2018-HRP2, Class M3, 4.666%
(1 Month USD LIBOR + 240 bps), 2/25/47 (144A) 338,314
750,000(d) Towd Point Mortgage Trust, Series 2015-4, Class A2,
3.75%, 4/25/55 (144A) 768,794
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 27
Schedule of Investments | 7/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- (continued)
750,000(d) Towd Point Mortgage Trust, Series 2015-5, Class M1,
3.5%, 5/25/55 (144A) $ 766,944
550,000(d) Towd Point Mortgage Trust, Series 2016-3, Class M1,
3.5%, 4/25/56 (144A) 566,083
1,100,000(d) Towd Point Mortgage Trust, Series 2017-6, Class A2,
3.0%, 10/25/57 (144A) 1,088,840
297,243(d) Towd Point Mortgage Trust, Series 2018-SJ1, Class A1,
4.0%, 10/25/58 (144A) 300,006
405,886(d) WinWater Mortgage Loan Trust, Series 2015-2, Class A5,
3.0%, 2/20/45 (144A) 411,297
-----------------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $25,505,219) $ 26,046,614
-----------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 10.1% of Net Assets
Aerospace & Defense -- 0.1%
355,000 Rockwell Collins, Inc., 3.2%, 3/15/24 $ 365,291
------------
Total Aerospace & Defense $ 365,291
-----------------------------------------------------------------------------------------------------------------------
Airlines -- 0.1%
150,859 Air Canada 2017-1 Class AA Pass Through Trust, 3.3%,
1/15/30 (144A) $ 152,477
------------
Total Airlines $ 152,477
-----------------------------------------------------------------------------------------------------------------------
Auto Manufacturers -- 0.1%
300,000 Ford Motor Credit Co. LLC, 5.584%, 3/18/24 $ 320,893
------------
Total Auto Manufacturers $ 320,893
-----------------------------------------------------------------------------------------------------------------------
Banks -- 1.8%
200,000 ABN AMRO Bank NV, 4.8%, 4/18/26 (144A) $ 215,499
200,000(d) AIB Group Plc, 4.263% (3 Month USD LIBOR +
187 bps), 4/10/25 (144A) 205,506
475,000(b)(d) BNP Paribas SA, 6.625% (5 Year USD Swap Rate +
415 bps) (144A) 495,188
200,000 BPCE SA, 4.875%, 4/1/26 (144A) 216,166
200,000 Cooperatieve Rabobank UA, 3.875%, 2/8/22 207,148
250,000 Cooperatieve Rabobank UA, 3.95%, 11/9/22 259,198
465,000(b)(d) Credit Suisse Group AG, 7.125% (5 Year USD Swap
Rate + 511 bps) 492,319
195,000(d) Goldman Sachs Group, Inc., 3.272% (3 Month USD
LIBOR + 120 bps), 9/29/25 199,055
140,000(d) Goldman Sachs Group, Inc., 4.223% (3 Month USD
LIBOR + 130 bps), 5/1/29 150,789
200,000 HSBC Holdings Plc, 4.875%, 1/14/22 210,612
951,000(b)(d) JPMorgan Chase & Co., 5.0% (SOFRRATE + 338 bps) 960,510
250,000 Morgan Stanley, 4.1%, 5/22/23 262,112
450,000 Nordea Bank Abp, 4.25%, 9/21/22 (144A) 468,111
The accompanying notes are an integral part of these financial statements.
28 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Banks -- (continued)
650,000(b)(d) Societe Generale SA, 7.375% (5 Year USD Swap
Rate + 624 bps) (144A) $ 676,812
240,000(b)(d) UBS Group Funding Switzerland AG, 7.0% (5 Year USD
Swap Rate + 434 bps) (144A) 253,200
65,000(b)(d) UBS Group Funding Switzerland AG, 7.125% (5 Year
USD Swap Rate + 588 bps) 67,838
------------
Total Banks $ 5,340,063
-----------------------------------------------------------------------------------------------------------------------
Biotechnology -- 0.2%
102,000 Baxalta, Inc., 3.6%, 6/23/22 $ 104,225
350,000 Biogen, Inc., 5.2%, 9/15/45 399,532
------------
Total Biotechnology $ 503,757
-----------------------------------------------------------------------------------------------------------------------
Building Materials -- 0.0%+
110,000 Standard Industries, Inc., 5.5%, 2/15/23 (144A) $ 112,612
------------
Total Building Materials $ 112,612
-----------------------------------------------------------------------------------------------------------------------
Chemicals -- 0.2%
200,000 Braskem Netherlands Finance BV, 4.5%, 1/10/28 $ 201,940
71,000 CF Industries, Inc., 5.375%, 3/15/44 66,740
140,000 Chemours Co., 7.0%, 5/15/25 137,321
84,000 Dow Chemical Co., 4.8%, 5/15/49 (144A) 89,213
10,000 NOVA Chemicals Corp., 4.875%, 6/1/24 (144A) 10,302
------------
Total Chemicals $ 505,516
-----------------------------------------------------------------------------------------------------------------------
Commercial Services -- 0.1%
186,000 Verisk Analytics, Inc., 5.5%, 6/15/45 $ 219,321
------------
Total Commercial Services $ 219,321
-----------------------------------------------------------------------------------------------------------------------
Computers -- 0.0%+
80,000 NCR Corp., 6.375%, 12/15/23 $ 82,162
------------
Total Computers $ 82,162
-----------------------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 0.2%
300,000 Capital One Financial Corp., 3.75%, 4/24/24 $ 315,590
110,000 Capital One Financial Corp., 4.25%, 4/30/25 117,779
250,000 TD Ameritrade Holding Corp., 3.3%, 4/1/27 258,672
------------
Total Diversified Financial Services $ 692,041
-----------------------------------------------------------------------------------------------------------------------
Electric -- 1.1%
220,000 Consolidated Edison Co. of New York, Inc.,
4.625%, 12/1/54 $ 254,378
76,000(f) Dominion Energy, Inc., 3.071%, 8/15/24 76,669
250,000 Duke Energy Carolinas LLC, 3.95%, 3/15/48 270,940
230,000 Edison International, 2.95%, 3/15/23 227,473
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 29
Schedule of Investments | 7/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Electric -- (continued)
250,000(b)(d) Electricite de France SA, 5.25% (USD Swap Rate +
371 bps) (144A) $ 255,625
200,000(d) Enel S.p.A., 8.75% (5 Year USD Swap Rate +
588 bps), 9/24/73 (144A) 233,000
310,000 Iberdrola International BV, 6.75%, 7/15/36 418,667
365,000 NextEra Energy Capital Holdings, Inc., 3.55%, 5/1/27 382,669
18,605 OrCal Geothermal, Inc., 6.21%, 12/30/20 (144A) 18,633
250,000 PPL Capital Funding, Inc, 3.1%, 5/15/26 250,323
215,000 Sempra Energy, 3.4%, 2/1/28 217,929
185,000 Southern California Edison Co., 4.875%, 3/1/49 215,477
300,000 Southwestern Electric Power Co., 3.9%, 4/1/45 303,710
200,000 Virginia Electric & Power Co., 4.45%, 2/15/44 229,754
------------
Total Electric $ 3,355,247
-----------------------------------------------------------------------------------------------------------------------
Electronics -- 0.2%
220,000 Amphenol Corp., 3.125%, 9/15/21 $ 222,685
81,000 Amphenol Corp., 3.2%, 4/1/24 83,160
113,000 Amphenol Corp., 4.35%, 6/1/29 124,120
250,000 Flex, Ltd., 4.75%, 6/15/25 264,451
40,000 Flex, Ltd., 4.875%, 6/15/29 41,528
------------
Total Electronics $ 735,944
-----------------------------------------------------------------------------------------------------------------------
Energy-Alternate Sources -- 0.0%+
55,201 Alta Wind Holdings LLC, 7.0%, 6/30/35 (144A) $ 62,163
------------
Total Energy-Alternate Sources $ 62,163
-----------------------------------------------------------------------------------------------------------------------
Food -- 0.3%
265,000 Conagra Brands, Inc., 4.3%, 5/1/24 $ 281,417
116,000 JBS USA LUX SA/JBS USA Food Co./JBS USA
Finance, Inc., 5.5%, 1/15/30 (144A) 116,000
300,000 Mondelez International Holdings Netherlands BV, 2.0%,
10/28/21 (144A) 296,937
50,000 Smithfield Foods, Inc., 2.65%, 10/3/21 (144A) 49,437
205,000 Smithfield Foods, Inc., 2.7%, 1/31/20 (144A) 204,511
------------
Total Food $ 948,302
-----------------------------------------------------------------------------------------------------------------------
Forest Products & Paper -- 0.1%
250,000 International Paper Co., 6.0%, 11/15/41 $ 297,797
------------
Total Forest Products & Paper $ 297,797
-----------------------------------------------------------------------------------------------------------------------
Gas -- 0.2%
325,000 Boston Gas Co., 3.15%, 8/1/27 (144A) $ 332,583
250,000 Southern California Gas Co., 5.125%, 11/15/40 299,706
------------
Total Gas $ 632,289
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Healthcare-Products -- 0.1%
224,000 Abbott Laboratories, 3.75%, 11/30/26 $ 241,694
------------
Total Healthcare-Products $ 241,694
-----------------------------------------------------------------------------------------------------------------------
Healthcare-Services -- 0.1%
350,000 UnitedHealth Group, Inc., 3.1%, 3/15/26 $ 361,680
------------
Total Healthcare-Services $ 361,680
-----------------------------------------------------------------------------------------------------------------------
Home Builders -- 0.0%+
83,000 Meritage Homes Corp., 6.0%, 6/1/25 $ 90,263
------------
Total Home Builders $ 90,263
-----------------------------------------------------------------------------------------------------------------------
Household Products & Wares -- 0.1%
195,000 Church & Dwight Co., Inc., 2.45%, 8/1/22 $ 194,513
------------
Total Household Products & Wares $ 194,513
-----------------------------------------------------------------------------------------------------------------------
Insurance -- 0.8%
250,000 AXA SA, 8.6%, 12/15/30 $ 359,132
42,000 CNO Financial Group, Inc., 5.25%, 5/30/25 45,255
23,000 CNO Financial Group, Inc., 5.25%, 5/30/29 24,840
50,000(d) Farmers Exchange Capital III, 5.454% (3 Month USD
LIBOR + 345 bps), 10/15/54 (144A) 55,944
225,000(d) Farmers Insurance Exchange, 4.747% (3 Month USD
LIBOR + 323 bps), 11/1/57 (144A) 222,750
155,000 Great-West Lifeco Finance 2018 LP, 4.581%,
5/17/48 (144A) 179,741
250,000 Nationwide Financial Services, Inc., 5.3%,
11/18/44 (144A) 287,491
215,000 New York Life Global Funding, 2.875%, 4/10/24 (144A) 218,872
220,000 Principal Financial Group, Inc., 3.3%, 9/15/22 223,601
215,000 Protective Life Corp., 4.3%, 9/30/28 (144A) 228,554
250,000 Prudential Financial, Inc., 3.878%, 3/27/28 272,847
110,000 Teachers Insurance & Annuity Association of America,
4.27%, 5/15/47 (144A) 120,778
110,000 Teachers Insurance & Annuity Association of America,
4.9%, 9/15/44 (144A) 130,014
20,000 Teachers Insurance & Annuity Association of America,
6.85%, 12/16/39 (144A) 28,534
------------
Total Insurance $ 2,398,353
-----------------------------------------------------------------------------------------------------------------------
Internet -- 0.2%
285,000 Booking Holdings, Inc., 3.65%, 3/15/25 $ 299,647
275,000 Expedia Group, Inc., 5.0%, 2/15/26 302,246
------------
Total Internet $ 601,893
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 31
Schedule of Investments | 7/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Media -- 0.1%
170,000 Comcast Corp., 4.15%, 10/15/28 $ 187,358
85,000 Sirius XM Radio, Inc., 5.375%, 7/15/26 (144A) 88,825
100,000 Videotron, Ltd., 5.375%, 6/15/24 (144A) 107,000
------------
Total Media $ 383,183
-----------------------------------------------------------------------------------------------------------------------
Mining -- 0.2%
200,000 Anglo American Capital Plc, 4.875%, 5/14/25 (144A) $ 215,105
250,000 Corp Nacional del Cobre de Chile, 5.625%,
10/18/43 (144A) 315,283
------------
Total Mining $ 530,388
-----------------------------------------------------------------------------------------------------------------------
Miscellaneous Manufacturers -- 0.0%+
60,000 Amsted Industries, Inc., 5.375%, 9/15/24 (144A) $ 61,500
------------
Total Miscellaneous Manufacturers $ 61,500
-----------------------------------------------------------------------------------------------------------------------
Oil & Gas -- 0.4%
25,000 Apache Corp., 4.25%, 1/15/30 $ 24,854
280,000 Apache Corp., 4.375%, 10/15/28 284,270
110,000 Newfield Exploration Co., 5.625%, 7/1/24 121,229
275,000 Noble Energy, Inc., 5.25%, 11/15/43 299,905
250,000 Sinopec Group Overseas Development 2014, Ltd.,
4.375%, 4/10/24 (144A) 267,518
162,000 Valero Energy Corp., 6.625%, 6/15/37 207,194
------------
Total Oil & Gas $ 1,204,970
-----------------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.7%
285,000 AbbVie, Inc., 4.875%, 11/14/48 $ 298,348
200,000 Bayer US Finance II LLC, 4.25%, 12/15/25 (144A) 209,959
310,000 Bristol-Myers Squibb Co., 2.9%, 7/26/24 (144A) 317,005
280,000 Cardinal Health, Inc., 3.079%, 6/15/24 280,179
135,000 Cigna Corp., 4.375%, 10/15/28 (144A) 146,416
114,335 CVS Pass-Through Trust, 5.298%, 1/11/27 (144A) 121,371
93,898 CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) 105,136
74,385 CVS Pass-Through Trust, 8.353%, 7/10/31 (144A) 94,748
285,000 Perrigo Finance Unlimited Co., 3.9%, 12/15/24 283,843
200,000 Perrigo Finance Unlimited Co., 4.375%, 3/15/26 202,695
135,000 Teva Pharmaceutical Finance Netherlands III BV,
3.15%, 10/1/26 105,285
------------
Total Pharmaceuticals $ 2,164,985
-----------------------------------------------------------------------------------------------------------------------
Pipelines -- 1.2%
280,000 Andeavor Logistics LP/Tesoro Logistics Finance Corp.,
4.25%, 12/1/27 $ 293,842
135,000 Cheniere Energy Partners LP, 5.25%, 10/1/25 139,896
68,000 Enable Midstream Partners LP, 4.4%, 3/15/27 68,139
332,000 Enable Midstream Partners LP, 4.95%, 5/15/28 343,912
The accompanying notes are an integral part of these financial statements.
32 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Pipelines -- (continued)
225,000 Enbridge, Inc., 3.7%, 7/15/27 $ 235,997
27,000 Energy Transfer Operating LP, 5.5%, 6/1/27 30,251
210,000 EnLink Midstream Partners LP, 5.45%, 6/1/47 179,025
345,000 Kinder Morgan, Inc., 5.05%, 2/15/46 375,679
105,000 MPLX LP, 4.875%, 12/1/24 114,423
55,000 MPLX LP, 4.875%, 6/1/25 59,906
400,000 Phillips 66 Partners LP, 3.75%, 3/1/28 410,552
290,000 Sabine Pass Liquefaction LLC, 5.0%, 3/15/27 316,108
176,000 Targa Resources Partners LP/Targa Resources Partners
Finance Corp., 5.0%, 1/15/28 178,420
300,000 Texas Eastern Transmission LP, 3.5%, 1/15/28 (144A) 307,951
205,000 Williams Cos., Inc., 5.75%, 6/24/44 238,410
242,000 Williams Cos., Inc., 7.75%, 6/15/31 318,428
------------
Total Pipelines $ 3,610,939
-----------------------------------------------------------------------------------------------------------------------
Real Estate -- 0.1%
250,000(b)(d) AT Securities BV, 5.25% (5 Year USD Swap Rate + 355 bps) $ 249,433
------------
Total Real Estate $ 249,433
-----------------------------------------------------------------------------------------------------------------------
REITS -- 0.6%
50,000 Alexandria Real Estate Equities, Inc., 3.45%, 4/30/25 $ 51,496
100,000 Alexandria Real Estate Equities, Inc., 3.95%, 1/15/27 105,863
250,000 Boston Properties LP, 2.75%, 10/1/26 248,492
300,000 Duke Realty LP, 3.75%, 12/1/24 314,733
250,000 Essex Portfolio LP, 3.5%, 4/1/25 258,179
250,000 Highwoods Realty LP, 3.625%, 1/15/23 256,815
136,000 MPT Operating Partnership LP/MPT Finance Corp.,
4.625%, 8/1/29 137,741
155,000 UDR, Inc., 4.0%, 10/1/25 164,214
140,000 UDR, Inc., 4.4%, 1/26/29 154,946
------------
Total REITS $ 1,692,479
-----------------------------------------------------------------------------------------------------------------------
Retail -- 0.1%
270,000 Alimentation Couche-Tard, Inc., 3.55%, 7/26/27 (144A) $ 276,094
------------
Total Retail $ 276,094
-----------------------------------------------------------------------------------------------------------------------
Software -- 0.1%
122,000 Fiserv, Inc., 3.8%, 10/1/23 $ 127,849
235,000 salesforce.com, Inc., 3.7%, 4/11/28 254,306
------------
Total Software $ 382,155
-----------------------------------------------------------------------------------------------------------------------
Telecommunications -- 0.1%
110,000 CenturyLink, Inc., 5.8%, 3/15/22 $ 114,400
200,000 Deutsche Telekom International Finance BV, 1.95%,
9/19/21 (144A) 197,777
------------
Total Telecommunications $ 312,177
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 33
Schedule of Investments | 7/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Transportation -- 0.4%
150,000 Burlington Northern Santa Fe LLC, 5.15%, 9/1/43 $ 185,285
250,000 FedEx Corp., 4.55%, 4/1/46 259,729
250,000 Norfolk Southern Corp., 2.9%, 6/15/26 254,688
370,000 Union Pacific Corp., 3.375%, 2/1/35 367,405
------------
Total Transportation $ 1,067,107
-----------------------------------------------------------------------------------------------------------------------
Trucking & Leasing -- 0.1%
205,000 Penske Truck Leasing Co. LP/PTL Finance Corp., 3.375%,
2/1/22 (144A) $ 208,798
99,000 Penske Truck Leasing Co. LP/PTL Finance Corp., 4.2%,
4/1/27 (144A) 103,810
------------
Total Trucking & Leasing $ 312,608
-----------------------------------------------------------------------------------------------------------------------
Water -- 0.0%+
75,000 Aqua America, Inc., 3.566%, 5/1/29 $ 78,787
------------
Total Water $ 78,787
-----------------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $29,054,125) $ 30,541,076
-----------------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BOND -- 0.1%
of Net Assets
Mexico -- 0.1%
300,000 Mexico Government International Bond, 4.6%, 2/10/48 $ 303,378
------------
Total Mexico $ 303,378
-----------------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BOND
(Cost $276,262) $ 303,378
-----------------------------------------------------------------------------------------------------------------------
INSURANCE-LINKED SECURITIES -- 0.8%
of Net Assets(g)
Catastrophe Linked Bonds -- 0.7%
Earthquakes -- California -- 0.1%
250,000(c) Ursa Re, 5.539% (3 Month U.S. Treasury Bill +
350 bps), 5/27/20 (144A) $ 247,775
-----------------------------------------------------------------------------------------------------------------------
Earthquakes -- U.S. -- 0.1%
250,000(c) Kilimanjaro Re, 5.796% (3 Month U.S. Treasury Bill +
375 bps), 11/25/19 (144A) $ 248,075
-----------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. -- 0.4%
250,000(c) Kilimanjaro Re, 8.796% (3 Month U.S. Treasury Bill +
675 bps), 12/6/19 (144A) $ 247,250
250,000(c) Kilimanjaro Re, 11.296% (3 Month U.S. Treasury Bill +
925 bps), 12/6/19 (144A) 245,625
250,000(c) Residential Reinsurance 2016, 6.014% (3 Month
U.S. Treasury Bill + 397 bps), 12/6/20 (144A) 244,100
250,000(c) Residential Reinsurance 2017, 7.804% (3 Month
U.S. Treasury Bill + 576 bps), 12/6/21 (144A) 244,275
The accompanying notes are an integral part of these financial statements.
34 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. -- (continued)
250,000(c) Tailwind Re 2017-1, 9.014% (3 Month U.S. Treasury
Bill + 697 bps), 1/8/22 (144A) $ 247,750
------------
$ 1,229,000
-----------------------------------------------------------------------------------------------------------------------
Windstorm -- Texas -- 0.1%
250,000(c) Alamo Re, 5.537% (1 Month U.S. Treasury Bill +
348 bps), 6/7/21 (144A) $ 244,425
------------
Total Catastrophe Linked Bonds $ 1,969,275
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Face
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Collateralized Reinsurance -- 0.0%+
Multiperil -- Worldwide -- 0.0%+
250,000+(a)(h) Resilience Re, 4/6/20 $ 2,000
250,000+(a)(h) Resilience Re, 4/6/20 25
------------
Total Collateralized Reinsurance $ 2,025
-----------------------------------------------------------------------------------------------------------------------
Reinsurance Sidecars -- 0.1%
Multiperil -- U.S. -- 0.0%+
125,001+(a)(h) Sector Re V, Series 7, Class G, 3/1/22 (144A) $ 89,800
-----------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 0.1%
250,000+(a)(h) Bantry Re 2016, 3/30/20 $ 20,150
100,000+(a)(i) Lorenz Re 2017, 3/31/20 1,710
100,000+(a)(i) Lorenz Re 2018, 7/1/21 20,610
250,000+(a)(h) Sector Re V, Series 9, Class A, 3/1/24 (144A) 259,933
------------
$ 302,403
------------
Total Reinsurance Sidecars $ 392,203
-----------------------------------------------------------------------------------------------------------------------
TOTAL INSURANCE-LINKED SECURITIES
(Cost $2,365,570) $ 2,363,503
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($)
-----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.2% of Net Assets(j)
Municipal Education -- 0.1%
100,000 Massachusetts Development Finance Agency, Phillips
Academy, Series B, 4.844%, 9/1/43 $ 121,470
------------
Total Municipal Education $ 121,470
-----------------------------------------------------------------------------------------------------------------------
Municipal General -- 0.0%+
100,000(k) Central Texas Regional Mobility Authority, 1/1/25 $ 90,278
------------
Total Municipal General $ 90,278
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 35
Schedule of Investments | 7/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 0.1%
200,000 University of California, Series AG, 4.062%, 5/15/33 $ 208,174
------------
Total Municipal Higher Education $ 208,174
-----------------------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.0%+
100,000 Health & Educational Facilities Authority of the State of
Missouri, Washington University, Series A,
3.685%, 2/15/47 $ 107,894
------------
Total Municipal Medical $ 107,894
-----------------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $475,128) $ 527,816
-----------------------------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE LOAN
INTERESTS -- 0.9% of Net Assets*(c)
Beverage, Food & Tobacco -- 0.1%
210,923 Darling Ingredients, Inc. (fka Darling International, Inc.),
Term B Loan, 4.24% (LIBOR + 200 bps), 12/18/24 $ 211,582
------------
Total Beverage, Food & Tobacco $ 211,582
-----------------------------------------------------------------------------------------------------------------------
Broadcasting & Entertainment -- 0.1%
199,096 Sinclair Television Group, Inc., Tranche B Term Loan, 4.49%
(LIBOR + 225 bps), 1/3/24 $ 199,220
------------
Total Broadcasting & Entertainment $ 199,220
-----------------------------------------------------------------------------------------------------------------------
Chemicals, Plastics & Rubber -- 0.0%+
128,375 Axalta Coating Systems Dutch Holding B BV (Axalta Coating
Systems US Holdings, Inc.), Term B-3 Dollar Loan,
4.08% (LIBOR + 175 bps), 6/1/24 $ 128,006
------------
Total Chemicals, Plastics & Rubber $ 128,006
-----------------------------------------------------------------------------------------------------------------------
Computers & Electronics -- 0.1%
172,813 Iron Mountain Information Management LLC, Incremental
Term B Loan, 3.984% (LIBOR + 175 bps), 1/2/26 $ 170,432
100,606 Microchip Technology, Inc., Initial Term Loan, 4.24%
(LIBOR + 200 bps), 5/29/25 100,763
------------
Total Computers & Electronics $ 271,195
-----------------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Service -- 0.1%
128,363 Constellis Holdings LLC, First Lien Term B Loan, 7.256%
(LIBOR + 500 bps), 4/21/24 $ 99,481
86,410 NVA Holdings, Inc., First Lien Term B-3 Loan, 4.984%
(LIBOR + 275 bps), 2/2/25 86,427
123,426 Tempo Acquisition LLC, Initial Term Loan, 5.234% (LIBOR +
300 bps), 5/1/24 123,773
96,525 West Corp., Incremental Term B-1 Loan, 6.022% (LIBOR +
350 bps), 10/10/24 89,406
------------
Total Diversified & Conglomerate Service $ 399,087
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Environmental Services -- 0.1%
173,298 GFL Environmental, Inc., Effective Date Incremental Term
Loan, 5.234% (LIBOR + 300 bps), 5/30/25 $ 172,251
------------
Total Environmental Services $ 172,251
-----------------------------------------------------------------------------------------------------------------------
Insurance -- 0.1%
80,250 Asurion LLC (fka Asurion Corp.), New B-7 Term Loan,
5.234% (LIBOR + 300 bps), 11/3/24 $ 80,539
98,744 USI, Inc. (fka Compass Investors, Inc.), 2017 New Term
Loan, 5.33% (LIBOR + 300 bps), 5/16/24 97,551
------------
Total Insurance $ 178,090
-----------------------------------------------------------------------------------------------------------------------
Leasing -- 0.1%
110,681 Avolon TLB Borrower 1 (US) LLC, Term B-3 Loan, 4.022%
(LIBOR + 175 bps), 1/15/25 $ 111,087
133,313 IBC Capital I, Ltd. (aka Goodpack, Ltd.), First Lien Tranche
B-1 Term Loan, 6.152% (LIBOR + 375 bps), 9/11/23 133,368
6,204 Kasima LLC (Digital Cinema Implementation Partners LLC),
Term Loan, 7.0% (PRIME + 150 bps), 5/17/21 6,212
------------
Total Leasing $ 250,667
-----------------------------------------------------------------------------------------------------------------------
Oil & Gas -- 0.0%+
134,940 Apergy Corp., Initial Term Loan, 4.75% (LIBOR +
250 bps), 5/9/25 $ 135,699
------------
Total Oil & Gas $ 135,699
-----------------------------------------------------------------------------------------------------------------------
Professional & Business Services -- 0.1%
173,250 SIWF Holdings, Inc., (aka Spring Window Fashions), First
Lien Initial Term Loan, 6.52% (LIBOR + 425 bps), 6/15/25 $ 172,925
------------
Total Professional & Business Services $ 172,925
-----------------------------------------------------------------------------------------------------------------------
Telecommunications -- 0.1%
129,605 CenturyLink, Inc., Initial Term B Loan, 4.984% (LIBOR +
275 bps), 1/31/25 $ 128,941
128,700 SBA Senior Finance II LLC, Initial Term Loan, 4.24%
(LIBOR + 200 bps), 4/11/25 128,566
86,395 Sprint Communications, Inc., Initial Term Loan, 4.75%
(LIBOR + 250 bps), 2/2/24 86,251
------------
Total Telecommunications $ 343,758
-----------------------------------------------------------------------------------------------------------------------
Utilities -- 0.0%+
118,233 Vistra Operations Co. LLC (fka Tex Operations Co. LLC),
Initial Term Loan, 4.234% (LIBOR + 200 bps), 8/4/23 $ 118,553
------------
Total Utilities $ 118,553
-----------------------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $2,618,460) $ 2,581,033
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 37
Schedule of Investments | 7/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS --
11.7% of Net Assets
41,930 Fannie Mae, 2.5%, 3/1/43 $ 41,594
30,541 Fannie Mae, 2.5%, 4/1/43 30,297
14,359 Fannie Mae, 2.5%, 8/1/43 14,244
26,260 Fannie Mae, 2.5%, 4/1/45 25,944
36,429 Fannie Mae, 2.5%, 4/1/45 35,990
34,518 Fannie Mae, 2.5%, 8/1/45 34,103
74,429 Fannie Mae, 3.0%, 10/1/30 75,992
153,594 Fannie Mae, 3.0%, 5/1/31 157,008
19,646 Fannie Mae, 3.0%, 2/1/43 20,020
184,694 Fannie Mae, 3.0%, 6/1/45 187,774
9,349 Fannie Mae, 3.0%, 5/1/46 9,434
17,066 Fannie Mae, 3.0%, 5/1/46 17,330
83,498 Fannie Mae, 3.0%, 5/1/46 84,982
8,582 Fannie Mae, 3.0%, 10/1/46 8,661
5,316 Fannie Mae, 3.0%, 1/1/47 5,365
22,625 Fannie Mae, 3.0%, 4/1/48 23,026
33,517 Fannie Mae, 3.0%, 7/1/49 34,059
43,534 Fannie Mae, 3.0%, 7/1/49 44,306
273,000 Fannie Mae, 3.0%, 8/1/49 (TBA) 275,330
944,682 Fannie Mae, 3.5%, 7/1/43 984,218
524,518 Fannie Mae, 3.5%, 9/1/44 545,121
263,715 Fannie Mae, 3.5%, 1/1/47 272,943
399,357 Fannie Mae, 3.5%, 6/1/49 414,695
2,928,000 Fannie Mae, 3.5%, 8/1/49 (TBA) 2,999,141
152,221 Fannie Mae, 4.0%, 10/1/40 162,523
331,400 Fannie Mae, 4.0%, 3/1/41 351,313
87,490 Fannie Mae, 4.0%, 5/1/42 92,747
384,798 Fannie Mae, 4.0%, 6/1/42 409,446
151,758 Fannie Mae, 4.0%, 9/1/42 160,894
356,379 Fannie Mae, 4.0%, 7/1/43 368,858
143,801 Fannie Mae, 4.0%, 8/1/43 152,501
214,323 Fannie Mae, 4.0%, 8/1/43 226,451
189,070 Fannie Mae, 4.0%, 7/1/44 199,292
231,840 Fannie Mae, 4.0%, 9/1/44 244,303
71,553 Fannie Mae, 4.0%, 4/1/47 75,253
21,998 Fannie Mae, 4.0%, 6/1/47 23,093
38,044 Fannie Mae, 4.0%, 6/1/47 39,946
1,295,506 Fannie Mae, 4.0%, 3/1/48 1,351,568
400,000 Fannie Mae, 4.0%, 8/1/49 (TBA) 413,927
4,553 Fannie Mae, 4.5%, 11/1/20 4,673
335,771 Fannie Mae, 4.5%, 6/1/40 362,323
234,970 Fannie Mae, 4.5%, 4/1/41 253,418
The accompanying notes are an integral part of these financial statements.
38 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
264,690 Fannie Mae, 4.5%, 12/1/43 $ 283,485
149,446 Fannie Mae, 4.5%, 1/1/49 156,720
700,000 Fannie Mae, 4.5%, 8/1/49 (TBA) 733,906
966,000 Fannie Mae, 4.5%, 8/1/49 (TBA) 1,013,093
152,357 Fannie Mae, 5.0%, 5/1/31 161,910
17,773 Fannie Mae, 5.5%, 3/1/23 18,387
6,034 Fannie Mae, 5.5%, 3/1/34 6,461
9,180 Fannie Mae, 5.5%, 12/1/34 10,199
58,998 Fannie Mae, 5.5%, 10/1/35 65,676
23,124 Fannie Mae, 5.5%, 12/1/35 25,856
26,420 Fannie Mae, 5.5%, 12/1/35 29,545
18,912 Fannie Mae, 5.5%, 5/1/37 21,167
103,246 Fannie Mae, 5.5%, 5/1/38 113,884
657 Fannie Mae, 6.0%, 9/1/29 734
1,881 Fannie Mae, 6.0%, 8/1/32 2,140
17,593 Fannie Mae, 6.0%, 12/1/33 19,652
9,798 Fannie Mae, 6.0%, 10/1/37 11,035
6,497 Fannie Mae, 6.0%, 12/1/37 7,372
13,079 Fannie Mae, 6.5%, 4/1/29 14,482
3,794 Fannie Mae, 6.5%, 7/1/29 4,208
18,404 Fannie Mae, 6.5%, 5/1/32 21,219
14,854 Fannie Mae, 6.5%, 9/1/32 17,012
7,914 Fannie Mae, 6.5%, 10/1/32 8,781
10,156 Fannie Mae, 7.0%, 1/1/36 11,484
61,307 Federal Home Loan Mortgage Corp., 3.0%, 2/1/43 62,511
118,842 Federal Home Loan Mortgage Corp., 3.0%, 4/1/43 121,177
63,807 Federal Home Loan Mortgage Corp., 3.0%, 5/1/43 65,061
134,659 Federal Home Loan Mortgage Corp., 3.0%, 6/1/46 136,763
16,755 Federal Home Loan Mortgage Corp., 3.0%, 10/1/46 17,064
34,741 Federal Home Loan Mortgage Corp., 3.0%, 12/1/46 35,276
10,304 Federal Home Loan Mortgage Corp., 3.0%, 11/1/47 10,478
87,103 Federal Home Loan Mortgage Corp., 3.5%, 3/1/26 89,979
134,009 Federal Home Loan Mortgage Corp., 3.5%, 11/1/28 139,565
260,445 Federal Home Loan Mortgage Corp., 3.5%, 3/1/42 271,577
382,591 Federal Home Loan Mortgage Corp., 3.5%, 7/1/44 398,395
51,940 Federal Home Loan Mortgage Corp., 3.5%, 8/1/44 54,052
95,276 Federal Home Loan Mortgage Corp., 3.5%, 3/1/46 98,294
217,265 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 226,219
236,495 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 245,585
258,801 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 269,855
19,506 Federal Home Loan Mortgage Corp., 3.5%, 6/1/47 20,226
240,057 Federal Home Loan Mortgage Corp., 4.0%, 2/1/40 254,688
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 39
Schedule of Investments | 7/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
420,709 Federal Home Loan Mortgage Corp., 4.0%, 11/1/40 $ 446,216
451,269 Federal Home Loan Mortgage Corp., 4.0%, 11/1/40 478,669
268,314 Federal Home Loan Mortgage Corp., 4.0%, 1/1/41 284,617
171,245 Federal Home Loan Mortgage Corp., 4.0%, 7/1/44 180,656
177,037 Federal Home Loan Mortgage Corp., 4.0%, 9/1/44 186,717
501,873 Federal Home Loan Mortgage Corp., 4.0%, 10/1/44 529,314
182,927 Federal Home Loan Mortgage Corp., 4.0%, 11/1/44 192,875
47,326 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 49,758
79,882 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 83,955
165,404 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 173,948
37,247 Federal Home Loan Mortgage Corp., 4.5%, 8/1/34 40,190
155,259 Federal Home Loan Mortgage Corp., 4.5%, 5/1/40 167,653
81,208 Federal Home Loan Mortgage Corp., 4.5%, 7/1/40 87,694
159,262 Federal Home Loan Mortgage Corp., 4.5%, 5/1/41 171,984
29,293 Federal Home Loan Mortgage Corp., 5.0%, 11/1/34 32,205
26,811 Federal Home Loan Mortgage Corp., 5.0%, 8/1/37 29,285
6,187 Federal Home Loan Mortgage Corp., 5.0%, 5/1/39 6,743
13,592 Federal Home Loan Mortgage Corp., 5.0%, 12/1/39 14,840
16,841 Federal Home Loan Mortgage Corp., 5.5%, 11/1/34 18,867
11,290 Federal Home Loan Mortgage Corp., 6.0%, 1/1/38 12,833
17,835 Federal Home Loan Mortgage Corp., 6.0%, 10/1/38 20,280
7,621 Federal Home Loan Mortgage Corp., 6.5%, 10/1/33 8,795
72,207 Federal Home Loan Mortgage Corp., 7.0%, 10/1/46 74,266
175,790 Government National Mortgage Association I,
3.5%, 11/15/41 182,889
32,166 Government National Mortgage Association I,
3.5%, 10/15/42 33,526
363,259 Government National Mortgage Association I,
4.0%, 9/15/41 385,785
71,744 Government National Mortgage Association I,
4.0%, 4/15/45 76,167
107,783 Government National Mortgage Association I,
4.0%, 6/15/45 114,441
56,129 Government National Mortgage Association I,
4.5%, 5/15/39 60,636
10,303 Government National Mortgage Association I,
5.5%, 8/15/33 11,640
13,497 Government National Mortgage Association I,
5.5%, 9/15/33 14,488
11,795 Government National Mortgage Association I,
6.0%, 10/15/33 13,153
10,077 Government National Mortgage Association I,
6.0%, 9/15/34 11,064
66,167 Government National Mortgage Association I,
6.0%, 9/15/38 75,843
The accompanying notes are an integral part of these financial statements.
40 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
10,322 Government National Mortgage Association I,
6.5%, 10/15/28 $ 11,363
25,782 Government National Mortgage Association I,
6.5%, 5/15/31 28,382
19,247 Government National Mortgage Association I,
6.5%, 6/15/32 22,285
18,552 Government National Mortgage Association I,
6.5%, 12/15/32 21,540
21,942 Government National Mortgage Association I,
6.5%, 5/15/33 24,155
292 Government National Mortgage Association I,
7.0%, 8/15/28 325
2,778 Government National Mortgage Association I,
8.0%, 2/15/30 2,784
700,000 Government National Mortgage Association II,
4.0%, 8/1/49 (TBA) 727,043
98,926 Government National Mortgage Association II,
4.5%, 9/20/44 103,092
35,580 Government National Mortgage Association II,
4.5%, 10/20/44 37,700
74,571 Government National Mortgage Association II,
4.5%, 11/20/44 79,001
1,760,000 Government National Mortgage Association II,
4.5%, 8/1/49 (TBA) 1,832,875
23,812 Government National Mortgage Association II,
5.5%, 2/20/34 26,404
38,039 Government National Mortgage Association II,
6.5%, 11/20/28 43,137
1,757 Government National Mortgage Association II,
7.5%, 9/20/29 2,019
1,368,000 U.S. Treasury Bonds, 3.0%, 2/15/49 1,501,434
456,183 U.S. Treasury Inflation Indexed Bonds, 0.875%, 2/15/47 471,089
2,112,984 U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/46 2,242,378
1,318,908 U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/48 1,406,421
966,825 U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/49 1,037,708
430,000 U.S. Treasury Notes, 2.25%, 4/30/24 437,743
2,775,000 U.S. Treasury Notes, 2.375%, 2/29/24 2,839,389
1,568,000 U.S. Treasury Notes, 2.625%, 2/15/29 1,649,769
-----------------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $34,707,315) $ 35,329,307
-----------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 96.3%
(Cost $246,057,868) $290,804,759
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 41
Schedule of Investments | 7/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Net Change in Net
Realized Unrealized
Dividend Gain Appreciation
Shares Income (Loss) (Depreciation) Value
-----------------------------------------------------------------------------------------------------------------------
AFFILIATED ISSUER -- 0.3%
CLOSED-END FUND -- 0.3% of Net Assets
110,371 Pioneer ILS
Interval Fund(l) $61,168 $ -- $(119,201) $ 962,435
-----------------------------------------------------------------------------------------------------------------------
TOTAL CLOSED-END FUND
(Cost $1,123,856) $ 962,435
-----------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN AFFILIATED ISSUER -- 0.3%
(Cost $1,123,856) $ 962,435
-----------------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 3.4% $ 10,343,689
-----------------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $302,110,883
=======================================================================================================================
(A.D.R.) American Depositary Receipts.
bps Basis Points.
ICE Intercontinental Exchange.
LIBOR London Interbank Offered Rate.
PRIME U.S. Federal Funds Rate.
REIT Real Estate Investment Trust.
REMICS Real Estate Mortgage Investment Conduits.
(TBA) "To Be Announced" Securities.
(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, 2019, the value of these securities
amounted to $34,202,599, or 11.3% of net assets.
+ Amount rounds to less than 0.1%.
* Senior secured floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined by
reference to a base lending rate plus a premium. These base lending
rates are generally (i) the lending rate offered by one or more major
European banks, such as LIBOR, (ii) the prime rate offered by one or
more major United States banks, (iii) the rate of a certificate of
deposit or (iv) other base lending rates used by commercial lenders.
The interest rate shown is the rate accruing at July 31, 2019.
+ Security that used significant unobservable inputs to determine its
value.
(a) Non-income producing security.
(b) Security is perpetual in nature and has no stated maturity date.
(c) Floating rate note. Coupon rate, reference index and spread shown at
July 31, 2019.
(d) The interest rate is subject to change periodically. The interest
rate and/or reference index and spread is shown at July 31, 2019.
(e) Security represents the interest-only portion payments on a pool of
underlying mortgages or mortgage-backed securities.
(f) Debt obligation initially issued at one coupon which converts to a
higher coupon at a specific date. The rate shown is the rate at July
31, 2019.
(g) Securities are restricted as to resale.
The accompanying notes are an integral part of these financial statements.
42 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
(h) Issued as participation notes.
(i) Issued as preference shares.
(j) Consists of Revenue Bonds unless otherwise indicated.
(k) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(l) Pioneer ILS Interval Fund is an affiliated closed-end fund managed by
Amundi Pioneer Asset Management, Inc.
FUTURES CONTRACTS
FIXED INCOME INTEREST FUTURES CONTRACTS
--------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Long Description Date Amount Value Appreciation
--------------------------------------------------------------------------------------
54 U.S. 2 Year
Note (CBT) 9/30/19 $11,546,398 $11,577,937 $31,539
2 U.S. 10 Year
Note (CBT) 9/19/19 253,781 254,844 1,063
18 U.S. Ultra
Bond (CBT) 9/19/19 3,139,945 3,196,125 56,180
--------------------------------------------------------------------------------------
$14,940,124 $15,028,906 $88,782
======================================================================================
-------------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Short Description Date Amount Value (Depreciation)
-------------------------------------------------------------------------------------------
9 U.S. 5 Year
Note (CBT) 9/30/19 $1,052,508 $1,057,992 $ (5,484)
30 U.S. 10 Year Ultra 9/19/19 4,067,344 4,135,313 (67,969)
4 U.S. Long
Bond (CBT) 9/19/19 609,398 622,375 (12,977)
-------------------------------------------------------------------------------------------
$5,729,250 $5,815,680 $(86,430)
-------------------------------------------------------------------------------------------
TOTAL FUTURES CONTRACTS $9,210,874 $9,213,226 $ 2,352
===========================================================================================
Purchases and sales of securities (excluding temporary cash investments) for
the year ended July 31, 2019 were as follows:
---------------------------------------------------------------------------------------
Purchases Sales
---------------------------------------------------------------------------------------
Long-Term U.S. Government Securities $ 10,644,241 $ 19,405,433
Other Long-Term Securities $150,987,371 $148,844,168
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which the Adviser serves as the
Fund's investment adviser, as set forth in Rule 17a-7 under the Investment
Company Act of 1940, pursuant to procedures adopted by the Board of Trustees.
Under these procedures, cross trades are effected at current market prices.
During the year ended July 31, 2019, the Fund did not engage in any cross trade
activity.
At July 31, 2019, the net unrealized appreciation on investments based on cost
for federal tax purposes of $247,055,970 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $50,349,326
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (5,635,750)
-----------
Net unrealized appreciation $44,713,576
===========
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 43
Schedule of Investments | 7/31/19 (continued)
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risks,
etc.). See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes to
Financial Statements -- Note 1A.
The following is a summary of the inputs used as of July 31, 2019, in valuing
the Fund's investments:
--------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------------------
Common Stocks $189,182,335 $ -- $ -- $189,182,335
Convertible Preferred Stock 412,475 -- -- 412,475
Asset Backed Securities -- 3,517,222 -- 3,517,222
Collateralized Mortgage Obligations -- 26,046,614 -- 26,046,614
Corporate Bonds -- 30,541,076 -- 30,541,076
Foreign Government Bond -- 303,378 -- 303,378
Insurance-Linked Securities
Collateralized Reinsurance
Multiperil - Worldwide -- -- 2,025 2,025
Reinsurance Sidecars
Multiperil - U.S. -- -- 89,800 89,800
Multiperil - Worldwide -- -- 302,403 302,403
All Other Insurance-Linked
Securities -- 1,969,275 -- 1,969,275
Municipal Bonds -- 527,816 -- 527,816
Senior Secured Floating Rate
Loan Interests -- 2,581,033 -- 2,581,033
U.S. Government and
Agency Obligations -- 35,329,307 -- 35,329,307
Affiliated Closed-End Fund -- 962,435 -- 962,435
--------------------------------------------------------------------------------------------------------
Total Investments in Securities $189,594,810 $101,778,156 $394,228 $291,767,194
========================================================================================================
Other Financial Instruments
Net unrealized appreciation
on futures contracts $ 2,352 $ -- $ -- $ 2,352
--------------------------------------------------------------------------------------------------------
Total Other
Financial Instruments $ 2,352 $ -- $ -- $ 2,352
========================================================================================================
The accompanying notes are an integral part of these financial statements.
44 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
---------------------------------------------------------------------------------
Insurance-
Linked Securities
---------------------------------------------------------------------------------
Balance as of 7/31/18 $ 698,646(a)
Realized gain (loss)(1) 11,253
Changed in unrealized appreciation (depreciation)(2) 51,494
Accrued discounts/premiums --
Purchases 585,195
Sales (952,360)
Transfers in to Level 3* --
Transfers out of Level 3* --
---------------------------------------------------------------------------------
Balance as of 7/31/19 $ 394,228
=================================================================================
(a) Securities were classified as Corporate Bonds on the July 31, 2018
financial statements.
(1) Realized gain (loss) on these securities is included in the realized gain
(loss) in investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) from investments in
the Statement of Operations.
* Transfers are calculated on the beginning of period value. For the year
ended July 31, 2019, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of Level 3 investments
still held and considered Level 3 at July 31, 2019: $65,941
-------
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 45
Statement of Assets and Liabilities | 7/31/19
ASSETS:
Investments in unaffiliated issuers, at value (cost $246,057,868) $290,804,759
Investments in affiliated issuers, at value (cost $1,123,856) 962,435
Cash 17,879,854
Foreign currencies, at value (cost $813) 827
Futures collateral 103,663
Due from broker for futures 35,160
Variation margin for futures contracts 7,109
Net unrealized appreciation on futures contracts 2,352
Receivables --
Investment securities sold 1,236,176
Fund shares sold 404,975
Dividends 204,733
Interest 566,025
Due from the Adviser 77,404
Other assets 33,829
--------------------------------------------------------------------------------------------
Total assets $312,319,301
============================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 9,888,292
Fund shares repurchased 70,371
Distributions 4,147
Due to affiliates 84,659
Accrued expenses 160,949
--------------------------------------------------------------------------------------------
Total liabilities $ 10,208,418
============================================================================================
NET ASSETS:
Paid-in capital $250,523,133
Distributable earnings 51,587,750
--------------------------------------------------------------------------------------------
Net assets $302,110,883
============================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $219,544,365/22,937,591 shares) $ 9.57
Class C (based on $46,993,046/4,948,395 shares) $ 9.50
Class K (based on $280,872/29,373 shares) $ 9.56
Class R (based on $1,362,773/142,106 shares) $ 9.59
Class Y (based on $33,929,827/3,518,725 shares) $ 9.64
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $9.57 net asset value per share/100%-4.5%
maximum sales charge) $ 10.02
============================================================================================
The accompanying notes are an integral part of these financial statements.
46 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
Statement of Operations
For the Year Ended 7/31/19
INVESTMENT INCOME:
Interest from unaffiliated issuers $ 3,836,683
Dividends from unaffiliated issuers (net of foreign taxes
withheld $31,820) 4,251,136
Dividends from affiliated issuers 61,168
------------------------------------------------------------------------------------------------------------
Total investment income $ 8,148,987
============================================================================================================
EXPENSES:
Management fees $ 1,437,381
Administrative expense 164,127
Transfer agent fees
Class A 164,951
Class C 27,868
Class K 98
Class R 5,624
Class Y 37,078
Distribution fees
Class A 491,725
Class C 444,797
Class R 6,998
Shareowner communications expense 68,114
Custodian fees 45,741
Registration fees 101,897
Professional fees 67,534
Printing expense 46,059
Pricing fees 46,161
Trustees' fees 8,252
Insurance expense 3,435
Miscellaneous 30,715
------------------------------------------------------------------------------------------------------------
Total expenses $ 3,198,555
Less fees waived and expenses reimbursed by the Adviser (202,213)
------------------------------------------------------------------------------------------------------------
Net expenses $ 2,996,342
------------------------------------------------------------------------------------------------------------
Net investment income $ 5,152,645
------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $10,856,116
Futures contracts (30,305) $10,825,811
------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $ 7,128,353
Investments in affiliated issuers (119,201)
Futures contracts (7,315)
Unfunded loan commitments (24)
Other assets and liabilities denominated in foreign currencies (13) $ 7,001,800
------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $17,827,611
------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $22,980,256
============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 47
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Year Ended Year Ended
7/31/19 7/31/18
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 5,152,645 $ 4,599,743
Net realized gain (loss) on investments 10,825,811 23,517,780
Change in net unrealized appreciation (depreciation)
on investments 7,001,800 (3,250,087)
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 22,980,256 $ 24,867,436
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:*
Class A ($0.81 and $0.88 per share, respectively) $(16,496,598) $(15,947,658)
Class C ($0.73 and $0.81 per share, respectively) (3,437,961) (3,937,826)
Class K ($0.82 and $0.92 per share, respectively) (10,782) (10,276)
Class R ($0.76 and $0.86 per share, respectively) (137,339) (722,557)
Class Y ($0.83 and $0.91 per share, respectively) (2,742,457) (3,339,320)
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $(22,825,137) $(23,957,637)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 73,859,993 $ 46,583,833
Reinvestment of distributions 21,987,127 22,643,164
Cost of shares repurchased (65,420,314) (89,485,183)
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ 30,426,806 $(20,258,186)
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 30,581,925 $(19,348,387)
NET ASSETS:**
Beginning of year $271,528,958 $290,877,345
--------------------------------------------------------------------------------------------------
End of year $302,110,883 $271,528,958
==================================================================================================
* For the year ended July 31, 2018, distributions to shareowners were presented as follows:
Net investment income:
Class A ($0.17 per share) $ (3,270,990)
Class C ($0.10 per share) (522,660)
Class K ($0.21 per share) (2,351)
Class R ($0.15 per share) (183,495)
Class Y ($0.20 per share) (710,974)
Net realized gain:
Class A ($0.71 per share) $(12,676,668)
Class C ($0.71 per share) (3,415,166)
Class K ($0.71 per share) (7,925)
Class R ($0.71 per share) (539,062)
Class Y ($0.71 per share) (2,628,346)
**For the year ended July 31, 2018, undistributed net investment income was presented as follows:
$654,000.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
----------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
7/31/19 7/31/19 7/31/18 7/31/18
Shares Amount Shares Amount
----------------------------------------------------------------------------------------------------
Class A
Shares sold 5,321,203 $ 48,879,014 2,639,707 $ 25,386,552
Reinvestment of distributions 1,815,993 16,015,138 1,627,839 15,365,828
Less shares repurchased (3,423,746) (31,194,374) (3,684,312) (35,544,558)
----------------------------------------------------------------------------------------------------
Net increase 3,713,450 $ 33,699,778 583,234 $ 5,207,822
====================================================================================================
Class C
Shares sold 1,505,440 $ 13,593,944 1,073,243 $ 10,226,676
Reinvestment of distributions 373,234 3,250,825 391,643 3,661,793
Less shares repurchased (2,073,001) (18,911,238) (1,176,794) (11,208,590)
----------------------------------------------------------------------------------------------------
Net increase (decrease) (194,327) $ (2,066,469) 288,092 $ 2,679,879
====================================================================================================
Class K
Shares sold 20,887 $ 179,574 11,222 $ 106,951
Reinvestment of distributions 142 1,309 -- --
Less shares repurchased (2,878) (26,335) (11,222) (106,948)
----------------------------------------------------------------------------------------------------
Net increase 18,151 $ 154,548 -- $ 3
====================================================================================================
Class R
Shares sold 134,601 $ 1,200,761 195,463 $ 1,897,313
Reinvestment of distributions 5,629 49,679 47,457 450,170
Less shares repurchased (614,312) (5,738,686) (2,482,300) (24,488,599)
----------------------------------------------------------------------------------------------------
Net decrease (474,082) $ (4,488,246) (2,239,380) $(22,141,116)
====================================================================================================
Class Y
Shares sold 1,086,813 $ 10,006,700 933,900 $ 8,966,341
Reinvestment of distributions 300,695 2,670,176 333,095 3,165,373
Less shares repurchased (1,051,188) (9,549,681) (1,879,083) (18,136,488)
----------------------------------------------------------------------------------------------------
Net increase (decrease) 336,320 $ 3,127,195 (612,088) $ (6,004,774)
====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 49
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/19 7/31/18 7/31/17 7/31/16* 7/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.64 $ 9.65 $ 9.07 $ 9.36 $ 9.76
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.18(a) $ 0.17(a) $ 0.17(a) $ 0.16(a) $ 0.18
Net realized and unrealized gain (loss) on investments 0.56 0.70 0.62 (0.09) 0.46
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.74 $ 0.87 $ 0.79 $ 0.07 $ 0.64
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.18) $ (0.17) $ (0.17) $ (0.18) $ (0.18)
Net realized gain (0.63) (0.71) (0.04) (0.18) (0.86)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.81) $ (0.88) $ (0.21) $ (0.36) $ (1.04)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.07) $ (0.01) $ 0.58 $ (0.29) $ (0.40)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.57 $ 9.64 $ 9.65 $ 9.07 $ 9.36
====================================================================================================================================
Total return (b) 8.51% 9.33% 8.94%(c) 0.88% 6.82%
Ratio of net expenses to average net assets 1.01% 1.16% 1.16% 1.16% 1.16%
Ratio of net investment income (loss) to average net assets 1.97% 1.76% 1.87% 1.87% 1.89%
Portfolio turnover rate 60% 65% 51% 47% 44%
Net assets, end of period (in thousands) $219,544 $185,382 $179,867 $178,013 $179,691
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 1.07% 1.17% 1.19% 1.22% 1.23%
Net investment income (loss) to average net assets 1.91% 1.75% 1.84% 1.81% 1.82%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(c) If the Fund had not recognized gains in settlement of class action
lawsuits during the year ended July 31, 2017, the total return would have
been 8.83%.
The accompanying notes are an integral part of these financial statements.
50 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/19 7/31/18 7/31/17 7/31/16* 7/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.57 $ 9.58 $ 9.00 $ 9.30 $ 9.70
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.11(a) $ 0.10(a) $ 0.10(a) $ 0.10(a) $ 0.11
Net realized and unrealized gain (loss) on investments 0.55 0.70 0.62 (0.11) 0.47
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.66 $ 0.80 $ 0.72 $ (0.01) $ 0.58
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.10) $ (0.10) $ (0.10) $ (0.11) $ (0.12)
Net realized gain (0.63) (0.71) (0.04) (0.18) (0.86)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.73) $ (0.81) $ (0.14) $ (0.29) $ (0.98)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.07) $ (0.01) $ 0.58 $ (0.30) $ (0.40)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.50 $ 9.57 $ 9.58 $ 9.00 $ 9.30
====================================================================================================================================
Total return (b) 7.68% 8.63% 8.10% 0.04% 6.14%(c)
Ratio of net expenses to average net assets 1.75% 1.90% 1.91% 1.93% 1.93%
Ratio of net investment income (loss) to average net assets 1.23% 1.03% 1.12% 1.10% 1.10%
Portfolio turnover rate 60% 65% 51% 47% 44%
Net assets, end of period (in thousands) $46,993 $49,205 $46,520 $48,385 $40,470
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 1.79% 1.90% 1.91% 1.93% 1.93%
Net investment income (loss) to average net assets 1.19% 1.03% 1.12% 1.10% 1.10%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(c) 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.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 51
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended 12/1/15 to
7/31/19 7/31/18 7/31/17 7/31/16*
---------------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.63 $ 9.65 $ 9.06 $ 9.01
---------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ 0.20 $ 0.20 $ 0.20 $ 0.12
Net realized and unrealized gain (loss) on investments 0.55 0.70 0.63 0.08
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.75 $ 0.90 $ 0.83 $ 0.20
---------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.19) $(0.21) $(0.20) $(0.14)
Net realized gain (0.63) (0.71) (0.04) (0.01)
---------------------------------------------------------------------------------------------------------------------
Total distributions $(0.82) $(0.92) $(0.24) $(0.15)
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.07) $(0.02) $ 0.59 $ 0.05
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.56 $ 9.63 $ 9.65 $ 9.06
=====================================================================================================================
Total return (b) 8.72% 9.66% 9.36%(c) 2.29%(d)
Ratio of net expenses to average net assets 0.76% 0.85% 0.85% 0.98%(e)
Ratio of net investment income (loss) to average net assets 2.21% 2.07% 2.19% 2.00%(e)
Portfolio turnover rate 60% 65% 51% 47%(d)
Net assets, end of period (in thousands) $ 281 $ 108 $ 108 $ 10
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 0.81% 0.85% 0.85% 0.98%(e)
Net investment income (loss) to average net assets 2.16% 2.07% 2.19% 2.00%(e)
=====================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
(c) If the Fund had not recognized gains in settlement of class action
lawsuits during the year ended July 31, 2017, the total return would have
been 9.25%.
(d) Not annualized.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
52 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended 7/1/15 to
7/31/19 7/31/18 7/31/17 7/31/16* 7/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 9.64 $ 9.64 $ 9.06 $ 9.36 $9.27
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.15(a) $ 0.15(a) $ 0.15(a) $ 0.15(a) $0.00(b)
Net realized and unrealized gain (loss) on investments 0.56 0.71 0.63 (0.10) 0.09
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.71 $ 0.86 $ 0.78 $ 0.05 $0.09
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.13) $(0.15) $ (0.16) $(0.17) $ --
Net realized gain (0.63) (0.71) (0.04) (0.18) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $(0.76) $(0.86) $ (0.20) $(0.35) $ --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.05) $ -- $ 0.58 $(0.30) $0.09
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.59 $ 9.64 $ 9.64 $ 9.06 $9.36
====================================================================================================================================
Total return (c) 8.24% 9.17% 8.78% 0.67% 0.97%(d)
Ratio of net expenses to average net assets 1.30% 1.30% 1.30% 1.30% 1.30%(e)
Ratio of net investment income (loss) to average net assets 1.65% 1.56% 1.64% 1.73% 2.73%(e)
Portfolio turnover rate 60% 65% 51% 47% 44%(d)
Net assets, end of period (in thousands) $1,363 $5,941 $27,533 $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 1.77% 1.57% 1.56% 1.53% 1.67%(e)
Net investment income (loss) to average net assets 1.18% 1.29% 1.38% 1.50% 2.36%(e)
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Amount rounds to less than $0.01 or $(0.01) per share.
(c) 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.
(d) Not annualized.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 53
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/19 7/31/18 7/31/17 7/31/16* 7/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.71 $ 9.71 $ 9.11 $ 9.41 $ 9.79
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.21(a) $ 0.19(a) $ 0.20(a) $ 0.18(a) $ 0.20
Net realized and unrealized gain (loss) on investments 0.55 0.72 0.63 (0.11) 0.48
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.76 $ 0.91 $ 0.83 $ 0.07 $ 0.68
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.20) $ (0.20) $ (0.19) $ (0.19) $ (0.20)
Net realized gain (0.63) (0.71) (0.04) (0.18) (0.86)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.83) $ (0.91) $ (0.23) $ (0.37) $ (1.06)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.07) $ -- $ 0.60 $ (0.30) $ (0.38)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.64 $ 9.71 $ 9.71 $ 9.11 $ 9.41
====================================================================================================================================
Total return (b) 8.77% 9.67% 9.26% 0.95% 7.17%
Ratio of net expenses to average net assets 0.69% 0.93% 0.95% 0.95% 0.93%
Ratio of net investment income (loss) to average net assets 2.29% 1.99% 2.13% 2.08% 2.10%
Portfolio turnover rate 60% 65% 51% 47% 44%
Net assets, end of period (in thousands) $33,930 $30,892 $36,849 $61,801 $69,014
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 0.84% 0.93% 0.95% 0.95% 0.93%
Net investment income (loss) to average net assets 2.14% 1.99% 2.13% 2.08% 2.10%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
The accompanying notes are an integral part of these financial statements.
54 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
Notes to Financial Statements | 7/31/19
1. Organization and Significant Accounting Policies
Pioneer Balanced ESG Fund (the "Fund") is one of two 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. Each class of shares represents an interest in the
same portfolio of investments of the Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes
can bear different rates of class-specific fees and expenses, such as transfer
agent and distribution fees. Differences in class-specific fees and expenses
will result in differences in net investment income and, therefore, the payment
of different dividends from net investment income earned by each class. The
Amended and Restated Declaration of Trust of the Fund gives the Board of
Trustees the flexibility to specify either per-share voting or dollar-weighted
voting when submitting matters for shareowner approval. Under per-share voting,
each share of a class of the Fund is entitled to one vote. Under
dollar-weighted voting, a shareowner's voting power is determined not by the
number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class K and Class Y shares.
Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of
Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the
Fund's investment adviser (the "Adviser"). Amundi Pioneer Distributor, Inc., an
affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund's
distributor (the "Distributor").
In August 2018, the Securities and Exchange Commission ("SEC") released a
Disclosure Update and Simplification Final Rule. The Final Rule amends
Regulation S-X disclosures requirements to conform them to U.S. Generally
Accepted Accounting Principles ("U.S. GAAP") for investment companies. The
Fund's financial statements were prepared in compliance with the new amendments
to Regulation S-X.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the
Fund to make estimates and assumptions that affect the reported amounts of
assets and liabilities, the disclosure of contingent assets
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 55
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gain or loss on investments during the
reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the
New York Stock Exchange ("NYSE") is open, as of the close of regular
trading on the NYSE.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities
for which sale prices are not available, generally are valued using the
mean between the last bid and asked prices or, if both last bid and asked
prices are not available, at the last quoted bid price. Last sale and bid
and asked prices are provided by independent third party pricing services.
In the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
The value of foreign securities is translated into U.S. dollars based on
foreign currency exchange rate quotations supplied by a third party
pricing source. Trading in non-U.S. equity securities is substantially
completed each day at various times prior to the close of the NYSE. The
values of such securities used in computing the net asset value of the
Fund's shares are determined as of such times. The Fund may use a fair
value model developed by an independent pricing service to value non-U.S.
equity securities.
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed-income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to
supply prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
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
56 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the
price information is deemed to be unreliable, price information will be
obtained from an alternative loan interest pricing service. If no reliable
price quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other
insurance-linked securities (including sidecars, collateralized
reinsurance and industry loss warranties) may be valued at the bid price
obtained from an independent pricing service, or through a third party
using a pricing matrix, insurance industry valuation models, or other fair
value methods or techniques to provide an estimated value of the
instrument.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such funds' net asset value. Shares of
exchange-listed closed-end funds are valued by using the last sale price
on the principal exchange where they are traded. Shares of closed-end
interval funds that offer their shares at net asset value are valued at
such funds' net asset value.
Securities or loan interests for which independent pricing services or
broker-dealers are unable to supply prices or for which market prices
and/or quotations are not readily available or are considered to be
unreliable are valued by a fair valuation team comprised of certain
personnel of the Adviser pursuant to procedures adopted by the Fund's
Board of Trustees. The Adviser's fair valuation team uses fair value
methods approved by the Valuation Committee of the Board of Trustees. The
Adviser's fair valuation team is responsible for monitoring developments
that may impact fair valued securities and for discussing and assessing
fair values on an ongoing basis, and at least quarterly, with the
Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after
the close of the exchange or market on which the security trades and prior
to the determination of the Fund's net asset value. Examples of a
significant event might include political or economic news, corporate
restructurings, natural disasters, terrorist activity or trading halts.
Thus, the valuation of the Fund's securities may differ significantly from
exchange prices, and such differences could be material.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 57
At July 31, 2019, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model).
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence.
Interest income, including interest on income-bearing cash accounts, is
recorded on the accrual basis. Dividend and interest income are reported
net of unrecoverable foreign taxes withheld at the applicable country
rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is
reclassified as PIK (payment-in-kind) income upon receipt and is included
in interest and dividend income, respectively.
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly
paydowns. All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
respective securities, and such accretion/amortization is included in
interest income.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on
foreign currency contracts, disposition of foreign currencies and the
difference between the amount of income accrued and the U.S. dollars
actually received. Further, the effects of changes in foreign currency
exchange rates on investments are not segregated on the Statement of
Operations from the effects of changes in the market prices of those
securities, but are included with the net realized and unrealized gain or
loss on investments.
58 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
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, 2019, the Fund did not accrue any
interest or penalties with respect to uncertain tax positions, which, if
applicable, would be recorded as an income tax expense on the Statement of
Operations. Tax returns filed within the prior three years remain subject
to examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary over distributions for
financial statement purposes resulting from differences in the recognition
or classification of income or distributions for financial statement and
tax purposes. Capital accounts within the financial statements are
adjusted for permanent book/tax differences to reflect tax character, but
are not adjusted for temporary differences.
At July 31, 2019, the Fund reclassified $7,872 to increase distributable
earnings and $7,872 to decrease paid-in capital to reflect permanent
book/tax differences. These adjustments have no impact on net assets or
the results of operations.
The tax character of distributions paid during the years ended July 31,
2019 and July 31, 2018, were as follows:
--------------------------------------------------------------------------
2019 2018
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 4,996,893 $10,217,981
Long-term capital gain 17,828,244 13,739,656
--------------------------------------------------------------------------
Total $22,825,137 $23,957,637
==========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at July 31, 2019:
--------------------------------------------------------------------------
2019
--------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 468,353
Undistributed long-term capital gain 6,405,807
Net unrealized appreciation 44,713,590
--------------------------------------------------------------------------
Total $51,587,750
==========================================================================
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 59
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 and common
stock.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $31,812 in underwriting commissions on the sale of
Class A shares during the year ended July 31, 2019.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset
value attributable to Class A, 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
The value of securities held by the Fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real
or perceived adverse economic, political or regulatory conditions,
inflation, changes in interest rates, lack of liquidity in the bond
markets or adverse investor sentiment. In the past several years,
financial markets have experienced increased volatility, depressed
valuations, decreased liquidity and heightened uncertainty. These
conditions may continue, recur, worsen or spread. A general rise in
interest rates could adversely affect the price and liquidity of
fixed-income securities and could also result in increased redemptions
from the Fund.
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or
other risks affecting those industries and sectors. The Fund's investments
in foreign
60 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
markets and countries with limited developing markets may subject the Fund
to a greater degree of risk than investments in a developed market. These
risks include disruptive political or economic conditions and the
imposition of adverse governmental laws or currency exchange restrictions.
The Fund invests in below-investment-grade (high-yield) debt securities
and preferred stocks. Some of these high-yield securities may be
convertible into equity securities of the issuer. Debt securities rated
below-investment-grade are commonly referred to as "junk bonds" and are
considered speculative. These securities involve greater risk of loss, are
subject to greater price volatility, and are less liquid, especially
during periods of economic uncertainty or change, than higher rated debt
securities.
With the increased use of technologies such as the Internet to conduct
business, the Fund is susceptible to operational, information security and
related risks. While the Fund's Adviser has established business
continuity plans in the event of, and risk management systems to prevent,
limit or mitigate, such cyber-attacks, there are inherent limitations in
such plans and systems, including the possibility that certain risks have
not been identified. Furthermore, the Fund cannot control the
cybersecurity plans and systems put in place by service providers to the
Fund such as Brown Brothers Harriman & Co., the Fund's custodian and
accounting agent, and DST Asset Manager Solutions, Inc., the Fund's
transfer agent. In addition, many beneficial owners of Fund shares hold
them through accounts at broker-dealers, retirement platforms and other
financial market participants over which neither the Fund nor Amundi
Pioneer exercises control. Each of these may in turn rely on service
providers to them, which are also subject to the risk of cyber-attacks.
Cybersecurity failures or breaches at Amundi Pioneer or the Fund's service
providers or intermediaries have the ability to cause disruptions and
impact business operations, potentially resulting in financial losses,
interference with the Fund's ability to calculate its net asset value,
impediments to trading, the inability of Fund shareowners to effect share
purchases, redemptions or exchanges or receive distributions, loss of or
unauthorized access to private shareowner information and violations of
applicable privacy and other laws, regulatory fines, penalties,
reputational damage, or additional compliance costs. Such costs and losses
may not be covered under any insurance. In addition, maintaining vigilance
against cyber-attacks may involve substantial costs over time, and system
enhancements may themselves be subject to cyber-attacks.
The Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 61
H. Insurance-Linked Securities ("ILS")
The Fund invests in ILS. The Fund could lose a portion or all of the
principal it has invested in an ILS, and the right to additional interest
or dividend payments with respect to the security, upon the occurrence of
one or more trigger events, as defined within the terms of an
insurance-linked security. Trigger events, generally, are hurricanes,
earthquakes, or other natural events of a specific size or magnitude that
occur in a designated geographic region during a specified time period,
and/or that involve losses or other metrics that exceed a specific amount.
There is no way to accurately predict whether a trigger event will occur,
and accordingly, ILS carry significant risk. The Fund is entitled to
receive principal, and interest and/or dividend payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, ILS may expose
the Fund to other risks, including but not limited to issuer (credit)
default, adverse regulatory or jurisdictional interpretations and adverse
tax consequences.
The Fund's investments in ILS may include event-linked bonds. ILS also may
include special purpose vehicles ("SPVs") or similar instruments
structured to comprise a portion of a reinsurer's catastrophe-oriented
business, known as quota share instruments (sometimes referred to as
reinsurance sidecars), or to provide reinsurance relating to specific
risks to insurance or reinsurance companies through a collateralized
instrument, known as collateralized reinsurance. Structured reinsurance
investments also may include industry loss warranties ("ILWs"). A
traditional ILW takes the form of a bilateral reinsurance contract, but
there are also products that take the form of derivatives, collateralized
structures, or exchange-traded instruments.
Where the ILS are based on the performance of underlying reinsurance
contracts, the Fund has limited transparency into the individual
underlying contracts, and therefore must rely upon the risk assessment and
sound underwriting practices of the issuer. Accordingly, it may be more
difficult for the Adviser to fully evaluate the underlying risk profile of
the Fund's structured reinsurance investments, and therefore the Fund's
assets are placed at greater risk of loss than if the Adviser had more
complete information. Structured reinsurance instruments generally will be
considered illiquid securities by the Fund. These securities may be
difficult to purchase, sell or unwind. Illiquid securities also may be
difficult to value. If the Fund is forced to sell an illiquid asset, the
Fund may be forced to sell at a loss.
Additionally, the Fund may gain exposure to ILS by investing in a
closed-end interval fund, Pioneer ILS Interval Fund, an affiliate of the
Adviser. The Fund's investment in Pioneer ILS Interval Fund at July 31,
2019, is listed in the Schedule of Investments.
62 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
I. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on
a futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
July 31, 2019, is recorded as "Futures collateral" on the Statement of
Assets and Liabilities.
Subsequent payments for futures contracts ("variation margin") are paid or
received by the Fund, depending on the daily fluctuation in the value of
the contracts, and are recorded by the Fund as unrealized appreciation or
depreciation. Cash received from or paid to the broker related to previous
margin movement is held in a segregated account at the broker and is
recorded as either "Due from broker for futures" or "Due to broker for
futures" on the Statement of Assets and Liabilities. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between
the opening and closing value of the contract as well as any fluctuation
in foreign currency exchange rates where applicable. Futures contracts are
subject to market risk, interest rate risk and currency exchange rate
risk. Changes in value of the contracts may not directly correlate to the
changes in value of the underlying securities. With futures, there is
reduced counterparty credit risk to the Fund since futures are
exchange-traded and the exchange's clearinghouse, as counterparty to all
exchange-traded futures, guarantees the futures against default.
The average market value of futures contracts open during the year ended
July 31, 2019, was $6,291,298. Open futures contracts outstanding at July
31, 2019, are listed in the Schedule of Investments.
2. Management Agreement
The Adviser manages the Fund's portfolio. Effective October 1, 2018, management
fees are calculated daily at the annual rate of 0.50% of the Fund's average
daily net assets up to $1 billion and 0.45% of the Fund's average daily net
assets over $1 billion. The fee is accrued daily and paid monthly. Prior to
October 1, 2018, the management fee was 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, 2019, the effective management fee
(excluding waivers and/or assumption of expenses) was equivalent to 0.52% of
the Fund's average daily net assets.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 63
The Adviser has agreed to waive its management fee with respect to any portion
of the Fund's assets invested in Pioneer ILS Interval Fund, an affiliated fund
managed by the Adviser. For the year ended July 31, 2019, the Adviser waived
$17,549 in management fees with respect to the Fund, which is reflected on the
Statement of Operations as a expense waiver.
Effective October 1, 2018, the Adviser contractually agreed to limit ordinary
operating expenses (ordinary operating expenses means all fund expenses other
than extraordinary expenses, such as litigation, taxes, brokerage commissions
and acquired fund fees and expenses) of the Fund to the extent required to
reduce Fund expenses to 0.99%, 0.90%, 1.30% and 0.65% of the average daily net
assets attributable to Class A, Class K, Class R and Class Y shares,
respectively. These expense limitations are in effect through December 1, 2019.
Prior to October 1, 2018, the Adviser contractually agreed to limit ordinary
operating expenses to the extent required to reduce Fund expenses to 1.16%,
0.90% and 1.30% of the average daily net assets attributable to Class A, Class
K and Class R shares, respectively. Fees waived and expenses reimbursed during
the year ended July 31, 2019 are reflected on the Statement of Operations.
There can be no assurance that the Adviser will extend the expense limitation
agreement for a class of shares beyond the date referred to above.
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
$70,500 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at July 31, 2019.
3. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareowner communications activities
such as proxy and statement mailings, and outgoing phone calls. For the year
ended July 31, 2019, such out-of-pocket expenses by class of shares were as
follows:
64 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
--------------------------------------------------------------------------------
Shareowner Communications:
--------------------------------------------------------------------------------
Class A $55,398
Class C 7,949
Class K 90
Class R 2,215
Class Y 2,462
--------------------------------------------------------------------------------
Total $68,114
================================================================================
4. Distribution and Service Plans
The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A, Class C and
Class R shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of
the average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays the
Distributor 1.00% of the average daily net assets attributable to Class C
shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class C shares.
Pursuant to the Plan, the Fund further pays the Distributor 0.50% of the
average daily net assets attributable to Class R shares for distribution
services. Included in "Due to affiliates" reflected on the Statement of Assets
and Liabilities is $14,159 in distribution fees payable to the Distributor at
July 31, 2019.
The Fund also has adopted a separate service plan for Class R shares ("Service
Plan"). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of Class A and Class C shares may be subject to a
contingent deferred sales charge ("CDSC"). A CDSC of 1.00% may be imposed on
redemptions of certain net asset value purchases of Class A shares within 12
months of purchase. Redemptions of Class C shares within 12 months of purchase
are subject to a CDSC of 1.00% based on the lower of cost or market value of
shares being redeemed. Shares purchased as part of an exchange remain subject
to any CDSC that applied to the original purchase of those shares. There is no
CDSC for Class K, Class R or Class Y shares. Proceeds from the CDSC are paid to
the Distributor. For the year ended July 31, 2019, CDSCs in the amount of
$3,192 were paid to the Distributor.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 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
Fund participates in a facility is in the amount of $25 million. Under such
facility, depending on the type of loan, interest on borrowings is payable at
the London Interbank Offered Rate ("LIBOR") plus 0.90% on an annualized basis,
or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date,
(b) 2% plus the Federal Funds Rate on the borrowing date or (c) 2% plus the
overnight Eurodollar rate on the borrowing date. The Funds pay an annual
commitment fee to participate in a credit facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth
in the credit agreement. For the year ended July 31, 2019, the Fund had no
borrowings under the credit facility.
6. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may enhance or mitigate the Fund's exposure to
the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments
as a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange rate risk), whether caused by factors specific to
an individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
66 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at July 31,
2019, was as follows:
-----------------------------------------------------------------------------------------
Interest Foreign
Statement of Rate Credit Exchange Equity Commodity
Assets and Liabilities Risk Risk Rate Risk Risk Risk
-----------------------------------------------------------------------------------------
Assets
Net unrealized appreciation
on futures contracts $2,352 $ -- $ -- $ -- $ --
-----------------------------------------------------------------------------------------
Total Value $2,352 $ -- $ -- $ -- $ --
=========================================================================================
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, 2019, 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 $(30,306) $ -- $ -- $ -- $ --
-----------------------------------------------------------------------------------------
Total Value $(30,306) $ -- $ -- $ -- $ --
=========================================================================================
Change in net unrealized
appreciation
(depreciation) on:
Futures contracts $ (7,315) $ -- $ -- $ -- $ --
-----------------------------------------------------------------------------------------
Total Value $ (7,315) $ -- $ -- $ -- $ --
=========================================================================================
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 67
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust IV and the Shareowners of
Pioneer Balanced ESG Fund (formerly Pioneer Classic Balanced Fund):
--------------------------------------------------------------------------------
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer
Balanced ESG Fund (formerly Pioneer Classic Balanced Fund) (the "Fund") (one of
the funds constituting Pioneer Series Trust IV (the "Trust")), including the
schedule of investments, as of July 31, 2019, 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 (collectively referred to as
the "financial statements"). The financial highlights for the periods ended
July 31, 2015 and July 31, 2016 were audited by another independent registered
public accounting firm whose report, dated September 28, 2016, expressed an
unqualified opinion on those financial highlights. In our opinion, the
financial statements present fairly, in all material respects, the financial
position of Pioneer Classic Balanced Fund at July 31, 2019, 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 U.S. generally
accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our
responsibility is to express an opinion on the Fund's financial statements
based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) ("PCAOB") and are required
to be independent with respect to the Fund in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and
Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. The Fund is not required to have,
nor were we engaged to perform, an audit of the Fund's internal control over
financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting, but not for the
purpose of expressing an opinion on the effectiveness of the Fund's internal
control over financial reporting. Accordingly, we express no such opinion.
68 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of July 31, 2019, by correspondence with the custodian and brokers.
Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audits provide a
reasonable basis for our opinion.
/s/ Ernst & Young LLP
Boston, Massachusetts
We have served as the Fund's auditor since 2017.
September 29, 2019
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 69
ADDITIONAL INFORMATION (unaudited)
For the year ended July 31, 2019, certain dividends paid by the Fund may be
subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth
Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate
up to the maximum amount of such dividends allowable under the Act, as taxed at
a maximum rate of 15%. Complete information will be computed and reported in
conjunction with your 2019 form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 70.96%.
The percentages of the Fund's ordinary income distributions that are exempt
from nonresident alien (NRA) tax withholding resulting from qualified interest
income was 37.86%.
Qualified interest income is exempt from nonresident alien (NRA) tax
withholding. The percentage of the Fund's ordinary income distributions derived
from qualified interest income was 37.70%.
The Board of Trustees of Pioneer Classic Balanced Fund has approved changing
the Fund's name to Pioneer Balanced ESG Fund.
70 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
Trustees, Officers and Service Providers
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.amundipioneer.com/us. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their
principal occupations and other directorships they have held during at least
the past five years. Trustees who are interested persons of the Fund within the
meaning of the 1940 Act are referred to as Interested Trustees. Trustees who
are not interested persons of the Fund are referred to as Independent Trustees.
Each of the Trustees, except for Ms. Durnin, serves as a Trustee of each of the
43 U.S. registered investment portfolios for which Amundi Pioneer serves as
investment adviser (the "Pioneer Funds"). Ms. Durnin serves as a Trustee of 38
Pioneer Funds. The address for all Trustees and all officers of the Fund is 60
State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 71
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (68) Trustee since 2006. Private investor (2004 - 2008 and Director, Broadridge Financial
Chairman of the Board Serves until a successor 2013 - present); Chairman (2008 - Solutions, Inc. (investor
and Trustee trustee is elected or earlier 2013) and Chief Executive Officer communications and securities
retirement or removal. (2008 - 2012), Quadriserv, Inc. processing provider for financial
(technology products for services industry) (2009 -
securities lending industry); and present); Director, Quadriserv,
Senior Executive Vice President, Inc. (2005 - 2013); and
The Bank of New York (financial Commissioner, New Jersey State
and securities services) Civil Service Commission
(1986 - 2004) (2011 - 2015)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (75) Trustee since 2005. Managing Partner, Federal City Director of New York Mortgage
Trustee Serves until a successor Capital Advisors (corporate Trust (publicly-traded mortgage
trustee is elected or earlier advisory services company) REIT) (2004 - 2009, 2012 -
retirement or removal. (1997 - 2004 and 2008 - present); present); Director of The Swiss
Interim Chief Executive Officer, Helvetia Fund, Inc. (closed-end
Oxford Analytica, Inc. (privately fund) (2010 - 2017); Director of
held research and consulting Oxford Analytica, Inc. (2008 -
company) (2010); Executive Vice 2015); and Director of Enterprise
President and Chief Financial Community Investment, Inc.
Officer, I-trax, Inc. (publicly (privately-held affordable housing
traded health care services finance company) (1985 - 2010)
company) (2004 - 2007); and
Executive Vice President and
Chief Financial Officer, Pedestal
Inc. (internet-based mortgage
trading company) (2000 - 2002);
Private Consultant (1995 - 1997);
Managing Director, Lehman Brothers
(1992 - 1995); and Executive, The
World Bank (1979 - 1992)
------------------------------------------------------------------------------------------------------------------------------------
Diane Durnin (62) Trustee since 2019. Managing Director - Head of None
Trustee Serves until a successor Product Strategy and Development,
trustee is elected or earlier BNY Mellon Investment Management
retirement or removal. (2012-2018); Vice Chairman - The
Dreyfus Corporation (2005 - 2018):
Executive Vice President Head of
Product, BNY Mellon Investment
Management (2007-2012); Executive
Director- Product Strategy, Mellon
Asset Management (2005-2007);
Executive Vice President Head of
Products, Marketing and Client
Service, Dreyfus Corporation
(2000-2005); and Senior Vice
President Strategic Product and
Business Development, Dreyfus
Corporation (1994-2000)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (74) Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon Institutional
Trustee Serves until a successor Political Economy, Harvard Funds Investment Trust and Mellon
trustee is elected or earlier University (1972 - present) Institutional Funds Master
retirement or removal. Portfolio (oversaw 17 portfolios
in fund complex) (1989 - 2008)
------------------------------------------------------------------------------------------------------------------------------------
72 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (72) Trustee since 2005. Founding Director, Vice-President None
Trustee Serves until a successor and Corporate Secretary, The
trustee is elected or earlier Winthrop Group, Inc. (consulting
retirement or removal. firm) (1982 - present); Desautels
Faculty of Management,
McGill University (1999 - 2017);
and Manager of Research Operations
and Organizational Learning, Xerox
PARC, Xerox's advance research
center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Lorraine H. Monchak (62) Trustee since 2017. Chief Investment Officer, 1199 None
Trustee (Advisory Trustee from SEIU Funds (healthcare workers
2014 - 2017) Serves union pension funds) (2001 -
until a successor trustee present); Vice President -
is elected or earlier International Investments Group,
retirement or removal. American International Group, Inc.
(insurance company) (1993 - 2001);
Vice President - Corporate Finance
and Treasury Group, Citibank, N.A.
(1980 - 1986 and 1990 - 1993);
Vice President - Asset/Liability
Management Group, Federal Farm
Funding Corporation (government-
sponsored issuer of debt
securities) (1988 - 1990);
Mortgage Strategies Group,
Shearson Lehman Hutton, Inc.
(investment bank) (1987 - 1988);
and Mortgage Strategies Group,
Drexel Burnham Lambert, Ltd.
(investment bank) (1986 - 1987)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (71) Trustee since 2005. President and Chief Executive Director of New America High
Trustee Serves until a successor Officer, Metric Financial Inc. Income Fund, Inc. (closed-end
trustee is elected or earlier (formerly known as Newbury Piret investment company) (2004 -
retirement or removal. Company) (investment banking firm) present); and Member, Board of
(1981 - present) Governors, Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (72) Trustee since 2014. Consultant (investment company None
Trustee Serves until a successor services) (2012 - present);
trustee is elected or earlier Executive Vice President, BNY
retirement or removal. Mellon (financial and investment
company services) (1969 - 2012);
Director, BNY International
Financing Corp. (financial
services) (2002 - 2012); Director,
Mellon Overseas Investment Corp.
(financial services) (2009 - 2012);
Director, Financial Models
(technology) (2005-2007); Director,
BNY Hamilton Funds, Ireland
(offshore investment companies)
(2004-2007); Chairman/Director,
AIB/BNY Securities Services, Ltd.,
Ireland (financial services)
(1999-2006); and Chairman, BNY
Alternative Investment Services,
Inc. (financial services) (2005-2007)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 73
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (57)* Trustee since 2017. Director, CEO and President of None
Trustee, President and Serves until a successor Amundi Pioneer Asset Management
Chief Executive Officer trustee is elected or earlier USA, Inc. (since September 2014);
retirement or removal Director, CEO and President of
Amundi Pioneer Asset Management,
Inc. (since September 2014);
Director, CEO and President of
Amundi Pioneer Distributor, Inc.
(since September 2014); Director,
CEO and President of Amundi
Pioneer Institutional Asset
Management, Inc. (since September
2014); Chair, Amundi Pioneer Asset
Management USA, Inc., Amundi
Pioneer Distributor, Inc. and
Amundi Pioneer Institutional Asset
Management, Inc. (September 2014 -
2018); Managing Director, Morgan
Stanley Investment Management
(2010 - 2013); Director of
Institutional Business, CEO of
International, Eaton Vance
Management (2005 - 2010); and
Director of Amundi USA, Inc.
(since 2017)
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (61)* Trustee since 2014. Director and Executive Vice None
Trustee Serves until a successor President (since 2008) and Chief
trustee is elected or earlier Investment Officer, U.S. (since
retirement or removal 2010) of Amundi Pioneer Asset
Management USA, Inc.; Director and
Executive Vice President and Chief
Investment Officer, U.S. of Amundi
Pioneer (since 2008); Executive
Vice President and Chief Investment
Officer, U.S. of Amundi Pioneer
Institutional Asset Management,
Inc. (since 2009); Portfolio
Manager of Amundi Pioneer (since
1999); and Director of Amundi USA,
Inc. (since 2017)
------------------------------------------------------------------------------------------------------------------------------------
* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund's investment adviser and
certain of its affiliates.
74 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (54) Since 2005. Serves Vice President and Associate None
Secretary and Chief at the discretion of General Counsel of Amundi Pioneer
Legal Officer the Board since January 2008; Secretary and
Chief Legal Officer of all of the
Pioneer Funds since June 2010;
Assistant Secretary of all of the
Pioneer Funds from September 2003
to May 2010; and Vice President
and Senior Counsel of Amundi
Pioneer from July 2002 to
December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (58) Since 2010. Serves Fund Governance Director of Amundi None
Assistant Secretary at the discretion of Pioneer since December 2006 and
the Board Assistant Secretary of all the
Pioneer Funds since June 2010;
Manager - Fund Governance of
Amundi Pioneer from December 2003
to November 2006; and Senior
Paralegal of Amundi Pioneer from
January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (56) Since 2010. Serves Senior Counsel of Amundi Pioneer None
Assistant Secretary at the discretion of since May 2013 and Assistant
the Board Secretary of all the Pioneer Funds
since June 2010; and Counsel of
Amundi Pioneer from June 2007
to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (59) Since 2008. Serves Vice President - Fund Treasury of None
Treasurer and Chief Financial at the discretion of Amundi Pioneer; Treasurer of all
and Accounting Officer the Board of the Pioneer Funds since March
2008; Deputy Treasurer of Amundi
Pioneer from March 2004 to February
2008; and Assistant Treasurer of
all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (54) Since 2005. Serves Director - Fund Treasury of Amundi None
Assistant Treasurer at the discretion of Pioneer; and Assistant Treasurer
the Board of all of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Balanced ESG Fund | Annual Report | 7/31/19 75
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (61) Since 2005. Serves Senior Manager - Fund Treasury of None
Assistant Treasurer at the discretion of Amundi Pioneer; and Assistant
the Board Treasurer of all of the
Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (39) Since 2009. Serves Senior Manager - Fund Treasury of None
Assistant Treasurer at the discretion of Amundi Pioneer since November 2008;
the Board Assistant Treasurer of all of the
Pioneer Funds since January 2009;
and Client Service Manager -
Institutional Investor Services at
State Street Bank from March 2003
to March 2007
------------------------------------------------------------------------------------------------------------------------------------
John Malone (48) Since 2018. Serves Managing Director, Chief None
Chief Compliance Officer at the discretion of Compliance Officer of Amundi
the Board Pioneer Asset Management; Amundi
Pioneer Institutional Asset
Management, Inc.; and the Pioneer
Funds since September 2018; and
Chief Compliance Officer of Amundi
Pioneer Distributor, Inc. since
January 2014.
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (48) Since 2006. Serves Vice President - Amundi Pioneer None
Anti-Money Laundering at the discretion of Asset Management; and Anti-Money
Officer the Board Laundering Officer of all the
Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
76 Pioneer Balanced ESG Fund | Annual Report | 7/31/19
How to Contact Amundi Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFoneSM for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 219427
Kansas City, MO 64121-9427
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.com/us
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities
and Exchange Commission for the first and third quarters of each fiscal year as
an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form
N-PORT by visiting the Commission's web site at https://www.sec.gov.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com/us
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
[C] 2019 Amundi Pioneer Asset Management 19418-13-0919
Pioneer Multi-Asset
Income Fund
--------------------------------------------------------------------------------
Annual Report | July 31, 2019
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PMAIX
Class C PMACX
Class K PMFKX
Class R PMFRX
Class Y PMFYX
Beginning in March 2021, as permitted by regulations adopted by the Securities
and Exchange Commission, paper copies of the Fund's shareholder reports like
this one will no longer be sent by mail, unless you specifically request paper
copies of the reports from the Fund or from your financial intermediary, such
as a broker-dealer, bank or insurance company. Instead, the reports will be
made available on the Fund's website, and you will be notified by mail each
time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will
not be affected by this change and you need not take any action. You may elect
to receive shareholder reports and other communications electronically by
contacting your financial intermediary or, if you invest directly with the
Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you
invest directly with the Fund, you can inform the Fund that you wish to
continue receiving paper copies of your shareholder reports by calling
1-800-225-6292. If you invest through a financial intermediary, you can contact
your financial intermediary to request that you continue to receive paper
copies of your shareholder reports. Your election to receive reports in paper
will apply to all funds held in your account if you invest through your
financial intermediary or all funds held within the Pioneer Fund complex if you
invest directly.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com/us
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 42
Notes to Financial Statements 51
Report of Independent Registered Public Accounting Firm 70
Additional Information 72
Trustees, Officers and Service Providers 73
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 1
President's Letter
Since 1928, active portfolio management based on in-depth, fundamental
research, has been the foundation of Amundi Pioneer's investment approach. We
believe an active management investment strategy is a prudent approach to
investing, especially during periods of market volatility, which can result
from any number of risk factors, including slow U.S. economic growth, rising
interest rates, and geopolitical factors. Of course, in today's global economy,
risk factors extend well beyond U.S. borders. In fact, it's not unusual for
political and economic issues on the international front to cause or contribute
to volatility in U.S. markets.
At Amundi Pioneer, each security under consideration is researched by our team
of experienced investment professionals, who communicate directly with the
management teams of those companies. At the end of this research process, if we
have conviction in a company's business model and management team, and regard
the security as a potentially solid investment opportunity, an Amundi Pioneer
portfolio manager makes an active decision to invest in that security. The
portfolio resulting from these decisions represents an expression of his or her
convictions, and strives to balance overall risk and return opportunity.
As an example, the Standard & Poor's 500 Index -- the predominant benchmark for
many U.S. Large-Cap Core Equity funds -- has 500 stocks. An Amundi Pioneer
portfolio manager chooses to invest in only those companies that he or she
believes can offer the most attractive opportunities to pursue the fund's
investment objective, thus potentially benefiting the fund's shareowners. This
process results in a portfolio that does not own all 500 stocks, but a much
narrower universe.
The same active decision to invest in a company is also applied when we decide
to sell a security, due to changing fundamentals, valuation concerns, or market
risks. We apply this active decision-making across all of our equity,
fixed-income, and global portfolios.
Today, as investors, we have many options. It is our view that active
management can serve shareholders well not only when markets are thriving, but
also during periods of market volatility and uncertainty, thus making it a
compelling investment choice. As you consider the many choices today, we
encourage you to work with your financial advisor to develop an overall
investment plan that addresses both your short- and long-term goals, and to
implement such a plan in a disciplined manner.
2 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
July 31, 2019
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 3
Portfolio Management Discussion | 7/31/19
In the following interview, portfolio manager Marco Pirondini discusses Pioneer
Multi-Asset Income Fund's performance and investment strategies during 12-month
period ended July 31, 2019, along with his outlook for the coming months. Mr.
Pirondini, Senior Managing Director, Head of Equities, U.S., and a portfolio
manager at Amundi Pioneer Asset Management, Inc. (Amundi Pioneer), co-manages
the Fund along with Howard Weiss, a vice president and a portfolio manager at
Amundi Pioneer, and Michele Garau, a senior vice president and a portfolio
manager at Amundi Pioneer.
Q How did the Fund perform during the 12-month period ended July 31, 2019?
A The Fund's Class A shares returned -1.56% at net asset value during the
12-month period ended July 31, 2019, while the Fund's benchmarks, the
Bloomberg Barclays U.S. Aggregate Bond Index (the Bloomberg Barclays
Index) and the Morgan Stanley Capital International Index (MSCI) All
Country World ND Index (the MSCI Index)1, returned 8.08% and 2.95%,
respectively. During the same period, the average return of the 538 mutual
funds in Morningstar's 30% to 50% Equity Allocation Funds category was
4.39%.
Q How would you describe the global investment environment during the
12-month period ended July 31, 2019?
A The period began on an upbeat note in August 2018, with relatively low
market volatility and investors showing an appetite for higher-risk
assets. Better-than-expected U.S. corporate earnings reports and jobs data
helped to bolster optimism about the U.S. economy and alleviated worries
about global economic growth. However, the markets became increasingly
volatile as the period progressed, seesawing between bullish (risk-on) and
bearish (risk-off) sentiment.
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 | 7/31/19
The fourth quarter of 2018 was especially challenging. Investor confidence
abruptly turned negative in October, and a "flight to safety" into
less-risky assets ensued, triggering a steep sell-off in global stocks.
Investors sold higher-risk assets in response to growing concerns about
the U.S./China trade dispute, rising U.S. interest rates, cascading oil
prices, and increasing challenges to the political status quo around the
globe, driven in large part by rising populism. The Standard & Poor's 500
Index (the S&P 500) declined by more than 13% during the fourth quarter of
2018, including a 9% drop in December -- the worst December performance
for stocks since the Great Depression. The S&P 500's struggles contributed
to a similar decline in global developed market equities, which were down
by 13% over the fourth quarter, as measured by the MSCI Index.
The U.S. Federal Reserve (the Fed) raised its benchmark interest rate once
during the period, in December 2018. Wary market participants had
anticipated the move, which represented the Fed's fourth interest-rate
increase during calendar year 2018. However, the Fed's commentaries became
significantly less aggressive following the December rate increase. Fed
Chair Jerome Powell stated that he believed both economic growth and
inflation would moderate in the future, and signaled a more patient
approach with regard to future rate increases. Powell also indicated that
the Fed was not on a "preset course" with its monetary policy and would
remain "on hold" with respect to future rate adjustments. With global
economic momentum slowing, other central banks, such as the European
Central Bank (ECB), also began shying away from further monetary
tightening.
In a striking reversal from December 2018, global equities rallied
strongly during the January to April 2019 timeframe. January's performance
was especially noteworthy, with the S&P 500 and the MSCI Index rising by
8% and 7.9%, respectively. With signs that the U.S./China trade talks were
progressing and the prospect of the United Kingdom's hard exit from the
European Union ("Brexit") appearing less likely, investors' fears eased.
The Fed's decision to hold rates steady during the spring also fueled the
rally. Equity markets were not the only beneficiaries of the momentum
swing in the first part of 2019, as global fixed-income markets also
rallied after the ECB and the People's Bank of China adopted more dovish
monetary policy stances in response to slowing economic growth rates.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 5
The positive momentum did not last, however, as much of the global equity
market's year-to-date gains evaporated in May, when the U.S./China trade
talks hit another impasse and both countries announced an increase in
tariffs. Global equities sold off sharply during the month.
The markets once again recovered over the final two months of the 12-month
period, with leading U.S. equity indices touching new highs. Investors
responded to a general cooling in global tensions and the dovish
commentaries from the ECB and the Fed. The ECB affirmed its "whatever it
takes" sentiment and signaled the potential for near-term monetary
stimulus. Meanwhile, at its June meeting, the Fed, with uncertainties
increasing and economic data softening, reiterated its willingness to act
"as appropriate to sustain economic expansion," and Powell indicated that
the next rate move would likely be a cut, not an increase.
As the 12-month period came to a close in July, the Fed reduced its
benchmark federal funds rate and terminated its balance-sheet-reduction
program two months early. Given the steady commitments to monetary easing
of major central banks, global fixed-income markets enjoyed strong
performance over the 12-month period.
Q What were the primary factors that drove the Fund's benchmark-relative
performance during the 12-month period ended July 31, 2019?
A The primary factor behind the Fund's benchmark-relative underperformance
for the 12-month period was the portfolio's short-duration positioning
within fixed income compared with the Bloomberg Barclays Index. (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.) We maintained a shorter duration to help cushion the
portfolio against the effects of rising interest rates, given the solid
economic growth trends in the United States. However, as rates fell and
bond prices rallied for much of the 12-month period, the short-duration
position ultimately detracted significantly from the Fund's relative
returns. The short-duration positioning included an underweight to
longer-duration investment-grade corporate bonds. That stance also
detracted from the Fund's benchmark-relative performance as
investment-grade corporates turned in very strong performance over the
12-month period. Ultimately, we took measures to extend the portfolio's
duration during the second half of the period by increasing its allocation
to U.S. high-yield bonds.
Individual portfolio positions that detracted from the Fund's
benchmark-relative performance during the 12-month period included equity
holdings in Vodafone Group, Mitsubishi UFJ, PAC Systems, and Bank of
America.
6 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
On the positive side, the portfolio's equity hedges, which we use in an
attempt to shelter the Fund from the effects of market downturns, aided
benchmark-relative performance in the waning months of 2018. We had
elected to increase the hedge positions during the September through
October 2018 timeframe, out of concern that the potential burden of
increased tariffs resulting from trade disputes would have a negative
effect on corporate profits. The sharp market correction in late 2018
created meaningful returns for the Fund's equity hedges, and helped offset
the losses incurred among the portfolio's investments in equity and equity
notes. Our equity-hedging strategy consisted of maintaining core portfolio
holdings of equities (positions in common stocks), plus customized
equity-linked notes; those holdings were offset by taking short positions
in equity-index futures contracts, such as S&P 500 futures.
With regard to individual positions that aided the Fund's
benchmark-relative performance during the 12-month period, the leading
positive contributors among the portfolio's equity holdings were the
common stocks of Abu Dhabi Commercial Bank and Apple. In fixed income, the
top positive contributors to the Fund's benchmark-relative returns were
investments in the high-yield bonds issued by CenturyLink.
Q Did the Fund invest in any derivative securities during the 12-month
period ended July 31, 2019? If so, did the derivatives have an effect on
the Fund's benchmark-relative performance during the period?
A Yes, as noted earlier, the use of equity-index futures and other equity
hedging positions produced meaningful gains for the Fund during the
period, and helped offset losses generated from other riskier holdings
among the portfolio's common stock and equity-linked positions. We also
used forward foreign currency contracts (currency forwards) in an attempt
to manage currency risk associated with several of the Fund's non-U.S.
dollar fixed-income holdings, and fixed-income index futures, as those
securities can potentially help address systematic market risks across the
portfolio. The forwards had a net-neutral effect on benchmark-relative
performance during the 12-month period.
Q Did the Fund's yield, or distributions* to shareholders, change at all
during the 12-month period ended July 31, 2019?
A The Fund's distributions remained stable over the 12-month period, with an
average monthly distribution of $0.050 per share.
* Distributions are not guaranteed.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 7
Q What is your outlook for the coming months?
A At the close of the 12-month period, the financial markets were enjoying
solidly positive performance across the board on a year-to-date basis, and
were close to all-time highs. Investor expectations for a new wave of
accommodative central-bank monetary policies have fueled much of the
momentum, given weakness in the global economic outlook and muted
inflationary pressures.
However, the sudden deterioration of trade talks in May 2019 increased the
likelihood of a protracted U.S./China trade dispute. The prospect of an
all-out trade war has created uncertainties for the global economy and for
corporations that have invested in developing global supply chains over
the past 20 years, thus threatening profit margins.
We do not believe a recession is imminent, but the current market
environment is difficult to navigate, and that warrants a degree of
caution with regard to owning riskier assets. Given the heightened
uncertainty, we have positioned the Fund with a value-orientation on the
equity side and a lower-duration stance relative to the Bloomberg Barclays
Index on the fixed-income side.
At period-end, the portfolio was overweight to the energy and financials
sectors, which we believe offer more attractive valuations than other
sectors, and could possibly contribute to solid risk-adjusted returns over
time.
8 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
Please refer to the Schedule of Investments on pages 20-41 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 insurance-linked securities. The return of principal and
the payment of interest and/or dividends on insurance-linked securities are
contingent on the non-occurrence of a pre-defined "trigger" event, such as a
hurricane or an earthquake of a specific magnitude.
The Fund may invest in 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.
Investments in equity securities are subject to price fluctuation.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 9
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 Amundi Pioneer Asset Management, Inc.,
for a prospectus or summary prospectus containing this information. Read it
carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is not a
guarantee of future results.
10 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
Portfolio Summary | 7/31/19
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Common Stocks 44.7%
Equity-Linked Notes 19.6%
Corporate Bonds 19.1%
Collateralized Mortgage Obligations 4.9%
Foreign Government Bonds 4.3%
Asset Backed Securities 2.5%
Investment Companies 2.4%
Insurance-Linked Securities 2.0%
Affiliated Closed-End Fund (j) 0.5%
Over The Counter (OTC) Put Option Purchased 0.0%+
Right/Warrant 0.0%+
+ Amount rounds to less than 0.1%.
(j) Pioneer Floating Rate Trust is an affiliated fund managed by Amundi
Pioneer Asset Management, Inc.
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Industrials 14.4%
Energy 13.5%
Communication Services 12.2%
Financials 10.9%
Information Technology 7.9%
Consumer Discretionary 7.0%
Mortgage Securities 4.9%
Government 4.3%
Consumer Cyclical 4.2%
Materials 4.2%
Technology 4.0%
Real Estate 3.6%
Asset Backed Securities 2.5%
Consumer Non-cyclical 2.4%
Health Care 2.1%
Consumer Staples 1.5%
Utilities 0.4%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)*
1. Royal Dutch Shell Plc 2.56%
--------------------------------------------------------------------------------
2. CenturyLink, Inc., 7.65%, 3/15/42 1.97
--------------------------------------------------------------------------------
3. CenturyLink, Inc., 7.6%, 9/15/39 1.87
--------------------------------------------------------------------------------
4. TOTAL SA 1.80
--------------------------------------------------------------------------------
5. AT&T, Inc. 1.77
--------------------------------------------------------------------------------
6. Indonesia Treasury Bond, 8.75%, 5/15/31 1.42
--------------------------------------------------------------------------------
7. Energy Transfer LP 1.37
--------------------------------------------------------------------------------
8. ABN AMRO Bank NV (144A) 1.34
--------------------------------------------------------------------------------
9. Indonesia Treasury Bond, 8.375%, 3/15/24 1.28
--------------------------------------------------------------------------------
10. Invesco Senior Income Trust 1.27
--------------------------------------------------------------------------------
* Excludes temporary cash investments and all derivative contracts except
for options purchased. The Fund is actively managed, and current holdings
may be different. The holdings listed should not be considered
recommendations to buy or sell any securities.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 11
Prices and Distributions | 7/31/19
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 7/31/19 7/31/18
--------------------------------------------------------------------------------
A $10.79 $11.59
--------------------------------------------------------------------------------
C $10.76 $11.56
--------------------------------------------------------------------------------
K $11.12 $11.95
--------------------------------------------------------------------------------
R $10.83 $11.64
--------------------------------------------------------------------------------
Y $10.77 $11.57
--------------------------------------------------------------------------------
Distributions per Share: 8/1/18-7/31/19
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.6157 $ -- $ --
--------------------------------------------------------------------------------
C $0.5300 $ -- $ --
--------------------------------------------------------------------------------
K $0.6675 $ -- $ --
--------------------------------------------------------------------------------
R $0.5503 $ -- $ --
--------------------------------------------------------------------------------
Y $0.6383 $ -- $ --
--------------------------------------------------------------------------------
Index Definitions
--------------------------------------------------------------------------------
The Bloomberg Barclays U.S. 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 13-17.
12 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
Performance Update | 7/31/19 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Multi-Asset Income Fund at public
offering price during the periods shown, compared to that of the Bloomberg
Barclays U.S. Aggregate Bond Index and the MSCI All Country World ND Index.
Average Annual Total Returns
(As of July 31, 2019)
----------------------------------------------------------
Bloomberg MSCI
Barclays All
Net Public U.S. Country
Asset Offering Aggregate World
Value Price Bond ND
Period (NAV) (POP) Index Index
----------------------------------------------------------
Since
inception
12/22/11 7.14% 6.50% 2.82% 9.98%
5 year 3.74 2.79 3.05 6.48
1 year -1.56 -5.99 8.08 2.95
----------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2018)
----------------------------------------------------------
Gross Net
----------------------------------------------------------
0.95% 0.90%
----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset Bloomberg Barclays MSCI All Country
Income Fund U.S. Aggregate Bond Index World ND Index
12/11 $ 9,550 $10,000 $10,000
7/12 $10,401 $10,378 $10,710
7/13 $11,808 $10,181 $12,905
7/14 $13,434 $10,585 $14,958
7/15 $13,287 $10,884 $15,382
7/16 $13,395 $11,530 $15,314
7/17 $15,555 $11,470 $17,926
7/18 $16,397 $11,379 $19,892
7/19 $16,141 $12,298 $20,478
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. NAV
returns would have been lower had sales charges been reflected. POP returns
reflect deduction of maximum 4.50% sales charge. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through December 1, 2019 for Class A shares. There can be no assurance
that Amundi Pioneer will extend the expense limitation beyond such time. Please
see the prospectus for more information. 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.
Please see the financial highlights for a more current expense ratio.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 13
Performance Update | 7/31/19 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Multi-Asset Income Fund during the
periods shown, compared to that of the Bloomberg Barclays U.S. Aggregate Bond
Index and the MSCI All Country World ND Index.
Average Annual Total Returns
(As of July 31, 2019)
----------------------------------------------------------
Bloomberg MSCI
Barclays All
U.S. Country
Aggregate World
If If Bond ND
Period Held Redeemed Index Index
----------------------------------------------------------
Since
inception
12/22/11 6.27% 6.27% 2.82% 9.98%
5 year 2.92 2.92 3.05 6.48
1 year -2.33 -2.33 8.08 2.95
----------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2018)
----------------------------------------------------------
Gross
----------------------------------------------------------
1.70%
----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset Bloomberg Barclays MSCI All Country
Income Fund U.S. Aggregate Bond Index World ND Index
12/11 $10,000 $10,000 $10,000
7/12 $10,844 $10,378 $10,710
7/13 $12,188 $10,181 $12,905
7/14 $13,753 $10,585 $14,958
7/15 $13,493 $10,884 $15,382
7/16 $13,502 $11,530 $15,314
7/17 $15,543 $11,470 $17,926
7/18 $16,259 $11,379 $19,892
7/19 $15,880 $12,298 $20,478
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. NAV 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.
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.
Please see the financial highlights for a more current expense ratio.
14 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
Performance Update | 7/31/19 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class K shares of Pioneer Multi-Asset Income Fund during the
periods shown, compared to that of the Bloomberg Barclays U.S. Aggregate Bond
Index and the MSCI All Country World ND Index.
Average Annual Total Returns
(As of July 31, 2019)
----------------------------------------------------------
Bloomberg MSCI
Barclays All
Net U.S. Country
Asset Aggregate World
Value Bond ND
Period (NAV) Index Index
----------------------------------------------------------
Since
inception
12/22/11 7.74% 2.82% 9.98%
5 year 4.62 3.05 6.48
1 year -1.32 8.08 2.95
----------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2018)
----------------------------------------------------------
Gross
----------------------------------------------------------
0.64%
----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Multi-Asset Bloomberg Barclays MSCI All Country
Income Fund U.S. Aggregate Bond Index World ND Index
12/11 $5,000,000 $5,000,000 $ 5,000,000
7/12 $5,445,326 $5,189,200 $ 5,355,002
7/13 $6,182,044 $5,090,345 $ 6,452,651
7/14 $7,033,313 $5,292,389 $ 7,479,249
7/15 $6,971,183 $5,441,850 $ 7,691,064
7/16 $7,124,872 $5,764,826 $ 7,657,023
7/17 $8,311,487 $5,735,151 $ 8,963,156
7/18 $8,935,485 $5,689,263 $ 9,946,011
7/19 $8,817,240 $6,149,001 $10,239,205
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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.
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.
Please see the financial highlights for a more current expense ratio.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 15
Performance Update | 7/31/19 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Multi-Asset Income Fund during the
periods shown, compared to that of the Bloomberg Barclays U.S. Aggregate Bond
Index and the MSCI All Country World ND Index.
Average Annual Total Returns
(As of July 31, 2019)
----------------------------------------------------------
Bloomberg MSCI
Barclays All
Net U.S. Country
Asset Aggregate World
Value Bond ND
Period (NAV) Index Index
----------------------------------------------------------
Since
inception
12/22/11 6.88% 2.82% 9.98%
5 year 3.36 3.05 6.48
1 year -2.22 8.08 2.95
----------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2018)
----------------------------------------------------------
Gross
----------------------------------------------------------
1.45%
----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset Bloomberg Barclays MSCI All Country
Income Fund U.S. Aggregate Bond Index World ND Index
12/11 $10,000 $10,000 $10,000
7/12 $10,891 $10,378 $10,710
7/13 $12,364 $10,181 $12,905
7/14 $14,067 $10,585 $14,958
7/15 $13,946 $10,884 $15,382
7/16 $14,003 $11,530 $15,314
7/17 $16,177 $11,470 $17,926
7/18 $16,967 $11,379 $19,892
7/19 $16,591 $12,298 $20,478
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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.
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.
Please see the financial highlights for a more current expense ratio.
16 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
Performance Update | 7/31/19 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Multi-Asset Income Fund during the
periods shown, compared to that of the Bloomberg Barclays U.S. Aggregate Bond
Index and the MSCI All Country World ND Index.
Average Annual Total Returns
(As of July 31, 2019)
----------------------------------------------------------
Bloomberg MSCI
Barclays All
Net U.S. Country
Asset Aggregate World
Value Bond ND
Period (NAV) Index Index
----------------------------------------------------------
Since
inception
12/22/11 7.33% 2.82% 9.98%
5 year 3.94 3.05 6.48
1 year -1.36 8.08 2.95
----------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2018)
----------------------------------------------------------
Gross Net
----------------------------------------------------------
0.74% 0.70%
----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Multi-Asset Bloomberg Barclays MSCI All Country
Income Fund U.S. Aggregate Bond Index World ND Index
12/11 $5,000,000 $5,000,000 $ 5,000,000
7/12 $5,454,950 $5,189,200 $ 5,355,002
7/13 $6,193,872 $5,090,345 $ 6,452,651
7/14 $7,061,687 $5,292,389 $ 7,479,249
7/15 $6,999,207 $5,441,850 $ 7,691,064
7/16 $7,069,582 $5,764,826 $ 7,657,023
7/17 $8,219,648 $5,735,151 $ 8,963,156
7/18 $8,683,455 $5,689,263 $ 9,946,011
7/19 $8,565,190 $6,149,001 $10,239,205
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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, 2019 for Class Y shares. There can be no assurance
that Amundi Pioneer will extend the expense limitation beyond such time. Please
see the prospectus for more information. 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.
Please see the financial highlights for a more current expense ratio.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 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 Multi-Asset Income Fund
Based on actual returns from February 1, 2019, through July 31, 2019.
----------------------------------------------------------------------------------------------
Share Class A C K R Y
----------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/19
----------------------------------------------------------------------------------------------
Ending Account Value $1,004.49 $1,001.54 $1,006.73 $1,001.13 $1,005.61
(after expenses)
on 7/31/19
----------------------------------------------------------------------------------------------
Expenses Paid $4.22 $8.14 $2.79 $7.79 $3.23
During Period*
----------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.85%, 1.64%,
0.56%, 1.57%, and 0.65% for class A, C, K, R, and Y respectively,
multiplied by the average account value over the period multiplied by
181/365 (to reflect the partial year period).
18 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the
period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Income Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from February 1, 2019, through July 31, 2019.
----------------------------------------------------------------------------------------------
Share Class A C K R Y
----------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/19
----------------------------------------------------------------------------------------------
Ending Account Value $1,020.58 $1,016.66 $1,022.02 $1,017.01 $1,021.57
(after expenses)
on 7/31/19
----------------------------------------------------------------------------------------------
Expenses Paid $4.26 $8.20 $2.81 $7.85 $3.26
During Period*
----------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.85%, 1.64%,
0.56%, 1.57%, and 0.65% for class A, C, K, R, and Y respectively,
multiplied by the average account value over the period multiplied by
181/365 (to reflect the partial year period).
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 19
Schedule of Investments | 7/31/19
---------------------------------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 97.5%
COMMON STOCKS -- 43.6% of Net Assets
Aerospace & Defense -- 0.8%
58,960 Raytheon Co. $ 10,747,818
36,152 Thales SA 4,089,786
--------------
Total Aerospace & Defense $ 14,837,604
---------------------------------------------------------------------------------------------------------------------------
Auto Components -- 0.3%
129,300 Bridgestone Corp. $ 4,874,086
--------------
Total Auto Components $ 4,874,086
---------------------------------------------------------------------------------------------------------------------------
Automobiles -- 0.7%
202,500 Toyota Motor Corp. $ 13,077,369
--------------
Total Automobiles $ 13,077,369
---------------------------------------------------------------------------------------------------------------------------
Banks -- 7.7%
1,161,695 ABN AMRO Bank NV (144A) $ 23,128,834
8,553,969 Abu Dhabi Commercial Bank PJSC 20,959,046
624,078 Bank of America Corp. 19,146,713
303,783 BNP Paribas SA 14,204,480
310,711 FinecoBank Banca Fineco S.p.A. 3,097,193
222,675 Hana Financial Group, Inc. 6,510,855
64,594 JPMorgan Chase & Co. 7,492,904
196,173 KB Financial Group, Inc. 7,163,755
10,262,086 Lloyds Banking Group Plc 6,657,352
1,703,900 Malayan Banking Bhd 3,571,728
3,772,600 Mitsubishi UFJ Financial Group, Inc. 18,182,291
38,845 PNC Financial Services Group, Inc. 5,550,951
--------------
Total Banks $ 135,666,102
---------------------------------------------------------------------------------------------------------------------------
Capital Markets -- 1.9%
189,582 Blackstone Group, Inc. $ 9,096,144
487,617(a) Credit Suisse Group AG 5,905,006
426,954 Morgan Stanley 19,025,070
--------------
Total Capital Markets $ 34,026,220
---------------------------------------------------------------------------------------------------------------------------
Chemicals -- 0.3%
2,117,467 Chevron Lubricants Lanka Plc $ 804,367
374,800 Tokai Carbon Co., Ltd. 3,718,192
--------------
Total Chemicals $ 4,522,559
---------------------------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.2%
5,308,500 Sinopec Engineering Group Co., Ltd., Class H $ 4,184,460
--------------
Total Construction & Engineering $ 4,184,460
---------------------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.2%
103,225,500 BFI Finance Indonesia Tbk PT $ 4,381,763
--------------
Total Consumer Finance $ 4,381,763
---------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
---------------------------------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------------------------------
Diversified Telecommunication Services -- 2.2%
898,849 AT&T, Inc. $ 30,605,809
472,789 CenturyLink, Inc. 5,716,019
6,584,800 Telekomunikasi Indonesia Persero Tbk PT 2,020,021
--------------
Total Diversified Telecommunication Services $ 38,341,849
---------------------------------------------------------------------------------------------------------------------------
Electrical Equipment -- 1.7%
1,325,200 Mitsubishi Electric Corp. $ 17,453,675
642,416 Prysmian S.p.A. 13,295,845
--------------
Total Electrical Equipment $ 30,749,520
---------------------------------------------------------------------------------------------------------------------------
Entertainment -- 0.2%
142,637 Viacom, Inc., Class B $ 4,329,033
--------------
Total Entertainment $ 4,329,033
---------------------------------------------------------------------------------------------------------------------------
Equity Real Estate Investment Trusts (REITs) -- 3.3%
162,380 alstria office REIT-AG $ 2,628,093
309,598 CoreCivic, Inc. 5,253,878
67,495 Digital Realty Trust, Inc. 7,718,728
1,654 Invincible Investment Corp. 950,444
230,567 Lar Espana Real Estate Socimi SA 1,781,498
10,697,400 Mapletree Industrial Trust 17,530,974
4,832,130 Mapletree Logistics Trust 5,420,066
1,050,173 Primary Health Properties Plc 1,681,167
55,166 Simon Property Group, Inc. 8,947,925
92,173 Spirit Realty Capital, Inc. 4,066,673
121,168 Wereldhave NV 2,587,018
--------------
Total Equity Real Estate Investment Trusts (REITs) $ 58,566,464
---------------------------------------------------------------------------------------------------------------------------
Food & Staples Retailing -- 0.5%
168,583 Walgreens Boots Alliance, Inc. $ 9,186,088
--------------
Total Food & Staples Retailing $ 9,186,088
---------------------------------------------------------------------------------------------------------------------------
Household Durables -- 0.6%
420,545 Persimmon Plc $ 10,277,481
--------------
Total Household Durables $ 10,277,481
---------------------------------------------------------------------------------------------------------------------------
Insurance -- 3.5%
75,031 Allianz SE $ 17,500,149
83,283 American International Group, Inc. 4,663,015
413,696 AXA SA 10,502,002
1,268,000 Ping An Insurance Group Co. of China, Ltd., Class H 15,130,337
106,708 Progressive Corp. 8,641,214
11,013 Zurich Insurance Group AG 3,841,358
--------------
Total Insurance $ 60,278,075
---------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 21
Schedule of Investments | 7/31/19 (continued)
---------------------------------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------------------------------
Interactive Media & Services -- 0.4%
3,146(a) Alphabet, Inc. $ 3,832,457
3,157(a) Alphabet, Inc., Class C 3,841,059
--------------
Total Interactive Media & Services $ 7,673,516
---------------------------------------------------------------------------------------------------------------------------
IT Services -- 0.4%
104,846 Cognizant Technology Solutions Corp. $ 6,829,669
--------------
Total IT Services $ 6,829,669
---------------------------------------------------------------------------------------------------------------------------
Leisure Products -- 0.3%
5,914,000 Honma Golf, Ltd. (144A) $ 5,273,746
--------------
Total Leisure Products $ 5,273,746
---------------------------------------------------------------------------------------------------------------------------
Machinery -- 0.4%
201,896 ANDRITZ AG $ 7,242,550
--------------
Total Machinery $ 7,242,550
---------------------------------------------------------------------------------------------------------------------------
Marine -- 0.0%+
156,960 Fjord1 ASA (144A) $ 689,938
--------------
Total Marine $ 689,938
---------------------------------------------------------------------------------------------------------------------------
Media -- 0.4%
726,047 Television Francaise 1 $ 7,283,978
--------------
Total Media $ 7,283,978
---------------------------------------------------------------------------------------------------------------------------
Metals & Mining -- 1.1%
923,690(a) Lynas Corp., Ltd. $ 1,649,008
2,528,295 Magnitogorsk Iron & Steel Works PJSC 1,702,053
159,001 Nucor Corp. 8,646,475
226,963 Severstal PJSC 3,665,866
396,000 Stelco Holdings, Inc. 4,561,728
--------------
Total Metals & Mining $ 20,225,130
---------------------------------------------------------------------------------------------------------------------------
Mortgage Real Estate Investment Trusts (REITs) -- 0.2%
209,483 New Residential Investment Corp. $ 3,286,788
--------------
Total Mortgage Real Estate Investment Trusts (REITs) $ 3,286,788
---------------------------------------------------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 11.0%
1,390,042 BP Plc $ 9,227,332
921,778(a) BW LPG, Ltd. (144A) 4,226,782
57,463 ConocoPhillips 3,394,914
1,644,265 Energy Transfer LP 23,644,531
465,101 Enterprise Products Partners LP 14,004,191
116,000 HollyFrontier Corp. 5,773,320
589,211 MPLX LP 17,293,343
7,389,500 PTT PCL 11,371,238
1,976,844 Rosneft Oil Co. PJSC (G.D.R.) 13,098,568
1,401,588 Royal Dutch Shell Plc 44,242,473
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
---------------------------------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- (continued)
597,520 Tallgrass Energy LP $ 11,454,458
599,166 TOTAL SA 31,240,904
172,804 Western Midstream Partners LP 4,665,708
--------------
Total Oil, Gas & Consumable Fuels $ 193,637,762
---------------------------------------------------------------------------------------------------------------------------
Paper & Forest Products -- 0.1%
149,721 Stora Enso OYJ, Class R $ 1,731,931
--------------
Total Paper & Forest Products $ 1,731,931
---------------------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 1.9%
612,246 GlaxoSmithKline Plc $ 12,680,397
98,925 Novartis AG 9,107,792
291,538 Pfizer, Inc. 11,323,336
--------------
Total Pharmaceuticals $ 33,111,525
---------------------------------------------------------------------------------------------------------------------------
Real Estate Management & Development -- 0.2%
72,304 TAG Immobilien AG $ 1,712,059
589,410(a) Vinhomes JSC (144A) 2,237,640
--------------
Total Real Estate Management & Development $ 3,949,699
---------------------------------------------------------------------------------------------------------------------------
Semiconductors & Semiconductor Equipment -- 0.0%+
68,000(a) Powertech Technology, Inc. $ 186,828
--------------
Total Semiconductors & Semiconductor Equipment $ 186,828
---------------------------------------------------------------------------------------------------------------------------
Software -- 0.7%
169,519 Micro Focus International Plc $ 3,585,604
67,659 Microsoft Corp. 9,219,892
--------------
Total Software $ 12,805,496
---------------------------------------------------------------------------------------------------------------------------
Technology Hardware, Storage & Peripherals -- 0.2%
57,364 NetApp, Inc. $ 3,355,220
--------------
Total Technology Hardware, Storage & Peripherals $ 3,355,220
---------------------------------------------------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods -- 0.3%
181,486 Tapestry, Inc. $ 5,613,362
--------------
Total Textiles, Apparel & Luxury Goods $ 5,613,362
---------------------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.3%
17,994,300 AKR Corporindo Tbk PT $ 5,134,993
--------------
Total Trading Companies & Distributors $ 5,134,993
---------------------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.6%
654,602 Vodafone Group Plc (A.D.R.) $ 11,861,388
8,548,288 Vodafone Group Plc 15,606,166
--------------
Total Wireless Telecommunication Services $ 27,467,554
---------------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $778,426,614) $ 772,798,358
---------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 23
Schedule of Investments | 7/31/19 (continued)
---------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 2.5%
of Net Assets
700,000 Ascentium Equipment Receivables Trust, Series 2016-2A,
Class E, 6.79%, 10/10/24 (144A) $ 714,937
2,240,470 BXG Receivables Note Trust, Series 2018-A, Class C,
4.44%, 2/2/34 (144A) 2,301,458
1,087,547 Commonbond Student Loan Trust, Series 2018-CGS,
Class A1, 3.87%, 2/25/46 (144A) 1,124,859
710,553 Drug Royalty III LP 1, Series 2017-1A, Class A2, 3.6%,
4/15/27 (144A) 709,853
3,500,000 Exeter Automobile Receivables Trust, Series 2018-4A,
Class C, 3.97%, 9/15/23 (144A) 3,564,036
2,500,000 Four Seas LP, Series 2017-1A, Class A1, 4.95%,
8/28/27 (144A) 2,499,805
816,000 Foursight Capital Automobile Receivables Trust, Series
2018-1, Class B, 3.53%, 4/17/23 (144A) 826,735
29,400(b) GE Mortgage Services LLC, Series 1997-HE1, Class A4,
7.78%, 3/25/27 5,800
2,500,000 Hercules Capital Funding Trust, Series 2018-1A, Class A,
4.605%, 11/22/27 (144A) 2,577,058
2,500,000(c) Home Partners of America Trust, Series 2016-2, Class E,
6.094% (1 Month USD LIBOR + 378 bps),
10/17/33 (144A) 2,509,642
1,100,000(c) Home Partners of America Trust, Series 2017-1, Class E,
4.964% (1 Month USD LIBOR + 265 bps), 7/17/34 (144A) 1,102,012
2,200,000(c) Hunt CRE, Ltd., Series 2017-FL1, Class A, 3.325%
(1 Month USD LIBOR + 100 bps), 8/15/34 (144A) 2,190,281
5,000,000(b) Mill City Mortgage Loan Trust, Series 2018-4, Class A1B,
3.5%, 4/25/66 (144A) 5,047,209
1,677,000 Navitas Equipment Receivables LLC, Series 2016-1,
Class C, 5.05%, 12/15/21 (144A) 1,685,156
899,057(c) Newtek Small Business Loan Trust, Series 2018-1,
Class A, 4.104% (1 Month USD LIBOR +
170 bps), 2/25/44 (144A) 899,056
899,057(c) Newtek Small Business Loan Trust, Series 2018-1,
Class B, 5.404% (1 Month USD LIBOR +
300 bps), 2/25/44 (144A) 899,054
2,000,000 Progress Residential Trust, Series 2017-SFR1, Class D,
3.565%, 8/17/34 (144A) 2,018,661
5,000,000 Purchasing Power Funding LLC, Series 2018-A, Class A,
3.34%, 8/15/22 (144A) 5,006,882
500,000 Rosy, Series 2018-1, Class A1, 6.25%, 12/15/25 (144A) 502,500
482,750 Skopos Auto Receivables Trust, Series 2018-1A, Class A,
3.19%, 9/15/21 (144A) 482,945
603,854 SoFi Consumer Loan Program LLC, Series 2016-4, Class A,
3.18%, 11/25/25 (144A) 606,495
1,713,343 Tidewater Auto Receivables Trust, Series 2018-AA,
Class A2, 3.12%, 7/15/22 (144A) 1,715,879
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
---------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- (continued)
1,750,000 Tricon American Homes Trust, Series 2017-SFR1, Class F,
5.151%, 9/17/34 (144A) $ 1,796,182
584,905 Westgate Resorts LLC, Series 2017-1A, Class B, 4.05%,
12/20/30 (144A) 587,954
2,000,000 Westlake Automobile Receivables Trust, Series 2016-2A,
Class E, 6.41%, 5/15/23 (144A) 2,007,658
---------------------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $43,041,796) $ 43,382,107
---------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 4.8%
of Net Assets
4,500,000(c) Bellemeade Re, Ltd., Series 2018-1A, Class M1B, 3.866%
(1 Month USD LIBOR + 160 bps), 4/25/28 (144A) $ 4,511,583
1,786,672(c) BX Commercial Mortgage Trust, Series 2018-IND, Class D,
3.625% (1 Month USD LIBOR + 130 bps), 11/15/35 (144A) 1,787,792
1,700,000(c) BX Trust, Series 2017-APPL, Class B, 3.475% (1 Month USD
LIBOR + 115 bps), 7/15/34 (144A) 1,700,513
6,375,000(c) BX Trust, Series 2017-SLCT, Class B, 3.525% (1 Month USD
LIBOR + 120 bps), 7/15/34 (144A) 6,376,932
1,812,112(b) Cascade Funding Mortgage Trust, Series 2018-RM2,
Class A, 4.0%, 10/25/68 (144A) 1,857,483
2,800,000(c) CGDBB Commercial Mortgage Trust, Series 2017-BIOC,
Class B, 3.295% (1 Month USD LIBOR +
97 bps), 7/15/32 (144A) 2,801,118
5,000,000(c) Connecticut Avenue Securities Trust, Series 2019-R01,
Class 2M2, 4.716% (1 Month USD LIBOR +
245 bps), 7/25/31 (144A) 5,072,601
2,450,000(c) Connecticut Avenue Securities Trust, Series 2019-R02,
Class 1M2, 4.566% (1 Month USD LIBOR +
230 bps), 8/25/31 (144A) 2,468,714
1,470,000(c) Connecticut Avenue Securities Trust, Series 2019-R03,
Class 1B1, 6.366% (1 Month USD LIBOR +
410 bps), 9/25/31 (144A) 1,576,713
3,090,000(c) Connecticut Avenue Securities Trust, Series 2019-R04,
Class 2B1, 7.516% (1 Month USD LIBOR +
525 bps), 6/25/39 (144A) 3,295,074
2,080,000(c) Eagle Re, Ltd., Series 2018-1, Class M1, 3.966% (1 Month
USD LIBOR + 170 bps), 11/25/28 (144A) 2,077,629
2,700,000(c) Eagle Re, Ltd., Series 2019-1, Class B1, 6.766% (1 Month
USD LIBOR + 450 bps), 4/25/29 (144A) 2,699,985
2,000,000(c) Fannie Mae Connecticut Avenue Securities, Series 2018-C04,
Class 2M2, 4.816% (1 Month USD LIBOR +
255 bps), 12/25/30 2,040,370
2,700,000(c) Freddie Mac Stacr Trust, Series 2019-DNA1, Class B2,
13.154% (1 Month USD LIBOR +
1,075 bps), 1/25/49 (144A) 3,228,142
2,790,000(c) Freddie Mac Stacr Trust, Series 2019-DNA2, Class B2,
12.766% (1 Month USD LIBOR + 1,050 bps),
3/25/49 (144A) 3,268,393
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 25
Schedule of Investments | 7/31/19 (continued)
---------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- (continued)
1,000,000(c) Freddie Mac Stacr Trust, Series 2019-HQA1, Class B2,
14.516% (1 Month USD LIBOR +
1,225 bps), 2/25/49 (144A) $ 1,215,388
3,000,000(c) Freddie Mac Stacr Trust, Series 2019-HQA1, Class M2,
4.616% (1 Month USD LIBOR + 235 bps), 2/25/49 (144A) 3,029,807
1,000,000(c) Freddie Mac Stacr Trust, Series 2019-HQA2, Class B2,
13.516% (1 Month USD LIBOR + 1,125 bps),
4/25/49 (144A) 1,156,999
5,000,000(b) FREMF Mortgage Trust, Series 2014-K716, Class B, 3.948%,
8/25/47 (144A) 5,127,689
24,505 Global Mortgage Securitization, Ltd., Series 2004-A,
Class B1, 5.25%, 11/25/32 (144A) 16,483
180,544 Global Mortgage Securitization, Ltd., Series 2004-A,
Class B2, 5.25%, 11/25/32 (144A) 29,184
210,000(b) GMAT Trust, Series 2013-1A, Class M, 5.0%,
11/25/43 (144A) 125,571
4,000,000(b) GS Mortgage Securities Corp. Trust, Series 2016-RENT,
Class C, 4.067%, 2/10/29 (144A) 4,043,559
1,000,000(c) GS Mortgage Securities Corp. Trust, Series 2017-STAY,
Class B, 3.425% (1 Month USD LIBOR + 110 bps),
7/15/32 (144A) 984,019
2,930,000(c) GS Mortgage Securities Trust, Series 2018-HART, Class B,
3.625% (1 Month USD LIBOR + 130 bps), 10/15/31 (144A) 2,933,134
1,040,000(c) Home Re, Ltd., Series 2018-1, Class M1, 3.866% (1 Month
USD LIBOR + 160 bps), 10/25/28 (144A) 1,038,385
2,595,185(b) JP Morgan Mortgage Trust, Series 2017-4, Class A6, 3.0%,
11/25/48 (144A) 2,612,947
2,857,525(c) Oaktown Re II, Ltd., Series 2018-1A, Class M1, 3.816%
(1 Month USD LIBOR + 155 bps), 7/25/28 (144A) 2,860,084
3,000,000 OBP Depositor LLC Trust, Series 2010-OBP, Class A,
4.646%, 7/15/45 (144A) 3,024,211
2,960,494(c) Radnor Re, Ltd., Series 2018-1, Class M1, 3.666%
(1 Month USD LIBOR + 140 bps), 3/25/28 (144A) 2,967,618
2,634,871 ReadyCap Commercial Mortgage Trust, Series 2018-4,
Class A, 3.39%, 2/27/51 (144A) 2,609,243
1,020,072(b) Sutherland Commercial Mortgage Loans, Series 2017-SBC6,
Class A, 3.192%, 5/25/37 (144A) 1,010,413
4,050,401(c) Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class B,
3.464% (1 Month USD LIBOR + 110 bps),
11/11/34 (144A) 4,054,134
1,344,419(b) Verus Securitization Trust, Series 2017-1A, Class A3,
3.716%, 1/25/47 (144A) 1,353,890
---------------------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $83,490,942) $ 84,955,800
---------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
---------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 18.7% of Net Assets
Advertising -- 0.2%
3,444,000 MDC Partners, Inc., 6.5%, 5/1/24 (144A) $ 3,108,210
--------------
Total Advertising $ 3,108,210
---------------------------------------------------------------------------------------------------------------------------
Aerospace & Defense -- 0.2%
915,000 Bombardier, Inc., 7.5%, 3/15/25 (144A) $ 930,441
3,372,000 Bombardier, Inc., 7.875%, 4/15/27 (144A) 3,414,150
--------------
Total Aerospace & Defense $ 4,344,591
---------------------------------------------------------------------------------------------------------------------------
Auto Parts & Equipment -- 0.5%
5,468,000 American Axle & Manufacturing, Inc., 6.25%, 3/15/26 $ 5,447,495
2,884,000 Titan International, Inc., 6.5%, 11/30/23 2,516,290
--------------
Total Auto Parts & Equipment $ 7,963,785
---------------------------------------------------------------------------------------------------------------------------
Banks -- 2.5%
2,614,000 Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) $ 2,280,715
8,650,000(b)(d) ING Groep NV, 6.5% (5 Year USD Swap Rate + 445 bps) 9,056,550
8,676,000(b)(d) Lloyds Banking Group Plc, 7.5% (5 Year USD Swap
Rate + 450 bps) 9,083,772
2,920,000 Provident Funding Associates LP/PFG Finance Corp., 6.375%,
6/15/25 (144A) 2,817,800
8,125,000(b)(d) Royal Bank of Scotland Group Plc, 8.0% (5 Year USD
Swap Rate + 572 bps) 8,703,906
2,350,000(b)(d) Royal Bank of Scotland Group Plc, 8.625% (5 Year USD
Swap Rate + 760 bps) 2,499,813
8,600,000(b)(d) UBS Group Funding Switzerland AG, 7.0% (5 Year USD
Swap Rate + 434 bps) (144A) 9,073,000
--------------
Total Banks $ 43,515,556
---------------------------------------------------------------------------------------------------------------------------
Building Materials -- 0.5%
2,661,000 American Woodmark Corp., 4.875%, 3/15/26 (144A) $ 2,634,390
1,510,000 Builders FirstSource, Inc., 5.625%, 9/1/24 (144A) 1,562,850
1,689,000 Builders FirstSource, Inc., 6.75%, 6/1/27 (144A) 1,777,672
2,627,000 Summit Material LLC/Summit Materials Finance Corp.,
6.5%, 3/15/27 (144A) 2,778,053
--------------
Total Building Materials $ 8,752,965
---------------------------------------------------------------------------------------------------------------------------
Chemicals -- 1.1%
4,008,000 CF Industries, Inc., 5.375%, 3/15/44 $ 3,767,520
4,769,000 Chemours Co., 7.0%, 5/15/25 4,677,757
2,660,000 Hexion, Inc., 7.875%, 7/15/27 (144A) 2,633,400
2,000,000 Kraton Polymers LLC/Kraton Polymers Capital Corp., 7.0%,
4/15/25 (144A) 2,030,000
2,312,000 OCI NV, 6.625%, 4/15/23 (144A) 2,404,480
2,736,000 Trinseo Materials Operating SCA/Trinseo Materials Finance,
Inc., 5.375%, 9/1/25 (144A) 2,588,940
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 27
Schedule of Investments | 7/31/19 (continued)
---------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------
Chemicals -- (continued)
1,643,000 Tronox, Inc., 6.5%, 4/15/26 (144A) $ 1,573,337
--------------
Total Chemicals $ 19,675,434
---------------------------------------------------------------------------------------------------------------------------
Coal -- 0.2%
4,190,000 SunCoke Energy Partners LP/SunCoke Energy Partners
Finance Corp., 7.5%, 6/15/25 (144A) $ 4,153,128
--------------
Total Coal $ 4,153,128
---------------------------------------------------------------------------------------------------------------------------
Commercial Services -- 0.7%
2,642,000 Cardtronics, Inc./Cardtronics USA, Inc., 5.5%,
5/1/25 (144A) $ 2,618,882
2,348,000 Carriage Services, Inc., 6.625%, 6/1/26 (144A) 2,406,700
3,582,000 Garda World Security Corp., 8.75%, 5/15/25 (144A) 3,662,595
3,746,000 Verscend Escrow Corp., 9.75%, 8/15/26 (144A) 3,993,348
--------------
Total Commercial Services $ 12,681,525
---------------------------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 0.2%
1,915,000 Nationstar Mortgage LLC/Nationstar Capital Corp.,
6.5%, 7/1/21 $ 1,909,485
1,605,000 Nationstar Mortgage LLC/Nationstar Capital Corp.,
6.5%, 6/1/22 1,596,975
--------------
Total Diversified Financial Services $ 3,506,460
---------------------------------------------------------------------------------------------------------------------------
Electric -- 0.2%
2,568,000 Clearway Energy Operating LLC, 5.75%, 10/15/25 (144A) $ 2,663,530
1,079,000 Talen Energy Supply LLC, 7.25%, 5/15/27 (144A) 1,065,102
--------------
Total Electric $ 3,728,632
---------------------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.0%+
240,000 Energizer Holdings, Inc., 6.375%, 7/15/26 (144A) $ 250,200
--------------
Total Electrical Components & Equipment $ 250,200
---------------------------------------------------------------------------------------------------------------------------
Entertainment -- 0.8%
2,621,000 Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%,
10/15/25 (144A) $ 2,615,234
3,419,000 Enterprise Development Authority, 12.0%, 7/15/24 (144A) 3,803,637
1,505,000 International Game Technology Plc, 6.25%, 1/15/27 (144A) 1,632,925
4,396,000 Scientific Games International, Inc., 8.25%, 3/15/26 (144A) 4,704,951
1,678,000 Scientific Games International, Inc., 10.0%, 12/1/22 1,749,349
--------------
Total Entertainment $ 14,506,096
---------------------------------------------------------------------------------------------------------------------------
Environmental Control -- 0.6%
4,375,000 GFL Environmental, Inc., 5.375%, 3/1/23 (144A) $ 4,435,156
2,530,000 GFL Environmental, Inc., 8.5%, 5/1/27 (144A) 2,770,350
3,342,000 Tervita Corp., 7.625%, 12/1/21 (144A) 3,408,840
--------------
Total Environmental Control $ 10,614,346
---------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
---------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------
Food -- 0.6%
1,954,000 FAGE International SA/FAGE USA Dairy Industry, Inc.,
5.625%, 8/15/26 (144A) $ 1,699,980
1,850,000 JBS USA LUX SA/JBS USA Finance, Inc., 6.75%,
2/15/28 (144A) 1,994,300
1,760,000 JBS USA LUX SA/JBS USA Food Co./JBS USA Finance,
Inc., 5.5%, 1/15/30 (144A) 1,760,000
3,859,000 Simmons Foods, Inc., 5.75%, 11/1/24 (144A) 3,530,985
920,000 Simmons Foods, Inc., 7.75%, 1/15/24 (144A) 989,000
--------------
Total Food $ 9,974,265
---------------------------------------------------------------------------------------------------------------------------
Forest Products & Paper -- 0.2%
4,236,000 Schweitzer-Mauduit International, Inc., 6.875%,
10/1/26 (144A) $ 4,331,310
--------------
Total Forest Products & Paper $ 4,331,310
---------------------------------------------------------------------------------------------------------------------------
Healthcare-Services -- 0.5%
2,930,000 BCPE Cycle Merger Sub II, Inc., 10.625%, 7/15/27 (144A) $ 2,893,961
1,262,000 RegionalCare Hospital Partners Holdings, Inc., 8.25%,
5/1/23 (144A) 1,343,651
4,350,000 Surgery Centre Holdings, Inc., 10.0%, 4/15/27 (144A) 4,295,625
--------------
Total Healthcare-Services $ 8,533,237
---------------------------------------------------------------------------------------------------------------------------
Holding Companies-Diversified -- 0.2%
2,710,000 VistaJet Malta Finance Plc/XO Management Holding, Inc.,
10.5%, 6/1/24 (144A) $ 2,682,900
--------------
Total Holding Companies-Diversified $ 2,682,900
---------------------------------------------------------------------------------------------------------------------------
Home Builders -- 0.7%
3,921,000 Beazer Homes USA, Inc., 5.875%, 10/15/27 $ 3,587,715
500,000 Beazer Homes USA, Inc., 8.75%, 3/15/22 517,910
4,258,000 KB Home, 7.625%, 5/15/23 4,747,670
2,810,000 Lennar Corp., 4.75%, 11/29/27 2,950,500
--------------
Total Home Builders $ 11,803,795
---------------------------------------------------------------------------------------------------------------------------
Home Furnishings -- 0.1%
1,483,000 Tempur Sealy International, Inc., 5.5%, 6/15/26 $ 1,555,311
--------------
Total Home Furnishings $ 1,555,311
---------------------------------------------------------------------------------------------------------------------------
Insurance -- 0.0%+
750,000(c) Spectrum Capital, Ltd., 7.994% (6 Month USD LIBOR +
575 bps), 6/8/21 (144A) $ 725,775
--------------
Total Insurance $ 725,775
---------------------------------------------------------------------------------------------------------------------------
Iron/Steel -- 0.2%
3,397,000 Commercial Metals Co., 5.375%, 7/15/27 $ 3,413,985
--------------
Total Iron/Steel $ 3,413,985
---------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 29
Schedule of Investments | 7/31/19 (continued)
---------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------
Machinery-Diversified -- 0.2%
2,886,000 Cloud Crane LLC, 10.125%, 8/1/24 (144A) $ 3,088,020
--------------
Total Machinery-Diversified $ 3,088,020
---------------------------------------------------------------------------------------------------------------------------
Media -- 0.4%
2,671,000 Clear Channel Worldwide Holdings, Inc., 9.25%,
2/15/24 (144A) $ 2,898,035
4,010,000 Gray Television, Inc., 5.875%, 7/15/26 (144A) 4,160,375
445,000 Sinclair Television Group, Inc., 5.875%, 3/15/26 (144A) 462,377
--------------
Total Media $ 7,520,787
---------------------------------------------------------------------------------------------------------------------------
Mining -- 0.3%
1,908,000 First Quantum Minerals, Ltd., 6.875%, 3/1/26 (144A) $ 1,803,060
2,379,000 Hudbay Minerals, Inc., 7.25%, 1/15/23 (144A) 2,447,396
1,265,000 Hudbay Minerals, Inc., 7.625%, 1/15/25 (144A) 1,310,882
530,000 Joseph T Ryerson & Son, Inc., 11.0%, 5/15/22 (144A) 559,892
--------------
Total Mining $ 6,121,230
---------------------------------------------------------------------------------------------------------------------------
Oil & Gas -- 0.9%
765,000 Chesapeake Energy Corp., 8.0%, 1/15/25 $ 654,075
2,529,000 Great Western Petroleum LLC/Great Western Finance Corp.,
9.0%, 9/30/21 (144A) 2,187,585
2,523,000 Gulfport Energy Corp., 6.0%, 10/15/24 1,942,458
305,000 MEG Energy Corp., 7.0%, 3/31/24 (144A) 291,208
2,355,000 Oasis Petroleum, Inc., 6.875%, 3/15/22 2,344,049
1,515,000 PBF Holding Co. LLC/PBF Finance Corp., 7.0%, 11/15/23 1,572,267
3,231,000 Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25 (144A) 2,972,520
2,414,000 SM Energy Co., 6.125%, 11/15/22 2,359,685
1,950,000 Trinidad Petroleum Holdings Ltd., 9.75%, 8/14/19 (144A) 1,950,000
ARS 22,000,000 YPF SA, 16.5%, 5/9/22 (144A) 303,872
--------------
Total Oil & Gas $ 16,577,719
---------------------------------------------------------------------------------------------------------------------------
Oil & Gas Services -- 0.3%
860,000 Archrock Partners LP/Archrock Partners Finance Corp.,
6.0%, 10/1/22 $ 871,825
1,711,000 Archrock Partners LP/Archrock Partners Finance Corp.,
6.875%, 4/1/27 (144A) 1,800,827
3,449,000 FTS International, Inc., 6.25%, 5/1/22 3,069,610
--------------
Total Oil & Gas Services $ 5,742,262
---------------------------------------------------------------------------------------------------------------------------
Packaging & Containers -- 0.4%
EUR 2,780,000(e) ARD Finance SA, 6.625% (7.375% PIK 0.0%
cash), 9/15/23 $ 3,189,631
350,000(e) ARD Finance SA, 7.125% (7.875% PIK 0.0%
cash), 9/15/23 360,500
2,350,000 Sealed Air Corp., 6.875%, 7/15/33 (144A) 2,608,500
--------------
Total Packaging & Containers $ 6,158,631
---------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
---------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.6%
665,000 Bausch Health Cos., Inc., 5.875%, 5/15/23 (144A) $ 669,788
989,000 Bausch Health Cos., Inc., 7.0%, 1/15/28 (144A) 1,024,851
2,554,000 Bausch Health Cos., Inc., 7.25%, 5/30/29 (144A) 2,654,577
3,301,000 BioScrip, Inc., 8.875%, 2/15/21 3,358,768
1,094,000 Horizon Pharma USA, Inc., 6.625%, 5/1/23 1,130,540
245,000 Horizon Pharma USA, Inc., 8.75%, 11/1/24 (144A) 264,502
1,845,000 Par Pharmaceutical, Inc., 7.5%, 4/1/27 (144A) 1,674,337
--------------
Total Pharmaceuticals $ 10,777,363
---------------------------------------------------------------------------------------------------------------------------
Pipelines -- 1.0%
3,619,000 American Midstream Partners LP/American Midstream
Finance Corp., 9.5%, 12/15/21 (144A) $ 3,510,430
2,200,000 Delek Logistics Partners LP/Delek Logistics Finance Corp.,
6.75%, 5/15/25 2,205,500
458,000 EnLink Midstream Partners LP, 5.05%, 4/1/45 384,720
3,328,000 EnLink Midstream Partners LP, 5.6%, 4/1/44 2,878,720
3,617,000 Genesis Energy LP/Genesis Energy Finance Corp.,
6.25%, 5/15/26 3,567,266
1,570,000 Global Partners LP/GLP Finance Corp., 7.0%, 6/15/23 1,609,250
400,000 Global Partners LP/GLP Finance Corp., 7.0%, 8/1/27 (144A) 401,000
650,000 ONEOK, Inc., 7.5%, 9/1/23 758,807
690,000 PBF Logistics LP/PBF Logistics Finance Corp.,
6.875%, 5/15/23 707,250
1,115,000 Sabine Pass Liquefaction LLC, 5.75%, 5/15/24 1,236,949
722,000 Sabine Pass Liquefaction LLC, 5.875%, 6/30/26 823,268
--------------
Total Pipelines $ 18,083,160
---------------------------------------------------------------------------------------------------------------------------
Retail -- 0.2%
3,180,000 AAG FH LP/AAG FH Finco, Inc., 9.75%, 7/15/24 (144A) $ 2,949,450
--------------
Total Retail $ 2,949,450
---------------------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.3%
4,620,000 Micron Technology, Inc., 5.5%, 2/1/25 $ 4,746,636
--------------
Total Semiconductors $ 4,746,636
---------------------------------------------------------------------------------------------------------------------------
Telecommunications -- 3.9%
34,788,000 CenturyLink, Inc., 7.6%, 9/15/39 $ 32,439,810
36,502,000 CenturyLink, Inc., 7.65%, 3/15/42 34,038,115
3,389,000 CommScope, Inc., 8.25%, 3/1/27 (144A) 3,338,165
--------------
Total Telecommunications $ 69,816,090
---------------------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $321,482,275) $ 331,402,854
---------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 31
Schedule of Investments | 7/31/19 (continued)
---------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 4.2%
of Net Assets
Egypt -- 0.5%
EGP 167,150,000 Egypt Treasury Bills, 17.646%, 2/4/20 $ 9,264,275
--------------
Total Egypt $ 9,264,275
---------------------------------------------------------------------------------------------------------------------------
Indonesia -- 3.7%
IDR 291,235,000,000 Indonesia Treasury Bond, 8.375%, 3/15/24 $ 22,095,796
IDR 314,121,000,000 Indonesia Treasury Bond, 8.75%, 5/15/31 24,518,111
IDR 236,353,000,000 Indonesia Treasury Bond, 9.0%, 3/15/29 18,609,448
--------------
Total Indonesia $ 65,223,355
---------------------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $70,422,645) $ 74,487,630
---------------------------------------------------------------------------------------------------------------------------
INSURANCE-LINKED SECURITIES -- 2.1%
of Net Assets(f)
Catastrophe Linked Bonds -- 1.0%
Earthquakes -- California -- 0.0%+
250,000(c) Ursa Re, 5.539% (3 Month U.S. Treasury Bill +
350 bps), 5/27/20 (144A) $ 247,775
---------------------------------------------------------------------------------------------------------------------------
Earthquakes -- Japan -- 0.1%
500,000(c) Kizuna Re II, 3.921% (3 Month U.S. Treasury Bill +
188 bps), 4/11/23 (144A) $ 494,500
500,000(c) Kizuna Re II, 4.546% (3 Month U.S. Treasury Bill +
250 bps), 4/11/23 (144A) 493,650
250,000(c) Nakama Re, 4.029% (6 Month USD LIBOR + 220 bps),
10/13/21 (144A) 248,525
--------------
$ 1,236,675
---------------------------------------------------------------------------------------------------------------------------
Earthquakes -- U.S. -- 0.0%+
400,000(c) Acorn Re, 4.872% (3 Month USD LIBOR + 275 bps),
11/10/21 (144A) $ 395,600
---------------------------------------------------------------------------------------------------------------------------
Earthquakes -- U.S. Regional -- 0.0%+
500,000(c) Merna Re, 4.046% (3 Month U.S. Treasury Bill +
200 bps), 4/8/21 (144A) $ 497,550
---------------------------------------------------------------------------------------------------------------------------
Flood -- U.S. -- 0.0%+
250,000(c) FloodSmart Re, 13.294% (3 Month U.S. Treasury Bill +
1,125 bps), 3/7/22 (144A) $ 248,800
---------------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. -- 0.3%
750,000(c) Bowline Re, 6.557% (3 Month U.S. Treasury Bill +
450 bps), 5/23/22 (144A) $ 728,625
750,000(c) Kilimanjaro Re, 7.029% (3 Month USD LIBOR +
494 bps), 5/6/22 (144A) 722,775
250,000(c) Kilimanjaro Re, 8.796% (3 Month U.S. Treasury Bill +
675 bps), 12/6/19 (144A) 247,250
1,100,000(c) Kilimanjaro II Re, 7.633% (6 Month USD LIBOR +
630 bps), 4/20/21 (144A) 1,088,120
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
---------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. -- (continued)
250,000(c) Kilimanjaro II Re, 8.233% (6 Month USD LIBOR +
630 bps), 4/21/22 (144A) $ 247,375
750,000(c) Kilimanjaro II Re, 9.823% (6 Month USD LIBOR +
791 bps), 4/20/21 (144A) 740,250
250,000(c) Residential Reinsurance 2017, 7.804% (3 Month U.S.
Treasury Bill + 576 bps), 12/6/21 (144A) 244,275
750,000(c) Sanders Re, 4.87% (6 Month USD LIBOR + 299 bps),
12/6/21 (144A) 730,875
--------------
$ 4,749,545
---------------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. Regional -- 0.1%
750,000(c) Long Point Re III, 4.796% (3 Month U.S. Treasury Bill +
275 bps), 6/1/22 (144A) $ 741,750
---------------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 0.2%
700,000(c) Galilei Re, 8.641% (6 Month USD LIBOR + 678 bps),
1/8/20 (144A) $ 691,810
550,000(c) Galilei Re, 8.661% (6 Month USD LIBOR + 678 bps),
1/8/21 (144A) 545,600
500,000(c) Galilei Re, 10.491% (6 Month USD LIBOR + 863 bps),
1/8/20 (144A) 493,250
250,000(c) Galilei Re, 15.721% (6 Month USD LIBOR +
1,386 bps), 1/8/20 (144A) 247,000
750,000(c) Kendall Re, 7.655% (3 Month USD LIBOR + 525 bps),
5/6/21 (144A) 721,350
--------------
$ 2,699,010
---------------------------------------------------------------------------------------------------------------------------
Pandemic -- Worldwide -- 0.0%+
250,000(c) International Bank for Reconstruction & Development,
1.812% (6 Month USD LIBOR + 690 bps),
7/15/20 (144A) $ 250,650
---------------------------------------------------------------------------------------------------------------------------
Windstorm -- Florida -- 0.1%
500,000(c) Integrity Re, 5.137% (6 Month USD LIBOR + 328 bps),
6/10/20 (144A) $ 479,900
250,000(c) Integrity Re, 6.068% (3 Month USD LIBOR + 401 bps),
6/10/22 (144A) 249,125
500,000(c) Sanders Re, 5.442% (6 Month USD LIBOR + 314 bps),
6/5/20 (144A) 493,500
--------------
$ 1,222,525
---------------------------------------------------------------------------------------------------------------------------
Windstorm -- Massachusetts -- 0.1%
1,500,000(c) Cranberry Re, 3.793% (6 Month USD LIBOR + 198 bps),
7/13/20 (144A) $ 1,489,500
---------------------------------------------------------------------------------------------------------------------------
Windstorm -- Texas -- 0.1%
1,000,000(c) Alamo Re, 5.537% (1 Month U.S. Treasury Bill + 348 bps),
6/7/21 (144A) $ 977,700
500,000(c) Alamo Re, 5.867% (3 Month U.S. Treasury Bill + 381 bps),
6/8/20 (144A) 498,500
--------------
$ 1,476,200
--------------
Total Catastrophe Linked Bonds $ 15,255,580
---------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 33
Schedule of Investments | 7/31/19 (continued)
---------------------------------------------------------------------------------------------------------------------------
Face
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------
Collateralized Reinsurance -- 0.0%+
Multiperil -- U.S. -- 0.0%+
300,000+(a)(g) Dingle Re 2019, 2/1/20 $ 283,278
---------------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. Regional -- 0.0%+
250,000+(a)(g) Ocean View Re 2019, 6/30/20 $ 240,716
---------------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 0.0%+
700,000+(a)(g) Cypress Re 2017, 1/10/20 $ 12,740
12,000+(g) Limestone Re 2016-1, 8/31/21 29,413
12,000+(g) Limestone Re 2016-1, 8/31/21 29,413
700,000+(a)(g) Resilience Re, 5/1/20 490
300,000+(a)(g) Walton Health Re 2019, 6/30/20 233,724
--------------
$ 305,780
---------------------------------------------------------------------------------------------------------------------------
Windstorm -- U.S. Regional -- 0.0%+
250,000+(a)(g) Oakmont Re 2017, 4/15/20 $ 7,350
--------------
Total Collateralized Reinsurance $ 837,124
---------------------------------------------------------------------------------------------------------------------------
Industry Loss Warranties -- 0.0%+
Multiperil -- U.S. -- 0.0%+
250,000+(a)(g) Cypress Re 2019, 1/31/20 $ 238,820
--------------
Total Industry Loss Warranties $ 238,820
---------------------------------------------------------------------------------------------------------------------------
Reinsurance Sidecars -- 1.1%
Multiperil -- U.S. -- 0.1%
700,000+(a)(g) Carnoustie Re 2015, 7/31/20 $ 2,240
700,000+(a)(g) Carnoustie Re 2016, 11/30/20 18,900
1,500,000+(a)(g) Carnoustie Re 2017, 11/30/21 381,300
1,500,000+(a)(h) Harambee Re 2019, 12/31/22 1,541,400
--------------
$ 1,943,840
---------------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 1.0%
1,000,000+(a)(g) Alturas Re 2019-2, 3/10/22 $ 1,024,000
600,000+(a)(g) Alturas Re 2019-2, 3/10/23 632,040
1,000,000+(a)(g) Arlington Re 2015, 2/1/20 48,600
750,000+(a)(g) Bantry Re 2019, 12/31/22 770,530
900,000+(a)(g) Berwick Re 2017-1, 2/1/20 29,790
46,259+(g) Berwick Re 2018-1, 12/31/21 7,388
1,500,000+(a)(g) Berwick Re 2019-1, 12/31/22 1,563,355
750,000+(a)(g) Gleneagles Re 2019, 12/31/22 779,501
1,500,000+(a)(g) Eden Re II, 3/22/23 (144A) 1,618,350
648,000+(a)(g) Limestone Re 2019-A, 9/9/22 675,670
476,000+(a)(g) Limestone Re 2019-B, 9/9/22 496,325
1,250,000+(a)(h) NCM Re 2019, 12/31/22 1,327,875
1,200,000+(g) Pangaea Re 2015-1, 2/1/20 1,560
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
---------------------------------------------------------------------------------------------------------------------------
Face
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- (continued)
2,000,000+(g) Pangaea Re 2015-2, 11/30/19 $ 1,800
1,200,000+(g) Pangaea Re 2016-1, 11/30/20 3,960
1,500,000+(g) Pangaea Re 2017-1, 11/30/21 24,150
1,250,000+(a)(g) Pangaea Re 2019-1, 2/1/23 1,283,375
500,000+(a)(g) Sector Re V, Series 9, Class A, 3/1/24 (144A) 519,866
1,000,000+(a)(g) St. Andrews Re 2017-1, 2/1/20 67,800
608,294+(a)(g) St. Andrews Re 2017-4, 6/1/20 59,856
1,500,000+(a)(h) Thopas Re 2019, 12/31/22 1,583,550
1,500,000+(g) Versutus Re 2017, 11/30/21 11,550
1,600,000+(a)(g) Versutus Re 2019-B, 12/31/21 1,680,320
1,500,000+(a)(h) Viribus Re 2019, 12/31/22 1,625,850
600,000+(a)(g) Woburn Re 2019, 12/31/22 627,124
--------------
$ 16,464,185
--------------
Total Reinsurance Sidecars $ 18,408,025
---------------------------------------------------------------------------------------------------------------------------
TOTAL INSURANCE-LINKED SECURITIES
(Cost $34,419,996) $ 34,739,549
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Shares
---------------------------------------------------------------------------------------------------------------------------
EQUITY-LINKED NOTES -- 19.2% of Net Assets
153,000 BNP Paribas Issuance (Advanced Micro Devices), 21.45%,
11/26/19 (144A) $ 3,464,624
52,900 BNP Paribas Issuance (Alibaba Group Holding, Ltd),
10.43%, 12/24/19 9,095,097
99,500 BNP Paribas Issuance (Discover Financial Services),
6.73%, 10/1/19 7,608,267
31,500 BNP Paribas Issuance (Dollar General Corp.), 7.08%,
8/19/19 (144A) 3,522,865
273,000 BNP Paribas Issuance (Freeport-McMoRan, Inc.), 13.1%,
4/13/20 (144A) 3,326,505
202,700 BNP Paribas Issuance (Morgan Stanley), 9.47%, 12/24/19 9,082,987
130,000 BNP Paribas Issuance (NetApp, Inc.), 10.63%, 4/7/20 8,071,700
82,600 BNP Paribas Issuance (Owens Corning), 9.18%, 9/5/19 4,832,100
69,300 BNP Paribas Issuance (United Rentals, Inc.),
13.55%, 12/24/19 9,045,036
355,000 BNP Paribas Issuance (Viacom, Inc.), Class B, 8.23%,
11/7/19 (144A) 11,118,600
163,800 BNP Paribas Issuance (Walgreens Boots Alliance, Inc.),
9.72%, 4/21/20 (144A) 9,127,755
4,500 Citigroup Global Markets (Booking Holdings, Inc.), 7.2%,
3/4/20 (144A) 8,510,760
90,500 Citigroup Global Markets (Electronics Arts, Inc.), 10.7%,
1/14/20 (144A) 7,978,480
93,500 Citigroup Global Markets (iQIYI, Inc.), 18.8%, 3/4/20 (144A) 1,974,720
54,000 Citigroup Global Markets (United Rentals, Inc.), 10.95%,
4/27/20 (144A) 6,960,600
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 35
Schedule of Investments | 7/31/19 (continued)
---------------------------------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------------------------------
EQUITY-LINKED NOTES -- (continued)
175,000 Citigroup Global Markets Holdings, Inc. (Bank of America
Corp.), 7.34%, 5/6/20 (144A) $ 5,358,500
157,700 Citigroup Global Markets Holdings, Inc. (Oracle Corp.),
6.62%, 6/29/20 (144A) 8,900,588
24,050 Citigroup Global Markets Holdings, Inc. (SVB Financial
Group), 10.07%, 6/24/20 (144A) 5,427,604
3,200 Credit Suisse AG London (AP Moller-Maersk AS), 3/9/20 3,618,341
67,800 Credit Suisse AG London (Kansas City Southern), 10/12/19 8,386,148
176,200 Credit Suisse AG London (Morgan Stanley), 10/29/19 7,978,600
29,600 Credit Suisse AG London (Raytheon Co.), 6.1%, 12/19/19 5,395,784
66,100 Credit Suisse AG London (United Rentals, Inc.),
12.5%, 10/17/19 8,617,788
69,300 Credit Suisse AG London (United Rentals, Inc.),
13.6%, 12/24/19 8,920,053
70,800 Credit Suisse AG London (Walgreens Boots Alliance,
Inc.), 8/28/19 3,838,811
683,200 Goldman Sachs International (CenturyLink, Inc.),
18.9%, 2/18/20 8,259,888
10,900 Goldman Sachs International (GW Pharmaceuticals Plc),
13.1%, 8/2/19 1,764,983
330,000 Goldman Sachs International (Micron Technology,
Inc.), 11/12/19 13,348,500
486,000 JP Morgan Structured Products (CenturyLink, Inc.),
17.75%, 5/19/20 5,598,720
48,300 JP Morgan Structured Products (Cognizant Technology
Solutions Corp.), 6.63%, 4/17/20 3,249,624
EUR 544,500 JP Morgan Structured Products (Infineon Technologies AG),
10.44%, 12/24/19 9,120,479
841,100 Merrill Lynch International (CenturyLink, Inc.),
24.72%, 9/5/19 9,483,402
113,700 Merrill Lynch International (Micron Technologies, Inc.),
17.26%, 1/28/20 5,103,993
163,700 Merrill Lynch International (Morgan Stanley), 3/5/20 7,237,177
28,000 Merrill Lynch International (SVB Financial Group), 10.91%,
2/5/20 6,605,760
105,600 Merrill Lynch International (Synchrony Financial), 8/19/19 3,514,864
52,000 Merrill Lynch International (United Rentals, Inc.), 2/7/20 6,601,140
190,900 UBS AG (American International Group), 6.9%, 7/22/20 10,688,491
73,700 Wells Fargo & Company (AerCap Holdings NV),
8.66%, 1/16/20 3,306,182
283,200 Wells Fargo & Company (eBay, Inc.), 9.11%, 11/12/19 8,365,728
110,500 Wells Fargo & Company (Micron Technology, Inc.),
15.78%, 12/23/19 4,265,300
The accompanying notes are an integral part of these financial statements.
36 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
---------------------------------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------------------------------
EQUITY-LINKED NOTES -- (continued)
61,000 Wells Fargo & Company (United Rentals, Inc.), 10.8%,
10/29/19 $ 8,000,150
205,700 Wells Fargo & Company (Viacom, Inc.), 8.6%, 8/2/19 6,380,814
398,500 Wells Fargo & Company (Viacom, Inc.), 8.67%, 10/1/19 12,337,560
105,900 Wells Fargo Bank National Association (AerCap Holdings NV),
7.13%, 12/24/19 5,590,461
50,000 Wells Fargo Bank National Association (Apple, Inc.),
7.81%, 2/28/20 9,340,000
141,300 Wells Fargo Bank National Association (Cognizant Technology
Solutions Corp.), 7.65%, 6/9/20 9,030,483
275,000 Wells Fargo Bank National Association (Credit Suisse Group
AG), 9.0%, 5/12/20 3,586,000
414,000 Wells Fargo Bank National Association (iQIYI, Inc.),
20.26%, 2/6/20 8,081,280
---------------------------------------------------------------------------------------------------------------------------
TOTAL EQUITY LINKED NOTES
(Cost $339,173,844) $ 339,023,292
---------------------------------------------------------------------------------------------------------------------------
INVESTMENT COMPANIES -- 2.4% of Net Assets
GBP 408,632(a) Dragon Capital - Vietnam Enterprise Investments, Ltd.,
Class C $ 2,321,365
5,177,567 Invesco Senior Income Trust 21,952,884
3,627,825 Voya Prime Rate Trust 17,413,560
---------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT COMPANIES
(Cost $43,428,148) $ 41,687,809
---------------------------------------------------------------------------------------------------------------------------
RIGHT/WARRANT -- 0.0%+ of Net Assets
Health Care Providers & Services -- 0.0%+
959,816(i) ANR, Inc. $ 10,558
--------------
Total Health Care Providers & Services $ 10,558
---------------------------------------------------------------------------------------------------------------------------
TOTAL RIGHT/WARRANT
(Cost $--) $ 10,558
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Number of Counter- Strike Expiration
Contracts Description party Notional Price Date
---------------------------------------------------------------------------------------------------------------------------
OVER THE COUNTER (OTC) PUT OPTION
PURCHASED -- 0.0%+
30,935 S&P 500
Index Citibank NA USD 3,045,040 USD 2,662 11/15/19 $ 777,564
---------------------------------------------------------------------------------------------------------------------------
TOTAL OVER THE COUNTER (OTC) PUT OPTION PURCHASED
(Premiums paid $3,045,040) $ 777,564
---------------------------------------------------------------------------------------------------------------------------
TOTAL OPTIONS PURCHASED
(Premiums paid $3,045,040) $ 777,564
---------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 97.5%
(Cost $1,716,931,300) $1,723,265,521
---------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 37
Schedule of Investments | 7/31/19 (continued)
---------------------------------------------------------------------------------------------------------------------------
Change
Net in Net
Realized Unrealized
Dividend Gain Appreciation
Shares Income (Loss) (Depreciation) Value
---------------------------------------------------------------------------------------------------------------------------
AFFILIATED ISSUER -- 0.5%
CLOSED-END FUND -- 0.5% of Net Assets
765,744 Pioneer Floating
Rate Trust(j) $ 498,625 $ -- $(288,824) $ 8,116,886
Other securities
issued by affiliated
issuers not held at
year end 1,548,864 (3,097,512) 51,207 --
---------------------------------------------------------------------------------------------------------------------------
TOTAL CLOSED-END FUND
(Cost $8,473,954) $2,047,489 $(3,097,512) $(237,617) $ 8,116,886
---------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN AFFILIATED ISSUER -- 0.5%
(Cost $8,473,954) $ 8,116,886
---------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 2.0% $ 36,719,450
---------------------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $1,768,101,857
===========================================================================================================================
bps Basis Points.
FREMF Freddie Mac Multifamily Fixed-Rate Mortgage Loans.
LIBOR London Interbank Offered Rate.
REIT Real Estate Investment Trust.
(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, 2019, the value of these securities
amounted to $412,285,226, or 23.3% of net assets.
(A.D.R.) American Depositary Receipts.
(G.D.R.) Global Depositary Receipts.
+ Amount rounds to less than 0.1%.
+ Security that used significant unobservable inputs to determine its
value.
(a) Non-income producing security.
(b) The interest rate is subject to change periodically. The interest
rate and/or reference index and spread is shown at July 31, 2019.
(c) Floating rate note. Coupon rate, reference index and spread shown at
July 31, 2019.
(d) Security is perpetual in nature and has no stated maturity date.
(e) Payment-in-kind (PIK) security which may pay interest in the form of
additional principal amount.
(f) Securities are restricted as to resale.
(g) Issued as participation notes.
(h) Issued as preference shares.
(i) ANR, Inc. warrants are exercisable into 959,816 shares.
(j) Pioneer Floating Rate Trust is an affiliated fund managed by Amundi
Pioneer Asset Management, Inc., (the "Adviser").
The accompanying notes are an integral part of these financial statements.
38 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
FORWARD FOREIGN CURRENCY CONTRACTS
-------------------------------------------------------------------------------------------------------
Unrealized
Currency Currency Settlement Appreciation
Purchased In Exchange for Sold Deliver Counterparty Date (Depreciation)
-------------------------------------------------------------------------------------------------------
SEK 159,095,678 EUR (15,037,079) Brown Brothers 9/30/19 $(217,322)
Harriman & Co.
AUD 12,633,010 USD (8,800,825) Goldman Sachs 9/26/19 (143,192)
International
AUD 25,298,055 NZD (26,531,823) HSBC Bank USA NA 8/28/19 (84,700)
NOK 38,102,008 EUR (3,914,763) JPMorgan Chase 9/27/19 (47,903)
Bank NA
NOK 39,603,679 USD (4,570,992) JPMorgan Chase 9/26/19 (89,164)
Bank NA
PHP 935,000,000 USD (18,203,057) JPMorgan Chase 10/25/19 74,084
Bank NA
COP 14,647,490,554 USD (4,598,586) Societe Generale 10/25/19 (157,503)
-------------------------------------------------------------------------------------------------------
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS $(665,700)
=======================================================================================================
FUTURES CONTRACT
INDEX FUTURES CONTRACT
-------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Short Description Date Amount Value (Depreciation)
-------------------------------------------------------------------------------------
2,007 S&P 500 EMINI 9/20/19 $293,111,052 $299,268,787 $(6,157,735)
-------------------------------------------------------------------------------------
TOTAL FUTURES CONTRACT $293,111,052 $299,268,787 $(6,157,735)
=====================================================================================
Principal amounts are denominated in U.S. dollars ("USD") unless otherwise
noted.
ARS -- Argentine Peso
AUD -- Australian Dollar
COP -- Columbian Peso
EGP -- Egyptian Pound
EUR -- Euro
GBP -- Great British Pound
IDR -- Indonesian Rupiah
NOK -- Norwegian Krone
NZD -- New Zealand Dollar
PHP -- Philippine Peso
SEK -- Swedish Krona
Purchases and sales of securities (excluding temporary cash investments) for
the year ended July 31, 2019, aggregated $2,000,931,637 and $1,642,381,128,
respectively.
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which the Adviser serves as the
Fund's investment adviser, as set forth in Rule 17a-7 under the Investment
Company Act of 1940, pursuant to procedures adopted by the Board of Trustees.
Under these procedures, cross trades are effected at current market prices.
During the year ended July 31, 2019, the Fund engaged in purchases of
$21,483,378 and sales of $5,986,255 pursuant to these procedures, which
resulted in a net realized gain/(loss) of $86,182.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 39
Schedule of Investments | 7/31/19 (continued)
At July 31, 2019, the net unrealized depreciation on investments based on cost
for federal tax purposes of $1,739,909,628 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 64,688,590
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (80,039,246)
------------
Net unrealized depreciation $(15,350,656)
============
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risks,
etc.). See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes to
Financial Statements -- Note 1A.
The following is a summary of the inputs used as of July 31, 2019, in valuing
the Fund's investments:
---------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------------------
Common Stocks $772,798,358 $ -- $ -- $ 772,798,358
Asset Backed Securities -- 43,382,107 -- 43,382,107
Collateralized Mortgage
Obligations -- 84,955,800 -- 84,955,800
Corporate Bonds -- 331,402,854 -- 331,402,854
Foreign Government Bonds -- 74,487,630 -- 74,487,630
Insurance-Linked Securities
Collateralized Reinsurance
Multiperil -- U.S. -- -- 283,278 283,278
Multiperil -- U.S. Regional -- -- 240,716 240,716
Multiperil -- Worldwide -- -- 305,780 305,780
Windstorm -- U.S. Regional -- -- 7,350 7,350
Industry Loss Warranties
Multiperil -- U.S. -- -- 238,820 238,820
Reinsurance Sidecars
Multiperil -- U.S. -- -- 1,943,840 1,943,840
Multiperil -- Worldwide -- -- 16,464,185 16,464,185
All Other Insurance-Linked
Securities -- 15,255,580 -- 15,255,580
Equity-Linked Notes -- 339,023,292 -- 339,023,292
Investment Companies 41,687,809 -- -- 41,687,809
Right/Warrant -- 10,558 -- 10,558
Over The Counter (OTC)
Put Option Purchased -- 777,564 -- 777,564
Affiliated Closed-End Fund 8,116,886 -- -- 8,116,886
---------------------------------------------------------------------------------------------------------
Total Investments
in Securities $822,603,053 $889,295,385 $19,483,969 $1,731,382,407
=========================================================================================================
The accompanying notes are an integral part of these financial statements.
40 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
---------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------------------
Other Financial Instruments
Net unrealized depreciation
on forward foreign
currency contracts $ -- $ (665,700) $ -- $ (665,700)
Net unrealized depreciation
on futures contracts (6,157,735) -- -- (6,157,735)
---------------------------------------------------------------------------------------------------------
Total Other
Financial Instruments $ (6,157,735) $ (665,700) $ -- $ (6,823,435)
=========================================================================================================
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
--------------------------------------------------------------------------------
Insurance-
Linked
Securities
--------------------------------------------------------------------------------
Balance as of 7/31/18 $ 2,455,241(a)
Realized gain (loss)(1) 621
Changed in unrealized appreciation (depreciation)(2) 943,819
Accrued discounts/premiums --
Purchases 17,897,730
Sales (1,813,442)
Transfers in to Level 3* --
Transfers out of Level 3* --
--------------------------------------------------------------------------------
Balance as of 7/31/19 $19,483,969
================================================================================
(a) Securities were classified as Corporate Bonds on July 31, 2018 financial
statements.
(1) Realized gain (loss) on these securities is included in the realized gain
(loss) from investments on the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) from investments on
the Statement of Operations.
* Transfers are calculated on the beginning of period value. For the year
ended July 31, 2019, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of Level 3 investments still held
and considered Level 3 at July 31, 2019: $951,340
--------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 41
Statement of Assets and Liabilities | 7/31/19
ASSETS:
Investments in unaffiliated issuers, at value (cost $1,716,931,300) $1,723,265,521
Investments in affiliated issuers, at value (cost $8,473,954) 8,116,886
Cash 3,987,643
Foreign currencies, at value (cost $15,004,318) 14,963,612
Forwards collateral 360,000
Futures collateral 13,972,722
Due from broker for futures 9,960,614
Due from broker 700
Variation margin for futures contracts 3,010,500
Receivables --
Investment securities sold 28,422,720
Fund shares sold 7,227,413
Dividends 4,958,286
Interest 10,141,061
Due from the Adviser(a) 251,299
Other assets 50,398
------------------------------------------------------------------------------------------------
Total assets $1,828,689,375
================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 45,413,515
Fund shares repurchased 6,322,160
Distributions 162,822
Trustees' fees 8,096
Futures collateral 680,113
Net unrealized depreciation on forward foreign currency contracts 665,700
Net unrealized depreciation on futures contracts 6,157,735
Reserve for repatriation taxes 499,774
Due to affiliates 188,583
Accrued expenses 489,020
------------------------------------------------------------------------------------------------
Total liabilities $ 60,587,518
================================================================================================
NET ASSETS:
Paid-in capital $1,936,451,330
Distributable earnings (loss) (168,349,473)
------------------------------------------------------------------------------------------------
Net assets $1,768,101,857
================================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $377,722,359/35,000,505 shares) $ 10.79
Class C (based on $422,863,214/39,314,451 shares) $ 10.76
Class K (based on $125,830,619/11,317,161 shares) $ 11.12
Class R (based on $834,598/77,089 shares) $ 10.83
Class Y (based on $840,851,067/78,063,728 shares) $ 10.77
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $10.79 net asset value per share/100%-4.50%
maximum sales charge) $ 11.30
================================================================================================
(a) Includes $60,305 of reimbursement by the Advisor for loss incurred on
disposal of an investment that was in violation of an investment
restriction. See Note 1B in the Notes to the Financial Statements.
The accompanying notes are an integral part of these financial statements.
42 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
Statement of Operations
For the Year Ended 7/31/19
INVESTMENT INCOME:
Interest from unaffiliated issuers (net of foreign taxes
withheld $774,449) $ 67,173,094
Dividends from unaffiliated issuers (net of foreign taxes
withheld $2,294,726) 38,566,731
Dividends from affiliated issuers 2,047,489
------------------------------------------------------------------------------------------------------------
Total investment income $ 107,787,314
------------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 8,020,248
Administrative expense 501,120
Transfer agent fees
Class A 229,456
Class C 312,444
Class K 354
Class R 2,736
Class Y 719,288
Distribution fees
Class A 951,178
Class C 4,361,005
Class R 3,699
Shareowner communications expense 101,233
Custodian fees 403,694
Registration fees 191,828
Professional fees 164,574
Printing expense 70,048
Pricing fees 18,514
Trustees' fees 78,571
Insurance expense 14,569
Miscellaneous 122,417
------------------------------------------------------------------------------------------------------------
Total expenses $ 16,266,976
Less fees waived and expenses reimbursed by the Adviser (446,112)
------------------------------------------------------------------------------------------------------------
Net expenses $ 15,820,864
------------------------------------------------------------------------------------------------------------
Net investment income $ 91,966,450
------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers (a) $(89,950,480)
Investments in affiliated issuers 3,097,511
Forward foreign currency contracts (776,704)
Futures contracts (17,530,132)
Swap contracts (458,879)
Reimbursement by the Advisor 60,305
Other assets and liabilities denominated in
foreign currencies (1,590,425) $(107,148,804)
------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers (net of foreign capital
gains tax of $421,694) $ (9,294,473)
Investments in affiliated issuers (237,617)
Forward foreign currency contracts (687,170)
Futures contracts (2,870,541)
Other assets and liabilities denominated in
foreign currencies 115,825 $ (12,973,976)
------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $(120,122,780)
------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (28,156,330)
============================================================================================================
(a) Includes realized loss of $60,305 on disposal of an investment that was in
violation of an investment restriction. See Note 1B in the Notes to the
Financial Statements.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 43
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------------
Year Ended Year Ended
7/31/19 7/31/18
--------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 91,966,450 $ 66,479,942
Net realized gain (loss) on investments (107,148,804) 12,257,837
Change in net unrealized appreciation (depreciation)
on investments (12,973,976) (30,243,423)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ (28,156,330) $ 48,494,356
--------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Class A ($0.62 and $0.73 per share, respectively) $ (21,153,144) $ (17,820,428)*
Class C ($0.53 and $0.63 per share, respectively) (20,933,948) (19,229,934)*
Class K ($0.67 and $0.77 per share, respectively) (7,263,285) (3,043,689)*
Class R ($0.55 and $0.67 per share, respectively) (36,686) (52,797)*
Class Y ($0.64 and $0.75 per share, respectively) (42,050,353) (28,311,133)*
--------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (91,437,416) $ (68,457,981)
--------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 770,447,213 $ 928,165,133
Reinvestment of distributions 87,056,699 64,117,347
Cost of shares repurchased (547,897,926) (263,959,075)
--------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Fund
share transactions $ 309,605,986 $ 728,323,405
--------------------------------------------------------------------------------------------------------
Net increase in net assets $ 190,012,240 $ 708,359,780
NET ASSETS:**
Beginning of year $1,578,089,617 $ 869,729,837
--------------------------------------------------------------------------------------------------------
End of year $1,768,101,857 $1,578,089,617
========================================================================================================
* For the year ended July 31, 2018, distributions to shareowners were
presented as net investment income.
** For the year ended July 31, 2018, undistributed net investment income was
presented as follows: $781,555.
The accompanying notes are an integral part of these financial statements.
44 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
7/31/19 7/31/19 7/31/18 7/31/18
Shares Amount Shares Amount
------------------------------------------------------------------------------------------------------------
Class A
Shares sold 12,023,572 $ 133,782,388 16,710,715 $ 196,910,839
Reinvestment of distributions 1,866,733 20,552,610 1,468,145 17,289,610
Less shares repurchased (11,185,171) (123,692,634) (6,258,841) (73,606,837)
------------------------------------------------------------------------------------------------------------
Net increase 2,705,134 $ 30,642,364 11,920,019 $ 140,593,612
============================================================================================================
Class C
Shares sold 10,250,682 $ 113,800,388 15,138,830 $ 177,774,102
Reinvestment of distributions 1,873,854 20,567,362 1,613,022 18,955,388
Less shares repurchased (10,807,055) (118,984,752) (5,347,886) (62,804,175)
------------------------------------------------------------------------------------------------------------
Net increase 1,317,481 $ 15,382,998 11,403,966 $ 133,925,315
============================================================================================================
Class K
Shares sold 831,569 $ 9,263,238 10,676,861 $ 130,313,067
Reinvestment of distributions 444,260 4,980,520 4,634 55,862
Less shares repurchased (505,940) (5,808,969) (181,261) (2,165,489)
------------------------------------------------------------------------------------------------------------
Net increase 769,889 $ 8,434,789 10,500,234 $ 128,203,440
============================================================================================================
Class R
Shares sold 43,471 $ 484,605 25,082 $ 294,908
Reinvestment of distributions 2,539 28,009 1,639 19,378
Less shares repurchased (16,508) (181,371) (128,295) (1,528,104)
------------------------------------------------------------------------------------------------------------
Net increase (decrease) 29,502 $ 331,243 (101,574) $ (1,213,818)
============================================================================================================
Class Y
Shares sold 46,491,174 $ 513,116,594 35,962,238 $ 422,872,217
Reinvestment of distributions 3,727,511 40,928,198 2,365,567 27,797,109
Less shares repurchased (27,275,193) (299,230,200) (10,541,457) (123,854,470)
------------------------------------------------------------------------------------------------------------
Net increase 22,943,492 $ 254,814,592 27,786,348 $ 326,814,856
============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 45
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/19 7/31/18 7/31/17 7/31/16* 7/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.59 $ 11.69 $ 10.57 $ 11.15 $ 11.94
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.62(a) $ 0.68(a) $ 0.67(a) $ 0.62(a) $ 0.60
Net realized and unrealized gain (loss) on investments (0.80) (0.05) 0.99 (0.57) (0.73)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.18) $ 0.63 $ 1.66 $ 0.05 $ (0.13)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.62) $ (0.73) $ (0.54) $ (0.63) $ (0.66)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.62) $ (0.73) $ (0.54) $ (0.63) $ (0.66)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.80) $ (0.10) $ 1.12 $ (0.58) $ (0.79)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.79 $ 11.59 $ 11.69 $ 10.57 $ 11.15
====================================================================================================================================
Total return (b) (1.56)% 5.41% 16.13% 0.81% (1.10)%
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 5.58% 5.77% 6.07% 5.99% 5.38%
Portfolio turnover rate 108% 126% 131% 109% 120%
Net assets, end of period (in thousands) $377,722 $374,395 $238,281 $238,779 $266,899
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 0.89% 0.87% 0.92% 0.94% 0.95%
Net investment income (loss) to average net assets 5.54% 5.75% 6.00% 5.90% 5.28%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
The accompanying notes are an integral part of these financial statements.
46 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/19 7/31/18 7/31/17 7/31/16* 7/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.56 $ 11.66 $ 10.55 $ 11.12 $ 11.91
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.53(a) $ 0.58(a) $ 0.57(a) $ 0.53(a) $ 0.51
Net realized and unrealized gain (loss) on investments (0.80) (0.05) 0.99 (0.55) (0.74)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.27) $ 0.53 $ 1.56 $ (0.02) $ (0.23)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.53) $ (0.63) $ (0.45) $ (0.55) $ (0.56)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.53) $ (0.63) $ (0.45) $ (0.55) $ (0.56)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.80) $ (0.10) $ 1.11 $ (0.57) $ (0.79)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.76 $ 11.56 $ 11.66 $ 10.55 $ 11.12
====================================================================================================================================
Total return (b) (2.33)% 4.60% 15.12% 0.06% (1.89)%
Ratio of net expenses to average net assets 1.64% 1.62% 1.69% 1.69% 1.69%
Ratio of net investment income (loss) to average net assets 4.78% 4.94% 5.24% 5.16% 4.59%
Portfolio turnover rate 108% 126% 131% 109% 120%
Net assets, end of period (in thousands) $422,863 $439,179 $310,023 $304,609 $353,686
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 1.65% 1.62% 1.69% 1.69% 1.69%
Net investment income (loss) to average net assets 4.77% 4.94% 5.24% 5.16% 4.59%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 47
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended 12/1/14
7/31/19 7/31/18 7/31/17 7/31/16* to 7/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 11.95 $ 11.85 $10.69 $11.15 $ 11.50
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.67(a) $ 0.90(a) $ 0.72(a) $ 0.57(a) $ 0.50
Net realized and unrealized gain (loss) on investments (0.83) (0.03) 1.01 (0.37) (0.37)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.16) $ 0.87 $ 1.73 $ 0.20 $ 0.13
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.67) $ (0.77) $(0.57) $(0.66) $ (0.48)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.67) $ (0.77) $(0.57) $(0.66) $ (0.48)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.83) $ 0.10 $ 1.16 $(0.46) $ (0.35)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.12 $ 11.95 $11.85 $10.69 $ 11.15
====================================================================================================================================
Total return (b) (1.32)% 7.51% 16.65% 2.20% 1.13%(c)
Ratio of net expenses to average net assets 0.56% 0.56% 0.63% 0.60% 0.63%(d)
Ratio of net investment income (loss) to average net assets 5.87% 7.47% 6.46% 5.51% 5.63%(d)
Portfolio turnover rate 108% 126% 131% 109% 120%
Net assets, end of period (in thousands) $125,831 $126,017 $ 558 $ 245 $37,935
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 0.57% 0.56% 0.63% 0.60% 0.63%(d)
Net investment income (loss) to average net assets 5.86% 7.47% 6.46% 5.51% 5.63%(d)
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended 12/1/14
7/31/19 7/31/18 7/31/17 7/31/16* to 7/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $11.64 $11.74 $10.62 $11.20 $11.50
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.55(a) $ 0.51(a) $ 0.64(a) $ 0.59(a) $ 0.43
Net realized and unrealized gain (loss) on investments (0.81) 0.06 0.97 (0.58) (0.30)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.26) $ 0.57 $ 1.61 $ 0.01 $ 0.13
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.55) $(0.67) $(0.49) $(0.59) $(0.43)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $(0.55) $(0.67) $(0.49) $(0.59) $(0.43)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.81) $(0.10) $ 1.12 $(0.58) $(0.30)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.83 $11.64 $11.74 $10.62 $11.20
====================================================================================================================================
Total return(b) (2.22)% 4.89% 15.53% 0.41% 1.16%(c)
Ratio of net expenses to average net assets 1.57% 1.37% 1.37% 1.37% 1.40%(d)
Ratio of net investment income (loss) to average net assets 4.92% 4.33% 5.74% 5.68% 4.20%(d)
Portfolio turnover rate 108% 126% 131% 109% 120%
Net assets, end of period (in thousands) $ 835 $ 554 $1,751 $1,225 $ 456
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 1.59% 1.37% 1.37% 1.37% 1.40%(d)
Net investment income (loss) to average net assets 4.90% 4.33% 5.74% 5.68% 4.20%(d)
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 49
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/19 7/31/18 7/31/17 7/31/16* 7/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 11.57 $ 11.67 $ 10.56 $ 11.14 $ 11.93
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.64(a) $ 0.71(a) $ 0.70(a) $ 0.63(a) $ 0.63
Net realized and unrealized gain (loss) on investments (0.80) (0.06) 0.97 (0.56) (0.74)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.16) $ 0.65 $ 1.67 $ 0.07 $ (0.11)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.64) $ (0.75) $ (0.56) $ (0.65) $ (0.68)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.64) $ (0.75) $ (0.56) $ (0.65) $ (0.68)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.80) $ (0.10) $ 1.11 $ (0.58) $ (0.79)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.77 $ 11.57 $ 11.67 $ 10.56 $ 11.14
====================================================================================================================================
Total return (b) (1.36)% 5.64% 16.27% 1.00% (0.89)%
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 5.83% 6.03% 6.38% 6.10% 5.58%
Portfolio turnover rate 108% 126% 131% 109% 120%
Net assets, end of period (in thousands) $840,851 $637,945 $319,117 $202,134 $307,538
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 0.68% 0.66% 0.72% 0.72% 0.71%
Net investment income (loss) to average net assets 5.80% 6.02% 6.31% 6.04% 5.52%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
The accompanying notes are an integral part of these financial statements.
50 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
Notes to Financial Statements | 7/31/19
1. Organization and Significant Accounting Policies
Pioneer Multi-Asset Income Fund (the "Fund") is one of two 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 shareowner approval. Under per-share voting,
each share of a class of the Fund is entitled to one vote. Under
dollar-weighted voting, a shareowner's voting power is determined not by the
number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class K and Class Y shares.
Amundi Pioneer Asset Management, Inc., an indirect wholly owned subsidiary of
Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the
Fund's investment adviser (the "Adviser"). Amundi Pioneer Distributor, Inc., an
affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund's
distributor (the "Distributor").
In August 2018, the Securities and Exchange Commission ("SEC") released a
Disclosure Update and Simplification Final Rule. The Final Rule amends
Regulation S-X disclosures requirements to conform them to U.S. Generally
Accepted Accounting Principles ("U.S. GAAP") for investment companies. The
Fund's financial statements were prepared in compliance with the new amendments
to Regulation S-X.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 51
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the
Fund to make estimates and assumptions that affect the reported amounts of
assets and liabilities, the disclosure of contingent assets and liabilities at
the date of the financial statements, and the reported amounts of income,
expenses and gain or loss on investments during the reporting period. Actual
results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the
New York Stock Exchange ("NYSE") is open, as of the close of regular
trading on the NYSE.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities
for which sale prices are not available, generally are valued using the
mean between the last bid and asked prices or, if both last bid and asked
prices are not available, at the last quoted bid price. Last sale and bid
and asked prices are provided by independent third party pricing services.
In the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
The value of foreign securities is translated into U.S. dollars based on
foreign currency exchange rate quotations supplied by a third party
pricing source. Trading in non-U.S. equity securities is substantially
completed each day at various times prior to the close of the NYSE. The
values of such securities used in computing the net asset value of the
Fund's shares are determined as of such times. The Fund may use a fair
value model developed by an independent pricing service to value non-U.S.
equity securities.
Equity-linked notes and fixed-income securities are valued by using prices
supplied by independent pricing services, which consider such factors as
market prices, market events, quotations from one or more brokers,
Treasury spreads, yields, maturities and ratings, or may use a pricing
matrix or other fair value methods or techniques to provide an estimated
value of the security or instrument. A pricing matrix is a means of
valuing a debt security on the basis of current market prices for other
debt securities, historical trading patterns in the market for
fixed-income securities and/or other factors. Non-U.S. debt securities
that are listed on an exchange will be valued at the bid price obtained
from an independent third party pricing service. When
52 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
independent third party pricing services are unable to supply prices, or
when prices or market quotations are considered to be unreliable, the
value of that security may be determined using quotations from one or more
broker-dealers.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the
price information is deemed to be unreliable, price information will be
obtained from an alternative loan interest pricing service. If no reliable
price quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other
insurance-linked securities (including sidecars, collateralized
reinsurance and industry loss warranties) may be valued at the bid price
obtained from an independent pricing service, or through a third party
using a pricing matrix, insurance industry valuation models, or other fair
value methods or techniques to provide an estimated value of the
instrument.
Options contracts are generally valued at the mean between the last bid
and ask prices on the principal exchange where they are traded.
Over-the-counter ("OTC") options and options on swaps ("swaptions") are
valued using prices supplied by independent pricing services, which
consider such factors as market prices, market events, quotations from one
or more brokers, Treasury spreads, yields, maturities and ratings, or may
use a pricing matrix or other fair value methods or techniques to provide
an estimated value of the security or instrument.
Forward foreign currency exchange contracts are valued daily using the
foreign exchange rate or, for longer term forward contract positions, the
spot currency rate and the forward points on a daily basis, in each case
provided by a third party pricing service. Contracts whose forward
settlement date falls between two quoted days are valued by interpolation.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Swap contracts, including interest rate swaps, caps and floors (other than
centrally cleared swap contracts), are valued at the dealer quotations
obtained from reputable International Swap Dealers Association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 53
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.
Shares of exchange-listed closed-end funds are valued by using the last
sale price on the principal exchange where they are traded. Shares of
closed-end interval funds that offer their shares at net asset value are
valued at such funds' net asset value.
Securities or loan interests for which independent pricing services or
broker-dealers are unable to supply prices or for which market prices
and/or quotations are not readily available or are considered to be
unreliable are valued by a fair valuation team comprised of certain
personnel of the Adviser pursuant to procedures adopted by the Fund's
Board of Trustees. The Adviser's fair valuation team uses fair value
methods approved by the Valuation Committee of the Board of Trustees. The
Adviser's fair valuation team is responsible for monitoring developments
that may impact fair valued securities and for discussing and assessing
fair values on an ongoing basis, and at least quarterly, with the
Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after
the close of the exchange or market on which the security trades and prior
to the determination of the Fund's net asset value. Examples of a
significant event might include political or economic news, corporate
restructurings, natural disasters, terrorist activity or trading halts.
Thus, the valuation of the Fund's securities may differ significantly from
exchange prices, and such differences could be material.
At July 31, 2019, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model).
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence.
Interest income, including interest on income-bearing cash accounts, is
recorded on the accrual basis. Dividend and interest income are reported
net of unrecoverable foreign taxes withheld at the applicable country
rates and net of income accrued on defaulted securities.
54 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
Interest and dividend income payable by delivery of additional shares is
reclassified as PIK (payment-in-kind) income upon receipt and is included
in interest and dividend income, respectively.
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly
paydowns. All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
respective securities, and such accretion/amortization is included in
interest income.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
During the fiscal year ended July 31, 2019, the Fund realized a loss of
$60,305 due to the disposal of an investment that was in violation of the
Fund's investment restrictions, which was subsequently reimbursed by the
Advisor.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on
foreign currency contracts, disposition of foreign currencies and the
difference between the amount of income accrued and the U.S. dollars
actually received. Further, the effects of changes in foreign currency
exchange rates on investments are not segregated on the Statement of
Operations from the effects of changes in the market prices of those
securities, but are included with the net realized and unrealized gain or
loss on investments.
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its net taxable income and net realized capital gains,
if any, to its shareowners. Therefore, no provision for federal income
taxes is required. As of July 31, 2019, the Fund did not accrue any
interest or penalties with respect to uncertain tax positions, which, if
applicable, would be recorded as an income tax expense on the Statement of
Operations. Tax returns filed within the prior three years remain subject
to examination by federal and state tax authorities.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 55
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, 2019,
the Fund had accrued $499,774 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 over distributions for
financial statement purposes resulting from differences in the recognition
or classification of income or distributions for financial statement and
tax purposes. Capital accounts within the financial statements are
adjusted for permanent book/tax differences to reflect tax character, but
are not adjusted for temporary differences.
At July 31, 2019, the Fund was permitted to carry forward indefinitely
$83,389,329 of short-term losses and $73,886,021 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,
2019 and July 31, 2018, were as follows:
--------------------------------------------------------------------------
2019 2018
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $91,437,416 $68,457,981
--------------------------------------------------------------------------
Total $91,437,416 $68,457,981
==========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at July 31, 2019:
--------------------------------------------------------------------------
2019
--------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 5,074,226
Capital loss carryforward (157,275,350)
Current year dividend payable (162,821)
Net unrealized depreciation (15,985,528)
--------------------------------------------------------------------------
Total $(168,349,473)
==========================================================================
56 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
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 and PFIC's, the mark to market
of forward foreign currency contracts and futures contracts, interest on
defaulted bonds, tax basis adjustments on Real Estate Investment Trust
("REIT"), partnerships and other holdings.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $281,998 in underwriting commissions on the sale of
Class A shares during the year ended July 31, 2019.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset
value attributable to Class A, 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.
G. Risks
The value of securities held by the Fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real
or perceived adverse economic, political or regulatory conditions,
inflation, changes in interest rates, lack of liquidity in the bond
markets or adverse investor sentiment. In the past several years,
financial markets have experienced increased volatility, depressed
valuations, decreased liquidity and heightened uncertainty. These
conditions may continue, recur, worsen or spread. A general rise in
interest rates could adversely affect the price and liquidity of
fixed-income securities and could also result in increased redemptions
from the Fund.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 57
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or
other risks affecting those industries and sectors. The Fund's investments
in foreign markets and countries with limited developing markets may
subject the Fund to a greater degree of risk than investments in a
developed market. These risks include disruptive political or economic
conditions and the imposition of adverse governmental laws or currency
exchange restrictions.
The Fund invests in below-investment-grade (high-yield) debt securities
and preferred stocks. Some of these high-yield securities may be
convertible into equity securities of the issuer. Debt securities rated
below-investment-grade are commonly referred to as "junk bonds" and are
considered speculative. These securities involve greater risk of loss, are
subject to greater price volatility, and are less liquid, especially
during periods of economic uncertainty or change, than higher rated debt
securities.
With the increased use of technologies such as the Internet to conduct
business, the Fund is susceptible to operational, information security and
related risks. While the Fund's Adviser has established business
continuity plans in the event of, and risk management systems to prevent,
limit or mitigate, such cyber-attacks, there are inherent limitations in
such plans and systems, including the possibility that certain risks have
not been identified. Furthermore, the Fund cannot control the
cybersecurity plans and systems put in place by service providers to the
Fund such as Brown Brothers Harriman & Co., the Fund's custodian and
accounting agent, and DST Asset Manager Solutions, Inc., the Fund's
transfer agent. In addition, many beneficial owners of Fund shares hold
them through accounts at broker-dealers, retirement platforms and other
financial market participants over which neither the Fund nor Amundi
Pioneer exercises control. Each of these may in turn rely on service
providers to them, which are also subject to the risk of cyber-attacks.
Cybersecurity failures or breaches at Amundi Pioneer or the Fund's service
providers or intermediaries have the ability to cause disruptions and
impact business operations, potentially resulting in financial losses,
interference with the Fund's ability to calculate its net asset value,
impediments to trading, the inability of Fund shareowners to effect share
purchases, redemptions or exchanges or receive distributions, loss of or
unauthorized access to private shareowner information and violations of
applicable privacy and other laws, regulatory fines, penalties,
reputational damage, or additional compliance costs. Such costs and losses
may not be covered under any insurance. In addition, maintaining vigilance
against cyber-attacks may involve substantial costs over time, and system
enhancements may themselves be subject to cyber-attacks.
58 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
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 ILS. The Fund could lose a portion or all of the
principal it has invested in an ILS, and the right to additional interest
or dividend payments with respect to the security, upon the occurrence of
one or more trigger events, as defined within the terms of an
insurance-linked security. Trigger events, generally, are hurricanes,
earthquakes, or other natural events of a specific size or magnitude that
occur in a designated geographic region during a specified time period,
and/or that involve losses or other metrics that exceed a specific amount.
There is no way to accurately predict whether a trigger event will occur,
and accordingly, ILS carry significant risk. The Fund is entitled to
receive principal, and interest and/or dividend payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, ILS may expose
the Fund to other risks, including but not limited to issuer (credit)
default, adverse regulatory or jurisdictional interpretations and adverse
tax consequences.
The Fund's investments in ILS may include event-linked bonds. ILS also may
include special purpose vehicles ("SPVs") or similar instruments
structured to comprise a portion of a reinsurer's catastrophe-oriented
business, known as quota share instruments (sometimes referred to as
reinsurance sidecars), or to provide reinsurance relating to specific
risks to insurance or reinsurance companies through a collateralized
instrument, known as collateralized reinsurance. Structured reinsurance
investments also may include industry loss warranties ("ILWs"). A
traditional ILW takes the form of a bilateral reinsurance contract, but
there are also products that take the form of derivatives, collateralized
structures, or exchange-traded instruments.
Where the ILS are based on the performance of underlying reinsurance
contracts, the Fund has limited transparency into the individual
underlying contracts, and therefore must rely upon the risk assessment and
sound underwriting practices of the issuer. Accordingly, it may be more
difficult for the Adviser to fully evaluate the underlying risk profile of
the Fund's structured reinsurance investments, and therefore the Fund's
assets are placed at greater risk of loss than if the Adviser had more
complete information. Structured reinsurance instruments generally will be
considered illiquid securities by the Fund. These securities may be
difficult to purchase, sell or unwind. Illiquid securities also may be
difficult to value. If the Fund is forced to sell an illiquid asset, the
Fund may be forced to sell at a loss.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 59
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 sub-custodian of the
Fund. The Adviser is responsible for determining that the value of the
collateral remains at least equal to the repurchase price. In the event of
a default by the counterparty, the Fund is entitled to sell the
securities, but the Fund may not be able to sell them for the price at
which they were purchased, thus causing a loss to the Fund. Additionally,
if the counterparty becomes insolvent, there is some risk that the Fund
will not have a right to the securities, or the immediate right to sell
the securities.
As of and for the year ended July 31, 2019, the Fund had no open
repurchase agreements.
J. Purchased Options
The Fund may purchase put and call options to seek to increase total
return. Purchased call and put options entitle the Fund to buy and sell a
specified number of shares or units of a particular security, currency or
index at a specified price at a specific date or within a specific period
of time. Upon the purchase of a call or put option, the premium paid by
the Fund is included on the Statement of Assets and Liabilities as an
investment. All premiums are marked-to-market daily, and any unrealized
appreciation or depreciation is recorded on the Fund's Statement of
Operations. As the purchaser of an index option, the Fund has the right to
receive a cash payment equal to any depreciation in the value of the index
below the strike price of the option (in the case of a put) or equal to
any appreciation in the value of the index over the strike price of the
option (in the case of a call) as of the valuation date of the option.
Premiums paid for purchased call and put options which have expired are
treated as realized losses on investments on the Statement of Operations.
Upon the exercise or closing of a purchased put option, the premium is
offset against the proceeds on the sale of the underlying security or
financial instrument in order to determine the realized gain or loss on
investments. Upon the exercise or closing of a purchased call option, the
premium is added to the cost of the security or financial instrument. The
risk associated with purchasing options is limited to the premium
originally paid.
60 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
The average market value of purchased options contracts open during the
year ended July 31, 2019, was $2,223,241. Open purchased options at July
31, 2019, are listed in the Fund's Schedule of Investments.
K. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts ("contracts")
for the purchase or sale of a specific foreign currency at a fixed price
on a future date. All contracts are marked-to-market daily at the
applicable exchange rates, and any resulting unrealized appreciation or
depreciation is recorded in the Fund's financial statements. The Fund
records realized gains and losses at the time a contract is offset by
entry into a closing transaction or extinguished by delivery of the
currency. Risks may arise upon entering into these contracts from the
potential inability of counterparties to meet the terms of the contract
and from unanticipated movements in the value of foreign currencies
relative to the U.S. dollar (see Note 7).
At July 31, 2019, the Fund had entered into various forward foreign
currency contracts that obligated the Fund to deliver or take delivery of
currencies at specified future maturity dates. Alternatively, prior to the
settlement date of a forward foreign currency contract, the Fund may close
out such contract by entering into an offsetting contract.
The average market value of forward foreign currency contracts open during
the year ended July 31, 2019, was $12,838,569. Open forward foreign
currency contracts outstanding at July 31, 2019, are listed in the
Schedule of Investments.
L. 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, 2019, is recorded as "Futures collateral" on the Statement of
Assets and Liabilities.
Subsequent payments for futures contracts ("variation margin") are paid or
received by the Fund, depending on the daily fluctuation in the value of
the contracts, and are recorded by the Fund as unrealized appreciation or
depreciation. Cash received from or paid to the broker related to previous
margin movement is held in a segregated account at the broker and is
recorded as either "Due from broker for futures" or "Due to broker for
futures" on the Statement of Assets and Liabilities. When the contract is
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 61
closed, the Fund realizes a gain or loss equal to the difference between
the opening and closing value of the contract as well as any fluctuation
in foreign currency exchange rates where applicable. Futures contracts are
subject to market risk, interest rate risk and currency exchange rate
risk. Changes in value of the contracts may not directly correlate to the
changes in value of the underlying securities. With futures, there is
reduced counterparty credit risk to the Fund since futures are
exchange-traded and the exchange's clearinghouse, as counterparty to all
exchange-traded futures, guarantees the futures against default.
The average market value of futures contracts open during the year ended
July 31, 2019, was $(254,267,857). Open futures contracts outstanding at
July 31, 2019, are listed in the Schedule of Investments.
M. Interest Rate Swap Contracts
The Fund may enter into interest rate swaps to attempt to hedge against
interest rate fluctuations or to enhance its income. Pursuant to the
interest rate swap contract, the Fund negotiates with a counterparty to
exchange a periodic stream of payments based on a benchmark interest rate.
One cash flow stream will typically be a floating rate payment based upon
the specified floating benchmark interest rate while the other is
typically a fixed interest rate. Payment flows are usually netted against
each other, with the difference being paid by one party to the other on a
monthly basis.
Periodic payments received or paid by the Fund are recorded as realized
gains or losses on the Statement of Operations. Interest rate swap
contracts are marked-to-market daily using valuations supplied by
independent sources and the change in value, if any, is recorded within
"Swap contracts, at value" line item on the Statement of Assets and
Liabilities. Interest rate swap contracts are subject to counterparty risk
and movements in interest rates. 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 contracts 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 swap contracts is recorded as variation margin for
centrally cleared swaps on the Statement of Assets and Liabilities.
The average market value of interest swap contracts open during the year
ended July 31, 2019, was $(20,007). As of and for the year ended July 31,
2019, the Fund had no open interest rate swap contracts.
62 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
N. Equity-Linked Notes
Equity-linked notes seek to generate income and provide exposure to the
performance of an underlying security, group of securities or
exchange-traded funds (the "underlying reference instrument"). In an
equity-linked note, the Fund purchases a note from a bank or broker-dealer
and in return, the issuer provides for interest payments during the term
of the note. At maturity or when the security is sold, the Fund will
either settle by taking physical delivery of the underlying reference
instrument or by receipt of a cash settlement amount equal to the value of
the note at termination or maturity. The use of equity-linked notes
involves the risk that the value of the note changes unfavorably due to
movements in the value of the underlying reference instrument.
Equity-linked notes are considered general unsecured contractual
obligations of the bank or broker-dealer. The Fund must rely on the
creditworthiness of the issuer for its investment returns.
2. Management Agreement
The Adviser manages the Fund's portfolio. Effective October 1, 2018, management
fees are calculated daily at the annual rate of 0.50% of the Fund's average
daily net assets up to $1 billion, 0.45% of the next $4 billion of the Fund's
average daily net assets and 0.40% of the Fund's average daily net assets over
$5 billion. Prior to October 1, 2018, management fees were 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, 2019,
the effective management fee (excluding waivers and/or assumption of expenses
was equivalent to 0.48% of the Fund's average daily net assets.
The Adviser has agreed to waive its management fee with respect to any portion
of the Fund's assets invested in Pioneer ILS Interval Fund and Floating Rate
Trust, an affiliated fund managed by the Adviser. For the year ended July 31,
2019, the Adviser waived $233,415 in management fees with respect to the Fund,
which is reflected on the Statement of Operations as an expense waiver.
The Adviser has contractually agreed to limit ordinary operating expenses
(ordinary operating expenses means all fund expenses other than extraordinary
expenses, such as litigation, taxes, brokerage commissions and acquired fund
fees and expenses) of the Fund to the extent required to reduce Fund expenses
to 0.85% and 0.65% of the average daily net assets attributable to Class A and
Class Y shares, respectively. These expense limitations are in effect through
December 1, 2019 for Class A shares and Class Y shares. Prior to December 1,
2018, the Adviser contractually agreed to limit ordinary operating expenses to
the extent required to reduce Fund expenses to 1.75% of the average daily net
assets attributable to Class C shares. Fees waived and expenses reimbursed
during the year ended July 31, 2019 are reflected on the
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 63
Statement of Operations. There can be no assurance that the Adviser will extend
the expense limitation agreement for a class of shares beyond the date referred
to above.
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
$117,332 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at July 31, 2019.
3. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareowner communications activities
such as proxy and statement mailings, and outgoing phone calls. For the year
ended July 31, 2019, such out-of-pocket expenses by class of shares were as
follows:
--------------------------------------------------------------------------------
Shareowner Communications:
--------------------------------------------------------------------------------
Class A $ 21,873
Class C 26,577
Class K 347
Class R 1,052
Class Y 51,384
--------------------------------------------------------------------------------
Total $101,233
================================================================================
4. Distribution and Service Plans
The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A, Class C and
Class R shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of
the average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays the
Distributor 1.00% of the average daily net assets attributable to Class C
shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class C shares.
Pursuant to the Plan, the Fund further pays the
64 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
Distributor 0.50% of the average daily net assets attributable to Class R
shares for distribution services. Included in "Due to affiliates" reflected on
the Statement of Assets and Liabilities is $71,251 in distribution fees payable
to the Distributor at July 31, 2019.
The Fund also has adopted a separate service plan for Class R shares (the
"Service Plan"). The Service Plan authorizes the Fund to pay securities
dealers, plan administrators or other service organizations that agree to
provide certain services to retirement plans or plan participants holding
shares of the Fund a service fee of up to 0.25% of the Fund's average daily net
assets attributable to Class R shares held by such plans.
In addition, redemptions of Class A and Class C shares may be subject to a
contingent deferred sales charge ("CDSC"). A CDSC of 1.00% may be imposed on
redemptions of certain net asset value purchases of Class A shares within 12
months of purchase. Redemptions of Class C shares within 12 months of purchase
are subject to a CDSC of 1.00% based on the lower of cost or market value of
shares being redeemed. Shares purchased as part of an exchange remain subject
to any CDSC that applied to the original purchase of those shares. There is no
CDSC for Class K, Class R and Class Y shares. Proceeds from the CDSCs are paid
to the Distributor. For the year ended July 31, 2019, CDSCs in the amount of
$91,549 were paid to the Distributor.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
"Funds"), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act.
Effective August 1, 2018, the Fund participates in a credit facility in the
amount of $250 million. Under such facility, depending on the type of loan,
interest on borrowings is payable at the London Interbank Offered Rate
("LIBOR") plus 0.90% on an annualized basis, or the Alternate Base Rate, which
is the greater of (a) the facility's administrative agent's daily announced
prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the
borrowing date, or (c) 2% plus the overnight Eurodollar rate on the borrowing
date. The Fund pays 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, 2019, the Fund had no borrowings under the credit facility.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 65
6. Master Netting Agreements
The Fund has entered into an International Swaps and Derivatives Association,
Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with
substantially all its derivative counterparties. An ISDA Master Agreement is a
bilateral agreement between the Fund and a counterparty that governs the
trading of certain Over the Counter ("OTC") derivatives and typically contains,
among other things, close-out and set-off provisions which apply upon the
occurrence of an event of default and/or a termination event as defined under
the relevant ISDA Master Agreement. The ISDA Master Agreement may also give a
party the right to terminate all transactions traded under such agreement if,
among other things, there is deterioration in the credit quality of the other
party.
Upon an event of default or a termination of the ISDA Master Agreement, the
non-defaulting party has the right to close-out all transactions under such
agreement and to net amounts owed under each transaction to determine one net
amount payable by one party to the other. The right to close out and net
payments across all transactions under the ISDA Master Agreement could result
in a reduction of the Fund's credit risk to its counterparty equal to any
amounts payable by the Fund under the applicable transactions, if any. However,
the Fund's right to set-off may be restricted or prohibited by the bankruptcy
or insolvency laws of the particular jurisdiction to which each specific ISDA
Master Agreement of each counterparty is subject.
The collateral requirements for derivatives transactions under an ISDA Master
Agreement are governed by a credit support annex to the ISDA Master Agreement.
Collateral requirements are generally determined at the close of business each
day and are typically based on changes in market values for each transaction
under an ISDA Master Agreement and netted into one amount for such agreement.
Generally, the amount of collateral due from or to a counterparty is subject to
threshold (a "minimum transfer amount") before a transfer is required, which
may vary by counterparty. Collateral pledged for the benefit of the Fund and/or
counterparty is held in segregated accounts by the Fund's custodian and cannot
be sold, re-pledged, assigned or otherwise used while pledged. Cash that has
been segregated to cover the Fund's collateral obligations, if any, will be
reported separately on the Statement of Assets and Liabilities as "Swaps
collateral". Securities pledged by the Fund as collateral, if any, are
identified as such in the Schedule of Investments.
66 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
Financial instruments subject to an enforceable master netting agreement, such
as an ISDA Master Agreement, have been offset on the Statement of Assets and
Liabilities. The following charts show gross assets and liabilities of the Fund
as of July 31, 2019.
-----------------------------------------------------------------------------------------------------------
Derivative Assets Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Received (a) Received (a) Assets (b)
-----------------------------------------------------------------------------------------------------------
Brown
Brothers
Harriman
& Co. $ -- $ -- $ -- $ -- $ --
Citibank NA 777,564 -- -- -- 777,564
Goldman
Sachs
International -- -- -- -- --
HSBC Bank
USA NA -- -- -- -- --
JPMorgan
Chase
Bank NA 74,084 (74,084) -- -- --
Societe Generale -- -- -- -- --
-----------------------------------------------------------------------------------------------------------
Total $851,648 $(74,084) $ -- $ -- $777,564
===========================================================================================================
----------------------------------------------------------------------------------------------------------------
Derivative Liabilities Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Pledged (a) Pledged (a) Liabilities (c)
----------------------------------------------------------------------------------------------------------------
Brown
Brothers
Harriman
& Co. $217,322 $ -- $ -- $ -- $217,322
Citibank NA -- -- -- -- --
Goldman
Sachs
International 143,192 -- -- -- 143,192
HSBC Bank
USA NA 84,700 -- -- -- 84,700
JPMorgan
Chase
Bank NA 137,067 (74,084) -- -- 62,983
Societe Generale 157,503 -- -- -- 157,503
----------------------------------------------------------------------------------------------------------------
Total $739,784 $(74,084) $ -- $ -- $665,700
================================================================================================================
(a) The amount presented here may be less than the total amount of collateral
received/pledged as the net amount of derivative assets and liabilities
cannot be less than $0.
(b) Represents the net amount due from the counterparty in the event of
default.
(c) Represents the net amount payable to the counterparty in the event of
default.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 67
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may enhance or mitigate the Fund's exposure to
the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments
as a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange rate risk), whether caused by factors specific to
an individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at July 31,
2019, was as follows:
---------------------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Assets and Liabilities Rate Risk Risk Rate Risk Risk Risk
---------------------------------------------------------------------------------------------
Assets
Options purchased* $ -- $ -- $ -- $ 777,564 $ --
---------------------------------------------------------------------------------------------
Total Value $ -- $ -- $ -- $ 777,564 $ --
=============================================================================================
Liabilities
Net unrealized
depreciation on
forward foreign
currency contracts $ -- $ -- $(665,700) $ -- $ --
Net unrealized
depreciation on
futures contracts -- -- -- (6,157,735) --
---------------------------------------------------------------------------------------------
Total Value $ -- $ -- $(665,700) $(6,157,735) $ --
=============================================================================================
* Reflects the market value of purchased option contracts (see Note 1J.).
These amounts are included in investments in unaffiliated issuers, at
value, on the statement of assets and liabilities.
68 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
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, 2019, was as follows:
---------------------------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Operations Rate Risk Risk Rate Risk Risk Risk
---------------------------------------------------------------------------------------------------
Net realized gain
(loss) on:
Options purchased* $ -- $ -- $ -- $ (4,932,702) $ --
Forward contracts -- -- (776,704) -- --
Futures contracts (577,340) -- 631,794 (17,584,586) --
Swap contracts (458,879) -- -- -- --
---------------------------------------------------------------------------------------------------
Total Value $(1,036,219) $ -- $(144,910) $(22,517,288) $ --
===================================================================================================
Change in net
unrealized
appreciation
(depreciation) on:
Options purchased** $ -- $ -- $ -- $ (1,336,427) $ --
Forward contracts -- -- (687,170) -- --
Futures contracts 126,188 -- (5,403) (2,991,326) --
---------------------------------------------------------------------------------------------------
Total Value $ 126,188 $ -- $(692,573) $ (4,327,753) $ --
===================================================================================================
* Reflects the net realized gain (loss) on purchased option contracts (see
Note 1J). These amounts are included in net realized gain (loss) on
investments in unaffiliated issuers, on the statements of operations.
** Reflects the change in net unrealized appreciation (depreciation) on
purchased option contracts (see Note 1J.). These amounts are included in
change in net unrealized appreciation (depreciation) on investments in
unaffiliated issuers, on the statements of operations.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 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:
--------------------------------------------------------------------------------
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer
Multi-Asset Income Fund (the "Fund") (one of the funds constituting Pioneer
Series Trust IV (the "Trust")), including the schedule of investments, as of
July 31, 2019, 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 (collectively referred to as the "financial statements"). The
financial highlights for the periods ended July 31, 2015 and July 31, 2016 were
audited by another independent registered public accounting firm whose report,
dated September 28, 2016, expressed an unqualified opinion on those financial
highlights. In our opinion, the financial statements present fairly, in all
material respects, the financial position of Pioneer Multi-Asset Income Fund at
July 31, 2019, 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 U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our
responsibility is to express an opinion on the Fund's financial statements
based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) ("PCAOB") and are required
to be independent with respect to the Fund in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and
Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. The Fund is not required to have,
nor were we engaged to perform, an audit of the Fund's internal control over
financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting, but not for the
purpose of expressing an opinion on the effectiveness of the Fund's internal
control over financial reporting. Accordingly, we express no such opinion.
70 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of July 31, 2019, by correspondence with the custodian and brokers.
Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audits provide a
reasonable basis for our opinion.
/s/ Ernst & Young LLP
Boston, Massachusetts
We have served as the Fund's auditor since 2017.
September 29, 2019
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 71
ADDITIONAL INFORMATION (unaudited)
For the year ended July 31, 2019, certain dividends paid by the Fund may be
subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth
Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate
up to the maximum amount of such dividends allowable under the Act, as taxed at
a maximum rate of 15%. Complete information will be computed and reported in
conjunction with your 2019 form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 12.89%.
Qualified interest income is exempt from nonresident alien (NRA) tax
withholding. The percentage of the Fund's ordinary income distributions derived
from qualified interest income was 21.95%.
72 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
Trustees, Officers and Service Providers
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.amundipioneer.com/us. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their
principal occupations and other directorships they have held during at least
the past five years. Trustees who are interested persons of the Fund within the
meaning of the 1940 Act are referred to as Interested Trustees. Trustees who
are not interested persons of the Fund are referred to as Independent Trustees.
Each of the Trustees, except for Ms. Durnin, serves as a Trustee of each of the
43 U.S. registered investment portfolios for which Amundi Pioneer serves as
investment adviser (the "Pioneer Funds"). Ms. Durnin serves as a Trustee of 38
Pioneer Funds. The address for all Trustees and all officers of the Fund is 60
State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 73
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (68) Trustee since 2011. Private investor (2004 - 2008 and Director, Broadridge Financial
Chairman of the Board Serves until a successor 2013 - present); Chairman (2008 - Solutions, Inc. (investor
and Trustee trustee is elected or earlier 2013) and Chief Executive Officer communications and securities
retirement or removal. (2008 - 2012), Quadriserv, Inc. processing provider for financial
(technology products for services industry) (2009 -
securities lending industry); and present); Director, Quadriserv,
Senior Executive Vice President, Inc. (2005 - 2013); and
The Bank of New York (financial Commissioner, New Jersey State
and securities services) Civil Service Commission
(1986 - 2004) (2011 - 2015)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (75) Trustee since 2011. Managing Partner, Federal City Director of New York Mortgage
Trustee Serves until a successor Capital Advisors (corporate Trust (publicly-traded mortgage
trustee is elected or earlier advisory services company) REIT) (2004 - 2009, 2012 -
retirement or removal. (1997 - 2004 and 2008 - present); present); Director of The Swiss
Interim Chief Executive Officer, Helvetia Fund, Inc. (closed-end
Oxford Analytica, Inc. (privately fund) (2010 - 2017); Director of
held research and consulting Oxford Analytica, Inc. (2008 -
company) (2010); Executive Vice 2015); and Director of Enterprise
President and Chief Financial Community Investment, Inc.
Officer, I-trax, Inc. (publicly (privately-held affordable housing
traded health care services finance company) (1985 - 2010)
company) (2004 - 2007); and
Executive Vice President and
Chief Financial Officer, Pedestal
Inc. (internet-based mortgage
trading company) (2000 - 2002);
Private Consultant (1995 - 1997);
Managing Director, Lehman Brothers
(1992 - 1995); and Executive, The
World Bank (1979 - 1992)
------------------------------------------------------------------------------------------------------------------------------------
Diane Durnin (62) Trustee since 2019. Managing Director - Head of None
Trustee Serves until a successor Product Strategy and Development,
trustee is elected or earlier BNY Mellon Investment Management
retirement or removal. (2012-2018); Vice Chairman - The
Dreyfus Corporation (2005 - 2018):
Executive Vice President Head of
Product, BNY Mellon Investment
Management (2007-2012); Executive
Director- Product Strategy, Mellon
Asset Management (2005-2007);
Executive Vice President Head of
Products, Marketing and Client
Service, Dreyfus Corporation
(2000-2005); and Senior Vice
President Strategic Product and
Business Development, Dreyfus
Corporation (1994-2000)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (74) Trustee since 2011. William Joseph Maier Professor of Trustee, Mellon Institutional
Trustee Serves until a successor Political Economy, Harvard Funds Investment Trust and Mellon
trustee is elected or earlier University (1972 - present) Institutional Funds Master
retirement or removal. Portfolio (oversaw 17 portfolios
in fund complex) (1989 - 2008)
------------------------------------------------------------------------------------------------------------------------------------
74 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (72) Trustee since 2011. Founding Director, Vice-President None
Trustee Serves until a successor and Corporate Secretary, The
trustee is elected or earlier Winthrop Group, Inc. (consulting
retirement or removal. firm) (1982 - present); Desautels
Faculty of Management,
McGill University (1999 - 2017);
and Manager of Research Operations
and Organizational Learning, Xerox
PARC, Xerox's advance research
center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Lorraine H. Monchak (62) Trustee since 2017. Chief Investment Officer, 1199 None
Trustee (Advisory Trustee from SEIU Funds (healthcare workers
2014 - 2017) Serves union pension funds) (2001 -
until a successor trustee present); Vice President -
is elected or earlier International Investments Group,
retirement or removal. American International Group, Inc.
(insurance company) (1993 - 2001);
Vice President - Corporate Finance
and Treasury Group, Citibank, N.A.
(1980 - 1986 and 1990 - 1993);
Vice President - Asset/Liability
Management Group, Federal Farm
Funding Corporation (government-
sponsored issuer of debt
securities) (1988 - 1990);
Mortgage Strategies Group,
Shearson Lehman Hutton, Inc.
(investment bank) (1987 - 1988);
and Mortgage Strategies Group,
Drexel Burnham Lambert, Ltd.
(investment bank) (1986 - 1987)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (71) Trustee since 2011. President and Chief Executive Director of New America High
Trustee Serves until a successor Officer, Metric Financial Inc. Income Fund, Inc. (closed-end
trustee is elected or earlier (formerly known as Newbury Piret investment company) (2004 -
retirement or removal. Company) (investment banking firm) present); and Member, Board of
(1981 - present) Governors, Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (72) Trustee since 2014. Consultant (investment company None
Trustee Serves until a successor services) (2012 - present);
trustee is elected or earlier Executive Vice President, BNY
retirement or removal. Mellon (financial and investment
company services) (1969 - 2012);
Director, BNY International
Financing Corp. (financial
services) (2002 - 2012); Director,
Mellon Overseas Investment Corp.
(financial services) (2009 - 2012);
Director, Financial Models
(technology) (2005-2007); Director,
BNY Hamilton Funds, Ireland
(offshore investment companies)
(2004-2007); Chairman/Director,
AIB/BNY Securities Services, Ltd.,
Ireland (financial services)
(1999-2006); and Chairman, BNY
Alternative Investment Services,
Inc. (financial services) (2005-2007)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 75
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (57)* Trustee since 2017. Director, CEO and President of None
Trustee, President and Serves until a successor Amundi Pioneer Asset Management
Chief Executive Officer trustee is elected or earlier USA, Inc. (since September 2014);
retirement or removal Director, CEO and President of
Amundi Pioneer Asset Management,
Inc. (since September 2014);
Director, CEO and President of
Amundi Pioneer Distributor, Inc.
(since September 2014); Director,
CEO and President of Amundi
Pioneer Institutional Asset
Management, Inc. (since September
2014); Chair, Amundi Pioneer Asset
Management USA, Inc., Amundi
Pioneer Distributor, Inc. and
Amundi Pioneer Institutional Asset
Management, Inc. (September 2014 -
2018); Managing Director, Morgan
Stanley Investment Management
(2010 - 2013); Director of
Institutional Business, CEO of
International, Eaton Vance
Management (2005 - 2010); and
Director of Amundi USA, Inc.
(since 2017)
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (61)* Trustee since 2014. Director and Executive Vice None
Trustee Serves until a successor President (since 2008) and Chief
trustee is elected or earlier Investment Officer, U.S. (since
retirement or removal 2010) of Amundi Pioneer Asset
Management USA, Inc.; Director and
Executive Vice President and Chief
Investment Officer, U.S. of Amundi
Pioneer (since 2008); Executive
Vice President and Chief Investment
Officer, U.S. of Amundi Pioneer
Institutional Asset Management,
Inc. (since 2009); Portfolio
Manager of Amundi Pioneer (since
1999); and Director of Amundi USA,
Inc. (since 2017)
------------------------------------------------------------------------------------------------------------------------------------
* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund's investment adviser and
certain of its affiliates.
76 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (54) Since 2011. Serves Vice President and Associate None
Secretary and Chief at the discretion of General Counsel of Amundi Pioneer
Legal Officer the Board since January 2008; Secretary and
Chief Legal Officer of all of the
Pioneer Funds since June 2010;
Assistant Secretary of all of the
Pioneer Funds from September 2003
to May 2010; and Vice President
and Senior Counsel of Amundi
Pioneer from July 2002 to
December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (58) Since 2011. Serves Fund Governance Director of Amundi None
Assistant Secretary at the discretion of Pioneer since December 2006 and
the Board Assistant Secretary of all the
Pioneer Funds since June 2010;
Manager - Fund Governance of
Amundi Pioneer from December 2003
to November 2006; and Senior
Paralegal of Amundi Pioneer from
January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (56) Since 2011. Serves Senior Counsel of Amundi Pioneer None
Assistant Secretary at the discretion of since May 2013 and Assistant
the Board Secretary of all the Pioneer Funds
since June 2010; and Counsel of
Amundi Pioneer from June 2007
to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (59) Since 2011. Serves Vice President - Fund Treasury of None
Treasurer and Chief Financial at the discretion of Amundi Pioneer; Treasurer of all
and Accounting Officer the Board of the Pioneer Funds since March
2008; Deputy Treasurer of Amundi
Pioneer from March 2004 to February
2008; and Assistant Treasurer of
all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (54) Since 2011. Serves Director - Fund Treasury of Amundi None
Assistant Treasurer at the discretion of Pioneer; and Assistant Treasurer
the Board of all of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 77
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (61) Since 2011. Serves Senior Manager - Fund Treasury of None
Assistant Treasurer at the discretion of Amundi Pioneer; and Assistant
the Board Treasurer of all of the
Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (39) Since 2011. Serves Senior Manager - Fund Treasury of None
Assistant Treasurer at the discretion of Amundi Pioneer since November 2008;
the Board Assistant Treasurer of all of the
Pioneer Funds since January 2009;
and Client Service Manager -
Institutional Investor Services at
State Street Bank from March 2003
to March 2007
------------------------------------------------------------------------------------------------------------------------------------
John Malone (48) Since 2018. Serves Managing Director, Chief None
Chief Compliance Officer at the discretion of Compliance Officer of Amundi
the Board Pioneer Asset Management; Amundi
Pioneer Institutional Asset
Management, Inc.; and the Pioneer
Funds since September 2018; and
Chief Compliance Officer of Amundi
Pioneer Distributor, Inc. since
January 2014.
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (48) Since 2011. Serves Vice President - Amundi Pioneer None
Anti-Money Laundering at the discretion of Asset Management; and Anti-Money
Officer the Board Laundering Officer of all the
Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
78 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
This page is for your notes.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 79
This page is for your notes.
80 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
This page is for your notes.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 81
This page is for your notes.
82 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
This page is for your notes.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19 83
This page is for your notes.
84 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/19
How to Contact Amundi Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFoneSM for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 219427
Kansas City, MO 64121-9427
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.com/us
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities
and Exchange Commission for the first and third quarters of each fiscal year as
an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form
N-PORT by visiting the Commission's web site at https://www.sec.gov.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com/us
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
[C] 2019 Amundi Pioneer Asset Management 25962-07-0919
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Mr. David R. Bock, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
The audit fees for the Trust were $80,000
payable to Ernst & Young LLP for the year ended
July 31, 2019 and $80,000
for the year ended July 31, 2018.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
There were no audit-related services in 2019 or 2018.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
The tax fees for the Trust were $16,056
payable to Ernst & Young LLP for the year ended
July 31, 2019 and $16,056
for the year ended July 31, 2018.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
There were no other fees in 2019 or 2018.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Amudi Pioneer Asset Management, Inc, the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Trust's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Trust. For the
years ended July 31 2019 and 2018, there were no
services provided to an affiliate that required the
Trust's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Trust were $16,046
payable to Ernst & Young LLP for the year ended
July 31, 2019 and $16,046 for the year
ended July 31, 2018.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The Registrant's principal executive officer and principal financial officer
have evaluated the Registrant's disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940)
within 90 days of this filing and have concluded that the Registrant's
disclosure controls and procedures were effective (except as noted below),
as of that date, in ensuring that information required to be disclosed by
the Registrant in this Form N-CSR was recorded, processed, summarized,
and reported on a timely basis.
Registrant's management concluded that there was a material weakness in the
Registrant's internal control over financial reporting. The nature of the
material weakness related to the recording of certain manually processed
trades for Pioneer Multi-Asset Income Fund (the "Fund"), as well as the
timely resolution of cash reconciling items between the order management
system and the Fund's accounting records maintained by the Fund's custodian
and accounting agent. The process and identified control were not operating
effectively to identify certain trades, which were reflected in the Fund
adviser's order management system but not recorded on the Fund's accounting
records on a timely basis. Registrant's management corrected the Fund's
July 31, 2019 financial statements prior to their issuance. The material
weakness did not affect the Fund's reported net asset value in the Fund's
financial statements. There were no misstatements to previously issued Fund
financial statements.
Effective May 6, 2019, management implemented the automated processing of
certain previously manually processed trades. Additionally, management
will enhance the functionality of its trading dashboard and evaluate the
Registrant's procedures for cash and investment position reconciliations.
(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.
Other than the control implementation identified above on May 6, 2019, there
were no significant changes in the Registrant's internal control over financial
reporting that occurred during 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 other control
enhancement identified above will be implemented after the period covered
by this report.
Item 12. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
(a) If the registrant is a closed-end management investment company,
provide the following dollar amounts of income and compensation related
to the securities lending activities of the registrant during its most
recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities
lending activities and related services: any share of revenue generated
by the securities lending program paid to the securities lending agent(s)
(revenue split); fees paid for cash collateral management services
(including fees deducted from a pooled cash collateral reinvestment
vehicle) that are not included in the revenue split; administrative
fees that are not included in the revenue split; fees for
indemnification that are not included in the revenue split; rebates
paid to borrowers; and any other fees relating to the securities lending
program that are not included in the revenue split, including a description
of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in
paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee
is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe
the services provided to the registrant by the securities lending agent in
the registrants most recent fiscal year.
N/A
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust IV
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date October 9, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date October 9, 2019
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date October 9, 2019
* Print the name and title of each signing officer under his or her signature.